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HomeMy WebLinkAboutC88-037 SIA for Colorow Subdivision.' C88 -37 -28 SUBDIVISION AND OFF -SITE IMPROVEMENTS AGREEMENT COLOROW SUBDIVISION THIS AGREEMENT, made and entered into this I tom, day of April, 1988, by and between Harlan A. Eckhardt; Howard E. Katzman and Shirley Katzman; Robert Barker and Karin Barker; Carl Berman and Ann Berman; Peter Schlessinger; Philip R. Conners; Leslie S. Shapiro and Maureen Shapiro; Marlan E. Gamber and Victoria A. Gamber; Steven Roosa; Vail National Bank; and Gerald Rea, herein referred to as the "Subdividers;" and the Board of County Commissioners . of the County of Eagle, State of Colorado, hereinafter referred to as "the County." WITNESSETH: WHEREAS, the Subdividers, as a condition of approval of the final plat of the Colorow Subdivision, wish to enter into a subdivision improvements agreement as provided for by section 30 -28 -137, C.R.S.; and WHEREAS, pursuant to the same authority, the Subdividers are obligated to provide security or collateral sufficient in the judgment of the Board of County Commissioners to make reasonable provisions for completion of certain public improve- ments set forth in Exhibit A attached hereto and incorporated herein by this reference; and WHEREAS, pursuant to Section 2.20 of the Land Use Regula- tions of Eagle County, Colorado, 1982, as amended, when a proposed subdivision is located in an area serviced by an existing County road and the County determines that the traffic generated by such development will result in safety hazards for vehicle drivers, pedestrians and /or adjacent residents, or will result in substantially increased maintenance costs to the County, the County is empowered to determine the amount of work necessary to bring the affected County road to acceptable standards to provide adequate safe service to present owners, to the proposed subdivision and to other probable subdivisions, and to require the Subdividers to improve such road to an acceptably safe condition; and WHEREAS, the County has determined that the traffic which will be generated by the Colorow Subdivision, along with other potential subdivisions in the area, will result in safety hazards and substantially increased maintenance costs relative to the Squaw Creek Road; and x C) Oat_ 11 WHEREAS, the Subdividers have agreed to improve the Squaw Creek Road to an acceptably safe condition and to accommodate the incremental increase in traffic burden to the said roads resulting from the development of the Colorow Subdivision, by the engineering, construction and completion of physical improvements to the said road as set forth in this Agreement; and WHEREAS, as a further condition of approval of the final plat of the Colorow Subdivision, the Subdividers are obligated to provide security and collateral sufficient in the judgment of the Board of County Commissioners to make reasonable provision for completion of those certain off -site road improvements referred to herein. NOW, THEREFORE, in consideration of the premises and the covenants and agreements herein contained to be kept and performed by the parties, hereto, it is hereby understood and agreed as follows: 1. Subdivision Improvements. 1.1 The Subdividers hereby agree, at their sole cost and expense, to furnish all equipment and material necessary to perform and complete prior to six years from the date of this agreement, all public improve- ments as set forth in Exhibit A, in accordance with all final plat documents, construction drawings, designs, maps, specifications, sketches, and other material submitted by the Subdividers prior to or at final plat approval and accepted by the County, and in accordance with all laws of the United States of America, State of Colorado, County of Eagle and its respective agencies and affected governmental entities. All said work shall be done to the reasonable 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. 1.2 The estimated joint and several cost of the Subdividers' subdivision improvements identified in Exhibit A is the sum of $1,500.00. To secure and guarantee performance of their obligations as set forth in this Section 1, including the completion of those certain subdivision improvements set forth in Exhibit A, the Subdividers hereby agree to provide security and collateral in the manner identified in Section 3.1 hereinbelow. 87 -148 -2- 2. Off -site Road Improvements. 