HomeMy WebLinkAbout1989-050 Agrmt to Pay - RoyceAGREEMENT TO PAY ASSESSMENTS
THIS AGREEMENT made and entered into on this~ day
of~-~Y.~ , 1989, between the City of Ashland, a municipal
corporation of the State of Oregon, hereinafter referred to as
"Ashland", and DEAN ROYCE and SANDRA ROYCE, husband and wife,
hereinafter referred to "Royce", and DAVID LEWIS, hereinafter
referred to as "Lewis" and is based upon the following recitals, the
truth of which is hereby acknowledged:
WITNESSETB:
RECITALS:
1. Royce is the applicant in Planning Action number
88-131, which is an application for approval of a subdivision.
2. Lewis is the applicant in Planning Action number
~-/~~-~-~ which also is a request for approval of a subdivision.
3. Each application has been approved with a condition
that either a local improvement district for the street improvements
will have been formed and approved by the City Council or the
applicants
themselves.
4.
Ashland.
will have agreed to make the street improvements
Such local improvement district has been approved by
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5. The estimated cost of the project is ONE HUNDRED
SEVENTY-SIX THOUSAND FIFTY-NINE DOLLARS and 35/100 ($176,059.35),
which will be paid as follows.:
City of Ashland - 1096' @ $55.65 =
Harvey Woods - 351' @ $55.65 =
Dean Royce - 350' @ $55.65 =
Dave Lewis - 0 @ $55.65 =
Royce and Lewis - 1366.69' @ $55.65 =
TOTAL
$ 60,992.40
19,533.15
19,477.50
.00
76,056.30
$176,059.35
NOW, THEREFORE, based upon the foregoing Recitals and of
the mutual covenants contained herein, it is agreed as follows:
1. Royce agrees to pay NINETEEN THOUSAND, FOUR HUNDRED
SEVENTY-SEVEN DOLLARS and 50/100 ($19,477.50) and 23.076% of
SEVENTY-SIX THOUSAND FIFTY-SIX DOLLARS and 30/100 ($76,056.30), or
the same prorata share of the actual cost of the project if the
actual cost of the project is different from the estimated cost.
2. Lewis agrees to pay 76.924% of SEVENTY-SIX THOUSAND
FIFTY-SIX DOLLARS and 30/100 ($76,056.30), or the same prorata share
of the actual total cost of the project if the actual cost of the
project is different from the estimated cost.
3. The parties agree that the property will be assessed
as set forth in Recital number five and with respect to the amount
shown for "Royce and Lewis" that will be assessed with the above
percentages and with Royce's share to be against the land described
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in Planning Action 88-131 and with respect to Lewis' share to be
against the land described in Planning Action ~-~.~i~ ·
4. Royce and Lewis agree to furnish to Ashland one or
more letters of credit from the Valley of the Rogue Bank, when taken
together will guarantee payment to the City of SEVENTY-SIX THOUSAND
FIFTY-SIX DOLLARS and 30/100 ($76,056.30), plus interest to be
accrued thereon; or, in an amount (plus interest) equal to the share
of the actual cost of the project to be allocated to Royce and Lewis
in accord with the above, whichever is greater.
5. After the City receives, and in its reasonable
exercise of discretion approves, the letters of credit, then and not
before, it will enter into a contract for the improvements.
IN WITNESS WHEREOF, the parties have hereunto set their
hands and seals the day and year first above written.
CITY OF ASHLAND
~eah-~'R6~Ce
fsafidra Royce /
David Lewis
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