Resolutions-2013-210 (2)

u F- Prepared by: Michel J. Pugh One South Gilbert Street ( 319) 358- 5562 Bradley & Riley PC Iowa City, IA 52240 FAX( 319) 358- 5560 t" PARTIAL RELEASE AND ESCROW AGREEMENT HICKORY KNOLL THIS PARTIAL RELEASE AND ESCROW AGREEMENT, is made by and between the City of, Tiffin, Iowa, a municipal corporation, hereinafter referred to as " City," and Hickory Knoll Development, LLC, hereinafter referred to as " Developer." a 3 IN,. CONSIDERATION OF THE MUTUAL PROMISES CONTAINED HEREIN, THE PARTIES AGREE' AS FOLLOWS: 1. City and Developer entered into that certain Developer' s Agreement for a proposed subdivision known as Hickory Knoll ( the " Subdivision") dated October : 8, 2013 and recorded October 10, 2013 in Book 5169, Page 603 of the Records of the Johnson County Recorder, the terms of which require the Developer to construct certain public improvements ( the " Improvements") within the Subdivision. The parties further acknowledge that this obligation is deemed a covenant running with the land and -with titleto the land. 2. ' The City `acknowledges that construction of the Improvements, has been substantially completed, ,but that due to the timing of the project a final release by the City is not yet appropriate. For this reason; the Developer' s Agreement constitutes a lien and cloud on the property in the Subdivision. 3. That a $ 110, 000. 00 cash payment ( the " Escrow Funds") has been placed in escrow with the I City for completion of the Improvements within the Subdivision. The parties acknowledge that the Escrow Funds are being retained by the City pending completion of the Improvements, as certified by the City Engineer, and issuance of a final release by the' City for the Improvements. 4. In consideration of,the ',Cit Y, s release of its lien on the Subdivision,, Developer agrees It . It that the lien on the Subdivision shall be transferred to and shall immediately attach to the Escrow Funds, and that. this lien shall remain attached to the Escrow Funds until such 01601035. DOCX)