I-3 - Escrow Amendment - Madden Addition

AMENDMENT TO ESCROW AGREEMENT Madden Addition THIS AMENDMENT TO ESCROW AGREEMENT is made this__ day of______, 2022, by and between the City of Tiffin, Iowa ("City") and MHB Properties, LLC ("Developer"), WITNESSETH: RECITALS A. Developer has requested an amendment to the Escrow Agreement ("Escrow Agreement") for Madden Addition, Tiffin, Johnson County, Iowa (the "Subdivision"). Said Escrow Agreement is dated November 2, 2021, and filed at Book 6308, Page 94-141 of the Johnson County Recorder. B. The Escrow Agreement required Developer to deposit a sum of two hundred fifty-two thousand five hundred eighty-two ($252,582) with the City in escrow pending the completion and installation of a pedestrian bridge and pedestrian sidewalk. C. The Escrow Agreement provided that the pedestrian bridge and pedestrian sidewalk would be completed on or before June 1, 2022, and that no more than twelve building permits would be issued for lots in the Madden Addition until the pedestrian bridge and pedestrian sidewalk were completed and accepted by the City. D. The pedestrian bridge and pedestrian sidewalk have not yet been completed and accepted by the City. TERMS AND CONDITIONS In consideration of the Recitals and the mutual covenants set out below, it is agreed as follows: 1. The City agrees an additional twelve building permits for lots in the Madden Addition may be issued to the Developer and its successors and assigns. However, no certificates of occupancy will be granted for these twelve lots until the pedestrian bridge and pedestrian sidewalk is completed and accepted by the City.