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BUILDtNG PERMIT ESCROW AGREEMENT AGREEMENT made this��. � dy of �-rn�y, 2009 , by and between the CITY OF ORONO, a Minnesota municipal corporation{"City")and G\�r�t T, NE'DD�2�M E�E 2 [individual or entity applying for permit]("Applicant"). Recitals 1. Ap li s filed an A lication for a building permit formally requesting the City to review plans for a (circle one) ew principal structure / addltion to a principal structure / accessory structure / addition to accessory stru ure r(explain) located at 31g� 1So22T�1 �HaR� �H2�vE the"Subject Property"), as more fully shown and described on Exhibit"A°attached hereto. 2. Applicant requests the City to review said ptans which requires City approval inGuding �ira�m� 3. The City will commence its review of the application and incur costs associated with said review only ff the Applicant establishes an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIt OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Applicant shall deposit$2,500 with the City. All acc;rued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escxo�ni accourit. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all out-of-pocket costs the City has incurred (including planning, engineering, in excess of $500, or legal consultant review) or will incur in reviewing the plan. Eligible expenses shall be consistent with expenses the Applicarrt would be responsible for under a zoning and subdivision application. 3. MONTHLY BILLING. As the City receives consultarrt bills for incurred costs, the City will in tum send a bill to the Applicant. Applicant shall be responsible for payment to the City within 30 days of the ApplicanYs receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Applicant does not make payment to the City within the timeframe outlined in#3 above,the City may draw from the escrow account without further approval of the Applicant to reimburse the City for Eligible expenses the City has incurred. The City shall notify the Applicarrt the Applicarrt of such draw and the nature of the expense for which the reimbursement is being made. If the Escrow amourrt falls below 75% of the original escrow amount the Applicarrt shall depos� additional sums as directed by the City,or the City shall discontinue review and post a Stop Work Order. 4. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be retumed to the Applicant when the review has been completed and written notification is received from the Applicant requesting the funds. 5. CERTIFY UNPAID CHARGES. If the project is abandoned by Appficant, or if the eligible expenses incurred by the City exceed the amourrt in escrow, the City shall have the right to certify the unpaid balance to the subject property pursuarrt to Minn. Stat. §§415.01 and 366.012. '� CITY: C O O APPLICANT: By: ` By:�-'��"`'"-, �—�-�-�-�� X its:� � By: - 15-