HomeMy WebLinkAboutR94-031 Substitution of collateral for Cordillera Filing 3��/0 __ y
Commissions moved adoption
of the followi g Resolu ion:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94 -_J
SUBSTITUTION of COLLATERAL
Filing 9
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 November 9,
1993 ( "Agreement ") with Stag Gulch Partners, a Colorado General
Partnership ( "Subdivider "), as a condition of final plat approval
for Filing 9, 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. S9397459 (attached as Exhibit A) issued by the New York Branch
of Berliner Handels -und Frankfurter Bank ( "BHF- Bank ") in favor of
JLP Realty Corp. in the amount of $1,265,495.67 together with an
Enforceability Opinion from the Bank's counsel; and
WHEREAS, JLP Realty Corp. has approved the use of said Letter
of Credit by Subdivider as collateral for the project; and
WHEREAS, Subdivider requests a release of the plat restriction
for Filing 9, 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:
THAT, the Board accepts the above - described letter of credit
as substitute collateral for Filing 9 Cordillera Subdivision and
hereby releases the plat restriction for Filing 9.
532546 B -636 P -493 04/04/94 09:43A PG 1 OF 4 REC00 DOC
Sara J. Fisher Eagle County Clerk & Recorder
X
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 9, Cordillera Subdivision, is released.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this alaL day of
March, 1994.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
Commissione ��,p .� � seconded adoption of the
foregoing reso tion. h roll Having been called, the vote was as
follows:
Commissioner Johnnette Phillips
Commissioner James E. Johnson, Jr.
Commissioner George A. Gates
This Resolution passed by c-;F — Q vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
cord -9.sub
#87 -84
County Commissioners
George A. Gates, Commissioner
{ H
1 i
March 15 �' - • C andel's-
tlnd Frankfurter Bank
7. -7 1
IRREVOCABLE LETTER OF CREDIT _ ' I r I i f = NewXork Branch
Number S9397459 (- scEealsw Street '.
`. •..:New York Nyl0D22 -1186
_ - Tdophono(212) 788 -5500 -.
Board of County Commissioners FAX 1212 >7588966
County of Eagle
State of Colorado
P.O.Box 850 T
Eagle, Colorado 81631 -
Gentlemen:
We hereby open our Irrevocable Letter of Credit in your favor, available by draft at
sight drawn on BHF -BANK, New York Branch for any sum or sums not exceeding in
total the sum of US$ 1,265,495.67 (One Million Two - Hundred Sixty Five Thousand Four
Hundred Ninety Five and 67/100 U.S. Dollars).,
For the account of: JLP Realty Corp , . ,.. i
P.O. Box 988
Edwards, CO 81632
For the purpose of securing the improvements under the Subdivision Improvements
Agreement for Filing 9, Cordillera Subdivision, in the County of Eagle, State of
Colorado pursuant to that certain Subdivision Improvements Agreement, dated
November 9, 1993 between the County of Eagle, Colorado, and Stag Gulch Partners,
relative to the Cordillera Subdivision.
Each draft drawn at sight on BHF -BANK, New York shall be an on the
reverse side of this Letter of Credit and bear upon its face "Drawn under Letter of
Credit number S9397459 of BHF -BANK, New York Branch dated March 15, 1994" 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, Filings 9, Cordillera Subdivision, and 2.) that a sum certain is required to
remedy the default.
BHF -BANK, New York Branch agrees with the drawers, endorsers and bonafide
holders of drafts drawn and negotiated in compliance with the terms of this Letter of
Credit that such draft will be duly honored upon due presentation at the counter of this
bank.
BHF -BANK, New York Branch 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 and for the period of time stated herein; said
authority being pursuant to the laws of the United States, or the State or territory which
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Managing Partners: Registered Head Offices:
Registry and Commemial Register.
Chairman of the Supervisory Board
Wolfgang Graebner FmnkfurVM and Berlin
No. Fmnkfurt/M 72 HRB 20000
Klaus Subjetzki
Heinz -Gemot Reiners
Charlottenbwg in eerlin 92 HRB 20000
Corporate Status:
Wolfgang Rupf
limited Company with General Partners
Wulf v. Schimmalmann
We Strum
Louis Graf von Zech
EXHIBIT
A
governs the establishment and regulation of BHF -BANK, New York Branch 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, BHF -BANK, New York Branch hereby waives all venue rights and
submits to the jurisdiction of the District Court in and for the County of Eagle, State of
Colorado.
All drafts hereunder must be drawn on or before May 15, 1995.
Unless otherwise stipulated, this Letter of Credit is subject to the Uniform Customs
and Practice for Documentary Credits (1993 Revision), ICC Publication No. 500.
C-, r*s\ Very truly yours,
Berliner Handels- u d Frankfurter Bank
New York Branch
