HomeMy WebLinkAboutC08-268 Kummer Development Corporation Public Improvements AgreementOR~~~~gC
PUBLIC IMPROVEMENTS
AGREEMENT
SALT CREEK EQUESTRIAN CENTER
File No. GRAD-5-08-1381
THIS PUBLIC IMPROVE ~1TS AGREEMENT ("Agreement") made and entered into
this ai~.~ day of + ~.~ , 2008, by and between the County of Eagle,
State of Colorado, a body corporate and politic, by and through its Board of County
Commissioners (hereinafter "County") anc~,,Adam's Rib, PO Box 659, Eagle, CO 81631
(hereinafter "Developer"). ~kumimar ~~1~,~,~.ti.1- L'or~ I
WITNESSETH
WHEREAS, the Developer, as a condition of approval of the Salt Creek Equestrian
Center Grading Permit Approval, File No. GRAD-5-08-1381, desires an Agreement as provided
for by the Land Use Regulations of Eagle County, Colorado, 1999, as amended (hereinafter
referred to as "Land Use Regulations") Chapter II, Section 5-240; and
WHEREAS, pursuant to the same authority, the Developer is obligated to provide
security or collateral sufficient in the judgment of the County to make reasonable provisions for
completion of certain public improvements (hereinafter described as "Public Improvements");
and
WHEREAS, pursuant to Article IV, Section 4-610 of the Land Use Regulations,
development in the unincorporated areas of Eagle County shall be planned and designed with all
plans and reports prepared under the direct supervision of a Professional Engineer; and
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. PUBLIC IMPROVEMENTS
1.1 Public Improvements. Public Improvements are deemed to include all public
improvements related to this development on and off-site.
l.2 Scope of Work. The Developer hereby agrees, at its sole cost and expense, to
furnish all necessary equipment and material, and to complete all Public Improvements as
referenced in the attached Exhibit "A", and as set forth in all documents, construction drawings,
designs, maps, specifications, sketches, and other materials submitted by the Developer prior to
or at grading permit 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 their respective agencies and
affected governmental entities. Such performance shall include acquisition of all necessary
rights-of--way.
1.3 Duties of Developer. For those Public Improvements required herein, including
but not limited to the reconstruction and physical improvements of that portion of any road
subject to this Agreement, the Developer 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 current Colorado
Department of Transportation Field Materials Manual as a guide for frequency of sampling and
testing.
1.3.1 Construction Staking. Where applicable and by way of example only, the
following is a highlighting of the construction staking that will be required of the
Developer:
a. Roadway -horizontal and vertical control every 50 feet or every 25
feet in critical areas, specifically including:
-slope staking
-points of curvature
-points of tangency
-fillet radius points
-culverts
-transition points for super-elevation
-finished sub-grade
-finished gravel
b. Water, Sewer, and Other Utilities -horizontal and vertical control
every 100 feet, or every 50 feet in critical areas.
1.3.2 Testing. Where applicable and by way of example only, the following is a
highlighting of the acceptance testing that will be required of the Developer:
a. Utility and drainage culvert trench backfill under roadwayprisms -one
density test per 200 C.Y. of backfill or a minimum of one test per roadway
crossing. This will require daily visits to the site by a testing laboratory
when utilities or drainage culverts are being backfilled within the roadway
prism.
b. Embankments for roadways -one density test per 2,000 C.Y. of any
additional embankment(s); and one density test per 500 C.Y. when within
100 feet of bridge approaches.
c. Finished Sub- rg ade -one density test per 250 lineal feet of roadway.
d. Aggregate base course -one in-place density per 250 lineal feet of
roadway, and gradation and Atterberg Limits test per 2,000 tons of
aggregate base course.
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e. Hot Bituminous Pavement -two asphalt content, gradation and in-
place density tests per day's production.
f. Concrete -Curb and Gutter, Sidewalks and Bike Paths -tests for air
content, slump and compressive strength per 50 C.Y. of concrete placed or
minimum of one set of tests per day.
