HomeMy WebLinkAboutCityMgrForm.1334.04-19-1978 � � � � �
GITY MANAGER FORM ORDINANCE NO. �
AN ORD.INANCE APPROVING THE FORM OF AN ESCROInT P,GREEMENT BETWEEN
THE CITY OF CAPE GIRARDEAU, MISSOURI., CHARLES E. MOUTELL, ,AND
FIRS.T FEDERAL SAVINGS AND LOAN ASSOCIATION, AUTHORTZTNG THE
MAYOR TO EXECUTE
WHEREAS, Charles E. Moutell, desires to construct and
develop Carolewood Estates Subdivision in the City of Cape Girardeau,
Missouri; and
WHEREAS, Charles E. Moutell, Donald C. Rasahe, Vice
Pres.ident of First Federal Savings & Loan Association, and the
Gity of Cape Girardeau, Missouri, desire to enter into an Escrow
Agreement for the 'proposed development;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE
CITY OF CAPE GIRARDEAU, MISSOURI, AS FOLLOWS:
SECTION l. The "Escxow Agreement" , copy of which is
attached hereto and incorporated herein, marked Exhibit "A" ,
between Charles E. Moutell, Donald C. Rasche, Vice President
of First Federal Savings & Loan Association, and the City of
Cape Girardeau, Missouri, is approved as to form.
SEGTION 2. The Mayor of the City of Cape Girardeau,
Missouri, is hereby authorized and directed to execute said
"Escrow Agreement" , copy attached hereto marked E�ibit "A" ,
for and on behalf of the City of Cape Girardeau, Missouri.
SECT.ION 3. This ordinance shall be in full force and
effect ten days after its passage and apgroval. �
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PASSED AND APPROVED THIS I q DAY OF �j� ,
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1978.
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MAYOR
ATTEST:
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J�/�,Q:ef--> A—�—`—��
CITY CLERK
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ESCROM 11GRESM$NT
This Escrow Aqreement mad� and entered into this l9th
day of �ri1 , 19 7a, and continuinq in �fect until
the isth day of april , 1� 80 , by and between
CHARLES E. MOUTELL '
i
�--L°19�'i9E?l�r�3@l�-91't�+R3l-�-ECl�-�,3!!$-!�lt�?lQ--1l�!l--t�!!-�i'Mi--0�-t�---- •
�e�te-Qf----------------------------s-�rlrfll4--f�s-�r�#'!lC4�l-�-6�#-4�,°'e--
and plaee of businees at 619 Broadview, Cape Girardeau, Missouri
, her�inafter call�d
Dt�V210�>@I� and FIKST FEDERAL SAVINGS AND LOAN ASSOCIATION �
hereinafter referred to as Escrow Aqent, and the City of Capa
Girardeau, a municipal corporation, hereinafter referred to
as City. �
WITNESSETH:
AS the Developer is the Ownez Of CAROLEWOOD ESTATES
suBDrvzszo��v � , a proposed subdivision located
within the City of Cape Girazdeau, Missouri, and has sub�itt�d
to the City improvement plans which have be�n aipproved by
the City and has submitted a final plat with request that '
said plat and the specifications of the d�vslopment of the
3llbd1V1S10r1� CAROLEWOOD ESTATES SU�DIVISION �
be accepted and approved by the City and Developer proposes
to meet the ordinance requirements of the City with resp�ct
to the postinq of this Escrow Aqreement prior to the approval
by the City of the plat proposed for said subdiviaion, nawtherefore;
In consideration of the foreqoing and of the mutual
promises and agreements contained herein the •parties to this
Escrow Agreement stipulate and agree as follows:
1. Deve loper is the owner Of CAROLEWOOD ESTATES SUBDIVISION
and has submitted to the City its plat of said subdiviaion
and requested approval of same. The City has heretofore approved
the improvement plans of CA1zOLl�;w00ll ES'TA'1'�;S SUBDIVISION ,
E7(NIBIT �/-�n
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2 . An irrevocable letter of credit, copy of which
i: lab�led Exhibit "A" and ie attached to this Escrow Agreement
and made a part hereof aa thouqh fully incorporated h�r�in,
has been placed in the possession of Escrow Agent. Said irrevocable
letter of credit is a commitment to the Developer from
FIRST FEDEHAL SAVII�GS AND LOAN ASSOCIATION � }�at it Milj ielVa
as the primary lender for the d�velop�aent of CAROLEWOOD ESTATES
suBDzviszotv and commite itselt !or
enough funds to complete the development of CAROLEWOOD ESTATES
SUBDIVISION project.
