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ASSURANCE AGREEMENT — LANDINGS PARCEL 2-1 This Agreement is made on , 2019, by and between MARICOPA COUNTY, a political subdivision of the State of Arizona, by its Board of Supervisors (hereinafter "County"); And JEN ARIZONA 28, LLC, an Arizona Limited Liability Company, with an address of 2222 West Pinnacle Peak Road, Suite 140, Phoenix, AZ 85027, (hereinafter "JEN"). The term "JEN" as used herein shall include JEN and any and all successors in title to the Property. Whereas, JEN is the owner of certain real property full described in Exhibit A attached hereto and made a part hereto (herein referred to as "Property"); and Whereas, JEN has applied to the County pursuant to A.R.S. §11-821 et seq. to subdivide the Property for single family residential development; and Whereas, A.R.S. §11-821(C) provides: "The regulations shall require the posting of performance bonds, assurances or such other security as may be appropriate and necessary to ensure the installation of required street, sewer, electric and water utilities, drainage, flood control and improvements meeting established minimum standards of design and construction;" and Whereas, A.R.S. §11-822(A) provides: "No plat of a subdivision of land within the area of jurisdiction of the County shall be accepted for recording or recorded until it has been approved by the Board. The approval of the Board shall be endorsed in writing on the plat and shall also include specific identification and approval of the assurances;" and Whereas, JEN has requested that, to satisfy the statutory requirement for providing an assurance to ensure the installation of required improvements, that the County enter into an agreement with JEN that no building permits for the construction of homes for sale to third parties shall be issued in connection with the Property unless and until such time as all required improvements that meet the minimum standards of design and construction established by the County pursuant to plans and specifications that have been approved by the County (i) have been installed at no cost or expense to the County and (ii) have been inspected by the County, which has been satisfied with such installation pursuant to guidelines adopted by the County; and Whereas, any such agreement entered into between the parties shall be deemed to be a "Building Permit Hold;" and Whereas, the County is agreeable to entering into such a Building Permit Hold to serve as the statutorily required assurance of performance provided all of the terms of such Agreement are satisfied. NOW THEREFORE, in consideration of the mutual premises contained herein and other good and valuable consideration, the parties agree as follows: 1. The above recitals are incorporated herein as if fully reproduced at length. No building permit shall be issued to allow construction on or in connection with the Propeity except: a. Building permits for the installation and completion of all required infrastructure for the project pursuant to plans approved by any and all applicable agencies. b. Not more than eight (8) building permits issued by the County in accordance with applicable building codes for) model homes, each home to be located on specific lots approved by the County. No issued building permit shall include the right to occupy any model home for any purpose other than to demonstrate the style of home available to purchasers within the project; provided that the garage and kitchen areas of one such home per model complex, as designated by JEN, may be used for the purpose of conducting sales of homes to prospective third party purchasers. 3. No building permit of any kind shall issue unless and until this Agreement shall have been recorded in the office of the Maricopa County Recorder. Upon completion of the infrastructure which this Agreement assures or other proper termination of this Agreement, the County shall execute an appropriate document presented to it by JEN for recording to provide notice that this Agreement has terminated. 4. In the event the County Board of Supervisors shall not approve the subdivision plat for the Property, this Agreement shall be deemed to be terminated properly and of no force or effect. 5. JEN shall maintain a valid, active building permit for construction of any and all required subdivision infrastructure which has not been completed and approved by the appropriate agency. 6. Should JEN breach this Agreement, any and all building permits that have been issued for the Property shall immediately cease to be valid unless and until a financial assurance, in form satisfactory to the County, has been provided to and accepted by the County. 