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HomeMy WebLinkAboutC74-38 SIA with Benchmark at Beaver Creek4 N ` 'SUBDIVISION AGREEMENT This Agreement entered into this 26th day of February, 1974, by and between Benchmark at Beaver Creek, a limited partner- ship, hereinafter referred to as "Benchmark" and.the Board of County Commissioners of Eagle County, Colorado, hereinafter referred to as "Eagle County". WHEREAS, Benchmark is the developer of that certain sub- division known as Benchmark at Beaver Creek located in the vicinity of Avon, Colorado, the final plat of which has been approved by Eagle County on this date; and, , WHEREAS, the parties have entered into this Agreement pursuant to Section 4.03. 02(e) of the-Subdivi'sion Regulations of Eagle County, Colorado adopted September 5, 1972. NOW- THEREFORE, in consideration of their mutual promises the parties he11 reto agree as follows: 1..Provision of water to the subdivision is pursuant to that certain contract with Eagle -Vail Metropolitan District, a copy of which is on file with the Eagle -County Planning Department. 2. That sewer service shall be furnished by the,Upper Eagle -Valley Sanitation District, 3. That both said Eagle -Vail Metropolitan District and the Upper Eagle Valley Sanitation District are.quasi-municipal entities with the power of taxation and assessment and further quarantee of the installation of said utilities or availability of service is not deemed necessary. 4. That Benchmark agrees to install drainage structures,. street improvements and revegetation as specified under Section 5.00 of the Subdivision Regulations of.Eagle County,Colorado, as more fully shown on the final plat of the Benchmark at Beaver'Creek Subdivision as it appears of record in the office pf the Eagle County t Clerk and Recorder on or before January 1, 1926 That the engineer's estimate of said street and drainage improvements for the subdivision is $248,820.00. 5. That in order to secure the performance of the obligations described in paragraph 4 above, Benchmark shall.execute its Deed of Trust in favor of Eagle County in the amount of Y $248,820.00 covering Section 35, Township 4 South, Range 82 West, of the 6th*P.M. That said Section 35 is vested in Benchmark subject to•a Deed of Trust in favor of Commerce Mortgage Company in the amount of $627,000.00 ( which Deed of Trust covers additional property) and was the subject matter of a recent MAI Appraisal which placed the value of said Section at $1,900,000.00. 6. That Benchmark shall have the right to substitute security of a value equal to or exceeding $248,820.00 at any time prior to the completion of the improvements+ above described and upon substitution of security, Eagle County will release the above described Deed of Trust. 7. That Eagle County shall credit toward said $248,820.00 any and all improvements made on the streets and drainage structures at any time. The security interest represented by said Deed of Trust -shall at any time represent only the balance of said improvements yet to be completed and any substitution of security shall likewise reflect only the balance of said improvements yet to be completed. Benchmark shall furnish an engineer's estimate of any street and drainage improvements yet to be completed within thirty (30) days after request by Eagle County or upon substituting security and said engineer's estimate shall be the basis of determining the amount of improvements yet to be constructed. -2- 8. This Agreement shall be binding upon the respective successors and assigns of the parties hereto. BENCIMARK AT BEAVER CREEK By onald Allred BOARD OF COUNTY CO'x%DUSSIONERS EAGLE COUNTY, COLORADO B y Cha n ATTEST: t. S'ecretary' (Seal) 'J