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Home My WebLink About20000265.tiff RESOLUTION RE: APPROVE IMPROVEMENT AGREEMENT FOR PRIVATE ROAD, UTILITIES, AND LANDSCAPE IMPROVEMENTS (ON-SITE); ROAD MAINTENANCE AND IMPROVEMENTS AGREEMENT (OFF-SITE); ACCEPT COLLATERAL; AND AUTHORIZE CHAIR TO SIGN - KAREN LIBIN, THE PEAKS AT MOUNTAIN VIEW, S #511 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 February 2, 2000, the Weld County Board of Commissioners did approve a Site Specific Development Plan and Final Plan S #511, for a five (5) lot Planned Unit Development, for Karen Libin, c/o Linn Leeburg, Leeburg and Associates, 707 Hawthorn Avenue, Suite 207, Boulder, Colorado 80304, for the Peaks at Mountain View on the following described real estate, to-wit: Lot B of Recorded Exemption #2150; being part of the SE1/4 of Section 5, Township 1 North, Range 68 West of the 6th P.M., Weld County, Colorado WHEREAS, pursuant to certain Conditions of Approval in said approval, the Board has been presented with an Improvement Agreement for Private Road, Utilities, and Landscape Improvements (On-Site), and a Road Maintenance and Improvements Agreement (Off-Site), between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Karen Libin, with terms and conditions being as stated in said agreements, and WHEREAS, Karen Libin has presented Irrevocable Letter of Credit #11-257, in the amount of $105,000.00 drawn on the FirsTier Bank, 11210 Huron, Northglenn, Colorado 80234, and WHEREAS, after review, the Board deems it advisable to approve said agreements, 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 Improvement Agreement for Private Road, Utilities, and Landscape Improvements and a Road Maintenance and Improvements Agreement between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Karen Libin be, and hereby is, approved. BE IT FURTHER RESOLVED that Irrevocable Letter of Credit #11-257, in the amount of $105,000.00 drawn on the FirsTier Bank, 11210 Huron, Northglenn, Colorado 80234 be, and hereby is, accepted. • pc: 'Pt CA, L /6 fr-) 2000-0265PL1323 AGREEMENTS - S #511, KAREN LIBIN - THE PEAKS AT MOUNTAIN VIEW PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 2nd day of February, A.D., 2000. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORA O ATTEST: Le 11-s arbara J. Ki eyer, air Weld County Clerk to t� - --.tOA A` tit, Le L . J. ile, Pro-Tem Deputy Clerk to the Bo'. . !l" EXCUSED - - George E. Baxter APPROVED AS TO-FO EXCUSED Dale K. Hall ��> -i . > r l-� f/�'l 'I �C:ounty Attorney ) ,Cl• ,r!( 1/,',;:6( ',c Glenn Vaad--- 2000-0265 PL1323 IMPROVEMENT AGREEMENT FOR PRIVATE ROAD,UTILITIES& LANDSCAPE IMPROVEMENTS I THIS AGREEMENT, made and entered into this day of kchru&u"yy ,by and between the County of Weld, State of Colorado, acting through its Board of County Commissiottbrs, hereinafter called "County",and Aar-en 1 4,n 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 B,Recorded Exemption No. 1467-5-4-RE 2150,according to the Plat recorded April 8, 1998 as Reception No.2605235,being a portion of the southeast quarter of Section 5,Township 1 North,Range 68 West of the 6`"P.M.,County of Weld,State of Colorado. W REAS, a final subdivi on/PUD plat of said property, to be known as e Pe4ksa ,'*/n 1 /Pw has been submitted to the County for approval;and WHEREAS, of the Weld County Subdivision Ordinance provides that no final plat shall be approved by the County until the Applicant has submitted Subdivision Improvement Agreement guaranteeing the construction of the public improvement and landscaping shown on plans,plats and supporting documents of the subdivision, 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 improvements and landscaping listed on Exhibit"A"which is attached hereto and made a part of this 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. 111111111111111111111I111IIIIi11111112749961 02/16/2000 09:10A JA Suki Tsukamoto ��11111IIII �� t 1 of 12 R 0.00 0 0.00 Weld County CO O164%-Oa3/4s • 1.3 Applicant shall furnish drawings and cost estimates for roads within the subdivision 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 improvements listed on Exhibit"A: which is attached hereto and made a part hereof by this reference,according to the construction schedule set out in Exhibit"B"also attached hereto and made a part hereof by this 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 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 is proposed, the requirements and standards of the County shall be adhered to. If both the incorporated community an 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 The 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 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. 2 Revised 12/95 1 11111111111 111111 111111 liii 11111111111 III 11111 IIII 1111 2749961 02/16/2000 09:10A JA Suki Tsukamoto 2 of 12 R 0.00 D 0.00 Weld County CO 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 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 workman'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 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. 