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HomeMy WebLinkAboutR95-046 partial release of collateral/commencement of warranty period for Mountain Lubev commissioner moved adoption of the following Resolution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 95 - / - - Z4 ,/ =' PARTIAL RELEASE OF COLLATERAL AND COMMENCEMENT OF TWO YEAR WARRANTY PERIOD FOR MOUNTAIN LUBE, INC. CONSTRUCTION IMPROVEMENTS AGREEMENT WHEREAS, on April 19, 1994 pursuant to C.R.S. 30 -28 -137, the County entered into a Construction Improvements Agreement (hereinafter "CIA ") recorded in Book 638 at Page 458 of the records of the Eagle County Clerk and Recorder, with Mountain Lube, Inc. (hereinafter known as "Mountain Lube"), by Lise B. Lorentzen, President, as a condition of the County's approval of a Building Permit to construct improvements located at 40843 B U. S. Highway 6, consisting of an automobile oil and lube service facility known as Mountain Lube (hereinafter "Project "); and WHEREAS, Mountain Lube provided collateral in the form of a Letter of Credit No. 911 -5692 in the amount of $30,163.00 to guarantee the faithful completion of the project; and WHEREAS, Mountain Lube has represented to the Board, and members of the County staff have corroborated the Builder's representations, that the construction improvements located at 40843 B. U. S. Highway 6 have been completed in a satisfactory manner; and WHEREAS, pursuant to a conversation with John Althoff of the Engineering Department on April 11, 1995, the two -year warranty period be allowed to commence with an expiration date of April 11, 1997. WHEREAS, the Subdivider has requested a reduction in the collateral being held to ten percent (10 %) of the original collateral ($30,163.00) or $3,016.30 for the two year warranty period; and Based upon the oral and written recommendations of the County staff, THE BOARD FINDS that Mountain Lube's obligations under the Agreement have been fully satisfied. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the two year warranty period shall commence with an expiration date of April 11, 1997. THAT, a reduction in the collateral to $3,016.30 (ten percent of $30,163.00) for the two year warranty period be allowed. THAT, the partial release of collateral shall not in any , gay abrogate the rights of the Board in enforcing the Subdivide, `s performance of his outstanding obligations under the Agreement. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its regular meeting held the Q - qVf._ day of , 1995. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: County Commissioners commissioner seconded adoption of the foregoing resolution. The roll having been called, the vote was as follows: This Resolution passed by a _0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. Commissioner James E. Johnson, Jr. al( Commissioner George A. Gates Commissioner Johnnette Phillips r \mountain.par 94 -41