HomeMy WebLinkAbout6844RESOLUTION NO. 6844
A RESOLUTION APPROVING AN ESCROW AGREEMENT
DATED OCTOBER 24, 1991 BETWEEN PUEBLO, A
MUNICIPAL CORPORATION, R.W. WALKER AND
COLORADO NATIONAL BANK - PUEBLO.
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that:
SECTION 1.
The Escrow Agreement dated October 24, 1991 between Pueblo,
a Municipal Corporation, R.W. Walker and Colorado National Bank-
Pueblo, a copy of which is attached hereto and incorporated herein,
having been approved as to form by the City Attorney, is hereby approved.
SECTION 2.
The President of the City Council is authorized to execute and
deliver the Escrow Agreement in the name of the City and the City
Clerk is directed to affix the seal of the City thereto and attest
same.
INTRODUCED: November 11, 1991
By KENNETH HUNTER
Councilperson
ATTEST:
APP D:
r
i y Clerk -- . - -2
PRESIDENT OF THE CITY COUNCIL
COLORADO NATIONAL BANK
�CNB�
�aL PUEBLO
October 23, 1991
City of Pueblo
Pueblo, Colorado
This is to confirm that there is a continuation of the Escrow
Agreement between the City of Pueblo and R. W. Walker. Funds
regarding this agreement are held as Colorado National Bank - Pueblo,
Escrow Agent, for R. W. Walker.
Sonia Clark
Assistant Vice President
SC /ef
Fifth and Main Mailing Address
Pueblo, Colorado 81003 P.O. Box 156
(719) 545 -1331 Pueblo, CO 81002
ESCROW AGREEMENT
THIS AGREEMENT, is made on October 24 , 1991, by and among
PUEBLO, a Municipal Corporation ( "City ") , R. W. WALKER
( "Subdivider ") , and Colorado National Bank - Pueblo ( "Escrow Agent ") .
W I T N E S S E T H:
WHEREAS, the Subdivider, doing business as Rancho Del Sol,
Inc., formerly owned all lots in Block 1, Rancho Del Sol
Subdivision, First Filing, and presently owns all lots in Blocks
1, 3 and 5 of Rancho Del Sol Subdivision, Third Filing ( "the
Subdivision "); and
WHEREAS, the Subdivider is required to construct the
improvements required by Section 12- 4 -7(j) of the 1971 Code of
Ordinances of the City of Pueblo, at his sole cost and expense, in
accordance with the improvement plans for the Subdivision on file
in the City Department of Public Works; and
WHEREAS, the Subdivider is also required, under a recorded
subdivision improvements agreement ( "Agreement "), to deposit cash
or other collateral, computed as provided in the Agreement, with
a bank or trust company in the State of Colorado, subject to an
escrow agreement; and
WHEREAS, the Escrow Agent has agreed to be the depository for
such cash or collateral and agrees to pay all or any portion of the
escrowed funds to the City upon demand; and
WHEREAS, the Subdivider wishes to execute this new Escrow
Agreement as required by the Agreement and to renew account number
MMIA9103857 with the Escrow Agent with the approximate balance of
1
s
$112,600 as the required deposit under the Agreement.
NOW, THEREFORE, the Subdivider redeposits and renews with the
Escrow Agent account number MMIA9103857, with the approximate
balance of $112,600 ( "Escrow Deposit ") , which together with accrued
earnings will be paid to the City upon written demand of the City
Director of Public Works ( "Director ") to be used by the City in
accordance with the Agreement. The Escrow Deposit shall be subject
to the following terms and conditions:
1. If a building permit is issued for any building or
structure in any lot in the Subdivision, or if the improvements
required by the Agreement are not completed by the Subdivider to
the satisfaction of the Director before October 24, 1994, the
Escrow Deposit and all accrued earnings shall be paid by the Escrow
Agent to the City, upon written demand made to the Escrow Agent by
the Director before December 24, 1994.
2. If the improvements required by the Agreement are timely
completed by the Subdivider to the satisfaction of the Director,
the Escrow Deposit, plus any accrued earnings on such account,
shall be paid to the Subdivider upon written notice of satisfactory
completion given to the Escrow Agent by the Director.
3. If no written demand is made to the Escrow Agent by the
Director before December 24, 1994, the Escrow Agent is authorized
and directed to return the Escrow Deposit, and any earnings on such
funds, to the Subdivider.
4. The Escrow Agent is authorized and directed to renew
account number MMIA9103857 under its control and subject to this
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Escrow Agreement. All earnings on such account shall be retained
until paid as provided above and shall be charged to the Subdivider
for income tax purposes.
5. The Escrow Agent shall be liable as a depository only.
The Escrow Agent shall not be responsible for the sufficiency or
accuracy of any document, and it may rely upon any paper or other
writing believed by it to be authentic in making any payments of
the escrow funds.
6. If there is any disagreement between the City and the
Subdivider, the Escrow Agent may 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.
7. The Escrow Agent shall be entitled to reasonable
compensation for its services. It may employ attorneys to
reasonably protect the Escrow Deposit and itself. It shall have
the right to reimburse itself from the Escrow Deposit in its
possession for costs, expenses, attorney's fees and its
compensation and shall have a lien on all money, property and
documents to pay such amounts. All such fees, costs, expenses and
attorney's fees shall be the sole obligation of Subdivider, and
upon demand by City, the Subdivider shall reimburse the Escrow
Deposit for such amounts.
The Escrow Agreement dated November 7, 1988, among the City,
the Escrow Agent and Rancho Del Sol, Inc., is cancelled and
superseded by this Escrow Agreement.
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The parties have signed this Escrow Agreement the day and
year first above written.
PUEBLO, A MUNICIPAL
CORPORATION
President of the Council
ATTEST:
City Clerk
APPROVED AS TO FORM:
City -�
STATE OF COLORADO )
SS.
COUNTY OF PUEBLO )
The foregoing instrument was acknowledged before me on
idovenber 19 , 1991, by Michael Occhiato as President of
the City Council and Marian D. Mead as City Clerk of
the City of Pueblo Colorado.
Witness my hand and official seal.
My commission expires: May 2, 1995 .
Notary Public
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SUBDIVIDER:
R. W. WALKER
STATE OF COLORADO )
SS.
COUNTY OF PUEBLO )
The foregoing instrument was acknowledged before me on
October, 1991, by R. W. Walker.
Witness my hand and official seal.
` ,,•'�`.Y; ! , ; My commission expires: A::2 �L
�4.. • Qua ,.�,� -:
� G:'��
• q Notary Public
4 ~• '•••...••'' QP
Ne terms of this Escrow Agreement are hereby accepted by:
COLORADO NATIONAL BANK - PUEBLO
U
Escrow Officer
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