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HomeMy WebLinkAboutC87-145 Improvement Agreement with Western Savings & Loan - CliffsideI D C SSP 10 11 S1 AM '87 v. 387-145-28 IMPROVEMENTS AGREEMENT ,zd THIS AGREEMENT is made and entered into as of this a T day of , 1987, by and between Western Savings and k�� Loan As,46ciafion ("Western") and the County of Eagle, State of Colorado, by and through its Board of County Commissioners ("the County"). RECITALS A. The County previously entered into a Subdivision Improvements Agreement with Cliffside Village, Ltd. ("Cliff - side"), on or about December 27, 1983. A true and genuine copy of the Subdivision Improvements Agreement is attached hereto as Attachment A. B. Under the terms of the Subdivision Improvements Agreement, Cliffside was required to complete, by January 1, 1986, certain public improvements described in Exhibit A of the Subdivision Improvements Agreement, in a subdivision known as the Cliffside Village, Ltd. Subdivision ("the Subdivision"). C. Cliffside has failed to complete the public improve- ments on the Subdivision and is now in breach of the Subdivi- sion Improvements Agreement. D. The State of Colorado has terminated Cliffside's lease rights in and to the Subdivision property. Western is the current lessee of the Subdivision property. E. Under the terms of the Subdivision Improvements Agreement, Cliffside provided cash security to guarantee performance of its obligations to the County by assignment to the County of certain funds deposited into Money Market Account No. 651-7080 at and with FirstBank of Wheat Ridge ("FirstBank"). F. The current balance in the collateral account at FirstBank is $120,000.00 The $120,000.00 served as specific security to guarantee Cliffside's completion of landscaping and a clubhouse on the Subdivision as described in Exhibit A to the Subdivision Improvements Agreement. G. Western desires to complete the landscaping and clubhouse not completed by Cliffside. H. The County desires that Western complete the land- scaping and clubhouse and further desires to transfer to Western the Funds previously deposited as collateral into 11 I Money Market Account No. 651-7080 for Western's subsequent use in completing the landscaping and clubhouse on the Subdivision. LITIV IN 1111.1 z W IA& The County hereby represents and warranties that it has full and complete power, right and authority to transfer the funds in Money Market Account No. 651-7080 to Western. FACI 114:4 NOW, THEREFORE, the County and Western hereby agree as follows: 1. Western agrees at its sole cost and expense to furnish all equipment and material necessary to complete in a good and workmanlike manner the landscaping and a clubhouse for the Subdivision in accordance with plans and specifica- tions to be approved by the County, and to do all work inci- dental thereto according to and in compliance with the laws of the United States of America, State of Colorado, County of Eagle and its respective agencies, affected special districts and/or service district. All said work shall be done under the periodic inspection of, and to the satisfaction of the County Engineer and/or the County Department of Community Development, respectively, and shall not be deemed complete until approved and accepted as completed by the Board of County Commissioners of the County. 2. Western agrees to have the landscaping and clubhouse completed within one year following the date on which Western receives title to the Subdivision improvements, or the date on which the County gives final approval of the plans and speci- fications for the landscaping and clubhouse as set forth in Paragraph 1, whichever date is later. 3. The estimated cost of said work and improvements exceeds $120,000-00. 4. Western will not be required to build a clubhouse on the Subdivision with an estimated cost equal to or greater than the estimated cost of the Subdivision clubhouse previously approved by the County as described in the Subdivision Improve- ments Agreement identified in Recital hereinabove, nor will Western be required to build a day care center as part of the clubhouse. 5. The County agrees to transfer $120,000.00 from Money Market Account No. 651-7080 at and with FirstBank to Western for the purpose of opening a new account at Bank Western Federal Savings Bank ("Bank Western") in the name of Western. M-KC&M 6. Western agrees to execute an assignment of the funds in its new account to the County as collateral for the perfor- mance of Western's obligations set forth in this Agreement. 7. All interest accruing on the money deposited into the new account shall immediately be the property of Western and subject to withdrawal. 8. Western agrees to supply the County with copies of accepted construction bids or accepted agreements for the specified improvements, and an itemized breakdown or schedule of values for the work to be performed by the contractors. 9. As the specified improvements are completed, Western may apply to the Board of County Commissioners for a release of part or all of the collateral deposited in the Western Account. With each application for release of collateral, Western shall itemize the work completed and -the work's value as it corresponds to documents submitted pursuant to paragraph 8 above. Upon inspection and approval, the Board shall authorize Bank Western to release said collateral to Western. The Board shall withhold ten percent (100) of the collateral until final completion and approval of the improvements by the County. If the Board determines that any of such improvements are not constructed in substantial compliance with the approved plans and specifications, it shall furnish Western a list of specific deficiencies and shall be entitled to withhold collateral sufficient to ensure such substantial compliance. If the Board of County Commissioners determines that construc- tion of the improvements is not in accordance with all of the specifications, after giving written notice to cure of not less than 60 days to Western, the County may withdraw and employ from the deposit of collateral such funds as may be necessary to construct the improvements in accordance with the specifications. 10. This Agreement may be amended from time to time, provided that such amendments may be in writing and signed by all parties hereto. 11. If Western does not completely perform its obliga- tions under this Agreement, the County's sole and exclusive remedy for Western's breach shall be to take possession of all sums deposited as collateral in the Western Account with Bank Western. 12. The 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 improvements specified in this Agreement prior to the completion and acceptance of the same, nor shall the County, nor any officer 82-301 -3- or employee thereof, be liable for any persons or property injured or damaged by reason of the nature of said work on the improvements, but all of said liabilities shall and are hereby assumed by Western. Western hereby agrees to indemnify and hold harmless the County and any of its officers, agents, and employees against any losses, claims, damages, or liabilities to which the County or any of its officers, agents, or employ- ees may become subject to, insofar as any such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any performance by Western hereunder; and Western shall reimburse the County for any and all legal and other expenses incurred by the County in investigating or defending any such loss, claim, damage, liability or action. This indemnity provision shall be in addition to any other liability which Western may have. 13. There shall be a one-year warranty period, or such longer period as may be prescribed by law, from the time of completion of the improvements (such time being determined by formal hearing and action by the Board of County Commission- ers) , during which time Western shall promptly correct or remove and replace, in accordance with the County's written instructions, defective work or materials and consequences thereof. Repair or replacement made under the one-year warranty period shall bear an additional one-year warranty period from the acceptance of the repair or the replacement by the Eagle County Engineer. The work shall be collateralized during the warranty period by the withholding of ten percent (10%) of the $120,000-00 collateral assigned by Western to the County. The amount withheld shall not be in addition to any amounts withheld by the County pursuant to Paragraph 9 above. The work shall be inspected, at the request of Western, approximately 60 days prior to expiration of the one-year warranty period, and any deficiencies shall be noted to Western. 