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, , . , BUILDING PERMIT ESCROW AGREEMENT Land Use Applicatlon#12-3565 Orono Building Permit#2012-01206 AGREEMENT made this �� day of Nl,�!'G 20f�, by and between the CITY OF ORONO, a Minnesota municipal corporation("Cit�')and Gail M.Teyno Joseph T.Teynor("Owners"). Rec 1 1. A building permit application has been filed for construcfion of a new home located at 2789 Pheasant Road, the ("Subject Propert�l'), legally described as Tract A, RLS No. 310, Hennepin County Minnesota. 2. Owners request the City to review this application. 3. The Ciry will commence its review of the application and incur costs assoaated with said review only if the Owner establishes an escrow to ensure reimbursement to the City of its costs. NOW THEREFORE,THE PARTIES AGREE AS FO�LOWS: 1. DEPOSIT OF ESCROW FUNDS. Contemporaneously with the execution of this Escrow Agreement,U�►e Owners shall depos�$2,500 with the City. All aaxued interest, if any, shall be paid to the City to reimburse the City for its cost in administering the escrow acoount. 2. PURPOSE OF ESCROW. The purpose of the escrow is to guarantee reimbursement to the City for all out-of-podcet costs the City has incurred (including planning, engineering, in exoess of $5�, or legal consultant review) or will incu� in reviewing the plan. Eligible expenses shall be consistent with expenses the Owners would be responsible for under a building permit application. The escrow will also guarantee reimbursement to the City for all out-of-pocket costs the City has incurred to assure that the work is completed in accordance witli the Stormwater Pollution Prevention Plan and the provisions of Orono City Code Chapter 79. The finanaal 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(including planning, engineering, or legal cansuitant review) assoaated with Land Use Application #12�565 8 Orono Building Permit#2012-01206 if oompliance with the approved building permit is not acoomplished. 3. MONTHLY BILLING. As the City receives consuftant bills for incurred costs, the City will in tum send a bill to the Owners. Owners shall be responsible for payment to the City within 30 days of the Owners' receipt of bill. 4. DISBURSEMENT FROM ESCROW ACCOUNT. In the event that the Owners do not make payment to the City within the timeframe outlined in#3 above,shall issue a Stop Work Order until the Owners pay all expenses invoiced pursuant to #3. The City may draw from the escrow account without further approvat of the Owners to reimburse the City for eliglble expenses the City has incurred. 5. CLOSING ESCROW. The Balance on deposit in the escrow, if �ny, shall be retumed to the OHmers when the review has been completed and written notfication is received from the Owners requesting the funds. 6. CERTIFY UNPAID CHARGES. If the project is abandoned by Owners,or if the eligible expenses incurred by the City excesd the amount in escrow, the City shall have the right to certify the unpaid balance to the subject property pursuant to Minn.Stat.§§415.01 and 366.012. CITY: C OF QRONO OWNE �� �� By: i�: � � , 1rrt�mal tlse onlyr; '` G!'�rigin�to P#anMAg: D CoaY�:��►� ��PY�o str�ersc Fiie