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A G R E E M E N T
USER 29 PAGE 565
BETWEEN IVAR JONSON and JANET JONSON (herein "JONSON"),
residing at 934 East Shore Drive, Ithaca, New York, and the TOWN
OF ITHACA (herein "TOWN"), Tompkins County, New York, dated May,
1986,
W I T N E S S E T H
WHEREAS:
A. The Planning Board of the Town of Ithaca has approved
the subdivision of the lots fronting on Terraceview Drive within
the Grandview Subdivision, Town of Ithaca, Tompkins County, New
York as approved for Buyer/Developer IVAR JONSON according to
plans dated January 24, 1986 last revised April 15, 1986
, and
B. It is a condition of approval of the subdivision by the
Planning Board that Terraceview and :owerview Drives be
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constructed by JONSON as ,,.,,public streets and be accepted by the
Town as public streets. Furthermore, JONSON has applied for
building permits to construct dwelling houses on lots 1, 2, 15
through 18, and 21 through 28, in the subdivision, and
C. Construction of the street has not been completed and,
accordingly, the building permits cannot be issued unless such
streets have been adequately constructed and accepted by the Town
or adequate security to assure completion of the streets has been
delivered;
NOW, THEREFORE, in order to induce the said TOWN to issue
building permits for the construction of dwellings on the above
lots and .in consideration of the premises and the mutual
agreements hereinafter set forth, IT IS AGREED AS FOLLOWS:
1. The TOWN will issue building permits for construction on
each .of said lots on application by JONSON provided that such
permit may lawfully be issued in compliance with all applicable
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ordinances, laws, rules and regulations, and Town of Ithaca
Planning Board conditions of approval and provided that JONSON
has furnished a bond, letter of credit, or other security
approved by the TOWN, and JONSON has executed all documents
necessary to convey title to the street to the TOWN, and has
furnished all other title, maps, and other documents required by
the TOWN and has paid for all title searches, filing and
recording fees and other fees and expenses incurred in this
matter, including title search expenses through delivery of deeds
in escrow and additional searching expenses through date of
recording deeds. JONSON agrees to pay all such expenses upon
demand by the TOWN.
2. Notwithstanding the foregoing, JONSON agrees to complete
the streets hereinabove mentioned prior to May 7, 1987. Said
streets must be completed in accordance with the specifications
established by the Town of Ithaca for completion of Town
highways, and within the confines of the road , as set forth on
road map. The final determination as to whether or not such
streets have been completed in accordance with the specifications
of the Town shall be made by the Town Highway'Superintendent and
the Town Engineer.
3. If JONSON fails to complete the said street as required
by this Agreement, or otherwise defaults in the performance of
this Agreement, the TOWN may proceed to complete said streets and
JONSON agrees to pay to the TOWN or. demand U) the cost of
completing said street or (ii) any other expense or liability
incurred by the TOWN hereunder, including all reasonable
expenses, obligations and liabilities incurred by the TOWN
hereunder. Without. limiting the foregoing, such expenses shall
include only engineering construction, or legal fees incurred in
implementing this agreement or 'in completing such roads. As
partial security for the performance of such work, JONSON, at his
expense, shall provide and maintain a contract bond, irrevocable
and unconditional letter of credit, or other security approved
by the TOWN, in such amount as the TOWN may require (which, for
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the present, has been established at $100,000.00) to assure
performance by JONSON under this Agreement. A copy of this
Agreement shall be attached to the bond and/or letter of credit
and shall be delivered by JONSON to the local agent of the surety
or the bank issuing the letter of credit. If the Town, in its
sole discretion, shall determine that JONSON has failed to comply
with the terms of this agreement, the Town shall be entitled to
draw on said bond or letter of credit without any notice to, or
consent of, JONSON or any other party to this agreement. Any
letter of credit, bond or other instrument delivered or security
here under shall irrevocably authorize such action by the Town
and agree to pay the Town any amount declared by the Town to be
due without notice to, consent of, or further authorization of
JONSON.
4. The Town, at the discretion of the Town Engineer with
the approval of the Town Supervisor may reduce the amount of the
bond or letter of credit provided for security hereunder as the
work progresses and in accordance with the schedule annexed
hereto.
5. JONSON agrees to furnish to the TOWN an abstract of
title certified at least to the date of escrow of the said deeds.
The deeds will be a warranty deeds with lien covenant. Copies of
the revised map will be furnished in such amounts as will be
sufficient for distribution to various Town officials and for
filing. A copy of said map has been. filed by JONSON at his
expense on May 7, 1986 in vault 10 Slot B in the office of the
Tompkins County Clerk.
6. Upon execution of this Agreement and upon the
acceptance of the security by the Town, and upon compliance
with the other requirements of this agreement, the Town Planning
Board and the Town Board the Town Building Inspector is
authorized to issue building permits for the lots hereinabove
enumerated, it being also provided that an executed copy of this
Agreement will be recorded in the Tompkins County Clerk's Office.
