HomeMy WebLinkAbout20021964.tiff 733
RESOLUTION
RE: APPROVE CANCELLATION AND RELEASE OF COLLATERAL AND ACCEPT
REPLACEMENT COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL PLAN,
S #579, FOR THE ELMS AT MEADOW VALE, THIRD FILING - ELMS LAND
COMPANY, LLC, CIO FLOYD OLIVER
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 November 30, 2000, the Department of Planning Services staff did
approve a Planned Unit Development Final Plan, S #579, for the Elms at Meadow Vale, Third
Filing, for Elms Land Company, LLC, do Floyd Oliver, 2385 Homestead Place, Longmont,
Colorado 80504, for a Planned Unit Development Final Plan on the following described real
estate, to-wit:
Part of the NW1/4 of Section 4, Township 2 North,
Range 68 West of the 6th P.M., Weld County,
Colorado, and
WHEREAS, on July 18, 2001, the Board of County Commissioner of Weld County,
Colorado, did approve an Improvements Agreement According to Policy Regarding Collateral
for Improvements (Public Road Maintenance) for The Elms at Meadow Vale, Third Filing,
between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Elms Land Company, LLC, c/o Floyd Oliver, with terms
and conditions being as stated in said agreement, and accepted a Deed of Trust for said
property, and
WHEREAS, Elms Land Company, LLC, c/o Floyd Oliver, herewith offers Irrevocable
Standby Letter of Credit No. FGAC-02119, drawn on the Fidelity Guaranty and Acceptance
Corporation, Box 2863, Houston, Texas 77252-2863, in the amount of $889,000.00, as
replacement collateral for said Deed of Trust, and
WHEREAS, staff from the Weld County Departments of Public Works and Planning
Services have conducted a visual inspection and recommends the cancellation and release of
said collateral, with acceptance of said Letter of Credit, in the amount of$889,000.00, as
replacement collateral for said Deed of Trust.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the Deed of Trust from Elms Land Company, LLC, for the Elms at
Meadow Vale, Third Filing, County of Weld, State of Colorado be, and hereby is, canceled and
released.
111111111111111111111111111111111111111 I I 111111 I I I I I I I I
2976733 08/09/2002 12:33P Weld County, CO 2002-1964
1 of 2 R 0.00 D 0.00 J.A. "Suki" Tsukamoto PL1254
�'c' . A4 /1�,d� ,/
CANCEL COLLATERAL - ELMS LAND COMPANY, LLC, C/O FLOYD OLIVER
PAGE2
BE IT FURTHER RESOLVED by the Board that Irrevocable Standby Letter of Credit
No. FGAC-02119, drawn on the Fidelity Guaranty and Acceptance Corporation, Box 2863,
Houston, Texas 77252-2863, in the amount of $889,000.00, be, and hereby is, accepted as
replacement collateral.
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.
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following vote on the 24th day of July, A.D., 2002.
BOARD OF COUNTY COMMISSIONERS
1�����/�,�,�� WEL nCOUNTY, ('COL
ORADO
ATTEST: ate �6"l/ p' JJ Yo cL C ni-ta
U
�� Gle aad, Chair
Weld County Clerk to the oa °`
tIFAT
4v;1 avid/CI ng, Pro-Tem
Deputy Clerk to the Bo ,-,Pr
M. J. eile
APP AS TO F /-1-1 e/
•Iliam H. Jerke
my AttorneyA M
Robert D. asden
Date of signature: /
11111111111111111 11111 H11111111111111111111111111111
2976733 08/09/2002 12:33P Weld County, CO
2 of 2 R 0.00 D 0.00 J.A. "Suki" Tsukamoto 2002-1964
PL1254
CAROL Harding - Genessee 579.wpd Page 1
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COLORADO
MEMORANDUM
To: Board of County Commissioners
Date: July 17, 2002
From: Kim Ogle, Planner II
tJE
Subject: Elms at MeadowView, Case Number S-579
Collateral Release of Deed of Trust
Substitution of Performance Bond
On July 16,2001,the Department of Planning Services received a Deed of Trust for part of the '
NW4, Section 4, Township 2 North Range 68 West of the 6th P.M.,Weld County for Public Road
Maintenance for the Elms at Meadow Vale, Third filing,from the Elms Land Company, LLC, case
number S-579.
The applicant submitted two Improvement Agreements, Public and Private.
Items covered under Public Road Maintenance Agreement include:
Street Paving -WCR 5.5 and WCR 26 July 2002 $ 153,990.00
Pavement Depth 3.5 inches x ten feet July 2002 35,000.00
Curb, Gutter and Sidewalk June 2002 $ 62,400.00
Remove Trees at WCR 26 January 2002 $ 30,000.00
Fill Irrigation Ditch February 2002 $ 100,000.00
2600 feet 24"diam Irrigation Pipe February 2002 $ 78,000.00
20000 feet 6"diam Water Line March 2002 $300,000.00
Master Meter Vault March 2002 $ 30,000.00
R
z
Total Estimated Cost of Improvements and Supervision $789,390.00
ii
Items covered under Public Road Maintenance Agreement include:
Engineering $ 90,000.00
Survey and Construction Staking $ 44,000.00
Sanitary Sewer August 2001 $352,000.00
Water Mains August 2001 $275,000.00 ilE
Grading $ 132,000.00 t
Fencing $ 110,000.00
Curb, Gutter and Sidewalk September 2001 $253,000.00
ji
Natural Gas $ 66,000.00 jg
Electricity $ 110,000.00 tg
Irrigation System June 2002 $253,000.00
Landscaping June 2002 $ 104,500.00 s
Telephone $ 55,000.00
Asphalt Paving November 2001 $352,000.00 Ji
d
i
SERVICE.TEAMWORK,INTEGRITY,QUALITY
3
E
CAROL Harding Genessee 579 wpd Pa e 2
•
Soil Testing $ 5,500.00 •
Street Signs $ 8,000.00 Ii
Total Estimated Cost of Improvements and Supervision $ 2,210,000.00
Total Estimated Cost of the On-Site and Off-Site Improvements 2,999,390.00 dollars
The applicant, Floyd Oliver, requests that the Deed of Trust be released on the 110 building lots
associated with the Third Filing. The Genesee Company will provide a substitute Performance III
Bond of other suitable instrument for all on and off-site improvements and this document shall be
received by the Clerk to the Board prior to release of the Deed of Trust.
Don Carroll of the Weld County Department of Public Works in his memorandum dated April 10,
it
2002 states"the on site improvements[including]the curb,gutter, sidewalk, and the bottom lift of
asphalt have been completed for the internal road system for the Elms at Meadow Vale, 3rd Filing.
The remaining portion,which consists of a two-inch final lift of asphalt, has not been completed.
This calculates to approximately 3,857 tons at$24.27, and your total cost will be approximately
$93,866 for the completion of the final lift.
Additionally,the applicant has completed filling the irrigation ditch and installing 2,600 feet of 24-inch
irrigation pipe adjacent to Weld County Road 26.
ti
Further,the off-site improvements for the Elms at Meadow Vale, Third Filing, consists of upgrading
and paving half the typical (MUD)cross section for Weld County Road 5.5 and Weld County Road
26. The remaining portion of gravel roadway will be paved with a minimum of three and one-half
inches of asphalt. These items total$251,390.
