HomeMy WebLinkAbout20030218.tiff RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS (PRIVATE ROAD MAINTENANCE),
AUTHORIZE CHAIR TO SIGN, AND ACCEPT FORM OF COLLATERAL FOR USE BY
SPECIAL REVIEW PERMIT#1382 -VETERINARY PROPERTIES, LLC
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 July 10, 2002, the Weld County Board of Commissioners approved Use
by Special Review Permit#1382 for Veterinary Properties, LLC, for a Veterinary Clinic in the
A (Agricultural) Zone District on the following described real estate, to-wit:
Lot A of Recorded Exemption #2948; being part of
the W1/2 SE1/4 of Section 26, Township 6 North,
Range 66 West of 6th P.M., Weld County,
Colorado
WHEREAS, pursuant to certain Conditions of Approval, the Board has been presented
with an Improvements Agreement According to Policy Regarding Collateral for Improvements
(Private Road Maintenance) between the County of Weld, State of Colorado, by and through
the Board of County Commissioners of Weld County, and Veterinary Properties, LLC, with
terms and conditions being as stated in said agreement, and
WHEREAS, the Board has been presented with a Certified Duplicate Original of
Irrevocable Letter of Credit#NZS456111 from Wells Fargo Bank, N.A., Trade Services Division,
Northern California, 525 Market Street, 25th Floor, San Francisco, California 94105, in the
amount of$60,000.00, and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
accept said Irrevocable Letter of Credit as stated above, copies of which are attached hereto
and incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the Improvements Agreement According to Policy Regarding
Collateral for Improvements (Private Road Maintenance) between the County of Weld, State of
Colorado, by and through the Board of County Commissioners of Weld County, and Veterinary
Properties, LLC, be, and hereby is, approved.
2003-0218
L,L ',a)/ lief PL1609
IMPROVEMENTS AGREEMENT-VETERINARY PROPERTIES, LLC (USR#1382)
PAGE 2
BE IT FURTHER RESOLVED that Irrevocable Letter of Credit#NZS456111 from Wells
Fargo Bank, N.A., Trade Services Division, Northern California, 525 Market Street, 25th Floor,
San Francisco, California 94105, in the amount of$60,000.00, be and hereby is, accepted.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 20th day of January, A.D., 2003.
BOARD OF COUNTY COMMISSIONERS
C UNTY COLORADO
ATTEST:
L Da id E. Long, Chair
Weld County Clerk tot P:o .p:
1861 ( zit
/ 61.
ce 45•Eit �� Robert D. M den, o-Tem
BY: ��/_ G.
Deputy Clerk to the
/2 M. J. eile
A1�F VED AS TO FORM: EXCUSED
Wiillll��_mH. Jjer
/ County Attorney -Gl �d _
Glenn Vaad
Date of signature: rla2
2003-0218
PL1609
6it 64°I
MEMORANDUML . ' "' 15
r
COLORADO
To: Board of County Commissioners November 27, 2002
From: Lauren Light, Planner
Subject: Acceptance of Irrevocable Letter of Credit S.N /5€c
The Department of Planning Services has received an Irrevocable Standby Letter of Credit No.
NZS456111 for Veterinary Properties LLC. The use is for a veterinary clinic located on Lot A of
RE-2948,which is located north of and adjacent to Weld County Road 64 (O Street) and
approximately 1/4 mile west of Weld County Road 35 and is case number USR-1382. The letter
of credit is for the amount of Sixty Thousand dollars and no/100s ($ 60,000.00).
Items covered under this letter of credit include:
Street base $ 37,000.00
Culvert $ 750.00
Fire Hydrant $ 15,000.00
Signage $ 250.00
Landscaping $ 5,000.00
Total Estimated Cost of Improvements $ 58,000
The Weld County Attorney, the Department of Public Works and the Department of Planning
Services, have determined that the amount of the agreement will be sufficient to complete the work
required for a veterinary clinic and the Department of Planning Services recommends acceptance
of this Letter.
