HomeMy WebLinkAboutC88-129 SIA Modification for Aspen Mountain ViewC88- 129 -28
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.JO -HNN TT PHILLIPS
ASPEN, MOUNTAIN VIEW SUBDIVISION i.4GILE 0TY "H G D R
AND OFF -SITE IMPROVEMENTS
MODIFICATION AGREEMENT 1-C 2 r
THIS AGREEMENT, made and entered into this 5-+4% day of
-Deu,m Gtr , 1988, by and between Aspen, Mountain View,
Ltd., a limited Partnership (hereinafter "AMV") and 87 Hope, Inc.,
a Colorado Corporation (hereinafter 1187 Hope ") and the Board of
County Commissioners of the County of Eagle, State of Colorado
(hereinafter "County ").
WITNESSETH
WHEREAS, AMV is in default with regards to a certain
Subdivision Improvements Agreement dated February 24, 1981,
involving Aspen, Mountain View, Oak Ridge I Subdivision; a certain
CSubdivision Improvements Agreement dated March 26, 1982, involving
,r4 Aspen, Mountain View, Second Filing; and certain Off -site
Improvements dated February 24, 1981 and March 26, 1982 involving
the Aspen, Mountain View Subdivision First and Second Filings.; and
WHEREAS, 87 Hope, has contracted to buy the Aspen, Mountain
View Subdivision from AMV, and is willing to assume the commitments
of the Subdivider if certain adjustments are made; and
WHEREAS, the County is willing to extend the time for
completion of the on -site improvements in consideration of the
following agreements; and
WHEREAS, the County has finished the portion of the off -site
improvements of County Road S -13 to the main entrance of the Aspen,
Mountain View subdivision, but, in view of the vacation of the Blue
Creek Subdivision, located east of the Road, does not see a need
to extend the road pavement to the northern entrance of Aspen,
Mountain View; and
WHEREAS, AMV has made cash contributions to the off -site
improvements of County Road S -13, but is now $18,980 in arrears.
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. The County hereby consents to the assignment and transfer
of rights, obligations, and interests in the Aspen, Mountain View
Subdivision from Aspen, Mountain View, Ltd to 87 Hope, subject to
the completion of the obligations created under this agreement.
2. 87 Hope shall make a $10,442 payment towards arrears for
off -site road improvements immediately upon the County's approval
and execution of this agreement. 87 Hope shall make the remaining
$8,538 payment balance within 10 days of the County's approval and
execution of this agreement.
3. 87 Hope, upon closing of its purchase from AMV, which
shall occur within thirty days of the execution of this agreement,
agrees to complete the on -site improvements for Oak Ridge I and II
according to the schedule shown in Exhibit A which is attached
hereto and by this reference made a part hereof.
4. To secure the performance of the aforementioned sub-
division improvements agreements, 87 Hope, Inc, shall obtain a
letter of credit issued to the benefit of the County in the amount
of $155,000 issued by a Colorado bank within thirty days of the
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execution of this agreement. Upon receipt of said letter of
credit, the County shall release all promissory notes held by the
County and issued by AMV and shall release all mortgage deeds
securing said notes.
5. The County, 87 Hope, and AMV agree that, in view of the
payments made by AMV, the work completed by the County on County
Road 5 -13 to date, and the traffic projections for said road, the
off -site agreements will be fulfilled with the payment of the
aforementioned $18,980. The off -site agreements are terminated by
mutual consent, and the County shall have no obligation to do
further construction work on County Road 5 -13. 87 Hope, agrees to
pay any costs which the County may incur in drawing upon such
letter of credit, or in accomplishing an extension of its expira-
tion. The County may draw upon such letter of credit within ten
days before its expiration, in an amount sufficient to collateral -
ize all improvements not approved, if the letter of credit has not
been extended or substituted and the improvements not complete.
6. The parties hereto agree, pursuant to the provisions of
Section 30 -28 -137 (2), C.R.S., that as improvements are completed,
87 Hope, 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 such improvements are not
constructed in substantial compliance with the specifications, it
shall furnish 87 Hope, a list of specific deficiencies and shall
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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 87 Hope,; or (2)
that 87 Hope, will not construct any or all of the improvements,
the Board of County Commissioners may withdraw and employ from the
deposit of collateral such funds as may be necessary to construct
the improvements in accordance with the specifications.
7. 87 Hope, 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)
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 87 Hope, in accordance therewith.
8. 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 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 reasons of the
nature of said work on the subdivision, but all of said liabilities
shall and are hereby assumed by 87 Hope. 87 Hope, hereby agrees
to indemnify and hold harmless the County and any of its officers,
agents, or employees against any losses, claims, damages or
liabilities 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 87 Hope,
hereunder; and 87 Hope, 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 87 Hope, may have.
9. 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
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formal hearing and action by the Board of County Commissioners)
during which time 87 Hope, 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 collaterized 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 87 Hope, approximat-
ely 60 days prior to expiration of the two year correction period
and any deficiencies shall be noted to 87 Hope.
