HomeMy Public PortalAbout1985_04_10_R052The Town of Leesburg in Virginia
RESOLUTION NO.
A RESOLUTION:
PRESENTED April 10, 1985
85-52 ADOPTED April 10, 1985
AUTHORIZING THE TERMINATION OF THE ESCROW AGREEMENT BETWEEN THE TOWN
OF LEESBURG AND WELLESLEY TRUST DATED SEPTEMBER 18, 1984
WHEREAS, Council Resolution No. 84-155 authorized an escrow agreement between
the Town of Leesburg and the Wellesley Trust; and
WHEREAS, the Town of Leesburg and the Replublic Insurance Company entered
into an agreement on November 9, 1984 which provided for the installation of all
outstanding public facilities and improvements in Phase I of Section 4 of
Leesburg Country Club Subdivision at the expense of the Republic Insurance
Company; and
WHEREAS, all of the required public improvements in Phase I, Leesburg Country
Club Section 4 have been installed; and
WHEREAS, the Republic Insurance Company has reimbursed the town for all ex-
penses which total $77,904.36; and
WHEREAS, the aforementioned escrow agreement was not established because
of the Republic Insurance Company's full compliance with the terms of its agree-
ment dated November 9, 1984; and
WHEREAS, substitute performance guarantees have been issued and accepted
by the town for the completion of all public improvements in Leesburg Country
Club, Section 4:
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia as
follows:
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AUTHORIZING THE TERMINATION OF THE ESCROW AGREEMENT BETWEEN THE TOWN OF LEESBURG
AND WELLESLEY TRUST DATED SEPTEMBER 18, 1984
The escrow agreement between the Town of Leesburg and the Wellesley Trust
is hereby terminated and the Wellesley Trust is hereby relieved of all obliga-
tions to contribute to the costs of public improvements in Leesburg Country
Club, Section 4.
PASSED this
10th day of April
, 1985.
Town of Leesburg
ATTEST .'
Clerk of Cou/~il