HomeMy WebLinkAboutSubdivision Agreement - GreenPark Village Unit 2 AGREEMENT FOR CASH SECURITY FOR PERFORMANCE
UNDER SUBDIVISION AGREEMENT
(Green Park Village Subdivision, Unit No. 2)
This agreement made and entered into this / 1 "day of
, 1992 , by and between the City of
Cent al Point , Oregon , an Oregon municipal corporation,
hereinafter referred to as "City" , and Michael Mahar and Louis
Mahar , hereinafter referred to as "Subdivider" .
Recitals
1 . Subdivider was granted tentative plat approval by City
on February 20 , 1992 for Subdivider ' s project known as Green Park
Village Subdivision , Unit No . 2 , which approval is subject to
certain conditions contained in City Council Resolution No . 616 .
2 . Subdivider has applied to City for final plat approval
of said subdivision project , but prior to final approval , Central
Point Municipal Code Chapter 16 . 12 requires , among other things ,
execution of an improvements agreement , and security for
performance thereunder by one of three methods . This Agreement
is intended to constitute the required security for performance .
NOW , THEREFORE, in consideration of the foregoing and the
covenants herein exchanged , it is agreed as follows :
Agreement
1 . The parties agree that the sum sufficient to complete
construction of the obligations of Subdivider under the
"Subdivision Improvements Agreement" executed by the parties is
the sum of $ 85.200 , which sum is sufficient to cover the
cost of the required improvements and repairs , including related
engineering and incidental expenses , administrative expenses ,
inflationary costs , and the cost of inspections .
2 . City hereby acknowledges receipt from Subdivider of the
sum of $ Q; 2nn to secure Subdivider ' s performance under the
parties ' Subdivision Improvements Agreement .
3 . City agrees that the cash deposit shall be fully
refunded to Subdivider , less any expenses incurred by the City in
processing the final plat approval , upon completion of all
obligations set forth in the Subdivision Improvements Agreement ,
and upon final acceptance of the same by City .
4 . Subdivider agrees and acknowledges that in the event
that all obligations contained in the Subdivision Improvements
Agreement are not completed within the time allotted for the
same , City shall have the unlimited right , in its own discretion,
1 - AGREEMENT FOR CASH SECURITY FOR PERFORMANCE
UNDER SUBDIVISION AGREEMENT (040692 )
to utilize the cash deposit for the completion thereof . Such
completion may be by City, or by any person or firm with whom
City shall contract for such completion, on such terms and for
such amounts as City shall determine . Following completion of
said obligations , City shall have the further right to deduct
from said cash deposit all sums and costs incurred by City in the
completion, including construction , repair , engineering ,
incidental , administrative , inflationary and inspection costs ,
whereupon any remaining balances shall be refunded, without
interest , to Subdivider .
City of Central Point , Oregon Subdiv . ier
Ail,B
•r sT/ `�
� t.L �T/ B y L�
Mayor4oger Westensee M c ael Mahar
Authorize epresentative I;6uTs—Mahar
STATE OF OREGON )
) ss .
County of Jackson )
On the li day of APQt -- 1992 , before me
personally appeared C F2 L stEA)$EE and
�nw,Y- 1 , who , being first duly sworn, each
for himsel-P and not for the other , did say that the former is
MAVQ/Q and the latter is the
erSPrl414 Liue of the City of Central Point , an
Oregon rfiunicipal corporation , and that the foregoing instrument
was signed on behalf of said municipal corporation by authority
of its City Council , and each of them ,..�acknowledged the foregoing
�x. ,��c :� �;
instrument to be his or her voluntary arc and e ter. k"""-"' '
-
Notary Puupl.i..c far ;Ot'egon •
My Commis ion- Expires :' et '2
iA ,.a t l i
•
STATE OF OREGON ) �" �`""
ss .
County of Jackson )
On the / - day of , 1992 , before mee
personally appeared MichaMahar and Louis Mahar who being first
duly sworn, acknowledged the foregoing instrument to be his or
her voluntary act and deed .
Notary Public for Oregon
My Commission Expires : S--A5-4.4
2 - AGREEMENT FOR CASH SECURITY FOR PERFORMANCE
UNDER SUBDIVISION AGREEMENT (040692 )