Loading...
HomeMy WebLinkAbout5162RESOLUTION NO. 5162 A RESOLUTION APPROVING AN ESCROW AGREEMENT BETWEEN STATE FARM MUTUAL AUTOMOBILE INSURANCE CO11PANY, THE YOUNG MEN'S CHRISTIAN ASSOCIATION OF PUEBLO, COLORADO, AND COLORADO NATIONAL BANK - PUEBLO BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PUEBLO, COLORADO, that: SECTION 1 An Escrow Agreement dated March 25, 1983, by and between the City of Pueblo, a Municipal Corporation, State Farm Mutual Automobile Insurance Company, an Illinois Corporation, the Young Men's Christian Association of Pueblo, Colorado, and the Colorado National Bank - Pueblo, the original copy of which is on file with the City Clerk, having been approved as to form by the City Attorney is hereby approved. SECTION 2 The President of the City Council is hereby authorized and directed to execute said Escrow Agreement for and on behalf of the City and the City Clerk is directed to attest the same and affix the seal of the City thereto. SECTION 3 Pursuant to the terms of this Escrow Agreement, the Director of Public Works is hereby authorized and directed to make demand for payment to Colorado National Bank on May 25, 1983, in an amount sufficient to cover the construction and installation costs of required public improvements to College Road Shopping Center Subdivision No. 5 if such improvements are not installed by May 24, 1983. INTRODUCED May 23, 1983 By DOUGLAS L. RING Councilperson APPROVED: ESCROW AGREEMENT THIS AGREEMENT is made and entered into this _- / " day of March, 1983, by and between PUEBLO, a Municipal Corporation, hereinafter referred to as the `City ", and STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY, an Illinois Corporation, here- inafter referred to as the "Owner ", and THE YOUNG MEN'S CHRISTIAN ASSOCIATION OF PUEBLO, COLORADO, hereinafter referred to as "the Subdivider ". WITNESSETH: WHEREAS, Subdivider sold to Owner a portion of Lot 5, College Road Shopping Center Sub. Filing No. 3, which has been resubdivided into Subdivision Filing No. 5; and Subdivider and Owner are required to provide and construct improvements re- quired by Section 12- °4 -7(j), 1971 Code of Ordinances, City of Pueblo, in accordance with.Alternative 4 set forth - therein; and WHEREAS, the Subdivider and Owner are subject to an Agree- ment with the City duly recorded June 3, 198,Z in Book 2117, Page 193, Rec. #693390 of the records of the County Clerk and Re- corder, Pueblo, Colorado, hereinafter referred to as the Agreement, which Agreement provides, in part,that the Subdivider shall make a deposit of cash or other collateral computed as provided in the Agreement, which may be deposited with any bank or trust company in the State of Colorado, subject to an escrow agreement whereby the holder of such cash or collateral shall pay all or any portion thereof to the City upon demand after the time for completion of all required improvements required by the Subdivider shall have expired; and WHEREAS, the amount to be deposited, computed as provided in the Agreement is to be not less than $ J-5 - 00,60 which amount the Subdivider hereby agrees to deposit. NOW, THEREFORE, Subdivider agrees to and does hereby de- after the %-A day of NO — A 1983, to be used by City in accordance with the Agreement. The escrow deposit shall be subject to the following terms and conditions. 1. If the improvements required by the Agreement are not completed to the satisfaction of the Director of Public Works by the Subdivider on or before the 9`lw� day of IyI4 , 1983, the escrow deposit, plus any earnings thereon shall be paid by the Escrow Agent to the City of Pueblo, upon written demand made to the Escrow Agent by the Director of Public Works of the City of Pueblo at any time after the l day of , 1983. If the improvements required by the Agreement are timely completed by the Subdivider or Owner to the satisfaction of the Director of Public Works, the escrow deposit plus earnings thereon shall be paid to the Subdivider upon written notice of satisfactory completion given to the Escrow Agent by the Director of Public Works. 2. If no written demand is made to the Escrow Agent by the Director of Public Works of the City of Pueblo before the (I f tj '` day of �u�'c_ , 1983, the Escrow Agent is authorized and directed to return the escrow deposit, plus any earnings thereon, to the Subdivider. 3. The Escrow Agent is authorized and directed to open a savings account at the First National Bank of Pueblo under its control and subject to this Escrow Agreement with the escrow deposit and all earnings thereon are to be retained until paid as set forth above and shall be charged to the Subdivider for income tax purposes. 4. The Escrow Agent shall be liable as a depository only and shall not be responsible for the sufficiency or accuracy of any documents, and it may rely upon any paper or other writing believed by it to be authentic in making any payments of the escrow funds. to withhold all money, property and documents in its possession until a mutual agreement has been reached between the parties or until delivery is authorized by a final judgment or court order. 6. The Escrow Agent shall be entitled to reasonable compensation for its services and may employ attorneys for the reasonable protection of the escrow funds and of itself and shall have the right to reimburse itself out of any escrow funds in its possession for costs, expenses, attorney's fees and its compensation and shall have a lien on all money, property and documents to cover same. All such fees, costs, expenses and attorney's fees shall be the sole obligation of Subdivider, and upon demand by City, Subdivider shall re- imburse the escrow fund therefor. 7. City agrees to allow Owner to occupy the improvements constructed on Owner's property under a temporary occupancy permit. IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day and year first above written. PUEBLO, A MUNICIPAL CORPORATION By -_ Presi ent of the Council ATTEST: 11�(444 ­ 0.4 C Clerk APPROVED AS TO FORM: City Attorney,' STATE OF COLORADO ) ss. COUNTY OF PUEBLO ) The foregoing instrument was acknowledged before me this .5 day of cuc A.D 1983 by �' ( as X XXXXXXXXXXXXXXXXX X XX XXX President of the Young Men's Christian Association of Pueblo, Colorado. r My commission expires: N&tarV Public �. Address SUBDIVIDER: YOUNG MEN'S CHRISTIAN ASSOCIATION OF PUEBLO, COLORADO BY /��X -�-G i ��(�C /_tom -�, �1/ ��7.r✓ OWNER: STATE FARM MUTUAL AUTOMOBILE INSURANCE COMPANY By STATE OF COLORADO ss. COUNTY OF PUEBLO ) The foregoing instrument was acknowledged before me this 1 .21 day of A.D. 1983 by xdxxN=kN as President of the City Council and �; �.�, ;" ��;_`C�.a as City Clerk of the City of Pueblo, Colorado. My commission expires: Notary Public Address The terms of the foregoing Agreement are hereby accepted by: S v t U N d .0 N tR .a cD O ru 0 0 A o Uo ti s O O 0 0 N 0 r. R, 0 O Ea 0 IL O \ CQ Q O O L[l ft N N -6} � � N U o (D S, O o O O E U U � o � O U O A N a_ O a C" 0 z as m cu 0 rA ca z 0 O 0 U O m - 2 m a m a. v t U N d .0 N tR .a cD O ru 0 0 A o Uo ti s O O 0 0 N 0 r. R, 0 O Ea 0 IL