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Jui-16-2013 08:14 AM HCMC 612-904-4567 1/1 �ui�.dtNG p��ir 2oya-ooao8 , �SCRdW AGR�EM�NY � c r AGREEM�N7 mede thle�day of `�� ,2013, by and beiween the CI'i'Y OF ORONO, a Minnesota municlpal corporatlon("Clty")and Charles Truw and Pau1a Picard("Owners"). Rectta�s 1. � An applicatfon for a Building Permft has bsen flled for the property located at 1105 Ferndale Road Weat and legally described as:7ract A, HLS No.44i, �iles of the Aeglatrar of Title�, County of H4nnopin, excapt that part embraced In Rt,S No. 902, Flles o} the Reglstrar of Titloa, Tract� A snd C, Regfstered �and Surv�y No. 902, Flles of the Reglatrar of 7ltles, County of Hennepin (hereinafter the "SubJact Praperty"). 2. In conJunction wlth the constructlon of the new resldence and associated grading and floodplain alteratfan9, eroslon control measur�g are requlred as ahawn on the approved Grading and euilding Plans relating to Buflding Permit 2093^Q0308. NQW,THEREOFRE,TH�PARTl�3 AG�i�E AS FOLLOWS: 1. DEPOSI'f OF ESGROW FUNDS. Gontemporaneously wlth the eXecUtlon of this Escrow Agreement, the Owners shall deposit$5,000.00 with the Clty. All accrued lnterest, if any,shall be paid tv the City to reimburse the Clry for Its cost In adminlsiering the escrow accaunt. 2. PURPOS�OF�SCFiOW. The purpose of the escrow Is to guarantee relmbursement to the Clry far all out-of-pocket costs(fncluding planning, englneering, or legal conaultsnt revlew)the City has lncurred to assure that the erosion control measur�s are installed and malntalned so the Sub�ect Properry complles wlth the provlslons of Orono Clty Code Chapter 79. The flnancial security may also be used by the City to elfminate any hazardous conditions asaocfated wlth the work attd to �epair any damaga to public property or Infraetructure that le caused by the work. !f compliance with the approved 6ullding Permlt is not accompllshed wtthin the allowable tlme perlod,the City may bring the proJect Into compllance by use of fhe securlq+. 3. RlGWT OF ENTRY. The Owners h�reby grant the City,its agents,employe�s,o�cers and contractors the rlght to enter the SubJect Prope�ty to perform all work and lnapectione deemed approprfete by the Clty In conf unctlon wfth the required erosian control measures, lncluding but not Ilmited to constructing or completing any and all of ths agreed upon lmprovements shoufd the Owners' contractor not compl�te those improvements by th� date specified herein. 3. MONTHLY BlLLING. Ae the Glty rece(ves consultant bilis for inourred oosta,the CiEy will in turn s�nd a blll to tha Owners. Owners shall be r�sponslble for paymeni to the Clty wfthln�0 days of the Owners'recelpt of blll. 4. DISBURSEMENT FROM ESCROW ACCOUNT. fn the event that the Owners do not make payment to the City within the timafram�vutllned !n#3 above, shall lssue a Siop Work Order until the Owners pay ail expenses Invoiced pursuant to #3. The City mey drew from the eacrow accaunt wfthout further approval of the Owners to refmburse the City for ellglble expenses the City has incurred, S. Cl,OS1NG ESCROW. Any remalninq amount of the flnanciel securiry deposfted with the Clty for falthiul perfarmance af#he plans and speclflcatlons and any related remedial work will be released after the completion end fnsp�atlon of ell such measures and the establlshment of flnal 6tebfffzatlon for the 9ubJect Property. 6. CERTIFY UNPAID CHARG�S. lf the proJect Is abandoned by Owners, or if the eligible expenses Incurred by the City exceed the emount fn eacrow, the Clty shall have the right to certify the unpeid halance to the SubJect Property pursuank to Minn.Stat.§§415,01 and 38B.012. CITY: GITY OF�QNO OWN�F�bc} / sy: 0 1� its. lnternal Usa On1y: 0 Orlginat to Finance Departmant p Copy to&treet File