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R85-22 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 -2- 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 __.