HomeMy WebLinkAbout20011924.tiff RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS (PUBLIC ROAD MAINTENANCE) AND
ACCEPT FORM OF COLLATERAL FOR PLANNED UNIT DEVELOPMENT FINAL
PLAN, S #579, FOR THE ELMS AT MEADOW VALE, THIRD FILING - ELMS LAND
COMPANY, LLC, C/O 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, c/o 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 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
(Public Road Maintenance) between the County of Weld, State of Colorado, by and through the
Board of County Commissioners of Weld County, and the Elms Land Company, LLC, c/o Floyd
Oliver, with terms and conditions being as stated in said agreement, and
WHEREAS, the Board has been presented with a Deed of Trust from Elms Land
Company, LLC, for the Elms at Meadow Vale, Third Filing, County of Weld, State of Colorado,
and
WHEREAS, after review, the Board deems it advisable to approve said agreements and
accept said Deed of Trust 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 (Public Road Maintenance) 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, be, and hereby is, approved.
2001-1924
pc/. p w , p . _ _ PL1254
IMPROVEMENTS AGREEMENT- ELMS LAND COMPANY, LLC, CIO FLOYD OLIVER
PAGE 2
BE IT FURTHER RESOLVED that 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,
accepted.
BE IT FURTHER RESOLVED that the Deed of Trust will be held for a period not to
exceed 45 days to allow adequate time for the sale of said development by the Elms Land
Company, LLC, to the Genesse Company.
BE IT FURTHER RESOLVED that following the sale of said development, Genesse
Company shall provide a substitute Performance Bond for all on and off-site improvements,
which shall be received by the Clerk to the Board's Office prior to release of the Deed of Trust.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 18th day of July, A.D., 2001.
BOARD OF COUNTY COMMISSIONERS
WELD C NTY, COLORADO
�� ���® �L�
y
ATTEST: L4
M. J. eile, Ch 'r
Weld County Clerk to t e ` ,0'sc4.2
i►NCOvA4
Glenn Vaad, ro-
BY:
Deputy Clerk to the B `` j ' 5✓
W 'a H. Jerke
RO DAST •
David E. Long '
my Attom EXCUSED DATE OF SI ING AYE
Robert D. Masden
Date of signature: *7(a
Date of full execution: / a"1
2001-1924
PL1254
IMPROVEMENTS AGREEMENT ACCORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
5/1° (PUBLIC ROAD MAINTENANCE)
THIS AGREEMENT,made and entered into this 18th day of July ,20 01,by and
between the County of Weld, State of Colorado, acting through its Board of County Commissioners,
hereinafter called "County," and ELMS LAND COMPANY, LLC ,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:
PART OF THE NW4 SEC . 4 , T2N, R68W, of the 6PM. 58 . 779 acres
WHEREAS, a final Subdivision/Planned Unit Development (PUD) Plat of said property, to be
known as 3rd FILING ELMS AT MEADOW VIALteen 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 Improvements 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 Engineerin2 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.
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. Before acceptance of the roads within the Subdivision or
Planned Unit Development by the County, Applicant shall furnish one set of
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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.
All such rights-of-way and easements used for the construction of roads to be accepted by
the County shall be conveyed to the County and the documents of conveyance shall be
furnished to the County for recording.
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"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.
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
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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.
5.0 Off-Site Improvements Reimbursement Procedure: The subdivider,applicant,or owner may
be reimbursed for off-site road improvements as provided in this section when it has been
determined by the Board of County Commissioners that the road facilities providing access
to the Subdivision or Planned Unit Development are not adequate in structural capacity,
width, or functional classification to support the traffic requirements of the uses of the
Subdivision or Planned Unit Development.
5.1 The subdivider, applicant, or owner shall enter into an off-site improvements
agreement prior to recording the final plat when the subdivider,applicant,or owner
expects to receive reimbursement for part of the cost of the off-site improvements.
5.2 The off-site improvements agreement shall contain the following:
The legal description of the property to be served.
The name of the owner(s) of the property to be served.
A description of the off-site improvements to be completed by the
subdivider, applicant, or owner.
The total cost of the off-site improvements.
The total vehicular trips to be generated at build-out by the Subdivision,
Resubdivision,or Planned Unit Development,as specified by the ITE Trip
Generation Manual, or by special study approved by the Board of County
Commissioners.
A time period for completion of the off-site improvements.
The terms of reimbursement.
The current address of the person to be reimbursed during the term of the
agreement.
Any off-site improvements agreement shall be made in conformance with
the Weld County policy on collateral for improvements.
