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Meadow Oaks Phase 4 Escrow Agreement Effective March2013 PROJECTNO. FP16-0018 CONTRACT TYPE SW STATE OF TEXAS S ESCROW AGREEMENT COUNTY OF DENTON S FOR POSTPONEMENT OF INTERIOR SIDEWALK IMPROVEMENTS WITHIN A RESIDENTIAL SUBDIVISION WMREAS, JUST LAND DEVELOPMENT LLC , 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 _1-- 10---1-7 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 ("L-nprovements"), 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 �ia—T--- — ("Escrow Agent"), Page 1 of 5 NOW,THEREFORE,Owner,City and Escrow Agent agree as follows: 1. Antount: Owner, as a condition to receiving a Letter of Acceptance or fling of the Plat, shall deposit the sum of Fourteen Thousand Nine Hundred and Thirty Dollars _($_ ,gip_,, 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 firnds 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 2of5 (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 tlu'ee 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 Mt t 2.15 W. Hickory St. 4 4. cly6-1 Denton,TX 76209 B,),j �� Fax No. (940) 349�-7707 - - Fax No. ESCROW AGENT: Fax No.G 4()) - " 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 pat-ties interested in the matter. 7. Successors and Assigns; This agreement shall be binding upon the successors and assigns of the parties hereto. 8. Venue: frhe parties hereto agree that if any legal action is necessary in cotuiection with this agreement,exclusive venue shall lie in Denton County,Texas. Page 4 of 5 i IN WITNESS WHEREOF,the said City,Owner and Escrow Agent have signed this instrument this 154k` day of - , ,'LOu CITY OF DENTON OWNER Todd Hileman �� a City Manager ESCROW AGENT BY' � �\ Page 5 of 5 S ! August 1, 2017 i f RE; Meadow Oaks Project No. FP16-0018 Denton,TX 76209 i To Whom it may Concern, Reunion Title is the Escrow Company handling the above reference matter. Our file number for your reference is 2027-231672. We are in receipt of agreed amount per the attached Escrow Agreement,of the sum of$14,930.00. RECEIPT Receipt of$ n th form of is acknowfedg _edged an ,2 _ — By. - Michelle Neely, Branch Manager/ Escrow Officer I� 0 TITLE Adams, Bennett, Duncan & Henley PG 2745 Wind River Dr, Denton,TX 76210 940-382-3030 Fax: 94.0-382-3377 15 w8witalsill ENID IL z le, I im NLit 41 Zip L 49 t top — !ell 4F_ fit _14 xal 0.9 I pflh, 21 ul pl A Tv f Hit ran F F ;—� �: �aiv�u �� :1=1 j A3WOS 00 w sag F F A. I g 2 gal V "I'll tip flj�tril- Th if 3 $ t ° a a�l�g b yea g � g s $$ � i ic st I RRI ill Hi lilt MIJll Ed d. lit Rif - 11,111 W-1i i piea, l g il Mi. lip . li M 'I E zu 1! jgf 2,3 111-1 J R1 1; N .!AR N N*t Y.1-i n1i wni UR 11 M. 0 gall. nal o Ni U, -, �3 R f ir 4 z 01 yy � its A v- v a I i2,�9 MA 11. Jill .4 NOR "NOW 1111''13 IND M-1 -3,11 112R 11M. Xdi 1A oil lux lyY i Hit t ITI R,PHI I .i A,M I SHIMSM , , A Sh .11 oil 11, HIM I i I I i 1 I EXHIBIT D *Public Sidewalk Improvements* Pro ect:[?esCri tl -n ( PROJECT: Measow Oaks-Phase 4 CITY PROJECT NO.FP16-0018 LOCATION: Autumn Oaks Drive and Oak Tree Drive AEG PROJECT NO. GEL1501 Denton,Tx pra'eet;Estimat : _ --- UNIT DESCRIPTION QTY UNIT PRICE TOTAL PRICE Sidewalk i 5"—3000 PSI Reinforced Concrete Sidewalk 14,930 SF $ 4.00 $59,720,00 I i i i f I t t t 1 I _ - i ? CRANp TOTAL $59,720.Q0 Exhibit Prepared by: Allison Engineering Group i 4401 N. 1-35,Ste 102 ' Denton,TX76207 (940)380-9453