14. This Agreement shall be enforceable against Western, provided, however, that in the event Western sells or trans- fers all or part of the subject Subdivision, the obligations of Western under this Agreement as to that portion of the subject Subdivision may be assumed by the purchaser of the parcel, and Western shall have no further obligations here- under. It is agreed, however, that no such assumption of these obligations shall be effective unless the Board of County Commissioners gives its prior approval to such assump- tion following an investigation of the financial condition of the purchaser. Western shall not otherwise assign, transfer, convey, pledge, or otherwise dispose of this Agreement without prior written consent of the County, which consent shall not be unreasonably withheld. Nothing in this Agreement shall 82-301 -4- P -) I_- (7), restrict in any way the right of Western to sell or otherwise transfer the individual units of the Subdivision. 15. The County agrees to provide Western the necessary certificates of occupancy for Cliffside Village Condominiums upon timely completion of work required hereunder to the standards required under the Uniform Building Code. 16. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective succes- sors and assigns. ffi r; k-U Uli Ly t_U1LLLLL_L.3C)_LW111=J- C- STATE OF ARIZONA County of Maricopa 0 COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD "C TY COMMISSIONERS L,,,'GusYatson, WESTERN SAVINGS AND LOAN ASSOCIATION 1�4 By. Title: ss On this AL4�day of P 54 , 1987, before me, a otary public of the State of Ari-iona, personally appeared ,�; I known to me to be the A SSISTkitL�41JW'mx of Western Savings and Loan Associ- ation. Witness my hand and official seal. MY c6M jssiot,,expires MvCommjQsi;pi4'H,-,,i, rt nye Rotary Public 82-301 -5- 7 39 Orl_ JOHNNETTE PHILIPS ; EAGLE CTY. RECORDER SUBDIVISION Ii1PROVE;1ENTS t"%GREENENT JNN 31 4 o4 PN X84 THIS AGREE�1ENT, r,rade and entered into this 27th day or December 19 gam, by and between Cliffside Village, Ltd. hereinafter called the 1 Subdivider, and the Board of County Coau:rissioner•s of Eagle County, hereinafter called the County. WITNESSETH: WHEREAS, the Subdivider as a condition of approval of the final plat of Cliffside Village, Ltd. Subdivision, wishes to enter into a Subdivision Improvements Agreement as provided for by Section 30-28-137, Colorado Revised Statutes 1973, 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 Coninissioners to make reasonable provisions for coi-pletion of certain public in.140vements set forth in Exhibit attached hereto and incorporated herein; and WHEREAS, the Subdivider wishes to provide collateral to ►ju•►rantee performance of this agreement, including construction of the above -referenced public improvements by means of (insert one of the fol 1 owi nd :) ca5ii es(:ruw(L hr.)u h assignment of Certificate of Deposit) (a) Plat restriction stating that no lots within said Subdivision be sold and/or conveyed until a 1 1 public i mpr•ovet•lents ref erred to fq n herein are approved and dLcelrtcd by the Board of County Corl►rissioners. (b) irrevocable letter of credit (c) Completion perforiaance bond (d) cash escrow (e) promissory note and first dQed of trust NOW THEREFORE, in consideration of the folloain;r i,,utual covent-,nts and agreements, the Subdivider and the County agree as follows: 1. The Subdivider hereby agrees, at its sole cost and expense, to C14furnish all equipment wry material necessary to perform and complete, on or before January 1, 1986 (date of completion), in a good workmanlike manner, all public improvements as shown in the final plat documents for, the Subdivision in accordance with all plans and specifications for the Suodivision filed in the office of the County Engineer and/or Departorent of Corrruhi tv Develop[-l_�nt and to do all work incidental thereto according tr, and in cc,:q)liance :•rite the following: a. All final plat documents subs;fitted prior to or at the ti„re of fir;;il plat anproval. + b. All laws of the United States of i',worica, State of Colorado, County of Eagle and its r•esrective anencies, affeetec: snec:ial district; and/or set -vice district. (go 'iS -hta.