Resolutions-2017-114

ESCROW AGREEMENT Park Place – Part Four THIS ESCROW AGREEMENT is made this 3rd day of November, 2017, by and between the City of Tiffin, Iowa ("City") and QS Development Inc. ("Developer"), WITNESSETH: RECITALS A. Developer has requested that the City approve its Final Plat for Park Place – Part Four, Tiffin, Johnson County, Iowa (the “Subdivision”). B. As a condition of Final Plat approval, the City has required Developer deposit the sum of twelve thousand sixty-two dollars and seventy-eight cents ($12,062.78) (the “Escrow Amount”) with the City in escrow pending Developer’s obligation to complete the following items: (i) 8” PVC Watermain, (ii) Grading/Subgrade preparation, (iii) 6” Subdrain line with porous backfill, (iv) 6” Granular subbase IDOT gradation 12, and (v) 7” PCC Paving with integral curb and gutter (the “Escrow Items”). TERMS AND CONDITIONS In consideration of the Recitals and the mutual covenants set out below, it is agreed as follows: 1. Prior to final plat approval, 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 approved construction plans. The City shall provide a written receipt acknowledging receipt of the Escrow Amount. 2. The Escrow Items shall be constructed and installed by the Developer according to the plans and specifications approved by the City Engineer of the City of Tiffin, who shall have the right to make occasional inspection of the work in progress. Such inspections shall not