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ESCROW AGREEMENT <br /> Between the Minnehaha Creek Watershed District <br /> and <br /> This Agreement is made by and between the Minnehaha Creek Watershed District, a watershed <br /> district under Minnesota Statutes chapters 103B and 103D (MCWD), and <br /> a (Permittee),to establish a cash escrow in <br /> fulfillment of financial assurance requirements under MCWD Permit no. 18-347. <br /> Recitals <br /> A. Pursuant to Minnesota Statutes § 103D.345,the MCWD has adopted and implements <br /> permitting rules governing development and other activity within the boundaries of the MCWD <br /> that may have an impact on water resources. <br /> B. MCWD rules require as a condition of permit approval that a permittee provide and maintain <br /> a financial assurance in the form of a bond, letter of credit or cash escrow for the purpose of <br /> covering costs the MCWD may incur in monitoring and inspecting activity under the permit and <br /> in responding to violations of MCWD statutes, rules, permits and orders. <br /> C. This Agreement documents that a cash escrow has been submitted by Permittee or on <br /> Permittee's behalf to fulfill a financial assurance obligation under Permit no. 18-347 and <br /> specifies the conditions and procedures under which the MCWD will hold and may draw on the <br /> escrow. Permittee and the MCWD, in executing this Agreement, concur that it is legally <br /> binding. <br /> Agreement <br /> 1. Permittee has submitted a cash escrow in the amount of Five Thousand Three Hundred Dollars <br /> ($5,300). One Thousand Five Hundred Dollars ($1,500) for the Erosion Control rule and Three <br /> Thousand Eight Hundred Dollars ($3,800) for the Stormwater Management rule. The MCWD <br /> will hold the escrow in an escrow account where it may be commingled with escrow funds held <br /> by the MCWD on behalf of parties other than Permittee. The MCWD need not hold the funds in <br /> an interest-bearing account and Permittee will not be entitled to interest on the escrow. If the <br /> escrow is submitted in a form other than cash and the escrow amount is not credited promptly to <br /> the MCWD account,the MCWD may declare this Agreement null and void by written notice to <br /> Permittee. <br /> 2. Additional escrow funds will be submitted by Permittee or on Permittee's behalf, and unused <br /> funds will be released to Permittee, in accordance with the MCWD Rules and duly adopted <br /> resolutions and policies of the MCWD Board of Managers. <br /> 3. Escrow funds will become the sole property of the MCWD, and Permittee agrees to the <br /> relinquishment of all legal and equitable interest therein, as follows: <br /> MCWD Escrow Template February 2013 <br />