HomeMy WebLinkAboutContract 47633 CITY SECRETA" . 1 j7 ,
CONTRACT NO. `�. `?,
COMPLETION AGREEMENT—LENDER FUNDED
This Completion Agreement ("Agreement) is made and entered into by and among the
City of Fort Worth ("City"), and OAK CREEK TRAILS, LP, a Texas limited partnership
("Developer"), and SOUTHSIDE BANK, a Texas state bank'("Lender"), effective as of the date
subscribed by the City's City Manager or Assistant City Manager. The City, the Developer and
the Lender are hereinafter collectively called the"Parties".
WITNESSETH:
WHEREAS, the Developer owns that certain tract of real property that contains
approximately 41.574 ACRES ',acres that is located in the City, the legal description of which
tract of real property is marked Exhibit "A" — Legal Description, attached hereto and
incorporated herein for all purposes ("Property"); and
WHEREAS, the Developer intends to develop the Property as an addition to the City
through plat FP 15-075 or FSand
WHEREAS, the Developer and the City have entered into a Community Facilities
Agreement relating to the development of OAK CREEK TRAILS PHASE 2,("CFA"); and
WHEREAS, the City has required certain assurances of the availability of funds to
complete the water and sewer utilities, streets/paving, storm drain, street lights and street signs
for the development of the Property("Improvements"), and
WHEREAS, in order to provide such assurances as have been required by the City, the
Lender has agreed to advance certain funds to the City for Hard Costs (which term is hereinafter
defined) subject to, and in accordance with, the terms, provisions and conditions of this
Agreement; and
WHEREAS, the Developer has granted to the Lender as additional security for the Loan
(which term is hereinafter defined) a security interest in all plans and specifications for the
development of the Property(collectively, the"Plans"); and
WHEREAS, the Parties desire to set forth the terms and conditions of such
accommodations as are described above.
NOW THEREFORE, for and in consideration of the benefits to be derived from the
mutual observance by the Parties of the terms and conditions hereof, and for and in consideration
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date:07.01.2015
Page 1 of 20
OFFICIAL RECORD
CITY SECRETARY
FT.WORTH,TX
of Ten Dollars ($10.00) and other good and valuable consideration, the receipt, adequacy and
sufficiency of which are hereby acknowledged,the Parties agree as follows:
1. Recitals. The foregoing recitals are true, correct and complete and constitute the
basis for this Agreement and they are incorporated into this Agreement for all purposes.
2. The Completion Amount. The City and the Developer agree that the Hard Costs
required to complete the Improvements in the aggregate should not exceed the sum of�. Q
Dollars ($ . °: =, ), hereinafter called the "Completion
Amount". Notwithstanding the foregoing, it is acknowledged that the actual costs of completion
of the Improvements may vary as a result of change orders agreed to by the Parties, but such
variances for the purposes of this Agreement shall not affect the Completion Amount as used
herein.
3. Adjustments to the Completion Amount. The Lender may from time to time
make advances to the Developer for the development of the Property under the development loan
that has been made by the Lender to the Developer for the purpose of financing the costs of
constructing the Improvements for the Property (the "Loan") subject to, and in accordance with,
the terms, conditions and provisions of the Loan Documents (which term is hereinafter defined)
evidencing and securing the Loan. Some of those advances shall be for Hard Costs as specified
in the "Approved Budget" relating to the Loan, a copy of which Approved Budget is marked
Exhibit `B", attached hereto and incorporated herein for all purposes, with the Hard Costs line
items highlighted. The term "Hard Costs" shall mean the actual costs of construction and
installation of the Improvements. To the extent that advances under the Loan are for the payment
of Hard Costs, the Completion Amount shall be deemed reduced, dollar for dollar. The Lender
may withhold statutory retainage from any advances under the Loan or pursuant to this
Agreement. All such retainage withheld, to the extent it is attributable to Hard Costs, shall also
reduce the Completion Amount dollar for dollar. All retainage withheld by the Lender for Hard
Costs that are advanced to the City pursuant to this Agreement shall be released to the City as
provided in the Texas Property Code upon expiration of the statutory retainage period.