2.1 The Subdividers hereby agree, at their sole cost and expense, to furnish all equipment and material necessary to perform and complete all off -site improvements as set forth in Exhibit B, in accordance with all final plat documents, construction drawings, designs, maps, specifications, sketches, and other materials submitted by the Subdividers prior to or at a final plat approval and accepted by the County, and in accordance with all laws of the United States of America, State of Colorado, County of Eagle and its respective agencies and affected governmental entities. Such performance shall include acquisition of all necessary right -of -way, either directly or as set forth in Section 2.8. The exact location of the right -of -way for the proposed off -site improvements shall be negotiated between the developer and the Board of County Commissioners; in case of the failure of the parties to agree, the Board of County Commissioners shall determine the location of the right -of -way. All said work shall be done to the reasonable satisfaction of the County Engineer and /or the County Department of Community Development, and shall not be deemed complete until approved and accepted as completed by the Board of County Commissioners. 2.2 In the reconstruction and physical improvement of that portion of Squaw Creek Road referred to in the final plat documents, construction drawings, designs, maps, specifications, sketches, and other materials submitted by the Subdividers prior to or at a final plat approval, the Subdividers shall retain an engineer whose duties shall include construction staking, observation of construction for conformance to the approved plans and specifications; and materials sampling, testing and inspection using the Colorado Department of Highways 1983 Material Manual as a guide for frequency of sampling and testing. 2.2.1 The following is a highlighting of the construction staking that will be required of the Subdividers for the subject off -site road improve- ments: Roadway - horizontal and vertical control every 50 feet or every 25 feet in critical areas, specifically including: 87 -148 -3- -slope staking - points of curvature - points of tangency - fillet radius points - culverts - transition points - finished sub -grade - finished gravel for super- elevation 2.2.2 The following is a highlighting of the testing that will be required of the Subdividers for the above - referenced off -site improvements: 1. Utility trench backfill under roadway prisms - any utility located within the roadway prism, and culvert backfill, shall require one density test per 200 C.Y. of backfill. This will require daily visits to the site by a testing laboratory when utilities are being backfilled within the roadway prism. 2. Embankments for roadways - one density test per 2,000 C.Y. of embankment. 3. Finished sub -grade - one density test per 1,000 lineal feet of roadway. 4. Aggregate base course - one in -place density, gradation and Atterberg Limits test per 1,000 tons of aggregate base course. 2.2.3. All test reports shall be consecutively numbered with copies furnished directly to the Eagle County Engineer from the laboratory as they are reported to the Subdividers or their engineer. 2.3 The estimated cost of the Subdividers' off -site road improvements is the sum of $96,510.00. To secure and guarantee performance of their obligations as set forth in this Section 2, including the completion of those certain off -site road improve- ments set forth in Exhibit B, the Subdividers hereby agree to provide security and collateral in a manner identified in Section 3.1 hereinbelow. 2.4 Subdividers shall provide the Eagle County Engineer with a right -of -way map for Squaw Creek Road, suitable for filing with the clerk and recorder, as soon as the right -of -way is obtained. 87 -148 -4- 2.5 In addition to collateral for each phase of the project, the Subdividers shall provide to the County a Materials and Payment Bond to ensure that all contractors, suppliers, and materialsmen are paid. such bonds shall conform with the requirements of Title 38, Article 26, Colorado Revised Statutes. Subdividers shall also retain funds from all contractors employed for off -site improvements as required by said Article, and further shall coor- dinate with the County Attorney to ensure proper Notice of Final Settlement and Retention of Funds as required. 2.6 Subdividers shall indemnify and hold the County harmless from any and all claims made against the County by any contractor or subcontractor employed in said off -site improvements, or on account of any other claims against the County because of the activities of said contractors or subcontractors. The indemnification and hold harmless provision shall include any legal expenses or costs incurred by the county. 