HomeMy WebLinkAboutContract 27955COMPLET�ON AGREEMENT
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Tl�is Compl�tia � Agx'eement (l�ereznafter called the "Agreemeni") is made and entered
inta by and amo�g the City of Fort Worth (hereinafter calZed the "Cit�'}, IPCF Limited
�artners�ip By: Zena GP 3, LLC, its General 1'artner (hereinafter called the
"Developer"), and South Trust Bank (hereinafter called ihe "I.ender"), effEctive as oi the
��� of �`Q,�Q1m�,2,r- , 2002. The Ci�.y, the Developer and the Lender are hereinafter
callec�ively called tk�e "Pa�ies".
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WHEREA,S, the Developer ow�s t�.at certain tra.ct of real property that contains
approximately 19.729 acres that is located a�n the Ci#.y, the legal description of which tract
af zeal propexty zs marked E�ai6it A(Lega1 Descriptian}, atiached hereto and
incorporated herein far aIl purposes (whic� tract of real property is hereinafter called
Rerningion Point Phas� 3 Section A), and
WHEREAS, t�e Developer int�nds to develop Rem�in.gton Poi�rit Phase 3 Section A as an
addition ta the City; and �
WHEREAS, the Developer and the City have en#ered inta a Comrnunity Facilities
Agreement relating to the development of Remingion Point Phase 3 Section A
(Here�inafter called the "CFA"}; axzd
WHEREAS, the City has reqnired certain assurances of the availability of funds to
cnmple#e the st�eets, stxeet sigt�s and lights, and the water and sewer u#ilities for the
development of Remingtan Point Phase 3 Section A, (herein coll�ctively calle� the
"Cnmmunity Facilities"), and
WHEREAS, in order to provide such assurances as have been raquired by the City, the
Lender has agreed to advance Ge�rtain fiunds to the city far Hard Costs (which term is
�ereinafter de�ined) subject to, a.�.d in accoxdance with, ihe te�ns, provisions and
conditions of this Agreernent; and
WHEREAS, the Developer has granted io the Lender as additional s�curity for the Loa�.
(which term is hereinafter def ned} a security interest in all plans and specificatio�s for
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the development of Remington �'oznt Phase 3 Section A, (hereina£ter collectively called
the "Plans"); and
WHEREAS, the Parties desi�e to set �oz�h tha t�rtns and conditions of such
accommodations as are described above
NOW THEREFORE, for and in consideratian of the benefits to be derived fram the
mutual obse:cvance by the parties of the terms and condiiians hereof, and for and in
consideration of Ten Dollars ($10.00) and other good and valuable cansidez'ation, the
receipt, adequacy and sufficiency of which are hereby acknowled�ed, fhe Paz�i.es agre� as
follows:
1. Reei-kals: Tlae iaregoing recitals are true, correct and compleie and constitute the
basis £or ilais Agr�ernent and they are incorporated into this Agr�ement far all
purposes.
2. The Compietion A�reement: The City and the Develo�a�r agree that the Hard
Casts required io com�le�e ihe communil,y Facili�ies in the aggregate should not
exceed the sum of Efght Hundred Siacty�Fi�ve Thousand, Eight Hundred Sixyt-
Two Dollars and Zero Cenfs ($868,862.00) (hereinaft�r caIled the "Completion
Amount"). Notw�th�tanding the foregoing, it is acknowledged that the actual
costs of com�letion of ihe Community Facili�ies may vary as a result af change
orders a.greed to by the Parties, but such variances for th� putpases o#' this
Agreement shall noi aifect the Gampletior� Amount as used herein.
