North Pointe Phase 4B Escrow Agreement Effective March 2013 PROJECT NO. _ _—
CONTRACT TYPE
STATE OF TEXAS 8 ESCROW AGREEMENT
COUNTY OF DENTON 8 FOR POSTPONEMENT OF INTERIOR
SIDEWALK IMPROVEMENTS
WITHIN A RESIDENTIAL
SUBDIVISION
WHEREAS, hereafter referred to as
("Owner"). has undertaken to develop and/or plat a residential subdivision within the City of Denton,
Texas rCity") 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 _ 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 R D'"a n LAW I rh ("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 of the
Plat, shall deposit the sum of F d Mien 1-h o U S ah GI f 1 d t ��lf�19 h}
sw h f w (2n K($ i$ Q} 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 Oek l I Iyl ye,r,{men f S
901-A Texas Street 011 Z c I eyv+l le 1 Jvj rzoo
Denton,Texas 76209 0 ledu i 11P T X 7(Q o4
Fax No. (940)349-8951 Fax No. ( ) -
ESCROW AGENT:
Brown LAw hfm
Hol So vollf _
H. Woilb, -TX 7U107—
Fax No. ( �I l ) 1 h -��7
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 4of5
IN WITNESS WHEREOF,the said City,Owner and Escrow Agent have signed this instrument this
7 day of DUMber _, ' Vly
CITY OF DENTON 9R �SCr UW � 11
T Vv11?
Page 5 of 5
o�^ Q=� s ����snms^Nceais
a Pill
sS as y; ^`�:Sy •.N4 .Y"- vIo
R � '-Si
( ilk 1_i �1I eYa& e
R�aa^ �� -€ � j LaW.�,w�E �•>,nWFuv< I r
3m ��"'�R,2,��� � � I� I� w.tnxo ue a•evay.r I �I �� ' LGGCGG�� i� a
ee o o £ i L'9.gxaalr -� 1 f 6" IbI sc I 3 t 1
L---------- ^'oe- "�
Y m3'°'S�g� a o'urc:9r cwe. o mi 2v I 1 t
Ivrseex—W-ME snnoucu w I oz s'-' 'k' re $� )
PP ay� t a'0.6bN0 2 a'OVibea UxE ^ ,
rp
x r'eu�a—E"c .•��nzc� 2 r b J{
A
A s € 9 g
C i A1r
-—--
-____—__N_O POIHIED E - i pM
NORTHPOINTEp � 1
a CAB W PO 820 mz ~``'
-`U P.20��.
I !
(8A515 OF AURINGS) $ j
101'05'44"E 949.80'
t saa Li u9 2ao m e2 azuo c az ..ar
BLOCK 11 I j
$- N
-5" ,�IoG ,;r-�z -�.?i,! :? S ca' ? Ft J>�I �w'el s_
a x Is mw.< o"S o;
w x -N 1 I �_ ?5u4Z4%� .>:•t^ his .�G>LLf Tdw- AU," - �� 1 t
r z 3i•1 � 3dcy a'aae _.
➢Z N a 1
�• A r ry 'I TeC araM aa9.M east a9.0Y as wAa a< e<.6' - ae. 1 �'O1 '
.. m � I ]t C B2M ap' 6;66' a2IXf" 62ao'ar 626a' 6241' aiN' at.aa�a �araaW aioo cyb)' y92[a �I 4
BLOCK 12
a''m° � .5'. •cl ;grain -�t?7 3�v� 3(da^ ! .� .�au7 ��r31 j i w i ;cue
((''��.. _ lane:• � � _
is,+457c 3Gw T
It
��+ •I� �i
vEa•_.�
SOPO6 OB W a1115.i3'a
w
3mQ®+^e McKAMY DEVELOPMENT COMPANY,LTD. �O
(; S VOL D.R 1136
O.R.O. 2 y
C.T.T, z
Fri
� � � x'-u 8q"ui -qam NsQg' a
gx< e a ��a A 'all
� si 2� :F3i- 3 o$m u x e $ a os $aS t a
s; $ a �' �3� °s z sss9'x
6 A' 4 pg "" it
vmess 5a ig`yE"ao ;�S` = w-3R
o g4� ria g ia` -5 ° Na r � x3V
' °N Ey
S C r '" o ° 6 ea as
e p e ii�; =
$ 7p = j G � 'g '.E �• F9 sa _� :� ,�}s sR° If
o
^ $ 5 s saa 3dag V 4 y5 ' � a s :i 9( a !ft ii-
" mi e g 6 _ 6:= s s a5a'�m 3m s>4 a 's I:- Fi=s g021i
s ,� �� v � 4s� -3 � ms •°: 3z >° _a A Sss-°
11,10 c 6�'vCE1. {p y�c,.{'.•_' e� -s� hIY a 3a = a�a SS a1F ' =awq sE •
�- 3 4 w% SE Yta:'��•i `r a ,7."I y1P ;sL rO s. ° i.
