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ESCROW AGREEMENT <br /> ORONO BUILDING PERMIT #2013-01085 <br /> DEMOLITION PERMIT #2013-01044 <br /> LAND USE APPLICATION #13-3618 <br /> AGREEMENT made this � day of � ��-��, by and between the CITY OF ORONO, a <br /> Minnesota municipal corporation ("City°) and Edward &Julie ("Owners"). <br /> Recitals <br /> 1. Permits have been filed for construction of a new detached structure (garage) located at <br /> 2248 Shadywood Road ("Subject Property") legally described as Lot 7, Block 1, Wiley's Park Lake Minnetonka, <br /> Hennepin County, Minnesota. <br /> 2. In conjunction with the demolition and construction, erosion control measures are required as shown <br /> on the approved plans for building permit#2013-01085. <br /> NOW, THEREOFRE, THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, <br /> the Owners shall deposit$2,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City <br /> for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all <br /> out-of-pocket costs (including planning, engineering, or legal consultant review) the City has incurred to assure that the <br /> erosion control measures are installed and maintained so the property complies with the provisions of Orono City Code <br /> Chapter 79. The financial security may also be used by the City to eliminate any hazardous conditions associated with <br /> the work and to repair any damage to public property or infrastructure that is caused by the work. If compliance with <br /> the approved permits is not accomplished within the allowable time period, the City may bring the project into <br /> compliance by use of the security. <br /> 3. RIGHT OF ENTRY. The Owners hereby grant the City, its agents, employees, officers and contractors <br /> the right to enter the property to pertorm all work and inspections deemed appropriate by the City in conjunction with the <br /> required erosion control measures, including but not limited to constructing or completing any and all of the agreed upon <br /> improvements should the Owners' contractor not complete those improvements by the date specified herein. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send <br /> a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment <br /> to the City within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to <br /> reimburse the City for eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. Any remaining amount of the financial security deposited with the City for <br /> faithful performance of the plans and specifications and any related remedial work will be released after the completion <br /> and inspection of all such measures and the establishment of final stabilization and required landscaping for the Subject <br /> Property. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the <br /> subject pr rty pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY:�CI'fY O OWNERS: <br /> . <br /> By: <br /> x <br /> its: , � ---��� ' , , <br /> �—.. ,� _._ <br /> Lnternal Use�.lnty; ��Original to Finance Department 0 Copy to Street File <br />