HomeMy WebLinkAboutR1979-36 Release of Collateral - South Forty Subdivision III • 411 •
RESOLUTION
OF
THE BOARD OF COUNTY COMMISSIONERS
THE COUNTY OF EAGLE, STATE OF COLORADO
RELEASE OF COLLATERAL- SOUTH FORTY SUBDIVISION, COUNTY OF EAGLE, STATE OF COLORADO
WHEREAS, Edwards Development Associates, a Limited Partnership,
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hereinafter referred to as "Subdivider ", did on or about November 12, 1976,
enter into a Subdivision Improvements Agreement with the Board of County
Commissioners, County of Eagle, State of Colorado, hereinafter referred as
the "Board ". The Subdivider pursuant to said agreement provided collateral
by means of a Deed of Trust in favor of Eagle County in the amount of
$91,900.00 covering lots C -2, R -21, R -22, R -23, R -24, and R -30 in said
Subdivision to guarantee performance and completion of certain public
improvements, i.e. construction of streets, drainage and utilities
within said Subdivision as shown on the final Plat thereof; and
WHEREAS, the Board on September 27, 1978, released the Deed
of Trust as it pertained to Lot C -2 of the South Forty Subdivision; and
WHEREAS, the Subdivider desires the release of the Deed
of Trust as it pertains to Lot R -24 of the South Forty Subdivision,
due to the fact, that ninety percent (90 %) of the public improvements
referred to hereinabove have been satisfactorily completed leaving an
estimated amount of twenty -five thousand dollars ($25,000) of said public
improvements to be completed. The remaining three (3) lots which are
secured by said Deed of Trust are valued in the amount of forty -two
thousand, four hundred and fifty dollars ($42,450) which is sufficient
to guarantee completion of said remaining public improvements.
NOW THEREFORE, be it resolved by the Board of County Commissioners,
County of Eagle, State. of Colorado:
THAT, the Board hereby releases a certain Deed of Trust with respect
to Lot R -24, South Forty Subdivision according to the recorded Plat thereof,
County of Eagle, State of Colorado; said Deed of Trust appearing in Book
249 at Page 998 in the property records of the County of Eagle, Colorado;
THAT, said release of Deed of Trust does not in any way release
Edwards Development Associates, a Limited Partnership, from the obligations
and covenants within a certain Subdivision Improvements Agreement dated
on or about November 12, 1976, between Edwards Development Associates
and the County of Eagle, Colorado i.e. said obligations being the completion
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of certain public improvements as shown on the final Plat of South Forty
Subdivision recorded with the Clerk and Recorder's office, County of
Eagle, State of Colorado;
THAT, the Board has determined that said Release of Deed of Trust
will not abrogate the rights of the County in enforcing the satisfactory
completion of said public improvements, i.e. streets, utilities, and drainage,
due to the fact, that ninety percent (90 %) of the public improvements
have been satisfactorily completed leaving an estimated amount of twenty -
five thousand dollars ($25,000) to be completed; whereby the three lots
secured by said Deed of Trust are valued in the amount of forty -two
thousand, four hundred and fifty dollars ($42,450.).
AND FURTHER, 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 249 at Page 998 in the property records
of the County of Eagle, State of Colorado, upon the payment by
Edwards Development Associates 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 this �' day of October,
1979.
COUNTY OF EAGLE, STATE OF COLORADO
By and Through its
BOARD OF COUNTY COMMISSIONERS
ATTEST:
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By:1 ,L./, , '/nom ! ,j • /1
%l erk of the'?': r• By ' 1
of County Commissioners Dan li liams, airman
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Keith Troxel
Dale Grant