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Home My WebLink About20092418.tiffRESOLUTION RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL FOR EDEN'S RESERVE PLANNED UNIT DEVELOPMENT, S #500 - MARK AND JACQUELYN EBERL 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 August 26, 1999, the Department of Planning Services approved the application of Mark and Jacquelyn Eberl, 2672 Grace Way, Mead, Colorado 80542, on the following described real estate, to wit: Part of the NE1/4 of Section 21, Township 3 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, on September 20, 1999, the Board of County Commissioners of Weld County, Colorado, approved an Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Road Maintenance) and a Road Maintenance and Improvements Agreement for Eden's Reserve PUD, between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Mark and Jacquelyn Eberl, with terms and conditions being as stated in said agreements, and accepted Irrevocable Letter of Credit #378, drawn on the First National Bank of Longmont, NKA Guaranty Bank and Trust Company, 401 Main Street, P.O. Box 1159, Longmont, Colorado 80502, in the amount of $59,573.00, and WHEREAS, on September 11, 2000, the Board approved the Amendment and Modification of Letter of Credit #378 from First National Bank of Longmont, NKA Guaranty Bank and Trust Company, 401 Main Street, P.O. Box 1159, Longmont, Colorado 80502, in the amount of $25,888.00, and WHEREAS, staff from the Weld County Departments of Public Works and Planning Services have conducted a visual inspection and recommend release of said collateral. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Amendment and Modification of Letter of Credit#378, drawn on the First National Bank of Longmont, NKA Guaranty Bank and Trust Company, in the amount of $25,888.00 be, and hereby is, canceled and released. BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is, directed to return said collateral to the appropriate issuing party. 1111111 11111 111111 VIII 1111 111111111111111 VIII 1111 1111 2009-2418 PL1311 3651789 10/01/2009 11:48A Weld County, CO 1 of 2 R 0.00 D 0.00 Steve Moreno Clerk & Recorder �' e : AL t' /&% /o? CANCEL COLLATERAL - MARK AND JACQUELYN EBERL PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 9th day of September, A.D., 2009. ATTEST: BOARD OF$jOUNTY COMMISSIONERS WELD ,QU$ TY, COLORADO William F. Garcia, Chair Weld County Clerk to t BY Deputy Clerk to the Board ourfty Attorney Date of signature _ 11111111111111111111111IIII111111111111III11111 till Ill! 3651789 10/01/2099 11:48A Weld County, CO 2 of 2 R 0.00 0 0.00 Steve Moreno Clerk 8 Recorder Douglasftademachr Pro-Tem Sean P. Conway / C ✓ ra Kirkmeyer i J c Q David E. Long 2009-2418 PL1311 MEMORANDUM "Dc. COLORADO TO: Board of County Commissioners DATE: September 4, 2009 FROM: Kim Ogle, Planning Services • SUBJECT: Eden's Reserve PUD, S-500 do Mark and Jacquelyn Eberl Letter of Credit #378 First National Bank Staff from the Department of Public Works conducted a field inspection in August 2009 and determined that the property was in compliance with all transportation elements as stated in their referral dated August 31, 2009. Planning Services inspected the site on May 8, 2009 and determined that all non -transportation related items had been completed and were acceptable. The Weld County Attorney, the Department of Public Works and the Department of Planning Services, have determined that Letter of Credit #378, from First National Bank for Eden's Reserve PUD, do Mark and Jacquelyn Eberl, be released in full. 2009-2418 T� W1�'Yc COLORADO MEMORANDUM TO: DATE: FROM: SUBJECT: Kim Ogle, Planning Services 8/31/2009 Richard Hastings, Public Works Department Collateral List Update: Eden's Reserve - Mark and Jacquelyn Eberl (PL1311 - #992339) S #500 Release of Collateral Status • All Public Works related items have been completed and are found to be acceptable. Weld County Collateral List: Eden's Reserve - Mark and Jacquelyn Eberl (PL1311 - #992339) S #500 Private Road Maintenance and Improvements Agreement Irrevocable Letter of Credit #378 - First National Reduced Letter of Credit and extended time (#2000-2174) Expires 09/10/2001; original had