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HomeMy WebLinkAboutC81-044 Old Edwards Estates, Sage Flats_SIAT gook'318 ' . Page 123 Rd:corded at 4:45 P.M. Februar �, 1981 Fee °10.0Ond 21449 A recorder : Johnnette PhilliEagle County" SUBDIVISION IiiPROVEiiENTS AGRE61ENT THIS AGREEIMENT, i:iade and entered into this day of .-e--64�4-'- y _, 1 9 _ by and between EAGLE 11 DEVELOPERS -------------hereinafter called the Subdivider, and the Board of County Commissioners of Eagle County, hereinafter called the County. WITNESSETH: WHEREAS, the Subdivider ar a condition of approval of the final plat of Old' Edwards Estates, Sae Flats _ _ 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- 114� herein; and WHEREAS, the Subdivider wishes to provide collateral to guarantee performance of this agreement, including construction 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 public iinprovei,,ients 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 (e) 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 December 31st 1982 (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/ur Department of Community Development and to do all work incidental thereto according to and in compliance with the following: a. All final plat documents subi.iitted 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. c. Such other designs, dretviings, maps, specifications, sketches, and other matter submitted by the Subdivider to and approved by any or 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 cor.pleted 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 $10,J00.00. To secure and guarantee performance of its obligations as set forth herein, the Subdivider agrees to pruvido security and collateral in the fori.i of ( insert one of the fol l owi r.0 : ) A Promissory _Note in the amount of_ $237,400..00 secured�afirst 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 improveinents 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 ar..ount of $ ( d ) a cash escrow in the dn ouri L of `fi _ _ to lire held by _ CIS escrowagent; (e ) a promissory note in the amount of $237-,400.00 secured by a first deed of trust. 3. 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 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 its officers, agents, or employees may become subject to, insofar as any such losses, claims, dari.ages 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, daritage, liability or action. This indemnity provision shall be in addition to any other liability which the Subdivider rzay 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 brine an action in any district court to corapel 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 article. 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 rirutually 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 Cominissioners 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 Corii;iissioners determines that the Subdivider will not construct any or all of the improvements in accordance with all of the specifications, the Board of County Comrlissioners 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 Old Edwards Estates 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 ainendr:rents 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 individually platted tracts), the obligations of the Subdivider under this agreement as to that portion of the Subdivision may be assuried 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. `%Mo� 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 for 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 froiii 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: �'• erk gf. the Boa of ur3ty Cor;imi ss i oners SUBDIVIDER Eagle 11 Developers r William L. Williams COUNTY OF EAGLE, STATE OF COLORADO By and through its BOARD OF COUNTY COIMM I SS IONERS Chairman, Dale F. Grant STATE OF COLORADO } ss. COUNTY OF EAGLE } The foregoing Subdivision Improvements Agreement was acknowledged before me this j �' _ _day of FE A _19 by _ 011h.o,, �, j l L L! � til_.._� • lU I l..L 1 A'M.� _w._.�_. • �,���'o.,t�0 i Q3a,Qr,; Witness my hand and official seal. hiy commission expires: e—G 16 19 = Af0 . No ary Public Ar 4. n n v. V I'1 T • .. .r .! r Eagle II Developers Box N Edwards Colorado 81632 Board of County Commissioners Box 850 Eagle Colorado 81631 January 19, 1981 Dear Sirs, ESTIMATION OF IMPROVEMENTS TO BE MADE BY DEVELOPER - $197,700. The above figure is derived from the following: a) 3,400 lineal feet of road construction at a price of ............................ $ 160,500 b) Bicycle paths and easements .............. 10,000 c) Landscaping in open space ................ 20,000 d) Bridge structure, 480 sq.ft. @ $15.00 sq.ft. 7,200 We wish to issue a note and Deed of Trust on the following pieces of property; to the County for collateral. Lots 1, 2 and 3, of the Old Edwards Estates. We base the combined value of these lots at $237,400. Sincerely, W LL M L. cb