HomeMy WebLinkAboutContract 48822-ES1 CITY SECRETARY a
CONTRACT NO._ -1 cs i
ESCROW AGREEMENT TO REPLACE COMPLETION AGREEMENT
THIS ESCROW AGREEMENT(the"Agreement'),entered into as of this day of
, 20_, by and among Lackland Calmont, Ltd., by Calmont GP LLC, its General
Partner, ("Developer"), the City of Fort Worth, a Texas municipal corporation("Fort Worth") and
Southwest Bank ("Escrow Agent') is to witness the following:
WHEREAS, Developer and Fort Worth have entered into a Community Facilities
Agreement for elr>` ea o . d n,P 3A (CFA#2016-014, DOE# 100015 City Secretary
No. 48821,) in the City of Fort Worth, Tarrant County, Texas (the "CFA"); and
WHEREAS, the CFA provides that Developer shall submit to Fort Worth performance
bonds, cash deposits -or other financial security acceptable to Fort Worth (collectively, the
"Financial Security") for the purpose of guaranteeing satisfactory compliance by Developer with
all requirements, terms, and conditions of the CFA (the "CFA Obligations"); and
WHEREAS,the Developer previously executed a Completion Agreement(City Secretary
Contract No. 48822) as financial security for the project; and
WHEREAS,the Developer desires to replace the Completion Agreement with this Escrow
Agreement; and
WHEREAS, City staff has determined that the amount of this Escrow Agreement is
adequate financial security to guarantee satisfactory compliance by the Developer with the
remaining CFA Obligations; and
WHEREAS, Developer and Fort Worth desire and agree that Developer be allowed to
escrow and pledge cash deposits to Fort Worth, to be held by Escrow Agent, as an escrow agent,
in complete satisfaction of the obligation to submit the Financial Security to secure the
performance of the CFA Obligations.
NOW THEREFORE, for and in consideration of these recitals, ten dollars ($10.00) and
other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby
acknowledged, the parties hereto hereby agree as follows:
SECTION 1. DEFINED TERMS.
For the purposes of this Agreement, unless the context otherwise clearly requires, the
following terms shall have the following meanings:
"CFA Obligations" shall mean the remaining requirements, terms and conditions of the
CFA.
"Security Funds" shall mean the cash deposit of Twenty-Four Thousand Two Hundred
Seventy-Four Dollars and Ninety-Four Cents ($ 24,274.94), which sum represents one
City of Fort Worth,Texas €DFFICIAL,RECORD
Escrow Pledge Agreement to replace Completion Agreeme t Revised 09.07.2017 ME
CFA Official Release Date: 10.31.2016 CITY SECRETARY
Page 2 of 12 FT.'WORTH,TX