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BUILDING PERMIT ESCROW AGREEMENT Orono Building Permit# AGREEMENT made this�_day of XQ-ML 20 It , by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") ("Owners"). Recitals 1. A building permit application has been filed a located at the ("Subjec roperty"), legally described s 2. Owners request the City to review this application. 3. T City will commence its review of the application and incur cos associated with said review only if the Owner es lishes an escrow to ensure reimbursement to the City of its osts. NOW THEREFORE,TH PARTIES AGREE AS FOLLOWS: 1. DEPOSIT O ESCROW FUNDS. Contemporaneous with the execution of this Escrow Agreement, the Owners shall d osit$2,500 with the City. All accrued ' terest, if any, shall be paid to the City to reimburse the City for its cost in a inistering the escrow account. 2. PURPOSE OF ESCR . The purpose of the es c ow is to guarantee reimbursement to the City for all out-of-pocket costs the City has in rred (including plan ng, engineering, in excess of $500, or legal consultant review) or will incur in reviewing he plan. Eligible xpenses shall be consistent with expenses the Owners would be responsible for under a buildi permit applic ion.The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has * curred to ssure that the work is completed in accordance with the Stormwater Pollution Prevention Plan and the p vision of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any hazar conditions associated with the work and to repair any damage to public property or infrastructure that is cau by the work (including planning, engineering, or legal consultant review) associated with building permit if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the y receives consu nt bills for incurred costs, the City will in turn send a bill to the Owners. Owners shall be res onsible for payment to a City within 30 days of the Owners'receipt of bill. 4. DISBURSEMENT FROM SCROW ACCOUNT. In the event th the Owners do not make payment to the City within the timeframe outlined in 3 above, shall issue a Stop Work Order til the Owners pay all expenses invoiced pursuant to#3. The City may aw from the escrow account without further app val of the Owners to reimburse the City for eligible expenses the City as incurred. 5. CLOSING ESC W. The Balance on deposit in the escrow,if any,shall b returned to the Owners when all requirements related t he project are complete. City Staff shall review the terms of is escrow agreement two times per year to deter ' e whether the requirements of the project have been success Ily completed and whether it is appropriate to r urn the funds. Owner may also request the release of the funds,an uch funds shall be released upon City St receiving the appropriate verification that all requirements of the prof t have been successfully completed. 6. CE IFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible ex nses incurred by the C' exceed the amount in escrow, the City shall have the right to certify the unpaid balance to e subject property ursuant to Minn. Stat. §§415.01 and 366.012. CITY: CITY F ORONO OWNER: By: Its: �F 6 14 n Last Updated: January 2016