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DEMOLITION PERMIT 2010-00584 <br /> ESCROW AGREEMENT <br /> AGREEMENT made this 21 day of J u. 20 /0 , by and between the CITY OF ORONO, a <br /> Minnesota municipal corporation("City")and Willtd.m MC 4u. re, ("Owners"). <br /> Recitals <br /> 1. An application for a demolition permit has been filed for the principal structure located at 1245 <br /> Woodhill Avenue, ("Subject Property")legally described and attached as Exhibit A. <br /> 2. In conjunction with the demolition erosion control measures are required as shown on attached iI <br /> Exhibit"B". <br /> NOW,THEREOFRE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, <br /> the Owners shall deposit$2,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the <br /> City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for <br /> all out-of-pocket costs(including planning,engineering, or legal consultant review)the City has incurred to assure that <br /> the erosion control measures are installed and maintained so the property complies with the provisions of Orono City <br /> Code Chapter 79. The financial security may also be used by the City to eliminate any hazardous conditions <br /> associated with the work and to repair any damage to public property or infrastructure that is caused by the work. If <br /> compliance with the approved Land Disturbance Permit is not accomplished within the allowable time period, the City I <br /> may bring the project into compliance by use of the security. <br /> 3. RIGHT OF ENTRY. The Owners hereby grant the City, its agents, employees, officers and <br /> contractors the right to enter the property to perform all work and inspections deemed appropriate by the City in <br /> conjunction with the required erosion control measures,including but not limited to constructing or completing any and <br /> all of the agreed upon improvements should the Owners' contractor not complete those improvements by the date <br /> specified herein. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn <br /> send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt <br /> of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment <br /> to the City within the timeframe outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to <br /> reimburse the City for eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. Any remaining amount of the financial security deposited with the City for <br /> faithful performance of the plans and specifications and any related remedial work will be released after the <br /> completion and inspection of all such measures and the establishment of final stabilization for the Subject Property. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: TY OF OR0 OWNE�Sf� L � <br /> By: w /` - h <br /> �u <br /> Its: <br /> 1:3--,-„,„.„...,LP— tr&car DR Wt►-c 1 AliA kc. GI tit vl..-- <br /> r-`utelrtlal ii:04.ly 1 1Vii[ai tak Financrs Department 110.046 tif4.0-tFile <br /> 150784 <br />