SERVICE,TEAMWORK,INTEGRITY,QUALITY
2003-0218
PI- /6°9
1j
IMPROVEMENTS AGREEMENT ACCORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
(PRIVATE ROAD MAINTENANCE)
THIS AGREEMENT,made and entered into this 2 4t jay of OCT6 ize(" ,2002,by and
between the County of Weld, State of Colorado, acting through its Board of County Commissioners,
hereinafter called "County," and Veterinary Properties hereinafter called "Applicant."
WITNESSETH:
WHEREAS, Applicant is the owner of, or has a controlling interest in the following described
property in the County of Weld, Colorado:
LOT A OF RECORDED EXEMPTION 2948
( 3635 0 Street)
WHEREAS, a Final Subdivision/Planned Unit Development (PUD) plat of said property, to be
lmownas VETERINARY PROPERTIES has been submitted to the
County for approval, and
WHEREAS, relevant Sections of the Weld County Code provide that no Subdivision Final Plat,
Planned Unit Development Final Plat, or Site Plan shall be approved by the County until the Applicant has
submitted a Subdivision Improvement Agreement guaranteeing the construction of the public improvements
shown on plans,plats and supporting documents of the Subdivision Final Plat, Planned Unit Development
Final Plat, or Site Plan, which improvements, along with a time schedule for completion, are listed in
Exhibits "A"and "B" of this Agreement.
NOW, THEREFORE, IN CONSIDERATION OF the foregoing and of the acceptance and
approval of said Final Plat, the parties hereto promise, covenant and agree as follows:
1.0 Engineering Services: Applicant shall furnish,at its own expense,all engineering services
in connection with the design and construction of the Subdivision or Planned Unit
Development improvements listed on Exhibit "A," which is attached hereto and
incorporated herein by reference.
1.1 The required engineering services shall be performed by a Professional Engineer
and Land Surveyor registered in the State of Colorado, and shall conform to the
standards and criteria established by the County for public improvements.
1.2 The required engineering services shall consist of, but not be limited to, surveys,
designs,plans and profiles,estimates,construction supervision,and the submission
of necessary documents to the County.
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1.3 Applicant shall furnish drawings and cost estimates for roads within the Subdivision
or Planned Unit Development to the County for approval prior to the letting of any
construction contract. Applicant shall furnish one set of reproducible "as-built"
drawings and a final statement of construction cost to the County.
2.0 Rights-of-Way and Easements: Before commencing the construction of any improvements
herein agreed upon,Applicant shall acquire,at its own expense,good and sufficient rights-
of-way and easements on all lands and facilities traversed by the proposed improvements.
3.0 Construction: Applicant shall furnish and install, at its own expense, the Subdivision or
Planned Unit Development improvements listed on Exhibit"A,"which is attached hereto
and incorporated herein by reference, according to the construction schedule set out in
Exhibit"B"which is also attached hereto and incorporated herein by reference.
3.1 Said construction shall be in strict conformance to the plans and drawings approved
by the County and the specifications adopted by the County for such public
improvements. Whenever a Subdivision or Planned Unit Development is proposed
within three miles of an incorporated community located in Weld County or located
in any adjacent county, the Applicant shall be required to install improvements in
accordance with the requirements and standards that would exist if the plat were
developed within the corporate limits of that community. If the incorporated
community has not adopted such requirements and standards at the time the
Subdivision or Planned Unit Development is proposed, the requirements and
standards of the County shall be adhered to. If both the incorporated community
and the County have requirements and standards,those requirements and standards
that are more restrictive shall apply.
3.2 Applicant shall employ,at its own expense,a qualified testing company previously
approved by the County to perform all testing of materials or construction that is
required by the County; and shall furnish copies of test results to the County.
3.3 At all times during said construction, the County shall have the right to test and
inspect, or to require testing and inspection of material and work at Applicant's
expense. Any material or work not conforming to the approved plans and
specifications shall be removed and replaced to the satisfaction of the County at
Applicant's expense.
