Escrow agreement - Laserfiche WebLink

Home Browse Search

, . ESCROW AGREEMENT AGREEMENT made this �� day of August, 2007, by and between the CITY OF ORONO, a Minnesota municipal corporation ("City") and Richard C. Gage and Britt L. Gage a married couple ("Property Owners"). Recitals A. Property Owners will be making land alterations at 2180 Abingdon Way, Orono (Lot 6 & part of Lot 5, Block 1, Abingdon Glen, Hennepin County) that will include disturbing the buffer for a wetland on the property. B. The City is requiring a security agreement to guarantee the required re-planting, and re-vegetation of the buffer is successful. C. Property Owners have agreed to complete or repair the items cited above in a timely fashion. Property Owners have 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 Property Owners, 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 Property Owners shall deposit $2000.00 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 required as part of building permit number P11213 is completed properly 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 Property Owners 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.