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HomeMy WebLinkAboutC88-083 Guaranty Agreement with Arrowhead at VailGUARANTY AGREEMENT This is a Guaranty Agreement dated as of June 1, 1988 by ARROWHEAD AT VAIL, a Colorado joint venture (hereinafter referred to as X�z "Arrowhead "), for the benefit of the BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY, COLORADO (hereinafter referred to as the "County "). RECITALS A. The County and Arrowhead have entered into that certain Tenth Amended Subdivision Improvements Agreement dated as of June 1, 1988 (the "Subdivision Improvements Agreement "), regarding certain public improvements in the Arrowhead at Vail subdivision in Eagle County, Colorado. B. As security for the performance by Arrowhead of the Subdivision Improvements Agreement, Arrowhead has executed and delivered its promissory note and deed of trust for the benefit of the County regarding certain property in Eagle County, Colorado. C. Arrowhead desires to provide further security to the County, for its performance of the Subdivision Improvements Agreement. COVENANTS In consideration of the recitals and covenants of Arrowhead, Arrowhead agrees as follows: 1. Each of the joint venturers of Arrowhead hereby guarantees the prompt performance by Arrowhead of each and every covenant of ari Arrowhead in the Subdivision Improvements Agreement. It, 2. This guaranty shall terminate upon completion of the improvements described in the Subdivision Improvements Agreement and approval thereof by the County. 3. The undersigned agrees that the County will not be required to exhaust its remedies against Arrowhead prior to looking to the members thereof, WEDGE Real Estate Ltd., a Texas limited partnership, and Arrowhead at Vail, Inc., a Delaware corporation, for performance of this guaranty. The County will be entitled to recover its reasonable attorney's fees and costs in enforcing this Guaranty Agreement. 4. This Guaranty Agreement shall inure to the benefit of the County and shall be binding upon the undersigned and their respective successors and assigns. PA6E G $ -1- ARROWHEAD AT VAIL, a Colorado joint venture BY: Arrowhead at Vail, Inc. a Delaware corporation, j nt venturer President C88 -83- 11 M -2- Y r BY: WEDGE Real Estate Ltd., a Texas limited partnership, joint venturer BY: Arrowhead at Vail, Inc. a Delaware corporation, sole generaall''partn BY,� � t > C. Don Williams President i 11 M -2- Y r BY: WEDGE Real Estate Ltd., a Texas limited partnership, joint venturer BY: Arrowhead at Vail, Inc. a Delaware corporation, sole generaall''partn BY,� � t > C. Don Williams President