3. Ad,justm�nts to the Compietxon Amaunt. The Lender will from time to time
ma.ke advancas io the Developer for the developrnent of Remington Point Phase 3
Sectzon A under the deveiopment loan that b.as been made by the Lender to the
Developer far the purpose of financin.g the costs of constnxciing the Cammunity
Facilities a� Remington Point Phase 3 Section A h�r�inafter called the "L�an"
subject tio, and in accardance with, the terms, conditions and provisians of the
Loan documents (which term is hez'einafter de�'�ed) evidencing and securing the
Loan. Some of those advancas shall b� for Hard Costs as specif ed in the
"Approved Budget" relating to the Loan, a copy of whzch Ap�roved Budget is
marked Exhibit B, attached hereto and incarporated herein far all purpases, with
the Hard Costs {which term is hereinaftar defined) line items highlighted. The
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term "Hard Cos�s" shall mean the actual casts of cons�ruction and installatian of
the Cammunity Facilities. To the extent that advanc�s under the Loan are for the
payment of Hard Costs, Yhe Completion Amount shall be deemed reduced, dollar
for dollar. The Lender may withlaald sfiatutory retainage from any advances un.der
the Laan or pursuant to tkis Agreement. All such retainage vvithheld, to the extent
it is attributable to Hard Costs, shall also reduce the Completion Amoux�t dollar
for dallar. All :retainaga withheld by the Lender for Hard costs that are advat►ced
to the City pursuant ta this Agreement shall be released ta the City as pravided in
�he Texas Prope:rty Code upon expiraiion of the statuto�y retainage period. To
keep the Ciiy advised of the Hard Costs, the Developer shali pramptly deliver to
the City those portions of all draw requests delivered to the Lender whicb cantain
requests fox the payment of Hard Costs and such draw z'equests shall it�rnize Hard
costs in such form and detail as shall be reasonably acceptable to the Lender and
the City. Upon approval of the Lender of any daraw request containing requests for
Ha.z'd Costs to be advanced to the Deve�o�er, the Lender shall giv� notice ta the
City se�tzng farth the amouni of any bard casts to be advanced (tha "Funding
Notice"). Tb.e City will be deemed to have approved the praposed advance of
Hard Costs by the Lender, unless it so notifies in writing Le�der that it ob�ects to
such advancem�nts of Hard Costs l�y the Lender, the City will hav� its own
inspector examine and evaluate the construction; tb.en the Lender axid the City
shall cause their respective inspectars or cansuitan� to coopexate and shall us�
their best reasanable efforts to settle any dispute o�'er the appropriateness of any
advance in Haxd Costs. The Developer ac�owledges that the Lender's obligation
to fuz�d advances under the Laan wifhin a specif�ed time frame shall be deerned
waived by �he Develo�er if tha City and the Lender are in dispute with respect io
any requested advance. If any such dispute is nat resolved promptly, the two
consultants sha11 agree within five (5) business days on a qualified third party ta
resolve the dispute whose decision sha11 be final and binding on all parties and
skall be rendered within five (5) business days af such consultant's selection. Any
delay aecasioned by any such dispute sb.�.11 extend the Cornpletion Date by such
period of time.
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Q�. Completion by the De'veloper. The D�veloper agr�es ta comple�e the
Cornmunity Facilitzes on or before ihe date of complehon that is established in
accordance wiYh �e CFA, the plans are ap�roved by the Lender and the City and
all doc�ments evidencing or securing the Loan {wJaaich dacum�nts ara hereinafter
calleciively called the "Loan Documents"}. For the purpose af this agreement, the
development of Remingion Point Phase 3 Sec�zon A shall be deemed complete
upon accepiance by the City of tha Community Facilities. The City sha11 promptly
notify the Lender and the Develaper upon such acceptanc�.
5. Completion by �he City. In the evez�t that �ither; (A} the development of
Remingtan Point Phase 3 Sectian A in not cornpleted by the Completion Date for
any reason whatsaever, or (B) the Develapez' is in default under the Loan and f.he
Lend.er nati�ies ihe City that the Developer in default, at fi�e Lender's sole op�ion,
requests the City to com�alete development, which��er shall first occur, tl�en, the
City may, at the cost and expense of the developer, commence, pursue and
complete the installation of the Community Facilities in a reasonabl� tfinely,
diligent and workmanlike mann�r in accardavice with the plans, subject to Che
tern�.s a£ �his agree�nent. The Lendez and the Developer agree that the City may
use the plans as necessary ta complete the Community Facilit�es. Prior to
commencement o£ any wark by the Lender naming ihe Lender and Developer as
additional insureds.
6. Advance af Completion Costs to fhe Ci.ty and De1��ery of Hard Costs
Collateral. to the City. Upon the occurrence of either e�e�t descri%ed in
paragraph 5 abave, if the City elects within ten (10) business days of the
completion date or no�ice frorn �he Lender, as the case may �e, to complete the
construction of the Community Faciliti�s, the Lender sha11 therefore advance to
the Ci�y any undistribuied Hard Costs specifiad in the appro'ved budget r�lating to
the Loan ihat are incurred by the City in completing the Community Facilities �n
an aggregate sum not to exceed ihe completion amount, as adjusted, by fiuiding
monthly draws to the Ciiy as dsscribed herein.
