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pnPHAM HAIK MEMORANDUM 3300 Piper Jaffray Tower 222 South Ninth Street Minneapolis, Minnesota 55402(612) 333-4800 <br />TO: <br />FROM: <br />DATE: <br />RE: <br />Orono City Council Members <br />Kevin P. Staunton^y,*/ <br />March 25, 1993 <br />willow property Ssl-? of Land to City of Orono <br />The litigation involvina the land occupied by the Orono City <br />Hall h« finely Some to a lonclusion. Aa you may remember, a <br />auiat title action was filed sornetirae ago by the seller in <br />deJlsion h» now run. Therefore, this challenge to the City s <br />ownership of the property has been extinguished. <br />YOU may also recall that, ‘Jj® «s’JSo\resc?oS to.. «>hA sAllsr aoteed to Set aside »75,ooo in escrow tu <br />KA^iiMfi^hv the citv in anticipation of this particular claim. <br />Since the^claim which that escrow account anticipated is now at an <br />end, the Council is required under the escrow agreement to release <br />the amount held in escrow to the seller. <br />In releasing this escrow amount, you aie not releasing any of <br />i-hn i?har o”tS?tions or warranties as to title to the property <br />which you obtained in the original purchase. I have <br />arknowledaroent of non-waiver that Brad Fuller of our office sent <br />seller’s attorney to confirm that we have not waived any of <br />JSe iSdJSiity Snd w«?Slities included in the original Closing <br />Agreement. In addition, the Warranty Deed from the seller which <br />contains the warranties of title remains in full force an <br />effect. Finally, the City is protected by title insurance shou <br />any party claim an interest in the property. <br />Pursuant to your March 22, 1993 resolution, we <br />the escrow funds to the seller when they have executed and <br />delivered the acknowledgment of non-waiver. <br />cc: Ron Moorse <br />TJBarrett <br />BAFuller <br />27WPS