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2010-0042010-4 Resolution Accepting Roads, Easements, Utilities and Other Public Improvements Constructed in Connection with Section 2, Parcel 1, Meadowood Subdivision Together with Maintenance Agreement Secured by Irrevocable Letter of Credit At a regular meeting of the Town Board of the Town of Wappinger, Dutchess County, New York, held at Town Hall, 20 Middlebush Road, Wappingers Falls, New York, on January 4, 2010. The meeting was called to order by Christopher Colsey, Supervisor, and upon roll being called, the following were present: PRESENT: Supervisor Councilmembers ABSENT: Christopher J. Colsey William H. Beale Vincent F. Bettina Ismay Czarniecki Joseph P. Paoloni The following Resolution was introduced by Councilman Beale and seconded by Supervisor Colsey. WHEREAS, Meadowood Investors, LLC (hereinafter "Applicant"), had previously made application to the Town of Wappinger Planning Board to approve a subdivision of lands more particularly described in a subdivision plat entitled "Section 2, Parcel 1, Meadowoods Subdivision", prepared by Lawrence J. Paggi, P.E., P.C., dated August 1, 2002, and last revised October 6, 2004; and WHEREAS, the Town of Wappinger Planning Board granted Final Subdivision Plat Approval, by Resolution dated February 2, 2004, subject to, and conditioned upon, fulfillment of the conditions set forth in the aforementioned Resolution, and subject to certain improvements being made and constructed, as set forth in the aforesaid Subdivision Map and related Contract Drawings, including dedication of the roads for Section 2, Parcel 1, Meadowoods Subdivision, all in accordance with the Town of Wappinger Subdivision Regulations, Zoning Code, Highway Specifications, and Rules and Regulations of the Town Code; and WHEREAS, Meadowood Investors, LLC purchased the Subdivision from the Applicant and has completed development of the subdivision, including all of the improvements as required by the Resolution of Final Subdivision Approval; and WHEREAS, the Applicant has tendered to the Town of Wappinger the following documents: an Irrevocable Offer of Cession and Dedication dated December 6, 2004, which was filed in the Dutchess County Clerk's Office on February 8, 2005 as document number 02 2005 1233; original deed for road dedication of Meadowood Lane and Truffle Ridge Road executed by Meadowood Investors, LLC by Michael G. Meyers, dated December 6, 2004, together with accompanying TP -584 and RP -5217; original Grant of Permanent Easement for Sewer, Storm Sewer and Water Purposes duly executed by Meadowood Investors, LLC by Michael G. Meyers, dated December 6, 2004, together with accompanying TP -584; original Grant of Snow Easement duly executed by Meadowood Investors, LLC by Michael G. Meyers, dated December 6, 2004, together with accompanying TP -584; original Commitment for Title Insurance issued by First American Title Insurance Company of New York bearing Title No. PA -8354/756D-02002; original Performance Agreement secured by an Irrevocable Letter of Credit duly executed by Meadowood Investors, LLC by Michael G. Meyers, dated December 14, 2004; and original Irrevocable Letter of Credit issued by Mahopac National Bank in favor of the Town of Wappinger bearing number 200450, all in recordable form and approved by the Attorney to the Town, Albert P. Roberts, by letter dated February 1, 2005; and WHEREAS, the Town Board has determined it is in the best interest of the residents of the Town of Wappinger, particularly the residents of Section 2, Parcel 1, Meadowood Subdivision, to accept the roads, easements, utilities and other public improvements that have been constructed in accordance with the original Resolution of Subdivision Plat Approval; and WHEREAS, pursuant to Subdivision Regulations of the Town of Wappinger, Meadowood Investors, LLC, is required to guarantee that the quality and workmanship of the improvements accepted by the Town will be free from defects in materials and workmanship for a period of one year from the date of acceptance by the Town; and WHEREAS, to guarantee the quality and workmanship of the public improvements, Meadowood Investors, LLC, has executed a Maintenance Agreement secured by an Irrevocable Letter of Credit bearing number 200549, issued in favor of the Town of Wappinger by Mahopac National Bank in the principal sum of Two Hundred Thirty -Nine Thousand Dollars ($239,000.00); and WHEREAS, as additional security to secure the obligation that the improvements will be free from defects, David Stenger, a Member of Meadowood Investors, LLC, has further agreed to personally guarantee the obligations of Meadowood Investors, LLC as set forth herein. NOW, THEREFORE, BE IT RESOLVED, as follows: 1. The recitations above set forth are incorporated in this Resolution as if fully set forth and adopted herein. 