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, r ` DEMOLITION PERMIT O�SDI�O-Ol 333 ESCROW AGREEMENT AGREEMENT made this 1 � �(�1�-�' 20 1.6 �day of , T by and between the CITY OF ORONO, a Minnesota municipal corporation("City") an ("Owners"). Recitals . 1 �LAn� application for demolition permit has been filed for D'Yl located at �5 �� ut,6�"4Q �lU �a� � ("S bjf� a S Prope ) , I gally described as 2. In conjunction with the demolition, erosion controi measures are required as shown on attached Exhibit"B". NOW,THEREOFRE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit$2,500 with the City. All 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 Ciry for all out-of-pocket costs(inGt�ding planning, engineering, or legal consultant review)the City has incurred to assure that the erosion control measures are installed and maintained so the property complies with the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is caused by the work. If compliance with the approved Land Disturbance Permit is not accomplished within the allowabie time period, the City may bring the project into compliance by use of the security. 3. RIGHT OF ENTRY. The Owners hereby grant the City, its agents, empioyees, officers and contractors the right to enter the property to perform all work and inspections deemed appropriate 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 should the Owners' contractor not complete those improvements by the date specified herein. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in tum send a bill to the Owners. Owners shall be responsible for payment to the Ciry within 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timeframe outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to reimburse the City for eligible expenses the City has incurred. 5. CLOSING ESCROW. Any remaining amount of the financial security deposited with the City for faithful 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 stabilization for the Subject Property. City Staff shall review the terms of this escrow agreement two times per year to determine whether the requirements of the project have been successfully completed and whether it is appropriate to return the funds. Owner may also request the release of the funds, and such funds shall be released upon City Staff receiving the appropriate verification that all requirements of the project have been successfully completed. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. CITY: CITY OF RONO OWN . By: its:��/j,�/l VL�� � o � " ' o ' � ` � Form Last Updated: January 2015 150784