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Home My WebLink AboutRES.2493.11-02-2009BILL NO. 09-182 RESOLUTION NO. A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN ESCROW AGREEMENT WITH A.J.E. HOMES, LLC, AND MONTGOMERY BANK, FOR BOULDER CREST ESTATES, IN THE CITY OF CAPE GIRARDEAU, MISSOURI BE IT RESOLVED BY THE COUNCIL OF THE CITY OF CAPE GIRARDEAU, MISSOURI, AS FOLLOWS: ARTICLE 1. The City Manager, for and on behalf of the City of Cape Girardeau, Missouri, is hereby authorized to execute an Escrow Agreement with A.J.E. Homes, LLC, and Montgomery Bank, for Boulder Crest Estates. A copy of said Agreement is attached to this Resolution and made a part hereof. PASSED AND ADOPTED THIS DAY OF(A/,%, 20" B. Knudtson, Mayor ATTEST: Gayl ESCROW AGREEMENT This Escrow Agreement made and entered into this-l(01`day of OkAcocr 200,° , by and between A.J.E. Homes, LLC, a Corporation organized and existing under the laws of the State of Missouri, having its principal office and place of business at 657 County Road 211, Cape Girardeau, Missouri, hereinafter called Developer, and Montgomery Bank, hereinafter referred to as Escrow Agent and the City of Cape Girardeau, Missouri, a municipal corporation, hereinafter referred to as City. WITNESSETH: WHEREAS, the Developer is the owner of Boulder Crest Estates, a proposed subdivision located within the City of Cape Girardeau, Missouri, and has submitted to the City improvement plans and specifications which have been approved by the City and has submitted a final plat with request that said plat and the plans and specifications for the improvements in the Proposed Subdivision, be accepted and approved by the City, and WHEREAS, Developer proposes to meet the ordinance requirements of the City with respect to the posting of this Escrow Agreement prior to the approval by the City of the plat proposed for said subdivision, NOW, THEREFORE, In consideration of the foregoing and of the mutual promises and agreements contained herein the parties to this Escrow Agreement stipulate and agree as follows: 1. Developer is the owner of Boulder Crest Estates subdivision, hereinafter referred to as the "Proposed Subdivision", and has submitted to the City its plat of said Proposed Subdivision and requested approval of same the City has heretofore approved the improvement plans and specifications of the Proposed Subdivision. 2. A restricted savings account has been issued for the cost of the improvements in said Proposed Subdivision by Montgomery Bank, hereinafter referred to as "Financial Institution". The restricted savings account, copy of which is labeled Exhibit "A" and is attached to this Escrow Agreement and made a part hereof as though fully set out herein, has been placed in the possession of Escrow Agent. Said restricted savings account is a commitment to the Developer from the Financial Institution that it will serve as the primary lender for the development of the Proposed Subdivision and commits itself for enough funds to complete the improvements in the Proposed Subdivision. 3. A copy of the most recent financial statement of the Financial Institution is submitted for the purpose of guaranteeing to the City that the Financial Institution as the issuer of the restricted savings account to the Developer has sufficient resources with which to uphold its guarantee. 4. The Escrow Agent agrees to hold the original of the restricted savings account issued by the Financial Institution subject to the provisions of this Agreement and the ordinances of the City of Cape Girardeau, as they may appertain to the provisions of the Escrow Agreement. 5. The Escrow Agent shall not release the restricted savings account deposited with him as Escrow Agent by the Financial Institution for the improvements in the Proposed Subdivision except on the approval of the Administrative Officer of the City and until the City Council is satisfied that the improvements for the development of the Proposed Subdivision have been completed in accordance with the plat and the improvement plans and specifications of the Proposed Subdivision and the Ordinances of the City of Cape Girardeau. 6. The City may from time to time partially release the Escrow Agent from all or any part of its obligations and shall do so by written notification from the City's Administrative Officer. 7. Upon approval by the City through its Administrative Officer for the release of all funds held by the Escrow Agent, this agreement shall be terminated and the Developer and the Escrow Agent shall be released from any further obligation to the City insofar as the provisions of this Escrow Agreement are concerned. 