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If proposals are delivered to Ehlers and Associates, Inc., the good faith deposit, payable to the City Administrator, <br />shall be retained in the offices of Ehlers and Associates, Inc. with the same effect as if delivered to the City <br />Administrator. Alternatively, bidders may wire the good faith deposit to Resource Bank & Trust Company, <br />Minneapolis, Minnesota, A.B.A. #09 -10- 0550 -6 Attention: Dawn Oberle for credit to Ehlers and Associates, Inc. <br />Bond Issue Escrow Account, #850- 788 -1. The City and any bidder who chooses to so wire the good faith deposit <br />hereby agree irrevocably that Ehlers and Associates, Inc shall be the escrow holder of the good faith deposit wired <br />to such account subject only to these conditions and duties: 1) All income earned thereon shall be retained by the <br />escrow holder as payment for its expenses; 2) If the proposal is not accepted, Ehlers and Associates, Inc. shall, at its <br />expense, promptly return the good faith deposit amount to the losing bidder; 3) If the proposal is accepted, the good <br />faith deposit shall be returned to the purchaser at the closing; 4) Ehlers and Associates, Inc. shall bear all costs of <br />maintaining the escrow account and returning the funds to the bidder; 5) Ehlers and Associates, Inc. shall not be an <br />insurer of the good faith deposit amount and shall have no liability hereunder except if it willfully fails to perform, <br />or recklessly disregards, its duties specified herein; and 6) FDIC insurance on deposits within the escrow account shall <br />be limited to $100,000 per bidder. <br />Page 39 <br />