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HomeMy WebLinkAboutA013 - Agreement for Installation of Required Public Improvements dated May 14, 1991 i 1 Al AGREEMENT FOR TNST - LATION OF REQUIRED PUBLIC IMPROVEMENTS THIS AGREEMENT is made this day of M 1991, by and between the City of Ames, Iowa, party of the first part, and Stone Brooke Partnership, party of the second part, WITNESSETH: WHEREAS, the party of the second part is the developer of the real estate described as follows, to-wit: SEE SCHEDULE "A" ATTACHED HERETO AND MADE A PART HEREOF CONTAINING THE CORRECT LEGAL DESCRIPTION, and WHEREAS, the party of the second part is in the process o� platting said real estate described as Fourth Addition, Stone Brooke Subdivision, in the City of Ames, Iowa, and the plat of the same together with all supporting instruments, having been submitted to the City Council of the City of Ames for approval, and WHEREAS, the party of the second part has not completed the following operations as described and set forth in the plat of the Fourth Addition, Stone Brooke Subdivision, in the City of Ames, Iowa: Street Construction (paving) $ 3,500.00 Sidewalks 9,000. 00 Street Lights 3 ,000. 00 Total $11,500. 00 and it is desired by the parties hereto to make provisions therefore, and WHEREAS, the party of the second part shall assume the responsibility for making said improvements, and WHEREAS, it has been estimated that the cost of completing said improvements will not exceed the sum of $11,500 .00. 2 NOW, THEREFORE, IT IS AGREED BY AND BETWEEN THE PARTIES AS FOLLOWS: 1. That the party of the second part has executed a Bond or Certified Check for the street construction and the street lights in the amount of $6,500.' 00 to complete the above described improvements pursuant to said Agreement. 2 . That the party of the second part has executed a personal Guaranty agreement with the City of Ames for $5, 000 .00 to complete the sidewalks as soon as they are able to do so. 3, . TY.at upon the completion of all of the said improvements to the satisfaction of the party of the first park, said Bond or Certified Check for $6,500. 00 shall be released and the personal Guaranty for the sidewalk shall be released, surrendered and exonerated. 4. That all of said improvements with the exception of the walkways, shall be completed by the party of the second part within twelve ( 12) months of the date of this Agreement. The walkways shall be completed as soon as the contractor is able to complete and install them. In the event of the failure of the party of the second part to complete all of the said work as herein agreed, the party of the first part may perform said work and recover the cost thereof. IN WITNESS WHEREOF, this Agreement is signed the day and year first written above by the City Manager on behalf of the City of Ames, Iowa, and by the party of the second part. CITY OlfiAMES, IT W.p_By A City Manager STONEe6KE P NERSHIP BY E. A. H�unzinkeer - G neral By �'►.��.,�a� Frank W. Allen - General Partner SCHEDULE A DESCRIPTION Fourth Addition Stone Brooke Subdivision, In The City Of Ames, Iowa All that part of the East-half of the Northwest Quarter (E 1/2-NW 1/4) of Section 27 - T84N - R24W of the 5th P.M. , in the City of Ames, Story County, Iowa; located North of the First and Second Additions of Stone Brooke Subdivision; more specifically described as follows: "Commencing at the Southeast (SE) corner of the Northwest Quarter (NW 1/4) of Section 27 - T84N - R24W of the 5th P.M. , in the City of Ames, Story County; thence N00° 24 , 20" E, 1,262 .35 feet along the east line of the NW 1/4 of said Section 27, to the Point of Beginning; (the following four calls are along the north lines of the Second Addition of Stone Brooke Subdivision) thence S88 ° 14 ' 01" W, 150. 12 feet; thence S640 30, 34" W, 69 .63 feet; thence N740 39 , 03" W_, 120.11 feet; thence N790 53' 17" W, 303.29 feet; (the following five calls are along the north lines of the First Addition of Stone Brooke Subdivision) thence S850 29 , 15" W, 332 .87 feet; thence S220 25' 45" W, 74. 18 feet; thence N670 34 ' 15" W, 120.00 feet; thence N69° 09 , 10" W, 60. 10 feet; thence N89° 38 , 25" W, 162 .73 feet; thence N00 ° 21' 35" E, 1,267 .91 feet along the west line of the E 1/2-NW 1/4; thence S890 02 ' 40" E, 1,318.47 feet along the north line of the E 1/2-NW 1/4; thence S00° 24 , 20" W, 1,269 .81 feet along the east line of the NW 1/4, to the Point of Beginning. "