3.4 Applicant shall furnish proof that proper arrangements have been made for the
installation of sanitary sewer or septic systems,water, gas, electric and telephone
services.
3.5 Said Subdivision or Planned Unit Development improvements shall be completed,
according to the terms of this Agreement, within the construction schedule
appearing in Exhibit"B." The Board of County Commissioners,at its option,may
grant an extension of the time of completion shown on Exhibit"B"upon application
by the Applicant subject to the terms of Section 6 herein.
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4.0 Release of Liability: Applicant shall indemnify and hold harmless the County from any and
all liability loss and damage County may suffer as a result of all suits, actions or claims of
every nature and description caused by, arising from, or on account of said design and
construction of improvements,and pay any and all judgments rendered against the County
on account of any such suit, action or claim, together with all reasonable expenses and
attorney fees incurred by County in defending such suit, action or claim whether the
liability, loss or damage is caused by, or arises out of the negligence of the County or its
officers, agents, employees, or otherwise except for the liability, loss, or damage arising
from the intentional torts or the gross negligence of the County or its employees while acting
within the scope of their employment. All contractors and other employees engaged in
construction of the improvements shall maintain adequate worker's compensation insurance
and public liability insurance coverage,and shall operate in strict accordance with the laws
and regulations of the State of Colorado governing occupational safety and health.
(THERE IS NO SECTION 5)
6.0 Approval of Streets by the County: Upon compliance with the following procedures by the
Applicant, streets within a Subdivision or Planned Unit Development may be approved by
the County as public roads and will be maintained and repaired by a Homeowners
Association or, in its absence, the owners of lots within the Subdivision or Planned Unit
Development.
6.1 If desired by the County,portions of street improvements may be placed in service
when completed according to the schedule shown on Exhibit"B,"but such use and
operation shall not constitute an approval of said portions.
6.2 County may,at its option,issue building permits for construction on lots for which
street improvements detailed herein have been started but not completed as shown
on Exhibit"B,"and may continue to issue building permits so long as the progress
of work on the Subdivision or Planned Unit Development improvements in that
phase of the development is satisfactory to the County; and all terms of this
Agreement have been faithfully kept by Applicant.
6.3 Upon completion of the construction of streets within a Subdivision or Planned Unit
Development and the filing of a Statement of Substantial Compliance, the
applicant(s)may request in writing that the County Engineer inspect its streets and
recommend that the Board of County Commissioners partially approve them. Not
sooner than nine months after partial approval, the County Engineer shall, upon
request by the applicant, inspect the subject streets, and notify the applicant(s) of
any deficiencies. The County Engineer shall reinspect the streets after notification
from the applicant(s) that any deficiencies have been corrected. If the County
Engineer finds that the streets are constructed according to County standards,he or
she shall recommend full approval. Upon a receipt of a positive unqualified
recommendation from the County Engineer for approval of streets within the
development,the Board of County Commissioners shall fully approve said streets
as public but with private pay.
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7.0 General Requirements for Collateral:
7.1 The value of all collateral submitted to Weld County must be equivalent to One-
Hundred percent (100%) of the value of the improvements as shown in this
Agreement. Prior to Final Plat approval, the applicant shall indicate which of the
five types of collateral preferred to be utilized to secure the improvements subject
to final approval by the Board of County Commissioners and the execution of this
Agreement. Acceptable collateral shall be submitted and the plat recorded within
six (6) months of the Final Plat approval. If acceptable collateral has not been
submitted within six (6) months then the Final Plat approval and all preliminary
approvals shall automatically expire. Applicant may request that the County extend
the Final Plat approval provided the cost estimates are updated and the development
plans are revised to comply with all current County standards, policies and
regulations. The improvements shall be completed within one (1) year after the
Final Plat approval(not one year after acceptable collateral is submitted) unless
the applicant(s) requests that this Agreement be renewed at least thirty (30) days
prior to its expiration and further provides that cost estimates for the remaining
improvements are updated and collateral is provided in the amount of One-
Hundred percent (100%) of the value of the improvements remaining to be
completed. If improvements are not completed and the agreement not renewed
within these time frames, the County, at its discretion,may make demand on all or
a portion of the collateral and take steps to see that the improvements are made.
