2012-00800 - escrow fee - Laserfiche WebLink

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a � DEMOLITION PERMIT#2012-00766 ESCROW AGREEMENT AGREEMENT made this_�_day of I,L� , 20�, by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") and K herine Fox Trust, Bill Fox Trustee ("Owners"). Recitals 1. An application for a demolition permit has been filed for one principal structure and two accessory structures located at 1095 Ferndale Road West ("Subject Property") legally described as A�I that part of Lot 9, North Shore Cottage Acres, Lake Minnetonka, lying Southeasterly of the Southeasterly lines of Registered Land Survey No.441 and Registered Land Survey No. 902, and lying Northwesterly of the Northwesterly line of Registered Land Survey No, 1372, Hennepin County, Minnesota „A� 2. In conjunction with the demolition, erosion control measures are required as shown on attached Exhibit NOW,THEREOFRE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit$2,000 with the City. All 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 guarantee reimbursement to the City for all out-of-pocket costs (including planning, engineering, or legal consultant review) the City has incurred to assure that the erosion control measures are installed 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 conditions associated with the work and to repair any damage to public property or infrastructure that is caused by the work. If compliance with the approved Land Disturbance Permit is not accomplished within the aliowable time period, the City may bring the project into compliance by use of the security. 3. RIGHT OF ENTRY. The Owners hereby grant the City, its agents, employees, officers and contractors the right to enter the property to perform all work and inspections deemed appropriate by the City in conjunction with the required erosion control measures, including but not limited to constructing or completing any and all of the agreed upon improvements should the Owners' contractor not complete those improvements by the date specified herein. 3. MONTHLY BILLING. As the City receives consultant bills 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. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timeframe outfined in #3 above, shall 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 to reimburse the City for eligible expenses the City has incurred. 5. CLOSING ESCROW. Any remaining amount of the financial security deposited with the City for faithful pertormance of the plans and specifications and any related remedial work will be released after the completion and inspection of all such measures and the establishment of final stabilization for the Subject Property. 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 subj rop pursuant to Minn. Stat. §§415.01 and 366.012. � CITY OF��QLIlV9---' O, WNERS: , By. C--� � � �� --_ � �.��/ l��;� its: � -�� ' ,�- Internal Use Only: 0 Original to Finance Department �Copy to Street File