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Home My WebLink AboutRES.865.09-20-1993 t � BILL NO. 93-219 RESOLUTION NO. � A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN ESCROW AGREEMENT WITH NORTHFIELD PROPERTIES, INC. AND AMERIFIRST BANK OF CAPE GIRARDEAU FOR NORTHFIELD THIRTEENTH AND FOURTEENTH SUBDIVISIONS 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 Northfield Properties, Inc. and AmeriFirst Bank of Cape Girardeau for Northfield Thirteenth and Fourteenth Subdivisions. A copy of said Escrow Agreement is attached to this Resolution and made a part hereof. PASSED AND ADOPTED THIS .` �;�. DAY OF " ; � 19� � Francis E. Rhodes, Mayor �`� ATTEST: ;';�:, w��`�`: , � # . , � � '� 4 �� ``''- ". -6ayle . Conrad, Deputy City Clerk .�: . - ESCROti� AGREEMENT � This Escrow P_greement r�de and entered i^.�o this ��J 19�3 by and between Northfield Properties, Inc. d a y o f �..��`�'�;��v� � � a Corporation organized and existing under the laws of the State of Missouri , having its principal office and place of business at P 0. Box 1300 3113 Inde endence Ca e Girardeau, Missouri hereinafter called Developer, and Ameri Fi rst Bank of Cape Gi rardeau , hereinafter referred to as Escrow Agent and the City oi Cape Girardeau, Missouri, a municipal corporation, hereinafter re=?rred to as City. w�TNESSETH: WHEREAS, the Developer is the owner of Northfield Thirteenth and Fourteenth Subdivision , a p=oposed subdivision located within the City of Cape Girardeau, Mis�ouri, and has submitted to the City improvement plans and speci=ications which h�ve been approved by the City and has submitted a �inal plat with request that said plat and the plans and speciiications for the improvements in the Proposed Subdivision, be acc=pted 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 t'r�? 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 af tdorthfi el d Thi rteenth and Fourteenth subdivision, hereinafter referred to as the "Proposed Subdivisicn" , and has submitted to the City its plat of said Proposed Subdivision and requested approval of same the City has heretofore �pproved the improvement plans and specifications of the Propo=zd Subdivis6o3n�_ for $85,OOOo00 2 A��nXy��e��n��n`�� '- , —has been issued for the cost of the improv��ents in said Proposed Subdivision by . z � AmeriFirst Bank of Ca e Girardeau - � - r:� '� � � her�inafter referred to as "Financial Institu�.ion", a . x�ia� ��x,�,��4�c�4X��x�fxX�x��g�x copy of which is labeled Exhibit "A'�I ' and is attached to this Escrow Agreement and made a part hereo£'��^as ,� , though fully set out herein, has been placed in the possessi.o�t- of Escrow Agent. �g�t�.'�ax��I�x��txm�xX�xet��cX�x�x�X�i��C �x��xn�ck��Ox�x xf x��c x��x�x��ax�3c x��txx��nc x��c�x�axix�ck x��t�x�c ��,c x��nc��t��c�c�xx�xec x��xnec��p��x x�c x�k�c��c�tXt��'��ffi�c �X�c�z��a�c��x g�s�ec��'x�x�X x��a��x��x��c XY�4p��x�.�ec��ic1X�x?L� �x�%k�xa�sx�cx��7�'ak�x�3��#xXX - 3 . A copy of the nost recent financial sta�ement of the Financial Institution is submitted for the �purpose of guarantee'ing to the City that the Financial Institution as the _ssuer of the money market account ��xxx�kxX�x�� to the Developer has sufficient resources with which to uphold its guarantee. 4 . The Escrow Agent agrees to hold the or_ginal of the money market account ��,�i�rxffi�Xx��.�� issued by the Financial Institution subject to the provisions of this Agreement and the ordinances of tr= City of Cape Girardeau, as they may appertain to the provisions of the Escrow Agr�ement. The Escrow Agent agrees that it will se� up a special escrow account subject to audit by the City in which all funds made available by the Financial Institution for the improvements in the Proposed Subdivision, will be deposited. The Escrow Agent may release all such funds to the Developer only for t�e purpose of completing the improvements in the Proposed Subdivision. 