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RESOLUTION
RE: APPROVE SETTING HEARING DATE TO CONSIDER AN AMENDMENT TO
PARKLAND ESTATES SUBDIVISION AGREEMENT
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 , the Board of County Commissioners, at a public
meeting conducted September 10, 1984 , considered the request
of the Weld County Attorney to set a hearing date concerning
an amendment to the Parkland Estates Subdivision Agreement, and
WHEREAS, the proposed amendment will set the paving require-
ments at the following:
a) All streets within the Subdivision will remain at
40 feet in width, with the paved portion being 24
feet in width.
b) All cul-de-sacs within the subdivision will remain
at 130 feet in diameter, with the paved portion
being 60 feet in diameter.
WHEREAS , the Board did determine that the hearing date to
consider said amendment shall be set as October 17 , 1984 , at the
hour of 2 : 00 o'clock P.M. , and
WHEREAS , the Board did further determine that the office
of the Clerk to the Board be directed to publish a Notice of
said hearing in the La Salle Leader.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Com-
missioners of Weld County, Colorado, that the hearing date to
consider the hereinabove mentioned amendment to the Parkland
Estates Subdivision Agreement be, and hereby is, set as October
17 , 1984 , at the hour of 2 : 00 o'clock P.M.
BE IT FURTHER RESOLVED by the Board that the office of the
Clerk to the Board be, and hereby is , directed to have published
a Notice of said hearing in the La Salle Leader.
840250
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RE: HEARING DATE - PARKLAND ESTATES
The above and foregoing Resolution was , on motion duly made
and seconded, adopted by the following vote on the 10th day of
September, A.D. , 1984 .
J n BOARD OF COUNTY COMMISSIONERS
ATTEST! ' 1Q<s LA inl WELD COUNTY, COLORADO
Weld County Clerk and Recorder L;h �
and Clerk to the Boa d1 Norman Carlson, Chairman
B •
De uty County Cl rk �a 4 line Je hnsoon,Pro-Tem
APPROV AS TO FORM: 16
Gene R. B an ner C-1C;4:19 EXCUSED
County Attorney Chuck
Carlson
J n T. Martin
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Ct6 mEMORAMU
Wine. To Clerk to the Board pate September 7 . 1984
COLORADO From Bruce T. Barker, Assistant County Attorney
S bje�t: Public Hearing on Amendment to Parkland
Estates Subdivision Agreement
Please schedule a public hearing before the Board of County
Commissioners of Weld County on October 17 , 1984 , at 2 : 00 p.m. ,
concerning an amendment to the Parkland Estates Subdivision
Agreement .
I would also request that the Board authorize the publication of
notice of this hearing in the La Salle Leader on September 13 ,
1984 .
Bruce T. Barker
Assistant County Attorney
BTB: ss
AGREEMENT
THIS AGREEMENT (hereinafter the "Agreement") is made this
?cw day of paec /.{ Sl , 1984, by and between FRONTIER
MATERIALS, INC. , 3600 Highway 52, Erie, Colorado 80561
hereinafter "Frontier") , and PARKLAND HOMEOWNERS ' ASSOCIATION,
INC. , 4732 Sylvia Lane, Erie, Colorado 80516 (hereinafter
"Parkland") .
RECITALS:
WHEREAS, Frontier and Parkland have simultaneously herewith
entered into a contract for the paving and other improvement of
certain streets and a runway within the Parkland Estates
Subdivision, Weld County, Colorado, which contract is dated
/-}/,( c /.( Cr Z� , 1984 , and is identified as Exhibit A
thereinafter the "Contract") ; and
WHEREAS, Frontier and Parkland intend for the Contract to be
conditioned upon the approval by the Weld County Board of County
Commissioners of certain amendments to that certain Subdivision
Agreement between Parkland Estates , Inc . and Weld County dated
September 19 , 1977; and
WHEREAS, the provisions for payment in the Contract are to
be amended to provide for different payment terms than those set
forth in said contract;
NOW, THEREFORE, in consideration of the mutual covenants
hereinafter set forth, the parties agree as follows :
AGREEMENT
• 1. Except as hereafter amended, the Contract attached
hereto as Exhibit A is incorporated by reference.