2. The Town Board hereby determines that it is in the best interest of the residents of the Town of Wappinger, particularly the residents of the Section 2, Parcel 1, Meadowood Subdivision, to accept the roads known as Meadowood Lane and Truffle Ridge Road, and related easements, utilities and other public improvements made and constructed in connection with Section 2, Parcel 1, Meadowood Subdivision, and, the Town Board hereby accepts same upon delivery of the original Maintenance Agreement and Irrevocable Letter of Credit above mentioned. 3. The Town Supervisor, Christopher J. Colsey, Engineer to the Town, Robert J. Gray, and Attorney to the Town, Albert P. Roberts, are authorized and directed to take whatever steps are necessary to have the aforementioned Deed, Easements and related Bills of Sale, if any, recorded and/or filed in the Office of the Dutchess County Clerk and to execute any and all documents necessary for such recording and/or filing, upon a determination that the aforesaid documents are delivered free and clear of any liens or encumbrances and are otherwise in compliance with the Town's Subdivision Regulations, Zoning Code, Highway Specifications, and Rules and Regulations of the Town Code. 4. The Maintenance Agreement executed on December 18, 2009, by Meadowood Investors, LLC with an address of P.O. Box 310, LaGrangeville, New York, 12540, as Obligor, in favor of the Town of Wappinger, as Obligee, is accepted as the guarantee that the quality and workmanship of the road and other public improvements will be free from defects in materials and workmanship for a period of one year from the date of acceptance by the Town as required by the Subdivision Regulations of the Town of Wappinger. 5. The Irrevocable Letter of Credit issued by Mahopac National Bank, bearing number 200549 and issued in favor of the Town of Wappinger in the principal sum of Two Hundred Thirty -Nine Thousand Dollars ($239,000.00), securing the obligations set forth in the Maintenance Agreement, is hereby accepted as security for the Maintenance Agreement. 6. The personal guarantee issued by David Stenger, incorporated into the Maintenance Agreement, in favor of the Town of Wappinger, securing the obligations set forth in the Maintenance Agreement, is hereby accepted as additional security for the Maintenance Agreement. 7. The Town Board acknowledges that the developer, Meadowood Investors, LLC has completed all of the work required by the Planning Board's Resolution of Final Subdivision Plat Approval, dated February 2, 2004, and that the Performance Agreement originally executed by Meadowood Investors, LLC by Michael G. Meyers on December 14, 2004, has been fully honored, and the Town Board hereby authorizes the Town Clerk to release the original Irrevocable Letter of Credit issued by Mahopac National Bank in favor of the Town of Wappinger, bearing number 200450, upon the Town Clerk's receipt of the above referenced Irrevocable Letter of Credit in the sum of Two Hundred Thirty Nine Thousand Dollars ($239,000.00), in the form acceptable to the Attorney to the Town. The foregoing was put to a vote which resulted as follows: CHRISTOPHER COLSEY, SUPERVISOR Voting: ABSTAIN WILLIAM H. BEALE, COUNCILMAN Voting: AYE VINCENT F. BETTINA, COUNCILMAN Voting: AYE ISMAY CZARNIECKI, COUNCILWOMAN Voting: AYE JOSEPH P. PAOLONI, COUNCILMAN Voting: NAY Dated: Wappingers Falls, New York 1/4/2010 The Resolution is hereby duly declared adopted. Q_ P, - LkLL�� HN C. MASTERSON, TOWN CLERK VERGILIS, STENGER, ROBERTS, DAVIS & DIAMOND, LLP ATTORNEYS AND COUNSELORS AT LAW KEVIN T. McDERMOTT ANGEL I. FALCON ANTHONY M. DEFAZIO*** JAMES P. HORAN*** LISA M. COBB M. ELLEN O'SULLIVAN *ADMITTEDTOPRACTICE IN NY & FLA. **ADMITTED TO PRACTICE IN NY & CONN. *** ADMITTED TO PRACTICE IN NY & NJ ****ADMITTED TO PRACTICE IN NY, FL & MA December 21, 2009 Town Board Town of Wappinger 20 Middlebush Road Wappingers Falls, New York Attention: Hon. Christopher J www.vsrp.com e-mail: info@vsrp.com Colsey, Supervisor Re: Section 2, Parcel 1, Meadowoods Subdivision (Meadowood Lane & Truffle Ridge Road) Maintenance Agreement