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HomeMy WebLinkAboutC99-041 Edwards Village Center Lots 6 and 7 AFP-00048r- I SUBDIVISION AND OFF -SITE. IMPROVEMENTS AGREEMENT EDWARDS VILLAGE CENTER, LOTS 6&7 AFP-00048 THIS SUBDIVISION AND OFF-SYE IMPROVEMENTS AGREEMENT ("Agree- ment) made and entered into this ` ' , —day of , 1999, by and between Woodstone B WAB Commercial Partners, a Colorado general corpora on (hereinafter "Subdi- vider") and the Board of County Commissioners of the County of Ea e, State of Colorado (hereinafter "County"). l WIT.NESSETH WHEREAS, the Subdivider, as a condition of approval of the Amended Final Plat of Edwards Village Center, Lots 6 & 7, (hereinafter referred to as "Subdivision"), desires an Agreement as provided for by the Land Use Regulations of Eagle:County, Colorado, 1998, as amended ("hereinafter referred to as "Land Use Regulations") Chapter II, Section 5-280.B.5.e and C.R.S. §30-28-137; and WHEREAS, pursuant to the same authority, the Subdivider is obligated to provide security, or collateral sufficient in the judgment of the County to make reasonable provisions for completion -of certain public improvements hereinafter described ("Subdivision Improvements"); and WHEREAS, pursuant to Chapter II, Section 4-620 of the Land Use Regulations, when a proposed subdivision is located in an area serviced by an existing County road and the County determines that the traffic generated by such development will result in safety hazards for vehicle drivers, pedestrians and/or adjacent residents, or will result in substantially increased mainte- nance costs to the County, the County is empowered to determine the amount of work necessary to bring the affected County road to acceptable standards to provide adequate safe service to present owners, to the proposed subdivision and to other probable subdivisions, and to require the Subdivider to improve. its equitable portion of such road to an acceptably safe condition; and WHEREAS, the County has determined that the traffic which will be generated by the Subdivision, along with other potential subdivisions in the area, will result in safety hazards and substantially increased maintenance costs relative to the off -site roads; and llllll IIIII IIlIIII 1il IIIII IIIII lllllll III IIII! llll IIII 688225 03/01/1999 02:51P 89 Sara Fisher 1 of 14 R 0.00 D 0.00 N 0.00 Eagle CO %%Np� \400� WHEREAS, the Subdivider has agreed to improve the roads to an acceptably safe condition and to accommodate the incremental increase in traffic burden to the said roads result- ing from the development of this Subdivision, by the engineering, construction and completion of physical improvements to the said road as Jet forth in this Agreement; and WHEREAS, as a further condition of approval of the final plat of this Subdivision, the Subdivider is obligated to provide security and collateral sufficient in the judgment of the County to make reasonable provision for completion of the Subdivision Improvements, including but not limited to off -site road improvements, referred to herein; and WHEREAS, pursuant to Chapter II, Section 4-620.9 of the Land Use Regulations and C.R.S. 43-2-147, the Subdivider shall provide access for all lots and parcels it creates to the state highway system in conformance with the State Highway Access Code. NOW, THEREFORE, in consideration of the premises and the covenants and agreements herein contained to be kept and performed by the parties hereto, it is hereby understood and agreed as follows: 1. SUBDIVISION IMPROVEMENTS. 1.1 Subdivision Improvements. Subdivision Improvements are deemed to include all public improvements, including but not limited to off -site improvements - including roads, utilities and other similar public improvements. 1.2 Scope of Work. The Subdivider hereby agrees, at its sole cost and expense, to furnish all necessary equipment and material, and to complete all Subdivision Improvements as referenced in the attached Exhibit "A", and as set forth in all documents, construction drawings, designs, maps, specifications, sketches, and other materials submitted by the Subdivider prior to or at final plat approval and accepted by the County, and in accordance with all laws of the United States of America, State of Colorado, County of Eagle, and their respective agencies and affected governmental entities. Such performance shall include acquisition of all necessary rights -of -way, either directly or as set forth in Section 4 hereof. 