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HomeMy WebLinkAboutC06-140 ((;-(1"-;'#--5/ SUBDIVISION .4o.j'I,1) OI<'F-SITE rl\lPROVEMENTS AGREE.\IEl"iT FOX HOLLOW pun File No. PIW-00094 THIS SUBDrVIS10N AND OFF-SITE TMPROVE!vfENTS AGREEMENT ("Agreement") made and entered into thi:; 24 day of April, 2006, bv and belween tile COUNTY OF EAGI.E, ST A IE OF COLORADO. a body cotporate and politi<:, by and lhnmgh it:; Board of County Commissioners (hereinafler .'Connly") and Fox Hollo...... LLC (hereinafter "Sbd"d .') u lVlcr. WrTNESSETH ViHEREAS, tile Subdividcr, as a eondilion of approval of the Final Plat of the Fox Hollow PL1) (hereinaflerrefcrred 10 as "Snbdivision"J. dcsiTes an Agreelllem as providcd for by Ihe LanJ Use Reg-nlalions of Eagle COUnly, Colorado. 1999. as amendcd (hercimlfter referred to as '"Land {he Regulmions..) Chapter II. Section 5-280,B.5.e. and c.R.S. ~3()-2S-137; ,md WHEREAS. pursuant 10 the same authorily. lhe SubJivider i:; ohligated to provide securily or collatcral !;ufficient in the judgmelll of the County to make re<lsonahle pmvisiom lor complelionofcertainpnblkimprovclllentshereinaflerdeseribedCSubdivisionltnprovernelllsn): and WHEREAS, plU'S!l<llll 10 Chapler II, Section 4-620 of the Land Use Regulalions. when a proposed subdivision i,1 10Calcd in an area scrvicedhyancxistin gCoulllyroadandlheCounty delennineslhatthelrafficgeneraledbysuchdevelopmelllwjJlresullin,afctyhazard,forvehiclc driver:;. pede,lrians andlnr <ldjaecnt residem:;, nr will re,lult in , ubstmlliullyil"lcreased maimcnunce en,lt:; In the County. thc Coullly is empowered to dClemlinc the amount of work neCCS,larYlohringlheaffcctedCounlyroadtoacCeplahle~tandard>loprovideaclequatesafe .Icrvice In presenlowner,. to lhe propo,led:;nbdivision and to Olherp robabk,ubdivision.I,<lndto re'luire the Subdividcr to improve il!; e'luitabJe pnrtion of such roudto anacccptablys<lfe condition: and \VHEREAS, the County has delennined lhallhe lraffic which will be gcnermed by tile Suhdivisinn. along wilh other pOlential subdivi,ion.~ lJl the mea, will resull in safcly hllZard> and substantiullyincrea:;edmaintewmceco:;1.1 ['eJaliVelOlheoft~:;itcroad.l;and V,'lIEREAS, the Subdividcr hu:; agreed to improvc the mads to an acccptably .Iafe condilion and to ae<:ollllllndate thc incrcmental increase in traffic burdcn 10 the ~aid road~ re,lIl1ingfromlhedcvelopmwtoflhi,ISubdivision,hylheenginccring.eonstructionand completion of physi<:al improvemcnts 10 the said road as :;et forth in this Agreemcnt: and \VHEREAS. a:; a further eondilion of approval of the final plat of this Subdivision, the Suhdivider is ohligated to proVl(\eseeurityandcollateral:;ulTidem i nthejlldgmCnloftheCounly 10 make rca,onabk provislon for eomplction of the Suhdivision Tmpmvemenl';. including h!ltnot lillliled to off-silc road improvemem"refelTcd to Ilerein: and (60 I " ~,' ,','" "1,""'- V,llEREAS, pUn'<uant to Chapter 11, Sedion 4-620,9 01" the Lind U~e Regul<ltions and C.R.S.43-1-147, the Subdivider ,hall provideacc~>s for all lou, and parcel> it creates to the ,tate highway ~y~tem in ~.onformance with the State Higlmay Acec:;>; Codc, NOW, THEREFORE. in con.lideration of the premise, <lnd the (:ovenant> and agreements her~in containcd to be kept and pelformed by the pani~> hercto. it is hereby understood and agrced a:; follows: J. SUBDIVISION IMPROVEMENTS, 1.1 Subdivi,ionllllProvem~nt>. Subdivi,ionllllpruvemcnt:;arcdeemcdtoincludeall public improvem~nt:;, inclllding but not limited to off-,ite impruvement> as ,dforth in all do(:umc!ll" eO!l:;truetion urawing.\, dcsigm, map'i, specifications, ,ketch~,. (:o,t ~>timate,. and othermatcri<ll>wbmitted by the Subdivider prior to or at final pl<:ttapp rovalandacccptanccby the County. Such Subdivi:;ion Improvement, ,hall ineluderoao:h, utilities and othcr :;imilar public improvcments a~ ,pecified by th~ County Engineer. 1,2 ScoPco[\Vork. ThCSubdividnhcrebyagree.l.at it:;:;olecost and expense, to fumish<lll necc"aryequipmclll and materiaL and to (:omplcte all Subdi vi,ionIlllprovement>as refercnct:U in the attached Exhibit '.A," and that certain Public Improvements Agreement (File No. MI-ll026) and that Fir>t Alll~ndmelll to Publk l111pmvement\ Agreement a, I'cf~renccd in the attached Exhibit '.S;. ilnd a, .let tlJrth in <III document" c'lIl:;tmetion dr...wing~, design" map~, ,pecification" ,ketchc~, and other material:; submitted hy the Subdivider prior to or at final plat appmval and acccpted by the County. and in accordance with all law, 0 fthelJnitcdStatcsof America, Slale of Colorado, County of Eagle, and their re,pectivc agenck, and alTected govcmm~ntal entitics. Such perfomlUnce ,hall include acqllisition of all nece.%ary right:;-of- way. 1.3 Dlltie, of Subdivider, For tho~e Subdivi:;ioo Improvements requir~d hercin. includingb\ltnotlimitedlOtherecon.ltmctionandphy~i(:alimprovcment of that portion of any road subj~ct to this Agr~emem, the Subdivider shall retain an engineer who:;e dutie> shall include construction staking. obscrvation or con~truction for conl"onnall(:e to the approved plans and sp~cification:;. and matcria\:; ,ampling, t~:;ting and inspection u:;ing the Colorado Deparlment of Highways 2001 Ficld Matcrial> Manual a, a guide I.or frcqllency of sampling and te,ting, ) .3.1 Con:;truction Stakin~. Wherc <lpplicable and by way of example only, the following is ahighllghting oftheconStrLL(.'tion ~takingthatwill be rcquired of the Sllbdivider: a, Roadw<l1-' - horizontal and verti,.al control cV~ry 50 feet or ~"ery 25 fect in critical area,. specifically incluuing: -,lope ,taking -poim,ofcun.murc -poinh01" tangcncy -fillct radiu, points -clllvcrl~ , -lransitionpoinlsforsupcr_clcValion -finishcdsLlb-gradc -fini<;hedgravel b. Wa/cr. Sewer. and Olher Utililies _ horizontal and vettical ~.ontrol every 100fecl, or every 50 feel in crilical areas. 13.2 Testing Wilere applieable and by way of example only, the following is a highlightingoftheaccept:mcetcstingthatwillhereq~iredoftJleSubdivider a, Ulilityand drainage culvert treIl(:hbackfill Llllderl'OadwaVD risms-one density test per 200 C.Y. of backfill or a minimum 01" one lest per roadway crossing, This will rcqLlire daily visits to thc site hy a testing laboratory when Lltilitie.<; or drainage culverts are being baddilled within lhc roadway prism, h. Embankrnems forroadwavs-oncdensilytest per 2.000 c.Y. 01" any additional emh:mkment(s); and one density te:;l per 500 C-Y. when within 100 feet of bridge approaches," c. Fini:;hedsuh-grade-onedensityteslper250lineal feetofrnadway. d, Ag~regate ba<;e co~rse_ one in-place density per 250 lineal fect 01' roadway, and gradation and Atterberg Limits test per 2000 Ions 01" aggregate base ~.our<;e. e. Hot Bituminous Pavement - two a<;phalt contelll, grada/ion and in-place densitYlestsperday.sprndLlction. f. Concrete - C~rb ilnd Gutler. Side\.\alb muJ BikeDilths - te<;ts for air COlllent, slllmp and compressive strength pcr50C-Y. ofconnete placed or minilllumofone.lelufte,t<;perday, 1.3.3 Notificaliunffi.oadConstruction. SLlbdivider or his Engineer shall notil'y the Eagle COlUlty Engineer for the purpose ul. arranging an un-site inspect ion no Ie,:; than forty-eight (4H)ho~rsinadvanceufthefollowingstagesol"ruadcoostruction: 1) Finishedsubgrade 2) Fini:;hedAggregateBaseCuur:;e 3) A:;phaIIPla~.ement. 4) Concrete - CLlrh and Gutler. Sidewalks and Bikepalhs The County Engineer :;hall make 1m on-site visit wilhin tIle fony-eight (48) hOIl" nutification period oras shortly thereafter as rea.wnably possible for the purpos cof observing proofl'OlIsOn itellls 1) and 2)ahove and for general ohservation of construction melhod:; being employed at the:;e slages Said on-sile inspection by the Eagle County Engineer mall in no way ahrogme the dtlliesufthe SllbdividerOllllineJ elsewhere in thh Agreement. TheSubJividershallprovidethc proofrolhngby an'anging for a loaded:;inglc unit truck caTTying 18,OOOpollndsperre<ll"axlc. ; 1.3.4 Witne%in~ of Water and Sewer Lateral" It i.I e.lsential that the end, of the>elateral, he witnessed by the Subdivider., engineer to a minim um of three divergent points and a pennanent record made of the ,ame. Copiesofthe'erecordsatcre411iredtobclurnished to the Eagle County Engineer prior to commencement of the two year warranty period. ]n addition to witne5Sing of the horizontal location of these laterab. a vertical witnes"hallbe requited, Horizontal witne,>ing >hall be to property ,.orne". fire hydrants, manholes, and other "pcmanent" feature>. Vertical witnes>ing shall he based on depth below ground and elevation ba>ed on a datum u>ed for the suhdivision. Bench marb ,hall be ,hOWII On witne,s record>. 