2006-P10351 - land alteration - Laserfiche WebLink

Home Browse Search

from any public or quasi-public authorities maintaining such utility improvements for construction of the new driveway and landscaping as required by this Agreement. D. To secure Lansings' agreement to complete the work described in this Agreement and Exhibit B hereto, Lansings shall escrow the sum of $50,000.00 (the "Escrow Deposit"),which is 150 percent of the estimated cost of completing the work described in Exhibit B hereto, with Custom Home Builders Title,LLC("CHBT")as escrow agent, in accordance with the terms and conditions of an Escrow Agreement mutually acceptable to Lansings, Suddendorfs and CHBT. Such Escrow Agreement shall be executed by the parties and CHBT and the Escrow Deposit paid to CHBT by Lansings at the time of execution of this Agreement by the Suddendorfs. The Escrow Agreement shall allow commercially reasonable draws to pay for the costs of performing the work described in Exhibit B hereto, but shall require that at least 33 percent of the Escrow Deposit shall be retained by CHBT until such time as all of the work required to be performed by Lansings under this Agreement has been performed and satisfactory proof of payment thereof has been provided to Suddendorfs and CHBT. Lansings shall pay all costs associated with such escrow and the administration thereof. E. Until such time as Lansings have performed and complied with all of the terms, covenants and conditions described in this Agreement, Suddendorfs shall be entitled to continue to use the existing driveway located within the Existing Driveway Easement and shall have unrestricted access to Tonkawa Road at all times until the new driveway has been completed and the Declaration has been executed by all parties. F. Lansings shall protect, indemnify and hold Suddendorfs harmless from and against any and all costs, damages, liabilities, claims and liens, including, but not limited to, c:\SuddendorRAgreement.clean.083006 - 4 -