No preview available
HomeMy WebLinkAboutR94-065 substitution of collateral Homestead Filing 1-2 - Commissioner ��� moved adoption of the following Re olution: i� BOARD OF COUNTY COMMISSIONERS t� \(� COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 94- SUBSTITUTION OF COLLATERAL and RELEASE OF DEED OF TRUST and PROMISSORY NOTE FOR THE HOMESTEAD, FILING NO. 1 COUNTY OF EAGLE STATE OF COLORADO WHEREAS, on or about August 4, 1981, 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 Improve- ments Agreement ( "Agreement ") with Homestead Ranch Development Corp. (hereinafter "Subdivider ") as a condition of final plat approval of The Homestead, Filing No. 1, Subdivision; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board accepted as collateral a First Deed of Trust in favor of Eagle County in the amount or $2,615,800.00 covering Lots 27, 28, 29 and 30, Block 1, and Lots 1 -45, Block 11, the Homestead, Filing No. 1, Eagle County, Colorado; and WHEREAS, by Resolution No. 84 -6, the Board released Lots 27 and 30, Block 1, and Lots 1 -28, Block 11, the Homestead, Filing No. 1; and WHEREAS, by Resolution No. 93 -137, the Board authorized the partial release of collateral by releasing all lots in Filing 1, Block 11, except Lots 44 and 45. The two lots retained as collateral have a value in excess of $100,000. WHEREAS, Paragraph 4 of the Subdivision Improvements Agreement dated August 4, 1991, allows the Subdivider to provide Substitute Collateral in a form acceptable to the County; and W, 538607 B -642 P -560 06/10/94 03:41P PG 1 OF 3 REC DOC Sara J, Fisher Eagle County Cleric & Recorder WHEREAS, Subdivider has presented Irrevocable Letter of Credit No. 9116036 issued by lst Bank of Avon in the amount of $47,000 and Check No. 3203 on the Cash Management Account of Robert Warner, Jr. in the amount of $500.00 as collateral for the two -year correction period; and Letter of Credit No. 911 -6028 in the amount of $20,000 as collateral for the work presently being done; and NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Promissory Note in the amount of $2,615,800.00 be marked "Paid" and the Deed of Trust securing said Note be released. THAT, collateral in the form of the two Letters of Credit and �a a check drawn on the Cash Management Account of Robert Warner, Jr. for a total of $67,500 submitted by the Subdivider be accepted. THAT, the release of collateral granted hereby does not in any way abrogate the rights of the Board in enforcing the Subdivider's performance of its outstanding obligations under the Agreement. MOVED, READ AND ADOPTED by the Board of Count Commissioners of. the County of Eagle, State of Colorado, this 51L day of /)�211 i , 1994. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS Clerk to ttie Board of County Commissioners 538607 B -642 P -560 06/10/94 03:41P PG 2 OF 3 2 ,Z-214 , Z4 George Gates, Commissioner I Commissioner seconded adoption of the foregoing resoliltion. ThqVroll having been called, the vote was as follows: This Resolution passed by 3 — 0 vote of the Board of County Commissioners of the County of Eagle, State of Colorado. Commissioner Johnnette Phillips ��Q Commissioner James E. Johnson, Jr. Commissioner George A. Gates homestead.par #82 -263 ^2 538607 B -642 P -560 06/10/94 03:41P PG 3 OF 3 09C