2.7 The Subdividers shall secure from any contractor employed in said off -site improvements a Certificate of Insurance providing for liability protection in the minimum amount of $150,000 per individual and $150,000 per occurrence, naming the Board of County Commissioners of Eagle County, Colorado, as addition- ally named insured. The Subdividers, if they serve as the Contractor for the off -site improvements, shall provide insurance in the same form and amounts as required of the general contractor. 2.8 In contracting with any third party as general contractor for said off -site improvements, the Subdividers who are at that time the president and secretary of the Colorow at Squaw Creek Homeowners Association shall have the sole power and authority to determine, negotiate, approve, and execute all contractual documents with any such general contractor. The Subdividers explicitly hereby agree that said powers are properly vested in said president and secretary under the Articles of Incorporation and By -laws of the Association and recorded covenants, as amended. 87 -148 -5- 2.9 In addition to other insurance requirements, the Subdividers contracting with any general contractor to construct said off -site improvements shall require of said contractor that said contractor be insured in the amount of One Million Dollars ($1,000,000.00) for any occurrence, said policy to be a comprehensive general liability insurance policy, including coverage for bodily injury, property damage, personal injury with the employee and contractual liability exclusions deleted, products and completed opera- tions, contractual liability, owner's or contrac- tor's; protective liability, broad form property damage and coverage for explosion, collapse, or underground hazards with bodily injury and personal injury liability limits in the amount of One Million Dollars ($1,000,000.00) and property damage limits in the amount of one Million Dollars ($1,000,000.00) for each accident and One Million Dollars ($1,000,000.00) aggregate for bodily injury and property damage for products and completed operations. In addition, Subdividers contracting with any general contractor shall require that such contractor have comprehensive automobile liability coverage with bodily injury limits coverage of One Million Dollars ($1,000,000.00) for each person in any one accident and property damage liability of One Million Dollars ($1,000,000.00) for each accident, and that it have in place workmen's compensation in accordance with the applicable law and employer's liability insurance with a limit of not less than One Million Dollars. Further, Subdividers shall require any such general contractor to insure or cause to be insured by all - risk property damage insurance all construction equipment to its full insurable value employed in the prosecution of construction of said off -site improvements. The foregoing insurance limits may be provided by any combination of primary insurance policies and excess liability ( "umbrella ") insurance policies. Said contractor shall be required to furnish evidence of such coverage by certificate or other written documentation acceptable to said contracting Subdividers in their sole discretion. 2.10 In addition to any other requirements, the Subdividers contracting with any general contractor shall require said general contractor be fully bonded for completion of the contract for work to the extent of its bidded amount plus ten percent by a reputable bonding agent, or otherwise guaranteed as provided by Colorado statute and the ordinances of the County of Eagle, Colorado. 87 -148 -6- L.� 2.11 It shall be the responsibility of the Subdiv- iders to secure any and all necessary land rights -of- way or easements for the construction of the required off -site improvements, and to have them deeded to the County. Should Subdividers be unable to secure the necessary lands, rights -of -way or easements for the off -site improvements required by this Agreement, the Subdividers: 1. Shall schedule a meeting with the Board of County Commissioners to discuss the Subdividers' inability to secure such property, and should the Board determine that such property is required, it shall assist the Subdividers in fulfilling its obligations under this contract, by using its power of eminent domain. 2. The Subdividers shall secure after consultation with the County Attorney, an appropriate appraiser to conduct the appraisal of the property. 3. After an appraisal, a good -faith offer in conformance with the statute shall be made to the owner of the property. 