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OHO T ESCROW AGREEMENT JUC 12 2012 ey Between the Minnehaha Creels Watershed District and [MASTERPIECE HOMES, INC.] This Agreement is made by and between the Minnehaha Creek Watershed District, a watershed district under Minnesota Statutes Chapters 103B and 103D (MCWD), and [MASTERPIECE HOMES, INC. A CORPORATION("Permittee"), to establish a cash escrow in fiilfillment of financial assurance requirements under MCWD Permit 12-016. Recitals A. Pursuant to Minnesota Statutes § 103D.345, the MCWD has adopted and implements permitting rules governing development and other activity within the boundaries of the MCWD that may have an impact on water resources. B. MCWD rules require as a condition of permit approval that a permittee provide and maintain a financial assurance in the form of a bond, letter of credit or cash escrow for the purpose of covering costs the MCWD may incur in monitoring and inspecting activity under the permit and in responding to violations of MCWD statutes, rules,permits and orders. C. This Agreement documents that Permittee has submitted a cash escrow to fulfill a financial assurance obligation under Permit 12-016 and specifies the conditions and procedures under which the MCWD will hold and may draw on the escrow. Permittee and the MCWD, in executing this Agreement, concur that it is legally binding. Agreement 1. Permittee has submitted a cash escrow in the amount of$5,000. The MCWD will hold the escrow in an escrow account where it may be commingled with escrow funds held by the MCWD on behalf of parties other than Permittee. The MCWD need not hold the funds in an interest-bearing account and Permittee will not be entitled to interest on the escrow. If the escrow is submitted in a form other than cash and the escrow amount is not credited promptly to the MCWD account, the MCWD may declare this Agreement null and void by written notice to Permittee. 2. Additional escrow funds will be submitted by Permittee, and unused funds will be released to Permittee, in accordance with the MCWD Rules and duly adopted resolutions and policies of the MCWD Board of Managers. 3. Escrow fiends will become the sole property of the MCWD, and Permittee agrees to the relinquislunent of all legal and equitable interest therein, as follows: a. The MCWD may invoice Permittee for permit review, compliance monitoring, and other eligible costs in accordance with duly established MCWD procedures. b. If after notice and opportunity to be heard the MCWD finds violation of a MCWD statute,rule, permit or order, the MCWD may give written notice to Permittee. The 9-11 1