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TEMPORARY CERTIFICATE OF OCCUPANCY ESCROW AGREEMENT Orono Building P rmit#2014-00610 AGREEMENT made this 13_4!�day of 20 ��? by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") nd Brian &Judith Butterfield ("Owners"). Recitals 1. Construction of the new residence located at 3955 Watertown Road, the ("Subject Property") legally described as: That part of the Northwest Quarter of the Southwest Quarter of Section 32, Township 118 North, Range 23 West of the 5ei Principal Meridian, described as follows: Commencing at a point on the West line of said Section 32, distant 876.6 feet South of the Northwest comer of the Southwest Quarter of said Section 32; thence East and parallel to the North line of said Southwest Quarter a distance of 100.81 feet to a point which is the actual point of beginning of the tract of land to be described,• thence a left deflection of 10 degrees 57 minutes from aforesaid East line, extended a distance of 339 feet more or less, to the center line of County Road 45, thence Northwesterly along said center line of road to a point distant 313 feet Southeasterly from a point on the West line of said Southwest Quarter, distant 304.6 feet South of the Northwest comer thereof, thence Southwesterly a distance of 147.4 feet to a point distant 100.81 feet East of the West line of said Southwest Quarter and distant 284 feet North of the actual point of beginning; thence South to the actual point of beginning in Orono, Hennepin County Minnesota, is the subject of building permit number#2014-00610 has been completed. 2. Winter conditions currently prohibit completion of exterior improvements, final grading, and vegetation establishment. An as-built survey cannot be accurately conducted at this time. 3. Owners request the City issue a temporary certificate of occupancy ("TCO") to the Owners so that the Owners may occupy the new residence. 4. The City will issue a TCO only if the Owners establish an escrow to ensure completion of exterior improvements, continuation of erosion control and submittal of an as-built survey to the City. NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit $10,000 with the City. All 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 assure completion of any exterior improvements, final grading, establishment of vegetation as well as guarantee reimbursement to the City for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal consultant 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 Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate 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 consultant review) associated with building permit'#2014-00610 if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bills 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 bill. 155441