HomeMy WebLinkAboutA011 - Covenant for Payment of Costs of Improvements dated October 23, 2001 INST.NO. COUNTY,IOWA _ to
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FILEDFORRECORD D
OCT 3 0 2001 '000r IT I' /Y
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DO NOT WRITE IN THE SPACE ABOVE THIS LINE,RESERVED FOR RECORDER
Prepared by: John R.Klaus,City of Ames Legal Department,515 Clark,Ames,Iowa 50010(Phone: 515-239-5146)
PHASE 2, SUNCREST SUBDIVISION
COVENANT FOR PAYMENT OF
COSTS OF IMPROVEMENTS
THIS COVENANT AND AGREEMENT is made effective the day of 2001,
by and between SUNCREST, L.C., its mortgagees, lien6lders, heirs, successors and assigns
(hereinafter called"Developer"), and the CITY OF AMES, IOWA, (hereinafter called"City"),
WITNESSETH THAT :
The parties hereto have agreed and do agree as follows:
1. This agreement is made for the purpose of meeting the subdivision regulations and plat
approval requirements of the City with respect to replatting of Outlot A, Suncrest Subdivision,Ames,
Iowa, as Phase 2, Suncrest Subdivision.
2. Developer does hereby covenant and agree that Developer, its successors and assigns,
including purchasers of lots in the said Subdivision, and each of them,shall pay and are bound to pay
to the City the total costs of the aforesaid improvements as stated on Exhibit A on a per lot basis as
follows: (a)The pro rata share for each lot shall be paid to the City at either the time of the sale of such
lot or at or before the time of the issuance of a building permit with respect to such lot,whichever occurs
first. It is understood and agreed that a building permit shall not be issued for a lot in Phase 2,Suncrest
Subdivision unless the aforesaid per lot share of the costs of the said improvements has been paid to the
City. (b) If all of the said per lot payments with respect to all of the lots platted as aforesaid have not
been paid on or before the date the City Council directs notice to bidders for the City's contract to
construct the improvement for which the payments are agreed to, then the Developer shall,within 60
days of that date,pay to the City the full amount of all those per lot payments then remaining unpaid.
Additionally,Developer,its successors and assigns,including purchasers of lots in the said Subdivision,
and each of them:
A. Waive notice to property owners by publication and mailing as provided by
Section 384.50 Code of Iowa.
B. Waive the right to a hearing on the making of the improvement,the boundaries
of the special assessment district, the costs of the project, the assessments against any lot or the final
adoption of the resolution of necessity as provided for in Section 384.51 Code of Iowa.
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C. Consent to the adoption of a preliminary resolution, a plat, schedule of
assessments,and costs estimate, and resolution of necessity by the City for the project.
D. Waive any objections to the project,the boundaries of the district,the costs of
the project,the valuation of any lot,the assessment against any lot,or the final adoption of the resolution
of necessity.
E. Agree that the amount and proportion of the costs of the construction or repair
of the above-described improvement,including engineering,inspection,and financing costs,to be paid
by the property owners,as ascertained and determined by the Council of the City,upon the completion
and acceptance of the work,spread over a period of twelve(12)years then determined by the said City
Council,at lawful and usual interest,shall constitute assessments against the aforesaid property,and that
said assessments shall be paid by the undersigned Developer, its successors and assigns, including
purchasers of the aforesaid lots in Phase 2, Suncrest Subdivision,within the time provided by law for
the payment of special assessments for such improvement.
F. Waive the limitation provided in Section 384.62 Code of Iowa, that an
assessment may not exceed twenty-five (25) percent of then value of his lot as defined in Section
384.37(5)Code of Iowa.
G. Waive notice to property owners by publication and mailing as provided by
Section 384.60 Code of Iowa(relating to notice of certification of County Auditor of final schedule of
assessments).
H. The Developer warrants that the aforesaid real estate is free and clear of all liens
and encumbrances,except for such liens as are held by the mortgagees and lienholders hereinafter listed
and designated as signatories of this Agreement.
I. The Developer agrees to subordinate any sale or mortgaging subsequent to the
date hereof of any part of the property listed below to the terms of this Agreement.
J. Agree that if the project of this Agreement, or the assessment, is declared in
whole or in part invalid or beyond the City's authority, that Developer, its successors and assigns,
including purchasers of the aforesaid lots in Phase 2, Suncrest Subdivision,shall nevertheless pay the
assessed amounts.
K. Lienholders and Mortgagees who become such subsequent to the date hereof,
shall be junior and inferior to the lien of any assessments levied pursuant to this covenant and
agreement,but current lienholders and mortgagees agree that if by foreclosure of thier lien or mortgage
they acquire title to the land assessed as aforesaid,they shall be bound to pay said assessment;and,that
this agreement shall remain in full force and effect after such foreclosure of lien or mortgage.
