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DEMOLITION PERMIT 2015-00068 � ESCROW AGREEMENT AGREEMENT made this�_day of r�'�4►�� 20�, by and be n the CITY OF ORONO, a Minnesota municipal corporation(Cit�and aF� (°Owners'�. ��L 8�1� 1. An application for a demolition permit has been filed for the prin 'pal structure and two accessory structures located at 3928 Cherry Avenue("Subject Propert�')legaliy described on hed Exhibit"A'. 2 In conjunction with the demolition, erosion control measures a required as shown on attached Exhibit"B". NOW,THEREOFRE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Corrtemporaneously with the ex ution of this Escrow Agreement, the Owners shall deposit$2,500 with the City. All accrued interest, if any, shall paid to the City to reimburse the Ciry for its cost in administering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guara reimbursemerrt to the Ciry for all out-of-podcet costs(inGuding planning, engineering, or legal consultant review) e City has incurned to assure that the erosion control measures are installed and mairitained so the property complie with the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eli inate any hazardous conditions associated with the work and to repair any damage to public property or infrastru�t re that is caused by the work. If compliance with the approved Land Disturbance Permit is not acc�mplished within allawable time period, the City may bring the project into compliance by use of the security. 3. RIGHT OF ENTRY. The Owners hereby grarrt the City, its gents, employees, officers and contracto�s the right to er�ter the property to perform all work and inspections med appropriate by the City in conjunction with the required erosion coMrol measures, including but not limited to tructing or completing any and aU of the agreed upon improvements should the Owners' contractor not complet those improvemeMs by the date specifled I�rein. 3. MONTHLY BILLING. As the City receives consultant bills for i rred costs, the City will in tum send a bill to the Owners. Owners shall be responsible for payment to the City wi in 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that O+nmers do not make payment to the City within the timeframe outlined in#3 above, shall issue a Stop Wa'k Order rrtil the Owners pay all expenses invaced pursuant to #3. The City may draw from the escrow account without ither approval of the Owners to rreimburse the City for eligible expenses the City has incumed. - 5. CLOSING ESCROW. Any remaining amount of the financial s rity d�osited 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 establishmerrt of final sta 'lization for the Subject Property. Ciry Staff shall review the terms of this escrow agreement two times per year to ermine whether the requirements of the project have been successfully completed and whether it is appropriate to tum the funds. Owner may also request the release of the funds, and such funds shall be released upon C' Staff receiving the appropriate verification that all�equirements of the project have been successfully completed. 6. CERTfFY UNPAID CHARGES. If the project is abandoned by ers, or if the eligible expenses incurred by the City exceed the amount in escxow, the City shall have the right t certify the unpaid balance to the subject property pursuant to Minn. Stat. §§415A1 and 366.012. CITY: �ITY OF RONO OWNERS: � 1 -— -_ By: ` ��: I a +s �nternd Ilee t�lps O Orl�tnal w�ce Dq�utareat ; D to st�et FJk 150784