1.3.3 Notification/Road Construction. Developer or his Engineer shall notify
the Eagle County Engineer for the purpose of arranging an on-site inspection no less than
twenty-four (24) hours in advance of the following stages of road construction:
1) Finished sub-grade
2) Finished Aggregate Base Course
3) Asphalt Placement
4) Concrete -curb and gutter, sidewalks and bike paths
The County Engineer shall make an on-site visit within twenty-four (24) hours
notification or as shortly therea8er as reasonably possible for the purpose of observing
proof rolls on items 1) and 2) above and for general observation of construction methods
being employed at these stages. Said on-site inspection by the Eagle County Engineer
shall in no way abrogate the duties of the Developer as outlined elsewhere in this
Agreement. The Developer shall provide the proof rolling by arranging for a loaded
single unit truck carrying 18,000 pounds per rear axle.
1.3.4 Witnessing of Water and Sewer Laterals. It is essential that the ends of
these laterals be witnessed by the Developer's engineer to a minimum of three divergent
points and a permanent record made of the same. Copies of these records are required to
be furnished to the Eagle County Engineer prior to commencement of the two year
warranty period and the final release of collateral. In addition to witnessing of the
horizontal location of these laterals, a vertical witness shall be required. Horizontal
witnessing shall be to property corners, fire hydrants, manholes, and other "permanent"
features. Vertical witnessing shall be based on depth below ground and elevation based
on a datum used for the project. Benchmarks shall be shown on witness records.
1.3.5 Test Reports. 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 Developer or its engineer.
1.3.6 Record Drawings of Public Improvements. Record drawings, sealed,
signed and dated by a Registered Professional Engineer showing the as-constructed
horizontal and vertical locations of Public Improvements shall be submitted to the Eagle
County Engineer prior to commencement of the two year warranty period. This shall
include as-built drawings in an electronic format acceptable to the County Engineer.
1.3.7 Affidavit of Monumentation. An Affidavit of Monumentation sealed,
signed and dated by a Registered Professional Land Surveyor that the site has been
monumented in accordance with §38-51-105, C.R.S., shall be provided to the Eagle
County Engineer prior to the acceptance of the Public Improvements by the County.
1.4 Compliance with Colorado Department of Transportation's State Highway Access
Code. Developer shall provide the County with designs in compliance with the Colorado
Department of Transportation's State Highway Access Code for all road improvements.
1.5 Date of Completion. All Public Improvements shall be completed prior to June
30, 2009.
1.6 Approval and Acceptance of Work.
1.6.1 Copies of all test results corresponding to work which is being inspected
and any other information which may be necessary to establish the satisfactory
completion of the work for which inspection is requested must be submitted prior to said
inspection. All such information shall be accompanied by a letter from the Developer's
engineer verifying the satisfactory completion of the work performed to date.
1.6.2 Notwithstanding Section 1.3.3 above, promptly after receiving a request
for inspection and the required documentation, the County Engineer shall review the
information presented and, if necessary, make a public inspection of the work completed.
1.6.3 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 complete by the County.
1.7 Estimated Costs of Public Improvements. The estimated cost of the Public
Improvements is the sum of $1,276,145.79, as summarized in Exhibit "A". To secure and
guarantee performance of its obligations as set forth in this Section 1, including the completion
of the required Public Improvements, the Developer hereby agrees to provide security and
collateral in the form and as set forth in Section 2, below.
2. SECURITY AND COLLATERAL
2,1 Collateral. Security and Collateral required in Section 1.7 herein, as security for
the performance by Developer of its obligations under this Agreement, shall be in the total
amount of $1,276,145.79. The Developer shall obtain collateral in such form acceptable to the
County Attorney ("Collateral") prior to issuance of the Grading Permit, as specified in attached
Exhibit "B".
2.2 Partial Release of Collateral. Developer may apply to the County for the release
of portions of the Collateral based upon the work completed in accordance with this Agreement.
To make such releases, Developer shall request the County Engineer to inspect the work in
order to verify satisfactory completion in accordance with plans and specifications in accordance
with Section 1.6.
2.3 Final Release of CollateraUWarranty. Within thirty (30) days after Developer has
completed all of the work required by this Agreement and the work has been approved and
accepted by the County, the entire remaining amount of the Collateral, less an amount equal to
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ten percent (10%) of the original Collateral, shall be released. Developer shall be responsible for
the condition of the Public Improvements for a period of two (2) years after completion; this
shall be guaranteed either through the retention of Collateral, as set forth above, or Developer
may provide a guarantee bond in an amount and in a form acceptable to the County -which
would be substituted for the release of the entire amount of the Collateral.