1.3.5 Te>tRenorl,. All te,t reporls shall beeomecutivelynumbercd,with copies I'urni>hed directly to the Eagle County Engineer from the laboratoty as they are reported to the Suhdivideroritsengineer. 1.3.6 i\,-Fluilt Drawing.1 01' Subdivi.lion IlnDrovemenLI. As-Built drawing" sealed, ,iglled and dated by a Regi,tered Profe."iollal Engineer ,howing the a,-eomtmcted horizomalandvCl"li,.ullocation.lofSlIbdivi,ionlmprovementsshall be,ubmitted to the Eagle County Engineer prior to commencemcnt of the two year warranty period. Thi.1 .Ihall include a,- built drawing> in an elcdronicfonnat a<:<:epmblc to the CoumyEngineer, 1.3,7 Affidavit of Monulllentation. An AJTiJavit of Monumentation sealed, ,igned and dated by a Registered Ptore,sional Land Surveyor ,tati ngthatthe,uhdivisionha., been monumentcd in a<:cordance ",ith ~38-S 1-105, C.R.S" ,hall be provided to the Eagle County Engineer prior to the aceeptan<:e of the Subdivision Improvements b y the County, 1.4 Complian<:e \\'ith Colorado Department of Highway> Accc" Code, Subdivider >hall provide the County with de,igns in compliaIKe \\'ith the Colorado Department of Highway, Acce." Code lor all road improvement, and shall obtain a bond in tIle amount required hy the Colorado Department ofllighway, (the "Department"), Subdivider agree.1 to >ubmit a letter of ,Tedit in the amount tequired hy the Colorado Department of Highways to Eagle County a, intctim collateral until.luch time whcn the Subdivider suhmits a bond to the Department. Eagle COllnty will then release said letter ofctcdit. 1.5 Date ol'Comllletion. All Subdivision Improvement> shall be completed prior to May 1,2008. All Public Impnwements required under Grading Permit No, MI-]2026 >hall be complCled prior to_\1l1reh 1,2007 1.6 AppwvalandAccentanceofWork. 1,6,1 Copies of all tcst result, eorre,ponding to work which i.1 being in,pect ed and any other inl'omat.ion which may be nccc,.lary t.o establi,h the ,atisfactory completion of the \vork for which inspcction i> reqnc,tcd mu>t be submitted prior to > aidill,peetion. Allsnch information ,hall be accompanied by a letter from the Subdivider's engineer verifying the >mi,faetory completion 01' the \vork pcrlomed to date, 1.6,2 NotwithstandingSe<:tion1.3.3above,promptlyal'terreceivingarequcMl'or m,pection and the required do<:umentation, the County Engineer ,hall review the inlomation pre,entcdand, ifnec<;ssary, make an on-site inspection of the work <:0 mpleted. , 1,6.3 All said work shall be done to the reusonahk smisfaetion of the County El"lgineer and/or the COllnty Depurtment of Communily Develupment. ami shall nul be deemcd complele umil approved and acceptcd as complete by lhe Cuunty. 1,7 Estimmed Costs of Subdivisionlmprovements, The estimated eOSl ur lhe SubdivIsion Improvemcms is thc Sum of $88,211.63 (see Exhibil "A" attached hereto and incorporated herein by lhis refcrcl"lee) and the improvemelUs assuciated wid] Fox Hollow Pl'D Grading Permit No. ~U.12026 in thc amount of $35,393.111 (see Public Impruvemcnt~ Agreement and First Amendment aaached a.~ F.xhibil "B" and incorporated herein by this reference 1\OTE: Fox Hollow and EDCC, LLC agreed to share pubhe impnlVements eO~lS of M1.12026 in thc amOUlll of $70.787,62 equally) und lhc Colorado Depal1ment ofTrualportation CCDOT') Ace"" Permil No, 305189 in the amount of 5138,468.90 for a tutal amollnt of collateral in the amount of $262,074.34 lo securc amI guaramee per fi)mlanecoritsob!Jgutionsa.~ selforth in lhi.l Seetiun I, incluuinglhecomplelionoflherequired off.siteimprovements, grading permil and the CDOT Aece~s Permil improvements, the Subdivi,kr herehy agrccs lO provide security and eollmcral Ul the fOrol und a.~ ~et fOl1h in Section 2, below 1,8 Common Park und Rcn"ation Ar"as, Suhdividcr agrees 10 'Ilhmit a CUUlmon Open Space, Park and Recrealion Al'ca Plm] to hc approved by the County Departmem of Community Developm"nt prior to appl'Oval of final p]ut. 1.9 LandscaDcGuurantcc. Sllbdivideragrecs lo submil u landscaping plan, prior to approval of final pial. for the ~ubdivi~lOn which will comply with Section 4-240. Inslullation and Maintcrmnce RCQllirements, The Subdivider agn:es to abide hy thoo Landscape Plan approved by the County Depal1mcnl of Commllnity Development. 2. SECURITY and COLLATERAL. 2.1 Collmeral. SecllJity and Collmeral required inScctiun 1.7 herein, as ,ecurity for the perfilITnance by Sllbdivider of ilS obligations lmderthis AgreemcnL. shall be $88,211.63 for the Public Irnprovemerlls and $35,393.1H for Gradil"lg Permit No, _~U-12026 for a total amount Or $123,6{l5.44 amI $138,468.90 for lhe CDOT Acccs~ Permit No, 3051 g9, The Sllbdivider desire, lOdividethccollmcralintwole!tersofcreditasfollows: 588,21 1.63 forimpwVelllCrlls and $35,393.81 for Gruding Permit for a lutal of$123.60544 inoneletr er of credit and,$\38,468.90 for lhoo CDOT Acce,s Permit inw one lerler of credit The Subdivider shall ohtain eol1uleral in lhe form ur irrevocahle LETTER." OF CREnTT (as specified m uttachcd Exhibit ..C') in the ahove amOlUlts priol' to signing of lhe final plat. 2,2 Partial Release of Collateral. Sllbdivider may apply to the County forthc release of portions of !he Collalnul ha,t:(] upon "'ork completed in accordance wilh lhis Agreement Tu lllake such rdeasoos, Suhdivider shall reqllcst the County Engineer t oil"lspecl the work in urderto verify satisfactory eOlllPlction in accordancc with plmlS und spccif ication~inaccordancewilh Section 1,6, 2,3 l'inaIReleasooufCol1alooral/V"arranty, Wilhin thirty (30J days after Subdivider has eomplclCd all of the ,^'ork rC'luired by this Agreelllenr and thc work has been approved mld , uccepted by lhe County, the entire remaining umount of lhe Collateral. Ie"" an umounl equal to tenpen..ent(lO%)oftheoriginalCollateral,,,hallberelca~ed. Subdividershallberespon"ible for the (:onditi,m of the Subdivision Improvements for a pt'l'iod of two (2) years after completion: Ihis shall be gllaranteed either thrOllgh the relention of Collateral, u s set fonhabove, or Suhdivider may provide a 'lIb.ltitute formofCollateraJ a":;etfol'th in Section 2.4 hereunder, 2.4 Sub,>tilulion ofColluteraL The Subdivider may al ,my time wbstimte the Colluterul originally depo~iled with the COlully herein, for another fOilll of CDlIateral ace<;;plable to Ihe County, to guarantce Ihefaithful wmpletion of the Subdivision Imp rovemenr, referred to herein and the performance of the terms of this Agreement. At the time of ,>ub,titution of collalerul. an inflalionary andlor deflationary factor based upon the Denver,Boulder, Colorado Con,>umer Priee Index for All Urban Con~umers, All Items (1967=100) published hy the V.S, Bureau of Labor Stati:;tin. 303-837-2467, or, alternalively, an upproved ~"{)n,tl1lClion cost index, .,hall be u~ed to determine an adju~ted estimuted co~t for all Suhdivision Improvemenls as de~,.ribed herein,andcoiJateralshallheslIbmiltedbytheSuhdividcrinaeeordaneetherewilh. 2.5 Draws, Draw, again~tthe Collalerul shall only be made as dire,.led by wriUen Rewlution oflheCounly, stating thut there hu:; been an eventofdef alllt under this Agreement and thalu :;mn eertuin is required to remedy the default, Any amount drawn On the Collateral must be applied for the purpose of completing the work required by Ihi, Agreement and related expense" and ~"()sts, 2,6 Evenls of Default. The following events shall be deemed "Evem" of Dda~il." enlitlingthe County to draw on the Collateral: 2,6,1 If Subdivider hu:; not completed the work required by thi:;A greement \vilhin thirty (30) days prior to the Date or Complelion ,et forlh herein, the COIUlty muy. after len (10) working day" written Notice to Suhdivider, draw lIpon the Collateral an amount sufficient to complete said work and compensate Ihe County for it,> reu:;onablc cost, and expense~ related to ~aid draw. 2,6,2 If the original collateral presented to the County(orany exten,>io nthereof) i,duetoexpireandtheworki,>nolyeteompleted,andSubdividerhas not provided wbstitule eollaleral or lhe bilnk's written e:nen~ion to the original collaleral (a, il may have been previou~ly extended),[heCOlully~halldrawonlheCollateralaeeordingtotheprovi:;ion.lsC(forthinthis Section 2. It is Subdh'ider's responslhillty, wlth or without notice, to ensnre th llttht' COllateralisextended,orthlltsubstitntecollaterlllisprovidt'dinaform acceptable to the County,atlellst ten UO)dllys prior to its expirlltion. If Collateral is neitht'rt'xtendt'd nor subslitute colhlteral provided, in a form llcceptabk to the County, at kast ten (Io)days prior to its expiration, the developer shall pay the Connty llnaddit ional$500{Fivehundred dollars) for the additiomll administrath-.e work required because of the fllilllre to extend or snhstitutecollateralin a timely mauner liS required hy this llgreemen I. 2.6.3 If the Col1uleral is "ub:;tituted, a, othef\\-i"e provided herein, this Agreement may be umended or Illoditled in order to :;et forth :;peeifie Event, of Default deemed n<;;(<;;:;.,ary. in the Counly's sole dis~"fetion, ,.onmlen~urale with the type of' collateral wbstituted, , 2,7 Cost'i arld EXDense~. Subdivider agrces 10 pay any <:o~t, and expense:;, induding blll nOllimitcd 10 legal fee'i, which the County may incll1' in delennining to aceepl wllateraL in drawingupontheCollaleral,ol' in ilccomplishing an extension ofil scxpirulion, 2,g Larld,~aDc PlanCoJ]alernl. 