Laserfiche WebLink
ESCROW AGREEMENT <br /> AGREEMENT made this ; ��' day of �' �� y <br /> �..��.�-�, , 200_ � and between the CITY OF <br /> ORONO, a Minnesota municipal corporation("City") and Hickory Fine Homes, Inc. a <br /> Minnesota corporation("Contractor"). <br /> Recitals <br /> A. Contractor has made land alterations at 300 Stubbs Bay Road North, Orono (Lot 1 <br /> Block 1 Tamarack Hill)that included disturbing the buffer for a wetland on the <br /> property. � <br /> B. The City is requiring a security agreement to guarantee the required revegetation <br /> of the buffer is successful. <br /> C. Contractor has agreed to complete revegetation cited above in a timely fashion. <br /> Contractor has 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 Contractor, 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 FiJNDS. Contemporaneously with the execution of <br /> this Escrow Agreement, the Contractor shall deposit $6,400with 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. Contractor is <br /> completed properly and that any vegetation that does not establish successfully is <br /> replaced. A planting is deemed successful if there is at least one native plant from the <br /> seed mix per square foot in the seeded area. Areas where the planting is not successful <br /> sha11 be reseeded by the end of the growing season. The funds shall be spent by the City if <br /> Contractor for any reason is 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. REQ�7IRED IlVIPROVEMENTS. The following work is to be completed, as <br /> detailed on the attached plans: <br />