HomeMy WebLinkAboutA010 - Agreement Re Improvements for Stonehaven Elderly Housing Y `t
AGREEMENT RE: IMPROVEMENTS FOR
STONEHAVEN ELDERLY HOUSING
It is hereby agreed between Stonehaven of Ames, Inc. , the
titleholder to Lot Six (6) , Cooper's Second Subdivision to Ames,
Iowa; E. Rent Cooper and Joan Cooper and G. Kevin Cooper and Wendie
Cooper, their successors and assigns, the developers of Cooper's
Second Subdivision to Ames, Iowa; and the City of Ames, Iowa, as
follows:
1. The developers have platted Cooper's Second Subdivision to
Ames, Iowa.
2 . That Stonehaven of Ames, Inc . , of which Earl G. Hammond is
the President and Joan Dubberke is the Secretary, will be the
owners of Lot Six (6) , Cooper's Second Subdivision to Ames, Iowa,
once the plat is filed of record and title is transferred.
Stonehaven of Ames, Inc. , will obtain a mortgage from the U.S.
Department of Housing and Urban Development in order to construct
Stonehaven Elderly Housing on Lot Six (6) , Cooper's Second
Subdivision to Ames, Iowa.
3 . That the following improvements for the Subdivision will
need to be completed by the developers, their successors and
assigns: sidewalks, streets, utilities and storm sewer extensions
in the total estimated amount of $171,091.00 .
4 . That the sum of $171,000 .00 will be guaranteed to the City
by a letter of credit from Firstar Bank, Ames, Iowa.
5. That developers, their successors and assigns and
Stonehaven of Ames, Inc. , agree that they shall not seek or permit
occupancy of the project, Stonehaven Elderly Housing, until such
time as the improvements as set forth above have been completed to
the satisfaction of the City of Ames .
6 . That the City of Ames has guaranteed the United States
Department of Housing and Urban Development that the aforementioned
off-site improvements shall be installed by developers, their
successors and assigns, prior to project occupancy being permitted
by the City of Ames . Furthermore the City of Ames will demand
payment on the said irrevocable Letter of Credit from Firstar Bank
if the said improvements are not completed to the specification and
satisfaction of the City on or before May 1, 1992 .
In consideration thereof the City will present its demand to
Firstar Bank under the Letter of Credit by no later than June 1,
1992, if the improvements are not completed by that date. The City
will proceed to complete the said improvements with the funds
guaranteed by the Letter of Credit.
F
Dated this ,,!f T7 day of , 1991.
STONEHAVEN OF INC
By:
Earl G. Hammond, President E. Rent Cooper
By: _ v
Joan Dubberke, Secretary an Coope
CITY OF AME C J:
G. Kevin Cooper
By:
o —-&4' ,
Larry R. urtis, Mayor W ndie Coope
ATTEST:
By:
Nancy Dion' i, City Cle