Town of Castle Rock Escrow Agreement

"Escrow Funds" shall mean the funds deposited with Escrow Agent pursuant to Section 3 of this Escrow
Agreement,together with any interest and other income thereon.
"Escrow Period" shall mean the period commencing on the date hereof and ending at the close of Escrow
Agent's business day ten(10) years from the date of this Escrow Agreement, unless earlier terminated pursuant
to this Escrow Agreement.
"Indemnified Party" shall have the meaning set forth in Section 11.
"Individual Escrow Account" shall mean the account in which the Escrow Funds will be held by Escrow Agent
for the benefit of the Depositor until transferred to the Master Escrow Account pursuant to a Written Direction
given in accordance with Section 4.
"Master Escrow Account" shall mean the account from which transferred Escrow Funds are disbursed to third
parties pursuant to a Written Direction given in accordance with Section 4.
"Representatives" shall mean the Depositor Representative and the CRMC Representatives.
"Written Direction" shall mean a written direction executed by both CRMC Representatives directing Escrow
Agent to transfer all or a portion of the Escrow Funds from the Individual Escrow Account to the Master
Escrow Account, or to disburse all or a portion of the funds from the Master Escrow Account to third parties
and/or the Depositor, including termination of the Individual Escrow Account and transfer of any remaining
funds to the Depositor. The authority of a Written Direction is limited to the items specified in this definition.
All items outside of this scope shall require written approval by both CRMC and the Depositor.
2. Appointment of and Acceptance by Escrow Agent. Depositor and CRMC hereby appoint
Escrow Agent to serve as escrow agent hereunder. Escrow Agent hereby accepts such appointment and, upon
receipt by wire transfer of the Escrow Funds in accordance with Section 3 below, agrees to hold, invest and
disburse the Escrow Funds in accordance with this Escrow Agreement.
3. Deposit of Escrow Funds.
a. (ALL DEPOSITORS). Simultaneously with the execution and delivery of this Escrow
Agreement, Depositor, on behalf of the CRMC, shall deposit$1,300,970.00, by wire transfer
of immediately available funds,to an Individual Escrow Account designated by Escrow
Agent. Any interest accruing on Depositor's funds while in Depositor's Individual Escrow
Account shall accrue to the benefit of Depositor.
b. (DEPOSITORS WITH CWCB LOANS). Simultaneously with the execution and delivery of
this Escrow Agreement, Depositor shall have executed a loan agreement(s) with the
Colorado Water Conservation Board ("CWCB") in the total amount of N/A (collectively,the
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11-01-2014