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TEMPORARY CERTIFICATE OF OCCUPANCY ESCROW AGREEMENT Orono Building Permit#2013-00238 Demolition Permit#2013-00237 AGREEMENT made this �� day of �� , 20 � , by and between the CITY OF ORONO, a Minnesota municipal corporation ("City")and Bob &Jan Ryan ( Owners"). Recitals 1. Construction of the new residence located at 3&25 Eileen Street the ("Subject Property°), legally described as (per Certificate of Title 9359459) Lot 16, Block 3, BAY VIEW PARK which Iies southerly of a line 33 feefsoufhe�ly of, measured at right ang/es fo and parallel with, a line hereinafter referred to as "Line A", said "Line A� being described as follows: Commencing at the Northeast corner of the Northwest Quarfer of Section 5, Township 917 North, Range 23 West of the 5fh Pnncipal Meridian; thence south along fhe East line of said Northwest Quarter a distance of 1400.28 feet; thence deflecting left 64 degrees 30 minufes a distance of 143.32 feet to the point of beginning of said "Line A"� thence deflecting right 180 degrees along said "Line A" a distance of 100 feet; thence along a tangenfial curve to the left having a radius of 500 feef and a central angle of. 22 degrees 30 minutes a distance of 196.35 feet; thence westerly tangent to said curve to the West line of fhe Northeast Quarter of fhe Southeasf Quarter of said Northwest Quarter, and there ending, ALSO Lof 2, Block 1, RIEDEL COMPANY STl/BBS BAY ADDITlON, Hennepin County Minnesota, is the subject of building permit application number 2013-0�238 has been completed. 2. Winter conditions currently prohibit completion of exterior improvements, final grading, and vegetation establishment. An as-built survey cannot be accurately conducted af this time. 3. Owners request the City issue a temporary certificate of occupancy("TCO")to the Owners so that the Owners may occupy the new residence. 4. The City will issue a TCO only if the Owners establish an escrow to ensure completion of exterior improvements, continuation of erosion control and submittal of an as-built survey to the City. NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit $10,000 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is to assure completion of a�y exterior improvements, finai grading, establishment of vegetation as well as guarantee reimbursement to the City for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenseS the Owners would be responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any hazardous conditions associated with the work and to repair any damage to public properEy or infrastructure that is caused by the work (including planning, engineering, or legal consuftant review) associated with building permit #2013-00238 if compliance with the approved building permit is not accomplished. 155441