Notwithstanding the foregoing, unless the Town Board by
USER
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resolution determines otherwise, the Building Inspector is
authorized to issue no more than two building permits (one for
Lot 24 and one for Lot 26) prior to the construction of Tower
View Road and its connection with route 79 to the extent of
having cut, graded and relocated utilities and placed at least
twelve inches of bank run gravel on said road so that the road
may be used as a construction road.
7. To the extent that the Town of Ithaca is required to
expend any funds for the completion of said street or for any
other purpose arising out of this Agreement for which it has not
been compensated, under the performance bond or letter of credit,
or by JONSON, or in any other manner, the TOWN may, at its
option, pursue any one or all of the following remedies to
enforce the collection of any such amount:
(a) The TOWN may bring an action at law to collect
such amount as on a contract;
(b) Any such unpaid amount shall be added to any Town
of Ithaca tax due and payable by JONSON on any of the property
now or hereafter owned by JONSON in the Town of Ithaca. Said
amount shall be added to the tax due on the first day of January
next following demand for. payment by the TOWN.
8. Until the streets are completed in accordance with TOWN
specifications, the TOWN assumes no liability of any kind
resulting from the issuance of a permit for construction on a lot
fronting on the aforesaid street or arising from the use of any
such street by any person; any person using any such street does
so at his own risk insofar as the TOWN is concerned.
9. IVAR JONSON and JANET JONSON individually and jointly,
agree to save and hold harmless the Town of Ithaca, its officials
and employees, from any and all claims, expenses, costs, or
liability of any kind which may arise for any cause, whether
injury to persons, property or otherwise by virtue of the
execution of this agreement, by virtue of any activity of JONSON
)n the property to be conveyed or conveyed to the Town, or by
7irtue of issuance of building permits prior to the completion
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USER ;M PAGE
and construction of the road and acceptance thereof by the TOWN.
JONSON agrees that all proper measures will be taken to provide
safe access over said streets for pedestrians and vehicles until
such time as the work is completed to the satisfaction of the
TOWN and the deeds are recorded. JONSON shall obtain and
maintain public liabiltiy insurance, workman's compensation
insurance, disability insurance, employer's liability insurance,
and contractual insurance insuring JONSON'S obligations to the
Town under their agreement. The. public liability, employer's
liability policies, and contractual insurance shall be in an
amount of at least $1,000,000 and shall name the Town as an
additional insured, shall be with companies licensed in the State
of New York, approved by the Town, and shall be on forms and
summarized by a certificate of insurance approved by the Town's
insurance consultant. Copies of such policies shall be provided
the Town before any additional permits are issued.
10. In order to insure that all steps have been taken by
JONSON to complete the dedication of the street to the TOWN,
JONSON has executed and delivered concurrently herewith, a deed
conveying Terraceview & Towerview Drives to the TOWN for purposes
of public streets. This deed is received by the TOWN in escrow
and will be held by the TOWN in escrow until the Town Board
accepts the streets when they have been completed according to
Town specifications. Until such time, Terraceview & Towerview
Drives will not be public streets. Pending completion of said
roads and recording said deeds JONSON will maintain title to said
roads free and clear of any liens, encumbrances, easements or
other title impedients of any nature what so ever and will not
mortgage or convey such roads in any manner.
A. It is understood that if the TOWN elects to
exercise its right to complete the construction of the streets,
the TOWN shall record the deeds and the streets shall then be
deemed to be public streets thereafter. If there are any
judgements, mechanic's liens or any other title encumbrance of
any nature, the Town may use any portion of the security letter
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of credit or bond to pay and discharge sale in order to obtain
clear title.
.11. The Resolution of April 7, 1986, is the Town Board
Resolution authorizing execution of this Agreement.
This Agreement shall bind the parties hereto, their
respective successors, distributees, representatives, and
assigns.
IN WITNESS WHEREOF, this Agreement has been executed by the
said JONSON, and the said TOWN of Ithaca.
JONSON HOMES,
S E A L By: '
IVAR JONSON, I ffividually
L. S.
TANI". JONSON
TOWN OF ITHAC
S E A L By: �C�'c�1-!� L. S.
STATE OF NEW YORK
COUNTY OF TO11FKINS
On this.Zo ,Cday of June, 1986, before me, the subscriber,
personally appeared NOEL DESCH to me personally known and known
to me to be the same person described in and who executed the
within Instrument, and he duly acknowledged to me that he
executed the same. JEAN H. SWARTWC
STATE OF NEW YORK NoterY Public, State of th
COUNTY OF TOMPKINS N07 4702044
�otary Public Qualified in Tor,ckins C
Commission exPires March 3
On this 17day of June, 1986 before me, the subscriber,
personally appeared IVAR R. JONSON to me personally known and known
to me to be the same person described in and who executed the within
Instrument, and he duly acknowledge that .e ted the ame.
HARRY S. HAMILTON
Notary Public, State of New York NOTARY B:.IC`
Qualified in Tompkins Co. No.5$,6748100 /_
My Commission Expires /
STATE OF NEW YOP9
COUNTY OF TOMPKINS ) "'
On this 17th day of June, 1986 before me, the subscriber,
personally appeared JANET B. JONSON to me personally known and known to me
to be the same person described in and who executed the within Instrument,
and she Agi f6howledged to me that she executed the same.
