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HomeMy WebLinkAboutRES.849.08-16-1993 BILL NO. 93-176 RESOLUTION NO. 0�/ A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE TWO ESCROW AGREEMENTS WITH THE STATE OF MISSOURI, MISSOURI HIGHWAY AND TRANSPORTATION COMMISSION AND METRO TITLE INSURORS, INC. FOR PROPERTY IN SHAWNEE PARK FOR RELOCATED ROUTE 74 BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CAPE GIRARDEAU, MISSOURI, AS FOLLOWS: ARTICLE 1. The City Manager, for and on behalf of the City of Cape Girardeau, Missouri, is hereby authorized to execute two (2) Escrow Agreements with the State of Missouri, Missouri Highway and Transportation Commission and Metro Title Insurors, Inc. for property in Shawnee Park for relocated Route 74 . A copy of said Escrow Agreements is attached to this Resolution and made a part hereof. PASSED AND ADOPTED THIS I�� DAY OF , 19.�Y . /� r � ,. �`�__. ___ _ , , � � � .. -✓. rancis E. Rhodes, Mayor ATTEST: •.� Ki berly Pruett, Deputy City Clerk ROUTE 74 COUNTY Ca�e Girardeau PROJECT JOU0412 R1 FED. NO. STP-74-1 (5) PARCEL 37 ESCROW AGREEMENT THIS ESCROW AGREEMENT is by and between the STATS OF MISSOIIRI, acting by and through the MISSOIIRI HIGHWAY AND TRANSPORTATION COMMISSION (hereinafter, Commission) , party of the first part and City of Cape Girardeau a municipal cort�oration (hereinafter, Owner(s) ) , and Metro Title Insurors, Inc. , (hereinafter, Escrow Agent) , Witnesseth: Whereas Owner(s) own the following described property located in Cape Girardeau County, Missouri: All of grantor's land in the East part of Outlot 54, U.S.P. S. No. 2199, T. 30 N. , R. 13 and 14 E. , Cape Girardeau County, State of Missouri, referred to by Conveyance dated February 3 , 1992 and recorded in Book 561 at page 644 of the Cape Girardeau County Records Office lying within widths as hereinafter designated from the following described relocated highway and city street centerlines containing 5.04 ac. of new limited access right of way as follows: The relocated highway centerline of State Route 74, established by Job. No. JOU0412 , is located and described by commencing at a land survey monument being a � inch rebar in the northeast corner of Outlot 55, U. S.P.S. No. 2199, T. 30 N. , R. 14 E. , thence S. 06° 08' 52" W. on and along the east line of said Outlot 55 a distance of 772 . 69 ft. to a point on the relocated highway centerline of State Route 74 being Sta. 121+09 . 29 , for the point of beginning, thence the relocated highway centerline of State Route 74 as follows: S. 68° 02 ' 46.7" W. 355.71 ft. to Equation S.T. Sta. 117+53 . 58 Bk.= S.T. Sta. 117+67. 09 Ah. , thence along a spiral curve to the left for a distance of 250 ft�. to C.S. Sta. 115+17 . 09 (said spiral curve having an X distance of 249 .759 ft. along the main tangent and Y distance of 8 . 181 ft. offset from the main tangent) ; thence to the left on a 4° 30' curve having an interior angle of 26° 25' S7 . 7" for a distance of 337. 393 ft. to S.C. Sta. 111+79 .70; thence to the left on a spiral curve for a distance of 250 ft. to T.S. Sta. 109+29.70 (said spiral curve also having an X distance of 249 .759 ft. and a Y distance of 8 . 181 ft. ) ; thence S. 41° 36' 49 . 1" W. 250. 52 ft. to S.T. Sta. 106+79 . 18, thence along a spiral curve to the right for a distance of 250 ft. to C.S. Sta. 104+29 . 18 (said spiral curve having an X distance of 249 . 926 ft. along the main tangent and Y distance of 4 . 545 ft. offset from the main tangent) ; thence to the right on a 2° 30' curve having an interior angle of 55° 09' 52 . 1" for a distance of 1956. 579 ft. to S.C. Sta. 84+72 . 