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� <br /> ESCROW AGREEMENT <br /> AGREEMENT made this 21 day of /�,� , 2010, by and between the <br /> CITY OF ORONO, a Minnesota municipal corporation (` ity") and Steiner & Koppleman, <br /> LLC, a Minnesota Limited Liability Company("Contractor"). <br /> Recitals <br /> A. Contractor will be performing certain utility work on property located at 915 <br /> Partenwood Road, City of Orono, Hennepin County, Minnesota ("subject <br /> properiy"), and will include disturbing the City's right-of-way with Partenwood <br /> Lane and Partenwood Road. <br /> B. The City is requiring this Agreement to guarantee the required site restoration is <br /> successful. <br /> C. Contractor has agreed to complete or repair the items cited above in a timely fashion. <br /> Contractor has agreed to provide financial security for the completion of the items <br /> cited above by entering into this Escrow Agreement. <br /> D. The City has determined that this Escrow Agreement constitutes adequate <br /> assurances from the Contractor, sufficient to protect the City from potential damages <br /> and noncompliance with the City Code. <br /> NOW,THEREFORE,THE PARTIES AGREE AS FOLLOWS: <br /> 1. DEPOSIT OF ESCROW FLTNDS. Contemporaneously with the execution of this <br /> Escrow Agreement, the Contractor shall deposit $3000.00 with the City. All accrued <br /> interest, if any, shall be paid to the City to reimburse the City for its cost in administering <br /> the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee that the <br /> restoration requirements associated with the disturbance of+.he City's right-of-way are <br /> completed properly in accordance with City Standards. The funds shall be spent by the <br /> City if the Owner, for any reason, is unable or unwilling to honor the requirements of the <br /> City Code. Construction costs may also include engineering assistance as well as labor and <br /> materials for any repairs necessary. <br /> 3. DISBURSEMENT FROM ESCROW ACCOUNT. If the City suspects ar knows of any <br /> matter cited above that is not completed correctly and in a timely fashion, it shall first make <br /> demand of the Contractor to make any necessary repairs or to take other prudent remedial <br /> measures within a 5-day time period. If the Contractor is unwilling or unable to honor her <br /> agreement as determined by the City,the City may draw from the Escrow Account, as <br /> necessary. The remedies afforded to the City under this Agreement shall be in addition to <br /> any other remedies which the City may be entitled by law or equity or other agreement. <br /> isi4io�oi 1 <br />