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HomeMy WebLinkAboutThe Knolls Escrow Agreement for Cash in Lieu of Park Land Dedication, 2007 S .......... T ecur t , ,es Escrow # -10~3 600 SOllth 19/11 Avelllle (59718) * P.O. Box 6550 (59771-6550) Bozemall,lvlolltlllUl * E-Mtlil: seclIrwest@fiectitle.com Phone: (406)587-5570 * Ftlx: (406)522-5501 UNIFORM ESCROW AGREEMENT SELLER: Bozeman Deaconess Eea1tn services, Inc CBDES) Gordon Davidson, CFO 5S NO.rrAX ID NO. Address: 915 Hign1 and Blvd Bozeman, MT 59715 BUYER: city of Bozeman Chris Kukulski, City Manager SS NO.rrAX ID NO. Address: POO, Box 1230 BOZema?, MT 59771 DOCUMENTS I. Subject to provIsIons and conditIOns herem, the IbllowlIlg ducuments between SELLER and BUYER are depoSIted into Escrow with SECURWEST Escrow SerVIces, Inc_ heremafter referred to as "SECURWEST" A. B. C. D. E. TERMS 2. The above mentioned documellls are tu be delivered to tile BUYER above named, or to an)' one ol"them ifmore than one, upon payment of the sum (tC:-~ltlln:d) traltlln:dl ~.\ n;lw Of l)IJC1:\I.I::"i"t Original Escrow Agreement W-9 $220,000. BDHS to be deposited in interest account fho ConsideratIOn S Down Payment S Unpnld Baiance $_ OAT It 01' l}OCU:'\.IE.~r Sf.Cl\R\\'ESf l';'>:ITIAl- IUXEI \'Im 0,\ TE plus I1lterest ii-om at the rate of Dollars ($ percent per annum, payable os follows: I CHOOSE (A) OR (B) A)', The sum of S shall be paid on tile _B) '~day of ,20_, and a like and equn.J..,,~um 011 Ihe some date of each and every ',_, thereafter until the pnnclPal balance together wtlh_ntlerest 11as been paid 111 full. ....,. '. _C) Each payment Includes Interest and sRolI be applied first upon accrued interest and the balance 11[10,[1 prmc on dale received. JE) OR (F) _E) Interest on tlw'~llld prmclpal balance will bc ca1culate~j,<Jfithe aClualnumber of calendar days. Sllld prm9P:i'i balance IS outstanding to Ihe dale of each, based on a 365 day year. ...........,. _F) This method will not folio\\' 11 predelermlllcd OII11ortlZlItlon schedule bUI dDes luke mlo consideration carl)' and latc payments. Page I of 3 shall be pllld on the ,20_, and a lik the same date 0 f each ever)' thereafter ullIi e _day of '. 20 n tile full amount of pnnclpal and II1terest ", ny remalnmg unpaid, shall be pllld. The sum of S _day of equai sum on Each payment of$ shall be applied to pnnclpaL Interest at the above rate shall be paid III addillon to eoch prinCIPal amount. , Eacll Interest payment cOlllmns only 30 days Interest "'-r~~"rdless ofdate paId, based on 30 day month and 360 da5'Y~1l(, ..... """\ " " This mcthod \' fol 'll\~ 11 Ilrcdelenlllncd amOrtlZJlI<,In schedule but docs nDl lake 11110 lsid~l'a1.~?n early or late payments. " "., '. ", '" ,., ""-.... ""- Sp~clal inslrucllons Including specIal rcl~as~s will be nec~rled i I'lh~y do nOI aller Ihe condilions s~1 fonh 1I111l;s allrc~Il1CIll. n,~y ar~: Hold funds per escrow aqreemeot Release uponl\l';:.ti;::.ten instrucions from Cityof Bozeman BUDGET ACCOUNT 3. Budget accounts for tnxes, msurance, or other prOVISIOns I1my be mamtamed under this agreement. PLEASE SPECIFY THE EXACT PROVISION UNDER SPECIAL INSTRUCTIONS AREA NO.2. It IS the responsibility of either the GUYER or SELLER to present SECURWEST wlIh tax and insurance billings, to request when pnyments are to be made, and to notil)' SECURWEST of changes to budgeted items. UNCOLLECTED FUNDS 4. It IS agreed that should anltem tendered as payment by the BUYER be returned to SECURWEST as "unpaid", the SELLER will promptly relurn the proceeds receIved by him. SECURWEST RESERVES THE RIGHT TO WITHHOLD DISTRIBUTION Of UNCOLLECTED FUNDS. COLLECTED fUNDS SHALL BE CREDITED AS OF THE PROCESSING DATE. ASSIGNMENT (This scction must bc completed.) 5. The contract mn)' be asslgncd by thc BUYER or the SELLER under the followmg conditions: (Must be specilically defined. Do not reler 10 cOnlract paragraph.) DISTRIBUTION 6. Paymenls made hereunder are to be distributed as follows: All payments should be made paynble to SECURWEST BnnklName! Address! Account # Bank/Name! Address! Account # Other Other Other Othcr PREPA YMENT (This section must bc completed.) 