60. Bearings are State Plane Coordinate System Eastern Zone. 7-4.2 (2/93) Widths of new limited access right of way as measured at right angles from the above described relocated Highway 74 centerline, are as follows: On the north side, all grantor's land lying within a tract 75 ft. in width opposite Sta. 100+45, thence continuing a constant and uniform width of 75 ft. to opposite Sta. 101+90. 16, being grantor's west property line, thence northerly along said property line from 75 ft. opposite Sta. 101+90. 16 ta a width of 105 ft. opposite Sta. 102+22 . 83, thence narrowing northeasterly from 105 ft. opposite Sta. 102+22 .83 to a width of 95 ft. opposite C.S. Sta. 104+29. 18, thence N. 42° 38' 40" E. 244.79 ft. to a width of 95 ft. opposite S.T. Sta. 106+79. 18, thence northeasterly in a straight line from 95 ft. opposite S.T. Sta. 106+79. 18 to a width of 135 ft. opposite Sta. 109+29.70, thence N. 43° 32' 08" E. 263 . 08 ft. to a width of 135 ft. opposite S.C. Sta. 111+79.70, having crossed grantor's north property line at Sta. 110+44.48 . Also, on the south side, all grantor's land lying within a tract starting with a width of 75 ft. opposite Sta. 100+45, being grantor's west property line, thence continuing easterly a constant and uniform width of 75 ft. to opposite Sta. 102+50, thence widens easterly in a straight line from 75 ft. opposite Sta. 102+50 to a width of 105 ft. opposite Sta. 103+00, thence northeasterly in a straight line from 105 ft. opposite Sta. 103+00 to a width of 105 ft. opposite C.S. Sta. 104+29 . 18, thence N. 41° 32 ' 48" E. 255. 65 ft. to a width of 100 ft. opposite S.T. Sta. 106+79. 18, thence widening in a straight line from 100 ft. opposite S.T. Sta. 106+79 . 18 to 120 ft. opposite T.S. Sta. 109+29 .70, thence N. 47° 03 ' 16" E. 237. 54 ft. to a width of 135 ft. opposite S.C. Sta. 111+79 .70, thence narrows in a straight line from 135 ft. opposite S.C. Sta. 111+79.70 to a width of 130 ft. opposite Sta. 113+00, having crossed grantor's north property line at a point 132 .43 ft. opposite Sta. 112+66. 39 . Also all abutters rights of direct access between the highway now known as State Route 74 relocated and grantors abutting land in that part of Outlot 54 of U.S.P. S. No. 2199, T. 30 N. , R. 13 and 14 E. , City and County of Cape Girardeau, State of Missouri, except there is reserved to grantor's the right to use a certain access corridor under the bridge situated at highway centerline Sta. 102+22 .5. The extent of this reservation shall apply only to the right of way area herein described as 45 ft. wide lying between Sta. 102+00 and Sta. 102+45. Whereas, Commission has agreed with Owner(s) to purchase said property and; Whereas, Owner(s) are agreeable to conveying said property to Commission. Now, therefore, it is agreed by and between the parties as follows: 2 7-4.2 (2/93) (1) CONSIDERATION: The consideration for the conveyance is Thirty-six Thousand Five Hundred and No/100s----- Dollars ($36 , 500. 00) , and Owner(s) hereby deliver to Escrow Agent a properly executed and acknowledged warranty deed dated the day of , 19 , conveying the above-described property. This deed shall be delivered to Commission by Escrow Agent upon Commission's delivering to Escrow Agent the specified purchase price. The purchase price is to be delivered to Escrow Agent by Commission on or before the day of , 19 , in the form of a state treasurer's check made payable as follows: Metro Title Insurors, Inc Escrow Acrent for City of Cape Girardeau, a municipal corporation. (5) NO KNOWLEDGE OF HAZARDOUS OR TOXIC SUBSTANCES ON PROPERTY: Owner(s) represent that to the best of Owner(s) knowledge and belief, there has been no generation, transportation, storage, treatment, disposal, release, leakage, spillage or emission of any hazardous or toxic substance or material or any aboveground or underground petroleum product contamination on the subject property during Owner(s) ownership or during previous ownerships at least insofar as Owner(s) have observed or have been informed. In the alternative, if Owner(s) have knowledge of any of the aforementioned events occurring on the subject property, that information is set out below. If at any time during the period between the execution of this Agreement and the closing thereof, Owner(s) have actual knowledge of, learn of, or have a reason to believe that any of the aforementioned events occurred on the subject property, Owner(s) shall give notice to Commission immediately. This sale is conditional upon full disclosure of any such information. (use additional sheets if necessarv) (6) RIGHT OF ENTRY FOR ENVIRONMENTAL ASSESSMENT OF PROPERTY: Within forty-five (45) days after the final execution of this Agreement, Commission shall have the right, at Commission's cost, to select a consulting engineer to inspect the property. Commission's consulting engineer may enter the 3 7-4.2 (2/93) premises, upon reasonable notice to Owner(s) , to conduct an environmental audit, and, if applicable, review Owner(s) environmental permits, reports and related documents and plans. The consulting engineer shall furnish Commission with a report on any contamination or conditions which would create liability for removal or correction or interfere with Owner(s) intended use of the property. (7) TERMINATION: Commission may, at its discretion, void this Agreement if Owner(s) reveals the existence of hazardous or toxic substances on the property or the environmental assessment reveals environmental contamination subjecting the property to costs of removal or remediation under state or federal law. (8) POSSESSION OF PROPERTY: Owner(s) hereby agree to vacate and give peaceable possession of said above-described property to Commission upon payment of the consideration specified in Paragraph (1) above by Commission to Escrow Agent. Owner(s) hereby waive all statutory and common law notice to vacate said premises and as a further consideration for this Agreement, do hereby consent that Commission may institute all necessary legal proceedings to obtain possession of the� property at any time after Commission becomes entitled to possession of said property under this Agreement. (9) ESCROW AGENT RESPONSIBILITIES: Escrow Agent, in consideration of the sum of One Dollar ($1) and other valuable consideration, the receipt of which is hereby acknowledged, hereby accepts the deed of conveyance from Owner(s) to Commission. Escrow Agent agrees to hold deed in escrow and upon receipt from Commission within the period specified in this Agreement of the purchase price for the property by a draft made payable to the Escrow Agent for Mortgagee and after all environmental assessments are complete, to deliver said deed to Commission. Escrow Agent shall promptly pay to Owner(s) said purchase price less sufficient deductions necessary for complete payment of taxes, liens and encumbrances which may be pending or are due and payable at the time of closing and also less any amount to be withheld as set out in Paragraph (2) of this Agreement. . (10) CERTIFIED COPIES: Escrow Agent agrees to furnish Commission with four (4) certified copies of this Agreement for use _in securing payment of the purchase price. (11) PREPARATION OF TAX FORM: Escrow Agent agrees to compile all information necessary for the completion of Internal Revenue Form 1099-S, and prepare Internal Revenue Service Form 1099-5, Proceeds from Real Estate Transactions, with respect to the conveyance. 