HomeMy WebLinkAbout00- Homelands Development Escrow Agreement
. .
.
ESCROW AGREEMENT
This EscroW Agreement made and entered into on this 8 th day
of May, 2000, by and between HOMELANDS DEVELOPMENT CO., LLC, !
1 Riverview Lane, Gallatin Gateway, Montana 59730, CAPE FRANCE,
INC. , 16 North 9th Avenue, suite 1, Bozeman, Montana 59715, CITY
OF BOZEMAN, a municipal corporation of the State of Montana, P.
O. Box 640, Bozeman, Montana 59771-0640, and MORRISON MAIERLE,
INC. , 901 Technology Blvd. South, Bozeman, Montana 59718.
RECITALS:
WHEREAS, Homelands Development, Inc. , Cape France, Inc. , and
the City of Bozeman entered into a Cost Share Agreement on the
1st day of May, 2000; and
WHEREAS, said Cost Share Agreement requires Homelands
Development, Inc. , and Cape France, Inc. , to establish an escrow
account with American Escrow, Inc. ; and
WHEREAS, this Escrow Agreement is executed to fulfill
Homeland Development, Inc.'s and Cape France, Inc.'s obligation
to establish said escrow.
NOW, THEREFORE, in consideration of the mutual covenants and
promises contained herein, the .~aFties mutually covenant and
-,)+ ,
promise as follows:
1. ESTABLISHMENT OF ESCROW. The parties to this Agreement
hereby nominate American Escrow, Ine. , as escrow agent for the
1
.H .' ..,.., '~"'--7"'"
'."'. . ,~.,~::.,,--.,,~~_. :~". "....:~~.;-~.~~~f.::;>~r!~;::
. ; ,~
.
.
Cost Share Agreement executed on the 1st day of May, 2000. A
true and correct copy of said Cost Share Agreement is attached
hereto, marked Exhibit A, and incorporated herein by reference.
2. ESCROW FEES. Homelands Development, Inc. , and Cape
France, Inc. , agree to be responsible for all escrow fees
associated with the establishment and maintenance of said
account. Homelands Development, Inc. , shall pay 50% of said fees
and Cape France, Inc. , shall pay 50% of said fees.
3 . DEPOSIT. In accordance with the above-referenced Cost
Share Agreement, Homelands Development, Inc. , and Cape France,
Inc. , hereby deposit the sum of $72,724.96 with American Escrow,
Inc. The City of Bozeman hereby deposits the sum of $15,682.17
with American Escrow, Inc. Cape France, Inc. , hereby deposits,
on behalf of Holiday Stores, Inc. , the sum of $37,633.00. Having
done so, Cape France, Inc. , reserves the right to collect
said sum from Holiday Stores, Inc. American Escrow, Inc. , hereby
acknowledges receipt of said sums.
4. ACCOUNT. American Escrow, -Inc., shall establish a
noninterest bearing account for this escrow and place said funds
in that account. Morrison Maierle, Inc. , shall lend its
corporate tax I.D. number to said. account for reporting purposes
-
-'\"'.
only.
5 . WITHDRAWALS. The withdrawal from the escrow account
may be accomplished only upon the presentation of a written
2
.,'.;-.;,--_.........--....
.'=,' ~~'"\.'~~riT~?~~;:~'::':'~;~ '
, . , " '
.
.
authorization requesting payment. Said written authorization
shall be signed by Walt Wolf or Tim Howard on behalf of Homelands
Development, Inc. , a representative of Morrison Maierle, Inc, ,
Michael J. Lilly on behalf of Cape France, Inc. , and a
representative of the City of Bozeman. The form to be used for
said withdrawal is attached hereto, marked Exhibit B, and
incorporated herein by reference.
6 . COMPLETION OF PROJECT. On Completion of the project
contemplated by the above-referenced Cost Share Agreement,
Homelands Development, Inc. , and Cape France, Inc. , shall present
to the City of Bozeman, documentation sufficient to establish
that the contractor, subcontractors, engineer, and all
materialmen have been paid in full. Upon receipt of said
evidence, and upon the City's determination that said evidence is
satisfactory, the City shall direct American Escrow, Inc. , to
close said escrow account and disburse the funds remaining
therein in equal shares to Homelands Development, Inc. , and Cape
France, Inc.
7 . ATTORNEY FEES. In the event it is necessary for any of
the parties hereto to bring any action to enforce the terms and
covenants of this agreement, it~~~ agreed that the prevailing
.
..)". set by
party shall be entitled to reasonable attorney fees to be
the Court.
8 . INTERPLEADER. In the event that the parties to this
3
,.,.,.:.:;\.;~.~tril~'~'
'__;___"._;~~___,"":~'__.~''''''ii~ ,';-
"
.
Agreement should become involved in a dispute with regard to the
funds deposited with American Escrow, Inc. , then American Escrow,
Inc. , may deposit all the funds held in escrow with the Montana
Eighteenth Judicial District Court, Gallatin County, in an
interpleader action. In such event, American Escrow, Inc, , shall
be entitled to deduct all reasonable attorney's fees and costs it
should incur in pursuing said interpleader action to completion.
9. BINDING EFFECT. All terms of this agreement shall be
binding upon and inure to the benefit of, and be enforceable by
the heirs, assigns and personal representatives of the parties.
10. HEADINGS OF PARAGRAPHS. Headings of paragraphs in this
instrument are for convenience only and do not apply to or affect
the construction or any terms thereof.
-
"'''','
4<~'..
4
....-~..~...._.....,
.~. . "' ~ ... """';'....., ".:'!"7."~r'" ~;~,;-',':~v:~::':," '"
.
. .
HOMELANDS DEVELOPMENT ~ I I \..-L-C-
1~' CAPE
By ~~iJ) 1 INC. a1
~~.
~~ f\,~ By
CITY OF BOZEMAN
MORRISON MAIERLE INC.
1 -\ 1
tl"Y'
- By J.,o- IZ ~~
.
. ~'"
~.' "
"... .I, .
-. .
.".,- ~"Fe"~.. ".." ,,:'-::"?":',:;:~-.':~,'>
. ,.
EXHIBIT B
AUTHORIZATION FOR WITHDRAWAL OF FUNDS
American Escrow, Inc. , is hereby authorized to release to
the sum of $
DATED this _ day of I 2000.
HOMELANDS DEVELOPMENT, INC. CAPE FRANCE, INC.
By By
Michael J. Lilly
CITY OF BOZEMAN MORRISON MAIERLE, INC.
By By
_ -\:r .
~.:
~~, ,. i
-' ---......,"'~...
, .,,', .... .__~,~n'_~~l