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. <br /> RUI��ING fERMIT#2091-0'l033 & DEMOLITION PERMIT#2�11- /D.S <br /> ESCROW AGREEMENT <br /> AGREEMENT mad�this�day of `J..1���20�, by and between tl�e CI'�Y �F ORL1Nf3, <br /> a Minnesota muni�ipal corporation ( ity°) and Mike & Peg Sowada{°Owners"). <br /> Recitals <br /> 1. A demolition and building permit application has been fiied for demolitian of garage and <br /> construction of an attached garage located at 725 Ferndale ftoad North the ("5ubject Praperiy"�, legally <br /> described as, see Exhibit A. <br /> 2. Owners request the City to review this appfication. <br /> 3. The City wili commence its review of the application and incur costs associated with said review <br /> only if the Owner establishes an escrow to ensure reimbursement to th�City af its casts. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUidDS. Contemporaneously v✓ith the execution af this �scrow <br /> Agreement, the Owners shall depasit$2,50Q with the City. All accrued interest, if any, sha[I be paid to the Ciiy to <br /> reimburse the City for its cost in adrrtinistering the escrow accaunt. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City <br /> for ali out-of-pocket costs the City has incurred (including planning, engineenng, in excess of $500, or legal <br /> consultant review) ar will incur in reviewing the plan. Eligible expenses shall be consistent wi#h expenses ti�e <br /> Own�rs would be responsible for under a buiiding perrnif application. She escrow wili also guarantee <br /> reimbursement to the City for all out-of-pocket casts�he City has incu�red to assure that the work is campleted in <br /> accordance with the Stormwater Pollution Prevention Plan and the provisions af Orono City Code Chapter 79. <br /> The financial security may also be used by the Cify to eliminate any hazardous conditions associated with fhe <br /> work and to repair any darnage to public property or infrastructure that is caused by the work (including planning, <br /> engineering, or legal consult nt review) asso�iated with building permit �2011-d1033 & <br /> demolition permit#2011- /b5� if compliance with the approved demolitian and buiEding permit is not <br /> accomplished. � <br /> 3. MONTHLY BILL[NG. As the City receives cansultant bills for incurred cosfs, the City will in turn <br /> send a bill to the Owners. Owners shall be responsibie for payment to the i.ity within 30 days of the Owners <br /> receipt of bill. <br /> 4. QISBURSEMENT FROM ESCROW ACCOUNT, ln the event that the Owners do not make payment <br /> ta the Gity within the timeframe outlined in#3 above, shal! issue a Stap Vltortc Order until the Owners pay all expenses <br /> invoi�ed pursuant tQ #3. The City may draw from the escrow account without further approval of the Ow+r�ers to <br /> reimburse the City for eligibl�expenses th� City has incurred. <br /> 5. GLOSING ESGROW. The Balance on deposit in the escrow, if any, shall be returned to the <br /> Owners when the review has been compfeted and written notification is rec�ived irom the flwners requesting the <br /> funds. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandaned by Owners, or if the eligible exper�ses <br /> incurred by the Gity exceed the amount in escrow,the City sfialf have the right to certify the unpaid bafance to the <br /> sub� erty pursuant to Minn. Stat. §§415.O�f and 366.012. <br /> CITY: C NO OWNER: <br /> By: ��' � � `'' <br /> , ,' — . <br /> Its: f�' �(. ��c' <br /> �rC,w' w "'.n aw5 ^c: �+ r� ,r a 's,= �"� �Y+- - <� �_- a t � ?�'- <br /> I �`�������°������-�:�►��n�l���'l�nn�!�.���-�'��.��p���`_����3����.�_..z1�_:�4::�aPY�a`S�ree��i:f� <br />