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� <�� ESCROW AGREEMENT AGREEMENT made this ,23"� day of � �� , 20 Q� , by and between the CITY OF ORONO, a Minnesota municipal corporation(" ty") and Cindy Hillger ("Owner"). Recitals A. Owner will be seeding the wetland buffer at 58� Brown Road South, in the City of Orono, Hennepin County, Minnesota, as part of the requirement for constructing a new house on the property. B. The City is requiring a security agreement to guarantee the required revegetation of the buffer is successful. C. Owner has agreed to complete this seeding in a timely fashion. Owner has agreed to provide financial security for the completion of the seeding by entering into this Escrow Agreement. D. The City has determined that this Escrow Agreement constitutes adequate assurances from Owner, sufficient to protect the City from potential damages and noncompliance with the City Code. NOW,THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this � Escrow Abreement, the Owner shall deposit $3,000.00 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee that the seeding of the buffer is completed properly by Owner and that any vegetation that does not establish successfully is replaced. A planting is deemed successful if there is at least one native plant from the seed mix per square foot in the seeded area. Areas where the planting is not successful shall be reseeded by the end of the growing season. The funds shall be spent by the City if Owner for any reason is unable or unwilling to honor the requirements of the City Code. Constxuction costs may also include engineering estimates and plans as well as labor and materials for any repairs or matters completed. 3. DISBURSEMENT FROM ESCROW ACCOUNT. If the City suspects or l:nows of any matter cited above that is not completed correctly and in a timely fashion, it shall first make demand of Owner to make any necessary repairs or to take other prudent remedial measures within a 5 day time period. If Owner is unwilling or unable to honor its agreement as determined by the City, the City may draw from the Escrow Account, as necessary. The remedies afforded to the City under this agreement shall be in addition to any other remedies which the City may be entitled by law or equity or other agreement. 1