First State Back Escrow Agreement A�F Development Review Division
DENTON 215 W. Hickory St., Denton, TX 76201 • (940) 349-7157
January 9, 2019
First State Bank
400 West Oak Street
Denton, TX 76201
Attn: Brandon McCleskey, Senior Vice President MLO# 778607
Subject: Escrow Agreement for Sidewalk at 903 Fannin/1602-0601
Mr. McCleskey:
With regard to the above-mentioned agreement(copy attached), please note the Owner(Jonathan
Littmann)has satisfactorily completed the relevant sidewalk improvements. The City hereby
authorizes the Escrow Agent(First State Bank)to release the escrow funds. If you have any
questions or need further assistance in this matter, please contact Karen Hermann at(940) 349-
7708.
Sincerely,
CITY OF DE TQN
Todd Hileman
City Manager
Enclosure
OUR CORE VALUES
Integrity • Fiscal Responsibility • Transparency • Outstanding Customer Service
Effective December I',2003 PROJECT NO.
CONTRACT TYPE stv
THE STATE OF TEXAS §
ESCRONVAGREF\[ENT
IN LIEU OF PER F0RN1.�-NCE BOND
Development Contract
(Improvements of$15,000 or Less)
CITY OF DENTON §
WHEREAS,_ _ -yo,,a,- ,, L-,+'rweh , hereafter referred to as
"Owner", has undertaken to develop property within the City of Denton, Texas,or it's
extraterritorial jurisdiction; and
WHEREAS, Owner has, pursuant to the ordinances of the City of Denton. Texas,
hereafter referred to as"City", executed a development contract to insure that any and all streets,
water and sewer lines, drainage facilities or other improvements which are to be dedicated to the
public, hereafter referred to as"Improvements", are constructed and completed in accordance
with the specifications, standards and ordinances of the City: and
WHEREAS, Owner wishes to receive building permits for said property prior to the
completion and approval or acceptance of the Improvements by the City; and
WHEREAS, in order to receive such building permits Owner may, where the cost of the
Improvements is $15,000 or less, instead of posting a performance bond, escrow cash money
with a bank as escrow agent in an amount not less than the amount necessary to insure
completion of said Improvements, and to fully protect the City against defects in materials and
workmanship;
ESCROW AGREEMENT IN LIEU OF PERFORMANCE BOND
NOW, THEREFORE, OWNER,City and Frs�
_ hereafter called"Escrow Agent", agree as
follows:
1. Amount. Owner, as a condition to receiving building permits for property
located at �Q 3 fam;4
1 r0 1 shall deposit the sum of
($ 21 ( ), in cash money, with Escrow Agent,said sum being in an
amount, as determined by the City,necessary to insure completion of all improvements which
are to be dedicated to the public, and to fully protect the City against defects in materials and
workmanship, said improvements being more particularly described in that certain development
contract dated the _day of �• __, 20 , between
the City, Owner and Owner's Contractor, to which reference is made herein.
2. Notice of Deposit. No building permits shall be issued by City for the property
herein described until Escrow Agent notifies City, in writing, that cash money, in the amount
specified herein, has been deposited in an escrow account with Escrow Agent.
3. Release of Funds. Escrow Agent shall not release any or all of the escrowed
funds until the City Engineer authorizes the Escrow Agent, in writing, to release such funds as
provided for herein as follows:
(a) the City Engineer shall authorize the release of all the escrowed funds when all
improvements are completed and approved in accordance with provisions of the
development contract and after 2 years has expired from the date of final
completion and acceptance of the work by the City and no defects in materials
Page 2 of 5
ESCROW AGREEMENT LN LIET'OF PERFORMANCE BOND
and workmanship have been discovered; the determination of which shall be
made by the City Engineer whose judgment shall be binding on all parties hereto.
(b) The City Engineer shall inform the escrow agent, in writing,with a copy to the
owner, that the owner is in default under his Development Contract with the City
by either failing to complete the improvements in accordance with the terms and
conditions of the Development Contract or that the City Engineer has determined
that there are defects in materials and workmanship in the improvements.
Whereupon. the escrow agent will immediately,without further demand, claim, or
notice, release to the City through the City Engineer,the amount necessary, as
specified by the City Engineer, to remedy the default.