10. 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.
11. This Agreement shall be enforceable against 87 Hope,
provided, however, that in the event 87 Hope, sells or transfers
all or part of the subject Subdivision, the obligations of 87 Hope,
under this Agreement as to that portion of the subject Subdivision
"I may be assumed by the purchaser of the parcel, and 87 Hope, shall
have no further obligations hereunder. It is agreed, however, that
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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. 87 Hope 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 un-
reasonably withheld,
12. This Agreement shall inure to the benefit of and be
binding upon the parties hereto, their respective successors, and
assigns.
13. It is further agreed and understood that at all times
prior to the completion and acceptance of the subdivision
improvements set forth herein by the County, each of said
improvements not accepted as improved shall be under the sole
responsibility and charge of 87 Hope. When it is necessary to
allow the general public to utilize the roadways under construction
by 87 Hope, warning, traffic control and control or warning devices
shall be placed upon such roadways by 87 Hope, in accordance with
the Manual on Uniform Traffic Control Devices for Streets and
Highways as prepared by the U.S. Department of Transportation,
Federal highway Administration
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14. The previously approved preliminary plans for other
phases of the Aspen, Mountain View Subdivision are hereby extended
and shall remain valid for a period of three years from the date
of execution of this agreement by the County. The plans may be
further extended in accordance with the Eagle County Land Use
Regulations.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement this 5� day of -1�eGamlp , , 1988.
EWA
By:
County Commissioners
ATTEST:
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By:
G
4z&� ':eL2�� —
eorg . Gates, Chairman
87 HOPE, INC.
WilAam Moore
Aretary Address: 111 Colonnade Rd., Ste 200
Nepean, Ontario Canada K2E7L9
ASPEN, MOUNTAIN .V -1EW, LTD.
ATTEST:
Y: T- –
alter Sten er
ecretary Address: 11 Colonnade Rd., Ste. 200
Nepean, Ontari _Canada K2E7L9
By: �;G - By : � -
U Richard Jennin
/ Parj�jeV Address: Box 5508
Snowmass Villa CO 81615
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f..
STATE OF COLORADO
e ) ss
The foregoing was acknowledged before me this 7 day
of , 1988, by 1.v�°' . �'�`P",u /rte,' as
WITNESS MY HAND AND OFFICIAL SEAL.
My commission expires
� @_,O' G_1$.
STATE OF
COLORADO )
fi�&v i y�,G-e
) s s
C V#N'Pf OF C) ti ti3E1y )
The foregoing was acknowledged before me.
this 11?70 day
of
19 8 8, by 1!?&" 4aze 10 m"
as
of 191) 4 -bpe -, I Kan
WITNESS MY HAND AND OFFICIAL SEAL.
.
My commission expires,-
ell
1 C
-
STATE OF COLORADO
e ) ss
The foregoing was acknowledged before me this 7 day
of , 1988, by 1.v�°' . �'�`P",u /rte,' as
WITNESS MY HAND AND OFFICIAL SEAL.
My commission expires
� @_,O' G_1$.
EXHIBIT A
MODIFICATION AGREEMENT, ASPEN, MOUNTAIN VIEW
ASPEN, MOUNTAIN VIEW SUBDIVISION
EXTENDED SCHEDULE FOR SUBDIVISION IMPROVEMENTS
ITEM
COMPLETION DATE
EST.COST
A.
Payment of a $10,442.00 contribution
upon
execution
10,442
in arrears for the off -site County
within
10
days
8,538
Road 5 -13.
B.
Construction of children's playground
May
31, 1989
3,000
1s
C.
Finish driveway at end of cul -de -sac on
Mountain View Rd.(w /o asphalt pavement)
June
30,
1989
5,000
D.
Completion of Mtn. View Road to swim
pool parking area with 3 -in of gravel
and 2 -in of asphalt (700 ft.)
Oct.
31,
1989
11,000
E.
Furnish water, electric, and tele-
phone hookups to Phase 2 Lots 4,5,& 6.
Oct.
31,
1989
5,000
F.
Extending telephone lines to Lots 10,
11, 12, 13, 15, 16, & 17 of Phase 2,
and Lots 1 & 2 of Phase 1.
Oct.
31,
1989
5,000
G.
Extending electric lines to Lots above
Oct.
31,
1989
33,000
H.
Finish Phase I portion of Green
Meadow Drive with 3 -in of gravel and
2 -in of asphalt (1,500 ft.)
Oct.
31,
1989
23,000
I.
Completion of Mtn. View Road, Phase
II (700 ft.)
Oct.
31,
1990
11,000
J.
Finish construction on tennis court
Oct.
31,
1990
26,000
K.
Finish graveling and paving of Phase
II portion of Green Meadow Drive
(1450 ft.)
Oct.
31,
1991
30,000
L.
Surveying
Oct.
31,
1991
1,000
M.
Management
Oct.
31,
1991
5,000
Sub -Total
$176,980
Off -site contributions:
18,980
Total minus off-site contributions
V15T1_ (S9U
