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SETTLEMENT AGREEMENT
STATE OF TEXAS
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~ KNOW ALL MEN BY THESE PRESENTS:
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COUNTY OF BRAZOS
THIS AGREEMENT IS BY AND BETWEEN the City of College Station, a Texas Home
Rule Municipal Corporation, and Juan, Creixell,Trustee, (hereinafter referred to as "Trustee").
WHEREAS, the City of College Station filed suit on the 21st day of December, 1988, against
I.R.E. Texas, Inc., (City of College Station v.BankAtlantic Financial Corp., eta!., Cause No. 32,021-
361, 361st Judicial District Court, Brazos County , Texas), alleging building code, fire code, health, safety
and welfare violations in various dwelli11gunits within, the, subject property,' specificallydelinea ted as
follows:
1. Sanitary facilities (sinks, lavatories, tubs,"showers and water closets) are damaged or missing,
in viola tionof the City' s, Building Regulations Code.
2. Plumbing fixtures in each dwellingunitare not connected to anoperationalsource of hotwater,
in violation of the City's Building Regulations Code.
3. Electrical outlets, fixtures" receptacles" equipment and wiring are damaged or'inoperable, so
that they cannot be used inasafe manner ,and are not, properly connected to the source of electrical
power in a safe manner, in violation of the City's Building Regulations Code.
4. Roof saredamagedso that wind, rain, rodents and insects can 'enter the interior portion of the
buildings, in violation of the City's Building Regulations Code.
5. Protective railings are damaged or missing from enclosed structures over five feet from ground
level and on steps containing four or more risers, in violation of the' City's Building Regulations Code.
6. Exterior windows and doors are damaged or destroyed, so that the buildings are not substantially
weathertight, in violation of the City's Building Regulations Code. '
7. Exteriorwood surfaces are not covered with paint orotherprotec.tivecovering,in violation of
the City's',Building Regulations Code.
8. In terior floors, walls, and ceilings are' not substantially , safe to use, nor ca pa ble of supporting
the load which normal use as a dwelling unit would require, in violation of the City's Building
Regulations Code.
9. Struct1.1ralelementsof the buildings are not ~ound and are not capable of carrying the loads that
normal use would cause to.be placed thereon, in yiolation of the City's Building Regulations Code.
10. Substantial criminal activity, vagrancy and trespass has occurred at the premises over the past
year, with resultant increase insusceptibility tofire damage, endangering others' property and saf ety, in
violation of the City's Health and Sanitations Ordinances and Fire Codes.
11. The swimming poolsare partially empty and are not being maintained in a safe manner, and the
fences surrounding thema~e not capable of being secured, in violation of the City's Health and
Sanitation Ordinances.
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12. The road surfaces arid walkways on the property contain holes and cracks which render 'them
unsafe, in violation of the, City's Zoning Ordinances.
WHEREAS, a default judgment has been granted in favor of the City of College Station, and
a motion for new trial has been filed by I.R.E. Texas, Inc., and is presently- pending before the court.
WHEREAS, I.R.E. Texas, Inc., has entered into a contract for the sale of the property, Monaco
I, Monaco II, and Posada Del Rey Apartments, more specifically described in the attached Exhibit "AIf,
hereto, to Trustee, who shall be renovating and repairing the property;
WHEREAS, the City of College Station believes that the.timely sale and renovation of the
property will be in the best interest in the health, safety and welfare of the residents of the City;
WHEREAS, the City of ,College Station desires to enter into an agreement for the rapid,
prompt and timely renovation ofthe major structural deterioration, which the City believes will alleviate
the stress placed upon the Police, Fire and Legal Departments of the ,City;
Bond shall assurethe payment to the City of College Station a penalty of One Thousand Dollars ($1,000)
per day for each day that the terms of Sectionsl.A.and 1.B. have not been complied with. The. Letter of
Credit or Bond shall be maintained' until all requirements of Sectionl.C. are completed in order to
guarantee Trustee's obligations under Sections I.A.and l.B. herein. It is the intent of the parties that
Tr.ustee shall, with regard to the property, meet the following minimum requirementsby September 30,
1989:
1. Repair.or replace,all damaged or missing protective railings on all enclosed structures
over five ( 5) feet from ground level and on all'steps containingf our, (4), or.more risers.
2. Repair or replace all damaged or, missing windows and exterior doors so that they are
substantially weathertight.
3. Repairor replace all fire-damaged interiorwalls,ceilings,floors,and structural supports
causing,them to'be<made substantially safe to use,'and capable of supporting the,.load
which normal use asa dwelling unit would cause to be placed thereon.Provide~,
however,. that Trustee shall have the right to demolish any such structure as long as the
demolition work is accomplished by reasonable and lawful methods.
4. Drain and clean all the swimming, pools on the property, and repair orrepl,aceilfFn~~s
and gates ,surrounding each pool. Each, gate must be kept ,secured. ThepoolsI9-1.1st:q;e
drainedorkeptingood working order. '
5. Maintain landscaping and maintenance of the exterior of thebuildingsi:i,tol eIl~Uil"eap.
orderly appearance. '
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6. Provide for the extermination of all insects, rodents or other pests thatiiiar~ f~u'~d:t:p
occur within the buildings or on the premises. ' >;,ii .' ,I ... !i ,i.,!