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Oficial Release Date:07.01.2015
Pale 2 of 20
4. Completion by the Developer. The Developer agrees to complete the
Improvements on or before the date for completion that is established in the Loan Documents
plus thirty (30) days (the "Completion Date"), in accordance with the CFA, the Plans approved
by the Lender and the City and all documents evidencing or securing the Loan (collectively, the
"Loan Documents"). For the purposes of this Agreement, the development of the Property shall
be deemed complete upon acceptance by the City of the Improvements. The City shall promptly
notify the Lender and the Developer upon such acceptance.
5. Completion by the Cit . In the event that either: (A) the development of the
Property is not completed by the Completion Date for any reason whatsoever, or (B) the
Developer is in default under the Loan, then the Lender, at its sole option, may request the City
to complete development. The City may, at its sole option and at the cost and expense of the
Developer, within 10 days from receipt of Lender's request, notify Lender that it will undertake
to complete the Improvements and the City shall then commence, pursue, and complete the
Improvements in a reasonably timely, diligent and workmanlike manner in accordance with the
Plans, subject to the terms of this Agreement. The Lender and the Developer agree that the City
may use the Plans as necessary to complete the Improvements.
If the City does not timely elect to complete the construction of the Improvements or if
the Lender does not request the City to complete construction of the Improvements, then the
Lender may at its election terminate this Agreement, or at its option, proceed to complete the
Improvements, or foreclose on any of its collateral, or take any and all such action as may be
provided under the Loan Documents.
6. Advance of Completion Costs to the City and Delivery of Hard Costs Collateral
to the City. In the event the Lender has requested the City and the City has elected to complete
the Improvements, Lender shall transfer to the City all remaining undisbursed Hard Costs
specified in the Approved Budget within 10 days of the date that the City elected to complete and
provided Lender with written notice of such election.
The Developer hereby authorizes and instructs the Lender to make the transfer of any
remaining undisbursed Hard Costs specified in the Approved Budget to the City within 10 days
of notification that the City elects to complete the Improvements.
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 3 of 20
In the event the cost to complete the Improvements exceeds the moneys transferred to the
City, City shall notify Lender and Developer in writing of the need of additional funds. The
additional funds required to complete the Improvements shall be delivered to the City within 10
business days following notification to Lender and Developer. Failure to deliver the additional
funds shall relieve the City of the obligation to complete the Improvements, in which event City
shall use the Hard Costs funds in its possession to pay the contractor(s) all funds due it/them.
Any remaining undisbursed Hard Costs shall be returned to Lender within a reasonable time.
7. Completion by the Lender. The Lender may, at its discretion, but shall not be
obligated to, undertake to complete the Improvements if there is any default under any Loan
Documents in lieu of requesting the City to complete the Improvements. If the Lender elects to
complete the Improvements, any Hard Costs it expends shall, dollar for dollar, reduce the
Completion Amount.
S. Easements. In the event the City or the Lender undertakes the completion of the
Improvements, the Developer (and to the extent necessary the Lender) grants to the City and the
Lender open access to the Property and shall execute and deliver such temporary easements over
and across the entirety of the Property for the purpose of access and use for the completion of the
construction of the Improvements in accordance with this Agreement. To the extent requested by
the City and the Lender, written temporary construction easements in form acceptable to the City
and the Lender shall be executed by the Developer and filed of record. Nothing in this paragraph
shall reduce any rights of the Lender or obligations of the Developer under the Loan Documents.
9. Lender's Rights. Nothing in this Agreement shall affect any portion of the
Lender's collateral for the Loan or limit or impair the Lender's right to foreclose the same or deal
with the collateral as it elects in accordance with the Loan Documents.
10. Satisfaction of the City Requirements. The City agrees that the assurances and
covenants contained in this Agreement satisfy all requirements of the City with respect to
Developer's performance bond or other financial security in connection with the development of
the Property and the completion of the Improvements that are contained in the CFA or in any
other agreement relating thereto, and the City hereby accepts the assurances and covenants
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 41 of 20
contained herein in lieu thereof To the extent the CFA irreconcilably conflicts with this
Agreement, the provisions of this Agreement shall control.
