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DEMOLITIDN PERMtT <br /> ESGROW AGREEMENT <br /> AGR��N#�T mac+�this �� c[ay of_ . 20 , by anci b�tv�een t=�e CtTY' OF ORONO, a <br /> M�nnesota munici}�al curpora�o ("City")and__ {"C}�,uners"). <br /> Recitals <br /> 1. An application fo�a demolition permii has been filed for / located at <br /> \ {"Subject Property"} I gally des ibad as <br /> 2. 3n conjut�c#ior+ v�ith #�e de litian, era�ian conirol meas�sres-a�e reGi+ife� staown on attac?aed <br /> Exhitrit"8"_ <br /> NOW,THERE�FRE,THE PARTIESAGREE S FOLL�WS: <br /> 1. DEPOSI7 OF ESCROW FUNCIS. t�ontemporaneously witM fhe exe tion of this Escrow Agreement, <br /> the Ownars shall daposit$2,500 with the Ciry. A!i a�crued interest, if any�shall b paid to the City to reimburse the <br /> City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESGR�W. The pur�ose f the �scraw is to arantee reimbursement t� the City far <br /> afI�ut-cf-pockei cnsts(inc(uding plai�ning: enginearinc�, ar!e,al cr�nsult�nt r ie�n;)the Clry has incurred to assure t9,at <br /> the erasicn contrcl measures are insialle�� and maintair�ed sa the�ropp complies with tf�e pmtrfsions of Orono City <br /> Gode �hapter P'9. Th� ftriancial sec�rity may alsa be use ' by tMe ity te eliminate any ha�rdous conditions <br /> associatQd with tl1e�vcark ar�d.Q repair any damage to public pro eR�! r infrastruciure that is caused by the+,uork. If <br /> comptiance with the apprr3ved Land t7isturbance Permi[is not acc 'ptPsned witfi'rn ihe ailowabie time perrod, the Clty <br /> rrtay bring thQ praject into compliance by use of the security. <br /> 3. RIGHT OF ENTRY. The Owners hereby rant t e City, its agents, empioyees, a�icers and <br /> erxitract�rs the right to enter the property to �erfc�rm a!I w rk�anr_i in�aactions ctee�ed a�propriate by fhe CiEy in <br /> conjunetion uri?h the required erosion controV measures, inc diny but no.�1i +?ed:o eor�strucii�g or compieting any and <br /> all �f the ac�reed �ipon improvaments should the �wnt;r cantraetor nef c�mpiete those improvernents by the date <br /> specified herein. <br /> 3, MO�ITHLY BILLth1G. As tha Cit ;ecetves consu'stant bilis � ir�curced c:;st�, tne Ciiy evilt in turn <br /> send a bill to the Owners. Owners shal! be resp si61e far payment to ihe City�+vithin 30 days of the Owners' receipt <br /> of hill. <br /> 4. DISBURSEMENT FROM CROW ACGOUNT, In the eveni that t Owners do not make naymen# <br /> to th�City w:thin the t;msf�ame outiined in . 3 above, shadl issu�a S�Vdork Qrde��;n�i!th�e.Q�vr�e��s p�y all expenses <br /> invaicec9 pursuant to #3. The Gity ma drw f-�m tn� esc-o�v account �,r�ithaut fufth�r appravai af the ��ners to <br /> reimburse the City for eligibie ex�ens� #ho Gity dias incurred_ � <br /> 5, CLOS(NG ESCR W, An� rem;�ir,ing 3mou�t r�i?he finan�ial security deposi'ted with the City for <br /> faithful performance of the plan and specifications and any related remediaf work wil! be released after the <br /> completion and inspection of all such measures and the establishmant of fina( stabilization for the SubjBct Property. ; <br /> City Staff sha!! review the terms of ihis,-escrow agreement two times �er year to determine�,vhether the requirements ' <br /> of ttie project have been successfuil�+complated and whether it is appropriate to return the funds. Ow�ier may afso <br /> r�quest the reiease o# Itie funds," and such funds shall be releassd upen Cify StafF receiviny the a{�pro�riate <br /> verification tha�al!requir-em�nts of ti�e Nrojec.#?-�ave been successfufiy comp{et�d. <br /> 6. CEftTiFY 1lNPAID CHARGES. if the project i� abandaned by Dsr�ners; or if the elig b'e expenses <br /> ;ncurrati by the Gity exceed the amt�urit in escrow, the �Ky shail have tre rfght to ce-�ify !he unpaid balar�e:e ta the <br /> subject property pursuant to Minn. Stat.§§415.41 and 366.012. <br /> ClTY: CITY OF ORt�NO QWNERS: <br /> By: � <br /> I t9: — � <br /> [n{,�ri3�t1 CTse t�u1y: O(3t7g4na1 te l�naucc 1}e�urtener�t t7 Ct�p,Y t�Sie�;c:t File ^� <br /> Fom3 Lasi tlpdafed: January'LOiS <br /> ISU784 <br /> i <br /> __. .. ... ... . .. ...... . .._ .... . . . . ...... .. ... . ... . . .. . <br />