Beall Way Addition Exterior Escrow Agreements From: Plato, Robert W.
Sent:Tuesday, May 5, 2020 3:02 PM
To: Garcia, Christian A<Christian.Garcia@cityofdenton.com>; Whitaker, Candy
<Candy.Whitaker@cityofdenton.com>
Cc:Jim Strange<iim@tremont.pro>;Trammell, Stephany<Stephany.Trammell@cityofdenton.com>;
Torres, Fernando A. <Fernando.Torres@cityofdenton.com>; Plato, Robert W.
<Robert.Plato@cityofdenton.com>
Subject: Sidewalk Escrow Release
Candy,
The sidewalk escrow for the Evers Way project (FP17-0031) and the exterior sidewalk portion of the
sidewalk escrow for Beall Way(CEP18-0034) may be released as work is substantially completed. I have
attached copies of both escrow agreements. If you have any questions for myself please contact me. If
you have any questions for Mr. Strange, he is copied on this e-mail. Thank you.
Cordially,
O 'Ra v
Public Works Inspections Supervisor
City of Denton
940.268.8497
901 A Texas Street
Denton, TX 76209
41
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11
DENTON
Integrity.Transparency.Fiscal Responsibility.
Outstanding Customer Service.
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Dependable.Innovative.Aspiring to Greatness.
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Escrow Agreements
Project: Beall Way Addition
Project No. CEP 18-0034
TYPE: exterior and interior sidewalk
Approved by Engineering Development
Review, Engineering Services DocuSignedby:
Department, forwarded 4/8/2019
To Legal Department Sign Date
Reviewed by Legal
Department, forwarded to
City Manager's Office Sign Date
Attested by Rosa Rios,
returned to Development
Services, 1, 4�? .1
Development Services Sign Date
Department
*Please notify Who,
Karen Hermann and Greg Blackstone
by e-mail when contracts are complete
THIS AGREEMENT HAS BEEN
BOTH REVIEWED AND APPROVED
as to financial and operational
obligations and business terms.
DocuSigned by:
PMFUFFFL&78e78:..
City Engineer
Title
capital Projects
Depa4t"Je019
Date Signed:
Effective March 2013 PROJECT NO. GE P1 S O 0,37
CONTRACT TYPE _
STATE OF TEXAS S ESCROW AGREEMENT
COUNTY OF DENTON S FOR POSTPONEMENT OF
EXTERIOR SIDEWALK
IMPROVEMENTS
WHEREAS, AykV56u_ kecjl- j Ph t s 1 LL.z, hereafter referred to as
("Owner"), has received final plat approval from the City of Denton ("City") for an approximate
�{ acres of land out of the Tl b L 1 Survey,
Abstract No. JZ 9'ff within the City of Denton, Texas, or its extraterritorial jurisdiction, as further
described on the attached"Exhibit C" (the"Development'),said final plat being further described as
an addition to the
City of Denton,Denton County,Texas(the"Plat");and
WHEREAS,Owner has,pursuant to the City ordinances,executed a development contract(if
applicable) dated to insure that any and all sidewalks, streets, water and
sewer lines, drainage facilities or other public 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 is only developing Lakka /AS 414d- lid
QS at this time and wishes to defer construction of the required
Page 1 of 5
O:\DRC Engineering\TEC1MCIAN FMES\Postponement Escrow\EXTERIOR sidewalkdom
sidewalk adjacent /gam /.J7 �/VOv&OvZqk „ (the "Deferred SidewaW)
until such time as rocs A pall;✓1 Q
is developed;and
WHEREAS,in order to secure the construction of the Deferred Sidewalk,Owner has entered
into this agreement with the City and 4 c-Q.e 5 S &l I& 4ir� ("Escrow Agent"),
NOW,THEREFORE,Owner,City and Escrow Agent agree as follows:
1. Amount: Owner, as a condition to receiving a Letter of Acceptance or filing of the Plat, shall deposit the sum of ��� ��� �-.rastf' �L.CY'{1.mm df'�.¢YPY I u-A
q nd dA2--($ S , in cash money, with Escrow Agent, said sum
being in an amount,per the attached Cost Analysis(Exhibit"D"),and being
approximately 25%of the estimated cost to complete the Deferred Sidewalk (the"Escrow').
2. Notice of Deposit: A Letter of Acceptance shall not be issued or the Plat filed by City
for the Development until Escrow Agent notifies City, in writing, that the Escrow
amount has been deposited in an escrow account with Escrow Agent.
