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. (�� -33��5 . , � �� ESCROW AGREEMENT � J� �r� �'.� �. � AGREEMENT made this `�� ay of � 2009, by and between the CITY OF ORONO, a Minnesota municipal co oration (" ity") and Matthew B. Aerman and Amy Herman owners ("Owners")of-3��& Cherry Avenue, Orono (Lot 2, Block 3, Crystal Bay View, according to the recorded plat therof, and That part of Lot 2, Block 7lying west of a line drawn across it midway between the East and West lines thererof, Lot 3, and the north 45 feet of Lots 28 and 29, Block 7 Crystal Bay View, according to the recorded plat therof, and The 14.00 foot wide vacated alley lying south of said part of Lot 2, Block 7, lying west of a line drawn across it midway between the East and West lines thereof, Lot 3 and the north 45 feet of Lots 28 and 29, Block 7, Crystal Bay View, according to the recorded plat thereof, Hennepin County, Minnesota) ("Property") Recitals A. The Owners are proposing an addition to the house on the Property. B. A condition of the hardcover and wetland setback variances for the addition granted by Resolution 5798 (File No. 08-3388) was improving buffer areas adjacent to the wetlands on the property and on the property to the west. C. The City is requiring a security agreement to guarantee these improvements are completed successfully. D. Owners have agreed to complete this work in a timely fashion and to provide financial security for the completion of the items cited above by entering into this Escrow Agreement. E. The City has deternuned that this Escrow Agreement constitutes adequate assurances from Owners, sufficient to protect the City from potential damages and noncompliance with the City Code. NOW, THEREFORE, THE PAR1'IES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement,the Owners shall deposit$5,000 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 1 nf 7