2,8.1 Suhdivider agrees to pmvide coUalerul inn foml acceptable to the Co unty AlIorneYlOensurelands<:apingwillbein,talIed. Subdivideragl'ce:;topl'ovidecollatt:ralforno les, thun one hundr~d and l\v~nly-fivc percent (125%) of the estimatcd <:ost ofth~ Innd,caping improvemems li:;l~d in the Land,cape Plan. 2.R.2 As portions ofth~ l,mdseape improvem~nt, are <:ompIcted, lheCnmmllnity DcvelopmentDire<:torshallinspeetlhem,anduponapprovalanda,,~t:ptance.shallaUlhorizelhe release oflhe ngrced eSlimated <:o~t for thal portinn of the improvemenls, ~xccpttbal the ten perccnt (10%) shall be withheld until all pl'Opo'i~d improv~ments are ~omplcl~d and approved, and an additional twenty-five perccnt (25%) he retaincd until the improvcmems have b~en maintainedinasatisra<:toryeonditionfnrlwo(2)ye~rs, 3. INSURANCE arId INDEMNIFICATION. 3,1 Ind~lllnifieation. Suhdivider ,hall indemnil'y nnd hnld the Cnunly harmles~ from any andaJJclaim'imadeagain~ttheCnllntybyanyeontractor,sllheonLractOf,materialmen, employe~, independent COlllrador. agenl or representntivc involved in the work necessary lo comply with this Agreemenl. or on account of any other claim, ngninst l he County be<:au,eor the nctivitie'i <:onducted in fllrthcran~e of the terms I'll thi~ Agr~emelll. This indemnification and hold harmless provision shall indude any legal expenses nr~osts ineurred hy the County. 3.2 Ce11ificate'i of Imllt'an~e, The Subdivid~r ~hall ,ecure from any contra<:tor or sllbcontractor engagcd in thc ""ork necessary to comply with lhi, Agl'eemcnl n Certifi<:ule of Insuran<:e providing for liability protedion in Ihe minimum amnunl of 5150,000 per individuul and $600,()OO per OeCllTrence. nnming th~ County uS an addilionally named in'im~d, Th~ Subdivid~r.ifitserv~sasthewntractnrlortheSubdivi,ionlmprovements, shall provide insllrancc in the ~ame form and amount, as required ol 11le general COntruUor. Said limits shull be adju,tcd to comply with any ~hilllged limit, in lht:Colorado Govemmclllal lmlllunity Act, Title 24, ."utide 10. Colorado Revised StanH~s. 3.3 County Incurs No Linbililv, The County shall not, nor ~haJ] any officcr or ~mploy~e thereof, he liuble orr~sponsiblc 1'01' any ac<:idelll.loss or damage happening or o<:~llrring 10 the Subdivision and/or Subdivision Improvemems :;pe<:ified in Ihis Agnxmem prior to tht: completion and acccptan<:e of the same: nor shaJ1th~ County. nor any olTker or employee lhel'eof, be liahle for 1UlY persons orpropeltyinjuredordamagcdhy I' ea,ons of the nalllreofsuid workontheSubdivisionlmpl'Ovement"bulalJof'iaidlillbiJjtics~hnl1he and arc hereby assumed by thc Subdivider. The Suhdivider her~by agrce~ to indcmnify and hold hannie,s the County andanyofitsnITi<:er"agenl~andemployee:;ilgainstanylosses,daims,dlllllages orliahilities for which the Coullly or any of its officcrs, agents, Or employ~e~ may he<:ome subject to, insofar a'i any such lo,se:;, daims, dam3.gcs or liahilities (01' aClion, inre spectther~of)arjseoutofnrare bascd upon ,my pcrJormanec by the SubdivideI' hereunder: and the Sll bdividershnlll'cimburse , the County for :lIly and all legal and olher expenses inellTTed by lhe Coumy in conneetiun with investigming or defending any such loss, clailll, dmnage, liahilit yoraction, Thl~indemnity provisionsh,lllbe in <ldditionlounyotherliahililywhich the Suhdividermayhave. 4. GENERAL PROVISIONS_ The following shall <lpply to all Subdivision Irnprovemerlh. includirlg oU:site improvemem"setfOlthinthis Agreelllent: 4.1 Compliance with Land Use Regul<ltions. The Sulxlivider sh<lll be required to ohtain all necessary pennits amI comply with the pnwisions of the I.uml U,e Regulations, including bm rlot limiled to the ReglllatiorlS for Conslruction within the Public Ways of Eagle COllr1ly (Chapter V), a, the same are in effccl at the time uf conuneneement of eon~truclion of the Subdivisiurl Impruvelllemsreferred to hercin_ 4.2 Subdivi~ionlnmrovement Agreement Comrols. 1n the eventuf any inconsistency or incongruity hetween the provislorlS of this Agreemerlt and the I.and Use Regulalions, the provisions o[this Agreemem shall in all respeetsguvern am] controL 4.3 Warranties and Guaralllees. There shall be a two-year conedion period, or such longer period as may he prescrihed by law, from the time OfCOlllpleti on of the Suhdivisioll Improvemems during which time the Subdivider shall promptly correct orrelllove <lrld replace, in accordance with the County's wl'illen instructiuns, defective work or materials and consequences thereof. Repair or replaCemCfllllladc llrlder the two---year eonectiml period shall bear arl aJditionalune-yearcurrcetionperiodlrom the acceplance of the re pair or lhereplacemelll hy the Eagle Cuunty Erlgineer. The work shall be cullateralized durirlg the correction periud in an amoum and lype ofcollmeral as shall he reasonahlydetcnnined by the County. The wurk shall heinspeCled,attherequestoftheSulxlivider. nuless than sixty (60 jday<; prior to expiration of thcone-yearadditionalcorrectionperiod,arldanydelkiencie~shall he noted to the Suhdivider. 4.4 Approval of Firlal PIal. The Counly agrees to the approval of the final plalofthis Sufldivisiml. sllbject l<.1 the terms and conditions of this Agreemenl. 4.5 Firlal Plm Amendmenls. \\'here field changes or olher eirelmlstanees have eau~ed the road, utilities, or othersuhdivision impwvcment<; to be construct edinloe<ltionsdifferentfl'Om those shown On the approved plans. lhe locations of rights-of-way, e asements,lollines, huilding envelopes. ~etbaek lirles, 01' other attrihutes shown on the Final Pial shall he amended a~ necessary to comply with Final PIal requirements of the Eagle County I_and Use Regulation:;, 4_6 Amendmell! anJ J\.lodifiealion_ The parties hereto mutually agree th<llthis Agreement may be amended Or modified from time to time. provided that such amendment or lllodification he irl writing'md signed by all panies hereto, 4.7 Assi>mabilitv_ This Agreemem sh<lll be enlurceable agaillSt the Subdivider, ]ll'Ovided,however, that in the evem the SubJividersells, transfe rs'1I"assign~allorparlofthe subject Sllbdivision. dleohligationsol-the Subdivider urlder thi s Agreement as to th<ltpOltion of , the ~ubject Subdi,i,ion may be: a~,umed in writing hy the purchaser of the parcel. and the Subdivider ,hall have no funher obligmion, hereunder, lti~agreed,however.lhatnoSllch as~umplion ofthe:se: ohligation, shall he eJTe<:live unle,~ the County give, it:; Drior ,vritlen approval 10 "uch a"umptionfollowinganinve:~tigation ofthefinan<:i,,1 ~ondition of the purclm,cr, The Subdivider ,hall not other\\iiseas,ign. transfer, convcy, pi edge or otheJ'1.!"i"e dhpose of this Agreement without pnor written con"ent oj the County, whkh consent ~hall not be unre:a,onahlywithhdd. 