5.3 If the subdivider, applicant, or owner fails to comply with the improvements
agreement,the opportunity to obtain reimbursement under this section is forfeited.
5.4 When it is determined by the Board of County Commissioners that vehicular traffic
from a Subdivision, Resubdivision, or Planned Unit Development will use a road
improvement constructed under an improvements agreement, the subsequent
subdivider, applicant, or owner shall reimburse the original subdivider, applicant,
or owner, for a portion of the original construction cost. In no event shall the
original subdivider,applicant,or owner collect an amount which exceeds the total
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cost of improvements less the pro rata share of the total trip impacts generated by
the original development. Evidence that the original subdivider,applicant,or owner
has been reimbursed by the subsequent subdivider, applicant or owner shall be
submitted to the Department of Planning Services prior to recording the
Subdivision, Resubdivision, or Planned Unit Development Final Plat.
5.5 The amount of road improvement costs to be paid by the subsequent subdivider,
applicant,or owner of a Subdivision,Resubdivision,or Planned Unit Development
using the road improvements constructed under a prior improvement agreement will
be based upon a pro rata share of the total trip impacts associated with the number
and type of dwelling units and square footage and type of nonresidential
developments intended to use the road improvement. The amount of road
improvement costs shall also consider inflation as measured by the changes in the
Colorado Construction Cost Index used by the Colorado Division of Highways.
The cost of road improvements may be paid by cash contribution to the prior
subdivider,applicant or owner,or by further road improvements which benefit the
prior subdivider, applicant, or owner's property. This decision shall be at the sole
discretion of the Board of County Commissioners based upon the need for further
off-site road improvements.
5.6 The report entitled TRIP GENERATION(Third Edition, 1982) of the institute of
Transportation Engineers shall normally be used for calculating a reasonable pro
rata share of the road improvement construction costs for all Subdivisions,
Resubdivisions, or Planned Unit Developments. A special transportation study
shall be used for land uses not listed in the ITE Trip Generation Manual. Any
question about the number of trips a Subdivision, Resubdivision, or Planned Unit
Development will generate shall be decided by the County Engineer.
5.7 The term for which the subdivider,applicant,or owner is entitled to reimbursement
under the off-site improvements agreement,entered into between the subdivider and
the County, is ten years from the date of execution of a contract for road
improvements.
5.8 This provision is not intended to create any cause of action against Weld County or
its officers or employees by any subdivider,applicant,or owner for reimbursement,
and in no way is Weld County to be considered a guarantor of the monies to be
reimbursed by the subsequent subdividers, applicants, or owners.
6.0 Acceptance of Streets for Maintenance by the County: Upon compliance with the following
procedures by the Applicant,streets within a Subdivision or Planned Unit Development may
be accepted by the County as a part of the County road system and will be maintained and
repaired by the County.
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 acceptance 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
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of work on the Subdivision or Planned Unit Development improvements in that
phase of the development are 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 the streets and
recommend that the Board of County Commissioners accept them for partial
maintenance by the County. Partial maintenance consists of all maintenance except
for actual repair of streets,curbs and gutters,and related street improvements. Not
sooner than nine months after acceptance for partial maintenance of streets, 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 shall recommend acceptance of the streets for full
maintenance. Upon a receipt of a positive unqualified recommendation from the
County Engineer for acceptance of streets within the development, the Board of
County Commissioners shall accept said streets as public facilities and County
property,and shall be responsible for the full maintenance of said streets including
repair.
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. An 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) dais
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 Plan or Subdivision Final
Plan. 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
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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." The
costs of the improvements described in Exhibit"A"will be adjusted higher or lower
for the year and quarter in which the contemplated work is being performed based
on"The State Highway Bid Price Index"contained in the"Quarterly Cost Report"
of The Engineering News-Record as published by The McGraw-Hill Companies.
The applicant has provided cost estimates for all phases of the development which
will be adjusted in accordance with The State Highway Bid Price Index at the time
of posting of collateral for each phase.
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
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 to 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.
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
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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.
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.
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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 the State of Colorado that the project
or 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(CDOT)Schedule for minimum materials sampling,
testing and inspections found in 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.
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 Sections 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 acceptance of the streets for partial maintenance 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 acceptance by
the Board of County Commissioners for full maintenance under Section 5.3 herein.
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
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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 plan, if any:
10.1 The required acreage, as may be determined by relevant Sections of the Weld
County Code,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 by relevant Sections 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 by relevant Sections 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.
IN WITNESS WHEREOF,the parties hereto have caused this Agreement to be executed on the day
and year first above written.
