ORDER NO. 31212 PHASE I OF BOERNE FALLS/PRIVILEGE CREEK RANCHES LETTER OF ESCROW Came to be heard this the 23rd day of February, 2009, with a motion made by Commissioner Williams, seconded by Commissioner Baldwin, the Court unanimously approved by a vote of 3-0-1 to (Commissioner Letz Abstained) Approve Phase I of Boerne Falls/Privilege Creek Ranches, and release Letter of Escrow G.F. No. 070721K in the amount of $349,082.53, that is to expire July 24, 2009. 3 /~ 1 a (, g COMMISSIONERS' COURT AGENDA REQUEST PLEASE FURNISH ONE ORGINAL AND ONE COPY OF THIS REQUEST AND DOCUMENTS TO BE REVIEWED BY THE COURT. PLATS OR LARGE FORMATS PLEASE FURNISH 6 COPIES. MADE BY: LEONARD ODOM OFFICE: Road & Bride MEETING DATE: FEBRUARY 23, 2009 TIME PREFERRED: SUBJECT: (PLEASE BE SPECIFIC) Consider, discuss and take appropriate action to approve Phase I of Boerne Falls/Privilege Creek Ranches and release the Letter of Escrow, Pct. 3. EXECUTIVE SESSION REQUESTED: (PLEASE STATE REASON) NAME OF PERSON ADDRESSING THE COURT: LEONARD ODOM ESTIMATED LENGTH OF PRESENTATION: 5 minutes IF PERSONNEL MATTER -NAME OF EMPLOYEE: Time for submitting this request for Court to assure that the matter is posted in accordance with Title 5, Chapter 551 and 552, government Code, is a follows: Meeting scheduled for Mondays: 5:00 P.M. previous Tuesday THIS REQUEST RECEIVED BY: THIS REQUEST RECEIVED ON: All Agenda Requests will be screened by the County Judge's Office to determine if adequate information has been prepared for the Court's formal consideration and action at time of Court Meetings. Your cooperation will be appreciated and contribute towards your request being addressed at the earliest opportunity. See Agenda Request Rule Adopted by Commissioners' Court. S~A~ E Qp ~ x PountY ut'f,Bh Kerr County Road & Bridge 4010 San Antonio Hwy Kerrville, Teaas 78028 TO: COMMISSIONERS' COURT FROM: LEONARD ODOM DATE: FEBRUARY 23.2009 RE: APPROVAL OF PHASE I OF BOERNE FALLS/PRIVILEGE CREEK RANCHES AND RELEASE LETTER OF ESCROW BOERNE FALLS/PRIVILEGE CREEK RANCHES PHASE I HAS BEEN COMPLETED. THE ROADS ARE TO BE PRIVATELY MAINTAINED. AT THIS TIME WE ASK THE COURT TO APPROVE BOERNE FALLS/PRIVILEGE CREEK RANCHES PHASE I AND RELEASE THE LETTER OF ESCROW G.F. NO. 07072Ik IN THE AMOUNT OF $349,082.53, THAT IS TO EXPIRE JULY 24, 2009. Kh CC MEMO BOERNE FALLS PRIVILEGE CREEK PHASE I ACCEPT.doc z_ LETTER OF ESCROW INSTRUCTIONS -INTEREST BEARING ACCOUNT G.F.NO. 070721 k TO: Surety Title, Escrow Agent The undersigned Developer hereby delivers to Escrow Agent for the benefit of Kerr County, Texas, in escrow the money hereinafter described to be held and disposed of by Escrow Agent in accordance with the following instructions and upon the terms and conditions hereinafter set forth, to which the undersigned hereby agree: ITEMS TO BE PLACED IN ESCROW: $349082.53 TERMS AND INSTRUCTIONS: The deposit of $349082.53 has been made by BTEX RANCH, L.P., for the construction of roads, streets and alleyways for the re-plat of Privilege Creek Ranches. It will be placed in a certificate of deposit or money market account at Texas Heritage Bank in the name of Surety Title Company, Escrow Agent for the benefit of Kerr County, Texas. Escrow Agent will pay to the order of Kerr County, Texas, upon presentation of a sight draft, or letter authorized by Kerr County, any amount not exceeding the cumulative total of $349082.53 on or after July 24, 2009. This Agreement may be modified by the reduction of the total outstanding and unused amount of this deposit, upon the execution and delivery to Escrow Agent of a sworn statement making demand by the Subdivision Administrator of Kerr County or by anyone purporting to be his duly authorized agent, and presenting a document to that effect on Kerr County letterhead. No other signatures will be required. Unless amended by written agreement, at date of expiration set forth immediately below, whether the terms and instructions herein have been met, all funds held in escrow shall automatically be disbursed to BTEX RANCH, L. P., and such disbursement shall not require the signatures of any of the parties hereto. EXPIRATION DATE: July 24, 2009 If no specific interest-bearing account is specified, Escrow Agent is authorized to deposit funds to a passbook savings account at any national or state bank