1.3 Duties of Subdivider. For those Subdivision Improvements required herein, including but not limited to the reconstruction and physical improvement of that portion of any road subject to this Agreement, the Subdivider shall retain an engineer whose duties shall include construction staking, observation of construction for conformance to the approved plans and specifications, and materials sampling, testing and inspection using the Colorado Department of Highways 1990 Field Materials Manual as a guide for frequency of sampling and testing. 2 \qad M 1.3.1 Construction Staking. Where applicable and by way of example only, the following is a highlighting of the construction staking that will be required of the Subdivider: a. RoadmLay - horizontal and vertical control every 50 feet or every 25 feet in critical areas, specifically including: -slope staking -points of curvature -points of tangency -fillet radius points -culverts -transition points for super -elevation -finished sub -grade -finished gravel b. Water. Sewer. and Other Utilities - horizontal and vertical control every 100 feet, or every 50 feet in critical areas. 1.3.2 Testing. %ere applicable and by way of example only, the following is a highlighting of the acceptance testing that will be required of the Subdivider: a. Utility and drainage culverttrench backfill under roadwayprisms - one density test per 200 C.Y. of backfill or a minimum of one test per roadway crossing. This will require daily visits to the site by a testing laboratory when utilities or drainage culverts are being backfilled within the roadway prism. b. Embankments for roadways - one density test per 2,000 C.Y. of any additional embankment(s). c. Finished sub -grade - one density test per 250 lineal feet of roadway. d. Aggregate base course - one in -place density per 250 lineal feet of roadway, a, gradation and Atterberg Limits test per 2000 tons of aggregate base course. e. Hot Bituminous Pavement - two asphalt content, gradation and in -place density tests per day's production. 3 f. Concrete - Curb and Gutter, Sidewalks and Bikepaths - tests for air content, slump and compressive strength per 50 C.Y. of concrete placed or minimumof one set of tests per day. 1.3.3 Notification/Road Construction. Subdivider or his Engineer shall notify the Eagle County Engineer for the purpose of arranging an on -site inspection no less than forty-eight (48) hours in advance of the following stages of road construction: 1) Finished subgrade 2) Finished Aggregate Base Course 3) Asphalt Placement. . 4) Concrete - Curb and Gutter, Sidewalks and Bikepaths The County Engineer shall make an on -site visit within the forty-eight (48) hours notification period for the purpose of observing proof rolls on items 1) and 2) above and for general observation of construction methods being employed at these stages. Said on -site inspection by the Eagle County Engineer shall in no way abrogate the duties of the subdivider outlined elsewhere in this Agreement. The subdivider shall provide the proof rolling by arranging for a loaded single'unit truck carrying 18,000 pounds per rear axle. 1.3.4 Witnessing of Water and Sewer Laterals. It is essential that the ends of these laterals be witnessed by the Subdivider's engineer to a minimum of three divergent points and a permanent record made of the same. Copies of these records are required to be furnished to the Eagle County Engineer prior to acceptance of the Subdivision Improvements by the County. In addition to witnessing of the horizontal location of these laterals, a vertical witness shall be required. Horizontal witnessing shall be to property corners, fire hydrants, manholes, and other "permanent" features. Vertical witnessing shall be based on depth below ground and elevation based on a datum used for the subdivision. Bench marks shall be shown on witness records. 1.3.5 Test. Reports. All test reports shall be consecutively numbered, with copies furnished directly to the Eagle County Engineer from the laboratory as they are reported to the Subdivider or its engineer. 