HomeMy WebLinkAbout20073375 • •
RESOLUTION
RE: AUTHORIZE RELEASE OF FUNDS FROM ESCROW PURSUANT TO AGREEMENT FOR
IMPROVEMENTS TO COUNTY ROAD 3
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 May 5, 2006, by Resolution #2006-2396, the Board of County
Commissioners approved an Agreement for Improvements for Weld County Road 3, in conjunction
with Highview Development, LLC,(PF-1074), PUD final Plat, between Highview Development, LLC,
c/o Frank Wright, Manager, and The Board of County Commissioners of Weld County, and
WHEREAS, the terms of said agreement provided in relevant part, that Highview
Development, LLC, would pay land development charges in the amount of twenty percent (20%)
of the total cost of the road improvements to County Road 3, or $54,000, whichever amount is
lower,to Weld County for its work on road improvements,as long as said improvements on County
Road 3 were completed by Weld County within five (5) years of the date of the Agreement, and
WHEREAS, the cost of the road improvement was actually $500,000, so the $54,000
amount is less than twenty percent (20%) of the total cost, and
WHEREAS, the terms of the Agreement required Highview Development, LLC, to create
an escrow account into which $6000 was to be deposited upon the sale of each of the nine lots in
the Planned Unit Development, however, the land development charges were to remain the
obligation of Highview Development, LLC, as the obligation provided that Weld County was to
perform a final accounting once paving was complete and to collect from the escrow account (or
from the developer if the amount in the escrow is insufficient to satisfy developers obligation), and
WHEREAS,the escrow account required of Highview Development, LLC,was created,and
the amount of$18,000 was deposited into the account as three lots were sold, and
WHEREAS, the escrow company has informed Richard Hastings that it will pay to Weld
County the $18,000 upon his execution of a request for the release of the funds, and
WHEREAS, the board has the authority to both request the funds and to authorize an
employee to act on its behalf, and
WHEREAS,the Board deems it advisable to request the payment of the funds and believes
it is appropriate to appoint Richard Hastings to act on its behalf in this matter.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the amount held in escrow by First American Heritage Title Company shall
be released to Weld County, and Richard Hastings, employee of the Public Works Department of
Weld County, is hereby authorized to execute the documents needed to release the funds on
behalf of the Board.
IT IS FURTHER RESOLVED, that Richard Hastings is directed upon receipt of the funds
from First American Heritage Title Company, to deliver the funds to Don Warden, Director of
1111111111111111111111111111 III 11111111 III 11111 IIII IIII 2007-3375
3523167 12/12/2007 02:12P Weld County, CO co', Pa)/ FL p� 7
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4.
RELEASE OF FUNDS FROM ESCROW PURSUANT TO AGREEMENT FOR
IMPROVEMENTS TO COUNTY ROAD 3
PAGE 2
Finance, for placement into Weld County's General Fund.
The above and foregoing Resolution was,on motion duly made and seconded, adopted by
the following vote on the 29th day of October, A.D., 2007.
BOARD OF COUNTY COMMISSIONERS
W�i�, COUNTY, COLORADO
ATTEST: /444/// c
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E ��id E. Long, Chair
Weld County Clerk to the Board is
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BY: T
Deputy Oldrk to the Board r71� '
, _.5M W m F. arcia
_APPROV A M:
/ Robert D. Masden
my ttorney
Ioug�s Radema er
Date of signature: / / // 9./67
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IIII
3523167 12/12/2007 02:12P Weld County, CO
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II
3520195 11/29/2007 02:02P Weld County, CO
2 of 3 R 0.00 D 0.00 Steve Moreno Clerk& Recorder
2007-3375
Pt /79
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Order No.. 200-110150742-043-GGR
EXHIBIT I
GENERAL PROVISIONS
t. The instructions may be supplemented,altered,amended,modified or revoked by writing only signed by all of the parties
hereto,and approved by the Escrow Agent.upon payment of all fees,casts and expenses incident thereto.
2 No assignment,transfer,conveyance or hypothecation of any nght,title or Interest in and to the subject matter of this
Escrow shall be binding upon the Escrow Agent unless written notice thereof shall be served upon the Escrow Agent and all fees,
costs and expenses incident thereto shall have been paid and then only upon the Escrow Agent's assent thereto in writing.
3. Any notice required or desired to be given by the Escrow Agent to any party to this Escrow may be given by mailing the
same addressed to such party at the address given below the signature of such party or the most recent address of such party shown
on the records of the Escrow Agent,and notice so mailed shall for all purposes hereof be as effectual as though served upon such
party in person at the lime of depositing such notice in the mail.
