HomeMy WebLinkAbout20052731 (\(\t"\1 ;
CLERK TO THE BOARD
PHONE (970) 336-7215, Ext. 4225
WI
FAX: (970) 352-0242
P. O. BOX 758 I P
O GREELEY, COLORADO 80632
COLORADO
August 4, 2005
Colorado Mortgage Company
Manhattan Plaza Building
75 Manhattan Drive #200
Boulder, Colorado 80303
RE: Cancellation and release of Collateral - McStain Enterprises, Inc.
To Whom It May Concern:
Attached hereto please find a copy of the Board of County Commissioner's Resolution approving
the cancellation and release of collateral, as referenced above. The three original Irrevocable
Letters of Credit are enclosed.
If you have questions or need additional information, please do not hesitate to contact me at
(970) 356-4000, Extension 4217.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
By: (7,4t—ter2/4244-4/1
Carol A. Harding,
Deputy Clerk to the Board
n 2005-2731
(L 4G-t 4lc-opA
09- iY-o 'hi, tie/9
COLORADO or gage Co.
Manhattan Plaza Building
75 Manhattan Drive, Boulder, Colorado 80303 I
Phone 499-5400
IRREVOCABLE LETTER OF CREDIT
January 15 , 1997
(IC
Wald County Board of County Commissioners
915 Tenth Street \
P . 0. Box 1948
Greeley, Colorado 80632
RE : REPLACEMENT LETTER OF CREDIT FO LONGVIEW COMMUNITY LLC
COMPLETE IMPROVEMENT OF PUBLIC I ROVEMENTS FOR BLOCK 1 OF
LONGVIEW DEVELOPMENT, WELD COUNTY DATED 11/15/95 $575, 000 .
LONGVIEW COMMUNITY LLC COMPLETE MPROVEMENT OF ROAD
MAINTENANCE AND IMPROVEMENT AGR EMENT OF LONGVIEW
DEVELOPMENT, WELD COUNTY DATED 12/6/95 $87 , 750 . AND
LONGVIEW COMMUNITY LLC COMPLE E IMPROVEMENT OF LONGVIEW
PHASE 2, WATER, STREETS, SEW R, STORM SEWERS AND MAINTENANCE
OF LONGVIEW DEVELOPMENT, WE D COUNTY DATED 12/20/95
$280, 702 .
A/K/A AS IRREVOCABLE LETT RS OF CREDIT NO. ' S 1, 2 & 3
Per attached letter to Mr. Todd Hodges, Weld County Planning
Department from Paul Anderso , Site Development Manager for McStain
Enterprises, Inc . , COLORAD MORTGAGE CO. , 75 Manhattan Drive, #200,
Boulder, CO 80303 hereby uthorizes you to draw on us for account
of IMPROVEMENT GUARANTE S : LONGVIEW PHASE I & 11, up to an
aggregate amount of SI THOUSAND TWO HUNDRED SIXTY AND NO/100
DOLLARS ( 6, 260 . 00) , su amount not available except by your drafts
at sight, accompanied y certification of the Weld County Engineer,
that Longview Commun ty, LLC. failed to complete installation of
the public improve ents for Phases I & II of the Longview
development, Weld County, Colorado, in accordance with the
Improvements Agre ent for Longview, dated 154(ao/95 , by
and between Wel County and LongView Commun ty LLC, a Colorado
corporation .
We are respec ully requesting that a) of the 2nd paragraph of the
letters date 11/15/95 , 12/6/96 and 12/20/96 be revised to read:
(a) rafts under and in compliance with the terms of
this rrevocable Letter of Credit will be duly honored if
/ der
- nted at our office at 75 Manhattan Drive, Suite 200,
Colorado, 80303, on or before September 15,
8 .
Page 2 - Replacement Letter of Credit Longview
All other terms and conditions of the original Irrevocable Letters
of Credit dated November 15, 1995, December 6, 1995 and April 9,
1996 shall remain in full force and effect.
Dated this.,, l5th day of January, 1997 .
,_ C@RPQRATESEAAL COLORADO MORTGAGE CO.
.....- Q BY --linC� C�2yriil�
ATTESin'C' WILLIAM J. SUITS,
i,fa
President
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SOS-g99-6400 403
IRREVOCABLE LETTER OF CREDIT
October 8, 1998
Weld County Board of County Commissioners
915 Tenth Street
G. 0. Box 1948 ( C) e ^
Greeley, Colorado 80632 JittO
RE: PUBLIC IMPROVEMENTS, LONGVIEW PHASES 4 AND 7
Colorado Mortgage Co. , 75 Manhattan Drive, S ite 200, Boulder,
Colorado, 80303 hereby authorizes you to draw n us for account of
Longview Community, LLC, Boulder, Colorad , 80303, up to an
aggregate amount of U. S. Dollars FIVE HUNb D SIXTY NINE THOUSAND
EIGHTY FIVE AND NO/100 DOLLARS ($569 , 08 . 00) , such amount not
available except by your drafts at sight, accompanied by
certification of the Weld County Enginee , that LongView Community,
LLC. failed to complete installation of he public improvements for
the LongView development, Weld County, Colorado, in accordance with
the Improvements Agreement for Longv ew, known as LongView Phases
4 and 7, dated DECEMBER 20, 1995 , y and between Weld County and
LongView Community LLC, a Colorad corporation. A list of public
improvement costs is attached h reto and incorporated herein as
"Exhibit 1 . " They include Pha s 4 and 7 water, sewer, streets,
storm, landscaping, gas, one, electric, engineering and
supervision costs .
We hereby further agree th t:
(a) Drafts under and in compliance with the terms of this
Irrevocable Letter of edit will be duly honored if presented at
our office at 75 Man ttan Drive, Suite 200, Boulder, Colorado,
80303, on or before ctober 8, 1999 .
