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, ��Co� <br /> k/�' <br /> ' ESCROW AGREEMENT G✓��1�� <br /> � <br /> AGREEMENT made this GGn day of �G��c:rrEa�r✓ , 2007, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City")and ROBERT CRAIG HOMES,a <br /> ("Contractor"). <br /> Recitals <br /> A. Contractor is constructing a new residence at l 595 Bohns Point Road. <br /> B. The City is requiring a security agreement to guarantee that the required improvement of the buffer on <br /> this property is successful. The work to be done can be found on the"Buffer Improvement Plan"that is <br /> included with the building permit plans. � <br /> C. Contractor has agreed complete this work before the final certificate of occupancy is issued. Contractor has <br /> agreed to provide financial security for the completion of the items cited above by entering into this Escrow <br /> Agreement. <br /> D. The City has determined that this Escrow Agreement constitutes adequate assurances from Contractor, <br /> sufficient to protect the City from potential damages and noncompliance with the City Code. <br /> NOW,THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, <br /> the Contractor shall deposit$2,000 with the City. All accrued interest, if any, shall be paid to the City to <br /> reimburse the City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee that the improvement of the <br /> buffer required as part of building permit number P/�3dS"� is completed properly and that any vegetation <br /> that does not establish successfully is replaced by the end of the growing season. The funds shall be spent by <br /> the City if Contractor for any reason is unable or unwiiling to honor the requirements of the City Code <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. If the City suspects or knows of any matter cited <br /> above that is not completed correctly and in a ti�r�ely fashion, it shall first make demand of Contractor to make any <br /> necessary repairs or to take other prudent remedial measures within a 5 day time period. If Contractor is <br /> unwilling or unable to honor its agreement as determined by the City, the City may draw from the Escrow <br /> Account, as necessary. The remedies afforded to the City under this agreement shall be in addition to any other <br /> remedies which the Ciry may be entitled by law or equity or other agreement. <br /> 5. CLOSING ESCROW. The escrow, less any eligible expenses, shall be returned to the Contractor two <br /> growing seasons after planting if the planting is successful. If substantial portions of the plantings are not <br /> successful after one planting season the City may hold the escrow for an additional planting season. If <br /> substantial portions of the plantings are not successful after two plai�ting seasons the City may hold the escrow <br /> for two additional planting seasons. <br /> ROBERT CRAIG HOMES CITY OF ORONO <br /> `__`�. <br /> BY: ,,.:C,� � G�./ BY:���' ' � � <br /> IT'S IT'S �.�r,�,,,� :r e���:,�— <br /> /' /���/��/� <br />