Monica Mika and Kim Ogle Department of Planning Services inspected the site on April 10, 2002
and determined that all elements associated with the non-transportation items, including but not
limited to fencing, irrigation and landscaping have not been completed.
The Department of Planning Services staff spoke with Floyd Oliver, owner,on July 17, 2002,
regarding the completion of the site improvements. The following items have been completed:
Street Paving-WCR 5.5 and WCR 26 July 2002 $ 153,990.00
Pavement Depth 3.5 inches x ten feet July 2002 $ 35,000.00
Curb, Gutter and Sidewalk June 2002 $ 62,400.00 it
Remove Trees at WCR 26 January 2002 $ 30,000.00 ti
t.
Fill Irrigation Ditch February2002 $ 100,000.00
2600 feet 24"diam Irrigation Pipe February 2002 $ 78,000.00
20000 feet 6"diam Water Line March 2002 $300,000.00
Master Meter Vault March 2002 $ 30,000.00
There is not a Master Meter Vault associated with this Filing. Long's Peak is the water service
provider. ti
Engineering $ 90,000.00 ti
Survey and Construction Staking $ 44,000.00
Sanitary Sewer August 2001 $352,000.00
Water Mains August 2001 $275,000.00
Grading $ 132,000.00
it
Curb, Gutter and Sidewalk September 2001 $253,000.00
Natural Gas $ 66,000.00
Electricity $ 110,000.00
Telephone $ 55,000.00
ti
Asphalt Paving November 2001 $352,000.00
f
SERVICE,TEAMWORK INTEGRITY,QUALITY ili
's
I.
CAROL Harding
Genesee 579 wpd Page 3
•
Soil Testing $ 5,500.00
Don Carroll, Department of Public Works has indicated that it is stated in Improvements Agreement
item numbers 8.1.5 and 8.1.6,that fifteen(15)percent of the asphalt pavement item for on-site
improvements shall be retained for a period of one year. At the end of the one year if no distress or •
repairs are needed to the asphalt,the fifteen(15)percent collateral shall be released. Monies
required for replacement collateral shall be eighty-one thousand one hundred forty-nine and no/100s
($81,149.00)dollars.
The Weld County Department of Public Works recommends the fifteen (15)collateral be retained for
the appropriate guarantee period. All other transportation items can be released as they have been
completed. •
The Department of Planning Services recommends that all non-transportation item monies be held
until complete. Items covered include:
Fencing $ 110,000.00
Irrigation System June 2002 $253,000.00
Landscaping June 2002 $ 104,500.00
Therefore,the Department of Planning Services and Department of Public Works recommend that •
the Deed of Trust be released on the 110 building lots associated with the Third Filing. Staff's
recommendation is to release the collateral, in the form of a Deed of Trust.This release is
conditioned on the posting of the substitute Performance Bond or other suitable instrument for all on
and off-site improvements. The Genesse Company has submitted an Irrevocable Letter of Credit,
Number FGAC-02119 in the amount of$889,000.00 dollars issued by Fidelity Guaranty and
Acceptance Corporation for the benefit of Weld County and to serve as replacement collateral for the
improvements for the Elms at Meadow Vale, Third Filing on July 9, 2002.
a
SERVICE,ThAI4WORK,INTEGRITY,QUALITY
MEMORANDUM
IIgeTo: Board of County Commissioners
COLORADO Date: July 9, 2002
From: Kim Ogle, Planner II Y) •
Subject: Elms at MeadowView, Case Number S-379
Collateral Release of Deed of Trust
Substitution of Performance Bond
On July 16, 2001, the Department of Planning Services received a Deed of Trust for part of the NW4,
Section 4, Township 2 North Range 68 West of the 6`" P.M., Weld County for Public and Private Road
Maintenance for the Elms at Meadow Vale, Third filing, from the Elms Land Company, LLC, case
number S-579.
The applicant submitted two Improvement Agreements, Public and Private.
Items covered under Public Road Maintenance Agreement include:
Street Paving -WCR 5.5 and WCR 26 July 2002 $ 153,990.00
Pavement Depth 3.5 inches x ten feet July 2002 35,000.00
Curb, Gutter and Sidewalk June 2002 $ 62,400.00--
Remove Trees at WCR 26 January 2002 $ 30,000.00
Fill Irrigation Ditch February 2002 $ 100,000.00 -
2600 feet 24" diam Irrigation Pipe February 2002 $ 78,000.00-
20000 feet 6" diam Water Line March 2002 $ 300,000.00 •
Master Meter Vault March 2002 $ 30,000.00
Total Estimated Cost of Improvements and Supervision $ 789,390.00
Items covered under the Private Road Maintenance Agreement include:
Engineering $ 90,000.00
Survey and Construction Staking $ 44,000.00 -
Sanitary Sewer August 2001 $ 352,000.00 —
Water Mains August 2001 $275,000.00
Grading $ 132,000.00 -
Fencing $ 110,000.00
Curb, Gutter and Sidewalk September 2001 $253,000.00-
Natural Gas $ 66,000.00
Electricity $ 110,000.00
Irrigation System June 2002 $253,000.00
Landscaping June 2002 $ 104,500.00
Telephone $ 55,000.00 -
Asphalt Paving November 2001 $ 352,000.00
Soil Testing $ 5,500.00
Street Signs $ 8,000.00
Total Estimated Cost of Improvements and Supervision $ 2,210,000.00
Total Estimated Cost of the On-Site and Off-Site Improvements 2,999,390.00 dollars
SERVICE,TEAMWORK,INTEGRITY,QUALITY
The applicant, Floyd Oliver, requests that the Deed of Trust be released on the 110 building lots
associated with the Third Filing. The Genesee Company will provide a substitute Performance Bond for
all on and off-site improvements and this document shall be received by the Clerk to the Board prior to
release of the Deed of Trust.
Don Carroll of the Weld County Department of Public Works in his memorandum dated April 10, 2002
states"the on site improvements [including]the curb, gutter, sidewalk, and the bottom lift of asphalt have
been completed for the internal road system for the Elms at Meadow Vale, 3rd Filing. The remaining
portion,which consists of a two-inch final lift of asphalt, has not been completed. This calculates to
approximately 3,857 tons at$24.27, and your total cost will be approximately$93,866 for the completion
of the final lift.
Additionally, the applicant has completed filling the irrigation ditch and installing 2,600 feet of 24-inch
irrigation pipe adjacent to Weld County Road 26.
Further, the off-site improvements for the Elms at Meadow Vale, Third Filing, consists of upgrading and
paving half the typical (MUD) cross section for Weld County Road 5.5 and Weld County Road 26. The
remaining portion of gravel roadway will be paved with a minimum of three and one-half inches of
asphalt. These items total $251,390.
Monica Mika and Kim Ogle Department of Planning Services inspected the site on April 10, 2002 and
determined that all elements associated with the non-transportation items, including but not limited to
fencing, irrigation and landscaping have not been completed.
Therefore, the Department of Planning Services and Department of Public Works recommend that the
Deed of Trust be released on the 110 building lots associated with the Third Filing. Staffs
recommendation is to release the collateral, in the form of a Deed of Trust. This release is conditioned
on the posting of the substitute Performance Bond of other suitable instrument for all on and off-site
improvements. The Genesse Company shall submit new collateral for eight hundred eighty-nine
thousand and no/100s (889,000.00)dollars.
