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Dec Q9 1 ~ 10:46a Annexstad Desert <br />AMA Investments LLC <br />7603468116 <br />817-346-0984 <br />LAND USE APPLICATION ESCROW AGREEMENT/o <br />Application #13-s646 / '-/--3 I,'-/- <br />p , 1 <br />p.2 <br />AGREEMENT made this ~ay of ~ • 20 J 3. by and between the CtTY OF <br />ORONO, a Minnesota municipal corporation ('City") and __________________ _ <br />[a corporation -option a~ rowners•). <br />Recital$ <br />ers have filed Zoning Application #13-3646 tonnally requesting the City tc review plans for_ b. Vl' t O 11 located at ___ _ <br />;;;. rt v, n.. lhe ·subject Property·) <br />as more fully shown and described on Elf.hbit ·~• attached hereto. <br />2. _ O\yners request the City to reYiew said plans which requires City approval induding a½J f/.ihnl-l'lj <br />tm 'f1 h@"' V\j (LVl,,( f ~ Y-$yl M'.\d · <br />3. The City is willing to commence its review of the appica1ion and incur costs associated with said <br />review only lf the Owners establish an escrow to ef'lsure reimbursement to the City of its costs. <br />NOW THEREFORE. THE PAR"TIES AGREE AS FOLLOWS: <br />1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br />Agreement. the Owners shall deposit $2500.00 with t1te City. AU accrued interest, if any, shall be paid to the Clty <br />to reimburse the City for its cost in administering the esaow account <br />2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City <br />for all out-of-pocket costs the City has incurred (including planning, engineering, or legal consultant review) or will <br />ina.1r in meeting with the Owners, reviewing the plans, ancf preparing ageiida packet material for City Council <br />review of application #13-3646. Eli gible expenses she.II be consistent with expenses the Owners would be <br />responsible for under a zoning and subdivision application . <br />3. MONTHLY Bil.UNG. As tile City receives consultant bills for inclJrred costs, the C ity wil in tum <br />send a bill to the Owners. Owners shaH be responsi ble for payment to the City within 30 days of the OWners' <br />receipt of b ill. <br />4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Ownera do not make <br />payment 1D the City within the timeframe outlined in #3 above, shall cease all reviews until the Owners pay all <br />expenses invoiced pursuant to #3. The City may draw from the escrow account without further approval of the <br />Owners to reimburse the City for eligible expenses the City has incurred. <br />5. CLOSING ESCROW. The Balance on deposit in the escrow. if any. shall be returned to the <br />Owners when the review has been completec:I. <br />By: ___________ _ <br />Its: <br />. . : -. . . . . .-_ .. _· . -. : _-.· --. . . -. -: . . . . . : .. -.. . .· : .