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 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 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 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. 7.0 General Requirements for Collateral: 7.1 The value of all collateral submitted to Weld County must be equivalent to 100% of the value of the improvements as shown in this Agreement. Prior to Final Plat approval,the applicant shall indicated which of the five types of collateral prefered 3 Revised 12/95 11111 11111 111111 111111 1111 1111 111111 III 11111 11111111 2749961 R 0 00000 0 0.00 1WeldJA Suki kamoto County CO 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)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 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 Plan or Final Plat Subdivision. 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 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 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. 4 Revised 12/95 1 111111 11111 111111 111111 1111 1111111 111 11111 11 2749961 02/16/2000 09:10A JA Suki Tsukamoto 4 0l 12 R 0.00 D 0.00 Weld County CO 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 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 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 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 M.A.I. member of the American Institute of Real Estate Appraisers indicating that the value of the property encumbered in its current degree of development is sufficient to cover 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 M.A.I. member of the Institute of Real Estate Appraisers indicating that the value of the property encumbered in its current state of development is sufficient to cover 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: 5 Revised 12/95 1 111111 11111 1111 I I I 111111111111 H11111111111 2749961 02/16/2000 09:10A JA Suki Tsukamolo 5 of 12 R 0.00 D 0.00 Weld County CO • 8.3.1 The cash in escrow is at least equal to 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 Board. 8.3.3 The escrow agent will be a Federal or State licensed bank or financial institution. 8.3.4 If the County of 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 100% of the value of the improvements as specified in the Improvements Agreement. 8.5 A cash denosit made with the County equivalent to 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 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 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 9.0 thru 9.5 shall be noted on the final construction plans. 6 Revised 12/95 111111111111111111111111 IIII I'll 1111111 III 111111111 IIII 2749961 02/16/2000 09:10A JA Suki Tsukamoto 6 of 12 R 0.00 D 0.00 Weld County CO 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 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 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 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 the Weld County Subdivision Regulations, 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. 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 the Subdivision Ordinance. 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. 7 Revised 12/95 AIM 11111 111111 111111 111111111111111 III 111111111101 2749961 02/16/2000 09:10A JA Suki Tsukamoto 7 of 12 R 0.00 D 0.00 Weld County CO BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO arbLIII-At / � Kir rleye�r, (02/02/2000) ` M. . Geile, Pro-Tem ATTEST: lad/ EXCUSED 1 } * George E. Baxter Weld County Clerk to the I oars "I , it FXGJISEI) �S / Dale K. A�.1'1 BY: to i �l! , �'� icy o p , , „,&c,,4� Deputy Clerk to the Board ��, Glenn daad—� APPROVED AS TO FORM ' County orney APPLICANT ( e„,., BY: Karen Libina Owner (title) Subscribed and sworn to before me this 2nd day of February , =2000 My Commission expires: ) (a_ y Po'., Notary Public C. . .'•`' I 41 ESTHER E .f GESICK d �n,,' �� OF Cp1 .. M'Commission Expires*semba 11.2001 M:PO RM\\A PRI VAll D19 8 Revised 12/95 1 1111111111111111111110 IIII1111111 III Hit liii Ilil 2749961 02/16/2000 09:10A JA Suki Tsukamoto 8 of 12 R 0.00 0 0.00 Weld County CO EXHIBIT "A" a EXHIBITT"A" I Name of Subdivision: //mil',% �"Q�/s C 4/ `4 Filing: / / Location: _SE"- �`/ S�� 7-7,71,7 Ale Gvc��/' /;�� Go7Q P•`G onA�Z/_, /77 Intending to be legally bound, the undersigned Applicant hereby agrees to provide throughout this subdivision and as shown on the subdivision final plat County dated , 19 , recorded on , 19 , in Book , Page No. , Reception No. , the following improvements. (Leave spaces blank where they do not apply) Estimated Improvements Unit Cost Construction Cost Street gradiniVGv4'r-L,S/'° 'v/ fec / 299/- Street base ' Street paving Curbs, gutters,& culverts Sidewalk Storm