The Department of Planning Services received an Irrevocable Letter of Credit, Number FGAC-02119 in
the amount of$889,000.00 dollars issued by Fidelity Guaranty and Acceptance Corporation for the
benefit of Weld County and to serve as replacement collateral for the improvements for the Elms at
Meadow Vale, Third Filing on July 9, 2002.
SERVICE,TEAMWORK,INTEGRITY,QUALITY
Weld County Planning Denartment
GREELEY OFFICE
OA Zip
APR 1 2 2002
MEMORANDUI IECEWvEJ
TO: Kim Ogle, Lead Planner DATE: April 10, 2002
C FROM: Donald Carroll, Engineering Administrator re
COLORADO• SUBJECT: S-579; Elms 3r° Filing
Release of Collateral
ON-SITE IMPROVEMENTS:
The curb, gutter, sidewalk, and the bottom lift of asphalt have been completed for the internal road
system for the Elms at Meadow Vale, 3r° Filing. The remaining portion, which consists of a two-
inch final lift of asphalt, has not been completed. This calculates to approximately 3,857 tons at
$24.27, and your total cost will be approximately $93,866 for the completion of the final lift.
OFF-SITE IMPROVEMENTS:
The off-site improvement for the Elms at Meadow Vale, 3r° Filing, consists of upgrading and paving
half the typical (MUD) cross section for WCR 5.5 and WCR 26. The remaining portion of gravel
roadway will be paved with a minimum of three and one-half inches of asphalt. These items total
$251,390.
On the off-site improvements, the applicant has completed filling the irrigation ditch and installing
2,600 feet of 24-inch irrigation pipe adjacent to WCR 26.
OTHERS:
In both the on-site and off-site improvements agreement, there are non-transportation items
identified. These should be verified by Planning Services prior to any release.
pc: S-579 file
M:\WPFILES\DON-C\PLAN4S.WPD
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l EXHIBIT " A
NAME OF SUBDIVISION: The Elms at Meadow Vale Filing 3
1 LOCATION: PART OF NW 1/4 SEC. 4, T2N, R68 W
1 Intended to be legally bound, the undersigned Applicant hereby agrees to provide
throughtout this subdivision and as shown of the subdivision final plat County
dated 19 , recorded on ,19 , in Book , Page No
A , Reception No. , the following improvements ,
:. o
A ITEM NO._OF UNITS U.C. TOTAL COST
1 ENGINEERING 90,000.00
Q SURVEY AND CONSTRUCTION STAKING 44,000.00
SANITARY SEWER 110 LOTS 3200.00 352,000.00
i WATER MAINS 110 LOTS 2500.00 275,000.00
GRADING 110 LOTS .. '`-' 1200.00 132,000.00 /;/"
FENCING 110 LOTS 1000.00 110,000.00
D CURB, GUTTER SIDEWALK 110 LOTS « +s.,,, 2300.00 253,000.00 ,
NATURAL GAS 110 LOTS 600.00 66,000.00
ELECTRICITY 110 LOTS 1000.00 _ 110,000.00
IRRIGATION SYSTEM 110 LOTS 2300.00 253,000.00
LANDSCAPING 110 LOTS 950.00 104,500.00
TELEPHONE 110 LOTS 500.00 55,000.00
I ASPHALT PAVING 110 LOTS 3200.00 3.52,000.00 _'7--
°'t'
SOIL TESTING 5,500.00 ✓__ -1
STREET SIGNS 8.000.00
I
I
I
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I Total Estimate cost of improvements and supervision $2,210,000.00
I
The above improvements shall be constructed in accordance with all County requirements
A and specifications, and conformance with this provision shall be determined solely by Weld
County, or its duly authorized agent.
1 Prior to the issuance of building permits on any phase, a Letter of Credit equal to that
A portion of the improvements not completed as shown hereon shall be provided to Weld
County.
I
I Said improvements shall be completed according to the construction schedule set out in
Exhibit "B".
1
1 ELMS LAND COMPANY LLC
)
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' -
I EXHIBIT " A
1 NAME OF SUBDIVISION: The Elms at Meadow Vale Filing 3
1 LOCATION: PART OF NW 1/4 SEC. 4, T2N, R68 W
1 Intended to be legally bound, the undersigned Applicant hereby agrees to provide
1 throughtout this subdivision and as shown of the subdivision final plat County
dated 19 , recorded on ,19 , in Book , Page No
, Reception No. , the following improvements _
J
1 - 0
ITEM NO, OF UNITS U.C. TOTAL COST s
D OFF-SITE IMPROVEMENTS or: R
0 PAVING WCR 5.5 & WCR 26 5,133 s.y. $15.00 153,990.00
D Paving WCR 5.5 &26 10 Ft wide with 31/2 inches 8.00 35,000.00 ✓__
Curb, Gutter and Sidewalk 3,900 Ft. 16.00 62,400.00 V
0 Remove Trees on WCR 26 30,000.00 _
0 Fill Irrigation Ditch 18,000 CY 100,000.00 H
2600 Feet 24" Irrigation Pipe 2,600 Ft. 30.00 78,000.00 F i
0 20,000 Ft. Waterline 6 " 20,000 Ft. 15.00 300,000.00 i
0 Master Meter Vault 30,000.00
0
D
D
ilTotal Estimate cost of improvements and supervision $789,390.00
6 The above improvements shall be constructed in accordance with all County requirements
and specifications, and conformance with this provision shall be determined solely by Weld
6 County, or its duly authorized agent.
4 Prior to the issuance of building permits on any phase, a Letter of Credit equal to that
9 portion of the improvements not completed as shown hereon shall be provided to Weld
! County.
9 Said improvements shall be completed according to the construction schedule set out in
6 Exhibit "B".
4
0 ELMS LAND COMPANY LLC
0
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6
ID
6
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6
Weld County Planning Department
GeneseeGREELEY JUL 0 9 2002
A FOR r E . s C O M f > ti v
RECEIVED
MICHAEL C.VILLANO
DIRECT DIAL (303)526-4945
July 8, 2002
VIA FEDERAL EXPRESS
Kim Ogle
Weld County Planning Department
1555 N. 17th Ave.
Greeley, Colorado 80631
Re: The Elms at Meadow Vale Third Filing
Dear Kim:
We enclose an original Irrevocable Standby Letter of Credit No. FGAC-02119 in
the amount of$889,000.00, issued by Fidelity Guaranty and Acceptance Corp. for the benefit of
Weld County. In accordance with your Memorandum to the Board of County Commissioners
dated April 20, 2002, this Letter of Credit is being submitted as substitute collateral for the Deed
of Trust granted by Elms Land Company, LLC for the benefit of Weld County, recorded July 10,
2001 as Reception No. 2874897. As you may recall, the Deed of Trust was originally granted as
security for the performance of the developer's obligations under the Improvements Agreements
for The Elms at Meadow Vale Third Filing.
Please arrange for this Letter of Credit to be submitted to the Board of County
Commissioners and for the release of the Deed of Trust. When the Request for Release of Deed
of Trust has been executed, please call me so that we can coordinate the release with our title
company.
