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, i ✓ ESCROW AGREEMENT Demolition Permit#2015-41386 Land Use Application #15-3767 AGREEMENT made this 29th day of OCtOber . 2015 , by and between the CITY OF ORONO, a Minnesota municipal cwporation("City'� and Jon Ressler{"Owners°). Recitals 1. An application for a demolition permit has been flied for an accessory structure located at 3683 Nort� S6ore Drive(`Subject Property°)legally descxlbsd on attached Exhibit"A". 2. En canjunction with tt�e demolitian,erosion corrtrol measures are required as shown on attached Exhibit aBs NOW,THERE�FRE,THE PARTIES AGREE AS FOLLOWS: 1. DEP081T OF �SCRDIN FUNDS. Contemporaneously with the execution of this Escrow Agreemerrt, the Owners shali deposit$2,500 with the City. All accrued interest, if any, 5hall be paid to the City to reimburse the City for its cost in administering the escxow accourrt. 2. PURPOSE O� E8CROW, The purpose af the escrow is to guararrtee re�mbursement to the City for all out�f-pocket costs (including p[anning, engineering, or legal consuttant review)the City has incurred to assure that the erosion control measures are installed and maintained so the property compfies with the provlsions of Orono City Code Chapter 79. The flnancial security may also be used by the City to eliminate any hazardous conditions associated with the woric and to repair any damage to public property or infrastructure that is caused by the work. If compliance wlth the approved Land Disturbance Permit is not accomplished withln the aliowable time period, the City may bring the project into compliance by use of tl�e security. 3. RIGHT OF ENTRY. The Owners hereby grant the City, its agents, employees,officers and contractors the right to enter the property to perform aEl work and inspections deemed appropriate by the City in canjunction with the requlred erosion coritrol measures, incfuding but not limited to constructfng or completing any and all of the agreed upon improvements should the Owners' contractor not complete those improvemenks by the date specified herein. 3. MONTHLY BILLENG. As the City receives consultant bills for incurred costs,the City will in tum 5end a bill to the Owners. Ovmers shall be responsible for paymerrt to the City within 3D days of the Owners'receipt of bill. �4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event khat the Owners do rtot make paymerrt to the City witt�in the timeframe outllned in #3 abave, shall issue a Stap Work Order until the Owners pay all expenses invalced putsuarrt to#3. The City may draw from the escrow axourit without further approval of the Owners to reimburse the City for eligible expenses tl1e City has incurred. 5. CLOSING ESCROW. Any remaining smount of the financial security deposited with the City for faitMul performance of the plans and speafications and any related remedial work will be released after the completion and Inspectlon of all such me�asures and the establishment of final stabilization�or the SubJect Property.City Skaff shall rev{ew the terms of this escrow agreement two times per year to determine whether the requirements of the project have been successfulry completed and whether it is appropriate to retum the furtds. Owner may also request the release of tlie funds, and such funds shall be released upon Clty Staff receiving the appropriate verification that all requlrements of the project have been succeasfulfy oompleted. 6. CERTIFY UNPAID CHARGE3. If the project is abendoned by �wners, or if the eligible expe�ses Incurred by the Clty exceed the amaurrt in escrow,the City shall have the right to certlfy the unpaid bafance to the subJect property pursuant to Minn. Stat. §§4'15.01 and 366.012. CI'rY; CITY OF ORONO O ERS: Sy: � ,' �� b �� t��`��.�Il � �ts: ��E'll�l I� � �,�I� ��u� �: � a c�� �