Castle Pines Metro Escrow Agreement

CMS 84624
CORE CT2016-2284
ESCROW AGREEMENT
THIS ESCROW AGREEMENT, dated as of October 16, 2015 ("Escrow Agreement"), is by
and among Castle Pines Metropolitan District, a quasi-municipal corporation and political
subdivision of the State of Colorado ("Depositor"); CHATFIELD RESERVOIR MITIGATION
COMPANY, INC., a Colorado non-profit corporation("CRMC"); and U.S. BANK NATIONAL
ASSOCIATION, a national banking association, as escrow agent hereunder("Escrow Agent").
BACKGROUND
A. Depositor and the Colorado Department of Natural Resources ("CDNR")have
entered into a Water Provider Agreement dated October 16, 2015 ("Underlying
Agreement"), a copy of which is attached as Exhibit 1. The Underlying Agreement
grants storage space in Chatfield Reservoir to Depositor and requires Depositor to deposit
the Escrow Funds (defined below) in a segregated individual escrow account to be held
by Escrow Agent for the purpose of meeting the Depositor's share of certain costs
defined in the Underlying Agreement.
B. Depositor and others incorporated the CRMC on October 8, 2015.
C. Escrow Agent has agreed to accept, hold, and disburse the funds deposited with it and
the earnings thereon in accordance with the terms of this Escrow Agreement.
D. Depositor and CRMC have appointed the Representatives (as defined below)to
represent them in connection with the funds to be deposited with Escrow Agent and this
Escrow Agreement.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto, for themselves, their successors and
assigns, hereby agree as follows:
1. Definitions. The following terms shall have the following meanings when used
herein:
"CRMC Representatives" shall mean the two persons so designated on Schedule C-2 hereto or
any other two persons designated, in a writing signed by CRMC and delivered to Escrow Agent
and the Depositor Representative in accordance with the notice provisions of this Escrow
Agreement,to act as its representatives under this Escrow Agreement.
"Depositor Representative" shall mean the person(s) so designated on Schedule C-1 hereto or
any other person(s)designated in a writing signed by Depositor and delivered to Escrow Agent
and the CRMC Representatives in accordance with the notice provisions of this Escrow
Agreement,to act as its representative under this Escrow Agreement. Escrow Agent and CRMC
Representatives shall accept an executed and acknowledged Oath of Office, along with an
amended Schedule C-1 from Depositor, as confirmation that a Depositor's Representative or
Representatives have changed.
1
{00412296.DOC/13}
11-01-2014