Very truly yours,
THE ENESEE COMPANY, LLC
Michael C. Villano
Vice President
General Counsel
Enclosure
{00000.rarrPoint Drive • Suite 201 • Golden, Colorado 80401 • (303) 526-9000 • Fax (303) 526-2157
FIDELITY GUARANTY AND ACCEPTANCE CORP.
Box 2863,HOUSTON,TFYc5 77252-2863
(713)599-2575
IRREVOCABLE STANDBY LETTER OF CREDIT(LOC)
LETTER OF CREDIT NO.FGAC-02119 EXPIRATION DATE: JUNE 30,2003
ELMS AT MEADOW VALE THIRD FILING
JUNE 28,2002
BENEFICIARY: WELD COUNTY
1555 N. 17T"AVENUE
GREELEY,CO 80631
LADIES AND GENTLEMEN:
I. WE HEREBY OPEN IN YOUR FAVOR,AT THE REQUEST AND FOR THE ACCOUNT OF THE
GENESEE COMPANY LLC, THIS IRREVOCABLE STANDBY LETTER OF CREDIT IN AN
AGGREGATE AMOUNT NOT TO EXCEED $889,000.0, TO BE AVAILABLE FOR PAYMENT
OF YOUR DRAFTS DRAWN AT SIGHT ON US AND ACCOMPANIED, IN THE CASE OF
EACH DRAFT, BY YOUR JOINTLY SIGNED WRIT 1EN STATEMENT, EXECUTED BY
BENEFICIARY AND THE GENESEE COMPANY LLC, ADDRESSED TO US STATING: THE
AMOUNT REPRESENTED BY THE DRAFT ACCOMPANYING THIS STATEMENT IS THE
AMOUNT REQUIRED TO BE PAID TO BENEFICIARY ON ACCOUNT OF THE DEFAULT OF
THE GENESEE COMPANY LLC IN THE COMPLETION OF CERTAIN PUBLIC AND PRIVATE
IMPROVEMENTS RELATED TO THE ELMS AT MEADOW VALE THIRD FILING,PLANNING
SERVICES CASE NUMBER S-379.
2. THIS 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 ANY DOCUMENT, INSTRUMENT OR AGREEMENT REFERRED TO HEREIN,
OR IN WHICH THIS CREDIT IS REFERRED TO, OR TO WHICH THIS CREDIT RELATES;
AND NO SUCH REFERENCE SHALL BE DEEMED TO INCORPORATE HEREIN BY
REFERENCE ANY SUCH DOCUMENT,INSTRUMENT OR AGREEMENT.
3. THIS CREDIT SHALL INCLUDE THE FOLLOWING SPECIAL CONDITIONS:
PARTIAL DRAWINGS SHALL BE PERMITTED.
ALL BANK CHARGES OTHER THAN THOSE OF FIDELITY GUARANTY AND ACCEPTANCE
CORP. ARE FOR THE ACCOUNT OF THE BENEFICIARY.
4. THIS CREDIT SHALL EXPIRE ON JUNE 30, 2003 UNLESS EXTENDED AS PROVIDED
HEREIN.
5. DRAFTS MUST BE MARKED "DRAWN UNDER IRREVOCABLE STANDBY LETTER OF
CREDIT NO.FGAC-02119",
6. WE HEREBY AGREE TO HONOR EACH DRAFT DRAWN UNDER AND IN COMPLIANCE
WITH THE TERMS OF THIS CREDIT IF DULY PRESENTED AT OUR OFFICES AT 10707
CLAY ROAD,HOUSTON,TEXAS 77041 ON OR BEFORE THE CLOSE OF BUSINESS ON THE
EXPIRATION DATE.
OUR REFERENCE NO.FGAC-02119 PAGE 2
7. THIS CREDIT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, INTERNATIONAL
CHAMBER OF COMMERCE PUBLICATION NO. 500 (1993 REVISION) AND, TO THE
EXTENT NOT INCONSISTENT THEREWITH,THE LAWS OF THE STATE OF COLORADO.
VERY TRULY YOURS,
FIDELITY GUARANTY AND A C PTANCE ORP.
i � d�l 6
WILLIAM D. GUI9'I`RUM, CE P S ENT
)3� 5�`7 'r�, S-7S'
PHONE
FROM : MEADOW VALE FARM PHONE NO. : 970 339 8556 Mar. 27 2002 03:40PM P2
FLOYD OLIVER
2385 HOMESTEAD PL.
LONGMONT, CO 80504
March 27, 2002
IGm Ogle, Weld County Planning
1555 N. 17th Ave.
Greeley, CO 80631
Re; Collateral S-579, Elms 3rd Filing
Dear IGm:
I am writing concerning the collateral provided to Weld County under the improvements
agreement for S-579, Elms at Meadow Vale 3rd. Filing.
I have a contract to complete all of the improvements, both on site and off site for the Elms
3rd Filing. My contract is a lump sum of$3,630,000.00. To date I have completed
$2,740,312.00 of the contract The balance to complete is $889,000.00. In general the
work to be completed is the improvements on WCR 5.5 and WCR 26, the fencing around
the open space, and the grass seeding and landscaping. This work will be completed by
September 2002.
The collateral being held by Weld County is a Deed of Trust on each of the 110 lots.
The Genesee Company would like to substitute a performance bond for the release of the
Deed of Trust. Homes are being built on the lots and Genesee needs to be able to sell
the homes free of a deed of trust.
We did something similar on the 3rd Filing of Meadow Vale Farm.
Please prepare the paper work to accomplish this substitution of collateral and
advise me when Genesee s uld provide the performance bond.
Sincerely,
e
Floyd Oli er
cc The Genesee Company
FROM : MEADOW VALE FARM PHONE NO. : 970 339 8556 Mar. 27 2002 03:40PM P1
Fax Transmission
MEADOW VALE FARM, INC.
2385 Homestead PI.
LONGMONT, COLORADO 80504
L FAX 303-772-5211
TO: frmM OGLE ,//�� DATE: flta 27, 200 7-.
lva p cacao T4,94AVfAJ
FAX # 970 -3oy _6y9Y PAGES: Z INCLUDING COVER
FROM: ?L.0t7 Yi_IVEr&
SUBJECT:
Cou.4TERAL S- 5-79 at-,s 3 'ZGF(L„., v
HUM 11111 11111 I I 1111111 11111II11111111111111
911 2977911 08/13/2002 03:19P Weld County, CO
1 of 1 R 0.00 D 0.00 J.A. "Suki" Tsukamoto
REQUEST FOR RELEASE OF DEED OF TRUST AND RELEASE
(WITHOUT PRODUCtION OF EVIDENCE OF DEBT PURSUANT TO§38-39-102(3.5),C.RS.)
August 13, 2002
Date
Elms Land Company, LLC
Original Grantor(Borrower)
Board of County Commissioners, Weld
Original Beneficiary
(Lender)
July 10, 2001
Date of Deed of Trust
August 15, 2001
Recording Date of
Deed of Trust
Weld County
County of Recording
2874897
Reception No.and/or Film No. and/or of Recorded Deed of Trust
Book No./Page No.
