HomeMy WebLinkAboutContract 28202i � , • i
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COl�iPLETI�N AGREEIi�IENT ------
This Completion Agreernent (hereinafter called the "A�reernent") is made and
entered into by and among the City af Fort VLrvrth (hereinafter called the "C�"), M& C
Development, Ltd., a Texas limited partnership (hereinafter called the "Developer"}, and
Texas Bank (hereinafter called "Lender"}, eifective as o£ �OA�i� �� l�,
2002. The City, De�eloper and Lender are hereinafter collectively ca11 the "Pal�ties".
WITNESSETH:
WHEREAS, the Developer awns that c�rtain tract of zea.l property �hat contains
appro�rna�ely 88.6080 acres that is located in the CiLy, the legal descriptaon af which
tract of real pr�perty is marked E�ibit A- Le�al Descriptio� attached hereta and
incorporated herein for all purposes (which tract of real p�•ope��ty is hereinafter called
"Maiine Creek Ranch_ Sec�ion P'); �nnd
WHEREAS, the Developer intends to develop Ma�ine Cre�k Ranch, S�ctian I as
an addition to �he City; and
WHEREAS, the Developer and City have entered in.to tr�vo (2) separate Infoi�nal
Developer Agreements relating to the developmeni of Marirte Creek Ranch, Sectior� I, one
relating ta construction af water and was�ewater facilities and the other relating to
consi�-uc�ion or installation af street paving, storm drain, sireet lights and street signage
{both oi such Informal Developer Agr-eemen�s are herei.nafter collectively call�d the
"CFA"); and
WHEREAS, t1�e City has required certain assurances af the ava.ilability of funds to
compleie the str�eis, stre�t signs and lights, and the water and sew�r u�ilities for the
development flf Marine Creek Ranch, Section I(herein collectively called the
"Comrnunity Faciliti�s"}; and
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WI�REAS, in arder to pxovide such assw�ances as have been requized by ihe
City, the Lender has agreed tv advance certain fiznds to the City £oz Hard Costs {�vhich
term zs hereinafter defined) subject to and in accordance wzth, the terms, provisions and
conditions of this Agreemeni; and
WHEREAS, the Developer has granted to the lender as add�rional secunty for the
Lflan (whieh term is hereinafter defined) a security i�aterest in a1I plans and specifica�ions
for the develnpm�nt of Marine Greek Ranch, Seetion �(hereinafiex called �he "P1a.ns");
and
WHEREAS, the Paxties desue to set forth Yhe t�rnas and conditions of such
accommoda�Qns as are describe above.
NOW, THEREFORE, for and in consideration of the benefits to be derived from
the mutual observance by the Pa1-�.es of the terms and condi.tians hereo£, and %r and in
considerat�an nf Ten Dollars �$1.0.00) and other gnod and Waluable consideration, the
recei.pt, adequacy and sufficiency of which are hereby acknowledged, the Part7ies agree as
follows:
Recitals. The �oregoing recitals are true, correct and complete and
con�ti�tute �he basis fox thi� Agreement and they are incorporated into irxuis Agreement £o��
all pu�poses.
2. The Completion Amount. The City and th� Develaper agree that the Hard
Costs required to camplete the Community Facilit�es in the aggregate should not e�ceed
the sum of _
(hexei�after ca
acknowledged
as a resul.t of c
of this A�;ree�x
make
D0�1�rs �$ 3.253, 373. 00
the "Completion Amount"}. Notw�ithstanding the foregoing, it is
tlae actual costs of completian of #he Cammuniiy Facilities may vaxy
orders agreed to by the Pa:i-ties, but such variances �or the purpos�s
shall noi affect the Compleiion Amount as used herein.
Ad�ustrnents to th� C�:n�n�leti�n Amount. The Lender will from tiame ta time
;s to the Developer for the development o� Marine Creek Ranch, Section I
3
.
Three MiJ.lion Two Hundred Fi�'ty-Three Thousand Three Hundred
Seventy-Three and No/100 ($3,25�,373.00) .
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under the development loan tha� has been made by the Lender to Developer fox the
purpose o£ financing the co�t� of constaucting the Community Faciliiies of Marine Creek
Ranch, Section I{herein called the "Loan"} subject to, and in accardance with, the tex�rns,
conditions and provisions of the Loan Documents {which �erm is hereinafter defined)
evidencing and securing the Loan. Some o� �iose advances shall be £ar Hard Costs as
specified in t�ie "Approved Bud��t" relating to the Loan, a copy of which Approved
Budget is marked E�ibit B, attached hereto and iucorporated h��ein for all purposes,
with th� Hard �osts line items hig�ilighted. The term "Hard Costs" shall mean the actual
cos�s af canstruction and installation of the Comrnunity Facilities. To the extent that
advances undex the Loan are for the payment of Ha�d Costs, the Compl�tifln Amount
shall be deemed reduced, dollar for dolla.r. The Lender may withhold statutory r�tainage
from any advances under the Loan or pursuant to this Agreement. All such refainage
withheld, io the extent it is attributable to Hard Cosis, sha11 also reduce the Completion
Amount dollaz for dollar. A11 retainage wjithheld by �he Lender for Hax d Casts that are
advance ta the Ciry pursuan� to th'rs Ag�reement shall be released to the City as provided
in the Texas Property Cod� upon expiration of the sta#.uiory retainage period.
