I-1 - Park Place Part Three - Escrow Agreement

TERMS AND CONDITIONS In consideration of the Recitals and the mutual covenants set out below, it is agreed as follows: 1. The Developer will deposit the Escrow Amount with the City to be held in escrow and disbursed to Developer upon completion of the Escrow Item in accordance with the plans approved by the City. The City shall provide a written receipt acknowledging receipt of the Escrow Amount. 2. The Escrow Item shall be constructed and installed by the Developer according to the plans and specifications approved by the City, 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 Item 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 is in compliance with said plans and specifications. 3. Upon satisfaction of the terms as outlined in Paragraph 2, the City shall promptly distribute the Escrow Amount to the Developer. 4. After installation and acceptance by the City, the Developer shall have no obligation for maintenance or management of said Escrow Item whatsoever. 5. The Developer agrees to complete the Escrow Item on or before November 1, 2021 (“Construction Deadline”). 6. In the event the Escrow Item is not complete by the Construction Deadline, the City may, but shall not be required to, utilize the Escrow Amount to complete the Escrow Item. 7. In the event the Escrow Amount is insufficient to pay for the Escrow Item, the Developer shall pay for the excess costs incurred. 8. Except as specifically provided above, nothing in this Agreement shall be construed to impose a requirement on the City to install the public improvement herein, nor shall the Developer be deemed to be acting as the City’s agent during the construction and installation of the above-described improvement. 9. In the event of a dispute between the Developer and the City as to the satisfactory completion of the Escrow Item, the City may deposit the Escrow Amount with the Clerk of Court for the Johnson County District Court. Either party may thereafter make application to the Court for distribution of such funds. 10. This Agreement shall not be considered a lien on the Property. [Signature Pages to Follow] {00375060}