7.2 The applicant may choose to provide for a phased development by means of
designating filings of a Planned Unit Development Final Plat or Subdivision Final
Plat. The applicant would need only to provide collateral for the improvements in
each filing as approved. The County will place restrictions on those portions of the
property that are not covered by collateral which will prohibit the conveyance of the
property or the issuance of building permits until collateral is provided or until
improvements are in place and approved pursuant to the requirements for a Request
for Release of Collateral.
7.3 The applicant intends to develop in accordance with Exhibits "A"and"B."
8.0 Improvements Guarantee: The five types of collateral listed below are acceptable to Weld
County subject to final approval by the Board of County Commissioners.
8.1 An irrevocable Letter of Credit from a Federal or State licensed financial institution
0
on a form approved by Weld County. The Letter of Credit shall state at least the
following:
8.1.1 The Letter of Credit shall be in an amount equivalent of One-Hundred
percent (100%) of the total value of the improvements as set forth in
Section 6.0 and Exhibits "A"and"B."
8.1.2 The Letter of Credit shall provide for payment upon demand to Weld
County if the developer has not performed the obligations specified in the
Improvements Agreement and the issuer has been notified of such default.
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8.1.3 The applicant may draw from the Letter of Credit in accordance with the
provisions of this policy.
8.1.4 The issuer of the Letter of Credit shall guarantee that, at all times the
unreleased portion of the Letter of Credit shall be equal to a minimum of
One-Hundred percent (100%) of the estimated costs of completing the
uncompleted portions of the required improvements,based on inspections
of the development by the issuer. In no case shall disbursement for a
general improvement item exceed the cost estimate in the Improvements
Agreement (i.e., streets, sewers, water mains and landscaping, etc.). The
issuer of the Letter of Credit will sign the Improvements Agreement
acknowledging the agreement and its cost estimates.
8.1.5 The Letter of Credit shall specify that fifteen percent (15%) of the total
Letter of Credit amount cannot be drawn upon and will remain available to
Weld County until released by Weld County.
8.1.6 The Letter of Credit shall specify that the date of proposed expiration of the
Letter of Credit shall be either the date of release by Weld County of the
final fifteen percent (15%), or one year from the date of Final Plat
approval, whichever occurs first. Said letter shall stipulate that, in any
event,the Letter of Credit shall remain in full force and effect until after the
Board has received sixty (60) days written notice from the issuer of the
Letter of Credit of the pending expiration. Said notice shall be sent by
certified mail to the Clerk to the Board of County Commissioners.
8.2 Trust Deed upon all or some of the proposed development or other property
acceptable to the Board of County Commissioners provided that the following are
submitted:
8.2.1 In the event property within the proposed development is used as collateral,
an appraisal is required of the property in the proposed development by a
disinterested Member of the American Institute of Real Estate Appraisers
(M.A.I.)indicating that the value of the property encumbered in its current
degree of development is sufficient to cover One-Hundred percent(100%)
of the cost of the improvements as set forth in the Improvements
Agreement plus all costs of sale of the property.
8.2.2 In the event property other than the property to be developed has been
accepted as collateral by Weld County,then an appraisal is required of the
property by a Member of the Institute of Real Estate Appraisers (M.A.I.)
indicating that the value of the property encumbered in its current state of
development is sufficient to cover One-Hundred percent(100%)of the cost
of the improvements as set forth in the Improvements Agreement plus all
costs of sale of the property.
8.2.3 A title insurance policy insuring that the Trust Deed creates a valid
encumbrance which is senior to all other liens and encumbrances.
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8.2.4 A building permit hold shall be placed on the encumbered property.
