HomeMy WebLinkAboutR95-034 substitution of collateral for Cordillera Filing 17` Commissioner � �� moved adoption
` of the following Res ution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 95 -�
SUBSTITUTION of COLLATERAL
Filing 17
CORDILLERA SUBDIVISION
WHEREAS, pursuant to C.R.S. 30 -28 -137, the Board of County
Commissioners of the County of Eagle, State of Colorado ( "Board ")
entered into a Subdivision Improvements Agreement dated July 18,
1994, ( "Agreement ") with Stag Gulch Partners, a Colorado Genera?
Partnership ( "Subdivider "), as a condition of final plat approval
for Filing 17, Cordillera Subdivision; and
WHEREAS, the Subdivider provided collateral in the form of a
plat restriction to guarantee the faithful completion of the public
improvements in the project; and
WHEREAS, Paragraph 2.4 of the Agreement allows the Subdivider
to provide Substitute Collateral in the form of a certain letter of
credit, together with an Enforceability Opinion, all as described
therein; and
WHEREAS, Subdivider has presented Irrevocable Letter of Credit
No. 178 (attached hereto as Exhibit A) issued by the First Bank of
Eagle County in favor of Stag Gulch Partners in the amount of
$1,126,773.73; and
WHEREAS, Subdivider requests a release of the plat restriction
for Filing 17, upon acceptance by the Board of said Letter of
Credit.
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF EAGLE, STATE OF COLORADO:
TRIT, the Board accepts the above - described letter of credit
as substitute collateral for Filing 17, Cordillera Subdivision and
hereby releases the plat restriction for Filing 17.
REC DOC
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Sara J. Fisher Eagle County Clerk & Recorder
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THAT, all other provisions of the Agreement shall remain in
full force and effect.
THAT, this resolution shall be recorded in the Records of the
Eagle County Clerk and Recorder, which shall be evidence that the
plat note for Filing 17, Cordillera Subdivision, is released.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this day of
April, 1995.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: j #fl� BOARD OF COUNTY COMMISSIONERS
F� n
By:
Clerk to the Board o es E. o Chai man
County Commissioners
^ `George A es , Commissioner
�
Commissioner James E. Johnson, Jr.
Commissioner George A. Gates
Commissioner Johnnette Phillips e
This Resolution passed by _ l z� ��oTi 41 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
cord- 17.sub
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First Bank of Eagle Co
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EAGLE COUNTY ATT
Irrevocable Letter of Credit
First Bank
P.O.
Eagle
Irrevocable Letter of Credit
Number: 178
Board of County Commissioners
County of Eagle
State of Colorado
P.O. Box 850
Eagle, CO 81631
Gentlemen:
of Eagle County
Box 567"
CO 81631
.y
Date 3/29/95
We hereby open our irrevocable Letter of Credit in your favor,
available by draft or drafts at sight drawn on the First Bank of
Eagle County for any sum or sums not exceeding in total the sum of
$1,126,773.73.
For the account of: Stag Gulch Partners
P.O. Box 1077
Edwards, Co. 81632
For the purpose of guaranteeing those public improvements
required by the County of Eagle, State of Colorado, pursuant to
that certain Subdivision Improvements Agreement dated July 18,
1994, between the County of Eagle, Colorado and Stag Gulch
Partners, a Colorado limited partnership, P.O. Box 1077, Edwards,
Colorado. Each draft drawn on First Bank of Eagle County on sight
shall be endorsed on the reverse side of this Letter of Credit and
bear upon its face "Drawn under Letter of Credit Number 178, dated
March 29, 1995, of the First Bank of Eagle County "; and shall be
Accompanied by a resolution of the Board of County Commissioners of
Eagle County certifying 1.) that there has been a default under the
Subdivision Improvements Agreement, and 2.) that a sum certain is
required to remedy the default.
The First Bank of Eagle County agrees with the drawers,
endorsers, and bonafide holders of drafts drawn and negotiated in
compliance with the terms of the Letter of Credit that such drafts
will be duly honored upon due presentation at the counter of this
bank. EX HI B IT
P.O. Box 567 • Eagle, Colorado 81631 • (970) 328 -6361 • Fax (970) 328 -4343
Edwards Branch • Edwards, Colorado 81632 • (970) 926 -4150
Avon Loan Office • Avon, CO.949 -6700 • Fax 949 -7024
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Irrevocable Letter of Credit #178
Board of County Commissioner
County of Eagle
March 29, 1995
Page 2
First Bank of Eagle County represents and warrants to the
County of Eagle that it has the full authority and power to issue
this Letter of Credit to the County of Eagle, State of Colorado, in
the total amount any for the period of time stated herein; said
authority being pursuant to the laws of the United States, or the
State or territory which governs the establishment and regulation
of First Bank of Eagle County, and the First Bank of Eagle County's
charter, by -laws and other applicable rules and regulations adopted
pursuant thereto. Should it be necessary for the County of Eagle
to file suit in an effort to enforce this irrevocable Letter of
Credit, First Bank of Eagle County hereby waives all venue rights
and submits to the jurisdiction of the District Court in and for
the County of Eagle, State of Colorado.
This letter of credit is drawn under "Uniform Customs in Practice
for Documentary Credits" Publication No. 500 of the International
Chamber of Commerce.
All drafts hereunder must be drawn on or before December 31, 1995.
Richard C.
President
1
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