3. Copy of the most recent financial statement of
FIRST FF:DE;RAL SAVINGS AND LOAN ASSOCIATION i8 13�ej@a
Exhibit "B" and is attached to this Escrow Aqreement and made
a part hereof as though fully incorporated herein, which �financial
statement is submitted for the purpose of quaranteeinq to
� the City that the Association ae the issuer of the letter
of credit to the Developer has sufficient resources with which
to uphold its guarantee.
4 . The Escrow Agent aqrees to hold the original of �
�r
the letter of credit issued by FIRST FEDERAL SAVINGS AND LOAN
- ASSUCIATION sub ject 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 Aqreement.
The Escrow Agent agrees that it will set up a special escrow
account subject to audit by the City in which all funds mde
available by FIRST FEDEHAL SAVINGS AND LOAN ASSOCIATION
fOr the development Of the CAROLEWOOD ESTATF.S SUBDIVISION
project, will be deposited. The Escrow Aqent may release
all such funds to the Developer only for the purpose of the
development Of the CAROLEWOOD ESTATES SUBDIVISION
project.
5. The Escrow Agent shall not release more than ninety
per cent (90�) of all funds deposited with him as Escrow Aqent
2.
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by F1RST P'EDERAL SAVINGS AND LOA1v ASSOCIATION for
�YO f�lY•�.O�ItM�IIt of the CAROLEWOOD ESTATES SUBDIVISION
projoct except on the approval of the administrative offfcer
of the City and until the City Council is satisfied that the
i�roVements fOX the development of CAROLEWOOD ESTATES
SUBDIVISION " have been completed in
accordance with the plat and the improvement plans of
CAROLEWOOD ESTATES SUBDIVISION and the ordinances
of the City of Cape Girardeau. The City Council aqrees that
it will not unreasonably prevent the release of the final
ten per cent (10$) of the sums deposited with the Escrow Aqent.
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 on written notification of the City's administrative
officer.
� 7. Upon approval by the City through its administrmtive
officer for the release of all funds held by the Escrow Aqent,
this agreement shall be terminated and the Developer and the
Escrow Agent shall be released from any further obliqation
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 of the Escrow Aqent
named herein.
9. If, at the end of the two (2) year period above
specified, all the improvements reflected by the approved
improvement plans have not been completed, City may require
the Escrow Aqent to remit to the City cash or neqotiable 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,
3. �'
but $aid aqreement �hall be construed in the light of the
applicable ordinances of the City of Cape Girardeau, Missouri,
r�qardfnq the subdivision of lanas.
lI. No gart of this agre�ment mmy be assiqned by the
E�cro�w Aqent or the Developer without first obtaininq the
.
express �rritten conserit of such assign�ent by the City, but ,
t�e City aqrees not to unreasonably withhold sach asaignment.
IN WITNESS WHEREOF, the parties have executed this
instrument in triplicate as of the d and year firat herein
written. ST 'EA�i
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(Seal] ONAI, C. RASC -��
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By. _ :,
U� � resi ent
AT'�E�T: ESCROW AGENT
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`r''a�r�Avr.r�. LOISEAU
DEVELOPER
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[Seal] CHARLES E. MOU L
CITY OF CAPE GIRARDEAU, MISSOUAI
.,
By �?� _����
ayor
ATTEST:
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� City Clerk
CITY
[seal)
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STATE OF MISSOURI , )
) ss.
COUNTY OF' CAFE GIRARD�AU )
4n this ..1�h� day of �r;i , 19 7g , before
me pe�r�ona�IY �PP�area Donald C. RascY�
to me known to be t e person escribe in an w o execute the �
foregoing instrument, and acknowledged that he executed the
same as his free act and deed.
In Testimony Whereof, I have hereunto set my hand and
affixed my official seal at my office in said County and State
the day and year first above written.
Notary P c
My Commission Expires: ;q N. YANDEVEN
�a���/s,/��/
----,
Si'ATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this 18th day oE April , 19 78 , befora
me personally appeare�3 �Itiarles E. Nbutell
to me known to be the person described n and who execute t e ,
foregoing instrument, and acknowledqed that he executed the
same as his free act and deed.