3. Release of Funds: Escrow Agent shall not release any or all of the Escrow 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 Escrow when the
Deferred Sidewalk is completed,the determination of which shall be made by
the City Engineer whose judgment shall be binding on all parties hereto;
(b) The City Engineer may, but is not required to, authorize periodically, the
release of specified sums of the Escrow to the Owner if, and as,the Deferred
Sidewalk is completed and approved or accepted by the City in stages,so long
Page 2 of 5
as the remaining funds not released are sufficient to complete the construction
of the remaining portion of the Deferred Sidewalk which has not been, but is
required to be,completed and accepted or approved by the City;
(c) Owner shall complete 100%of the Deferred Sidewalk improvements prior to
the issuance of any certificate of occupancy for C3.wl Q•tt
/dbbl i L. M _ and no later than three years from the
date of this agreement. If for any reason the Deferred Sidewalk is not
completed within this three year period the City, at its option, may require
the Escrow Agent to deliver the Escrow to the City.In such case the City
may retain the Escrow until such time as Owner completes the Deferred
Sidewalk, or may apply the Escrow toward the completion of the Deferred
Sidewalk and recover from Owner any remaining amount needed to complete
the Deferred Sidewalk. In no event will a building permit be issued for
W/i /To ,I7 d' until a City standard development
agreement is entered into for the construction of the Deferred Sidewalk.
4. Notices:Any notice to be sent,required to be sent,or given under this agreement shall
be sent to the address or fax no.of the parties hereto,as follows:
CITY: OWNER:
DRC Engineering Administrator /J'�Vie _)�c'Flq Pa'v kWr'f 171 ZC G
215 W.Hickory St. ,J40 .5 q't ti; A1ij
Denton,Texas 76209 1,_ �y, L �
Fax No.(940)349-7707 Fax No. E'- 51 - 10 Z(O
Page 3 of 5
ESCROW AGGENT:
jj
1���, S Az-i0o
1 x,
Fax No.
5. Fees: Owner agrees to pay any and all fees or costs charged by the Escrow Agent in
connection with this Agreement.
6. Non-Liability 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 anyone 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 lieretinder 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 direction,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
Page 4 of 5
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.
7. Successors and Assigns: This agreement shall be binding upon the successors
and assigns of the parties hereto.
8. 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 `-f/J(Iay of
CITY OF DENTON OWNER
3J J t
BY: BY: _
Todd Hileman kt- Si afore
City Manager
ATTEST: .���✓i�.� f «Y�S
THIS AGREEMENT HAS BEEN
CITY SECRETARY Printed Name
BOTH REVIEWED AND A PROVED CITY OF D 'N'FON, TE AS
as to financia and o rati nal By;
obligations u i MS. Y Q/1 49*
e�s�
g
i nature � ESCROW AGENT
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itlea i
Depar men
t ^ Q V
Date Signed: r E �$�� BY:
y0 Signature
�,�70VE� l/ U
�''•. , , .•�e...r AS TO FORM:
CITY ATTORNEY Printed Name
CITY OF DENTON,TEXAS
BY:(Z-
Page 5 of 5
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"EXHIBIT D"
"ESCROW AGREEMENT FOR POSTPONEMENT OF EXTERIOR SIDEWALK IMPROVEMENTS"
"COST ANALYSIS"
PROJECT DESCRPTION
PROJECT: Beall Way Addition
LOCATION: SWC N. Locust Street & Beall Street
Denton, Texas 76207
PROJECT ESTIMATE
QTY UNIT UNIT PRICE TOTAL COST TO COMPLETE
5' Exterior Sidewalks: 7,112 SF $5.15 $36,626.80
8' Exterior Sidewalks: 2,077 SF $6.28 $13,043.56
Percentage of Cost Deposit: 25%
Total Deposit Required: $12,417.59
Exhibit Prepared by: Marker Stone Realty Partners II,LLC
240 Squirrel Run
Argyle,TX 76226
(940)391-3178
Effective March 2013 PROJECT NO. C 5 1 ^b 0.3'5�
CONTRACT TYPE
STATE OF TEXAS S ESCROW AGREEMENT
COUNTY OF DENTON S FOR POSTPONEMENT OF INTERIOR
SIDEWALK IMPROVEMENTS
WITHIN A RESIDENTIAL
SUBDIVISION
WHEREAS, /4n 6 �S-1� hereafter referred to as
("Owner"),has undertaken to develop and/or plat a residential subdivision within the City of Denton,
Texas("City")or its extraterritorial jurisdiction, as further described on the attached"Exhibit C"(the
"Development");and
WHEREAS,Owner has,pursuant to the City ordinances,executed a development contract(if
applicable)dated y $ 11�j to insure that any and all exterior sidewalks, streets,water
and sewer lines, drainage facilities or other public improvements which are to be dedicated to the
public for a residential subdivision, hereafter referred to as ("Improvements"), are constructed and
completed in accordance with the specifications,standards and ordinances of the City;and
WHEREAS, in order to file a plat or to receive a Letter of Acceptance,Owner may,in lieu of
completing the interior sidewalks, escrow cash money with a bank or title company as escrow agent;
and
WHEREAS,in order to secure the construction of the Deferred Sidewak Owner has entered
into this agreement with the City and �&U SS &44 t.-�5'("Escrow Agent'),
Page 1 of 5
NOW,THEREFORE,Owner,City and Escrow Agent agree as follows:
1. Amount: Owner, as a condition to receiving a Letter of Acceptance or fling of the
Plat, shall deposit the sum of_�kt
ZS'
a*WL 6 ($ 8 0 D. 2�5', in cash money, with Escrow Agent, said
sum being in an amount, per the attached Cost Analysis (Exhibit "D'), and being
approximately 25% of the estimated cost to complete the Deferred Sidewalk (the
"Escrow').