4,8 Bindin~ UDon Succc","or>;, This Agreement ,hall inurc to the benefit of and be binding upon Ihepm1ie., he:re:to, their re.,pcctive ,uc<:e.,sor"a nda,sigm, 4_9 SoleRe~DonsibilityorSubdividerPriortoCountyAcceDl<lnce. Iti, I-urtheragreed and unde:",LOod that at all time<, prior to thc completion and acceptan~e of thc oll-~ite Suhdi\'i,iolllmprovemenh ~et fOlm herein by the Counly, e"ch of ,aid improvements nol accepted as complele shall be unde:rthe sole rc<;pon,ibilityandch argeortheSuhdivider, When it is ne:ce:~""ry to allow the general public to ulili1,e.thc road\\'ay~ under con~lrucLion by the: Suhdivider, trafficconlml and wal1ling devices shall he placed upon 'Ouch roadway, hy the Suhdivider in acconbnce with the Manu<ll on Unil-orm Traffic COIllrol Device, for Slreets and Highway, "" prepared by the U,S_ Depaltlnent of Transportmion, Federal Highway Admini~tration, 4,10 No Ri!!hts to Third Panks. Thi, Agreeme:nt doe~ not and <>hall not be deemed lo confe:r upon or grant to any lhird plu1y any right to claim d"mages or to hr ing<luylaw~uil.a<:lion orotherproce:cding,<lgainstcithe:rtheCountyoril,officers,cmployee,orage:nl,he~ause.ofany hreachhe:re:oforhe~<luseofanytemls,covenant,<"greemcnt,orcondition,conwinedhcrein_ 4.11 Notice, NOlicc rcquired pursuant to the terms ofthi" Agreeme:nt "hall be deemcd given on the day lhat the same i,pbced in the \Jnited Statc" !l.1ail,po,tag e:pre:p<lid.certificdor re:gi,teredm<lil.retul1lreceiptreque:stcd. 4,12 Enforceme:nt and Attornev fe:c,,_ The County may enforce the provision~ Ol-lhi, Agre:clllenl in the samc manner and with the samc remedies applicable to the e:nfor<:ement of land u,e re:gulation, pur,uant to the E<lgle County Land Use Regulations, as they may be: ame:nded rrom time: totiJlle, or <I, otherwi~e providcd by h...., Alternatively, the tcrm, of this Agreement may be: enfor~eable by the Board or it~ de:"ignee by any appropriate e:quiwble or Ie:gal action. including but not limiled lo ~pecific performancc, mandamus, abatemeTll. or injunction, The rcmedies explicitly provided hercin are cumulative. and not exclusive, of all other remcdie~ provided by law_ The prevailing pm!y in any action brought perl<lining to thi~ Agreeme:nt sh<lll be entitled to an award or ~osts and rca"on<lbIe. artol1ley'~ fees. IN WITNESS WHEREOF. the partie" he"'lO have cxecuted this Agreement the: dayamjyearfir:<:tabovewrille:n. , CUllNTY OF EAGLE, STATE OF ,;-<' COLORADO,lh aud Ihroug!J Its ATTEST, (........ RO'RD O%~'ERS ~ 'XL ~- CC4<C'\. ~...." __ _ Te,lkJ. Simonton, Clerk to the l3"~rci"f .,' Peter F. Runyon. '\-< ~> COUllty Cllmrnis,ioners -,,, Chairman Addrt.'s.sforgivingllolic~; P.o_BoxH_'lO Eagle. CO 81631 Phone: (970)328-11611_'l Fax: (970) 32X-X699 Sl'BDIVIDER; FOX HOLLOW, LLC By ~,i2i'()- Nmne: 6/~(.""" tf1!1,ue"f_ Title: /J1hAJh&'~ p___-w_ Addr~ssforgh'inguotice: 6110W.LionsheadPlaee Vail, CO HIM7 Telephone: (970)926-0918 Fax: (970)926-0421 STATE OF COLORADO ) )s,: County of EAGLE ) ~ J The tqregoing wa~ aeknowled~ed before me Ihis h"_ day of /-, '"c: / L_ ,2006, byi,d".~./:,,"_, '_as ~7'"'. ;:"I.CL otFox Hollow. LLC. I -' , . , WfTNESS Illy hand and officinl,eal. MYCllmmi,sionexj1ire~ .-:'-<, .., .! , ; ~, (;W,'W5IV,F", HO]]vw.DCX. (/ G_2(."n W 1tt~-_'El'Pr8II2I&m1G , PeaKC;viIEngineer;ng.lnc PlC Job NO 1332 PHASE 1A - FOX HOLLOW AND EDee SHARED PUBLIC tMPROVEMENTS COST ESTIMATE -= Unit TDIIll COltlPlollld llaJa""" - Desc<lntion Quanti ill' '"" = tbruJan...:oo IOlirIisll SITE: WORK " , Mohili,atlon , " , 0,000,00 , 6,000.00 $5000.00 , 1,000_00 , ErosiooConl'oi , " , 2.000.00 , 2000.00 $ UOO.OO , aoo,oo , Sit. Demolition ~ ~ , l, , 3000.OD , 3000,(10 $3,000,00 , " , SIr! To ",il . Delete erGre E. laCo, E~ _ '000 " , 3_50 . ., , S~Gradl."'Del.'eerGf EaloC"_E, , " ~ 11.000.00 . . , " , Rev .lalioo"Delete rGr. Ea laCo.En , , " , 6,000,00 . .", " ROADS , 4" As hall lJasedan "ament.actlonsllornal."",1 456 ." , 50_00 $22.780,25 , " $22780,25 e 9" Roadba.. based 00 avemeot s.ctOon alternate no 1 '" '0' , 20.00 $18,452,00 , " $18452.00 , Conorel~Sldewalk ,~, " , 10.00 $15,900,00 , $15900,00 " CurbandGullerT 82Saol;.,ollB '" " , 20_00 $16900,00 , " $16.900,00 H ConcreleAron '" " , 10.00 , 6520,00 , " , 6520.00 " Curb Ram , '^ , 500_00 , 2,500_00 , , 2,50Q.00 n Si-""e "rMl~ff>dCDOTS jficat~ ''^ , 500,00 , 2,000.00 , , 2.000.00 " Pav.memMar.in e<MUTCDandCDOTS eellication' , " , 170.00 , 170.00 , " , 170_00 STORM DRAINAGE SYSTEMS " 12"HDPE " " , 15,00 , 810.00 , , a10.00 " 12-HDPEFlaredEndSocl;on , " , 100.00 , 100.00 , " , 100.00 H 1B"HOPE '" " , 25_00 , 5B50_oo , " , 5850,00 '" 18" HOPE Flarod End Seetion , 150.00 , 150,00 " '^ , , " , 150.00 " Curb h~et arld Grato '" , 3.000.00 $15000.00 , " $15000_00 '" Dele~tloo POnd Lol1 (IncludinQ outlet,troctures , " , 3,000.00 , 3000_00 , , 3,000.00 " DelenlionPondLot2indudlnouUOlslructure. , " , 15ooDO , 1,500,00 , , 1.500,00 SANITARYSEWE:RSYSTEMS " B"SDR35PVCSew.rMain INCLUDE:DIN PIAFILENO_MI_12026 -# 8" COOO PvC Sewor Main INCLUDE:DIN PIA FILE: NO_MI_12026 ~ 58werManiloles4'_0"1.D INClLPDEO IN PIA fiLE NO,MI_12026 " Co'e Drill and Coonoct B" S.",er 10 E';,tlnQ Manilole INClUDED IN PIA FILE NQ. MI_12026 DOME5TICWATERDI5TRIBUTIONSYSTEMS '" a" DIP Walar Main INCLUDED IN PIA FILE NO. MI.12026 " B" Gale Valvo ''^ , 1:J00,00 , 5,200_00 $1.300,00 , 3,900.00 '" 12" Gale Valvo , '^ , 3,000.00 , 0,000,00 ~ 6000.00 , '" FiraH raotAssembl ,'^ , 4,000,00 , B.OOO.OO , " , a 000.00 $HALLOWUTIUTIES eo EI8cJr;cMaloLinematerialsfurnl,hed othe<, INCLUDEOIN PIA FilES NO. MI-12025ANONO MI-1202U " EleclrlcalTran,rormer ,'^ , 5.000.00 $10,000,00 , " $10000,00 " shallo\V5Main:>-4"PVC&1_2"PVC '" " , 24_00 , 8040.00 , " , B040_00 32,5 Shallow, Maio J.4"PVC & 1_2" PVC '" " , 24.00 , 7920,00 , " , 7,020,00 " Cable TV 'M " , 6.00 , 5904,00 , " , 5.904.00 " Caslln.T,ench&Backfll 'm " , '.00 , 2,727.00 , " , 2,727,00 -- -- TOTALPHASEIA5176.4:/3.25 $16,500,00 $159.923.25 -',,,,,..,--., ", ',,', ;/ \,-\}Q _R~GIS'\" ProparedBy: _:~ ()<<:.'Q-~,e4~;_~'__\ RomeoA. BaylO,i"P.E - 0'-..,"" 0, <" :", P.akCiviIEngi""ering,lnc : -'0 ~ 0"'. : <.> ,'" 38823 ~': ::1 :"""J-Z8--&b'ff;:' >>' " ... ,,<<~! ',~- S,.... .. ~:/ --;,<'s-.,~ ~~. EXHIBIT I \I/? j/ P:\13rJo.1399\1332\docs\Eoql'\<)er5Estimalew_Complete<1l1on"_2006-1J3_21 ' , I Peak Civil Engineering. Inc, PlCJobNo_1332 STATE HIGHWAY ACCESS PERMIT NO. 305189. US HIGHWAY 6 WIDENING ENGINEER'S ESTIMATE OF PROBABLE COST AOllfOli. Unit To", Itern De& Om Quantt1\[ Unll Co" C"" US HIGHWAY 6 WIDENING , Mobilization , " $15,000,00 $ 15,000.00 2 Traffic Control ~ " OY $ 15_00 $ 315,00 Gradin Remove to soH in ROW 1600 " $ 700 $ 12,000.00 , Fillto~radeWlonSilematerial , 1800 " $ 7.50 $ 13,500.00 , Er~conlrOI , LS I 2,00000 $ 2.00000 6 Rev lalion , " $ 5,000,00 $ 5,000,00 , 6"HBP "" TON $ 5000 $ 41,620.37 " 4"ABCClass6 "" mN $ 20_00 $ 11,57155 " 12"ABC Class 3 1736 mN $ 16,00 $ 27.771,73 " 2'.HBPoverla "" mN $ 50,00 $ 45,669.14 ~ 18"CMP 262 " $ 45_00 $ 11,790,00 " lB"CMPFlaredEndSectjon , CA $ 360_00 $ 3,040,00 " RemoYe1B"CMP , CA $ 600,00 $ 4,000_00 " 24"CMP " LF $ 75.00 $ 6,900,00 " 24"CMPFlaredEndSecllon , CA $ 480.00 $ 480,00 " 24"RCP "" LF $ 6000 $ 23,280.00 " ~Clnlet , CA $ 3,000,00 $ 3,000_00 Vi Valle InietandGrBle , EA $ 3,000_00 $ 3,000,00 " 4'-0" I.D. Drain Manl10le 2 CA $ 3,000_00 $ 6,000,00 20 CleanExistin CrossCulverl , LS $ 4,50000 $ 4,500_00 " Grass Lined Draina eSwal{j '" LF $ 35_00 $ 4,900,00 r# 5i nin ,Stri in . and Delineators , LS $12,000.00 $ 12.000,00 r# Raise sani~sewer Manhole 2 EA $ 2,000,00 $ 4,000.00 " AdustexisUn utilities , " $15,000,00 $ 15000_00 TOTAL $276,937.80 Tl1is estimate based on Nolice 10 Proceed plans daled 03-17-05. ,,,-, ""''-;-'''' ",' '., Prepared By: ,<;;;~....tlO ~~G/;:;;> ',' C)'OI'-.a4'~'; '~'<;; r,.', .p_' Romeo A Baylosis,P.E :: c:. ,-'~" C'" -_\ ,->:0 "''','''_1 PeakCivii Engineering, inc_ . - -0 :: :- 3B823 if" ~I :J,-3"-2-.~Q;::l -.0._' (::,', "{'-::(O'A~1 ~.....~. P:11300-139911332IdwgIHiGHWAY _NOTICE TO PROCEEOI2006.{)3_17IEngineers Estimate_Highway 5_2006_ 03-17 C'-' -;'., Ilml IIil IIIIIIIIIII"II~lllllli 11111 illlll ~~~f~ \:... ''''J'1.,0''0'..1., 00 " Re,,, 0'." PUBLIC IMPROVEMENTS AGREEMENT ,I\V l'f'\" FOX HOLLOW pt;D GRADING PERMIT File No,MI-12026 GISPUBLIClMP OYE NT AGREEMENT("Agreement")madeandeuteredinto thi~ p day of 1 ,2005, by and betwL'Cn Fox Hollow, LLC, and Woodward COll'llroction, Inc. hereinafter "Developer") and the Board of County Commissioners of the County of Eagle, State of Colorado (hereinalter "County"). WITNESSETH WHEREAS, the Developer, as a condition ofBpproval of the Fox Hollow PUD Grading Permit, File Number MI-12026, dcsife!i an Agreement lU provided for by the Llllld U$t1 Regulatioll'l of Eagle County, Colnl'lldo, 1999, lU amended ("hereinafter referred to Illl "Laud Use Regulation~")ChapterII, Section 5-250; and WHEREAS, pursuant to the same authority, the Developer is obligated to provide security or collatentl sufficient in the judgment of the County to make reasonable provi~iollS for completion of certain public improvements hereinafter described as ("Public hnprovements"); ~d WHEREAS, pursuant to Article N, Section 4.610 of the Land Use Regutations, development in the unincol'pOrated areas ofEagie CountyshaJl beplarmed and dcsigned,or underthedirec:supervisionofa Professional Engineer; and NOW, THEREFORE, in consideration of the premise:'! and the covenants and agreement~ herein contained to be kept and perfonned by the parties hereto, it is hereby undcrstood and agreed as follows: I. PUBLIC IMPROVEMENTS 1.1 Public Imnmvements. Public Improvements are deemed to include all public improvements related to this development on and off-site, 1.2 ScoDeofWork. The Developer hereby agrees, at its sotecost and CJl;pense, to