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ESCROW AGREEMENT <br /> AGREEMENT made this day of n .`' 20€', by and between the CiTY OF ORONO,a Minnesota municipal . <br /> ...___-corporation("City'_')and . d Sw ' . i "Appllcant(s)"�.. ._ .__. . ___ _ .. ... .--- <br /> RECITALS <br /> A. Applicant has: (check one) <br /> ❑ Flied a zoning application • <br /> ❑ Filed an application for a Building/Zoning Permit d • <br /> ❑ Agreed to comply with Orono City Code Section 78-1432 regarding accessory structures. <br /> ❑ Filed an Individual Sewer Treatment System(ISTS)permit application. <br /> ❑ Requested to do work within public Right-of-Way <br /> ❑ Filed a request for a Temporary Certificate of Occupancy <br /> X Other_Requested consideration of a land sale relative to Orono Woods <br /> ("Application')on land situated in the City and located at 2040 Wayzata Blvd(the"Subject Property")as legally <br /> described,Lot 2,Block 1,Orono Ambar <br /> B. The City is willing to review or monitor the Application only if the Applicant agrees to reimburse the City for the <br /> actual costs expended by the City on behalf of,or on account of,the Applicant. <br /> C. Applicant hereby agrees to and consent to the terms and conditions of this Escrow Agreement. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT REQUIRED. Contemporaneously with the execution of this Escrow Agreement,the Applicant shall <br /> deposit$5,000("Escrow")with the City necessary to secure coverage of the total costs associated with review, <br /> approval,and monitoring of the Application. Any Escrow shall be held in a special escrow account and shall be <br /> credited to the Applicant. <br /> • <br /> 2. PURPOSE OF ESCROW. <br /> • The purpose of the Escrow is to guarantee reimbursement to the City for expenditures including but not be <br /> limited to engineering,Financial,and legal consultant expenses incurred by the City in reviewing and approving <br /> the Application <br /> 3. MONTHLY B1LUNG. The City will monthly forward to the Applicant a statement and bill for the expenditures <br /> incurred by the City for staff and consultant services. Such statements shall be due and payable within 15 days <br /> • <br /> for receipt by the Applicant. No statement will be sent If there are no expenses Incurred in the period since the <br /> most recent statement. The City shall.itemize all time,services,and materials billed to any Applicant and said <br /> time,services, and materials shall be in accordance with the rules,regulations,and fees as promulgated and <br /> adopted by the City Council. <br /> 4. DISBURSEMENTevent ESCROW O ACCOUNT. In the a ent the Applicant does not make payment the City as <br /> required under paragraph 3,the City may draw from the Escrow without further approval of the Applicant to <br /> reimburse the City for eligible expenses the City has incurred. The City shall periodically notify the Applicant of <br /> the draws the City has made and the nature of the expense for which the reimbursement Is being made. <br /> 5. REIMBURSEMENT OF ESCROW. The Applicant shall reimburse the Escrow fund for any deficits caused if the <br /> amount actually expended by,or billed to,the City exceeds the escrow fund balance. <br /> 6. 'RIGHT OF ENTRY. <br /> ■ This section is not applicable, <br /> December•2o15 1 <br />