sewer facilities Retention ponds Ditch improvements Subsurface drainage Sanitary sewers Sanitary sewers Trunk& forced lines Mains Laterals (house connected) On-site sewage facilities On-site water supply & storage Water mains-Includes Bore/fPirri /art reS5v-65 7 Z 7920 Fire hydrants ,# -4/3919 Survey & street monuments&boxes Street lighting Street name signs /J'i ooc( 3,.s r /000 Fencing requirements Landscaping//'ti/yw_y 7/` /sDOO Park improvements Road Culvert Grass Lined Swale Telephone TV .SOOo Gas {/Soot Electric 0 moo'9 Water Transfer SUB-TOTAL ci 73o23 6 7'G 11111111111111111 111111 IIII IIII 1111111 III 11111 IIII IIII /O 77 Revised 12/95 2749961 02/16/2000 09:10A JA Suki Tsukamoto 9 of 12 R 0.00 0 0.00 Weld County CO Engineering and Supervision Costs /DOC° (testing, inspection, as-built plans and work in addition to preliminary and final plat; supervision of actual construction by contractors) TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION $/c 3 0 3 3 The above improvements shall be constructed in accordance with all County requirements and specifications, and conformance with this provision shall be determined solely by Weld County,or its duly authorized agent. Said im rovements shall be completed according to the construction schedule set out in Exhibit"B". �Z �.t,�,...2 171, . c� , 0OO (In corporation,((to be signed by President and attested to by Secretary,together with corporate seal.) Date: , 19 . �TL —//- 1 111111 11111111111111111 IIII IIII 1111111 III 111111 III IIII 2749961 02/16/2000 09:10A JA Suki Tsukamoto 10 of 12 R 0.00 D 0.00 Weld County CO 10 Revised 12/95 �/ EXHIBIT"B" Name of Subdivision: —7-16 P 4,�"/s �•? �/j `4 r Filing: / Location: S /% c Ss %//, 9f"iBCcoIoTh//tit� ;LOT/,B—Ay ra"r/��cPl//p a/fF Z/So Intending to be legally bound, the undersigned Applicant hereby agrees to construct the improvementsshown on the final subdivision plat of Subdivision, dated , 19 , Recorded on , 19 in Book Page No. , Reception No. ,the following schedule. All improvements shall be completed within C//e years from the date of approval of the final plat. Construction of the improvements listed in Exhibit"A" shall be completed as follows: (Leave spaces blank where they do not apply.) Improvements Time for Completion Site grading """ Street base9ewer r.;sert y�rr�/�GPd /q i /Z -3/-99 Street pa ng / Curbs, gutters, and culverts — 0 Sidewalk E Storm sewer facilities _ c Retention ponds = 00" Ditch improvements =not Subsurface drainage �CO$ Sanitary sewers 2 Trunk and forced lines Mains Laterals(house connected) —�c o On-site sewage facilities c o On-site water supply and storage r N8 Water mains ��i/rr'PI747<erNCPS7"�LS /L-3/-99 —to p Fire hydrants /a-3/ 99 c ac Survey& street monuments & boxes a r r Street lighting ) / — Street name signs/lion/-5/i/,5 3/- d110 c. Fencing requirements 3 3/-99 —" Landscaping`.6 rftya/.l5/ 6-7- 3/-99 Park improvements Telephone -i-ee Gas. a._/-OG Electric z -/-CU Water Transfer Sub-Total / 1 Per"VP ticerd Pr-ei/, / y GTG irortt/ e�/ r„ on se/rX/^ /O_/`4ry' IJy %J 3�6 S/// Revised 12/95 The County, at its option, and upon the request by 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 cannot be met. OnL (If corporation, to be signed by President and attested to by Secretary, together with corporate seal.) 1 Date: g , t9„7jl/eJ nr.\fonn\aprivate dl, HBO 11111111111111111 �� 11111111111 �� 111111 �� 2749961 02/16/2000 09:10A JA Suki Tsukamoto 12 of 12 R 0.00 D 0.00 Weld County CO 12 Revised 12/95 et(12/ COUNTY OF WELD, STATE OF COLORADO ROAD MAINTENANCE AND IMPROVEMENTS AGREEMENT THIS AGREEMENT, made and entered into this 2nd day of February, 2000, by and between the COUNTY of WELD, STATE OF COLORADO, hereinafter called "County" and Karen L. Libin (Peaks at Mountain View PUD), hereinafter called "Libin," and WHEREAS, Libin has been granted a Weld County Planned Unit Development, known as the Peaks at Mountain View PUD ("PUD"), for five residential lots on 40 acres, in Section 5, Township I North of Range 68 West of the 6th PM. WHEREAS, the PUD generates an increase in vehicle traffic, and WHEREAS, the existing County roads that serve the PUD will require increased maintenance and improvement due to the increase in vehicle traffic, and WHEREAS, the County and Libin have reviewed maintenance and improvements proposals put forth by Libin, and both parties agree that such maintenance and improvements will enhance the accessibility and safety of the roads that serve said PUD. NOW, THEREFORE, in consideration of the mutual covenants and conditions hereinafter set forth, the County and Libin agree as follows: 1. Access to the proposed five-lot PUD/Estates, The Peaks at Mountain View, will be through Carmacar Ranchettes Subdivision on unpaved gravel roadways. 