furnish all necessary equipment and material, and to complete all Public Improvemenlll as referenced in the attached Exhibit "A", and as set forth in all documelllS, construction dl'llwings, designs, maps, specificationa, sketches, and other materials submitted by the Developer prior to oratgradingpermitapprovalandacceptedbytheCounty,andinaccotdanceWithalllawSofthe United States of America, State of Colorado, Countyof Bagle, and their fe!ipective agencies and affectedgovemmentalentities. SuchperformanceshalJincludell"'lUisitionOfallnecessW"y rights-nf-way, IJ Duties ofDevelooor. For those P~blic Improvements required herein, including but not limited to the reconstruction and physical improvements nfthatportionofany road ] EXHIBIT I '/3' subjecl 10 this Agreetnent, the Developer3halJ retain lllI Cllgineer whose dUlies shall include cORSllUction sta!cing. observation OfCOlllltruction for confonnaoce to the approved piar\s and specifications, lllId material. sampling, testing lllId Inspection using the Colorado Department of Transportation 2001 field Materials Mannalas a guide for frequency of sampling and testing. '.3.1 Comllrnr-tion StakiQIt. Where applicable lllId byway of example only, the following ia a Illghlighting of the ccnstruction staking thllt will be required nfthe Developer: a.. Roadwav-horizontallllld vertical control every 50 fCd or every 2S fCdincriticalareas,specificallyincluding: -slope.taking -points of curvature -poinllloftangency -fillet l'lldill5 points --culverts olnlllSitionpointsforsuper_elevarion -finishcdsub_grade -tlnishcdgrave1 b. Waler. Sewer. and Other Utilities -horizontallllld vertical control everyl00feet,orevery50feetincriticalare!l!l, 1,),2 Tominl!. Where spplicable and by way ofexllD1ple only, the fOlloWing is a highlighting of the accep!allce testing that will be reqllired of the Developer: a, V!ililvanddnrinalleculverttrenchbadrlillunderroadWllvorisnu 000 densitytestper200C.V.ofbacldillorllrniniznIlll'lOfOnetestperroadway crossing. This will require dally visits to the site by a testing laboratory when utilities or drainage cuJverts llre being backfilled within the roadway prilllll. b. Embankments for madW&VlI_one density lest per 2,000 C.V. oflllly additional embankment(s); and one density test per 500 C.V, when within JOOfee!ofbridgeapprollChes. c, Finisho::lSUb-l!t'ade~Oll<3densitytestPer2501ineaJ.feetofroadway. d. A2I!t'e"at~bllllecourse-onein-Pla.cedensityper250IincalfeetOf toadway, and grlIdalion and Atterl>erg Limits lest per 2,000 tons of aggregate bll8e COUllie, e. Hot Bituminoll5 Pavemenl_ two asphalt content, &fadation and in- placedeIlllity/estsperdaY'sproduction. f. Concrete_ Curb and Gutter. Sidewalks and Bike Path.. _ tests for air content, slump and compres~ive strengthper 50 C, V, of concrete placed or minirnllll'l of one set oflests per day. 2 1.3.4 WitnellSinl! of Water and Sewer Laterals, itisessentialthattheendsof these laterals be witnessed by the DeveloP"l"'s engineer to s minimum of three divergent points and spennanentTel:ordmadeofthesame, Copies of these records are required to be fumished to the Eagle COWlty Engineerprior to conunencement of the two year warnmlyperiod and the finaJ r'l:leaseofcollateral, In addilion 10 wilne8singof the horizontal location oftheselalerals, a vertic.al witness shaU be required, Hori;ronw witnessing shall be to property comers, fire hydrants, manholes, and other "permanent" features. Vettical witnessing shall be ba.sed on depth below groUtld and elevatioubased on II datum used for the project. Benchmarks shall be shown on witness records. 1.3,5 Test Reoorts. All test reports shall be consecutively numbered, with copies furnished directly 10 the Eagle County Engineer from the laboratory as they are reported 10 the Developer or illl engineer, 1.3,6 Record DrawinlD of Public Imnrovemenlll, Record dmwillg!l, sealed, signed 3Jld dated bya RegistemiProfesmonaJ Engineer showing thellS-constructed Ilori:oontal and vertical locations ofPubJic lmprovemenlll shall be submitted to the Eagle CountyEnglneer prior 10 commencement of the two year wamulty period and the final releascofcolJateraibytheCounty. I., Conmliance with Colorado Denartntent ofTransoortation's State Hil2hwav Access ~. Developer shall provide the County with designs in compliance with the Colorado Department of Transportation's State Highway Access Code fur all road Improvements. 1.5 Date ofComDletion. All Public lmprovements shall be completed prior to February I, 2006, 1.6 ADDl"oval and AccCDtHnceofWork 1.6.1 Copill5ofall lest resullll COlTeSpoIIding to work wmch is being inspected and any other informatiOll which mayhe nece:ssary to establish the salisfactory completion of the work for which inspection is requested must be submitted prior to said inspection. AJI such inf oJTllationshall be accompanied by a lelter from the Develope:r'8 engineer verity;ng the satisfactory completion of the wolk performed to date. 1.6,2 NOtwilhlltandingSectionl.3,3above,promptlyafterreceivingarequest for inspection and the req~ired documentation, the County Engineer shall review the infonnation presented and, ifuecessary, make a public inspection of the work completed. 1.6,3 All said work shall be done 10 the reasonable satisfaction of the County Engineer, and shall not be deemed complete until approved and accepted as complete by the County. 1.1 Estimated Costs off'ublk lmDrovements, The estimated cost ofthe Public lmprovemenlll is the sum of$117, 541.J7, as summarized in Exhibit "A~. To secure and guaranteeperformanceofilllobligationsassetfOrthinthiSSectionl,illcludingthecompletiOD 3 of the required Public hnprovementll, the Developer bereby agrees to provide ~ecurity and collateral in the form aud as set furth in Section 2, below. 2. SECURITY AND COLLATERAL 2.' Collateral. Security and Collateral required inSeo:.:tion 1.7 hemu, as securityfot the perlormaru:e by Developerofitll ohligationsunder this Agreernent, shall be in the totaJ amount 0($117,542,17. The Developer shall ohtain collateral in such form acceptable to the County ("Collah:ral") prior to approval ofFo>; Hollow PUD Grading Permit, File NlIIDber MI. 12026,ll!Ispecified in attached Elhibit "B". 2.2 Partial Release ofCO]lnt.......l. Developer may apply to the County for the release ofportiOlUl of the CoUatera.! bll!Ied upon the work completed in accordance with this Agreement. To make such releases, Q.eveloper llhall request the County Engineer to inspect the work;n order to verify satisfuctory completion in accordance with plllllll and specifications in llOOOrdlll1ce with Section 1.6. 2.3 Final Release ofCollaterallWarrantv. Within thirty (30) day~ after Oeveloper haa completed all of the work required hy this Agreement and the work has be<<! approved and accepted by the County, the entire remaining amount of the Collateral, less au amount equal to tenpercenl(lll'h) of the original Collatenl,llhall bereleaaed. DevelopersballberesponsibleCor the condition of the PublicI/nprovementli for a period of two (2) year:s atrercompletion; this shall be guaranteed eitherthroughtheretentionofCoUatCfal,a:l set forth above, Or Developer DUly provide a guarantee bond in au amount III1d in a fonn acceptable to the County_ which would be substituted fortherel=oftheentU--earnountoflheCo!lateral. 2.4 Substitution of Co lIalera I. The Developer may at III1Y time substitute the Collateral originally deposited with the Countyhemn, for another form of collateral acceptable to the County, to guarantee the faithfill completion of the Public Improvements referred to herein and the performance of the tenrul of this Agreement At the time ofsu~titution of collateral, an inflationary and/or deflationary factor based upon the Denver-Boulder, Colorado Consumer Price Index forAlI Urban Consumers, All Items(I967=IOO)published by the U.S. Bureau of L.aborStatistiCII,J03-8J7.2467,or,ailematively,anapproVedconstructioncostind~,shall be usedlodetennineanadjustedestimatedcostforalIPub-lic/:mprovernenbaadescribodherei.n, III1dcollateraJ shall be.submitted by the Ol:veloper in accordance thcrewith. 2.' .I2r1r.n!. Drnw5 against the Collateral shall only be made as din:cted by written Resolution o(!.be County, stating that !.bere bas been an event ofdefaull under this Agreement III1d that a SWD certain is teqUired to remedy the default. Any amount drawn on the Collateral must be applied for the purpose of completing the work required by this Agreement and related expenses and COlItli. 