�t� yn en -f l� mp rov�vneKi4q reem.e-h.-I- cia-Fed Tu lv 20, ( 9 y-7) c. Such other designs, drawings, maps, specifications, sketches, and other matter submitted by the Subdivider to and approved by any of the above-referenced governn.ental entities. All: said work shall be done under thn inspection of, and to the satisfaction of the County Engineer and/or the County Building Official, respectively, and, shall not be deemed complete until approved and accepted as completed by the Board of County Coninissioners of the County or said Board's appointed designee. 2. The estimated cost of said work and improvements is the sum Ot 17 3,0 (see attached Exhibit A) To secure and guarantee performance of its obligations as set forth herein, the Subdivider agrees to provide security and collateral in the form of (insert one of the fol I owi no: ) cash escrow (through _ assignment of Certificate of Deposit) (a) a plat restriction appearing on the face of the plat which states that no lots within said Subdivision shall be sold and/or conveyed until all public: iwprovements referred to herein are approved and accepted by the Board of County ► Cor:rrissioilers. b) an irrevocable letter of credit from in the amount of Soil ______ on a torr. Cou acceptable to the rity Attorney__. (c) a completion performance bond issued by as ccrporate surety in the a;nount of S_ � _.• (d) a cash escrow in the amount of $ 6217,3�!f to �)r' he] d by assignment of XXYt 1 X&tXXX �`��-XMoney Market ACCOLlTiir . itt (e) a promissory note in the auwunt of 5_----- _----� __ -- ✓fL1.' secured by a first deed of trust. 3. The Subdivider may at any time sr,h.titutn the collateral originally deposited with the County herein, for another form of collateral acceptable to the County to cruarantue the krith�ul Completion of those public improvements referred to herein and the perforrance or �. the terms of this Agreement. 4. County shall not, nor shall• any officer or ;�rrplojee thereof; be liable or responsible for any accident, loss or dar!.ane happening or occurring to the %:orks specified in this Agree.::Unt prior to the completion and acceptance of the same, nor shall the 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 and are hereby assumed by the Subdivider. The Subdivider hereby agrees to indemnify dnd hold harmless the County, and any of its officers, agents, and ewplo ees against any losses, claims, damages, or 1 i,rhi 1 i ties to +•rhich the County or any such of *its officers, aqents, or employees mdy becon;e 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 the Subdivider hereunder; and the Subdivider shall reimburse County for any and all lenal or other expnnses reasonabIy incurred by County in connection with invr:•.ti(i,itinn or d►:fcndini•) any such loss, claim, dal-.:age, liability (W lLtiOn. This inr!uwnity provision shall be i-n addition to any ot)u!r• I iabi l i ty which the Subdivider gray have. 5. It is mutually agreed, pursuant to the provisions or 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 k1proverients agreement shall have the authority to brink an action in any district court to compel the enforcement of any subdivision in:pr•ovements agreement on the sale, conveyance or transfer of any such lot, lots, tract or tracts of land or of any other provision of this article. 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. 