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BUILDING PERMIT ESCROW GREEMENT Orono Building Permit#2 13-00557 AGREEMENT made this � day o � �r � 20� by and between the CITY OF ORONO, a Minnesota municipal corporation (°City") AI Reza k ("Own�ers" . Recitais 1. A building permit application has been fi ed for an accessory structure located at 4185 Bayside Road the ("Subject Property"), legally described s Tract F, Registered Land Survey No. 748 and Lot 2, Block 1, North Arm Estates Third Addition, Hennepin Coun Minnesota. 2. Owners request the City to review this applicatio . 3. The City will commence its review of the applic ion and incur costs associated with said review only if the Owner establishes an escrow to ensure reimbursemen to the City of its costs. NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemp raneously with the execution of this Escrow Agreement, the Owners shall deposit $700 with the City. All ac rued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow accoun . 2. PURPOSE OF ESCROW. The purpose of the e crow is to guarantee reimbursement to the City for all out-of-pocket costs the City has incurred (including pla ning, engineering, in excess of $500, or legal consultant review) or will incur in reviewing the plan. Eligible xpenses shall be consistent with expenses the Owners would be responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City ha incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to elimina any hazardous conditions associated with the work and to repair any damage to public property or infrastructu e that is caused by the work (including planning, engineering, or legal consultant review) associated with buildi g permit #2013-00557 if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives con ultant bills for incurred costs, the City will in turn send a bill to the Owners. Owners shall be responsible for pa ment to the City within 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. n the event that the Owners do not make payment to the City within the timeframe outlined in #3 above, shall issue a top Work Order until the Owners pay all expenses invoiced pursuant to #3. The City may draw from the escrow ccount without further approval of the Owners to reimburse the City for eligible expenses the City has incurred. 5. CLOSING ESCROW. The Balance on deposi in the escrow, if any, shall be returned to the Owners when the review has been completed and written notifi tion is received from the Owners requesting the funds. 6. CERTIFY UNPAID CHARGES. If the project is bandoned by Owners, or if the eligible expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. CITY`. C�F� OWNER: ; ;� _ "" . By: ___.� � �°� �, Its: �� '�al'�Use Only. ��;�� .� .,. ��. ,.�� 'r�. �� .� ...._�,�.,. � �r� "` ,� m..��i. . ,,,w`�e ��