2016-00828 - escrow fee - Laserfiche WebLink

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ESCROW AGREEMENT DEMOLITION PERMIT#2016-00658 AGREEMENT made this 1�� day of J , 20 .I , by and between the CITY OF ORONO, a Minnesota municipal corporation ("City")and David'&Julia Klema("Owners"). Recitals 1. An appli ion for a demolition permit has been filed for an in-ground pool located at 40 Orono Orchard Road North ("Subject Prop rty") legally described as Lot 9, Block 1, Orono Oaks, Hennepin County, Minnesota. 2. In conjun ion with the demolition, erosion control measures are required as shown on attached Exhibit "A". NOW,THEREOFRE,TH PARTIES AGREE AS FOLLOWS: 1. DEPOSI OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Owners shall deposit$ ,500 with the City. All accrued interest, if any, shall be paid to the City to reimburse the City for its cost in administerin 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 (including planning, engineering, or legal consultant review)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. If compliance with the approved Land Disturban Permit is not accomplished within the allowable time period, the City may bring the project into compliance by use of he security. 3. RIGHT F ENTRY. The Owners hereby grant the City, its agents, employees, officers and contractors the right to enter the prop rty to perform all work and inspections deemed appropriate by the City in conjunction with the required erosion control easures, 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. 3. MONTH Y BILLING. As the City receives consultant bills for incurred costs,the City will in turn send a bill to the Owners. Owner shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBU SEMENT FROM ESCROW ACCOUNT. In 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. he City may draw from the escrow account without further approval of the Owners to reimburse the City for eligible expe ses the City has incurred. 5. CLOSI G ESCROW. Any remaining amount of the financial security deposited with the City for faithful performance of the plan and specifications and any related remedial work will be released after the completion and inspection of all such me sures and the establishment of final stabilization for the Subject Property. City Staff shall review the terms of this escrow greement two times per year to determine whether the requirements of the project have been successfully completed nd whether it is appropriate to return the funds. Owner may also request the release of the funds, and such funds s all be released upon City Staff receiving the appropriate verification that all requirements of the project have been succ sfully completed. 6. CERTI Y UNPAID CHARGES. If the project is abandoned by Owners, or if the eligible expenses incurred by the City ex ed the amount in escrow,the City shall have the right to certify the unpaid balance to the subject property pursuant to Mi n. Stat. §§415.01 and 366.012. CITY: CITY OF ORO ID OW ERS: By`7 Its:` c; 44. De,/• al ecT/r 150784