2. This Agreement and the Contract attached hereto and
identified as Exhibit A are conditioned upon and shall become
effective only on the approval by the Weld County Commissioners
of substantially the- following amendments to that certain
subdivision agreement by and between the County of Weld, State of
Colorado, and Parkland Estates, Inc . , dated September 19 , 1977:
(a) reduction of the paved width of all streets within
the subdivision to twenty-four feet and reduction of the
paved area within all cul-de-sacs within the subdivision to
forty feet;
(b) phased completion of paving improvements as
follows :
(i) Phase I : Runway and Taxiway to fuel
storage to be paved in 1984 .
( • .
(ii) Phase II : Rue De Trust to be paved in
1986 .
(iii) ' Phase III . Side streets and cul-de-sacs to
be paved no later than 1989 .
(c) the subrogation of the security interest of Weld
County to the security interest of Frontier in all
collateral held by the Weld County Board of County
Commissioners as a guarantee for the compliance of the
original Subdivision Agreement pursuant to the terms of the
original paragraph 7 thereof, entitled "Improvements
Guarantee" , including, without limitation, the following
assets:
(i) escrowed funds in the United Bank of
Broomfield, Account No. 803062;
(ii) any and all existing Deeds of Trust on the
following described parcels of real property within the
Parkland Estates Subdivision :
Block 1 : Lots 1 , 13 , 13 , 20 , 21, 22 , 23
Block 2 : Lots 2 , 3 ,
Block 3 : Lot 6
Block 4 : Lots 3 , 5 , 7
Parkland Estates Subdivision, Weld County,
Colorado.
3 . This Agreement and the Contract attached hereto and
identified as Exhibit A are further conditioned upon the approval
of the General indenture of Conveyance, Assignment and Transfer
from Parkland Associates, Inc . to Parkland Homeowners'
Association, Inc. , an unexecuted copy of which, together with its
exhibits, is attached hereto and identified as Exhibit B, and
that certain Instrument of Assumption by the Parkland Homeowners
Association, an unexecuted copy of which is attached hereto and
identified as Exhibit C, by the Weld County Board of County
Commissioners.
4 . The paragraph entitled "Price and Payment Terms" on the
face of the attached Contract, and paragraph No . 6 entitled
"Financial Responsibility" of the Additional Provisions on the
reverse side of the face of the Contract are superseded in full,
and the following substitute paragraph is adopted as follows :
"Payment Terms : Simultaneously with the notification to
Frontier from Parkland that the conditions described in
paragraphs 2 and 3 of the Agreement have been satisfied , and
in no event later than August 31 , 1984 , Parkland shall pay
to Frontier the sum of ;100 , 000 . 00 in cash, cashier's check
or certified funds as a down payment to Frontier on the work
to be performed under this Agreement . Frontier shall _
thereafter complete Phase I of the work required by this
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Agreement in 1984 . On completion by Frontier of Phase I of
the work required by the Contract , Frontier shall invoice
Parkland for the balance then due and owing under the
contract, and Parkland shall execute and deliver to Frontier
both a Promissory Note in the form attached hereto as
Exhibit D and a first Deed of Trust securing such note in
the form attached hereto as Exhibit E. Thereafter, prior to
the commencement of each successive phase as required by the
Contract, Frontier shall furnish Parkland with a written
estimate of the cost of the phase and Parkland shall execute
and deliver to Frontier both a Promissory Note in the form
attached as Exhibit D and a Deed of Trust securing such note
in the form attached hereto as Exhibit E, subsequent Deeds
of Trust to be junior only to prior Frontier Deeds of Trust.
The Deeds of Trust shall describe all remaining lots within
the Parkland estate subdivision in which Parkland owns the
fee title and shall be accompanied by a title insurance
commitment showing that Parkland owns merchantable title ,
Parkland to furnish the title insurance policy and pay the
premium therefor after the Deed of Trust has been recorded.