8.3 Escrow Agreement that provides at least the following:
8.3.1 The cash in escrow is at least equal to One-Hundred percent(100%)of the
amount specified in the Improvements Agreement.
8.3.2 The escrow agent guarantees that the escrowed funds will be used for
improvements as specified in the agreement and for no other purpose and
will not release any portion of such funds without prior approval of the
Weld County Board of Commissioners.
8.3.3 The escrow agent will be a Federal or state-licensed bank or financial
institution.
8.3.4 If Weld County determines there is a default of the Improvements
Agreement,the escrow agent,upon request by the County,shall release any
remaining escrowed funds to the County.
8.4 A surety bond given by a corporate surety authorized to do business in the State of
Colorado in an amount equivalent to One-Hundred percent(100%) of the value of
the improvements as specified in the Improvements Agreement.
8.5 A cash deposit made with the County equivalent to One-Hundred percent(100%)
of the value of the improvements.
9.0 Request for Release of Collateral: Prior to release of collateral for the entire project or for
a portion of the project by Weld County, the Applicant must present a Statement of
Substantial Compliance from an Engineer registered in Colorado that the projector a portion
of the project has been completed in substantial compliance with approved plans and
specifications documenting the following:
9.1 The Engineer or his representative has made regular on-site inspections during the
course of construction and the construction plans utilized are the same as those
approved by Weld County.
9.2 Test results must be submitted for all phases of this project as per Colorado
Department of Transportation Schedule for minimum materials sampling, testing
and inspections found in the Colorado Department of Transportation (CDOT)
Materials Manual.
9.3 "As built" plans shall be submitted at the time the letter requesting release of
collateral is submitted. The Engineer shall certify that the project "as-built" is in
substantial compliance with the plans and specifications as approved, or that any
material deviations have received prior approval from the County Engineer.
9.4 The Statements of Substantial Compliance must be accompanied,if appropriate,by
a letter of acceptance of maintenance and responsibility by the appropriate utility
company, special district or town for any utilities.
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9.5 A letter must be submitted from the appropriate Fire Authority indicating the fire
hydrants are in place in accordance with the approved plans. The letter shall
indicate if the fire hydrants are operational and state the results of fire flow tests.
9.6 The requirements in paragraphs 9.0 thru 9.5 shall be noted on the final construction
plans.
9.7 Following the submittal of the Statement of Substantial Compliance and
recommendation of approval of the streets by the County, the applicant(s) may
request release of the collateral for the project or portion of the project by the
Board. This action will be taken at a regularly scheduled public meeting of the
Board.
9.8 The request for release of collateral shall be accompanied by"Warranty Collateral"
in the amount of fifteen percent(15%)of the value of the improvements as shown
in this Agreement excluding improvements fully accepted for maintenance by the
responsible governmental entity, special district or utility company.
9.9 The warranty collateral shall be released to the applicant upon final approval by the
Board of County Commissioners.
10.0 Public Sites and Open Spaces: When the Board of County Commissioners, pursuant to a
rezoning,Subdivision or Planned Unit Development,requires the dedication,development
and/or reservation of areas or sites other than Subdivision or Planned Unit Development
streets and utility easements of a character, extent and location suitable for public use for
parks, greenbelts or schools, said actions shall be secured in accordance with one of the
following alternatives,or as specified in the Planned Unit Development(PUD)Plan,if any:
10.1 The required acreage as may be determined according to the Weld County
Subdivision Regulations shall be dedicated to the County or the appropriate school
district, for one of the above purposes. Any area so dedicated shall be maintained
by the County or school district.
10.2 The required acreage as determined according to Chapter 24 of the Weld County
Code,may be reserved through deed restrictions as open area,the maintenance of
which shall be a specific obligation in the deed of each lot within the Subdivision
or Planned Unit Development.