auto renewal with 60 days notice $25,888.00 Recommendation: The Department of Public Works is recommending final release of collateral, as shown above from the Weld County Collateral List. Any non -Public Works -related items should be verified by Planning Services prior to collateral release. C:\Documents and Settings\kogle\Local Settings\Temporary Internet Files\Content.Outlook\NUIE6KGO\Collateral List update (Eden's Reserve S -500) -MEMO (2).docx Identify Results Page 1 of 2 WELD COUNTY ASSESSOR PROPERTY PROFILE Account#: R8114999 Parcel#: 120721002009 Tax Area: 2309 Bordering County: Acres: 63.905 Township Range Section Quart. Sec. Subdivison Name Block# Lot# 03 - 68 - 21 - 0 EDENS RESERVE - - Owners Name & Address: EBERL MARK A & P O BOX 668 MEAD, CO 80542 Additional Owners: EBERL JACQUELYN A Business/Complex: Sale Date Sale Price $0 Property Address: Street: 2672 GRACE WAY Weer - City: WELD Sales Summa *PILL Legal Descript ER L9 EDENS RESERVE SITUS: 267 Land Type Agricultural Land Subtotal: Bldg# 1 2 Abst Code 4117 Property Type Residential Out Building Improvements Subtotal: Total Property Value Land Valuation Su! Unit of Num Measure Acres qizacie (YUtik 63 ! 1k? L "�- i..'" cL ` iac) /�\ 63 '/x" b �/ f /O2±4g-iLiiF' 100 Buildings Valuation f ;ed lue ied Value $697,704 $60,950 $730,808 $70,550 Building Details Account#: R8114999 Parcel#: 120721002009 Owners Name & Address: EBERL MARK A & P O BOX 668 MEAD, CO 80542 Building# 1 Property Address: Street: 2672 GRACE WAY WELD City: WELD Property Type Residential http://maps2.merrick.com/ W ebsite/ W eld/setSq l.asp?cmd=QUERY&DET=PP&pin=120721... 9/3/2009 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 COLORADO September 14, 2009 Mark and Jacquelyn Eberl 2672 Grace Way Mead, Colorado 80542 RE: Cancellation and release of Collateral for Eden's Reserve PUD, c/o Mark and Jacquelyn Eberl Mr. and Ms. Eberl: On September 9, 2009, the Board of County Commissioners approved the cancellation and release of collateral for Eden's Reserve PUD, do Mark and Jacquelyn Eberl, in the amount of $25,888.00, as referenced above. Enclosed is a copy of the Resolution signed by the Board of County Commissioners. I will forward a copy of the signed and recorded Resolution to you as soon as it has been recorded. The original Amendment and Modification of Letter of Credit #378 for $25,888.00 has been returned to Guaranty Bank and Trust Company. If you have questions or need additional information, please do not hesitate to contact me at (970) 356-4000, Extension 4227. Very truly yours, BOARD OF COUNTY COMMISSIONERS By: Donna J. BeoRler Deputy Clerk to the Board a°,4Wilk *1 COLORADO September 14, 2009 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 GREELEY, COLORADO 80632 Attn: Chuck Allen Guaranty Bank and Trust Company 401 Main Street P.O. Box 1159 Longmont, Colorado 80502 RE: Cancellation and release of Collateral — Eden's Reserve PUD, c/o Mark and Jacquelyn Eberl Mr. Allen: Attached hereto please find the Board of County Commissioners Resolution releasing the collateral for Eden's Reserve PUD, do Mark and Jacquelyn Eberl, in the amount of $25,888.00, and the Amendment and Modification of Letter of Credit #378 issued by The First National Bank of Longmont, NKA Guaranty Bank and Trust Company, in the amount of $25,888.00. If you have questions or need additional information, please do not hesitate to contact me at (970) 356-4000, Extension 4227. Very truly yours, BOARD OF COUNTY COMMISSIONERS By:2Ct 40:1://4 i Donna J. B ler, Deputy Clerk to the Board $e1e Co11 The First National Bank of Longmont dSe"' d ere 401 Main Street, P.O. Box 1159, Longmont, Colorado 80502-1159 (303) 776-580V8 .1 4/0 Co oara Lo 1@ ee AMENDMENT AND MODIFICATION OF LETTER OF CREDIT Existing Information: Letter of Credit Number: 378 Borrower: MARK A. EBERL AND JACQUELYN A. EBERL Letter of Credit Dated: SEPTEMBER 10, 1999 Original Amount: $59,573.00 Current Amount Available: $59,573.00 Expiration Date: SEPTEMBER 10, 2000 Beneficiary: BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF WELD Borrower and Lender mutually agree that the Letter of Credit identified above is amended as follows: 1. The expiration date is extended to SEPTEMBER 10, 