Parkland agrees that Frontier shall not be required to
proceed with any subsequent phase unless the lots furnished
as security have a value of not less than 125% of the
estimated construction costs . Upon notice by Parkland to
Frontier that the sale of a saleable lot encumbered by a
Deed of Trust in Frontier ' s favor is going to occur ,
Frontier shall execute a partial release of Deed of Trust or
releases of Deeds of Trusts , as necessary to release its
interest or interests in the lot, in substantially the same
form as the attached Exhibit F , conditioned upon: (a) the
sale of the lot being at its fair market value; and (b)
provided that 85% of the proceeds from the sale of each lot
shall be paid to Frontier as consideration for its release
or releases, such amount to be applied first in payment of
accrued interest on the unpaid principal balance due
Frontier and the remainder in reduction of principal. When
each phase is completed, the following partial payments
shall be made:
Phase I : The runway and taxiway to fuel storage are to
be paved in the 1984 season. $100, 000 . 00 is to be paid
on or before August 31, 1984 and the balance is to be
represented by Parkland ' s Promissory Note maturing
three years • after the date of execution and bearing
interest at the rate of 12% per annum.
Phase II : Rue de Trust is to be paved in the 1936
season and 60% of the cost is to be paid upon
completion, with the balance to he represented by
Parkland' s Promissory Note, having a maturity three
years from the date of execution and bearing interest
at the rate of 12% per annum.
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Phase III : The side streets and cul-de-sacs are to be
paved within five years from the date of this Contract
with the total cost to be paid in full upon
completion. "
5. This Agreement supersedes the previous Agreement
between the parties dated July 26 , 1984 . •
6 . Neither this agreement, nor the contract attached and
identified as Exhibit A, may be further modified e.ticept where
such modification is reduced to writing and signed by both
. parties .
• FRONTS,
I
R MATERIALS INC.
IF
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PARKLAND Ii0M: OWNER0 ASSOCI( s.
TTON, INC.
77,Aul _J
By . c�l�Z�1 �-,,,,,A,�
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AR1988864
SECURITY AND ESCROW AGREEMENT
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aq THIS SECURITY AND ESCROW AGREEMENT is made and entered into
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this 17th day of October, 1984 , by and between THE PARKLAND
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HOMEOWNERS ASSOCIATION, INC. , a Colorado corporation (hereinafter
called "Parkland") , and COUNTY OF WELD, STATE OF COLORADO, by and
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through its Commissioners (hereinafter called the "County") .
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RECITALS
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U 1 . Contemporaneously herewith, the County and Parkland
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~• j have entered into that certain Assumption of Subdivision
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w Agreement whereby Parkland has agreed to assume and perform the
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w obligations of Parkland Estates , Inc: , a Colorado corporation,
O0 z under that certain Subdivision Agreement dated September 19,
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1977, amended by Addendum recorded October 11, 1978 in Book 847
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as Reception No. 1769379; Addendum recorded March 5, 1979 in Book
C a;
o m 861 as Reception No. 1783448; Amendment to Deed of Trust recorded
February 25, 1980 in Book 896 as Reception No. 1817852; Amendment
to Deed of Trust recorded May 6, 1982 in Book 967 as Reception
No. 1890825; and Escrow Agreement recorded July 11, 1983 in Book
1001 as Reception No. 1933092 (hereinafter, the "Subdivision
Agreement") , providing for, among other things , the construction
of certain paved roads within the Parkland Estates Subdivision,
Weld County, Colorado.
2 . Pursuant to paragraph 7 of the September 19 , 1977,
Subdivision Agreement, As Amended, the County has the right, from
time to time, to request a security interest in collateral to
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o secure the performance of the obligations under the Subdivision
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Agreement.
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3 . As a condition to approval of that certain Addendum to
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0 w the Subdivision Agreement dated October 17 , 1984, and as a
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w condition to approval of the Assumption of Subdivision Agreement,
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the County has required that certain security hereinafter set
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cN a forth be received by it to insure completion of of the work to be
performed under the Subdivision Agreement.
