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HomeMy WebLinkAboutC77-41 SIA with Vail Intermountai AssociatesSUBDIVISION IMPROVEMENTS AGREEMENT THIS.AGREEMENT, made and entered into this 2nd day of May 1977 by and between Vail Intermountain Associates, a limited partnership, hereinafter referred to as "Subdivider", and the County of Eagle,. State of Colorado, a body corporate and politic, by and through its Board of County Commissioners, hereinafter referred to as "County", WITNESSETH: WHEREAS, the Subdivider, as a condition of approval of the final plat of Vail Intermountain Development Subdivision, Block 10, Subdivision, desires to enter into a Subdivision Improvements Agreement as provided for by Section 30-28-137, Revised Statutes 1973, Colorado as amended; and WHEREAS, pursuant to the same authority, the Subdivider - is obligated to provide security or collateral sufficient in the judgment of the Board of County Commissioners to make reasonable provision for completion of certain public improve- ments set forth in Exhibit "A" attached hereto and incorporated herein; and WHEREAS, the Subdivider desires to provide collateral to guarantee performance of this agreement, including construc- tion of the above -referenced public improvements by means of promissory rote secured by first deed of trust on real property located in the County of Eagle, State of Colorado; NOW THEREFORE, in consideration of the following mutual covenants,'conditions, and promises, the parties hereto agree hereby as follows: _ �+, M 1. Subdivider hereby agrees, at his own cost and expense, to furnish all equipment and material necessary to f perform and complete, and within eighteen (18) months from the date of recordation of the above -referenced subdivision final plat to perform and complete in a good.workmanlike manner, all publicimprovementsas shown in the final plat documents for the subject subdivision in an accordance with all plans and specifications for the subject subdivision filed in the office of the County Engineer and/or the Depart- ment of Planning and Development and to do all work incidental thereto according to and in compliance with the following: (a) All final plat documents submitted prior to or at the time of final plat approval. (b) All laws of the United States, State of Colorado, Eagle County and its various agencies, including its Zoning Resolution, affected special districts and/or servicing authorities. (c) Such other designs, drawings, maps, speci- fications, sketches and other matter submitted to and approved by any of the above -referenced govern- mental entities. All said work shall be done under the inspection of, and to the satisfaction of, the County Engineer and/or the Building Official, respectively, of the County of Eagle, and shall not be deemed complete until approved and accepted as.completed by the Board of County Commissioners of the County or said Board's appointed designee. 2 The estimated cost of said work and improvements is the sum of thirty thousand ($30,000.00) dollars. 2. To secure and guarantee performance of its obligations as set forth herein, the Subdivider agrees to provide security and collateral in the following form, as approved herein by the County: a promissory note in the amount of $30,000.00 secured by a first deed of trust on real property located in the County of Eagle, State of Colorado, which is not a part of the subject subdivision. 3. It is mutually agreed, pursuant to the provisions of Section'30-28-137(3), Colorado Revised Statutes 1973, as amended, that the County or any purchaser of any lot, lots, tract or tracts of land subject to a plat restriction which is the security portion.of a subdivision improvements agreement shall have the authority to bring an action in any district court to compel the enforcement of any subdivision improvements agreement on the sale, conveyance or transfer of any such lot, lots, tract or tracts of land or of any other provision of Part 1 of Article 28 of Title 30 of C.R.S. 1973. Such authority shall include the right to compel rescission of any sale, conveyance or transfer of any lot, lots, tract or tracts of land contrary to the provisions of any such restrictions set forth in the plat or in any separate recorded instrument, but any such action shall be commenced prior to the issuance of a building permit by the County where so required. 4. It is further mutually agreed that pursuant to the provisions of Section 30-28-137(2), Colorado Revised 3 5. In the event Subdivider has elected to provide security and collateral in the form of'a promissory note secured by a first deed of trust on real property, then in said event, Subdivider shall furnish to County a commitment for title insurance from a title insurance company licensed to do business in the State of Colorado and acceptable to the County at its sole discretion, on the real property which shall secure said promissory note. The amount of said title insurance shall be equal to the principal sum of said promissory note. Further, upon the acceptance by the County of said real property collateral, Subdivider shall deliver the final title 4 Statutes 1973, as amended, that as improvements are completed, the Subdivider may apply to the Board of County Commissioners i for a release of part or all of the collateral deposited with said board, Upon inspection and approval, the board shall release said collateral. If the board determines that any of such improvements are not constructed in substantial com- pliance with specifications, it shall furnish the Subdivider a list of specific deficiencies and shall be entitled to with - .hold collateral sufficient to ensure such substantial compliance. If the Board of County Commissioners determines that the Sub-,• divider will not or is unable to construct any or all of the improvements in accordance with all of the specifications, } the Board of County Commissioners may withdraw and employ from the deposit of collateral such funds as may be necessary to construct the improvement in accordance with.the specifica- tions. 5. In the event Subdivider has elected to provide security and collateral in the form of'a promissory note secured by a first deed of trust on real property, then in said event, Subdivider shall furnish to County a commitment for title insurance from a title insurance company licensed to do business in the State of Colorado and acceptable to the County at its sole discretion, on the real property which shall secure said promissory note. The amount of said title insurance shall be equal to the principal sum of said promissory note. Further, upon the acceptance by the County of said real property collateral, Subdivider shall deliver the final title 4 insurance policy to County after the recordation of the above referenced first deed of trust on the subject property and Sub- divider shall pay the premium for said title insurance policy. 6. The County agrees to approval of the final plat of Subdivision, subject to the terms and conditions of this agreement. 7. Parties hereto mutually agree that this agreement may be amended from time to time, provided that such amendment be in writing and signed by all parties hereto. 8. In the event suit is brought upon this Agree- ment, Subdivider hereby agrees to pay a reasonable attorneys fee to be fixed by the Court if Judgment is rendered in favor, C11 of County. 9. County shall not, nor shall any officer or employee thereof, be liable or responsible for any accident, loss or damage happening or occurring to the works specified in this Agreement prior to the completion and acceptance of the same, nor shall County, nor any officer or employee thereof, be liable for any persons or property injured by reason of the nature of said work, but all of said liabilities shall be assumed =r by Subdivider. 10. It is further agreed that Subdivider shall at all times from the acceptance by the Board of County Commis- sioners of the roads offered for dedication in the subject subdivision up to the completion and acceptance of said work or improvement by County, give good and adequate warning to the traveling public of each and every dangerous condition existent in said roads or any of them, and will protect the 5 • traveling public from such defective or dangerous conditions.. -q, It is understood and agreed.that until the completion of all the improvements herein agreed to be performed each of said roads not accepted as improved shall be under the charge of Subdivider for the purposes of this Agreement, and Subdivider may close all or a portion of any street or road whenever it is necessary to protect the traveling public during the construction or installation of the improvements herein agreed to be made. 11. Subdivider warrants all work and material for a,,' period of one year after acceptance of all work referred to in this agreement by County. Further, County shall have a right to require the the security or collateral provided by subdivider to remain in effect in an amount, as determined by County sufficient to cover any claims under this warrant, IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day and year first above written. COUNTY OF EAGLE, STATE OF COLORADO By and through its Board of County Commissioners Attest: By:(2M Cle�ft oard o County Commissioners h M. Chairman Subdivider: Vu _T- 44mou,, A �o.� c, �SJdc.+r�e1� q ;ni iii �ar ev s k,`,P Yui f �e✓� l�Pm j- � Q01rtA� --)- T`�ta��%Uur fan