10.3 In lieu of land,the County may require a payment to the County in an amount equal
to the market value at the time of Final Plat submission of the required acreage as
determined according to Chapter 24 of the Weld County Code. Such value shall be
determined by a competent land appraiser chosen jointly by the Board and the
Applicant. The cash collected shall be deposited in an escrow account to be
expended for parks at a later date.
11.0 Successors and Assigns: This Agreement shall be binding upon the heirs, executors,
personal representatives,successors and assigns of the Applicant,and upon recording by the
County, shall be deemed a covenant running with the land herein described, and shall be
binding upon the successors in ownership of said land.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the
day and year first above written.
APPLICANT: \, 56
SHAWN BOT , DVM
APPLICANT: U�.b�.
WADE SHOEMAKER, DVM
BILE: OWNERS
Subscribed and sworn to before me this (p ' day of 10 [pry 1 � , 206<)--.
My Commission expires: c l L•, , e,., )\ x e F A u 3 l_` ,"c
My Commission N. Public • ,;
expires 12-17-2005 F ••.•cc'- 'o ,.
ATTEST: ! //r//a�1 SS.% BOARD OF COUNTY COMMISSIONERS
A d7/U�' WELD COUNTY, COLORADO
Weld County Clerk to the
' �0��
�° Tom' David E. Long , Chair
BY: , ,J/.t .I�,'" `+ A 1 (01/20/2003)
�
Deputy Clerk to the Boa KA
APPROVED AS TO FORMIC--
County Attorney
IRevised 07/01/2002
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EXHIBIT "A"
Name of Subdivision
or Planned Unit Development: count ryai de T.arge Animal Vetnri nary rl i n
Filing:
Location: 3635 O Street Greeley re R0631
Intending to be legally bound, the undersigned Applicant hereby agrees to provide throughout this
Subdivision or Planned Unit Development the following improvements. (Leave spaces blank where they do
not apply)
Improvements Quantity Units Unit Estimated
Costs Construction Cost
Site grading
Street grading
Street base 374 o
Street paving
Curbs, gutters,and culverts 750
Sidewalk
Storm sewer facilities
Retention ponds
Ditch Improvements
Subsurface drainage
Sanitary sewers
Trunk and forced lines
Mains
Laterals(house connected)
On-site sewage facilities
On-site water supply and storage
Water Mains(includes bore)
Fire hydrants I 1 5,0 0 0
Survey and street monuments and boxes
Street lighting
StreetNaxv $t)v% Nor-) 1 2.50
Fencing requirements
Landscaping ' 5 r 000
Park improvements
Road culvert
Grass lined swale
Telephone
Gas
Electric
Water transfer
SUB-TOTAL:
Engineering and Supervision Costs $ —0—
(Testing, inspection, as-built plans and work in addition to preliminary and final plat; supervision of actual
construction by contractors) F�
TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION $ ✓8 00O
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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 County,or its duly authorized agent.
Said i entscsluill according to the construction schedule set out in Exhibit"B."
By: 14/14 9n
"---
A ic ant
Applicant OWNERS Date: 9
1 / , 20 (92-- .
Title
(If corporation,to be signed by President and attested to by Secretary, together with corporate seal.)
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EXHIBIT"B"
Name of Subdivision
or Planned Unit Development: Countryside Large Animal Veterinary Service
Filing:
Location: 1615 n Street Greeley Co 80631
Intending to be legally bound, the undersigned Applicant hereby agrees to provide throughout this
Subdivision or Planned Unit Development the following improvements.
All improvements shall be completed within ` years from the date of approval of the final plat.
Construction of the improvements listed in Exhibit"A" shall be completed as follows:
(Leave spaces blank where they do not apply.)