� The develop�r hereby authorizes and instructs the Lender to make periodic
advar�ces of any remazning ur�distributed Hard Costs spee:ified in the approved
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budget not ta exceed th� Completion Amaunt in increments paid to the City
within the same time period specified in the Loan Documents aft�r receipt of
ad'vance requesis meeiing the requirements of the Loan Documents of the City of
thc Hard Costs remaining to be drawn under the Laan as specified in the
Approved Budget incurred by it a.nd approved by the Lender, subj ect to retainage.
The advance requests from tk�e City sl�all he made not more frequently than
monthly {save and except far final payment) and shall be accompanied by
reasonable acceptable evidence of the Hard Cosis specified in the Approved
Budget that have been incwr�'ed by tbe City, The City shall use the funds advanced
for the payment of such Hard Costs as described in the advance reques�, and if tlae
City fails to do so, the Lender� obligatian ta fund additional advances shall
thereafter be tenninated and of no continuing force andlor effect. The City shall
provide mechanics and materialm�n's releases as may be reasonably requested by
the Lender. Upon request of the City, the Lender may pay snch advances directly
ta the suppliers and contractors described in the advance request.
If the City does not timely eiect to camplete the canstruction of the Carnmunity
Facilities, �hen the Ler�der may at its election ierminate this agreement, and ai its
option., proceed to cornplete the Communiry Facilities, farecloswre on any of its
collateral, or take any and all such action as may be provided wn.der the Loaz�
Documents.
7. Complehon by the Lender. The Lender may, a� its discretion, but shall not be
obligated ta, undertake ia complete �he Community Facili�zes if ther� is any
default 7xnder any Loan Documen#s in lieu of reques#ing the City to complete ih�
Community Paciii�ies. In sueh event, however, the Lenc�er must complete the
Community Facilities b� the completio� date or the City s1�al� complete the sam�
as p:�ovided above. If the Lender elects to camplete the Cammu�aity Faciliiies, any
Hard Co�ts it expects shall, dollar for dolIar, reduce the completion amount.
$. Easements. In the event that thc City or the Lender undertakes the campleiion of
the Cammux�zty' �acilities, the Developer {and to the axtent nece�sary th.e Lender)
�ants �a the City and the Lender open access to Remu.ngto� Point Phase 3 Section
A�or ihe purpose access and use �or the cample�tion oi tho canstruction of the
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Community facilities i.n accordance with this agreement. To tha extent requested
hy the City and Lender, written temporary constructian easements in farm
acceptable to the City and Lender shall be executed by the Developer and flled of
record. Noihing in thxs paragraph shall �educe any rights of the Lender ar
obligatians of the developer �der the Loan documez�ts,
9. I..enders Rights. NotY�iz�g �n this agreement shall eifect any portion of t�e Lendars
callateral far the Loan or limit ar irnpair the Le�ders right to foreciose the same or
deal with the collateral as ii elects in accordance with the Loan Documeni�.
10. Satisfaction of th� City Requirements. The City agrees that the assurances and
cavenants contained in this agreement sa�s�y all requirements a� the City with
respect iQ payzx�e�.t and performance bonds ar othar requirements for security in
corinection �ith the developmeni Remington Point Phase 3 Section A and the
completion of the Cammuni�y Facilities that are contained in the C�A or in any
otlaer agreement relating the�te�c�, and the City heret�y accepts th� assurances and
covenan�s contained herein in lieu ihereof. To the extent the CFA irrecflz�ci.Xably
canflicfis with tl�is agreement, th� pro�isians of this Agreement shall cor��'at.
l.l. Terminatiton. This Agreement s1�a11 t�rminate upon the earlier to occur of the
�ollowing: (A) acceptance by the City of the Cammunity Facilities; {$)
mutual writ�en agreement of alI of the parties; or (C) th� reduction of the
Caznp7etion Arnaunt to Zero.
�2. Final Plat. The parties acknowledge and agree that the City shall hold the Fix�al
Plat of Remingion Poimt Phase 3 S�ction A until the Communtty Facilities axe
substantiaily camplete and Ha.rd Cost coniraetors bave be�n paid, less retai�age.
CJpan xeGeipt and acceptance by the City of evidence of substan�ial coz�npletion
and tihe payment by the Developer of all Hard Cos�s contractors, the Czty shali
immediately file �he Fina� Plat of Remington Point Phase 3 Section A in the
Tarrant County Plat Records. The purpose o� the City retaining tJ�e �inal Plat of
R�mington Point Phase 3 Sectian A as prescribed herez� is to g�arantee the
Develnpers obligations under the CFA.