TO THE PUBLIC TRUSTEE OF
WELD County(The Public Trustee to whom the above Deed of Trust conveys the said property)
PLEASE EXECUTE AND RECORD A RELEASE OF THE ABOVE-DESCRIBED DEED OF TRUST pursuant to§38-39-102(3.5),
C.R.S.In support of this Request for Release of Deed of Trust,the undersigned,as the owner of the evidence of debt secured by the above-
described Deed of Trust or the agent or attorney thereof,in lieu of the production or exhibition of the original evidence of debt with this
Request for Release,certifies as follows:
1. The purpose of the Deed of Trust has been fully satisfied.
2. The original evidence of debt is not being exhibited or produced herewith.
3. The owner of the evidence of debt agrees that it is obligated to indemnify the Public Trustee pursuant to§38-39-102(3.5)(a),C.R.S.for
any and all damages,costs, liabilities,and reasonable attorney fees incurred as a result of the action of the Public Trustee taken in
accordance with this Request for Release.
4. It is one of the entities described in§38-39-102(3.5)(b),C.R.S.
Board of Count Commissioners Weld Count , Colorado
Current Owner and Holder of the Indebtedness Secured by Deed of Trust(lender) .
•• ••'
Name and Title of Agent or Officer ofCurtent Owner and Holder
O �••• A�'
PO Box 758, 915 10th Street, Greeley, CO 80632 ( DONNA J.
Address of Current Owner and Holder d\
"
Signature r ".( •
Or.c0t.o Signature
State of Colorado,County of Weld -..-._
The foregoing Request for Release was acknowledged before me on Yr Comafls/1rApii/141001
August 13, 2002
(date)by* Witness my hand and official seal
Glenn Vaad, Chairman, Board of
County Commissioners )
Weld County, Colorado �1
Date Commission Expires awry Public
RELEASE OF DEED OF TRUST
WHEREAS,the above referenced Grantor(s),by Deed of Trust,conveyed certain real property described in said Deed of Trust to the
Public Trustee of the County referenced above, in the State of Colorado, to be held in trust to secure the payment of the indebtedness
referred to therein;and
WHEREAS,the purpose of the Deed of Trust has been fully satisfied according to the written request of the current owner and holder
of the said indebtedness;
NOW THEREFORE,in consideration of the premises and the payment of the statutory sum,receipt of which is hereby acknowledged,
I,as the Public Trustee in the County first referenced above,do hereby remise,release and quitclaim unto the present owner or owners of
said real property,and unto the heirs,successors and assigns of such owner or owners forever,all the right,title and interest which I have
under and by virtue of the aforesaid Deed of Trust in the real estate described therein,to have and to hold the same,with all the privileges
and appurtenances thereunto belonging forever;and further I do hereby fully and absolutely release,cancel and forever discharge said Deed
of Trust.
AUG 1 3 2002
State of Colorado,County of Qm. MARY HERGERT
Public Trustee
The foregoing
instrument was acknowledged before me on /1
DON PA IL-3 2007 AI DT (date)by o� •/j/` L{7�r f��>
Deputy as the [kpu`ty Public s
Public Trustee of Witness my hand and official seal ;rry�
WELD County,Colorado.
JUNE 13. In9 Date Commission Expires , ANDY pc,
N / L
*If applicable,insert title of agent or officer and name of current owner and holder. f
Notary Public •
CANDI
Original Deed of Trust Returned to: y:, 6OIft •Received by J''.., •' C .
p
No.1197. REQUEST FOR RELEASE/RELEASE OF DEED OF TRUST(138-39-102(3.5),CR.S.) l�
Bradford Publishing,1743 Wazee St.,Denver,CO 80202— \-�
(303)292-2500—www.bndfordpublishing.com—10-00
,
The printed portions of this form approved by ECM
the Colorado Real Estate Commission(TD 72-7-96) f 1
IF THIS FORM IS USED IN A CONSUMER CREDIT TRANSACTION,CONSULT LEGAL COUNSEL
Tills IS A LEGAL INSTRUMENT. IF NOT UNDERSTOOD,LEGAL,TAX OR OTHER COUNSEL SHOULD DE CONSULTED BEFORE SIGNING.
DEED OF TRUST
(Due on Transfer- Strict)
THIS DEED OF TRUST IS MADE THIS 10th day of July 2001 , between
Elms Land Company, LLC, a Colorado Limited Liability Company
(Borrower), whose address is 601 South Bowen St..,
Longmont, Colorado 80501 ; and the Public Trustee of the County in which the Property
(see paragraph 1)is situated (Trustee); for the benefit of -
Board of County Commissioners Weld County, Coloradoas ,(Lender),
whose address is
Borrower and Lender covenant and agree as follows:
1. Property in Trust. Borrower, in consideration of the indebtedness herein recited and the trust herein created, hereby
grants and conveys to Trustee in trust, with power of sale, the following described property located in the County of
Weld , State of Colorado:
THE ELMS AT MEADOWVALE THIRD FILING,
Courity of Weld, State of Colorado ti\in ttlit
MSG 9°1
ERGERI
which has the address of M �
(Property Address), together with all its appurtenances(Property). �Cpe1t1�/+
2. Note; Other Obligations Secured. This Deed of Trust is given to secure to Lender:
A. the repayment of the indebtedness evidenced by Borrower's/y1¢te/(ijrfter,0,{retl/ *** , in the
principal sum of U.S. Dollars, with interest on the unpaid principal balance from
, until paid,pf at the rate of percent per annum, with principal and interest payable at
2818g�Sff oanan5g18564he obligations contained in Improvement Agreements at Reception Nos.
or such other place as the Lender may designate, {.tl///////tjiyipgrNp1/////////////////////////////////////
ANWAYI'LV1/9'./9'//////////////// )
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09PPN97 /A91P/tPSMt/NIPMed1st ft itletIOm1AiP/tYW'txAVMNMgtII/$ Wici/liMblk$ddef/p'a tilheentireprincipal
amount outstanding and accrued interest thereon, shall be due and payable on
and Borrower is to pay to Lender a late charge of n/a % of any payment not received by the Lender within
days after payment is due; and Borrower has the right to prepay the principal amount outstanding under said Note, in whole or
in part, at any time without penalty except NONE
B. the payment of all other sums, with interest thereon at —18— % per annum, disbursed by Lender in accordance with
this Deed of Trust to protect the security of this Deed of Trust; and -
C. the performance of the covenants and agreements of Borrower herein contained.
3. Title. Borrower covenants that Borrower owns and has the right to grant and convey the Property, and warragts title
to the same, subject to general real estate taxes for the current year, easements of record or in existence, and recorded
declarations, restrictions, reservations and covenants, if any, as of this date,
4. Payment of Principal and interest. Borrower shall promptly pay when due the principal of and interest on the
indebtedness evidenced by the Note, and late charges as provided in the Note and shall perform all of Borrower's other
covenants contained in the Note.
5. Application of Payments. All payments received by Lender under the terms hereof shall be applied by Lender first in
payment of amounts due pursuant to paragraph 23 (Escrow Funds for Taxes and Insurance), then to amounts disbursed by
Lender pursuant to paragraph 9 (Protection of Lender's Security), and the balance in accordance with the terms and
conditions of the Note.
