Park N Fly/FP-CS 951128ESCROW AGREEMENT
THIS AGREEMENT is made this :[g~day of
WNEN RECO RDF.])
DEED 19.00
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AO01 9122 0000000 36? lO:32API 1/05'/96
k) ~,,.hm' , 199At, by and
between Park 'N Fly, Inc., a Delaware corporation, hereinafter referred to as
"DEVELOPER," and the City of Coppell, Texas, a Texas municipal corporation, hereinafter
referred to as "CITY".
WITNESSETH:
WHEREAS, DEVELOPER is the prospective owner and developer of that 16.0716
acre tract of land situated in the S.A. & M.G. Railroad Survey, Abstract No. 1439, Dallas
County, Texas, and being more particularly described in Exhibit "A" which is attached hereto
for all purposes; and, hereinafter referred to as the "Property";
WHEREAS, DEVELOPER has filed with the CITY an application for platting the
Property; and
WHEREAS, DEVELOPER and CITY desire to enter into an agreement concerning
the payment of escrow funds for improvements to Gateway Boulevard.
NOW, THEREFORE, for and in consideration of the mutual covenants and benefits
contained herein, the sufficiency of which is hereby acknowledged by the execution below,
DEVELOPER and CITY agree as follows:
1. Prior to the issuance of any building permit for 200,000 square feet of
floor area on the Property, the DEVELOPER must either construct or cause to be
constructed one-half of Gateway Boulevard along the frontage of the Property or
place into an escrow account with the CITY, the sum of ONE HUNDRED
EIGHTEEN THOUSAND SEVEN HUNDRED TWENTY-ONE AND 20/100
ESCROW AGREEMENT- Page 1
96006 2822
DOLLARS ($118,721.20) for the improvement of Gateway Boulevard (the "Escrow
Amount").
2. In the event the City Engineer for CITY determines that Gateway
Boulevard adjacent to the Property needs to be improved, DEVELOPER agrees to
pay CITY the Escrow Amount within thirty (30) days of receiving written notice from
CITY.
3.
This Agreement and its performance by DEVELOPER will satisfy any
and all obligations of DEVELOPER to provide for the construction or escrow of fees
for construction of Gateway Boulevard and all improvements thereto required under
the plat approval of the Property, and under any ordinances of the CITY.
4. The provisions of this Agreement are hereby declared covenants
running with the Property and are fully binding on all successors, heirs, and assigns
of DEVELOPER who acquire any right, title, or interest in or to the Property, or any
part thereof. Any person who acquires any right, title or interest in or to the
Property, or any part thereof, thereby agrees and covenants to abide by and fully
perform the provisions of this Agreement. The Agreement will be recorded in the
real property records of Dallas County, Texas, by CITY. The release of this
Agreement will be furnished to DEVELOPER by CITY upon satisfactory completion
of construction of the portion of Gateway Boulevard, herein described, and its
acceptance by CITY.
5. DEVELOPER of the Property shall comply with all applicable
ordinances of the CITY as amended from time to time, and with all laws, regulations
ESCROW AGREEMF~NT - Page 2
96006 2823
of all other governmental agencies with jurisdiction, as amended from time to time,
over the Property.
6. If any article, paragraph, section, sentence, clause or phrase of this
Agreement shall be or become illegal, null or void for any reason or shall be held by
any court of competent jurisdiction to be illegal, null or void, the remaining articles,
paragraphs, sections, sentences, clauses or phrases shall continue in full force and
effect and shall not be affected thereby. It is hereby declared that said remaining
articles, paragraphs, sections, sentences, clauses or phrases would have been or are
imposed irrespective of the fact that any one or more articles, paragraphs, sections,
sentences, clauses or phrases shall become or be illegal, null or void.
7. This Agreement and the rights of the owners herein shall be governed
Venue for any action shall be in Dallas County,
by the laws of the State of Texas.
Texas.
PARK 'N
a Delawm
By:
Its
Til
crrY OF COPPELI~ TEXAS,
A Texas municipality
Name:
Its:
ESCROW AGRF~aNT - Page 3
96006 282L
STATE OF GEORGIA §
COUNTYOF /~Z/~c~,d §
This instrument was acknowledged before me on the//'7'/~ day of August, 1994, by
FLY, INC., a Delaware corporation, for and on behalf of said corporation.
q~qMed Name: /~,,~ /~. /ql/Ote£g~,r'
Notary Public, State of Geor~a,
Coun~ of F~a~
My Commission Expires: ~/~/~ ~
STATE OF TEXAS §
COUNTY OF DALLAS §
/c/o/,,~trE-,e,
This instrument was acknowledged before me on the ,~o° of.~_~,_~., ^ ...... + .... ~ nnA, ~Jhv
·
Coppell, Texas municipality, for and on behalf of said municipality.
of the City of
Pri~~.' Z
Notary Public, State of Texas
My Commission Expires:
ESCROW AGREEMF~lqT- Page 4
96006 2825
BEING a tract of land situated in the S.A. & M.G. Railroad Survey, Abstract No. 1439,
Dallas County, Texas, and being a portion of those tracts of land recorded in Volume 87057,
Page 3466 and Volume 87057, Page 3468, Deed Records of Dallas County, Texas (DRDCT),
and being more particularly described as follows:
BEGINNING at a 5/8" iron rod in the South line of the St. Louis & Southwestern Railroad
(100 ft. ROW) as recorded in Volume 95, Page 518 DRDCT, said point also being the
Northwest corner of Gateway Business Park, an addition to the City of Coppell, Texas, as
recorded in Volume 92127, Page 0870 DRDCT;
THENCE South 01o 51' 06'' West, along the West line of said Gateway Business Park, for
a distance of 1068.66 feet to a 1/2" iron rod w/NDM plastic cap in the north line of
Interstate Highway Loop No. 635 (Gateway Boulevard, a variable width ROW) according
to plans for Federal Aid Project No. 1635-6-(186)462, Sheet No. 6;
THENCE North 540 40' 57" West, along the North line of said Loop 635, for a distance of
239.35 feet, to a concrete monument for corner;
THENCE North 690 02' 37" West, continuing along said North line, for a distance of 673.89
feet, to a concrete monument for corner at the intersection of said North line with the East
line of Royal Lane (110 ft. ROW);
THENCE North 01o 38' 40" East, along said East line, for a distance of 651.09 feet, to a 1/2"
iron rod w/NDM plastic cap for corner at the intersection of said East line with the South
lien of said St. Louis & Southwestern Railroad;
THENCE North 870 25' 09" East, along said South line, for a distance of 841.31 feet, to the
POINT OF BEGINNING and containing 16.0716 acres (700,077 square feet) of land.
p:~real~2714\l\escrow, agt
2 wsd/kjg 080494
ESCROW AGREEMENT- Page 5
96006 2826
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E'XHIBIT "" 'B ."
JAN - 9 AM lO: 26
EARL ~$ULLOCK
COUNTY CLERK
'DALLAS COUNTY