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BUILDING PERMIT ESCROW AGREEMENT lot ' Orono Building Penmlt#2012.01191 and 104, � 'I Demolition Permit#2012-00988 AGREE MENT made this day of , 20L, by and between the CITY OF ORONO, a Minnesota municipal corporation ("City")and James Bebo "Owners"). Recital I 1. I A building pi�rmit application has been filed for a new principal structure located at 1065 Tonkawa Road the ("Subject Property"), legally described as The Northwesterly 128.21 feet of Lot 6, measured by right ang�as fro ` the northwesterly line thereof, Auditor's Subdivision Number 217, Hennepin County Minnesota. i 2. Own rs request thepCity to review this application. 3. The Pity Nill omm0nce Its review of the application and incur costs associated with said review only if the Ov�ner es blis es n escrow to ensure reimbursement to the City of its costs. i NOW THEREFORE, PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrawi Agreement, tie Own rs shall deposit an additional $500, for a total of$2,500 to be held by the City. All accrued interest, if any, shall paid to the City to reimburse the City for its cost in administering the escrow account 2. PU POSE OF ESCROW.The purpose of the escrow is to guarantee reimbursement to the City for 1x11 out-of-pocketcosts the City has incurred (including planning, engineering, in excess of $500, or legal consultant review) 0r will incur i reviewing the plan. Eligible expenses shall be consistent with expenses the Owners world be responsible for under a building permit application. The escrow will also guarantee reimbursement to th City for all ut-of-pocket costs the City has incurred to assure that the work is completed in accordance Oth th StormwaterPollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial secur' may also be used by the City to eliminate any hazardous conditions associated with the work and to repair a y damage tq public property or infrastructure that is caused by the work (including planning, engineering, or legs consultant review) associated with building permit•#2012.01191 and demolition permit #2012-00988 If corn liance with the approved building permit is not accomplished. s. MONTHLY BILLING. As the City receives consultant bills 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' 1recsipt of bill. 4. DiS URSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the 'meframe outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to reimburse the City foi eligible expenses the City has incurred. 5. CL SING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owners when the r iew has been completed and written notification is received from the Owners requesting the funds. S. CE TIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses incurred by the City xc the amount in escrow, the City shall have the right to certify the unpaid balance to the subject property pu uant to Minn. Stat. §§415.01 and 366.012. CITY: ITY OF ONO 0 etil By: I Its: