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DE14AC3LITIt>N FER�IlT#�t3'�5-�}43126 ' ESCRt}iR(A�REEME(VT AGREEMENT made this�day of YJ 2Q �5 , by Snd behn+een the CITY C1F O�RONO, a Minnesota municipal corporation("City")and John 8 Jo�Brooks(`Owners"). Recitafs 1. An application fior a demolition permit has been frted for demotltion of the existing principai structure located at 964 Ferndate Road West{"Subject Property"}legafiy described on attached Exhibit"A'. 2. In conjunction with the demofition, erosion control measures are required as shown on attached Exhibit`B°. NOW,3HEREOFRE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Cantemporaneously with the execution of this Escrow Agreemern, the Owners shall deposit i2,500 with the City. All accrued irrterest, if any, shall be paid to tt�e C1ty to ralmburse the City for i�ts cost in administering the escrow account. 2. PURPOSE OF ESCRQYV. The purpose of the escrow is to guarankee reimbursemerrt to the City for all out-of-podcet costs(including planning, engineering, or legal consultant review)the City has inc�red to assure that the erosion corrtrol measures are installed and maintained so the property complies with the provisions of Orono City Code Chapter 79. The flnancial security may aiso be used by the City to eliminate any hazardous conditions assoaatec3 with t�e work and to repair any damage ta public property or infrastructure that is caused by the work. If compliance with the approved Land Disturbance Permit is not accomplished within the aflowable time period, the City may bring the project into compliance by use of the security. 3. RIGHT OF ENTRY. The Qwners hereby grant ttre City, its agents, employses, officsrs and contractors the right to enter the property to perForm all work and inspections deamed appropriate by the City in conjunction with the required erosion corrtr�l measures, including but not limited to constructing or completing any and ell of the agreed upon improvements shauld the Owners' contractor not complete those improvements by the date specified herein. 3. MONTHLY BILLINii. As the City receives consultarrt bilis for incurred costs, the City will in turn send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBUR3EMENT FROM E3CROW ACCOUNT. In the event#hat the Owners do not make paymerrt to the City within the timeframe outlined in#3 above, shall issue a Stop Work Order umil the Duvners pay ail expenses invoiced pursuant to #3. The City may draw from the escrow accourrt without further approval of the Owners to reimburse the City for eligible expenses the City has incun�eci. S. CLOSING ESCROW. Any remaining amount of the financiaE security deposited with the City for faithf?tl pertormance of the plans and specifications and any related remed6al work will be released afler the compleaon and inspectian of al! such measures and the establishmerrt of final stabilization for the Subject Property. Clty Staff shall revisw the terms of this escrow agreemerrt two times per year to determine whether the requiremerns of the project have been successfully comp(eted and whether it is appropriate to return the funds. Owner may also request the release pf the funds, and such funds shall be released upon City Staff receiving the appropriate verificabon that a!I requlrements ot the project have been successfulty oompleted. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses incu�red the City excead the amount in escrow, the City shall have the right to cert"rfy the unpaid balance to the subj prope pursuant to Mlnn. Stat.§§415.01 and 366.012. CITY: CI OV►t E S: By: Its: � �m�rsal[}�C4�y; EI�-ig��s�i ta Fi��re --- �Cspy��#xert h� �� � 150784