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administration will include monitoring of construction observation, consultation with Developer <br />and its engineer on status or problems regarding the project, coordination for final inspection and <br />acceptance, project monitoring during the warranty period, and processing of requests for reduction <br />in the "security." Fees for this service shall be at standard hourly rates. These fees shall be billed <br />monthly. <br />Contemporaneously with the execution of this Agreement, the Developer shall deposit <br />$4,000.00 cash with the City ("Escrow"). All accrued interest, if any, shall be paid to the City to <br />reimburse the City for its cost in administering the escrow account. The purpose of the Escrow is <br />to guarantee reimbursement to the City for all out-of-pocket costs (including, but not limited to, <br />planning, engineering oversight, or legal consultant review) the City has incurred or will incur <br />related to the Development and for all out-of-pocket costs the City has incurred or will incur to <br />assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan <br />and the provisions of Orono City Code Chapter 79. The Escrow may also be used by the City to <br />eliminate any hazardous conditions associated with the work and to repair any damage to public <br />property or infrastructure that is caused by the work associated with this Agreement, if <br />compliance with the terms of this Agreement are not accomplished. As the City receives <br />consultant bills for incurred costs, the City will in turn send a bill to the Developer. The Developer <br />shall be responsible for payment to the City within 30 days of the Developer's receipt of bill. In <br />the event that the Developer does not make payment to the City within the timeframe outlined in <br />this Section, the City may immediately draw from the escrow account without further approval <br />of the Developer to reimburse the City for eligible expenses the City has incurred. If the balance <br />of the escrow account is insufficient to reimburse the City its costs under this Section, the <br />Developer will promptly reimburse the City any additional costs. If the eligible expenses incurred <br />7 <br />202141v4 <br />