To keep the City advised of the Haxd Costs, the Dev�loper shall promptly deliver
to the City those portions of all draw requests delivered ta the Lender which contain
requests for the payment of Hard Casts and such draw requ�sts shall itemize Hard Costs
in such form and detaii as shall be r�asonably acceptable ta the Lender and the City.
Upon approval of Lender of any draw request containing requests for haa•d Costs to be
advanced ta �he Developer, the Lendex shal,l give no�ice ta the City setting farth the
amount o£ any ha�d Costs to be advanced (the "F�ndin� Notice"). The City will be
deemed to have approved the proposed ad�vance of Hard Costs by the Lender, US��SS lt 5Q
notifies in vv��iting Lender th�t it objects to such advancement of Hard Costs within ��ee
(3) business days of the receipt by �ie City of the Funding Natice. If the City objects to
snch advancements of Ha�d Cost,s by the Lender, the City will have it own inspector
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examine and evaluate ihe conshuction; ihen �lie Lende�• and the C�ty shall cause theu•
respective inspectors ar cansultants to cfloperate a�d shall use their best reasonable
efforts to settle any dispute ovex the appropriateness of any advance Qf the Ha,rd Costs.
The Developer acknowledges that the Lender's obligation ta fund advances under the
Loan within a specified iime frame shall be deemed waived by the Developer if the Czty
and �he Lender are in dispute vvith respect ta any requested advance. If any such dispute
i� not resalved promptly, the twa consultants shall agree within five (5) business days on
a qualified thud pa�-ty to resolv� the dispute, whose decision sha11 be final and binding on
all Paa.ties and shall be rendered within five (5} business days of such consu�tant's
selecii�on. Any delay occasioned by any such clispute shall extend the Campletian Date
by such periad of time.
4. Comt�le�ion bv the Develon�r. The Developer agrees to complete the
Comrnunity Facilities an or before the date for completion that is established in the Loan
Documents, plus thirty {30) days (hereinafte�• call�d the "Cam�►letion Date"), in
accardance with the CFA, the P1ans that are approved by the Lender and the City and all
documents evidencing or securing t�ae Loan {which documents are herein collectively
cal�ed the "Loan Documents"). Far purposes of this Agreement, the developmen� of
Marine Creek Ranch, Section I shall be deemed complete upon acceptance by #he City of
the Community Facilities, the city shall promptiy notify the Lender and the Developer
upon such acceptance.
5. Completian by the City. In the eve�t that either: (A) the development of
Marine Creek Ranch, Section I is not completed by #he Completion Date for any reason
whatsoever, or (B) th� Develope�• zs in default under the Loa.n and the Lender notifies t�e
City that the Developer is in default and, at the Lender's sole aptian, Lender requests the
Ciiy to co�nplete development, whichever shall fu�st occur, then, the City may , at ihe cost
and expense of f.he Developer, commenc�, pursu� and compl�te the installation o£ th�
Community Facilities in a reasonably timely, diligent and workmanlike manner in
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accordance with the Plans, subj�ct to the terms of this Agreem�nt. The Lender and the
Developer agr�e that the City may use �1ie Plans as necessary to complete the Community
Facz�zties. Prior to the commencement of any work by the City, th� City shall provide
evidence af insurance r�asonably required by the Lender naming the Lend�r and the
Developer as additional insureds.
6. Advance of Comple�ion Costs to the City and Delivery ofHard Costs
Collataral ta the City. Upon ihe occurrence of eithex eventi described in paragraph 5
above, if the City elects within t�n (10) bus�aess days of the Comple�ion Date or notice
from the Lender, as the case may be, to complete the consh-uction oi #he Community
Facilities, the Lender sha11 �iiereafter advance to the City any remaining undisbursed ha.rd
Costs specified in the Apprpved Budge� relating ta the L�an that a7re ancurred by the City
in compleiing the Community Facilities in an agg�regate sum not ta exceed t1�e
Completion Amount, as adjusted, by fun�ing monthly diaws t�o th� City as described
herein. Under such circumstances, the Develope�r her�by authorizes and instr�ic�s the
Lender to make such periodic advances �o the City of any remaining u.ndisbursed Ha�rd
Costs specified in the Approved Budget, not to exceed the Completi.on Amount. The City
sha11 use the fun.ds advanced by Lender for the pay�nent of such Ha�.•d Costs described in
the advance request submitted by the Ci�y to Lender, and if the City faals to do so, the
Lender's abligatian to fund additianal advances to the City shall thereafter be tertninat�d
and of no continuing force ancUor effect. The Ci�y shall provide mechanic's and
materialmen's releas�s as may b� reasonably requested by the Lender. Upon request by
th� City, the Lender may pay such adv�nce� directly to the suppliers and con�ractors
desciYbed in the advance request.
