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BUILDING PERMIT ESCROW AGREEMENT Arm Swam Perrndt# 616.00667 AGREEMENT made this day of 101'.r1�-/by and between the CITY OF ORONO, a Minnesota municipal corporation City')and Helen La ver("Owners'). Recitals 1. A building permit application has been filed for modifying and deck and stairs located at 2670 Thoroughbred Lana the{`Subject Property'),legally described Lot 4,Block 1,Old Crystal Bay Road V Addition,Hennepin County Minnesota. 2. Owners request the City to review this application. 3. The City will commence Its review of the application and incur costs associated with sold review only If the Owner establishes an escrow to ensure reimbursement to the City of Its rzets. NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement,the Owners shell deposit$700 with the City. AN accrued interest,If 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 costs the City has Incurred (including planning, engineering, in excess of$500, or legal corn6ultant review)or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsible for under a building permit application. The escrow will also guarantee 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 Stomswater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The fi ancial security may also be used by the City to eliminate any hazardous conditioner assodated with the work and to repair any damage to public property,or IMrasbucture that Is mused by the work(lhdudi ng planning, engineering,or legal consultant review)associated with building permit#201640667 If compliance with the approved building permit is not accomplis1W. 3. MONTHLY BILLING. As the City receives consultant bids for incurred costs,the City will In tum send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In ths event that the Owners do not mace payment to the City within the trnefrarne outlined in#3 above,slid Issue a Stop Work Order until the Owners pay all expenses Invoiced pursuant to 93. 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. 6. CLOSING ESCROW. The Balance on deposit In the escrow,If any,shag be returned to the Owners when the review has been completed and written notification Is rem from the Owners requesting the furKts. 6. CERTIFY MAID CHARGES. If the project is abandoned by Owners,or ff the elloble expenses incurred exceed the amourit In escrow,the City shall have the right to certify the unpaid balance to the su p rsuarit Stat.%415.01 and 386.012. CITY: C Sr- its: trIu..�Y: Ortgtualoaa,h�hi# aCoptn�toiie�, ac:opysotwnet"tiros.