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' LAND DISTURBANCE PERMIT#��L �0�� ESCROW AGREEMENT AGREEMENT made this � da of 1� 20C� b and between the CITY OF ORONO, a Minnesota municipal corporation (°City") andy � .1� ,��0� FiQ�Q.�L�- ("Owner"). Recitals 1. Owner has filed a Land Disturbance Permit# 2(�ZZu formall requesting the City to review the Surface Water Pollution Protection Plan for a project located at � the "Subject Property")as more fully shown and described on Exhibit"A"attached hereto. 2. Owner requests the City to review said plans which requires City approval requiring review and approval by but not limited to the following Ciry Staff: City Engineer, City Attomey, City Inspector and Planning Staff. 3. The City will commence its review of the application and incur costs associated with said review only if the Owner establishes an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ES�OW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owner shall deposit $Zf000•vl� with the City. All accrued interest, if any, shall be paid to the Ciry to reimburse the City for its cost in administering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all out-of-pocket costs the Ciry has incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono Ciry Code Chapter 79. The financial security may also be used by the City to eliminate any hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is caused by the work (including planning, engineering, or legal consultant review) Land Disturbance Permit#?�Oq -dOZZ3. If compliance with the approved Land Disturbance Permit is not accomplished within the allowable time period, the City may bring the project into compliance by use of the security. 3. RIGHT OF ENTRY. The Owner hereby grants the Ciry, its agents, employees, officers and contractors the right to enter the property to perform all work and inspections deemed appropriate by the City in conjunction with the required erosion control measures, including but not limited to constructing or completing any and all of the agreed upon improvements should the Owner's contractor not complete those improvements by the date specified herein. 4 MONTHLY BILLING. As the Ciry receives consultant bills for incurred costs, the City will in turn send a bill to the Owner. Owner shall be responsible for payment to the City within 30 days of the Owner's receipt of bill. 5. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owner does not make payment to the City within the timeframe outlined in #3 above, the City may draw from the escrow account without further approval of the Owner to reimburse the City for eligible expenses the Ciry has incurred. The City shall notify the Owner of such draw and the nature of the expense for which the reimbursement is being made. If the Escrow amount falls below 75% of the original escrow amount the Owner shall deposit additional sums as directed by the Ciry, or the City shall discontinue all review. 6. CLOSING ESCROW. Any remaining amount of the financial security deposited with the City for faithful performance of the plans and specifications and any related remedial work will be released after the completion and inspection of all such measures and the establishment of final stabilization,for the permitted site or common plan of development or sale. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owner, 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. CIT.1(: CITY,OF,(}RBN� OWNER: . By. ;.�� ,� _"' __...__ By ; ::... __, Its:��.�\1 `�=tie.�..�t--� Its: