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BUILDING PERMIT ESCROW AGREEMENT Orono Buiiding Permit#2013-00279 Demolition Permit#2013-00282 AGREEMENT made this_�day of �/1(.�� , 20�, by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") and Real Assets II ("Owners"). Recitals 1. A demolition and building permit applications have been filed for a new principal structure located at 1510 North Arm Drive the ("Subject Property"), legally described as Lot 20 and Lot 21 except the east 10 feet thereof, Hickory Hill, Hennepin County Minnesota. 2. Owners request the City to review this application. 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 ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit$2,500 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. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal consultant review) or will incur in reviewing the plan. Eligible expenses 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 has 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 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) associated with building permit #2013-00279 8� demolition permit #2013-00282 if compliance with the approved building permit is not accomplished. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timeframe outlined in #3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for eligible expenses the City has incurred. 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the Owners when the review has been completed and written notification is received from the Owners requesting the funds. 6. CERTIFY UNPAID CHARGES. If the project is abandoned 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 prop.erty pursuant to Minn. Stat. §§415.01 and 366.012. �.. CITY: CILY OF`ORC3l�[@ OWNER: ,, , . - � � � By: ' _ - ��I/�� -�' __ . � - �ts: , �. , ��---_ �—�—.� ..�-s..�----___ ai llse On� . "''� CI Ori rnal#o Plannin tZ Cc�p.y,�:Pro e Oar�ar ... �'Copy to Street File �� yw . � ��