Four Seasons 1-CN 890809CITY OF COPPELL
ESCROW AGREEMENT
For and in consideration of the mutual covenants and agreements herein
contained, the City of Coppell hereinafter called "City" and Centex Real
Estate Corporation, hereinafter called "Developer", do hereby agree as
follows, to-wit:
WHEREAS, the current City policies (Subdivision
Section 17) require that in new areas, a Developer
improvements
has elected
Addition in the City
developers obligation
drainage improvements
in escrow $42,071.00 for the construction
improvements. This dollar amount being
charges as provided for in Appendix B of the
determined by the attached bid tabulation.
THEREFORE, the Developer does hereby deposit $42,071.00, which will be
held in the sole name of the City in an interest bearing account to draw
interest at the current rate. No withdrawals shall be made until such
time as the above mentioned improvements are made. After completion and
acceptance of the above mentioned improvements by the City, the difference
between the escrowed funds (oriGinal amount
escrowed plus accrued interest) and the actual cost shall be refunded
Ordinance Appendix A,
install major public
where required in or adjacent to said addition. Developer
to develop Shadow Ridge Estates, Fourth Increment,an
of Coppell, Dallas County, Texas. In lieu of the
to construct their 1/2 portion of street and
along Bethel School Road, Developer agrees to place
of aforesaid major public
based on the current pro rata
Sub-Division Ordinance, and
to the Developer. In the event that actual cost of above mentioned
improvements exceed the escrowed funds (original amount escrowed plus
accrued interest) the Developer will be assessed the difference. Payable
within ten (10) days of notice.
THE CITY may issue Building Permits on the aforesaid property without the
requirement of the aforementioned improvements, and upon deposit of Escrow
Funds described herein.
Signed and Executed this
Developer
the
Mayor
Attest
City Secreta~
CENTEXES