If the Caty does not elect to complete the construction of the Community Facilities
within the ten (10) day time periad specified in this paragraph 6, then ih� Lend�r may, ai
its election, tei-minate �his Agreement, and at itis op�ion, proceed to complete the
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Gammunity Facilities, foreclose on any o� its collateral, or take any and �11 such achan as
may be provided in the Loan Documents.
7. Completian by the Lender. The Lender may, at its discretion, but sha11 noi
be obligated to, undertake to complete the Community Faciliti�s if th�re is any default
under the Loan Docum�nts ix� li�u of requesting the City to comple�e the Community
Facilities. In such ev�nt, however, the Lender must comple�e the Community Facili�ies
by the Completion Date or the ciiy shall complete the same as provided above. If the
Lender elec�s to complete the Community Facilities, any Ha.rd Casts it expends shall,
dollar for dollar, reduce the Completion Arnount.
8. Easements. In the event the City or the Lender undertakes the complerian
of t.he Community Facilities, the Developer {and to the extent necessary, the Lender)
g�ants to th� Giiy and the Lender open access to Marine Creek Ranch, Section I and shall
execute a�d deliver such temporary easements o�ver and across the �ntir� Marine Creek
Ranch, Section I for the purpose of acc�ss and use for the completion of the canstruction
of the Community Facilities in accordance wi�h this Agreement. To the extent requested
by the City and the Lender, written temporary conshuction easements in form acceptable
to the City and the Lender shall be executed by �e Developer and filed of recard.
No�g in this parag�raph shall z�duc� any right� o� th� Lender or obligations of the
Developer under the Loan Dacuments.
9. Lender's Ri�hts. Nothing in �his Agreement shall affect any por�ion of the
Lender's collateral for �he Loan ar lunit or impair the Lender's right to fareclpse the same
or deal with the collateral as is �l�cts in accorda.nce with the Loan Documents.
10. Satisfaction of the City Re��irernent�. The City agrees that the assurances
and covenants contained in this Agreement satisfy all requiremenis af the City with
respect to payment and performance bonds oz othear z�quu�men�s foar secw7ty in
connection with development af Maxine Creek Ranch, Section I and the completion af �he
Community Facilities that are con�aaned in the CFA or in any othe�• agreement rela�ing
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thereto, and the Ciiy hereby aceepts the assurances and covenants contained herein in lieu
ih�ieof, To the extent the CFA u-reconcilably conflicts wiih this Agreement, the
pxovisions of ihis Agreement shall control.
1 l. Termination. This Agreernent sha11 tenninate upon the earlier to occw.� of
the following: {A) acceptance by the City of the Community Facilities; (S) mutual written
agreement of alI o�the Parties; or (C) the xeduction of the Completion Amount to zero.
12. Fina1 Plat. The Parbies acknowledge and agree that the ciry shall hold the
final plat of Marine Creek Ranch, Section I un� �he Community Facilities are
substantially campleted and all Hard Costs contractors hav� been paid, less retainage.
Upan receipt and �ceeptance by the City of evidence af substantial cornple�ion and the
payment by the Developer of all Hard Costs contractors, the city shall immediately file
�he final plat of Marine Creek Ranch, Section I in the Tarrant County Plat Records. The
p�.upose of the City retainiug the final plat of Marine Cxeek Ranch, Section I as
prescribed herein is to guarantee the Developex's obligations under the CFA.
i3. Const�uction Contracts. Developer agrees to include in each Construcrion
Contract tha.t it enters in�o for the compleiion o� the Community Facilities the following:
(a) A stat�ment that �he City is not holding any security to guaranty any
pay�nent for work perfol7ned on the Commutv� Faciliiies;
(b} A statement that Marine C3eek Ranch, Sec�ion I is private prope�-iy and that
same may be subject to mechani�'s and materialmen's liens;
(c) A requirement that each coniractor canh•acting with the Develaper release
the City fram any clairn thai is related ta Marine Creek Aanch, Section I;
{d} A zequirement tha� each conh'actor contracting with ihe Developer include
in each suhcontract the statemen�s conta.ined in (a), (b) and (c) above.
14. Miscellaneous.
{A) Non-Assa�nent of Ag�'eement. This Agreement may not be assigned by
any of the Parties withaut �he prior written consent of a11 th� other Pa��ies.
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(B} otic�. Any notice required or permitted to be de�ivered under this
Agreemenf shall be deemed received an actual receipt by the appropriate party at
the follawing addaress�s:
(i) Notice to the City sha11 be addressed and delivered as follows:
CITY OF FORT WORTH
1000 THROCKMORTON STREET
FORT WORTH, TEXAS 7b 142
ATT�NTION: RAQUEL VELASQUEZ
DEVELOPMENT PROJECT COORD.
