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- . C Z <br /> � � � � CONSTRUCTION ESCROW AGREEMENT <br /> Zoning Application #00-0000 <br /> AGREEMENT made this day of , 2007, by and between <br /> the City of Orono, a Minnesota municipal corporation ("City") and , �' <br /> ("Developer"). <br /> � • • Recitals � <br /> � 1. City and Developer have entered into a Developer's Agreement for certain <br /> public and private Improvements associated with the plat of <br /> 2. The City will incur costs associated with inspection of the Improvements <br /> . by City staff and consultants, for which the City requires an escrow to be established. <br /> � NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> � � 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the <br /> execution of this Escrow Agreement, the Developer shall deposit $ with the City. <br /> � All accrued interest, if any, shall be paid to the City to reimi�urse the-City for its cost in � <br /> administering the escrow account. . <br /> 2. CONVERSION OF APPLICATION ESCROW. The � <br /> �Developer agrees to the conversion of any remaining funds in the previously established <br /> Application Escrow held by the City to be converted for use for this Construction <br /> � Escrow. In the event that the Application Escrow deposit balance is less than $ <br /> . the Developer shall make up the difFerence with an additional deposit. <br /> � 3. PURPOSE OF ESCROW. The purpose of. the escrow is to � <br /> reimburse the City far a11 out-of-pocket costs the City has incurred (including planning, � <br /> engineering, or legal consultant review) or will incur with respect to review and <br /> inspection of the improvements by City staff. � ���� � �� � <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. The City <br /> may draw from the escrow account from time to time without further approval of the <br /> Developer to reimburse the City for eligible expenses the City has incurred, which <br /> � eligible expenses shall be consistent with expenses the Developer would be responsible <br /> for under the Developers Agreement. The City shall periodically notify the Developer of <br /> the draws the City has made and the nature of the eapense for which the reimbursement is <br /> being made. If the Escrow amount falls below $ � �the Developer shall deposit <br /> • �- additiona.l sums as directed by the City, or the City shall issue stop work orders. � � <br /> Page 1 of 2 <br />