6. Prior Mortgages and Deeds of Trust; Charges; Liens. Borrower shall perform all of Borrower's obligations under any
prior deed of trust and any other prior liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions
attributable to die Property which may have or attain a priority over this Deed of Trust, and leasehold payments or ground rents,
if any, in the manner set out in paragraph 23 (Escrow Funds for Taxes and Insurance) or, if not required to be paid in such
man tier, by Borrower making payment when clue, directly to the payee thereof. Despite the foregoing, Borrower shall not he
required to make payments otherwise required by this paragraph if Borrower, after notice to Lender, shall in good faith contest
such obligation by, or defend enforcement of such obligation in, legal proceedings which operate to prevent the enforcement of
the obligation or forfeiture of the Property or any part thereof, only upon Borrower making all such contested payments and
other payments as ordered by the court to the registry of the court in which such proceedings are filed.
No.TD72.7-96.DEED On TRUSr(Due on Transfer-Strict) peel 111111111111 ,mmi mil mmuuuu III 11111 liii liii
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7. Property Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured
against loss by fire or hazards included within the term "extended coverage" in an amount at least equal to the lesser of (1) the
insurable value of the Property or (2) an amount sufficient to pay the sums secured by this Deed of Trust as well as any prior
encumbrances on the Property. All of the foregoing shall be known as"Property insurance"._
The insurance carrier providing the insurance shall he qualified to write Property Insurance in Colorado and shall be chosen
by Borrower subject to Lender's right to reject the chosen carrier for reasonable cause. All insurance policies and renewals
thereof shall include a standard mortgage clause in favor of Lender, and shall provide that the insurance carrier shall notify
Lender at least ten (10) days before cancellation, termination or any material change of coverage. Insurance policies shall be
furnished to Lender at or before closing. Lender shall have the right to hold the policies and renewals thereof.
In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss
if not made promptly by Borrower.
Insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is
economically feasible and the security of this Deed of Trust is not thereby impaired. If such restoration or repair is not
economically feasible or if the security of this Deed of Trust would be impaired, the insurance proceeds shall be applied to the sums
secured by this Deed of Trust, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower
fails to respond to Lender within 30 days from the date notice is given in accordance with paragraph 16 (Notice) by Lender to
Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the
insurance proceeds,at Lender's option,either to restoration or repair of the Property or to the sums secured by this Deed of Trust.
Any such application of proceeds to principal shall not extend or postpone the due date of the installments referred to in
paragraphs 4 (Payment of Principal and Interest) and 23 (Escrow Funds for Taxes and Insurance) or change the amount of such
installments. Notwithstanding anything herein to the contrary, if under paragraph 18 (Acceleration; Foreclosure; Other
Remedies) the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and
to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of
the sums secured by this Deed of Trust immediately prior to such sale or acquisition.
All of the rights of Borrower and Lender hereunder with respect to insurance carriers, insurance policies and insurance
proceeds are subject to the rights of any holder of a prior deed of trust with respect to said insurance carriers, policies and
proceeds.
8. Preservation and Maintenance of Property. Borrower shall keep the ,Property in good repair and shall not commit
waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Deed of
Trust is on a leasehold. Borrower shall perform n11 of Borrower's obligations under any declarations, covenants, by-laws, rules,
or other documents governing the use,ownership or occupancy of the Property.
9. Protection of Lender's Security. Except when Borrower has exercised Borrower's rights under paragraph 6 above, if the
Borrower fails to perform the covenants and agreements contained in this Deed of Trust, or if a default occurs in a prior lien or if
any action or proceeding is commenced which materially affects Lender's interest in the Property, then Lender, at Lender's option,
with notice to Borrower if required by law, may make such appearances, disburse such sums and take such action as is necessary to
protect Lender's interest, including, but not limited to: (a) any general or special taxes or ditch or water assessments levied
or accruing against said property; (b) the premiums on any insurance necessary to protect any improvements comprising a part of
such property; (c) sums due on any prior lien or encumbrance on such property; (d) if the property is a leasehold or is subject
to a lease, all sums due under such lease; (e) the reasonable costs and expenses of defending, protecting, and maintaining such
property and Lender's interest in such prop erty, including repair and maintenance costs and expenses, costs- and expenses of
protecting and securing the property, receiver's fees and expenses, inspection fees, appraisal fees, court costs attorney fees,
and fees and costs of an attorney in the employment of the Lender, (f) all other costs and expenses allowable by the evidence of
debt or this deed of trust, and (g) such other costs and expenses which may be authorized by a court of competent jurisdiction.
Borrower hereby assigns to Lender any right Borrower may have by reason of any prior encumbrance on the Property or by law or
otherwise to cure any default under said prior encumbrance.
Any amounts disbursed by Lender pursuant to this paragraph 9, with interest thereon, shall become additional indebtedness of
Borrower secured by this Deed of Trust. Such amounts shall be payable upon notice from Lender to Borrower requesting payment
thereof, and Lender may bring suit to collect any amounts so disbursed plus interest specified in paragraph 2B (Note; Other
Obligations Secured). Nothing contained in this parag rapt)9 shall require Lender to incur any expense or take any action hereunder.
10. Inspection. Lender may make or cause to be made reasonable entries upon and inspection of the Property, provided that
Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest
in the Property.
IL Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned
and shall be paid to Lender as herein provided. However, all of the rights of Borrower and Lender hereunder with respect to
such proceeds are subject to the rights of any holder of a prior deed of trust.
In the event of a total taking of the Property, the proceeds shall be applied to the sums secured by this Deed of Trust, with
the excess, if any, paid to Borrower. In the event of a partial taking of the Property, the proceeds remaining after taking out any
part of the award due and prior lien holder (net award) shall be divided between Lender and Borrower, in the same ratio as the
amount of the, sums secured by this Deed of Trust immediately prior to the date of taking bears to Borrower's equity in the
Property immediately prior to the date of taking. 13orrower's equity in the Property means the fair market value of the Property
less the amount of sums secured by both this Deed of Trust and all prior liens (except taxes) that are to receive any of the award,
all at the value immediately prior to the date of taking. -
If the Property is abandoned by Borrower, or if, after notice by Lender to Borrower that the condemnor offers to make an
award or settle a claim for damages, Borrower fails to respond to Lender within 30 days after the date such notice is given,
Lender is authorized to collect and apply the proceeds, at Lender's option, either to restoration or repair of the Property or to the
sums secured by this Deed of Trust.Any such application of proceeds to principal shall not extend or postpone the due date of the installments referred to in para-
graphs 4(Payment of Principal and interest)and 23(Escrow Funds for Taxes and insurance)nor change the amount of such installments,
12. Borrower Not Released. Extension of the time for payment or modification of amortization of the sums secured:by this
Deed of Trust granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner, the
liability of the original Borrower, nor Borrower's successors in interest, from the original terms of this Deed of Trust. Lender
shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify
amortization of the sums secured by this Deed of Trust by reason of any demand made by the original Borrower nor Borrower's
successors in interest.
13..Forbearance by Lender Not a Waiver. Any forbearance by Lender in exercising any right or remedy hereunder, or
otherwise afforded by law,shall not be a waiver or preclude the exercise of any such right or remedy.