TELECOPY N UlVIBER: (S 17} 871�6543
CONFIRMATIDN NUMBER: (817) 871-7945
With capies thereof addressed and delivered as follaws:
CIT�` OF FORT WORTH
I000 THROCKMORTON STREET
FORT WORTH, TEXA� 76102
ATTENTION: WENDY CHI-BABULAL
WATER ENGINEERING DEPARTMENT
TELECOPY NUMB�R: (817) 871�
CONFTRIVIATION N [JMBER; (817} 871-'7585
and to:
CITY OF FORT WORTH
104 THROCKM�RTON STREET
FORT WORTH, TEXAS 76102
ATTENTION: GARY STEINBERGER, ESQ.
ASSISTANT CTTY ATT4RN�Y
TELECOPY NUMBER: (S 17} 871-8359
CONFIRMATION NUMBER (81'7) 8'11-7600
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(ii) Notice to the Developer shall be addressed and delivez�d as follows:
M & C DEVELOPMENT, LTD.
1320 SOUTH L]NIVERSITY DRIVE, SUITE 1015
FORT WORTH, TEXAS 76107
ATTENTION: JOHN COCKERHAM
(iu) Notic� to the Lendez shall be addressed and delivered as follows:
TEXAS BANK
7�2 PEARL ST.
GRANBURY, TEXAS 760�8
ATTENTION: KEVIN DO�NG
A party may chang� its address �oz notice upon prior written notice to the other pa.i�rie,�
pursuant to the tenms hereo£.
(C) Te�as Law to Ap�ly. This Agreement shall be cans�rued under and in
accordance with �he laws af the State a€ Texas.
(D) Parties Bound. This Agreement shall be binding upon and inure tn the
b�n�fit of th� Parties and their respecrive legal representa�ives and pernutted
suceessors and a�signs.
(E) Le�al Construcrion. Tn case any one or rnore af the provisians contained in
this Agreement shall for any reason is held to be invalid, illegal or unenfarceable
in any respeet, such invalidity, illegality or unenfarceability sha.I1 not affect any
other p1•ovisian of this Agreement, and this Agreement sha11 be construed as i�
such invalid, illegal or unenforceable pravisio�n had never been contained in �his
Agreement.
{F) Priar A�reements Superseded. This Agreement cons�.#utes #he sole and
anly agreement of the Parties with respecfi to the subject matter hereof and
supersedes any prior und�rstandangs oar writt�n or oral agreements amang the
Parties concerning the subject matter her�af; provided, however, that this
Agreement shall not supersede, amend or modify any of the Loan Documents or
any portion thereaf.
(G) Amendment. Th�s Agreement may only be amended by a writ#en
i�nstrument executed by all of �ie Parties.
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{H) Headzn�s. The headings used in this Agreement are used for re�erence and
convenience purposes only and do not conshtute sub�tantive matters to be
considered in cons�ruing the terms and provisions of this Agreernent.
Executed by the Parties to be effective as o� the date first stafed above.
APPROVED AS TO FORM
AND CONTENT
By:�'����.�
Name.
Tit1e: ���'y ����������t�
�ssf�s�ant urty �t����ey
DEVELOPER
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THE TY 4F FDR , ORTH
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By: l ! ,
Nam�: � rc � , - -, -- . -
Title: ,4s�i����r`
M& C DEVELOPMENT, LTD., a
T�xas limiied partnership
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By: � _.� •,�-
Haydn Cut1er, General Pariner
LENDER
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Kevin Downing � ,
Haydn Cutler, as Guaxantox of thc Loan, is executing this Agreement for the sole
purpose of acknawledging that advances made by Lender pursuant to this �gjreement
shall be deerned advances made under the Loan which sha11 be subjeci to and covered by
the Loan Documents and the Guaranty Agreement executed by th� undersigned in fa�or
of Lender. .
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Haydn Cutler
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LIST OF EXHIBITS TO TAE CO�VIPLETIOl� AGREEIV[EllTT
BY AND A�'%Ol�TG THE CITY OF FORT WORTH,
1VI �i C DEVELOP1V�EliTT, LTD. AliTD TEXAS BAll�K
EXHIBIT A � LEGAL DESCRIPTION
EXHiBIT B - APPROVED BUDGET
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fld/2�/2602 11:22 9726259b67
�pr 2� fl� ��.�pp �uss � �ape SurU�ain� �o�
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Mafin� Creek Sec
April 19, �aoz
Pege 1 of 5
an� Rec� Area; 1C34.2� ece$s
PAG� 12
(7131�77-�7BQ p.li
M���� ANC] �DUNbS E7E�CRIf'TI4N DF
A 1 Q4.27 •ACFiE 7"�fACT 4�' LAND
aliUA7�D 1N YH� J. BQWMP.N SURV�Y� 1�-7�,
i'NE WM, T7p5h1��R SURV�Y, A-417',
TME A_ ALBRIGH� SURVEY, A-184�.
