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Home My WebLink About20102110.tiff RESOLUTION RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR IMPROVEMENTS (ON-SITE ONLY),AUTHORIZE CHAIR TO SIGN, AND ACCEPT COLLATERAL FOR USE BY SPECIAL REVIEW PERMIT #1630 - REJOICE LUTHERAN CHURCH WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, on February 27, 2008, the Board of County Commissioners approved Use by Special Review Permit#1630,for Rejoice Lutheran Church, P.O. Box 1244, Erie, Colorado 80516, for a Site Specific Development Plan and Use by Special Review Permit #1630 a Public and Quasi-public Building (church) in the A (Agricultural) Zone District on the following described real estate, being more particularly described as follows: Lot 5, Block 4, Ranch Eggs, Inc. Subdivision; Filing No. 2, being part of the NW1/4 of Section 34, Township 1 North, Range 68 West of 6th P.M., Weld County, Colorado WHEREAS, pursuant to certain Conditions of Approval, the Board has been presented with an Improvements Agreement According to Policy Regarding Collateral for Improvements (On-Site Only) between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Rejoice Lutheran Church,with terms and conditions being as stated in said agreement, and WHEREAS, the Board has been presented with Irrevocable Standby Letter of Credit #2065833035 from Summit Bank and Trust, 199 South Briggs Street, P.O. Box 173, Erie, Colorado 80516, in the amount of$53,123.00, and WHEREAS, after review, the Board deems it advisable to approve said agreement and accept said Irrevocable Standby Letter of Credit as stated above, copies of which are attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Improvements Agreement According to Policy Regarding Collateral for Improvements (On-Site Only) between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Rejoice Lutheran Church, be, and hereby is, approved. p,,k¢e( ^) CC ?L l k% ca' ' 2010-2110 ��`tin chz g—/z1/0• 9-02c2---/0 PL1951 IMPROVEMENTS AGREEMENT- REJOICE LUTHERAN CHURCH PAGE 2 BE IT FURTHER RESOLVED that Irrevocable Standby Letter of Credit#2065833035 from Summit Bank and Trust, 199 South Briggs Street, P.O. Box 173, Erie, Colorado 80516, in the amount of$53,123.00, be and hereby is, accepted. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 13th day of September, A.D., 2010. BOARD OF COUNTY COMMISSIONERS WELD COUNTY COLORADO ATTEST: • \`\' Ells .z�ce r RS r ogI s Rade acher, air Weld County Clerk to the Bo d;it ,E A arbara Kirkmeyer, ro-Tem BY: ti^ I L2iliTC,' i c-- Deput C erk to he Board Sean P on ay _- 6-3 APPRrD AS T 3 mF. G- o:47 Attorney C c1(.-----9 David E. Long y / Date of signature: '1/7(//0 2010-2110 PL1951 4114t MEMORANDUM W I TO: Board of County Commissioners DATE: September 9, 2010 COLORADO FROM: Michelle Martin N il SUBJECT: USR-1630 The Department of Planning Services received an irrevocable letter of credit for the On-Site Improvements for USR-1630. USR-1630 was approved by the Board of County Commissioners on February 27, 2008 for a Site Specific Development Plan and a Special Review Permit for a Use by Special Review for a Public and Quasi-public building (Church) in the A (Agricultural) Zone District. Legal: Lot 5 Block 4 Ranch Eggs Inc Subdivision Filing 2 being a Pt NW4 of Section 34, TIN, R68W of the 6`" P.M., Weld County, CO. Location: North of and adjacent to Lowell Lane, approximately '/2 mile east of County Road 7 and approximately Y2 mile north of County Road 2I Baseline Road. Parcel No.: 1467 34 204015 The collateral for the Improvements Agreement is in the amount of$53,123.00, for the on-site improvements. After review of the collateral by the Weld County Attorney, the Department of Public Works and Department of Planning Services, it has been determined that the amount of the agreement will be sufficient to complete the on-site improvements required for USR-1630. 2010-2110 /91.1951 Michelle Martin From: Clayton D. Kimmi Sent: Thursday, August 19, 2010 7:31 AM To: Michelle Martin Cc: Clayton D. Kimmi; Richard Hastings Subject: USR-1630 Rejoice Lutheran Church Importance: High Michelle, Rich and I have reviewed the Exhibits prepared by Rejoice for their collateral. The prices shown on Exhibit A are consistent with the quotations that they provided to us in March. The amount of collateral being posted for the interim phase of the project is acceptable to Public Works. Clay Kimmi, P.E., CFM Drainage & Floodplain Engineer Weld County Public Works 1111 H St PO Box 758 Greeley, CO 80632-0758 O: 970-304-6496 x 3741 F: 970-304-6497 1 566 IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING COLLATERAL FOR IMPROVEMENTS (ON-SITE ONLY) Rejoice Lutheran Church,—USR-1630 THIS AGREEMENT, made and entered into this t7/ day of iket , 2010, by and between the County of Weld, State of Colorado, acting through its Board of County Commissioners, hereinafter called "County," and, Rejoice Lutheran Church, hereinafter called 'Property Owner." WITNESSETH: WHEREAS, Property Owner is the owner of the following described property in the County of Weld, Colorado: Lot 5, Block 4, Ranch Eggs, Inc. Subdivision, Filing No. 2, being part of the NW1/4 of Section 34, Township 1 North, Range 68 West of the 6th P.M., Weld County, Colorado hereinafter referred to as "the Property," and WHEREAS, Property Owner have acquired land use permits from County for a Public and Quasi- public Building (church) and a Non-exclusive License Agreement to utilize Weld County Right-of- Way, on approximately 3 acres on the above described real property, for a Site Plan Review filed by Property Owner for USR-1630, and WHEREAS, the Property Owner acknowledge that the issuance of USR-1630 is conditional upon Property Owner's performance of the on-site and/or off-site improvements which are described in this Agreement and depicted in a set of Construction Plans drawn by V3 Companies of Colorado, stamped and signed by Todd Borger, P.E. number 32993, and dated August 2, 2010 and provided by Property Owner (hereinafter referred to as "Construction Plans"), a copy of which is attached to M▪ S 8 this Agreement and made a part hereof, and ▪ re am°s WHEREAS, Property Owner acknowledges that it may not engage in any activity described in USR-1630 and/or any activity related to the site described above until said improvements have = been completed, and o G MIMMIV N —d WHEREAS, the parties agree that neither Property Owner shall not be required to commence work d on the on-site and/or off-site improvements, nor to provide collateral for said improvements as required by this Agreement, until Property Owner submits and receives approval of an application o o for a grading permit or for a Right-Of-Way permit for construction of accesses and work within the o County Right-Of-Way. moo No NOW, THEREFORE, IN CONSIDERATION OF the foregoing and of the promises and o covenants contained herein, the parties hereto promise, covenant and agree as follows: us to -N O ----- M� C,Users Wdeines',AppDatalLocaP.Microsoft'Windows Temporary Internet Files sConlenLOuUook'J HZOTSIBIRejoice Lutheran Church(USR-1630) IA(8-6-I 0).doex Page I of I I A. Required Off-Site