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shall keep said funds segregated and untouched until such time as this Escrow Agreement <br />terminates under the terms herein. Said account shall be entitled "Enns Ventures Escrow <br />Account." <br />3. Disbursements from Escrow Account. <br />a. The parties agree that the Escrow Account Funds on deposit with the City shall not <br />accrue interest. <br />b. The deposit of the Escrow Account Funds by the Developer will be made to ensure <br />that Developer enters into the Development Agreement under the Program and <br />completes the improvements required thereunder. Said improvements include the <br />development of five (5) duplexes, for ten (10) dwelling units at the Property located <br />at the corner of 7th St. SW and Henderson St., otherwise described as City of Paris <br />Block 98, Lot 1-A (LCAD#15470). Failure to either enter into the Development <br />Agreement or to perform as required by said Development Agreement shall <br />constitute a default of this Escrow Agreement. <br />c. The Escrow Account Funds shall not be used or pledged by the Developer for any <br />other purpose during the period the Escrow Account is in effect. Upon satisfactory <br />completion of the Project, as shall be determined by the City Manager or his <br />designee in writing, money in the Escrow Account, shall be released to the <br />Developer. <br />d. If in the judgment of the City the Developer defaults as the same is defined in the <br />Development Agreement or as in Paragraph 3.b. herein, or otherwise fails to <br />comply with the terms of the Development Agreement, or otherwise fails to <br />complete the required improvements to the satisfaction of the City Manager or his <br />designee in accordance with the terms of the Development Agreement and City <br />approved plans and specifications, the Developer shall forfeit the right to the return <br />of said funds. In that event, City shall transfer the Escrow Account Funds out of the <br />Escrow Account, and said funds will become available for use by the City for any <br />purpose within the City's General Fund. <br />e. The City will promptly notify the Developer of the transfer of the Escrow Account <br />Funds out of the Escrow Account. The consent of the Developer to said transfer <br />shall not be required or solicited. <br />f. The City shall be the sole beneficiary of the Escrow Account. <br />g. As Escrow Agent hereunder, the City, acting in such capacity, shall have no duties <br />or responsibilities except for those expressly set forth herein. <br />h. The Developer shall indemnify and hold harmless the City against any loss, <br />damage or liability, including, without limitation, attorney's fees which may <br />be incurred by the City in connection with this Escrow Agreement, except any <br />