11. Termination. This Agreement shall terminate upon the earlier to occur of the
following: (a) acceptance by the City of the Improvements; (b) mutual written agreement of
all of the Parties; or(c) the reduction of the Completion Amount to zero. However, release of the
plat shall be governed by paragraph 12 hereof and termination pursuant to (b) or (c) of this
paragraph 11 shall not require the City to release the plat.
12. Final Plat. The Parties acknowledge and agree that the City shall hold the final
plat of the Property until the Improvements are completed and accepted by the City and all Hard
Costs contractors have been paid, less retainage. Upon acceptance by the City and receipt of
evidence from the Developer showing that all Hard Costs contractors have been paid, including
but not necessarily limited to lien waivers and bills paid affidavits, the City shall within a
reasonable time file the final plat for the Property in the Plat Records of the county where the
Property is located. The purpose of the City retaining the final plat of the Property as provided
herein is to guarantee the Developer's obligations under the CFA are completed.
13. Construction Contracts. Developer agrees to include in each Construction
contract that it enters into for the completion of the Improvements the following:
a.A statement that the City is not holding any security to guarantee any payment for work
performed on the Improvements;
b. A statement that the Property is private property and that same may be subject to
mechanic's and materialman's liens;
c. A requirement that each contractor contracting with the Developer release the City
from any claim that is related to the Property of the Improvements; and
d. A requirement that each contractor contracting with the Developer include in each
subcontract the statements contained in a., b., and c. above.
14. Miscellaneous.
A. Non-Assignment of Agreement. This Agreement may not be assigned by any of the
Parties without the prior written consent of all the other Parties.
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date:07.01.2015
Page 5 of 20
contained herein in lieu thereof To the extent the CFA irreconcilably conflicts with this
Agreement, the provisions of this Agreement shall control.
11. Termination. This Agreement shall terminate upon the earlier to occur of the
following: (a) acceptance by the City of the Improvements; (b) mutual written agreement of
all of the Parties; or(c) the reduction of the Completion Amount to zero. However, release of the
plat shall be governed by paragraph 12 hereof and termination pursuant to (b) or (c) of this
paragraph 11 shall not require the City to release the plat.
12. Final Plat. The Parties acknowledge and agree that the City shall hold the final
plat of the Property until the Improvements are completed and accepted by the City and all Hard
Costs contractors have been paid, less retainage. Upon acceptance by the City and receipt of
evidence from the Developer showing that all Hard Costs contractors have been paid, including
but not necessarily limited to lien waivers and bills paid affidavits, the City shall within a
reasonable time file the final plat for the Property in the Plat Records of the county where the
Property is located. The purpose of the City retaining the final plat of the Property as provided
herein is to guarantee the Developer's obligations under the CFA are completed.
13. Construction Contracts. Developer agrees to include in each Construction
contract that it enters into for the completion of the Improvements the following:
a.A statement that the City is not holding any security to guarantee any payment for work
performed on the Improvements;
b. A statement that the Property is private property and that same may be subject to
mechanic's and materialman's liens;
c. A requirement that each contractor contracting with the Developer release the City
from any claim that is related to the Property of the Improvements; and
d. A requirement that each contractor contracting with the Developer include in each
subcontract the statements contained in a., b., and c. above.
14. Miscellaneous.
A. Non-Assignment of Agreement. This Agreement may not be assigned by any of the
Parties without the prior written consent of all the other Parties.
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 5 of 20
B. Notice. Any notice required or permitted to be delivered under this Agreement shall be
deemed received on actual receipt by the appropriate party at the following addresses:
(i) Notice to the City shall be addressed and delivered as follows:
City of Fort Worth
Planning and Development Department
1000 Throckmorton Street
Fort Worth,Texas 76102
Attention: CFA Division
Julie Westerman, Development Manager
Email: Julie.Westerman@fortworthtexas.gov
Confirmation Number: 817-392-2677
and/or
Attention: CFA Division
Email: cfa@fortworthtexas.gov
Confirmation Number: 817-392-2025
With a copy thereof addressed and delivered as follows:
U eUg4 z4-aiQel� IZ;�In•�bl �4• �c�Lr�c.c(�e.•�
Office of the City Attorney
City of Fort Worth
1000 Throckmorton Street
Fort Worth, Texas 76102
Confirmation Number: 817-392-7615
(ii) Notice to the Developer shall be addressed and delivered as follows:
OAK CREEK TRAILS, L.P.
