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HomeMy WebLinkAboutRES 98-137 RESOLUTION NO. ZL-Z.- WHEREAS, final inspection of water, sanitary sewer, storm sewer and street improvements constructed in Washington Village, Section One, was made by the Engineering Division and the Water Utilities Department as follows. Street and Storm Sewer Improvements: • Washington Village Parkway from existing Washington Boulevard approximately 1,669 feet north to 3 OM-4P end of roadway markers. Water and Sanitary Sewer Improvements: No Lot or Block No.'s Assigned. WHEREAS, the developers of said addition desire to have these improvements accepted and maintained by the City; and, WHEREAS, the director of Public Works recommends that said improvements meet city standards and qualify for acceptance for permanent maintenance, and the City Council is of the opinion that said improvements should be accepted and maintained by the City of Beaumont; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: THAT the water and sanitary sewer improvements in Washington Village, Section One, with the exception of streetlights, are hereby accepted by the City of Beaumont and shall be continuously maintained by the City contingent upon filing of the final plat, complete with filings of dedication of all rights-of-way and easements required on the preliminary and final plats and; THAT the City manager is authorized to execute an Escrow Fund Agreement with the contractor. The Agreement is substantially in the form attached hereto as Exhibit "A." PASSED BY THE CITY COUNCIL of the City of Beaumont on this the 0 Z2V, day of 1998. - Mayor - F. ROW FUND AC;RFFMENI STATE OF TEXAS § COUNTY OF JEFFERSON § This Escrow Fund Agreement dated this -(7 day of 19 q9("Escrow Agreement"),g ), is entered into by the City of Beaumont, Texas ("City"), Ricky Lightfoot ("Contractor"), and Golden Triangle Title Services, Inc., d/b/a Jefferson County Title Company("Escrow Agent"). RECITALS 1 Contractor has constructed a roadway ("Roadway")Y (�� y") in the Washington Village subdivision of the City of Beaumont. The Roadway extends northward from Washington Boulevard for a distance of over 1600 feet, and is called the Washington Village Parkway. The Roadway was not constructed in accordance with City roadway standards. 2• This Escrow Agreement is entered into to create an escrow fund for the purpose of offsetting any cost to City for repairs or maintenance to the concrete Roadway. In consideration of the promises and agreements of the parties and for other good and valuable consideration, the receipt of which is acknowledged, the parties agree as follows: ARTICLE 1 ESCROW DEPOSIT Cash Deposit 1.01 Contractor, contemporaneous with the execution of this agreement, shall deposit Twenty Thousand and 00/100 Dollars ($20,000.00) with Escrow Agent for the purpose of offsetting any cost to City of repairs or maintenance to the Roadway. This amount shall be known as the "Escrow Fund." ESCROW AGREEMENT Page 1 EXHIBIT "A" Disbursement 1.02 . The funds in the Escrow Fund are to be retained by the Escrow Agent as an escrow trustee pursuant to this Escrow Agreement. The funds (and income earned on them) may be disbursed from the Escrow Fund only in accordance with Article 2, below. Investment Decisions - 1.03 The funds in the Escrow Fund shall be invested at the sole discretion and direction of City. All funds held under this Escrow Agreement shall be registered in the nominee's name or names that the Escrow Agent selects. ARTICLE 2 DUTIES OF ESCROW AGENT Investment by Agent 2.01 The Escrow Agent shall receive and hold the Escrow Fund pursuant to the terms of this Escrow Agreement and shall invest the Escrow Fund as provided in Paragraph 1.03, above. Any interest or other income earned by the funds held in the Escrow Fund shall also be invested in accordance with the procedures set forth in Paragraph 1.03, above, until the Escrow Fund is disbursed as provided below. Disbursements 2.02 During the term of this contract as set out in Paragraph 2.03 below, the Escrow Agent shall disburse the Escrow Fund only in accordance with written instructions from the City executed by the Beaumont City Manager, Director of Public Works, or such other agent designated by them. The City, at its sole discretion, may order funds dispersed for the purpose of repairing or maintaining the concrete Roadway. All interest and other income earned on the Escrow Fund at the time of disbursement shall be distributed in the same proportion as the distribution of the Escrow Fund. On disbursement of all of the Escrow Fund, including interest and other income earned on it, this Escrow Agreement shall terminate. ESCROW AGREEMENT Page 2 Expiration of Agreement 2.03 This Escrow Agreement shall remain in effect for ten (10) years after the date it is signed, or until disbursement of all of the Escrow Fund, including interest and other income earned on it, whichever occurs first. Should any amount remain in the Escrow Fund at the end of ten years after the date this agreement is signed, the Escrow Agent