765-Buttrey Ammendment AMENDMENT TO ESCROW AGREEMENT
THIS AMENDMENT TO ESCROW AGREEMENT CAmendment")is executed as of
May [ ~ ~ , 2001 by and among BUTTREY DEVELOPMENT, L.L.C., a Florida limited
liability company CButtrey"), the CITY OF SANFORD, a municipal corporation CCity'), and
STENSTROM, MCINTOSH, COLBERT, WHIGHAM & SIMMONS, P.A. ("Escrow Agent").
Background:
A. Buttrey, City and Escrow Agent have entered into that certain Escrow Agreement
dated July 4, 2000 (the "Agreement").
B. Pursuant to the Agreement, City agreed to place into escrow in an account with
AmSouth Bank CAmSouth') the sum of Nine Hundred Fifty Thousand Dollars ($950,000.00)
(the "Escrowed Funds").
C. The parties desire to amend the Agreement to change the depository institution
where the Escrowed Funds will be held by the Escrow Agent.
NOW THEREFORE, in consideration of the provisions hereof, and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
mutually agree as follows:
1. BACKGROUND. The foregoing recitals are true and correct and are
incorporated by reference herein.
2. CHANGE OF DEPOSITORY INSTITUTION. The parties agree that the
Escrowed Funds shall be held by Escrow Agent and First Union National Bank CFirst Union")
rather than at AreSouth. All references to AmSouth in the Agreement shall be replaced by First
Union.
3. AGREEMENT PROVISIONS IN FULL FORCE. Except as amended hereby,
the Agreement shall remain in full force and effect in accordance with its original terms.
4. COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original.
5. FACSIMILE SIGNATURES. This Agreement may be executed by facsimile
signatures and each such signature shall be deemed to be an original signature for all purposes.
001802/82456/454878vl
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the
day and year first above written.
BUTTREY DEVELOPMENT, L.L.C., a
Florida limited liability company
Managing Member
CITY OF SANFORD, a municipal corporation
Name: 2I);O-na CrP__x~.t5 . Mayor
Name: ?~}qJ-~ P_~f/d~F~b3 Attest: '
-:
STENSTROM, MCINTOSH, COLBERT,
WHIGHAM & SIMMONS, P.A.
Shareholder
001802/82456/454878vl
STENSTROM, McINTOSH, COLBERT, WPIIGHA1VI & SI1VII~IONS, P.A.
ATTORNEYS AND COUNSELLORS AT LAW
May 14, 2001 .: _ .~
Janet R. Dougherty HAND DELIVERY
City Clerk , ~.
City of Sanford "' '
300 S. Park Avenue ,, ~'~
Sanford, FL 32771
Re: Mill Creek Phase 3B Stormwater Project
Buttrey Development LLC
Dear Ms. Dougherty:
Enclosed is the original Amendment to Escrow Agreement executed by the parties. Please retain
for safekeeping purposes.
If you have any questions, please contact us.
Sincerely,
STENSTROM, MclNTOSH, COLBERT,
WHIGHAM & SIMMONS, P.A.
William L. Colbert
Enclosure
cc: Mayor
City Manager
I:\NAH\FILES\2001\Sanford\Lelters\cc buttrey.wpd