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acceptance,project monitoring during the warranty period,and processing of requests for reduction <br /> in the "security." Fees for this service shall be at standard hourly rates. These fees shall be billed <br /> monthly. <br /> Contemporaneously with the execution of this Agreement, the Developer shall deposit <br /> $7,500. cash with the City ("Escrow"). All accrued interest, if any, shall be paid to the City to <br /> reimburse the City for its cost in administering the escrow account. The purpose of the Escrow is <br /> to guarantee reimbursement to the City for all out-of-pocket costs (including, but not limited to, <br /> planning, engineering oversight, or legal consultant review) the City has incurred or will incur <br /> related to the Development and for all out-of-pocket costs the City has incurred or will incur to <br /> assure that the work is completed in accordance with the Stormwater Pollution Prevention Plan <br /> and the provisions of Orono City Code Chapter 79. The Escrow may also be used by the City to <br /> eliminate any hazardous conditions associated with the work and to repair any damage to public <br /> property or infrastructure that is caused by the work associated with this Agreement, if <br /> compliance with the terms of this Agreement are not accomplished. As the City receives <br /> consultant bills for incurred costs,the City will in turn send a bill to the Developer. The Developer <br /> shall be responsible for payment to the City within 30 days of the Developer's receipt of bill. In <br /> the event that the Developer does not make payment to the City within the timeframe outlined in <br /> this Section, the City may immediately draw from the escrow account without further approval <br /> of the Developer to reimburse the City for eligible expenses the City has incurred. If the balance <br /> of the escrow account is insufficient to reimburse the City its costs under this Section, the <br /> Developer will promptly reimburse the City any additional costs. If the eligible expenses incurred <br /> by the City exceed the amount in escrow and are not promptly reimbursed by the Developer, the <br /> City shall have the right to certify the unpaid balance to the subject property pursuant to Minn. <br /> 7 <br /> Ivy Place Development Contract <br />