Except as provided herein the implementation and interpretation of these reqUiremr?~s isHtt~~
controlled by current ordinances of the City, of College Station pertaining to the buildiJl~~ ~Cf~'?~~H~P
and repair of apartment dwelling units within the City; provided, however, that it "i~ !,~I~~~r111~~~
acknowledged by the parties hereto that the existing electrical wiring in the ninety -f our (~1) ~l1h~ ?r~~~
Monaco I complex do not meet currentcode requirements. ,It is agreed by the City ofCtl~4g~i~'~t~R~
that the certificates of occupancy for the ninety-four (94) units of the, Monaco I complexsh,~l~~
reinstated on a per building basis upon the conmletion of the items 1 through 6 above. . '! !;
i..;, i.."...." ...,i.,., ,.."....,.., i....,.'.., .,.,.'..., :....,.. ", .:..;,:.;, ,""..:"" ,', . '... ,"',.,.:".,.:'.;'.
l.B. Itis theintent8f thepartiesthatTru~t~'rshall meet the follO\ving:,reqJ,lirements~~~~f?~n~!?~if
hundred twenty (120) days after the execution of this agreement and throu~boJ,l t the rehab~~~~~~~JlfM~~f
of the project: 1 i ,I ' I
l. Maintain adequate security on~he premises to prevent vandalism andcri,~n,~,~>tr~:sp~~!s
while the buildings are unoccu~~ed. ,Buildings that are not under repair orqFicp,~i~~! ~~~p
be secured to prevent entryanq vandalism. ' ' : !il
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2. Maintain landscaping and mat~tenance of the exterior of the buildingsto,ensufe aft
orderly appearance. ' ,
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The implementation andinterpretationof thes~ I'equirements shall be controlledbycurreft ~rd1fl8pcris
of the City of College Station pertaining to th~, building, restoration and repair of apartDi!-~qt;d'YellillB
units within the City; " I '
l.C. Further, it is the intent of thepartiesi~hatTrustee shall make reasonable effol't~to IIl~et the
following minimum requirementsby September 1, 1990:
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1.
Repair or replace all plumbing, except that fixtures need not be installed in dwelling
units until immediately before occupancy is contemplated.
2.
Repair or replace all damaged or missing electrical outlets, receptacles, equipment and
wiring in each, dwelling unit so that they are in good and safe working 'order, and have
them capable of being connected to the source of power in a safe manner.
3.
Repair,all road surfaces and walkways on, the property, which shall include but not be
limited to filling holes in the pavement with approved paving materials.
4.
Repair or replace all dam.aged roofs so that they have no substantial defects.
The implementation and interpretation of these requirements shall be controlled by .current ordinances
of the City of College Station pertaining to the building, restoration and repair of apartment dwelling
unitswithin the City, including the Zoning Ordinance of the City of College Station.
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6. It is understood, and agreed that this Settlement Agreement contains, the entire agreement
between the parties and supersedes any and all prior oral or written agreements, arrangements, or
understandings between the p'arties relating to the subject matter. No oral understandings, statements,
promises or inducements contrary to the terms of this 'Settlement Agreement exist. This Settlement
Agreement cannot be changed or terminated orally.
7. It is understood that this Settlement Agreement shall be governed by, construed and enforced
in accordance with, and s,ubject to, the laws of the State of Texas. In the event of litigation, it is agreed
by the parties that original jurisdiction shall lie in a court of competent jurisdiction in Brazos County,
Texas.
8. It is agreed by the parties that the City of College Station will file an order of dismissal without
prejudice in Cause No. 32,021-361, filed in the District Court for the 361st Judicial District of Brazos
County upon the execution of this agreement. The City of College Station shall file with the Brazos
County Clerk any and alldocumentsnecessary to cancel or remove the notice of lis pendens filed by the
City and pertaining to the subjectproperty. It is understood by the parties that in the event that the time
period for repairs expires and the funds secured by the Letter of Credit or Performance Bond have been
exhausted by the City while the required r~pairsb,avenotbeen completed, then the City of College
Station will be entitled to refile its suit with regard to any still existing code and ordinance violations.
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(ACKNOWLEDGMENT)
THE STATE OF TEXAS
COUNTY OF BRAZOS
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BEFORE ME, the undersigned authority, on this day personally appeared JUAN
CREIXELL,as Trustee, known to me to be the person whose signature is subscribed to the
foregoing instrument, who, being firstduly sworn by me, stated upon his oath that he executed the
foregoing instrument for ,the purposes and consideration 'therein'expressed~
~~DERMYHA~~8tND SEAL OF OFFICE this the e<1J
JOYCE A.PIRWITZ
Notary' Public
STATE,(}f TeXAS
day of
ublIC, State of,Texa's
's Printed Name:
MyCornrn. Exp. Fe~)ruary 22, 1991
My commission expires:
(ACKNOWLEDGMENT)
THE STATE OF TEXAS
COUNTY OF BRAZOS
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BEFORE ME, the undersigned authority,onthisday personally appeared RON RAGLAND,
as City Manager of the, City of College Station, a Texas municipal corporation, ,known to me, to be
the person whose signature is subscribed to the foregoing instrument, who, being first duly sworn
by,.me, stated upon "his"oaththat,.,he executed"the ',foregoing ,instrument for ,the purposes and
consideration therein expressed, in the capacity stated, and as the act and deed of said corporation.
0~UNDER.MY HA,~~8tND SEAL OF OFFICE this the
Nota~y)~Vr~xas
Notary's Prlnted,Name:
~l~day of
My commission expires:
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