2. Improvement and maintenance for construction access from WCR 5, all of Mountain View Street, and a portion of Fir Avenue to Peak Lane. Libin shall specify, request, and mandate all ingress and egress by construction contractors, suppliers, service providers, and such other traffic generating entities incidental to the initial construction of building structures, improvements, etc. i.e. those activities taking place previous to receipt of the initial Certificate of Occupancy for a residence on each lot: A. The County shall be responsible for general maintenance, including grading and snow removal. B. The County shall prep and grade said roads prior to the applicant applying dust suppression chemicals. C. Libin shall apply dust suppression chemicals on said roads, as needed, as determined by the Department of Public Works, no less than twice a calendar year for a minimum of three years. The purpose of this provision is to insure that dust suppression shall be placed prior to and throughout the course and duration of construction of common improvements and residences within the PUD. The parties agree that this requirement may be reviewed and suspended by the County without amending this agreement if the Board of County commissioners determines that the level of current and anticipated construction activity attributable to the PUD is minimal and will not cause dust impacts over and above those caused by residential traffic but in no instance shall the obligation to apply dust suppressant extend for more than five years including any period of suspension. 111111111111 IIIIII 111111 llll Mil IIIIII III IIIII IIII IIII 2749962 02/16/2000 09:10A JA Suki Tsukamoto 000 OO1/O5a 4 _• n n n nn n n nn nn 3. No Third Party Beneficiary Enforcement: It is expressly understood and agreed that enforcement of the terms and conditions of this Agreement, and all rights of action relating to such enforcement, shall be strictly reserved to the undersigned parties, and nothing contained in this Agreement shall give or allow any claim or right of actions whatsoever by any other person not included in this Agreement. It is the express intention of the undersigned parties that any entity other than the undersigned parties receiving services or benefits under this Agreement shall be deemed an incidental beneficiary only. 4. Indemnification: To the extent authorized by law, Libin agrees to indemnify, save, defend, and hold harmless County from any and all liability incurred as a result of acts,omissions,or failures to act by Libin in her performance of the duties set forth in this Agreement on those portions of said roads described in this Agreement. The term liability includes, but is not limited to, any and all claims, damages, and court awards, including costs, expenses, and attorneys' fees, incurred as a result of any act or omission by Libin and its employees. 5. Modifications and Breach: This Agreement contains the entire agreement and understanding between the parties to this Agreement and supersedes any other agreements concerning the subject matter of this transaction, whether oral or written. No modifications, amendment, novation, renewal, or other alteration of or to this Agreement shall be deemed valid or any force or effect whatsoever,unless mutually agreed upon in writing by the undersigned parties. No breach of any term, provision, or clause of this Agreement shall be deemed, waived, or excused, unless such waiver or consent shall be in writing or signed by the party claimed to have waived or consented. Any consent by any party hereto,or waiver of,a breach by any other party,whether expressed or implied, shall not constitute a consent to, waiver of, or excuse for any different or subsequent breach. 6. Non-Assignment: This Agreement shall not be assignable without prior written consent of County or Libin, whichever is the non-assigning party. IN WITNESS WHEREOF,the parties hereto have duly executed the Agreement the day and year first above writ en. ATTEST: �, BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO Weld County Clerk to the Boari et . v • ��.BY. ( /Mf/L BY: 4 arbara J. Kirkmeye , Chair 2/02/2000) Deputy County Clerk KAREN L. LIBIN BY: TITLE: Owner 1 1111 11111 111111 IIII 11111111111 III 11111 IIII 1111 2749962 02/16/2000 09:10A JA Sukl Tsukamoto 2 of 2 R 0.00 0 0.00 Weld Counts CO FIRS / !ER BENEFICIARY 1 BANK IRREVOCABLE WELD COUNTY, COLORADO DEPT OF PLANNING SERVICES LETTER OF CREDIT ADDRESS FIRSTIER BANK NO.: 11-257 11210 HURON --- ------ - NORTHGLENN,CO 80234 TELEPHONE NO. IDENTIFICATION:NO. 303-451-101. (Lender)._ BORROWER -- — - - EXPIRATION DATE - --- KAREN LIBIN This Letter of Credit shall expire upon the earlier of: 1. the close of business on MAY 1 2001 and all drafts and accompanying statements or documents • ADDRESS must be presented to Lender on or before that time; or P.O. BOX 1631 c 2. the day that Lender honors a draw under which the full , CO 9. 