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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between C.R. Development Corporation and First American Tire Insurance Company as the Original Assurance Agreement has been replaced by the Substitute Assurance Agreement, which shall remain in effect PASSED AND ADOPTED by the Mayor and Council of the Town of Marana, Arizona, this 14th day of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 -JCKET: FASE. NO. OF PAGES: SEQUENCE: ASSAB MAIL AMOUNT PAID 1043q '7 /04/9,6- : 38: QO $ 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