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HomeMy WebLinkAboutC81-047 The Gabossi_SIARecoxded at 12:Dd"P .M. February 11— 1981 Fee $8.00pd BOM 318A* �'•' der tohnnette Phillips Eagle County "Page 308 `%n/ 1✓ %r' SUBDIVISION IMPROVEMENTS AGREEMENT A THIS AGREEMENT, made and entered into this day of lv , 19 by and between JOSEPH J. GABOSSI AND SHARON F. GABOSSI hereinafter called the Subdivider, and the Board of County Commissioners of Eagle County, hereinafter called the County. WITNESSETH: WHEREAS, the Subdivider as a condition of approval of the final plat of The Gabossi Subdivision, wishes to enter into a Subdivision Improvements Agreement as provided for by Section 30-28-137, Colorado Revised Statutes 1973, as amended; and WHEREAS, pursuant to the same authority, the Subdivider is obligated to provide security or collateral sufficient in the judgment of the Board of County Commissioners to make reasonable provisions for completion of certain public improvements set forth in Exhibit A attached hereto and incorporated herein; and WHEREAS, the Subdivider wishes to provide collateral to guarantee performance of this agreement, including construcLion of the above -referenced public improvements by means of (insert one of the following:) Promissory Note and First Deed of Trust , (a) Plat restriction stating that no lots within said Subdivision shall be sold and/or conveyed until all p--blic improvements referred to herein are approved and accepted by the Board of County Commissioners. (b) irrevocable letter of credit (c) Completion performance bond (d) cash escrow fe) promissory note and first deed of trust NOW THEREFORE, in consideration of the following mutual covenants and agreements, the Subdivider and the County agree as follows: 1. The Subdivider hereby agrees, at its sole cost and expense, to furnish all equipment and material necessary to perform and complete, on or before July 15, 1981 (date of completion), in a good workmanlike manner, all public improvements as shown in the final plat documents for the Subdivision in accordance with all plans and specifications for the Subdivision filed in the office of the County Engineer and/or Department of Community Development . and to do all work incidental thereto according to and in compliance with the following: a. All final plat documents submitted prior to or at the time of final plat approval. b. All laws of the United States of America, State of Colorado, County of Eagle and its respective agencies, affected special districts and/or service district. rccc;-,D Coy ,r c. Such other designs, drawings, maps, specifications, sketches, and other i,iatter submitted by the Subdivider to and approved by any of the above -referenced governmental entities. All said work shall be done under the inspection of, and to the satisfaction of the County Engineer and/or the County Building Official, respectively, and, shall not be deemed complete until approved and accepted as completed by the Board of County Commissioners of the County or said Board's appointed designee. 2. The estimated cost of said work and improvements is the sum Of $8.045.00 To secure and aiiarantee performance of its obligations as set forth herein, the Subdivider agrees to provide security and -collateral in the form of (insert one of the followina:) a promissory note in the amount of $8,045.00 secured by a first deed of trust (a) a plat restriction appearing on the face of the plat which states that no lots within said Subdivision shall be sold and/or conveyed until all public improvements referred to herein are approved and accepted by the Board of County Commissioners. (b) an irrevocable letter of credit from Bank in the amount of $ on a form acceptable to the County Attorney. (c) a completion performance bond issued by as corporate surety in the amount of $ (d) a cash escrow in the amount of $ to be held by as escrow agent. kt�) a promissory note in the amount of $ secured by a first deed of trust. 3. The Subdivider may at any time substitute the collateral origina-l-ly-deposited with the County herein, for another form of collateral acceptable to the County to guarantee the faithful completion of those public improvements referred to herein and the performance of the terms of this Agreement. 4. 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 works specified in this Agreement prior to the completion and acceptance of the same, nor shall the County, nor any officer or employee thereof', be liable for any persons or property injured by reason of the nature of said work, but all of said liabilities shall 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 to which the County or any -such of i is - office•rs , agents-, or employees--may--become--- subject to, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) that arise out of or are based upon any performance by the Subdivider hereunder; and the Subdivider shall reimburse County for any and all legal or other expenses reasonably incurred by 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. L . 5. It is mutually agreed, pursuant to the provisions of Section 30-28-137(3), Colorado Revised Statutes 1973, as amended, that the County or any purchaser of any lot, lots, tract or tracts of land subject to a plat restriction which is the security portion of a subdivision improvements agreement shall have the authority to bring an action in any district court to compel the enforcement of any subdivision improvements agreement on the sale, conveyance or transfer of any such lot, lots, tract or tracts of land or of any other provision of this ae'ticle. Such authority shall include the right to compel rescission of any sale, conveyance or transfer of any lot, lots, tract or tracts of land contrary to the provisions of any such restrictions set forth in the plat or in any separate recorded instrument, but any such action shall be commenced prior to the issuance of a building permit by the County where so required. 6. It is further mutually agreed that pursuant to the provisions of Section 30-28-137 (2), Colorado Revised Statutes, 1973, as amended, that as improvements are completed, the Subdivider may apply to the Board of County Commissioners for a release of part or all of the collateral deposited with said board. Upon inspection and approval, the board shall release said collateral. If the board determines that any of such improvements are not constructed in sub- stantial compliance with specifications, it shall furnish the Subdivider a list of specific deficiencies and shall be entitled to withhold collateral sufficient to ensure such substantial compliance. If the Board of County Commissioners determines that the Subdivider will not construct any or all of the improvements in accordance with all of the specifications, the Board of County Commissioners may withdraw and employ -from the deposit of collateral such funds as may be necessary to construct the improvements in accordance with the specifications. 