1.3.6 Record Drawings of Subdivision Improvements. Record drawings, sealed, signed and dated by a Registered Professional Engineer showing the as -constructed horizontal and vertical locations of Subdivision Improvements shall be submitted to the Eagle County Engineer prior to completion of the two year warranty period and the final release of Collateral by the County. 4 \Vow/ 1.3.7 Affidavit of Monumentation. An Affidavit of Monumentation sealed, signed and dated by a Registered Professional Land Surveyor stating that the subdivision has been monumented in accordance with §38-51-105, C.R.S., and Chapter II, Sec. 5-280.5.a.(1)(a) of the j;agle County Land Use Regulations shall be provided to the Eagle County Engineer prior to the acceptance of the Subdivision Improvements by the County. 1.4 Compliance with Colorado Department of Highways Access Code. Subdivider shall provide the County with designs in compliance with the Colorado Department of Highways Access Code for all road improvements. 1.5 Date of Complet_ ion. All Subdivision Improvements shall be completed prior to October 2000. 1.6 Annroyal and Acceptance of Work. 1.6.1 Copies of all test results corresponding to work which is being inspected and any other information which may be necessary to establish the satisfactory completion of the work for which inspection is requested must be submitted prior to said inspection. All such information shall be accompanied by a letter from the Subdivider's engineer verifying the satisfactory completion of the work performed to date. 1.6.2 Notwithstanding Section 1.3.3 above, promptly after receiving a request for inspection and the required documentation, the County Engineer shall review the information presented and, if necessary, make an on -site inspection of the work completed. 1.6.3 All said work shall be done to the reasonable satisfaction of the County Engineer and/or the County Department of Community Development, and shall not be deemed complete until approved and accepted as complete by the County. 1.7 Estimated Costs of Subdivision Improvements. The estimated cost of the Subdivi- sion Improvements is the sum of $36,188.00, as summarized in Exhibit "A". To secure and guarantee performance of its obligations as set forth in this Section 1, including the completion of the required Subdivision Improvements, the Subdivider hereby agrees to provide security and collateral in the form and as set forth in Section 2, below. 2. SECURITY and COLLATERAL.. 5 %%Mp� 2.1 Collateral. Security and Collateral required in Section 1.7 herein, as security for the performance by Subdivider of its obligations under this Agreement, shall be in the total amount of $36,188.00 The Subdivider shall obtain collateral in a form acceptable to the County ("Collateral") prior to signing of the final plat, as specified in attached exhibit "B". 2.2 Partial Release of Collateral. Subdivider may apply to the County for the release of portions of the Collateral based upon work completed in accordance with this Agreement. To make such releases, Subdivider shall request the County Engineer to inspect the work in order to verifj, satisfactory completion in accordance with plans and specifications in accordance with Section 1.6. 2.3 Final Release of Collateral& —A anty. Within thirty (30) days after Subdivider has completed all of the work required by this Agreement and the work has been approved and accepted by the County, the entire remaining amount of the Collateral, less an amount equal to ten percent (10%) of the original Collateral, shall be released. Subdivider shall be responsible for the condition of the Subdivision Improvements for a period of two years after completion; this shall be guaranteed either through the retention of Collateral, as set forth above, or Subdivider may provide a guarantee bond in an amount and in a form acceptable to the County - which would be substituted for the release of the entire amount of the Collateral. 