APPLICANT: ELMS LAND CO LLC
APPLICANT: 717 -e--1/
TITLE: MANAGER
Subscribed and sworn to before me this I( day of L , 20 hl .
My Commission expires:
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BOARD OF OUNTY COMMISSIONERS
WELD C TY, COLORADO
M. J Geile, Chair (07/18/2001)
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Glenn Vaad, C em
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ATTEST:, ._I'.{' , IE 1L/Sy
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WilkT Jerke
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Weld County Clerk to the y : =;
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,� �I ay. E. Long
/! ./ �t/ .`+._.'i t _db� ,BY:
Deputy Clerk to the Board ��/��N
Robert D. Masd n
APPROVED AS TO FORM:
County Attorney
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1 0 NI:\P'PFILES\%%E%DI\PPRLICRO.-DIMPRO\'AGREE
EXHIBIT " A
NAME OF SUBDIVISION: The Elms at Meadow Vale Filing 3
LOCATION: PART OF NW 1/4 SEC. 4, T2N, R68 W
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
, Reception No. , the following improvements
ITEM NO. OF UNITS U.C. TOTAL COST
OFF-SITE IMPROVEMENTS
PAVING WCR 5.5 & WCR 26 5,133 s.y. $15.00 153,990.00
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
Remove Trees on WCR 26 30,000.00
Fill Irrigation Ditch 18,000 CY 100,000.00
2600 Feet 24" Irrigation Pipe 2,600 Ft. 30.00 78,000.00
20,000 Ft. Waterline 6 " 20,000 Ft. 15.00 -_ 300,000.00
Master Meter Vault 30,000.00 F
Total Estimate cost of Improvements and supervision $789,390.00
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.
Prior to the issuance of building permits on any phase, a Letter of Credit equal to that
portion of the improvements not completed as shown hereon shall be provided to Weld
County.
Said improvements shall be completed according to the construction schedule set out in
Exhibit "B".
ELMS LA COMP NA Y LLC
tIIt t lilt 1111111 till III 111,1191,11111.11101,011111111
III 111111 III IIII
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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 improvements shall be completed according to the construction schedule set out in Exhibit "B."
By: FL s LfrAin a LCC
Applicant
Applicant
MA NAGen_ Date: J ()CI ) 3 , 20OJ .
Title
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
1 111111 11111 11111 1111 11111 1111 1111 I I 1111111 111 1111
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Revised 01/08/2001
12 NUNS'PFILFSV%%EN111\PCRLICROADI.IPRO\'AGREE
EXHIBIT "B"
Nane of Subdivision: THE ELMS AT MEADOW VALE
Filing: 3rd Filing
Location: NW 1/4, Sec. 4, T2N, R68W (WCR 5.5 & WCR 26)
Intending to be legally bound, the undersigned Applicant hereby agrees to construct the
improvements shown on the final subdivision plat of Meadow Vale Farm Subdivision,
dated 19_, Recorded on ,19
in Book , Page No. , Reception No. , the following
schedule.
All improvements shall be completed within one year of final plat
CONSTRUCTION OF THE IMPROVEMENTS LISTED IN EXHIBIT "A" SHALL BE
COMPLETED AS FOLLOWS:
IMPROVMENTS TIME OF COMPLETION
WCR 26 & WCR 5.5 ASPHALT PAVING JULY 2002
CURB, GUTTER & SADEWALK JUNE 2002
REMOVAL OF TREES ALONG WCR26 JAN. 2002
IRRIGATIONPIPE FEB. 2002
OFF-SITE WATER LINE MARCH 2002
1� UA Date 7h ) 01
) n I
ELMS D CO LLC
1 111111 11111 1111111 11111111 11111 1111111II1111111 III 1111
2813 018 R 0.00 D 0.00 Weld 87/ 20 12ACounty CO amoto
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: E, s / Co LL C
Applicant
Applicant
1` AAJA6en- Date: JVLY /3 , 20O)
Title
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
AIM Eli Still HMI 1111111III111111 III III
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linked 01 11$2001
14 NI:Av PI 11.CSvy IIHPPfHII(HUy UINIPHUvvGHF.I:
EXHIBIT " A
NAME OF SUBDIVISION: The Elms at Meadow Vale Filing 3
LOCATION: PART OF NW 1/4 SEC. 4, T2N, R68 W
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
, Reception No. , the following improvements
ITEM NO. OF UNITS U.C. TOTAL COST
1 ENGINEERING 90,000.00
SURVEY AND CONSTRUCTION STAKING 44,000.00
SANITARY SEWER 110 LOTS 3200.00 352,000.00
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
CURB, GUTTER SIDEWALK 110 LOTS 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
ASPHALT PAVING 110 LOTS 3200.00 352,000.00
SOIL TESTING 5,500.00
STREET SIGNS 8.000.00
Total Estimate cost of improvements and supervision $2,210,000.00
F
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.
