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" � �. i <br /> DEMOLITION PERAAfT 2013-00974 <br /> ESCROW AGREEMENT � <br /> AGREEMENT made this�3- day of �a-1'1 , 20,�'�'� by and befinreen the CITY OF ORONO, a <br /> Minnesota municipal corporation("City°)and Scott&Jili ne("Ow�ers°). <br /> Reci Is <br /> 1. An application for a demolition permi# has been filed #or the prinapal structure located at <br /> 2605 Kelfy Avenue ("Subject Property") legaily described as Lot 5, Block 5 of TownsiEe of Langdon Park, Hennepin <br /> County, Minnesota, including the adjoining vacated 34 feet of Kelly Avenue. <br /> 2. In eonjunction with the demolition,erosion control measures are required as shown on�tteched Exhibit <br /> `A'. <br /> NOW,THEREOFRE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution af this Escrow P�yreement, <br /> the Owners shall daposit$2,500 with the City. All aocrued interest,if any, shall be paid to the City to reimburse the City <br /> for its cost in administering U�e escrow accourrt. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursemerrt to the City for all <br /> out-ot-pocket oosts (induding ptanning, engineering,or legal consultant review)the City has incuRed to assure that the <br /> erosion control measures are instaHed and maintained so the property o�mplies with the provisions of Orono City Cade <br /> Chapter 79. The financial security-may also be used by the City to eliminate arry hazardous conditions associated with <br /> the work and to repair any damage to public property or ir�frastrueture that is caused by the work. If compliance with <br /> the approved Land Disturbance Permit is not acxomplisheti within the allowable time period, the City may bring the <br /> project into compliance by use of the security. <br /> 3. RiGHT OF ENTRY. The Owners hereby grant the City,its ager�ts,employees,officers and contradors <br /> the right to enter the property to perform all work and inspections deemed appropriate by the City in conjunction with the <br /> required erosion oontrol measures, induding but not limited to construding or completing any and all of the agreed upon <br /> improvements should the Owners'contractor not oomplete those improvements by the date specified herein. <br /> 3. MONTHLY BlLL1NG. As the City reoeives oonsultarrt bifls for incurred c4sts, the City wiN in tum send <br /> a bill to the Owners. Owners shall be resporosible for payment to the City within 30 days of the Owners'receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the everrt that the Owners do not make payment <br /> ro the City within the timeframe outlined in#3 above, shatl issue a Stop Work Order urrtil the Owners pay all expensss <br /> invoiced pursuant to #3. The City may draw from the escrow acxount without further approval of the Owners to <br /> reimburse the City for eligible e�cpenses the Ci#y has incurred. <br /> 5. CLOSING ESCROW. Any remaining amount of the financiai security deposited with the City for <br /> faithful performance of the plans a�d specifications and any related remedial work wiN be released after the completion <br /> and inspection of aii such measures and the establishment of final stabilization for the Subject Property. <br /> 6. CERTIFY UNPAID CHARGES. if the project is abandoned by Owners, or if the eligible expenses <br /> incurred by the City exceed the amourrt in escrow, the City shall have the right to certify the unpaid balance to the <br /> subject rsuarrt to Minn.Stat.§§415.01 and 366.012_ <br /> �" <br /> CITY: C�TY fl OWNERS: <br /> � p . ' <br /> 5 F,• ���I <br /> { / � r� <br /> By. <br /> I`S. � <br /> Internal Use OMy: �Originel to Finence Ikpartment Q Capy to Ste�eet File <br />