2016-00197 - escrow fee - Laserfiche WebLink

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� QEMOLtTtQN PERMlT_o�C�l�o-I�D I q� ESCROW AGREEMEMT AGREE�tlENT made this �l� day of ��r�-�o-r 2p�c� , by ar�d between the CIfiY OF OROhIQ, a Minnesota municipal corpt�ration ("C�fy")and_ ��j l,(,L. ("pwtaers"), Reci#als (�1 �YI VLC�t�010.� 7fl Y�t-G�'l�l� '�. An application for a demotition permit has been fiiled for {r�cated at � �a o C�:. �.�� n . _("Subject Property") legally dss` ' d as � lh�l.n UL �'.li►.i�o •s�.� ?hd Arddr . .�. 2. In canjunc#ion with the demolition, erosi�n contral measures are requirad as shown on attached Exhibit"B". NOW, THEREOFRE, 7HE PARTlES AGREE AS F�LLOWS: �f. DEPOSIT QF ESCRQW FUNDS_ Contemparaneously with ihe execufion of this Escrow Agreement, the Owners shall deposit $2,500 with the City. All accrusd inte�st, if any, st�afl be paid#o the City to reimburse the City for i#s cost in administering the escrow accauni. 2. PIIRPQSE OF �SCR4W. The purpose o€the escrow is to guarantee reimburssmen#to the City for all Qut-of-pocket costs(induding planning, engineering,or legal cansuttaRt reviewj the City has incurted to assure#ha# the erosion control measures are instalted and maintained so the �nperty corr�plies v►�ith the provisiQns of Orono City Code Chapter 79, TFte financiat security may alsa be used by the City ta eliminate any hazardous canditions assaciated with the work and Eo repair any damage tc�pu�fic property or in#rastructure that is caused by the work. If compliance with the appro�ed t�nd Disturbance Permit is not accompfished within the allowable time period, the City may bring the project into cornplian�e by use of the security. 3. RIGHT OF ENTRY. The owners hereby grant the City, its agents, employess, officers and can€ractors fhe right to enter the property to perfarm all work and inspechons deemed apprapriate by the City in conjunction with the required erosion control measures, including bu;not lirnited to constructing ar complsting any and aN of #he agreed upan impro�ements should tlie Owners' contractor not complete those improvements by #he date specifi�d herein. 3. MON7MLY BILLING. As the Cify receives consultant bills for incurred costs, the C�ty v,+�ll in tum send a bill to the Owners. Owners sh�fl be responsible for payment to the City within 3{}days o€the Owners' receipf oi biif. 4. DISBURSEMENT FROM ESCROW ACCUIiIdT. in the svent that the Owners do nQt make payment ta the City within fhe time#rame outlir�ed in#3 above, sha11 issue a St�p Wark Order untit#he Qwners pay all expenses inva#ced pursuant to #3. The City may draw frnm the escrflw accourtt w'sthotlt further approval af tF�e �nrners to reimburse the City for eligrble expenses the City has incurred. 5. G1.�SING ESCROW. Any remaining amourtt of the fsnanciat security de�osited with fhe City for faithful perforrr�ance of the pfans and specific�tions and any retated rernedia[ work w+11 be released after the completion and inspectivn of a11 such measuras ana the estabiishmen#of final stabilization for ihe SubJect Praperty. City Staff sha11 review the terms of ihis escrow agreement twq times per year to detgrmine whether the requirements of the proj�ct have been successfully compfeted arxi whether it is a�propriate to retum the funds_ Owner may alsn request the refease of the funds, and such funds shall he released upon City S#aff receiving tf�e appropriate veri�ca#ion that afl requiremen#s of the project ha�a been sucxess#ully completed. 6. CERI'!FY UNPAlD CHARGES, ff the project is abandonec� by Owners, a� i#fhe etigible e�enses incurred by the City exceed the amount in escrow, the City sha�l have ttie right to certify ft�e unpaid batance to the subject pcoperty pursuant to Minn. Stat. §§415.{11 and 366.012. CE ; C TY O�Q ONO ow �"�s- $y; X Its: �.�1 f'l�— `�f�S1!'�.k�c.�- _ i�t�ai i�se f►n�y Q th�t�s�te�"�rce;�xrt�eat �Copy fst 5trcet�'x