3. Notices. Any notice to be sent, or required to be sent or given under this agreement
shall be sent to the address of the parties hereto, as follows:
CITY: Engineering Administrator
City of Denton @ City Hall East
601 E. Hickory, Suite B
Denton,
//TX 76205
OWNER: L-,'+NnA
1 f 1 f "fm—a JOle br'te
hentA r� 7001
ESCROW AGENT:
Al h4n 5VP
Page 3 of 5
ESCROW AGREEMENT N LIEU OF PERFORN4kNCE BOND
4. Fees. Owner agrees to pay any and all fees or costs charged by the Escrow Agent in
connection with this agreement.
5. Nonliability of Escrow Agent. The Escrow Agent shall have no responsibility
except for the safekeeping and delivery of the amounts deposited in the Escrow Account in
accordance with this agreement. The Escrow Agent shall not be liable for any act done or
omitted to be done under this agreement or in connection with the amounts deposited in the
Escrow Account except as a result of the Escrow Agent's gross negligence or willful
misconduct. If any question, dispute or disagreement arises among any one or more of the
parties hereto and,or any other party with respect to the funds deposited in the Escrow Account,
the proper interpretation of this agreement, the duties of the Escrow Agent hereunder or the
rights of the parties to this agreement,the Escrow Agent shall not be required to act and shall not
be held liable for refusal to act until the question or dispute is settled, and the Escrow Agent has
the absolute right at its discretion to do either or both of the following:
(a) withhold and,or stop all further performance under this agreement until the
Escrow Agent is satisfied, by receipt of a written document in form and substance
satisfactory to the Escrow Agent and executed and binding upon all interested
parties hereto (who may include the subscribers), that the question, dispute, or
disagreement has been resolved; or
(b) file a suit in interpleader and obtain by final judgment rendered by a court of
competent jurisdiction, an order binding all parties interested in the matter.
6. Successors and Assigns. This agreement shall be binding upon the successors and
assigns of the parties hereto.
Page 4 of 5
ESCROW AGREEMENT LN LIEU OF OF PERFORMANCE BOND
7. Venue. The parties hereto agree that if any legal action is necessary in connection
with this agreement, exclusive venue shall lie in Denton County,Texas.
IN WITNESS WHEREOF, the said City. Owner, and Escrow Agent have signed this
instrument this day of f V(A 20 f r
BY: BY:
Owner ESCROW AOFNT
BY: ��- -
City Representative
Page 5 of 5
First
State Bank
Brandon McCleskey
Senior Vice President
MLO#778607
May 17, 2016
City of Denton
Re: Jonathan Littmann
Escrow Agreement for 903 Fannin
To whom ever it may concern:
Please accept this written notification that cash money, in the amount of$9,201.25, has
been deposited in an escrow account with First State Bank, Escrow Agent.
Please contact me or my assistant, Brenda Atkinson, if you should have any question
regarding this matter.
Sincerely,
Brandon McCleskey
Senior Vice President
MLO#778607
400 West Oak Street— Denton, TX— 76201
Phone (940) 349.5444— Fax (940) 349.5443
w,Nt-%v.F-S-Bxom
CITY Engineering Development Review Division
DENTON 215 W. Hickory St., Denton, TX 76201 • (940) 349-7157
MEMORANDUM
DATE: January 9. 2019
TO: Todd Hileman
FROM: «" Hermann
SUBJECT: Escrow Agreement Release
Mr. Littmann is requesting to have escrow funds released at 903 Fannin. Robert Plato has
verified in the field the sidewalk placement. Engineering has no objections to realease the funds.
11arnrwork is enclosed.
OUR CORE VALUES
Integrity • Fiscal Responsibility 9 Transparency 9 Outstanding Customer Service
cart' - Development Review Division
OF
D E NTO N 215 W. Hickory St., Denton, TX 76201 • (940) 349-7157
January 9, 2019
First State Bank
400 West Oak Street
Denton, TX 76201
Attn: Brandon McCleskey, Senior Vice President MLO# 778607
Subject: Escrow Agreement for Sidewalk at 903 Fannin/1602-0601
Mr. McCleskey:
With regard to the above-mentioned agreement(copy attached), please note the Owner(Jonathan
Littmann)has satisfactorily completed the relevant sidewalk improvements. The City hereby
authorizes the Escrow Agent(First State Bank)to release the escrow funds. If you have any
questions or need further assistance in this matter, please contact Karen Hermann at(940) 349-
7708.
Sincerely,
CITY OF DENTON
Todd Hileman
City Manager
Enclosure
OUIZ CORE. VALUES
Integrity o Fiscal Responsibility 9 Transparency • Outstanding Customer Service