HomeMy WebLinkAbout4685 West Branch Road Escrow Agreement ESCROW AGREEMENT
AGREEMENT made this 2 2"d day of A p r \ , 2024, by and between the
CITY OF ORONO, a Minnesota municipal corporation("City") and RYAN ORTLIP
("Ortlip").
Recitals
A. Ortlip is the owner of property located at 4(0$3 v.)Cs j3var(V') Road in
the City of Orono, Minnesota(the"Property").
B. Ortlip has requested that the City review the Property's title work and access (the
"Work").
E. Ortlip is willing to reimburse the City for all of its costs associated with the Work.
NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS:
O
1. DEPOSIT OF ESCROW y+UNDS. Contemporaneously with the
execution of this Escrow Agreement, the r �� shall deposit $5,000.00 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 reimburse the
City for all out-of-pocket costs the City has incurred or will incur in performing the Work.
3. DISBURSEMENT FROM ESCROW ACCOUNT. The City may
draw from the escrow account from time to time without further approval of Ortlip to reimburse
the City for eligible expenses the City has incurred. The City shall periodically notify Ortlip of
the draws the City has made and the nature of the expense for which the reimbursement is being
made. If the Escrow amount falls below$1,000.00 Ortlip shall deposit additional sums as
directed by the City.
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4. CLOSING ESCROW. The Balance on deposit in the escrow, if any, shall be
returned to Ortlip when the review has been completed.
CITY OF ORONO
BY:
Q k)i -
Denny Walsh, Mayor
AND
Adam Edwards, City Administrator
Ryan Ortlip
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