L. Waive the right to request deferment for agricultural land.
The foregoing provisions encumber the land that is platted as Phase 2, Suncrest Subdivision (a replat
of Outlot A, Suncrest Subdivision), Ames, Iowa.
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3. Except to the extent inconsistent with the provisions of this agreement,the Development
Agreement Suncrest Subdivision filed as Instrument No.96-8989 with the Story County Recorder shall
remain in full force and effect. Additionally,Developer shall execute and perform:
a) an Agreement for Public Improvements;
b) an Agreement for Sidewalks,Bike Paths and Street Trees
as a condition for approval of the plat of Phase 2 Suncrest Subdivision,Ames,Iowa,in accordance with
and to meet the standards and requirements of the subdivision regulations of the City and all other
applicable city, state and federal laws and regulations.
4. The Developer,its successors,and assigns,including purchasers of lots,may at any time
procure a release from the payment obligations of this covenant and agreement with respect to any of
the said lots in the said Subdivision by paying to the City that amount that is the unpaid balance of the
amount agreed to be paid,with respect to the lot or lots to be released.
5. This covenant and agreement shall be filed for record in the office of the Story County
Recorder and all covenants,agreements,promises and representations herein stated shall be deemed to
be covenants running with the land and shall endure and be binding on the parties hereto, their
mortgagees, lienholders,heirs, successors and assigns, for a period of twenty-one(21) years from the
date of the recording of these covenants,unless claims to continue any interest in the covenants are filed
as provided by law. The City shall have the right to file a claim to continue its interest in these
covenants.
6. Invalidation of any of these covenants by judgment or court order shall in no way affect
any of the other provisions,which shall remain in full force and effect.
Executed by the respective signatories on the date set above their respective signatures.
Dated at Ames, Story County,Iowa,this�day of ,2001.
SUNCREST,L.C.
By: �' t By.
Kurt W. Friedrich, Manager ckson D. Jensen, a ager
STATE OF IOWA,STORY COUNTY ss:
On this fir/ day of ,2001,before me,a Notary Public in and for the State of Iowa,personally appeared Kurt W.
Friedrich,Manager,and Dickson D.Jensen,Manager,to me personally known,who being by me duly sworn or affirmed did say that they are
Managers of said limited liability company and that said instrument was signed on behalf of the said limited liability company by authority of
its managers and the said Kurt W.Friedrich and Dickson D.Jensen acknowledged the execution of said instrument to be the voluntary act and
deed of said limited liability company by it voluntarily executed.
ll1AEI0N GA
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C,onwh ion Number171 2? Notary Public in and for the State of Iowa
My Commission Fxo
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Dated at Ames, Story County,Iowa, this z day of Qom. , 2001.
CITY OF AMES,IO
By.
By:
Ted Tedesco, Mayor Diane R. Voss, City Clerk
STATE OF IOWA STORY COUNTY ss:
On this AV day of lJ C 2001,before me,a Notary Public in and for the State of Iowa,personally appeared Ted Tedesco and
Diane R.Voss,to me personally known,and,who,being by me duly swom,did say that they are the Mayor and City Clerk,respectively,of the
City of Ames,Iowa;that the seal affixed to the foregoing instrument is the corporate seal of the corporation,and that the instrument was signed
and sealed on behalf 9f the corporation,by authority of its City Council,as contained in Resolution No. 01 -471 adopted by the City
Council on the o day of O C'• , b9 ZOQ�,and that Ted Tedesco and Diane R.Voss acknowledged the execution of the
instrument to be their voluntary act and deed and the voluntary act and deed of the corporation,by it voluntarily executed.
Notary Public Public in and for Story Cz2ty,Iowa —
atnt JILL L. RIPPERGER
COMMISSION#146549
* " MY COMMISSION EXPIRES
Suncrest Subdivision Covenant for Assessment-072701 low►. /7-
rev.9/5/01
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EXHIBIT A
All lots of Phase 2, Suncrest Subdivision (a replat of Outlot A Suncrest Subdivision) Ames,
Iowa shall be each subject to an obligation to pay a pro rata share of the costs of paving to the City
standards, one lane of Cedar Lane; and shall be subject to an obligation to pay the pro rata share of
'the costs of constructing a sidewalk to City standards along the east right of way line of Cedar Lane.
The amount to be paid for the lane of Cedar Lane and the sidewalk shall be determined by the City.
Suncrest Subdivision Covenant for Assessment-072701
rev.9/5/01
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