In Testimony Whereof, I have hereunto set my hand and
affixed my official seal at my office in said County and State
the day and year first above written.
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• Notary Pub c
My Commission Expires : SUSAN ArrSELM
���
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this day of , 197 , befos'e
me appeared HOWARD C. TOOKE, to me persona y known;wl�o, b�inq
by me duly sworn, did say that he is the Mayor of the City oi
Cape Girardeau, Missouri, a Municipal Corporation of the State
of Missouri, and that the seal affixed to the foreqoing inatrt�nt
is the corporate seal of said City and that the said instrumeat.
was siqned and sealed in behalf of said City by authority of
i.ts City Council and acknowledq�d said instrument to be the
free act and deed of said City.
ZN TESTIMONY WHEREOF, I have hereunto set my hand aad
affixed my official seal, at my office in Cape Girardeau, Missouri,
the day and year first above written.
o ary c
My Commission Expires:
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FROM• FIRST FF,DERAL SAVINGS AND LOAN ASSOCIATION
. Financial Institution
325 Broadway
Cape Girardeau, Missouri 63701
Address
April 18, 1978
Date
'j`Q; CHARLES E. MOUTELL
Customer-Deve oper
619 Broaciview, Cape Girardeau, Mo.
ress
� AND
City of Cape Girardeau, Missouri - Beneficiary
Court of Common Pleas Building
Cape Girardeau, Missouri 63701
IRREVOCABLE LETTER OF CREDIT
We hereby establish our irrevocable letter of credit
in your favor up to the aggregate amount of $157,490.00
dollars ($ ava e upon
'• your emand and upon the approval of Bene iciary - City of Cape
Girardeau for the cost of developing Carolewood Estates, Cape Girardeau,
;�issouri according to the � p at an a�provement
speci ications as approved by the City of Cape Girardeau on
apri 1 5, , 19 7a . I f you d ot complete the improv—emant�
as s�ocified within two�2� years, Be f ciary - City of Cape
�irarde�u may, pursuant to the procedure in the Ordinances of
the City of Cape Girardeau, draw the bal ce of your account
required to complete said improvemen�s. ,�
l.�''i , � '��
, [5ea1] Mr. DQnald C. Ra che
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Financ a nst tut on
Accepted this day of , �9 •
Charles E. Moutell
(Sea1l � - �c'�` �.' r _.
Customer-Deve oper
Charles E. Moutell, Yresident
Approved pursuant to Council action this day of _ •
19
City of Cape Girardeau, MissouY'i
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By �-�-��
Mayor
[Sea1J
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STATE QF MISSOURT )
) ss.
COUNTY OF CAPE GIRARDEAU )
. On this �� day of �gr;� , 19 7�_, befote
me pereonally appeared Donald C. Rasche
to me nown to be the person escribe n an �v o execut t s �
foreqoinq instrument, and acknawledged that h� �xecuted the
same as hia free act and deed.
. In Testi�ony Whereof, I have hereunto set my hand and
affixed my official seal at my oftica in said County and Stat�
the day and year first above written. �
. r
Notary P c
My Co�nission Expires :
/ �!! H.�YANDEVEN
�-x-� � s.�,� ' ,
STATE OF MISSOURZ ) '
) ss.
COUNTY OF CAPE GZRARDEAU )
On this �i�; day of �pril ' , 19�_, before
me personally appeared Charles E. Nbutell
to me nown to e t e person escr e n� an w o exacute e �
foregoing instrument, and acknowledqed that he execu.ted the
same as his free act and deed. �
In Testimony Whereof, I have hereunto set my hand and
affixed my official seal at my office in said County and Stat'
the day and year first above wratten.
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S11SAN ANSF.LM NOtAl'y ' C �
My Commission Expires:
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2.
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STATE OF MISSOURI )
) ss.
' COUNTY OF CAPE GIRARDEAU )
On this day of , 19? , befora
me appeared HOWARD C. TOOKE, to me persona y knawn-,w�o, beinq
by. me duly sworn, did say that he is the Mayor of the City of
Cape Girardeau, Misaouri, a Municipal Corporation of tha State
of Missouri, and that the seal affixed to the foregoinq instrument
' is the corporate seal of said City and that the said instrume�t
was siqned and sealed in behelf of �aid City by authority of
its City Council and acknowledged sr�id 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 aay office in Cape Girardeau, Miaeouri,
the day and year first above written. ��
� , Notary c
My Commission Expires: ,
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