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BUILDING PERMIT ESCROW AGREEMENT Orono Building Permit�s 2012-01052 and 2012-010bb AGREEMENT made this �� day of ��''� ,20 i a-;by and between the CITY OF ORONO, a Minnesote municipal corporation("City")and Justin and Susan Kelly,("Owners"). Recftals 1. A building permit application has been filed for an in-9round nool and cabana buildin� located at 2990 Sussex Road the("Subject Property"), iegally described as Lot 3 and the northerly 53 fee of Lot 4, Block 3, Fox Bend,Hennepin County Minnesota. 2. Owners request the City to review the applications. 3. The City will commence its review of the applications and incur costs associated with said review only if the Owner establishes an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement,the Owners shail deposit$2,500 with the City. All accrued interest, ff 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-of-pocket c�sts the City has incurred (including planning, engineering, in excess of $500, or legal consultant review) or will incur in reviewing the plan. Eligib� expenses shafl be consistent wlth expenses the Owners would be responsible for under a building permit application. The escrow will also guarantec reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stortnwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminete any hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is caused by the work(including planning, engineering, or legal consuttant review) associated with building permR �F2012-01052 and 2012-01065 if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives consuttant bitls for incurred costs,the City will in turn send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bitl. 4. D13BURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timeframe ouflined in#3 above,shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to �t3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for eligible expenses the City has incurred. 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to the Owners when the review has been completed and written notification is received from the Owners requesting the funds. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners,or if the eligible expenses incuRed by the City exoeed the amount in escrow,the City shall have the right to certify the unpaid balance to the subje pursuant to Minn.Stat.§§415.01 and 366.012. �3 CITY: CITY F R OWN .� By: Its: " . .� M»tnal iJse Only: _�O�imd-to:P�anniny .�CoPY10 Propertr t�wner O Copy to S�est'Flle ��i.. tiwl��...c�d� .�Jc� a..L�i....-i...l� Lj,�a-� v►�-�e.- ,�v.- �a.X.✓1 n.�r �zj �t�2 I� 3'..�}-,... I� �..� �...�.,A., �[�,U,�1 � �t-�...� .,,,.�P ,�� . N�� '� _ LAURA JEAN HAWKINS ��6 �rr,..�.�,�,..�.. �0�,�.ca � �►�-1 3�; ,.o�s