7, This Agreement shall not be deemed to be satisfied unless and until all building permits issued for the Property has been completed and all required warranty assurances have been provided. 8. This Agreement may be terminated by JEN providing substituted assurances as required by the ordinances and regulations of Maricopa County as a substitute for this Agreement. Any financial assurance shall be based upon one hundred twenty percent (120%) of a County approved cost estimate for the remaining improvements at the time of termination prepared by a civil engineer licensed in the State of Arizona, Said estimate shall be based on current unit costs for the various remaining work items. 9. This Building Permit Hold does not and shall not be interpreted to include required assurances for any and all improvements required to the portions of Camelback Road, which are to be dedicated to the County that are adjacent to the Property. Said improvements shall be assured by proper financial assurances pursuant to guidelines provided by Maricopa County Department of Transportation. 10. Nothing contained in this Agreement shall be construed as obviating the necessity of JEN providing financial warranty assurances for any improvements pursuant to applicable County ordinances, resolutions or rules. 11. This Agreement may be cancelled by the County pursuant to the terms of A.R.S. § 38-511. -2- All notices, and communications to be given under this Agreement shall be in writing and shall be deemed to have been duly given if delivered personally (in which case the date of delivery would the actual date), if mailed first-class, postage prepaid, registered or certified mail (in which case the date of delivery would be three (3) days from the date of mailing), or if sent by telegram, telex, facsimile, telecommunication or other similar form of communication (in which case the date of delivery would be the date of receipt confirmation), as follows, or as otherwise provided by notice to the other party: If to County: Maricopa County Planning and Development Department 501 N. 44th Street Phoenix AZ Attention: Director If to JEN: 2222 West Pinnacle Peak Road, Suite 140 Phoenix, Arizona 85027 Attn: Michael Jesberger 12. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the parties to this Agreement and their respective successors and assigns. This Agreement shall run with and be an encumbrance upon the Property. Upon request following a termination of this Agreement, the County shall promptly record a notice of termination of this Agreement. 13. This Agreement, including all Exhibits constitute the entire agreement and understanding between the parties relating to the provision of assurances required by statute and supersedes all prior representations, communications and arrangements, whether oral, written or inferred, between the parties relating to that subject matter. This Agreement shall not be amended or modified except by a writing duly executed by JEN and the County. The waiver of any breach of any term or condition of this Agreement shall not be deemed to constitute the waiver of any other breach of the same or any other term or condition. 14. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 15. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. -3- 16. JEN represents and warrants to the County that the person executing this Agreement for JEN has been authorized to do so in compliance with the terms of its Articles of Organization and Operating Agreement. JEN has provided to the County proof of the signing authority of the person executing this Agreement. Dated as of the day and year first above written, II Approved as to to content: JEN ARIZONA 28, LLC An Arizona Limited Liability Company ichael K. Jesberger Its: Authorized Signatory COUNTY: MARICOPA COUNTY BOARD OF SUPERVISORS By: Name: Title: ATTEST: Clerk of the Board of Supervisors Div-My County Attorney Date: Date: JEN Arizona 28 LLC RESOLUTIONS WHEREAS, the Manager of JEN Arizona 28 LLC, an Arizona limited liability company (the "Company") is JEN V GP LLC, a Delaware limited liability company, and this certification of the Resolutions set forth hereafter is signed by Reuben Leibowitz as President of JEN V GP LLC, in its capacity as Manager of the Company, THEREFORE, the undersigned, do hereby consent to, ratify, adopt and certify for the records of the Company, the following as the actions of the Company: RESOLVED, that the Company desires to acquire certain real property located in Maricopa