Escrow agreement - Laserfiche WebLink

Home Browse Search

w 1 • ESCROW AGREEMENT �c,�'o bt� v AGRL�MENT made this 2n� day oP 2006, between the CITY OF ORONO, a Minnesota municipal corporation ("City") and Gregoiy S. I-Iaugen & Cynthia M. Haugen, husband and wife ("Property Owners"). Recit�ls A. The Property Owners own the land located at 3320 Fox Street, Orono, legally described as Lot 5, Block 1, Fullerton Estates, Hennepin Couniy, Minnesota (the "Property"). B. The Property Owners will be making alterations to the Property for an in-ground pool that will include creating buffers for the wetlands on the Property. C. The City is requiring a security agreement to guarantee the required revegetation of the buffer is successful. D. The Property Owners have agreed to provide financial security for the completion of the items cited above by entering into this Escrow Agreement. L. The City has detei�nined that this Escrow Agreement constihites adec�uate assurances from Properly Owners, sufficient to protect the City from potential damages and noncompliance with the City Code. NOW,THER�FORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF �SCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Property Owners shall deposit $1,900 with the City. All lccrued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 2. 1'URl'OS� OF �SCROW. The purpose of the escrow is to guarantee that the seeding of the buffer required as part of Resolution No. 5476 is completed properly and that any veget�tion that does �lot establish successfully is replaced. A planting is deemed successful if there is �t least one native plani fi•om the seed mix per square Poot in the seeded area. nreas where lhe planting is not successfiil shall be re-seeded by the end of the growing season. "1'he funds shall be spent by the City if for any reason the Property Owners are unable OI' llI1W1I�111� t0 honor the requireinents of the City Code �nd any