7. Terms of prepayment pflvilege nre as follows (ifno such privilege, so state). (Must be specifically delined. Do not refer to contract paragraph.) FEES 8. SECURWEST's fces and charges upon this escrow Shall be as lollows; Opelllng lee paid by , Servlcmg fce paid by__~__ S Disbursement fecs paid by SELLER unless otherWise noted. Parties hereto agree that SECURWEST may from time to lime CHANGE AND MODIFY ANY OR ALL Of ITS FEES AND!OR CHARGES associated wIlh escrow scrvlces adopted by SECURWEST for applicatIOn to all escrow agreements subject to such changes. D,J-SPUTES AND LITIGATION \~) It IS express!y understood and ngreed tMt should SEClJRWEST be made defendant In any SUll by :my orthe contracl1ng - parties to thiS agrcemcnt, or by any representative, aSSIgnee or successor to any party, or by any other person for any maller arIsmg out ofSECURWEST's handling of this escrow, or should SECURWEST determme It to be necessary or advlsablc to commcncc litigation by IIlterplender or otherWIse, by reason of n dispute between the partles or tIlelf representatives, assignees, or successors, the cost OJ'SUCll SUll or SUits, lIlciuding attorney's fees, shnll be paId by the contractmg pnrtles. and may be deductcd from amounts collected on thiS escrow ifnot otherWise paId by the contractmg partlcs. SECURWEST, III case ofdisputc between the parties hereto, at ItS option, IS authOrIzed to hold all documents and payments pcnallltng to the escrow III ItS possessIOn until BUYER and SELLER mutually direct SECURWEST in wrlllng as to the dispOSItion of the escrow, or SECURWEST may dispose of tile escrow by mterpleader or other SUItable action and SECUR WEST sl1all not be liable to the partlcs for such retention or actIon. SERVICING 10. With written noti ficallon, SECURWEST has the rlglll to nsslgn servlcmg oftnis agreement to another party. Page 2 of 3 RECORDS EXAMINATIONS II. SECURWEST will allow exammatlon of the contents of this escrow by the partlcs Ilcreto at any reasonable lime dunng Its regular busmess hours. SECURWEST may, at Its option, require wntlcn authonzatlOn from either the SELLER or the BUYER before allowing tile exammatlOn of the contents of this cscrow by anyone other limn tile parlles hereto. ESCROW AGREEMENT CONTROLS 12. In the event these mstructions conniet with IIle tenllS oftlle contract or other documents held III escrow, It IS agreed that these lIlstrucllons set forth on this uniform escrow agreement sJlall control insofar as the dUlIes and liabilities ofSECURWEST is concerncd. Except for the faithful accountlllg of funds deposited wllh SECUR WEST on the escrow agreement, It IS agreed that no responsibility IS to be attached to SECURWEST or any of its employees, ansmg from the carrymg out oflllese lIlstrucllons. SECURWEST reserves the ngllt to refuse moditicallon orany kind. SECURWEST will not be responsible for collection of past due payments. DA TED at \"2\CYlQ.(Y)~ ,lIlis l~ l6t' day of ~ pro CI\. ~ 't. , 20.!:i:l "- SELLER: " ;.Q ~f:Healt~V~c ~~~ lBDHSl GOrdOn Davidson, C'FCr" Chris KUKUlSK~, Ci~y Manager ACKNOWLEDGED; SECURWEST ESl'row Services, Inc, BY; Dille: This document has been prepared by RECEIPT AND RELEASE We Ilcreby acknowledge receipt ofthe above described papers. The above mentioned escrow IS now closed and SECURWEST is hereby released from any further liability m connection therewith: l)oct.:'m~B nr-I F-\fOP!':t JH 11:: OF OOClJ~11~,...'1 ~l~l.l.:.,sl': IM.Il~ SliCUII\\'EST 1f',:IH\!. A. B. C. D. E, Dute: Rcct:IYi:L1 ll,'": Page 3 of 3 ESCROW AGREEMENT FOR CASH IN LIEU OF PARK LAND DEDICATION IN THE KNOLLS SUBDIVISION CITY OF BOZEMAN, MONT ANA THIS AGREEMENT is made and entered into this;(3"'~ay of Ocfober 2007, by and between Bozeman Deaconess Health Services, Inc. (BDHS), a Montana Non-Profit