Prominence Spuare Phase IIA Escrow Agreement CITY
VOF
DENTON
401 N. ELM STREET■ DENTON, TEXAS■ 76201 ■ 940.349.7716
January 9, 2023
Reunion Title
2404 Texas Dr. Suite 102
Irving, TX, 75062
Attn: Reunion Title
Subject: Escrow Agreement for Sidewalk at Prominence Square—Phase IIA—FP 15-0043
Dear Alana Bailey,
With regards to the above-mentioned agreement, please note (Harlan Properties, Inc)
has satisfactorily completed the relevant sidewalk improvements, for(Prominence Square
Phase IIA). The City hereby authorizes (Reunion Title) to release the escrow funds of
$17,260.50. If you have any questions or need further assistance in this matter, please
contact Candy.Whitaker(acityofdenton.com or call (940)349-8319.
Sincerely,
Rebecca Diviney
Director of Capital Projects/City Engineer
OUR CORE VALUES
Integrity • Fiscal Responsibility • Inclusion • Transparency • Outstanding Customer Service
Good afternoon Candy,
PWI has verified the installation of the sidewalks, no exception to the release of the escrow is taken.
Q f
.I
1
i-
Cordially,
Robert Plato, CPII
Project Coordinator
Public Works Inspections
City of Denton
Office: (940) 349-8908
401 N. Elm St.
Denton, TX 76201
www.cityofdenton.com
,......WOA
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DENTON
DE
DVR0VMN INN
M91013
From:Suresh Shridharani <suresh@sumeerhome.com>
To:Whitaker, Candy<Candy.Whitaker@cityofdenton.com>
Cc: Plato, Robert W. <Robert.Plato@cityofdenton.com>;Jim Bell <jrb2tx@aol.com>; Alana
Bailey<abailey@reuniontitle.com>
Subject: Re: Prominence Square sidewalk escrow
Candy,
All these homes have Certificates of Occupancy. Please release the escrow for the sidewalk at
your earliest convenience.
Suresh
Revised 8/1/2016 PROJECT NO. FPI r
CONTRACT TYPE
STATE OF TEXAS S ESCROW AGREEMENT
COUNTY OF DENTON S FOR POSTPONEMENT OF INTERIOR
SIDEWALK IMPROVEMENTS
WITHIN A RESIDENTIAL
SUBDIVISION
WHEREAS, N dRL-Y*'-*J pRo P"-r iC-s, iN c• 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 —jt4 t-Y jS -744,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_("Escrow Agent"),
Pagel of 5
r ,
NOW,THEREFORE,Owner,City and Escrow Agent agree as follows:
I. AmounL Owner, as a condition to receiving a Letter of Acceptance or filing of the
Plat, shall deposit the sum of
S"Xr So ($ 17, Zbo-c o), 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 Dew 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 Engin eriny Administrator ell
SURESH SHRIDHARANI
PrinIff.
,pa Re,plesentative Name Printed Representative Name
215 W. Hickory St. Harlan Properties
Denton, TX 76209 2404 emv, '—
Fax No. (940) 349-7707 Irving,.i%X 75062
ESCROW AGENT:
Printed Representative Name / Reunion Title
119-1 2404 Texas Dr., Suite 102
lrvintt.TX 7i062
5. fees: Owner agrees to pay any and all fees or costs charged by the Escrow Agent in
connection with this Agreement.
Page 3 of 5
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 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 ss'unc: 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
dayof h o>> 2��7
CITY OF DENTON OWNER
��•,�.
By: o U .1 L By:
Todd Hileman
City Manager SURESH SHRIDHARANI
Printed Name
ESCROW AGENT
By:
z Ax 52z
Printed Name
I
Page 5 of 5
SCALE 1" - 100' PROMINENCE PARKWAY
I I
4 5 6 7 8 9
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12
RALEIGH PATH
13
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4 5 6 7 8 W
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15
1PROMINENCE SQUARE
PHASE 1 i O W
_J ; I 13 12 11 10 9 N 16
I
�- - —' - - -- - 17
Q
I Q TRENTON PLACE o
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Q -T - i - - -
F- I 18 J
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I I I 26 25 24 23 22 21 19 >-
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I 27 28 29 30 31 32 33 34
I
MADISON LANE
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- - - - 4 5 6 7 8 9 Y
/ I G O
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0 2732' - TOTAL LF OF SIDEWALK
EXHIBIT 'C' - SIDEWALK IMPROVEMENTS EXHIBIT
® CORWIN ENGINEERING, INC. PROMINENCE SQUARE PHASE 11
CITY OF OENTON
200 W. Belmont, Suite E Allen, Texos 75013 (972) 396-1200 OENTON COUNTY. TEXAS
Exhibit T"
Prominence Square Phase 2
FP15-0043
Description Units Quantity Unit Cost Total
5' interior sidewalK LF 2,732 $ 25.27 $ 69,042.00
25 % Escrow Calculation $ 69,042.00 25% $ 17,260.50
25% Escrow Amount $ 17,260.50
REUNION TITLE
2404 Texas Drive.Suite 102, Irving,TX 75062
August 15,2017
DRC Engineer
City of Denton
Development Services
215 W. Hickory Street
Denton, TX 76201
Re: Prominence Square Escrow Agreement for Sidewalk Improvement
I am in receipt of a check from Harlan Properties, Inc. in the amount of$17,260.50
to reflect 25% of the total cost of sidewalk to be deferred as determined in Exhibit
D.
Thank you
Alana Bailey
Escrow Officer/Office anager
972-871-7000
abaileyna,reuniontitle.com
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