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p� ' . ' DEMOLITION PERMIT 2013-00974 ESCROW AGREEMENT AGREEMENT made this�3- day of �a-�1 , 20_L`� by and between �e CITY OF ORONO, a Minnesota municipal corporation("City")and Scott&Jill ne("Owners"). Recitals 1. An appfication for a demolition permit has been flled for the prinapal stnacture {ocated at 2605 Kelly Avenue ("Subject Property") legatly described as Lot 5, Block 5 of Townsite of Langdon Park, Hennepin County, Minnesota,inctuding the adjoining vacated 34 feet of Kelly Avenue. 2. In oonjunction with the demolit+on,erosion contro{ measures are required as shown on aitached Exhibit •A° NOW,THEREOFRE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCR�IN FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall depo5it$2,500 with the City. All aocrued interest, if any,shall be paid to the City to reimburse the City for its cost in administering ti�e escrow account. 2. PURPOSE OF ESCR�W. The purpose of the escrow is to guarantee reimbursement to the City for all out-of-pocket costs (induding planning, engineering,or legal consultant reviewj the City has incurred to assure that the erosion cor�trol measures are installed and maintained so the property complies with the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate arry hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is caused by the work. If compliance with the approved Land Disturbancs Permit is not accomplished within the allowable time period, the City may bring the project into compliance by use of the security. 3. RIGHT OF ENTRY. The Owners hereby grant the City,its agents,employees,officers and contractors the right to enter the property to perform all work and inspections deemed appropriate by the City in conjunction with the required erosion control measures, induding but not limited to constre�cting or completing any and all of the agreed upon improvements should the Owners'contractor not complete those improvements by the date specified herein. 3. MONTHLY BILLING. As the City reoeives consultaM bills for incurred costs,the City wilf in tum send a bill to the Owners. Owners shall be responsible for payment to the Ciry within 30 days of the Owners'receipt of laill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the everrt#hat the Owners do not make payment to the City within the timeframe outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses invoioed pursuarrt to #3. The City may draw from the escrow account without further approval of the Owners to reimburse the Ciiy for eligible expenses#he Ci#y has incurred. 5. CLOSING ESCROW. Any remaining amount af the financial security deposited with the City for faithful perFormance of the plans and specifications and any related remedial work will be released after the comple�ion and inspection of al�such measures and the establishment of final stabilization for the Subject Property. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, ar if the eligible expenses incurred by the City exceed the amourrt in escrow, the City shall have the right to certify the unpaid balance to the subject ursuant to Minn. Stat.§§415.01 and 366.012. ��`" CITY: CITY N OINNERS: , . ,� . B�/: ? / �Y/�/'�• t� !��'V'�m- Its: _ � ', Internal Use On1y: O Originel to Finance Department �Copy to Street File