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HomeMy WebLinkAbout0792 Shelburne Road - Landscaping - 7/18/2005THIS AGREEMENT, executed in triplicate b and between hefL-�fter referred to as "Developer", the CITY OF SOUTH BURLINGTON, hereinafter referred to as "Municipality", and the ZA,r1c gq11Khereinafter referred to as "Bank" WHEREAS, Developer has received site plan approval from the MUNICIPALITY'S Development Review Board for the development of property located at f`1Z A-jb,,,<< �� rl> t3 �°' n. �,, Cl as depicted on a site plan entitled " I-dd new dated j `"l; and prepared by WHEREAS, Developer is required by said approval, at its own expense, to complete certain improvements; and WHEREAS, the parties to this Agreement wish to establish an escrow account to secure the obligations of the Developer as set forth in the City approval; and WHEREAS, the Bank executes this Agreement solely in the capacity of escrow agent. NOW THEREFORE, the parties hereby covenant and agree as follows: 1. DEVELOPER will, at its own expense, complete the following construction as depicted and in accordance with the specifications set forth in said site plan and related documents: 2. The Developer shall complete the improvements set forth in Paragraph one no !ater than C-r 3. DEVELOPER shall replace or repair any defective or improper work or materials which may be recognized within three (3) years after completion of the improvements set forth in Paragraph one. For the purpose of this Agreement "completion" shall be deemed to have occurred when the MUNICIPALITY has inspected and approved the construction of all the improvements required by this Agreement and issued written notice to the DEVELOPER that the construction is complete. 4. For the guaranty of Developer's performance of all requirements herinabove set forth, and prior to the issuance of any zoning permit for r4o n" 11" Developer and Bank agree that the sum of i!s, ! shall be set aside and held in escrow by the Bank and shall be available for payment to the Municipality in accordance with the terms herein set forth. 5. if the Municipality shall file with the Bank a statement that the Developer is in the judgement of Municipality in default under the terms of this Agreement, the Bank shall from time to time pay monies from said escrow fund to the Municipality, in amounts not to exceed a total enabling the Municipality to complete improvements and requirements set forth in this Agreement. 6. The Municipality will promptly submit to the Developer a copy of such statement as it files with the Bank. The consent of the developer to such payment by the Bank to the Municipality shall not be required. The Bank shall incur no liability to the Developer on account of making such payment to the Municipality , nor shall the Bank be required to inquire into m by the4'�f�iu �icip:ality of !efai�lt nn tha n- rt of the the propriety of any clai Developer or into the use of such funds by the Municipality in completing such improvements. i. The Municipality shall not file with the Bank a statement of default until thirty (30) days after notice has been sent by it to the Developer by certified mail, return receipt requested, setting forth its intention to do so. 8. All monies released by the Bank to the Municipality pursuant to paragraph five (5) shall be used by the Municipality solely for the purpose of performing obligations imposed upon the Developer by that portion of this Agreement upon which the Developer is then in default. Any work to be performed by the Municipality pursuant hereto shall be let on a contractual basis, or on a time and material basis or shall be performed by the Municipality with its own work force and equipment or shall be accomplished in such a mG;-�ner as in the judgement of the "Municipality shall accomplish the work most expeditiously and economically. 9. If monies are released by the Bank to the Municipality pursuant to paragraph five (5) and it shall later develop that a portion of the released monies are surplus to the Municipality's needs, any such surplus shall be refunded by the Municipality to the Bank to be held and distributed by the Bank pursuant to the terms of this Agreement. 10. The Bank will not refuse or delay to make such payments to the Municipality when requested by the Municipality by the appropriate statement, and Developer will not interfere with or hinder such payments by the Bank to the Municipality. Said statement shall contain a certificate of compliance with the notice requirements of paragraph seven (7) of this agreement. 11. This agreement shall terminate and shall be of no force or effect upon performance of all requirements contemplated hereby, and the completion of the warranty period set forth in paragraph three (3). 12. The sum of .q �'oGu shall be maintained in escrow until certification to the Bank by the Municipality of the completion of the warranty period set forth in paragraph three (3). 13. This agreement shall not only be binding upon the parties hereto, but also their respective heirs, executers, administrators, successors, and assigns. Dated at this day of (,L 20y . Witness Dated at this day G*Ia� I Ur Tlitndss VtB Witness Dated at 0 J) this day of LJ 1 120 r' i By: Duly Authorizeld- gent (DEVELOPER'S NAME) ( I D-JG-� my uthorized Agent CITY OF SOUTH BURLINGTON UI A thorized Agent E OF BANK— Td PARTY)