4. If the offer of the County is not accepted, the County shall proceed to condemn the property. 5. All expenses of said condemnation, including all legal and attorneys' fees, costs, appraisal fees, and incidental expenses, shall be paid as they are due by the Subdividers, it being understood that the condemnation proceed- ing may be prosecuted by the County Attorney or Special Counsel retained by the Board of County Commissioners. The Subdividers shall further pay any deposit necessary for the County to secure immediate possession as well as the final award to the owner. 87 -148 -7- 3. General Provisions. 3.1. Security and Collateral required in Sections 1.2 and 2.3 herein shall be in the amount of $7,539.23 per lot. Each lot owner, in the manner identified in Exhibit C attached hereto and by this reference made a part hereof, shall either obtain a letter of credit for said amount or deposit said sum for the benefit of the County prior to signing of the final plat. Subdividers agree to pay any costs which the County may incur in drawing upon such letter of credit, or in accomplishing an extension of its expiration. The County may draw upon such letter of credit up to ten days before its expiration, in an amount sufficient to collateralize all improvements not approved, if the letter of credit has not been extended or substituted and improve- ment"s are not complete. 3.2 The parties hereto agree, pursuant to the provisions of Section 30 -28 -137 (2), C.R.S., that as improvements are completed, the Subdividers may apply to the Board of County Commissioners 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 any of such improvements are not constructed in substan- tial compliance with the specifications, it shall furnish the Subdividers a list of specific deficien- cies and shall be entitled to withhold collateral sufficient to reasonably insure such substantial compliance. If the Board of County Commissioners reasonably determines (1) that construction 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 the Subdividers; or (2) that the Subdividers will not construct any or all of the improvements, the Board of County Commissioners may withdraw and employ from the deposit of col- lateral such funds as may be necessary to construct the improvements in accordance with the specifications. 3.3 The Subdividers may at any time substitute the collateral originally deposited with the County herein for another form of collateral acceptable to the County to guarantee the faithful completion of those subdivision and off -site improvements referred to herein, and the performance of the terms of this Agreement. At the time of substitution of collateral an inflationary and /or deflationary factor based upon the Denver - Boulder, Colorado, Consumer Price Index for All Urban Consumers, All Items (1967 =100) 87 -148 -8- published by the U.S. Bureau of Labor Statistics, 303- 837 -2467, or alternatively, an approved construction cost index shall be used to determine an adjusted estimated cost for both subdivision and off - site improvements as described herein, and collateral shall be submitted by the Subdividers in accordance therewith. 3.4 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 subdivision and off -site improvements specified in this Agreement 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 or damaged by reason of the nature of said work on the subdivision and off - site improvements, but all of said liabilities shall and are hereby assumed by the Subdividers. The Subdividers hereby agree 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 employees may become 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 Subdividers hereunder; and the Subdividers shall reimburse the County for any and all legal and other expenses incurred by the County in connection with investigating or defending any such loss, claim, damage, liability or action. This indemnity provision shall be in addition to any other liability which the Subdividers may have. 3.5 There shall be a two -year correction period, or such longer period as may be prescribed by law, from the time of completion of the subdivision (such time being determined by formal hearing and action by the Board of County Commissioners), during which time the Subdividers 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 two -year correction period shall bear an additional one -year correction period from the acceptance of the repair or the replacement by the Eagle County Engineer. The work shall be collater- alized during the correction period in an amount and type of collateral as shall be reasonably determined by the County. The work shall be inspected, at the request of the Subdividers, approximately 60 days 87 -148 -9- t, d prior to expiration of the two- year correction period, and any deficiencies shall be noted to the Subdividers. 