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BUFFER IMPROVEMENT <br /> ESCROW AGREEMENT <br /> AGREEMENT made this�- day of�� , 2008, by and between the CITY OF <br /> ORONO, a Minnesota municipal corporation ("City") and , ("Depositor"� _ , <br /> �� • �y €��,�,=c.Gtt'�1C-�( '{' '-AN"" 1/" <br /> Recitals <br /> A. Depositor has assumed responsibility for completing the house at 2175 Kenwood <br /> Way, Orono (PIN 17-117-23-41-0035) including improving the buffer for a <br /> wetland on the property. <br /> B. The City is requiring a security agreement to guarantee the required improvement <br /> of the buffer is successful. <br /> C. The City has determined that this Escrow Agreement constitutes adequate <br /> assurances from Depositor, sufficient to protect the City from noncompliance with <br /> the City Code. <br /> NOW,THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the issuance of <br /> this agreement, the Depositor shall deposit $4,000 with the City. All accrued interest, if <br /> any, shall be paid to the City to reimburse the City for its cost in administering the escrow <br /> account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee that the <br /> improvement of the buffer required as part of permit number � �-] is completed <br /> properly and that any vegetation that does not establish successfully is replaced. A <br /> planting is deemed successful if there is at least one native plant from the seed mix per <br /> square foot in the seeded area. <br /> 3. REQUIRED IMPROVEMENTS. The required improvement are those on the <br /> plan attached as Exhibit A. <br /> 4. DISBURSEMENT FROM ESCROW ACCOUNT. If the City suspects or knows <br /> of any matter cited above that is not completed correctly and in a timely fashion, it shall first <br /> make demand of Depositor to make any necessary corrections ar to take other prudent <br /> remedial measures within a 5 day time period or, if reseeding is required, within an <br /> appropriate time. If Depositor is unwilling or unable to honor its ageement as determined <br />