1357.09 DISPERSAL OF FUNDS BY ESCROW AGENTS.

   (a)   No person acting in the capacity of an escrow agent in any real estate transaction involving the sale or transfer of a vacant building shall disperse any funds held in escrow in compliance with Section 1357.07 unless there has been compliance with Section 1357.08.

   (b)   Funds shall be dispersed only upon written authorization from the Village Administrator as follows:

      (1)   The Village Administrator or his/her designee may authorize the release of funds from the escrow agent established per Section 1357.07 as payment in full to a contractor as each violation is corrected, provided the amount due does not exceed the written estimates; or

      (2)   The Village Administrator or his/her designee may authorize a release of funds from the escrow account established per Section 1357.07 as payment in full to a contractor as each violation is corrected, provided that when the amount due does exceed the written estimates such release can only be made upon the Village Administrator's or his/her designee's written finding that sufficient funds will remain in escrow to correct all other remaining violations. (Ord. 2015-100. Passed 2-9-15.)