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� � , �, ' <br /> I DEMOLITI�N PERMIT 20'11�0417 <br /> ESCROW AGR�EMENT <br /> AGREEMENT m�de this J day of ��� , 20 �� , b and between the CITY �F ORONO, a <br /> Minnesota munic��al corporation ("City")and ��� ("Owners"). <br /> Recitals <br /> 1. 14n application for a demolition permit has been #iled for the principal stnact�pre located at <br /> 1255 Dickenson�Street("Subject Property")legally described as Exhibit"A"attached. I <br /> 2. In conjunction with the demolition erosion control measures are required as shov�n on attached <br /> Exhibit"B". I <br /> NOW,THEREO�RE,THE PART�ES AGREE AS FOLLOWS: <br /> 1. �EPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of#his Escr w Agreement, <br /> the Owners shall.deposit$2,000 with the City. All accrued interest, if any, shaA be paid to tMe City to�reimburse the <br /> City for its cost in�administering the escrow account. <br /> 2. �URP03f�DF ESCROW. The purpose of the escrow is to guarantee reimb�ursemen to the City for <br /> all out-of-pocket�osts(including planning, engineering, or legal consultant review)the City has incurre�to assure that <br /> #he erosion contr�l measures are installed and maintained so the property complies with the provision of Orono City <br /> Code Chapter 7�. The financial security may also be used by the City to eliminate any hazard us contlitions <br /> associated with t�e wbrk and to repair any damage to,public property or infrastructure that is caused y the work. If <br /> compliance with t�e approved Land Disturbance Permit is not accomplished within the allowable time eriod,the City <br /> may bring the pro�ect into compliance by use of the security. <br /> 3. �tIGHT OF ENTRY. The Owners hereby grant the City, its agents, employee , officers and <br /> contractors the ri�ght #o enter the property#o perform all work and inspections deemed appropriate by the City in <br /> conjunction with the required erosion control measures, including but not limited to constructing or com leting any and <br /> all of the agreed�upon improvements should the'Owners' contractor not complete those improveme ts by the date <br /> specified herein. <br /> 3. �fIONTHLY BILLING. As the City receives consultant bills for incurred costs, the ity will in tum <br /> send a bill to#he bwners. Owners shall be responsible for payment to the City<within 30 days of the�wnsrs' receipt <br /> of bilC <br /> 4. �1SBUR&EMENT FROM ESCROW ACCOUNT. In the eventthat the Owners do not ake payment <br /> to the City within he timeframe outlined in#3 above; shall issue a Stop Work Order until the Owners,p y all expenses <br /> invoiced pursuan� to #3. The City rnay draw from the escrow accaunt without further approval of he �wners to <br /> reimburse the Cit�for eligible expenses the City has incurred. <br /> 3. �LOSING ESCROW. Any remaining amount of the financial security deposited w h the City for <br /> faithful performar�ce of the plans and specifications and any related remedial work wiU be rele sed after the <br /> completion and inlspection of all such measurss and the establishment of final stabilization for the Subje t Property. <br /> 6. �ERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if 4he eli ible expenses <br /> incurred by the (�ity exceed the amount 9n escrow, the City shall have the right to certify the unpaid�alance to the <br /> subject p%"�p�ty p�ursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: CI � C� RS: <br /> ;; <br /> By: <br /> �ts: <br /> iso�sa � <br />