HomeMy WebLinkAboutC80-039 Payment of share of costs for Red Canyon Acres - Diamond JD -J GROUP PARTNERS
P.O. BOX 1020
EAGLE, COLORADO 81631
May 12, 1980
Marvin D. & Eva 0. Hornbaker
20648 Highway 6
Eagle, Colorado 81631
RE: PAYMENT OF SHARE OF COST FOR IMPROVEMENTS TO DIAMOND -J DRIVE
Dear Marvin & Eva,
The D -J Group Partners, as subdividers of the Red Canyon
Acres Subdivision, hereby promises and agrees to pay to you
an amount for a portion of the improvement expenses associated
with Diamond -J Drive.
The total amount is 2/3's of the costs, as set forth in
your Agreement and representations to the County, for that
portion of Diamond -J Drive running from Highway 6 and proceeding
in a southerly direction. (See Exhibit "A').
`f The D -J Group Partners shall have the right to approve
the contract for said work.
Payment shall be made within two weeks of completion of
all improvements on Diamond -J Drive and upon presentation of a
final bill by the contractor who performed the work. At this
time, a lien waiver shall be signed by the contractor. A
letter of credit opened in your favor is enclosed for the
purpose of guaranteeing payment of the referenced improvements.
My signature hereon, as authorized General Partner of the
D -J Group Partners, constitutes our agreement with you.
All agreements or obligations of the D -J Group Partners,
as set forth herein, are expressly contingent upon final plat_
approval of the Red Canyon Acres Subdivision on or before
May 15, 1980.
Yours Truly,
Robert L. Johnson
General Partner
Enclosure
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rc, EXHIBIT
FIRST`
BANK
May 12, 1980
OF EAGLE .COUNTY
Irrevocable Letter of Credit
No. DJ -2
Marvin Hornbaker
Eagle, Colorado
Dear Marvin:
We hereby open our irrevocable Letter of Credit in your favor
available by draft or drafts drawn on the First Bank of Eagle
County for any stun or sums not exceeding in total $6,000.00
For the account of D -J Group Partners, Box 1020, Eagle, Colorado.
For the purpose of guaranteeing construction of public improve-
ments required by Marvin Hornbaker. Each draft drawn on First
Bank of Eagle County sight shall be endorsed on the reverse side
of this letter of Credit and bear upon its face "Drawn under
Letter of Credit Number #DJ -2 dated ( 5/12/80 of the First
Bank of Eagle County."
The First Bank of Eagle County agrees with the drawers, endorsers
and bonafide holders of drafts drawn and negotiated in canpliance
with the terms of this Letter of Credit that such drafts will be
duly honored upon due presentation at the counter of this bank.
Except as otherwise provided, this Letter of Credit is to be
governed by the Uniform Canmercial Code - Letters of Credit of the
State of Colorado.
All drafts hereunder must be drawn on or before one year after
the date of acceptance of work by Marvin Hornbaker.
Ve truly yours,
� FIRST EAGLE COUNTY
Paul V. Dep \ \
PP
Asst. Vice President
ss
P. O. BOX 567, EAGLE, COLORADO 81631 TELEPHONE (303) 328-6361
