HomeMy WebLinkAboutEscrow Agreement for Sewer Work 2745 EthelProperty Address: 2745Ethel Ave, Orono, MN 55391Escrow File No.: 125647-23-02RDate: February 24,2023ESCROW AGREEMENTlT lS HEREBY AGREED Between Amber M. Peifer (hereinafter Seller) and Ryan C Gates and Melissa N Lyon(hereinafter Borower) that in order to induce lender to disburse funds on the above property that the followingsum (or other security satisfactory to lender and escrow agent) will be held in escrow by All American Title Co.,lnc. (hereinafter Escrow Agent) as escrow agent for completion of the following items of construction on theabove property:Items to ComoleteSewer line repairEstimated Cost$6,185.00$6,185.00Amount Held in Escrow$9,277.50Completion DateJune 1,2023$9,277.50Borrowers acknowledge that the improvements to be made on the above property have not been completed andthat Lender and Escrow Agent have no obligation to determine that such improvements will be completed.Borrowers agree that the above sums are to be held in escrow for the completion of the above described listeditems only. lt is also agreed that the escrowee shall be paid a fee for escrow services in administering theescrow funds of: $150.00 THIS FEE HAS BEEN COLLECTED AT THE TIME OF CLOSING. Bonowers agreethat except for the above listed items, they accept the premises in their present condition.Seller agrees to complete above items in good and workmanlike manner on or before the date(s) specifiedabove, or such subsequent date as may hereinafter be approved by Lender, and will notify Lender uponcompletion in order that Lender may inspect the property and authorize disbursements of funds held in escrow. ltis expressly understood by Bonowers that Lender will authorize disbursement of escrowed funds either in wholeor in part when one or more items have been completed to the satisfaction of Lender for mortgage purposesonly, and not based on any specific quality standard. Bonowers have no power to revoke such authority whetherby reason of the fact that the items to be completed have not been completed to Borrowers satisfaction or byreason of the fact that other completed improvements do not meet the borrowers satisfaction, it being understoodthat Borrowers remedies against Seller in such instance will be limited to other remedies provided by law.lf Seller fails to complete the above listed items to satisfaction of Lender within the stipulated time, Lender, at itsoption, may cause the items to be completed or cause Borrowers or any other party to complete the above itemsand Seller hereby empowers Lender to authorize disbursement of funds held in escrow for the payment of thecosts of completion of such items up to the total amount held, whether or not the cost of completion of the itemsexceeds the estimated cost.ln the event that cost of completion exceeds the amount of funds in escrow, Seller shall within 48 hours ofreceipt of written notice thereof from Escrow Agent or Lender pay the excess cost to Escrow Agent to be addedto the escrowed funds and to be disbursed under this agreement.lf Seller completes the work as contemplated by this agreement, Seller agrees to furnish escrow agentsatisfactory proof showing that all indebtedness incurred by reason of such work and material furnished has b-eenpaid.TOTAL:Escrcxv Agreement - Work Completion125U7-23-02R
It is understood and agreed that any money deposited herewith shall be held in a non-interest bearing fiduciaryaccount. Seller and Borrower do hereby indemnify and save harmless Escrow Agent and Lender against allcosts, damages, attorney's fees, expenses and liabilities which they may incur or sustain by reason of any actiontaken in good faith and with due care in connection with these instruction or the escrow created hereby, or anyCourt action arising therefrom and will pay same upon demand. Escrow Agent shall have the right to deductsuch items from escrowed funds being held by it and retain them for its ovwr account or disburse them to Lenderas appropriate.After the payments authorized by the above agreement have been made, any funds left in the escrow accountshall be paid to Seller at the following(Please hand write the fonvarding address above or check the appropriate box below)nAmber M. PeiferRyan C GatesMelissa N LyonThe terms and conditions of this escrow agreement are fully approved and accepted by the undersigned, and theundersigned shall be liable only as escrow holder herein.Dated this 24th day of February,2O23.All American Title Co., lncCloser: Jean ColePhone No.: (952) 944-3537For inspection of work and release of funds contact:AllAmerican Title Co., lnc.7801 East Bush Lake Road, STE 250Edina, MN 55439(952)944-3537Escro,v Agreement - WorkCompletion125U7-23-O2R