HomeMy Public PortalAboutEscrow AgreementESCROW AGREEMENT
This Agreement is made November ., 1995, by and between the City of
McCall ("City"), an I,d,,a, ho m,u,,n, icipal corporation, and McCall Gas Station, Inc., an Idaho
business corporation ( MGSI ), for and in consideration of the mutual promises herein
contained. Recitals
1. MGSI simultaneously with execution of this Agreement conveyed to City the
property described on Exhibit A, and City simultaneously with execution of this
Agreement executed a Memorandum of Understanding of even date herewith with
MGSI, which furnishes consideration beyond the mutual understandings herein.
2. If City wishes to keep the property, certain funds need to be paid to MGSI.
However, the City cannot make a specific promise to pay.
Agreements
3. City is escrowing a quitclaim deed back to MGSI, affecting the property
described on Exhibit A.
4. Such quitclaim deed shall be escrowed with Mountain Title & Escrow, Main
Street, Cascade, Idaho ("Mountain Title").
5. Such quitclaim deed shall be delivered to MGSI by Mountain Title, after notice to
City and a 30-day period for cure, unless City makes the following payments to
Mountain Title for the benefit of MGSI on or before the following dates:
$200 on or before December 31, 1996.
$200 on or before December 31, 1997.
$200 on or before December 31, 1998
$200 on or before December 31, 1999
$199,200 on or before December 31, 2000
If City makes all such payments, the quitclaim deed shall be canceled by
Mountain Title and returned to the City.
6. Such payments shall be considered without interest. In no event shall City be
obliged to make payments in excess of the $200,000 set out in paragraph 5 above.
Should interest be imputed by any authority with respect to these payments, that
event shall be at the risk of MGSI.
7. However, promptly and periodically after the establishment of this Escrow the
parties shall in good faith renegotiate the amount of such payments in the light of
such good faith performance of the Memorandum of Understanding and good faith
in dealings on the part of City as will lead to donative intent and periodic reductions
in the payments then not yet made. Mere disagreement does not destroy "good
faith." Abuse of a position of power does destroy "good faith."
Dated:
City of/~/~/~McCall
~j~by: ' _
William M. Killen, Mayor
Attest:
McCall Gas Station, Inc.,
by: D, ~-~,,..~ ~
D. John Carey, Pres.
EXHIBIT A ~
THE BIKE PATH RIGHT OF WAY
A tract of land situated in the Southeast quarter Southwest
quarter Section 9 township 18 North Range Boise Meridian,
Valley County, Idaho more particularly described as follows:
Ail that portion of the right of way of the Idaho Northern
Railway which lies between the platted South boundary of
Park Street, McCall, Idaho and the northerly and southerly
extensions of the East right of way line of First Street,
McCall, Idaho.
Save and excepting was therefrom that portion of the right
of way which was conveyed by Grantee to Grantor as the
"Railroad Avenue" description, in that certain Special
Warranty Deed recorded as Instrument No. , in the
office of the Recorder Of Valley County, Idaho.
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QUITCLAIM DEED
For value received the City of McCall, an Idaho municipal corporation, Grantor,
conveys and quitclaims to McCall Gas Station, Inc., an Idaho business corporation,
Grantee, the real property described on Exhibit "A," being a portion of the former right-of-
way of the Union Pacific Railroad, located in Valley County, Idaho, and in the City of
McCall.
DATED:
Attest:
· '~. f,.,,'-'c~
State of Idaho )
) SS.
County of Valley )
City of McCall . //~
by:
William M. Killen,
Mayor
Onthis /.~ day of JJlA ne L ,intheyear 1996, beforeme,
/,/e;,o z ,~ a ~,~ , notary public, personally appeared William M. Killen, known or
identified to me to be the Mayor of the City of McCall that executed the said instrument, and
acknowledged to me that such City of McCall executed the same.
Notary Public for ]dal4'o ./ /
My commission expires: ~
EXHIBIT A
THE BIKE PATH RIGHT OF WAY
A tract of land situated in the Southeast quarter Southwest
quarter Section 9 township 18 North Range Boise Meridian,
Valley County, Idaho more particularly described as follows:
Ail that portion of the right of way of the Idaho Northern
Railway which .lies between the platted South boundary of
Park Street, McCall, Idaho and the northerly and southerly
extensions of the East right of way line of First Street, ~
McCall, Idaho.
Save and excepting was therefrom that portion of the right
of way which was conveyed by Grantee to Grantor as the
"Railroad Avenue" description, in that certain Special
Warranty Deed recorded as Instrument No. , in the
office of the Recorder Of Valley County, Idaho.
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