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13. Construction Contracts. The Developez agrees to includ� in all construction
contracis that it enfers into for the completion of ihe Community Facilities t�.e
fallowin.g:
{A) A statement that the City is na� holding any security ta guaranty
payment for work performed on the Comm��.iiy Facilities;
(B) A statement that Remingion Point Phase 3 Sectian A is private
property and that same may be subject to mechanic's and
materialmen's liens;
{C) A requirement that the contractor release the City frorn any claim
that is related ta any wark on Remington Point Phase 3 Section A
and;
(D) A requirement that ihe contractor include in iis subcontracts the
statements contained in (A), (Bj and (C} abova.
1�. MisceIlaneous.
(A) Nan�Assignment o� Agreem�nt. This a�eement may nat be
assigned by any of the parties without �he priorr written cansent af
alI other parties.
('B) Notiee. Any notice required or permitted to be de�ivered unde� this
Agreement shall be deemed received on actual receipt by the
appropriate paxty at the following addresses;
T. Notiee to City sha11 be addressed and delivered as fallows:
City of �ort Worth
] OQQ Throckmorton Street
Fart Worth, Texas 76102
Atieniion: Raquel Velasquez,
Adtninisixative Assistant
Telecapy Number: 817-871-7965
Cnn%nationNumber: $17-871-8092
With a copy thereof addresses and delivered as fallovws:
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City of �'ort Worth
1D00 Throckmortan Street
Fort �Vorth, 'Fexas 76102
Aftention: Gaay Steinberger, Esq.
Assistant Ciiy Attorney
Telecopy Number: 817-871-$359
Confirmation Number: 817-871-7b00
II. Natice tio Developer shall be addressed and deliverad as follows:
II'CF Limited Partnership
By: Zena GP 3, LI.G, its Ganeral Partner
720 5outh Kimbail
Soutt�lake, Texas 76092
P.O. Box 92864
Southlake, Texas 76092
Attention: Robert J. $etancur, Vice Presideni
Telec�py Number: 817-421-b9J.0
Co���rnaation Nurnber: 817-424-1392
III. Natice to Lender shall be addressed and deliv�r�d as foilows:
South Trust Bank
1521 North Cooger Stzeet
Suits 700
Arlington, Texas 76011
Atiention: Fat Michaels, Vice President
'�'elecopy Nutnber: $17-451-1832
Con.fir�nation Ntunber: 817-Z77-6565
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A party may change itis address for notice upon prior wriiten no�ace to the other pariies
pursuar�t to the terms hereof.
(C) Texas Law tv Applv This Agreement shall be construed under
and in accordance with the laws of the State of Texas.
(D) Parties Baund This Agreement shall be bindzng upan and inur� to
the heneft of the 1'arties and �eir respectz�e legal repr�s�ntat�ves,
successors and assigns.
(E) Le�al Construction In case any ane ar more of the provisions
contained 'm this A�greemeni s�►aIl for any reason is held to be
iuvalid, illegal, or unenfoxceable in any respect, such in�alidity,
illegality, or unenforceability shall a�ot a.�fect a.ny other provision of
this Agreement, an.d this Agreernent shall l�e construed as if such
invalid, illegal, or unenforceable provision had never been
contain�d in this Agreement.
(F) Pri.or A�reements Supexseded This Agreement constitutes the
sole and anly agreement of the Parties with respect to the subject
matter hereo� and supers�des any prior understandings ar written
ox aral agreements among the Parties concerning ihe sub�ect matter
hereo£; pravided, hawever, that this Agreement shall not
supersede, amend or modify any of the Loan Documents o:r any
portion thereof.
(G) Amendment This Agreament may only be amended by a writ�en
insxrrument ex�cutec� by all of the Parties to this Agreement.
(A) Headin�s The headings �hat are used in this Ag�eement are used
for r�ference and convenierice puiposes only and do not constihtte
subsianiive matters to be considered in construing the tez:ms and
provisians of ihis Agreernent.
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Executed by the Parties to be effective as of the date itrst stated abova.
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TPCF Lirr�ited Partnership
By: Zena GP 3, LLC, iis General Partner
By: •� �
Robert 7. Betancur, Vice President
South Trust Bank
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BY� � y� � �� �� --�� � � � �
Pat Michaels, iee P�esident
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APPROVED AS TO FORM AND LEGALITY THE CITY 4F FOR�VORTH
L- _ "�..� .
