I-4 - Park Place Part 7 - Escrow Agreement 2021 (002)

Prepared by: Matthew J. Hektoen, Simmons Perrine Moyer Bergman PLC, 115 3rd St., Ste 1200, Cedar Rapids, Iowa 52401; Phone 319-366-7641 ESCROW AGREEMENT Park Place – Part Seven THIS ESCROW AGREEMENT is made this ___ day of __________, 2021, by and between the City of Tiffin, Iowa, a municipal corporation ("City"), and QS Development Inc., an Iowa corporation (“Developer”), WITNESSETH: RECITALS A. Developer has requested that the City approve its Final Plat for Park Place -- Part 7, Tiffin, Johnson County, Iowa (the “Subdivision”). B. Developer and the City entered into a Developer’s Agreement Park Place – Parts One and Two that is filed with the Johnson County Recorder on December 6, 2017 at Book 5732, Page 135 (the “Developer’s Agreement”). C. Section 3(c)(4) of the Developer’s Agreement requires the Developer to install and complete the following sidewalks: the sidewalk to be constructed along Oakdale Boulevard abutting Outlot A between Lots 63 and 64 as shown on the final plat, and the sidewalk to be constructed along the south side of Oakdale Boulevard; (the “Sidewalk Requirements”). D. As a condition of Final Plat approval for the Subdivision, the City has required Developer to deposit the sum of Forty-Four Thousand Dollars and no/100 ($44,000.00) (the “Escrow Amount”) with the City in escrow pending Developer’s obligation to complete the Sidewalk Requirements (the “Escrow Items”). TERMS AND CONDITIONS In consideration of the Recitals and the mutual covenants set out below, it is agreed by the parties as follows: 1. Prior to final plat approval for the Subdivision, 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 Developer’s Agreement. The City shall provide a written receipt acknowledging receipt of the Escrow Amount.