BC 1998 10 19 - Laserfiche WebLink

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77 convey said property (or portion thereof which fairly constitutes the percentage that the Escrow Fund represented of the total purchase price, determined by appraisal) to Highland Creek. 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 paragraphs 4 and 5 above, 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. In the event Cabarrus County enacts any future ordinance or regulation which supersedes, 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 term or condition set forth herein, Highland Creek shall (a) have the right to receive 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 Cabarrus County, or (c) pursue such other legal remedy as Highland Creek may deem appropriate. 9. Cabarrus County hereby agrees to indemnify and hold harmless Escrow Agent against any and all losses, claims, damages, liabilities and expenses, including attorneys' fees, which may be incurred by Escrow Agent in connection with its services as Escrow Agent with regard to any school site purchase hereunder, unless such losses, claims, damages, liabilities or expenses are the result of Escrow Agent's willful default or gross negligence in performing its obligations hereunder. 10. In the event of any dispute between any of the parties, sufficient in Escrow Agent's discretion to justify doing so, Escrow Agent may tender unto Cabarrus County Superior Court all money or property in its hands held under this Agreement, together with such legal pleadings as it deems appropriate and thereupon be discharged hereunder. 11. By their execution of this Agreement, Highland Creek and Cabarrus County do hereby mutually release each other of and from any claims, demands, actions and causes of action either now has or may have by reason of or on account of or in any way connected with Cabarrus County's enforcement of its adequate public facilities provisions with regard to Highland Creek's petition referred to hereinabove. IN WITNESS WHEREOF, the parties have hereunto set their hands and seals as of the day and year first above written. WESTBROOK HIGHLA/qD CREEK, LLC By: CABARRUS COUNTY, NORTH CAROLINA By: LAWYERS TITLE OF NORTH CAROLINA, INC. By: This instrument has been pre-audited in the manner required by the Local Government Budget and Fiscal Control Act. By: Finance Director Cabarrus County Mr. Richard Vinroot, Attorney representing Highland Creek, discussed efforts over the past several months concerning the developer's petition requesting the Board to grant approval of the subdivision plat which was denied by the Planning and Zoning Commission. He said the developer felt the risks of a long delay as well as the loss of adequate school facilities were worthy of some type of resolution other than possible litigation depending upon the Board's ruling on the petition. According to Mr. Vinroot, the proposed agreement was the result of lengthy discussions among himself, the developer and County officials. There was brief discussion regarding the proposed Agreement and the need for additional school facilities in the county. Chairman Casper called for a vote on the motion by Commissioner Niblock and seconded by Commissioner Barnhart to approve the Escrow Agreement. The vote was unanimous for approval of the agreement.