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Home My WebLink AboutR88-052 Cordillera Subdivision Filings 1 and 2• r Commissioner W -t,IQL moved adoption 3 8 2 1 2 of the following Resolution: 800K 5 PAG E BOARD OF COUNTY COMMISSIONERS '' �i t_ TT F P }j 1 L L 1 P S "FLEE Y. �EG0KDER COUNTY OF EAGLE, STATE OF COLORADO IN z l 413 PM TO RESOLUTION NO. 88 --5) CORDILLERA SUBDIVISION, FILINGS 1 AND 2 SUBSTITUTION OF COLLATERAL AND DELETION OF PLAT RESTRICTION WHEREAS, Kensington Land Investment Partners, herein - Val after the "Subdivider," on or about September 28, 1987, entered into a Subdivision and Off -Site Improvements Agreement ( "Improve- ments Agreement ") with the Board of County Commissioners of the .°. County of Eagle, State of Colorado, hereinafter the "County," as a condition of final plat approval of the Cordillera Subdivision, Filings 1 and 2; and WHEREAS, pursuant to paragraph 1.3 of the Improvements Agreement, the Subdivider included on its final subdivision plat the following plat restriction: THIS PLAT AND THE LOTS DESCRIBED HEREIN ARE SUBJECT TO THE FOLLOWING RESTRICTIONS: SUBDIVISION IMPROVEMENTS AGREEMENTS. THERE SHALL BE NO SALES, LEASES, OR ANY OTHER FORM OF CONVEYANCE OF REAL PROPERTY DESCRIBED ON THIS PLAT WITHOUT PERMISSION OF THE BOARD OF COUNTY COMMISSIONERS, UNTIL SUCH TIME AS THIS RESTRICTION SHALL BE DELETED BY THE BOARD OF COUNTY COMMISSIONERS. WHEREAS, paragraph 1.3 of the Improvements Agreement also provides that the Subdivider is entitled to apply for the removal of said plat restriction subject to the County's determination of appropriate substitute collateral in a form acceptable to the County; and WHEREAS, on even date herewith, the Subdivider and the County have executed a contract entitled "Agreement Regarding Collateral for Cordillera Subdivision" (hereinafter referred to as the "Collateral Agreement," attached hereto as Exhibit A and made a part hereof by this reference) whereby the Subdivider has agreed to establish, within 5 days of execution of the Col- lateral Agreement, an escrow account in the name of the County at Thatcher Bank Federal Savings Bank in the amount of six hundred ninety -two thousand and no /100 dollars ($692,000) to be held as security for the performance by the Subdivider of its obligations under the Agreement; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the County hereby deletes the plat restriction on the final plat of the Cordillera Subdivision, Filings 1 and 2, Provided, however, that such deletion shall not become effective until the Subdivider establishes an escrow account in the County's name in the amount of $692,000 pursuant to the terms of the Collateral Agreement attached hereto as Exhibit A. N THAT, the deletion of the plat restriction set forth W herein shall not, in any way, be construed as releasing the Subdivider from the obligations and agreements set forth in that certain Subdivision and Off -Site Improvements Agreement dated September 28, 1987, between the Subdivider and the County. THAT, the deletion of the plat restriction shall not abrogate the rights of the County in enforcing the Subdivider's satisfactory performance of its outstanding obligations under the Improvements Agreement. THAT, this Resolution is necessary for the health, safety and welfare of the citizens of the County of Eagle, State of Colorado. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County f Eagle, State of Colorado, at its regular meeting held the day of June, 1988. lerk to the Board COUNTY OF EAGLE, STATE OF COLORADO By and Through its BOARD OF COUNTY COMMISSIONERS By: %� • �� George A. Gates, Chairman Donal Welch, r Richard L. AGb sty -2- Commissioner so/7rdmissi6ner CII C • El Commissioner A)% seconded adoption of the foregoing Resolution. The roll having been called, the vote was as follows: Commissioner George A. Gates% Commissioner Donald H. Welch Commissioner Richard L. Gustafson This Resolution passed by N,641s vote of the Board of County Commissioners of the County of Eagle, State of Colorado. MIC AGREEMENT REGARDING COLLATERAL FOR CORDILLERA SUBDIVISION This agreement is dated , 1988, and is between The County of Eagle, Colorado (The "Coup "), and Kensington Land Investment Partners, a Colorado general partnership ( "Kensington "). 1. Recitals. a. Kensington is the developer of the Cordillera Subdivision in Eagle County, Colorado (the "Subdivision "). On September 28,1987, Kensington and the County executed a Subdivision and Off -Site Improvement Agreement (the "Subdivision Improvement Agreement ") under which Kensington agreed that it would not offer any land for sale in the Subdivision until it had provided the County with collateral securing its obligation to complete certain on -site and off -site improvements for the Subdivision. b. Kensington now desires to offer lots for sale in the Subdivision and is willing to post cash in the amount of $692,000 to secure its obligations under the Subdivision Improvement Agreement. C. The County is willing to accept the cash deposit on the 4 terms set forth below and to allow Kensington to commence sales of lots in ,= the subdivision upon the receipt of satisfactory written evidence of collateral provided for herein. 