Laserfiche WebLink
. - <br /> DEM4LITION PERMIT 2U11-01586 <br /> ESCROW AGREEMENT <br /> AGREEMENT made this�day of ��.�ry��. 20�, by and between the CITY QF ORONO, a <br /> Minnesota municipal corporation (uCityT) and Donald&Carolyn Udell {"Owners"). <br /> Recitals <br /> 1. An application for a demolition permit has been filed for an accessory structure located at <br /> 1200 Loma Linda Avenue ("5ubject Propert�')legally described on attached Exhibit"A". <br /> 2. In conjunction with the demoUtion ecosion control measures are required as shown on attached <br /> Exhibit"B". <br /> NOW, THEREOFRE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, <br /> the Owners shall deposit $2,OOQ with the City, All accrued interest, if any, shall be paid to the Gity ta reimburse the <br /> City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for <br /> all out-of-pocket costs (including planning, engineering, or legal consultant review)the City has incurred to assure that <br /> the erosion contra! measures are installed and maintained so the praperty complies with the provfsions of Orono City <br /> Code Ghapter 79, The financial security may also be used by the City to eliminate any hazardous conditions <br /> associated with the work and to repair any damage to public prope�ty or infrastructure thak is caused by the work, If <br /> compliance wlth the approved Land Disturbance Permit is not accorr�piished within the allowable time period, the City <br /> may bring the project into compliance by use of the security. <br /> 3. RIGHT OF ENTRY. The Owners hereby grant the City, its agents, employees, officers and <br /> contractars the right to enter the property to perform all work and inspections deemed appropriate by the City in <br /> conjunction with the required erosion control measures, including but not limited to constructing or complsting any and <br /> all of the agreed upon improvements should the Owners' contractor nat complete those Improvements by the date <br /> specffied herein. <br /> 3. MOPITHLY BILLING. As the City receives consultant bifls for incurred costs, the Ciry will in turn <br /> send a bill to the Qwners. Owners shall be responsible far payment to the City within 30 days of the Owners' receipt <br /> of bill. <br /> 4. DtSBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment <br /> to the City within the timeframe outlined in#3 above, shall issue a Stop Wark Order until the Owners pay all expenses <br /> invoiced pursuant to #3. 7he City may draw from the escrow account without further approva! of the Owners to <br /> reimburse the City for eligible expenses the City has incurred. <br /> . 5. CLOSING ESCROW. Any remaining amount of the financial securlty deposited with the City for <br /> faithful perFormance of the plans and specifications and any related remedial work will be released after the <br /> compietian and inspection of all such measures and the establishment of fina!stabilixation far the Subject Praperty. <br /> 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible sxpenses <br /> incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the <br /> subjs pursuant to Minn. Stat. §§41�.01 and 366,012, <br /> �_____..__. <br /> CITY, CIT�I � RONZ) OWNERS: <br /> � �-> L��-�'�� � . � <br /> By; + y--�." <br /> ` -,�r� -�c� <br /> �ts: `�� ��"" <br /> � <br /> Interltal Use Outy .0 Or�ginal to�nance'Departm�nt 'O'Copy to Street File <br /> 150784 <br />