HomeMy WebLinkAbout86-0415 Old Main Escrow I
. - 86- ogIS
ESCROW AGREEMENT
THIS AGREEMENT dated this 15th day of April, 1986, by
and between the CITY OF ELGIN, a Municipal corporation,
hereinafter referred to as the "City" , the ELGIN AREA
HISTORICAL SOCIETY, hereinafter referred to as the
"Society" , and FIRST NATIONAL BANK OF ELGIN, hereinafter
referred to as the "Escrow" ,
WITNESSET H:
WHEREAS , the City is the owner and lessor of a certain
building known as "Old Main" located in the City of Elgin,
State of Illinois ; and
WHEREAS , the Society is the lessee of said building,
and is causing said property to be renovated for use as a
museum; and
WHEREAS, the City and the Society have approved certain
construction contracts with respect thereto, and are
desirous of establishing a construction escrow account with
the Escrow to assure and facilitate the payment of monies on
account of said construction contracts ; and
WHEREAS, the Escrow has agreed to act as a depositary
for the funds necessary to pay said construction contracts ,
and has further agreed to facilitate payment of funds
therefrom with respect to said contracts .
NOW, THEREFORE, in consideration of the foregoing
recitals and the covenants herein contained, it is hereby
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agreed between the parties , as follows :
1. The Society hereby delivers to the Escrow a check
in the amount of $ 213,463 .00 to be deposited in an
account known as the "Old Main Restoration Account" , said
account to be utilized for the purpose of payment to
contractors , as hereinafter provided.
2 . The Escrow is hereby authorized, and shall cause
said funds to be paid from said account for the purpose of
paying said contractors upon receipt of written direction
from the City and the Society setting forth to whom said
funds are to be paid, and the amounts thereof .
3 . The Society may, from time to time, deposit
additional funds into the escrow account as required for the
purpose of providing for payment to contractors , and the
Escrow is authorized to distribute said additional funds
pursuant to the terms and conditions herein contained. This
escrow shall continue until terminated in writing by the
City and the Society.
4 . As an additional consideration, and as an
inducement to the Escrow to so act , it is understood that in
the event of any disagreement between the parties to this
escrow resulting in adverse claims and demands being made by
the parties or any of them in connection with, or for any
money, documents or property involved herein or affected
thereby, the FIRST NATIONAL BANK OF ELGIN, Escrow Holder
hereunder, shall be entitled, at its option, to refuse to
comply with the demands of the parties hereto, or any of
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them, as long as said disagreement shall continue, and in so
refusing said Escrow Holder may make no delivery or other
disposition of any money, documents or property involved in
or affected by this escrow, and in so doing the Escrow
Holder shall not be or become liable to any of the parties
to this escrow for its failure or refusal to comply with the
conflicting or adverse demands of the parties, or any of
them, and further , the Escrow Holder shall be entitled to
refrain and refuse to so act until :
(a) The rights of the parties have been adjudicated in
a court having jurisdiction of the parties and the
monies , documents and property involved in or
affected by this escrow, and/or
(b) Until the parties hereto have reached an agreement
resolving their differences , and shall have
notified the Escrow Holder in writing of their
agreement.
IN WITNESS WHEREOF the parties hereto have set their
hands and seals the day and year first above written.
CITY OF ELGIN
A pal - ••r .tion
By:
ELGIN AREA HISTORICAL SOCIETY
By. ! I.it_A
Its President
FIRST NATIONAL BANK OF ELGIN
As Escrow
By: 1� 1 -c 2
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