2.4 Substitution of Collateral. The Developer 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 the Public 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 all Public Improvements as described herein,
and collateral shall be submitted by the Developer in accordance therewith.
2.5 Draws. Draws against the Collateral shall only be made as directed by written
Resolution of the County, stating that there has been an event of default under this Agreement
and that a sum certain is required 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 costs.
2.6 Events of Default. The following events shall be deemed "Events of Default,"
entitling the County to draw on the Collateral:
2.6.1 If Developer has not completed the work required by this Agreement
within thirty (30) days prior to the Date of Completion set forth herein, the County may,
after ten (10) working days written Notice to Developer, draw upon the Collateral an
amount sufficient to complete said work and compensate the County for its reasonable
costs and expenses related to said draw.
2.6.2 If the original collateral presented to the County (or any extension thereof)
is due to expire and the work is not yet completed, and Developer has not provided
substitute collateral or the bank's written extension to the original collateral (as it may
have been previously extended), the County shall draw on the Collateral according to the
provisions set forth in this Section 2. It is Developer's responsibility, with or without
notice, to ensure that the Collateral is extended, or that substitute collateral is
provided in a form acceptable to the County, at least ten days prior to its expiration.
If Collateral is neither extended nor substitute collateral provided, in a form
acceptable to the County, at least ten days prior to its expiration, the Developer shall
pay the County an additional $500 (Five hundred dollars) for the additional
administrative work required because of the failure to extend or substitute
collateral in a timely manner as required by this agreement.
2.6.3 If the Collateral is substituted, as otherwise provided herein, this
Agreement may be amended or modified in order to set forth specific Events of Default
deemed necessary, in the County's sole discretion, commensurate with the type of
collateral substituted.
2.7 Costs and Expenses. Developer agrees to pay any costs and expenses, including
but not limited to legal fees, which the County may incur in determining to accept collateral, in
drawing upon the collateral, or in accomplishing an extension of its expiration.
3. INSURANCE and INDEMNIFICATION
3.1 Certificates of Insurance. The Developer shall secure from any contractor or
subcontractor engaged in the work necessary to comply with this Agreement a Certificate of
Insurance providing for liability protection in the minimum amount of $150,000 per individual
and $600,000 per occurrence, naming the county as an additionally named insured. The
Developer, if it serves as the contractor for the Public Improvements, shall provide insurance in
the same form and amounts as required of the general contractor. Said limits shall be adjusted to
comply with any changed limits in the Colorado Governmental Immunity Act, Title 24, Article
10, Colorado Revised Statutes.
3.2 County Incurs No Liability. 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 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
any persons or property injured or damaged by reasons of the nature of said work on the Public
Improvements, but all of said liabilities shall be and are hereby assumed by the Developer. The
Developer hereby agrees to indemnify and hold harmless the County and any of its officers,
agents and employees against any losses, claims, damages or liabilities for 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) arise out of or are based upon any
performance by the Developer hereunder; and the Developer 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 Developer may have.
4. GENERAL PROVISIONS
The following shall apply to all Public Improvements, including off-site improvements, set forth
in this Agreement:
4.1 Compliance with Land Use Regulations. The Developer shall be required to
obtain all necessary permits and comply with the provisions of the Land Use Regulations,
including but not limited to the Regulations for Construction within the Public Ways of Eagle
County (Chapter V), as the same are in effect at the time of commencement of construction of
the Public Improvements referred to herein.
4.2 Public Improvement Agreement Controls. In the event of any inconsistency or
incongruity between the provisions of this Agreement and the Land Use Regulations, the
provisions of this Agreement shall in all respects govern and control.
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4.3 Warranties and Guarantees. 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 Public
Improvements during which time the Developer 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 collateralized 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 Developer no less than sixty (60) days prior to expiration of
the one-year additional correction period, and any deficiencies shall be noted to the Developer.
4.4 Approval of Gradin Pg ermit. The County agrees to the approval of the Salt Creek
Equestrian Center Grading Permit, File No. GRAD-5-08-1381, subject to the terms and
conditions of this Agreement.