AND T�lE B. B. �. & G. Fit� CO. SUAV�Y, A-201
T,4FiRAN7 Ct�UNTY, T�XAS
B�tNG A 1 p4.�1-ACR� T'E�ACT OF LAN�7 5f�"1JATED IN TW� .�. �OWMAN SURVEY,
A�35TaACT �O. 79. TFiE WM. �C�SHI�R 6iJRV�I', AfiSTRRCT Nb. �}3 7, 7'H� A.
A�BRIGhli' SUFIV�Y. ABSTRAC7 Na, � 849, AlV1� TH� �. B. �. & C. R.R G�-
SURV�Y, A�sTRAC"C IVC3. 241, 'iARFiRNT c(?IJN�`Y, �'�lCA� Ah1D B�ING �U� oF
"k`HAT �Ai.LED 584.4���A�RE �'�t,4C� DEBC�il�3�q IN Q�ED �'0 HAYCO REAL'�Y,
i.7a, REGQR[}�i7 I{V VaL1JM� 14i9�, PAC� 644, COUN7Y RECOR�S, 7pFiRAiV7"
�C3�1NTY, T�XAS, ANC7 e�ING MDf�� PARTICUI.AflLY [��5CRtB�p BY METES ANp
BOU�lqS A5 FO�LClWS:
Tp �INC3 the place of beginning, CqMMENCF at � PK Nai� found at the caA�d
n�►Chwest camer of #he J, f�atntma�r �ur�ey, Ai�sfracx i�, said ppint hein� En the
w�sterly line of Bowman-Rot�etts �i�Bd {County R��id No. �123� �nd in fihe
Cromwelt�Marine Ro�d ��aunty Road No, 4124� and also bsiRg the northw�sx
Carner o� said �84,4�'3-acre Hayco tract�
'C�I�tVC� �outh Q° 49` 21" W�s�t, along th� we�terly ff�e �f s�id �ovvman-Roberfis
Fio�d sr�d said 964.473-acr� �18y�a traGt, a d9st�nce of d�13�.25 fa�t ta a poir�t &t
the inters�ction of s�id w�stariy line �nd the north�fiiy line af a i5-fdoY strip
da5cribed in daecl to Tex�s Elentriq S�I'vice Com�any r�card�d in cofume 2,200,
page 3(7�, Deeci Recarcls, T'ar�ant County, 78xas;
TH�lVC� continuing �outh 0° �F9' �1 ° West, s[on� the westeriy line of s�id
�ovuman-�ioberts Raad and sald 9�4,473�aGre �layco tract. � tEistance of 679,5�F
f��t -ra a paint Icalled 1 I.�-inch iron rod no� f�undl;
iM�fVCE S�u#� �2° A�2' 30" �ast, cnntinuing alanp the wesierly fine oi` Bowman-
+�o�erts Ro�d and said �8�l.473-acre Hayca irac�, a distanpe 4f 1�58.3i feet to a
PK hEaii fiound in th� ae�teriine of 7'en M}I� �.ridge Aoad fG��nty Roati 4Q30), from
which a bo�t spike found �ears N 3340r�` W, 37.08 foet end a 6/8-inch iran resd
b�ers � 63 ° 59' E, 13.4$';
�"H�CVCE South 62° 27" ��" ��5�� �iRng said e�nterEirse and the sauthwesterly line
of said 964.473-acte �[ayco �traot, a distance of T 5�7.00 f��t to a painY tor the
Pi..AC� 4� B�GII�Ni1VG;
04/23/2602 11:22 9726250607
Rpr E� 0� ��:��p Rus� & Pap� ��rve�ing Co.
Marine Cre�i� Sea 1 and Rec. ,�rea, T�14.21 acres
April � 9, ZQp2
�age � af �
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�7��1�77�67�4 ,p,l�
41i �'�[�NCE Nc�rth ��° 3�` 42" �ast, a distance of 6Fr�4.0� f�et to a point;
{2J Tk��NC� Sau#h 82° 27' 18" East, a dis��nce ofi 580.fl0 feet tv � paint;
{31 TH�NC� Nor#h 27 ° 3�' 42" �ast, a distanca of 174.04 feet Co a point,
{4i 'iH�lVC� South �2° �'�' 18" �ast, a distance af 35.00 fe�:t ta a point;
I5! �'H�NC� NorCh 27 a 32' 42" East. a di$t�ance of 26E}.01 feet to a point;
E6i 7�i�NCE Narth 4Cl° 34' ��4" �ast, a dist�n�e �i 137.i�2 f$et t❑ a paint,
(77 '�f��NGE NarYh 54° '1 J' 2$" �ast, � distan�t� of � 3Q.00 f�$i tn a pniri#:
(8? '�1��NC� arRund a curve ii� a cour�terclockwise dire�tion havlr�g � daffia angleofi 1$°
2�a' 01 ", an arc distanca of 352.Z9 fe�t, a r�dius of i�96,00 feei, snd a ehorc! ot
South 44° 53' 43" East, 8 dis�anCe ofi 35C3.78 feet to a�oint;
TH�i�CE N�rCh 3� ° 54` 2i" ��st, a distan�e nf 241.9 �€eet to a poin�;
4�]