Improvements: Non-Applicable at this time. In the event that direct access is required at another location, Property Owner shall apply to Weld County for required permits, as needed. Granting of any new point of access may generate additional obligations with County for Off-Site Improvements and the need to post Road Maintenance Collateral. B. Haul Routes: Non-Applicable C. Road Maintenance Requirements: Non-Applicable at this time. D. On-Site Improvements: 1.0 Landscaping and Fencing Requirements: Property Owner shall landscape and/or maintain the landscaping and re-seeding of the property where applicable as shown on the accepted Construction Plans and USR-1630 Plat Map. Specifically, Property Owner shall at its own expense, plant, install and maintain all grass and other landscaping and re-seeding where applicable as shown on the accepted Construction Plans and USR-1630 Plat Map. Additionally, Property Owner shall install and maintain fencing to the property where applicable as indicated on the accepted Construction Plans and USR-1630 Plat Map. In the event any of these improvements include work extending into State or County Right-Of-Way, a Right-Of-Way and/or access permit(s) is required. 2.0 On-Site Grading, Drainage Facilities and Paving Property Owner shall, at its own expense, grade and/or pave specified roadways, accesses, easements, and parking areas, and shall install accepted drainage and signage components, adjacent to or within the property in accordance with the directives of the Weld County Department of Public Works and Department of Planning, as further described in the accepted Construction Plans for the Interim Condition (Sheets C2.0, C2.1, C3.0, and C3.1). Property Owner shall be responsible for all maintenance of the onsite improvements and off-site improvements constructed in the County's Right-of-Way and as part of the Non-exclusive License Agreement. Any additional infrastructure improvements may be required and will be addressed at the time of application for any future amended USR. These improvements may include work extending into County Right-Of-Way in which case a Right-Of-Way permit is required. `o cc GotiAt such time as the Property Owner applies for a building permit for the future building " addition as shown on the Plat for USR-1630, the Property Owner shall be required to post the collateral shown on Exhibit C and construct and install the remainder of the $ d improvements as shown on the accepted Construction Plans for the Final Condition (Sheets _ o C2.2, C3.0, and C3.1). d c..W 3.0 Timing of Improvements: Property Owner shall not be required to initiate these requirements until the occurrence of the triggering event for all improvements, namely the approval N of the grading permit by the County or an amendment to the existing USR. No grading permit will moo be released until collateral is posted for the associated improvements and the Construction Plans e, have been submitted to and accepted in writing by the Department of Public Works. Access and/or --=NR Right-Of-Way permits will also be required prior to approval of the grading permit. Any —oae alterations to the accepted Construction Plans must be pre-approved in writing by the County �T =r0 0 �N 0 0 N C:'Users\adeinesVAppDataALocal\Microsoft\Windows\Temporary Internet FilesVContent outlookJHZOT5IBARejoice Lutheran Church(USR-1630) IA(R-6-10).docx Page 2 of!! Planning and Public Works Departments. At that time, and unless otherwise amended, Property Owner agrees that all landscaping and other on-site improvements, as indicated in Section D. 2.0 above shall be completed within the parameters established in Section E. 7.2 and Exhibit B. 4.0 Acceptance of On-Site Improvements: Upon completion of the on-site improvements, Property Owner shall contact the Weld County Department of Planning Services and the Weld County Department of Public Works and request an inspection of the on-site improvements described in Paragraph D.1.0 and D.2.0 above. The County's representatives may then initiate the acceptance process set forth in Paragraphs E.6.0, sections 6.1-6.3. E. General Requirements: 1.0 Engineering Services: Property Owner shall furnish, at its own expense, all engineering services in connection with the design and construction of the improvements identified on the accepted Construction Plans according to the construction schedule set forth in Exhibit "B,- both of which are attached hereto and incorporated herein by reference. 1.1 The required engineering services shall be performed by a Professional Engineer and Land Surveyor registered in the State of Colorado, and shall conform to the standards and criteria established by the County for public improvements. 1.2 The required engineering services shall consist of, but not be limited to, surveys, designs, plans and profiles, estimates, construction supervision, and the submission of necessary documents to the County. 1.3 Property Owner shall furnish construction drawings for the road improvements on public rights-of-way or easements and all improvements to the interior of the Property for approval prior to the letting of any construction contract. 2.0 Rights-of-way and Easements: Before commencing the construction of any c improvements herein agreed upon for public rights-of-way or easements, Property Owner shall acquire, at the sole expense of Property Owner, good and sufficient rights-of-way and easements on mimes)°e all lands and facilities traversed by the proposed improvements. All such rights-of-way and easements used for the construction of roads to be accepted by the County shall be conveyed to the _ g o County and the documents of conveyance shall be furnished to the County for recording. o V � 3.0 Construction: Property Owner shall furnish and install, at its own expense, the - CDimprovements identified on the accepted Construction Plans, and USR-1630 Plat Map and be solely —N n responsible for the costs listed on Exhibit "A" Interim Condition and Exhibit "C" Final Condition Al o Improvements, and described in parts A and D of this agreement, which are attached hereto and/or o incorporated herein by reference, with the improvements interior to the Property being completed o in by the dates set forth on Exhibit "B" (On-site). The Board of County Commissioners, at its option, M o may grant an extension of the time of completion set forth in Exhibit "B" stated herein upon o application by Property Owner. ac MMI t0 CO N •N o C AUscrs\adeinesVAppData.LocalAMicrosoft\Windows\Temporary Internet Files vContent.OutlookUHZOT5IBARejoice Lutheran Church(USR-1630) -M cn IA(8-6-10 Woe.x Page 3 of 11 3.1 Said construction shall be in strict conformance to the plans and drawings approved by the County and the specifications adopted by the County. 3.2 Property Owner shall employ, at its own expense, a qualified testing company previously approved by the County to perform all testing of materials or construction; and shall furnish copies of test results to the County. If County discovers inconsistencies in the testing results, Property Owner shall employ, at its expense, a third party qualified testing company approved by County. Such third party shall furnish the certified results of all such testing to the County. 