2. Notice of Deposit:A Letter of Acceptance shall not be issued or the Plat filed by City
for the Development until Escrow Agent notifies City, in writing, that the Escrow
amount has been deposited in an escrow account with Escrow Agent.
3. Release of Funds: Escrow Agent shall not release any or all of the Escrow 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 Escrow when the
Deferred Sidewalk is completed,the determination of which shall be made by
the City Engineer whose judgment shall be binding on all parties hereto;
(b) The City Engineer may, but is not required to, authorize periodically, the
release of specified sums of the Escrow to the Owner if,and as,the Deferred
Sidewalk is completed and approved or accepted by the City in stages,so long
as the remaining funds not released are sufficient to complete the construction
of the remaining portion of the Deferred Sidewalk which has not been,but is
required to be,completed and accepted or approved by the City;
Page 2 of 5
(c) Owner shall complete 100% of the Deferred Sidewalk improvements within
three years from the,date of this agreement. If for any reason the Deferred
Sidewalk is not completed within this three year period the City,at its option,
may require the Escrow Agent to deliver the Escrow to the City. In such case
the City may retain'the Escrow until such time as Owner completes the
Deferred Sidewalk, or may apply the Escrow toward the completion of the
Deferred Sidewalk and recover from Owner any remaining amount needed to
complete the Deferred Sidewalk.
4. Notices:Any notice to be sent,required to be sent,or given under this agreement shall
be sent to the address or fax no.of the parties hereto,as follows:
CITY: OWNER: QQ DRC Engineering Administrator I�yVkav-51tnc� �! la 1 s-T/ d'LG
215 W.Hickory Street , 449 5C?LA'-��o.l
Denton,Texas 76209 ft Y'(,1 a
Fax No.(940)349-7707 Fax No.
ESCROW AGENT:
XeegSs 6a4j 7�4j
3Z0 Z0 l- /va
TX
Fax No. z D 3y
5. Fees: Owner agrees to pay any and all fees or costs charged by the Escrow Agent in
connection with this Agreement.
6. Non-Liability of Escrow Agent: The Escrow Agent shall have no responsibility
except for the safekeeping and delivery of the amounts deposited in the Escrow
Page 3 of 5
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 anyone 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 direction,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.
7. Successors and Assigns: This agreement shall be binding upon the successors and
assigns of the parties hereto.
g, 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.
Page 4 of 5
IN WITNESS WHEREOF,the said City,Owner and Escrow Agent have signed this instrument this
day of
CITY OF DENTON OWNER
BY:
� BY:
odd Hileman Si
City Manager4&'�r
Printed Name
THIS AGREEMENT HAS BEEN
BOTH REVIEWED AND APPROVED
as to financial and operational
obligations d b ss terms.
ig na� ESCROW AGENT
Tipp
—6�19I /e
DepArtnight BY:
Date Signed: /
ignature
-111' l
Printed Name
'° ?t?: I'D�'LrPivi, CITY
�,)"'f i'Vi Ol NEY SECRETARY
GITY OF DEENTON,TEXA`' CITY OF Df�NTON, TE
BY: _ > S
Ey:
s
� T t� �
h/f�M11K�
Page 5 of 5
"EXHIBIT D"
"ESCROW AGREEMENT FOR POSTPONEMENT OF INTERIOR SIDEWALK IMPROVEMENTS WITHIN A RESIDENTIAL SUBDIVISION"
"COST ANALYSIS"
PROJECT DFSCRPTION
PROJECT: Beall Way Addition
LOCATION: SWC N. Locust Street& Beall Street
Denton, Texas 76207
PROJECT ESTIMATE
Builder Sidewalks QTY UNIT UNIT PRICE TOTAL COST TO COMPLETE
5' Interior Sidewalks: 44,298 SF $4.50 $199,341.00
8' Interior Sidewalks: 18,790 SF $6.00 $112,740.00
Percentage of Cost Deposit: 25%
Total Deposit Required: $78,020.25
Exhibit Prepared by: Marker Stone Realty Partners II,LLC
240 Squirrel Run
Argyle,TX 76226
(940)391-3178
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