3.6 The County agrees to the approval of the final plat of the Colorow subdivision, subject to the terms and conditions of this Agreement. 3.7 The 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. 3.8 This Agreement shall be enforceable against the Subdividers, provided, however, that in the event the Subdividers sell or transfer all or part of the subject subdivision, the obligations of the Sub- dividers under this Agreement as to that portion of the subject Subdivision may be assumed by the purchaser of the parcel, and the Subdividers shall have no further obligations hereunder. 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 assumption following an investigation of the financial condition of the purchaser. The Sub- dividers 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. 3.9 Notwithstanding any other provision in this Agreement, liability to the County of the individual Subdividers shall be subject to the limitation based upon Subdivider ownership of each of the existing thirteen (13) lots of a one- thirteenth (1 /13th) divided share for each lot of the total costs under Section 1 Subdivision Improvements, Section 2 Off - Site Road Improvements, and Section 3 General Provisions. It is further provided that no Subdiv- ider shall be jointly and severally liable for the obligations or liabilities under this Agreement of the other Subdividers. 3.10 This Agreement shall binding upon the parties successors and assigns. 87 -148 -10- inure to the benefit and be hereto, their respective 3.11 It is further agreed and understood that at all times prior to the completion and acceptance of the subdivision and off -site improvements set forth herein by the County, each of said improvements not accepted as improved shall be under the sole responsibility and charge of the Subdividers. When it is necessary to allow the general public to utilize the roadways under construction by the Subdividers, warning, traffic control and control or warning devices shall be placed upon such roadways by the Subdividers in accordance with the Manual on Uniform Traffic Control Devised for Streets and Highways as prepared by the U.S. Department of Transportation, Federal Highway Administration. IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above - written. ti_uuiiuy t- cuatiiilSS:Luners COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: GeorcK A. Gates, Chairman (Signature pages of Subdividers are attached) 87 -148 -11- STATE OF COLORADO County of Eagle The foregoing as of 0' Z4,-j Robert Barker '0-t /'L " Karlin Barker SS I was ackn ed,, Ve-fore yie / . this day 198f, by D44AAL 1411)c Rauk- yj=4F- ,9S MY HAND AND OFFICIAL SEAL. expires A V� V11 Notary Public u,A : s; =mac, My Commission expires August 24, 1988 ......... P. 0. Box 743, Vail, CO 81658 SUBDIVIDER: � � �-j � Gt5'� "Carl Berman �f Berman Carl and Ann Berman by Terrill Knight, attorney in fac/, power of attorney recorded Book 479, Page 067, Eagle County Clerk and Recorder. STATE OF COLORADO ) ) SS County of Eagle ) The foregoing was acknowledged before of �s, 198Z, by Tri /� Ai7142 as �orn�L�c1"r— WITNESS MY HAND AND OFFICIAL SEAL. My commission expires Notary Public me this day ti ! �HPA S. DULEY c.? : t,- f 1 1 O--(-N Steve Roosa STATE OF Ihd R I P A ) ) SS County of 5,44!}s o-rA ) The foregoing was acknowledged before me this 6-A day o --71- , 19EB by Sl-Eyr.-7 -P- r') 05f as of WITNESS MY HAND AND OFF TX *4W- State of Florida at large kly Commission Expires April 18, 1990 My commission expires Bonded tnru Agent's Notary Brolmage . otary Public COGO ,qOz-/ / 2 -/i16- /4 - . -n Pbater Turner Vail National Bank Box 2638 Vail, CO 81657 STATE OF COLORADO )SS COUNTY OF EAGLE The foregoing certification of dedication and ownership was acknowledged before me this day of 1987, 4y';PLAer, Turner. Wativ't's's my hafid, and official seal. W-cbmmj-ssi6n ex'pi'res: Notary Pubilc Address "O-W iWJIMMAOWN�.\ Yid I Marlan Gamber do hereby state that Marlin Gamber and Marlin Gamber are one in the same. Marlan Gamber State of Colorado ) ) ss.. County of Eagle ) ,'0010 ,,; ;,The foregoing instrument was acknowledged before me this 29th day ,of L'ecember, 1987, by Marlin Gatnber. rn1M SSS my hand and official seal. ' "0 IV,' �. emission expires July 31, 1990. Notary Lot #3 MajaiVa Gamber_ V ctoria Gamber STATE OF COLORADO ) ) SS County of Eagle ) The foregoing was acknowledged before me this 29 day of DEamBER. 