3.3 At all times during said construction, the County shall have the right to test and inspect, or to require testing and inspection of material and work, at Property Owner's expense. Any material or work not conforming to the approved plans and specifications, including but not limited to damages to property adjacent to the construction plan area shall be repaired, removed or replaced to the satisfaction of the County at the expense of Property Owner. 4.0 Release of Liability: Property Owner shall indemnify and hold harmless the County from any and all liability loss and damage County may suffer as a result of all suits, actions or claims of every nature and description caused by, arising from, or on account of said design and construction of improvements, and pay any and all judgments rendered against the County on account of any such suit, action or claim, together with all reasonable expenses and attorney fees incurred by County in defending such suit, action or claim whether the liability, loss or damage is caused by, or arises out of the negligence of the County or its officers, agents, employees, or otherwise except for the liability, loss, or damage arising from the intentional torts or the gross negligence of the County or its employees while acting within the scope of their employment. All contractors and other employees engaged in construction of the improvements shall maintain adequate worker's compensation insurance and public liability insurance coverage, and shall d operate in strict accordance with the applicable laws and regulations of the State of Colorado o governing occupational safety and health. is o,a 5.0 Warranty of On-Site Improvements: Property Owner shall warranty all imm improvements topublic rights-of-way (if an and all privately created and maintained roads or mmi P g YY)> _C3 rights-of-way, or easements, and all on-site improvements for a period of one (1) year. The $ d warranty period shall begin only after the County's execution of a written acceptance of the � d 0 improvement(s). S N sai a '°3 6.0 Acceptance of Improvements by the County: Upon compliance with the following Er.Ny • procedures by Property Owner, the improvements shall be deemed accepted by the County. 0 S o a o c 6.1 If requested by Property Owner and approved by the County, portions of the arM N o improvements may be placed in service when completed according to the ci schedule shown on Exhibit `B," but such use and operation shall not, alone, imm in o ca constitute an acceptance of said portions of the improvements. _co =N O 0,V C:\Users\adeines'VAppDataALocalAMicrosoft\Windows',Temporary Internet Files VContent.Outlook\JHZOT5IBvRejoice Lutheran Church(USR-1630) IA(8-6-10).doex Page 4 of I I 6.2 County may, at its option, issue building permits for construction on lots for which the improvements detailed herein have been started but not completed as shown on Exhibit "B." and may continue to issue building permits so long as the progress of work on the USR improvements in that phase of the USR is satisfactory to the County, and all terms of this Agreement have been faithfully kept by Applicant, Property Owner. 6.3 Upon completion of the construction of the required on-site improvements, and the filing of a Statement of Substantial Compliance, when necessary, by Property Owner's engineer, Property Owner may, as set forth in Paragraph D.4.0, request in writing that the County inspect the improvements and recommend to the Board of County Commissioners that the improvements be accepted and further that the one-year warranty period begin. Upon completion of the one-year warranty period, the County Engineer and/or the Weld County Department of Planning Services shall, upon request of Property Owner, inspect the subject improvements, and notify Property Owner of any deficiencies. If any deficiencies are discovered, Property Owner shall correct the deficiencies. The County Engineer and /or the Department of Planning Services shall reinspect the improvements after notification from Property Owner that said deficiencies have been corrected. If the County Engineer and/or Department of Planning Services find that the improvements are constructed according to County standards, he or she shall recommend full acceptance. Upon a receipt of a positive unqualified written recommendation from the County Engineer and/or the Department of Planning Services for acceptance of improvements within the USR, the Board of County Commissioners shall fully accept said improvements. 6.3.1 All references in this Agreement to "Acceptance of Improvements" shall refer to the County confirming completion of said improvement(s) according to the accepted Construction Plans. By accepting any improvement, the County does not thereby accept said improvement for purposes of future maintenance, nor does the - cc County accept any present or future responsibilities or obligations -o Y relative to these improvements. d 0- 0 7.0 General Requirements for Collateral: �U N 7.1 County requires Property Owner to provide collateral to guaranty all of SCD Property Owner's obligations under this Agreement: (1) Project Collateral Wal N n for completion of all improvements described in this Agreement; (2) s o o Warranty Collateral required for all improvements during the warranty o phase. soo — g 7.2 Project Collateral submitted to Weld County to guarantee completion of the improvements identified on the accepted Construction Plans — Interim m5 cc Condition and USR-1630 Plat Map and further enumerated in the costs listed — oN m N O th t C:A Users\adeinesVAppData.Local AMicrosoftv Windows\Temporary Internet Files V Content.Outlook JHZOT5IBARejoice Lutheran Church(USR-1630) IA(8-6-I 0).doex Page 5 of I I in Exhibit A — Interim Condition, must be equivalent to One-Hundred percent (100%) of the value of the Interim Condition improvements as shown in this Agreement. Collateral for on-site improvements that extend partially off-site as mentioned in Paragraph's A.1.0 (if any) of this Agreement can be included as part of the On-site collateral amount, if clearly delineated on accepted Construction Plans and differentiated on Exhibit "A" Interim Condition of this Agreement. Such collateral shall be provided to the County on the dates set forth herein and shall be held in total by County as provided in Paragraph E. 6.3 below until all improvements have been completed. This collateral must be submitted to County upon the approval of this Agreement by the Board of County Commissioners. 7.3 Project Collateral submitted to Weld County to guarantee completion of the improvements identified on the accepted Construction Plans — Final Condition and USR-1630 Plat Map and further enumerated in the costs listed in Exhibit C — Final Condition, must be equivalent to One-Hundred percent (100%) of the value of the Final Condition improvements as shown in this Agreement. Collateral for on-site improvements that extend partially off-site as mentioned in Paragraph's A.1.0 (if any) of this Agreement can be included as part of the On-site collateral amount, if clearly delineated on accepted Construction Plans and differentiated on Exhibit C — Final Condition of this Agreement. Such collateral shall be provided to the County on the dates set forth herein and shall be held in total by County as provided in Paragraph E. 6.3 below until all improvements have been completed. This collateral must be submitted to County prior to the release of building permits for the future condition and upon the approval by the Board of County Commissioners. a :33. 