4029 VENETO DRIVE
FRISCO,TEXAS 75033
Email: CaseyMd6im).is@cginnis.devel6pmeiit@ OiPli-tioi
(iii) Notice to the Lender shall be addressed and delivered as follows:
Mark Cundiff, Southside Bank
1320 South University Drive, Ste, 900
Fort Worth,Texas 76101
Email: tnark.oM4iff@southside:com
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date:07.01.2015
Page 6 of 20
A party may change its address for notice upon prior written notice to the other parties pursuant
to the terms hereof.
C. Texas Law to Apply. This Agreement shall be construed under and in accordance with
the laws of the State of Texas.
D. Parties Bound. This Agreement shall be binding upon and inure to the benefit of the
Parties and their respective legal representatives, successors and assigns.
E. Legal Construction. In case any one or more of the provisions contained in this
Agreement shall for any reason is held to be invalid, illegal, or unenforceable in any
respect, such invalidity, illegality, or unenforceability shall not affect any other provision
of this Agreement, and this Agreement shall be construed as if such invalid, illegal, or
unenforceable provision had never been contained in this Agreement.
F. Prior Agreements Superseded. This Agreement constitutes the sole and only agreement
of the Parties with respect to the subject matter hereof and supersedes any prior
understandings or written or oral agreements among the Parties concerning the subject
matter hereof; provided, however, that this Agreement shall not supersede, amend or
modify any of the Loan Documents or any portion thereof.
G. Amendment. This Agreement may only be amended by a written instrument executed by
all of the Parties to his Agreement.
H. Headings. The headings that are used in this Agreement are used for reference and
convenience purposes only and do not constitute substantive matters to be considered in
construing the terms and provisions of this Agreement.
(REMAINDER OF PAGE INTENTIONALLY LEFT BLANK)
City of Fort Worth,Texas
Standard Completion Ab eement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 7 of 20
ACCORDINGLY, the City of Fort Worth, Developer and Lender have each caused this
instrument to be executed in quadruplicate in each entity's respective name by its duly
authorized signatories effective as of the date executed by the City's City Manager or his/her
designee.:
CITY OF FORT WORTH: DEVELOPER:
Fernando Costa .., ame: OAK CREEK TRAILS, LP
Assistant City Manager II STEPHENS DEVELOPMENT, LLC
AS GENERAL PARTNER
CASEY McGINNIS
Title: MANAGING PARTNER
Date: �"�3-- /(&
Approved as to Form and Legality: 2---2—--2—
Date:
LENDER:
Dvugfas k 9—WAa49 A. h
Assistant City Attorney 311411tQ
ATTEST: �Q 000 ame: Mark ! diff
'tle: Executive Vice President, Real Estate
�g �o
°
Mary J. Ka§4/ �y u�wK
City Secreta xA S
M&C: N /ON
Date:
��� ,t,s cam-:c.rc�++�► : N�� 1
OFFICIAL RECORD
City of Fort worth,Texas CITY SECRETARY
Standard Completion Agreement—Lender-Funded FT.WORTH,TX
CFA Official Release Date:07.01.2015
Page 8 of 20
Oak Creek Trails, L.P., II Stephens Development LLC as General Partner, the Guarantor
of the Development Loan, is executing this Completion Agreement for the sole purpose of
acknowledging that advances that are made by the Lender pursuant to this Completion
Agreement shall be deemed to be advances that are made under the Loan that shall be subject to
and covered by the Loan Documents and the Guaranty Agreement that was executed by Casey
McOituiis. wianaging Partner.
GUARANTOR
By:
N e: Casey NGWs
itle: Man Wafter
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA nffcial Release Date:07.01.2015
Page 9 of 20
List of Exhibits to the Completion Agreement
Attachment 1 — Changes to the Standard Completion Agreement
Exhibit A- Legal Description
Exhibit B - Approved Budget
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 10 of W
Y
ATTACHMENT"1"
Changes to Standard Completion Agreement
Mj
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 11 of 20
EXHIBIT A
TRACT 1
WHEREAS, Oak Creek Trails L.P. is the owner of a tract of land situated in the R. Matany
Survey, Abstract No. 878 and the A.M. Feltus Survey, Abstract No. 1464 all in Denton County,
Texas and being a portion of a tract of land as described in a deed to FTW 3.8 Development,
L.P., and recorded in Document Number 2005-25409 of the Deed Records of Denton County,
Texas (DRDCT) said tract being more particularly described as follows:
BEGINNING at a 1/2 inch iron rod set for the most northeasterly corner of Oak Creek Trails, an
addition to the City of Fort Worth as recorded in Cabinet X, Pages 599-602 of the Plat Records
of Denton County, Texas (PRDCT);
THENCE along the northerly line of said Oak Creek Trails as follows:
South 65 degrees 16 minutes 30 seconds West a distance of 264.48 feet to a 1/2 inch iron rod set
for the beginning of a non-tangent curve to the left having a radius of 525.00 feet, a chord
bearing North 26 degrees 06 minutes 55 seconds West and a chord distance of 19.22 feet;
Along said non-tangent curve to the left through a central angle of 02 degrees 05 minutes 51
seconds for an arc length of 19.22 feet to a 1/2 inch iron rod set for corner;
South 62 degrees 50 minutes 10 seconds West a distance of 50.00 feet to a 1/2 inch iron rod set
for corner;
South 20 degrees 21 minutes 18 seconds West a distance of 27.63 feet to a 1/2 inch iron rod set
for the beginning of a non-tangent curve to the right having a radius of 1440.00 feet, a chord
bearing South 78 degrees 55 minutes 03 seconds West and a chord distance of 591.51 feet;
Along said non-tangent curve to the right through a central angle of 23 degrees 42 minutes 15
seconds for an arc length of 595.75 feet to a 1/2 inch iron rod set for corner;
North 89 degrees 13 minutes 49 seconds West a distance of 230.05 feet to a 1/2 inch iron rod set
for the beginning of a curve to the left having a radius of 50.00 feet, a chord bearing South 19
degrees 16 minutes 40 seconds West and a chord distance of 94.83 feet;
Along said curve to the left through a central angle of 142 degrees 59 minutes 02 seconds for an
arc length of 124.78 feet to a 1/2 inch iron rod set for corner;
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 12 of 20
South 37 degrees 47 minutes 09 seconds West a distance of 70.25 feet to a 1/2 inch iron rod set
for the most northwesterly corner of said Oak Creek Trails, said iron rod also being the
beginning of a non-tangent curve to the left having a radius of 330.00 feet, a chord bearing South
56 degrees 03 minutes 32 seconds East and a chord distance of 44.25 feet;
THENCE departing the northerly line of said Oak Creek Trails and along the easterly line of said
Oak Creek Trails as follows:
Along said non-tangent curve to the left through a central angle of 07 degrees 41 minutes 22
seconds for an arc length of 44.29 feet to a 1/2 inch iron rod set for the beginning of a non-
tangent curve to the right having a radius of 470.00 feet, a chord bearing South 30 degrees 47
minutes 09 seconds East and a chord distance of 457.41 feet;
Along said non-tangent curve to the right through a central angle of 58 degrees 14 minutes 08
seconds for an arc length of 477.71 feet to a 1/2 inch iron rod set for corner;
South 45 degrees 09 minutes 38 seconds West a distance of 27.98 feet to a 1/2 inch iron rod set
for corner;
South 00 degrees 46 minutes 11 seconds West a distance of 50.00 feet to a 1/2 inch iron rod set
for corner;
South 44 degrees 13 minutes 49 seconds East a distance of 28.28 feet to a 1/2 inch iron rod set
for corner;
South 00 degrees 46 minutes 11 seconds West a distance of 100.00 feet to a 1/2 inch iron rod set
for corner;
South 45 degrees 46 minutes 11 seconds West a distance of 28.28 feet to a 1/2 inch iron rod set in
the northerly right-of-way line of Double Eagle Blvd. (an 80 foot right-of-way);
THENCE departing the easterly line of said Oak Creek Trails and along the northerly right-of-
way line of Double Eagle Blvd. as follows:
North 89 degrees 13 minutes 49 seconds West a distance of 524.35 feet to a 1/2 inch iron rod set
for the beginning of a curve to the right having a radius of 1060.00 feet, a chord bearing North
88 degrees 33 minutes 50 seconds West and a chord distance of 24.66 feet;
Along said curve to the right through a central angle of 01 degrees 19 minutes 59 seconds for an
arc length of 24.66 feet to a 1/2 inch iron rod set for corner;
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 13 of 20
North 41 degrees 24 minutes 09 seconds West a distance of 27.82 feet to a 1/2 inch iron rod set
for corner;
North 04 degrees 32 minutes 07 seconds East a distance of 10.01 feet to a 1/2 inch iron rod set
for corner;
North 85 degrees 27 minutes 53 seconds West a distance of 50.00 feet to a 1/2 inch iron rod set
for corner;
South 04 degrees 32 minutes 07 seconds West a distance of 10.01 feet to a 1/2 inch iron rod set
for corner;
South 50 degrees 28 minutes 22 seconds West a distance of 27.82 feet to a 1/2 inch iron rod set
for the beginning of a non-tangent curve to the right having a radius of 1060.00 feet, a chord
bearing North 79 degrees 12 minutes 32 seconds West and a chord distance of 141.36 feet;
Along said non-tangent curve to the right through a central angle of 07 degrees 38 minutes 49
seconds for an arc length of 141.47 feet to a 1/2 inch iron rod set in the easterly line of a tract of
land described in a deed to DR Horton Texas, LTD and recorded in Document No. 2014-110842
(DRDCT);
THENCE departing the northerly right-of-way line of Double Eagle Blvd. and along the easterly
line of said DR Horton Texas, LTD tract as follows:
North 14 degrees 36 minutes 52 seconds East a distance of 125.00 feet to a 1/2 inch iron rod set
for corner;
North 17 degrees 01 minutes 46 seconds East a distance of 50.05 feet to a 1/2 inch iron rod set
for corner;
North 24 degrees 14 minutes 00 seconds East a distance of 327.47 feet to the beginning of a
curve to the left having a radius of 635.00 feet, a chord bearing North 14 degrees 34 minutes 56
seconds East and a chord distance of 212.91 feet;
Along said curve to the left through a central angle of 19 degrees 18 minutes 08 seconds for an
arc length of 213.92 feet to a 1/2 inch iron rod set for corner;
North 04 degrees 55 minutes 52 seconds East a distance of 47.06 feet to a 1/2 inch iron rod set
for corner;
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 14 of 20
South 85 degrees 04 minutes 08 seconds East a distance of 85.43 feet to the beginning of a non-
tangent curve to the right having a radius of 330.00 feet, a chord bearing North 16 degrees 09
minutes 18 seconds West and a chord distance of 237.45 feet;
Along said curve to the right through a central angle of 42 degrees 10 minutes 21 seconds for an
arc length of 242.90 feet to a 1/2 inch iron rod set for corner;
North 04 degrees 55 minutes 52 seconds East a distance of 38.12 feet to a 1/2 inch iron rod set
for corner;
North 85 degrees 04 minutes 08 seconds West a distance of 4.00 feet to a 1/2 inch iron rod set for
corner;
North 04 degrees 55 minutes 52 seconds East a distance of 50.00 feet to a 1/2 inch iron rod set
for corner;
South 85 degrees 04 minutes 08 seconds East a distance of 4.00 feet to a 1/2 inch iron rod set for
corner;
North 04 degrees 55 minutes 52 seconds East a distance of 121.16 feet to a 1/2 inch iron rod set
for corner;
South 85 degrees 04 minutes 08 seconds East a distance of 55.00 feet to a 1/2 inch iron rod set
for corner;
South 89 degrees 13 minutes 49 seconds East a distance of 508.91 feet to the beginning of a
curve to the left having a radius of 1030.00 feet, a chord bearing North 82 degrees 38 minutes 19
seconds East and a chord distance of 291.36 feet;
Along said curve to the left through a central angle of 16 degrees 15 minutes 44 seconds for an
arc length of 292.34 feet to a 1/2 inch iron rod set for corner;
North 48 degrees 26 minutes 43 seconds East a distance of 50.00 feet to the beginning of a non-
tangent curve to the left having a radius of 975.00 feet, a chord bearing South 44 degrees 59
minutes 33 seconds East and a chord distance of 116.93 feet;
Along said curve to the left through a central angle of 06 degrees 52 minutes 32 seconds for an
arc length of 117.00 feet to a 1/2 inch iron rod set for corner;
North 65 degrees 16 minutes 30 seconds East a distance of 355.46 feet to a 1/2 inch iron rod set
for the most southeasterly corner of said DR Horton Texas, LTD tract, said iron rod also being in
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 15 of 20
the westerly line of Lot 1, Block 3 of Beechwood Business Park an addition to the City of Fort
Worth as recorded in Cabinet R, Page 152 (PRDCT);
THENCE departing the easterly line of said DR Horton Texas, LTD tract and along the westerly
line of said Lot 1, Block 3 as follows:
South 23 degrees 59 minutes 18 seconds East a distance of 249.09 feet to a 1/2 inch iron rod set
for corner;
South 35 degrees 14 minutes 54 seconds East a distance of 77.22 feet to the Point of Beginning.
Containing within these metes and bounds 22.567 acres or 983,006 square feet of land more or
less.
The bearings contained herein are based upon the deed to FTW 3.8 Development, L.P., as
recorded in Instrument Number 2005-25409 (DRDCT)
TRACT 2
WHEREAS, Oak Creek Trails L.P. is the owner of a tract of land situated in the A.M. Feltus
Survey, Abstract No. 1464 in Denton County, Texas and being a portion of a tract of land as
described in a deed to FTW 3.8 Development, L.P., and recorded in Instrument Number 2005-
25409 of the Deed Records of Denton County, Texas (DRDCT) said tract being more particularly
described as follows:
BEGINNING at a 1/2 inch iron rod set for the most southwesterly corner of Oak Creek Trails, an
addition to the City of Fort Worth as recorded in Cabinet X, Pages 599-602 of the Plat Records
of Denton County, Texas (PRDCT), said iron rod also being in the northerly line of a tract of
land as described in a deed to AIL Investment L.P. and recorded in Volume 2512, Page 471
(DRDCT)
THENCE along the northerly line of said AIL Investment L.P. tract as follows:
North 89 degrees 13 minutes 49 seconds West a distance of 626.36 feet to a 1/2 inch iron rod set
for corner;
North 88 degrees 48 minutes 04 seconds West a distance of 353.54 feet to a 1/2 inch iron rod set
for corner;
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 16 of 20
THENCE North 00 degrees 51 minutes 12 seconds West a distance of 193.28 feet to a 1/2 inch
iron rod set for the most southeasterly corner of a tract of land as described in a deed to
Fossilwood Investments LP and recorded in Document No. 2005-12135 (DRDCT);
THENCE departing the northerly line of said AIL Investment L.P. tract and along the easterly
line of said Fossilwood Investments LP tract North 00 degrees 00 minutes 00 seconds East a
distance of 729.41 feet to a 1/2 inch iron rod set in the southerly right-of-way line of Double
Eagle Blvd. (an 80 foot right-of-way), said iron rod also being the beginning of a non-tangent
curve to the left having a radius of 1140.00 feet, a chord bearing South 74 degrees 43 minutes 24
seconds East and a chord distance of 334.57 feet;
THENCE departing easterly line of said Fossilwood Investments LP tract and the southerly right-
of-way line of Double Eagle Blvd. as follows:
Along said non-tangent curve to the left through a central angle of 16 degrees 52 minutes 35
seconds for an arc length of 335.79 feet to a 1/2 inch iron rod set for corner;
South 41 degrees 26 minutes 50 seconds East a distance of 29.62 feet to a 1/2 inch iron rod set
for corner;
South 00 degrees 46 minutes 11 seconds West a distance of 10.11 feet to a 1/2 inch iron rod set
for corner;
South 85 degrees 31 minutes 02 seconds East a distance of 50.11 feet to a 1/2 inch iron rod set
for corner;
North 00 degrees 46 minutes 11 seconds East a distance of 10.03 feet to a 1/2 inch iron rod set
for corner;
North 46 degrees 47 minutes 27 seconds East a distance of 27.78 feet to a 1/2 inch iron rod set
for the beginning of a non-tangent curve to the left having a radius of 1140.00 feet, a chord
bearing South 88 degrees 27 minutes 38 seconds East and a chord distance of 30.63 feet;
Along said non-tangent curve to the left through a central angle of 01 degrees 32 minutes 23
seconds for an arc length of 30.63 feet to a 1/2 inch iron rod set for corner;