2.' Events of Default. The (ollowing events shall be deemed "Events of Default," enlitlingtheCountyto draw on the Collateml: 4 c , 2.6.1 If Developer has not completed the work required by this Agreement within thirty (30) days prior to the Date of Completion ~el fortb herein, the County may, after ten (10) working days written Notice to Developer, draw upon the Col1aterai an llOlount sufficienlto complete said worl< and compensate the CowlIy for Its reasonable costs and el!.penses related to said draw. 2.6.2 If the original collateral presented to the County (or any extension thereoQ is dUCIo CI:o::pireand the work is notyetoompleted,and Developer has not provided substituleoollateral or the bank's written e:<:tension to the original CQliateral (as it may havebeenPreviouslyextended),theConnlyShalldrawOntheCollateralacoordingtothe provisions sel'forth mthis Section 2. Itls DneJoDer'1 reIlpl.lollbiUty,with or without noffre,to eOlurethattbeCoUateral&utended,orthattubstltuteeoIlatenl Is provided In. form acceptable to the County, at &cut leu days prior to Ih upIratlon. IfCoUateralls Delther utended nor substitute collate...' provlded.lD. form a<<eplabIe to tbe County, at lust ten daYI prlor to IflI uptntlon, tbe Developer sh .u pay tbe COUDty an addttlonaI $500 (Five hundred dollan) for tbeadditfonaI administrative work required beeallle of the (dun to extend or substitute coUateral 10 a tlrneIy Dllmuer", required by tI1iI a;reement. 2.6.3 IftheCollateraiissuootiluted,lI:loth=viseptov1dedherein,th1.a Agreement maybe amended or modified in order to set forth specific EVentll of De fa nit dee:tm:d ne<<:ssary, in the County's 1IOIe discretion, comrnenslIrate with the type of collatera.lsubstiluted. 2.7 Costs "nil EXDellses. DeveloperagreestopayanYCOSlSande;;:petlSeS,lncluding but oot limited 10 legal fees, which the County may incur In determining to accept coUatera.l,in drawing upon the collaterai, orin accomplishing an exten:lionofitsexpiratlon. 3. INSURANCE and INDEMNIFICATION 3.1 Certificate!l of In.~unmce. The Developer shall secure ti-om any contractor or subcontractor engaged in the work necessary to comply with this Agreement a Certificate of Insurance providing for liability protectiOJlln the minimum amount 0($150,000 per individual and $600,000 per occurrence, naming the county lI:l an additionally named illllured. The Developer, ifit lierVes as the contractor for the Public Improvements, shall provide illllurance in the same fomtand amounts as nrquired of the general OOIllraclor. Saidlimitsshal]beadju:;tedto comply with any changed limits in the Colorado Governmental Immunity Act, Tille 24, Article 10, Colorado Revised Statules. 3.2 Countv Incurs No Liabilitv. The County shall not, nor shall any officer or employee thereof, be Iiab]e or relIptlOsible for any accident, loss or dmna&c happening or occwring to the Public 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 anYPCfSQfI!l or property injured or damaged by reallOns of the nature of said wor\c on the Public Improvements, but aI] of said ]iabilities shall be and are hereby ll88umed by the Deve]oper. The Deve]oper hereby agrees to indemnity and hold harmless the County and any of its officers, 5 agents and employees against any losses, claims, damages or liabilities for wbich the County or any ofits oflicers, agents, or employees may become subject to, insofar as any such losses, daims, damages or liabilitie:, (or actions in respect thereof) arise out of or srebased upon any performance by the Developer hereunder; lItIdthe Developer shall reimbunle the County for any andalllegalandothercxpensesincurredbytheCountyinoonnectionwithinvestigatingor defending any sucb lOllS, claim, damage, Hability or action. This inderrmity provision shall be in addition to any other Iiabllity whicb the Developer may Imve. 4. GENERAL PROVISIONS The following shall apply to all Public Improvements., inclndingoff-site improvements., set forth in this Agreemenl: 4.1 COlllDllance with Lend Use Relrolatiom. The Developer shall be requ.ired to obtain all necessary permits and comply with the provisions of the Land Use Regulaliollll, including b~t not limited to the Regu\aliollll for Construction within the Public Ways of Eagle County (Chapter V), Withe same are in effect at the time of commencement Ofoolllitruction of the Public lmprovemenlllreferred to herein. 4.2 Public Imnmvement AlUeement Controls. In the event ofany inCOllllisten<:y or incongruity between the provisions of this Agreement and the Land Use Regulations, the provisiQJlll of this Agreemcol shall in allre:lpCCts govern and control. 4.3 Warrantle:,andGu&I'lllllees. There shall be a two-year oom:ction period, or such 10JlBef period as may be pre:,cr1bed by law, from the time of completion of the Public lmprovemcnl! during which time the Developer shall promptlycotrecl or remove and replace, In accordance with the County's written illlltruclions, defective work or materia1s and consCQUences thereof. Repair or replacement made under the two-year correction period shall bear an additional one-year correctionperiod from the acceptance of the repair or the replacement by the Eagle County Engineer. The work shall be collateralized dwing the correction period in an amOUOI and type of collateral as shall be rellllOnably determined by the County. The work shall beilllipecled,atthereq~estoftheDevelopernolessthansixty(60)daYSPriortoexpirationof the one-year aciditional correc:tionperiod,arnlanydeficiencies sball be noled to the Developer. 4.4 AODroval ofGmdinll Permit. The County agrees 10 the approval of the Fox Hollow PUO Grading Permit, File Number MI-12026, subject to the ler'mlI and conditions of this Agreemeot. 4.5 Amendment and Modification. The parties hereto mutually agree that this Agreemeol may be amended or modified from time to lime, provided that such amendment or modificationbeinwritingand~ignedbyallpartie:,her<:to. 4.6 AssilUlabililV. This Agreement shall be enforceable again~t the Developer, provided,however, that in the event the Developer sells, traruifenorassign~a1lorpartofthe subjectproperty,theobligationsoftheDeveloperunderthiSAgreementastothatportionofthe S~bjectPropertymaYbelluumedinwritingbythepurcbaserofthepan:el,andtheDeveloper 6 shall have no further obligations hereunder. ltisagreed,howe\'er,thatnosuchassurnptionof these obligation. shall be effective llnJess the oounty gives itsPri2I written approval 10 such assumption following an investigation of the financial contlition of the purchaser. The Developersball not otherwise assign, transfer, convey,pledgeorotherwisedisposeoflh is Agreement without prior written consent of the County, which consent shall not be wtreasonably withheld. 4.7 BindinlZnnonSuccesSOfll. This Agreement shall inure to the benefit ofand be binding upon the parties hereto, their respective succcssors, andllSsigns, 9.' Sole ResnonslbilitvofDevelooer Prior to Co~ntv A~ceotance. It is further agreed and understood that at all times prior to the completion and acceplanceofthePublic Improvements set forth berein by the county, each of said Improvements not accepted as complete shall be under the sole responsibility and charge of the Developer. When it is neccssllfY to allow the general public to ulilize the roadways under construction by the Developer,tmffic control and wamingdeviocs shall be placed upon sl.lCh roadways by the Developer in accordance with the Manual on Unifoml Traffic Control Devices for Streets and Highways as prepared by the U.S. Department of Transportation, Federal Highway Administration. .., No RiIZhIll to Third Parties. This Agreernent does not and shall not be deemed to confer upon or grant to any third plIrIy any right to claim d.wnages orin bring any lawsuit, action orotherproceedin811 against eitherthe County or its officers, employees or agentll becauseofany breachbereoforbecauseofanytenns, covenant8, agreements or conditions contained herein. 4.10 ~.Noticereq~iredpurauanttothetermsoflhisAgreernentshallbedeerned given on the day that the same is placed in the United Slates Mails, postage prepaid, certified or registered mail,retumreceipt requested. 4.]] Enforcement and Attornev Fee.<!. TheCounty may enforce the provisions oflhis Agreement in the s8tne manner and with the same remedies applicable to the enforcement of land use regulations pllfliuant to the Eagle County Land Use Regulations, as they maybe amended from time to time, or as otherwise provided by law. Alternatively, the terms of this Agreement may be enforCCllble by the Board or its design.ee by any appropriate equitable or legal action, including but not limited to specific performance, mandamus, abatement, or irtiunction. The remedies cxplicitly provided herein arecumulotive, and not exclusive, of all other remedies provided by law. The prevailing party in any action brought Pertaining to this Agreement shall be entitled to an award of costs and rcasonableatlotney's fees. 7 , ~ITNESS WHEREOF, the parties hereto have e~ecuted llIis Agreement this (, daYOf'<('~.2(l()5. COlr.',TY OF EAGLE, STATE OF COLORADO, BYand Through itll ArrEST ......