1990
Kelleys Island Council
Kelleys Island
Ohio 43438
Re: (Development)
Gentlemen:
At the request of Development Corporation, we are holding escrow funds under our custody in the amount of $ .
The purpose of this deposit of $ is to assure the Village of Kelleys Island of Erie County, Ohio that the installation of streets, storm sewers, sanitary sewers, and water lines located on Kelleys Island, Erie County, Ohio, will be faithfully and satisfactorily installed; also, that this escrow agreement will be used in lieu of giving a performance bond.
The escrowed funds will be held by us and disbursed to the Contractor monthly on the basis of 90% of the estimate of completion by the Contractor and approval by the Erie County Highway Engineer and Kelleys Island Council. The final 10% will be disbursed upon acceptance of the subject improvements by the Erie County Highway Engineer and the Kelleys Island Village Council of Erie County, Ohio.
Developer and Bank do hereby acknowledge and agree that the Village of Kelleys Island of Erie County, Ohio, is a third party beneficiary of this agreement and that said Board shall be authorized and empowered to sue for specific performance and/or damages in the event of breach of any terms and conditions of this agreement.
APPROVED: BANK
By By
Developer Title
By
Contractor
By
Erie County Highway Engineer
By
Kelleys Island Village Council
(Ord. 537, passed 7-19-90)