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R89-075 release of letter of credit for Reserve on the Eagle RiverCommissioner (�/� moved adoption of the following Reso ution: BOARD OF COUNTY COMMISSIONERS COUNTY OF EAGLE, STATE OF COLORADO RESOLUTION NO. 89 - j,' RESERVE ON THE EAGLE RIVER RELEASE OF LETTER OF COMMITMENT WHEREAS, pursuant to Section 30 -28 -237, C.R.S., the Board of County Commissioners of the County of Eagle, State of Colorado (hereinafter the "Board ") did, on or about February 8, 1982, entered into a Subdivision Improvements Agreement (hereinafter "Agreement ") with Heritage Financial Corporation (hereinafter "Subdivider ") for the Reserve on the Eagle River; and WHEREAS, in order to guarantee the faithful completion of certain public improvements required under the Agreement, the Board took as collateral, a Letter of Commitment, in the amount of $182,000.00 issued by Brighton Federal Savings on February 5, 1982, assigned to the Board of County Commissioners of Eagle, State of Colorado; and WHEREAS, on or about the month of March, 1983, Manufacturers Hanover Mortgage Company filed foreclosure proceedings against a number of units in the Reserve on the Eagle River; and WHEREAS, Brighton Federal Savings and Loan Association was merged with Household Bank, and became Household Federal Savings Bank; and WHEREAS, Household Bank (formerly Brighton Federal) may hold some interest in that certain property within The Reserve identified in Exhibit A hereto as Tract B; and WHEREAS, on or about June 26, 1989, all rights and obligations of the Reserve on the Eagle River were transferred to M & H Development Company; and WHEREAS, M & H Development and the Board entered into an Assignment of Subdivision Improvements Agreement, and M & H Development further agreed to provide collateral sufficient to complete the subdivision improvements previously agreed to in the original Agreement dated February 8, 1982; and WHEREAS, Household Federal Savings Bank has requested that the Board release the Letter of Commitment issued by Brighton Federal Savings Bank, that was originally submitted by Heritage Financial Corporation to the Board. NOW, THEREFORE BE IT RESOLVED, BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO: THAT, the Board hereby releases that Letter of Committment in the amount of $182,000.00 retained to guarantee the faithful completion of certain public improvements required under the Subdivision Improvements Agreement dated February 8, 1982 upon issuance by Household Bank of a quit claim deed to The Reserve on the Eagle River Condominium Association of that certain property within The Reserve identified as Tract B. THAT, the Board finds, determines and declares that this Resolution is necessary for the health, safety, and welfare of the inhabitants of the County of Eagle, State of Colorado. MOVED, READ AND ADOPTED by the Board of County Commissioners of the County of Eagle, St to of Colorado, at its regular meeting held the jl' day of 1989. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its ATTEST: BOARD OF COUNTY COMMISSIONERS By: �% Commissioners HE George A. atG es Commissioner Commissioner seconded adoption of the foregoing resolutio . The ro aving been called, the vote was as follows: Commissioner Richard L. Gustafson Commissioner Donald H. Welch Commissioner George A. Gates - 4c — This Resolution passed by /n vote of the Board of County Commissioners of the Couyy ot ag e, State of Colorado. Donald H. Welch Commissioner