By; , - ---
Name: C�iy St��i�@I���i --
Asslss��ni u�ty w�t�r�rn�y
Title:
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• �' tr� V UL�;IS e���
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IPCF Limited Partnership By: Zena GP 3, LLC, its General Partner, ge�.eral pariner, �he
Guarantor of the Development Loan, is executing this Complet�on Agreemen� for the sole
purpose of acknowledging that advances that aze �xa.ade by tbe Lender pursuant to this
Cornpletion Agreemez�t shall be deerned to be advances that are made under tha Loan
which shall be subject to and cot�ered by th� Loan Doeuments and the Guaranty
Agreement that was executed by IPCF Lunited Partner�hip By: Zena GP 3, LLC, its
General Parh�er .
Il'CF Limited Partnership
Sy: Zena GP 3, LLC, its General Partner
By: / ./ -�-�
/Rabert J. etancur, Vice President
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LIST OF EXHIBIT5 TO THE COMPLETION AGREEMENT
BY AND AMONG THE CYTY OF FORT WORTH
�PCF, LIMITED PARTNERSHIP
BY ZENA GP 3, LLC, ITS GENERAL PARTNER
AND 5��1'TH T�.UST BANK
EXHTB7T A Legal Description
EXH�BIT B Approved Budget
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STATE OF TEXAS §
§
COCINTY OF TARRANT §
WHEREAS, REMINGTON POINT LP, A LTMI'TED FARTNERSHIP, ACTING BY AND THROUGH
THE UNDERSIGNED, ITS DULY AUTHORIZED AGENT IS THE UWNER �F THOSE CERTAIN
TRACTS �F LAND SITLTATED IN THE ALEXANDER F. ALBRIGHT SURVEY, ABSTR4CT
1849, CI�'Y 0� �ORT WORTH, TARRANT COUNTY, TEXAS AND DESCR�ED BY
INSTRUMENT RECORDED IN VOLUME 12922, FAGES 396, 398, 40Q, 402, 404, 405, DEED
RECORDS, TARRANT COi1NTY, TEXAS (D.R.T.C.T,) AND FURTHER DESCRIBED AS
FOLLOWS:
BEGINNING AT A 5/8-INCH IRON ROD WITH CAP STAMPED "CARTER & BURGFSS" FOUND
�OR THE SOUTHWESTERLY CORNER OF LOT 3, BL�CI{ 7, REMINGTON POINT, AN
ADDITiON TO THE CITY O�' FORT WORTH AS SHOWN ON A CORRECTED PLAT THEREOF
RECORDED IN CABINET A, SLIDE 5227, pLAT RECORDS, TA�NT COUNTY, TEXAS
(P.R.T.C.T.};
THENCE SOUTH 79°27'33"EAST ALONG THE SOUTHERLY LINE OF LOT3 3 AND 4 OF SAID
BLOCK 7, 123.25 FEET TO A 5/8-INCA IRON ROD WTTH CAP STAMPED "SURVCON INC"
SET;
THENC� SDUTH 1p°32'26" WEST, 170.00 FEET TO A 5!8-INCH iRON ROD WITH CA�
STAMPED "SURVCON INC" SET;
THENCE NORTH 79°27'3�" WEST, 9.21 FEET TO A SIS-INCH IRON ROD WITH C.AP STAMPED
"SURVCON INC" SET;
THENCE SOiTTH 1p°32'26" WES�, 146A0 �E�T TO A SIS-INCH IRON ROD WI'TH CAP
STAMPED "SURVCON INC" SET;
THENCE NORTH 79°27'34" WEST, 40.04 �'EET TO A 518-�NCH IRON ROD WITH CAP
STAMPED "SURVCON INC" SET;
THENCE NORTH 1�°32'27" EAST, 36.00 FEET TO A SIS�INCH IRON ROD WITH CAP
STAMPED "SURVCON INC" SET;
THENCE NORTH 79�2T33" WE5T, 270.00 FEET TO A 5!8-INCH IRON ROD WITH C.A�
STAMPED "SURVCON INC" SET;
THENCE NORTH 10°32'26" EAST, 110.OQ FEET TO A 51$-INCH IRON ROD WITH CAP