4. The Escrow Agent may receive any payment called for hereunder after the due date thereof unless subsequent to the due
date of such payment and prior to the receipt thereof the Escrow Agent shall have been instructed in writing to refuse any such
payment
5 The Escrow Agent shall not be personally liable for any act it may do or omit to do hereunder as such agent,while acting
in good faith and in the exercise of its own bestjudgment,and any act done or omitted by it pursuant to the advice of its own
attorneys shall be conclusive evidence of such good faith.
6. The Escrow Agent is hereby expressly authorized to disregard any and all notices or warnings given by any of the parties
hereto,or by another person,firm or corporation-excepting only orders or process of court,and is hereby expressly authorized to
comply with and obey any and all process,orders,judgments or decrees of any court,and in case the Escrow Agent obeys or
complies with any such process,order,judgment or decree of any court it shall not be liable to any of the parties hereto or to any
other person, firm or corporation by reason of such compliance,notwithstanding any such process,order,judgment or decree be
subsequently reversed,modified,annulled,set aside or vacated,or found to have been issued or entered without jurisdiction.
7. In consideration oldie acceptance of this escrow by the Escrow Agent,the undersigned agree,jointly and severally,for
themselves,their heirs,legal representatives,successors and assigns,to pay the Escrow Agent its charges hereunder and to
indemnify and hold it harmless as to any liability by it incurred to any other person,firm or corporation by mason of its having
accepted the same-or its carrying out any of the terms thereof,and to reimburse it for all its expenses,including,among other
things.counsel fees and court costs incurred in connection herewith;and that the Escrow Agent shall have a first and poor lien
upon all deposits made hereunder to secure the performance of said agreement of indemnity and payment of its charges and
expenses,hereby expressly authonzing the Escrow Agent,in the event payment is not received promptly from the undersigned,to
deduct such charges and expenses,without previous notice, from any funds deposited hereunder.Escrow fees or charges,as
distinguished from other expenses hereunder,shall be as written above the Escrow Agent's signature at the time of the acceptance
hereof.
8. The Escrow Agent shall be under no duty or obligation to ascertain the identity,authority or rights of the parties executing
or delivering or purporting to execute or deliver these instructions or any documents or papers or payments deposited or called for
hereunder,and assumes no responsibility or liability for the validity or sufficiency of these instructions or any documents or papers
or payments deposited or called for hereunder
9. The Escrow Agent shall not be liable for the outlawing of any rights under any Statute of Limitations or by reason of
ladies in respect to the Instructions or any documents or papers deposited.
10. In the event of any dispute between the parties hereto as to the facts of default,the validity or meaning of these
instructions or any other fact or matter relating to the transaction between die parties,the Escrow Agent Is instructed as follows:
a That it shall be under no obligation to act,except under process or order of enure,or
until it has been adequately indemnified to its full satisfaction,and shall sustain no liability for its failure to act pending such
process or court order or indemnification;
b.That it may in its sole and absolute discretion,deposit the property described herein or so much thereof as
remains in its hands with the then Clerk,or acting Clerk.of the District Court,State of Colorado in whose jurisdiction the subject
property lies,and mlerplead the parties hereto-and upon so depositing such property and filing its complaint in interpleader it shall
be relieved of all liability under the terns hereof as to the properly so deposited,and furthermore,the parties hereto for themselves,
their heirs,legal representatives,successors and assigns do hereby submit themselves to the jurisdiction of said court and do hereby
appoint he then Clerk,or acting Clerk,of said court as their Agent for the service of all process in connection with such
proceedings.The institution of any such interpleader action shall not impair the rights of the Escrow Agent under paragraph number
7 above.
I I. If the subject matter of this escrow consists in whole or in part of funds,the same shall not be commingled by the Escrow
Agent with its own funds;provided,however,that anything contained in the Escrow Agreement of which these General Provisions
are made a part,to the contrary nor-withstanding,the Escrow Agent shall NOT BE REQUIRED TO DEPOSIT THE SAME IN
ANY INTEREST BEARING OR INCOME PRODUCING ACCOUNT,AM)SHALL NOT IN ANYWAY BE LIABLE
TO ANY OF THE OTHER PARTIES TO THE ESCROW AGREEMENT FOR THE PAYMENT OF INTEREST UPON
SAM FONDS FOR THE PERIOD DURING WHICH THEY ARE HELD BY THE ESCROW AGENT unless the instructions
for an interest bearing deposit of the funds shall have been stated in writing and agreed to by the Escrow Agent in writing.It a
intended that the provisions hereof shall supersede any other terms,conditions,covenants or provisions contained in the Escrow
Agreement which expressly or by implication are in conflict herewith.
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ESCINS2-Eseraw Instructions 2007-3375
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