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DEMOLITION PERMIT#2812-00527 <br /> ESCROW AGREEMENT <br /> /;� � � <br /> AGREEMENT made this /7 day of �UNr , 20 �� by and between the CITY OF ORONO, a <br /> Minnesota municipal corporation ("City")and Michael &Anne Sampls("Owners"). <br /> Recitals <br /> 9. An app(ication for a demolition permit has been filed for an accessory structure located at <br /> 495 Oxford Road ("Subject Property"}legally described on attached Exhlbit"A". <br /> 2. In con}unction with the demolition erosion control measures are required as shown on attached <br /> Exhibit"B°. <br /> NOW,THEREOFRE�THE PARTIES AGREE AS FOLL�WS: <br /> 1. DEPOSt7'OF E3CRt3W FIfNDS. Contemporaneously with the execution of this Escraw P`qresment, <br /> the Owners shali deposit$2,000 with the City. All accrued interest, if any, shall be paid to the City to reimburse the <br /> C1ty for its cost in administerfng the escrow accounf. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for <br /> all out-of-pocket costs (including planning,eng9neering, or legal consultant review)the Ciry has incurred to assure that <br /> the erosion control measures are instailed and mair�tained so the property complies with the provisions of Orono City <br /> Code Chapter 79. The financial securlty may also be used by the City to eliminate any hazardous conditlons <br /> associated with the work and to repair any damage to public property or infrastructure that is caused by the work. if <br /> compliancs with the approved Land Dlsturbance Permlt is not accomplished within the allowable time period, the Clty <br /> may bring the project into compliance by use of the securiry. <br /> 3. RIGIfT OF ENTRY. The Owners hereby grant the City, its ageMs, empioyees, officers and <br /> contractors the right to enter the property to perform all work and inspections deemed appropriate by the Clty in <br /> conjunction with the required erosion control measures, including but not limited to constructing or completing any and <br /> all of the agraed upan improvements should the Owners' contractor not complete those improvements by the date <br /> specified herein. <br /> 3. MONTHLY BILLING. As the City receives consultant bills for incurred costs, the City wifl in tum <br /> send a biil to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners'receipt <br /> of bill. <br /> 4. DISBURSEMENT FRC?M ESCROW ACCOUNT. In the event that the Owners do nof make payment <br /> to the City within the timeframe outlined in#3 above, shall issue a Stop Work Order until the Owners pay all expenses <br /> invoiced pursuant to #3. The City may draw from the escrow account without further approval of the Owners to <br /> reimburse the City for eligible expenses the City has incurred. <br /> 5. CLOSING ESCROW. Any remaining amount of the �nancial security deposited with the City for <br /> faithful performance af the plans and speciflcations and any related remedial work will be released af#er the <br /> completion and inspectivn of all such measures and the establishment of finai stabilization for the Subject Property. <br /> 6. CER'FIFY UNPAID CHARGES. If the projsct is abandoned by Owners, or if the eligible expenses <br /> incurred by the City exceed the amount in escrow, the City shall have the right to certify the unpaid balance to the <br /> subject property pursuant to Minn. Stat. §§415.01 and 366.012. <br /> CI . TY O ORONO O S: � <br /> � � <br /> By: <br /> Its: � v� � <br /> 150784 <br />