Beaver Creek Phase 2 Escrow Agreement1
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a Effective March2013 PROJECT NO. FP16-0037
CONTRACT TYPE
STATE OF TEXAS 8 ESCROW AGREEMENT
COUNTY OF DENTON 5 FOR POSTPONEMENT OF INTERIOR
SIDEWALK IMPROVEMENTS
WITHIN A RESIDENTIAL
SUBDIVISION
WHEREAS, LGI Homes -Texas, 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 3/10/17 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 Boyar and Miller, PC ("Escrow Agent"),
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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 Twenty eight thousand, twenty three dollars and -/90
($ 28,023.90 ), 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 deternunation 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;
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(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 LGI Homes Texas- LLC
901-A Texas Street 1450 Lake Robbins Drive#430
Denton,Texas 76209 The Woodlands, TX 77380
Fax No. (940)349-8951 Fax No.
ESCROW AGENT:
Boyar and Miller, PC
2925 Richmond Ave, 14th Floor
HoustQn�IX 77098
Fax No. 7( 13 ) 552 - 1758
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
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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 fmal 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
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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.
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IN WITNESS WHEREOF,the said City,Owner and Escrow Agent have signed this instrument this
day of
CITY OF DENTON OWNER
LGI Homes-Texas, LLC
4 a'- BY:
ESCROW AGENT
Boyar and hmiller, PC
APPROVED AS TO FORM: BY:
CITY ATTORNEY
CITY OF DENTON,TE S
BYA
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BOYAR)III(MILLER 2925 RICH AVE., 14TH FLOOR
HOUSTON, TEXAS 77098
ATTORNEYS AT LAW 713.850.7766 BOYARMILLER.COM
December 8, 2017
Via Email
Mr. Nolan Spradlin
LGI Homes-Texas, LLC
1450 Lake Robbins Drive, Suite 430
The Woodlands, TX 77380
E-Mail: nolan.spradlin(a)Igihomes.com
Via Email
Ms. Jennifer Decurtis
City of Denton
215 E. McKinney
Denton, TX 76201
E-Mail: Jennifer.decurtis(a)-cityofdenton.com
Re: Sidewalk Escrow Agreement— Beaver Creek; Project No. FP16-0037
Dear Nolan and Jennifer:
The undersigned is the "Escrow Agent" under that certain Escrow Agreement for Postponement of
Interior Sidewalk Improvements Within a Residential Subdivision (the Escrow Agreement"), for the
subdivision known or to be known as "Beaver Creek" in the City of Denton, Denton County, Texas.
This letter is to confirm the Escrow Agent's receipt of funds in the amount of$28,023.90 pursuant to the
terms of the Escrow Agreement, and that such funds are being held in the account as follows:
Account Name (Field 59): BoyarMiller IOLTA ACCOUNT
Beneficiary Address: 2925 Richmond Ave, 14"' FL
ABA/Routing Number 062001186
Account Number: 38339699
Escrow Agent shall hold funds pursuant to the terms of the Escrow Agreement. Please provide a fully
executed copy of the Escrow Agreement to the undersigned as soon as available.
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Please let us know if you have any questions regarding this.
Very truly yours,
BOYAR 8yMI LER P.C.
j
H' yson so
005780\00001\1959062.1
EXHIBIT"C" - BEAVER CREEK, PH-2
SIDEWALK POSTPONEMENT COST ESTIMATE
ITEM UNIT QUANTITY I UNIT COST COST
5-FT SIDEWALK (4-IN. THICK) ISY 2132 $ 52.59 1 $ 112,095.59
3 TOTAL: $ 112,095.59
25%of Total $ 28,023.90
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