4 7-4.2 (Z/93) IN WITNESS WHEREOF, the parties have entered into this Escrow Agreement on the date last written below. EXECUTED by Commission this day of , 19 EXECUTED by Owner(s) this day of , 19 EXECUTED by Escrow Agent this day of , 19 EXECUTED by Mortgagee this day of , 19 MISSOURI HIGHWAY AND ESCROW AGENT TR.ANSPORTATION COMMISSION Metro Title Insurors, Inc. BY: BY' TITLE: Sr. R/W Specialist TITLE: OWNER(S) SIGNATURES ADDRESS PHONE NO. City of Cape Girardeau, 401 Independence a municipal corporation Cape Girardeau, MO 63701 334-1212 Bv: 5 7-4.Z (2/93) ROUTE 74 COUNTY CaQe Girardeau PROJECT JOU0412 R1 FED. NO. STP-74-1(5) PARCEL 45 ESCROA AGREEMENT THIS ESCROW AGREEMENT is by and between the BTAT$ OF MISSOURI, acting by and through the MISSOIIRI HIGHWAY AND TRANSPORTATION COMMISSION (hereinafter, Commission) , party of the first part and (hereinafter, Owner(s) ) , , and Metro Title Insurors. Inc. hereinafter, Escrow Agent, Witnesseth: Whereas Owner(s) own the following described property � located in Cage Girardeau County, Missouri: All that part of grantor's land in Outlot 44, of U. S.P.S. 2199, T. 30 N. , R. 14 E. , in the City of Cape Girardeau, Cape Girardeau County, State of Missouri, referred to by Special Warranty Deed dated October 10, 1987 and recorded in Book 472 at page 455 of the Cape Girardeau County Records Office lying within widths as hereinafter designated from the following described relocated highway and city street centerlines containing a total of 5. 37 ac. of new right of way as follows: The relocated highway centerline of State Route 74 is located and described by commencing at a land survey monument being a 1/2 inch rebar in the northeast corner of Outlot 55, U.S.P.S. No. 2199, T. 30 N. , R. 14 E. , thence South 06° 08' 52" west on and along the east line of said Outlot 55 a distance of 772 . 69 ft. to a point on the relocated highway centerline of State Route 74 being Sta. 121+09.29, for the point of beginning, thence the relocated highway centerline of State Route 74 extends as follows: N. 68° 02' 46.7" E. 40.71 ft. to P.O.T. Sta. 121+50 Rt. 74 Relocated = 0+00 Minnesota Avenue Relocated; thence continuing 208.95 ft. to T.S. Sta. 123+58 .95, thence along a spiral curve to the right for a distance of 250 ft. to S.C. Sta. 126+08.95 (said spiral curve having an X distance of 249 . 833 ft. along the main tangent and Y distance of 6. 818 ft. offset from the main tangent) ; thence to the right on a 3° 45' curve having an interior angle of 20° 34� 14 . 2 " for a distance of 298 . 55 ft. to C.S. Sta. 129+07 . 50; thence to the right on a spiral curve for a distance of 250 ft. to S.T. Sta. 131+57 .50 (said spiral curve along having a X distance of 249 .833 ft. and a Y distance of 6. 818 ft. ) ; thence N. 88° 37' 00. 9" E. 344 .98 ft. to P.O.T. Sta. 135+02 . 48 Rt. 74 Relocated = P.O.T. Sta. 5+00 West End Boulevard, thence continuing on said bearing ahead. Bearings are State Plane Coordinate System, Eastern Zone. 7-4.2 (2/93) The city street centerline of relocated Minnesota Avenue is located and described by commencing at Sta. 121+50 on the above described relocated State Route 74 highway centerline which is equal to relocated Minnesota Avenue centerline Sta. 0+00 for the point of beginning; thence the city street centerline of relocated Minnesota Avenue extends S. 1° 57' 13 . 3" E. 150.92 ft. to P. C. Sta. 1+50.92, thence along a 20° 50' 05" curve to the right 144 .72 ft. to P.T. Sta. 2+95. 64, thence S. 30° 08' S2 . 3" W. 34. 62 ft. to P. C. Sta. 3+30. 26, thence along a 20° 50' 05" curve to the left 106. 25 ft. to P.T. Sta. 4+36. 51, thence S. 08° 00' 37. 3" W. 63 .4 ft. to Sta. 5+00. The city street centerline of West End Boulevard is located and described by commencing at Sta. 135+02 .48 on the above described State Route 74 highway centerline which is equal to West End Boulevard centerline Sta. 5+00 for the point of beginning; thence the city street centerline of West End Boulevard extends as follows: N. 06° 29' 13 .2" W. 500 ft. to Sta. 10+00. Widths of limited access highway right of way as measured at right angles from the above described relocated State Route 74 centerline containing 4 . 