6. It is further mutually agreed that pursuant to the provisions of Section 30-28-137 (2), Colorado Revised Statutes, 1973, as amended, that a, improvements are coe.pleted, the Subdivider may apply to the Coard of Count; CoirMissioArs for a release of part or all of the collateral deUositetd with said board. Upon inspection and approval, the bo,ird shall release said colla er•ai. If the board determines that any of such iwpr•ovLrments are not constructed in sub- stantial compliance with specifications, it shall furnish the subdivider i ii -.t of specific deficiencies and shall be entitlud to jithhold collateral sufficiF:nt to ensure such substantial compliance. If the Coard of County Col-Imissioners determines that the Subdivider ;gill not construct ar,y or all of the improver;ents in accordance with all of the specification;, the BoLird of County Cowi.li,sionor•s may withdraw and employ fror:r the deposit of collateral such funds as *riwy to necessary to construct the improvements in accordance with the specific.itions. 7. The Subdivider warrants all work and material for a per•irid of one year after acceptance of all %jork referred to in this P,gr ecirent by County. Further, County shall have a right to requir-e security or col 1 a ter.li be pr•ovi di -A by Sub- . divider to remain, as determined by County, sufficient to cover any and all clair..s under this warranty. 8. The County agrees to approval of the final plat of c1iff5idu 'Village. Ltd. Subdivision, subject to -the teras and conditions of this acireernent. 9. Parties hereto mutually agree that oris agreen.ent may be amended from time to time, provided that such amendrients be in writing and'signed by all parties hereto. 10. This agreement shall be enforceable against the Subdivider ,r•ovi:-+ed, however, that in the event the Subdivider sells or transfers all or part of t.ho Sutdivision, as shu:rrr in the finul plat (prior to eAtensive sales of ir)Uiiid.isiiy platted tracts), the obligations of the'Sutrriivider under this anreenrent as to that portion of the Subdivision may. bre assur.►ed by the purchaser of the parcel, and Subdivider shall have no further obligations hereunder. It i, aur•eed; that no such assur.iption of these oblinations shall be effr;c'Li' e unless the :1er.irri of County Coiivnissi.onars gives its prior approval to such ii'Suriotion. .ullo::in; all investigation of the fin.nicial condition of thr, pi.rchaser. 3. 11. It is further agreed that she Subdivider shall at all tines frcm the acceptance by the Board of County Corunissioners of the roads offer•r2(j for dedication in the subject subdivision to the completion and acceptance of said work or improvement by the County, give good and adequate warning to the traveitin(t public of each and every dangerous condition existent in said roads or any of them, and will protect the traveling public frori such defective or dangerous condition. 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 purpose of this Agreement. f ATTEST: � r, 1c , 'i iCL4 Clerk of t e rd of County C�orissioners SUBDIVIDER l CLIFFS�DE VILLAGE, LTD. BY: General Partner COUNTY OF EAGLE, STATE OF COLORADO By and through its BOARD OF COU71TY CO, .11 I SS IONERS Cha i rind n STATE OF COLORADO ) COUNTY OF JEFFERSON ) The foregoing Subdivision lirproven;,ants Anree—vient was icknovileci;ed before me this ;day of a,m)y14g2 19 83 by Wtl_J-1 AeA ,A. (IeL ab Witness my hand and official seal. My commission expires: [t-07 ^_ 19AZ__. T10 La ►•y PubI is f 3895 Upham St., #t 150 Wheat kid; e, CO 80033 4. EXKIBIT A WORK T LL1i/lrl Net fork Remaining (o) $217,324 (250+) And Amount `of New Collateral ORIGI-NAL % COMPLETE CO`IPLEI'E 1.\ Earthwork, Grading Drainage $ 53,500 ______._, x 99`o _ $ 52,965 2. Road Construction Access Road (1,231 1. f .') $109,595 x 100`,"0 = 109,595 b-) Parking Areas (1,665 s . y .) 83,275 x 25% = 20,819 c)\ Acceleration/Deceleration Lanes ' 68 666 x 50`"0 = 34,333 d- Gabions (144 l.f.) 28,800 x 100`,'0 = 28,800 e) Guard Rail ( 300 1 . f .) 9,000 x 100% = 9,000 3. Yater Distribution System a) Building Services (625 1. f .) $ 5,950 x 100o = 5,950 b) Mains and Hydraulic Piping (1., 750 1-f.) 27,841 x 100`"o = 27,841 c) Fire Hydrants (6 each) 13,500 x 100`,'0 = 13,500 4. On Site Sanitary Sewer System a) Building Sewers ( 375 1. f. $ 3,750 x 1000 = .3,750 b) Sewer Mains (1,160 l . f .) 