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HomeMy WebLinkAbout1985 h ~ PF;OJECT N0. THE STATE OF TEXAS 9 (J ESCROW AGRI'sEbIF;NT COUNTY OF DENTON 3 FOR DEFERRED INPROMIENTS This Escrow Agreement is onLereil into by and between the City of Uettton , texas a municipal Corporation situated in Denton E County, 'texas, hereinafter called "City",' '!'casley Road Associates - - r hereinafter Called "Developer", -and Lpwyers Tftlo Co, of bonton -`~--------_...._._.___,r hereinafter. called "Escrow Agent". WH REASI the ordinances of the city provide thaq in all developments requiring the improvement of uX isting unimproved sidowalk facilities adJacent to. said development, the Planning and Zoning Commission may postpone the required improvements if it deLermines that such improvements are not feasible or desirable at the time of devolopmentl and WHEREAS, the ordinances of pastponemenL of such improvements are soiay provide that where may either post a [performance tt or enter i , nt tohe an escr eror agreeipent to insure the com7pletion of h im he enimow E'uLure1 and provements in the I WHEREAS, Developer desires to entF,r in an escrow agreement in lima of posting it performance bond for sidowalk improvements! Now, thereforet WtTNUSETH i The parties hereto agree as follows! It Developer, as a condition to receiving building pormits for the property located at Petinsylvania Dr, iii JVS, Section 0110 , shall deposit the sum of Nine----- four hundred dollars 1;00 ,00? ~ l in an escrow accoutit w ti-t"Ltj©_Esaro'nL~ t;a d amount being rho total host of paving tile 'new,~sidewalk r facilities Lo city's specifications, for t> ennw~vnnlr; n _ t e C LS'.IGiA91fk 1E 1l px. a flaw street located ESCROW AGREEMENT - PAGE ONE f 6) r i 2. At any time within ten (10) years from the date or this agreomentI should the City choose to make tho sidewalk improvements for which the escrowed func!~ heroin are designated, upon written notice by the City tty the ~serow Agent and Developer, of such intent, paid funds shall be paid to the City by the Escrow Agent, if the escrowed funds are paid t0 City under the provisions of this agreement, any Interest earned on such fund shall also be paid to the City, if the City does not, within ten (10) years from the date of this agreement, give written notice to the Escrow Agent and Developer of its intent to make the sidowel', improvements for which the escrowed funds have been deposited, ' all escrowed funds and all interest earned thor?1,, sltwlt be paid to Developer, 4. Developer agrees to pay any and all fees charged by the Esciow Agent in providing for the escrow account established pUrsuaoL 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 Engineer, in writing, that the escrowed funds have been ' deposited with the Escrow Agent in accordance with the terms of this agreement, 6. Any notice required to be sent pursuant to this agreement +ahal.l be sent to the address of the parties hereto, as follows; Developer; PO Box 117 Deacon, TexAs 76201 r Escrow Agent 313 W. Oak Dente»,~'rexe~ ss 762( 1 7, This agreement shall be binding upon the heirs, executors, administrators, successors and assigns of the parties hereto, IN WITNESS WHEREOF, the said lityr Developer, and Escrow Agent have signed this instrument this the ;2ry day of 19 CIT 0 DENT TEXAS DEVELOPER Byt rll" r r 10, BYs r ESCROW AGENT BYi ESCROW AGRUMENT PAGE TWO r IN115s 6'TA'IL OF 7 Xim § L"SCIM AGI2hTMIN'P 111Il 11FICUIRRli111) IMPROV11OWP8 Cowry Ol.' Di3I im This Eocr'ow Agreermrit is ontored into by and boLmen the City of Wilton, Texas a muiicilkil corporation ai.tuatccl In U3nton Cowrty, 'ioxras, horoinafter called "City", Ikrnton-Tedi,Inc „ hereinafter called "Dovuloper", aril Grtuxl Clank 1,111 tit 1113lcrost„ N. A. hereinafter called scrow Agent". t4C113MAS, tho ordinancou of the City provide that in all dovololxrionts requiring the :unprovaitiit of exiat:ing unimproved stroeta and drainage"feel- l.ition adjacent to said dovelopnenL, the 111Frnning and Zoning Corrmissi.on Inay postpone the roquired improvements if it detoLininos tf;;nt tivch injirovelmnts r' are not feasible or desirable at the t.ixra of dovel.olmont) ,ind 101IF EAS, tho ordinances of tho City provide that vAiore postponement of such finprovemonts are so approved, the davolopor %,ly either post a porfonrenco bond or anter into an escrow agreemcint to insure t•he completion of the improvements in the future) and WII]MIJu5, Ikivoloper desires to enter In tun escrow agroement in lieu of posting a perfoimanco bond for futi.wo street improvemantst Now, therefore: SVI'I NpSSL°I'E Trio parties hereto agreo as follcivrr 1. Developer, as a condition to receiving building poilidta for the property located at Wostgato 1kAghts 1?luise I, 11, shall deposit the sun of T001ve Thousand Sovon Hundred and no/100the ($12,700,00) in an escrow account with the Escrow Agent, said amount being half.' the total cost of paving and iiustalling curb, guttor and drainage facilities to CI':y's spocifica- Lions, for Payne Ih:i.vo Vxtarmion, an unimproved street located in flit City or tho City's extraterritorial. jurisdiction. 2. At any t.ima within Lou (10) yenta fr.