New Search
c • � Public Works <br />Engineering <br />ESCROW INSTRUCTIONS <br />City of Eugene <br />858 Pearl Street <br />Eugene, Oregon 97401 <br />(503) 687 -5291 <br />TO: Western Pioneer Title Company <br />RE: Escrow number <br />DATE: <br />The undersigned John Hubbird, Executive Director for the Neighborhood Economic Development Corporation <br />(Developer), and the City of Eugene (City) have agreed that Developer shall construct public improvements, located <br />in that portion of the northwest quarter of 17 -04 -26 designated as "public park" (Park) on the subdivision plat, <br />recorded as file #75, slide #71, Lane County Plat Records. Construction of these improvements shall be done in <br />accordance with conditions in the agreement dated April 14, 1995. As security that those conditions are met, <br />Developer has agreed to deposit $16,104.00 with you, as escrow agent, prior to commencing construction of the <br />improvements. <br />Developer hands you herewith the sum of $16,104.00, which you are to hold and dispose of as follows: <br />If the improvements are not completed to City's satisfaction in accordance with the conditions of said <br />agreement, City will so advise you in writing and will direct you to disburse all or part of the funds deposited <br />herewith either to City or to contractors or subcontractors that City designates. You are to comply with City's <br />direction for disbursement of funds without obtaining or requiring concurring written instructions from Developer. <br />2. If the Park is completed to City's satisfaction in accordance with City's specifications, City will so advise you in <br />writing and will direct you to disburse the funds to Developer. You are to comply with City's direction for <br />disbursement without obtaining or requiring concurring written instructions from the Developer. <br />Western Pioneer Title Company shall have no liability or responsibility for determining whether development of the <br />Park is in accordance with the City's specifications, but shall rely entirely upon the City's determination in that regard. <br />Until City instructs you to disburse, you are to deposit and hold the $16,104.00 in an interest - bearing money market <br />account at U.S. Bank, Eugene Main Branch. Interest on the account shall accrue for the benefit of Developer and is <br />to be disbursed to Developer at such time as the entire $16,104.00 has been disbursed. Minimum balances, <br />penalties for early withdrawals, and other conditions of the account shall be as set forth by U.S. Bank. In the event <br />that U.S. Bank is entitled to recover expenses or charges as a result of funds being held in the escrow account, both <br />parties agree that the expenses or charges shall be deducted from the funds disbursed to Developer. <br />This agreement is binding on the heirs, executors, administrators, successors, and assigns of all parties hereto. <br />Any deviation from the instructions contained herein shall be submitted to Western Pioneer Title Company in writing <br />and signed by all parties hereto. No liability shall attach to an action or failure to act by Western Pioneer Title <br />Company, in the event that information has not been delivered to Western Pioneer Title Company prior to a time any <br />such information shall be material to the performance of these instructions or the parties' agreement. <br />The parties hereto jointly and severally agree that all applicable closing costs, including but not limited to, escrow <br />fees, title insurance, recordation costs, agreed upon at the inception of this escrow, or any other reasonable <br />compensation for any services not specified in these instructions, shall be paid by Developer. <br />Page 1 of 2 <br />