2.4 Substitution of Collateral. The Subdivider may at any time substitute the Collateral originally deposited with the County herein, for another form of collateral acceptable to the County, to guarantee the faithful completion of the Subdivision Improvements referred to herein and the performance of the terms of this Agreement. At the time of substitution of collateral, an inflationary and/or deflationary factor based upon the Denver -Boulder, Colorado Consumer Price Index for All Urban Consumers, All Items (1967=100) published by the U.S. Bureau of Labor Statistics, 303-837-2467, or, alternatively, an approved construction cost index, shall be used to determine an adjusted estimated cost for all Subdivision Improvements as described herein, and collateral shall be submitted by the Subdivider in accordance therewith. 2.5 Draws. Draws against the Collateral shall only be made as directed by written Resolution of the County, stating that there has been an event of default under this Agreement and that a sum certain is required to remedy the default. Any amount drawn on the Collateral must be applied for the purpose of completing the work required by this Agreement and related expenses and costs. 2.6 Events of Default. The following events shall be deemed "Events of Default," entitling the County to draw on the Collateral: rel \%,P11 14� 2.6.1 If Subdivider has not completed the work required by this Agreement within thirty (30) days prior to the Date of Completion set forth herein, the County may, after ten (10) working days written Notice to Subdivider, draw upon the Collateral an amount sufficient to complete said work and compensate the County for its reasonable costs and expenses related to said draw. 2.6.2 If the original collateral presented to the County (or any extension thereof) is due to expire and the work is not yet completed, and Subdivider has not provided substitute collateral or the bank's written extension to the original collateral (as it may have been previously extended), the County shall draw on the Collateral according to the provisions set forth in this Section 2. It is SubdivideIsresponsibility, with or without notice, to ensure that the Collateral is extended, or that substitute collateral is provided in a form acceptable to the County, at least ten days prior to its expiration. 2.6.3 If the Collateral is substituted, as otherwise provided herein, this Agreement may be amended or modified in order to set forth specific Events of Default deemed necessary, in the County's sole discretion, commensurate with the type of collateral substituted. 2.7 Costs and Expenses. Subdivider agrees to pay any costs and expenses, including but not limited to legal fees, which the County may incur in determining to accept collateral, in drawing upon the Collateral, or in accomplishing an extension of its expiration. 2.8 Materials and Payment Bond. In addition to the Collateral described herein, the Subdivider shall provide to the County a Materials and Payment Bond to ensure that all contrac- tors, suppliers and materialmen are paid. Such bonds shall conform with the requirements of Title 38, Article 26, Colorado Revised Statutes. Subdivider shall also retain funds from all contractors employed for Subdivision Improvements as required by said Article, and further shall coordinate with the County Attorney to ensure proper Notice of Final Settlement and Retention of Funds, as required. 3. INSURANCE and INDEMNIFICATION. 3.1 Indemnification. Subdivider shall indemnify and hold the County harmless from any and all claims made against the County by any contractor, subcontractor, materialmen, employee, independent contractor, agent or representative involved in the work necessary to comply with this Agreement, or on account of any other claims against the County because of the activities conducted in furtherance of the terms of this Agreement. This indemnification and hold harmless provision shall include any legal expenses or costs incurred by the County. 7 LEM 3.2 Certificates of Insurance. The Subdivider shall secure from any contractor or subcontractor engaged in the work necessary to comply with this Agreement a Certificate of Insurance providing for liability protection in the minimum amount of $150,000 per individual and $600,000 per occurrence, naming the County as an :additionally named insured. The Subdivider, if it serves as the contractor for the Subdivision Improvements, shall provide insurance in the same form and amounts as required of the general contractor. Said limits shall be adjusted to comply with any changed limits in the Colorado Governmental Immunity Act, Title 24, Article 10, Colorado Revised Statutes. 