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DEMOLITION PERMIT 2011-01S8f ESCROW AGREEMENT A{3REEMENT made this,,�,�'day of � 2U,L, by and between the CITY OF ORONO, a Minnesota municipal corporation("City"j and Oonald&Caroiyn Udeil{"Owners"). Recitals 1. An application for a demolition permit ttas been filed for an accessory structure located at 1200 Loma Lfnda Avenue (°Subject Prapert�')legally desaibed on attached Exhibit"A". 2. �n con)unction wlth the demolition erosion c�ntro� measures a�e required as shown on attac��ed Exhibit"B'. NOW,THEREOFRE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSI'f OF ESCROW FUNDS. Contemparaneousiy with the execution of this Escrvw Agreement, the Owne�s shall deposit $2,OOQ with the Ctty. Ali accrued Interest, if any, shall be paid to fhe City to reimburse the City for Its cost in administerfng the escrow account. 2. PURPQSE OF ESCROW. The purpose of the escrow is to guara�ee reimbursement to the City for all out-of-pocket costs(including planning, engineering, or legal consultant revfew)the City has incurred to assure that the erosion corrtrof ineasures are installed and maintained so the property complies with the provisfons of Orono City Code Chapter 79, The financial security may also be used by the City ta eliminate any hazardous conditfons assoclated with the work and to repair any damage to public property or infrastructure that is caused by the work. If complfance with the approved Land Disturbance Permit is not accampfished within the allowable�me period,the City may b�ing the project inta compliance by use of the sacu�ity. 3. RIGHT OF EN7RY. The Owners hereby grant the City, its ager�ts, employees, officere and contractors the right to enter the property to perForm all work and inspectfons deemed apprvpriate by the City in conjunction with the required erosion control measures, Including but not limited to constructing or completing any and all of the agreed upon improvements shouid the Ovmers' contractor not complete those Improvements by the date spectfied herein. 3. MONTWLY BILLING. As the City receives consultant bills for incurred costs, the City wil! in turn send a bill to the Uwners, Owners shalt be responsible far payment to the City within 30 days of the Owners' receipt of bilL 4. DISBURSEMENT FROM ESCRAW ACCOUNT. In the event that the Owners do not make psyment to the City withln the timeframe outlined in#3 above, shali issue a Stop Work Order until the Owners pay all expenses Invoiced pursuarrt to #3. The Gity may draw from the escrow account witt�out further approval of the Owne�s to refmbutse the Cfty for eligible e�►enses the City has incurred. 5. CLOSING ESCRC?W. Any remaining amount of the flnancial secu�ity deposited with the City for faithful performancs of the plans and specifications and any related remediai work will be releas�d after the completion and inspection of aii such measures and the establishmeM of final stabilization for the Subject Property. 6, CER71filf UNPAID CHARGE3. If the proJect is abandoned by Owners, or if the eligible expenses incurred by the Gity exceed the amount in escrow, the Cfty shall have the right to certify the unpafd balance to the subje pursuant to Minn. Stst. §§415.01 and 366,012. CITY: CIT 01�5 OVYNERS: _ C'._G'2o-�yc� �O / By. Its: � ,`y. v t''... . . °•:Iate�»al ZI�e:Onh! � CI`�i�ginal M l�lu#acie DepArtfo��t:4 ��17 4op�to�:��eet�'i� , � . < . :,� ...:.: n: :. ,.:::, .... . .. 150784