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� <br /> Oct-21-2011 10:41am From-CITY OP ORONO +9522494616 T-244 P.001I001 F-698 <br /> DEMa�{T10N PERMIT 2011•p1284 <br /> ESCRGIW AGI2EEMENT <br /> AGR�EMENT made thise����day of ��'�'''C°� , 20�, by and between tlte CI'fY OF ORdNO, a <br /> Minnesota municipat corporation("Cily")and Nathan&Constance Fagre("Own�rs°). <br /> Recltals <br /> 1. An appllcation for a demolitlon permit has bee�t filed for the �ool located at 316 Holland9r Road <br /> ("Subject Property')legally describett as!ot 1, Block 2,Holly A�res,Hennepin County,Minnesota, <br /> 2. in conjunction with the demo�ition erosion control measures are requ�red as sl�o�an on attached <br /> Exhibit`A". <br /> NOW,THEREOFR�,7N�PARTIE8 A�R��AS FOLLOWS: <br /> 1, pEP05tT OP �SCROW FUND3, Contemporaneously w(th thE execulioi7 of thls Escrow Agreemant, <br /> tne owners shall deposit�2,000 urlth the Ciiy. Al! accrued interest, if any, shall be paid to the City to reimburse ihe <br /> City for its cost in administering the escrow account, <br /> 2. PURPOSE OF ESGRQW. The purpose of the escrow is to guarantee r��:imbursem�nt to ihe Clty for <br /> all out-Of•pocket costs(including planning, engineering,ar legal consultant revlew)ihe Ciiy nas fncurred to assure that <br /> th�erosion control measures are installed and maintained so the property compl(es with tha provislons of Orono City <br /> Code Chapter 79. 7he �nancial security may also be used by the Clly to elfmin�te� any hazardaus conditlons <br /> associatad with itls work and to repafr any damago fQ puetic property or infrastructure thrii is caused by the�vork, If <br /> compliance with the approved Land Distutbanae Permlt is not accomplished wlthin the al�owable tirne perlad,the Cfty <br /> may bring the pro�ect lnto com}�Ilanoa by use of the secu�ity, <br /> 3. RIaHT OF 6NTRY. The �wners h�r�by grant the Clty, its agents, employe�s, o�Cers and <br /> contractors the right to entsr the property ta perform all worK and fnspections deemecl apprapti�te by tlte Clty In <br /> conjunction wilh ths required erosion control nteasutes,including but noi fimited to conslrucling or compfeting any and <br /> all ot the agraed upon improvenients should the oumers' contractor not camplete thos�a improvements by the date <br /> specified herein. <br /> 3. M�NTHI�Y BILLING. As the City receives consultant bills for incurred costs, the Cily wi11 in tum <br /> send a bfll to the Owners. 4wners shall be responsible for payment to the City within 3p days af�he Ownsrs' recaipt <br /> aT bill. <br /> 4. DISSURSel1AENT FROM ESCRpW ACCOUNT. In the event that the Owners do not make payment <br /> to the City within the tfineirame outlfned in#3 above, sMau issue a Stop Wo�k order untfl�ne bwners pay all expenses <br /> invo(ced puf8uant to #3. 'rhe Cily may draw from the esCrow account wlthout furtner approv�l of the Ownars to <br /> reimbu�se the Clry for eligible expenses the City has incu�r'sd. <br /> S. CLdSING �SCROW. Any remaining amount of tt�e financ(at secu�ity dgposited with the C1ty for <br /> falthful performanc9 Of the plans and specifications and any related remedial Work wlll be released after the <br /> compleUorl2nd inSpeCtion of all such n18aSures and the establishment of firlal stabfllzation for the Subject PtOperry, <br /> 6. CERTlFY UNPAID CHAR(3ES. !f the project is abandoned by Owner�, or if the Qliglble expenses <br /> incurred by the City excesd the amount in escrow, the City sh�ll have the right to Ce►tify the unpaitl balanee to the <br /> subJe fty pursuant ta Mlnn.Siat.§§415.01 and 366.012. <br /> CITY: CIT F D QW <br /> . -�-''r. <br /> By, �its: � <br /> <TAtqrRAl tJqe Only: •' • � . G Origi�inl to�inance Depflrtment Q Cppy io Sfreet File � <br /> �so�sa <br />