HomeMy WebLinkAboutResolution 96-100 release of assurance for continental ranch parcel 11MARANA RESOLUTION NO. 96-100
A RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF MARANA, ARIZONA,
AUTHORIZING THE RELEASE OF THE ORIGINAL ASSURANCE AGREEMENT FOR
COMPLETION OF PUBLIC IMPROVEMENTS BETWEEN THE TOWN OF MARANA A_ND C.R.
DEVELOPMENT CORPORATION AND FIRST AMERICAN TITLE INSURANCE COMPANY
FOR CONTINENTAL RANCH PARCEL 11, LOTS 1 THROUGH 142 AND COMMON AREA A
AS A SUBSTITUTE ASSURANCE AGREEMENT HAS BEEN ACCEPTED, AND ENSURING
THAT THE SUBSTITUTE ASSURANCE AGREEMENT REMAINS IN EFFECT.
WHEREAS, the Town of Marana has previously approved the specific plan for the area
known as Continental Ranch, located within the corporate boundaries of the Town of Marana; and
WHEREAS, on May 7, 1996, the Town Council accepted a Substitute Assurance Agreement
for Subdivision Improvements for Continental Ranch Parcel 11;" and
WHEREAS, the Original Assurance Agreement under Trust No. 4559, between C.R.
Development Corporation and First American Title Insurance Company, was replaced by the
Substitute Assurance Agreement and therefore requires release by the Town of Marana; and
WHEREAS, the Substitute Assurance Agreement previously accepted by the Town shall
remain in effect,
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Town of Marana
that lots I through 142 and Common Area A in Continental Ranch Parcel 11 are released from the
Original Assurance Agreement between C.R. Development Corporation and First American Tire
Insurance Company as the Original Assurance Agreement has been replaced by the Substitute
Assurance Agreement, which shall remain in effect
PASSED AND ADOPTED by the Mayor and Council of the Town of Marana, Arizona, this
14th day of November, 1996.
Town Attorney
Maratm, Arlzo~aR¢~olutlonNo. 96-100 Page 1 of 2
F. ANN RODRIOUE2, ~CORDER
RECORDED BY: DDA
DEPUTY RECORDER
ROOE
SMARA
TOWN OF MARANA
13~51N LON ADAMS RD
MARANA AZ 85653
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$ 9.00
TOWN OF MARANA
ASSURANCE AGREEMENT
FOR
COMPLETION OF SUBDIVISION IMPROVEMENTS
(Third-Par~y Trus¢)
THIS AGREEMENT entered into tiffs ~ day of~ 19~,, by and between
Del Nebb Coventry Homes Construction o£ Tucson, Co. ~, Beneficiary
an Arizona corporation
under Trust No. 4 7 0 9 ("Subdivider"); and
First American Title Insurance Company, a California corporation
., "Trustee"); and TOWN OF MARANA ("Town").
I. RECITALS
1.01 Subclivider is tim beneficiary of lhe 'D'usl No. 4709 . which owns a
certain parcel of land located it, ll~e Town of Mara,m, Pima County, Arizona, described in
Section 2.01, Which Subdivider intends to develop and snbdivide.
1.02 The parties to this Agreement wish to establish specific terms, conditions,
and guidelines relating to Ibis property for compliance with the provisions ofA.R.S. § 9-463.
11. ,~GREEMENT
In consideration of the Town approving a final plat for the property which is the subject
matter of this Agreemenl, the parties agree thai:
2.01 Prap~d,y DescriplLqn. The property, described in Exhibit A altqched, and
as recorded at tl~e Office of the Pinto Co,rely Recorder in Book._~ of maps and Plats at
Page_~_ on the __~ day of ~821~' .~ is ,be st,l!ject nmller of Ibis A~reemen,
sidewalks, survey monuments, sanitary sewers, water, and other utilities, drainage, and flood
control improvements if necessary. Such required improvements are described on Exhibit B"
attached hereto and incorporated by refereace. Assurances are iu the lbrm ora Third Party Trust
which is mutually acceptable to the Town, Subdivider, and Trustee.
2.03 Limitation on Transfer of Title. The Trustee shall not convey title to any of
the property described in Section 2.01 without prior written approval fi-om the Town, in the form
of a Release of Assurance signed by the town engiueer. A Release of Assurance shall only be
given by the Town upon satisfactory completion and formal acceptance by the Town of the
required improvements. Trustee's duty under this agreement is to not convey title without first
ob~:aini~g a valid-Release of Assurance.