3.3 County Incurs No Liability. The County shall not, nor shall any officer or employee thereof, be liable or responsible for any accident, loss or damage happening or occurring to the Subdivision and/or Subdivision Improvements specified in this Agreement prior to the comple- tion and acceptance of the same; nor shall the County, nor any officer or employee thereof, be liable for any persons or property injured or damaged by reasons of the nature of said work on the Subdivision Improvements, but all of said liabilities shall be and are hereby assumed by the Subdivider. The Subdivider hereby agrees to indemnify and hold harmless the County and any of its officers, agents and employees against any losses, claims, damages or liabilities for which the County or any of its officers, agents, or employees may become subject to, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any performance by the Subdivider hereunder; and the Subdivider shall reimburse the County for any and all legal and other expenses incurred by the County in connection with investigating or defending any such loss, claim, damage, liability or action. This indemnity provision shall be in addition to any other liability which the Subdivider may have. 4. CONDEMNATION. 4.1 Right -of -Way Acquisition. It shall be the responsibility of the Subdivider to secure any and all necessary land rights -of -way or easements for the construction of the required off -site Subdivision Improvements, and to have them deeded to the County. The exact location of the right-of-way for the proposed off -site Subdivision Improvements shall be negotiated between the Subdivider, property owner, and the Board; in case of the failure of the parties to agree, the Board shall determine the location of the right-of-way. 4.2 Condemnation. Should Subdivider be unable to secure the necessary lands, rights -of - way or easements for the off site Subdivision Improvements required by this Agreement, the Subdivider: a. Shall schedule a meeting with the Board to discuss the Subdivider's inability to secure such property, and should the Board determine that such property is 8 V.VMWI required for the public health, safety and welfare, it shall assist the Subdivider in fulfilling its obligation under this contract, by using its power of eminent domain. b. Shall secure., after consultation with the County Attorney, an appropriate appraiser to conduct the appraisal of the property. c. After an appraisal, a good -faith offer in conformance with Colorado law shall be made to the owner of the property. d. If the offer of the County is not accepted, the County shall proceed to condemn the property. e. All expenses of said condemnation, including all legal and attorneys' fees, costs, appraisal fees, and incidental expenses, shall be paid as they are due by the Subdivider, it being understood that the condemnation proceeding may be prosecuted by the County Attorney or Special Counsel retained by the Board. In addition, the Subdivider shall pay 1) any deposit necessary for the County to secure immediate possession of the property, and/or 2) the final award to the property owner. f. The County agrees to diligently and timely pursue said condemnation in accord with the requirements of this Agreement. 5. GENERAL PROVISIONS. The following shall apply to all Subdivision Improvements, including off -site improvements, set forth in this Agreement: 5.1 Compliance with Land Use Regulations. The Subdivider shall be required to obtain all necessary permits and comply with the provisions of the Land Use Regulations, including but not limited to the Regulations for Construction within the Public Ways of Eagle County (Chapter V), as the same are in effect at the time of commencement of construction of the Subdivision Improvements referred to herein. 