County, Arizona, known as Camelback; and RESOLVED, that Michael Jesberger or Diann Curley are hereby authorized to execute the necessary documents on behalf of the Company to finance, acquire, sell, develop and entitle the property, and otherwise accomplish the aforementioned desires, including, but not limited to, establishing bank accounts and executing closing documents for said transaction, and to otherwise take appropriate action in order to close the transaction and fulfill the obligations of the Company pursuant to such documents. IN WITNESS WHEREOF, the undersigned have executed and delivered these Resolutions as of August 29, 2016. JEN Arizona 28 LLC An Arizona limited liability company By: JEN V GP, LLC, a Delaware limited liability company, its Manager By: Nathe: Reuben Leibowitz Title: President EXHIBIT A (Legal Description of the JEN Property) [See attached] THE LANDINGS PARCEL 2-1 BOUNDARY LEGAL DESCRIPTION A portion of land being situated within the Northwest Quarter of Section 21, Township 2 North, Range 2 West of the Gila and Salt River Meridian, Maricopa County, Arizona, being more particularly described as follows: COMMENCING at a found 2-1/2 inch Maricopa County Department of Transportation brass cap flush accepted as the Northwest corner of said Section 21 from which a found 2-1/2 inch Maricopa County Department of Transportation brass cap flush accepted as the West Quarter corner of said Section 21 thereof bears South 00°.15'54" West, 2635.01 feet; Thence South 00°1554" West, 1248.58 feet along the west line of the Northwest Quarter of said Section 21; Thence leaving said west line, South 89°44'06" East, 279.00 feet to the POINT OF BEGINNING; Thence South 8905534" East, 475.21 feet; Thence South 0000426" West, 119.82 feet to a non-tangent curve, concave northwesterly, having a radius of 20.00.feet, the center of which bears North 29°5534" West; Thence southwesterly along said curve, through a central angle of 30°00'00", an arc length of 10.47 feet to a non-tangent line; Thence South 00°04'26" West, 50.00 feet; Thence South 89°55'34" East, 38.88 feet; Thence South 00°04'26" West, 120.13 feet; Thence South 89°55'34" East, 186.60 feet; Thence North 87°28'40" East, 48.05 feet; Thence North 82°11'15" East, 49.88 feet; Thence North 76°46'19" East, 67.37 feet; Thence North 68°39'47" East, 67.11 feet; Thenee North 60°07'29" East, 48.17 feet; U:11700\17751SURVEY1PLATNPARCEL 3\1775-P3-FP ENDY_LEGAL.doox Page 1 of 3 Thence North 47 03439" East, 49.51 feet; Thence North 31 034 107" West, 113.54 feet to a non-tangent curve, concave southwesterly, having a radius of 20,00 feet, the center of which bears South 03°34'03" West; Thence southeasterly along said curve, through a central angle of 52°34'09", an arc length of 18,35 feet to a non-tangent line; Thence North 61°35'56" East, 50.24 feet to a non-tangent curve, concave northeasterly, having a radius of 750.00 feet, the center of which bears North 55°46'16" East; Thence southeasterly along said curve, through a central angle of 19°42'34", an arc length of 257.99 feet to a non-tangent line; Thence South 36°03'43" West, 50,00 feet to a non-tangent curve, concave southwesterly, having a radius of 20.00 feet, the center of which bears South 36°03'43" West; Thence northwesterly along said curve, through a central angle of 26°5115", an arc length of 9.37 feet to a non-tangent line; Thence South 39°12'28" West, 124.58 feet; Thence South 50°47'32" East, 110.66 feet; Thence South 30°1608" West, 92.25 feet; Thence South 15°21'38" West, 75.00 feet; Thence South 00°04'26" West, 279.20 feet; Thence North 89°54'11" West, 1078.96 feet; Thence North 00°15'54" East, 891.55 feet to the POINT OF BEGINNING. U:11700 \17751SURVEY \PLAT \PARCEL, 3 11775-P3•FP 13NDY_LEGAL.docx Page 2 of 3 '49 4/0 • 1.934,4, .K.1131.< J. • . ,FANOpp... (44.1f3t, The abdyedesoribed parcel:contains a computed area of828,956 aq, ft, (19,002 acres) more Or less and being subject to any easements, restrictions, rights.of4ay of record ,or otherWise, The description shown hereon is not to be used to violate any subdivision regulation of the state, county and/or municipality or any land division restrictions. Prepared by: HILGARIWILSON, ILL 2141 E. Highland Avenue, Suite 250 Phoenix, AZ 85916 Project No,: 1775 Date: March 2019 U:11706117751SURVEY\PLA1WAROEL 3\17754P3,FP 13NDY_IEGAL4ocx Pabe 3 of 3 , . .S 03!. ,',W• RA O I.A N29 45n4nW RADIAL.L.,1,0 \ L4*---i L ' L6 L7J 19 L1 7; Up' 14_1 N —,^ — S.89'44WE 279.Q0' Li C 1- Li 5 S38'0343"W :Li °A RADIAL 1° -L1'6 I'd N g) -L1 .5• N Z I -C2 RADIAL c1:1 0 (j) 195TH AVE L21, tOA 19344 KIRK J, PANGOS NW COR SEC 21, T2N, N 1 ;/4 .:OR SEC 21, ,T2N, • R2W FOUND MCDOT W CAMELBACK RD R2W FOUNO MCOOT BRASS CAP FLUSH, RO,OA , ORASS CAP' FLUSH S8955 34 E, 264..1) 1 co co' JEN ARIZONA 28 APN: 502-29-3538 W.