Laserfiche WebLink
ESCROW AGREEMENT <br /> AGREEMENT made this 2 2"d day of A p r \ , 2024, by and between the <br /> CITY OF ORONO, a Minnesota municipal corporation("City") and RYAN ORTLIP <br /> ("Ortlip"). <br /> Recitals <br /> A. Ortlip is the owner of property located at 4(0$3 v.)Cs j3var(V') Road in <br /> the City of Orono, Minnesota(the"Property"). <br /> B. Ortlip has requested that the City review the Property's title work and access (the <br /> "Work"). <br /> E. Ortlip is willing to reimburse the City for all of its costs associated with the Work. <br /> NOW THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> O <br /> 1. DEPOSIT OF ESCROW y+UNDS. Contemporaneously with the <br /> execution of this Escrow Agreement, the r �� shall deposit $5,000.00 with the City. All <br /> accrued interest, if any, shall be paid to the City to reimburse the City for its cost in <br /> administering the escrow account. <br /> 2. PURPOSE OF ESCROW. The purpose of the escrow is to reimburse the <br /> City for all out-of-pocket costs the City has incurred or will incur in performing the Work. <br /> 3. DISBURSEMENT FROM ESCROW ACCOUNT. The City may <br /> draw from the escrow account from time to time without further approval of Ortlip to reimburse <br /> the City for eligible expenses the City has incurred. The City shall periodically notify Ortlip of <br /> the draws the City has made and the nature of the expense for which the reimbursement is being <br /> made. If the Escrow amount falls below$1,000.00 Ortlip shall deposit additional sums as <br /> directed by the City. <br /> 1 <br /> 220486 <br />