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PROJECT NOS
M ESCROW AGREEMENT
THE STATE OF TEXAS 5 FOR DEFERRUD IMPROVEMENTS
COUNTY OF DENTON S
This Escrow Agreement is entered into by and between the
city of Denton, Texas a municipal corporation situated in Denton
'sf County, Texas, hereinafter called "City",
hereinafter called "Developer",
inafter called "Escrow s
' Rs a~{NK , here
and
f
1.,
AgPlir•" ° i;
WHEREAS, the ordinances of the City provide that in all
the improvement of eXisting unimproved
streets elopments requiring
streets and drainage facilities adjacent d the ereyuired r. 1
the Planning and Zot,ing commiasi.on may postpone . improvements if it determines that such improvements are not
' feasible or desirable at the time of development, ahd
WHEREAS, the ordinances of the city provide that where
postponement of such ifovemen h are o apntoxedt into an the developer
may either post a per
agreement to insure the completion of the improvements in the '
futures and i
WHEREAS, Developer desires to enter in ane<';ow agreement
in lieu of posting a performance bond fc;r future street
improvements, Now, therefore: r,
WITNESSETEi
i
The parties hereto agree as follows,
as a condition to receiving building permits for i
1 Developer,
CL A b G E= 2 s.
the property located at
e hAttpq HA tl41 V,A 1'+1~ IulMiwaA - ti
Seve
shall depoait the sum of
u ) in an escrow
sing half the
45 account w t11 t e Escrow Agent, s
total cost of paving and installing curb, gutter and drainage i
facilities to city's specifl"ations, for ,2 Og r7~adaer_.
an unimproved street located
in t e C ty o' a Git a traterritnrial jurisdiction,
ESCROW AGREEMENT - PAGE OPa',
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t t s.
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time within ten (1) years from the date of this
A 2. At any should the City choose to make the street and
. should
agreement,
improvements for which the etpieowCity u tos the a Escrow
designated, upon writter+ notice by
Agent and the+ EB~row c Agent,nt'Ifsathe funds
to the City y by
paid to City. under the provisions of this agreementr any
interest earned on such fund shall also be paid to the City
4 r r s not, within ten (10) years from the date of
y 3, Iy the City doe
give written notice to the Escrow Agent and
r
t his agreement
Developer of its intent to make the street and drainage een i improvements (funds iandtalle i terestf earn d ether on
deshallebe
all escrowed
paid to Developer.
4. Developer agrees to pay any and all fees charged by the Escrow
Agent in providing for the escrow account established pursuant
to this agreement,
5. No building permits for the property to be deVEloped shall be
issued to Developer until the Escrow Agent notifies the City III
that the escrowed funds have been
Engineer, in writing,
deposited with the Escrow Agent in accordance with the terms
j. of this agreement,
as agreement
rsuent to 6. Any notice required to be sent puarties her,sto+ this
shall be sent to the address of the p f
Developer: /LIFdv//t/ A9 rL;'V r - gGAal 4
8 s< 00 -----y--- s
P 6 6
ESC LOW Agents A)
7, This agreement shall be binding upon the heirs, executors, i
administrators, successors and assigns of the parties hereto
F
I IN WITNESS WHEREOF, the said City, Developer; and Escro Agent
day of + -Lal 19
have signed this instrument this the
® CITY OF DENTON, TEXAS T~EVELOi'EA
t
s e ~Ul
r b'Y By
By
ESCROW AGENT
t1Y s ,
ESCROW AGREEMENT PAGE TWO
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Wan sauce
Josue chrat IS Lord BURKE ENGINEERING Pablo Rublo
,
OON6ULTINO CIVIL ANOINg9Re
t
" 11 filar 19t's5
Mr, Melvin Herr
,'11,00 box 1982
Denton, 'rexau 76201 I
rt ''r1 REI Westgate Dr. ~
r s~ r
,
Dear Malvint
r To and in acquisition of n construction bond payable to the city of Denton
.r: for posaibla perimeter street paving along your Westgate Dr. Fruntago, I have
I+4i estimated the construction, engineering and survoying coats to total $7,700,
The City requires that an amount aqual r,o 50% more they, currant estimAtod coats
be bonded, which would be $11,550.
I hope this information is helpful. Please contnet me if you have other'
questions {
% izospoatfully,
Brian Burke, I'.1i.
r
X41 ~
r
I
400 0, OARROLL BLVD, 0 101 (817) Bad-0714 DENTON, TERA6 98201
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