55 ac. are as follows: On the south side, all grantor's land within a tract that narrows easterly from a width of 130 ft. opposite S. C. Sta. 126+08 .95 to a width of 143 . 03 ft. at a point in the east line of a vacated city street opposite Sta. 126+97 . 25, thence widens from 143 . 03 ft. opposite Sta. 126+97.25 to a width 155 ft. opposite C. S. Sta. 129+07. 5, thence N. 84° 41' 10" E. 237 .69 ft. to a width of 145 ft. opposite S. T. Sta. 131+57 . 5, thence narrows easterly from 145 ft. opposite S.T. Sta. 131+57. 5 to a width of 110 ft. opposite Sta. 133+50, thence widening southeasterly from 110 ft. opposite Sta. 133+50 to a width of 170.93 ft. opposite Sta. 133+88, thence easterly in a straight line from 170.93 ft. opposite Sta. 133+88 to a width of 199 ft. opposite Sta. 135+91. 07. On the south side, all grantor's land lying within a tract being a constant width of 155 ft. extending from opposite Sta. 120+00 to opposite Sta. 122+00. On the north side, all grantor's land lying within a tract that widens northeasterly from a width of 130 ft. opposite Sta. 127+00, crossing the east line of a vacated city street at a point 130. 34 ft. opposite Sta. 127+84 .05, to a width of 140 ft. opposite C.S. Sta. 129+07.50, thence narrows N. 88° 07' 00" E. 261. 24 ft. to a width of 135 ft. opposite S.T. Sta. 131+57.50, thence continuing easterly from 135 ft. opposite S.T. Sta. . 131+57 .50 to a width of 130 ft. opposite Sta. 133+00, thence easterly in a straight line from 130 ft. opposite Sta. 133+00 to a width of 142 . 14 ft. opposite Sta. 133+80.95, thence continuing easterly from 142 . 14 ft. opposite Sta. 133+80. 95 to a width of 145 ft. opposite Sta. 134+00, thence northeasterly from 145 ft. opposite Sta. 134+00 to a width of 195. 58 ft. opposite Sta. 134+38 . 65, said point also being 90 ft. opposite West End Boulevard Sta. 3+15, thence easterly in a straight line from 195. 58 ft. opposite Sta. 134+38 . 65, crossing existing west city street right of way of West End Boulevard at Sta. 134+98.04, to a width of 172 . 30 ft. opposite Sta. 136+07 . 05. 2 7-4.2 �2/93) Grantor hereby conveys to Grantee all rights, title and interest in and to those portion of streets, existing and vacated, lying within the above described new limited access highway right of way limits of Relocated State Route 74. Also, all abutters rights of direct access between the highway now known as State Route 74 relocated along with those portions of West End Boulevard from West End Boulevard centerline Sta. 3+15 to Sta. 6+85 and relocated Minnesota Avenue from Minnesota Avenue centerline Sta. 0+00 to Sta. 1+65, and grantor's abutting land in Outlot 44, U.S.P.S. 2199, T.30 N. , R. 14 E. , in the City and County of Cape Girardeau, State of Missouri. Widths of new city street right of way as measured at right angles from the above described relocated Minnesota Avenue centerline containing 0. 54 ac. are as follows: On the east side, all grantor's land lying within a tract that widens northeasterly in a straight from a point in the centerline of relocated Minnesota Avenue being Sta. 1+65 to a point 100 ft. opposite relocated Minnesota Avenue centerline Sta. 1+28. 55, thence widens southeasterly in a straight line from said 100 ft. opposite Sta. 1+28 .55, to a width of 115 ft. opposite Sta. 1+70. 78, thence narrows southwesterly in a straight line from 115 ft. opposite Sta. 1+70.78 to a width of 71 ft. opposite Sta. 2+02 . 5, thence southwesterly to a width of 95 ft. opposite Sta. 2+95. 64, thence narrowing southwesterly from 95 ft. opposite Sta. 2+95 . 64 to a width of 75 ft. opposite P.T. Sta. 4+36. 51, thence continuing to narrow from 75 ft. opposite Sta. 4+36.51 to a width of 32 . 