1987, by 4V(Ciaf2jA, C*AB t- as (NDNI LS of . ,yy7lili Uliilljl . +) ;WV l SS MY HAND AND OFFICIAL SEAL. 1 ,�17) poNiuission expires 3UCC 3L, lqR l Notary Public 5 SUBDIVIDER: Gerald Rea STATE OF COLORADO SS County of Eagle The foregoing was ac�mo edged �pfore me this day ofs. 987, b.1 a of s 4 WITNESS MY HAND AND OFFICIAL SEAL. My commission expires zq 'q Noaryblic rl STATE OF COLORADO County of Eagle The foregoing of as of WITNESS MY HAND MI-M&TAINWIM Peter Schlessinger SS was acknowledged before me this day 1987, by UT" AND OFFICIAL SEAL. My commission expires Notary Public 11 STATE OF COLORADO ) SS County of Eagle SUBDIVIDER: Philip Conners The foregoing TNUS ackwole before me this r4 day Of 1 88 by as of Y WITNESS MY HAND AND OFFICIAL SEAL. c uO-)L lion expires N ary blic STATE OF =ft11D0 ) QUIC6 ) SS County of -Rp91- } The foregoing of as of SUBDIVIDER: Howard latzman Shirley Katzffian was acknowledged 1987, by before me this 11� day WITNESS MY HAND AND OFFICIAL SEAL. MTARY s,,iq c PTPTE P_€ ft?RmA My commission expires" r.7 ' >' i Notary Public SUBDIVIDER: Leslie Shapiro Maureen Shapiro STATE OF COLORADO SS County of Eagle The foregoing was acknowledged before me this day 0 c- c! 1987, by WITNESS MY HAND AND OFFICIAL SFAL. My commission expires C1 u Notary Pali STATE OF COLORADO } ) SS County of Eagle } foregoing was acknowledged 1987 , by ' of _ WITNESS MY HAND AND OFFICIAL SEAL. My commission expires 1, t , r Lots #12 Hear an Eckhardt me this 15 day of as EXHIBIT A REVEGETATION & EROSION CONTROL PLAN Colorow Subdivision SUBDIVISION Revegetation of cut and fill slopes for Colorow Subdivision Road at the Subdivision Entrance. Area to be revegetate: Cut slope 400 linear feet - 1.1 Acres Fill slope 500 linear feet - 1.8 Acres Seed Mix and application rate: Indian Rice Grass - 4 lbs. pure live seed per acre Smooth Brome - 5 lbs. pure live seed per acre Crested Wheat Grass - 8 lbs. pure live seed per acre Application Method: Broadcast Preparation: a. Lateral-striations 2" to 8" in depth b. Straw, hand spread at a rate of 15 - 20 bales per acre Erosion Control: Are to be controlled: 200 feet of south drainage ditch at entrance Method: Hand placement of straw bales to form small detention dams at 50 foot intervals along ditch. Cost: Revegetation: Slope preparation $600 Seed & straw materials 250 Labor 400 Erosion Control: Straw bales 75 Labor 175 Total $1500 EXH1817 A Johnson, Kunkel & Associates, Inc. LAND SURVEYING . CIVIL ENGINEERING • MAPPING P.O. Box 409.113 East 4th Street- Eagle, Colorado 81631 4915 East 52nd Avenue-Commerce City, Colorado 80022 COLOROW — SQUAW CREEK ROAD ESTIMATE STATION 123 + 14.70 - 175 + 70.24 (52551.5') Eagle: (303) 328 -( Metro: (303) 287 -( Description QLlantl t�� Unit _ _ Unit Cost Total Earthworit 34 000 Aggregate ! 2 ctc. yds. tons 1.25 42 500 Fence Signs 5, 255 ..Jl�JJ feet 6.50 1.25 2,:;, 569 Culvert 1B° 6 440 each 80.00 6 5b9 480 Culvert 36„ 100 feet 9.60 4!224 Culvert 48" 120 feet 19.50 1,950 Engineering L.S. feet 2S. 7© 3,444 5,000 GRAND TOTAL se7, 737 COLOROW OFF SITE ROAD CONSTRUCTICN PHASING PLAN 1. The subdividers have a five Year period of time commencing approval of the Final Plat to commence off site road construction. upon 2. All construction must be complete within one year of commencement of construction. 3. At the subdividers' option, construction may Commence at any time prior to the five Year time period. Work may be done on a staged basis such as vertical and horizontal alignment improvements, final grading and gravel application, etc. provided right-of-way is obtained. t}."t armi t to work within the County EXHIBIT 8 , EW-IBIT C Colorow Subdivision Improvements Agreement OFF'SITE ROAD CONSTRUCTIoN COST ESTMATE $87,737 Add 10% for contingency 8,773 Total offsite road cost $96,510 Onsite revegetation and erosion control cost estimate $ 11500 Total cost of all improvements $98,010 As the current ownership is based on 13 on .-inal lots, these calculations are based on division by 13. Total cost per owner (98,010 divided by 13 lots) $ 7,539.23 1987 Initial payment 1,507.81 Balance $ 6,031.39 1988 Payment Required 1,507.84 Balance $ 4,523.55 1989 Payment Required 1 X07.84 Balance $ 3,015.71 1990 Payment Required 1,507.8=: Balance $ 1,507.84 1991 Final Payment Required 1,507.94 Balance 0.00 NOTE: This Agreement contemplates the improvements required for the subdivision of Lots 1, 2, 3, 4, 5, 6, 7, 8, 10, 11, 12, for a total of eleven original lots. It is contemplated that Lots 9 and 13 will be subdivided at a later date, and those lot owners will be required to contribute to the improvements at that time. E %HIBIT '1117i'