Laserfiche WebLink
263340v1 <br />263340v2 <br />ESCROW AGREEMENT <br />THIS AGREEMENT, made and entered into this _ day of , 2000 by and between <br />Dennis Evans, Kathleen M. DeLonais -Adams and Virgil Drusch, as co- trustees of that certain <br />Revocable Trust under that certain Amendment and Restatement of Eugene M. DeLonais <br />Revocable Trust Agreement effective September 19, 1997 (the "Seller "), whose address is 18 <br />Overlook Road, Dellwood, Minnesota 55110 -1425, and Town & Country Center, LLC, a <br />Minnesota limited liability company, (the "Buyer "), whose address is <br />and Old Republic Title Insurance Company, a <br />Minnesota corporation, (the "Escrowee "), whose address is 400 Second Avenue South, <br />Minneapolis, Minnesota 55401. <br />STATEMENT OF FACTS: <br />A. Seller is selling to Buyer and Buyer is purchasing from Seller certain real property located in <br />Ramsey County, Minnesota legally described on Exhibit "A" attached hereto and made a <br />part hereof (the "Property ") pursuant to that certain Exclusive Option Agreement dated <br />August 14, 1996 as amended by Amendment to Exclusive Option Agreement dated <br />2000 (collectively referred to herein as "Agreement "). <br />B. The Agreement requires Buyer to pay a portion of the purchase price for the Property by <br />escrowing with Escrowee the amount of Twenty Five Thousand and No /100 Dollars <br />($25,000.00) to be applied against the cost of demolishing the improvements located on <br />the Property, which cost will be incurred, if at all, after the date hereof. <br />C. Buyer and Seller desire to enter into this Agreement for the purpose of making the escrow <br />required by the Agreement. <br />NOW THEREFORE, in consideration of One Dollar ($1.00) and other good and valuable <br />consideration, the receipt, sufficiency and adequacy of which is hereby acknowledged, Buyer does <br />hereby deposit with Escrowee the sum of Twenty Five Thousand and No /100 Dollars ($25,000.00) <br />(the "Deposit ") to be held and disbursed by Escrowee in accordance with the terms of this <br />Agreement: <br />263340v2 <br />1. The Deposit shall be held by Escrowee for payment of the costs incurred by <br />Buyer in demolishing the improvements located on the Property, which costs <br />shall be limited to the following (the "Demolition Costs "): <br />a. Demolition permits required by laws, rules and regulations existing as <br />of the date hereof. <br />Page 13 <br />