~O~MMISSIONERS ! . . . Am. COni~~rman Address forgiving notice; P.O. BOll.8SO Eagle,CO 8163] (970)328-8685 DEVEWPER: FOX HOLLOW, LLC By 4f;.jJS? 7- AddTesliforgivingOOti<:e: c,'1o w. t,'u"'''--L./;:J/q-<;.t, !JA,L ~n X'r~ ~ :> STATEOFCOLORADO ) )SS COUOtyofEagle ) Tlu:forego~wasaCn\V]edlledOOroremethis.';i<j:QdIYOf ~4tLt ;/j 2005, by F._ '--'it" ....-..~ as of. (L". \..LC!.. .a . l",,4", /"A".W.~IllYhandandofficial!lC8.1. f!f/;'\QTbJP~~onexPires (jf?rj~7 '-,; "'<'.<11<>: J'-,PIJD\.:.C.. .." . <;;;""1,.','>':,,;( h d D ~ . .."'..n.."..' ," " ...~:....'. ""~ . NotaryPublic 8 y DEVELOPER: WOODWARD~ By ~\ 1~\L.-llo'l\..<..."b"''O~ 1'''''''''''0"41 Addressfot,f.virtl!IIOti~: I "1-~ b~ ~'"' \b_. ~ll ...."'-A-\l , .... '(tbrl STATE OF COLORADO ) )SS County of Eagle ) ~~'1:!f:~~:fuJ:~:~f~ WITNESS my hand and official seal. My commission expires ~/~(,/"-<rol .~-fJfj4= Notlll"YP~blic 9 .;l2llll5 13:58 97Bot" , ""- "'" " WOODWARD CONSTRUCTION, INC 1uIy:l1,2005 r~ MI'.""""fl'lJlclt P.apColl8l)I!lI........,.~~_ P,O.Bo:oI9 llaP.COllll31 ENGINEERING , "*~DIti".l:Cnftc:nr=IIl4'OllHoUo.rl1llJitl.~ HalIol'* ~"""""'II_d""""""""""""_"'-"Ii"III~.).<r'IlI""lbt""'''''''_'''''.lillt/colllr'' u..w.o.;.. &CrIlI:CftIl!lr...."I'<lIrHoOowOlJdlusI>lllnilAppI"*"-: Eif_Do&t_&Odr-t- ..... a-M.r.: In.'''.60 -43OUlliISoI131i1f' u' ,_ JUliA! 2_.U,7llO.1I2 ,V-,...., -.. 'llOLP.m...." -...... Sl.vlUr) 79llLP.,.!..J4/If ........ '111.41440 4?OLP.~ , 1'H,271.115 tmr.........."II.... 17~.'JII -, -" _W"'" IlItp1'OfIIOU: SU.JH.IU ~"'CY.12M.'cY ........... ."", 1,31lCV.".!2ICY Mau~..dfw, "'- S19.4I]OQ U.~CY.'U4ICY S'(l:!.9<<~ ~coI1_ ",,,,.,,, lfm~ R'97.n SkW""'TalIl: m,I71.1Slt ToWEOCCcolIoIIr.J, S141,G76M r_n_ -- -- .tIl,ii't.2I MlLF3mJ&UI - 1'1,,"fb.W 1l"1l11:2,6JO.311 w..MaI.: .tIS,.16.l.6J 621U".~Jl -- "....n )11LJ>,11UWlP ""- S7.121.1JO )JOU' '..,.IU S9!,P31.69 ''''''c.,t. II 'l)~ "mll6 1'OlIl: S14J,132.n ""- ..- IUI.9oI1.H ',41'CY@l1IU2ICV l~"""':'lf/"IICY; 11 nu~1 SlI8'Nar\'l'atal: 112,00942 T""F....-HoIlowcou.w.,: t117,s.Q.17 Pkuc......IlIO.CIlIlIriIb.",.9....u..,. 7' c.... . l'h1J w-,,-/ 77n Pn"'n P,,~h nd... "7 . V,i!. Cnln..dn R1657 . uhnn.910'H901949 . fU910'479_5395 [0 ~gM?5~1PN~ IRREVOCABLE STANDBY U:TTER OF CREDIT Letter of Credit Number: 1160 ExpiratiollDate:A~gust ]6,2006 Date; AugUSl22,2005 Beneficiary Name: Eagle County Address: PO Box 850 /500 Broadway City,State.ZipCode: Eagle, CO 81657 Applicant Name: WoodwardConstruction,Inc. Addre~5; 770 Potalo Patch Drive 1117 City, State. Zip Code: Vall,C081657 We hereby illsue our Itrevocable Standby Letter of Credit No. 1160in your favor in the amount of Fifty Eight ThoUSllD.d Seven Hundred Seventy One and 09/100 U.S. DoIllll1l (USD $58,77].09) and expiring at the close ofbusinCll.'l (3:00 p.m. Mounr.ain Time) on Auguat 16, 2006 at OUl" counters at Colorado Business Bank, Loan OperatlolU Department 301 floor, 821 171lt Street, Denver, CO 80202. This letter of credit Is available by presentation of your draft()) at sight, dtawn on Colorado BllSiness Bank, accompanied, in the ClllIe or each such draft, by the original letterofcreciitandamendrnent(s),ifany. SpecialCorxiitions: Partial drawings are allowed. All bllIlking charges other than tho.!;e ofColoracio Business Bank are forthe account of the beneficiary. Th.is Letter ofCreditshaJl have a fuU and final maturity dateofAu8U.'1t 16,2006, EXHIBIT I ...~" , , OO~ ,dw.tdsViIl.~ 8"'0.. Su~. 130. Edward<, ColorodoST~J2 P.O,80lC2B26.E""'or<l1,CoJor.do81632 Tot9'O.91..68Ill.f.,,910,926.OS06 "'.....CObi,eank.com , We hereby agree with yo~ that drafts drawn under and in accordance with the terms of this letter of credit will be duly honored upon presentationofdrafls(s) andreq uin:d document(s) at our office no later then the close of business (J:OO Mountain Time) at 821 17th Sl., Loan Operations Department 3>4 floor, Dt>nver, Colorado 80202, U.S.A. on Of before the expiry date of this LetterofCredil. Unksaotherwise ex:presslystatcd,this letter of credit and all negotiations hereunde r<hall be l~Lwemed by and COnlltrued in accordance with the International Standby Pra.;tices ISP9H, as publlshed by the International Chamber of Commerce P~bJication No. 590, and,totheeJl:tenlnotinconsistenttherewith,thelawsoftheStateofColotsdn, This letter of crew I Is not transferable unless Colorado Business Bank agrees to the transfer in writing. Please direct any inquiries with regard tn this u,tternfCredit to Colocado Business Bank, Loan Operatiorul Oepar!ment, 821 17'" Strut, Denver, CO 80202 (303)293-2265. -'11 Aue 30 " 12:08p , .1'l1'l"~""L"''''J".. 910-928-0421 ,..2 .~ A Alpine Bank .. Vall 141 E<nt Meo<1cwOrl"o. suno 9118 VollColarado8105l 91()-416-8100 FO'970.416-2J6o IRREVOCABLE STANDBY LE'lTER OF CREDIT Datcofh,ue: AUGUST 30,2005 Amounl: $Sa,111,OlJ NtUtlber: 44501412.)3 ExpirallonDate; AUQUST 30, 2006 APPLICANT: FOX HOLLOW, LtC BENEFICIARy; BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY, COLORADo PURPOSE; SUBDIVISION IMPROVEMENTS TO PUBLIC RIGHTS OF WAY To Whom 11 May Conccrn: W~ h....eby oSlllblisi1 in a.t1CIliciary's flavor, atlbe ~U4llt and fotthe benelkof Applicant, Olll IrnvaeableStandbyL.ltcrofCr~dil inanzrnountnoltooxceedS5S.77I.09CU.S. $58,771.09). ~PUlposeoflili5Ie1leriHtoftlCU""liIepufonnonceofandlilecomPliancewiIilPublie Improvementa Aglllemenl, Fox Hollow PUD G(ading Permit, File No. Ml.J2026 dated August I 9,20115, by and between, Applicant and Beneficiary. Bonefici.try sh.oll promptty notify Bank when a defaultorevontofdefault f>fsaidagre=mont cecum. YOUrnotitioationHha.JlincludeanYlloliOCGrorderreqUi",dtobc...nttoAPPlicanl PlU'SuW!t to the ~grcem~Qt. Notice shaH be by telephone ~nd in writing 10; A/:PINE BANK VAJL ATTENTION; ANDREW KAROW ]41 E. MEADOW DRIVE, SUlTEBl7S V AIL, COLORADO 81657 970-476.8700 W~ her~by agree to honor drafts drawn uQd"r and in compli~nce with the tonns f>flilis Letter of Credit ifduly p'.sonted to p loan officer at 141 E, MEADOW DRIVE. SUITE BI7~, VAIL, COLORADo, during normal busines.. ~ours On Ot before thee"piratioo date. Pan-ial drawings ""'p.mtitled, Thi. Letter of Credit is ~otlran.ferable. The condition. for paymentof!ll1ydraft drawn again.t this Letter ofCredir are... follows; <- Receipt by Bank of Beneficiary's manually signe<.l.lalement by an authorized aignarory certifying that Applicant haJ failod to perform with. or comply ill accordance with, the '1'1 AU,t: JlJlJS t2:0Sp P,nn..::r....L..Vin.. S70-S2S-0"'2t ,., A Alpine Bank ..a.. ProVi.ion~O{sajdagreementbyandbetweenAPpliQantandB...,efiCjary,andstatjnll:thc dollar amount oftM defaull. , Presentation of the o.riginal Lettc. of Crcdit fo Bank, endortcd on the reve.rsc ,i(ic with the wurds: "BOARD Of' COUNTY COMMlSSIDNERS OF EAGLE COUNTY, COLORADO" in thc amount ofS58,771.09" !hen mannaJlysigncd byllll&uthorizt:d.ignatory. Thi, Lette~ofCreditshalJ be governed by Article v oEthe Uniform Commercial Code as in effect in the StateofCololll.do on thcdate of issue. ThisLene.-ofCreditsCl5forthinfUlltllc terms ofunr W1dcrtaking, lUtd suell undenal<ing s:hall not in u)' way be modified, amcodcd, lIlIplified or limilcd by any doeumcnt, instrumcntoragree.mentrefen-cd tohcrcin, Or in wh i<:h lhi,crr:dit isrefcrre.d to, or 10 wlticb this credit relllle.; llIldllO 'Uclltcferencc.hall bed eClJIl:dto incorpolll.tc herein by reference any ~cb document, instrument Of" agreement. ALPINE BANK BQ~ff[:::NT !I"( 'I (.;'.', 1'1: FIRST AMENDME:\'T TO PUBLIC IMPROVEMENTS AGREEMENT FOR FOX HOLLOW PUD GRADING PERMIT FileNo.MI-12026 THIS FIRST A.\fENDMENT to the Public Improvemeots Agreemenl for FD.ll: HoIJO;1UD Grading Pennit No. MI.12026 (hereinafter "Fox Hollow") is enlered Into this day of 1~.e.1 ,2006, by and between the Board of COUnty Commissioners of the COlmly of Eagle, Slale of Colorado (hereinafter "Counly") and Fox Hollow, liC and Woodward COnstruction, Inc. (hereinafter "Developer"), WITNESSETH WHEREAS, Developer and County entered into a Public Improvements Agreement for Fox Hollow PlIO Grading Pennit No. M1-12026 on September 6, 2005 as a condition of approval of the Fox Hollow PUD Grading Permit, File Number MI-12026 (hereinafter "Agreement"); and WHEREAS, Section 1.5 of the Agreemenl provided thaI the dale of completion of the public improvements shall be completed prior to February 1,2006; and WHEREAS, the Counly and Developer desire 10 amend the Agreemenl to reflect a revised completion dale (see Exhibil "A"aUachedhereto); and WHEREAS, the County and Developer desire to emer into a Subdivision ImproVements Agreement which agreement will incorporate the COSl of the public improvements required by Grading Permit No. MI- 12026, AGREEMENT 1. Section 1.5 of the Agreement is hereby amended to read as fo1Jows: Date of Complelio'l. All Public Improvemenls required under the Grading Permit No. MI-12026 shall be COmpleled prior to March 1,2007. 