Prior to the issuance of building permits on any phase, a Letter of Credit equal to that
portion of the improvements not completed as shown hereon shall be provided to Weld
County.
Said improvements shall be completed according to the construction schedule set out in
Exhibit "B".
��,�
ELMILA D COMPANY LLC
'
111111111111lull 11111 IIII 1111111 III 111111 III IIII
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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 improvements shall be completed according to the construction schedule set out in Exhibit"B."
By: E rn s L`a 8/o Co LLC-
Applicant
gfekt.-;,/
Applica
H e� u A G F Jl Date: J U L Y j 3 _ ,
Title
(If corporation,to be signed by President and attested to by Secretary, together with corporate seal.)
1111111 111111111111 I1I1 11111 11111111111 III 111111 III II11
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10 Revised 01/08/2001
M:'CTR\C RFORMSl1PRIVATE
•
EXHIBIT "B"
Nane of Subdivision: THE ELMS AT MEADOW VALE
Filing: 3rd Filing
Location: NW 1/4, Sec. 4, T2N, R68W (WCR 5.5 &WCR 26)
Intending to be legally bound, the undersigned Applicant hereby agrees to construct the
improvements shown on the final subdivision plat of Meadow Vale Farm Subdivision,
dated 19_, Recorded on ,19_
in Book , Page No. , Reception No. , the following
schedule.
All improvements shall be completed within one year of final plat.
Construction of the improvements listed in Exhibit "A" shall be completed as follows:
Improvements Time of Completion
Water and Sewer Mains AUGUST 31, 2001
Streets NOV.. 2001 __
Sidewalks SEPTEMBER 2001
Landscaping and Sprinkler System JUNE 2002
ELMZLA COMPANY LC
1111111 111111111111 I1I11111111I1 1111111 III 111111 III IIII
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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: ELMS /&? 'O CO LL 'L
Applicant
16
Applicant
Alf/-Li 4lF_2 Date: 71)3 , 20 O1 .
Title
(If corporation, to be signed by President and attested to by Secretary, together with corporate seal.)
1111111111111111111111111111111111111111111111111111111
111111111111111111111111111IIII1111'11III111111IIIIIII
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L %I:ICTBICTBFORNSUPRIVATE
•
The printed portions of this form approved by 691
the Colorado Real Estate Commission(TD 72-7-96)
IF THIS FORM IS USED IN A CONSUMER CREDIT TRANSACTION,CONSULT LEGAL COUNSEL.
THIS IS A LEGAL INSTRUMENT. IF NOT UNDERSTOOD,LEGAL,TAX OR OTHER COUNSEL SHOULD BE 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, Colorad9as , (Lender),
whose address is
Borrower and Lender covenant and agree as follows:
I. 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,
County of Weld, State of Colorado
which has the address of
(Properly Address), together with all its appurtenances (Property).
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/$¢t,6/tft tt/,tlAyGO/ *** , in the
principal sum of U.S. Dollars, with interest on the unpaid principal balance from
until paid, at the rate of percent per annum, with principal and interest payable at
2818ggg°Etan5g16i64he obligations contained in Improvement Agreements at Reception Nos. ,
or such other place as the Lender may designate, pn///////,¢ tp¢pt$l6//////////////////////////////////////
a4041-M5LYWl$//////////////// )
/I/'FlTYYIP/1111111111tVaNl9fl Y151i1I I11111111111111115Ydil 3/4/11111111111111111/111111111 MAI NMEn is
/9FPYYTriltYl/tPsleM%N'PtNIE0 VOA lei tiePY9t 00161 AM MttAlMW gull'WNW VIALkbdl/ef/0/akY,11he entire principal
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 warrants 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 the 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
manner, by Borrower making payment when due, directly to the payee thereof. Despite the foregoing, Borrower shall not be
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.
Nn.TO 72-7-96.OnED OP tkusT(Due on Transfer-Strict)I'age I of 4 111111111111111111111111 liii 11111111111011111111111111
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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. Alt 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 (lie 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 Properly. 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 all of Borrower's obligations under any declarations, covenants, bylaws, 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 properly; (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 clue under such, lease; (e) the reasonable costs and expenses of defending, protecting, and maintaining such
property and Lender's interest in such property, 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 paragraph 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.
