HomeMy WebLinkAboutC87-096 Escrow Agreement with Stewart Title for Chambers RanchC87-96-28
ESCROW AGREEMENT
BETWEEN
COUNTY OF EAGLE, STATE OF COLORADO
F.TFI-17
STEWART TITLE COMPANY
WHEREAS, Eagle County wishes to withhold final
approval of the final plat and Subdivision Improvements
Agreement for the Chambers Ranch Parcel II Subdivision (the
"Subdivision") until the establishment of an escrow account
which properly collateralizes the required public improve-
ments; and
WHEREAS, Loren Chambers, the developer, will only
have funds to establish such escrow account upon the sale of
parcels within the Subdivision.
NOW, THEREFORE, it is agreed as follows:
1. Eagle County shall place signed original of the final plat
and Subdivision and Off -Site Improvements Agreement in Escrow
with Stewart Title. The existence of such signed documents
shall not constitute final approval of the final plat for any
purpose. Final approval shall only be effective upon comple-
tion of the tasks required by the terms of this agreement.
2. Stewart Title shall establish and maintain an escrow
account for the benefit of Eagle County. Such account shall
be in the amount of $15,110.00 and shall collateralize the
public improvements contemplated by the Subdivision and
Off -Site Improvements Agreement for the Subdivision. Sums may
be released from such account only upon the written instruc-
tion of the Board of County Commissioners of the County of
Eagle and in accordance with instructions with the Subdivision
and Off -Site Improvements Agreement.
3. Upon the establishment of the escrow account as described
hereinabove and the deposit of the sum of $15,110.00 into the
account, Stewart Title shall release the final plat and
Subdivision and Off -Site Improvements Agreement. Such release
shall constitute final approval of the Chambers Ranch Parcels
II Subdivision.
t' .
IN WITNESS WHEREOF the parties hereto have caused this Agree-
ment to be executed by their proper officer acting with full
authority of the respective parties, this %5A day of June,
1987.
uounzy uommissi.oners
COUNTY OF EAGLE, STATE OF
COLORADO, and Through Its
BOARD CO TY COMMISSIONERS
L. GfustAfson:A,Chairman
STEWART TITLE COMPANY
By:
s
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