7.4 Warranty collateral for all on-site shall be submitted to County and shall be - 0 held in total by the County for one (1) year following its written acceptance a- cc of the improvement(s). -oea IVY = 7.5 In the event Property Owner fails to adequately complete and/or repair - C U o 0 improvements associated with this Improvements Agreement, County will a" d access, in its sole discretion, Project or Warranty Collateral to the extent necessary to complete said improvements or repairs in order to preserve > public interest. �-Ny o0 7.6 Acceptable Project collateral shall be submitted at the time Property Owner submits an application for the grading permit or Right-Of-Way access O permit. No grading or building permits shall be issued for any site related -N o activities, on the property and no Site Preparation shall commence until cost aom estimates for the improvements are updated and collateral is provided in the �, amount of One-Hundred percent (100%) of the value of the improvements to =n be completed, and the development plans are revised to comply with all Mta current County standards, policies and regulations. The improvements shall C:AUsersVadeinesVAppDataALocalAMicrosoftAWindows\Temporary Internet Files Content OutlookJHZOT5IBvRejoice Lutheran Church(USR-1630) IA(8-6-10).docx Page 6 of 11 be completed within the time schedule set forth in Exhibit 'B", which is attached hereto and made a part of this Agreement. If improvements are not completed within these time frames, the County, at its discretion, may make demand on all or a portion of the collateral and take steps to see that the improvements are made. "Site Preparation" shall mean earthwork grading or performance of work, or construction or installation of improvements related to Applicant's planned operations pursuant to USR-1630 that require a grading or building permit from the County pursuant to the Weld County Code. 7.7 Collateral may be in the form of an irrevocable letter of credit (LOC) in an amount equivalent to (100%) of the total value of the improvements set forth in the Improvements Agreement and the Plat; the LOC shall be subject to the requirements of Weld County Code Section 2-3-30 B. The Property Owner shall utilize only a County approved form when obtaining an LOC: (IRRVEVOCABLE STANDBY LETTER OF CREDIT FOR BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO). A copy of said form shall be provided to Applicant upon request. 7.8 Collateral may be in the form of a surety bond given by a corporate surety authorized to do business in the State of Colorado in an amount equivalent to one hundred percent (100%) of the value of the improvements set forth in the Improvements Agreement. The surety bond shall conform to and be subject to the requirements of Weld County Code Section 2-3-30 B.4. The Property Owner shall utilize only a County approved form when obtaining a surety bond: (PERFORMANCE BOND FOR BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO). A copy of said form shall be provided to Applicant upon request. 0 0 7.9 Collateral may be in the form of a cash deposit made with the Board in an =o,y amount equivalent to One Hundred Percent (100%) of the value of the improvements set forth in the Improvements Agreement. � d 7.10 The Board of County Commissioners of Weld County reserves the right to o reject collateral which is deemed inappropriate or insufficient, which may be deither as collateral in the form of a letter of credit offered by a banking -__ad institution which does not have at least a "three star" rating given by Bauer �_ `" Financial, or as collateral in the form of a performance bond offered by an o insurance company which does not have at least a B+ rating given by A.M. c Best. The Board further reserves the right to require Property Owner to -N o obtain replacement collateral if the rating of the financial institution —-N o• providing said collateral drops below the levels stated above. Replacement re collateral shall be submitted by Property Owner within sixty (60) days of the moo s r Board's notice to Property Owner that the rating has fallen and that the so n0 collateral must be replaced. Property Owner may not terminate existing _-cn n collateral until replacement of collateral has been secured. C:`.Users\adeinesVAppDataALocal`.Mierosoft\Windows\Temporary Internet Files',Content.OutlookUHZOT5IBARejoice Lutheran Church(USR-1630) IA(8-6-I0).docx Page 7 of I I 8.0 Request for Release of Collateral: Collateral shall be released in accordance with the provisions of Weld County Code Section 2-3-30.C. Prior to release of collateral for the entire project or for a portion of the project by Weld County, Property Owner must present a Statement of Substantial Compliance from an Engineer registered in the State of Colorado (hereinafter "Engineer"),that the project or a portion of the project has been completed in substantial compliance with approved plans and specifications documenting the following: 8.1 The Engineer or his representative has made regular on-site inspections during the course of construction and the Construction Plans utilized are the same as those accepted by Weld County. 8.2 For the improvements to public rights-of-way or easements, test results must be submitted for all phases of this project as per Colorado Department of Transportation (CDOT) Schedule for minimum materials sampling, testing and inspections found in CDOT Materials Manual. 8.3 "As-built" plans and survey shall be submitted at the time the letter requesting release of collateral is submitted. The Applicant's engineer shall certify in writing that the project "as-built` is in substantial compliance with the Construction Plans and specifications as approved by the County, or that any material deviations have received prior written acceptance from the County Engineer. 8.4 The Statements of Substantial Compliance must be accompanied, if applicable, by a letter of acceptance of maintenance and responsibility by the appropriate utility company, special district or town for any utilities. 