19 ft. opposite Sta. 4+85, being a point in the city street right of way line of existing Minnesota Avenue. Also, that part of grantor's land lying south of the above described limited access highway right of way fro relocated State Route 74 between the existing east city street right of way line of Minnesota Avenue, and the relocated centerline of Minnesota Avenue being from relocated Minnesota Avenue Centerline Sta. 1+65 to Sta. 3+00. Widths of new city street right of way as measured at right angles from the above described West End Boulevard and relocated State Route 74 centerlines containing 0. 28 ac. area as follows: On the west side of West End Boulevard and the north side of relocated Route 74, all grantor's land within a tract beginning at a point 138. 25 ft. opposite State Route 74 Sta. 133+55. 02, being a point in the north right of way line of said Rt. 74, thence northeasterly along said right of way line from 138 . 25 opposite Sta. 133+55. 02 to a point 142 . 14 ft. opposite Sta. 133+80. 95, thence continuing along said right of way line from 142 . 14 ft. opposite Sta. 133+80. 95 to a point 145 ft. opposite Sta. 134+00, thence northeasterly along said right of way line from 145 ft. opposite Sta. 134+00 to a point 195. 58 ft. opposite Sta. 134+38 . 65, also being 90 ft. opposite West End Boulevard Sta. 3+15, thence from said point westerly to a point 139 . 99 ft. 3 7-4.2 �2/93) opposite West End Boulevard Sta. 3+00. 28 , thence southwesterly from 139.99 ft. opposite Sta. 3+00. 28 to a point 165 ft. opposite West End Boulevard Sta. 3+30, thence southerly in a straight line to the point of beginning. Also, on the west side of West End Boulevard and the south side of relocated State Route 74, all grantor's land lying within a tract of land that narrows southerly from a point in the south right of way line of State Route 74, being 170.93 ft. opposite Rt. 74 Sta. 133+88 = West End Boulevard Sta. 6+85, to a point 70 ft. opposite West End Boulevard Sta. 7+50, thence narrowing southerly from 70 ft. opposite Sta. 7+50 to a point 65 ft. opposite Sta. 8+80, thence southeasterly in a straight line from 65 ft. opposite Sta. 8+80 to a point in the existing west right of way line of West End Boulevard being 30 ft. opposite Sta. 9+60. Whereas, Commission has agreed with Owner(s) to purchase said property and; Whereas, Owner(s) are agreeable to conveying said property to Commission. Now, therefore, it is agreed by and between the parties as follows: (1) CONSIDERATION: The consideration for the conveyance is Forty-one Thousand Six Hundred Fifty and NO/100 Dollars ($ 41. 650. 00) , and Owner(s) hereby deliver to Escrow Agent a properly executed and acknowledged warranty deed dated the day of , 19 , conveying the above-described property. This deed shall be delivered to Commission by Escrow Agent upon Commission's delivering to Escrow Agent the specified purchase price. The purchase price is to be delivered to Escrow Agent by Commission on or before the day of , 19 , in the form of a state treasurer's check made payable as follows: Metro Title Insurors. Inc. , escrow acrent for City of Cape Girardeau a municipal corgoration. (5) NO KNOWLEDGE OF HAZARDOUS OR TOXIC SUBSTANCES ON PROPERTY: Owner(s) represent that to the best of Owner(s) knowledge and belief, there has been no generation, trarisportation, storage, treatment, disposal, release, leakage, spillage or emission of any hazardous or toxic substance or material or any above ground or underground petroleum product contamination on the subject property during Owner(s) ownership or during previous ownerships at least insofar as Owner(s) have observed or have been informed. In the alternative, if Owner(s) have knowledge of any of the aforementioned events occurring on the subject property, that information is set out below. If at any time during the period