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RECEIVED <br /> � SEP - 9 2008 <br /> ESCROW AGREEMENT CITY OF ORONO <br /> AGREEMENT made this �� day of���� w , 2008, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City") and Steven Bohl and Elizabeth Bohl, a <br /> married couple ("Owners"). � <br /> Recitals <br /> A. The Owners have made land alterations at 300 Stubbs Bay Road North, Orono <br /> (Lot 1 Block 1 Tamarack Hill)that included disturbing the buffer for a wetland on <br /> the property. <br /> B. The City is requiring a security agreement to guarantee the required re-vegetation <br /> of the buffer is successfuL <br /> C. Owners have agreed to complete re-vegetation cited above in a timely fashion. <br /> Owners have agreed to provide financial security for the completion of the items <br /> cited above by entering into this Escrow Agreement. <br /> D. The City has determined that this Escrow Agreement constitutes adequate <br /> assurances from the Owners, sufficient to protect the City from potential damages <br /> and noncompliance with the City Code. <br /> NOW,THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of <br /> this Escrow Agreement, the Owners shall deposit $ D v�0 with the City, All accrued <br /> interest, if any, shall be paid to the City to reimburse the City for its cost in administering <br /> the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee that the <br /> seeding of the buffer required as part of building permit number P 10094 is completed <br /> properly and that any vegetation that does not establish successfully is replaced. A <br /> planting is deemed successful if there is at least one native plant from the seed mix per <br /> square foot in the seeded area. Areas where the planting is not successful shall be <br /> reseeded by the end of the growing season. The funds shall be spent by the City if the <br /> Owners for any reason are unable or unwilling to honor the requirements of the City Code <br /> and any Development Agreement. Construction costs may also include engineering <br /> estimates and plans as well as labor and materials for any repairs or matters completed. <br /> 3. REQUIRED IMPROVEMENTS. The following work is to be completed, as <br /> detailed on the survey by Gronberg&Associates dated O1/07/08. <br />