2.04 Deposit Receipt Agreements. Notwithstanding Section 2.03, the Trustee
may enter into Deposit Receipt Agreements for fl~e sale of property described in Section 2.01,
provided such agreements clearly state that conveyance of title to the property is subject to the
limitations contained in this Agreement. Prior to entering into such agreements, Trustee shall
provide Town with a copy of the form of contract containing the disclosure of limitation on the
power to convey.
2.05 Bulk Sales. Notwithstanding Section 2.03, the Trustee may sell and convey
all of the property described in Section 2.01 in one trausaction to a single purchaser, provided
that tile purchaser, prior to the conveyance, submits to the Town satisfi~ctory nsstu'anccs
completion of the required improvements.
2.05 Conveyance Out of Trust for tile Purpose of Encombra~lce.
Notwithstanding Section 2.03, the Trustee may convey all or part of the property described in
Section 2.01 to the Subdivider or beneficiary of th~ trust solely for the purpose of encumbering
the property by the recording of mortgages or deeds of trust, provided the property is thereafter
immediately reconveyed into the Trust.
267
2.07 Completion of hnprovemcnts. The required improvements shall be
completed by Subdivider within two (2) years from the date of this Agreement. This date for
completion of improvements may be extended by separate agreement of the parties where
Subdivider is prevented from completing tile improvements by act of God, strike, or similar
event or circumstance beyond its control. Any single extension granted shall not exceed one (1)
year.
2.08 Substitution of h~;~urances. Subdivider may offer substitute assurances at
any time during the term of this Agreement. The assurances must be in a form and amount
acceptable to the Town and are subject to review and approval at the town's discretion.
2.09 Inspection and Acceptance of Improveme~lts.. Town, through its permitting
process, shall provide for on-site surveillance of the improvements to insure satisfactory
completion. Until the improvements have been satisfactorily completed, the Town will not
accept the improvements for maintenance nor will it release, in whole or in part, any property
subject to this Agreement.
2.10 Partial J~,elease oJ'Assurances. Notwidastanding Section 2.03, the Town
may give the Trustee a Release of Assurance for a portion of the lots created by the subdivision
plat described in Section 2.01, provided that all of the improvements required in connection with
such lots have been satisfactorily completed, for example; access for emergency vehicles nmst be
provided, temporary cul-de-sacs should be in place for incomplete streets and utilities should be
capable of independent operation.
2.11 Failure to Complete Improvements. In the event that Subdivider fails to
complete the required improvements within the time periods provided in Section 2.07 above, the
parties agree that the Town may iuitiate a process to replat ?hat portion of the property described
in Section 2.01 for which a release of assurances has not been given. Tbe purpose of the plat
initiated by the Town will be to return the property to approximately the same boundary
configurations of record before recording of the subdivision plat described in Section 2.01,
excluding any dedications to the to tile public deemed ncccssary by Town of Marana. Prior to
268
initiating any action to replat, Town shall provide Trustee and Subdivider with thirty (30) days
written notice of intent to replat.
The Trustee and Subdivider agree that they will executc the plat returning the property to
approximately the same boundary configurations of record before the recording of the plat
described in Section 2.01, excluding any dedications to the public deemed necessary by Town of
Marana.
The parties hereto have executed this Agreement this ~ day of[~"}V , 19~_~
SUBI;'~'~R: DE~ WEBB COVENTRY HOMES
CO~TRU~ION ~.TUCSON, CO., an
ri a~lon
TRUSTEE: FC~pTA~ME!~AN TITLE
INSURANCE OMPANY~ff_.a/California
colDora t i~~- ~
as lmstee ~[ld~O. / /09 and not
Notary Public
_ TOFd *, ZONA
Mayer a:: Manager
Appro4,~ t~.
by ,. / ~f/
'")'"'Y'ow
269
~"~ Town Attorney
Subscribed and sworn to before me by iL/I//~IJ/E
asTJ'w ,,d ,,W~ta,~ ~
My Commission Expires:
OFFICIAL SEAL ~'~
DIANE MANGIALARDI J
Notary Public [
F'im~ County, Nizona /
My Commission Expires J
, on this ,:z'00 day of ~ , 19q.~.