=a }I t. 33 gs a a ash I Ij g ;s
e9
: $ s F F4 fall
S.
"�?p;,
�°� - # So ssa ?a! n^lf N519
r°'► A :yang= g� lit
69 +2S° gill
S a _ �; ��g off$ 's�eg j�s'
"ge
1
Northpointe Phase 46
Exhibit D
Itemized List:
Total public sidewalk deferred= 4,957 X 5 (wide) = 24,785 s.f.
Total cost = 24,785 X $3.00= $74,355.00
Amount to be escrowed = 74,355 X .25= $18,588.75
STATE OF TEXAS §
COUNTY OF DENTON §
This instrument was acknowledged before me on December 7, 2015, by Charles Brown
for and on behalf of Brown Law Finn.
KACEY NORMAN
Y,- Notary Public,State of Texas
My Commission Expires N ary ublic, State of Texas
January 23,2017
STATE OF TEXAS §
COUNTY OF DENTON §
This instrument was acknowledged before me on December 9, 2015, by Mark Mickelson
for and on behalf of Beall Investments.
" ""'• KACEY NORMAN �
Notary Public,State of Texas
My Commission Expires N ary P lic, State of Texas
January 23, 2017
STATE OF TEXAS §
§
COUNTY OF DENTON §
This instrument was acknowledged before me on December _ 2015, by
for and on behalf of City of Denton.
Notary Public, State of Texas
1409 Summit Avn
Fort Wnrth,Tx 76102
817-377-9091
Brown Law FknlS StarTide,LC-
December 9,2015
To Whom It May Concern:
We are in receipt of$18,588.75 on behalf of Beall Investments to hold in Escrow for the sidewalk
improvements to Northpointe Phase 4B.
Sincerely,
Marnie H
. . . . . . . . . . . . . . . . . . . . . . _ . . . . .
advice
This E-mail is sent by the Wire Transfer system for notification purposes.
Please do not reply.
LegacyTexas
Wire Department
Incoming Wire - Advice of Credit
Date : 12/08/2015
Account #: ***9538
Amount $18,588.75
GFX Reference
Sending Bank
SPIRIT OF TEXAS BK
Sender Name
NICOSIA & 77, LP
5712 COLLEYVILLE BLVD #200
COLLEYVILLE TX 76034
Beneficiary
THE BROWN LAW FIRM, LLP
IOLTA ACCOUNT
4161 MCKINNEY AVE, 4TH FLOOR
DALLAS TX 75204
Beneficiary Info (OBI):
Bank to Bank Info (BBI):
Reference for Beneficiary (RFB):
Fed Reference Number (IMAD):
20151208QMGFT006001455
These funds have been credited to your account, as of the date shown above.
Page 1
advice
If you have any questions regarding this transaction, please contact our Customer
Service
Department at 1-972-792-2905 or 855-469-3232. Refer to
wire sequence number above in your inquiry.
Page 2
THE BROWN LAW FIRM, L.L.P.
ATTORNEYS & COUNSELORS AT LAW
4161 MCKINNEY AVENUE, 4th FLOOR
DALLAS, TEXAS 75204
TELEPHONE 214-891-1957
FACSIMILE 214-891-1958
[Date]
WIRING INSTRUCTIONS TO
THE BROWN LAW FIRM, LLP—IOLTA ACCOUNT:
Legacy Texas Bank
100 Throckmorton Street, Suite 1510
Fort Worth, Texas 76102
ABA Number: 111901234
Account Number: 1019538
Credit: The Brown Law Firm, L.L.P. - IOLTA Account
Reference: 5togG X r- /ryrPPvv.E �•sr�
20C20Av
PLEASE SEND CONFIRMATION WHEN YOUR \VIRE HAS BEEN
SENT TO CBROWN cr,BROWNLAWFIRM.C'ONl
7.1
L� i