HomeMy WebLinkAbout05- Amendment to Baxter Meadows Phase 1 Improvements Agreement AMENDMENT TO THE IMPROVEMENTS AGREEMENT
FOR BAXTER MEADOWS PUB, PHASE 1
THIS AMENDMENT to Improvements Agreement for Baxter Meadows Subdivision
PUD, Phase I, is made and entered into this 4th day of January, 2005, by and between
Baxter Meadows Development, LP, a Montana Limited Partnership, of P.O. Box 81487,
Billings, MT 59108 ("Subdivider"), and the City of Bozeman, a municipal corporation and
political subdivision of the State of Montana,with offices at 411 East Main Street, P.O. Box
1230, Bozeman, MT 59771 ("City").
WHEREAS, on March 31, 2003 (recorded April 3, 2003, Document No. 2103133,
records of Gallatin County, Montana), the Subdivider and the City entered into an
Improvements Agreements for Baxter Meadows Subdivision PUD, Phase I, wherein
Subdivider was required to secure a financial guarantee in the form of an Escrow
Agreement for completion of all required subdivision improvements in the amount of
$1,702,526.81 ; and
WHEREAS, an Escrow Agreement was entered into on March 3, 2003 securing the
amount of$1,702,526.81. The Escrow Agreement was amended on August 27, 2003. A
second amendment was entered into on December 30, 2003, and a third amendment was
entered into on April 20, 2004; and
WHEREAS, amounts in the escrow account have been utilized for payment of the
subdivision requirements; and
WHEREAS, on the date of this amendment, the remaining balance of items to be
secured and completed is $209,736.00.
NOW, THEREFORE, the parties hereto agree and amend the Improvements
Agreement for Baxter Meadows Subdivision PUD, Phase I, as follows:
1. All previous Escrow Agreements and amendments thereto shall be vacated
and terminated.
2. The parties agree that the Escrow Agreement required under the March 31,
2003 Improvements Agreement shall be replaced with a Letter of Credit from First
Interstate Bank of Billings, Montana, Letter of Credit No. 1109600282, in the amount of
Amended Improvements Agreement- Page 1 HA960371001\MEL0624.WPD
Two Hundred Nine Thousand Seven Hundred Thirty-Six and 00/100 Dollars($209,736.00),
which shall not expire until December 1, 2005. A copy of the Irrevocable Standby Letter
of Credit is attached hereto as Exhibit 1.
IN WITNESS WHEREOF, the parties hereto have executed this amendment the
day and year first above written.
SUBDIVIDER
BAXTER MEADOWS DEVELOPMENT, L.P.
formerly know as W.B.C., L.P., a Montana Limited Partnership
By: Baxter Meadows Construction, Inc.,
a Montana Corporation formerly known as J.G.W., Inc.,
Its: General Partner
By:
Gerald R. Williams, President
STATE OF MONTANA )
:ss
COUNTY OF .e)
a005
On this day of Becemi-i 1, 29e+, before me a Notary Public of the State of
Montana, personally appeared Gerald R. Williams, known to me to be the general partner
of Baxter Meadows Development, LP, the partnership that executed the foregoing
instrument, and acknowledged to me that he executed the same for and on behalf of said
partnership.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my Notarial Seal
the day and year first above written.
Printed Name
N K� Wi ''••
tiqw;z,54 Notary Public for the State of Montana
W � Residing: i%/r rcc�S /t/1 T
My Commission E4ires: Nov, 1 g; aC07
Amended Improvements Agreement- Page 2 HA96037\001\MEL0624.WPD
THE CITY OF BOZEMAN
1
I
Debra H. Arkell
Director of Public Service
STATE OF MONTANA )
:ss
COUNTY OF GALLATIN )
On the day of February, 2005, before me, a Notary Public for the State of
Montana, personally appeared Debra H. Arkell, known to me to be the person described
in and who executed the foregoing instrument as the Director of Public Service of the City
of Bozeman,whose name is subscribed to the within instrument, and acknowledged to me
that she executed the same for and on behalf of said City.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my seal on the
day and year first written above.
Printed Name Ht
(Notarial Seal) Notary Public fort the State of Montana'
Residing: 150ze olla-"L
My Commission Expires: 12-f, Z pp l
Amended Improvements Agreement- Page 3 HA96037\001\MEL0624.WPD