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, i , <br /> ESCROW AGREEMENT <br /> AGREEMENT made this 22"d day of December, 2015, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation("City") and John and Cindy Bowlsby, <br /> ("Owner"). , <br /> Recitals <br /> A. Owner has requested City approval for building permit approval for a building <br /> expansion("Project")on property located at 1025 Spring Hill Road Orono, <br /> Minnesota, legally described as: <br /> 26-118-23 43 0005 <br /> ("Subject Property"). <br /> B. The City has granted Approval for the Project subject to execution of this <br /> Agreement, whereby Owner will either(1) connect the Subject Property to the <br /> City sewage system, or(2) install a private, on-site sewage treatment system <br /> which conforms to all requirements of the City Code and state and federal law <br /> ("Improvements"). <br /> C. As a part of this Agreement, Owner will provide financial security to the City in the <br /> form of a cash escrow for the completion of said Improvements. <br /> NOW,THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this <br /> Escrow Agreement, the Owner shall deposit Fifteen Thousand/100 Dollars ($15,000.00) <br /> 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 that the Owner <br /> will construct the Improvements required on the Subject Property before July l, 2016 (the <br /> "Completion Date") in accordance with City Code and state and federal law. <br /> 3. OWNER'S DEFAULT. If the Owner has not constructed the Improvements by the <br /> Completion Date and paid all City fees associated with such improvements,the City may <br /> upon ten(10)days prior written notice to Owner draw from the escrow account without <br /> further approval of the Owner and/or construct the Improvements. If the City is required to <br /> perform the work the City will return any unused escrowed funds to the Owner after <br /> completion of the Improvements. If the escrowed funds are insufficient to reimburse the <br /> City its costs in completing the Improvements the Owner will promptly reimburse the City. <br /> 4. CLOSING ESCROW. If the Owner completes the Improvements and pays all fees and <br /> expenses required under this Agreement,the City will return the escrowed funds, if any, <br /> to the Owner without interest. <br /> 1 <br />