Laserfiche WebLink
DEMOLITiON PERMIT 2015-00068 <br /> � - ESCROW AGREEMENT <br /> AGREEMENT made this_�day of ��� 20�, by and be n the CITY OF ORONO, a <br /> Minnesota municipal corporation("City�etld l nl�a.tl.� � �, u�?�s ('Owners'�. <br /> Ll(� <br /> �$ <br /> 1. An application for a demolition permit has been filed for the prin 'pal structure and two acce,Ssory <br /> structures located at 3928 Cherry Avenue("Subject Property')legally described on hed Exhibit"A'. <br /> 2 In conjunction with the demolition, erosion control measures a required as shown on attached <br /> F.�diibit"B°. <br /> NOW,THEREOFRE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the ex ution of this Escrow Agreement, <br /> the Owners shall deposit�2,500 with the City. All accn�ed interest, if any, shall paid to the City to reimburse the <br /> City for its cost in administering the escraw acxourrt. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guara tee reimbursement to the City for <br /> all out-of-podcet costs (including planning, engi�eering, or legal consultant review) e City has incurred to assure that <br /> the erosion control measures are installed and mair�tained so the property complie with the provisions of Orono City <br /> Code Chapter 79. The financiat security may also be used by the City to eli inate any hazardous conditions <br /> associated with the woric and to repair any damage to public property or infrasVuct re that is caused by the work. If <br /> compliance with the approved Land Disturbarice Permit is not accomplished within allawable time period, the City <br /> may bring the project into compliance by use of the security. <br /> 3. RIGHT OF EN7RY. The Owners hereby grant the City, its gents, employees, officers and <br /> contractors the right to errter the property to perform all w�ork and inspections med appropriate by �e City in <br /> conjunction with the required erosion corrtrol measures, including but not limited to swcting or completing any and <br /> all of the agreed upon improvements should the Owners' contractor not complet those improvements by the date <br /> specified herein. <br /> 3. MONTHLY BILUNG. As the City receives consultant bills for i rred costs, the City will in tum <br /> send a bill to the Owners. Owners shall be responsible for payment to the City wi in 30 days of the Owners' receipt <br /> of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that Ovmers do not make payment <br /> to the City within the timeframe outlined in#3 above, shall issue a Stop Woric Order ritil the Owners pay all expenses <br /> invaoed pursuant to �Ki. The City may draw from the escrow accourrt without rther approval of the Owners to <br /> neimburse the City for eligible expenses ttie City has incurred. � <br /> 5. CLOSING ESCROW. Any r+emaining amourrt of the flnancial s riry d�osited with the City for <br /> faithful performance of the plans and specifications and any related remedial work will be released after the <br /> completion and inspection of all such measures and the establishment of final sta 'lization for tlie Subject Property. <br /> Ciry Staff shall review the terms of this escrow agreement two times per year to ermine whether the requirements <br /> of the project have been successfully completed and whether it is appropriate to tum the funds. Owner may also <br /> request the release of the funds, and such funds shall be released upon C StafF receiving the appropriate <br /> verification that all requirements of the project have been succ�essfully completed. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by ers, or if the eligible expenses <br /> incurred by the City exc�ed the amount in escrow, the City shall have the right t certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat.§§415.01 and 366.012. <br /> CITY: �ITY OF RONO OWNERS: � <br /> \ _ _.— - <br /> By: ` <br /> ��: a 's <br /> �,a u�c�ay: o���«n�t a �sa�c r� <br /> �so�sa <br />