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HomeMy WebLinkAboutR83-019 substitution of collateral aspen mountain viewRESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 83- /-1 SUBSTITUTION OF COLLATERAL - ASPEN, MOUNTAIN VIEW SUBDIVISION, OAK RIDGE I, COUNTY OF EAGLE, COLORADO WHEREAS, Basalt Mountain Associates as subdivider of the Aspen, Mountain View Subdivision, Oak Ridge I, did on February 24, 1981, enter into a Subdivision Improvements Agreement with the Board of County Commissioners of the County of Eagle, Colorado, hereinafter referred to as the "Board "; and WHEREAS, the Board did on June 24, 1981, approve a change of ownership of Aspen, Mountain View Subdivision from Basalt Mountain Associates to Aspen, Mountain View, Ltd., hereinafter collectively referred to as the "Subdivider "; and WHEREAS, the Subdivider pursuant to the aforesaid Subdivision Improvements Agreement provided collateral and security by means of a promissory note in the amount of $419,973.00 and a first lien mortgage deed on the following lots, to -wit: Lots 5, 6, 15, 16, 17, 18 and 19 of the Aspen, Mountain View Subdivision, Oak Ridge I to guarantee faithful performance and completion of those certain public improvements required pursuant to said Subdivision Improvements Agreement; and WHEREAS, the Board pursuant to Resolution No. 82 -6 did on February 8, 1982, approve a partial release of the r above - referenced collateral; said partial release being effectuated by the release of the entire promissory note and first lien mortgage deed originally given as collateral and security and, in its place and stead, the acceptance and retention of a promissory note in the amount of $216,897.00 and a first lien mortgage deed on Lots 2, 5, 6 and 16, Aspen, Mountain View Subdivision, Oak Ridge I, to guarantee faithful performance and completion of those remaining public improvements required pursuant to that certain Subdivision Improvements Agreement referred to herein; and WHEREAS, pursuant to Section 3 of the aforesaid Subdivision Improvements Agreement, the Subdivider may at any time substitute the collateral deposited with the County for another form of collateral reasonably acceptable to the County to guarantee the faithful completion of required public improvements; and WHEREAS, the Subdivider desires to substitute Lot 2 presently held by the Board for Lot 7 of the Aspen, Mountain View Subdivision, Oak Ridge I, respectively; and WHEREAS, the Board hereby determines that the aforesaid substitution of collateral is acceptable to the County to guarantee the faithful completion of the required public improvements. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners, County of Eagle, State of Colorado: THAT, the Board hereby releases Lot 2, Aspen, Mountain View Subdivision, Oak Ridge I, as collateral and security to guarantee faithful performance and completion of those public improvements required pursuant to that certain Subdivision Improvements Agreement dated February 24, 1981, between the Subdivider and the Board relative to the subject subdivision and, in its place and stead, to accept a first 2 Y* lien mortgage deed on Lot 7, Aspen, Mountain View Subdivision, Oak Ridge I. THAT, the aforesaid substitution of the collateral shall not in any way whatsoever release the Subdivider for its obligations and responsibilities set forth in the subject Subdivision Improvements Agreement referred to herein. THAT, the Board hereby determines that the aforesaid substitution of collateral shall not abrogate the rights of the Board in enforcing the satisfactory completion of those public improvements required to be completed, by reason that the Board will still retain adequate collateral and security to guarantee completion of the same. THAT, the Board hereby finds, determines and declares that this Resolution is necessary for the public health, welfare, and safety in the County of Eagle, State of Colorado. MOVED, READ AND UNANIMOUSLY ADOPTED by the Board of County Commissioners, County of Eagle, Colorado, at its regular meeting held this C91 day of , 1983. COUNTY OF EAGLE, STATE OF COLORADO By and Through its ATTEST: BOARD OF COUNTY COMMISSIONERS By By: V or o the oar o Davi E. Mott, C airman