Corporation with address of 915 Highland Boulevard, Bozeman, Montana 59715 and Securwest Escrow Company (Escrow Agent) of Bozeman, and the City of Bozeman, a political subdivision of the State of Montana (CITY). WHEREAS, it is the intent and purpose of BDHS to meet the conditions of approval for the preliminary plat allowing the creation of The Knolls Subdivision (the "Subdivisions"), as approved by the CITY; and WHEREAS, the preliminary plat approval for the subdivision requires BDHS to enter into an escrow agreement, which must hold funds deposited by BDHS until such time as sufficient park land is dedicated to the CITY; and WHEREAS, it is the intent and purpose of BDHS to obtain final plat approval for the Subdivisions; and WHEREAS, BDHS has commissioned an appraisal, attached hereto as Exhibit A, for the sole purpose of determining the amount of funds necessary to satisfy the condition; and WHEREAS, it is the intent and purpose of BDHS and CITY to enter into this Agreement which will guarantee the deposit of the necessary funds described in this Agreement; and it is the intent of this Agreement, and the parties hereto, to satisfy the escrow agreement requirements for the final plat approval of the Subdivision. NOW, THEREFORE, in consideration of the mutual covenants and conditions contained herein, it is hereby agreed as follows: 1. BDHS will deposit $222,000, as established in Exhibit A, with the Escrow Agent. 2. Escrow Agent will notify CITY in writing once said funds have been deposited and will place said funds in an interest bearing account and will pay the earned interest to BDHS quarterly until this Agreement is no longer in effect. 3. Escrow Agent will release all funds, along with any outstanding interest to BDHS once instructed to do so in writing by CITY. 4. CITY will instruct the Escrow Agent to release the funds and any outstanding interest to BDHS when BDHS and or its assigns, dedicates public park space to the City of Bozeman in an amount sufficient to negate the 1.34 acre deficit that exists as ofthe platting of The Knolls Subdivision as is documented in the Final Plat documents prepared by BDHS and reviewed by the CITY and as calculated on Exhibit B, attached hereto. 5. BDHS agrees to dedicate the park space as described in paragraph 4 and as calculated on Exhibit B, within the property boundaries of the Bozeman Deaconess Health Services Subarea Plan as approved by the City of Bozeman and will do so in conjunction with future subdivision applications that BDHS submits to CITY. A copy of the Subarea Plan depicting the location of the Knolls Subdivision and the future subdivision locations is attached hereto as exhibit C. 6. It is expressly agreed that BDHS shall not assign this Agreement in whole or in part, without prior written consent of the CITY. 7. This Agreement shall be binding upon, inure to the benefit of, and be enforceable by the parties hereto and their respective heirs, successors, and assIgns. 8. All notices in connection with this Agreement shall be in writing and shall be deemed delivered to the addressee thereof (1) when delivered in person on a business day at the address set forth below or (2) on the third day after being deposited in the United States mail, for delivery by being properly addressed, postage prepaid, certified or registered mail, return receipt requested, at the address set forth below. Notices to the CITY shall be addressed to, and delivered at, the following address: Chris Kukulski City Manager P.O. Box 1230 Bozeman, MT 59771 Notices to BDHS shall be addressed to, and delivered at, the following address: John Nordwick, President Bozeman Deaconess Health Services, Inc. 915 Highland Boulevard Bozeman, MT 59715 Notices to the Escrow Agent shall be addressed to, and delivered at, the following address: Name: SecurWest Escrow Services, Inc. 600 South 19th Avenue Bozeman, MT 59718 By notice complying with the requirements of this Section, each party shall have the right to change the address or addresses or both for all future notices and communications to such party, but no notice of a change of address shall be effective until actually received. 