2017-00292 - escrow fee - Laserfiche WebLink

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I DEMOLITION PERMIT /7 flVo?3 ESCROW AGREEMENT AGREEMENT made this G�cYday of 14 20 / , by and between the CITY OF ORONO, a Minnesota municipal corpo ion("City")ander , 'ViLiS ("Owners"). Recitals 1. A ap•lication for a demolition permit has been filed for dC/3,76 located at a /, AAD i. Z_. .5 ("Subject Property") legally described as a ..7o ,kr $ subdI vI J/&11 440. 43,6 . 2. In conjunction with the demolition, erosion control measures are required as shown on attached Exhibit"B". NOW,THEREOFRE,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(incl ing planning,engineering,or legal consultant review)the City has incurred to assure that the erosion control measu are installed and maintained so the property complies with the provisions of Orono City Code Chapter 79. The fl andel security may also be used by the City to eliminate any hazardous conditions associated with the work a to repair any damage to public property or infrastructure that is caused by the work. If compliance with the approv d Land Disturbance Permit is not accomplished within the allowabie time period,the City may bring the project into pliance by use of the security. 3. RIGHT O ENTRY. The Owners hereby grant the City, its agents, employees, officers and contractors the right to e r the property to perform all work and inspections deemed appropriate by the City in conjunction with the requir erosion control measures,including but not limited to constructing or completing any and all of the agreed upon imp vements should the Owners' contractor not complete those improvements by the date specified herein. 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City will in turn send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBURS MENT FROM ESCROW ACCOUNT. M the event that the Owners do not make payment to the City within the time me outlined in#3 above,shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to #3. a City may draw from the escrow account without further approval of the Owners to reimburse the City for efgib expenses the City has incurred. 5. CLOSING ESCROW. Any remaining amount of the financial security deposited with the City for faithful performance of t plans and specifications and any related remedial work will be released after the completion and Inspection all such measures and the establishment of final stabilization for the Subject Property. City Staff shall review the t rms of this escrow agreement two times per year to determine whether the requirements of the project have been s ccessfully completed and whether It is appropriate to return the funds. Owner may also request the release of t funds, and such funds shall be released upon City Staff receiving the appropriate verification that all require nts of the project have been successfully completed. 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 prope pursuant to Minn.Stat.§§415.01 and 366.012. CITY: CITY •RON OWNERS: By: / , Form Lest Updated: January 2015 150784