17,400 x 100% = 17,400 c) Manholes (4 each) 4,400 x 100`,10 = 4,400 5. Off Site Sanitary Sewer System a) Pipe ( 700 l . f .) $ 12,250 x loTo = 12,250 b) Manhole (1 each) 1,200 x 100;"0 = 1,200 6. Landscaping a) Sod/Sprinkler at Buildings$ 20,000 x 0;"0 = 0 7. Clubhouse 100,000 x 01/", = 0 iCi'AL 5559,127 w341,803 LL1i/lrl Net fork Remaining (o) $217,324 (250+) And Amount `of New Collateral _ JOHNNETTE PHILLIPS 7 3 9 0 EAGLE CTY. RECORDER SUBDIVISION INPROVE.'ENTS "�GREENENT Am 31 4 o4 PH X84 THIS AGREE,'.E�IT, e►ade and entered into this 27th day or, n� — December 1� 83 by and between Cliffside Village, Ltd. hereinafter called the ' •1 Subdivider, and the Coard of County Commissioners of Eagle County, hereinafter called the County. WITNESSETH: WHEREAS, the Subdivider as a condition of approval of the final plat of Cliffside Village, Ltd. Subdivision, wishes to enter into a Subdivision Improvements Agreement as provided for by Section 30-28-131, Colorado Revised Statutes 1973, 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 Coninissioners to make reasonable provisions for completion of certain public im.Tvements set forth in Exhibit°A attached hereto and incorporated herein; and WIIEP.EAS, the Subdivider wishes to provide collateral to gu•rrantev performance of this agreement, including construction of the above -referenced _ public improvements by means of (insert one of the following:) c.'Sh est:ruw(chr.)u_;h assignment of Certificate of Deposit) (a) Plat restriction statins that no lots within said Subdivision sr, 11 be sold and/or conveyed until all public impr•over►ents referred to f� herein are approved and accepters by the Board of County Cor..uissioners. (b) irrevocable letter of credit �- (c) Completion perfori:tance bond (d) cash escrow (e) promissory note and first dr;ed of trust NOW THEREFORE, in consideration of the follo:•rin;r ir.utual coventrnts and agreements, the Subdivider and the County Agree as follows: 1. The Subdivider hereby agrees, at its sole cost and expense, to 64furnish all equipment IV Material necessary to perform and complete, on or before January 1, 1986 (date of completion), in a good t•rorkmanlike manner, all public improvements as shown in the final plat documents for tl►e Subdivision in accordance with all plans and specifications for, the Suudivision filed it the office of the County Engineer and/or Departnr^nt of CowrtuM tv Developr-tc!nL and to do all work incidental thereto accor dinq tc and in cc:apl iance :•,stn the following: a. All final plat documents subi:dtted urior• to or at the time of fir;al plat approval. % b. All laws of the United States of lSr;rt�►•ica, State of Colorado, C:::ncy of Eagle and its respective ae.uncies, affeetec special district; and/or set -vice district. % -f'o � r vneKis l Af`t-ach r✓n en -F Amp 0�/2 AG reP mX_K-4- C/O %ad ,Ti. (v 2n. I 11-71 r�s e. Such other designs, dr.wings, macs, specifications, sketc!:es, and other matter submitted by the Subdivider to and approved by any of the above -referenced governwental entities. All: said viork shall he done under the inspection of, and to the satisfaction of the County Engineer and/or the County Building Official, respectively, and, shall not be deemed complete until approved and accepted as coi:ipleted by the Board of County Conanissioners of the County or said Board's appointed designee. (�2. The estimated cost of said work and improvements ;s the sum f -• L21 %. 3;-Y (see attached Exhibit A) To secure and guarantee performance of its obligations as set forth herein, the Subdivider agrees to provide security and collateral in the form of (insert one of the followina:)cash escrow (through — assignment of Certificate of Deposit) (a) a plat restriction appearing on the face of the plat ahich states that no lots within said Subdivision shall be sold and/or conveyed until all public: iwprovec;eats referred to herein are approved and accepted by the Coard of County r Corriissioners. b) an irrevocable letter of credit f r•or,► in the ar.►ount of 5 acceptable to the CourityAttorney. (e) a completion performance bond issued by as ccrporate surety in the (3::rount of 5 (d) a cash escrow in the amount of $ ,217, 3 tri ie held by assignment of ` XXCC ,X ��`j) X.XMoney Market Accourt' . ld :it (e) a promissory mote in the amount of $_------------ __ -- rJfL secured by a first deed of trust. 