eunty Commissioners 3 W Keith Troxel, C missioner Dan Ifirliams, Commissioner RESOLUTION 'OF THE BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 83- SUBSTITUTION OF COLLATERAL - ASPEN, MOUNTAIN VIEW SUBDIVISION, OAK RIDGE I, COUNTY OF EAGLE, COLORADO WHEREAS, Basalt Mountain Associates as subdivider of the Aspen, Mountain View Subdivision, Oak Ridge I, did on February 24, 1981, enter into a Subdivision Improvements Agreement with the Board of County Commissioners of the County of Eagle, Colorado, hereinafter referred to as the "Board "; and WHEREAS, the Board did on June 24, 1981, approve a change of ownership of Aspen, Mountain View Subdivision from Basalt Mountain Associates to Aspen, Mountain View, Ltd., hereinafter collectively referred to as the "Subdivider "; and WHEREAS, the Subdivider pursuant to the aforesaid Subdivision Improvements Agreement provided collateral and security by means of a promissory note in the amount of $419,973.00 and a first lien mortgage deed on the following lots, to -wit: Lots 5, 6, 15, 16, 17, 18 and 19 of the Aspen, Mountain View Subdivision, Oak Ridge I to guarantee faithful performance and completion of those certain public improvements required pursuant to said Subdivision Improvements Agreement; and WHEREAS, the Board pursuant to Resolution No. 82 -6 did on February 8, 1982, approve a partial release of the above - referenced collateral; said partial release being effectuated by the release of the entire promissory note and first lien mortgage deed originally given as collateral and security and, in its place and stead, the acceptance and retention of a promissory note in the amount of $216,897.00 and a first lien mortgage deed on Lots 2, 5, 6 and 16, Aspen, Mountain View Subdivision, Oak Ridge I, to guarantee faithful performance and completion of those remaining public improvements required pursuant to that certain Subdivision Improvements Agreement referred to herein; and WHEREAS, pursuant to Section 3 of the aforesaid Subdivision Improvements Agreement, the Subdivider may at any time substitute the collateral deposited with the County for another form of collateral reasonably acceptable to the County to guarantee the faithful completion of required public improvements; and WHEREAS, the Subdivider desires to substitute Lot 2 presently held by the Board for Lot 7 of the Aspen, Mountain View Subdivision, Oak Ridge I, respectively; and WHEREAS, the Board hereby determines that the aforesaid substitution of collateral is acceptable to the County to guarantee the faithful completion of the required public improvements. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners, County of Eagle, State of Colorado: THAT, the Board hereby releases Lot 2, Aspen, Mountain View Subdivision, Oak Ridge I, as collateral and security to guarantee faithful performance and completion of those public improvements required pursuant to that certain Subdivision Improvements Agreement dated February 24, 1981, between the Subdivider and the Board relative to the subject subdivision and, in its place and stead, to accept a first 2 a � a lien mortgage deed on Lot 7, Aspen, Mountain View Subdivision, Oak Ridge I. THAT, the aforesaid substitution of the collateral shall not in any way whatsoever release the Subdivider for its obligations and responsibilities set forth in the subject Subdivision Improvements Agreement referred to herein. THAT, the Board hereby determines that the aforesaid substitution of collateral shall not abrogate the rights of the Board in enforcing the satisfactory completion of those public improvements required to be completed, by reason that the Board will still retain adequate collateral and security to guarantee completion of the same. THAT, the Board hereby finds, determines and declares that this Resolution is necessary for the public health, welfare, and safety in the County of Eagle, State of Colorado. MOVED, READ AND UNANIMOUSLY ADOPTED by the Board of County Commissioners, County of Eagle, Colorado, at its regular meeting held this day of 1983. COUNTY OF EAGLE, STATE OF COLORADO By and Through its ATTEST: BOARD OF CO U Y COMMISSIONERS By : X60 By: Aal'erk of the ft,ard of Davi E. Mott, Chairman Count, Commissioners 3 oner