HomeMy WebLinkAboutR85-22 release deed of trust South Forty - substitute promissory noteCommissioner ti�r�e� moved adoption
of the following Resolution-
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE; STATE OF COLORADO
RESOLUTION NO. 85- a
SOUTH FORTY SUBDIVISION, COUNTY OF EAGLE,
STATE OF COLORADO RELEASE OF DEED OF
TRUST - SUBSTITUTION OF ORIGINAL
PROMISSORY NOTE
WHEREAS, Edwards Development Associates, a limited
partnership, hereinafter referred to as the "Subdivider ", is
the owner /subdivider of the South Forty Subdivision located in
the County of Eagle, State of Colorado, and more particularly
described on the final plat thereof recorded in Book 252 at
Page 237 of the real property records of the County of Eagle,
State of Colorado; and
WHEREAS, as a condition of final plat approval of the
South Forty Subdivision, the Board of County Commissioners of
the County of Eagle, State of Colorado, hereinafter referred to
as the "Board ", and the Subdivider entered into a certain
Subdivision Agreement dated September 28, 1976; and
WHEREAS, the Subdivider's obligations set forth in
the aforementioned Subdivision Agreement were secured by a
Promissory Note in the amount of ninety -one thousand, nine
hundred dollars and no cents ($91,900.00) secured by certain
Deeds of Trust on Lots C -2, R -21, R -22, R -23, R -24, and R -30,
respectively, South Forty Subdivision; and
WHEREAS, the aforementioned Deeds of Trust, with the
exception of the Deed of Trust on Lot R -30, have duly been
released by the Board; and
WHEREAS- the Subdivider has requested the Board to
release the Deed of Trust on Lot R -30, South Forty Subdivision,
recorded in Book 249 at Page 999 of the real property records
of the County of Eagle, State of Colorado, by reason the
Subdivider has satisfactorily performed and completed all
remaining public improvements associated with the South Forty
Subdivision as required by Resolution No. 82 -88 adopted by the
Board on or about October 12, 1982; and
WHEREAS, the Board at its regular meeting of December
26, 1984, approved the full release of the aforementioned
Promissory Note and the Deed of Trust on Lot R - -30, South Forty
Subdivision, due to the Subdivider's satisfactory completion of
those certain public improvements required pursuant to the
subject Subdivision Agreement and the Board's Resolution No.
82 -88; and
WHEREAS, in requesting the Public Trustee of the
County of Eagle, State of Colorado, to execute the subject
Release of Deed of Trust on Lot R -30, South Forty Subdivision,
of which a copy thereof is attached hereto as Exhibit "A" and
incorporated herein by this reference, the Board, subsequent to
a diligent and good faith search of the County records, has
been unable to produce for the Public Trustee's review the
original Promissory Note hereinabove described; and
WHEREAS, consistent with the intent of Section
38 -37 -123, C.R.S., the Board desires to request the Public
Trustee of the County of Eagle, State of Colorado, to accept
this Resolution, the representations herein made, and a copy of
the subject Promissory Note attached hereto as Exhibit "B" and
incorporated herein by this reference, in lieu of the original
Promissory Note for the purpose of releasing the Deed of Trust
referred to hereinabove.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board hereby fully releases and cancels
that certain Promissory Note dated November 12, 1976, by
Edwards Development Associates in the amount of ninety -one
thousand nine hundred dollars and no cents ($91,900.00) given
for the sole and exclusive purpose of securing the construction
of streets, drainage, and utilities on the South Forty
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Subdivision as set forth on the plat thereof recorded in the
office of the Clerk and Recorder of Eagle County in Book 252 at
Page 237.
THAT, the Board further releases that certain Deed of
Trust on Lot R-30, South Forty Subdivision; according to the
recorded Plat thereof, County of Eagle, State of Colorado; said
Deed of Trust being recorded in Book 249 at Page 999 of the
real property records of the County of Eagle, State of
Colorado.
THAT, the Board hereby represents that it has made a
diligent search of the Eagle County records to locate the
original of the above- described Promissory Note.
THAT, the Board further represents that it has been
unable to produce the original Promissory Note referred to
herein, and has determined the same is lost.
THAT, the Board further represents that Exhibit "B"
attached hereto is a true and correct copy of the original
Promissory Note referred to herein.
