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HomeMy WebLinkAboutResolution No. 04 13 NW EscrowRESOLUTION NO. 04-13 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UNIVERSITY PARK, TEXAS, APPROVING AN ESCROW AGREEMENT WITH REPUBLIC TITLE COMPANY OF TEXAS AND AUTHORIZING EXECUTION BY THE CITY MANAGER; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, in connection with the construction of a screening wall along Northwest Parkway, it is necessary to secure right of way deeds from adjacent homeowners; and WHEREAS, the City has agreed with the homeowners to hold the necessary deeds in escrow pending approval of a construction contract for the screening wall; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY PARK, TEXAS: SECTION 1. That the escrow agreement, by and between the City of University Park and Republic Title Company of Texas, ~a copy of which is attached hereto as Exhibit "A" and made pan hereof for all purposes, is hereby approved in all respects. SECTION 2. That the City Manager is hereby authorized and directed to execute the escrow agreement on behalf of the City and to perform such other administrative steps as are necessary to give effect to the agreement on behalf of the City. SECTION 3. This resolution shall take effect immediately from and after its passage, and it is accordingly so resolved. DULY PASSED BY THE CITY COUNCIL OF THE CITY OF UNIVERSITY PARK, TEXAS, on the 7th day of September 2004. APPROVED AS TO FO~: ~Ii~,.~,,Oa XXZtI C~ CI~EC~TARY CITY ATTO~EY (~Dmeh090104) Page 1 67323 ESCROW AGREEMENT THIS ESCROW AGREEMENT (this "Agreement") is made and entered by and between the City of University Park, Texas ("City") and Republic Title of Texas, Inc. ("Title Company") on this 7 day of September 2004. RECITALS: WHEREAS, on or before the date hereof, the City has received commitments from various property owners for the conveyance of property, for public street right-of-way in the 3200 and 3300 blocks of Northwest Parkway, University Park, Dallas County, Texas, to the City for use in furtherance of the Northwest Parkway screening wall project and related improvements; and WHEREAS, the parties wish to close such conveyances with the property owners but withhold recording of the deeds until the project is approved by the Texas Department of Transportation and funded by the University Park City Council. AGREEMENT NOW THEREFORE, for valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 1. The City, pursuant to the terms of this Agreement, will deliver or cause to be delivered by Sellers to Title Company, in escrow, at the Closings, the Right-of-Way Dedication Deeds (the "Escrow Documents"), to be held and disposed of by Title Company in accordance with this Agreement. 2. In the event that on or before 5:00 p.m. on the 31 day of December, 2005, the project for which the right-of-way is being obtained, i. e. the construction of a screening wall in the right-of-way of Northwest Parkway and related improvements, is authorized by the Texas Department of Transportation and construction funding approved by the City Council of University Park, Title Company shall, immediately upon receipt of written notice from the City of such authorization and funding approval, record the Right-of-Way Dedication Deeds in the Real Property Records of Dallas County, Texas, and forward written notice thereof to all Sellers, deliver to the City a Texas Owner's Policy of Title Insurance in the pro rata amount of the tax appraisal value determined by the Dallas Central Appraisal District. In the event such authorization and approval are not obtained prior to such date, this Escrow Agreement shall be null and void, and this escrow and the transactions contemplated by the Escrow Documents shall immediately terminate and become null and void, and Title Company shall return the Escrow Documents to the respective Sellers. 3. Title Company is not a party to, or bound by, any Escrow Document except as expressly provided in this Agreement. Title Company acts hereunder as a depository only and is 57091 not responsible or liable in any manner whatever for the sufficiency, correctness, genuineness, or validity of any instrument deposited with it hereunder, or with respect to the form or execution of the same, or the identity, authority, or rights of any person executing or depositing the same. Title Company shall not be required to take or be bound by notice of any default of any person, or to take any action with respect to such default involving any expense or liability, unless notice in writing is given to an officer of Title Company of such default and unless it is indemnified in a manner reasonably satisfactory to it against any such expense or liability. These instructions shall not be subject to rescission or modification except upon receipt by Title Company of written instructions of all the parties hereto or their successors in interest. Title Company shall be protected upon receipt of any notice, request, waiver, consent, receipt, or other paper or document believed by Title Company to be genuine and to be signed by the proper party or parties. Title Company shall not be liable for any error or judgment or for any act done or step taken or omitted by it in good faith, or for any mistake of fact or law, or for anything which it may do or refrain from doing in connection herewith, except its own gross negligence or willful misconduct, and Title Company shall have no duties to anyone except as provided herein. Title Company may consult with legal counsel in the event of any dispute or questions as to the construction of the foregoing instructions, or Title Company's duties hereunder, and Title Company shall incur no liability and shall be fully protected in acting in accordance with the opinion and instructions of such counsel. 4. Contemporaneously with execution hereof, Seller and Purchaser have each paid to Title Company the total closing costs due to Title Company for its services in closing the conveyances, including the recording of the Deeds and for its services to be rendered hereunder. CITY OF UNIVERSITY PARK, TEXAS Nam~4.~,bB ~ V NGS~-~N Title: ~ I~AGI~.R REPUBLIC TITLE OF TEXAS, INC. 57091 I, Nina Wilson, City Secretary of the City of University Park, Dallas County, Texas, do hereby certify that the foregoing Resolution, proposed by Council Member KELLY W/kLKER ., was duly passed and adopted in the City Council Meeting of the City of University Park, Dallas County, Texas at a regular meeting thereof assembled this 7te~ day of SEP'I~F_aXtBER ,2004, by the following vote: AYES: NAYS: ABSENT: 1 OF~TY OF UNIVERSITY PARK, DALLAS COUNTY, TEXAS (Seal) Page 2 67323