2015-00807 - escrow fee - Laserfiche WebLink

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. i , t DEMOLITiON PERMIT� � ESCROW AGR�EMENT AGREEMENT made this�day of .Q��.�1 • 20�t,�, by and between fhe CITY QF ORONO, a Minnesota munfcipaf corporation (°City") and�,�,�fr�,,� ("pwners"). Reci#als 1. An ap lication for � demoli#ion permit has been filed for '�C.i,��D U�eW ;y(a�ted at ��5 � �r'F"^ � �� ("Subject Property") legally described as 2. In conjunction with the demolition, erosion control measures are requi�ed as sfiown on attached Exhibif"B". NOW,THEREOFRE, THE PARTIES AGREE AS FOi.LOWS: 1. DEPOSIT OF ESCROW FUNR8. Contemporaneously with the execution of this Escrow Agreement, the Owners shail deposif$2.500 with the City. Ali accrued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for ali out-of-pocke#costs(incfuding pianning, engineering, or lega!consultant review)the City has incurred to assure that the erosion control measures are insta(led and maintained so the property compliss with the provisions of Orono City Code Chapter 79. The financia! security may aiso be used by the City to eliminate any hazardous conditions associated wiih the work and to repair any damage to public property or infrastructure that is caused by the worlc. If compliance with the approved Land Disturbance Permit is not accomplished within the allowable time period, the City may bring the project in#o compliance by use of the security. 3. RIGHT OF ENTRY. The Owners hereby grant the City, its agents, employees, officers and contractors the right io enter the property ta perform aq work and inspections deemed appropriate by the City in conjunction wi#h the required erosion controi measures,including but not limited to constructing or completing any and ap of the agr�ed upon improvements should the Owners' contractor not compleie those improvements by the date specified hsrein. 3. MONTH�Y BiLLING. As the City receives consultant bills #or incurred costs, the Ciry will in ium send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. BtSBUR3EMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timeframe outlined in#3 above,sha!!issue a 5top Work Order uniil fhe Owners pay all expenses invoiced pursuant to #3. The Ciry may draw from the escrow acxounf without further approvai of the Owners to reimburse the City for sligib{e expenses the City has incurred. 5. CLOSING ESCROW. Any remaining amounf of the financial security deposited with the Clty for faithtul perFormance of the plans and specifications and any related remedial work will be released after the completion and inspection of all such measures and the establishment of final stabilizafion for the Subject Property. City Staff shall �eview the terms o#fhis escrow agreement two times per year to determine wfiether the raquirements of the project have been successfully completed and whether it is appropriate to return the funds. Owner may also request fhe release of the funds, and such fiunds shall be released upon City Staff teceiving the appropriate verification thaf at!requirements of the project have been succ�ssfully completed. 6. CERTtFY UNpAID CHARGES. if the projecf is abandoned by Owners, or if the eligibie expenses incurred by the City exceed the amoun! in escrow, the City shall have the right to ceRify the unpaid balance to the subject property pursuant to Minn. Stat.§§415.01 and 366.012. CiTY: TY OF QAlO OW S: sy: � �P��LV V '_ � �/ /6 lS_ .� �ts: nn l � �- c��.� �,� - .�y�:= � M N 2 - D � flC��, _ Internal Use Un ; . ` lY C Qri�iQai to Finance Depurkment ` �Copy to Street Flie Form Last Updated: Januery 2015 t5078