Villages of Carmel Phase 4B Escrow Agreement >ign Cnveiope IU:AIVOJLA,1-/AI 4tls4-yrL4-r ItU-014osrat
i
`oF A& Development Services
DENTON 215 W. Hickory St., Denton, TX 76201 - (940) 349-8541
MEMORANDUM
DATE: February 13, 2019
TO: Todd Hileman
FROM: Karen Hermann
SUBJECT: Development Contract Summary
Astra Carmel LLC is the Owner/Developer for the development of Villages of Carmel Phase 413
a 27.86 acres of the Villages of Carmel, Phase 4B development located on 735 Fort Worth Dr.
This Escrow Agreement is for the Postponement of interior sidewalk improvements within a
Residential Subdivision.
This contract is executed by the Developer, Contractor, and the City. The Developer is
responsible for all monies due to the Contractor for construction and in no event is the City
responsible for payment of any costs or expenses for the construction of the public
improvements. The Contractor bears the burden of the associated bonds and insurance in favor of
the City ensuring the completion and acceptance of the public improvements construction. 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
uum,�&)r-nveiope iL,-H i L r-At t-4tsa4-yr�4-r iy�oa4aaryt
THIS AGREEMENT HAS BEEN
BOTH REVIEWED AND APPROVED
as to financial and operational
obligations c 4t40,nee.s terms.
�es3E„ars7a^:,
Signature
city Engineer
Title
capital Projects
Department
Date Signed: 2/14/2019
Lawyers Title Company
4131 N. Central Expressway, Suite 450
s
Dallas,TX 75204
Phone 214-520-9999 Fax 214-520-8542
Transmittal Letter
January 25, 2019
Via FEDEX
Karen Hermann
Planning Technicial
City of Denton
215 W. Hickory Street
Denton, TX 76201
Re: Order No. 1978011765
Re: Astra Carmel, LLC, a Texas limited liability company
Property Address: Villages of Carmel, Denton, TX
W are in receipt of funds by check in the amount of$4,514.02 from Astra Carmel LLC
deposited in connection with an Escrow Agreement for Postponement of Interior Sidewalk
Improvements to be executed by City of Denton and Astra Carmel LLC. I have attached a copy
of our receipt for your reference.
If you have any questions regarding the enclosed, please do not hesitate to contact us.
LAWYERS TITLE COMPANY
Denise C. Bell
denise.bell@lawyerstitle.com
Order No. 1978011765
Transmittal Letter-Closer Page 1 of 1 Rev.05/03
Effective March 2013 PROJECT NO. f r )b-004 1
CONTRACT TYPE Py
STATE OF TEXAS 8 ESCROW AGREEMENT
COUNTY OF DENTON 8 FOR POSTPONEMENT OF INTERIOR
SIDEWALK IMPROVEMENTS
WITHIN A RESIDENTIAL
SUBDIVISION
WHEREAS, �rITA- C Le" , hereafter referred to as
("Owner"), has undertaken to develop and/or plat a residential subdivision within the City of Denton,
Texas ("City") or its extraterritorial jurisdiction, as further described on the attached"Exhibit C" (the
"Development");and
WHEREAS,Owner has,pursuant to the City ordinances,executed a development contract(if
applicable) dated V 14 to insure that any and all exterior sidewalks, streets, water
and sewer lines, drainage facilities or other public improvements which are to be dedicated to the
public for a residential subdivision, hereafter referred to as ("Improvements"), are constructed and
completed in accordance with the specifications,standards and ordinances of the City;and
WHEREAS, in order to file a plat or to receive a Letter of Acceptance,Owner may, in lieu of
completing the interior sidewalks, escrow cash money with a bank or title company as escrow agent;
and
WHEREAS,in order to secure the construction of the Deferred Sidewalk, Owner has entered
into this agreement with the City and 1� }�[.]1,5 (!I� i ("Escrow Agent").
Page 1 of 5
NOW,THEREFORE, Owner,City and Escrow Agent agree as follows:
1. Amount: Owner, as a condition to receiving a Letter of Acceptance or filing of the
Plat, shall deposit the sum ofr� S � ��
Al6�-'�($ 57 .�y, 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 EL— L (1-
215 W.Hickory Street
Denton,Texas 76209 �5
Fax No.(940)349-7707 Fax No.
ESCROW AGENT:
41318.
Fax No. ( )eA?-D-
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
ZO day of ge,1 (`V-ox ad1
CITY OF DENTON OWNER
BY: jzu '/8Y:
Todd Hileman �Signa e
City Manager
y.ST/
40D-
Printed Name
ATTEST:
CITY SECRETARY ESCROW AGENT
CITY OF DENTON,TEXAS
BY: e
BY:
kSign- re
Prided Name
APPROVED AS TO FORM:
CITY ATTORNEY
CITY OF D TO ,TEXAS
BY:
Page 5 of 5
EXHIBIT D
Villages of Carmel
Internal Sidewalk Escrow Calculation
1/3/2019
Internal Sidewalk to be built by Builders(calc per Engineer) 34,212 SF
Conversion to Square Yards 0.111111 Conversion Factor to SY
Square Yards of Internal Sidewalk to be built by Builders 3,801.33
Unit Price per Gilco 3 Way Contract for Sidewalk Construction 4.75 SY
Internal Sidewalk Escrow Amount 18,056.32
25% Deposit 4,514.08
Receipt of Deposit
Company: Lawyers Title Company
File Number: 1978011765 4131 N. Central Expressway, Suite 450
Receipt Number: 5322 Dallas, TX 75204
Type Of Funds: Check
Reference Number: 3092
Bank: Wells Fargo Bank (ATCD N.Central -1978)
Date: 1/25/2019
Payor: Astra Carmel LLC
Property: 90 Lots, Villages of Carmel, Denton, TX
Amount: $4,514.02
Description: Escrow Funds- Sidewalk
Received By: Denise Bell
Receiver's Signature: