Loading...
HomeMy WebLinkAboutContract 49183 4 5 a RECEIVED CITY SECRETARY - a 2017 N CONTRACT NO. N 3 COMPLETION AGREEMENT— SELF FUNDED CITY OF FORT WORTH CRY SECRETARY ompletion Agreement ("Agreement"), is made and entered into by and between the 68 ort Worth, ("City") and First Texas Homes, Inc., a Texas Corporation, authorized to do business in Texas, ("Developer"), effective as of the last date executed by a Party hereto. The City and the Developer may collectively be called the "Parties". WITNESSETH: WHEREAS, the Developer owns that certain tract of real property that contains approximately 14.03 acres of land 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 016-110; and WHEREAS, the Developer and the City have entered into a Community Facilities Agreement relating to the development, Primrose Crossing, Phase 3C for Water, Sewer, Paving, Drainage, and Street Light Improvements ("Improvements"); and WHEREAS, the City has required certain assurances that the Developer will cause to be constructed to City standards the Improvements pursuant to the Community Facilities Agreement; 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 mutual covenants and agreements hereinafter set forth, it is hereby agreed by and between City and Developer 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 (as shown on Exhibit `B") required to complete the Community Facilities in the aggregate should not exceed the sum of Nine Hundred Twelve Thousand, Nine Hundred Forty Nine Dollars and Fifty Eight Cents ($912,949.58), hereinafter called the "Completion Amount". Notwithstanding the foregoing, it is acknowledged that the actual costs of City of Fort Worth, Texas Standard Completion Agreement— Self-Funded Eo7ncIALREWRD CFA Official Release Date: 07.01.2015Page 1 of 14 ECRETARY ©RTii,YX completion of the Community Facilities 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. City hereby waives the requirement for developer to deposit a financial guarantee of 100% of the Hard Costs under the CFA Policy. 3. Completion by the Developer. The Developer agrees to complete the Community Facilities and pay all Hard Costs in accordance with City standards, the CFA, the Plat, and the Plans as approved by the City. For the purposes of this Agreement, the development of the Property shall be deemed complete upon acceptance by the City of the Community Facilities pursuant to Section 6, hereof. 4. 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 Financial Guarantee, as described in the CFA Policy, or other requirements for security in connection with the development of the Property and the completion of the Community Facilities that are contained in the CFA or in any other agreement relating thereto, and the City hereby accepts the assurances and covenants contained herein in lieu thereof. To the extent the CFA irreconcilably conflicts with this Agreement, the provisions of this Agreement shall control. 5. Termination. This Agreement shall terminate upon the earlier to occur of the following: (a) acceptance by the City of the Community Facilities; or (b) mutual written agreement of the Parties. 6. Final Plat. The Parties acknowledge and agree that the City shall hold the final plat of the Property until the Community Facilities 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. City of Fort Worth, Texas Standard Completion Agreement— Self-Funded CFA Official Release Date: 07.01.2015 Page 2 of 14 7. Construction Contracts. Developer agrees to include in each Construction contract that it enters into for the completion of the Community Facilities the following: A. A statement that the City is not holding any security to guarantee any payment for work performed on the Community Facilities; 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; and D. A requirement that each contractor contracting with the Developer include in each subcontract the statements contained in (a), (b) and (c) above. 8. 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. 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 & Development Department 1000 Throckmorton Street Fort Worth, Texas 76102 Attention: CFA Division Julie Westerman, Development Manager Email: Jul ie.Westerman cr,fortworthtexas.gov Confirmation Number: 817-392-2677 and/or CFA Division Email: CFA�fortworthtexas. ov Confirmation Number: 817-392-2025 With a copy thereof addressed and delivered as follows: City of Fort Worth, Texas Standard Completion Agreement— Self-Funded CFA Official Release Date: 07.01.2015 Page 3 of 14 City of Fort Worth 1000 Throckmorton Street Fort Worth, Texas 76102 Attention: Richard A. McCracken Assistant City Attorney Confirmation Number: 817-392-7615 (ii) Notice to the Developer shall be addressed and delivered as follows: First Texas Homes, Inc. Attn: Keith Hardesty 500 Crescent Court, Suite 350 Dallas,Texas 75201 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. G. Amendment. This Agreement may only be amended by a written instrument executed by all of the Parties to this Agreement. City of Fort Worth, Texas Standard Completion Agreement— Self-Funded CFA Official Release Date: 07.01.2015 Page 4 of 14 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 Agreement—Self-Funded CFA Official Release Date: 07.01.2015 Page 5 of 14 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: First Texas Homes, Inc. Assistant City Manager Name: Keith Hardesty Title: Division President Date: 3r /7 Date: �< 7 Approved as to Form &Legality: Richard A. McCracken 4/1-2Ji-1 Assistant City Attorney ATTEST: ®RT M y J. Ka s r !� ® City Secreta Off+ M&C: 44U Date: CITY SICR1�I City of Fort Worth, Texas P'�.WoRTH, Standard Completion Agreement—Self-Funded CFA Official Release Date: 07.01.2015 Page 6of14 Contract Compliance Manager: By signing I acknowledge that I am the person responsible for the monitoring and administration of this contract, including ensuring all performance and reporting requirements. ate: �S Janie S.Mora es Development Manager t LIST OF EXHIBITS ATTACHMENT "1"-CHANGES TO STANDARD AGREEMENT EXHIBIT A - LEGAL DESCRIPTION EXHIBIT B - APPROVED BUDGET City of Fort Worth, Texas Standard Completion Agreement— Self-Funded CFA Official Release Date: 07.01.2015 Page 7of14 ATTACHMENT "1" Changes to Standard Agreement Self-Funded Completion Agreement None City of Fort Worth, Texas Standard Completion Agreement— Self-Funded CFA Official Release Date: 07.01.2015 Page 8of14 EXHIBIT A LEGAL DESCRIPTION WHEREAS FIRST TEXAS HOMES, INC. IS THE SOLE OWNER OF A 14.030 ACRE TRACT OF LAND SITUATED IN THE JUAN JOSE ALBIRADO SURVEY, ABSTRACT NO. 4, CITY OF FORT WORTH, TARRANT COUNTY, TEXAS, AND BEING PART OF A 51.013 ACRE TRACT OF LAND, CONVEYED TO FIRST TEXAS HOMES, INC., BY DEED RECORDED IN COUNTY CLERK'S FILE NO. D215150357, OFFICIAL PUBLIC RECORDS, TARRANT COUNTY, TEXAS, SAID 14.030 ACRE TRACT, WITH BEARING BASIS BEING GRID NORTH, TEXAS STATE PLANE COORDINATES, NORTH CENTRAL ZONE,NAD83 (NAD83 (2011) EPOCH 2010), DETERMINED BY GPS OBSERVATIONS, CALCULATED FROM DALLAS CORS ARP (PID-DF8984) AND ARLINGTON RRP2 CORS ARP (PID-DF5387), AND BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT 5/8" IRON ROD FOUND FOR THE SOUTHEAST CORNER OF SAID 51.013 ACRE TRACT, AND THE COMMON SOUTHWEST CORNER OF LOT 48, BLOCK 1 OF PRIMROSE CROSSING, PHASE 3A, AN ADDITION TO THE CITY OF FORT WORTH, AS RECORDED IN CABINET A, SLIDE 11817, PLAT RECORDS, TARRANT COUNTY, TEXAS, AND BEING ON THE NORTH LINE OF A CHISHOLM TRAIL RANCH, AN ADDITION TO THE CITY OF FORT WORTH, AS RECORDED IN COUNTY CLERK'S FILE NO. , PLAT RECORDS, TARRANT COUNTY, TEXAS; THENCE, SOUTH 89 DEGREES 27 MINUTES 32 SECONDS WEST, ALONG THE SOUTH LINE OF SAID 51.013 ACRE TRACT, AND THE COMMON NORTH LINE OF SAID CHISHOLM TRAIL RANCH, PASSING AT A DISTANCE OF 541.40 FEET A 1/2" IRON ROD WITH CAP STAMPED "GOODWIN &MARSHALL" FOUND FOR THE NORTHWEST CORNER OF LOT 8, BLOCK AA OF SAID CHISHOLM TRAIL RANCH SAME BEING THE NORTHWEST CORNER OF SAID CHISHOLM TRAIL RANCH, AND CONTINUING ALONG THE SOUTH LINE OF SAID 51.013 ACRE TRACT, AND THE COMMON NORTH LINE OF THE REMAINDER OF A CALLED 104.619 ACRE TRACT, CONVEYED AS TRACT C TO WM SUB CTR, LP., BY DEED RECORDED IN COUNTY CLERK'S FILE NO. D214198092, OFFICIAL PUBLIC RECORDS, TARRANT COUNTY, TEXAS FOR A TOTAL DISTANCE OF 10 15.00 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER, FROM WHICH A 5/8" IRON ROD WITH CAP STAMPED "SURVCON"FOUND FOR THE SOUTHWEST CORNER OF SAID 51.013 ACRE TRACT, AND THE COMMON NORTHWEST CORNER OF SAID TRACT C, BEARS SOUTH 89 DEGREES 27 MINUTES 32 SECONDS WEST, A DISTANCE OF 1034.48 FEET; THENCE, OVER AND ACROSS SAID 51.013 ACRE TRACT, THE FOLLOWING COURSES AND DISTANCES: City of Fort Worth, Texas Standard Completion Agreement— Self-Funded CFA Official Release Date: 07.01.2015 Page 9 of 14 NORTH 00 DEGREES 32 MINUTES 28 SECONDS WEST, A DISTANCE OF 105.00 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER; NORTH 45 DEGREES 32 MINUTES 28 SECONDS WEST, A DISTANCE OF 14.14 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER; NORTH 00 DEGREES 32 MINUTES 28 SECONDS WEST, A DISTANCE OF 50.00 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER; NORTH 44 DEGREES 27 MINUTES 32 SECONDS EAST, A DISTANCE OF 14.14 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER; NORTH 00 DEGREES 32 MINUTES 28 SECONDS WEST, A DISTANCE OF 210.00 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER; NORTH 45 DEGREES 32 MINUTES 28 SECONDS WEST, A DISTANCE OF 14.14 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER; NORTH 00 DEGREES 32 MINUTES 28 SECONDS WEST, A DISTANCE OF 50.00 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER; NORTH 44 DEGREES 27 MINUTES 32 SECONDS EAST, A DISTANCE OF 14.14 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER; NORTH 00 DEGREES 32 MINUTES 28 SECONDS WEST, A DISTANCE OF 210.00 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR A SOUTHWEST CORNER OF PRIMROSE CROSSING, PHASE 3B, AN ADDITION TO THE CITY OF FORT WORTH, AS RECORDED IN COUNTY CLERK'S FILE NO. , PLAT RECORDS, TARRANT COUNTY, TEXAS. SAID POINT BEING AT THE SOUTH END OF A CORNER CLIP AT THE INTERSECTION OF THE WEST RIGHT- OF-WAY LINE OF PINEWOOD DRIVE, A 50 FOOT RIGHT-OF-WAY OF SAID PRIMROSE CROSSING, PHASE 3B, AND THE SOUTH RIGHT-OF-WAY LINE OF BELHAVEN DRIVE, A 50 FOOT RIGHT-OF-WAY OF SAID PRIMROSE CROSSING, PHASE 3B; City of Fort Worth, Texas Standard Completion Agreement— Self-Funded CFA Official Release Date: 07.01.2015 Page 10 of 14 THENCE, ALONG THE SOUTH LINE OF SAID PRIMROSE CROSSING, PHASE 313, THE FOLLOWING COURSES AND DISTANCES: NORTH 89 DEGREES 27 MINUTES 32 SECONDS EAST, OVER AND ACROSS SAID PINEWOOD DRIVE, A DISTANCE OF 50.00 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER AT THE SOUTH END OF A CORNER CLIP AT THE INTERSECTION OF THE EAST RIGHT-OF-WAY LINE OF SAID PINEWOOD DRIVE, AND THE SOUTH RIGHT-OF-WAY LINE OF SAID BELHAVEN DRIVE; NORTH 44 DEGREES 27 MINUTES 32 SECONDS EAST, ALONG SAID CORNER CLIP, A DISTANCE OF 14.14 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER AT THE NORTH END OF SAID CORNER CLIP; NORTH 89 DEGREES 27 MINUTES 32 SECONDS EAST, ALONG THE SOUTH RIGHT- OF-WAY LINE OF SAID BELHAVEN DRIVE, A DISTANCE OF 55.00 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR THE NORTHWEST CORNER OF LOT 15, BLOCK 7 OF SAID PRIMROSE CROSSING, PHASE 313; SOUTH 00 DEGREES 32 MINUTES 28 SECONDS EAST, ALONG THE WEST LINE OF SAID LOT 15, A DISTANCE OF 115.00 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR THE SOUTHWEST CORNER OF SAID LOT 15; NORTH 89 DEGREES 27 MINUTES 32 SECONDS EAST, A DISTANCE OF 660.00 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR THE SOUTHEAST CORNER OF LOT 25, BLOCK 7 OF SAID PRIMROSE CROSSING, PHASE 3B; NORTH 00 DEGREES 32 MINUTES 28 SECONDS WEST, ALONG THE EAST LINE OF SAID LOT 25, A DISTANCE OF 115.00 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR THE NORTHEAST CORNER OF SAID LOT 25, AND BEING ON THE SOUTH RIGHT-OF-WAY LINE OF AFORESAID BELHAVEN DRIVE; NORTH 89 DEGREES 27 MINUTES 32 SECONDS EAST, ALONG THE SOUTH RIGHT- OF-WAY LINE OF SAID BELHAVEN DRIVE, A DISTANCE OF 17.89 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER, AND THE BEGINNING OF A TANGENT CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 12 DEGREES 02 MINUTES 08 SECONDS, A RADIUS OF 125.00 FEET, AND A LONG CHORD THAT BEARS SOUTH 84 DEGREES 31 MINUTES 24 SECONDS EAST A DISTANCE OF 26.21 FEET; City of Fort Worth, Texas Standard Completion Agreement—Self-Funded CFA Official Release Date: 07.01.2015 Page 11 of 14 CONTINUING ALONG THE SOUTH RIGHT-OF-WAY LINE OF SAID BELHAVEN DRIVE, AND ALONG SAID TANGENT CURVE TO THE RIGHT, AN ARC DISTANCE OF 26.26 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER; SOUTH 78 DEGREES 30 MINUTES 20 SECONDS