2016-00317 - escrow fee - Laserfiche WebLink

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v�mvr�.. . . �.v... ESCR(�W AGREEMENT v� Sf " � '.GREEMENT made this�_day of � I , 20� , by and between the CITY OF ORONO, a Minnesota muniapal corporation("City")and �Y�L ("Owners") Rec Is 1. An application for a demolition permit has been filed for 1✓) 101� Dlocated at ��O � v .tnc�cQ.. � ("Subject Property") legally described as 2. In conjunction with the demolition, erosion control measures are required as shown on attached Exhibit"B°. NOW,THEREOFRE,THE PARTIES AGREE AS FOI.LOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit$2,500 with the City. All aacrued 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 reimbursement to the City for all out-0f-pocket costs(including planning,engineering,or legal consu�ant r+eview)the City has incurned to assure that the erosion control measures are installed and maintained so the property complies with the provisions of Orono City Code Chapter 79. The flnanaal security may also be used by the City to eliminate any hazardous conditions assoaated with the woric and to repair any damage to�public property or infrastructure that is qused by the woric. If compliance with the approved Land Disturbance Pem7it is not acxomplished within the allowable time period,the City may bring the project into compliance by use of the se¢urity. 3. RIGHT OF ENTRY. The Owners hereby grant the City, its agents, employees, officers and contractors the right to enter the property to perform all work and inspections deemed appropriate by the City in conjunction with the required erosion control measunes�,including but not limited to constructing or completing any and all of the agreed upon improvements should the Owr�ers' contractor not complete those improvemerrts by the date speafied herein. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send a bill to the Owners. Owners shall be responsibl�for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timeframe outlined in#3 above,sl�all issue a Stop Woric Order until the Owners pay all e�enses invoiced pursuant to #3. The City may draw from tMe escrow account without further approval of the Owners to reimburse the City for eligible e�enses the City has inclurred. 5. CLOSING ESCROW. Any remaining� amount of the financial security deposited with the City for faithful performance of the plans and speafications and any related remedial work will be released after the completion and inspec�tion of all such measures and thie establishment of final stabilization for the Subject Property. City Staff shall review the terms of this escrow agreem�nt two times per year to determine whether the requirements of the project have been successfully eompleted and whether it is appropriate to return the funds. Owner may also request the release of the funds, and such funds shall be released upon City Staff receiving the appropriate verification that all r+equirements of the project have beeM successfully completed. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible e�enses incurred by the City exceed the amount in escrow, the'City shall have the right to certify the unpaid balance to the subject property pursuant to Minn.Stat.§§415.01 and 366.012. CITY: ITY OF ORONO OWN �. ✓� By: it�: � � Iuberwl Use Only: ❑ Original to F'i�nce Depart nt ❑ Copy to Stneet Fite Foi►n Last Updated: January 2015 1547&4