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/ 1-2 � 31 ' P ` M ° DEC 2 7 1988
RESOLUTION N0. 6297
RESOLUTION APPROVING AN IMPROVEMENT AGREE-
MENT BETWEEN THE CITY OF PUEBLO AND RANCHO
DEL SOL, INC., CONCERNING PUBLIC IMPROVE-
MENTS IN THE RANCHO DEL SOL SUBDIVISION,
FIRST FILING
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BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PUEBLO, COLORADO, that:
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A Public Improvement Agreement dated November 7, 1988, by and be-
tween the City of Pueblo, a Municipal Corporation, and Rancho Del Sol, Inc.,
the original of which is on file in the office of the City Clerk, and is made
a part hereof by reference, having been approved as to form by the City At-
torney, is hereby approved.
SECTION 2.
The President of the Council is hereby authorized and directed to
execute said Public Improvement Agreement for and on behalf of the City and
the City Clerk is hereby directed to attest the same and affix the seal of the
City thereto.
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After due execution and acknowledgement of this Agreement, the City
Clerk is directed to record said Agreement in the office of the Pueblo County
Clerk and Recorder.
ATTEST:
INTRODUCED Ilovember 28 ,1988
By DOUGLAS L. RING
Councilman
APPROVED Kenneth F Hu
President of the Council
Marian D. Mead
City Clerk
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O tt e o�cq v. COLORARO
ESCROW AGREEMENT
DEC 2 7 1333 sooR2429 �Ag 79
THIS AGREEMENT, consisting of three original counterparts,
made and entered into this 7th day of November, 1988, by and be-
tween Pueblo, a Municipal Corporation, hereinafter referred to as
the City, and Rancho Del Sol, Inc., a Colorado Corporation, herein-
after referred to as the Subdivider.
W I T N E S S E T H:
WHEREAS, Subdivider is the owner of all lots in Block 1,
Rancho Del Sol, First Filing, and is required to provide and con-
struct improvements required by Section 12- 4 -7(j), 1971 Code of
Ordinances, City of Pueblo, at its sole cost and expense, in accord-
ance with Alternative 4 set forth therein and the improvement plans
on file in the Department of Public Works of the City of Pueblo; and
WHEREAS, the Subdivider is subject to an Agreement with the
City, duly recorded in the records of the County Clerk. and Recorder,
Pueblo, Colorado, hereinafter referred to as the Agreement, which
Agreement provides, in part, that the Subdivider shall make a deposit
of case 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 im-
provements 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 $58,758.00, which amount the
Subdivider hereby agrees to pay.
NOW, THEREFORE, Subdivider agrees to and does hereby deposit
with the Colorado National Bank- Pueblo, in escrow, (herein Escrow
Agent), the sum of $58,758.00, all of which will be paid to the
City upon written demand of the Director of Public Works of the
City of Pueblo at any time after the 24th day of October, 1988, to
be used by City in accordance with the Agreement The escrow deposit
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shall be subject to the following terms and conditions.
1. If the improvements required by the Agreement are not com-
pleted to the satisfaction of the Director of Public Works by the
Subdivider on or before the 24th day of October, 1991, 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 24th day of October, 1988.
If the improvements required by the Agreement are timely com-
pleted by the Subdivider 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 24th day
of October, 1991, the Escrow Agent is authorized and directed to re-
turn 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 Colorado National Bank - Pueblo, under its con-
trol 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.
5. In the event there is any disagreement between the City and
the Subdivider, the Escrow Agent has the right 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.
b. The Escrow Agent shall be entitled to reasonable compensa-
tion 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
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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
reimburse the escrow fund therefor.
IN WITNESS WHEREOF, the parties have hereunto set their hands
and seals the day and year first above written.
PUEBLO, A MUNICIPAL CORPORATION
By,
P esiden of the Council
ATTEST:
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City Cler
APPROVED AS TO FORM:
CitY Attorney
STATE OF COLORADO, )
ss.
COUNTY OF PUEBLO. )
The foregoing instrument was acknowledged before me this —' 5� zz
day of November, A.D. 19 8 8 , by I:e nneth F. Hunter
President of the City Council, and Marian D. Mead
as
as City Clerk of the City of Pueblo, Colorado.
Notary Public
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19sion expires : M y Wmm" Expires May 2, 1991
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MR 24 29 v46F C9'
SUBDIVIDER:
RANCHO DEL SOL, INC.
Robert W. Walker
President
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J • .� . _
•ATTEST ' ' r "
J ie Hirsch
Secretary
STATE OF COLORADO, )
COUNTY OF PUEBLO. )
The foregoing instrument was acknowledged before me this 7th
day of November, A.D. 19 8 8 , by Robert W. Walker as
President, and Jackie Hirsch
Rancho Del Sol, Inc.
as Secretary, of
Notary
My commission expires: 8/10/91
The terms of the foregoing Agreement are hereby accepted
COLORADO NATIONAL BANK- - PUEBLO
BY
Escrow Officer
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