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. DEMOLITl�N PERMIT Z(�(�j�" �I�>',�..� ESCROW AGREEMENT AGREEMENT made tni� !��'`day of l�,�y�_<?e,- ____. 2C� 1�_, by �nd betwesn the CITY OF ORONO, a �.1s"nnesota municipal corparation("City )and LYc�5ti�,{��f�'�,/� {"C3wners")'.� N C f�1 Sl�l�f� i'��A4�0� L�-�- Recitals S}'7�,(,�(/Y� 1. An applic;ation far a �emolitic�n ,�errnit has be�n filed for'�'�. 1/I,11�2Q(-, lacated at Z Z�f� N 01�'1 SVIA rfi; ,��Y� S � {"Subject Prope�yti j legally �cJescribed as � �. P�ou� , c c th ��n e �� _ 2. in conjunction with the demolition, erc,sion control measures are required as shown on aitacheci Exhibit"B" NOW, THEREOFRE,THE PARTIES AGREE AS FOLLOWS: L DEPOSIT QF ESCROW�UNDS. Contemporaneousiy with the exe�ution of this Escrow Agreement, the �wners shali deposit $2,500 with the City. Ali accrued interest, if any, shall be paid to the City to reimburse the Csty far its cast ir� administering the escrnw accounf. 2. PURPOSE C)F ESGROW. The purpose of the escrow is to guarantee reimbursement to the City for all out-of-pocket costs�including planning, �ngineering, ar legal consuftant review)the City has incurred to assure tha# the erosion contro! measures are installed and maintained so the property complies with the provisions of Orono City Code Chapter 79. The financial security may also be used by the City to elEminate any hazardous conditions associated with the work and to repair ar�y damage to public prppetty or Infrastructure that is caused by the work. If comp{iance wi#h the approved Land Disturbance Rermit is not accomplished within the aitowable time period, the City may bring the project into compliance by use af the security. 3. RIGHT OF ENTRY. The Or+vners hereby grant the City, its agents, employees, officers and contractors ths right to enter the praperty to perfonrr al# work and inspections deemed appropriate by the City in conjunction with the required erosion control mea�ures, including but not limited to constructing or comp4eting any and all af the agreed upon improvements should the Owners' contractor not complete those improvernents by the date specified herein. 3. MONTHLY 8lLLING. As the Caty receives consuitant bills for incurred casts, the City will in turn 5end a bilt to the Owners. Owners shall be respc�nsibie for payment to the Gity within 30 days of the Owners' receipt of biA. 4. DISBURSEMENT FROM ESCROW ACCOUNT. in the event that the Owners do nat make payment to the City within tha timeframe outlined in#;#abov�, shall issue a Stap Work Order u�til the 4wners pay all expenses invaiced pursuant to #3. The City may drarr� fram the escrow account withnut further approval of the Owners to reimburse the City for etigible expenses the City has incurred. 5. CLOSING ESCROW. Any remaining amount of fhe financia! security deposited with the Gity for fa+thful performance of the plans and speciflcatians and any related remedial work wiU be refeased after the completion and inspection of all such measures and the establishment of fina! stabilization for the Subject Property, Gity S#aff shall review the terrns of this escrow agreement two t�mes per year to determine whether the requirements af the project havP been successfully completed and whether it is appropriate to return the funds. Owner may also request the r�lease of the funds, and such funds shali b� released upon City Staff reeeiving the appropriate verifcation that all requiremerits of the project have be�n successfully;ompleted. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by awners, or if the eligible expenses incurred by Ehe City exceed the amount in eserow, the City shall have the right to certify the unpaid balance to Che s�bject property pursuant to M�rin. S#at. §§415A1 and 366.012. GITY: ITY OF �NO OWNERS: �p � �, r;� ' ` � By: ' �� z "/ its: � �'1{�!{ , /��' - :___ _..�._...--------_______�____ r------ ---- -- —�� ! internal Us�Only. O(}rigiaal to Finance�e�partmeet Ci Capv to Stree#File Form Last Updated: January 2015 I St�7R4