HomeMy WebLinkAbout89-0323 Elgin Area Historical Society �• S9-03a3
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ESCROW AGREEMENT
THIS AGREEMENT dated this day of March, 1989, by and
between the CITY OF ELGIN, a Municipal corporation, hereinafter
referred to as the "City" , and 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 will hereafter approve
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 agreed between
the parties, as follows :
1 . The Society hereby delivers to the Escrow a check in the •
amount of $ 50 , 000 . 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 in to 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 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 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 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
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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 Municipal Corporation
By
E GIN AREA HISTORICAL SOCIETY
0/
By /,�,/ .Q - /4
I t.,s/Pr ident
FIRST NATIONAL BANK OF ELGIN
As Escrow
By�
SENIOR VICE PRESIDENT & TRUST. OFFICER
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