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� - �. Zo�� - c�� � ESCROW AGREEMENT AGREEMENT made this 2� day of l�,li(-(�, 2010,by and between the CITY OF ORONO, a Minnesota municipal corporation(`q�rty") and Steiner& Koppleman, LLC, a Minnesota Limited Liability Company("Contractor"). Recitals A. Contractor will be performing certain utility work on property located at 915 Partenwood Road, City of Orono, Hennepin County, Minnesota ("subject property"), and will include disturbing the City's right-of-way with Partenwood Lane and Partenwood Road. B. The City is requiring this Agreement to guarantee the required site restoration is successful. C. Contractor has agreed to complete or repair the items cited above in a timely fashion. Contractor has agreed to provide financial security for the completion of the items cited above by,entering into this Escrow Agreement. D. The City has determined that this Escrow Agreement constitutes adequate assurances from the Contractor, sufficient to protect the City from potential damages and noncompliance with the City Code. NOW,THEREFORE,THE PARTIES AGREE AS FOLLOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement, the Contractor shall deposit $3000.00 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 that the restoratioi�requirements associated v��ith the �isturba.nce Qf+hP City's right-of-way are completed properly in accordance with City Standards. The funds shall be spent by the City if the Owner, for any reason,is unable or unwilling to honor the requirements of the City Code. Construction costs may also include engineering assistance as well as labor and materials for any repairs necessary. 3. DISBURSEMENT FROM ESCROW ACCOUNT. If the City suspects or knows of any matter cited above that is not completed correctly and in a timely fashion,it shall first make demand of the Contractor to make any necessary repairs or to take other prudent remedial measures within a 5-day time period. If the Contractor is unwilling or unable to honor her agreement as determined by the City,the City may draw from the Escrow Account, as necessary. The remedies afforded to the City under this Agreement shall be in addition to any other remedies which the City may be entitled by law or equity or other agreement. 151410v01 ]