5 . The Escrow A e t shall not release more tnan ninety per the money �iar�cet account cent (90%) of �c�Cx�x�� 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. The City Council agrees —2— that it will not unreasonably prevent the release of the final ten , ° per cent (l00) of the sums deposited with the Escrow Agent. 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 E=crow Agent to remit to the City cash or negotiable instru�-�ents constituting the balance of the escrow account required to complete the improve�ents. 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 assignment. - ^3- IN WITNESS WHEREOF, the parties have executed this instrument � � in triplicate as of the day and year first herein written. DEVELOPER fdorthfield Properiies, Inc. [Typed Name of Developer] [Seal] .�� - � [Signatu e] AT ' . Stephen E. Strom, President [Typed Name & O�iice of Signer] � �� [Signature] Patricia F. Strom, Secretary [Typed Name & Office of Signer] ESCROW AGENT AmeriFirst Bank o� Cape Girardeau [si ture] [Seal] ��1-� �i h, . � � �'t � � yped Name & 0- ice of Signer] ��Tic N ��o�CS o �% CTTY CITY OF CAPE GIRa�ZDEAU, MISSOURI [Seal] J. Ronald Fischer, City Manager ATTEST: Gayle L. Conrad _ _ Deputy City Clerk STATE OF MISSOURI ) ) ss. ` COUNTY OF C�PE GIRARDE.�,U ) On this �_ day of ��-� .� :_ , 19 q � , before me personally appeared Stephen E Stro , resi en�� Nortntieid properties, Inc. to me known to be the person described in_ and who executed the foregoing instrument, and acknowledged that he executed the sane 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. (� �(/�Q.E'1 Cl-eX � [Notary Pu lic Signature] My Commission Expires: [Typed Name of Notary Public] State of Missouri Cape Girardeau Courrty My Commission Expires 9-1-94 STATE OF MISSOURI � ) ) ss . COUNTY OF CAPE GIRARDEAU ) On this �� d oi � �; �2-(,� , 19 , before me , o�riFirst personally appeared � Bank of Cape Girardeau to me known to be the person described in and who executed the _ foregoing instrument, and acknowledged that he executed the s�e as his free act and deed. IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal at my ofiice in said County and State the day and year first above written. < � � � [Notary Pu ic Signature] My Commission Expires: � � l �` . ��.i i�I�/ � ��5�'l� � �--( ( �l� [Typed Na e of Notary Public] -5- STATE OF MISSOURI _ . ) ) ss COUNTY OF CAPE GIF�F.DEP.0 ) On this day of , 19 , before me appeared J. Ronald Fischer, to me personally _kno�.vn, 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, ��lissouri, the day and year first above written. Delores G. �ieedha:-, Notary Public My Commission Expires : October 8 , 1996 -6- s p r cn c7 cncnmv_o � � o � � —i �' 4Oi n v�i m c`o � 'r a m <° p � ' O _ � v � � � � � c � '� y �' S?� � �, w o D � � ; — G� � v � D tDn Z <p p v -- m c = = c�c m cn � m r �' � N � � o�' ? � > > � � y � cc m - -. �. o (n (n . � T m y � � G G G" O ? . . . CD p y < � � � CD CD � < X . . . Q � � O . . . o < � � v �v � o � � : : : C � � v a �y a, v�, C � c . . . � a 1� � � m m aan � m < . . . a �, y �; y � �� , � . . . tn o u, a .'. � � va < . . . � � �p m co n . . . p � = fA ti cc ? � 7 �/'` 7 G � . . . Q l!1 V� � � � - m _ ^ � . . . � . � : : : : o —� � � : : : : � � = � : : : : : D � � � � ao � S (�D a c� 6H � � � � � � ; N A � j CO Q � /� � w � Cn A � �1 �1 IV � � � � O � � i � O N c0 O 1 CD (J7 CJ7 9 � � Z � A� 0 � O (D � p a � tO .