EAST, CONTINUING ALONG THE SOUTH RIGHT-OF-WAY LINE OF SAID BELHAVEN DRIVE, A DISTANCE OF 18.18 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER AT THE NORTH END OF A CORNER CLIP AT THE INTERSECTION OF THE SOUTH RIGHT-OF-WAY LINE OF SAID BELHAVEN DRIVE, AND THE WEST RIGHT-OF-WAY LINE OF SWEET FLAG LANE, A VARIABLE WIDTH RIGHT-OF-WAY OF AFORESAID PRIMROSE CROSSING, PHASE 3B; SOUTH 36 DEGREES 57 MINUTES 01 SECOND EAST, ALONG SAID CORNER CLIP, A DISTANCE OF 14.96 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER AT THE SOUTH END OF SAID CORNER CLIP, AND THE BEGINNING OF A NON-TANGENT CURVE TO THE LEFT, HAVING A CENTRAL ANGLE OF 00 DEGREES 58 MINUTES 25 SECONDS, A RADIUS OF 250.00 FEET, AND A LONG CHORD THAT BEARS SOUTH 02 DEGREES 59 MINUTES 15 SECONDS WEST, A DISTANCE OF 4.25 FEET ALONG THE WEST RIGHT-OF-WAY LINE OF SAID SWEET FLAG LANE AND SAID NON-TANGENT CURVE TO THE LEFT, A DISTANCE OF 4.25 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER; SOUTH 87 DEGREES 32 MINUTES 38 SECONDS EAST, OVER AND ACROSS SAID SWEET FLAG LANE, A DISTANCE OF 50.00 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR CORNER ON THE EAST RIGHT-OF-WAY LINE OF SAID SWEET FLAG LANE, AND THE BEGINNING OF A NON-TANGENT CURVE TO THE RIGHT HAVING A CENTRAL ANGLE OF 19 DEGREES 20 MINUTES 01 SECOND, A RADIUS OF 200.00 FEET, AND A LONG CHORD THAT BEARS NORTH 12 DEGREES 10 MINUTES 44 SECONDS EAST A DISTANCE OF 67.17 FEET; CONTINUING ALONG THE EAST RIGHT-OF-WAY LINE OF SAID SWEET FLAG LANE, AND ALONG SAID NON-TANGENT CURVE TO THE RIGHT, AN ARC DISTANCE OF 67.49 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR THE SOUTHWEST CORNER OF LOT 64, BLOCK 1 OF AFORESAID PRIMROSE CROSSING, PHASE 3B; SOUTH 70 DEGREES 50 MINUTES 42 SECONDS EAST, ALONG THE SOUTH LINE OF SAID LOT 64, A DISTANCE OF 121.26 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "JACOBS" SET FOR THE SOUTHEAST CORNER OF SAID LOT 64, AND BEING ON THE EAST LINE OF SAID 51.013 ACRE TRACT, AND THE City of Fort Worth, Texas Standard Completion Agreement—Self-Funded CFA Official Release Date: 07.01.2015 Page 12 of 14 COMMON WEST LINE OF AFORESAID PRIMROSE CROSSING, PHASE 3A. FROM WHICH A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "CARTER BURGESS" FOUND BEARS NORTH 11 DEGREES 15 MINUTES 06 SECONDS EAST, A DISTANCE OF 3.45 FEET; THENCE, ALONG SAID COMMON LINE, THE FOLLOWING COURSES AND DISTANCES: SOUTH 11 DEGREES 15 MINUTES 06 SECONDS WEST, A DISTANCE OF 45.11 FEET TO A 5/8" IRON ROD WITH A YELLOW PLASTIC CAP STAMPED "CARTER BURGESS" FOUND FOR CORNER; SOUTH 00 DEGREES 32 MINUTES 20 SECONDS EAST, A DISTANCE OF 630.06 FEET TO THE POINT OF BEGINNING AND CONTAINING A CALCULATED AREA OF 14.030 ACRES OF LAND. City of Fort Worth, Texas Standard Completion Agreement— Self-Funded CFA Official Release Date: 07.01.2015 Page 13 of 14 EXHIBIT B APPROVED BUDGET Section I Water $148,106.52 Sewer $195,836.14 Sub-total $343,942.66 Section II Interior Streets $412,558.42 Storm Drains $96,347.34 Sub-total $508,905.76 Section III Street Lights $60,101.16 Sub-total $60,101.16 TOTAL $912,949.58 City of Fort Worth, Texas Standard Completion Agreement—Self-Funded CFA Official Release Date: 07.01.2015 Page 14 of 14