Wj WHEREFORE, in consideration of the mutual covenants
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kt z hereinafter set forth the parties agree as follows :
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1 . Parkland is the owner in fee of the real estate
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hereto as Exhibit "A" and by reference made a part hereof.
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Contemporaneously with the execution of this Agreement, Parkland
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w < shall execute and deliver to the County said First Deed of Trust
in the amount of TWO HUNDRED FORTY-TWO THOUSAND FIVE HUNDRED
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FOURTEEN AND NO/100ths DOLLARS ($242, 514 . 00) to be held by the
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County as security for Parkland ' s performance of the remainder of
the work to be performed under the Subdivision Agreement as
amended. Parkland agrees that the "net sale proceeds" received
from the sale of each lot described in Exhibit "A" will be placed
in an interest-bearing account to be titled the Parkland Estates
Escrow Account. Said Escrow Account shall be opened as soon as
practicable after execution of this Agreement and shall require
the signature of the Chairman of the Board of County
Commissioners and the President of Parkland to accomplish
withdrawals . Any minimum deposit to open said Escrow Account
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shall be furnished by Parkland. The purpose of the Deed of Trust
and Escrow Account will be to assure the County that Parkland
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will complete the work required by the Subdivision Agreement as
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amended by Addendum dated October 17 , 1984 . For purposes of this
o Security and Escrow Agreement, "net sale proceeds" shall mean all
o cash paid to Parkland from the sale of each lot shown on Exhibit
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"A" attached hereto less all ordinary expenses of sale and real
N estate commissions . Excluded from "net sale proceeds" shall be
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any amounts necessary to satisfy any indebtedness incurred by
.cr. w Parkland to Frontier Materials, Inc. under that certain agreement
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Lo z dated August 27, 1954 , by and between Parkland and Frontier
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H Materials, Inc. , any taxes attributable to the lot, and Left Hand -
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ccz At such time as there is furnished to the County a written
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o certification from licensed consulting engineers showing that
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Parkland has completed a phase of the asphalt paving as required
o o by the Subdivision Agreement as amended, the County shall accept
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r' r the completed phase for partial maintenance as set forth in
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Section 5 . 3 of the Subdivision Agreement. Upon the acceptance of
a completed paving phase for partial maintenance , the County may
release to Parkland a portion of the aforesaid Escrow Account
according to the recommendations of the Weld County Department of
Engineer Services. Upon the acceptance of the street for full
maintenance as set forth in Section 5 . 4 of the Subdivision
Agreement, the County shall release to Parkland all funds in the
Escrow Account, and the Deed of Trust attached as Exhibit A.
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Provided, that if Parkland shall fail to complete the
asphalt paving of each phase as required by the October 17, 1984
Addendum to the Subdivision Agreement, then the County may, at
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u its option, but shall be under no obligation to do so, complete
v such phase of paving using the whole or any portion of funds in
a the Escrow Account for that purpose; and, the County shall also
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o a be entitled, (without being under any obligation to do so) to
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a foreclose on the aforesaid First Deed of Trust and use the
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proceeds derived from said foreclosure to complete such work.
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Any work completed by the County shall be done in accordance
w with plans and specifications heretofore previously approved by
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co v the County Engineering Department.
H If it becomes necessary for the County to complete any of
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the work contemplated hereunder, the County shall, prior to
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era, embarking upon completion of such work, give to Parkland, c/o
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ti z Mark Williams, 4732 Sylvia Lane, Erie, Colorado 50516 , written
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u notice by Certified Mail, Return Receipt Requested, at least
thirty (30) days in advance of the date on which the County
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0 CO intends to commence completion of such work. During the thirty
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(30) day period, if Parkland either commences completion of the
work or establishes with the County a reasonable schedule for the
completion of such work, (reasonable meaning satisfactory to the
County ' s engineer) the County shall permit Parkland to complete
such work and no demand will be made by the County on the Escrow
Account, nor shall any foreclosure as allowed aforesaid be
commenced.
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Any excess proceeds , after use for paving by the County of
the proceeds in the Escrow Account and those proceeds derived
from foreclosure, shall be returned to Parkland.