STAMPED "SURVCON INC" SET;
THENCE NORTH 79°2T34" VVEST, 74.21 FEET TO A 5/8-iNCH IRON ROD WITH CAP
STAMPED "SURVCON INC" SET AT THE BEGINNTNG 0� A CURVE TO THE LEFT;
THENCE WE�TERLY, 393. i2 FEET ALONG THE ARC OF SAID CURVE TQ THE �E�',
HAVING A CENTRAL ANGLE OF 39°30'56", A RA.DXUS OF 57U.04 FEET AND WH05� LONG
CHORD BEARS SOLITH 80°46'SS" WEST, 385,37 FEET TO A S/S-IN�H rRON ROD WITH CAP
STAMPED "SURVCON INC" SET;
EXHfBiT --� _ PAGE . �_ 0� �
THENCE S�UTH 61 °O1'30" WEST, 51.25 FEET TO A 5/8-INCH IRDN ROD WITH CAP
STAMPED "SURVCON TNC" �ET ON THE EASTERLY LINE OF OLD DECATLIR ROAD (A
CALLED 50-FOOT WIDE RIGHT-OF-WAY);
THENC� NORTH 28°58'30" WEST ALONG SAID EASTERLY LINE OF OLD DECATL]R ROAD,
5Q.0� FEET TD A 518-INCH IRON ROD WITH CAP STAIWX�ED "CARTER & BURGESS" FOUND
FOR THE SOUTHWESTERLY CORNER OF THAT CERTAIN 14.267-ACRE TRACT OF LAND
COVEYED TO EAGLE MOUNTAIN-SAGINAW INDEPENDENT SCHOOL DISTRICT BY
ZNSTRiTMENT RECORDED IN VOLUME 13503, PAGE 48, D.R.T.C.T.;
TH�NCE ALONG THE SOUTHERLY, EASTERLY AND NORTHERLY LINES OF SA�'D 10.267-
ACRE TRACT THE FOLLOWING FIVE (5) CALLS:
NORTH 6i�Q1'30"EAST, 51.25 FE�T TO A 5/8-INCH IRON ROD VVYTH CAP STAMPED
"CARTER & BURGESS" �'OLFND AT THE BEGINIVING OF A CURVE TO THE RIGHT;
EASTERLY, 434.50 FEET ALONG THE ARC OF SAID CLiRVE TO THE RIGHT,
HAViNG A CENTAL ANGLE O�+ 39°30'S6", A RADIUS OF 630.00 ��ET AND WHDSE
LONG CH�RD BEARS NORTH 80�46'58" EAST, 425.94 FEET TO A 518-INCH IRON
ROD WITH CAP STAMPED "CARTER & BURGESS" FOUND;
SOUTH 79°27'34" EAST, 4.SS PEET TO A SIS-INCH IRON R4D W�TH CAP STAMPED
"CARTER & BURGESS" FOUND;
NORTH QO°15'lI"EAST, 776.68 FEET TO A 518-INCH IRON ROD WITH CAP STAMPED
"CARTER & BURGESS" FOIIND;
NORTH 89°44'49" WE�T, 155.00 FEET TO A 5/8-INCH IRON RQD WTTH CAP
S�TAMPED "CARTER & BURGESS" FOUND FOR THE S�OUTHEASTERLY CORN�R OF
THAT CERTAIN 15.594-ACRE TRACT OF LAND COVEYED TO TH� HEIGHTS OF �LD
DECATUR ROAD, LTD BY INSTRUMENT RECORDED IN VOLUME 13988, �AGE 514,
D.R.T,GT.;
THENCE NORTH p0 ° 1S' 11" EAST ALONG THE EASTERLY LIlVE OF SAID 15.594 ACRE-
TRACT OF LAND, 569.87 FEET TO A S18-INCH IR�N ROD WITH CAP STAMPED "CARTER &
BURGESS" FOUND FOR THE NORTHEASTERL,Y C�RNLR OF SAID 15.594-ACRE TRACT �1�TD
�EING ON THE SOUTHERLY LINE OF LONGHORN DRIVE {A VARIABLE WIDTH RIGHT-OF-
WA�;
THENCE SOUTH 89°47'35" EAST ALONG SATD SOITTHERLY LINE QF LONGHORN DRNE,
993.46 FEET TO A 5/8-INCH IRON ROD WITH CAF STI�MPED "CARTER & BURG�SS" FOUND
ON THE WE�TERLY LINE OF THE AFORESAID REMINGTON POINT ADDITION;
THENCE ALONG THE WESTERLY LINES OF SAID ADDITIQN THE FOLLOWING TWENTY-
THItEE (23) CALLS:
SOUTH 00°12'25" WEST, PASSING AT 20.00 FEET A 518-INCH IRON ROD WITH CAP
STAMPED "CARTER & BURGESS" FOUND FOR THE NORTHWESTERLY CORNER OF
LOT 33, SLOCK 2, OF SAID REMINGT4N �OINT ADDITION AND CONTINUING FOR
