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� � <br /> TEMPORARY CERTIFICATE OF OCCUPANCY <br /> ESCROW AGREEMENT <br /> Orono Building Permit#2013-00426 <br /> AGREEMENT made this .S day of f77Qyx� , 20 �, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation("City") and Kurt&Carol Schmid('Owners"). <br /> Recitais <br /> 1. Construction of the new residence located at 3625 Jacobs Mfll Road the ("5ubject <br /> Property°), legally described as Lot 3, Block 2, Jacobs Mill in Orono, Hennepin Cour�ty <br /> Minnesota, is the subject of building permit application number 2013-00426 has been <br /> completed. <br /> 2. Winter conditions currerrtly prohibit completion of exterior improvements, final grading, <br /> and vegetation establishment. An as-built survey cannot be accurately conducteci at this <br /> time. <br /> 3. Owners request the City issue a temporary certficate of occupancy ("TCO") to the <br /> Owners so that the Owners may occupy the new residence. <br /> 4. The City will issue a TCO only if the Owners establish an escrow to ensure completion of <br /> exterior improvemerrts, continuation of erosion control and submittal of an as-built survey <br /> to the Ciry. <br /> NOW THEREFORE,THE PARTIES AGREE AS FOLLOW3: <br /> 1. DEPOSIT OF E3CROW FUNDS. Contemporaneously w�h the execution of this Escrow <br /> Agreemer�t, the Owners shall deposit 5�0,000 witfi the City. All accrued irrterest, if any, shall be paid to <br /> the City to reimburse the City for its cost in administering the escrow account. <br /> Z, PURPOSE OF ESCROW. The purpose of the escrow is to assure completion of any <br /> exterior improvements,final grading, establishmerrt of vegetation as well as guarantee reimbursement to <br /> the City for all out-of-podcet costs the City has incurred (including planning, engineering, in excess of <br /> $500, or legal consultant review) or will incur in reviewing the plan. Eligible expensss shall be co�sistent <br /> with expenses the Owners would be responsibte for under a buiiding permit application. The escrow will <br /> also guarantee reimbursement to the City for all out-of-pocket costs the City has incumed to assure that <br /> the woric is completed in accordance with the Stormwater Pollution Prevention Ptan and the provisions of <br /> Orono City Code Chapter 79. The financial security may also be used by the City to eliminete any <br /> hazerdous conditions associated with the work and to repair any damage to public property or <br /> irrtrastructure that is caused by the work (including planning, engineering, or legal consultant review) <br /> essociated with bulldfng permit #2013-004Z6 if compliance wtth the approved buiiding peimit is not <br /> accomplished. <br /> 8. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will <br /> in tum send a bill to the Owners. Owners shall be responsibls for payment to the City within 30 days of <br /> the Owners'receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the ever�t that the Owners do not make <br /> payment to the City within the timeframe ouUined in#3 above, shall issue a Stop Woric Order urrtil the Owners <br /> pay all expenses invoiced pursuant to#3. The City may draw from the escrav account without further approval <br /> of the Owners to reimburse the City for eligible expenses the City has incurned. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to <br /> the Owners when the review has been completed and written not�cation is received from the Owners <br /> requesting the funds. <br /> 155441 <br />