THAT, the Board hereby requests the Public Trustee to
accept Exhibit "B" attached hereto as a substitute to the
original Promissory Note referred to herein for the purpose of
duly executing and releasing that certain Deed of Trust dated
November 12, 1976, by Edwards Development Associates for the
benefit of Eagle County, and recorded in Book 249 at Page 999
of the real property records of the County of Eagle, State of
Colorado; said Release of Deed of Trust being previously
submitted to the Public Trustee in the form set forth in
Exhibit "A" attached hereto.
THAT, the Board shall indemnify the Public Trustee of
the County of Eagle, State of Colorado, from any and all
damages as the result of issuing the original Release of Deed
of Trust described herein, in accordance with this Resolution.
THAT, this Resolution is
health, safety, and welfare of the
Eagle, State of Colorado.
-3-
necessary for the public
citizenry of the County of
MOVED, READ AND ADOPTED by the Board of County
Commissioners of the County of Eagle, State of Colorado, at its
regular meeting held the 4Z�; day of 1985•
,
COUNTY OF EAGLE, STATE OF COLORADO
By and Through its
ATTEST: BOARD OF COUNTY COMMISSIONERS
1
By. r = By
rk of the card of
County Commissioners
Commissioner f =5oA' seconded adoption
of the foregoing resolution. Theroll having been called, the
vote was as follows:
Commissioner David E. Mott
Commissioner Richard L. Gustafson
Commissioner Donald H. Welch
This Resolution passed byV74H'A10q-5 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
Q�
STATE OF COLORADO )
)ss:
COUNTY OF EAGLE )
SUBSCRIBED AND SWORN to before me this day of
March, 1985, by David E. Mott, Richard L. Gustafson, and Donald
H. Welch, in their capacity as County Commissioners for the
County of Eagle, State of Colorado, and Johnnette Phillips: in
her capacity as Clerk to the Board of County Commissioners.
WITNESS my hand and official seal.
My Commission Expires:
Notary Public
Address:
-5 --
Recorded at 1 EXHIBIT A
�_ o'dxk _ At ,
Reception No. Recorder
RELEASE OF DEED OF TRUST
Edwards Development Associates
Eacfle Count
Acknowledged November 12, 1976
November 12, 1976
146264
.eeotmn Nu.
Date
Grantor (Borrower)
Original Beneficiary
(Lender)
Date of Deed of Trust
Recording Date of
Deed of Trust
County of Recording
Reception and/or Film Nos. of Recorded Deed of Trust
249 999
BwA Nu. hgc Nu. Book and Page of Deed of Trust
TO THE PUBLIC TRUSTEE OF
le County (The Public Trustee to which the above Deed of Trust conveys the said
property.)
Please execute this release, as the indebtedness has been fully paid and /or the terms and conditions of the trust have been
fully satisfied.
Eagle County
current Bens icorr (Under)
Name and
signature
KNOW ALL MEN, that the above referenced Grantor(s), by Deed of Trust, conveyed certain real property described
in said Deed of Trust, to the Public Trustee of the County referenced above, in the State of Colorado to be held in trust to
secure the7fXcxg�XpfggppX. performance of a certain Subdivis
NOW THEREFORE, at the written request of the legal holder of the said indebtedness, and in consideration of the
premises and the payment of the statutory sum, receipt of which is hereby acknowledged, I, as the Public Trustee in the
County first referenced above, do hereby remise, release and quitclaim unto the present owner or owners of said real
property, and unto the heirs, successors and assigns of such owner or owners forever, all the right, title and interest which I
have under and by virtue of the aforesaid Deed of Trust in the real estate decrrihPd thPrP;n rn k- —1 " -ta -I- - - - --
assi ,vns, for payment of the debt evidenced by, or any other amounts
due under, this note, or any deficiency (whether principal, interest,
costs, or other amounts) arising from the enforcement of rights in
this security, it being understood and agreed that the sole recourse
of the payees or any holder of this note shall be exclusively on
the security.
This agreement subject to tha 1ialtationa set torthherein,
shall be binding upon the re¢ F ective'successors
and assigns of the
parties hereto. .. ��, «;?;s+..- ���.:�`...',�_ ..SS __.