between the execution of this Agreement and the closing thereof, Owner(s) have actual knowledge of, learn of, or have a reason to believe that any of the aforementioned events occurred on the subject property, Owner(s) 4 7-4.2 (2/93) shall give notice to Commission immediately. This sale is conditional upon full disclosure of any such information. (use additional sheets if necessary) (6) RIGHT OF ENTRY FOR ENVIRONMENTAL ASSESSMENT OF PROPERTY: Within forty-five (45) days after the final execution of this Agreement, Commission shall have the right, at Commission's cost, to select a consulting engineer to inspect the property. Commission's consulting engineer may enter the premises, upon reasonable notice to Owner(s) , to conduct an environmental audit, and, if applicable, review Owner(s) environmental permits, reports and related documents and plans. The consulting engineer shall furnish Commission with a report on any contamination or conditions which would create liability for removal or correction or interfere with Owner(s) intended use of the property. (7) TERMINATION: Commission may, at its discretion, void this Agreement if Owner(s) reveals the existence of hazardous or toxic substances on the property or the environmental assessment reveals environmental contamination subjecting the property to costs of removal or remediation under state or federal law. (8) POSSESSION OF PROPERTY: Owner(s) hereby agree to vacate and give peaceable possession of said above-described property to Commission within ( ) days after payment of the consideration specified in Paragraph (1) above by Commission to Escrow Agent. Owner(s) hereby waive all statutory and common law notice to vacate said premises and as a further consideration for this Agreement, do hereby consent that Commission may institute all necessary legal proceedings to obtain possession of the property at any time after Commission becomes entitled to possession of said property under this Agreement. (9) ESCROW AGENT RESPONSIBILITIES: Escrow Agent, in consideration of the sum of One Dollar ($1) and other valuable consideration, the receipt of which is hereby acknowledged, hereby accepts the deed of conveyance from Owner(s) to Commission. Escrow Agent agrees to hold deed in escrow and upon g 7-4.2 (2/93) receipt from Commission within the period specified in this Agreement of the purchase price for the property by a draft made payable to the Escrow Agent for Mortgagee and after all environmental assessments are complete, to deliver said deed to Commission. Escrow Agent shall promptly pay to Owner(s) said purchase price less sufficient deductions necessary for complete payment of taxes, liens and encumbrances which may be pending or are due and payable at the time of closing and also less any amount to be withheld as set out in Paragraph (2) of this Agreement. (10) CERTIFIED COPIES: Escrow Agent agrees to furnish Commission with four (4) certified copies of this Agreement for use in securing payment of the purchase price. (11) PREPARATION OF TAX FORM: Escrow Agent agrees to compile all information necessary for the completion of Internal Revenue Form 1099-5, and prepare Internal Revenue Service Form 1099-S, Proceeds from Real Estate Transactions, with respect to the conveyance. 6 7-4.2 (2/93) IN WITNESS WHEREOF, the parties have entered into this Escrow Agreement on the date last written below. EXECUTED by Commission this day of , 19 EXECUTED by Owner(s) this day of , 19 EXECUTED by Escrow Agent this day of , 19 MISSOURI HIGHWAY AND ESCROW AGENT TRANSPORTATION COMMISSION Metro Title Insurors, Inc. BY: BY• TITLE: Sr. Right of Wav Specialist TITLE: OWNER(S) SIGNATURES ADDRESS PHONE NO. City of Cape Girardeau, 401 Independence 334-1212 a_ municipal corporation Cape Girardeau, Mo. 63701 By: 7 7-4.2 �2/93)