3. The Subdivider may at any time, suh:titute the collateral originally deposited with the County herein, for another form of collateral acceptable to the County to nuarantue the 1-,rithful c:onrrietion of those public improvements referred to herein ante the per-forr.:ance of the terms of this Agreewent. 4. County shall not, nor shall. - any officer or r�,;ahlujee thereof; be liable or responsible for any accident, loss or da:r..ine happening or occurring to the corks specified in this Agree;::unt prior to the completion and acceptance of the same, nor shall the County, nor any officer or employee thereof, be liable for any per sons or proporty injured by reason of the nature of said work, but all of said liabilities shall and are hereby assumed by the Subdivider. The Subdivider hereby agrees to indemnify and hold harmless the County, and any of its officers, agents, anti e►:rploees against any losses, claims, damages, or I i.rhi 1 ities to t-:hic:h the County or any such of Its officers, agents, o►• employees nrdy hecoa;e subject to, insofar as any such losses, claims, damages or liabilities (or actions in respect thereol'that arise out of or are erased Upon any performance by the Subdivider hereunder; and the Subdivider shall reimburse County for any and all lenal or othr.r• expenses r•eacsonabiy incurred by County in connection with i nv►,-, t i n.► t i nn or d►: t rind i n'.l any such loss, claim, dar::age, 1 iabi l i ty or• action. This in(!uwni ty provision shall be fn addition to any othf!r• Iiabi!ity which the Subdivider way have. r. . 5. It is n,utually 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 iwpr•over:rents agreement shall have the authority to briny an action in i'rny district court to compel the enforcement of any subdivision ie:pr•nvements agreement on the sale, conveyance or transfer of any such lot, lots, tract or tracts of land or of any other provision of this article. 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 eomilienced prior to the issuance of a building permit by the County where so required. 6. It is further mutually agreed that pursuant to the provisions of Section 30-28-137 (2), Colorado Revised Statutes, 1973, as ar;renrl. d, that as improvements are coc;pleted, the Subdivider may apply to the Coard of Count; Corrinissi -o rs for a release of part or all of the collateral douosited with -said board. Upon inspection and approval, the board shall release said culla-'Crai. If the board determines that any of such in:P1•Ovt2are1lts a►-e not Constructed in sub- stantial compliance with specifications, it shall furnish the `,'UOdivider ,; list of specific deficiencies and shall be entitlud to :•ri thhold cull,►teral suffic;t:nt to ensure such substantial compliance. If the Ppard of County Cur:imissioners determines that the Subdivider will* not construct any or all of the improvements in accordance with all of the specification,, the Board of County Ca.:uaissi;�n�rs may withdraw and employ from the deposit of collateral such funds as gray to necessary to construct the improvements in acLnrdance with the specific,►tions. 7. The Subdivider aarrants all 'rtUrk and m:ater•iL,,l for a per od of ;ne year after acceptance of all work referred to in tni A(jree+!rent by County. Further, p•5 Sub-County shall have a right to require security or col l a ter.11 be, pr•ov i d"A by .divider to remain, as determined by County, sufficient to cover any gird uil clair:,s under this warranty. 8. The County agrees to approval of the final plat Of Cltffsidu Ltd Subdivision, subject to•the terc:s and conditions of this agreement. 9. Parties hereto mutually agree that this agreer.,ent may be ar;;ended from time to time, provided that such amendrvents be in writing and*sicined by all parties hereto. 10. This agreement shall be enforceable against the Subdivider ,rovirled, however, that in the event the Subdivider sells or transfer's all or part of tha SuLdivision, as shu::n in the final plat (Prior to eAtEnsive sales of innivid.'siiy platted tracts), the obligations of the -Subdivider under this anreenrerrt as to that portion of the Subdivision may. be asses:x!d by the purchas►'r of the Parcel, and Subdivider shall have no further obligations hereunder. It is agreed; that no such assu►aptinn of these obli(►ation-, shall be effec'i•;, unless r.hi! of County Corin!1issi.on2rs dives its prior app rovaI to such .1.s111,4)tion, ;olln::in; ar► investigation of the fin.lncial corrrlitinn of the purchaser. 