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:
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