HomeMy WebLinkAboutRES.937.06-06-1994 . � .
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BILL NO. 94-136 RESOLUTION NO. .' s
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN ESCROW AGREEMENT AND IRREVOCABLE
LETTER OF CREDIT WITH LEXINGTON PLACE, L.L.C.
AND CAPITAL BANK OF CAPE GIRARDEAU COUNTY FOR
LEXINGTON PLACE FIRST SUBDIVISION
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 and Irrevocable Letter of Credit with Lexington Place,
L.L.C. , A Missouri Limited Liability Company, and Capital Bank of
Cape Girardeau County for Lexington Place First Subdivision. A
copy of said documents is attached to this Resolution and made a
part hereof.
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PASSED AND ADOPTED THIS � z. DAY OF -1,l u_�'' , 19 f
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A. . Spradling, III ayor
ATTEST:
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Gayle 'L. Conrad
Deputy City Clerk
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ESCROW AGREEMENT �
Tfiia Escrow Agreement made and entered into this 6th day of
June , 19 94, by and between Lexinqton Place, L.L.C.
� A Missouri Limited yiability Company a �
�, having its principal
office and place of business at 2316 Jean Ann Dr'ive �
Cape Girardeau, MO 63701 hereinafter called Developer, and
_Capital Bank of Cape Girardeau County
, 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 Lexinqton Place First
, 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 prio'r 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
etipulate and agree as followa:
1. Developer is the owner of Lexinqton Place First
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. An Irrevocable Letter of Credit has been issued for the cost
of the improvements in said Proposed Subdivision by Capifal Bank of Cape
Girardeau County , hereinafter referred to as "Financial
Institution". The Irrevocable Letter of Credit, copy of which is labele8 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
Irrevocable Letter of Credit is a commitment to the Developer from the Financial
Institution that it will serve as the primary lender for the develo�iment 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 Institut�ion as the issuer of the Letter of Credit to the Developer has
sufficient resources with which to uphold its guarantee. `
4. The Escrow Agent agrees to ho�d the original of the Letter of Credit
' issued by the Financial Institution subject to the provisiohs of this Agreement
and the ordinances of the City of Cape Girardeau, as they may� appertain to the
provisions Of the Escrow Agreement. The Escrow Agent agrees that it will set up .
a special escrow account subject to audit by the City in which all funds made
available by the Financial Institution for the improvemente in the Proposed
Subdiviaion, will be deposited. The Escrow Agent may release all such funds to
the Developer only for the purpose of completing the improvements in the Proposed
Subdivision.
5. The Escrow Agent shall not release more than ninety per cent (90$)
of all funds deposited with him as Escrow Agent by the Financial Institution for
the improvements in the Proposed Subdivision except on the approval of the
Administrative Officer of the City and until the City Council is satisfied that
the improvements for the development of the Proposed Subdivision have been
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completed in accordance with the plat and the improvement plans and
epecifications of the Propoaed Subdivision and the Ordinances of the City of Cape
Girardeau. The City Council agrees that it will not unreasonably prevent the
release of the final ten per cent (10$) 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 Eacrow
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) yeara from the date of this agreement, all the
improvements reflected by the approved improvement plans and specificat�ons 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
requfred to complete the improvements.
10. This Escrow Agreement shall not in any fashion be construed to limit
the powers, rights, or duties of City, b�t said agreement shall be construed in
the light of the applicable ordinances of the City of Cape Girardeau, Missouri,
regarding the subdi.vision of lands.
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l�. Ko part of khis agreement may be assigned by the Escrow Agent or the
bevelopeK without �irst obtaining tha expreas written oonEent of such as�iqnment�
by the City, but the City agrees nat to unreasonabiy withhold such aeaignmant.
.
IN WZTNESS WHEREOF, the partiee have executied this instrument in triplicat�
as o�' the day and yeaX first herein written.
::
�exington Place� L.L.C, A Missouri Limited
Liability Company -
• [Type��cn� evelo �p(1r]�
. �� l �\(/LJ(/C�,^[L�-�+�V
�SignatureJG. Keith Deimund, Trustee of the
G. Keith Deimund Trust of 9-3-79 �
Mana in Member
[ ype Y Nam f ' n
� -_,�1��'-�e
[Signatu ,e� Larr� L. Haertli , Trustee of the
Larry L. Haertling ' ing Trust of 10-31-84.
. TITLE: Managing mbe
ESCROW AOEN�t 1 _ nk of pe Girardeau Ct�
� ' �
(S.Lgnature J
(eoa1J
Narvol A. Randol, Jr. Senio Vic President
[Typed Name & offioe of Signer�
CITY
CITY OF CAPE CIRARDEAU� MISSOURY
[Saal)
J. Ranald Fi9cher, Clty Manager
- ATTESTt
Gayle L. Conrad
Deputy City Clerk
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On thiB day of , 19 , before mQ pe�aonally
appeared
to ma known to be �hm person described
in and who executed the foregoing instrument, and aaknowledged that h� exeruted
the same as his free act and deed. �• , .
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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 Public SignatureJ
My Commisaion Expires:
(Typed Name of Notary Public)
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On thia day of , 19 , before me personally
appeared
to me known to be the person described
in and who executed 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 Public Signaturej
" My Commission Expires:
[Typed Name of Notary PublicJ
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On thie day of , 19 , before me appeared J. Ronald
Fischer, 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 inetrument
is the seal of said City and that the said instrument was signed and sealed in
behalf of said City by authority of ita 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.