9. All amendments to this Agreement shall be in writing and shall be approved by BDHS and the CITY. 10. The Subdividers shall have this Agreement filed in the office ofthe Gallatin County Clerk and Recorder at the same time the final plat is recorded. IN WITNESS WHEREOF, the parties have hereunto set their hands on the date first above written. Bozeman Deaconess Health Service~, Inc. By ~..- '1:.... tDCu.UL~ , Its:~~&~~ City of Bozeman By~!(7~ Its: C;T v' r\~t-\o..~ e.-\ ( SecurWest Escrow Services, Inc. By Its: STATE OF MONTANA County of \xcQk -t\ 0 ) :ss ) On S~ Z \ ,2001, before me Y..tJ-u f I\..J . A f:::-\\~ , Notary Public, p sonally appeared axQ.ow l.. ~v0.<;"0v-, personally known to me to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument in person, or the entity upon behalf of which the person acted, executed the instrument. WITNESS my hand and official seal. """\'\I~'''f!''''''",,, Kenlynn A. Erickson ;t:"'~""', ,Alo \. Notmy Public f~.' OTAfllll'\\ for the State of Montana ~ ~: "" ~_ <, z ~ Residing at: 'i ~". SEAL .:;'] Belgrade, Montana \'*i . , . . . ;tfl My Commission Expires: '<""",?f'MO,,,,""" November 4, 2007 '11111 1\1\\ . ~ 'J:;; ~ Printed N . NOTARY PUBLIC FOR THE STATE OF Residing at Y- ,,~\ VA"( Commission Expires \ \. "" .71JiJI STATE OF MONTANA ) County of :ss ) On ,2006, before me Notary Public, personally appeared , personally known to me to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on the instrument in person, or the entity upon behalf of which the person acted, executed the instrument. WITNESS my hand and official seal. Printed Name NOTARY PUBLIC FOR THE STATE OF Residing at Commission Expires THE CITY OF BOZEMAN ~f~ Chris Kukulski, City Manager STATE or MONTANA :ss County of Gallatin ) On this Kday of~, 2007, before me, a Notary Public for the State of Montana, personally appeared Chris Kukulski, known to me to be the person described in and who executed the foregoing instrument as City Manager of the City of Bozeman, whose name is subscribed to the within instrument and acknowledged to me that he executed the same for and on behalf of said City. "\\\ III \ 111I11i!// , .' \. "I"'") 1,If .-:;~"'"\' ,J I.;::;. '11..z ;;- . "1,; I .-:;:. ~ ., 1 ..~:t> --::... 2j ('./ \,,(,' ~ ~ _1. " :'~~1 ~ )I,. : (SeaD . . i"J1 ~r~.'~>"'~"""i :A "'-?~ -y'A . . . . ,"I" ,:'; ~ <:.'.., . . . t . 'T.~~~ ,~' "',fll, OF MC\-~ \ r' ",:\-' '1111111111/1' ill \ \\\\\\\'\ IN WITNESS WHEREOF, I have hereunto set my hand year fIrst written above. (Printed Name above) Notary Pu . for State of Residing at: Commission Expires: (Use 4 digits for expiration year) Exhibit B Parkland Dedication Requirements for The Knolls Subdivision Parkland dedication requirement per B.M.C.: .03 acres of dedicated park for every dwelling unit. Tracts that have an undetermined amount of dwelling units at time of final plat are assigned a density based on zoning designation. For R-3 tracts that density is 8 units per acre. Dwelling unit calculations for the Knolls Subdivision: Single household detached lots: 76 dwelling units 6.11 acre R-3 tract (8 units per acre): 49 dwelling units Total dwelling units 125 Parkland Dedication Requirement: 3.75 acres (125 X .03) Actual Dedicated Parkland Per Final Plat: 2.41 acres Temporarv Deficit of Parkland Dedication: 1.34 acres Vl;J1 '" II V./ -'-~ ----. ~ .~-~ :::i.t;LlIKl'l"Y TITL~ HZ-'---.-- 14]002 ~o-. ~v r J!..4. ~'lut)a.::.::tlauJ. BOZEMAN DEACONESS HOSPITAL 915 Highland Blvd. . BozemOln. MT 59715 :::~:,,::: SSCROW 092007 ..:.'":;..r. 09/20/07 ..-....... 'n .;..... ... ". :..,.... " ./ /" /" . .,'.... TOTALS > VENDOR NO. B06926 .. ----. -- ... CHECK DATE 03/21/07 CHECK NO. 126611 222000.00 0.00 :222000.00 ", " " , .. 222000.00 0.00 222000.00 '" " /........