Notary Public
10 3h 270
EXHIBIT "A"
No. 158058
That portion of Section 20 and 21, Township 12 South, Range 12
East, Gila and Salt River Base and Meridian, Pima County, Arizona,
described as follows:
COMMENCING at the Southeast corner of Section 20;
TNENCE North 00 degrees 35 minutes 06 seconds West, along the East
line of Section 20, a distance of 1,962.00 feet to the POINT OF
BEGINNING;
THENCE North 89 degrees 11 minutes 10 seconds West, 391.00 ~eet;
THENCE North 00 degrees 35 minutes 06 seconds West, 1,257.03 feet
to a point on the arc of a non-tangent curve, concave to the South,
a radial line of said curve through said point having a bearing of
North 05 degrees 55 minutes 03 seconds West;
THENCE Easterly, along the arc of said curve, to the right, having
a radius of 2,525.00 feet and a central angle of 13 degrees 24
minutes 43 seconds for an arc distance of 591.06 feet to a point of
tangency;
THENCE South 82 degrees 30 minutes 20 seconds East, 131.01 feet;
THENCE South 01 degrees 02 minutes 53 seconds East, 1,242.33 feet;
THENCE North 89 degrees 11 minutes 10 seconds West, 338.50 feet to
the POINT OF BEGINNING.
271
Subdivisioa N~nc:
Ca~e No.:
Trust No,:
EXHIBIT B
Contmenta~ Rzmch Parcel 23
PRV9640
4709
The following impruvemmts a~l conditions are made a p~ of ~e a~ A~ A~t:
Ob~g a~ p~s~ ~ ~;
2. ~on of nafiw p~, ~ i~fifiM ~ approvM salvage pl~;
3.
Rou~ ~g ~ch~aing b~tfl~g si~
b. S~ ~
c. U~ ~ ~
~y o~ ~clu~ i~
4. S~ ~m / s~c
5. Wa~ ~bufi~
7. ~ off-si~ ~a~ ~
g. ~y ~ not ~ ~ ~e
9. Pav~g
b.
e. Pang
c. SI~ ~ge not ~v~
H~,ai~p ~s
g. All public
10. ~la~on of ~1 si~ ~d pav~t
11. L~p~g in ~e public ri~t of w~
12. O~ ~ i~ ~Is, ~.)
13. Pl~m~t of M1 lot ~m~, s~n~ m~,
14. Field ~g: S~g s~:fll~, ~tio~ t:fi~, r~o~, ~-b~t myl~s
IOh3h 272
WHEREAS, the Marana Town Council has determined that it is in the best interests of the
public that .ICH be permitted to transfer the Stock to Holdings II.
NOW, THEREFORE, BE IT RESOLVED by the Mayor and Council of the Town of
Marana, Arizona, that the Town does hereby consent to (i) the transfer of the System and the
License fi.om JCH to Jones of Arizona; and (ii) the Stock fi.om JCH to Holdings II.
BE IT FURTHI~R RESOLVED that Jones of Arizona shall assume all rights and obligations
of JCH under the License.
BE IT FURTHER RESOLVED that Jones of Arizona is authorized to grant, from time to
time, a security interest in the System and in all of its rights, powers and privileges under the License
and all of its other assets for the sole purpose of securing indebtedness in an amount in excess of
75% of the original cost or fair market value of the System, to such a lending institution or
institutions as may be designated from time to time by Jones of Arizona, which lending institution
or institutions shall have all of the rights and remedies of a secured party under the applicable
Uniform Commercial Code. Jones of Arizona shall notify the Town of any arrangement in which
a security interest of more than 75% of the original cost or fair market value of the cable television
system is to be granted.
BE IT FURTHER RESOLVED that Holdings II is authorized to pledge the Stock to such
lending institution or institutions as may be designated fi'om time to time by Holdings 13, which
lending institution or institutions shall have all of the rights and remedies ora secured party under
the applicable Uniform Commercial Code.
BE IT FURTHER RESOLVED that the foregoing consent shall be effective upon the dosing
of the sale of the cable television system by JCH to Jones of Arizona and written notice of the
closing date shall be provided to the Town. The foregoing consent to the transfer of the Stock shall
be effective upon the closing of the sale of the Stock fi.om JCH to Holdings II, and upon written
notice of the closing date to the Town.
BE IT FURTHER RESOLVED that the Town hereby confirms that, to its knowledge, (a)
the License is currently in full force and effect; (b) JCH is in compliance in ail material respects with
the License; and (c) no event has occurred or exists which would permit the Town to revoke or
terminate the License. Subject to compliance with the terms of this Resolution, all action necessary
to approve the transfer of (i) the License and the System by JCH to Jones of Arizona and (ii) the
Stock from JCH to Holdings 13 has been duly and validly taken.
Ma~, ~ p.~o~ua~ ~o. 9~-09 Page 2 of 3
PASSED AND ADOPTED by the Mayor and Council of the Town of Marana, Arizona, this
19th day of November, 1996.
Town Attorney
u~, ~ WoJ~io~ No. 96o9 Page 3 of 3