or any federally insured savings and loan association or such other investment account as Escrow Agent deems reasonable. Type of Investment Specified by Parties: Certificate of Deposit or Money Market Account Number: 987271 Party to be Credited with Interest: BTEX RANCH, L.P. Tax ID Number (of party to be credited with interest): 20-5243585 Mailing Address: (of party to be credited with interest): 820 Main Street, Suite 100, Kerrville, Tx 78028 Escrow Agent is not required to invest funds unless and until the above information is furnished. The terms and conditions hereinabove referred to and to which the undersigned hereby agree for themselves, their heirs, successors and/or assigns are the following: 1. Escrow Agent is not a party to, or bound by any agreement which may be deposited under, evidenced by, or which arises out of the foregoing instructions. 2. Escrow Agent acts hereunder as a depository only and is not responsible or liable in any manner whatsoever for the sufficiency, correctness, genuineness or validity of any instrument deposited with it under, or with respect to the form or execution of the same; or the identity, authority, or rights of any person executing or depositing the same. 3. Escrow Agent shall not be required to take or be bound by notice of any default of any person, or to take any action with respect to such default involving any expense or liability, unless notice is given in writing to an officer of Escrow Agent of such default and unless it is indemnified in a manner satisfactory to it against any such expense or liability. These instructions shall not be subject to rescission or modification except upon receipt by Escrow Agent of written instructions of all parties hereto or their successors in interest, and no such modification shall be effective unless and until consented to in writing by Escrow Agent. ,~ . 4. Escrow Agent shall be protected in acting upon any notice, request, waiver, consent, receipt or other paper or document believed by Escrow Agent to be genuine and to be signed by the property party or parties. 5. Escrow Agent shall not be liable for any error of judgment or for any act done or step taken or omitted by it in good faith, or for any mistake of fact or law, or for anything which it may do or refrain from doing in connection herewith, except its own willful misconduct, and Escrow Agent shall have no duties to anyone except those signing this instrument. 6. Escrow Agent may consult with legal counsel in the event of any dispute or questions as to the construction of the foregoing instructions, or Escrow Agent's duties hereunder, and Escrow Agent shall incur no liability and shall be fully protected in acting in accordance with the opinion and instructions of such counsel. II ~~`,S ~ AGREED AND ACCEPTED this I V day of July, 2008. In the event that Escrow Agent performs any service not specifically provided hereinabove, or that there is any assignment or attachment of any interest in the subject matter of this escrow or any modification thereof, or that any controversy arises hereunder, or that Escrow Agent is made a party to, or intervenes in, any litigation pertaining to this escrow or the subject matter thereof, Escrow Agent shall be reasonably compensated therefore and reimbursed for all costs and expenses occasioned thereby, and the parties hereto agree jointly and severally to pay the same, to indemnify Escrow Agent against any loss, liability or expense incurred in any act or thing done by it hereunder, it being understood and agreed that Escrow Agent may interplead the subject matter of this escrow into any court of competent jurisdiction, and the act of such interp(eader shall immediately relieve Escrow Agent of its duties, liabilities and responsibilities hereunder. DEVELOPER: BTEX RANCH, L.P., A TEXAS LIMITED PARTNERSHIP BY: BTEX GP, LLC, GENERAL PARTNER I BY: '' GR GORY N. BLUME, P SID T DRESS: 820 MAINS ,SUITE 100 KERRVILLE, TEXAS 78028 ESCROW AGENT: ATTN: KYLA SLEDGE SURETY TITLE COMPANY 101-C SOUTH MAIN STREET BOERNE, TX 78006 830-815-1015/830-815-1018 FAX SURETYKC@KTC.COM ESCROW AGENT: SURETY TITLE COMPANY 4_ ~ ~ ~/ BY: t ~~ ~ KY .~ LED ~ -SC OW AG BANK: EMILY SIMMONS TEXAS HERITAGE BANK 1208 SOUTH MAIN STREET BOERNE, TX 78006 830-249-3955/830-249-3988 FAX emily@txheritagebank.com