(b) Funds availab e under this Irrevocable Letter of Credit may be
drawn in such amo nts and at such times as determined by the County
Engineer, in h' /her sole discretion, provided that the amount
d:awn shall no exceed the aggregate amount specified herein for
each item lis ed in Exhibit "A" attached hereto.
(c) We sha have no right, duty, obligation, or responsibility to
evaluate he performance or non-performance of the underlying
contract etween Longview Community, LLC and the beneficiary of
this le .ter of credit .
Page 2 - Irrevocable Letter of Credit - Longview, Weld County
Phases 4 and 7
(d) This Letter of Credit will be reduced upon Weld County's
construction acceptance of the public improvements to fifteen
percent ( 15%) , where applicable, upon instruction from the County.
(e) The Letter of Credit covering the final 15% shall remain in
full force and effect until the final 15% is released by the County
or until after the Board has received sixty ( 60) days prior notice
to expiration of this Letter of Credit, whichever occurs first. We
shall notify you in writing of the pending expiration date. Said
notice shall be sent by certified mail to the Clerk of the Board of
County Commissioners .
(f) The amount of any draft drawn hereunder must be endorsed on
the reverse side hereof . All drafts must be marked "Drawn under
Irrevocable Letter of Credit No. 7 , Longview Community LLC. "
O h7( rri
. a'Eecl..$hie6 8th day of October , 1998 .
4� I
' j CERPORAT.,. SEAL COLORADO MORTGAGE CO.
ri. 011 rkt BY
A't"t EST: WILLIAM J. SUI
President
COLORADO more a,e Co.
Manhattan Plaza Building j
75 Manhattan Drive, Boulder, Colorado 80303 /r
Phone 499-5400
IRREVOCABLE LETTER OF CREDI
January 15, 1997
Weld County Board of County Commissioners
915 Tenth Street
P. O. Box 1948 Ca\\\
G -eeley, Colorado 80632
RE : WORK PROGRESS : LONGVIEW PHASE 3
Colorado Mortgage Co. , 75 Manhatt Drive, Suite 200, Boulder,
Colorado, 80303 hereby authorizes y u to draw on us for account of
Longview Community, LLC, Boulde , Colorado, 80303, up to an
aggregate amount of U. S . Dollars NINETY TWO THOUSAND EIGHTY-EIGHT
AND NO/100 DOLLARS ( $ 92 , 088 . 00 ) such amount not available except
by your drafts at sight, accom nied by certification of the Weld
County Engineer, that LongVie Community, LLC. failed to complete
installation of the publi improvements for the Longview
development, Weld County, Colorado, in accordance with the
Improvements Agreement for ongview, known as Road Maintenance and
Improvement Agreement date (aJao/q5 , by and between Weld
County and Longview Commu ity L C, a Colorado corporation. A list
of public improvement c sts is attached hereto and incorporated
herein as "Exhibit 1 . "
We hereby further agr e that:
(a) Drafts under and in compliance with the terms of this
Irrevocable Letter of Credit will be duly honored if presented at
our office at 75 Manhattan Drive, Suite 200, Boulder, Colorado,
80303, on or bef re February 1, 1998.
(b) Funds ava' able under this Irrevocable Letter of Credit may be
drawn in such mounts and at such times as determined by the County
Engineer, i his/her sole discretion, provided that the amount
drawn shall not exceed the aggregate amount specified herein.
(c) We sh 11 have no right, duty, obligation, or responsibility to
evaluate the performance or non-performance of the underlying
contrac between Longview Community, LLC and the beneficiary of
this 1 ter of credit.
Page 2 - Irrevocable Letter of Credit - Longview, Weld County
(d) This Letter of Credit will be reduced upon Weld County's
construction acceptance of the public improvements to fifteen
percent ( 15%) , where applicable, upon instruction from the County.
( e) The Letter of Credit covering the final 15% shall remain in
full force and effect until the final 15% is released by the County
or until after the Board has received sixty ( 60) days prior notice
to expiration of this Letter of Credit, whichever occurs first. We
shall notify you in writing of the pending expiration date. Said
notice shall be sent by certified mail to the Clerk of the Board of
County Commissioners .
(f) The amount of any draft drawn hereunder must be endorsed on
the reverse side hereof. All drafts must be marked "Drawn under
Irrevocable Letter of Credit No. 5 , Longview Community LLC. "
Ddted €h'rs 15th day of January, 1997 .
CORPORATE SEAL COLORADO MORTGAGE CO.
BY V.ceat"
AT �:h� ' WILLIAM J. SUITT�,! /7
F `/ / }/ _c
President J
Ont C. CC v t/
Osyst 1\(\tr 4004f4°
CLERK TO THE BOARD
PHONE (970)336-7215, Ext. 4225
FAX: (970) 352-0242
P. O. BOX 758
C. GREELEY, COLORADO 80632
COLORADO
August 4, 2005
McStain Enterprises, Inc.
75 Manhattan Drive, Suite 1
Boulder, Colorado 80303-4254
RE: Cancellation and release of Collateral
To Whom It May Concern:
Attached hereto please find copies of the Board of County Commissioner's Resolution approving
the cancellation and release of collateral,as referenced above. The three original Letters of Credit
were retumed to Colorado Mortgage Company,Manhattan Plaza Building,75 Manhattan Drive#200,
Boulder, Colorado 80303.
If you have questions or need additional information,please do not hesitate to contact me at(970)
356-4000, Extension 4217.
Very truly yours,
BOARD OF COUNTY COMMISSIONERS
•
By: 4-4.0-167
Carol A. Harding,
Deputy Clerk to the Board
COLLATERAL RELEASED
IN CONJUNCTION WITH
OTHER CASES
SEE #2005-2091
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