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HomeMy WebLinkAboutEscrow Agreement, Cash in Lieu of Park Land, The Knolls Subdivision, 2007 S .......... T ecur t , ,es Escrow # -1 (}Y-.3 600 South 19'11 Avenue (59718) * P.O. Box 6550 (59771-6550) Bozeman, Jlt/olllwll/ * E-lvlail: secllrll'est@Sectitle.com Phone: (406)587-5570 * Fax: (406)522-5501 UNIFORM ESCROW AGREEMENT SELLER: Bozeman Deaconess Healtn Services, rnc (BDHS) Gordon Davidson, CPO SS NO.rrAX ID NO. Address: 915 Highland Blvd Bozeman, MT 59715 BUYER: ci ty of Bozeman Chris Kukulski, City Manager SS No.rrAX ID NO. Address: P.O. Box 1230 Bozeman, MT 59771 DOCUMENTS i. Subjecllo provIsIons and conditions llerem, the lolloWlllg documents between SELLER :lIld BUYER are depOSited mlo Escrow with SECURWEST Escrow Services, Inc. Ilerelllafter referred 10 as "SECURWEST" (rC"l1tllfl:dl Conslderallon 5> Down Paymenl S Unpmd Blliance $ Irol;\llllrcl11 ~"nml: Uf' I>UCl:\II~~'r tM Tit o/, t)()C'u~II:.~r 11[Cl::I\'l!()D,\H SliCl"ll4,\\'ESf 1~ITl.AI- A. B. C. D. E. TERMS '1 The above mentioned docu11lclllS are 10 be delivered 10 tile BUYER above named, or 10 anyone of them ifmore than one, upon payment of the SUIll Original Escrow Agreement W-9 $220,000. BDHS to be deposited in interest account fbb plus mtcrest from at the rnte of Dollars ($ percent per flnnum, payable as lollows: ., CHOOSE (A) OR (B) _Af', The sum of $ shall be paid on the '-~dayof ,20_,undalikeand equa'I"sum on tile same date of each and every '. thereafter ullli! the Pf1nclpal balance together wlllunterest IUlS been paid III I'ull. _B) shall be paid on the ,20_, and a Iik the same date of each every thereafter unti _day of , 20 n the full amounl of pnnclpal and lIltereSl ", ny remnllllng unpaid, shall be paid. The sum of $ _day of equai sum on _C) Each paymenlmcludes Interesl and sM11 be applied firs!--......... _0> upon accrued interest and Ihe balance upoll prmcJptrl'on dale received. /"'-: /~ , EacH payment of$ shall be applied to pnnclpal. Interest at the above mte shall be pUld III addition to each prlllclPal amount. ,#'.'" .....,"" ....... CHOOSE.(E) OR (F) _E) Interest on the "U'~~ald prmclpaf balance will be _F) calculalcdofi"'ihe actual number of calendar days. Said pnnclllal balance IS outstanding to the date of each, bflsed on a 365 doy year. "..".., This 1ll~lhod willnol follow u rredel~n11lncd I11110"'7.<1110n schedule bUI docs lUke InIO considcrallOn curly and IUle l'uYlnenls. Eocll IIltereSI payment COlllalllS only 30 days IIlterest . regardless ordale paid, based on 30 day month and 360 day year. '" , "- This m~lhod \i'i follow u llrcdelen11lncd :Hnon'Z1lUon schedule but docs nOllakc Into "idemllon early or hlle rnymellls, ..., Page I of 3 .,,",- Special instructIOns mcludin~ snec",1 releases will be "ecepled iflhey do not aher Ihe eondilions sellonh II1thi. "!1fCemenL They are: Hold funds per escrow aqreement Release upon written instrucions from Cityof Bozeman BUDGET ACCOUNT 3. Budget accounts for tnxes, Insurance, or other prOVIsions may be mnmtamed under lllis agreement. PLEASE SPECIFY THE EXACT PROVISION UNDER SPECIAL INSTRUCTIONS AREA NO.2. It IS the responsibility of ell her the BUYER or SELLER to present SECURWEST with tax and insurance billings, to request when payments are to be made, and to notif)' SECURWEST afchanges to budgeted items. UNCOLLECTED FUNDS 4. It IS agreed that should an llem tendered ns payment by the BUYER be returned to SECURWEST ns "unpaid", the SELLER will promptly return 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 section must be completed.) 