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Purchase Price for the acquisition of the Property. The Escrowed Funds shall not <br />accrue interest while held by the City. <br />3. The City shall not invest or encumber the Escrowed Funds. The Escrowed Funds <br />shall remain immediately available, subject to the terms of this Agreement. <br />4. The Escrowed Funds shall be held, returned or released to the Seller pursuant to <br />the terms of the Purchase Agreement between Seller and Buyer. <br />5. Upon deposit of the Escrowed Funds, Buyer may commence utility and street work <br />for the Saddle Club Second Addition in accordance with the Development Agreement. <br />6. This Agreement constitutes the entire agreement between the parties and can only <br />be amended or modified by a written amendment signed by all parties. <br />7. This Agreement may be executed in any number of counterparts, each of which <br />shall be an original but all of which shall constitute one and the same instrument. <br />CITY OF LINO LAKES <br />By: Dated: <br />Jeff Reinert, Mayor <br />ATTEST: <br />Julianne Bartell, City Clerk <br />Dupont Holdings, LLC <br />By: <br />Marcel Eibensteiner <br />Its: <br />Dated: <br />Dated: <br />