Laserfiche WebLink
1 <br /> <br /> <br />PUBLIC IMPROVEMENT SURETY AGREEMENT <br /> <br />Nadeau Acres <br /> <br /> THIS PUBLIC IMPROVEMENT SURETY AGREEMENT ("Agreement") is entered into on <br />____________, 2020, by Registered Abstractors, Inc., a Minnesota corporation (hereinafter <br />"Escrow Agent"), City of Lino Lakes (hereinafter "City"), BL Holdings, LLC (hereinafter <br />"Developer"), and Premier Bank, a Minnesota corporation (“Bank”). <br /> <br />RECITALS <br /> <br /> WHEREAS, City and Developer have entered into a Development Agreement (Grading <br />Only) for Nadeau Acres ("Grading Agreement") dated June 22, 2020 pursuant to which <br />Developer has agreed to deposit certain funds as identified in Paragraph 2 below in escrow in <br />lieu of a letter of credit; and <br /> WHEREAS, the Grading Agreement requires a Letter of Credit or Surety Agreement be <br />posted with the City in the amount of $388,750.00; and <br /> <br /> WHEREAS, the cash which is being deposited with Escrow Agent from the Bank is <br />part of the proceeds of a loan from the Bank to the Developer, and said cash shall be <br />deposited in an account held at the Bank in the name of the Escrow Agent under certain <br />terms and conditions acceptable to the Bank, and this Agreement shall include restrictions <br />on draws or the release of funds from said escrow account by all Parties to this Agreement. <br /> <br /> WHEREAS, Developer agrees to privately construct improvements ("Improvements") <br />serving Nadeau Acres, legally described on Attachment A, which Improvements are more <br />particularly described in the Grading Agreement. The Final Plat is attached hereto as <br />Attachment B; and <br /> <br /> WHEREAS, City and Developer desire that Escrow Agent disburse the advances and <br />Escrow Agent is willing to do so on the terms and conditions hereinafter set forth; and <br /> <br /> WHEREAS, capitalized terms used, and not otherwise defined herein, shall have the <br />meanings set forth in the Grading Agreement; and <br /> <br /> NOW THEREFORE, in consideration of the foregoing recitals and other good and <br />valuable consideration, it is agreed between the parties as follows: <br /> <br />1. The Developer will deposit escrowed funds in the amount of $388,750.00 with Escrow <br />agent and these funds represent a portion of the loan funds which the Developer has <br />secured from the Bank (hereinafter “Loan Funds”). Such Loan Funds shall be deposited <br />in an Escrow Account at the Bank (“Escrow Account”) and held in the name of the <br />Escrow Agent. Escrow Agent acknowledges that the Escrow Account shall be utilized