3. f 11. It is further agreed that .he SuLdivider shill at all tines ;rc the acceptance by the Board of County Corunissioners of the roads offeree for - dedication in the subject subdivision to the completion and acceptance of said work or improvement by the County, give Good and adequate aarning to the tr-],veil in() public of each and every dangerous condition existent in Said roads or any of thea, and will protect the traveling public from such defective or dangerous condition. 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 purpose of this Agreement. ATTEST: � r Clerk of t� e\ 3- rd of T County Cron-4issioners SUBDIVIDER CLIFFSI,DE VILLAGE, LTD. BY: z Z General Partner COUNTY OF EAGLE, STATE OF COLORADO By and through its BOARD OF COUNTY COQ ;I i I SS IONERS Cha i rin,in STATE OF COLORADO ) COUNTY OF JEFFERSON ) The foregoing Subdivision Improvew-2nts Arree!nent was tic knoal�ci;ed before me this 27_djy of=�_i9 83 , by WtLLtAeA l4itness my hand and official seal. r my c orrn i s s i on expires: j j�� 19 97__ Pio t3ry ruL)IIc 1 3895 Upham St.. # 150 Wheat kidge, CO 80033 EXHIBIT A LLtii/lrl 1� �Y�- 6: D WORK ORIGInNL, % COUPLE I, comp= �1.'; Earthwork, Grading Drainage $ 53,500 x 99`'0 = $ 52,965 2. Road Construction Access Road (1,231 l.f.') $109,595 x 100;0 = 109,595 cam) Parking Areas (1,665 s.y.) 83,275 x 250 = 20,819 �) celeration/Deceleration Lanes --d-' Ac 68,666 x 5 = 0xo 34,333 Gab ions (144 l.f.) 28, 800 x 100`'0 = 28,800 e) Guard Rail ( 300 l.f.) 9,000 x 100% = 9,000 r•a 3. Yater Distribution System a) Building Services (625 l.f.) $ 5,950 x 10(`o = 5,950 b) Mains and Hydraulic Piping (1,750 1-f.) 27,841 x 100','0 = 27,841 c) Fire Hydrants (6 each) 13,500 x 100Co = 13,500 4. On Site Sanitary Sewer System a) Building Servers (375 l.f.) $ 3,750 x 100`"0 = 3,750 b) Sewer Mains (1,160 l.f.) 17,400 x 100`0 = 17,400 c) Manholes (4 each) 4,400 x 100"0 = 4,400 5. Off Site Sanitary Server System a) Pipe (700 l.f.) $ 12,250 x 10011 = 12,250 b) Manhole (1 each) 1,200 x 10To = 1,200 6. Landscaping a) Sod/Sprinkler at Buildin--s $ 20,000 x 0,', = 0 7. Clubhouse 100,000 x 01//',, = 0 'ay 5559,127 Y .�3 4 _l, 803 Net Cork Remaining (o) $217,324 (25!:-b+) And Amount of New Collateral -. LLtii/lrl 1� �Y�- 6: D (7) C87 -145-2E AMENDMENT AGREEMENT This Amendment Agreement is made and entered into as of this Mi— day of August, 1987, by and between Western Savings and Loan Association ("Western") and the County of Eagle, State of Colorado, by and through its Board of County Commissioners ("the County"). RECITALS A. Western and the County are parties to an Improvements Agreement dated July 20, 1987. B. Western and the County wish to amend the terms and conditions of the Improvements Agreement. NOW, THEREFORE, Western and the County hereby agree as follows: 1. The County agrees to transfer $120,000.00 from Money Market Account No. 651-7080 at and with FirstBank of Wheat Ridge for the purpose of opening a new account at Silverado Banking, instead of Bank Western Federal Savings Bank. 2. The references to Bank Western in paragraphs 9 and 11 are hereby amended to refer to Silverado Banking. 3. The conditions, terms, and provisions of the Improvements Agreement shall remain in full force and effect except as amended by this Amendment Agreement. 4. This Amendment Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 1. ,perk of the Board o ounty Commissioners '0 66�pK. PAS . yb.6� PHiLi_tF'" SEP i e I t sl A 187 COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS Richard L Chairman/ WESTERN SAVINGS AND LOAN ASSOCIATION By: Title: ASSISTANT VICE FR slD SX STATE OF ARIZONA ) ss County of Maricopa) On this tly day of A-uu f _, 1987, before me, <a; "motary public of the State of Aiizona, personally goo 09 v eared v`,c�J�i,, known to me to be the wAA ST ' T, VICE PRESTDR T of Western Saving and Loan Association. Witness my hand and official seal. " A ^''s My commission expires MyCommlssIon Expires Jung 6,198 p a`, Ct Epm NOTARY PUBLIC