Fillable Escrow Agreement (Borough of Lindenwold)

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Escrow Agreement (Borough of Lindenwold)

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Country of origin: US
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U.S.A. forms for Borough of Lindenwold

BROWSE BOROUGH OF LINDENWOLD (NJ) FORMS

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1
Borough of Lindenwold
15 N. White Horse Pike
Lindenwold, New Jersey 08021
(856) 783-2121
AGREEMENT
THIS AGREEMENT MADE THIS ____________DAY OF _________________2__________
BETWEEN __________________________________________
(APPLICANT’S NAME)
HEREINAFTER REFERRED TO AS “APPLICANT” AND THE JOINT LAND USE BOARD OF THE
BOROUGH OF LINDENWOLD, HEREINAFTER REFERRED TO AS “BOARD”.
WHEREAS, APPLICANT IS CURRENTLY SEEKING (MINOR/MAJOR SITE PLAN,
MINOR/MAJOR SUBDIVISION PLAN) FROM THE JOINT LAND USE BOARD OF THE BOROUGH OF
LINDENWOLD AND;
WHEREAS, THE BOARD DESIRES TO ESTABLISH AN ESCROW WHEREBY WORK
REQUIRED TO BE PERFORMED BY PROFESSIONALS EMPLOYED BY THE BOARD WILL BE PAID
FOR BY THE APPLICANT AS REQUIRED UNDER THE PROVISIONS OF THE ORDINANCE OF THE
BOROUGH OF LINDENWOLD, AND;
WHEREAS, BOTH PARTIES FEEL THAT IT IS APPROPRIATE TO REDUCE THIS
UNDERSTANDING TO WRITTEN FORM.
2
WITNESSED:
IT IS MUTUALLY AGREED BETWEEN PARTIES THAT:
SECTION 1. PURPOSES
THE BOARD AUTHORIZES ITS PROFESSIONAL STAFF TO REVIEW, INSPECT, REPORT AND
STUDY ALL PLANS, DOCUMENTS, STATEMENTS, IMPROVEMENTS, AND PROVISIONS MADE BY
THE APPLICANT IN CONFORMING TO THE REQUIREMENTS OF THE BOROUGH ORDINANCES.
THE BOARD DIRECTS ITS PROFESSIONAL STAFF TO MAKE ALL ORAL AND/OR WRITTEN
REPORTS TO THE BOARD OF ITS CONCLUSIONS AND FINDINGS DERIVED FROM THE REVIEW,
STUDY, INVESTIGATION AND LIKE OR SIMILAR DUTIES PERFORMED AS ELSEWHERE
AUTHORIZED. THE APPLICANT AGREES TO PAY ALL REASONABLE PROFESSIONAL FEES
INCURRED BY THE BOARD FOR THE PERFORMANCE OF THE DUTIES OUTLINED ABOVE.
SECTION 2. ESCROW ESTABLISHED
APPLICANT AND THE BOARD IN ACCORDANCE WITH THE PROVISIONS OF THIS
AGREEMENT HEREBY CREATE AN ESCROW TO BE ESTABLISHED BY THE BOARD IN A
DEPOSITORY SELECTED BY THE BOARD.
SECTION 3. ESCROW FUNDED
APPLICANT BY EXECUTION OF THIS AGREEMENT SHALL PAY TO THE BOARD, TO BE
DEPOSITED IN THE DEPOSITORY REFERRED TO IN SECTION 2, SUCH SUMS AS ARE REQUIRED.
EXECUTION OF THIS AGREEMENT BY THE BOARD ACKNOWLEDGES RECEIPT OF THE SUMS
REFERRED TO UNDER THIS PARAGRAPH.
SECTION 4. INCREASE IN ESCROW FUND
IF DURING THE EXISTENCE OF THIS ESCROW AGREEMENT THE FUNDS HELD BY THE
ESCROW HOLDER SHALL BE INSUFFICIENT TO COVER ANY VOUCHER OR BILL SUBMITTED BY
THE PROFESSIONAL STAFF AND REVIEWED AND APPROVED BY THE BOARD, APPLICANT