0540 40 TELEPHONE.NO. IDENTIFICATION NO, amount of this Letter of Credit is drawn. • 524-11-4595 Lender identified above hereby establishes an Irrevocable Letter of Credit in favor of Beneficiary for a sum not exceeding the aggregate amount of ONE HUNDRED FIVE THOUSAND AND NO/100 Dollars ($- _ _ 105,.O00.00 ), These funds shall be made available by Beneficiary's drafts drawn at sight on Lender at its address indicated above (or such other address that Lender may provide Beneficiary with written notice of in the future) and accompanied by the signed written statements or documents indicated below. WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT THE PARTY IN WHOSE FAVOR THIS LETTER OF CREDIT IS BEING ISSUED TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN. 1. DRAFT TERMS AND CONDITIONS Lender shall honor the drafts submitted by Beneficiary under the following terms and conditions: EACH DRAFT MUST BEAR UPON ITS FACE THE CLAUSE "DRAW UNDER LETTER OF CREDIT NO. 11-257, DATED NOVEMBER 30, 1999, OF FIRSTIER BANK. EACH DRAFT MUST BE ACCOMPANIED BY A STATEMENT BY A DULY AUTHORIZED OFFICER OF WELD COUNTY STATING THAT THIS DRAFT IS IN CONNECTION WITH FUNDS FOR THE ACCOUNT OF KAREN LIBIN. Upon Lender's honor of such drafts and payment to the Beneficiary, Lender, once the full amount of credit available under this Letter of Credit has been drawn, shall be fully discharged of its obligations under this Letter of Credit and shall not thereafter be obligated to make any further payments under this Letter of Credit in respect of such demand for payments to Beneficiary or any other person. Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit after Lender honors any draft or other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or presented by any party or under the name of any party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary. By presenting upon Lender or confirmer, Beneficiary certifies that Beneficiary has not and will not present upon the other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender and confirmer any funds received by Beneficiary in excess of the Letter of Credit's maximum drawing amount. 2. USE RESTRICTIONS All drafts must be marked"DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO. 11-257 DATED _ NOVEMBER 30, 1999 ". Only Beneficiary may complete a draft and accompanying statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. 'lit checked, a copy of this Letter of Credit must accompany each draft and the amount of each draft shall be marked on the draft. Beneficiary shall maintain possession of Letter of Credit until the full amount of this Letter of Credit has been drawn. Once the full amount is drawn, Beneficiary shall return the Letter of Credit to Lender. lv Partial draws IJ are peiiiiitted L ale I;ui permitted under Letter of Credit. Lender's honor of a draw shalt a, tnm aurally reduce the amount of credit available under this Letter. 3. ASSIGNMENT OR TRANSFER LiThis Letter of Credit may be assigned or transferred by Beneficiary upon providing Lender with prior written notice of the assignment or transfer. Lc] The right to draw under this Letter of Credit shall be nontransferable, except for: A. A transfer by direct operation of law to the original beneficiary's administrator, executor, bankruptcy trustee, receiver, liquidator, successor, or other representatives at law; and B. The first immediate transfer by such legal representative to a third party after express approval of a governmental body (judicial, administrative, or executive). 4. TRANSFEREE'S REQUIRED DOCUMENTS When the presenter is a legal respresentative under subparagraph 3.A. or a third party under subparagraph 3.B., the documents required for a draw shall include: A. All documents required elsewhere in this Letter of Credit, except that such documents may be in the name of either the original beneficiary or the presenter permitted by paragraph 3; and B. A certified copy of the one or more documents which show the presenter's authority to claim through or to act with authority for the original beneficiary. 5. TIMING OF DISHONOR • To the extent not prohibited by law, Lender shall be entitled to honor or dishonor any draw submitted in connection with this Letter of Credit within five (5) banking days. Although Lender shall be entitled to honor or dishonor a draw beyond the Expiration Date of this Letter of Credit, Beneficiary shall not be entitled to submit a draw request or provide Lender with any documents in support of a draw after the Expiration Date hereof. 6. MODIFICATION The modification or waiver of any of Lender's or Beneficiary's obligations or rights under this Letter of Credit must be contained in a writing signed by Lender. A waiver on one occasion shall not constitute a waiver on any other occasion. 7. COMPLIANCE BURDEN Under no circumstances shall Lender be held responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i) that unless and until the present wording of this Letter of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary; and (ii) that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording. 