Minnesota Escrow and Security Agreement is a legal document that outlines the terms and conditions of a financial arrangement between On Site Media, Inc., Site-Based Media, Inc., and Citibank, N.A. This agreement safeguards the interests of all parties involved by setting forth the conditions under which funds or assets will be held in escrow and provides security for the lender. The primary purpose of the Minnesota Escrow and Security Agreement is to ensure that Citibank, N.A. has a form of guarantee for the repayment of a loan or fulfillment of specific obligations. By establishing this agreement, On Site Media, Inc. and Site-Based Media, Inc. offer assurance to the lender that certain assets will be held as collateral for the loan or as a means of repayment should they default on their obligations. The Minnesota Escrow and Security Agreement typically entails several key provisions and may differ based on the specific terms negotiated between the parties involved. Some common types of Minnesota Escrow and Security Agreements may include: 1. Escrow of Funds: This type of agreement involves the deposit of money into a restricted account held by a neutral third party, usually Citibank, N.A. The funds are then released under predetermined circumstances, such as the completion of specific milestones, loan repayment, or satisfaction of certain obligations. 2. Asset-Based Security Agreement: In this case, On Site Media, Inc. and Site-Based Media, Inc. pledge specific assets (e.g., equipment, inventory, receivables) as collateral for the loan. The assets serve as security for the lender to recover their funds in the event of a default. 3. Mortgage Escrow Agreement: If the agreement pertains to real estate, it may involve a mortgage escrow arrangement. This type of agreement ensures that loan repayments are made on time by requiring the borrower to deposit monthly payments into an escrow account. Citibank, N.A. then disburses these funds towards the mortgage payment, taxes, and insurance. All Minnesota Escrow and Security Agreements between On Site Media, Inc., Site-Based Media, Inc., and Citibank, N.A. are legally binding documents that protect the rights and interests of each party involved. These agreements provide an added layer of security for the lender and assurance for the borrowers that their financial obligations will be met. Note: Please seek legal advice to obtain accurate and updated information regarding Minnesota Escrow and Security Agreements and any specific terms or variations that may exist in relation to the mentioned parties.
Minnesota Escrow and Security Agreement between On Site Media, Inc., Site-Based Media, Inc., and Citibank, N.A.
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