HomeMy WebLinkAboutR82-021 Edwards Village Subsitution of Collateralr
RESOLUTION
OF THE
BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
RESOLUTION No. 82 -c7qf
SUBSTITUTION OF COLLATERAL - EDWARDS VILLAGE RESIDENTIAL,
COUNTY OF EAGLE, COLORADO
WHEREAS, Edwards Village Partnership as subdivider of
the Edwards Village Residental Subdivision, did on September
30, 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 Subdivider pursuant to the aforesaid
Subdivision Improvements Agreement provided collateral and
security by means of a promissory note in the amount of
$ 348,840.00 secured by a first deed of trust on the
following lots, to wit:
Lots 27, 28, 29, 30 & 31
Edwards Village Residential
According to the recorded plat thereof
to guarantee faithful performance and completion of those
certain public improvements required pursuant to said Sub-
division Improvements Agreement; and
WHEREAS, pursuant to Section 4 of the aforesaid Sub-
division Improvements Agreement, the Subdivider may at any
time substitute the collateral originally deposited with the
County for another form of collateral resonably acceptable to
the County to guarantee the faithful completion of required
public improvements; and
WHEREAS, the Subdivider desires the Board to substitute
the original collateral referred to hereinabove with
collateral in the form of a promissory note in the amount of
$ 348,840.00 secured by a first deed of trust on Lot 3,
Edwards Village Residential, according to the recorded plat
thereof; and
WHEREAS, the Board hereby determines that the afore-
said substitution of collateral is acceptable to the County
to guarantee the faithful completion of required public
improvements.
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners, County of Eagle, State of Colorado:
THAT, the Board hereby releases that certain promissory
note dated September 30, 1981, in the amount of $ 348,840.00
and that certain first deed of trust on Lots 27, 28, 29, 30
and 31, Edwards Village Residential, according to the
recorded final plat thereof, County of Eagle, Colorado; said
deed of trust appearing in Book 331 at Page 337 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 $ 348,840.00
secured by a first deed of trust on Lot 3, Edwards Village
Residential, according to the recorded final plat thereof, to
guarantee faithful performance and completion of those public
improvements required pursuant to that certain Subdivision
Improvements Agreement dated September 30, 1981, between the
Subdivider and the Board relative to the subject subdivision;
said Subdivision Improvements Agreement appearing in Book 331
at Page 338 of the property records of the County of Eagle,
Colorado.
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THAT, the aforesaid substitution of the collateral
shall not in any way whatsoever release the subdivider for
its obligations and responsibilities set forth in the subject
Subdivision Improvements Agreement referred to herein.
THAT, the Board hereby determines that the aforesaid
substitution of collateral shall not abrogate the rights of
the Board in enforcing the satisfactory completion of those
public improvements required 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 deed of trust recorded in Book 331 at Page 337 in the
property records of the County of Eagle, State of Colorado,
upon the payment by Edwards Village Partnership of any and
all fees required in 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 April, 1982.
COUNTY OF EAGLE, STATE OF COLORADO
By and Through its
ATTEST: BOARD OF COUNTY COMMISSIONERS
By Y. ��1� / By:
er o t oar o Dal F. Grant, Chairman
County Commissioners
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oxel, 4;ommissioner
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