8. NON-SEVERABILITY If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and Beneficiary shall be restored to the position each would have occupied with all rights available as though this Letter of Credit had never occurred. this non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within the Letter's body. 9. CHOICE OF LAW/JURISDICTION This Letter of Credit shall be governed by the laws of the state indicated in Lender's address to the extent not governed by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits 1993. Revision, ICC Publication No. 500, and to the extent such laws are not inconsistent with the terms of this Letter of Credit. Lender and Beneficiary consent to the jurisdiction and venue of any court located in the state indicated in Lender's address in the event of any legal proceeding under this Letter of Credit. 10.EXPIRY Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored if presented to the Lender on or before... MAY 1, 20_01____... Dated: NOVEMBER 30, 1999 LENDER: FIRSTIER BANK BY: _ Ste __-_ _ -_ S H. BE .. I ITLE: BRANCH PRESIDENT ENDORSEMENT OF DRAFTS DRAWN: Amount Amount Date Negotiated By In Words In Figures LP-OO602©FormAnon Technologies,Inc. (12/11/93) (800)939-3799 ( MEMORANDUM . TO: Board of County Commissioners January 31, 2000 W��P COLORADO From: Julie A. Chester, Lead Planner SUBJECT: Acceptance of Collateral for S-511 The Department of Planning Services, Public Works and County Attorney's offices have reviewed the On and Off-Site Improvements Agreements and are recommending the acceptance of an Irrevocable Letter of Credit in the amount of $105,000.00. This amount is only for the on-site Improvements Agreement for the Peaks at Mountain View, c/o Karen Libin (KL Realty), S #511. There has been no collateral posted for the off-site improvements, as the agreement is only for maintenance of Fir Avenue, including dust abatement. The Board may want to review Condition of Approval #2.C. of the Road Maintenance and Improvements Agreement and the Condition of Approval F from the Change of Zone (Z-527), which address dust abatement, to ensure consistency with what was discussed at the hearing for the change of zone. (Listed below) 2. C. Libin shall apply dust suppression chemicals on said roads, as needed, as determined by the Department of Public Works, no less than twice a calendar year for a minimum of three years. The purpose of this provision is to insure that dust suppression shall be placed rthrough out the course and duration of construction of common improvements and residences within the PUD. The parties agree that this requirement may be reviewed and suspended by the County without amending this agreement if the Board of County commissioners determines that the level of current and anticipated construction activity attributable to the PUD is minimal and will not cause dust impacts over and above those caused by residential traffic but in no instance shall the obligation to apply dust suppressant extend for more than five years including any period of suspension. (Road Maintenance and Improvements Agreement) F. Section 6.4.4.6.6 -"In the event the street or highway facilities are not adequate, the applicant shall supply information which demonstrates the willingness and financial capacity to upgrade the street or highway facilities in conformance with the Transportation Section of the Comprehensive Plan, Subdivision Ordinance, and the Mixed Use Development Ordinance, if applicable." This shall be shown by submitting,with the Planned Unit Development District application,a separate proposal for on-site and off-site improvement agreements. This proposal shall describe, in detail, the type of on-site improvements in compliance with Section 12 of the Subdivision Ordinance and off-site road improvements in compliance with Section 13 of the Subdivision Ordinance,to determine if the requirement for street or highway facilities providing access to the property has been satisfied. The method of guarantee shall conform with Weld County's policy regarding Collateral for Improvements. Improvements to the internal road will be required, and shall be ensured through an Improvements Agreement. (COZ#527) Thank you for your consideration in this matter. 2000-0265 -p1323 .3 ' /4 /3 /.7 /1 i ► x`. 1:l.`I��is /O' 2 . I t * 0 a 9 © 3 2 , 1 fn. 3 T 6 4. i Carmacar - - iViEW STI 5 /Ranchettes /T /+ ,i, Q�2> /3 12 d 5 ./.z -3 " I-I 50 48 L ,. 3 ,off '7‘.N. , 9 r...�.'