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HomeMy WebLinkAboutR81-02 Release of Callateral - South Forty Subdivisiont b r ` RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLOPADO RESOLUTIONd N0. 8~-,~. RELEASE OF COLLATERAL - SOUTH FORTY SUBDIVISION, COUNTY OF EAGLE, STATE OF COLORADO j,1HEREAS, Edwards Development Associates, a limited partnership, hereinafter referred to as "Subdivider", did on or about November 12, 1976, enter into a Subdivision Improve- ments Agreement with the Board of County Commissioners, County of Eagle, State of Colorado, hereinafter referred to as the "Board". The Subdivider pursuant to said agreement provided collateral by means of certain Deeds of Trust in favor of Eagle County in the amount of Ninety One Thousand Nine Hundred _ Dollars ($ 91,900.00) covering lots C-2, R-21, R-22, R-23, R-24, and R-30 in said subdivision to guarantee faithful performance and completion of certain public improvements, i.e. construction of streets, drainage and utilities with said subdivision as shown on the final plat thereof; and WHEREAS, the Board on September 27, 1980, released that certain Deed of Trust with respect to Lot C-2 of the South Forty Subdivision; and WHEREAS, the Board on October 9, 1979, released that certain Deed of Trust with respect to lot R-24 of the South Forty Subdivision; and WHEP.EAS, the Board on May 28, 1980, released those certain Deeds of Trust with respect to lots R-21 and R-22, respectively, of the South Forth Subdivision; and WHEREAS, the Subdivider desires the Board to release that certain Deed of Trust with respect to Lot R-23 of the South Forty Subdivision by reason that the majority of the public improvements required to be constructed as per that certain Subdivision Improvements Agreement referred to herein have been satisfactorily completed. The remaining Deed of Trust in favor of the Board to secure the satisfactory completion of those public improvements remaining to be constructed will be sufficient collateral to guarantee such completion. NOW, THEREFORE, be it resolved by the Board of County Commissioners, County of Eagle, State of Colorado: THAT, the Board hereby releases that certain Deed of Trust with respect to Lots R-23 of the South Forty Subdivision according to the recorded plat thereof, County of Eagle, State of Colorado; said Deed of Trust appearing in Book 249 at Page 997 in the property records of the County of Eagle, Colorado; THAT, the release of said Deed of Trust does not in any way release Edwards Development Associates, a limited part- nership, from the obligations and covenants within that certain Subdivision Improvements Agreement dated on or about November 12, 1976, between Edwards Development Associates and the County of Eagle, Colorado, i.e. said obligations being the completion of certain public improvements as shown on the final plat of the South Forty Subdivision recorded with the Clerk and Recorder's Office, County of Eagle, State of Colorado; THAT, the Board hereby determines that the release of said Deed of Trust will not abrogate the rights of the County in enforcing the satisfactory completion of those public improve- ments remaining to be completed, by reason that the Board will still hold a Deed of Trust on one remaining Lot, R-30, which is sufficient to guarantee completion of same. :. .• THAT, the Public Trustee of the County of Eagle, State of Colorado, is hereby requested and directed to release that certain Deed of Trust recorded in Book 249 at Page 997 in the property records of the County of Eagle, State of Colorado, upon the payment by Edwards Development Associates of any and all fees for obtaining said release. THAT, the Board hereby finds, determines and declares that this Resolution is necessary for the public health, welfare, and safety in the County of Eagle, State of Colorado. MOVED, READ, AND UNANIMOUSLY ADOPTED by the Board of County Commissioners , Cou~n,,~ty,, of Eagle , Colorado , at its regular meeting held this `~~! day of January, 1981. ATTEST: ~._ By: , clerk of the~~/rd of County Commissioners APPROVED AS TO FORM COUNTY OF EAGLE, STATE OF COLORADO By and through its BOARD OF COUNTY COMMISSIONERS BY: Dale F. Grant, Chairman Ke'th Troxel, Comfnissioner Dan Wil iams, Commissioner Beth A. Whittier County Attorney