Old North Park Phase III Escrow Agreement IcTY
of Engineering Development Review Division
DENTON 215 W. Hickory St., Denton, TX 76201 - (940) 349-7157
MEMORANDUM
DATE: August 8, 2018
G TO: Todd Hileman
FROM: Becky Owens
SUBJECT: Sidewalk Escrow Agreement Summary
Old North/Misty Wood.LLC is the Owner/Developer for the development of Old North Park
Phase III/FP16-0022, a 9.338 Acre tract or parcel of land as 54 buildable residential lots and
6 HOA lots in the Old North Park Phase II subdivision development located at
2111 E University Dr.
This agreement is required in order to defer the construction of the interior public sidewalks as a
condition to receiving a Letter of Acceptance for the public improvements. It is executed by the
Developer,their selected Escrow Agent and the City. Upon proper completion of the Public
Improvements in accordance with this agreement, the City agrees to accept the Public
Improvements.
OUR CORE VALUES
Integrity - Fiscal Responsibility - Transparency - Outstanding Customer Service
I
Escrow A greement AUG0 2018
For Postponement
Of Interior Sidewalk
Project: Old North Park Phase III
Project No. FP16-0022
TYPE: SW
Approved by Engineering Development
Review, Engineering Services
Department, forwarded (/ '
To Legal Department Sign Date
Reviewed by Legal % i 1�
p -
De artment forwarded to 4r,-4,=V—
City Manager's Office Sign Date
*Please notify Tracy Beck,
Becky Owens and Greg Blackstone
by e-mail when agreements are complete
ReA,me-X 4f, R �
Lffamiyo Match 111__. PROJECT"NO. FP 1 -0022
CONTRACT TNrPE SW
STATE OF TEXAS ESCROW AGREEMENT
COUNTY OF DENTON S FOR POSTPONEMENT OF . RIOR
SIDEWALK IMPROVEMENTS
WnHIN A RESIDENTIAL
SUBDTVISION'
wH It As, DLL `ORTH/MISTY WOOD,LLC. hereafter referred to as
{' ►wnee),kuis undetuken to develop and/or plat a residential subdivision widiin the City of Denton,
Texas CVity")or its extraterritorial uri ction, as Rather described on the ached"ExhibitC"(the
-Development") and
NF+;REAS,Owner has,pursuant to the City ordinances,executed a development contract(if
applicable) dated 07/1 ,"201 to insure that any and all exterior sidewalks, streets,water
and sewer lines, drainage fadlities. or other public irnprovernents which am to be dedicated to the
public for a residential subdivision, hereafter referred to as ("Improvements' , are consinuled aml
completed in accordance with the specifications,standards and ordinances of the City-,and
N ERF AS, in order to file a plat or to receive a Letter of Acceptance,Owner`may,in 1i(:u of
comple,ting the interior sidewalks, escrow cash money y with a bank:or title company as escrow went;
and
`4�ERFAS,in order to secure the construction of the Deferred Sidewalk.Owner has entered
into this agreement with the City (4`I Rrcnv Agenf
Page i of 5
NONNI,THEREFORF,Owner,City and Escrow Agent agree as follows:
1. Amount: owner, as a oonditiim to receiving a Let er of Acceptance or filing of the
Plat, shall deposit the SUM Of FOURTEENWOUSAND IWO HUNDRUE)T-IF-VYFOUR.DOLLARS AND
.%j,,-vk-,,N'7Y Fours cttiT3 ($ 14254.74 in cash iTmxvy, with Escrow Agent, said
sum being in an amount, per ffie aftached Cost Analysis (Exhibit "D), and being
approximawly, 25% of the estimated cost to complete the DefeiTed Sidewalk (the
"Escrow").
Notice o[pqp2gt:A Letter of Acceptance shall not be issued or the Plat filed by City
for the Developmcut until Escrow A notifies City, in writing, that the Escrow
amount has been ftositod in an escrow account with Escrow Agent.