2. Collateral. Within S days after execution of this agreement, Kensington shall deposit in an escrow account or accounts (the "Account ") at Thatcher Bank Federal Savings Bank (The "Bank "), the sum of $692,000, which shall be held in such account as security for the performance by Kensington of its obligations under the Subdivision Improvement Agreement. The account shall be in the name of the County, but shall be held pursuant to the terms of this agreement. Any risk of loss of the funds while deposited with the Bank shall be solely that of Kensington and should said funds be lost for any reason while in said Bank, the County may at its option reinstate the plat restriction prohibiting sale of lots until sufficient new collateral is provided to the Count- by Kensington. The escrow deductions shall provide that except for the withdrawal of interest, as provided for in paragraph 4, withdrawal shall be made only as directed by written Resolution of the Board of County Commissioners of the County of Eagle and State of Colorado. 3. Withdrawals by County. If Kensington has not completed the work required by the Subdivision Improvement Agreement within the time set forth therein, the County may, after two working days written notice by Certified Mail, return receipted, to Kensington, at the address stated herein, withdraw from the Account an amount sufficient to complete said work. Any amount withdrawn by the County from the Account must be applied for the purpose of completing the work required by the Subdivision Improvement Agreement. 4. Interest on Account. All interest on the Account shall accrue for the benefit of Kensington. Kensington may withdraw from the Account no more often than monthly all accrued interest not previously withdrawn. If requested by Kensington, the County shall cooperate in any reasonable way in obtaining such interest withdrawals for Kensington. 5. Partial Releases of Collateral. From time to time, Kensington may apply to the County for the withdrawal of portions of the Account based upon work previously completed in accordance with the Subdivision Improvements Agreement. To make such withdrawals, Kensington shall provide the County with evidence reasonably satisfactory to the County that such work has been completed and paid for and that the sum remaining in the Account after such withdrawal will be sufficient to perform all other work required under the Subdivision Improvement Agreement. Withdrawals may be made no more often than monthly. Promptly after receiving a request and the required documentation, the County shall take such action as is necessary to cause the Bank to release a portion of the Account to Kensington. No withdrawals shall be made by Kensington itself except interest as provided for in paragraph 4 of this agreement. 6. Final Release of Account. Within 30 days after Kensington has completed all of the work required by the Subdivision Improvement Agreement and the work has been accepted by the County, the entire remaining amount V: less an amount equal to 10% of the on site road and water improvements to collateralized costs the Account shall be released to Kensington. Kensington shall be responsible for the condition of the improvements for a period of two years and must either provide a guarantee bond in that amount or it must leave the 10% of the amount in the above described escrow account. Upon request, the County shall take such action as may be necessary in order to cause such amount to be released and paid to Kensington excepting those sums to be held for the guarantee period herein. 7. Miscellanenuu. This instrument (a) supplements the subdivision improvement agreement, (b) may not be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against whom enforcement of the change, waiver, discharge or termination is sought, (c) shall not be assignable by any party without the prior written consent of the other, (d) shall be governed by the laws of the State of Colorado, and (e) shall bind and inure to the benefit of the parties and their respective successors and (to the extent validly assigned) assigns. The headings in this agreement are for convenient reference only and shall not limit or otherwise effect the interpretation or effect of any term or provision hereof. Clerk of the Boar of County Commissioners COUNTY OF EAGLE, STATE OF COLORADO By and through Its Board of County Commissioners KENSINGTON LAND INVESTMENT PARTNERS P.O. Box 998, Edwards, CO 81632 By: Title I Gp ut