14. Remedies Cumulative. Each remedy provided in the Note and this Deed of Trust is distinct from and cumulative to all
other rights or remedies under the Note and this Deed of Trust or afforded by law or equity, and may be exercised concurrently, -
independently or successively.
IS. Successors and Assigns Bound;Joint and Several Liability; Captions. The covenants and agreements herein contained
shall bind, and the rights hereunder shall inure to, the respective successors and assigns of Lender and Borrower,
subject to the provisions of paragraph 24 (Transfer of the Property; Assumption). All covenants and agreements of Borrower
shall be joint and several. The captions and headings of the paragraphs in this Deed of Trust are for convenience only and are
note to be used to interpret or define the provisions hereof.
16. Notice. Except for any notice required by law to be given in another manner, (a) any notice to Borrower provided for in
this Deed of Trust shall be in writing and shall be given and be effective upon (1) delivery to Borrower or (2) mailing such
notice by first-class U.S. mail, addressed to Burrower at Borrower's address stated herein or at such other address as Borrower
may designate by notice to Lender as provided herein, and (b) any notice to Lender shall be in writing and shall be given and be
effective upon (I) delivery to Lender or (2) 'nailing such notice by first-class U.S. mail, to Lender's address staled herein or to
such other address as Lender may designate by notice to Borrower as provided herein. Any notice provided for in this Deed of
Trust shall be deemed to have been given to Borrower or Lender when given in any manner designated herein.
17. Governing Law;SeverabilIty. The Note and this Deed of Trust shall be governed by the law of Colorado. In the event
that any provision or clause of this Deed of Trust or the Note conflicts with the law, such conflict shall not affect other
provisions of this Deed of Trust or the Note which can be given effect without the conflicting provision, and to this end the
provisions of the Deed of Trust and Note are declared to be severable.
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18. Acceleration;Foreclosure; Other Remedies. Except as provided in paragraph 24 (Transfer of the Property;
Assumption), upon Borrower's breach of any covenant or agreement of Borrower in this Deed of Trust, or upon any default in a
prior lien upon the Property, (unless Borrower has exercised Borrower's rights under paragraph 6 above), at Lender's option. all
of the sums secured by this Deed of Trust shall be immediately due and payable (Acceleration). To exercise this option, Lender
may invoke the power of sale and any other remedies permitted by law. Lender-shall be entitled to collect all reasonable costs
and expenses incurred in pursuing the remedies provided in this Deed of Trust, including, but not limited to, reasonable
attorney's fees.
If Lender invokes the power of sale, Lender shall give written notice to Trustee of such election. Trustee shall give such
notice to Borrower of Borrower's rights as is provided by law. Trustee shall record a copy of such notice as required by law.
Trustee shall advertise the time and place of the sale of the Properly, for not less than four weeks in a newspaper of general
circulation in each county in which the Property is situated, and shall mail copies of such notice of sale to Borrower and other
persons as prescribed by law. After the lapse of such time as may be required by law, Trustee, without demand on Borrower,
shall sell the Properly at public auction to the highest bidder for cash at the time and place (which may be on the Property or any
part thereof as permitted by law) in one or more parcels as Trustee may think best and in such order as Trustee may determine.
Lender or Lender's designee may purchase the Property ut any sale. It shall not be obligatory upon the purchase at any such
sale to see to the application of the purchase money.
Trustee shall apply the proceeds of the sale in the following order: (a) to all reasonable costs and expenses of the sale,
including, but not limited to, reasonable Trustee's and attorney's fees and costs of title evidence; (h) to all secured by this
Deed of Trust; and(c)the excess,if any to the person or persons legally entitled thereto.
19. Borrower's Right to Cure Default. Whenever foreclosure is commenced for nonpayment of any sums due hereunder,
the owners of the Property or parties liable hereon shall be entitled to cure said defaults by paying all delinquent principal and
interest payments due as of the date of cure, costs, expenses, late charges, attorney's fees and other fees all in the manner
provided by law. Upon such payment, this Deed of Trust and the obligations secured hereby shall remain in full force and effect
as though no Acceleration had occurred, and the foreclosure proceedings shall be discontinued.
20. Assignment of Rents; Appointment of Receiver;Lender In Possession. As additional security hereunder, Borrower
hereby assigns to Lender the rents of the Property; however, Borrower shall, prior to Acceleration under paragraph 18
(Acceleration; Foreclosure; Other Remedies) or abandonment of the Property, have, the right to collect and retain such rents as
they become due and payable.
Lender or the holder of the Trustee's certificate of purchase shall be entitled to a receiver for the Property after Acceleration
under paragraph 18 (Acceleration; Foreclosure; Other Remedies), and shall also he so entitled during the time covered by
foreclosure proceedings and the period of redemption, if any; and shall be entitled thereto as a matter of right without regard to
the solvency or insolvency of Borrower or of the then owner of the Property, and without regard to the value thereof. Such
receiver may be appointed by any Court of competent jurisdiction upon ex parte application and without notice - notice being
hereby expressly waived.
Upon Acceleration under paragraph 18 (Acceleration; Foreclosure; Other Remedies) or abandonment of the Property, Lender,
in person, by agent or by judicially-appointed receiver, shall be entitled to enter upon, take possession of and manage the
Property and to collect the rents of the Property including those past due. All rents collected by Lender or the receiver shall be
applied, first, to payment of the costs of preservation and management of the Property, second, to payments due upon prior
liens, and then to the sums secured-by this Deed of Trust. Lender and the receiver shall be liable to account only for those rents
actually received.
21. Release. Upon payment of all sums secured by this Deed of Trust, Lender shall cause Trustee to release this Deed of
Trust and shall produce for Trustee the Note. Borrower shall pay all costs of recordation and shall pay the statutory Trustee's
fees. If Lender shall not produce the Note as aforesaid, then Lender, upon notice in accordance with paragraph 16 (Notice) from
Borrower to Lender, shall obtain, at Lender's expense, and file any lost instrument bond required by Trustee or pay the cost
thereof to effect the release of this Deed of Trust.
22. Waiver of Exemptions. Borrower hereby waives all right of homestead and any other exemption in the Property under
state or federal law presently existing or hereafter enacted.
23. Escrow Funds for Taxes and Insurance. This paragraph 23 is not applicable if Funds as defined below are being paid
pursuant to a prior encumbrance. Subject to applicable law, Borrower shall pay to Lender, on each day installments of principal
and interest are payable under the Note, until the Note is paid in full, a sum (herein referred to as "Funds") equal to
n/a the yearly taxes and assessments which may attain priority over this Deed of Trust, plus n/a of
yearly premium installments for Property Insurance, all as reasonably estimated initially and from time to time by Lender on the
basis of assessments and bills and reasonable estimates thereof, taking into account any excess Funds not used or shortages.
The principal of the Funds shall be held in a separate account by the Lender in trust for the benefit of the Borrower and
deposited in an institution the deposits or accounts of which are insured or guaranteed by a federal or state agency. Lender shall
apply the Funds to pay said taxes, assessments and insurance premiums. Lender may not charge for so holding and applying the
Funds, analyzing said account or verifying and compiling said assessments and bills. Lender shall not be required to pay
Borrower any interest or earnings on the Funds. Lender shall give. to Borrower, without charge, an annual accounting of the
Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are
pledged as additional security for the sums secured by this Deed of Trust.
