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LAND ALTERATION PERMIT ESCROW AGREEMENT <br /> Orono Permit#2010-00428 <br /> AGREEMENT made this��' day of �v.r , 2010 , by and between the CITY OF ORONO, <br /> a Minnesata municipal corporatian ("City") and_ �.ch L Z.CS:i1(� <br /> (�Owners"). <br /> Recitals <br /> 1. A permit application has been filed for land alterations in order to correct a failed lake yard slope <br /> located at 1331 North Arm Drive the ("Subject Property"), legally deseribed as LQts 4 & 5, Block 7, Saga Hill <br /> Revised, Hennepin County Minnesota. <br /> 2. Qwner requests the City to reuiew this application. <br /> 3. The City will commence its review of the application and incur costs associated with said review <br /> only if the Ownzr establishes an escrow to ensure reimbursement to the City of its costs. <br /> NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement, the Owners shall deposit$2,OQ0 with the City. All accrued interest, if any, shall be paid to the City to <br /> reimburse the City tor its cost in administering the escrow account. <br /> 2• PURPOSE OF ESGROW. The purpose of the escrow is to guarantee reimbursement to the City <br /> for all out-of-pQcket costs the City has incurred (including p(anning, engineering, in excess of $500, or legal <br /> consultant review) or u�rill incur in reviewing the plan. Eligible expenses shalf be consistent with expenses the <br /> Own�rs would be respansible for under a fand use permit application. The escrow will also guarantee <br /> reimbursement to the�ity for all out-of-pocket costs the City has incurred to assure that the wark is completed in <br /> accordance �nrith the Stormwater Pollution Rrevention Rlan and the provisions of Orono City Code Chapter 79. <br /> The firancial security may also be used by the City to eliminate any hazardous conditicans associated with the <br /> work and to repair any damage to publiG property or infrastrueture that is caused by the work (including planning, <br /> engin�ering, or legal consultant review) assaciated with land alteration permit#2010-0�428 if compliance with <br /> the apprQved building permit is not accomplished. <br /> 3. MONTHLY BILLING. As the City receives consuftant bills for incurred costs, the City will in turn <br /> send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' <br /> receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW ACCOWNT. In the event that the Owners do not make payment <br /> to the City within the timeframe outlined in#3 above, shall issue a 5top Work Order unUl the Owners pay alf expenses <br /> invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to <br /> reimburse the Gity for eligible ex�enses the City has incurred. <br /> 5. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be returned to the <br /> Owners when the review has been completed and written notification is received from the Qwners requesting the <br /> funds. <br /> 6. CERTIFY UNRAID CHARGES. If the project is abandoned by Qwners, 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 pro erty pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CITY: `CITY F NER: <br /> By: r �` <br /> } — <br /> ItS. r�Y.,�(YA,. �G-f� ' <br />