8.5 A letter must be submitted from the appropriate Fire Authority, if applicable, 9 indicating the fire hydrants are in place in accordance with the approved g plans. The letter shall indicate if the fire hydrants are operational and state the results of fire flow tests. "ricoUOrs 8.6 The requirements in the paragraphs 8.0 through 8.5 shall be noted on the o Final Construction Plans. OS.0E �9 a d 8.7 Following the submittal of the Statement of Substantial Compliance and MIS o written recommendation of acceptance of the improvements by the Weld �am County Department of Planning Services and the Weld County Department o$ of Public Works, Property Owner may request release of the collateral for moo the project by the Board. This action will be taken at a regularly scheduled public meeting of the Board. ,NO INS oCC 8.8 For all on-site (including improvements to public rights-of-way or o easements), the written request for release of "Project Collateral' shall be o_ accompanied by "Warranty Collateral' in the amount of fifteen percent -mg o (15%) of the value of the improvements as shown in this Agreement. Cr)03 C>Users\adeinesVAppDataALocalAMicrosoli Windows Temporary Internet Files yContenl.OutlookVJ HZOT5IBARejoice Lutheran Church(USR-1630) IA(8-6-10).doex Page 8 of I I However, collateral for improvements fully accepted for maintenance by a responsible governmental entity, special district or utility company will be fully refunded to Property Owner. 8.9 Following the written request for release of the "Warranty Collateral", the Weld County Department of Planning Services and the Weld County Department of Public Works County shall inspect the on-site improvements. If the improvements need mitigation or further repairs are required, said work must be completed prior to the conclusion of the Warranty period. The "Warranty Collateral" shall be released to the Property Owner following the expiration of the warranty period upon final written acceptance by the Board of County Commissioners. 8.10 "Road Maintenance Collateral' (If Applicable) for roads associated with the designated haul route shall be maintained as long as the USR is active. It shall be adjusted annually by the inflation rate based on the "Colorado Construction Cost Index Report" as published by the Colorado Department of Transportation. Road Maintenance Collateral shall be adjusted annually, during the month of January, for inflation. The First adjustment shall be made no less than twelve months after, and in no event later than twenty four months from the execution of this Agreement 9.0 Successors and Assigns: Except as specified herein, this Agreement may not be delegated, transferred or assigned in whole or in part by either party hereto without the express written consent of the other party and the written Agreement of the party to whom the obligations under this Agreement are assigned. Consent to a delegation or an assignment will not be unreasonably withheld. In the event of sale, the County may agree to release Property Owner in whole or in part from obligations under this Agreement. Notwithstanding the previous two sentences, the obligations to improve and maintain the improvements outlined in this Agreement may be delegated to a purchaser of a portion or all of the Property or business operation conducted o thereon, provided further that County's consent to such does not relieve Property Owner of any d obligations under this Agreement. Notwithstanding any other provisions of this Agreement or of cc thisparagraph, delegate or assign its rights and obligations under this Agreement County may b b g g g Ek-m�Y without the consent of Property Owner (or any assigns, delegates or successors in interest) to any municipality which by annexation has assumed jurisdiction and maintenance responsibility over the g roads affected by this Agreement. This Agreement shall be binding upon the heirs, executors, a c personal representatives, successors and assigns of Property Owner, and upon recording by the County, shall be deemed a covenant running with the land herein described. EMMI 0) n'V' 10.0 County Engineer: All references in this Agreement to "County Engineer" shall refer S to the any individual or individuals appointed by the County Engineer to act on his/her behalf. . 11.0 Violation of Terms of Agreement: If in County's opinion, Property Owner and/or ENO —Ng Property Owner has violated any of the terms of this Agreement, County shall notify Property =occ Owner and/or Property Owner of its belief that the Agreement has been violated and shall state =or- with specificity the facts and circumstances which County believes constitute the violation. `o C:V Users adeinesVAppData.Local AMicrosoft`.Windows\Temporary Internet Files VContent.OullookVHZOT5IB'Rejoice Lutheran Church(USR-1630) IA(8-6-10)don Page 9 of I I Property Owner and/or Property Owner shall have thirty (30) days within which to either cure the violation or demonstrate compliance. If, after thirty (30) days have elapsed, County believes in good faith that there has been a violation of the terms of this Agreement, County shall initiate proceedings to revoke the permit which is the subject matter of this Agreement. Violations of the terms of this Agreement include violations of the agreements contemplated by Paragraphs C. 4.0 & C. 5.0 of this Agreement, and a failure to enter into such Agreements in a timely manner. F. Governmental Immunity: No term or condition of this agreement shall be construed or interpreted as a waiver, express or implied, of any of the immunities, rights, benefits, protections or other provisions, of the Colorado Governmental Immunity Act §§24-l0-101 et seq., as applicable now or hereafter amended. G. No Third Party Beneficiary Enforcement: It is expressly understood and agreed that the enforcement of the teens and conditions of this Agreement, and all rights of action relating to such enforcement, shall be strictly reserved to the undersigned parties, and nothing contained in this Agreement shall give or allow any claim or right of action whatsoever by any other person or entity not included in this Agreement. It is the express intention of the undersigned parties that any person or entity, other than the undersigned parties, receiving services or benefits under this Agreement shall be an incidental beneficiary only. d Z P_ v imima O ad —OY � y _ G O 0 SU = O —y 2 MENEM —� > 0S 0 N g O ZEE � O —O �Ng ENO -c cc O r —row 0 0 mow o � C9Usersadeines.AppData.Local`,Microsoft Windows\Temporary Internet FilesVContent.OutlookJHZOT5IB.Rciuioe Lutheran Church(USR-1630) IA(R-6-10).docx Page 10 of II IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the day and year first above written. PROPERTY OWNER: Rejoice Lutheran Church By, 7 e•- . G\n c t S-c s V e C\%u«\i. coUAA\ y16de vt i per► P O" Props w� Subscribed and sworn to before me b l�Vl � of Property Owner, this 1 of 'Alert ,2010. ro app` P Nce Vti_tAt O, - t 0-% a•�Z� 0:` • Z icoENIG O BOARD OF COUNTY COMMISSIONERS ,(x• WELD COUNTY, COLORADO • ELaDouglas adema er, Chair Weld County Clerk to the B. ' •t 1� _ �1 SEP 1 3 2010 BY: if I/a 12 -• � Deputy Cl; Ito the Boa =8 c APPROVED AS TO FORM: —,2 County Attorney = OJ � OJ d fn —O� O a O —o aNO —M • N O n _I _In 0 —N 0, fD Ci,Users`,adeinesvAppData`.Locat.Microsufl.W indows‘Temporary Internet Files VContent.Outlook\JHZOT5IBARejoicc Lutheran Church(USR-1630) IA(8-6-10).docx Page II of II _ �7 i/Z EXHIBIT A Cost Sheet (ON-SITE) "Interim Condition" Name of Subdivision,PUD,USR,RE,SPR: USR-1630 Filing/Case#: Location: Personnel Contact:Name Greg Wermager Title Contractor Phone 303.842.6072 Intending to be legally hound,the undersigned Applicant hereby agrees to provide throughout this facility the following improvements. Improvements (ON-SITE) (Leave spaces blank where they do not apply) Quantity Units Unit Costs($) Estimated Construct Cost rsi Site Grading $10,435 Street Grading Street Base Street Paving (Gravel) $10,000 Entrance Improvements(Per Sec. E.