HomeMy WebLinkAbout2009 - Escrow Agreement . • (3))19\/
ESCROW AGREEMENT
AGREEMENT made this 15th day of January, 2009, by and between the CITY OF
ORONO, a Minnesota municipal corporation ("City") and DAVID V. ALBERTSON &
WEND! ALBERTSON, a married couple ("Owner").
Recitals
A. Owner will be improving the wetland buffer at 4701 West Branch Road, in the
City of Orono, Hennepin County, Minnesota, that will include disturbing the
buffer for a wetland on the property.
B. The City is requiring a security agreement to guarantee the required
improvements, and re-vegetation of the buffer are successful.
C. Owner has agreed to complete or repair the items cited in the memo date 01/14/09
from John Smyth("Exhibit A") in a timely fashion. Owner 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 Owner, 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 Owner shall deposit$2,500.00 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 seeding
of the buffer is completed properly by Owner and that any vegetation that does not
establish successfully is replaced. A planting is deemed successful if there is at least one
native plant from the seed mix per square foot in the seeded area. Areas where the
planting is not successful shall be reseeded by the end of the growing season. The funds
shall be spent by the City if Owner for any reason is unable or unwilling to honor the
requirements of the City Code and any Development Agreement. Construction costs may
also include engineering estimates and plans as well as labor and materials for any repairs or
matters completed.
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4701 West Branch Road
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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 Owner to make any necessary repairs or to take other prudent remedial measures
within a 5 day time period. If Owner is unwilling or unable to honor its 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.
4. CLOSING ESCROW. The escrow, less any eligible expenses, shall be returned to the
Owner two growing seasons after planting if the planting is successful. If substantial
portions of the plantings are not successful after one planting season the City may hold
the escrow for an additional planting season. If substantial portions of the plantings are
not successful after two planting seasons the City may hold the escrow for two additional
planting seasons.
5. RIGHT OF ENTRY. The Owner hereby grants the City, its agents, employees, officers
and contractors the right to enter the property to perform all work and inspections deemed
appropriate by the City in conjunction with seeding of the buffer, including but not
limited to constructing or completing any and all of the agreed upon improvements
should the Owner not complete those improvements by the date specified herein.
CITY OF ORONO
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OWNERS:
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David V. Albertson
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Wend Albertson
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4701 West Branch Road