2001 2. An extension fee of $258.88 is paid herewith. d 0.0C`Pe eA ete dt Pki. Gay a� tea 0. C rk 3. Additional terms: EFFECTIVE SEPTEMBER 10, 2000 SAID LETTER OF CREDIT WILL BE REDUCED TO A COMMITTED AMOUNT OF $25,888.00 PER A COPY OF THE ATTACHED LETTER DATED AUGUST 11, 2000 FROM THE PUBLIC WORKS DEPARTMENT OF WELD COUNTY, COLORADO. The terms, definitions and conditions of the existing Letter of Credit are incorporated by this reference, and shall remain in full force and effect except as specifically extended/amended by this Agreement. It is acknowledged by the undersigned that the underlying promissory note hereon is valid and binding in all respects and is in full force and effect, there are no legal or equitable defenses to bar the enforcement of the note. Extension/Amendment Date: AUGUST 29, 2000 Borrower: Lender: The First Nationa By: CHARLES E. ALLEN, JR. Title: VICE PRESIDENT ♦ First National HANK Or LCNCMONT IRREVOCABLE LETTER OF CREDIT NO. September 10, 1999 Board of County Commissioners ATTN: Clerk to the Board PO Box 758 Greeley, CO 80632 First National i;uuk i✓ l„p!mn :1 401 Main , P.O. Box 1159 Longmont, Colorado 80502-1159 Telephone 303-776-5800 S. Hover at Bent Way 3 B.O. Box 1159 Longmont, Colorado 80502-1159 efgephone 303-776-5800 Re: Mark A. Eberl and Jacquelyn A. Eberl — Eden's Reserve P.U.D. located South and adjacent to WCR 32 and approximately 'A mile west of WCR 7, Mead, Colorado Dear Commissioners: We hereby open our Irrevocable Letter of Credit in your favor for the account of Mark A. Eberl and Jacquelyn A. Eberl, P O Box 668, Mead, Colorado 80542, for a sum not to exceed the aggregate of $59,573.00. (Fifty -Nine Thousand Five Hundred Seventy -Three and No/100). Each draft drawn must be marked "Drawn under FIRST NATIONAL BANK OF LONGMONT, 401 Main Street, P O Box 1159, Longmont, CO 80502, Letter of Credit No. 378" and be accompanied by a signed statement from the Board of County Commissioners of Weld County, Colorado stating the applicant has committed a material breach of specific improvements as described in attached Exhibit "A" of the Improvements Agreement according to Policy Regarding collateral for Improvements regarding Eden's Reserve P.U.D., dated the 23rd day of June, 1999 by and between Mark A. Eberl, Jacquelyn A. Eberl and the Board of County Commissioners of the County of Weld." This credit is subject so far as applicable, to "The Uniform Customs and Practice for Documentary Credit, 1993 Revision, International Chamber of Commerce Publication No. 500," hereinafter referred to as the "Uniform Customs." THE APPLICATION AND THESE TERMS AND CONDITIONS AND THE RIGHTS OF APPLICANT AND THE BANK HEREUNDER SHALL BE SUBJECTED TO AND GOVERNED BY THE LAWS OF COLORADO EXCEPT WHEN THE LAWS OF COLORADO CONFLICT WITH THE UNIFORM CUSTOMS, IN WHICH EVENT THE PROVISIONS OF THE UNIFORM CUSTOMS SHALL GOVERN. We hereby agree with you that all drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored and presented for payment to our main office, FIRST NATIONAL BANK OF LONGMONT, 401 Main Street, P O Box 1159, Longmont, CO 80502. This Letter of Credit will expire on September 10, 2000 at 3:00 P.M. This Letter of Credit is automatically extended without amendment, for additional one year periods from the current expiration or any future expiration date unless 60 days prior to such current expiration date FIRST NATIONAL BANK OF LONGMONT notifies beneficiary in writing that the Letter of Credit will not be renewed. In the case you receive such a notification, you may draw by presentation of the following: (a) a draft at sight on First National Bank of Longmont; (b) a statement purportedly signed by an official of the Board of County Commissioners of Weld County, Colorado stating that notification has been received from FIRST NATIONAL BANK OF LONGMONT the Letter of Credit No. 378 will not be renewed and that Mark A. Eberl and Jacquelyn A. Eberl have failed to provide proof of adequate collateral and substitution of the Letter of Credit No. 378; (c) copy of letter from FIRST NATIONAL BANK OF LONGMONT stating non -renewal of Letter of Credit No. 378 and the original Letter of Credit. Yours truly, Charles E. Allen, Jr. Vice President CEA/jki Hello