HomeMy WebLinkAboutR82-006 Aspen, Mt View Oak Ridge I Partial Release of CollateralRESOLUTION
OF THE
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION No. 82 -6
PARTIAL RELEASE OF COLLATERAL - ASPEN, MOUNTAIN VIEW SUBDIVISION,
OAK RIDGE I, COUNTY OF EAGLE, COLORADO
WHEREAS, Basalt Mountain Associates as subdivider of
the Aspen, Mountain View Subdivision, Oak Ridge I, did on
February 24, 1981, enter into a Subdivision Improvements
Agreement with the Board of County Commissioners of the
County of Eagle, Colorado, hereinafter referred to as the
"Board "; and
WHEREAS, the Board did on June 24, 1981, approve a
change of ownership of Aspen, Mountain View Subdivision from
Basalt Mountain Associates to Aspen, Mountain View, Ltd.,
hereinafter collectively referred to as the "Subdivider"; and
WHEREAS, the Subdivider pursuant to the aforesaid
Subdivision Improvements Agreement provided collateral and
security by means of a promissory note in the amount of
$ 419,973.00 and a first lien mortgage deed on the following
lots, to -wit:
Lots 5, 6, 15, 16, 17, 18 and 19 of the
Aspen, Mountain View Subdivision, Oak
Ridge I
to guarantee faithful performance and completion of those
certain public improvements required pursuant to said Subdivision
Improvements Agreement; and
WHEREAS, pursuant to Section 6 of the aforesaid
Subdivision Improvements Agreement, as required public
improvements are satisfactorily completed, the Subdivider may
apply to the Board of County Commissioners for a release of
part or all of the collateral and security deposited with the
Board; and
WHEREAS, the Subdivider desires the Board to release
a portion of the collateral and security presently being held
by the Board, and the Board hereby determines that those public
improvements relating to the portion of collateral requested
to be released have been satisfactorily completed; and
WHEREAS, in order to effectuate the requested release
of collateral, the Board hereby determines to release the
entire promissory note and first lien mortgage deed given as
collateral and security and, in its place and stead, to obtain
a promissory note in the amount of $ 216,897.00 and a first
lien mortgage deed on Lots 2, 5, 6 and 16, Aspen, Mountain
View Subdivision, Oak Ridge I, to guarantee faithful per-
formance and completion of those remaining public improvements
required pursuant to that certain Subdivision Improvements
Agreement referred to herein.
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 certain promissory
note dated February, 1981, in the amount of $ 419,973.00 and
that certain first lien mortgage deed on Lots 5, 6, 15, 16, 17,
18 and 19, Aspen, Mountain View Subdivision, Oak Ridge I,
according to the recorded final plat thereof, County of Eagle,
Colorado; said mortgage deed appearing in Book 321 at Page
622 of the property records of the County of Eagle, Colorado.
THAT, the aforesaid release is conditional upon the
Subdivider providing the Board collateral and security in the
form of a promissory note in the amount of $ 216,897.00 and
a first lien mortgage deed on Lots 2, 5, 6 and 16, Aspen,
Mountain View Subdivision, Oak Ridge I, to guarantee faithful
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performance and completion of those remaining public improve-
ments required pursuant to that certain Subdivision Improvements
Agreement dated February 24, 1981, between the Subdivider and
the Board relative to the subject subdivision.
THAT, the release of the aforesaid promissory note
and first lien mortgage deed shall not in any way whatsoever
release the Subdivider from its obligations and responsibilities
set forth in the subject Subdivision Improvements Agreement
referred to herein.
THAT, the Board hereby determines that the release of
the aforesaid promissory note and first lien mortgage deed
shall not abrogate the rights of the Board in enforcing the
satisfactory completion of those public improvements remaining
to be completed, by reason that the Board will still retain
adequate collateral and security to guarantee completion
of the same.
THAT, the Public Trustee of the County of Eagle,
State of Colorado, is hereby requested and directed to release
that certain first lien mortgage deed recorded in Book 321
at Page 662 in the property records of the County of Eagle,
State of Colorado, upon the payment by Aspen, Mountain View,
Ltd., of any and all fees for obtaining said release.
THAT, the Board hereby finds, determines and
declares that this Resolution is necessary for the public
health, welfare, and safety in the County of Eagle, State
of Colorado.
MOVED, READ, AND UNANIMOUSLY ADOPTED by the Board
of County Commissioners, County of Eagle, Colorado, at its
regular meeting held this day of February, 1982.
ATTEST:
COUNTY OF EAGLE, STATE OF COLORADO
By and Through its
BOARD OF COUNTY COMMISSIONERS
B fZ �l6 — 1�6 c s B . J`� y• Y' J '�7'y
erk o the oard of Dale F. Grant, Chairman
County Commissioners
roxel , Commissioner
an Williams`r, Commissioner