•' /2 /' >-.2'•-<, 7 a 7 Ek tr., // K b � � 7 O- ,0 • 6 s 4 ' J `T 6 i mss © 3 , 1 5028 i a_ aft 0 �'j o ' ,32 ) 0 h 1 air Z 218 1, g r E sm. u- D • E 0 ARK LAND ESTATES ,l 0 4 EXHIBIT CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO August 4, 2005 Compass Bank P. O. Box 444 Houston, Texas 77210-4444 RE: Cancellation and release of Collateral - Karen Libin To Whom It May Concern: Attached hereto please find a copy of the Board of County Commissioner's Resolution approving the cancellation and release of collateral, as referenced above. The original Irrevocable Letter of Credit is enclosed. If you have questions or need additional information, please do not hesitate to contact me at (970) 356-4000, Extension 4217. Very truly yours, BOARD OF COUNTY COMMISSIONERS By: Carol A. Harding, Deputy Clerk to the Board • 6)000 — A-?y3 C Compass Bank International Trade Services Compass Bank P.O.Box 4444 Houston,TX 77210-4444 Phone 713-867-2717 Fax 713-867-2700 Telex 6737349 AMENDMENT TO LETTER OF CREDIT NO. 257 DATE: FEBRUARY 15,2001 APPLICANT: BENEFICIARY: KAREN LIBIN Weld County Planning Dept. WELD COUNTY,COLORADO P.O.BOX 1631 DEPT OF PLANNING SERVI LYONS,CO 80540 b 2001 1400 NORTH 17"'AVE. GREELEY,CO 80613 ISSUING BANK: RECEIVED FIRSTIER BANK \� NORTHGLENN,CO w\l AMENDMENT NO.: ONE(1) GENTLEMEN: PLEASE BE ADVISED THAT THE SUBJECT LETTER OF CREDIT HAS BEEN AMENDED AS FOLLOWS: • THE NAME OF THE ISSUING BANK IS AMENDED TO READ COMPASS BANK. • THE LETTER OF CREDIT NUMBER IS AMENDED FROM 257 TO S24931C. • EFFECTIVE FEBRUARY 15, 2001 DOCUMENTS MUST BE PRESENTED TO THE BELOW ADDRESS. • PREVIOUS REFERENCE TO FIRSTIER BANK AMEND TO: COMPASS BANK INTERNATIONAL TRADE SERVICES 204 W.19"`STREET,3"°FLOOR HOUSTON,TEXAS 77008 THIS AMENDMENT IS TO BE CONSIDERED AS PART OF THE ABOVE CREDIT AND MUST BE ATTACHED THERETO. ALL OTHER TERMS AND CONDITIONS OF THE CREDIT REMAIN UNCHANGED. PROVISIONS APPLICABLE TO THIS CREDIT:THIS LE I 1 ER OF CREDIT SHALL BE GOVERNED BY THE LAWS OF THE STATE INDICATED IN LENDER'S ADDRESS TO THE EXTENT NOT GOVERNED BY THE INTERNATIONAL CHAMBER OF COMMERCE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS 1993. REVISION,ICC PUBLICATION NO.500,AND TO THE EXTENT SUCH LAW NOT INCONSISTENT WITH THE TERMS OF THIS LETTER OF CREDIT. / THORIZ NA KC pu 323 RASTERBENEFICIARY BANK IF_IL.,! IRREVOCABLE WELD COUNTY, COLORADO DEPT OF PLANNING SERVICES LETTER OF CREDIT ADDRESS FIRSTIER BANK NO.: 11-257 11210 HURON NORTHGLENN,CO 80234 TELEPHONE NO. IDENTIFICATION NO. 303-451-10 d BORROWER EXPIRATION DATE KAREN LIBIN This Letter of Credit shall expire upon the earlier of: 1. the close of business on MAY 1, 2001 and all drafts and accompanying statements or documents ADDRESS must be presented to Lender on or before that time; or P.O. BOX 1631 2. the day that Lender honors a draw under which the full LYONO, CO 80540 TELEPHONE NO. IDENTIFICATION NO. amount of this Letter of Credit is drawn. 524-11-4595 Lender identified above hereby establishes an Irrevocable Letter of Credit in favor of Beneficiary for a sum not exceeding the aggregate amount of ONE HUNDRED FIVE THOUSAND AND NO/100 Dollars ($ 105,000.00 ). These funds shall be made available by Beneficiary's drafts drawn at sight on Lender at its address indicated above (or such other address that Lender may provide Beneficiary with written notice of in the future) and accompanied by the signed written statements or documents indicated below. WARNING TO BENEFICIARY: PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE. IF YOU FEEL UNABLE TO MEET ANY OF ITS REQUIREMENTS, EITHER SINGLY OR TOGETHER,YOU SHOULD CONTACT THE PARTY IN WHOSE FAVOR THIS LETTER OF CREDIT IS BEING ISSUED TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN. 1. DRAFT TERMS AND CONDITIONS Lender shall honor the drafts submitted by Beneficiary under the following terms and conditions: EACH DRAFT MUST BEAR UPON ITS FACE THE CLAUSE "DRAW UNDER LETTER OF CREDIT NO. 11-257, DATED NOVEMBER 30, 1999, OF FIRSTIER BANK. EACH DRAFT MUST BE ACCOMPANIED BY A STATEMENT BY A DULY AUTHORIZED OFFICER OF WELD COUNTY STATING THAT THIS DRAFT IS IN CONNECTION WITH FUNDS FOR THE ACCOUNT OF KAREN LIBIN. Upon Lender's honor of such drafts and payment to the Beneficiary, Lender, once the full amount of credit available under this Letter of Credit has been drawn,shall be fully discharged of its obligations under this Letter of Credit and shall not thereafter be obligated to make any further payments under this Letter of Credit in respect of such demand for payments to Beneficiary or any other person. Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit after Lender honors any draft or other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or presented by any party or under the name of any party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary. By presenting upon Lender or confirmer, Beneficiary certifies that Beneficiary has not and will not present upon the other, unless and until Beneficiary meets with dishonor. Beneficiary promises to return to Lender and confirmer any funds received by Beneficiary in excess of the Letter of Credit's maximum drawing amount. 