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HomeMy WebLinkAboutR83-86 release of deed of trust for Arrowhead at Vailw e, RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 83- Ml ARROWHEAD AT VAIL - RELEASE OF DEED OF TRUST - SUBSTITUTION OF ORIGINAL SUBDIVISION IMPROVEMENTS AGREEMENT WHEREAS, the Board of County Commissioners of the County of Eagle, State of Colorado, hereinafter referred to as the "Board ", did on or about March 28, 1977, approve the development of Arrowhead at Vail, Filing Nos. 1 through 9, inclusive, as set forth and more particularly described on the final plats recorded thereof in Book 253 at Pages 636 through 644, inclusive, of the real property records of the County of Eagle, State of Colorado; and WHEREAS, as a condition of final plat approval of Arrowhead at Vail, Filing Nos. 1 through 9, the then Subdividers thereof, James A. Krentler and Jack L. Mankamyer, did on or about March 28, 1977, enter into a Subdivision Improvements Agreement with the Board for the purpose of guaranteeing the construction of those certain public improvements associated with the development of Arrowhead at Vail, Filing Nos. 1 through 9; said Subdivision Improvements Agreement being set forth at length in Book 253 at Page 645 of the real property records of the County of Eagle, State of Colorado; and WHEREAS, the Subdividers' performance of the aforementioned Subdivision Improvements Agreement was secured by a certain Deed of Trust on Tracts 11, 12,13 and 16, Arrowhead at Vail, executed by the Subdividers on March 28, 1977, for the benefit of the Board of County Commissioners, County of Eagle, lit+ Colorado; said Deed of Trust being recorded in Book 253 at Page 646 of the real property records of the County of Eagle, State of Colorado; and WHEREAS, subsequent to the execution of the aforementioned documents, the ownership of and development plans for Arrowhead at Vail substantially changed; and WHEREAS, the present Subdividers of Arrowhead at Vail, i.e. Arrowhead at Vail, a Colorado joint venture, has agreed to enter into a new collateralized Subdivision Improvements Agreement for the purpose of guaranteeing the construction of those public improvements associated with the development of Arrowhead at Vail; and WHEREAS, by reason of the foregoing, the Board has agreed to release the previous Subdividers of their obligations under the original Subdivision Improvements Agreement, and in conjunction therewith, to release the aforementioned Deed of Trust given as security therefor; and WHEREAS, in order to release the aforementioned Deed of Trust, the Board is required to produce for the review of the Public Trustee of the County of Eagle, State of Colorado, the original of the secured instrument which, in this instance, is the previous Subdivision Improvements Agreement dated March 28, 1977; and WHEREAS, the Board, subsequent to a diligent and good faith search of the County records, has been unable to find the original of the subject Subdivision Improvements Agreement; 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 Subdivision Improvements Agreement, attached hereto as Exhibit "A" and incorporated herein by this reference, in -2- lieu of the original of the subject Subdivision Improvements Agreement for the purpose of releasing the Deed of Trust referred to herein above. NOW, THEREFORE, be it resolved by the Board of County Commissioners 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 that certain Subdivision Improvements Agreement dated March 28, 1977, between James A. Krentler and Jack L. Mankamyer, and the Eagle County Board of County Commissioners relative to Arrowhead at Vail, Filing Nos. 1 through 9, inclusive, recorded in Book 253 at Page 645 of the real property records of the County of Eagle, State of Colorado. THAT, the Board further represents that it has been unable to produce the original Subdivision Improvements Agreement referred to in the paragraph next above, and has determined that the same is lost. THAT, the Board further represents that Exhibit "A" attached hereto is a true and correct copy of the original of the Subdivision Improvements Agreement referred to herein. THAT, the Board hereby requests the Public Trustee to accept Exhibit "A" attached hereto as a substitute to the original Subdivision Improvements Agreement referred to herein for the purpose of duly executing and releasing that certain Deed of Trust dated March 28, 1977, by James A. Krentler and Jack L. Mankamyer for the benefit of the Board of County Commissioners, County of Eagle, Colorado, and recorded in Book 253 at Page 646 of the real property records of the County of Eagle, State of Colorado; said Release of Deed of Trust being submitted concurrently herewith to the Public Trustee in the form set forth in Exhibit "B ", attached hereto and incorporated herein by this reference. -3- a i 1 THAT, the Board shall indemnify the Public Trustee of the County of Eagle, State of Colorado, from any and all damages as a result of issuing the original of the Release of Deed of Trust set forth in Exhibit "B ", in accordance with this Resolution. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, State of Colorado, at its QczGa ' regular meeting held the �% day of 1983. ATTEST: U By /may, ✓.iL ��;Cd lerk of the Board of County Commissioners COUNTY OF EAGLE ) )ss: STATE OF COLORADO ) COUNTY OF EAGLE, STATE OF COLORADO By and Through its BOARD OF COUNTY COMMISSIONERS David E. Mott, Chairman W. Keith Troxel, Commissioner 1 Dan i iams, ommissioner Subscribed and sworn to before me this JIL day of Oe4e-bi, 1983, by David E. Mott, Dan Williams and W. Keith Troxel as the Board of County Commissioners of the County of Eagle, State of Colorado, and Johnnette Phillips as Clerk to the Board of County Commissioners. WITNESS my hand and official seal. My Commission Expires: »t q1 .-q /110- 1 �� � -4- EXHIBIT "A >: ..�' SUBDIVISION IMPROVEMENTS AGREEMENT may ?ri , 'THIS AGREEMENT, made this day of -February, t... - 1977, between James A. Krentler and Jack L Mankamyer, the .l f s i ele (hereinafter called the Subdivider) and the Eagle County Board of County Commissioners, (hereinafter called the - '..Deed County). valu -assu W I T N E S S E T H: - E ... _ ... .. ...# - impr WHEREAS, the Subdivider wishes to guarantee the construction of certain subdivision improvements for ? ? Motu Arrowhead at Vail, located in Eagle County, Colorado, _ . -Coun (hereinafter called the Subdivision); and WHEREAS, Subdivider is obligated under Sections r publ 30 -28- 133(6) (a) (b) (c) and Sections 30 -28 -137, C.R.S. 1973 here as amended, and Subdivision Regulations of Eagle County to x - wilt provide performance guarantees in a fcrm acceptable to Eagle County, guaranteeing that certain public improvements will ` COME be constructed in the Subdivision; and be WHEREAS, sewage service to the Subdivision has - 4 " been provided for by the annexation of the Subdivision to .. the Upper Eagle Valley Sanitation District; and WHEREAS, the Subdivider intends to secure its _ ?g - S obligation contained in this agreement by delivering to Eagle County (a) a P25,000 letter of credit from the First - TNational Bank of Colorado Springs ( "Letter of Credit'), and _ "(b) a Deed of Trust, which Deed of Trust shall be a first an prior lien on Tract 16 owned by the Subdivider, and .a second lien on Tracts 11, 12 and 13, which land has value Which is determined by the Board of County Commissioners to a rt adequately cover the cost of completion of certain public 'improvements in the Subdivision; and :3 : ie nd to I Nv � ta�f W ..r 1S, the parties intend that the Subdivider may make app r from time to time for partial release(s) of tie Deed of Trust as the construction and acceptance of those certain public improvements progress, the Board of County Commissioners may grant any such release(s) provided that the remaining land covered by the Deed of Trust is sufficient in value, together with the value of the Lette• of Credit, to provide reasonable assurance for the final completion of the remaining public improvements. NOW, THEREFORE, in consideration of the following mutual covenants and agreements, the Subdivider and the County agree as follows: l.\., The Subdivider agrees to complate certain public improvements as set forth on Exhibit A attached hereto and made a part hereof by reference, in accordance with the provisions as set forth herein. 2. All of those certain public improvements to be completed by the Subdivider as identifie? on Exhibit A shall be constructed in strict compliance with the following: a. All laws of the United States. b. F.11 laws of the State of Colorado. C. All laws and regulations of Eagle County and its various agencies-, in the absence of County regulations, Colorado Stare Higr.way Department Specifications for road and ur.dge construction shall be used. d. All Laws and regulations of affected special districts. C s. To secure its ot.ligations set forth in paragraphs 1 and 2 the Subdivider shall, concurrently with this agreement, deliver the Lecter of Credit to the County -2- fully release the Deed of Trust to the Subdivider; otherwise my the County may, after determination by resolution that the Subdivider has defaulted in its obligations as provided in paragraphs 1 and /or 2 above, proceed to enforce the Letter of Credit and, if the proceeds therefrom are not sufficient 11 to complete the publi: improvements then necessary to be " completed, the County may proceed to foreclose under the Deed of Trust. 