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

2. The Escrow Items shall be 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 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 compliance with said plans and specifications. 3. Upon Developer’s satisfaction of the Sidewalk Requirements, the City shall promptly distribute the Escrow Amount to Developer. 4. After Developer’s completion of the Sidewalk Requirements and acceptance by the City of the same, Developer shall have no obligation for maintenance or management of said Escrow Items whatsoever, except as provided in the Developer’s Agreement. 5. The Developer agrees to complete the Escrow Items on or before July 1, 2021 (the “Construction Deadline”). 6. In the event the Escrow Items are not completed by the Construction Deadline (subject to the permitted weather delay), the City may, but shall not be required to, utilize the Escrow Amount to complete the Escrow Items. 7. In the event the Escrow Amount is insufficient to pay for the Escrow Items, 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 improvements herein, nor shall the Developer be deemed to be acting as the City’s agent during the construction and installation of the sidewalks. 9. In the event of a dispute between Developer and City as to the satisfactory completion of the Escrow Items, 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 any lots in Park Place – Parts One and Two. [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] [SIGNATURE PAGE TO ESCROW AGREEMENT] Dated this ___ day of _______________, 2021.