4.5 Amendment and Modification. The parties hereto mutually agree that this
Agreement may be amended or modified from time to time, provided that such amendment or
modification be in writing and signed by all parties hereto.
4.6 Assignability. This Agreement shall be enforceable against the Developer,
provided, however, that in the event the Developer sells, transfers or assigns all or part of the
subject property, the obligations of the Developer under this Agreement as to that portion of the
subject property may be assumed in writing by the purchaser of the parcel, and the Developer
shall have no further obligations hereunder. It is agreed, however, that no such assumption of
these obligations shall be effective unless the county gives its prior written approval to such
assumption following an investigation of the financial condition of the purchaser. The
Developer 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.
4.7 Binding upon Successors. This Agreement shall inure to the benefit of and be
binding upon the parties hereto, their respective successors, and assigns.
4.$ Sole Responsibility of Developer Prior to County Acceptance. It is further agreed
and understood that at all times prior to the completion and acceptance of the Public
Improvements set forth herein 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
necessary to allow the general public to utilize the roadways under construction by the
Developer, traffic control and warning devices shall be placed upon such roadways by the
Developer 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.
4.9 No Rights to Third Parties. This Agreement does not and shall not be deemed to
confer upon or grant to any third party any right to claim damages or to bring any lawsuit, action
or other proceedings against either the County or its officers, employees or agents because of any
breach hereof or because of any terms, covenants, agreements or conditions contained herein.
7
4.10 Notice. Notice required pursuant to the terms of this Agreement shall be deemed
given on the day that the same is placed in the United States Mail, postage prepaid, certified or
registered mail, return receipt requested.
4.11 Enforcement and Attorney Fees. The County may enforce the provisions of this
Agreement in the same manner and with the same remedies applicable to the enforcement of
land use regulations pursuant 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 enforceable by the Board or its designee by any appropriate equitable or legal
action, including but not limited to specific performance, mandamus, abatement, or injunction.
The remedies explicitly provided herein are cumulative, 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 reasonable attorney's fees.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement this ~n~
day of ~,O~.w`e-.~ , 2008.
ATTEST:
Clerk to the Board"of
County Commissioners
M ~ S SOvL~ t
STATE OF~f~9- )
ss.
County ofle S~ • l_ p~ +s)
COUNTY OF EAGLE, STATE OF COLORADO,
By and Through its
BOARD OF COUNTY COMMISSIONERS
Peter Runyon, hairman o ~?~-~
Address for giving notice:
P.O. BOX 850
Eagle, CO 81631
(970) 328-8685
DEVELOPER:
By:
Address for giving notice
l l 3 3v ;~l+,,a ~' ,,~
(3l~) Sh7 -qoo~
The foregoing was acknowledged before me this ,~ day of ~ ,P~ P N.~o P ~ ,
2008, by ~- .f e 1-{ J M ,r. ~~ s- as ~r P s ; o~ p ~-~ of K ~ rr. r, P r
~eyeloi~b, ern M.~1'1>•t9 ~-.7 E'_1 ~ Wf~St~ ~`vriabs,a`~-~o.-..
