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ASSIGNMENT.AGREEMENT
THIS AGREEMENT is entered into by and between PHILIP
VANDEKERCKHOVE, TRUSTEE ("Trustee"), and the CITY OF COLLEGE
STATION, . TEXAS . ("City'l) .
WITNESSETH
WHEREAS ,Trustee and Sandstone Systems, Inc. (" Sands tone II )
have previously entered into an Earnest Money Contract dated
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1986 , for the purchase by Sandstone from
TrUstee of an approximate fifteen (15) acre tract of land
described on ExhibitlA" attached hereto (the IPrQperty");
WB.EREAS<, the Property is locat.ed within the jurisdiction of
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the City and, therefore, must be properly platted prior to sale;
WHEREAS, Trustee is in the process of procuring approval of
a plat of the Property from the City;
WHEREAS, Trustee is obligated under the Earnest Money
Contract to provide city utilities to the boundary of the
Property prior to October 1, 1987; and
WHEREAS, the City has requested that Trustee provide it with
security in the form of an assignment of proc~eds in order to
insure the City that city utilities will be provided to the
Property as agreed;
NOW, THEREFORE, I.N CONSIDERATION of the mutual covenants and
agreements herein contained, the parties hereto agree as follows:
1. As security for its obligation to provide city
utilities to the Property on or before October 1,
1987, Trustee hereby assigns to the City the sum of
j2.'3<, ... H..rB ...~
dollars (the "Assigned
Suml') out of the proceeds to be received by .Trustee Lr....
L. M.. .,1 5.. "J#h... '.1"::;. ..r4);;-,ci! rh~'~c-rt:t t,. ~
'-r ( .. ,. r . .. .f].l Y'"",! /rSc,-
under the Earnest Money Contract,.< Upon the sale of the. ,
Property, the Assigned SUm shall be placed in an
account at
,
~(t>T ~\j~TIONIdC ~.G1V't<"'d'Qf2>'~in the
l1ame of the City.
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It shall be the obligation of Trustee to provide city
The Assigned Sum shall be
used by Trustee in paying for the materials and labor
hecessaryto provide city utilities to the Property.
Withdrawals from the Assigned Sum shall be made upon
signa.t1..lre of the City Engineer or his delegate
inspection of the work in progress.
Written requests for withdrawals from the Assigned Sum
shall be made by Trustee to the City Engineer at the
address hereinafter provided.
1. In the event that the cost of providing city utilities
to the Property exceeds the Assigned Sum, Trustee shall
be obligated to pay any such excess amounts. To the
contrary, in the event that. the cost of providing city
utilities to the Property is less than the Assigned
SUlIl,such portion of the Assigned Sum remaining shall
be paid to Trustee and Da.vid R.. Bolton, Trustee, the
lienholder who holds a promissory note executed by
Trustee made payable to David R. Bolton, Trustee in the
origitlalprincipal sum of $1, 060,560. 00 secured by 2r'
Deed. of Trust against 44.14 acres. of which the property
described on Exhibit "A" ..is a part thereof.
City of
College Station and its. City Engineer hereby agrees to
cause such remaining funds . to be disbursed to and in
the name of Trustee and David R. Bolton, Trustee.
4. In the event that the sale contemplated by the Earnest
Money Contract does not close , Trustee shall be under
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no obligation to payor assign any sum whatsoever to
City and this Agreement shall in all respects become
null and void.
5. Any and all notices or requests made pursuant to this
Agreement shall be made to City at the following
address : ~
,.
>'<Provided however, in the event the total construction costs do not
exceed $90,OOO.OO,then the City Engineer shall disburse the rema1.n1.ng
funds to Trustee, David R. Bolton, Trustee and Sandstone System, Inc.
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GitYEngineer, City of College Station
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and to Trustee at:,
PhilipVandekerckllove, Trustee
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6. This Agreement contains the complete agreement between
the part~esheretoand cannot be varied except by the
written agreement of the parties. The parties agree
that there are no oral agreements, understandings,
representations or warranties which are not expressly
set forth herein. This Agreement shall inure to the
benefit of and bind the parties hereto and their
respective heirs, representatives,
successors and'
assigns.
The provisions of this Agreement shall be
construed and interpreted in accordance with the laws
of the State of. Texas.
SIGNEDTH IS <;f'1!JL
day of
CITY OF.COLLEGE STATION: TEXAS
BY: S3?U~<
Dav~Puen, C~ty Eng~neer
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