HomeMy WebLinkAboutC76-29 Subdivision Agreement with Edwards Development for South Fortyr
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SUBDIVISION AGREEMENT
THIS AGREEMENT, entered into this f day of
1976, by and between Edwards Development
Associates, a limited partnership, and The Board of County
Commissioners of Eagle County, Colorado, hereinafter referred to
as Eagle County,
WITNESSETH:
Whereas, Edwards Devalopment Associates is the developer
of that certain subdivision known as South Forty Subdivision,
located in the vicinity of Edwards, Colorado, the final plat of
which has been approved by Fagle County on this date; and,
Whereas, the parties have entered into this agreement
pursuant to Section 3.10 of the Subdivision Regulations of Eagle
County, Colorado, adopted September 5, 1972, amended August 1,
1976,
NOW, THEREFORE, in consideration of their mutual
promises, the parties hereto agree as follows:
1. That Edwards Development Associates agrees to
complete the subdivision as shown on the final plat date, known
as South Forty Subdivision, as it appears of record in the office
of the Eagle County Clerk and Recorder, on or before December 31,
1977; that the engineer's estimate of said street, drainage and
utilities for the subdivision is $84,500.00.
2. That in order to secure the performance of the
obligations described in paragraph 1 above, Edwards Development
Associates shall execute its deed of trust in favor of Eagle
County, in the amount of $91,900.00, covering lots C-2, R-21,
R-22, R-23, R-24 and R-30 in the South Forty Subdivision.
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3. That Edwards Development Associates sem' to
security of a value equal to or ameeding $84,:500.00 at
prior to the completion of the improvements, with approval of
Eagle County, and upon completion of the improvements Sa51e County.
will release the above described deed of trust.
4. That Eagle County shall credit toward said
$84,500.00 any and all improvements made on the streets and drain-
age and utilities 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 improve-
ments yet to be completed. Edwards Development Associates shall
furnish an engineer's estimate of any street and drainage
improvements yet to be completed within thirty days after request
by Eagle County, or upon substituting security. The Eagle County
Engineer shall have the authority to determine the value of
improvements yet to be constructed.
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5. A deed of trust satisfactory 6o Eagle County shall
be executed as per paragraph 2 within thirty days of the agreement.
6. This agreement shall be binding upon the respective
successors and assigns of the parties hereto.
EDWARDS DEVELOPMENT ASSOCIATES
ay�c Williams
William L.
76
THE BOARD OF COUNTY
CONrMIONERS OF EAGLE COUNTY
IxBy
Dale M?. Grant, chairman
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3. That Edwards Development Associates sem' to
security of a value equal to or ameeding $84,:500.00 at
prior to the completion of the improvements, with approval of
Eagle County, and upon completion of the improvements Sa51e County.
will release the above described deed of trust.
4. That Eagle County shall credit toward said
$84,500.00 any and all improvements made on the streets and drain-
age and utilities 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 improve-
ments yet to be completed. Edwards Development Associates shall
furnish an engineer's estimate of any street and drainage
improvements yet to be completed within thirty days after request
by Eagle County, or upon substituting security. The Eagle County
Engineer shall have the authority to determine the value of
improvements yet to be constructed.
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5. A deed of trust satisfactory 6o Eagle County shall
be executed as per paragraph 2 within thirty days of the agreement.
6. This agreement shall be binding upon the respective
successors and assigns of the parties hereto.
EDWARDS DEVELOPMENT ASSOCIATES
ay�c Williams
William L.
76
THE BOARD OF COUNTY
CONrMIONERS OF EAGLE COUNTY
IxBy
Dale M?. Grant, chairman
-2-
jM1
