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. • (3))19\/ <br /> ESCROW AGREEMENT <br /> AGREEMENT made this 15th day of January, 2009, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City") and DAVID V. ALBERTSON & <br /> WEND! ALBERTSON, a married couple ("Owner"). <br /> Recitals <br /> A. Owner will be improving the wetland buffer at 4701 West Branch Road, in the <br /> City of Orono, Hennepin County, Minnesota, that will include disturbing the <br /> buffer for a wetland on the property. <br /> B. The City is requiring a security agreement to guarantee the required <br /> improvements, and re-vegetation of the buffer are successful. <br /> C. Owner has agreed to complete or repair the items cited in the memo date 01/14/09 <br /> from John Smyth("Exhibit A") in a timely fashion. Owner has agreed to provide <br /> financial security for the completion of the items cited above by entering into this <br /> Escrow Agreement. <br /> D. The City has determined that this Escrow Agreement constitutes adequate <br /> assurances from Owner, sufficient to protect the City from potential damages and <br /> noncompliance with the City Code. <br /> NOW,THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this <br /> Escrow Agreement, the Owner shall deposit$2,500.00 with the City. All accrued <br /> interest, if any, shall be paid to the City to reimburse the City for its cost in administering <br /> the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee that the seeding <br /> of the buffer is completed properly by Owner and that any vegetation that does not <br /> establish successfully is replaced. A planting is deemed successful if there is at least one <br /> native plant from the seed mix per square foot in the seeded area. Areas where the <br /> planting is not successful shall be reseeded by the end of the growing season. The funds <br /> shall be spent by the City if Owner for any reason is unable or unwilling to honor the <br /> requirements of the City Code and any Development Agreement. Construction costs may <br /> also include engineering estimates and plans as well as labor and materials for any repairs or <br /> matters completed. <br /> 1 <br /> 4701 West Branch Road <br />