Improvements Time for Completion
Site grading
Street base
Street paving
Curbs, gutters, and culverts
Sidewalk
Storm sewer facilities
Retention ponds
Ditch improvements
Subsurface drainage
Sanitary sewers
Trunk and forced lines
Mains
Laterals (house connected)
On-site sewage facilities
On-site water supply and storage
Water mains
Fire hydrants June 2003
Survey and street monuments and boxes
Street lighting
Street name signs
Fencing requirements
Landscaping June 2003
Park improvements
Road culvert
Grass lined swale
Telephone
Gas
Electric
Water Transfer
SUB-TOTAL:
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• The County, at its option, and upon the request of the Applicant,may grant an extension of time for
completion for any particular improvements shown above,upon a showing by the Applicant that the
above schedule cannot be met.
By: L1,DAIL- �i^^.
Applicant
bu",_
Applicant
t(ADIALf5 Date: et (a , 20 OZ- .
Title
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
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Are
WELLS "1/4
FARGO
CERTIFIED DUPLICATE ORIGINAL
WELLS FARGO BANK, N.A.
TRADE SERVICES DIVISION, NORTHERN CALIFORNIA
525 Market Street, 25th Floor
San Francisco, California 94105 ! ' -
Contact Phone: 1-800-798-2815, Option 1
Email: sftrade@wellsfargo.com
IRREVOCABLE LETTER OF CREDIT Cvl .9
Beneficiary:
Board of County Commissioners Letter of Credit No. NZS456111
of Weld County, Colorado
915 10th Street Date: October 31, 2002
Greeley, Colorado 80632
Attn.: Clerk to the Board
Ladies and Gentlemen:
We hereby establish our irrevocable Letter of Credit in your favor for the account
of Veterinary Properties, LLC, 1907 1st Avenue, Greeley, CO 80631 in the amount of
Sixty Thousand and 00/100 United States Dollars (US$60,000.00). This Letter of Credit
is available with us at our above office by payment of your draft drawn on us at sight
accompanied by your signed and dated statement worded as follows:
"The undersigned, an authorized officer of the Board of County Commissioners
of Weld County, Colorado, hereby certifies that Veterinary Properties, LLC has
committed a material breach of the Improvements Agreement According to
Policy Regarding collateral for Improvements regarding Real Estate
Improvements dated October 29, 2002 by and between Veterinary Properties,
LLC and the Board of County Commissioners of the County of Weld."
Partial drawings are permitted. (more than one draft may be drawn and
presented under the letter of credit)
The draft must be marked: "Drawn under Wells Fargo Bank, N.A. Letter of Credit
No. NZS456111."
This Letter of Credit expires at our above office on October 15, 2003, but shall
be automatically extended, without written amendment, to October 15 in each
succeeding calendar year unless we have sent written notice to you at your address
above by registered mail or express courier that we elect not to renew this Letter of
Credit beyond the date specified in such notice, which expiration date will be October
15, 2003 or any subject October 15 and be at least sixty (60) calendar days after the
date we send you such notice.
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This is an integral part of our Letter of Credit No. NZS456111
Upon our sending you such notice of non-renewal of the expiration date of this
Letter of Credit, you may also draw hereunder by presentation to us at our above
address, on or before the expiration date specified in such notice, of your draft drawn
on us at sight accompanied by your signed and dated statement worded as follows:
"We hereby certify that we have received notice from Wells Fargo Bank, N.A.
that Letter of Credit No. NZS456111 will not be renewed beyond its current
expiration date and that Veterinary Properties, LLC has failed to provide proof
of adequate collateral and substitution of this Letter of Credit No. NZS456111."
If any instructions accompanying a drawing under this Letter of Credit request
that payment is to be made by transfer to an account with us or at another bank, we
and/or such other bank may rely on an account number specified in such instructions
even if the number identifies a person or entity different from the intended payee.
Each draft presented hereunder must be accompanied by this original credit for
our endorsement thereon of the amount of such draft.
This Letter of Credit is subject to the Uniform Customs and Practice for
Documentary Credits (1993 Revision), International Chamber of Commerce Publication
No. 500 (the "UCP") and engages us with the terms thereof.
Very truly yours,
WELL FARGO BANK, N. A.
By:
' ( uthorized Si nature)
SOCCI LOZANO
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