3. Relew2 of Funds- Escrow Agetit,shall not release any or all of the Escrow until the
City Engineer authorizes the Escrow Agent, in writir% to rek= such funds as
provided for herein as follows:
(a) T'lle City Engineer shall authorize the release of all the Escrow when the
DefernA Sidewalk is completed,the determinatim of whicb shall be made by
the(1ity Engineer whose judgment shah be binding on all partieshereta;
(b) The City Engineer may, but is not required to, authorize periodically, the
release of s- :if 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 r=aining portion of the Deferred Sidewalk Which has not been, but is
required to be,completed and mvcpted or approved by the City;
Page 2 of 5
( Owner shall complete lW16 of the Deferred Sidewalk improvernents within
three ors 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 a MUIre the Escrow Agent to deliver the E;ctow to the City, In such case
the City way retain the Escrow until such time is Owner completes the
Deferred Sidewalk, or may apply the Escrow toward the completion of the
DeferredSidewalk and recover from bier any remaiiing 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:
Cfl y: OWNER:
IDRC Engineering Adrnintsft-tor OLIO NORTI-iIMISTY WOOD,LLC.
ZlS l .li Hickory Street
'�?5 Country Club Road ff105
Denton,Texas 76209entort, Texas i
Fax No (�40)349-7707 Fax No,( ,a} 536 . 1150
RSCRO �'>
cS�JW tx�
Fax No.�O
i
i
5. Fees; Owner agrees to pay any and alll fees or costs charged by the Escrow Agent in
connection with this AWeement.
6. No n M of Escrow A_ The Escrow Agcnt shall haNv no responsibility
except or the saffekc ping and delivery of the arnourits deposited in the Es w
Page 3 of 5
account in accordance With this ageetn=t The Escrow Agent shall not tv liable for
any act done or omitted to be done under this jkgrwnent or in connection with the
amount-, deposited in the Escrom, account except as a result of the Escrow Agent's
gross negligence or,,Nrillful 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
fiinds, deposited in the Escrow aceount, 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 mid the Esercnv Agent has the absolute rigK
at its direction,to do either or both of the followinW.
(a) Withhold andJor stop all further performance under this agreement until the
Fs.crow 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 to (who may include the subscribers), that the question,
dispute or disagr=nent has been resolved;or
(b) 'File a suit in intemleader and obtain by final judgment rendered by a court of
cornpoentjurisdiction,an order binding all parties interested in the matter.
7. Successors and,Assigns This- agreement shall be binding upon the successors and
assigns ofthe parties hereto.
& Venue: The parties hereto-a, that if any legal action is necessary in connection
with this agreement,exclusive venue shall be in Denton County,Texas.
Pagge 4 of 5
1 "W11N SS WHEREOF,the said City,Owner and Escrow Agent have signed this instrument this
LUL day 0
CT17Y OF DENTON OWNER
Todd ti l hall Signature
City Manager
Ixrnt iNarne
ESCROW AGENT
A
i
A .0, H< J
PrintedNarne
f --r" rn 110 T!;cr)CAA•
CI I Y ATTORNEY
CITY OF D T N,TEXAS
B"j,:
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Page 5 of 5
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EXHIBIT D
SIDEWALK POSTPONEMENT EXHIBIT
PRd1ECTz OLD NORTH PARX,PHA5E fit(FP16-w22t
LQr,AT]ON!DENTON T€XA5
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py=,, t: 5: r.Ecutt i tlrA I Q rvt;ty F:,xCe ,'xrnuurit
llt-paying
L 5'Sidewalk LT ,3E5 $ 29.t $ 57,0 .00
submul-Phase Oil Paytrk 5 57,0M00
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EXhihii a
ptd North ?VllslgWO d,L,,C l K"i:V-Hixn a„d Asmxlates 1 of 3 3ltfr:I R
al TEE
SOURCES
525 S Loop 288 Suite 125 Phone: 940-381-1006 Fax: 940-898-0121 / 940-382-8827
Denton, TX 76205 Metro: 940-243-2913 Metro Fax: 940-243-2849
July 26, 2018
DRC Engineering Administrator
215 W Hickory Street
Denton Texas 76209
RE: Old Mistywood LLC Escrow Agreement
To Whom It May Concern:
This letter is to notify the above party that Title Resources is in receipt of $14,254.74 to
be held in escrow, per the attached escrow agreement. These funds were received from
Old Mistywood North LLC, for sidewalk improvements.
Please let me know if you have any questions or concerns.
Thank you.
Title Resources
Kristi endricks
Escrow Officer
...JiM ddl -. x �� ffi gay,
1010
;g' OLD NORTH MISTY WOOD LLC 04-18
2306 RANCH HOUSE DR 88-2574/1119
DENTON,TX 76210-0346
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DOLLARS
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P.O.BOX 1429 DENTON,TEXAS 76202
FOR
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