SandyLCrossL3/FP-CS 881207E: ON COMPANY, U.S.A.
POST OFFICE BOX 152006 · IRVING, TEXAS 75015-2006
MARKETING DEPARTMENT
WESTERN AREA REAL ESTATE
W. C. RIGO8
REAL ESTATE REPRESENTATIVE
December 7, 1989
Escrow Agreement
Exxon R/S 6-9923
SWC Denton Tap Road & Sandy Lake Road
Coppell, Texas
Ms. Taryon Paster Bowman
P&Z Coordinator
City of Coppell
P. O. Box 478
Coppell, Texas 750]9
Dear Ms. Bowman:
Wayne Barr has passed the attached escrow agreement to me and asked that I have
it executed by the proper Exxon authority, which I will most certainly do.
However, I would request that you have the document reviewed by your City
Attorney prior to my handling it further. Since it is an agreement drafted by
the City of Coppell, I want to assure Exxon management that it has been
approved by the requesting authority before any action is taken on our part.
Wayne has told me that the $]2,086.00 called for in the agreement has already
been placed in escrow. If that is the case, I would like to see that fact
stipulated in the escrow agreement. Also, please be aware that the document
will have to be reviewed by Exxon counsel prior to execution.
Thanks for your consideration. If you have any questions concerning this,
please call me at 214/650-7090.
Sincerely,
WCR:gw
1008B
Attachment
A DIVISION OF EXXON CORPORATION
CITY OF COPPELL
ESCROW AGREEMENT
For and in consideration of the mutual covenants and agreements
herein contained, the City of Coppell hereinafter called "City" and
Exxon Corporation hereinafter called "Developer", do hereby agree
as follows, to-wit:
WHEREAS, the current City policies (Subdivision Ordinance Appendix A,
Section 17) require that in new areas, a Developer install major
public improvements where required in or adjacent to said addition.
Developer has elected to develop Sandy Lake Crossinq, Lot 3, Block
1, an Addition in the City of Coppell, Dallas County, Texas (See
Exhibit 1, attached). In lieu of the developers obligation to
construct their portion of Sandy Lake Road improvements and 60.43
linear feet of frontage still unimproved, the Developer agrees to
place in escrow $12,086.00 for the construction of aforesaid major
public improvements. This dollar amount being based on the current
pro rata charges as provided for in Appendix B of the Sub-Division
Ordinance, and is based on a future estimated cost of $200.00 per
front foot for Sandy Lake Road. This roadway is classified as a
six-lane divided major thoroughfare. The actual amount due to the
City will be based on the actual cost when constructed, and the
escrow account adjusted accordingly at that time. This escrow will
be required in lieu of the construction of a half-street.
THEREFORE, the Developer does hereby deposit $12,086.00, 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
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 the
EXXON CORPORATION
Developer b~ C. D. STEVENS
AGENT & AI'I*ORNEY IN FACT
//o~ day of
Mayor
Attest:
C-~ Secretary
Attest:
City Secre/ar~--~
SANDY LAKE ROAD
__ POINT OF
~~ L..~ ..BEGINNING
LOT 31 BLOCK 1
0.9183 ACRE
or
40,000.3;'5 Sq. Ft.
Ill
a
FINAL PLAT
SANDY LAKE CROSSING. LOT 3. BLOCK 1.
O~N£R PS~e^al~p ~Y
C12155002
PAY TO THE
ORDER OF
WACHOVIA LANK I. TRUST CO
WINSTON-SALEM. NC.
E; ON COMPANY. U.S.A.
A Division of Exxon Corporation
HOUSTON, TEXAS
DATE 12-15-88
***********12,086*DOLLARS AND 00
['- COPPELL TX CITY
8X 478
COPPELL TX
OF
75019
CHECK
NUMBER
CENTS
K 0782811
$ ****'12086.00
VOID AFTER
SIX NONTHS
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