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DEMOLITIDN PERMIT �D I lo -O I D Z � ESCROW AGREEMENT �, AGREEMENT made this 2S�day of /��9�t Sf , 20�, by and between the CIT1f OF ORONO, a Minnesota municipal corporation("Cit�')and� - ("Owners"). �csa.i� ,c, ��i�i� e i!a 8 1. An application for a demolition permit has been filed for �d0/ /.��o located at 3 D g� �iy<-i�iP� �-� ("Subject Property") legally desc�bed as 2. I� conjunction with the demolition, erosion control measures are required as shown on attached Exhibit"B". NOW,THEREOFRE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporan�ousiy with the execution of this Escrow Agreement, the Owners shall deposit$2,500 with the City. Alt 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 guarentee reimbursement to the City for all out-of-pocket costs(induding planning,enginesring,or Isgal consultant�eview)the City has incurred to assure that the erosion control measures are installsd and maintained so the property complies with the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any hazardous oonditions associated with the work and to repair any damage to public property or infrastructure that is caused by the woric. If compliance with the approved Land Disturbance Permii is not accomplished within the a{lowable time period, the City may bring the project into compliance by use of tt�e securiry. 3. R1GHT OF ENTRY. The Owners hereby grant the City, its ageMs, employees, officers and contractors the right to enter the property to perform all work and inspedians deemed app�opriate by the City in conjunction with the required erosion control measures,including but not limited to constructing or completing any and a(I of the agreed upon improvements should tfie Owners' contracfor not complete those improvements by the date specified herein. 3. MONTHLY BILIING. As the City receives consultant bills for incurred costs, the City will in tum send a bill to the Owners. Owners shal! be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timeframe outlined in#3 above,shal)issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners io reimburse the Ciry for eligible expenses the City has incurred. , 5. CLOSING E8CROW. My remaining amount of the finanaal security deposited with the City for faithful performance of the plans and specfica�ons and any related remedial work will be released after the , ; wmpletion and inspection of all such measures and the establishment of final stabilization for the Subject Property. i City Staff shall review the terms of this escrow agreement two times per year to determine v►fiether the requirements of the projed have been sucxessfully completed and whether it is appropriate to retum the funds. Owner may also requast the release of the funds, and such funds shall be released upo� City Staff receiving the appropriate verification that all requirements of#he project have been successfully completed. 6. CERTIFY UNPAID CHARGES. If the proJect is abandoned by Owners, or if the eligible expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the subject properiy pursuaM to Minn.Stat.§§415.01 and 366.012. CITY• CITY OF ORONO O : By:��l�d,.�i'f`-� � � � . �cs: YI1�'�0 � � Ieteraal Uce Only: Originzt to nce De rtment O Copy to Strcet Fiie Form Last Updated: Ja�uary 2015 150784