SHALL WITHIN (14) DAYS FROM THE DATE OF RECEIPT OF WRITTEN NOTICE, DEPOSIT
ADDITIONAL SUMS WITH THE ESCROW HOLDER TO COVER THE AMOUNT OF THE DEFICIT
REFERRED TO ABOVE.
SECTION 5. TIME OF PAYMENT
THE PROFESSIONALS REFERRED TO IN THIS AGREEMENT UPON THE CONCLUSION OF
THEIR SERVICES OR PERIODICALLY DURING PERFORMANCE OF THEIR SERVICES, SHALL
SUBMIT VOUCHERS CONFORMING TO THE REQUIREMENTS ESTABLISHED BY THE BOARD FOR
VOUCHERS OF THE TYPE AND KIND REFERRED TO UNDER THIS PARAGRAPH. SAID
VOUCHERS SHALL INCLUDE THE AMOUNT OF ALL FEES AND COSTS INCURRED AS A RESULT
OF THE SERVICES SET FORTH UNDER SECTION 1 OF THIS AGREEMENT.
3
SECTION 6. BOARD OF REVIEW
THE BOARD SHALL REVIEW THE VOUCHERS SUBMITTED BY THE PROFESSIONALS TO
DETERMINE WHETHER THE SERVICES HAVE BEEN PERFORMED IN THE MANNER AND TO THE
DEGREE REQUIRED BY THIS AGREEMENT. UPON MAKING A DETERMINATION THAT SAID
SERVICES HAVE BEEN PERFORMED PROPERLY, THE BOARD SHALL PROCESS SAID VOUCHERS
IN THE SAME MANNER AND UNDER THE SAME TERMS AS ARE NORMALLY EMPLOYED FOR
VOUCHERS SUBMITTED FOR WORK PERFORMED FOR THE JOINT LAND USE BOARD. AT THE
CONCLUSION OF THIS PROCESSING, THE AMOUNTS SPECIFIED IN SAID VOUCHERS SHALL BE
DEDUCTED BY THE ESCROW HOLDER FROM THE ESCROW ESTABLISHED PURSUANT TO THIS
AGREEMENT.
SECTION 7. APPLICANT’S OBJECTION
THE APPLICANT SHALL HAVE THE RIGHT TO MAKE PERIODIC INSPECTIONS OF THE
RECORDS MAINTAINED BY THE ESCROW HOLDER TO DETERMINE THE STATUS OF THE
ESCROW AT ANY POINT IN TIME. WHERE THE APPLICANT OBJECTS TO THE PAYMENT OF ANY
VOUCHER FROM THE ESCROW FUND, HE SHALL HAVE THE RIGHT TO APPEAL UPON (3) DAYS
NOTICE TO ALL PROFESSIONALS, TO THE BOARD TO DETERMINE WHETHER THE PAYMENTS
OR PAYMENT OBJECTED TO ARE PROPER.
THE STANDARDS OF REVIEW TO BE UTILIZED BY THE BOARD IN DETERMINING WHETHER
SAID PAYMENTS ARE PROPER, OR WHETHER THE FEES INCURRED ARE REASONABLE AND
WHETHER THE WORK HAS BEEN PERFORMED PROPERLY.
SECTION 8. INTEREST ALLOCATIONS
ANY AND ALL INTEREST WHICH WOULD RESULT FROM OR ARISE OUT OF THE
DEPOSITS BEING MADE AND HELD IN ESCROW BY THE APPLICANT SHALL REVERT TO THE
USE AND ENJOYMENT OF THE ESCROW HOLDER AS COMPENSATION FOR THE SERVICES
RENDERED IN CONNECTION WITH THIS ESCROW AGREEMENT.
IN WITNESS WHEREOF THE PARTIES HERETO HAVE SET THEIR HANDS AND SEALS
THE DATE FIRST WRITTEN ABOVE.
_____________________________________
APPLICANT’S SIGNATURE
________________________________________
BOARD SECRETARY
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Escrow Agreement (Borough of Lindenwold)

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Completed 14 July 2020

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