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ESCROW AGREEMENT <br /> AGREEMENT made this��day of , 20 l�, by and between the <br /> CITY OF ORONO, a Minnesota municipal corporatio ("City") and RICHARD NOLAND, <br /> ("Owner"). <br /> Recitals <br /> A. Owner will be installing a sanitary sewer extension to his property located at 2801 Fox Street <br /> ("subject property"), City of Orono, Hennepin County, Minnesota. The sewer extension is <br /> proposed to run along the Right of way of Old Crystal Bay Road (CSAH 84). <br /> B. The City is requiring this Agreement to cover all consulting and other expenses incurred by <br /> the City to ensure proper completion of the project, as well as to ensure completion of record <br /> plans. <br /> C. Owners have agreed to provide financial security for the completion of the items cited above <br /> by entering into this Escrow Agreement. <br /> D. The City has determined that this Escrow Agreement constitutes adequate assurances from the <br /> Owner, sufficient to protect the City from potentia] damages and noncompliance with the City <br /> Code. <br /> NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit Two Thousand Five hundred and No/100 Dollars <br /> ($2,500.00) with the City. All accrued interest, if any, shall be paid to the City to reimburse the <br /> City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee that the sewer <br /> extension project is completed properly according to the approved plans by Mark Gronberg and <br /> Associates Engineering dated June 20`�, 2016. Additionally, the escrow is to guarantee <br /> reimbursement to the City for all out-of-pocket expenses incurred for engineering, inspection and <br /> legal consulting services associated with this project. The escrow shall also guarantee <br /> reimbursement for any costs incurred to prepare record plans if the Owners do not provide them <br /> within 30 days of project completion and acceptance. <br /> 3. MONTHLY BILLING. The City will monthly forward to the Owner a statement and bill for <br /> the expenditures incurred by the City for items listed in paragraph 2. Such statements shall be <br /> due and payable within 15 days of receipt by the Owner. No statement will be sent if there are no <br /> expenses incurred in the period since the most recent statement. The City shall itemize all time, <br /> services, and materials billed to the Owner and said time, services, and materials shall be in <br /> accordance with the rules, regulations, and fees as promulgated and adopted by the City Council. <br />