I-1 - Park Place Part Three - Escrow Agreement

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 PARK PLACE – PART THREE THIS ESCROW AGREEMENT is made this ____ day of April, 2021, by and between the City of Tiffin, Iowa (“City”) and The Boulders, L.L.C. (“Developer”). RECITALS A. QS Development, Inc. (“QS”) and the City originally entered into a Developer’s Agreement for Park Place – Part Three, located on the real estate described in Exhibit “A” (“Property”). B. QS previously assigned its interest in the Developer’s Agreement and Developer assumed the obligations for development set out therein as the legal titleholder of the Property. C. 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. D. All public improvements required underPursuant to Section 3 of the Developer’s Agreement have been installed by Developer except for the installation of an eight foot sidewalk must be constructed between Lots 142 and 143 (“Escrow Item”). It is anticipated that the parties will modify this obligation through an amendment to the Trail Easement Agreement to require an eight foot sidewalk to be installed between Lots 138 and 139, rather than Lots 142 and 143. E. The City has required Developer to deposit the sum of Eight Thousand Twenty and 00/100 Dollars ($8,020.00) (“Escrow Amount”) with the City in escrow pending Developer’s obligation to complete the Escrow Item. F. 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. {00375060}