A TOTAL DISTANCE OF 95.9$ FEET TO A 518-INCH TRON ROD WITH CAP STAMPED
"CARTER � �URGESS" �OUND;
50UTH OS° 18'33" WEST, 132.44 FEET TO A�/8-INCH IRON RQD WITH CAP STAMPED
"CARTER & Bi1RGE5S" FOUND;
�AGE ''� OF�
EXHI�IY _ �- �-
SOUTH a0°15'11"WL�T, SO.QO �EET TO A 51$-INCH IRON RQD WXTH CAP STAMPED
"CART�R & BURGESS" FOLTND;
NORTH 89°44'49" WEST, 110.00 FEET TO A 5I8-INCH IRON ROD WITH C.4P
STAMPED "CARTER & BURGES5" FOLTND;
NORTH 00° 15' 11" BAST, 25.00 F�ET 'T� A 518-INCH IRON ROD WITH CAP STAMPED
"CARTER & �URGESS" FOUND;
NORTH 89°��'49" WEST, 50.00 �EET TO A 5/8-INCH IRON R4D WITH CAP STAMPED
"CARTER & BURGESS" FOUND;
SOUTH OQ° 15' 11" WEST,. 38.01 FEET TO A 518-INCH IRON ROD WITH CAP STAMP�D
"CARTER & BURGESS" �OUND;
N�RTH 89°47'35" WEST, 120,30 PEET TO A 518-INCH IRON ROD WITH CAP
STAMPED "CARTER & Bi1RGE5S" FOUND;
SOUTH 00°12'25"WEST, I1Q.40 FEET TO A 5/8-INCH IRON ROD WITH CAP STAMPED
"CARTER & BURGESS" FOUND;
NORTH 89 °47'3S" W�S"�', 25.00 FEET TO A 5/8-INCH TRON ROD WITH CAP STAMPED
"CARTER & $URGESS" FQT.TND;
SDi1TH DO° 12'25" WFST, 50.00 FEET TO A S/8-INCH IRDN ROD WITH CAP STAMPED
"CA.RTER & BURGESS" FOUND;
SOUTH 89°47'35" EAST, 35. i7 FEET TO A 518-INCH IRQN ROD WITH CAP STAMPED
"CARTER & BLTRGESS" �OUND;
SOLITH 00°15'I1"VVEST, 365.09 FLE'I' TO A 518-INCH IRON ROD WTTH CAP STAMPED
"CARTER & BURGESS" FOUND;
NORTH 89°44'49" WEST, 11�A0 FEET TO A S18-INGH IRON ROD WITH C.A�
STAMPED "CARTEI2 & BLIRGESS" FOUND;
NORTH 00° 15' 11" EAST, 9.78 FEET TO A 5/S-INCH IRON ROD WITH CAP STAMPED
"CARTER & BURGESS" FOLTND;
NQRTH 89°44'49" W�ST, 160.00 FEET TO A S/8-INCH IRON ROD �VTTH CAP
STAMPED "CARTER & BURGESS" FOi7ND;
SDUTH a0°IS' 11"WEST, 316.41 FEET TO A S/8-INCH IRON ROD Wi�H CAF STAMPED
"CARTER & BURGB38" FOUND;
NORTH 79°27'34" WEST, 9.80 FEET TO A 518-INCH IRON ROD WITH CAP STAi�IPED
"CARTER & BLIRGESS" FOLTND AT THE BEGINNII�IG OF A CiTRVE TO THE LEFT;
WE�TERLY, 16.04 FEET ALONG THE ARC OP SAID CURVE TO THE LEFT, HAVING
A CENTRAL ANGLE OF Ol°56'Q7", A RADIUS OF 475,p0 FEET ,AND WHOSE LONG
CHORD BEARS NORTH $0°25'36"WEST, 16.Q4 FEET TO A 5/8-INCH IRON ROD WITH
CAP STAMPED "CARTER & BURGESS" FOUND;
�
�XI�I�IY'�PAG� _ `� 8� �
50UTH 08°36'20" WEST, 50.00 FEET TD A 518-INCH IR�N RQD VI�TH CAP STAMPED
"GARTER & BURGES5" FOUND AT THE BEGINNII�IG �F A NQN-TANGENT CURV�
TO THE RIGHT;
EASTERLY, I4.36 FEET ALONG THE ARC OF SAiD NON-TANGENT CURVE TO THE
RiGHT, HAVING A CENTRAL ANGLE OF O1°56'07",A RADNS Q� �25.00 FEET AND
WHOSE LONG CHORD BEARS SOUTH 80°25'37 EAST, 14.35 FEET TO A 518-�NCH
IRON ROD WITH CAP STAMPED "CARTER & Bi1RGESS" FOUND;
SDUTH 79°27'32" EAST, 50.05 �EET TO A 518-INCH IRON ROD WITH CAP STAMPED
"CARTER & BURG�S�" FOUND;
SOUTH 1b°32'27" WEST, 110A0 FE�T TO THE POINT OF BEGIIVNING AND
CONTAINING A COMPUTED AREA OF 19.729 ACRES QF LAND.