Delores G. Needham, Notary Public
My Commission Expires: _
October 8, 1996
�
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State of Missouri 1
)
County of Cape Girardeau )
On this 2ND day of JUNE , 1994, before me appeared G. KEITH DEIMUND , who being by me duly
sworn, did say that he is the A MANAGING MEMBER of LEXINGTON PLACE, L.L.C, a LIMITED
LIABILTY COMPANY of the State of Missouri, and said G. KEITH DEIMUND, acknowledged said
instrument to be the free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal, at my office in
Cape Girardeau the day and year first above written.
My term expires JUNE 25, 1995
/ C/�L�f9��CL � /c��Gl%�%%�.�i2-G�-�
Barbara L. Burnette, Notary Public
State of Missouri 1
)
County of Cape Girardeau )
On this 2ND day of JUNE , 1994, before me appeared LARRY L. HAERTLING , who being by me
duly sworn, did say that he is the A MANAGING MEMBER of LEXINGTON PLACE, L.L.C, a LIMITED
LIABILTY COMPANY of the State of Missouri, and said LARRY L. HAERTLING , acknowledged said
instrument to be the free act and deed.
- IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal, at my office in
Cape Girardeau the day and year first above written.
My term expires JUNE 25, 1995
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Barbara L. Burnette, Notary Public
2 S�
FROM: Capital Bank of Ca Girardeau County
(Financial In9titution�
407 N. Kinqshicrh�vav
Address)
ape Girardeau, MO 63701 ,
:`
(Date)
TOs Lexington Place, L.L.C. -
(C�tstomer-Develo er)
A Missouri Limi�ed Liability Company
[Addreee]
2316 Jean Ann Drive
Cape Girardeau, MO 63701 '
AND
Ci.ty of Cape Girardeau, Migsouri - Seneficiary •
Ci�y Hall� P. O. Box 617
cape cirardeau, Mis�ouri 63702-0617 �
IRREVOCA�I�p LETTER OF C22EDIT �1256
We hereby establish oux iXrevocable letter of crediC irt your favor up the
aggrega�e amount of O� HUNDRED SIXTX ONE THOUSAND THREE HUNDRED SEV�'_IX?ULARS-
dollars ($ lhl _'�70_00 ) available upon your demand and upon the approval of
Beneficiary - C�.ty of Cape Girardeau for the cast af developing TiPxinQt'OI�
Place First Subdi.vision according to the f�n$1 plat and
improvement plane and speaif�aations as approved by the CS.ty of Cape Girardeau
Qn June 6 , 19 94 . IP you da nQC campiete the improvements �e
epecified within two (2) years, Heneficiary - City of Cape Girardeau may,
pUrsuant to the prooedures in th� Ordinancee af the Qi�.y o� CapQ Girardeau� draW
the balance of your arcount required tio aompl.ete said improvementz.
FINANCIAL INSTITUTION
Capital Bank of Ca ' ardeau County
(Typed Name of Fin nci
�nstitut on)
(seal)
�
(S Lgr►ature J �
• Narvol A. Randol Jr./Senior 'ce resident
(Typed Name & Office of Signer�
AaQepted thi.e 2n�d day of June , 19 94.
CUSTOMER-DEVELOPER
Lexi.ngton,Place, L.L.C. , A Missouri
Limited Liability Company
[Typed Na f Cust er-Developer)
(Seal J �, �� . �-�2
�Signa�ure�
. Keith Deimund, Trustee of the G. Keith
Deimund Trust of 9/3/79-Managina P'!e�[nber
(Typed Name & Office of SignerJ
� Custa�ner-Developer
Lexington Place, L.L.C. , A Mis�ouri
L'mited Liability Company
arr�e o us arer- ve oper .
� � V�t-C�-�-. `
igna e
Lar L. Heartling, Trustee of the Larry L.
Hear�ling Living Trust 10/31/84-Managing Member
(Typed Name & Office of Signer)
. ' � ,
Approved pursuant to Council action this day of , 19
City of Cape Girardeau, Missouri
(SealJ
J. Ronald Fischer, City Manager
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this day of , 19 , before me personally
appeared
to me known to be the person described
in and who executed 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 Public Signature]
My Commission Expires:
(Typed Name of Notary PublicJ
STATE OF MISSOURI )
) ss.
COUNTY OF CAPE GIRARDEAU )
On this day of , 19 , before me personally
appeared
to me known to be the person described
in and who executed 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 Public SignatureJ
My Commission Expires: -
[Typed Name of Notary Public]
STATE OF MISSOURI )
• ) ss.
COUNTY OF CAPE GIRARDEAU )
On this day of , 19 , before me appeared J.
Ronald Fischer, 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
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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
x written.
Delores G. Needham, Notary Public
My Commission Expires:
October 8, 1996
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� r �
State of Missouri )
)
County of Cape Girardeau )
On this 2ND day of JUNE , 1994, before me appeared G. KEITH DEIMUND , who being by me duly
sworn, did say that he is the A MANAGING MEMBER of LEXINGTON PLACE, L.L.C, a LIMITED
LIABILTY COMPANY of the State of Missouri, and said G. KEITH DEIMUND, acknowledged said
instrument to be the free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal, at my office in
Cape Girardeau the day and year first above written.
My term expires JUNE 25, 1995
����.v��/��,�Q�
Barbara L. Burnette, Notary Public
State of Missouri )
1
County of Cape Girardeau )
On this 2ND day of JUNE , 1994, before me appeared LARRY L. HAERTLING , who being by me
duly sworn, did say that he is the A MANAGING MEMBER of LEXINGTON PLACE, L.L.C, a LIMITED
LIABILTY COMPANY of the State of Missouri, and said LARRY L. HAERTLING , acknowledged said
instrument to be the free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal, at my office in
Cape Girardeau the day and year first above written.
My term expires JUNE 25, 1995
/�c./�Gt�ic !� ,e����/>LpC�f.o
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Barbara L. Burnette, Notary Public