7'HEN�� lrlot`th 4F ° 21' 14" �ast. � t{istar►ce c�f A�36.7.2 �e�t to a pvint;
Eznr
TH�NGE NOrth �7° 35' 09" £�st, � elistance of 742.60 fc�et to e point;
S11)
(�21 7FfENC� North 5�° �+�' p8"' WesY, a dlst�nce a� 6'f.56 feat to a paint;
(Z31 TH�f�C� Nqrth �7a ��' S2" �8st, oros5ing at 190.78 f8et into ��lood �asemsnt
1S$cond 7ractl de�orEt�ed in aonveyanc� to 7arrant �aunty Water Cantrol &�nd
Improvsrrrsnt �istrict NUmber t?ne recarde� in volume 299�, ax page i41, Deed
Records, Tarrant Cota�tv, Texas, for a tvtal distanG� pf 2Z0.93 f�e� to a point, from
vvhfok� � iaa�t spike faur�d fi�r angle point in s�.i�l Flood �ae�ment bears N i2°�S'35"
W, 92�.�6 feet;
(1 �t TN�NC� uQu4�t 42 ° 59' 3fi" East, a dlsrance of 8�, h'7 faat t� a point;
115i �'k-IEIVC� Soutil 5Sa 31' 45" E�st, s dl9t�nce af 7i.8$ f�8t t+� a�Ql�t;
1161 i'HENC� S4ut�+ �7'0 41' 4�" �ast, e distance of 15Z57 feet t� � pai�t,
(t 71 THLNC� Sauth 58° 3�' EJ8" �a5t� paralEal tivith end �0 feet perpendicularly into seid
�loo[i Easenlertti, a dista�c� oi 3�4.73 feet �to a ppint, frorn which e 6a�# spike
f�urld ior amgle po[nt i� said Fippd Eas�rnent besCs S 37p1'7'29" W, 30.� 5 fepx;
i18) `E'I-�E[VG� South ��° 5�1' S4" �ast, paralleC Wi#f1 and 30 faet psrAer�diuutarly inta s�id
�lood �asement, s distar�ce �f 267.06 fe�t ta a paint, frc�m wi�fc� ��dat spike
�ound fvr ar��Ee point in s�id Flaod �aaetner�t bears ��8 °51 `D�" W 3�.'t 5 feet;
04/23f2g92 11:22 9726250607
Fpr 2$ B2 Q�t41p Rus� & Pap� Surw�yin� Ca.
Marine Cree� 5ea � and Rec. Araa; 10�.27 �cres
Apri� i 9, 2Q02
page 3 af 5
PAG� 14
I713i877-676� p.18
{� 9f '�H�NCE S�urh 36° �2,' 65" �a�t, perallel with and 30 feet perpendicufarfy fnto said
Fioad �asvrrtent, a distar�ce of 44�}.67 feat ta � point, irnm which a baat spika
f�und fnr angle �oint in sai� F1aod �a�ament be$rs 5�� °t?B'07" W. �0.3� fea#;
{241 TW�NC� 5out� 'I �° 20' 50" �ast, pa�alief With �nd 3q feet perpendioul�r�y ir�tc� 5�id
FIoo�E ��sement, � distar�ce of 231 ,02 fe�t t� a polnt, fram whioh a boat spike
fau�d for an�le point in said �lnod Eas�ment bears S�9°1�'43" W, �1 .4fi feet;
(21 j TH�NC� SaUth '! 6° 42' i 6" WeSt, ParalEel �rviti� and �0 fe�t p�rpendicu�arly Irtt�
s�id �Iond�Easem�nt, a di��tance pf �7 3,�7 feet to a point, from whi�h a bdat s�iEce
found fior anc�l� point in said Flooc! �asgmant bear� N a0"03'�4° W, 32,�5 feat;
(221 TH�1VC� South �3° � 1' 35" West, parallel wftli and 3Q feet perpen�licul�riy in#a
said Fload Easeme�t, a distar�ca nf 48?.�� feot ta � polnt, �rnr� wh(ch a br►at s�ilce
fvund for an9�� pa�+�# (n said Flo�d Easemer�t bears N 69°59'47" W, 4f ,1 � fi��t';
(23} TH�NG� 5auth 5� ° 3�' � 0" West, crossi�� at �,Z� f�et out of 'said Fload
�asar�nent, fvr a'Cot�l dist��ce c�f 7�.1 Z faet ta a paint;
(24) 7NI,�NCE around � curve in a cloCkw►ise direction havir�g a delta sn�le +�f OS° 14'
46", nn ara distanoa of 1 B2.Q6 �eet, a r�dius of 1 T�B.OQ feet, and a chord vf
South �? ° 1 S' 2�" ��st, a disYanee nf 1�1 .92 f�et to a point;
f25} �'H�NC� �pr�h B'f ° 4$' 56" Last, crossing et � iA�.14 into �aid Ficsod Eas�ment, fiar
a tatal dEst�nce of 2T 1.�Q feet to a point;
(2B) iM�N�� 8�auth 82° C}7' S2" ���t. �araklel with and 30 faet perpendioularly into said
