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� 12/2�;/2011 14:21 FAl� 952b937623 f�001 <br /> DEMO�ITION PERMII"2011 •• � �S�B <br /> ESCROIN AGREEMENT <br /> At3RE�MEN'1'm�da thls�day of 1���t+.i'- . 2p� by and between the CITY O� ORnNO, a <br /> Minhesota muhlolpsl corporatfon(`Clty'�snd�uerdl�Development Group,LLC("Owners"). <br /> R�� <br /> 1• An applfcation tor a demoqtion permit hAa been flled for the pr�ncipal structura end two(�)�cceseory <br /> �uctttros, a datached get�aga end pool lor.ated ai S4D North Arm Dr1va (`Subjeot PropeAy") te8ally deawibed es <br /> Lot 10,Blcck 1,Pfretaa Cave,Nennepin County, Minnesote. <br /> 2. In oqh)ur�otlon wlth tito demoliqvn eroslon controi measures ave roqulred as shoWn on �ttaohed <br /> Exhibit�A�. <br /> NOW�TN�,REOFRE,THE PARTIES AmR��AS Fpf.�pWS: <br /> 1. p�P05lT O�ESCROW FUN08. Contemporanaously wlth the oxecutlon of this EscroW AQreemant, <br /> the Owmers ahefl dap�lt S2,OOfl wlth tha Clty. All eCcrued i�terest, It eny,ahel!b�pald to the Clty to reimburse tho <br /> City for its cost In adminiatering the esaraw account <br /> 2 PttRP08E Of EBCROW, 7he purpase of#he escxow la to guaranE�o�eimbursement to the Clty for <br /> eil out-of-pccket ooata{Inaiuding ptanning,englnaerfn�,or legal oanaultant roview)!he City hqs Inaamed tc asaure thet <br /> the e�oslon�ontrW�asures$re instatled and melntainsd sa!he�ropecty cornpUea W1th the provlelaaa af Orono City <br /> Cqd� Chaptat Z8. The finpnC181 secutity may �iso be ussd by the C{ty to ;ellminete erry hatardou� condiilons <br /> assocleted with the Woric end to repair any demage to publlc properEy or 3ntrast�cture that is caUBed by th�0 woric. If <br /> compltance wlth the appcoved l.end pisturbancs Permtt is not eccompllahed wlthln ihe alJrnae6ls tiine pe�tod,the Clty <br /> may brlrtg ihe project 3Mo comptienc8 by'use cf fhe aoeurity, <br /> 3. Wol�'l' Q[� ENTRY. The 4wners heneby gtant the Cfiy, ita g9ents, emplo�reee, offlcece and <br /> con#raaEors the:t)ght ta enter the propefty to perfa►m all work and in�pec�tions deamed approprlt�te by the C(ty In <br /> oonJunction wlth the requlred eroslon cantrol rneasure$,fnaluding bUt not Ilmlted'La construcEtnp�or�ompieting eny and <br /> eli of the egreed upor� improvaments should ihe:Qwners' c�ntractor not oompiete those impfovemer�ts by tf�e data <br /> specifled he�ein. <br /> 3. MONTHLy BILUNG, As the City reoeives coneult�nt bilis toc Incurred oosts, the City wtll In tum <br /> send a bUl to the Owner�. Owners shall!�e 1+eapons(6ie for peyment to the Clty within 30 days of th.Owners'roceipt <br /> of bNl. <br /> 4. DI8BUR$�MENT FRpM ESCR�W ACCOt�NT. In thA event that#he Owners da not meke,paytnant <br /> to tho Clty wlthin the Elmefreme autlFt�ed tn t►3 sbQva,ah�li'I��ue a 8top Ntork Dtder uMlt the Ow�ere pay a11 expeasee <br /> involcad purauant to #3, The Clty mey draw from xhp escrow acacwnt v�iti'+out turther spprovel of the �tirne�s to <br /> reimburse the Clty{or eliglbl�eupenses#he City ha8 fncurred. <br /> 6, CLOSINt3 ��CROW. Any 1•atn�INnq emour�t of th4 flhanda! sect�tity deposlted wlth the City for <br /> falthful prrformenoe of the plenc and epocNioaqone end any rqle�bed romedlel wo�lc wpl pe reteasac! after the <br /> aompl�tfon and in�poctiat of aii such mao�eures and tlte ostebllshment of flnel stebiUz�tlon far the SubJect PrapeRy. <br /> CERTIFY UNPAID GHAR�ES. 1}the proJeot 19 a6andoned by OWnere, or If ths eli�lb(e expanaes <br /> incu d � the Clfy excaed the amourrt in amoraw. the City shall heve the right to oerdfy the unpetd 6atance to the <br /> aub�e�t p pvrty pu,�u�t to Minn.Stat.§§4t6.p1 and 888.012, <br /> CITY: � NO �� OWNER.,�: � <br /> gy; _ �9.t�.� � , f r3���4,"'°"L4(. <br /> � — <br /> �t�: �c�: <br /> [�bernN U�e Ou�y� �Copy to Owaer d O�lefoal to Plnance Dep�rtmat G Copy to 8tr+eet F11e <br /> 150784 <br />