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. . ,.�, DEMOLITION PERMIT I�a� b�� r��yfi tt� ESCROW AGREEMENT AGREEMENT made this�_day of � �i U Y 20�, by and between the CITY OF ORONO. a Minnesota municipal corporation("Cit}r)a�t�l P � RP Gv HannafotfdlwnB(5). f(8G C� ,: � An applicatwn for a demolrt�on perm�t has Ueen filed for j�rll�"tUt v IOCated at j � �� 011 F ('Sub)eCt Ptopert�/') 1eg211y desCnbed as �h�lt �Femfi tiol►IQ. 2. In coniunction with the demoifion, eros�on control measures are reauired as shown on attached Exhibii"g NOW.i?iEREOFRE.THE PARTIES AGREE A3 FOLIOWS: ;. OEPOSIT OF E8CROW FUNDS. Contemporaneouslv wrth the execution ot this Esaow Aaoeement. the Owners st►aU deposit 52,500 with the City. AN accnied iMerest. 'rf any, shal! be paid to the City to reimburse the Gin ior its oosi in aamin�stenna the escrow account 2. PURPOSE OF ESCROW. The ouroose of tAe escrow is to ouarantee re�mbursement te the Crtv tor ali out�f-pockat costs(�nduding plannmg,engineenng,or legal consultant review)the Crty has i�curred to assure that the erosion contrd measures are installed and maintained so the propeRy complies with 1he pravisions of Orono Cky Code Chaoter 79. The fitlanaal security mey atso be used by the City to eliminate any hazardous cond+Uons assoc�ated wfth the worlc arW to rePa�r any damage to publ�c property or inTt-esVucture that+s caused by the work. tf compl�a�ce wiU�the approved land Dlsturbance Pertnit is not accomplfshed within the allowable time period,the Gry may bnng the pro�ed into compllance by use of the securrty 3. RIGHT OF EHTRY. The Owners hereby grant the City, its agents, employees, afficers ana convactors the rtght to enter the property to peKortn all work and inspections deemed appropnate by the CAy tn oonjunc6on with the required erosion conVd measures,inGuding but not timited to conetnicbng or oornpiehng any and ali of the agreed upon improvernents shoutd the Owners' oo�tractor �ot compfete those improvemenfs by the date soecmea nerem 3. MONTHLY BILLING. As the Citv receives oonsultant biNs for incurred costs. the Gitv wiU in tum send a bitl to the Owners. Owners shaN be resDonsible for payment to the City within 3Q days af the Owners' rece+pt Oi DHI. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the OMmers do not make oavment to[he C+ty withln the 6meframe outfined in#3 above.shalt issue a Stop Work Order unril tl�e Owne�s pay all expenses invoiced vursuant to #3. The Ci1y may draw from the escrow account without furtfier apaoval of the Owners to reimburse the City tor eligible expenses the C+ty has�ncurretl 5. CLOSING ESCROW. Any remaininy amount of the flnanaal securitv deposrted with the CRv fo� faithful oerformance of the plans and specifications ar� any related remedial work will be released after tne complecion and inscection of aB such measures arW the establishment of final stab�lization for the Subjeet Property City Staff shaM review the tertns of this escmw agreemeni Mro times per year to determlrte whether the requiriements of the project heve been successfuNy c:ompleted and whe;her iE is approp�ate to retum the funds. Owner may a�so reuuest the release of the funds, and sucA iunds shall be released upon Crty Steff receiving the eppropnate ver�fication that all requirements of tF+e pro,iect have been suocessiuNy compfeted. 6_ CERTIFY UNPAIO CHARGE3. Ii the proiect is abandoned by Owners, or 'rf ifie eliqibte expenses irtcuRed by the City exceed the amount in escrow, the City shatl have the nght to ce►tify the unpaid balance to the sub�ect properly pursuant to Mmn. Stat.§§415.01 and 368.0't2 CITY: CtT7 OF ORONO OWNERS: o"-�` -- --- — -��J�"'� _--- -- i - �� ( , -� �'N�� Dr�' � � ' . . i letere�!Use Osly: o ON�1wl to FiRaoce Dep�rYneent o copy to saeet flk