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T�MPORARY CERTIFICATE OF OCCUPANCY <br /> ESCROW AGREEMENT <br /> Orono Buitding Permit#2093-0�4306 <br /> AGRE£MENT made this�day of 1 I , 20� by and between the C17Y OF <br /> QRONO, a Minne5Cta municipal Corporati0n ("City°)and William Bowen ( O�vners°). <br /> ReeitaEs <br /> 1. Gonstruction of the new residence fo�ateci at 1376 E�or�h Arrrt Drive the ("Subject <br /> Praperty"), legally described as Lots 15 8� '[6, Block 8; Saga MilE Rev�sed in Oronfl, <br /> Hennepin County Minnesota, is the suh}eG`; oj buifding permit appficatior+ num�er 2013- <br /> 0'i 3Q8 has been corrpleted, <br /> 2. Winter canditions �urrentiy prahi6it campletion oF exterior irnprovements, finaf grading, <br /> and vegstatian estabfis�menf. An as-built survey cannot be accurately conducted at this <br /> time. <br /> 3. Owners request the City iss�e a tem�orary certifica;e o# occupancy ("7'CO"; to the <br /> Owners so that the Owners may occupy the new residence. <br /> 4. The C}ty wiil issue a TCO only if the Owners establish an escraw to ensure comp4etion of <br /> exterior improvements, continu�#ion oF erosion contra! and submittal of an as-buift surrey <br /> to the City. <br /> NOW TNEREFORE,THE PARTiE5 AGREE A5 FaL�OWS: <br /> 1. DEP051T OF ESGROW �UNDS. Contemporaneausly with the execution of this Escrow <br /> Agreement, the Owners shaEl deposit $1U,000 witn the C�ty. A!I accruec interest, if any, shaN be paid to <br /> fne City to reimburse the City for its cost in admintstering tne escrow account. <br /> 2. PURPOSE OF ESCRf3W. The purpose of the escrow is to assure complefior af any <br /> exterior improvemenfs, fin�l grading, establishmen; of vegatation as well as guarantee reimbursement to <br /> the City far al1 out-of-pocfcet cests the Ciry has incu�red (including plarsning, engineering, in axcess of <br /> $500, ar legal cansultant review) or wiil incur in re�iewing the plan. Eligible expenses shall be cansistent <br /> with expenses the Owners�vou!d be responsfble for under a buildirg permit appfication. The escrow wifl <br /> also guaran#ee reimbursement to the Gity fo� aU out-of-packet costs the City has incurred to assure that <br /> the work is compl�ted in accordance with the Stormwater Pollution Prevention Plan and the pro�isions of <br /> Orqno City Code Chapter 79. The financiaf security may also ba used by the Ci:y to etiminate any <br /> hazardous conditions associated with the warlc and io repair any dar,tage to puolic pro�erty or <br /> infrastructure that is caused by the work (including planning, engEneering, ar legal consultant review; <br /> associated with buifding permit #2013-01306 if compiiance with the apqroved building perrnit is not <br /> accomplisned. <br /> 3. MONTHLY BI�LING. As th� City receives consuftart bills for incurred costs, the Ci#y wil( <br /> in turn send a biil to the Gwners. Owners shail be responsible for payment to the City withir 30 deys oT <br /> the Qwners' rec2ipt of I�iA. <br /> 4. DiSBURSEMEP[T �ROM ESCROW ACC�UNT. {n the evenf that khe Owners do nat make <br /> payment to the City wiihin the timeframe outlined ir #3 above, snall issue a Slop Work Crder until the O�vners <br /> pay all expenses invoiced pursuant to#3. The City may draw from the escrow accounS without fuRher approval <br /> of;he Owners to reimt�urse the City+for eligible expenses the City has inct;rred. <br /> 5. CLOSING ESCRQW. 7he 8alance on d�posit in ths escrow, if any, shall be returned to <br /> the Owners when the review h�s been completed and written natification is receivea frvm tha Owners <br /> requesting the funcis. <br /> '155441 <br />