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DEMOLITION PERMIT 2010- ESCROW AGREEMENT AGREEMENT made this�day of �r; C , 2010, by and between the CfTY OF ORONO, a Minnesota municipal corporation ("City") and.Gerald A. Ackermann and A c! M. Mehta ("Owners"). Recitals 1. A demolition permit application has been filed for the house located at 3530 North Shore Drive the ("Subject Property"), legally described as Lot 4 Block 2, Baldur Park, Hennepin County MN. 2. In conjuncfion with the demolition erosion control measures are required. Attached Exhibit A is a sketch showing these measures. NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit$2,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow account. 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 to assure that the erosion control 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 eliminate any hazardous conditions associated with the work and to repair any damage to public property or infrastructure that is caused by the work (including planning, engineering, or legal consultant review). If compliance with the approved Land Disturbance Permit is not accomplished within the allowable time period, the City may bring the project into compliance by use of the securiry. 3. RIGHT OF ENTRY. The Owners hereby grant the City, its agents, employees, officers and contractors the right to enter the property to perform all work and inspections deemed appropriate by the City in conjunction with the required erosion control measures, including but not limited to constructing or completing any and all of the agreed upon improvements should the Owners'contractor not complete those improvements by the date specified herein. 4 MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send a bill to the Owners. Owners shatl be responsible for payment to the City within 30 days of the Owners' receipt of bill. 5. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do 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 Owners to reimburse the City for eligible expenses the City has incurred. The City shall notify the Owners of such draw and the nature of the expense for which the reimbursement is being made. If the Escrow amount falls below 75% of the original escrow amount the Owners shall deposit additional sums as directed by the City, or the City issue a stop work order. 6. CLOSING ESCROW. Any remaining amount of the financial security deposited with the City for faithful performance of the plans and specifications and any related remedial work will be released after the completion and inspection of all such measures and the estabfishment of final stabilization, for the permitted site or common plan of development or sale. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the subject property pursuant to Minn. Stat. §§415.01 and 366.012. CI : CtT OF OWNERS: i By: `_ Its: �.CC�w��.,-�- �,, �., ��,�s,-, �� .�, �.�- � .� A �., ..__.: ._ ,..,��.�.�"�""�'� ,��.A,r,�grnaY¢flaE'�aa;nce;I,I�epat'�'�pen.t '=�` ` �`��'s4F3':�.o�5treet�ile" c 'lIIAORF11f M.IiAORNN NOITARY PtIBLIC•IY�W�E8pTA 1b►�lion E�Y�t�1.�t.Z018