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r .. . , <br /> DEMOLITION PERM{T 2013-0Q974 <br /> ESCROW AGREEMENT <br /> AGREEMENT made this � 3-,day of �a-Yl , 2U_L'� by and between the CITY OF ORONO, a <br /> Minnesota municipal oorporation("City")and Scott 8�Jill ine("Owners"). <br /> Recitats <br /> 1. An application for a demolition permit has been filed for the principal stnacture located at <br /> 2605 Kelly Avenue ("Subject Proper#y") legally described as Lot 5, Block 5 of Townsite of Langdon Parlc, Hennepin <br /> County, AAinnesota, including the adjoining vacated 34 feet of Kelly Avenue. <br /> 2. In cnnjunction with the demolition,erosion control measures are requir�d as shown on aitached Exhibit <br /> •AA <br /> NOW,THEREOFRE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution af this Escrow Agreement, <br /> the Owners shall deposit$2,500 with the City. All aocn�ed interest, if any, shall be paid to the City to reimburse the City <br /> for its cost in administering ti�e escrow accourrt. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all <br /> out-of-pocket oosts (induding planning, engineering,or legal consultan#rerriew)the City has incucred to assur�e that the <br /> erosion cor�trol measures are installed and maintained sa the property complies with the provisions of Orono City Code <br /> Chapter 79. The financial secu►ity may also be used by the Ciry to eliminate arry hazardous conditions associated with <br /> the work and to repair any damage to public property or infrastructure that is caused by the work. If compliance with <br /> the approved Land Disturbance Permit is not ac�amplished within the allowable time period, the City may bring the <br /> project into compliance by use of the security. <br /> 3. }2fGFlT OF ENTRY. The Owners hereby grant the City,its agents,employees,officers and contractors <br /> the right to enter the property to perform all work and inspec6ons deemed appropriate by the City in conjunction with the <br /> required erosion control measures,induding but not fimited to constructing or completing any and all of the ag�ed upon <br /> improvements should the Owners'contractor not complete those improvements by the date spectified herein. <br /> 3. MONTHLY BILLING. As the City reoeives consultarrt bills for incurred costs, the City will in tum send <br /> a bill to the Owners. Owners shall be�esponsible for paymertt to the City within 30 days of the Owners'receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment <br /> to the City within the timeframe outfined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pursuant to #3. The City may draw from the escrow account without ft.,rther approval of the Owners to <br /> reimburse the Giiy for eligible expenses the Ci#y has incurred. <br /> 5. CLOSING ESCROW. Any remaining amount of the financiai security deposited with the City for <br /> faithful perf+�ormance of the plans and speafications and any related remedial work will be released after the completion <br /> and inspection of aif such measures and the establishment of final stabilization for the Subject Property. <br /> 6. CERTIFY UNPAID GHARGES. If the p�oject is abandoned by Ovmers, or if the eligible expenses <br /> incurred by the City exceed the amourrt in escxow, the City shall have the right to certify the unpaid balance to the <br /> subject ursuant to Minn.Stat_§§415.01 and 366.012. <br /> �,a <br /> CITY: C1TY. N OWNERS: <br /> r . ' <br /> B�l: / �, � � !J��r"'Le <br /> �t$: <br /> Iaternal Use Only: 0 Origingl to Tinanee Deparhne�t E1 Copy to Street File <br />