5. The l;ontract mn)' be aSSigned by the BUYER or the SELLER under the followmg conditIOns: (Must be specifically delined. Do not reter to contract paragraph.) DISTRIBUTION 6. Payments made hereunder nre to be distributed as follows: All payments should be made paynble to SECURWEST BanklName/Address/Account # Bank/Namel Addressl Accoun1 # Other Other Other Other PREPA YMENT (This sectioll must be completed.) 7. Terms of prepayment Privilege are as follows (ifno such privilege, so state). (Must be specifically detined. Do not refer to contrnct paragrnph.) FEES 8. SECURWEST's fees and charges upon Illis eSl;row sl1nll be as (ollows: Opelllng fee paid by , SeTVIClllg fee paId by S Disbursement lees paid by SELLER unless otherWise noted. Parlles hereto agree that SECUR WEST may Irom lime to tllne CHANGE AND MODIFY ANY OR ALL OF ITS FEES AND/OR CHARGES assOCiated wllh escrow ser.'lces adopted by SECURWEST for applicatIOn to all escrow agreements subject to such changes. D,SPUTES AND LITIGATION \C(. ) It IS express!y understood and agreed that should SECURWEST be made defendant In any SUIt by any of the contractll1g ..- parties to 1I11s agreement, or by any representatIve, assIgnee or successor 10 any party, or by any other person for any matter ansmg out ofSECURWEST's llandling of this escrow, or Sllould SECURWEST determme It to be necessary or advisable to commence litlgallon by mterpleader or other.vlse, by reason of a dispute between tile partIes or tllelf representatIves, assignees, or successors, the cost of SUcrl SUll or SUitS, mciuding attorney's fees, shall be paId by the contractlllg parlles, and may be deducted from amounts collected on tillS escrow ifnol otherWIse paid by lIle contractmg pnrlles. SECUR WEST, m case of dispute between the panles hereto, at ItS opuon, IS authonzed to hold all documents and payments pcnalJ1mg to the escrow III Its possessIOn until BUYER and SELLER mutually direct SECUR WEST in wrlllng as to tile diSPOSition of the escrow, or SECUR WEST may dispose of the escrow by IIlterpleader or atller SUitable actIon and SECUR WEST sl1nll not be Iinble to the partIes for such retentIOn or actIOn. SERVICING 10. With Written notilicallon, SECURWEST has the rlgtllto assIgn servlclllg of this agreement to another party. Page 2 of 3 RECORDS EXAMINATIONS II. SECURWEST will allow eXaminatIon ofll1e contents orthis escrow by the partIes Ilerelo at any reasonable tIme dunng its regular bUSiness Jlours. SECUR WEST may. alllS optIOn, require wntten authorization rrom either the SELLER or tile BUYER before allowing Ihe exammatlon oflhe contents Oflhis escrow by anyone olher Ihan the partlcs hcreto. ESCROW AGREEMENT CONTROLS 12. In Ihe evenlthese InstructIOns eonlliclwllh the lenns oflhe conlracl or olher documenls held in escrow, IllS agreed thllllhese IIlstructlons scl forth on this unifonn escrow agreement shall control insofar as the dUlles and liabilities ofSECURWEST is concerned. Except for the faithful accounting of funds deposited With SECUR WEST on the escrow agreement, It IS agreed that no responsibility IS to be nttnched 10 SECURWEST or noy of its employees. nnsmg rrom the carrylllg out of these IIlstructlons. SECURWEST reserves tlle right to refuse modificatIon oraoy kind. SECURWEST will not be responsible for collectIon or past due payments. DATED at \;\<:Yr~"YIa.