-7.2) Curbs,Gutters,and Culverts $3,600 Sidewalk $10,000 Water Quality Capture Feature $3,400 Retention/Detention Ponds Road Culvert Grass Lined Swale Ditch Improvements Erosion Control Measures/BMP's $4,688 Fire Hydrants Survey, Street Monuments/Boxes Parking Area Street Lighting Street Names Signage&Pavement Marking Fencing Requirements Landscaping $11,000 Park Improvements Telephone Gas Electric Septic System Sewer Tap Water Tap Water Well 1111111 11111 1111 11111 1111111111111111 III 111111 III IIII 3720566 09/23/2010 02:26P Weld County, CO 12 of 17 R 0.00 D 0.00 Steve Moreno Clerk& Recorde SUB-TOTAL: " -v;?," , P;. 1r, , #,. w r .44..r x c z 11 $53,123 Engineering and Supervision Costs$ (Testing,inspection,as-built plans and work in addition to preliminary and final plat;supervision of actual construction by contractors) TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION $ 'ti' c3, `13 ' Co Aug 11' 10 06:47a Greg /Diane Wermager p 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . :P1BIT A �ost:Sheet �f)14r=S1 )' Ssg� tiie Page The above improvements shall be constructed in accordance w:rh ail County emir a:rte- ; :.n specifications. and conformance with this prevision shall be determined solely by Weld Coin'y, Li its J.a t auii;orized agent. Said improvements shall be completed according to the constructior. schedaie Sc: B By: Gamzz' _ Applican Date 1/ . 2 Title By: --cO% Applicant V C,"r CC\VV CoVnt\ Date AV() \Z Yo_\ 0 Title (If corporation,to he signed by President and attested to by Secretary, together With o a,'urdc •eat 111111111111111111111111111111111111111III111111III 3720566 09/23/2010 02:26P Weld County, CO 13 of 17 R 0.00 D 0.00 Steve Moreno Clerk& Rec M:IAGREEMENTS\Exhibits\Exh A on-sile- Interim Conditon.xlsx EXHIBIT B-Time Schedule (ON-SITE)& (OFF-SITE) Name of Subdn isiuo,PCB,t:Stt.RE.Sill: USR-1630 FilingiC'asc N: _ Location: Intending to be legally hound.the ondrr,ignrd 1pplicern hereby agrees to provide throughout rM,facility the following inrprmrntena. All improvements shall be completed within 1 years from the date of approval of the final plat. Construction of the umprovements listed in Exhibit A shall be completed as follows: Iniprovements Tillie Schedule (Leave spares blank where they do not apply I • Ll F S —._..............- (l,�'-S1Tl:'2 l7 ) September,2{31'0 Site Grading 2 weeks Street Grading Street Base Street Paying (gravel) 1 week Curbs,Gutters,and Culverts 1 week Sidewalk 1 week Stormwater/Drainage Facilities 2 days Retention I Detention Ponds Road Culvert Grass Lined Swale Ditch improvements Subsurface Drainage Sanitary Sewers/Sewage Facilities Sanitary Sewer Forced Main Erosion Control Measures/BMP's 2 days Laterals(house or building connected) Water Supply and Storage Water Mains(includes bore) Fire Hydrants Survey,Street Monuments/Boxes Parking Area Street Lighting Street Names Signagc&Pavement Marking Fencing Requirements Landscaping 1 week Park Improvements Telephone Gas Electric Water Transfer Final Cunipletlnu Date far Entire Protect Note: It is impossible to assign a calendar schedule to this project as we cannot anticipate any sort of start date due to all the delays to date. I IIIIIIIIIIIIIIIII IIID 11111 IIIIII 11111 III 111111 Dliii 3720566 09/23/2010 02:26P Weld County, CO 14 of 17 R 0.00 D 0.00 Steve Moreno Clerk& Recorder Aug 11 10 05:47a Greg /Diane Wermager 303-32t_0497 p.5 EXHIBIT B - Time Schedule- Signature Page The County,at its option, and upon the request of the Applicant, may grant art cxter io., ._1'time For comp:etion for any particular improvements shown above, upon a showing by the Applicant t'ta! t'c .r .,.. scLcdule cannot be met. By: Applicant L /� �t Ocolkar*/ %Q?'rJ !4/c_ Date ./` T•_/l . 2( /e Title By: Ikre.4 `X1`! y Applicant Q GNn V(Gh Cov'\L\ Date__ \14 \t .'2D O Title (If corporation, to be signed by President and attested to by Secretary,together with cot l..v.r: seal I 1 HID 11111DIU111111111111111111111III111111III �� 3720566 09/23/2010 02:26P Weld County, CO 15 of 17 R 0.00 D 0.00 Steve Moreno Clerk& Rect M:tAGREEMENTS\Exhibits\Ex'h B Time Schecule.xis EXHIBIT C Cost Sheet (ON-SITE) "Final Condition" Name of Subdivision,PUD,USR,RE,SPR: USR-1630 Filing/Case#: Location: Personnel Contact:Name Greg Wermager Title Contractor Phone 303.842.6072 Intending to be legally bound,the undersigned Applicant hereby agrees to provide throughout this facility the following improvements. Improvements (ON-SITE) (Leave spaces blank where they do not apply) Ouantitv Units Unit Costs($) Estimated Construction Cost ICI Site Grading $13,000 Street Grading Street Base Street Paving Entrance Improvements(Per Sec. E.-7.2) $5,000 Curbs,Gutters,and Culverts $2,000 Sidewalk Water Quality Capture Feature Retention/Detention Ponds $15,000 Road Culvert Grass Lined Swale Ditch Improvements Erosion Control Measures/BMP's $6,000 Fire Hydrants Survey, Street Monuments/Boxes Parking Area $15,000 Street Lighting Street Names Signage& Pavement Marking Fencing Requirements Landscaping Park Improvements Telephone Gas Electric Septic System Sewer Tap Water Tap 1 111111 11111 1111 11111 11111 111111 11111 III 111111 III 1111 Water Well 3720566 09/23/2010 02:269 Weld County, CO — 16 of 17 R 0.00 D 0.00 Steve Moreno Clerk& Recorder SUB-TOTAL: � ,"r o , ro ° . t 4� ` $56,000 Engineering and Supervision Costs$ (Testing,inspection,as-built plans and work in addition to preliminary and final plat;supervision of actual construction by contractors) TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION $ $63,280 Aug 12 10 06:52a Greg /Diane Wermager 303-826-"4/J7 p.3 1 Iii l C: C isf Sheet(.0? .4: ` ) 8#knatu a Pave The above improvements shall be construc:ed in accordance with all Coc:ny r.:quoc :un aid peaficnuons. and conformance with this provision sho]]be determined solely by Weld Colinuy,or i ;.'.alg-.n�tSorized .:gent Said improvements shall bee completed c according to the construction schedule SL ot:: ;.; F\ltLflI B U'v Applicar Date_4 . / _ �0---- Title \\a By: Applicant C R j-c - V)._ MCI Co. net\ ' Date `v9 .'201p- - Title (If corporation, to be sigted by President and attested to by Secretary, iogctber a ith retpo:aic sea..A 111111111111111111IIIII 1111 1111111111III111111III& II 3720566 09/23/2010 02:26P Weld County, rk 17 of 17 R 0.00 D 0.00 Steve Moreno Clerk Reco M:\AGREEMENTS\Exhibits\Exh Con-site- Final Corditiorxlsx c___ Proposal Prepared forRejoice Lutheran Church Lowell Lane 1st Green Lawns12-Oct-09 Erie,t- 2-Oct 0 o9 CI IIIIVAI IC rNI IDINIl SOIL I W$I OR\I JlJ IIi1\ll Project: Landscape Installation • installed Product Description Quantity U/M Price Total price Project Site Work $ 2,188.00 1.-- Project Mobilization • 1.00 each 195.36 Skid Steer with Operator:Excavation and grading for path 6.00 hour's 68.36 3 man labor crew:Transplant designated trees(No guarantee) 18.00 hour/s 87.91 Environmental Fees 5 236.92 L. Disposal Charge/Construction&Demolition Debris 4.00 yard/s 32.37 Dump Trailer Disposal Charge/6 yards per i to )d 1.00 each 107.45 Retaining Wails G'FCrLf! 