•1/4 .'.0OR -SEC 21,,••• T2N, R2W FOUND MODOT BRASS. CAR FLUSH' P.03. - POINT OF BEGINNING RO:C. POINT OF COMMENCING Aress H ILGARTW1 LSA'N 2±41 E, HIQHLANO.AVE, sTg,.2og 50,0 P: 692,490.9535j F: 602,3682436 o200, HILGARAILSONi LLC 11; \1700\1775\sURVEADMALEGAL\1775TIOCE1. 2-1 MO E1atolywg 4/10019 9;49 AM PRoJ, NO4 1775 .DATE: APR 2019 SCALE: N.T,S. THE LANDIN G S PARCEL 2:!--1 BOUNDARY MARICOPA COUNTY, ...ARIZONA CHECKED ,BY: 10P DRAWN BY: GS EXHIBIT VICA 4c, 19344 o KIRK J, PANGIJS LINE TABLE LINE N. DIRECTION LENGTH L1 S89551341'E 475,21' L2 S00'04'26 HW 119.82' L3 S00'04'26 1'W 50,00' , L4 S89'55'34 bE 38.88' .L5 S00'.04'26 uW , 120.13' ' L6 S89 55'34"E 186,60' L7 N87'28'40"E 48.05' L8 N8211'15 HE 49,88' L9 N7546'19"E 67,37' L10 N6839 147"E 67.11' 1_11 N60'07'29 E 48.17' L12 N47'34 139"E 49.51' L13 N31'34'07"W 113,54' L14 N61 .'35'56 HE 50,24' L15 S36 03'43"W 50,00' L16 S39 12 128"W 124,58' L17 S50'47'32"E 110.66' L18 S3016'081 92.25' L19 S1521 '38"W 1 75.00' L20 500'04'26 H W 279,20' iL21 N89'54 1 11 HW 1078,96' L22 NO0'15'54 1'E 891,55' CURVE TABLE CURVE N. DELTA LENGTH 20,00' 30700'00" 10.47' C2 .20,00 5234'09" 18 135' C3 750,00' 19'42'34" 257.99' •C4 20,00' 26'51'15" 0.37 PROJ,NO;; 1775 DATE LANDINGS ATE APR 2019 PAROEL 2-1 BOUNDARY .SCALD NONE MARICOPA COUNTY, ARIZONA EXHIBIT otos H I LGARTWI LS ON 2141 E. HIGHLAND AVE., STE. 250 PHOENIX,AZ 85016 P: 60i400.0535 / 602.568.2436 DRAWN BY: GS CHECKED BY: Ka) 9:1700\1175NSURVEY\ODOSNLEGAI\1779TAftql 2,1 UNDY0981T.Org '4/14/2919 9;43 AM 02019, HILOARTMLSON, LLO MARICOPA COUNTY RESOLUTION NO. C- A RESOLUTION OF THE BOARD OF SUPERVISORS OF MARICOPA COUNTY, PHOENIX, ARIZONA (THE "COUNTY") AUTHORIZING EXECUTION ON BEHALF OF THE COUNTY, AN ASSURANCE AGREEMENT AMONG THE COUNTY; AND JEN ARIZONA 28, LLC (HEREAFTER, THE "OWNER") REGARDING IMPLEMENTATION OF THE DEVELOPMENT KNOWN AS THE LANDINGS (PARCEL 2-1) SUBDIVISION WHEREAS, Maricopa County is a growing county with respects to population, and expects population growth to continue in the foreseeable future, and WHEREAS, a sizable portion of this population growth will occur in unincorporated areas as a result of large master-planned communities that will include a significant number of residents and various types of land uses; and WHEREAS, the Board of Supervisors recognizes that it must exercise its authority to accommodate growth in an efficient manner that protects County residents and taxpayers from undue fiscal burdens; and WHEREAS, pursuant to Arizona Revised Statues §11-821(C) the posting of an assurance satisfactory to the County, ensuring the completion of necessary infrastructure, is required as a pre-condition to the granting of an approval to subdivide property; and WHEREAS, Owner owns certain real property in unincorporated Maricopa County comprising a total of approximately 19 acres (the "Property"); and WHEREAS, Owner represents and warrants that it is the fee title owner of the Property and has an interest in the Property as described in Arizona Revised Statutes §11-1101 B; and WHEREAS, County wishes to enter into an assurance agreement in form and substance acceptable to the County with Owner (the "Assurance Agreement") for the subdivision known as The Landings (Parcel 2-1 Plat) in accordance with ARS §11-821 to help ensure timely and efficient development of infrastructure and services for future residents within the Property, and to help minimize fiscal impacts to County residents and taxpayers; APPROVED AS TO FORM': ATTEST: 209.4 Attors4 for the C6untgr— Clerk of the Board Chairman, Board of Supervisors WHEREAS, ARS §11-821 provides that the Board of Supervisors may regulate the subdivision of lands within its corporate limits by requiring the posting of performance bonds or other forms of assurances, including assurance agreements, necessary to ensure the installation of required street, sewer, electric and water utilities; and drainage and flood control improvements meeting minimum standards of design and construction; and WHEREAS, the Board of Supervisors has agreed to accept from Owner in order to meet such requirements an assurance in the form of the "Assurance Agreement". NOW, THEREFORE, BE IT RESOLVED, the Board of Supervisors of Maricopa County authorizes execution of the Assurance Agreement on behalf of the County. EXECUTED this day of , 2020, by Maricopa County Board of Supervisors, Phoenix, Arizona.