HomeMy WebLinkAboutR95-038 full release of collateral for Eagle Hills SubdivisionCommissioner moved adoption
of the following Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 95-
AUTHORIZING THE FULL RELEASE OF COLLATERAL
FOR
EAGLE HILLS SUBDIVISION
WHEREAS, on or about August 12, 1980, pursuant to Section
30 -28 -137, C.R.S., the Board of County Commissioners of the County
of Eagle, State of Colorado ( "Board ") entered into a Subdivision
Improvements Agreement ( "Agreement ") with Mervyn Lapin and Richard
Evancho dba Gershon ( "Subdivider ") as a condition of final plat
approval of Eagle Hills Subdivision; and
WHEREAS, in order to guarantee the faithful completion of
certain public improvements required under the Agreement, the Board
accepted as collateral a Promissory Note in the amount of
$60,000.00 secured by a First Deed of Trust; and
WHEREAS, by Resolution No. 82 -32 the Board authorized the
partial release of collateral by releasing Lot 9, Eagle Hills
Subdivision, from the First Deed of Trust recorded in Book 307,
Page 864 of the property records of the County of Eagle; and
WHEREAS, by Resolution No. 94 -66, the Board authorized
the partial release of collateral retaining $6,000 or 10% of the
amount collateralized for the one -year warranty period. Said
$6,000 represented by a check deposited with the County Treasurer.
WHEREAS, the Subdivider has represented to the Board, and
members of the County staff have corroborated the Subdivider's
representations, that the improvements required under the Agreement
have been satisfactorily completed; and the one -year warranty
period has been satisfied; and
WHEREAS, the Engineering Department has recommended that
the remaining collateral be released.
Based upon the oral a7id written recommendations of the
County staff, THE BOARD FINDS that the Subdivider's obligations
under the Agreement for the improvements and the warranty period
have been satisfied.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
THAT, the Board hereby authorizes the release of collateral in
the amount thereby reducing the collateral to $6,000.00.
THAT, the Eagle County Treasurer is hereby requested and
directed to issue a warrant in the amount of $6,000.00 to the
Subdivider.
MOVED, READ AND ADOPTED by the Board of County Commissioner
of the County of Eagle, State o Colorado, at its regular meeting
held the ZZ3taL day of � -` 1995.
George A. Gates, Commissioner
ohnnette Phillips, Commi sioner
Commissione seconded adoption of the
foregoing resofu Ybn. The roll having been called, the vote was as
follows:
Commissioner James E. Johnson, Jr.
Commissioner George A. Gates
Commissioner Johnnette Phillips
This Resolution passed by ' - )--0 _ vote of the Board of
County Commissioners of the County of Eagle, State of Colorado.
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COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS