AG 1999 01 19 - Laserfiche WebLink

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6. In the event Cabarrus County enacts any future ordinance or regulation which supercedes, overrides, diminishes or adversely affects Highland Creek's right to develop its property pursuant to the preliminary plat referred to in paragraph 1, or otherwise fails to comply with any te,,i or condition set forth herein, Highland Creek shall (a) have the right to receive from Escrow Agent a full refund of the Escrow Fund by delivery of a default notice to Escrow Agent, (b) if the Escrow Fund has been expended for the purchase of a school site, have the right to receive from Cabarrus County an amount equal to the Escrow Fund plus interest thereupon at the legal rate from the date those funds were expended, by delivery of such default notice to or (c) pursue such other legal remedy as Highland Creek may deem Cabarrus County, appropriate. 7. Escrow Agent shall invest the Escrow Fund in a federally insured interest-bearing account with a national bank in Concord or Charlotte, North Carolina. Any costs, fees or indemnifications which Escrow Agent may require for serving in this capacity shall be paid from the Escrow Fund or provided by Cabarrus County. When the Escrow Fund has been paid out in full in accordance with the terms of this Agreement, Escrow Agent shall provide a brief accounting to Cabarrus County and Highland Creek of all interest earned, expenses incurred and with regard to all such payments. 8. Escrow Agent's responsibilities hereunder shall cease when it makes full payment of the Escrow Fund to Cabarms County's seller, Highland Creek or both with regard to purchase of a school site in accordance with the terms of this Agreement. In the event such school site purchase does not occur within five (5) years from the date of this Agreement, Escrow Agent shall remit the entire Escrow Fund to Highland Creek and this Agreement shall terminate. 4