South 89 degrees 13 minutes 49 seconds East a distance of 524.35 feet to a 1/2 inch iron rod set
in the westerly line of Oak Creek Trails, an addition to the City of Fort Worth as recorded in
Cabinet X, Pages 599-602 of the Plat Records of Denton County,Texas (PRDCT);
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA nf_f,_eial Release Date: 07.01.2015
Page 17 of 20
THENCE departing the southerly right-of-way line of Double Eagle Blvd. and along the westerly
line of said Oak Creek Trails as follows:
South 44 degrees 13 minutes 49 seconds East a distance of 28.28 feet to a 1/2 inch iron rod set
for corner;
South 00 degrees 46 minutes 11 seconds West a distance of 85.00 feet to a 1/2 inch iron rod set
for corner;
South 45 degrees 46 minutes 11 seconds West a distance of 28.28 feet to a 1/2 inch iron rod set
for corner;
South 00 degrees 46 minutes 11 seconds West a distance of 50.00 feet to a 1/2 inch iron rod set
for corner;
South 44 degrees 13 minutes 49 seconds East a distance of 28.28 feet to a 1/2 inch iron rod set
for corner;
South 00 degrees 46 minutes 11 seconds West a distance of 180.00 feet to a 1/2 inch iron rod set
for corner;
South 45 degrees 46 minutes 11 seconds West a distance of 28.28 feet to a 1/2 inch iron rod set
for corner;
South 00 degrees 46 minutes 11 seconds West a distance of 50.00 feet to a 1/2 inch iron rod set
for corner;
South 44 degrees 30 minutes 30 seconds East a distance of 28.42 feet to a 1/2 inch iron rod set
for the beginning of a non-tangent curve to the left having a radius of 1030.00 feet, a chord
bearing South 02 degrees 04 minutes 34 seconds East and a chord distance of 62.31 feet;
Along said non-tangent curve to the left through a central angle of 03 degrees 28 minutes 00
seconds for an arc length of 62.32 feet to a 1/2 inch iron rod set for the beginning of a curve to
the right having a radius of 970.00 feet, a chord bearing South 01 degrees 31 minutes 12 seconds
East and a chord distance of 77.50 feet;
Along said curve to the right through a central angle of 04 degrees 34 minutes 45 seconds for an
arc length of 77.52 feet to a 1/2 inch iron rod set for corner;
South 00 degrees 46 minutes 11 seconds West a distance of 40.33 feet to a 1/2 inch iron rod set
for corner;
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 18 of 20
South 45 degrees 46 minutes 11 seconds West a distance of 28.28 feet to a 1/2 inch iron rod set
for corner;
South 00 degrees 46 minutes 11 seconds West a distance of 50.00 feet to a 1/2 inch iron rod set
for corner;
South 44 degrees 13 minutes 49 seconds East a distance of 28.28 feet to a 1/2 inch iron rod set
for corner;
South 00 degrees 46 minutes 11 seconds West a distance of 100.00 feet to the Point of
Beginning.
Containing within these metes and bounds 19.007 acres or 827,952 square feet of land more or
less.
The bearings contained herein are based upon the deed to FTW 3.8 Development, L.P., as
recorded in Instrument Number 2005-25409 (DRDCT)
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date: 07.01.2015
Page 19 of 20
EXHIBIT B
APPROVED BUDGET
Section I
Water $356748.00
Sewer $442090.46
Subtotal $798838.46
Section 11
Interior Streets $
Storm Drains $56940
Subtotal $1472885.70
Section III
Street Lights M44"
Sub-total $104436.69
TOTAL $2376160.85
City of Fort Worth,Texas
Standard Completion Agreement—Lender-Funded
CFA Official Release Date:07.01.2015
Page 20 of 20