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ESCROW AGREEMENT <br /> AGREEMENT made this 31" day of C, 20 ©b , by and between the <br /> CITY OF ORONO, a Minnesota municipal corporation("City") and WILLIAM G. <br /> ROBINSON, a single person("Contractor"). <br /> Recitals <br /> A. Contractor will be seeding the wetland buffer at 505 South Willow Drive, 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 revegetation <br /> of the buffer is successful. <br /> C. Contractor has agreed to complete or repair the items cited above in a timely fashion. <br /> Contractor 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 Contractor, 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 Contractor shall deposit $6,000.00 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 Contractor 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 Contractor 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 /> 3. DISBURSEMENT FROM ESCROW ACCOUNT. If the City suspects or knows of any <br /> matter cited above that is not completed correctly and in a timely fashion,it shall first make <br /> demand of Contractor to make any necessary repairs or to take other prudent remedial <br /> measures within a 5 day time period. If Contractor is unwilling or unable to honor its <br /> agreement as determined by the City,the City may draw from the Escrow Account,as <br /> 141913 1 <br /> Lot 1,Block 1,Majestic Spruce Addition <br />