Fla�d �aseir�e�r, a disranoe of 482.91 feet to a poirtt, fram which a I�oat sp;k�
found fo�' ar�gie p4int in said Fload �as�m�nC 6�ars S 66°38`OB" W, 38.4� f�ei:
(27} TFEEIVCE South 15° 2A�' 04" Wsst, p�ralEe� with and 30 fs�t perpendic�l�rly intn
s�i� �load �asarrrent, a distanc�r of 225,11 feet to � poirrt;
(2�} TMEh�CE �astr a distane� of 343,75 feei tc� a point;
{29j T�#�NC� NortY� �b° 04` 18" ��st, a tlist�nce ofi 460.77 f��t to � aoncrete
mon�ment faur�d far angEe �nint in said 9�4,�7�-acre H�yco tracrt;
I30} 7FE�iV�� 5auth 'I 1° 3 I' �6" �ast, with #he 6o�tn�lary line of sald �6�,�7�-acre
t�ayca�tract, a distance of 62�.43 f�e� ta a point;
(31 j TL�ENC� Weat, crossing at A�Fp,88 fe�t aut oi ��id Flaod �a�ert���t� f4r a total
distancQ ofi 't 15'I .12'feet ta a po�nt;
j32} 'fHENCE South 7i °�3' 3�" West, a clistar�ce a� 17SA0 feet ta a paint;
04f23/2062 11:22 9726250667
�pr �2 fl� 03:41p �uss & Pap� �urve�in� Ca.
Marine Cr�ek Sec �� an� Fte�. Ar�a; 7�A�.21 acres
/lprii 19, 2���
P�ga 4 of 5
PAGE 15
[7I31977��76� p:14
{��� T{�EhIC� arourtd a curve in � cloC[cwisa dlrectibn havin� a delts angle of '!�° '1Q`
4�2°, an �ry di�tance af 308,�47 f��t, a rad�us af 1098,Qq fe�t, ar�d a chard �f
Sout� � 9°�7' 21 " West, a dist�nce df 308.4� fie�t ta a point,
�34i 'i'M�N�� �outh �27° 32' A-2" West, a di�tanee of 9'1.1fl feat' tq a poinC in the
oenterline of said Ten Mila �tid�e Rt,ad a�d the s�uthwesterly line af said �64.473•
acra F�ayco tr�cr,
{�5f TH�NC� North 62° 2'�' 18" West, with �ald C811ter�1f7e d11d svuthw�ster�y fine, a
dis#�Rc� ofi 1 C}Q.00 fe�t to a poin'C;
(36� TN�N�� Narth 27° 3�" 4�" East, a distance of 9�.�b feet ta a poi�t,
(37► 7�ICN�� araund a curve in � ovurtterc�ac�twise directian hauing a dslta angle of � 6�
i 2' 05", �an arc di$tancs o# 281.6� feet, a radius of 996,00 faat, and a chtrrcf o#
Nortfl 19 ° Z8' 40" EaSi, a distance pf 28q.70 f0�t ca a point;
(38} TM�T�C� �fartf� 62° �7' � 8" West, e di�4anc� �f d���4. ���eet ta a p�ini�;
[�9)
I�vJ
�'h�(4�� }�drCh 30° �1' 2�7" UUes#, a distance Qfi 87.2� feet ta g point,
TH�NC� Nnrth 2° 5�' 74�" West, a distance nf 1�8.7� feai ta a{�oint;
{41) 7Fi�{VCE �rotrnd a Curv� �n 8�IociewEse d+ractiar� having a delta angle of 1�°�9'
44", sn arc dEstsnce af i�.6� f�6t, � ra�fius af 30b,0O f�et, and a al�ord of IVortt�
56° 3�' �F9" W��t, a dist�r�ce a'F 73.�4 fest ta a� paint;
f42] TH�NC� Norr.h 4�° 38' 57" We�t, � distance [rf 7�.Q7 fe�t t� a pninfi;
i4�y TH�NC� araUn� a curv� in � counterclockwi�� direction having a deft� ar�gl� ofi �48�
�$' �1 ", an �rc distanae of 2�31,3� fi�et, e rE��fi�s of 25Q.�0 1`e�t, and a�hord of
�l�irttt 72° 43' ��"' Wsst, � C�iS�811C� i7� '� �6,92 feet ta a point;
t4�41 TN��1GE Sc�uth 84° 12' 4�" VlFsst, a disiance nf 3�5.�� fe�t to a po�nt;
��51
iA�B}
T�S�NC� South 6� G�' 18" ��st, a dEstance of 12Q,Oa feet ta a po�nt,
"�h�NG� �c�uth 84� i�' 4�" West, a dfstanea af 316.8� feet tv � polnt;
(4?) THENC� S�uth 27 ° 3�2' �F2° West, � dtstarice of Gq.C}Q fieet #a a point in tl��
centerline ofi aaid 7err Miis Bridge Fioad and 'the southvyes#erly Eine of said 9��.4i�-
aore F#aYcv tract;
1 �
04/23/2002 11:22 97262506e7
Rws� � Pape Surve�ln� Ca.