•an the date of this agre(IMUt, should J tho City chooso to sitiko the street and drainage improvoritants for which the escrom-4 fulxis harain are deoignated, upon written notice by the City to the Escrow Agent and Developer, of such intent, said funds shall ba pairl to the City by the Escrow Atant. If the eacm-And fu+)ds are Mid to City under the provisions of this agreement, any interost earned on such fund slial.l also be paid to the City, 3, If the City does not, within lion (10) years froin the date of this agree mint, g:Lvi written notice to the L.,rcrow Agent and Dovo.lopor of its intent to make the street and drainage improvements for which the escrowed funds have been deposited, all escrowed funds and all. Interest earned thereon, shall be paid to txwelopor, _i 4. Developer agr:ces to pay any and all fees cNa ged by HY3 r;acrow Agent in providing for the escrow account established pursuant to this agreement, EM M AG12[110ILN'I' _ PAGC M, ka 5, No building permits for the property to be develop cl sh~7.i.1 be icsued to ix3vol.oper until tho Escrow Agent not.ifios the city L'ngineer, in writing, that the escivarad funds have been deposited with the Escrow Agent in accordance with the terms of this agreement. G, 111x3 Escrow Agent shall have no rosponnibil.ity except for the safekeeping arld delivery of the aw)unts deposited in the Lecrow Account in accordance with this Agreement, The Escrow Agent shall not bo li.abl.e.for any act done or ani.ttcd to be done under thin Agreerrr;nt or in connection with the amounts deposited in the Escrow Account except as a rosult of the F%crow Agont's gross negligence or willful misconduct. The Escrow Agent is not a party to nor is it bound by, nor need it give consideration to the terms or pro- ► visions of, even though it nvay have knowledge of, (I) any agrmriant- or undertaking by, txtween or among any of the City, Developer or any other party, except thin Agreement, (ii) any agreearbnt or undertaking that may be evidenced by this Agroawnt, or, (.tit.) any other agreeinonts that may now or in the future to deposited with the Escrow Agent in connection with this Agreevont, 'I1io City and Developer covenant ti-kit they will not conmonco any action against the Escrow Agent, at law, !n equity, or otherwiso as a result of any action taken or thing done by tno Escrow Agent pursuant to j thin Agreement, or for any disbursement mde au authorised herein upon failure of the City or Dovolopor to give the notices withln the times h3roin prescribed, 'I9x3 Escrow Agent has no duty w determino or, inquire into any happening or occurrence or of any performanco or failure of porfoiwance of the City or Davoloper or of any other party with rospect to agreenanta or arrancymunts with any other party, It any question, dispute or disagreement arises among any one or Hare of the parties hereto ~ and/or any other party with rospoct to tip funds deaposited in the Escrow Account, tho propor interpretation of this Agreuron+., the duties of the r,scrow Agent hereunder. or the rights of the parties to thin Escrow Agroentnnt, the Esorow Agent shall not be required to act and shall. not be hold liable for vofuoal to not until. the question or dispute is settled, and the Escrow € Agent has thu absolute right at its discretion to do either. err both of the followings (n) witlilmld and/or stop all further performance under this Agreorront until the Lscrow Agent in satisfied, by recolpt J of a written docmiont in foi7m and substance satisfactory to the Escrow Agent and executed and binding upon all interost;ed ptuties horoto (who may include th6 subsorlbere), that the question, dispute, or diangrectomt: has boon resol.vedl or (b) file a suit in into3i-pleader and obtain by final judgement rondered by a court of caiVetont jur.isdiction, an order binding all parties interested in the matter, The Escrow Agent shall. nover be requirod to post a frond in connoct.ion with any nervi.cen hereunder, The Lsorow Agent may consult with counaal of its own choice aixl shall have full and canplete authorization and protection for any action taken or suffored by it heroundor in good faith and in accordance with the opinion of such counsel (who shall not t-~ counsel for the City or i7evolopor). I:S rM AGRE DIM1' _ PAGE 'IWO rr • I 7. 11x1 Escrow Agent may rely and shall bo protected in octinry or refraining from acting upgn any..wr tton notice, i.nntructJon, or rEquogt furnished to ~ It hereunder and bolloved by it to be gonuln~ and to hnVe boon signed or t presented by the proper lxtrty or lxartios aril to take statements iairlde r therein as correct without any affi.rntntive duty of investigation. 8, 'Ilia Escrow Agent way resign and be dischv:ged Oran its duties or obligations Mrowxlor by giving notice in writing of such resignation specifying a date I when such rosignation shall. Lake effect. 9, The "City" and "Dnvolopor", jointly and severally, hereby acy:eo to And amify the ra(renv Agent for, and to hold it harmloso against, any loos, liability, or oxpanno (including all legal expcnsns described) in Section G) incurred without gross nogligonco or, wtilt-ui misconduct on the part of the L••scrOw Agent, arising oit of or in connection with As. entering into this Agreermnt aril carrying out lte duties huoundor, including the costs and oxponr3eEi of defending itself against any claim of liability in the pr(nrisos , 10. Any noti.co oquirod to be sent pursuant to this agreement shall be sent. to the addross of tlvl nart•ies hereto, as follows! Davoloperl Escrow Agont ! C o, '~ox FSO 1 a R+~ s 1!i~Sµ+LI ~S.~ l j 11, 7.lt,is agreement: shall. Ira binding upon the heirs, executors, administrators, succossors and assigns of the parties hereto, IN t1IIM'SS WHEft1,`Or, tho said City, Novo open, and Escrcm Agent have signed this nt this the instrum }p flay of 19 g5_, CITY Or D mw, 9'rym, DEVMDPEft k,.•~ 13Ys 13Y9 !4-111 ESC M1 Norm APMM AS TO k)ylt1 vii t~wt MY ATTbgNEY, MY 0P ONON; TFlfAt iYl lY"~ E , ESCIM AGIZMIEt,'r - PAM 11112r..C