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HomeMy WebLinkAboutC79-27 SIA for Edeen and GrayGI THIS AGREEMDU, made and entered into this 24th day of May, 1979, by and between David E. Edeen, Jessie'L. Edeen, Marvin R. Gray and Judi A. Gray, hereinafter referred to as "Owners", 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, Owners, as a condition of approval of the final plat of Elliott Ranch Subdivision, desire to enter into a Subdivision Improvements Agreement with County as provided for by Section 30-28-137, Colorado Revised Statutes 1973, as amended; and WHEREAS, pursuant to said statute, Owners are obligated to provide security or collateral sufficient in the judgment of the Board of County Commissioners to make reasonable provision for comple- tion of certain improvements ("Lmprovements") set forth in Exhibit A attached hereto and by reference incorporated herein and WHEREAS, Owners desire to provide collateral to guarantee perfor- mance of this agreement, including construction of the Improve- ments by means of a letter of credit issued by the First Bank of Eagle, County of Eagle, State of Colorado. ■ page 2 WfnI;EAS, Owners have provided for the collection and treatment of sewage in conjunction with the Upper Eagle Valley Sanitation Dis- trict, a quasi -municipal corporation under the laws of the State of Colorado, with said district assuming responsibility for sew- age collection for treatment; Now THEREFORE, in consideration of the following mutual covenants, conditions, and promises, the parties hereto agree hereby as fol- lows: 1. Owners hereby agree, at their sole cost and expense, to fur- nish all equipment and material necessary to perform and com- plete, within 18 months from the date of recordation of the above -referenced subdivision final plat to perform and complete in a good workmanlike manner, all improvements as shown in the final plat documents for the subject subdivision in accordance with all plans and specifications for the subject subdivision filed in the office of the County Engineer and the County De- partment of Planning and Development and to do all work incid- ental 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 of America, State of Colo- rado, County of Eagle and its respective agencies, af- fected special districts and service districts. page 3 (c) Such other designs, drawings, maps, specifications, sketches and other matter submitted by Owners to and approved by any of the above -referenced governmental entities. All said work shall be done under the inspection of, and to the satisfaction of the County Engineer and the County Building Official, respectively, and, shall not be deemed complete until approved and accepted as completed by the Board of County Cc= issioners of County (the "Board") or the Board's appointed designee. The estimated cost of said work'and improvements is the sum of $22,500.00. 2. To secure and guarantee performance of its obligations as set forth herein, owners shall provide security and collateral in the following form, as approved herein by County: A letter of credit in the a-munt of $24,750.00 issued by the First Bank of Eagle, subject to the terms and provisions of this Agreement. 3. Pursuant to the provisions of Section 30-28-137(2), Colorado Revised Statutes 1973, as amended, as the subject Improvements are completed, Owners may apply to the Board for a release of part or all of the collateral deposited with the Board, upon proof of payment by Owners toward the Improvements. A lot, if any is given as collateral, shall be released for each page 4 $24,750.00 expended toward the completion of the Improvements. Upon inspection and approval, the Board shall release to Owners said collateral. If the Board determines that any Improvements are not constructed in substantial conpliance with the subject specifications, it shall furnish Owners a list of specific deficiencies and shall be entitled to with -hold collateral sufficient to ensure such substantial ccmpliance. If the Board determines that Owners will not or are unable to construct any or all of the Improvements in accordance with all of the spec- `ifications, the Board may withdraw and employ from the deposit of collateral such funds as may be necessary to construct the Improvement in accordance with the specifications. 4. Owners may at any time substitute for the collateral depos- ited with the Board a promissory note in an amount equal to the letter of credit issued by the First Bank of Eagle, as collateral hereunder, secured by a first deed of trust on any one of the lots in Elliott Ranch Subdivision. Upon the above substitution of collateral, the Board shall release to Owners all funds of the letter of credit, as collateral hereunder. 5. In the el -Exit. Owners ha.de elected to Tprcvi �4 sc—curi ty a r? col _ lateral in the form of a promissory note secured by a first deed of trust on real property, then in said event, Owners shall furnish to County a caTmittment for title insurance from a title insurance company licensed to do business in the State page 5 of Colorado and acceptable to the County at its sole discre- tion, on the real property which shall secure said promissory note. Further, upon the acceptance by the County of said real property collateral, owners shall deliver the final title in- surance policy to County after the recordation of the above - referenced first deed of trust on the subject property and Owners shall pay the premium for said title insurance policy. 6. The County agrees to approval of the subdivision final plat of Elliott Ranch Subdivision, subject to the terns and con- ditions of this Agreement. 7. 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 Agreement, Owners hereby agree to pay a reasonable attorneys fee to be fixed by the Court if Judgment is rendered in favor of County; and County shall pay reasonable attorneys fees if Judgment is rendered in favor of owners. 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 I page 6 persons or property injured by reason of the nature of said work, but all of said liabilities shall and are hereby assumed by own- ers. Owners hereby agree to indemnify and hold harmless County, and any of its officers, agents, and employees against any losses, claims, damages or liabilities to which County or any such of its officers, agents, or employees may became subject to, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) that arise out of or are based upon any performance by owners here- under; and the Owners shall reimburse County for any and all le- gal or other expenses reasonably incurred by County in connection with investigating or defending any such loss, claim, damage, li- ability, or action. This indemnity provision shall be in addition to any other liability which the Owners may other have. 10. Owners warrant all work and material for a period of one year after acceptance of all owrk referred to in this Agreement by County. Further, County shall have a right to require security or colla- teral be provided by Owners to remain, as determined by County, sufficient to cover any and all claims under this warranty. IN WIT -NESS 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 Comissioners Attest: By: Chairman Owners: STATE OF COLORADO ss COUNTY OF EAGLE Judi A. Gray The foregoing instrument was acknowledged before me this day of May, 1979, by David E. Edeen, Jessie L. Edeen, Marvin R. Gray and Judi A. Gray. Witness my hand and official seal. My carmission expirescp-b. 14 n%