R�r 2� 4� 0�:41p
Marine Creek Sec 1 a�d f�eG, Araa; 1��k.21 acres
1�pril 19, ��0�
F'�g� 5 nfi �
PAG� 16
[71�]877-�7�p p.15
�48} 'iH�NCE 1V�rth 62° �7' t8" West, with ssid [enterline and sauth►nrester�y Nne, a
distanc� of �395.�1 #e�t ta the P�.ACE �� 6�C3[NNING anc� confairrir�g �L�a��589�
square fvet �r 144.2146 acres.
No#es:
�, �3earings a�'e bassd on the north line of the c�fled �6A-,�73-acre tract
descriESed in de�d to Hayco RealtV. Lzd, rec,�rdeci ir� Vnlume T�192, paga 64�F,
Cour�ty aeo�rds, Tarran# Caunty� Tex�s,
F�USS & F'AP� , � C� GQMPRNY INC,
Charlss � ape,, Regi�terad Pro�essianaE Land Surveyar
Texa� Ragistration Number 20d2
if1555 WeSt'o�C� �riY�
Hauscon, rax�s 7704�
(7i 3) 977-2575
Date: Aprif 19, 2002
Ja6 No: 99Q12-�(��-Op
File t�o: deseript12D011�9012-4(]1 JMCS�c �.doc
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'�e�tas �al��t ���sr��r�mdi Bu���ff
�larirta Cr�ek 1Pl�ase 1
Approued - ,1�a1y2�0�
F1ard �c�sts
i��uffines
�xe�vatvaro
Wak�rlSanSew�Starm
P�+9r�g
R�Ct�il..andsc�pe
Misc: Fees,Gas,Signs,�onr�uit
Caritl�rgency
�W�'��ll�ll NA�W ��
V'm4�0 �cnsf �ait�
� r�-c9os��g�
$ 929,649 $ -
$ �'19�,000 � -
$ 1,292,7fi� $ -
$ 94�,1 �S2 $ -
$ 75�,DOfI $ -
� ���,ao� � -
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T�xaS ���ok ��a+r�ru
�.�a� �o a�'te
$ �29,�49 � -
� �€94,�{DD � -
$ 1,292,76D $ -
� ��12,'➢52 $ -
$ 7�Q,00� $ -
� �s�,a�a � -
� 3zs,s$a � -
$ �,i��8,2�� $ .
$�k �o�ft�
Envlr�f��prJ�4ils#�lk�S�!'fi���oa
F�ancing C�s�s
�.aning Co�sul�antl�artup
Enc�ineer
�ega!lAer�.
��+. M�n�gemer3t
erosurance
A� Valofem Taxes
������n�
��teres# �iese�ue
Gors�missiar�s
�lasi�g �sts
Niaantenancef�iDA S�rortfaa�s
�u�-To�aQ S�4f ��sQs
T��i C�ns�r�o���ot� ��a�
T��I ����c! �4�
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$ 'V�3�D��J $ 34fi,��
� - $ '1,292,76�
$ - $ 942,'-052
$ - $ 7sD,4D0
� _ � �s�,aa�
�, . $ 32$,�8"1
$ 1�3,�6� $ 4,�8��"i��
� �a,��� � 7,�aa � ��,��o � - � r,��� � �s,���
$ 57,50D $ �8,�91 � fi7,5�0 $ 78,4J1 $ - � {'d{},'���]
W ������ � ��aVV� .P �����Q � — �A ��s��� � '
$ 35�,d1fl� $ 9,5Q0 $ 35�,��0 $ - � 9,��� $ 34$,5Q0
$ 34, Q; 04 � '� 5,21 �$ 34, O�D � - � 'IS,�� 1$ 9 B,789
$ 301.69�v $ - $ 309,��� $ - $ 8,584 $ 2�3,'I'['1
$ '��,��� � - $ 1U.0(!Q $ - � - $ 1D,00�
� �.���.i�3� � — *V ���e•�1.�?� � — W ' +p ����J.�}3
� 3��,a�� � az,��� � ��o,ao�a � - � �z,��� � �����g
$ 384,552 $ - � 384,�H� $ - $ - $ 384���2
$ 375,�54 $ - $ � $ - � "
$ �3,99� $ - � - $ - � '
� ��a,aa� � - � - � - � -
$ 2,S�,T@$ $ '�3A�,$"�� $ 1,��d,1+� $ T$��1 � 8�,7�i � "9,5�5,��
$ �,3�4,9�4'D $ �,�8�,3�$,�,
� �,3�,���D _ $ �,7����$� $ �8,�9'V � ��I,�� $ 6,+�79,'�76
!�o#�: Ap�pro+red Lsrmn is $�,7�D,000, $35�,��3 i� pre-�ai�, ���Ituding poiu��s
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