HomeMy WebLinkAboutR1979-48 Substitution of Collateral - Elliot Ranch Subdivision 11. 0.
RESOLUTION
OF
THE BOARD OF COUNTY COMMISSIONERS
COUNTY OF EAGLE, STATE OF COLORADO
SUBSTITUTION OF COLLATERAL - ELLIOT RANCH SUBDIVISION,
COUNTY OF EAGLE, STATE OF COLORADO
WHEREAS, David E. Edeen, Jessie L. Edeen, Marvin R Gray, and Judi A. Gray,
hereinafter referred as the "Subdividers ", did on or about May 24, 1979, enter
into a Subdivision Improvements Agreement with the Board of County Commissioners,
County of Eagle, State of Colorado, hereinafter referred to as the "Board ".
The Subdivider pursuant to said agreement provided collateral by means of an
irrevocable letter of credit issued by the First Bank of Eagle, Colorado, in
favor of Eagle County in the amount of Twenty -four Thousand, Seven Hundred and
Fifty Dollars ($24,750.00) to guarantee performance and completion of certain
public improvements, i. e. excavation, embankments, central water system, drainage
work, construction of bridge, and restoration of re- vegetation of terrain dis-
turbed by said improvements within said Subdivision as shown on the Final Plat
thereof; and
WHEREAS, the Subdividers desire to substitute said letter of credit for a First
Deed of Trust in favor of the County of Eagle on Lot 5, Elliot Ranch Subdivision,
County of Eagle, State of Colorado.
NOW, THEREFORE, be it resolved by the Board of County Commissioners, County of
Eagle, State of Colorado:
THAT, the Board hereby releases that certain irrevocable letter of credit given
by the Subdividers to the County of Eagle and issued by the First Bank of Eagle,
Colorado, in the amount of Twenty -four Thousand, Seven Hundred and Fifty Dollars
($24,750.00);
THAT, pursuant to the release of said letter of credit, the Subdividers hereby
submit a First Deed of Trust to the County of Eagle on Lot 5, Elliot Ranch Sub-
division, County of Eagle, State of Colorado;
THAT, the Subdividers hereby represent to the County that the market value of
Lot 5, Elliot Ranch Subdivision, is in the amount of One Hundred Twenty Five
Thousand Dollars ($125,000.00) and shall be sufficient to guarantee the faithful
performance and completion of certain public improvements as set forth within
that certain Subdivision Improvements Agreement dated May 24, 1979, between the
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Subdividers and the County of Eagle; the estimated cost of completion of said
public improvements being in the amount of Twenty -two Thousand Five Hundred
Dollars ( $22,500.00);
THAT, the acceptance of the County of Eagle of said First Deed of Trust is con-
ditional upon the subordination of a certain Deed of Trust held by Pauline Edeen
on Lot 5, Elliot Ranch Subdivision, County of Eagle, State of Colorado:
THAT, the substitution of collateral does not in any way release the SuLc'itiiders
from the obligations and covenants within that certain Subdivision Improvements
Agreement dated May 24, 1979, between the Subdividers and the County of Eagle,
Colorado, ie. said obligations being the completion of certain public improvements
as shown on the Final Plat of Elliot Ranch Subdivision recorded with the Clerk and
Recorder's office, County of Eagle, State of Colorado:
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 Ai day of December, 1979.
COUNTY OF EAGLE, STATE OF COLORADO
By and Through its
BOARD OF OUNTY COMMISS ONERS
ATTEST: By: / 1/
Dan it Tams, Chairman
Cler' of the Board ,
Co 'ty Commissioners 404
Dale Grant, Commissioner
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Keith Troxel, Commi