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BUFFER IMPROVEMENT <br /> ESCROW AGREEMENT <br /> AGREEMENT made this ' S� day of December, 2009, by and between the CITY <br /> OF ORONO, a Minnesota municipal corporation ("City") and Chad M. and Julie A. Lindbloom <br /> ("Owners"). <br /> Recitals <br /> A. The Owners are having a new house constructed at 2400 Fox Street in Orono (Lot <br /> 1 Block 1 Majestic Spruce Addition, Hennepin County, Minnesota). <br /> B. The construction of the house triggers the requirement that the buffer for the <br /> wetland in the northwest corner of the property be improved. The plan for this <br /> improvement was approved as part of the approval of the Majestic Spruce <br /> Addition. Owners may change this plan, subject to approval by the City's <br /> wetland consultant. <br /> C. City is requiring a security agreement to guarantee the required improvement of <br /> the buffer is successful. <br /> D. Owners agree to complete the buffer improvement in a timely fashion. Owners <br /> agree to provide financial security for this work by entering into this Escrow <br /> Agreement. <br /> E. The City has determined that this Escrow Agreement constitutes adequate <br /> assurances from Owners, sufficient to protect the City from potential damages and <br /> noncompliance with the City Code. <br /> NOW, THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the issuance of <br /> this the building permit, the Depositor shall deposit $500.00 with the City. All accrued <br /> interest, if any, shall be paid to the City to reimburse the City for its cost in administering <br /> the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee that the <br /> improvement of the buffer required as part of permit number 2009-00803 is completed <br /> properly and that any vegetation that does not establish successfully is replaced. A <br /> planting is deemed successful if there is at least one native plant from the seed mix per <br />