8. In the event of the failure or refusal or inability of the Escrow Agent to serve as determined by the Administrative Officer of said City, the City shall appoint a substitute who will have the same responsibilities as the Escrow Agent named herein. 9. If, after two (2) years from the date of this agreement, all the improvements reflected by the approved improvement plans and specifications have not been completed, the City may require the Escrow Agent to remit to the City cash or negotiable instruments constituting the balance of the escrow account required to complete the improvements. 10. This Escrow Agreement shall not in any fashion be construed to limit the powers, rights, or duties of City, but said agreement shall be construed in the light of the applicable ordinances of the City of Cape Girardeau, Missouri, regarding the subdivision of lands. 11. No part of this agreement may be assigned by the Escrow Agent or the Developer without first obtaining the express written consent of such assignment by the City, but the City agrees not to unreasonably withhold such consent. IN WITNESS WHEREOF, the parties have executed this instrument in triplicate as of the day and year first herein written. ATTEST: leo [Signatu Gayle L./gonrad, City Clerk DEVELOPER [Typed N,*p of Developer] ino Member l IGU�F-' rffm�� Kent Puchbauer, Pres., Montgomery Bank CITY OF CAPEIGI DEAU, MISSOURI Mydnager STATE OF MISSOURI ) ss. COUNTY OF CAPE GIRARDEAU ) BE IT REMEMBERED, That on this o day of 2009 before me, the undersigned, a Notary Public in and for the County and State aforesaid, came Eugene Holloway, to me personally known, who, being by me duly sworn, did state that he is a Managing Member of A.J.E. Homes, LLC, and that said instrument was signed in behalf of said company for the consideration stated therein and no other, and said Eugene Holloway, acknowledged said instrument to be the free act and deed of said company. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal, the day and year last above written. (� Angela Heuring Notary Public - Notary Seal [Typed Name of Notary Public] STATE OF MISSOURI Scott County STATE OF MISSOURI ) Commission #08463382 ss. My commission expires: 7-26-2012 COUNTY OF CAPE GIRARDEAU ) BE IT REMEMBERED, That on this 34z, day of O, -A -6-.,j- 2009 before me, the undersigned, a Notary Public in and for the County and State aforesaid, came Kent Puchbauer, to me personally known, who, being by me duly sworn, did state that he is the president of Montgomery Bank, and that said instrument was signed in behalf of said company for the consideration stated therein and no other, and said Kent Puchbauer acknowledged said instrument to be the free act and deed of said company. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal, the day and year last above written. Angela Heuring [Typed Name of Notary Public] Not—y !-!ljblic - Notary Seal J OF MISSOURI Scott Coun ;omrnission #08 63382 .;r,tnission expirost 7.26.2012 STATE OF MISSOURI ) ) ss. COUNTY OF CAPE GIRARDEAU ) On this 3 rrok day of AD veAw.,� , 2009, before me appeared Scott A. Meyer, to me personally known, who, being by me duly sworn, did say that he is the City Manager of the City of Cape Girardeau, Missouri, a Municipal Corporation of the State of Missouri, and that the seal affixed to the foregoing instrument is the seal of said City and that the said instrument was signed and sealed in behalf of said City by authority of its City Council and acknowledged said instrument to be the free act and deed of said City. IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal, at my office in Cape Girardeau, Missouri, the day and year first above written. My Commission Expires: '00f �0 PUS '- LADONNA LAUB c>, My Commission Expires ` ,!OTARY'; * _ August 4, 2011 Cek% SEAL ;;F -;r , "C' scottCounty Commission #07462254 October 30, 2009 City of Cape Girardeau Cape Girardeau, MO 63701 Re: Eugene Holloway To Whom It May Concern: We have restricted savings account number 1834339 in the amount of $210,000 in the name of Eugene and Marsha Holloway. This account has a hold on it and funds can only be released if authorized by a loan officer and not the customer. If you have any questions feel free to call. Sincerely, Angela Heuring Commercial Relationship Associate MCM Telephone: 1-800-455-2275 • E-mail: customerservice@montgomerybank.com f2r EQUAL HOUSING LENDER