5. The County agrees to execute partial releases x� .4 .h from the Deed of Trust promptly upon request from the Subdivider, which releases shall be for that portion of land""" in excess of land needed in terms of value, to which value_, i Vjy(. iyA?y�J:3.`m _3_ L and execute a Deed of Trust to the public Trustee of Eagle County for the benefit of the County covering the following described real property to wit: r Tracts 11, 12, 13 and 16, Arrowhead at - Vail, Eagle County, Colorado. Copies of the Letter of Credit and Deed of Trust are attached as Exhibits B and C hereto. A satisfactory title opinion or certificate as to such property shall be furnished by the Subdivider herewith. In the event that the cost of and uncompleted portion of the improvements listed On Exhibit A for all Filings as to which (a) the Subdivider - m3 has eommencad the construction of improvements and (b) has applied for building permits for such construction, should exceed the sum of $750,000 plus any Letters of Credit outstanding hereunder, the Board of County Commissioners may require the Subdivider to provide addit'.onal collateral hereunder in the amount of such excess. 4. In the event that all of those certain � be improve:.:ents set forth in Exhibit A have been completed and : :all accepted by the County in accordance with the provisions of Exhibit At the County shall cancel the Letter of Credit and fully release the Deed of Trust to the Subdivider; otherwise my the County may, after determination by resolution that the Subdivider has defaulted in its obligations as provided in paragraphs 1 and /or 2 above, proceed to enforce the Letter of Credit and, if the proceeds therefrom are not sufficient 11 to complete the publi: improvements then necessary to be " completed, the County may proceed to foreclose under the Deed of Trust. 5. The County agrees to execute partial releases x� .4 .h from the Deed of Trust promptly upon request from the Subdivider, which releases shall be for that portion of land""" in excess of land needed in terms of value, to which value_, i Vjy(. iyA?y�J:3.`m _3_ L _ shall be added the value of any outstanding Letter (51 r :.Letters of Credit, as determined by the Board of County i.Commissioners, to reasonably guarantee the cosy of lic improvements as of .the date c ompleting 'atl remaining pub of the request for th e partial or full release -6. At any time the Board of County Commissioners may accept other performance guarantees in substitution for _ the Deed of Trust. It is agreed that letters of credit, performance bonds and cash escrows are, in form, acceptable 4 ' "r r � 3 substitutes for the Deed of Trust provided that such performance guarantees are otherwise acceptable to the , ,:. County Commissioners. In the event that the County forecloses on all or any portion of the land and the land is sold at public auction, or in the -vent that the Subdivider - redeems at such sale, the County participation in the ` proceeds shall be determined as follows: a. The actual cost to complete all public improvements as required by this agreement. b. Any other costs reasonably incurred by the County for design, subcontracting, and County Administration relating to completion of the required - public improvements. C. Any proceeds in excess of the amounts in a. and b. above and which are held by the County shell. x be' paid over to the Subdivider unless otherwise vided b law - -- pro Y P . 7. (a) In the event that the County shall take ,r . ^K .. title to the subject lands by Public Trustee deed agreed that the County shall put up such lands forpublic sale, until the property is sold or unless the County a� i • y�- i sit £ ._Commissioners, by resolution, elect to retain title_for be lT, land in accordance with the provisions of subparyaieph'. tter or of County -t of ,a of the date Commissioners .ostitution for '. of credit, ,rm, acceptable at such ate to the County and the land is the Subdivider on in the •te all oublic ,ent. .y incurred by and County .,f the required :f the amounts in the County shall otherwise aunty shall take =e deed it is ands for public the County ain title to the subparagraph (b) t � t event the land is sold at any such public sale, all proceeds <'•�' which are received in excess of the costs described in paragraph 6(a) and (b) harein shall be paid to the Ej✓1, Subdivider. i (b)- Notwithstanding the provisions of subparagraph (a), the County Commissioners may, at any time, by resolution, elect to retain title to the land for County - purposes. In that event, the County Commissioners shall, in _ the same resolution, make a reasonable determination of the - then fair market valua of the land and shall pay to the Subdivider in cash, the exce ^s, if any, between the then fair market value of the land and the costs described in paragraph 6(a) and (b) above. - 8. This agreement shall be enforceable