2. USE RESTRICTIONS All drafts must be marked"DRAWN UNDER IRREVOCABLE LETTER OF CREDIT NO. 11-257 DATED NOVEMBER 30, 19.99 ". Only Beneficiary may complete a draft and accompanying statements or documents required by this Letter of Credit and make a draw under this Letter of Credit. If checked, a copy of this Letter of Credit must accompany each draft and the amount of each draft shall be marked on the draft. Beneficiary shall maintain possession of Letter of Credit until the full amount of this Letter of Credit has been drawn. Once the full amount is drawn, Beneficiary shall return the Letter of Credit to Lender. Partial draws n are penrrided I arc r:oi pew iitied under t`;•,5 Letter of Credit. Lender's honor of a draw _hall automatically reduce the amount of credit available under this Letter. 3. ASSIGNMENT OR TRANSFER This Letter of Credit may be assigned or transferred by Beneficiary upon providing Lender with prior written notice of the assignment or transfer. IX The right to draw under this Letter of Credit shall be nontransferable, except for: A. A transfer by direct operation of law to the original beneficiary's administrator, executor, bankruptcy trustee, receiver, liquidator, successor, or other representatives at law; and B. The first immediate transfer by such legal representative to a third party after express approval of a governmental body (judicial, administrative, or executive). 4. TRANSFEREE'S REQUIRED DOCUMENTS When the presenter is a legal respresentative under subparagraph 3.A. or a third party under subparagraph 3.B., the documents required for a draw shall include: A. All documents required elsewhere in this Letter of Credit, except that such documents may be in the name of either the original beneficiary or the presenter permitted by paragraph 3; and B. A certified copy of the one or more documents which show the presenter's authority to claim through or to act with authority for the original beneficiary. LP CO802©FormAtion Technologies,Inc (12/17/93) (800)937-3799 5. TIMING OF DISHONOR To the extent not prohibited by law, Lender shall be entitled to honor or dishonor any draw submitted in connection with this Letter of Credit within five (5) banking days. Although Lender shall be entitled to honor or dishonor a draw beyond the Expiration Date of this Letter of Credit, Beneficiary shall not be entitled to submit a draw request or provide Lender with any documents in support of a draw after the Expiration Date hereof. 6. MODIFICATION The modification or waiver of any of Lender's or Beneficiary's obligations or rights under this Letter of Credit must be contained in a writing signed by Lender. A waiver on one occasion shall not constitute a waiver on any other occasion. 7. COMPLIANCE BURDEN Under no circumstances shall Lender be held responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Letter of Credit precisely as written. Beneficiary understands and acknowledges: (i) that unless and until the present wording of this Letter of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary; and (ii) that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording. 8. NON-SEVERABILITY If any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and Beneficiary shall be restored to the position each would have occupied with all rights available as though this Letter of Credit had never occurred. This non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within the Letter's body. 9. CHOICE OF LAW/JURISDICTION This Letter of Credit shall be governed by the laws of the state indicated in Lender's address to the extent not governed by the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits 1993. Revision, ICC Publication No. 500, and to the extent such laws are not inconsistent with the terms of this Letter of Credit. Lender and Beneficiary consent to the jurisdiction and venue of any court located in the state indicated in Lender's address in the event of any legal proceeding under this Letter of Credit. 10.EXPIRY Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of this Letter of Credit will be duly honored if presented to the Lender on or before MAY 1, 2001 Dated: NOVEMBER 30, 1999 LENDER: FIRSTIER BANK BY: ti -c- x�Ht.LRE TI T11LE: BRANCH PRESIDENT ENDORSEMENT OF DRAFTS DRAWN: Amount Amount Date Negotiated By In Words In Figures LP-CO602©FormAtion Technologies,Inc. (12/17/93) (800)937-3799 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 FAX: (970)352-0242 P. O. BOX 758 C• GREELEY, COLORADO 80632 COLORADO August 4, 2005 Karen Libin P. O. Box 1631 Lyons, Colorado 80540 RE: Cancellation and release of Collateral To Whom It May Concern: Attached hereto please find copies of the Board of County Commissioner's Resolution approving the cancellation and release of collateral, as referenced above. The original Letter of Credit was returned to Compass Bank, P. O. Box 444, Houston, Texas 77210-4444. If you have questions or need additional information,please do not hesitate to contact me at(970) 356-4000, Extension 4217. Very truly yours, BOARD OF COUNTY COMMISSIONERS By Carol A. Ha ding, - Deputy Clerk to the Board COLLATERAL RELEASED IN CONJUNCTION WITH OTHER CASES SEE #2005-2091 Hello