HomeMy WebLinkAbout5.0 Escrow Agreement111111111111111111111111111111_111 111 11111 1111 1111
652573
1 of 1 R 0.00 D 0.00 GARFIETE COUNTY CO
ESCROW AGREEMENT
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THIS AGREEMENT made and entered into this ; f day of May, 2004, by and between
Darter, LLC ("Developer"), the Board of County Commissioners of Garfield County, Colorado
("County") and Leavenworth & Karp, P.C. ("Escrow Agent");
WITNES SETH:
WHEREAS, Developer and the County have entered into an agreement entitled
"AMENDMENT NO. 1, SUBDIVISION IMPROVEMENTS AGREEMENT, Valley View
Village Subdivision - Phase A" (the "SIA Amendment") which obligates Developer to provide
security to the County in the fouii of an irrevocable letter of credit in the amount of $2,500; and
WHEREAS, in lieu of a letter of credit, the parties desire to provide the security pursuant
to this Agreement as set forth below.
NOW, THEREFORE, for good and valuable consideration, the parties agree as follows:
1. Developer has deposited the sum of $2,500 into an escrow account held and
controlled by Escrow Agent. Escrow Agent shall hold this amount in an FDIC -insured account.
2. The $2,500 shall remain in the escrow account until either (i) the County
demands, in writing, payment of all or any portion of such amount to the County pursuant to the
SIA Amendment, in which case Escrow Agent shall immediately pay the full amount demanded
by the County to the County; or (ii) the County provides written authorization to Escrow Agent
to release all or a portion of such amount to Developer.
3. In no event shall Escrow Agent refuse to release the funds to the County upon
written demand by the County. If Developer or Escrow Agent has any dispute regarding the
County's demand to release the funds, then the funds shall nevertheless be released to the
County, and the dispute shall be resolved afterwards.
4. Complia e with this A eement shall satisfy Developer's obligations to provide
$2,500 security pursuant to Section 3 of)he SIA Amendment.
SO AGILE
as of the date fi t written above.
OARD 0 COUNT
SIONERS
By:
John
By:
DARTER, L LE
By:
& KARP, P.C.
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