2. The COUnty and Developer agree to enter into a SUbdivision Improvements Agreement which agreement will incorporale the costs of the public improvements required by Grading Pennit No. Mf-12026. 1 All other tenns and condilions of the Public Improvements Agreement for Fox Hollow PUD Grading Pennit, File Number MI- 12026 shall remain in full force andeffecl. IN WITNESS WHEREOF, the parties herelo have executed this First Amendmenl the day and yeM frrst above written, , , COUNTY: COUNTY OF EAGLE. STATE OF COLORADO BY AND THROUGH ITS ,'.. BOARDOFCOU~_ YC MMISSrONERS ATTEST ~"',,'\ ~~ ~"\ '" "., T'""l, s;m01' \j\<'G;; ~'o" 0,,;= Clerk to the Board of "":_ County Commissioners DEVELOPER: FOX HOLLOW, LLC, , B WOODWARD CONSTRUCTl N, fNe. B,:-:f C' Stllte of Colorado ) ((J-''-_~) k---b"'"-.~,~"---')~L-R,--.f )ss: County of Eagle ) ~~gOi~as admow~edge~ ~"fore me thiS5/"'ray of ?{;l,,'/ 2006, by C. ,>1> ,1lf:J as ?"',,":;Y4;.!~ :71.. of Fo~ Hollow, lie. Witness my hand and official seaJ. My Commission expires .J . r-- .N , % ~I/J//'/_ No~, y lie , , 'f::. a,:, .';);./ -.),.,0"'7 $' ....-. .' ~ O"'c.- '. '-'" .II)'~&~-re$2iB,'nM 2 , StateofCoJorado ) ) s.~: COllnty of Eagle ) ~fOlfgOing wa~ aCkno~ged before me this 3L ~ of '?7}'7/'~-, 2006by /. ,['/,J/JiYt'/) as ",..-//JlluT of Woodward Construction, Inc. Witness my hand and official seal. MycOmmissiollexpires: ~~~2IWaHo G'VKSIAgreemer,~\fu'Hollo~' l"OIt><lld.......do< ()-!OO$.J1 , . , MEMORANDUM EAGLE COUNTY ENGINEERING TO: JaniceScofieJd FROM: Greg Schroeder, Engineering Department c'\ DATE: Friday, March 17,2006 RE, Grading Permit MI. 12026 Fox HoHow, Extension 10 Expiration Date I am in receipt ofa letter dated March 14, 2006 from Phil Woodward requesling an extension to the above mentioned grading permit. Please note that each permit has an associated PIA with it, Specifically, in the language of each pennit, is Section 1.5, Date ofCompJetion. The Engineering Department recommends that The date of this section be amended to the permit expiration date, which is now MarchI, l007, # # # xc: Helen Migchelbrink, County Engineer ehrono/File EXliISIT I tll// G."""'''''''''''"~_'____'''l1'''.''' A Alpine Bank .. . Vail 1,1' fas'M'-"o..jn'.,'[J"A'.:;lJil~SI7f. ',,~;1. (,'olor,,<1o A '0,'/ ..'0,'17.007QO '<o>070]_r6_730.o IRREYOCMlLI,: STA'iJ)F1Y LETTER OF CREDIT DateofIsSlIe: AI'IUL 10.2006 Amount: $123_605,65 Number: 44,0240034 ExpiratjQJlDaI~ ;-:OVn1Hr:R2.2007 APPLICANT. [OX HOLLOW, LLC BE'iI.I'ICL-\RY: ROAJW or COUNIY CO:'vIMISSIONERS OF EAGLE COCNTI', COLORADO PURPOSE: J\'IPROVD-IENTS A,,'[) GR'\DING PFR.\IlT TOIVhomItMJyConl'.ern: We hereby e'tablish In Bc-ndicicU)i's favor. al (h~ reque>t and lor (he benefit of Applicant Qur Irrcv()cabj~ STandby Letter QfCrcdil in all amount not to ex"eed One HWldred Tw~nly Three Thou,and Si.~ Hundred l'iw "-old 65.,'] 00 DoHars ($123.605.65), '1l1epUrp()S~ ofthi, letter is (0 SCc.'_tr~the perr"",nance of and the COmp]i8n~~ with the Guiddines as seT fQnh in the SUBDIVISION -,"-ND OFF-SIIE ['vlPRO\'EMEl\TS AGREEMENT Jakd Aprij~ 2006, Benefici~r'y shajj prompTly nmiry flank whm a debulT or nelll of de:'~LlII of ,aid 'greeFl1~nI occurs, Your notifIcatIon ~ha:1 indude Rny notIce Ot order required to b~ ,ent to Applicant pur,ualltto the8grccment l\'olic~ shall be by l~kphoneand.in writing to: AlpineB8llkVaiI ArtenTiQn: Michael Gl8ss 141 F. i\,:I~ad(1w ])riv~, SuileBJ7H Vail,ColoradoSl657 (9711)476-3700 \Ve her~by 8greeto hOllor Jrafts ctmwn under 8nd In l'<lmpliancc with thelcrms ofthi, L.~tlerof Credit ifJlIiy pres~m~J toa loan officer at 141 E. Meadow Drive, SUiTe BIn, Vail, Col,'rado. dUnllgnom181 busin"ss hours 011 or belorc the expir8t10n date. Partialdra'Wing;;ar~pernlitl~J_ '{hi, J,~rtC[ of Credit is not transferable. The condilions tor pa}"'cnt of any draft dr8wn against this Letter ofCrcdil are <IS follows: L Receiill by Batik ofBeneficiBry', mallually signed sWtem~nr by an authori,ed signatory ccnifying thai Allplicant has failed to p~rfo,.m WiTh, or c"'''ply in accordan~~ with. Th~ pfOvi.iiOns of s8id agreement b~ and h~n'."~"n Appli,:w..1 and Ilencfi~iary_ and ST~ling th~ d,)llaramoulltoftteJet~ul1. EXijIBJT I \!}" /,,;/5/ www.CJIpincba""com .- A Alpine Bank .....' 1. Pre5~ntatj~n of Ih~ original Letter orCrooi! to Bank, ~'Ild()l"sed on the rcv~rs~ ,iJ~ with the word" "Dmwn by I30ARf) OF COUNTY COl\Il\HSSIO'\TRS OF EAGLE COU",TY, COLORADO in the ~mounl "f$(dollar amount)" then manually 3ig:ned by:m aUrhOriled Slgnatory_ l'hi., I.ertcrof('redit shall be governed by Artick V "ftll" UniforrnCommercial Code ~s in dt~""( in the Stale of Colorado on the rlak "fissue. Thi. r .cllcr "fCredit ''''s forlh in ful1the terms Of()lU llndertaking-, and such undertllk.ing shall not in any way be mod ified,aJIlcodd, amplified or limited by any documem, inslrument or agrccm~lll referred 10 herein, or in which tbiscredil i,reJ'enedrc), orl()wbichrhj'crC<Jilrelates;andnosu~hreferences.haJlbcdcellledto ]"COrporate herein by reference any s~~h document. in~l.rument or agreemenl. AI PIN.E BANK VAIL C/O' 6<' - c . flY~1j;hael G ,;/i~~ior \iicc Pr~sident www alplnebank.com ..;'.f'l n Alpine Bank . .' Voil , c.),! ',1~",,_,v~. l1'(i~, ';cit~ ~. 78 'i8;1. (>Ic '.1do81i,'i7 ?7~_,,7 0-0 ~1l1 ',,,9/J.,j:,-2j,,,-, lRREVOC.\RLF ST,\NOBY LETTER OF CREDIT Dateofr"uc: ,\PRILlO,2006 Amrmnt' $138.468.90 ),.umbcr: 44502411036 E""imtionDate: NOVEJI,lBJ::R1, lOll7 APPllCANT: FOXHOILo\V, rH: BENl'FIClARY: BOARD OJ-' C()LVry C()JI,IMISSIO~ERS OF EAGLE COUNTY. COLORADO I'U~YOSJ::- CDOT ACCPSS PPRMTT To \Vhom U May Concern: WeherehyeslablishinBGneticiary'st'avor,a1thGrc'ILLCSlamiforthe bellefit of Applicant, our lr'r~vocable SI,mdby I.~l(n "fCr~Jil in lln amQunt not to exc~ed One llundred Tl,;rty Fight Thl'",anJF(}urllunJmiSixtyFight'Uld90il0(JDollars(S13~,46R_90). l1'cpurpClscoflhis 1~I1~t i, ICI secure lh~ p~rfmm"n"e of am! the compliance with the Ciuidehnes a, set forth in lh~ Subdivision and Off-Site Improvement' Agreement dated April_, 2006, Beneficiary shall promrtly notify Bank when a dct~ull Or C\TnI of default "f said agreement Dccm,_ YO\lr notification ,hall includ~ any noti~c or order required to be ,ent to Applicam pursu~tlt W Ih, agre~mcnt. NDlice shall be by jeleph"ne and in writing: to: AlpmeBankVail Altention:\1i~baclGla"" ]41 F.\.fiO<JdowDrive,SuiteI317H Vail.Colr>rado~I,,57 (970)476-~7110 We h~T~by agre~ to honor drafts drJwn umkr and in compliance with Ihe lerms of this LCtlCI "f Credit ifdulyprc,o,-llt(Xlto ~ loan "ffccr at 141 E. '1,leJd",,, Drivc. Suile Bl78. Vail, C"lorarlo. ,juring: llonnal bw;in""" hO\lr:; on or befor~ the cxpirmion dme. Prutial drJwing' ~re p~TIllitted This Lelter "fCredit is not lI'ansterab]e The conditi"n' for paym~nt ,,[ any dmfi drawn Jg.oin,t thi, L~lkT of Credit are a, follows' 1. Receipt by BJnk of fklldkiary.s rll<'.mwlly ,igned SCJtelaent by an aulh"rlzcd 8ignato,y cettifyingthatAppli~anthasfailedtoreJt'cmn"'ilh,oreomplyinaccordruwe'virh,lhe provi,ion'< of said "_greement by and betwcGTI Applicant and f-lelleficiary. dud Slating: lhe d"llar "mount ot'thc dcf~ull, www.olplneb,,,,k com ::s1)/ " A Alpine Bank .. . 2. P)'~smtatir>n of the originall.ettcrofCredilt" [lauk, ~lldOJ'seJ 011 the ]'''''~rs.c side with Ih~ words: '.Dr~wn by BOARD OF COUNTY COMM1SSIO}.:ERS or Ei,(;I,E COU:\TY. COJ.ORAD() in the amOUlll of $(dollar amolUll)" then manually Signed by an "ulhor;zed "gnaw!")'_ Thi, Letl~r (}[Credil shall he govell'ed by Article V ofth~ Uniform Commerd"l Cndeas in dTect in Ihe State "[C,,IOl'a(]() on the date ofisslle_ 11\ls Lelt~,. ,,[Credit scls f"'th in full th~ Icnm of Ollr wlderlaking. and such u",krtakit]g shall nOl in any way he modified, am~mied. amplj{jcd oc litllil~d by any documetll, lnst<ument Or agreelll~m rderroo 10 herein, or In wl1ich lhiscI'edil i,referrcd to, or !O whi"h this cl'edil relales; andllosuchrefe]'cn~~,hallbedeemcd t" incorporate h~rdn by t'd"crcnce any ,,,el, dO~llme"L instrum~m Or agreem~nt ALPf.'<EElAi'.1( VAIL 1(' C'/ --::-' B . (/;--~--=--------- y: ~, '-- Michael Oht~;;,5~nior Vi~~ Pre_,i,knl www,olpinebonk,com '/yi i'/