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12/23/2011 14:21 FAX 962&937623 (�001 <br /> DEMOLITION PERpAIT 2011- d �5�8 <br /> ESCROVII AOREEML�IT <br /> AflRE�MEN'1'ma�de thla�day of���ra�— ., ZO�, by and betwesn �o CtTY O� ORONO, e <br /> Minn.aota muhlafp�l corppnitfoh('Clry'��nd Ouerdla Dev�lopment l3roup,LLC("Ownera"). <br /> g c�t,+� <br /> 1. An appllcation for e demoqtbn psrmit hAa been fliad for the principal structure end two(2)�tcceesory <br /> sttucturms. a deteched gettqpe end pool IoCated ai 940 North Arm Driw (`5ubjeot Property") le�elly des�ibed as <br /> I.ot 10,Black 1,Pirate�a Cove,Hen�pin County,Minnesate, <br /> 2. In oohJunotlon with tha demoliqon eroslon control measures are roqulred as shown on attaohed <br /> Exhibit"A'. <br /> NOW,TH�RLOi�RE,TH�PAItTIES AORl�A8 FOf.LOWS: <br /> 1. Q6P051T O�EBCR�W FUNOS. Rontemporaneously wtth the exacueon c�f this Escrow Apreement, <br /> !he Owr�sra ahafl doposlt S2�OQ0 with the Clty. Ail e�crued trtterest, It eny,ahell ba pald to the Clty to reimburse tt�a <br /> Clty for its cost In administeNng the es�ow account. <br /> '2• PURP08E O�EgGROW. 7he.purpase oE the escrow!a to guaranEee reimburaement iv the Clty for <br /> ail out-ot packet.coats(Inaud�n�.p�anntn�,engtnse�n;�,arle9el oansultant tevlew)ti10 Cityh4s Incurred to asaure thet <br /> the,eroslon ccntrW meastcres are inatatEea and meinEeined sa:t�le property compllea Wwlth the provielona of"Orono City <br /> �ode Chaptar 76. The fin�nC�l secutity may �tso be uBed by the C{ty b::elhNnete anY hazurdoue conditlons <br /> assocleted with the wortc end ta c�palc eny den�ge,to publlc property oriMrastnadiue lhat is:aaueed.by the wcxtc. {f <br /> compHance wtth the appcoved t.end Pis#urbanCe Pecmit�s aot accdmpilahdd w!!h!n'the allaArebte;time periad�the Clty <br /> maY brin0 the.P�l�t t�ta�compilena�6�use�#he svcurlty, <br /> 3. F21Gl�t't` OF ENTRY. The 4w�e�s .hereby 9cant the CitY� �� 88eryts� amployaes, o�Ice�s end <br /> �vrttraators ihe.righY to entet tha prpperty to perform e{I work:end inapec�ons daemed �PProA�ata_by.the Ctly I►t <br /> oataJunction wlth the t�qtJN'ed erasto�t cor�bl measti�esi inoluding'bUf nnt Ilmltsdto aonstcur�ing or completic�eny�nci <br /> ell of the:�rcad upor� 4mprovaments shqutd the Owner�'ao�ttractor not oomplete thasa improvaments by the.date <br /> speci�ed herein. <br /> 9, MONYFILY BILLIN6, As the City reoeives coneult�tnt bills tor Incurred c�nata, the Ciiy wfll In tum <br /> send a bin to the Ownera, Owners shell be rfspons161e for payment to the Clty wifhin 3a daya of ths Ownera'reoeipt <br /> of bNl. <br /> 4. DI8BUieSEM�NT FRp141:E�CRQW-AGGpUNT. In ths eventthat ihe Ownera tla nat make.payma�tit <br /> to the Cfty within the tlmofreme outllned fn'�t3�bove,a1teIl:.lssue;a;BtQp:WnrlrDrderuMlt the Ownefs p�y ell expeaeae <br /> invotcsd purauent ta #3. The CNy mey draw frc,m tha eanrow acocwRt vVit�out lurther qpprovel ot ttte UWnecs � <br /> reimburse the Clty fcr ell�tbl�expene��the Ctty+ireg Inatitred. <br /> 6, CLOSlNO �8GROW. Any rwnalntnp emour�t o1'th4�r�ancla! �ecurlty dsposlf�ed wlth;tNe�.Gity for <br /> faithful p�rformen� ot the plens end epeclfloaqone end any rqlelb9d remedtai Wcrk w111 ps �teteased aRer the <br /> compistfon and inspeotlon of ell euch mraouree ane qte.stebll�hmenk aFflnel cteWllzatlon far N4e:subJecc Prape�.y, <br /> CERTIFY UNPAID CHAROES. If the proJeat ts a6�ndoned by Ownere, or if�+e e{Igtqte expenses <br /> incu d � tha Clty exped th� e�mourrt In ascxow, the Clty eltall heve the right to oer�fy the unpeld 6atane�to the <br /> subJeM p porty pu to Mlnn.Stai.§§416.01 e11d 888.012, <br /> CITY: �C r10 � OWNER�: <br /> 8yc � _ ��`-rs-w� ' F ' ��✓t�ar��. <br /> , <br /> Ita;. Its: <br /> i I�6wretl Up Oa�jn �CopY to Owna' O OrlBlod to Fimuae Dep�q�tmn,t �CoPY to 8tr+eet F1k <br /> I50784 <br />