Late Handouts — I.5 - Escrow Agreement

2 Amount. The parties further acknowledge that this Paving Escrow is being retained by the City pending completion of the Halfmoon Avenue NW Paving, as certified by the City Engineer and issuance of a final release by the City for the Halfmoon Avenue NW Paving. 5. In consideration of the City’s release of its lien on the property, Developer agrees that the lien on the property in Tiffin Heights West, Tiffin, Iowa shall be transferred to and shall immediately attach to the Paving Escrow, and that this lien shall remain attached to the Paving Escrow until such time as the conditions for total release set forth in the Developer’s Agreement have been satisfied. At such time, the City will issue a final release to the Developer for recordation. If the Developer does not discharge its obligations for the Halfmoon Avenue NW Paving as outlined in the Developer’s Agreement and as stated herein, the City shall be entitled to draw on the Paving Escrow as outlined herein and the Developer’s Agreement. However, this remedy shall not be exclusive of any other remedy provided in law or equity. 6. Developer agrees that the Paving Escrow will be retained until all work on the Halfmoon Avenue NW Paving is completed and the Halfmoon Avenue NW Paving is finally released by the City as provided aboveherein. Formatted: Indent: Left: 0", Hanging: 0.5" 77. The Developer agrees to complete the Halfmoon Avenue NW Paving on or before December 31, 2026 (the “Construction Deadline”). In the event the Halfmoon Avenue NW Paving is not completed by the Construction Deadline, the City may, but shall not be required to, utilize the Paving Escrow to complete the Halfmoon Avenue NW Paving. In the event the Paving Escrow is insufficient to pay for the Halfmoon Avenue NW Paving, the Developer shall pay for the excess costs incurred 8. The Halfmoon Avenue NW Paving 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 relieve or release the Developer from its responsibility to construct said Halfmoon Avenue NW Paving 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 Halfmoon Avenue NW Paving are in compliance with said plans and specifications. 9. In consideration thereof, the City does hereby release Tiffin Heights West, Tiffin, Iowa from any lien or cloud now placed on the title to the above property for the purposes stated in Paragraphs 1 through 68 above, and arising out of Section 3(c)(10) the Developer’s Agreement. Formatted: Indent: Left: 0", Hanging: 0.5" 810. This Escrow and Partial Release Agreement shall not be construed as a release of Developer’s obligations to control dust on Halfmoon Avenue NW as set forth in Section 3(F) of the Developer’s Agreement. Nor shall this Escrow and Partial Release Agreement in any way alter, amend or modify the Developer’s Agreement, except as provided in this agreement. {00634794}