5.2 Subdivision Improvement Agreement Controls. In the event of any inconsistency or incongruity between the provisions of this Agreement and the Land Use Regulations, the provisions of this Agreement shall in all respects govern and control. E 1"W, 1lqk� 5.3 Warranties and Guarantees. There shall be a two-year correction period, or such longer period as may be prescribed by law, from the time of completion of the Subdivision Improvements during which time the Subdivider shall promptly correct or remove and replace, in accordance with the County's written in.-ctructions, defective work or materials and consequences thereof. Repair or replacement made under the two-year correction period shall bear an additional one-year correction period from the acceptance of the repair or the replacement by the Eagle County Engineer. The work shall be collateralized during the correction period in an amount and type of collateral as shall be reasonably determined by the County. The work shall be inspected, at the request of the Subdivider, no less than sixty (60) days prior to expiration of the one-year additional correction period, and any deficiencies shall be noted to the Subdivider. 5.4 Approval of Final Plat. The County agrees to the approval of the final plat of this Subdivision, subject to the terms and conditions of this Agreement. 5.4.1 Final Plat Amendments. Where field changes or other circumstances have caused the road, utilities, or other subdivision improvements to be constructed in locations different from those shown on the approved plans, the locations of rights -of -way, easements, lot lines, building envelopes, setback lines, or other attributes shown on the Final Plat shall be amended as necessary to comply with Final Plat requirements of the Eagle County Land Use Regulations 5.5 Amendment and Modification. The parties hereto mutually agree that this Agree- ment may be amended or modified from time to time, provided that such amendment or modification be in writing and signed by all parties hereto. 5.6 Assign ark bilitx. This Agreement shall be enforceable against the Subdivider, provided, however, that in the event the Subdivider sells, transfers or assigns all or part of the subject Sub- division, the obligations of the Subdivider under this Agreement as to that portion of the subject Subdivision may be assumed in writing by the purchaser of the parcel, and the Subdivider shall have no further obligations hereunder. It is agreed, however, that no such assumption of these obligations shall be effective unless the County gives its prior written approval to such assump- tion following an investigation of the financial condition of the purchaser. The Subdivider shall not otherwise assign, transfer, convey, pledge or otherwise dispose of this Agreement without prior written consent of the County, which consent shall not be unreasonably withheld. 5.7 Binding upon Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto, their respective successors, and assigns. 5.8 Sole Responsibility of Subdivider Prior to County Acceptance. It is further agreed and understood that at all times prior to the completion and acceptance of the off -site Subdivision Improvements set forth herein by the County, each of said improvements not accepted as 10 complete shall be under the sole responsibility and charge of the Subdivider. When it is neces- sary to allow the general public to utilize the roadways under construction by the Subdivider, traffic control and warning devices shall be placed upon such roadways by the Subdivider in accordance with the'Aanual on Uniform Traffic Control Devices for Streets and Highways as prepared by the U.S. Department of Transportation, Federal Highway Administration. 5.9 No Riehta to Third Parties. This Agreement does not and shall not be deemed to confer upon or grant to any third party any right to claim damages or to bring any lawsuit, action or other proceedings against either the County or its officers, employees or agents because of any breach hereof or because of any terms, covenants, agreements or conditions contained herein. 