� � � � � c�!) � S g � g g v � m o �� Z ° a �' o S o 0 0 ° � � � � � � m � � � y � m � m n, �■ -� � `° o n� c� � vi T n � m � o � �aw 0 0 � � � � � � � � a� n � � v w � 0 4 � n m � a� s D D � r � N ' � � � � m � _ � y a � m � mo � r c Q � � � Z � x � ,� — • � a � 1 � � � = • cn c � co � � � N . .� C N < O � �; . . . r- � � m : : : N O Oa p . . . . D � � � o � � � � � `� � � : : : : � � = � � 1 � � � � � o �y � T y m ? n� � � a`c � o � m cn 0 C7 : : : . r � r � F � r �� D . . . . � x- m � =� mn� — � . . . . � (� C m ' tD (D > �p � (0 ,r _ � r-� o m -`D � o m ' r • • • • �/A, y 7 p � tn < tn N p < . . . . • V/ ^ y 1 O 1 n „N. y � n y � � C1 A1 '� � ^" y m � f� � "^ "� y � � 1 � � = r � N d � d � (Ji � W W y " O ; O. y m � p, N W cD v � a' < p� �o � s ^ <o � � � O � �p m � m � c� c� � O A � W W � � O O O O O y � O O O O O a m O O O O O � . AMERIFIRST BANK OF CAPE GIRARDEAU � T e 037 �.'- ; OWNERSHIPOFACCOUNT-PERSONAL OWNERSHIPOFACCOUNT-BUSINESS � INDIVIDUAL ❑ ❑ SOLE PqOPRIETORSHIP (and noi as POR NOT FOR � JOINT-WITHSURVIVORSHIP tenants in common) �CORPORATION: ❑ PROFIT ❑ PROFIT r—� las tenants I f JOINT-NOSUAVIVORSHIP in commonl ❑ PARTNERSHIP ❑ TRUST ❑ SEPARATE AGREEMENT: ❑ —_ ❑ BENEFICIARIES NAMED HEREIN BUSINESS COUNTY&STATE ❑ PAY-ON-OEATH-NOT SUBJECTTO THE NONPROBATE OFORG.�NIZATION: TRANSFERS lAW OF MISSOURI. TRUST OR PAY-ON-DEATH BENEFICIAfiIES AUTHORIZATION DATED: FACSIMI�E SIGNATUREIS)? ❑ YES ❑ NO Name and Address of Someone Who Will Always Know Your Location OPENED 9_2-93 By C. Pronst EMPLOYER DEPOSIT S 85��•�� —_. ❑ CASH � CHECK AODI7ES5 TELEPHONE � 314-334-0555 TEL� EMPIpyOF — PREVIOUS DATE OF BIFTH EMP�OVER _. . —_ PREVIOUS BANK ADDRES� -- LENGTH OF ADDRESS — TELn EMPLOY —_ BACKUPWITHHOIDINGCERTIFICATIONS ❑ EXEMPTRECIPIENTS-lamanexemptrecipientuntlar _43_1028677 the Internal Revenue Service Regula[ions. TIN: _ .__. __ �J TAXPAYERI.D.NUMBEfl-TheTaxpayerldentification ❑ NONRESIOENTALIENS-IamnotaUnitedStatesperson. . Number shown above ITINI is my correct taxpayer identifi- or if I am an Individual,f am neither a cituen nor a resitlen[ cation number. of the Unrted States. �BACKUP WITHHOLDING-I am not subject to backup SIGNATURE:I certrfy under penakies of perjury the state- withhoitling eicher because I have not been notified tha[I am ments checked in this section. subjecc[o bacxup withholding as a resWt of a failure to report � all interesc or dividends.or the Internal Revenue Service has X - _ — - notifieo me[hat I am no longer su bject to backup withholding. ACCOUNT OWNER NAME&ADDfiESS Cycle 22 Northfield Properties, Inc. ACCOUNT Escrow Account NUMBER 400-632-1 ; P. O. BOX 1300 NUMBEROF Cape Girardeau, Mo 63702-1300 FORWITHDRAW�UIRED �� __ _ TYPE OF �yEW ❑PERSONAL ❑CHECKING 4�1�b10NEYMARKET❑ -- ACCOUNT ';��,.EXISTING �BUSINESS �SAVINGS �NOW ❑ — $IGNATUREISI-THE UNDERS�GNED AGREEIS)TO THE TERMS STATED ON THE FRONT AND BACK OP THIS FORM, AND ACKNOWLEDGEISI RECEIPT OF A COMPLETED COPY ON TODAY'S DATE.THE UNDERSIGNED A150 ACKNOWL- EDGEI51 RECEIPT OF A COPY OF ANO AGREEIS)TO THE TERMS OF THE FOLLOWING DISCLOSUREISI: �DeposltAccountDisclosure � FundsAvailabiGtyDisclosure I1.�ElectronicFundsTransferDisclosure � TISA Disclosures . Si aturels) Identifying Info. „� _ _ Ste�hen E Strom 12, �tan T�_om_�s_2n (31 (4) �c� 7983,1989 BANKERS SYSTEMS,INC.,ST.CLOUD.MN 56301 11/19/89 MPSGMO ❑ REGIS'RATION IN BENEFICIARY FORM-THIS ACCOUNT IS SUBJECTTO THE NONPROBATE TRANSFERS L4W OF MISSOUFI.NOTE:ALL OWNERIS)SIGN ABOVE. ACCOUNT OWNERISI — OWNERSHIP TRANSFEii ON DEATH T0:BENEFICIARtES � ❑ LDPS ❑ NO LOPS Z ❑ LDPS ❑ NO IDPS 3 _ ❑ LDPS ❑ NO LDPS q, ___ ❑ LDPS ❑ NO LDPS 5. --_'_— _ ___--___ — ❑ LDPS ❑ NO�DPS 6. __. ._ ..--- ---------- ❑ LOPS ❑ NO IOPS - ._ . __._—___—_-Wmess_____.__.__ _. __.. _ . .. _ Dated: __--. -----