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. . <br /> ' ' BUILDING PERMIT ESCROW AGREEMENT <br /> AGREEMENT made this ���day of lc.lf, 20�`, by and between the CITY OF ORONO, <br /> a Minnesota municipal corporation ("City") and 1 <br /> f / / � <br /> !�+�-O GG�J���h i ��r c. �„Owner"). <br /> Recitals <br /> 1. A building permit application has been filed for a (circle one) new principal structure I <br /> addition to a principal structure / accessory structure ! adriition to accessory structure / <br /> Other(explain) located at /�� C/'�'��c /�;cQq Q T-4J,S <br /> the ("Subject Property"), as more fully <br /> shown and described on Exhibit"A" attached hereto. <br /> 2. Owner requests the City to review this application. <br /> 3. The City will commence its review of the appfication and incur costs associated with said review <br /> only if the Owner establishes an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owner shall deposit $2,500 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 reimbursement to the City <br /> for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal <br /> consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the <br /> Owner would be responsible for under a zoning and subdivision application. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn <br /> send a bill to the Owner. Owner shall be responsible for payment to the City within 30 days of the Owner's receipt <br /> of bill. <br /> 4. DlSBURSEMENT FROM ESCROW ACCOUNT. fn the event that the Owner does not make <br /> payment to the City within the timeframe outlined in #3 above, the City may draw from the escrow account without <br /> further approval of the Owner to reimburse the City for Eligible expenses the City has incurred. The City shall <br /> notify the Owner the Owner of such draw and the nature of the expense for which the reimbursement is being <br /> made. If the Escrow amount falls below 75% of the original escrow amount the Owner shall deposit additional <br /> sums as directed by the City, or the City shall discontinue review and post a Stop Work Order. <br /> 4. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the <br /> Owner when the review has been completed and written notification is received from the Owner requesting the <br /> funds. <br /> 5. CERTIFY UNPAID CHARGES. If the project is abandoned by Owner, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§ 415.01 and 366.012. <br /> CIT`�`�OF O OWNER: <br /> � �, , i <br /> 1 <br /> By: � By: <br /> Its: -" � � � --�- By: /,.�a+� OHh.Toy, <br />