1 �9 ebli�l 77ki- — 9,162.62 Diamond Block Retaining Wall;without cap 390.00 face ft 20.86 -4" eel Diamond Block Retaining Wall Cap 92.00 lin.Ft. 11.16 � Notes:Wall Permit and Engineering Not Included if Applicable e I -�(o'. V Pathways W { RY $ 1,760.00 ti 5'Wde Grey Breeze Pathway-4"compacted 220.00 linear ft 8.00 Deciduous Shade Trees 1.00 total $ 3,671.33 I-- Maple,Autumn Blaze 2.5" 7.00 each '524.48 • Deciduous Ornamental Trees 6.00 total S 3,406.59 Plum,Newport 2.5"cal. 6.00 each 567.77 Deciduous Shrubs 13.00 total $ 460.19 v Potentilla,Gold Drop(5 gal) • P13.00 each 35.40 Evergreen Shrubs 5.00 total S 236.39 . Juniper,Buffalo(5 gal) 5.00 each 47.28 Aggregates,Mulches and Soils $ 376.00 ✓ Idaho Cedar Mulch;Installed©avg.T'depth-for shrubs and trees 340.00 sqr ft 0.90 Delivery of Materials-15 tons/delivery 1.00 each 70.00 Superintendent Fee 2%of proposal tI 429.96 V Proposal.total: _ __ a 9g$_�_; g8-- / NOTE: Transplanted material is not covered by any 1141jG luf y, y es 1/ P07- ---/l�/ warranty. Ali trees must be adequately watered to be covered 6 /�s l/ by one-year warranty. Y ct.,e►„ir tae ltie /7 OD. The proposed prices,specifications and conditions are hereby accepted,as well as terms of limited warranty included in customer care package. 1st Green Lawns, Inc. is authorized to do the work as specified. Payment will be 50% down prior to the start of work with installment payments based on percentage of work completed. Payments will be due by the 10th of each month for the previous months billing. The above pricing is valid for 30 days following the date of this proposal. Prices are subject to adjustment thereafter unless quote has been signed and scheduled prior to 30 days from the date of proposal. 1st Green Lawns, Inc., reserves the right to take and use pictures of specific project for management and marketing. Acceptance Signature: Date' I , "NI fIMILI I 12149 E Baseline Road • Page 1 of 2 Phone(303)926-7280 Lafayette,CO 80028 www.flretgreenlawns.com Fax(303)926.7262 vats SUMMIT BANK & TRUST 199 S. BRIGGS STREET P.O. BOX 173 IRREVOCABLE STANDBY LETTER OF CREDIT FOR ERIE, CO 80516 BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO Date: 9/7/10 Beneficiary: BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO 915 Tenth Street Greeley, Colorado 80631 Attn: Clerk to the Board Company Name: Rejoice Lutheran Church f Company Address 3413 Lowell Lane Company Address Erie, Co 80516 Ladies and Gentlemen: Effective immediately, at the request of and on behalf of Rejoice Lutheran Church, we hereby issue this Letter of Credit#2065833035 for $53,123.00 in favor of the Board of County Commissioners of Weld County, Colorado, (hereinafter "Beneficiary"). This Letter of Credit is issued to permit Rejoice Lutheran Church to meet the requirements of the Improvements Agreement According to Policy Regarding Collateral for Improvements (On-Site Only) Rejoice Lutheran Church,- USR-1630. Dated August 12, 2010, (hereinafter"Improvements Agreement"). This amount may be drawn on at our office located at Summit Bank and Trust— 199 S. Briggs St, Erie, CO 80516. We hereby undertake to honor your sight draft drawn on us bearing upon its face the clause: "Drawn under the Bank of Summit Bank and Trust-Letter of Credit Number 2065833035, dated 9/7/10", when accompanied by the following: 1. The original of this Letter of Credit and any subsequent amendments, if any; and 2. Original of Beneficiary's statement purportedly manually signed by a member of the Board of County Commissioners of Weld County, Colorado stating one or more of the following: a. "The Board of County Commissioners of Weld County, Colorado hereby certifies that it is entitled to draw US Dollars (Written Amount of Withdrawal) ($ ) under the Bank of (Name of Bank), Letter of Credit Number dated because (Name of Company) has defaulted on its obligations under PHONE 303.439.4888 WWWSUMMITBT.COM 1AX 303.439.4899 the (Insert full name of Improvements Agreement), by (State Nature of Default)." b. "The Board of County Commissioners of Weld County, Colorado hereby certifies that it is entitled to draw US Dollars (Written Amount of Withdrawal) ($ ) under Bank of (Name of Bank), Letter of Credit Number dated because (Name of Company) has not, to the satisfaction of the Board of County Commissioners of Weld County, Colorado, within sixty (60) days of the expiration date of this Letter of Credit replaced or renewed this Letter of Credit." The above statements are acceptable if presented in the form of a Resolution formally adopted by the Board of County Commissioners of Weld County, Colorado. Additionally, a copy of one or both of the above statements may be submitted by facsimile transmission or by electronic mail, if said transmission source can be verified by us. 3. It is a condition of this Irrevocable Letter of Credit that it be considered automatically extended without amendment for additional periods of one year from the present or any future expiration date unless we notify you, the Beneficiary, in writing, not less than ninety (90) days before such date that we elect not to extend this Letter of Credit for such additional term. This notice will be sent to the address herein, by certified mail, return receipt requested. Upon your receipt of said notice, you may draw on us at sight for the balance remaining under this Letter of Credit within the then applicable expiration date. 4. Partial drawings under this Letter of Credit are permitted. 5. For purposes of the Letter of Credit, Rejoice Lutheran Church shall be deemed in default if one or more of its obligations under the Improvements Agreement According to Policy Regarding Collateral for Improvements (On-Site Only) Rejoice Lutheran Church,- USR-1630. Dated August 12,2010 is/are not met within the time frame(s) set forth in said Improvements Agreement. 6. This Credit shall be transferable, as directed by an authorized representative of the Board of County Commissioners of Weld County, Colorado, in compliance with Article 48 of UPC 500. We hereby promise you that a draft drawn under and in compliance with the terms and conditions of this Letter of Credit will be duly honored by us if presented at this office or by registered mail on or before the current expiration date, currently 9/7/11 (Expiration Date), or any future applicable expiration date as described herein. Draft presentation before 10:00 a.m. Mountain Standard Time on any Business Day shall be honored before 5:00 p.m. on the same Business Day by wire transfer in immediately available funds to any account designated by an authorized representative of Board of County Commissioners of Weld County, Colorado, (or any other reasonable means specified by said authorized representative). Draft presentation between 10:00 a.m. and 5:00 p.m. Mountain Standard Time on any Business Day shall be honored before 5:00 p.m. on the following Business Day by wire transfer in immediately available funds to any account designated by an authorized