I-2 - Escrow Agreement - Madden Addition

ESCROW AGREEMENT Madden Addition THIS ESCROW AGREEMENT is made this ___ day of _______, 2021, by and between the City of Tiffin, Iowa ("City") and MHB Properties, LLC ("Developer"), WITNESSETH: RECITALS A. Developer has requested that the City approve its Final Plat for Madden Addition, Tiffin, Johnson County, Iowa (the “Subdivision”). B. As a condition of Final Plat approval, the City has required Developer deposit the sum of ____________________________ two hundred fifty-two thousand five hundred eighty-two ($252,582__________________) (the “Escrow Amount”) with the City in escrow pending Developer’s obligation to complete the following items: (i) installation of a pedestrian bridge and pedestrian sidewalk as required by Section 3(E) of the Developer’s Agreement (the “Escrow Items”). TERMS AND CONDITIONS In consideration of the Recitals and the mutual covenants set out below, it is agreed as follows: 1. Prior to final plat approval, Developer will deposit the Escrow Amount with the City to be held in escrow and disbursed to Developer upon completion of the Escrow Items in accordance with the approved construction plans. The City shall provide a written receipt acknowledging receipt of the Escrow Amount. 2. The Escrow Items shall be constructed and installed by the Developer according to the plans and specifications approved by the City Engineer of the City of Tiffin, who shall have the right to make occasional inspection of the work in progress. Such inspections shall not relieve or release the Developer from its responsibility to construct said Escrow Items in accordance with the approved plans and specifications. Further, said inspections shall not create a duty or warranty on the part of the City that the construction of said Escrow Items are in