Resolution 2025-086 – A Resolution Approving the Escrow and Partial Release Agreement for Tiffin Heights West

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 above. 7. 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 6 above, and arising out of Section 3(c)(10) the Developer’s Agreement. 8. 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}