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I <br /> I <br /> I.AND U8�ApPLICAT�N l�AO�t�MEsNT <br /> Appllcatian# U 4�� <br /> AOREEMENT made this�asy of �L , �zo 15 by and n the CITY OF � <br /> ORONO,a Minnesota munfci pel co r p orallon("Cif y) d �' ' <br /> [e cx�rporetfon-opfloneQ('Owners'�. `-' i <br /> Recitals � <br /> '1. Ownere hav fi e L n Use Appilc bn����yqf8nn�ly requesdn�the Cfqr M review plans � <br /> for the property addressed:.��� the '3ubject Prope►ty") legaqy <br /> desctib�as �gGt +� I <br /> � <br /> 2. Owners requeat the Clty to review said plens which r+equfrea City approvel and may require <br /> consuldng legal and/or enginaering review. <br /> S. The City is wiNitt�to oommence(ts revlew cf the appicatlon end I�ur costs asaoclated with seid <br /> review only�the ONmers esteblish an escrow to ensure reimbursemarrt to tha Cfty of Its costs. i <br /> NOW THEREFORE�7HE PARTIE8 AGREE AS FOIlOW8: ; <br /> 1. DEP081T OF ESCRO FUND Cornemporaneousy with the executbn of this Escrow I <br /> Agr�ment,the Ownere ehell depas� �ith the City. All aocrued hiterest,If a�ry,shatl be paid to the ; <br /> Cky to reimburse the CRy for It�cost In a ministering the eacrow aa:ount. j <br /> i <br /> x. PURPOSE OF EBCROW. The purpo�of the esarow ie to guarentee relrnbu�seme�to the CHy ' <br /> fcr ell out-of-pockat oosts the Cfty has(ncuned(inaluding planning,engineerir�, or ie�a!coneultant revfew)or wAl <br /> incur In meeUng with the Own revlewin 'the plana, and prep�ing �enda padtet material tbr City Council <br /> review of Land Usa Applicaaon Eli�ible expsns�shan be consistent w�h expenaea the Owners <br /> would be reepons�la for under e lend use appl oatbn. <br /> 8. MONTHLY BIWNG. As the C{ty receives consultant btlls for incurred costs,the Cit}r wIN in turn <br /> sand a bill to the Owners. Owners ehall be responalble for peyment to the Cfty wfthln 90 days of the Ownere' ' <br /> recelpt�bill. <br /> 4. DISSURSeMEN'f FROM E8CROW ACCOUNT. in the ev�t th� the Owners do not make I <br /> payment to the City wtthin the tlmefreme outUned in #3 ebove, shall cease aq reviews uMll the Owners pay all � <br /> e�ensea invoiced pursuant to�3, 7he City may dtew from the esarow e�r�t wfthout further appro�i of the <br /> Owners to relmburae the City for eligible expenses the City hae incurred. <br /> 6. CL081NG ESCROW. The Bale�e on deposit In the escrow, if any, shall be retumed to the <br /> Owners when all requirements related to the pro)ect are compl�o. Ctty S�aff shaA review the terms af this escrow <br /> agreemerrt two �mea per year to de�ermine whe#�er the requfremer�ts of 1he projed har� been suxessfufly <br /> oompleted and whether it is appropriete to retum the funds. Owner may also request the release of the funds, <br /> and such funds ahell be�upon Ctty b'tetf reoelving the spproprlate v�erlflcatlon that e1i requfrements of the ; <br /> proJect have been succeesfulry completed. <br /> 8. C�RTIFY UNPAID CHAROE8. If the projeot is abandoned by auvners,or if the eligible expenaes <br /> Incurred by the Cfty euaceed the amourrt in escrow,the City shall hav�the right fo certlty the unpeid balance to the <br /> aubjed property pursuant to Minn.Stei.§§A16.01 and 366.092. <br /> CITY: CITY OF ORONO OWNER . �'t !# <br /> � _ s,,. ��.�-- ,�'� � .. <br /> �. <br /> V <br /> Its: �1 �� Its' <br /> l��i�s�or�iy��� :��t;oM��to��h:�t���.�m�n��' crt�o�r�:�aoiri�r:�l�.__��pi►-t���t_ptte � <br /> Updated: Januery 2014 <br /> � <br /> � <br /> � <br /> I <br /> I <br />