Beal Way Addition Interior Sidewalk Escrow Agreement Effective March 2013 PROJECT NO. C b 0391
CONTRACT TYPE
STATE OF TEXAS S ESCROW AGREEMENT
COUNTY OF DENTON S FOR POSTPONEMENT OF INTERIOR
SIDEWALK IMPROVEMENTS
WITHIN A RESIDENTIAL
SUBDIVISION
WHEREAS, �� 6 �S 1r 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 1 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 Sidewalk,Owner has entered
into this agreement with the City and k.U66 ("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 filing/Iof the
Plat, shall deposit the sum of 5��/�t A�J�f rt'rtAlKas�G� P.tt�lr
Z5
amd- / ($ 0 D. , 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:
DRC Engineering Administrator P sjT
215 W.Hickory Street .1
40 15ePIA..'Wo_l
Denton,Texas 76209 Q /2-7-R 4,(,,Z-Z(0
Fax No.(940)349-7707 Fax No.
ESCROW AGENT:
ka!51 '54',k , f
0
TX Lo 1
Fax No.(� )✓_IZ
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.
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.
Page 4 of 5
IN WITNESS WHEREOF,the said City,Owner and Escrow Agent have signed this instrument this
ay of _ 1 �
CITY OF DENTON OWNER
BY:
� BY:
odd Hileman Si tune
City Manager — ,n pd Ij—
Printed Name
THIS AGREEMENT HAS BEEN
BOTH REVIEWED AND APPROVED
as to financial and operational
obligations a d b terms.
ignatu ESCROW AGENT
t=� , M
Ti
Depa m t BY:
Date Signed: •/
Signature
XIe�IJII f l�Lrlf'
ATTEST: Printed Name
,.._ `7 ,: C,MS' TO IFG„i.'s: CITY
C., Y N'TORt4EY SECRETARY
Ci f Y OF DENTOiN,Ti;Y(A:' BY
. OF I)�TON, TEXq
`�✓rl J,S
$011 9t
Page 5 of 5
"EXHIBIT W
"ESCROW AGREEMENT FOR POSTPONEMENT OF INTERIOR SIDEWALK IMPROVEMENTS WITHIN A RESIDENTIAL SUBDIVISION"
"COST ANALYSIS"
PROJECT DESCRPTION
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: $n,020.25
Exhibit Prepared by: Marker Stone Realty Partners II,LLC
240 Squirrel Run
Argyle,TX 76226
(940)391-3178
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DENTON
401 N. ELM STREET■ DENTON, TEXAS■ 76201 ■ 940.349.7716
June 9, 2022
Access Bank Texas
320 Eagle Dr. Suite 100
Denton, TX, 76201
Attn: Access Bank Texas
Subject: Escrow Agreement for Interior Sidewalk at Beall Way Addition—CEP18-0034
Dear Kevin Hodges,
With regards to the above-mentioned agreement, please note MakerStone Realty
Partners II, LLC has satisfactorily completed the relevant sidewalk improvements, for
Beall Way Addition— SWC N. Locust Street and Beall Street- Interior Sidewalks CEP18-
0034. The City hereby authorizes Access Bank Texas to release the escrow funds. If you
have any questions or need further assistance in this matter, please contact
Candy.Whitaker(abcityofdenton.com or call (940)349-8319.
Sincerely, Sincerely,
Sara Hensley Rebecca Diviney
City Manager Director of Capital Projects/City Engineer
OUR CORE VALUES
Integrity • Fiscal Responsibility • Inclusion • Transparency • Outstanding Customer Service
From: Plato, Robert W. <Robert.Plato@cityofdenton.com>
Sent: Wednesday,June 1, 2022 10:06 AM
To:Whitaker, Candy<Candy.Whitaker@cityofdenton.com>
Cc: Diviney, Rebecca <Rebecca.Diviney@cityofdenton.com>; Plato, Robert W.
<Robert.Plato@cityofdenton.com>
Subject: Beall Way Interior sidewalk escrow release
Good morning Candy,
Public Works Inspectors have verified the completion of public sidewalk at the following projects
&escrows may be released:
• Beall Way Interior Sidewalk (Exterior has already been released)
o CEP18-0034
Cordially,
Robert Plato
Project Coordinator
Public Works Inspections
City of Denton
Office: (940) 349-8908 1 Cell: (940) 268-8497
401 N. Elm St.
Denton, TX 76201
www.cityofdenton.com
DENTON
"CN
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umuoign cnmope iu: (m4wdirD-Here-µaoa as��-� o�ayuHoao�
Escrow Agreements
Project: Beall Way Addition
Project No. CEP 18-0034
TYPE: exterior and interior sidewalk
Approved by Engineering Development
Review, Engineering Services L;DtocuSignedby:
Department, forwarde 4/8/2019
To Legal Department Sign Date
Reviewed by Legale__�P, I VI
Department, forwarded to
City Manager's Office Sign Date
Attested by Rosa Rios,
returned to Development
t
Services,
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.
DocuSigneo by:
�fi58Gd.8FB1 S4 76
City Engineer
Title
capital Projects
Depa41JeL�t19
Date Signed:
Effective March 2013 PROJECT NO. C b 0391
CONTRACT TYPE
STATE OF TEXAS S ESCROW AGREEMENT
COUNTY OF DENTON S FOR POSTPONEMENT OF INTERIOR
SIDEWALK IMPROVEMENTS
WITHIN A RESIDENTIAL
SUBDIVISION
WHEREAS, �� 6 �S 1r 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 1 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 Sidewalk,Owner has entered
into this agreement with the City and k.U66 ("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 filing/Iof the
Plat, shall deposit the sum of 5��/�t A�J�f rt'rtAlKas�G� P.tt�lr
Z5
amd- / ($ 0 D. , 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:
DRC Engineering Administrator P sjT
215 W.Hickory Street .1
40 15ePIA..'Wo_l
Denton,Texas 76209 Q /2-7-R 4,(,,Z-Z(0
Fax No.(940)349-7707 Fax No.
ESCROW AGENT:
ka!51 '54',k , f
0
TX Lo 1
Fax No.(� )✓_IZ
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.
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.
Page 4 of 5
IN WITNESS WHEREOF,the said City,Owner and Escrow Agent have signed this instrument this
ay of _ 1 �
CITY OF DENTON OWNER
BY:
� BY:
odd Hileman Si tune
City Manager — ,n pd Ij—
Printed Name
THIS AGREEMENT HAS BEEN
BOTH REVIEWED AND APPROVED
as to financial and operational
obligations a d b terms.
ignatu ESCROW AGENT
t=� , M
Ti
Depa m t BY:
Date Signed: •/
Signature
XIe�IJII f l�Lrlf'
ATTEST: Printed Name
,.._ `7 ,: C,MS' TO IFG„i.'s: CITY
C., Y N'TORt4EY SECRETARY
Ci f Y OF DENTOiN,Ti;Y(A:' BY
. OF I)�TON, TEXq
`�✓rl J,S
$011 9t
Page 5 of 5
"EXHIBIT W
"ESCROW AGREEMENT FOR POSTPONEMENT OF INTERIOR SIDEWALK IMPROVEMENTS WITHIN A RESIDENTIAL SUBDIVISION"
"COST ANALYSIS"
PROJECT DESCRPTION
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: $n,020.25
Exhibit Prepared by: Marker Stone Realty Partners II,LLC
240 Squirrel Run
Argyle,TX 76226
(940)391-3178
C� IT I
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