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HomeMy WebLinkAboutR94-051 substitution of collateral Cordillera Filing 12 Saddleback RidgeCommissioner moved adoption of the following Os6lutidno BOARD OF COUNTY COUNTY OF EAGLE STATE OF COLORADO 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 March 29, 1994, ( "Agreement ") with Stag Gulch Partners, a Colorado General Partnership ( "Subdivider "), as a condition of final plat approval n2 for Filing 12, Saddleback Ridge, 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. 59435459 (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 $454,075.00 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 12, Saddleback Ridge, 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 12, Saddleback Ridge, Cordillera Subdivision and hereby releases the plat restriction for Filing 12. 533939 B -637 P -887 04/19/94 12:07P PG 1 OF 4 REC DOC Sara J. Fisher Eagle County Clerk & Recorder 0.00 RESOLUTION NO. 94 - 451 ry,\ SUBSTITUTION of COLLATERAL Filing 12 CORDILLERA SUBDIVISION SADDLEBACK RIDGE 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 March 29, 1994, ( "Agreement ") with Stag Gulch Partners, a Colorado General Partnership ( "Subdivider "), as a condition of final plat approval n2 for Filing 12, Saddleback Ridge, 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. 59435459 (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 $454,075.00 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 12, Saddleback Ridge, 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 12, Saddleback Ridge, Cordillera Subdivision and hereby releases the plat restriction for Filing 12. 533939 B -637 P -887 04/19/94 12:07P PG 1 OF 4 REC DOC Sara J. Fisher Eagle County Clerk & Recorder 0.00 3 a I 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 12, Saddleback Ridge, Cordillera Subdivision, is released. MOVED, READ of the County of April, 1994. ATTEST: t. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONER Commissione seconded adoption of the foregoing reso tion. The r ll having been called, the vote was as follows: Commissioner Johnnette Phillips 2�n_ Commissioner James E. Johnson, Jr. Commissioner George A. Gates A This Resolution passed by -Q vote of the Board of County Commissioners of the County of Eagle, State of Colorado. AND ADOPTED by the Board of County Commissioners Eagl State of Colorado, this 1,?V,4_ day of cord- 12.sub #87 -84 County Commissioners eorge A. ates, Commissioner April 13, 1994 IRREVOCABLE LETTER OF CREDIT Number S9435459 Board of County Commissioners County of Eagle State of Colorado P.O.Box 850 Eagle, Colorado 81631 Gentlemen: BHF -BANK Berliner Handels- und Frankfurter Bank New York Branch 55 East 59th Street New York, NY 10022 -1186 Telephone (212) 7565500 FAX: (2l2) 75659W 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$ 454,075.00 (Four Hundred Fifty Four Thousand Seventy Five and 00/100 U.S. Dollars). For the account of: JLP Realty Corp. P.O. Box 988 Edwards, CO 81632 For the purpose of securing the improvements under the Subdivision Improvements Agreement for Filing 12, Cordillera Subdivision, in the County of Eagle, State of Colorado pursuant to that certain Subdivision Improvements Agreement, dated March 29, 1994 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 endorsed on the reverse side of this Letter of Credit and bear upon its face "Drawn under Letter of Credit number S9435459 of BHF -BANK, New York Branch dated April 13, 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 12, 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 /...2 Managing Partners: Registered Head Offices: Registry and commercial Register. Wolfgang Graebrwr Frankfurt/M and Berlin No. Frsnkfurt/M 72 HR82000D Hehummot Release Charlottenburg in Berlin 92 HRB 20D00 Wolfgang Rupf Wulf v. Schimmelmenn Wolfgang StNtL Louis Gral von Zech µr. BHF -BANK Page 2 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. Very truly yours, Berliner Handels- and Frankfurter Bank ckl: Ne w York Bra h c = ��� zj-�-