shall disburse the balance of the Escrow Fund, including interest and other income earned on it, to Contractor. This Escrow Agreement shall terminate on that final disbursement. Quarterly Reports 2.04 The Escrow Agent shall provide City and Contractor with quarterly reports of the funds held and the income earned by the funds in the Escrow Fund. ARTICLE 3 OPERATIONS Obligations 3.01 The Escrow Agent shall be obligated only for the performance of the duties that are specifically set forth in this Escrow Agreement and may rely on the performance of these duties. The Escrow Agent shall be protected in acting or refraining from acting on any instrument believed to be genuine and to have been signed or presented by the proper party or parties. The Escrow Agent shall not be liable for any action taken or omitted in good faith and believed to be authorized by this Escrow Agreement nor for any--action taken or omitted in accordance with the advice of the Escrow Agent's counsel. Limitation of Liability 3.02 It is agreed that the Escrow Agent's duties are purely ministerial in nature and that the Escrow Agent shall incure no liability whatsoever except for willful misconduct or gross negligence so long as the Escrow Agent has acted in good faith. The Escrow Agent shall not be bound by any modification, amendment, termination, cancellation, rescission, or supersession of this Escrow Agreement unless it is in writing and signed by all of the parties to this Escrow ESCROW AGREEMENT Page 3 Agreement and, if the Escrow Agent's duties are affected in any way, unless the Escrow Agent has given prior written consent to any such agreement. Resignation 3.03 The Escrow Agent may at any time resign from the duties under this Escrow Agreement by giving written notice of resignation to the parties at their address set forth in Article 4, below, at least 10 days prior to the date specified for the resignation to take effect. On the effective date of the resignation, the Escrow Fund shall be delivered by the Escrow Agent to the national banking association or other entity that may be designated in writing by City. All of the obligations of Escrow Agent shall cease and terminate on delivery of the Escrow Fund. If no national banking association or other entity has been designated by City by the effective date of Escrow Agent's resignation, all obligations of Escrow Agent shall nevertheless cease and terminate. Escrow Agent's sole responsibility after the effective date of Escrow Agent's resignation shall be to keep safely all Escrow Funds then held and to deliver them to a national bank association or other entity designated by City or in accordance with the directions of an order or final judgment of a court of competent jurisdiction. City may designate as successor escrow agent any national banking association or other entity located in Texas that has agreed to serve pursuant to the terms of this Escrow Agreement. Fees and Expenses 3.04 Contractor shall pay Escrow Agent its customary fee for the performance of Escrow Agent's services for each year or portion of a year that any Escrow Funds remain in escrow and shall reimburse Escrow Agent for reasonable costs and expenses incurred in connection with the performance of the services. ARTICLE 4 MISCELLANEOUS Successors and Assigns 4.01 This Escrow Agreement shall be binding on and inure to the benefit of the parties to ESCROW AGREEMENT Page 4 this Escrow Agreement and their respective successors and permitted assigns. No other persons shall have any rights under this Escrow Agreement. Litigation Expenses 4.02 Any litigation costs and expenses under this Escrow Agreement shall be paid by the party obligated for the cost of litigation under the Sale Agreement. Successor Agent 4.03 A successor Escrow Agent may be appointed at any time by the mutual written agreement of City and Contractor. Trust Account 4.04 The Escrow Agent agrees to hold the funds of the Escrow Fund as a trustee in a segregated and separate account, outside of the reach of its general creditors. Notices 4.05 Any notice, statement, or other communication that is required or that may be given under the terms of this Escrow-Agreement shall'be in writing and shall be sufficient in all respects if properly addressed and delivered personally or by United States certified mail, postage prepaid, as follows: If to City: City Engineer City of Beaumont PO Box 3827 Beaumont, Texas 77704-3827 If to.Contractor: Ricky Lightfoot 85 Heritage Vidor, Texas 77662 If to Escrow Agent: Jefferson County Title Company 3515 Fannin Beaumont, Texas 77701 ESCROW AGREEMENT Page 5 . 5 or to any other address that any party shall designate in writing to the other parties in accordance with this provision. Governing Law 4.06 This Escrow Agreement shall be governed by and construed in accordance with the laws of the State of Texas. The parties to this Escrow Agreement have duly executed this Agreement as of the date first written above. CITY OF BEAUMONT Title RICKY LIGHT OOT GOLDEN TRIANGLE TITLE SERVICES INC. Title ESCROW AGREEMENT Page 6