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savings bank ... TOMPKINS COUNTY CORTLAND COUNTY BROOME COUNTY
IRREVOCABLE LETTER OF CREDIT #160
EXPIRATION DATE- MAY 7, 1988
June 16, 1986
Town of Ithaca
Ithaca, NY 14850
Gentlemen:
We hereby issue in your favor our Irrevocable Letter of Credit
#160 for Ivar R. Jonson and Janet B. Jonson, 934 East Shore Drive,
Ithaca, New York, for the sum or sums not exceeding ONE HUNDRED
THOUSAND DOLLARS ($100,000.00) available by your drafts drawn at
sight on us and accompanied by the following document:
1. A signed statement certifying that constructions of
the roads and associated improvements, which roads
are shown on a map entitled "Final Plat GRANDVIEW
SUBDIVISION Town of Ithaca Tompkins County N— ew York"
filed n t e Tompkins County Clerk's Office in Vault
Box 10 Slot B and shown as Terraceview Road from the
south line of Honness Lane to the west line of Tower -
view Drive, and all of said Towerview Drive to the
northeasterly line of New York State Route #79 are
not completed to the satisfaction of the Town of
Ithaca authorities by May 7, 1987.
We engage to you that all drafts drawn under and in compliance
of terms of this Credit will be duly honored by us upon presenta-
tion of the document as specified above, if presented not later
than May 7, 1988.
Each draft drawn against this Letter of Credit must bear upon
its face the clause, "Drawn under Letter of Credit #160." Except
so far as otherwise expressly stated herein, this Letter of Credit
is subject to the "Uniform Customs and Practice for Documentary
Credits (1974 Revision), International Chamber of Commerce Publi-
cation No. 290."
er ru 7/64wt
laude S.
Asst. Vice President
P O. BOX 400, 118 NORTH TIOGA ST., ITHACA, N.Y. 14850 (607( 273.71 11
N. TRIPHAMMER RD. AT SHERATON, ITHACA, N.Y. 14850 (607) 257.2224
EAST HILL PLAZA, ELLIS HOLLOW RD., ITHACA, N.Y. 14850 (607) 277.4141
PYRAMID MALL, N. TRIPHAMMER RD., ITHACA, N.Y. 14850 (6071 257.4600
WILLARD STRAIGHT HALL, ITHACA, N Y, 14830 (6071 257.5121
am" 0M $4W minim
ueEI,' 29 PACE 572
RESOLUTION:
WHEREAS, the Grandview Subdivision received Final Subdivision
Approval from the Planning Board on March 4, 1986, and
WHEREAS, the developer, Ivar Jonson, must post a form and
amount of security acceptable to the Town Board against
completion of development of Terraceview Drive if more than
one building permit is issued, and
WHEREAS, one building permit has already been issued for the
property as a whole fronting on Slaterville Road, and
WHEREAS, the developer, Ivar Jonson, has provided the Town
with a breakout of development costs as attached, and
WHEREAS, the developer would like to secure improvements for
a first phase on Terraceview Drive to obtain building permits
on an incomplete Town highway, and
WHEREAS, the Town Engineer has prepared a breakdown to secure
the portion of Phase I of the developer that is essential to
the development and public use of properties on Terraceview
Drive,
NOW THEREFORE BE IT RESOLVED, by the Town Board of the Town
of Ithaca, that the Town Supervisor and Town Attorney be
authorized on behalf of the Town to enter into an agreement
with developer, Ivar Jonson, to secure $100,000.00 in an
instrument such as letter of credit, bond, cash, acceptable to
both to satisfy the requirement of Town Law that such pro-
tection be given to completing Terraceview Drive as a fully
developed Town highway with utilities as approved, and
FURTHER RESOLVED, that such agreement provide for a reduction
of security in such a way that remaining work will be secured
at least up to the unit costs as outlined by the Town Engineer
• while recognizing that the essential $100,000.00 will not be
reduced until the balance of Phase I work (although not all
essential to Terraceview Drive) falls below $100,000.00.
Town Engineer Itemization
Ivar Jonson -- Phase I
Sewer at $30.00 per foot
$ 30,000.00
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Water at $30.00 per foot.
45,000.00
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Highway at $22.00 er foot
Drainage Stone p$20.00
33,000.00
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at er foot
Services Culverts
8,00000
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and at $22.00 per foot
22,000..00
Route 79 Intersection
$ 15,000.00
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$153,000.00►D
STATE OF NEW YORK
COUNTY OF TOMPKINS
A 1'
TOWN OF ITHACA
I, Jean H. Swartwood, Town Clerk of the Town of Ithaca, New York, do eby certify that the foregoin
resolution is a true and exact copy of a resolution duly by the
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adopted
of said Tiayyn of Ithaca at a �c Cali meeting held on the
7 S'yC day ok
19J% , and that the same is a complete copy of the whole of suclr,�
114- lVITNM. WHEREOF, I have hereunto
._ set my hand and the Corporate seal of the
Town of Ithaca, NJ:e
M
. York this /:% day of 19
A.
10
n Clerk of the Town of Ithaca
WOm am Lou Bank Co.. Rodworw• N.Y. 1*0D
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