EXHf BIT � PAC� �� _ O��
1PCF LIMITE� PARTNCRSHIP
Remingmn Point Phasc IQ
Fort Worth, Tatranl Counry, Texes
B�xd¢et & Draw Reaoest No. i
SIIhIMARY BY CATECORY
�ESCii1P'fWN
LAND COST
SDFT COST5;
LOAN ORtaINpTIpN FCE
LEGpL & CL03ITiG PEL�S
DL�VELOPER FE0
MISCL�Li,ANHDt15
BRNK LpAN INTEfiEST
5n11 Casls Tutel
IiARD COSTS:
SITS CLEARING & EXCAVA7`ION
WATLRMAR35
s�wrrnRr se4vsn M,anas
STORri[ D1iAINqGB
PAVING
ENGA'E&RiNG/BLUEI'RIN1'S/3URV EYING
soa.Tsszs
L'•tJTRY FEATURPS & LANDSCAPING
C17'Y FI�S
CONTINCENCtES
Hard Cosls Talal
TOTALS
TUTAL THIS DRAW REQUE57
C6RTiRlED 8V TPCF LiMITEU PA8'i'iYERSHip
BY; ZENA GP 3, LLC, its Gtncial Panuer
MicF�ellb Webe , Execulivp Wca Presideol
CUMlILA7'1VE
OR[CINAL AEVIS6b PREYIOUS THIS hRAW BALANCB % aTf'1'STAfVDING °% aF
HUDGET BUDC&T ORAWS AMOUNT REhIAINITiG AEMAINING riETAiNAGE REMAfMNC
si,aoo,900.�0 S1,U00,000.00 50.60 �O.tltl Si,000,000.00 E00.00%
szs,n�.au szs,��7.0o sn.na
S25,pOtl.06 525,aaa.ao $0.00
S1U3,000.9D 5103,000.00 SO.OD
57,500.�0 57,SD0.00 SO,QU
551,428.00 $S1428.0U ��.06
S2E2,7p5.00 S212,705.06 �9.t1�
S89,B65.00 588,655.00 $0.00
SI60,400.pD 5160,400Aa $p.DO
S2q3,b55.00 5243,665.00 $p.pp
S9a,0a0.00 §94,p4D.00 S6.Oo
8379,S12.Up $374,812,00 59.00
siao,00a.ao s�oo,uoo.oa so,oa
sss,�sa.00 sas,7so.ao ao.00
360,UUU.00 $69,000.00 $0.00
5172,30B.00 y172,3U8.00 SD.W
524,160A� $24,t6U.0U 90AD
51,365,ODO.OR 51,365,090.00 69.00
51.577,Y05.06 5�.577,705.00 $0.00
so.ao
$0.00 825,777.00 Ip0.QU56
50.00 $25,OOp,6U 100.00%
54.00 5103,OU0.00 L90.00k
�o.na s7,saa.00 �oo.oa�
50.00 551,428.00 IOO.pOya
5D,00 5212,705.00 lOD.00%
50,00 588,865.6U J00.00°h
$O.W SI80,400.06 IU�,QO%
S�.qO 5243,665.00 100.pp%
$0.00 59U,090.00 100.00%
50.60 $379,812,�p E00.00%
50.0o sEoo,000.00 ioa.o-o�
so.00 sxs,�so.ao iaa.aa�
50.00 560,OOD.00 100.00Ya
50.00 5172,34B,U0 �po.no�is
50.00 524,160.00 100.60^!0
S0.611 $1,3fi5,00tl.tl0 I00.60%
96.00 52,5T7.705.�0 IOp.00yo
U.00%
o.aa^k
o.ao i
O.IJO°h
0.00%
$0.00
$�.00
AYP p AY:
50 ST BANK ..i
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