WITNESS my hand and official seal. a"~ LISA S1AN9Q000H
,~,,,,,;;. Notory PubUe, state of Missouri
': -- ~• St. Charles Cpun~
1EA~,•' Commi831on ~ 0574057
'
:
My commission expires ~ D -- ~ ~ - 8
~ ~
~~
;;;;~a~
'+~. n~ MY C01rIRIfEtlOf1 ExpiroE October 31, Y009
6
Notary Public
9
Kummer C7eveleprnent Crarporatec~n Salt Creek Equestrian Center July 15, 20b8
Grading Permit
EXHIBIT A ~~D-~_os-, ~~~
Desch Lion Est Quantit Units Unit Price Amount
Erosion Control and Rene station
Straw bales 5b EA 525.00 51.250.00
Re-alp n ditch 1,000 LF $4.00 54.{}£70 00
Silt fence 7,{700 LF $2 00 514,000.00
Seed and tack, mulch 15 Acres $2.300.00 534.500.00
SWM anti Reve subtota! $53,75®.ti0
Brill a construction 1 LS $248,Oti0.t7C1
13ox Culvert 1 LS $41,2QQ.00
Bike Pa#h Construction
Strip to soE€ 4.500 CY 53.50 $15,750.00
~€ear & rub 1 LS 51,300.00 $1,300.00
€~aad base 6" 59,730 SF 51.45 5$6,608.5{7
As halt 3.5" 49.576 SF 52.44 $120,985.44
~ioad base ShauEders 17,910 SF S1 40 525,074.00
Replace 4" to so~i 1,100 CY 56.00 58,600.00
Cui 1.500 CY 54.70 $7,050.00
Fil! 2.500 CY $5.40 513,500 00
Bike Path subtotal $276,$47,94
Road Construction
Step to soil 5.100 CY 53 50 519.250.(70
Clear & rub 1 LS 51,100 00 ~1, i 00 00
F~oad base 6" 47.225 SF $1.45 558.476.25
Road base shoulders 17.910 SF 51 40 $25,074 00
Replace 4'° to soi€ 3,400 CY 58 00 520.400.00
Cut 172 CY 54.70 5808.40
Fil! 9,018 CY 55.4(3 548,897.20
Road subto#ai $183,8(}5.85
Drama s Construction
C7ewaterin 1 t_S 58,000.00 58,000.00
18" CMP culverts in ~71d Salt Creek 1$0 LF 550 00 59,000.00
~®€d Salt Creek 1.100 LF 534.00 537 4{70 00
Box culvert install oni 52 LF $350.(70 518200 b0
24" CP wlfes 240 LF 593.00 522.320.00
Drama a subtotal $gZ,gzp,QQ
Wa#er Line
8" fli 2.35{3 LF 569.00 5162,150.0(7
$" Gate valve wlbox 3 EA 51,500.00 54,500.00
12 x S tee 1 EA $650.00 $850.00
12" Gate valves 2 EA 53.000.00 56.0{70 00
S" Fends 11 EA 5500.00 55.500.D0
~2" C7ip 1,0213 LF 589 00 590,780.00
14" x 12" Tee 1 EA $200.00 5200 00
14°` Gate valve 2 EA 54,165,00 58 33(7 00
12" Sends 1 EA 5750,00 5750 00
1 of ~ EXHtBiT
Kummer bevelopment Corporation Salt Creek Equestrian Center July 15, zoos
Grading Permit
GRAp-5-08-~ 381
Fire r~ dram 3 EA 56,OOO.C}fl $18.OO0.00
Creek Crossin WIL 1 EA S25,000.00 25A00.00
Connect to ex~stin ~lfL 1 EA SS,C}00.00 58,000.00
Waterrr~ain testin 1 524 LF 50 50 5762.00
Water i.ine subtotal $330,522.{}0
Shallow Utilities
Vehicle traffic con#roi 2 EA 51,800.00 $3.600 nit
I) utiiit trench 3,100 LF 516 00 549,600.00
4" PV ; electric wtpufi H C. 7,950 Ll= 50.70 55,565 00
Sin le haletransforrrier 1 ER $1,300.Ofl $1.3fl0.00
Splice vaults 6 EA $1,300.00 $7.800.00
S.Ca. vaults 2 ~A 51.300.00 52,600.00
6" lectriG conduit H C 5>300 LF 51.00 55,300 00
1 1l2" PC conduit 2.$50 LF 52,00 55,700.00
4" PVC Conduit 225 LF 54.00 5900.00
Telephe~ne eds 4 ER $200,00 5800.00
Gas trench 950 LF $14.00 513,300.0(?
Gas xin s 2 EA $410.00 $820 00
Final reds 245,000 SF 50 20 549,000.00
Shallow Utilities subtotal $145,285.00
Total amount
$1,275,145.79
2 of 2
. ~ bank®
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U.S. BANK NATIONAL ASSOCIATION SWIFT: USBKUS44PDX
INTERNATIONAL DEPT. PD-OR-T5CE, SUITE 500 TELEX: TRT 192179
111 SW FIFTH AVENUE, PORTLAND, OR 97204 TOLL FREE:866-359-2503
P.O. BOX 4412, PORTLAND, OR 97208-4412 FAX: 503-275-5132
09/03/08
IRREVOCABLE STANDBY LETTER OF CREDIT
BENEFICIARY: APPLICANT:
BOARD OF COUNTY COMMISSIONERS KUMMER DEVELOPMENT CORPORATION
COUNTY OF EAGLE-STATE OF COLORADO P. O. BOX 659
P.O. BOX 850 EAGLE, CO 81631
EAGLE, COLORADO 81631
LETTER OF CREDIT NUMBER: SLCPPDX04336
EXPIRY DATE: AUGUST 31, 2009
AT: ISSUING BANK'S INTERNATIONAL BANKING COUNTERS
LOCATED AT THE ADDRESS LISTED ABOVE.
