I-1 - Ridgeway Heights Part 2 - Escrow Agreement (00378369xD5E75)

Prepared by and after: Michael J. Pugh 425 E Oakdale Boulevard, Suite 201 (319) 351-2028 recording return to: Pugh Hagan Prahm PLC Coralville, IA 52241 Fax: (319) 358-5560 ESCROW AGREEMENT RIDGEWAY HEIGHTS PART 2 THIS ESCROW AGREEMENT is made this ____ day of May, 2021, by and between the City of Tiffin, Iowa (“City”) and Ridges Development Group, LLC (“Developer”). RECITALS A. The Developer and the City originally entered into a Developer’s Agreement for Ridgeway Heights Parts One and Two, located in part on the real estate described in Exhibit “A”, which is the real estate to be platted as Ridgeway Heights Part 2 (“Property”). B. Pursuant to Section 3 of the Developer’s Agreement, the Developer was required to complete certain site improvements at Developer’s sole cost and expense, and subject to the City’s prior approval thereof. The parties further acknowledge that the obligation to install public improvements is deemed a covenant running with the land and with title to the land. C. Pursuant to Section 3 of the Developer’s Agreement, all streets shown on the plat are to be constructed pursuant to approved construction plans, and sidewalks in the subdivision abutting all lots are to be installed. The northerly most portion of Valley Drive, and adjacent sidewalks, have yet to be constructed (“Escrow Item”). D. The City has required Developer to deposit the sum of Ten Thousand Three Hundred and 00/100 Dollars ($10,300.00) (“Escrow Amount”) with the City in escrow pending Developer’s obligation to complete the Escrow Item. E. In consideration of the City’s release of its lien on the Property, Developer and City agree that the lien on the Property shall be transferred to and shall immediately attach to the escrow for this Property, and that this lien shall remain attached to the escrow until such time as the Escrow Item has been completed. TERMS AND CONDITIONS In consideration of the Recitals and the mutual covenants set out below, it is agreed as {00378369}