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ESCROW AGREEMENT <br /> AGREEMENT made this 10th day of April 2013, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City") and WOLVERTON PLACE, LLC <br /> represented by Revis Stephenson ("Developer"). <br /> Recitals <br /> A. Developer will be performing construction activities on property located at 4550 <br /> Wolverton Place, City of Orono, Hennepin County, Minnesota ("subject <br /> property"). <br /> B. The City is requiring this Agreement to cover all consulting expenses incurred by <br /> the City to insure completion of the project. In addition, the escrow shall cover <br /> the expenses associated with removal of invasive species, tree mitigation, tree <br /> protection and wetland protection. <br /> C. Developer has agreed to provide financial security for the completion of the items <br /> cited above by entering into this Escrow Agreement. <br /> D. The City has determined that this Escrow Agreement constitutes adequate <br /> assurances from the Developer, sufficient to protect the City from potential damages <br /> and 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 Developer shall deposit Eighteen Thousand and No/100 Dollars <br /> ($18,000.00) with the City. All accrued interest, if any, shall be paid to the City to <br /> reimburse the City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee that the <br /> restoration requirements outlined in Resolution No.6136 are completed properly and that <br /> any vegetation that does not establish successfully is replaced. The City may also draw <br /> down on the escrow to prepare record plans if the Developer does not provide them at the <br /> end of the project. The City may also draw on the escrow for any expenses not <br /> reimbursed in Paragraph 3. <br /> 3. MONTHLY BILLING. The City will forward monthly to the Developer a statement <br /> and bill for the expenditures incurred by the City for staff and consultant services. Such <br /> statements shall be due and payable within fifteen (15) days of receipt by the Developer. <br /> No statement will be sent if there are no expenses incurred in the period since the most <br /> recent statement. The City shall itemize all time, services, and materials billed to the <br /> Developer and said time, services, and materials shall be in accordance with the rules, <br /> regulations, and fees as promulgated and adopted by the City Council. <br /> 169712 1 <br />