11: 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. Borrower'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 contn iced
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 ill 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 Borrower 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) mailing such notice by first-class U.S. mail, to Lender's address stated 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 sole 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 Property, 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 Property 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 bylaw) in one or more parcels as Trustee may think best and in such order us Trustee may determine.
Lender or Lender's designee may purchase the Properly at any sale. It shall not be obligatory upon the purchase at any such
sale to sec 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; (b) to all secured by this
Deed of Trust; and(c)the excess, if any to the person ur 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 he 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 be 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'faxes 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 "Eu nds") 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 ur 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 Trout.
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 Property 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 pail 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 be 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 undisb urs ed reserve Funds on payment in full of said sums, without in nny 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 he estopped
therefrom by virtue thereof. The issuance on behalf of the Lender of a routine statement showing the status of the loan, whether
or nut 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.
Page 3oil 111111111111111111111111 (III 11111111111 III 11111 (III (III
2874897 08/15/2001 02:07P JA Sukl Tsukamoto
3 of 4 R 0.00 D 0.00 Weld County CO
EXECUTED BY BORROWER:
ELMS LAND COMPANY,/��//JLLC, A COLORADO LIMITED LIABILITY COMPANY
BY: -727,114,1,&_
Oliv , fJgt/�
Floyd Olivgf, Managing Member
STATE OF Colorado
ss:
COUNTY OF
The foregoing instrument was acknowledged before me this /13 day of July . 2001 • by
Floyd Oliver, Managing Member of Elms Land Company, LLC, a Colorado Limited
Liability Company
WITNESS my hand and official seal.
My commission expires:
[SEAL]
ex
Notary Public
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FOF CO\--
My Commission Eiires 12/08[2002
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48ota 4 7 R 0.00 D08/15/2001 0.00 2W led County CO$u moto
MEMORANDUM
W ITo: Board of County Commissioners Date: July 18, 2001
From: Kim Ogle, Planner II
COLORADO Subject: Acceptance of Deed of Trust
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 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. In Filing 1 and
Filing 2, the applicant submitted one document for Public Road Maintenance. It is the opinion
of the Departments of Planning Services, Public Works and the County Attorney's office that
Mr. Oliver submitted the incorrect documents in error. Given this situation, staff recommends
that the collateral be received by the Board and staff will provide a separate Public Road
Maintenance Agreement for Mr. Oliver to complete and submit to the Clerk to the Board for
recording.
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
SERVICE,TEAMWORK,INTEGRITY,QUALITY °-?1GO I-IQ y
P.t/Q5Y
The applicant requests that the Deed of Trust be held for a period not to exceed forty-five days
such that the sale of said development by the Elms Land Company, LLC to the Genesse
Company may occur. The Genesse Company shall 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. The reception numbers shall be left off of the original
document received until the performance bond is submitted by the Genesse Company. The
reception numbers from this document shall be recorded with the Genesse Company
performance bond.
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 the Elms at Meadow Vale, Filing 3 and the Department of Planning Services
recommends acceptance of this Deed of Trust.
SERVICE,TEAMWORK,INTEGRITY,QUALITY
fern MEMORANDUM
WI`P� TO: Board of County Commissioners Date: July 18, 2001
O Clerk to the Board
COLORADO From: Kim Ogle, Planner II
Subject: Public Road Maintenance Agreement
Elms at Meadow Vale, Third Filing
Floyd Oliver, owner and applicant for the above referenced project submitted two Improvement
Agreements, Public and Private. In Filing 1 and Filing 2, the applicant submitted one document
for Public Road Maintenance. It is the opinion of the Departments of Planning Services, Public
Works and the County Attorney's office that Mr. Oliver submitted the incorrect documents in
error. Given this situation, staff recommends that the collateral be received by the Board and
staff will provide a separate Public Road Maintenance Agreement for Mr. Oliver to complete
and submit to the Clerk to the Board for recording.
Mr. Oliver asked for direction from staff specific to utilizing Exhibit A and Exhibit B of the Private
Road Maintenance Agreement to be added to the existing Public Road Maintenance Agreement
that was accepted by the Board during the nine o'clock hearing on this date. County Attorney
Barker concurred with this substitution of documents in a telephone conversation with Ogle.
Given this direction from the County Attorney's office, the Clerk to the Board shall remove
Exhibit A and Exhibit B of the Private Road Maintenance Agreement and place same
documents in the Public Road Maintenance Agreement document, thus meeting the intent of
the direction of the Board.
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SERVICE,TEAMWORK,INTEGRITY,QUALITY
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