Secured by Letter of Credit Our File No. 12949.0083 Dear Chris: CLOSING COORDINATOR: MARIA JONES POUGHKEEPSIE OFFICE 276 MAIN STREET POUGHKEEPSIE, NY 12601 (845)452-1046 NEWBURGH OFFICE 372 FULLERTON AVENUE NEWBURGH, NY 12550 (845) 567-3783 I have reviewed the Maintenance Agreement executed by Meadowood Investors, LLC secured by an Irrevocable Letter of Credit issued by Mahopac National Bank, bearing number 200549. A photo copy of the Letter of Credit is affixed hereto. The Maintenance Agreement is dated December 18, 2009 and the Irrevocable Letter of Credit is dated January 4, 2010. Both the Maintenance Agreement and Irrevocable Letter of Credit are approved and acceptable as to form. By copy of this letter I am forwarding the original Maintenance Agreement to Tatiana Lukianoff. Accordingly, I am also enclosing herewith a Resolution Accepting Roads, Easements, Utilities and Other Public Improvements Constructed in Connection with Section 2, Parcel 1, Meadowoods Subdivision Together with Maintenance Agreement secured by Irrevocable Letter of Credit for adoption by the Town Board at its next meeting on January 4, 2010. 0:\Wappinger\PlanningBoard\Meadowood\2009 Correspondence\122109 letter to Colsey re Maintenance Agmt and Resoltion Accepting Agmt.doc 1136 ROUTE 9 OF COUNSEL: GERALD A. VERGILIS* WAPPINGERS FALLS, NEW YORK 12590 KAREN MacNISH KENNETH M. STENGER ALBERT P. ROBERTS LEGAL ASSISTANTS: THOMAS R. DAVIS (845) 298-2000 AMY E. DECARLO STEPHEN E. DIAMOND****SANDRA FAX (845) 298-2842 A. OAKLEY JOAN F. GARRETT** SARAH SALISBURY KEVIN T. McDERMOTT ANGEL I. FALCON ANTHONY M. DEFAZIO*** JAMES P. HORAN*** LISA M. COBB M. ELLEN O'SULLIVAN *ADMITTEDTOPRACTICE IN NY & FLA. **ADMITTED TO PRACTICE IN NY & CONN. *** ADMITTED TO PRACTICE IN NY & NJ ****ADMITTED TO PRACTICE IN NY, FL & MA December 21, 2009 Town Board Town of Wappinger 20 Middlebush Road Wappingers Falls, New York Attention: Hon. Christopher J www.vsrp.com e-mail: info@vsrp.com Colsey, Supervisor Re: Section 2, Parcel 1, Meadowoods Subdivision (Meadowood Lane & Truffle Ridge Road) Maintenance Agreement Secured by Letter of Credit Our File No. 12949.0083 Dear Chris: CLOSING COORDINATOR: MARIA JONES POUGHKEEPSIE OFFICE 276 MAIN STREET POUGHKEEPSIE, NY 12601 (845)452-1046 NEWBURGH OFFICE 372 FULLERTON AVENUE NEWBURGH, NY 12550 (845) 567-3783 I have reviewed the Maintenance Agreement executed by Meadowood Investors, LLC secured by an Irrevocable Letter of Credit issued by Mahopac National Bank, bearing number 200549. A photo copy of the Letter of Credit is affixed hereto. The Maintenance Agreement is dated December 18, 2009 and the Irrevocable Letter of Credit is dated January 4, 2010. Both the Maintenance Agreement and Irrevocable Letter of Credit are approved and acceptable as to form. By copy of this letter I am forwarding the original Maintenance Agreement to Tatiana Lukianoff. Accordingly, I am also enclosing herewith a Resolution Accepting Roads, Easements, Utilities and Other Public Improvements Constructed in Connection with Section 2, Parcel 1, Meadowoods Subdivision Together with Maintenance Agreement secured by Irrevocable Letter of Credit for adoption by the Town Board at its next meeting on January 4, 2010. 0:\Wappinger\PlanningBoard\Meadowood\2009 Correspondence\122109 letter to Colsey re Maintenance Agmt and Resoltion Accepting Agmt.doc Christopher J. Colsey, Supervisor December 21, 2009 Page 2 Very truly yours, VERGILIS, STENGER, ROBERTS, DAVIS & DIAMOND, LLP ALBERT P.ROBERTS APR/so Enclosures cc: Hon. John C. Masterson, Town Clerk Planning Board Tatiana Lukianoff, Zoning Administrator Lawrence J. Paggi, P.E., P.C. O\Wappinger\PlanningBoard\Meadowood\2009 Correspondence\122109 letter to Colsey re Maintenance Agmt and Resoltion Accepting Agmt.doc Revised 12/18/09 MAINTENANCE AGREEMENT SECURED BY LETTER OF CREDIT WHEREAS, the undersigned, Meadowood Investors, LLC, by its Member, David W. Stenger, with an office at 2537 Route 52 Heritage Square, Suite 16, P.O. Box 306, Hopewell Junction, New York 12533, has now completed the roads and other required public improvements in connection with the Subdivision known as "Section 2, Parcel 1, Meadowoods Subdivision" prepared by Lawrence J. Paggi, P.E., P.C., dated August 1, 2002 and last revised October 6, 2004, which map has been filed in the Dutchess County Clerk's Office as filed map number 11210B on February 10, 2005 (hereinafter the "Subdivision") which roads and other required public improvements are ready to be dedicated and