If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments and insurance premiums as they fall
due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice if given
in accordance with paragraph 16 '(Notice) by Lender to Borrower requesting payment thereof. Provided however, if the loan
secured by this deed of trust is subject to RESPA or other laws regulating Escrow Accounts, such deficiency, surplus on any other
required adjustment shall be paid,credited or adjusted in compliance with such applicable laws.
Upon payment in full of all sums secured by this Deed of Trust, Lender shall simultaneously refund to Borrower and Funds
held by Lender. If under paragraph 18 (Acceleration; Foreclosure; Other Remedies) the Property is -sold or the Properly is
otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition
by Lender, whichever occurs first, any Funds held by Lender at the time of application as a credit against the sums secured by
this Deed of Trust.
24. Transfer of the Property; Assumption. The following events shall be referred to herein as a "Transfer": (i) a transfer
or conveyance of title (or any portion thereof, legal or equitable) of the Property (or any part thereof or interest therein), (ii) the
execution of a contract or agreement creating a right to title (or any portion thereof, legal or equitable) in the Property (or any
part thereof or interest therein), (iii) or an agreement granting a possessory right in the Property (or any portion thereof), in
excess of three (3) years, (iv) a sale or transfer of, or the execution of a contract or agreement creating a right to acquire or
receive, more than fifty percent (50%) of the controlling interest or more than fifty percent (50%) of the beneficial interest in the
Borrower, (v) the reorganization, liquidation or the dissolution of the Borrower. Not to be included as a Transfer are (i) the
creation of a lien or encumbrance subordinate to this Deed of Trust, (ii) the creation of a purchase money security interest for
household appliances, or (iii) a transfer by devise, descent or by operation of the law upon the death of a joint tenant. At the
election of Leader,in the event of each and every Transfer:
(a) All sums secured by this Deed of Trust shall become immediately due and payable(Acceleration).
(b) If a Transfer occurs and should Lender not exercise Lender's option pursuant to this paragraph 24 to Accelerate,
Transferee shall he deemed to have assumed all of the obligations of Borrower under this Deed of Trust including all sums
secured hereby whether or not the instrument evidencing such conveyance, contract or grant expressly so provides. This
covenant shall run with the Property and remain in full force and effect until said sums are paid in full. The Lender may without
notice to the Borrower deal with Transferee in the same manner as with the Borrower with reference to said sums including the
payment or credit to Transferee of undishursed reserve Funds on payment in full of said sums, without in any way altering or
discharging the Borrower's liability hereunder for the obligations hereby secured.
(c) Should Lender not elect to Accelerate upon the occurrence of such Transfer then, subject to (b) above, the mere fact of a
lapse of time or the acceptance of payment subsequent to any of such events, whether or not Lender had actual or constructive
notice of such Transfer, shall not be deemed a waiver of Lender's right to make such election nor shall Lender be estopped
therefrom by virtue thereof. The issuance on behalf of the Lender of a routine statement showing the status of the loan, whether
or not Lender had actual or constructive notice of such Transfer,shall not be a waiver or estoppel of Lender's said rights.
25. Borrower's Copy, Borrower acknowledges receipt of a copy of the Note and this Deed of Trust.
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EXECUTED BY BORROWER:
ELMS LAND COMPANY, LLC, A COLORADO LIMITED LIABILITY COMPANY
BY:
Floyd Oliv ; Managing Mem er
STATE OF Colorado
ss:
COUNTY OF
The foregoing instrument was acknowledged before me this / 3 day of Jul 2001 .by
Y
Floyd Oliver, Managing Member of Elms Land Company, LLC, a Colorado Limited
Liability Company
WITNESS my hand and official seal.
My commission expires: �
[SEAL]
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r.\` Notary Public
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08-13-02 00:08am From-OTTEN JOHNSON ROBINSON NEFF & RAGONETTI 303 825 6525 1-364 P.001/001 F-300
OTTEN, JOHNSON, ROBINSON, NEFF & RAGONETTI, P.C.
ATTORNEYS AND COUNSELORS AT LAIN
050 SEVENTEENTH STREET DENVER
SUITE 1600 ASPEN
DENVER, COLORADO 80202 STEAMBOAT SPRINGS
TELEPHONE 303-825-8400 BRUCE B. JOHNSON
FACSIMILE 303-825-6525 (1946-2000)
www.ottenjohnson.com
DATE:August 13,2002
DELIVER To: Carol Harding FACSIMILE No.: 970-352-0242
COMPANY: Weld County PHONE No.: 970-356-9000
ext.4225
FROM; Michael C.Villas° SENDER'S DIRECT DIAL: 303-575-7543
TOTAL NUMBER OF PAGES (INCLUDING THIS COVER SHEET): 1 FILE No.: 07009-154
IF YOU DO NOT RECEIVE ALL PAGES,PLEASE CALL 303-823-8400 AS SOON AS POSSIBLE
COMMENT$: Carol—
Please forward the Release of Deed of Trust for the Elms at Meadow Vale
to:
Michael C.Villano
Often,Johnson,Robinson,Neff&Ragonetti,P.C.
950 17th Street,Suite 1600
Denver,Colorado 80202
Telephone: 303-825-8400
Fed Ex Charge No.: 1182-1162-9
Thank you for your assistance in this matter.
•
The information contained in this facsimile message is attorney privileged and confidential information
intended only for the use of the individual or entity named above. if the reader of this message is not the
intended recipient, you are hereby notified that any dissemination, distribution or copying of this
communication is strictly prohibited. If you have received this communication In error, please immediately
notify as by telephone, and return the original of this transmittal to us at the above address via the
U.S.Postal Service. Thank you. r
Fax Operator. ./
551653.1 MCVILL au1a1m k01 M4
AUG-06-2002 TUE 10:57 AM THE GENESEE CO, LLC FAX NO. 3035262157 P. 01
Genesee
COMPANY
603 PARK POINT DRIVE
SUITE 201
GOLDEN, COLORADO 80401
TELEPHONE: 303-526-9000
FACSIMILE: 303-526-2157
DATE: August 6,2002
DELIVER TO: Carol Harding FACSIMILE No.: 970-352-0242
COMPANY: Weld County PHONE NO.: 970-356-4000
FROM: Michael C.Villano SENDER'S PHONE No. 303-526-4945
TOTAL NUMBER OF PAGES(INCLUDING THIS COVER SHEET): Se- FILE NO.:
IF YOU DO NOT RECEIVE ALL PAGES,PLEASE CALL 303-526-9000 AS SOON AS POSSIBLE
COMMENTS: Carol--
Pursuant to our telephone conversation, attached is a copy of the
Warranty Deed from Elms Land Company, LLC to The Genesee
Company/Meadow Vale,LLC.
Please forward the executed Release of Deed of Trust to me at my new
address:
Michael C.Villano
Often,Johnson,Robinson,Neff& Ragonetti
950 17th Street,Suite 1600
Denver,Colorado 80202
I can be reached at 303-526-4945 through August 7,and at 303-825-8400
Beginning August 8. I am The Genesee Company's attorney, and am
changing offices this week.
Thank you for your assistance.
(00001677.1 MV)
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