HomeMy WebLinkAboutR94-099 substitution of collateral Cordillera Filing 10Commissioner moved adoption
of the following esa ution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 94 - yL
U SUBSTITUTION of COLLATERAL
O
P
Filing 10
° CORDILLERA SUBDIVISION
a
U
W O
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 January 18,
1994, ( "Agreement ") with Stag Gulch Partners, a Colorado General
Partnership ( "Subdivider "), as a condition of final plat approval
�r for Filing 10, Cordillera Subdivision; and
s)
wo
0 WHEREAS, the Subdivider provided collateral in the form of a
o plat restriction to guarantee the faithful completion of the public
improvements in the project; and
a.0 WHEREAS, Paragraph 2.4 of the Agreement allows the Subdivider
< x to provide Substitute Collateral in the form of a certain letter of
co P credit as described therein; and
.. 1 -
o WHEREAS, Subdivider has presented Irrevocable Letter of Credit
No. 173 (attached as Exhibit A) issued by the First Bank of Eagle
131 - P
County in favor of JLP Realty Corp. in the amount of $1,600,000;
C , o and
�U
WHEREAS, JLP Realty Corp. has approved the use of said Letter
° to of Credit by Subdivider as collateral for the project; and
Cd
W
° WHEREAS, Subdivider requests a release of the plat restriction
i for Filing 10, upon acceptance by the Board of said Letter of
a Credit.
M z,
� THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS
OF THE COUNTY OF EAGLE, STATE OF COLORADO:
M•a
w
THAT, the Board accepts the above - described letter of credit
as substitute collateral for Filing 10 Cordillera Subdivision and
o hereby releases the plat restriction for Filing 10.
�r d
'tea
3
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 10, 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
July, 1994.
ATTEST:
Clerk to e Board of
County Commissioners
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
By: _
hnnette Phillips, Chairman
Commissioner seconded adoption of the
foregoing resolu i . The roll having been called, the vote was as
follows:
Commissioner Johnnette Phillips 6 P
Commissioner James E. Johnson, Jr.
Commissioner George A. Gates aZe
This Resolution passed by vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
cord- 10.sub
#87 -84
c
+�,tr
541080 B -645 P -36 07/12/94 08:39A PG 2 OF 4
�/i2s vP� ��1��,�
Georg A. Gates, Commissioner
M
EAGLE COUNTY ATTORNEY
Irrevocable Letter of Credit
First Bank of Eagle County
P.O. Box 567
„
Eagle, CO 81631
0
0
0
Irrevocable Letter of Credit Date 6/30/94
0
Number: 173
m
Board of County Commissioners
i
County of Eagle
State of Colorado
P.O. Box 850
b
Eagle, CO 81631
w
rn
Gentlemen:
0
We hereby open our irrevocable Letter of Credit in
your favor,
available by draft or drafts at sight drawn on the First
Bank of
N
Eagle County for any sum or sums not exceeding in total the sum of
$1,600,000.00
0
For the account of JLP Realty Corp.
00
P.O. Box 988
Edwards, CO 81632
a
ro
For the purpose of securing the improvements
under the
Subdivision Improvements Agreement for Filing 10,
Cordillera
Subdivision, in the County of Eagle, State of Colorado
pursuant to
that certain Subdivision Improvements Agreement, dated
January 18,
o
1994 between the County of Eagle, Colorado, and
Stag Gulch
Partners, relative to the Cordillera Subdivision.
?
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 173, dated June 30,
1994, of the First Bank of Eagle County."
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.
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 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 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.
1994.
Very
First
Vice
All drafts hereunder must be drawn on or before September 26,
County
GY
541080 B -645 P -36 07/12/94 08:38A PG 4 OF 4
