Agenda - Council - 05/28/1991 - Laserfiche WebLink

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12. ESCROW. In order to insure the installation of the Improvements in accordance with City specifications and in a timely manner, the Permittee shall be required to deposit with the City a cash escrow or letter of credit approved by the City, in the amount of $119,500, which is 150% of the City's estimated cost of the Improvements. Upon completion of the construction of the Improvements, as certified by the City Engineer, the escrow shall be returned to Permittee. In the event Permittee fails to construct and install the Improvements as required herein, the City may complete the Improvements with City day labor and/or by letting contracts for said completion and draw upon the escrow for payment. Perrnittee hereby grants permission and a license to the City and/or its contractors and assigns to enter upon the Site for the purpose of completing the construction and installation of the Improvements in the event of Permittee's default. Lord of Life Lutheran Church, by its undersigned representative, hereby acknowledges receipt of this penrfit and that it has reviewed the conditions of this permit and has agreed that it will comply with the terms of this permit. Lord of Life Lutheran Church By: As~ Of: STATE OF MINNESOTA ) COUNTY OF ANOKA ) On this~ day of , I991, before me a Notary Public, personally appeared. , the of , to me known to be the person described in and who executed the foregoing instrument and acknowledged that he/she executed the same as his/her flee act and deed. CITY OF RAMSEY: Notary Public By: By: Mayor Acting City Administrator STATE OF MINNESOTA ) COUNTY OF ANOKA ) On this . day of , 1991, before me, a Notary Public, personally appeared James R. Gilbertson and Sandra Ashley Helling, to me personally known, who, being each by me duly sworn did say that they are respectively the Mayor and Acting City