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� -� <br /> DEMOLITION PERMIT o D D <br /> ESCROW AGREEMENT <br /> AGREEMENT made this��day of D o 20 �� by and between the CITY OF ORONO, a <br /> Minnesota municipal corporation("City")and ra �<.s- c,_L'_ ("Owners"). <br /> Recitals <br /> 1. An application fQ r� a demolition permit has been filed for located at <br /> �aQ �-���o� � �(�c,.�.��,✓yi� ("Subject Property") legally described as <br /> 2. In conjunction with the demolition, erosion 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$2,500 with the City. All accrued interest, if any, shall be paid to the City to 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 control measures are installed and maintained so the property complies with the provisions of Orono City <br /> Code Chapter 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 property or infrastructure that is caused by the work. If <br /> compliance with the approved Land Disturbance Permit is not accomplished 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 /> contractors 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, inGuding but not limited to constructing or completing any and <br /> all of the agreed upon improvements should the Owners' contractor not complete those improvements by the date <br /> specified herein. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in tum <br /> send a bilt to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt <br /> of bill. <br /> 4. DISBURSEMENT 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 Work Order until the Owners pay all expenses <br /> invoiced pursuant to #3. The City may draw from the escrow accourrt without further approval 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 security deposited with the City for <br /> faithful performance of the plans and specifications and any related remedial work will be released after the <br /> completion and inspection of all such measures and the establishment of final stabilization for the Subject Property. <br /> City Staff shall review the terms of this escrow agreement two times per year to determine whether the requirements <br /> of the project have been successfully completed and whether it is appropriate to retum the funds. Owner may also <br /> request the release of the funds, and such funds shall be released upon City Staff receiving the appropriate <br /> verification that all requirements of the project have been successfully completed. <br /> 6. CERTIFY UNPAID CHARGES. ff the project is abandoned by Owners, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. St . §415.01 and 366.012. <br /> CITY: OF O ONO OWNERS: <br /> By: <br /> Its: S�C P'���� <br /> Internal Use Only: G Original to Finance Department CI Copy to Street File <br /> Form Last Updated: January 2015 <br /> 150784 <br />