against the Subdivider provided, however, that in the event the a 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 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 give its prior approval to such - -'' assumption, following an investigation of the financail 0 1 r ii below, The County shall make agood faith effort to cause the property to'be sold at public sale, which sale shall be for cash, p provided t in accept any offers for the land which in-its reasonable c c s judgment would not reflect the fair market value for the land, or the estimated cost to complete remaining public r ra improvements secured hereby,�whichever is higher. In 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 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 give its prior approval to such - -'' assumption, following an investigation of the financail 0 1 r ii i£ condition of the purchaser. 9. The Subdivider will submit evidence of an adequate water system satisfactory to the Board of County Commissioners before the County becomes obligated to issue r ^; E r.ny building permits for Filings 1 and 3. 10. The parties hereby mutually agree that this ^. agreement may be amended provided that any such amendment shall be in writing and signed by the parties hereto. STATE OF COLORADO EAGLE COUNTY, COLORADO By Chairman, Board of County Commissioners A; A. KRENTLER ACK L. MA.NKAMYER )ss. COUNTY OF 4- ) J The foregoing SUBDIVISION ,11IMPROVEMENTS AGREEMENT was ack,{�owledged before me this day o .. (t 1; r,(. 1977, by (C'. .0 :r.,r Chairman. gaaygf., County Commissioners. tness my hand and official seal. commission expires: No�ary STATE OF COLORADO COUNTY OF _ L. )ss. `¢u rc The foregoing SUBDIVISION IMPROVEMENTS AGREEMENT was a knowledged before me this A. Krer.tl day of Pir:�jr 1971, by Witness my hand and official seal. My commission expires: h '1j'7 tart' Pub -6- STATE OF COLORA,O ) COUNTY OF ;ss. J The foregoing SUBDIVISION ,SNPROVEMENTS AGREEMENT was ac nowiedged before me this ,, day of 1977, by Jack L. Nankamyer. Witness my hand and official seal. My commission expires: h- ''� -�•� �� 71,) _ L�, <v : Y n �•• , = NOW[ PUb 1 y�q =g� c••••.... tee. � _ Pursuant to Resolution No. 83- , the Board of County Commissioners of the County of Eagle, State of Colorado, hereby represents that the Subdivider named herein has otherwise fulfilled the terms and conditions of the foregoing Subdivision Improvements Agreement, and hereby requests the release of the Deed of Trust given as security therefor. Signed this 1 J day oft'��,�u i 1983. C f Attest: BYQ, /Clerk o - -the Board of County Commissioners ounty o Eagle, State of Colorado By and through its' i Board o ount_v Commissioners BY�7 David E. 'Mott, Chairman ' ;e -7- Filing No. 1 Road and Drainage $224,395 Fi I ing No. E A Parks 6,000 • Filing No. The Subdivider agrees to construct road and Filing No. E drainage improvements in Pilings 1 through 9 together with -TTO-1 T9-5 parks and landscaping improvements throughout the F iling No. S Subdi •ision, in aconrdance with engineering plans prepared 2 Road and Drainage by D*43M-Phillips-Reister, dated September, 1976, consisting of seven Pages. The details.of all such improvement work have been submitted to and been een accepted by Eagle County, 3,000 Colorado. It is agreed and acknowledged that water and sewer improvements will be/•furnished by improvement Total aistricts. set out below/are improvement costs for each Filing. The subaWlder / hall construct public improvements Nr". separately for each of he nine Filings. The Subdivider 15,008 agrees that the comple ion of the public improvements for each Filing will occtir prior to the date any portion of any Landscaping 3,000 such Filing is sold leased to or occupied by a member of the general public f, r commercial or residential use by such —T8-1 UT8 person. Filing No. 1 Road and Drainage $224,395 Parks 6,000 Total -TTO-1 T9-5 Filing No. 2 Road and Drainage 184,908 Landscaping 3,000 Total 187,908 Filing Nr". 3 Road and Drainage 15,008 Landscaping 3,000 Total —T8-1 UT8 Filin4 No. 4 Road and Drainage 331,469 Landscaping 3,000 Total 334,469 Filing No. 5 Road and Drainage 212,976 Landscaping 3,000 Total 215,976 t;4 A4 -9- iY Filing No. 6 Road and Drainage 15,011 Landscaping 3,000 Total Filing No. 7 (Part Of Parking Structure) Landscaping 3,000 Total Filing No. 8 Road and Drainage 69,171 Landscaping 3, 0 0 G Total --7T,17T. Filinj No. 9 Road and Drainage 10,300 Landscaping 3,000 Total ,000 Grand To-a! $1,092,938 -9- Recorded at.T Reception Nu._ -)'clock —NI.. K.Now.kL1, 11EN BYTHEsE hltl ?SE\rS JACK L. MANKAMYER 1_ EXHIBIT "B" Recorder. That, Whereas. JAMES A. KRENTLE R and — by DEED OF TRUST dated the 28th dayof i•Iarch .1977 . and duly recorded "'tile Office of the Count }' Clerk and Rveorder of the County of Eagle in the State of Colorado, on the 28th day of March 19 77 in book 253 ,on page, 646 .