representative of Board of County Commissioners of Weld County, Colorado, (or any other reasonable means specified by said authorized representative). As used in this Credit, the term "Business Day" shall mean a day other than Saturday or Sunday or any day in which Banking Institutions in the State of Colorado are authorized or required by law to close. The parties to this Letter of Credit acknowledge that through the Improvements Agreement, Beneficiary reserved the right to require (Name of Company)to obtain a different Letter of Credit from a financial institution other than this Bank in the event that the rating of this Bank by Bauer Financial falls below a three star rating. This Letter of Credit sets forth in full the terms of our undertaking, and such undertaking shall not in any way be modified, amended, amplified or limited by reference to any document, instrument or agreement referred to herein or to which this Letter of Credit relates. Except to the extent terms hereof are inconsistent with its provisions, in which case this Letter of Credit shall govern, this Letter of Credit is subject to the Uniform Customs and Practice for Documentary Credits (1993 Revision), the International Chamber of Commerce Publication No. 500. Yo ruly, Jo R. Dill Br nch President - Erie Su mit Bank& Trust P.O. Box 173 199 S. Briggs St Erie, CO 80516 303-439-4888 303-439-4899 `1520" IRREVOCABLE LETTER OF CREDIT Borrower: REJOICE LUTHERAN CHURCH (TIN: 54-2065833) Lender: SUMMIT BANK &TRUST 3413 LOWELL LANE ERIE OFFICE ERIE, CO 80516 PO BOX 173 199 S BRIGGS ST ERIE, CO 80516 (303)439-4888 Beneficiary: BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO 915 TENTH STREET GREELEY, CO 80631 NO.: 2065833035 EXPIRATION DATE. This letter of credit shall expire upon the close of business on 09-07-2011 and all drafts and accompanying statements or documents must be presented to Lender on or before that time (the "Expiration Date"). AMOUNT OF CREDIT. Lender hereby establishes at the request and for the account of Borrower, an Irrevocable Letter of Credit in favor of Beneficiary for a sum of Fifty-three Thousand One Hundred Twenty-three & 00/100 Dollars ($53,123.001 (the "Letter of Credit"). These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated above (or other such address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed written statements or documents indicated below. WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT BORROWER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN. DRAFT TERMS AND CONDITIONS. Lender shall honor drafts submitted by Beneficiary under the following terms and conditions: IT IS A CONDITION OF THIS IRREVOCABLE LETTER OF CREDIT THAT IT BE CONSIDERED AUTOMATICALLY EXTENDED WITHOUT AMENDMENT FOR ADDITIONAL PERIODS OF ONE YEAR FROM THE PRESENT OR ANY FUTURE EXPIRATION DATE UNLESS WE NOTIFY YOU, THE BENEFICIARY, IN WRITING, NOT LESS THAN NINETY (901 DAYS BEFORE SUCH DATE THAT WE ELECT NOT TO EXTEND THIS LETTER OF CREDIT FOR SUCH ADDITIONAL TERM. THIS NOTICE WILL BE SENT TO THE ADDRESS HEREIN, BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED. UPON YOUR RECEIPT OF SAID NOTICE, YOU MAY DRAW ON US AT SIGHT FOR THE BALANCE REMAINING UNDER THIS LETTER OF CREDIT WITHIN THE THEN APPLICABLE EXPIRATION DATE. Upon Lender's honor of such drafts, Lender shall be fully discharged of Lender's obligations under this Letter of Credit and shall not be obligated to make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn. Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary without Beneficiary's authorization. By paying an amount demanded in accordance with this Letter of Credit, Lender makes no representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person, for any amount paid or disbursed for any reason whatsoever, including, without limitation, any nonapplication or misapplication by Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender any funds received by Beneficiary in excess of the Letter of Credit's maximum drawing amount. USE RESTRICTIONS. All drafts must be marked "DRAWN UNDER SUMMIT BANK & TRUST IRREVOCABLE LETTER OF CREDIT NO. 2065833035 DATED 09-07-2010," and the amount of each draft shall be marked on the draft. Only Beneficiary may complete a draft and accompanying statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder. Partial draws are permitted under this Letter of Credit. Lender's honor of a partial draw shall correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw, Lender shall return this original Letter of Credit to Beneficiary with the partial draw noted hereon; in the alternative, and in its sole discretion, Lender may issue a substitute Letter of Credit to Beneficiary in the amount shown above, less any partial drawls). PERMITTED TRANSFEREES. The right to draw under this Letter of Credit shall be nontransferable, except for: A. A transfer (in its entirety, but not in part) by direct operation of law to the administrator, executor, bankruptcy trustee, receiver; liquidator, successor, or other representative at law of the original Beneficiary; and B. The first immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express approval of a governmental body (judicial, administrative, or executive). TRANSFEREES REQUIRED DOCUMENTS. When the presenter is a permitted transferee li) by operation of law or (ii) a third party receiving transfer from a legal representative, as described above, the documents required for a draw shall include a certified copy of the one or more documents which show the presenter's authority to claim through or to act with authority for the original Beneficiary. COMPLIANCE BURDEN. Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i) that unless and until the present wording of this Letter of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary, and (ii) that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording. NON-SEVERABILITY. If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and Beneficiary shall be restored to the position each would have occupied with all rights available as though this Letter of Credit had never occurred. This non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within this Letter of Credit. GOVERNING LAW. This Agreement will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the IRREVOCABLE LETTER OF CREDIT Loan No: 2065833035 (Continued) Page 2 laws of the State of Colorado without regard to its conflicts of law provisions, and except to the extent such laws are inconsistent with the 2007 Revision of the Uniform Customs and Practice for Documentary Credits of the International Chamber of Commerce, ICC Publication No. 600. This Agreement has been accepted by Lender in the State of Colorado. EXPIRATION. Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored if presented to Lender on or before the Expiration Date unless otherwise provided for above. Dated: September 7, 2010 LENDER: SUMMIT BANK : RU By: Authoriz:d S:. r ENDORSEMENT OF DRAFTS DRAWN: Amount Amount Date Negotiated By In Words In Figures LASER PRO lmd!R,V.i.5.92 0.005 cum.HYLMd R.,.,w.S sulmo...Ina.1291,Nla. ♦ 2M.5..&,.d. -CO J'.10PILLPLlCOLOC PC 15.4205.PR.794 Hello