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HomeMy WebLinkAboutMUTUAL ESCROW RELEASE AGREEMENT INSTRUCTIONS TO ESCROW AGENT WALTON WAY HOTEL LLC JAN, 3. 2008 4:45PM SENT BY CMA&M LLP NO, 0308 p, 2 JFolI'l. :s, ~1d1!l8 1'2; 13PM 5 f' H &: f;) tro:144 P.V4 , . MV'l'VAt,ESa.tOW DLIASEAGlt'Bl\IM AND JN8TlU1C'tlONS TO ESCaO~ ~ . ~ Aamment C~) ll'made BQd ente~m.to thiB~ of, ,py _ b6t\te~Aupa~ Georgia, ~.imti.aa ("__ or , apb1I1lilt au ~DAd1hD S1*otGtotgla aDd Walton _II. LtC, (11oL" tefeJ'le4 to i:; MIlotel"), a aeo.UmItod.ll5binty ~, whlo1t is the Dwner ofa aettam h61d propett1m AU,- 0eD_, at 2110 WGlttw Way, Auaa.lU~ County, GBaraia BI1d.b~'WIl uCv.rAe Paftti.~. , , , , WHSREAI. onorQbgut 15 ~.2Q06, .~fbttu City mxI &tel aD1r:Mdbno a ~"Baow ~ pnmwltto wldab; the AQp.C!~ AU~.'Sfoph= B. Sllct'lUd, agrolSd. to hold. dw awn. g'f$15.9.SG-OQ In CMlOW 10 aJ1aw A ~ refi1wtctnc ..action undertaken b)l' Wa1lan W,.,~ LtC (iDo1~ hc6h~ tJUlaoImII deerJa to aeaum 4abt on .said.property knoWn iiih6 cEPartd$ Im;J.~ &n praoHd to 01_; aDd ~.~-WU,1he'JmJderof_ ~deedtosecuie_~ , ,~, ~ a.genb otueuyal aM RHafol" 8gLWJ thDt&>>~ Cftho 2DOI1lc.? iondeted b1 Hotll:1 (Ja __ ofS2,S MiJli~DaUars) 'Wars -,ut dII,pUte _Aagllsta:~ pay offtbe sMcl deed ~ ~debtho14 by AU8U$amI tlmttbe appJblicm. otottu:catOla~ wJ1Icb. to.la'd:'~ were Ju dfs~~: .:Pattl~plsce.d t;h" same In _IOW,pcndbJgthc ~l_~otUtlPtlanto ~thoP'Pv~ofl1d.d"m". ~. 'the CUy ad. Rotel ht.WIlCJW~ an ~.ii1GOItI~D.1t B~Clf~;1aimt as to" pL'O~ flppllaatlan olsabi",~tM'enc1. by tbiI~_ dD ~ ~ dft801voall iabeafCla~to ~d.~,~t, diD,lIpp1loalloaaf' ftmds:bc14 m gaid O8OtOW and all ab OQ~ t)IDns of oaamp&ny marJ:f way telafiDS to 11t1e to QidD'JOnlell. ' NOW, THBR.BFO~ h2. CODSWemtion of _.==11 Oove!laJ1~ ~ and' ' oauld~ _todhmtbJsASrecmeDt. the BVft'lolea~"ofw~oh.J8r~~by bath the ~ 8I1d'Bam~'''' -whh ~ int=tlQ" 19tIly'boiW\ the CKy andHatol~ agr= to the followin8: ' . , I. 'th8 Qi1y8Dd~ a~ ~ ~thD ~ recltI11i. by ~h1tothll ~. 2.. Cityaud Hotel h=b)"hm\mot UCtI'OW _~t . a) Pay 'to ~otel by'Wb uustet})Df~inattU"'~'" by' Couasel for Hote! tbo IW!1 of~.164.30~ tba aame b8I:I1a a l1l1tt.ofSQId W3.AIl1.00 ~~ 8COQmIt~~ _Hattl,!laW11GW4~~ U) bo ~te1y pall to Wahtdi Wt/!J Hotel"u.c',. imrJ uIear.ofany olafmB tbwato by Clty _bthw 1hat' $I'dW _ 'shaI1ieztd'a 1.0 Hotet tb addit\QUal wm. ot'"6.3S0~'lD~Udse a4 ~cif1be lido di~ 18 to 1b,1lt1eto ~ UlOnies fa CSOI:OW. DI) tQ1a1 ~pa.id to Walton WayHotQ1. ~'LCiB ~7.s2j..ft. ' ,\; ~ 1 JAN. 3. 2008 4: 45PM SENT BY CMA&M LLP NO. 0308 P. 3 .1/=1N. 3.2008 1211SPM 5 P l-l &- B NQ.144 fl. aiel . 3. In oODllde~ ottbo reglw1S ..bov~ mull'JmpDph tWo (2) ahove,.Hotoll1Dd CitY hDraby iilsb.UCl esctOW qOlltlo disburse tbo ba1anco li1 CSctoW1o Cit1.to'i$1udolhe sqm. of $SG,JS9.3S d im1 intctcet __4t. RD1 ~ boposc4 &ytlw"depaattow barlk USI4 by MO~ ageilt. . 4.' ~pt for.,. 