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zMOL.ITION PERMIT 2014-00099 <br /> ESCROW AGREEMENT <br /> I Q� <br /> AGREEMENT made this e day of , 20N y and between the CITY OF ORONO, a <br /> Minnesota municipal corporation(-City')and Norman H y(`Owner "). <br /> Recitals <br /> 1. An application for a demolition permit has been filed for demolition of a principal structure and an <br /> accessory structure located at 225 Old Crystal Bay Road South("Subject Property')legally described as: <br /> 2. In conjunction with the demolition, erosion control measures are required as shown on attached <br /> Exhibit"A'. <br /> NOW.THEREOFRE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow <br /> Agreement,the Owners shall deposit$2,500 with the City. All accrued interest, if any,shall be paid to the City to <br /> reimburse the City for its cost in administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City <br /> for all out-of-pocket costs (including planning, engineering, or legal consultant review) the City has incurred to <br /> assure that the erosion control measures are installed and maintained so the property complies with the <br /> provisions of Orono City Code Chapter 79. The financial security may also be used by the City to eliminate any <br /> hazardous conditions associated with the work and to repair any damage to public property or infrastructure that <br /> is caused by the work. If compliance with the approved Land Disturbance Permit is not accomplished within the <br /> allowable time period,the City may bring the project into compliance by use of the security. <br /> 3. RIGHT OF ENTRY. The Owners hereby grant the City, its agents, employees, officers and <br /> contractors the right to enter the property to perform all work and inspections deemed appropriate by the City in <br /> conjunction with the required erosion control measures,including but not limited to constructing or completing any <br /> and all of the agreed upon improvements should the Owners'contractor not complete those improvements by the <br /> date specified herein. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs,the City will in turn <br /> send a bill to the Owners. Owners shall be responsible for payment to the City within 30 da <br /> receipt of bill. <br /> 4. DISBURSEMENT FROM ESCROW , <br /> payment to the City within the timeframe outlined in#3 <br /> all expenses invoiced pursuant to#3. The City may dra • <br /> Vkt <br /> Owners to reimburse the City for eligible expenses the( I w I^pr-� <br /> 5. CLOSING ESCROW. Any remaining a LiAl\- v' <br /> faithful performance of the plans and specifications ar <br /> completion and inspection of all such measures and <br /> Property. '�] <br /> 6. CERTIFY UNPAID CHARGES. If the prc �p� , i "'r <br /> incurred by the City exceed the amount in escrow,the Cit) ^0 T + <br /> subject property pursuant to Minn.Stat.§§415.01 and 36E l/W <br /> CIT Y 1OF1 0 RONO <br /> By: WI VV 1I Vii.!�i� 4 <br /> Its: <br /> 11 / 1 AI L. v lit <br /> MOP <br /> Internal Use Only: - t riginal to Finance Department etreet Fife <br /> 150784 <br />