(Fit in NO. Reception No. 149942 ), conveyed to the Public Trustee in said County of Eagle certain real estate in said Deed of Trust described, in trust to secure to the orderof Board of County Commissioners County of Eagle,State of Colorado x � Bk��K �4xxl xtitx l rtatxnxxirc the performance of the '•-• AND WHEREAS, �BCCtdH 7ixdJ�i s•c�i3uxg �xcid igdcthe purposes of said trust have been 3fiE{PCXXktSiiYXXX otherwise satisfied; NOW. THEREFORE, At the request of the legal holder of the indebtedness secured by said Deed of Trust, and in consideration of the premises, and in further consideration of the sum of Five Dollars, to me in hand paid, the receipt whereof is hereby acknowledged. I, as the Public Trustee in said County of Eagle , do hereby remise, release and quit -claim unto the present owner or owners of real estate and unto the heirs, successors and assigns of said owner or owners forever, all the right, title and interest which I have in and to the said real estate, as such Public Trustee• in said Deed of Trust mentioned; and more particularly described as follows, to wit: Tracts 11, 12, 13 and 16, Arrowhead -at -Vail, according to the recorded plat thereof, County of Eagle, State of Colorado and more particularly described in Exhibit "A" attached hereto and incorporated herein by this reference. ** Subdivision Improvements Agreement mentioned therein. situate. lying and being in the County Of Eagle and State of Colorado. TO HAVE AND TO HOLD the same, together with all and sinavlar the privileges and appurtenances thereunto belonging forever. And further• that the said Trust Deed is, by these presents, to be considered as fully and absolutely released, cancelled and forever discharged. WITNESS my hand and seal, this day of 19 uei.d l,e rig .neu ad (SEAL) Eagle By Ueluq' 1'uLhc Truaee. STATE OF COLORADO, ss. County of Eagle The foregoing instrument was acknowledged before file this day of ,19 by as the Public Trustee in said County of Eagle Colorado. My Commission expires Witness my hand and official seal. The Public Trustee in said a re Egi�ty of Eagle Please execute this release, the /ix�dTtx fk�iXsecured by the above mentioned Deed of Trust having beenXKtXp[ tAx otherwise Board of County Commissioners satisfied. County of Eagle, State of Colorado TI�1 ,d Lulddet ,pwrode Lte 11n�..-.eaureJ Lr r.uJ Used ul T. u.t. By David E. Mott, Chairman No. 935. RELEASE OF DEED OF TRUST BY THE I't BLIC Tfn STEE. —01979 Bradford Pubh, hm¢ Co.. 1846 Stout Street, Denver, Colorado 15;9 -50111 -148 EXHIBIT "A" 1) Tracts 11, 12 and 13, Arrowhead at Vail, Filing No. 9, County of Eagle, State of Colorado, recorded March 28, 1977, under Reception Number 149940 in Book 253 at Page 644 of the real property records of the County of Eagle, State of Colorado. 2) Tract 16, Arrowhead at Vail, Filing No. 8, County of Eagle, State of Colorado, recorded March 28, 1977, under Reception Number 149939 in Book 253 at Page 643 of the real property records of the County of Eagle, State of Colorado. On or about August 15, 1983, the Board of County Commissioners of the County of Eagle, State of Colorado, vacated Filing No. 8, Arrowhead at Vail, and, in its place and stead, approved Filing No. 11, Arrowhead at Vail, recorded under Reception Number 262284 in Book 365 at Page•960 in the real property records of the County of Eagle, State of Colorado. By reason thereof, the aforementioned Tract 16 is presently described as those portions of Lots 10 and 21, and Tracts 1 and 2, Filing No. 11, Arrowhead at Vail, according to the final plat recorded thereof in the real property records of the County of Eagle, State of Colorado, and more particularly described as follows: Beginning at a point whence the most easterly corner of said Lot 21 bears N62 050146 "E 753.93 feet distant; thence NO3 005100 11W 150.00 feet; thence 546.93 feet, along the arc of a curve to the left having a radius of 790.00 feet, a central angle of 39 140'00 ", and a chord which bears S67 °05'00 "W 536.07 feet; thence S47 °15'00 "W 223.49 feet; thence 219.91 feet along the arc of a curve to the right having a radius of 800.00 feet, a central angle of 15 145'00 ", and a chord which bears S55 °07'30 "W 219.22 feet; thence S27 000'00 "E 150.00 feet; thence 261.14 feet along the arc of a curve to the left having a radius of 950.00 feet, a central angle of 15 045'00 "; and a chord which bears N55 007'30 "E 260.32 feet; thence N47 015'00 "E 223.49 feet; thence 443.08 feet along the arc of a curve to the right- having a radius of 640.00 feet, a central angle of 39 °40'00 ", and a chord which bears N67 105'00 "E 434.29 feet to the point of beginning, containing 143,850 square feet or 3.3024 acres, more or less.