01* 1\) ~b tep:QlJ 8f1d ~ oftIDs APJ'U'lIlt. Hotel s'baU IIld h~hy do" falLYa bUy mid \1I1COcdltl.oJWIy rD1eas$, zemist, sa:tlsfy and fofWllt 4fsoharg~ end ~ esorow apt and City,.1ts eleotGcl of5oials, Qffioers, empIoyeos, tJrmar employees; ettomeYBJ ~I t&1'rOSC1\tUtvo'.t PN~, ~~ in8_1'I,'~ att4 ~ !om J.tI.)' _ a1l ~ ofMt1cm Ot' aotlO1ls, ~_e or ~ of ~ _, dcbtIl 4ues sa of ~I ~ ~-. ~ ..... ~ O~DnI, liabiUties, co~ ~ Ju~~ mc.ec\11!~ oJahns.. ~ legal or ~Ie ~ Js:nawa. OIQbQ_ which Hotd..lI8seItC4 or ~]javo usertellaphtat tl. Cft, ~ totitkltoamd~. . ~. Sl Bxeopt for 8ftf cleim to entoica tho tmA1S and oondld.cm ~thlll Agreemem, 1be Clty sbA1l anabere'by __I &.D,aml1Dl~ro1"'~ adsfy.IDliMVIr Glsd1srge 8!Hl1~tW I:IlJO!OW G&Wt GIlcl Hoto1, i1s of&Bri. ~.. fimnit'ompIayeesJ ~1""" tcp'CIcmtAtlw.s, pxedGRlSQJ1, IUOCOSSQIV, hIsute:$, ~eJ aud,aptps nmnmtf- all UtetofactiOnG! l1ot1oos, .. at.... of-.JQIJ,.M1Itr. ~_ SllMI olm~,.acco_ ~p, CO'vO;naIl, ~ dam.... oblJptl~ Ua'bUlti~ ,,~promfsts,J'd~ eucutiODB, olaimi. camp1lints.leJPdar eqUltablt'Wbather . knoWD..at~ WhIdt 1he~ has' 88Iertvclor could httVD aaetf1d~IItUCltClleI~ to title to 6aicl fimds; . I 6. Tlds ~.1haU b$ ~"ae4 b1' tbo laws of'~ end lIlY Q1!oIibrov&1Kto speatiiaall1.am:&;me my of the 1erms and =l14itlou otthia AgL'OCIIDIhC sb1l be Jitfpte4 h\ ~ SI. afGer:qiaoin thoSupm CO\U\afB~_~4 eo.,'~ .1. 'this Aeree~llDlY onJy b~ _Mded only by .wdttam ~~i&aUyreto=lto 1bl& Agrcalm1t I!lll ~_ m. tho 4WO :brtnSllkl~'1S Ihis AgiacmImt. 8, ~ ~.!8 fi'eel~ and vol\D1tarllf ~ by the City and:Hotel after1h~ !lave been ap,priiefJofall m1bV1mt:~oa ~"'I ihIs.Apemd ei14. dleyhaYD ~* the $lei ~thelrtellpCCClwcou=. . 9. rnecCcutiq 1bk~ _ 0J1y adBQtm clDllOtmyupoiJ: aariD&itm1lUlmUl, ~S; ~tatIoDJ, otbee tIaaA U1o~mlRl ~~ODS del tonIt la tJlla ~ 'A~~ _~G4dHctelaakufJwl.tbls~1s ,pl'QdQd:ot ~ ~_.110 ~tlb1 ar~.ld\'ifDtmtbtim.1.I81st.i'r1 ~AIJeom- ls.to be ~d'~ oithoftl1Q CkY or Uotol riao4 '.POD tho ~t1uIf:OJlO orb ~ot ~ ~d: wWsuous Ju\pego ortbJt ~ I_age In (Mellon'WU mtUDde4 to'.t4vDr OM pertyQttba_. .,' . . .' . ..' . . 10. !,he ~e ~ ~t1$ ~_ ,baU bll~ ~ 200864 date upon "Nhlohltwalf ~b7tho~~~oMC~_. .' , 11. &cb.'1la1t, slWll'aYthatroWA~* _ ad eo8tB. .i JAN. 3,2008 4:45PM SENT BY CMA&M LLP NO. 0308 p, 4 J'~N. JJ.2008 .l.~: 14PM S P H Bi B NO. 1.:14 1"'.4....4 .. " IN \\fttNBSS WHEJBOF. 11\0 01., end Hotel bavelXlCUtccl tIsD A&recmcmt IS a91aund by bll1Uo'wiDg .!l~ blooks: AUGUSTA, GEORGlA ATIEST: , Br. c1;t4~ NiDner' , ~ NBIJm: '])~v1="j) (. C t)rf'~;JHrlv:elL- $tz.}-nae~ Cd DVh ~l- b--,""~f( '" Tltlo: JtJ'ht.F '.' .n. l By: Seak ~! ~AL~&-, Nit1181 ~~UJ.t.. .B... ~"^'t nttet ~"O~ ~.. ~ iesM. CUs:~tw:LejI1Co' , , . ' Aeklln1ac1ltmat'h)' IIcriiw Agent 1, Stephens. Shepat&t, Bhd1 mate the d1s~ a dheoted by,the ~ oftlJupmtles 1i;~ " , ,~ Plio: , I /--1 l,)tlQ~ ~ 1fllld 14 8DS ~,., Agteemeal:.Wldto; Way tLC 1~ lZO 07/ ,3