HomeMy WebLinkAboutR89-075 release of letter of credit for Reserve on the Eagle RiverCommissioner (�/� moved adoption
of the following Reso ution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 89 - j,'
RESERVE ON THE EAGLE RIVER
RELEASE OF LETTER OF COMMITMENT
WHEREAS, pursuant to Section 30 -28 -237, C.R.S., the Board of
County Commissioners of the County of Eagle, State of Colorado
(hereinafter the "Board ") did, on or about February 8, 1982,
entered into a Subdivision Improvements Agreement (hereinafter
"Agreement ") with Heritage Financial Corporation (hereinafter
"Subdivider ") for the Reserve on the Eagle River; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
took as collateral, a Letter of Commitment, in the amount of
$182,000.00 issued by Brighton Federal Savings on February 5, 1982,
assigned to the Board of County Commissioners of Eagle, State of
Colorado; and
WHEREAS, on or about the month of March, 1983, Manufacturers
Hanover Mortgage Company filed foreclosure proceedings against a
number of units in the Reserve on the Eagle River; and
WHEREAS, Brighton Federal Savings and Loan Association was
merged with Household Bank, and became Household Federal Savings
Bank; and
WHEREAS, Household Bank (formerly Brighton Federal) may hold
some interest in that certain property within The Reserve
identified in Exhibit A hereto as Tract B; and
WHEREAS, on or about June 26, 1989, all rights and obligations
of the Reserve on the Eagle River were transferred to M & H
Development Company; and
WHEREAS, M & H Development and the Board entered into an
Assignment of Subdivision Improvements Agreement, and M & H
Development further agreed to provide collateral sufficient to
complete the subdivision improvements previously agreed to in the
original Agreement dated February 8, 1982; and
WHEREAS, Household Federal Savings Bank has requested that the
Board release the Letter of Commitment issued by Brighton Federal
Savings Bank, that was originally submitted by Heritage Financial
Corporation to the Board.
NOW, THEREFORE BE IT RESOLVED, BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board hereby releases that Letter of Committment in
the amount of $182,000.00 retained to guarantee the faithful
completion of certain public improvements required under the
Subdivision Improvements Agreement dated February 8, 1982 upon
issuance by Household Bank of a quit claim deed to The Reserve on
the Eagle River Condominium Association of that certain property
within The Reserve identified as Tract B.
THAT, the Board finds, determines and declares that this
Resolution is necessary for the health, safety, and welfare of the
inhabitants of the County of Eagle, State of Colorado.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, St to of Colorado, at its regular meeting
held the jl' day of 1989.
COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
ATTEST: BOARD OF COUNTY COMMISSIONERS
By:
�%
Commissioners
HE
George A. atG es
Commissioner
Commissioner seconded adoption of
the foregoing resolutio . The ro aving been called, the vote
was as follows:
Commissioner Richard L. Gustafson
Commissioner Donald H. Welch
Commissioner George A. Gates - 4c
—
This Resolution passed by /n vote of the Board of
County Commissioners of the Couyy ot ag e, State of Colorado.
Donald H. Welch
Commissioner
