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S��� �--�-+ --F; �� <br /> ESCROW AGREEMENT <br /> AGREEMENT made this /5�day of 7�1�c.�-/ , 20 ��, by and between the <br /> CITY OF ORONO, a Minnesota municipal corporation ("Ci�and_�,.,� �h�r�� , <br /> ("Owner"). <br /> Recitals <br /> A. Owner will be installing a sanitary sewer extension and a Water main extension to his <br /> property located at 701 Dickey Lake Road ("subject property"), City of Orono, Hennepin <br /> County, Minnesota. The sewer extension is proposed to run through the Right of Ways of <br /> Willow Drive and Dickey Lake Road. <br /> B. The City is requiring this Agreement to cover all consulting and other expenses incurred by <br /> the City to ensure proper completion of the project, as well as to ensure completion of record <br /> plans. <br /> C. Owners have agreed to provide financial security for the completion of the items cited above <br /> by entering into this Escrow Agreement. <br /> D. The City has determined that this Escrow Agreement constitutes adequate assurances from the <br /> Owner, sufficient to protect the City from potential damages and noncompliance with the City <br /> Code. <br /> NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit ten thousand and No/100 dollars ($10,000.00) with the <br /> City. All accrued interest, if any, shall be paid to the City to reimburse the City for its cost in <br /> administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee that the sewer and <br /> water extension project is completed properly according to the approved plans by Sathre- <br /> Bergquist, Inc dated January 30th, 2017. Additionally, the escrow is to guarantee reimbursement <br /> to the City for all out-of-pocket expenses incurred for engineering, inspection and legal <br /> consulting services associated with this project. The escrow shall also guarantee reimbursement <br /> for any costs incurred to prepare record plans if the Owners do not provide them within 30 days <br /> of project completion and acceptance. <br /> 3. MONTHLY BILLING. The City will monthly forward to the Owner a statement and bill for <br /> the expenditures incurred by the City for items listed in paragraph 2. Such statements shall be <br /> due and payable within 15 days of receipt by the Owner. No statement will be sent if there are no <br /> expenses incurred in the period since the most recent statement. The City shall itemize all time, <br />