accepted by the Town of Wappinger; and WHEREAS, pursuant to the Subdivision Regulations of the Town of Wappinger (hereinafter the "Town") the undersigned is required to guarantee that the quality and workmanship of any roads and public improvements to be dedicated to the Town in connection with the aforementioned "Section 2, Parcell, Meadowoods Subdivision", will be free from defects in materials and workmanship for a period of one year from the date of acceptance by the Town; and WHEREAS, to secure the obligations to guarantee said roads and public improvements, the undersigned has obtained a Letter of Credit issued by Mahopac National Bank bearing number 200549, in the principal sum of Two Hundred Thirty Nine Thousand Dollars ($239,000.00) issued in favor of the Town of Wappinger; and WHEREAS, as additional security to secure the obligation that the roads and other public improvements will be free from defects in materials and workmanship, David W. Stenger, as President of the undersigned, has further agreed to personally guarantee the obligations set forth in this Maintenance Agreement. NOW, THEREFORE, the undersigned, Meadowood Investors, LLC by its Member, David W. 0 \WappingenPlanningBoard\Meadowood\Maintenance Agreement - Roads & Other Improvements. DOC Revised 12/18/09 Stenger, hereby guarantees that the quality and workmanship of the roads and other public improvements constructed and installed in connection with the Subdivision will be free from defects in materials and workmanship for a period of one year from the date of acceptance of said roads and improvements by the Town and the undersigned further agrees to maintain and repair said roads and public improvements in accordance with the Ordinances, Local Laws, Rules, Regulations and Code of the Town of Wappinger for a period of one year from the date of acceptance of said roads and improvements by the Town. As security for this Maintenance Agreement, the undersigned delivers to the Town the following security for the faithful performance of the obligations contained herein: A Letter of Credit issued by Mahopac National Bank bearing number200549, in the principal sum of Two Hundred Thirty Nine Thousand Dollars ($239,000.00) in favor of the Town, which Letter of Credit is attached hereto, and the undersigned consents to the terms thereof as security for the obligations contained herein. The undersigned understands that if the security posted hereunder shall lapse or expire for any reason, then this Maintenance Agreement will be deemed in default and lots within the Subdivision will no longer be eligible for building permits or certificates of occupancy until new and sufficient security is posted. As additional security for this Maintenance Agreement, David W. Stenger, as a Member of Meadowood Investors, LLC further joins in the execution of this Agreement for the sole purpose of guaranteeing the faithful performance of the obligations created hereunder. Date: MEADOWOOD INVESTORS, LLC By: Da'VI W. Stenger, Me er Da ' W. Stenger, Individual as Guarantor -2— 0:\Wappinger\PlanningBoard\Meadowood\Maintenance Agreement - Roads & Other Improvements. DOC Revised 12/18/09 ACKNOWLEDGEMENT STATE OF NEW YORK ) ) ss: COUNTY OF DUTCHESS ) On the day of December, 2009, before me, the undersigned, personally appeared DAVID W. STENGER personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument. /? AI Notary Publi SARAH SAUSBURY Notary Pubk State of New Yolk No. OISA620M QmNfbd In M tares Cou* Conunis m Expires Aupuat 3. a. -3— O:\Wappinger\PlanningBoard\Meadowood\Maintenance Agreement - Roads & Other Improvements. DOC ` IRREVOCABLE LETTER OF CREDIT Borrower: Meadowood Investors LLC Lender: Mahopac National Bank c/o Creekview, Ltd., P.O. Box 306 1441 Route 22 Hopewell Junction, NY 12533 Brewster, NY 10509 Beneficiary: Town of Wappinger 20 Middlebush Road Wappingers Falls, NY 12590 NO.: 200549 EXPIRATION DATE. This letter of credit shall expire upon the close of business on 0 1 -04-2011 and all drafts and accompanying statements or documents must be presented to Lender on or before that time (the "Expiration Date"). AMOUNT OF CREDIT. Lender hereby establishes at the request and for the account of Borrower, an Irrevocable Letter of Credit in favor of Beneficiary for a sum of Two Hundred Thirty-nine Thousand & 00/100 Dollars ($239,000.00) (the "Letter of Credit"). These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated above (or other such address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed written statements or documents indicated below. WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT BORROWER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN. DRAFT TERMS AND CONDITIONS. Lender shall honor drafts submitted by Beneficiary under the following terms and conditions: A statement purportedly signed by an authorized officer of Town of Wappinger stating "We hereby certify that the amount of Two Hundred Thirty Nine Thousand and 00/100 U.S. Dollars ($239,000.00) or parts thereof as evidenced by our sight draft dated today and drawn on you, represents the amount due Town of Wappinger from Meadowood Investors LLC as a result of its failure to perform its obligations in accordance with the maintenance agreement entered into with the Town of Wappinger. We futher certify that the account party was give ample opportunity to be heard on this matter prior to the Town Board voting on this resolution" Upon Lender's honor of such drafts, Lender shall be fully discharged of Lender's obligations under this Letter of Credit and shall not be obligated to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn. Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person, for any amount paid or disbursed for any reason whatsoever, including, without limitation, any nonapplication or misapplication by Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds received by Beneficiary in excess of the Letter of Credit's maximum drawing amount. USE RESTRICTIONS. All drafts must be marked "DRAWN UNDER Mahopac National Bank IRREVOCABLE LETTER OF CREDIT NO. 200549 DATED 01-04-2010," and the amount of each draft shall be marked on the draft. Only Beneficiary may complete a draft and accompanying statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder. Partial draws are permitted under this Letter of Credit. Lender's honor of a partial draw shall correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw, Lender shall return this original Letter of Credit to Beneficiary with the partial draw noted hereon; in the alternative, and in its sole discretion, Lender may issue a substitute Letter of Credit to Beneficiary in the amount shown above, less any partial drawls). PERMITTED TRANSFEREES. The right to draw under this Letter of Credit shall be nontransferable, except for: A. A transfer (in its entirety, but not in part) by direct operation of law to the administrator, executor, bankruptcy trustee, receiver, liquidator, successor, or other representative at law of the original Beneficiary; and B. The first immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express approval of a governmental body (judicial, administrative, or executive). TRANSFEREES REQUIRED DOCUMENTS. When the presenter is a permitted transferee (i) by operation of law or (ii) a third party receiving transfer from a legal representative, as described above, the documents required for a draw shall include a certified copy of the one or more documents which show the presenter's authority to claim through or to act with authority for the original Beneficiary. COMPLIANCE BURDEN. Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i) that unless and until the present wording of this Letter of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary, and (ii) that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording. NON -SEVERABILITY. If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and Beneficiary shall be restored to the position each would have occupied with all rights available as though this Letter of Credit had never occurred. This non -severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within this Letter of Credit. GOVERNING LAW. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of New York without regard to its conflicts of law provisions, and except to the extent such laws are inconsistent with the 2007 Revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce, ICC Publication No. 600. This Agreement has been accepted by Lender in the State of New York. EXPIRATION. Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored if presented to Lender on or before the Expiration Date unless otherwise provided for above. Dated: January 4, 2010 P IRREVOCABLE LETTER OF CREDIT Loan No: 200549 (Continued) Page 2 LENDER RSEMENT OF DRAFTS DRAWN: Amount Amount Date Negotiated Rv In Words In Figures LASER PRO Lending, V.. 5.48.CO.004 Cop,. Ne,Imd Finenoiel Solations, Inc. 1997, 2009. All Right, Renrved. - NY M:%CFRLPL%C10LOC.FC TR -1212 PR -59