HomeMy WebLinkAboutR93-049 second substitution of collateraland release of plat restriction for Cordillera Filing 6s
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Commissionemmo ! i2� O(�in� moved adoption
o£ the £ollowi g Resolution:
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION NO. 93 -
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SECOND SUBSTITUTION of COLLATERAL
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RELEASE OF PLAT RESTRICTION
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Filing 6 - CORDILLERA SUBDIVISION
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WHEREAS, pursuant to C.R.S. 30 -28 -137, the Board of County
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Commissioners of the County of Eagle, State of Colorado ( "Board ")
entered into a Subdivision Improvements Agreement dated Novem-
ber 2, 1992 ( "Agreement ") with Stag Gulch Partners, a Colorado
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General Partnership ( "Subdivider "), as a condition of final plat
approval for Filing 6, Cordillera Subdivision; and
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WHEREAS, Section 2 of the Agreement sets forth an "Alterna-
tive Collateralization Method" which permits Subdivider to
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provide cash collateral just prior to the commencement of
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construction of each of the two phases described in the Agree -
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ment; such collateral includes a plat note restricting the sale
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and conveyance of any part of Filing 6; and
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WHEREAS, Subdivider has elected said Alternative Method, the
Board presently holds sufficient collateral for the improvements
remaining to be completed in Phase I of Filing 6, and the plat
restriction remains in effect; and
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WHEREAS, Paragraph 2.1.3 of the Agreement provides for the
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release of the plat restriction upon the full collateralization
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of Subdivider's obligations for all phases of the improvements,
and Subdivider wishes to provide collateral for Phase II of
Filing 6 in the form of one or more letters of credit totaling
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$1,996,972.52, together with respective Enforceability Opinions,
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as described in Paragraph 2.4 of the Agreement (as amended by
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First Amendment dated November 23, 1992); and
WHEREAS, Subdivider requests a release of the plat restric-
tion for the entire Filing 6, upon acceptance by the Board of o O
such letters of credit; and o �
WHEREAS, Subdivider contemplates that said letters of credit
will be "for the account of JLP Realty Corp. ", which will
approve, in writing, prior to release of the plat note, the use
of said letters of credit by Subdivider as collateral for Phase
II of Filing 6 of the project.
THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY
COMMISSIONERS OF THE COUNTY OF EAGLE, STATE OF COLORADO:
1. THAT, conditioned upon the receipt of one or more
irrevocable letter of credit totaling $1,996,972.52 which are
satisfactory to the Eagle County Attorney, this Resolution shall
be recorded in the Records of the Eagle County Clerk and
Recorder, which shall be evidence that the plat note for Filing
6, Cordillera Subdivision, is released.
2. THAT, should the letters of credit be on BHF -Bank, New
York Branch, as described in the Agreement, the release of the
plat note is further conditioned upon the following:
a. Receipt of appropriate Enforceability Opinions.
b. An executed second amendment to the Agreement, similar
to the first amendment, providing that:
The Board may demand, without cause, that
Subdivider substitute other acceptable collateral for
one or more of the following Irrevocable Letters of
Credit issued by BHF -Bank, New York Branch, upon forty -
five days' notice to Subdivider.
Number
[To be provided]
Amount
3. THAT, all other provisions of the Agreement, as
amended, shall remain in full force and effect.
MOVED, READ AND ADOPTED by the Board of County Commissioners
of the County of Eagle, State of Colorado, this 3 day of
May, 1993.
ATTEST:, r°
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Clerk toGthe Board of
County Commissioners
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COUNTY OF EAGLE, STATE OF
COLORADO, By and Through Its
BOARD OF COUNTY COMMISSIONERS
George V. Gates, Chairman
hnnette Phillips, '
mmissioner
James E. Johnson, Jr.,
Commissioner
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Commissioner seconded adoption of the fore-
going resolution. The roll having been called, the vote was as.
follows:�
Commissioner Gates
Commissioner Phillips
Commissioner Johnson
This Resolution passed by 1:7 _ 0 vote of the Board of
County Commissioners of the County of Eagle, State of Colorado..`
504698 B -608 P -617 05111193 10:47 PG 3 OF 3
Filing 6
$87 -84
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