5.10 Notice. Notice required pursuant to the terms of this Agreement shall be deemed given on the day that the same is placed in the United States Mails, postage prepaid, certified or registered mail, return receipt requested. IN WITNESS WHEREOF, the parties hereto have executed this Agreement this C22n,d day of 1999. COUNTY OF EAGLE, STATE OF COLORADO, Ep, r By and Through Its ATTEST: `�� BOARD OF COUNTY COMMISSIONERS 4 `0 P ADo By: Clerk to the Board of Johnnette Phillips, Chairman County Commissioners Address for giving notice: P.O. Box 850 Eagle, CO 81631 (970)328-8685 11 STATE OF COLORADO SS SUBDIVIDER: Woodstone BWAB Commercial Partners, A Colorado General Corporation n is J. kldin' Vice President Woodstone Homes, Inc. A Colorado Corporation, its General Managing Partner Address for giving notice: P.O. Box 3939 Vail, CO 81658 (970) 845-9698 County of } The fore o' cknowled a before me this � day f 1999 g g w g Y 0.. > by WITNESS my hand and official seal. My commission expires r Notary Public glkaw\c-dev\edwrds.vi1 12 • 9EP--04-98 FR I 08 : 46 F 1K LAND SURVEYING INC- 970 ',76 8616 r llwjp� I P. 03 Edwards Village Center, Lots 6 & 7 Cost Estimate for Street improvements 8/2811998 - REVISED 914198 ITT DESCRIPTION 1 Remove Curb and Gutter " 2 Sawcut Asphalt 3 Remove Asphalt 4 Asphalt Street Widening " 5 Asphalt Sidewalk 6 Concrete Curb and Gutter 7 Concrete Pan 8 Curb Ramps 9 Stop Sign 10 Lane Striping (4" wide) 11 Traffic Control " UNIT PRICE REVISED 914198 UNIT QUANTITY UNIT PRICE IQT.AL- If 400 $ 6.00 $ 2.400.00 If 400 $ 1.00 $ 400.00 sf 400 $ 5.00 $ 2,000,00 sf 2310 $ 3.50 $ 8,085.00 sf 2170 $ 1.50 $ 3,255.00 If 342 $ 19.00 $ 6.498.00 If 95 $ 20,00 $ 1,900.00 ea 3 $ 500.00 $ 11500.00 ea 1 $ 300.00 $ 300- 00 If 1850 $ 1.00 $ 1.850.00 day 8 $ 1,000.00 $ 81000-00 Street Improvement Total $ 36,188.00 EXHIBIT pqX LAND C0MUL7ANn, IND PEAK LAND SltRtil WG. Ift. / PEAK M.L EMMMING. wC. • 0047SQ944 a FAX 87047&M 1 B • IWO L RXW L&'-T 4 'A- C98155: f 9' 8 Seventeenth Street Denvsr, CO 80202 JANUARY 15. 1999 DOLLAR AMOUNT: USD 36.188.00 (THIRTY-SIX THOUSAND, ONE HUNDRED EIGHTY-EIGHT AND NO/100 U.S. DOLLARS) EXPIRATION DATE: FEBRUARY 1.2000 AT OUR COUNTERS APPLICANT: WOODSTONE SWAB COMMERCIAL PARTNERS, LLP P.O. BOX 3939 VAIL, CO 81658 BENEFICIARY: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO P.O. BOX 850 • EAGLE, CO 81631 WE HEREBY OPEN OUR IRREVOCABLE LETTER OF CREDIT IN YOUR 2 FOR ANYIUMBLE BY DRAFT, AT SIGHT. DWN ON U.S. OR SUMS NOT EXCEEDING RA TOTAL THE BANK NATIONAL ASSOCIATION, 91817TH STREET, DENVER, CO 8020 SUM OF USD 36.188.00 (THIRTY-SIX THOUSAND, ONE HUNDRED EIGHTY-EIGHT AND N0J100 U.S. DOLLARS). FOR THE ASCOUNT OF WOODSTONE BWAB COMMERCIAL PARTNERS, LLP, P.O. BOX 3939, VAIL, CO 81658. FOR THE PURPOSE OF GUARANTEEING CONSTRUCTION OFPUBLIC IMPROVEMENTS REOURIED BY THE VIS ON IMPROVEMENTS AGREEMENT DATED COUNTY OF EA.1999 GLE, STATE OF C 7LORADO, PURSUANT TO THAT CERTAIN SUBDI BWAB COMMERCIAL PARTNERS, LLP,RELATIVE TO BETWEEN THE COUNTY OF EAGLE, CO LORADCO ND WOODSTONE DRAFT DON U.S. BANK NATIONAL ASSOCIATION SHALL BE ENDORSED EDWARDS VILLAGE CENTER, LOTS 6 E7. ON THE REVERSE SIDE OF THIS LETTER OF CREDIT 1A �gTEDRANUARYUPON S 5, 1999OANO SHALL RESOLUTION BE ACCOMPANIED BY A ASSOCIATION LETTER OF CREDIT NO. SLCDDEN002 RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF EAGLE COUNTY CERTIFYING AS FOLLOWS: 1. THERE HAS BEEN A DEFAULT UNDER THE SUBDIVISION IMPROVEMENTS AGREEMENT. AND 2. THAT A SUM CERTAIN IS REQUIRED TO REMEDY THE DEFAULT. U.S. BANK NATIONAL ASSOCIATION AGREES WITH THE DRAWERS. ENDORSERS ETTER OF CREDIT THA SAND UCH DRAFTS WFIDE ILL OF DRADU TS DRAWN AND NEGOTIATED IN COMPLIANCE WITH THE TERMS -OF THIS HONORED UPON DUE PRESENTATION AT THE COUNTERS OF THIS BANK. U.S. BANK NATIONAL ASSOCIATION REPRESENTS AND WD� TOTCOUNTY OF EAGLE, STATE OF COLORADOTHE IN THE TOTAL FULL AUTHORITY AND POWER TO ISSUE THIS LETTER OF CRE OF THE AMOUNT AND FOR THE PERIOD OF TIME STATED HEREIN, SAID ESTABL SHMENT AND REGULATIONS OF AUTHORITY BEING PURSUANT TO THE 1.S BANK NATIONAL STATES, OR THE STATE OR TERRITORY WHICH GOVERNS THETHERETO.RSUANT ULATIONS ADOPTED PU ASSOCIATION CHARTER, BY-LAWS AND OTHER APPLICABLE RULES UE SUIT N ANND GEFFORT TO ENFORCE THISIRREVOCABLE. SHOULD IT BE NECESSARY FOR THE COUNTY OF EAGLE TO F LETTER OF CREDIT, U.S. BANK NATIONAL ASSOCIATION,HEREBY COUNTY WAIVES ALL VENUE LE, STATE RIGHTS AADSUBMITS TO THE JURISDICTION OF THE DISTRICT COURT •IN THE FOR THE ALL DRAFTS HEREUNDER MUST BE DRAWN ON OR BEFORE FEBRUARY 1, 2000. VERY TRULY YOURS, U.S. BANK NATIONAL ASSOCIATION BY:. 14 RCIA C. G EN EXHIBIT VICE PRESIDENT DILTR ON Originals to: 1. Contract 2. 3. 4. Coto: 1. Accounting 2. 3. 4. , Mil