-------------------------------------
AMOUNT: USD 1,276,145.79 (ONE MILLION TWO HUNDRED SEVENTY-SIX
(THOUSAND ONE HUNDRED FORTY-FIVE AND 79/100 U.S. DOLLARS)
---------------------------------=-------
WE HEREBY ISSUE THIS IRREVOCABLE STANDBY LETTER OF CREDIT AVAILABLE
BY PAYMENT BY DRAFT(S) DRAWN AT SIGHT ON U.S. BANK NATIONAL
ASSOCIATION AND ACCOMPANIED BY THE FOLLOWING DOCUMENTS:
A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY
CERTIFYING THAT:
1. THERE HAS BEEN A DEFAULT IN THE CONSTRUCTION OF PUBLIC IMPROVEMENTS
REQUIRED BY THE COUNTY OF EAGLE, STATE OF COLORADO, PURSUANT TO THAT
CERTAIN PUBLIC IMPROVEMENTS AGREEMENT DATED SEPTEMBER 2, 2008
BETWEEN THE COUNTY OF EAGLE, COLORADO AND KUMMER DEVELOPMENT CORPORATION
RELATIVE TO THE SALT CREEK EQUESTRIAN CENTER.
2. THE AMOUNT DRAWN IS REASONABLY REQUIRED TO REMEDY THE DEFAULT.
ADDITIONAL CONDITIONS:
DRAWINGS UNDER THIS LETTER OF CREDIT MAY BE PRESENTED AT THE
COUNTERS OF:
US BANK, COMMERCIAL BANKING DEPT.
918 SEVENTEENTH ST.
DENVER, CO 80202
THIS ORIGINAL LETTER OF CREDIT MUST ACCOMPANY THE DRAWING.
***THIS PAGE O1 FORMS AN INTEGRAL PART OF CREDIT SLCPPDXO
*~
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PURSUANT TO U.S. LAW WE ARE PROHIBITED FROM ISSUING, TRANSFERRING,
ACCEPTING OR PAYING LETTERS OF CREDIT TO ANY PARTY OR ENTITY IDENTIFIED
BY THE OFFICE OF FOREIGN ASSETS CONTROL, U.S. DEPT OF TREASURY, OR
SUBJECT TO THE DENIAL OF EXPORT PRIVILEGES BY THE U.S. DEPT. OF COMMERCE.
DRAFTS DRAWN UNDER THIS CREDIT MUST BEAR THE CLAUSE: "DRAWN UNDER U.S.
BANK NATIONAL ASSOCIATION IRREVOCABLE STANDBY LETTER OF CREDIT NUMBER
SLCPPDX04336."
THIS CREDIT IS SUBJECT TO "THE UNIFORM CUSTOMS AND PRACTICE FOR
DOCUMENTARY CREDITS" (2007 REVISION) INTERNATIONAL CHAMBER OF COMMERCE
PUBLICATION NO. 600.
WE HEREBY ENGAGE WITH YOU THAT DRAFT(S) DRAWN AND/OR DOCUMENTS PRESENTED
AND NEGOTIATED UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS
IRREVOCABLE STANDBY LETTER OF CREDIT WILL BE DULY HONORED UPON
PRESENTATION TO US.
U.S. BANK NATIONAL ASSOCIATION
A~,MEMBER OF THE FEDERAL RESERVE SYSTEM
ST BY LETTER OF CREDIT
NANCY R. TOUSIGNANT
ASSISTANT VICE PRESIDENT
***THIS PAGE 02 FORMS AN INTEGRAL PART OF CREDIT SLCPPDX04336***
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