7. The Subdivider warrants all work and material for a period of one year after acceptance of all work referred to in this Agreement by County. Further, County shall have a right to require security or collateral be provided by Sub- divider to remain, as determined by County, sufficient to cover any and all claims under this warranty. 8. The County agrees to approval of the final plat of Gabossi Subdivision, subject to the terms and conditions of this agreement. 9. Parties hereto mutually agree that this agreement may be amended from time to time, provided that such amendments be in writing and signed by all parties hereto. 10. This agreement shall be enforceable against the Subdivider provided, however, that in the event the Subdivider sells or transfers all or part of the Subdivision, as shown in the final plat (prior to extensive sales^of-incTiviy ^_ platted tracts), the obligations of the Subdivider under this agreement as to that portion of the Subdivision may be assumed by the purchaser of the parcel, and Subdivider shall have no further obligations hereunder. It is agreed, however, that no such assumption of these obligations shall be effective unless the Board of County Commissioners gives its prior approval to such assumption, following an investigation of the financial condition of the purchaser. 3. V� 11. It is further agreed that the Subdivider shall at all times from the acceptance by the Board of County Commissioners of the roads offered fol dedication in the subject subdivision to the completion and acceptance of said work or improvement by the County, give good and adequate warning to the traveling public of each and every dangerous condition existent in said roads or any of them, and will protect the traveling public from such defective or dangerous condition. It is understood and agreed that until the completion of all the improvements herein agreed to be performed, each of said roads not accepted as improved shall be under the charge of Subdivider for the purpose of this Agreement. ATTEST: Clerk of the Board of County Commissioners SUBDIVIDER BY: STATE OF COLORADO COUNTY OF EAGLE COUNTY OF EAGLE, STATE OF COLORADO By and through its BOARD OF COUNTY COMMISSIONERS Chairman, Dale F. Grant ss. The foregoing Subdivision Improvements Agreement was acknowledged before me this day of 19 , by Witness my hand and official seal. My commission expires: ry Public 19 Ell PROMISSORY NOTE $8,150.00 Glenwood Springs, Colorado 81601 January 21, 1981 JOSEPH J. GABOSSI AND SHARON F. GABOSSI, Colorado persons, as joint tenants ("Maker"), promise to pay to the order of COUNTY OF EAGLE, STATE OF COLORADO, BY AND THROUGH ITS COUNTY COMMISSIONERS ("Payee"), at P. 0. Box 850, Eagle, Colorado 81631, the principal sum of $8,150.00, together with simple interest from and after the date hereof at the rate of -0- percent per annum, with such principal sum payable in its entirety July 30, 1981. This note is secured by and is entitled to the benefits of a Deed of Trust (the "Deed of Trust") from Maker to the Public Trustee of Eagle County, Colorado, of even date herewith. Reference is made to the Deed of Trust for a description of the property conveyed and encumbered thereby, the rights and remedies of the holder hereof thereunder, and the terms and conditions upon which this note is secured thereby. At the option of the holder hereof, the entire unpaid principal of this note and any interest accrued thereon may be declared due and payable and the maturity of this note accelerated if any payment required by this note is not made when due or if a default (whether in the performance of any covenants or the breach of any representation of warranty or otherwise) occurs under the terms of the Deed of Trust and such payment or default is not cured within ten days of notice to Maker. Maker and any signer, guarantor or endorser hereof waive demand, presentment, notice of dishonor and protest, and assent to any extension of time with respect to any payment due under this note, to any substitution or release of collateral and to the addition or release of any party. Each signer, guarantor and endorser hereof guarantees the payment of this note according to its terms. No waiver of any payment or any other right under this note shall operate as a waiver of any other payment rights under this note shall operate as a waiver of any other payment or rights. Maker and any signer, guarantor or endorser hereof shall pay all reasonable costs of collection, with or without suit, including attorney's fees, paid or incurred in enforcing this note. Maker may prepay this note at any time and from time to time, without penalty. This note and the Deed of Trust are given as collateral pursuant to that certain Subdivision Improvements Agreement (the "Agreement") of even date herewith, entered into between Maker and Payee. Reference is made to the Agreement for a description of the rights of the holder hereof to receive payment hereunder. The performance in part of any of Maker's obligations set forth in the Agreement shall result in a proportionate reduction in the amount owing under this note and, if at any time, there is complete performance of Maker's obligations under this Agreement, this note shall be deemed paid in full and Payee shall immediately cause the Deed of Trust to be fully released. L JOS H J. AB6SSI SI�ARON F. GABOSSI `/ Sv-N3-8/-r— SPECIFICATIONS FOR ROAD CONSTRUCTION 005 All materials used in road construction for the Gabossi Subdivision shall meet material requirements as stated in the Eagle County Standards. Following are material and road descriptions for proposed private road into the Gabossi Subdivision: Twenty -Two (22) foot wide driveway surface with four (4) foot shoulder. Turns shall be seventy7five-(75) foot -radius -turns -- The cul-dessac sham have a fifty (50) foot diameter. COSTS OF CONSTRUCTION 3/4" and 1'" aggregate - 1260 ton @ $4.00 per ton - $5,040.00 Hauling aggregate - 1260 ton @ $1.00 per ton - 1,260.00 Spreading & finish work - 1260 ton @ $ .75 per ton - 945.00 Preparation Work 800.00 Clearing for roadway is already complete Estimated Costs for Road Construction- $8,045.00 SHARON F. GABOSSI N4./