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<br /> BtJILDihlCa PERMIT ESCRC►W AGREEMENT
<br /> C3rono�uitding Permrt#2010-p0874
<br /> . AGFtEEMEN"f made this_�`���_._day oi��arr�w��e=r` , 1U�, by and betweerr th� CITY C)F ORONt;�,
<br /> a Mlnnesota municipaf corpc7ration ("City„}��d :���,��� � �,�,� �-;c,.�.�,�r1,� t`r'!'A{��iz�"" �"Own�rs").
<br /> Recitals
<br /> 1. !� building pem�it appiiratinn 17as t�cin fil�d for an addition tn the hame I�cated at
<br /> �'.?�t; F -�cs�, t,+.�;,,,rkl7e ("Sut�j�ct Praperfy"}, legally ti�scribed as Lot 7, Block 1, Abingcic�r� Glen, Hei�iriepin
<br /> Caunty�Ainne ot�:. �
<br /> 2. Owner reyuests the City to r�evi�vr ihis�pplication.
<br /> 3. 7he City wii[ comm:;nc� its revietixr af#h� application �nd incur costs assaciat�d wiih saicl revi�v✓
<br /> c�nly it the fJtivner�stablishe;s an �scrow tc,ensure re:imburs�ment ia the City af its casts.
<br /> NOW"fHERE�OR,�,THE l�AfiTiLS AC��� A�S FC3LLCIWS:
<br /> 1. DEPOSlT aF ESCFtt�W t=UNC3S. Co�7lem�ore���ausly with the executior� ofi tr�is Escrc7w
<br /> f�c�reement, the Owners sh�U d�posit �2.5aC1 with ihe City. A!I accruc;cl interest, 'r(any, sha11 lie �aid ic>ihe Ci1y tca
<br /> reimburse th�City for its cost in ad�r�inisterinq ih�esr.row�ccc�unt.
<br /> 2. PURPOSE O� ESCf2flW. The purpose oi ths escrow is to guarantee reimbursemeni ka ti�e rity
<br /> ior ali out-of-pocket cosis the Cify has incurred (including ��lanning, engineering, in excPss of $aQU, or legal
<br /> consultant review) or wiil incur in rr�viewint� the plan. Eligibl�: expens�:s shall be consistent with expenses the
<br /> Gvr�e;rs wauld be resptinsible fnr under a nuildinc; p�rmit application. The escroUr �Niil also guarantFe
<br /> reimbursc;rnent to the Ciry for ali �ut-�f-pock�f costs itie Cit; t�as incurred to assure thet the w�rk is com�leted in
<br /> a:3ci;ordanr,e with ihe Sturrnti��ater 4�'oliutian Pr�ventic��i Pfen and the pravisions of Orono City Code Ci�anter 7�J.
<br /> T�s7e� firiancial security inay ��Iso hP u�ed t�,� tt�� City tU �lii��ir�at� any hazardous condiions associated witrr ti-�e
<br /> tivi�rk and to repair any darnag�: to ��uPaiir �rc�peri��or infrasErilcture Chat is caused Uy the work (including plai7r7n�y,
<br /> �nt�.�ineEring, ar lec��1 con,;ult�nl r�vi�wj a��saci�teci with building perrnit 2010-DU874 if compfianc� wiih ti�e
<br /> appr�>ved r�uiidiny permit is r2ot acccyrn��Iish�d.
<br /> 3. MONTHLY BILLIM1IG. As the City r�c�ives cnnsultani bilis fnr incurr�ci cosis. th�: City will iri turn
<br /> send a bili tc; the ��rrners. Uwners sha11 k�� r�s�ron�irile fr�r ��ayment to the Ciry within 30 days c�f �i�e t�tivr�ers`
<br /> re�.;eip�of t�ili.
<br /> 4, diSBURSEMERlT FROM �SCR(3W ACCOUN7. In th� event that the C�tvners dc i�nt n-�ak� payn7�rii
<br /> tc;thG: Gil,within tt��;tirriefrarz�c;outliri�;s� in#:3�t�ov�, sF�all issu�:a Stop Work C>rder untiF tt�e C7�;vnc�� pay�(I �;c�enscs
<br /> invfliced �ursuani iu #3. The Gity rriay d�as�v fir�m th� escrca+nr �cr,nu�7t wikhnut further approva{ of the: C)wf7ers to
<br /> r�irr�burs�the Cfty fe,r eligible exp�rtses 1h�City ha�iricurred.
<br /> 5. (:LOSING �S�R�W. Tt�� P�lance r�n deposit ni ihE eseraw, ii any, shall t�p returned tr� the
<br /> Uwners vri7en the review ha� been campleted ai�id written ncstiflcation is receiveci from the�wr7ers rec�ue:stir�c� thc:
<br /> fi.i�tcfs.
<br /> 6. CERTIFY UNPAIb CIiARGES. If the project is abandoned by Owners, or if the�(igible expenses
<br /> ir�ci.trr�d hy the City exceed the amour�t in e�crow. the City shall have thie right to certify tf�e unE�aid bafance to t"��
<br /> subiect F�ropnriy pur,uan"t to Minn. Stai. ��,415.01 anr3 36ti.017.
<br /> CITY: CI7Y OF{7RON0 OWNER� .
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