-"", ,Ihis /~l6t' day of (~~ .prO (lI. ~IQ ~ .20.!:i.1 " SELLER: ~ ~:-HealC~v~c ~go~ (BDHSl GO.don DaVldson. CFO Chris KUKU~SK1. Cicy Manag@r ACKNOWLEDGED: SECURWEST Escrow Services, Inc. BY: ThIS document has been prepared by Date: RECEIPT AND RELEASE We hereby acknowledge receIpt orthe above described papers. The above mentioned escrow IS now closed and SECURWEST is hereby relensed from any further liability III connection therewith: lX}Cl :\.IES"t.~ IIEI,[ "IlOilO J)l\1l: Of' t>tX"U~1P.'" IoU:LI.:Mil\U,\'II~ SE{UIl'A'E.."iT1Nlfl.\l. A. B. C. D. E. Dntc.:: RCCCI\'\!d lh~ 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;(3r~ay of Oc:fo bc.r , 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 of the 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 of the 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 ~~,~- t:... tC~U.L~"-- , ~..A ....() Its: ~ It.-\' Crt \c ~./r- City of Bozeman By~/t.7~ Its: C:T v M/?.\I\a..~ e.-\ ( SecurWest Escrow Services, Inc. ~ :~ ()' .'. - ) ')::~~ STATE OF MONTANA County of ~ -t-\ U ) :ss ) On ~~ Z \ ,2001, before me Y..e..J-u /11..1 . ^ E\\~ , Notary Public, p sonally appeared E:bram.) L. \);:lvYhw--. 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. ",,""'''''' """'"'''' Kenlynn A. Erickson /::'<"'" A El1/C-""'" Notary Public f~,' 'Ol'ARI>1' ,'tr0'\ for the State of Montana ~~:.", ~_ < :z~ Residing at: t * -, SEA L :.. J Belgrade Montana ;,<S> ." .;!o '. '\':V-i;" 'c#.~l My Commission Expires: '~"'''' :),~ M ,,,,,,.,., November 4, 2007 '1/11,.;11\\\\ '?~.~'~ Printed N NOTARY PUBLIC FOR THE STATE OF Residing at ~ \~\ \.AA I Commission Expires \ \ . -"\: - L€)01 STATE OF MONTANA ) :ss County of Co..Q-.e.A:\-\ 10 ) On \-JO~l~200~,beforeme '61,-~ut-.JA~~~, Notary Public, personally appeared ~ \ ~,^", personally known to me to be the person whose name is subscribed to thJwithin 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. """""'''''1'',.",, Kenlynn A. Erickson .t~\:>.~ ~: ~~/o'."\ Notary Public ~"~.. O\AR/-'1'~';\ for the State of Montana ~~. '" _._ <'.2::: Residing at: ~ ~:" SEAL :;1 Belgrade, Montana. '</1i:.. . ' .~;,.,-t,,' My CommiSSion Expires, "",:',;OFM<:J"',J November 4,2011 IC FOR THE STATE OF /1/1,1.1'1\\"\'\ Residing at ~- l~ ll,J....A--r; Commission Expires \ \ .4. ?--D \ \ THE CITY OF BOZEMAN ~A:,~ Chris Kukulski, City Manager STA TE OF MONTANA ) :ss County of Gallatin ) On this _I ~ day 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. IN WITNESS WHI-<:REOF, I have hereunto set my hand year fIrst written above. .\\,,\I,\lllilillil/ ,,:" '. '-'1//111 <:\' ). J::: '/// ~ ' ,1/ / .~~, .$j ~." '" :,J'" '-/ ~' /(.' . 0' ~ g:( . ','~~:- ~ ],~ : (Se.a1), ' : (', I : %r:\~-:,"'".c. '.'. ,_.~\: ~~. )i.......~, . . '\, \{ .......-: '8-,..; (,' ,,)" . . . r"r:::'" ,,::;;.' ii'., l.F MC"'~ '. ", '''1/ .11' :oS, 11111/ 111111111\\\\ (printed Name above) Notary Pu 'c 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 Temporary Deficit of Parkland Dedication: 1.34 acres ...............-. ~ -------- ~ .~-------.,.....-'--~. -~-~ IfIJ UU<: " BOZEMAN DEACONESS HOSPITAL 915 Highland Blvd. . Bo'Zem<ln. MT 69715 CHECK DATE 0'3/21./07 CHECK NO. lZ66~1 ./ /' / VENDOR NO. B06926 TOT ALS > 222000.00 0.00 222000.00 . :.