No 2 . As additional security for the performance of Phase II
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o of the work required to be performed under the October 17 , 1984
in
Addendum to the Subdivision Agreement, Parkland also
o simultaneously herewith delivers to the County an Irrevocable
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to- LC Letter of Credit from the United Bank of Denver, National
Association, in the principal amount of NINETY THOUSAND DOLLARS
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($90 , 000 . 00) . Said Letter of Credit is attached hereto as
a Exhibit "B" . If Parkland shall fail to complete the asphalt
mu paving of Rue De Trust on or before November 1 , 1986 , then the
k.oH County may, at its further option, but shall be under no
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m obligation to do so, complete such asphalt paving of Rue De Trust
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by drawing on the Letter of Credit to the extent necessary to
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mm z complete the paving after first having exhausted all available
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0 funds in the Escrow Account, and without the necessity of
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resorting to foreclosure against the properties described in the
attached Exhibit "A" for that purpose . If it becomes necessary
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for the County to draw upon the Letter of Credit to complete any
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of the work contemplated hereunder, the County shall, prior to
drawing upon such Letter of Credit, give to Parkland, c/o Mark
Williams, 4732 Sylvia Lane, Erie , Colorado 80516, written notice
by Certified Mail, Return Receipt requested, at least ten (10)
days in advance of the date on which the County intends to draw
upon the Letter of Credit. During the ten-day period, after
notice is received, if Parkland posts a cash bond with the County
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in an amount equivalent to the reasonably anticipated draw on the
Letter of Credit as estimated by the County Engineer, then the
County shall refrain from exercising its rights under the Letter
N o of Credit and shall resort instead to the cash bond under the
o same terms and conditions as the Letter of Credit.
3 . The County hereby agrees to subordinate the interest
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o granted to it by the Deed of Trust attached hereto as Exhibit "A"
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to the interest or interests , on a phase by phase basis , given by
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Parkland to Frontier Materials, Inc. pursuant to the Agreement
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dated August 27 , 1984 , by and between Parkland and Frontier
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Materials, Inc. To accomplish the subordination of its
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co u interests , the County agrees to execute a Subordination
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H Agreement, for each phase, in the form attached hereto as
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a Exhibit "C" .
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w 4 . Upon final acceptance by the County of all the streets
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m required to be paved under the Subdivision Agreement as amended
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by the Addendum dated October 17 , 1984 , the County agrees to
w release the security granted hereunder for the performance of
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,-. Parkland under the Subdivision Agreement, including any funds
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remaining in Escrow and its Deed of Trust on all remaining unsold
lots owned by Parkland within the Subdivision.
S . This Security and Escrow Agreement is intended to
replace and supersede all previous escrows, Deeds of Trusts, and
other security agreements between the County and Parkland
Associates, Inc. and/or Parkland Estates , Inc. To fulfill this
intention, the County agrees to execute the attached Releases of
Deed of Trust identified as Exhibits "D" and "E" , as well as the
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savings withdrawal slip for the Escrow Account formerly
established at the United Bank of Broomfield, account no. 803062,
attached as Exhibit "F" , and any other additional documents
No reasonably required in the future to release all security
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interests previously granted to the County as security for the
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Q performance of the Subdivision Agreement.
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0 IN WITNESS WHEREOF, the parties have hereunto set their
tn-w hands and seals on the date hereinabove first written.
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BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST:-
• a Y G9 G �
4 8 J
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{it, Chairman
H L44, ERK & RECORDER -
Ea thRtitBOIARD
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1-1 z PARKLAND HOMEOWNERS
o ASSOCIATION, INC.
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By: A/t� v�.
President
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STATE OF COLORADO
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COUNTY OF / t_tAc_i )
for going was subscribed and sworn to before me in the
u sokt: , State oft .cploraddo, this /, ,f�c,da of
ti:C 1E , by C �/INC . .c
� :P t: f PARKLAND HOMEOWNERS ASSOCIATION ,
puto, rigs my hand and official peal .
My 'amission expires : ,3l�/
t or c°
ctary Public
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