HomeMy WebLinkAbout820903.tiff �.,
RESOLUTION
RE: AUTHORIZATION TO RELEASE LETTER OF CREDIT OF HIGHLAND
PARK WEST INVESTMENT
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 , the Board of County Commissioners of Weld County,
Colorado has been informed that Highland Park West Investment
has been annexed into the City of Greeley in action taken by
the City of Greeley, effective February 11, 1981 and is no
longer an obligation of the Weld County Board of County
Commissioners, and
WHEREAS, the Board of County Commissioners has now
granted authorization to release the Letter of Credit drawn
on the First of Greeley for Highland Park West Investment.
NOW, THEREFORE, BE IT RESOLVED by the Board of County
Commissioners of Weld County, Colorado that the release of
the Letter of Credit drawn on the First of Greeley be, and
hereby is , granted.
The above and foregoing Resolution was, on motion duly
made and seconded, adopted by the following bote on the 24th
day of February, 1982 .
BOARD OF COUNTY COMMISSIONERS
�j WELD COUNTY, COLORADO
ATTEST: ` ^ '` t`'" ABSENT
(((JJ John nMartin, airman
Weld County Clerk and Recorder
an Jerk to the B rd t
Chuck Carlson, ro-Tem
putt' County Clerk ABSENT
Norman Carlson
APP VED ASI TO FO :
/
C it y ,
& tto:ney
e K. St in ark
DATE PRESENTED: MARCH 1, 1982
820903
Sam L. Leeper� The First National Bank of Greeley
Executive Vic esident Post Tice Box 1058
Gree. , , Colorado 80632
Telephone 303 352-1651
First of Greeley
• CLEAN IRREVOCABLE LETTER OF CREDIT !MD OOU!RI I�'!NISSI9MEIr
p g r= Ii " n
December 10, 1980
DEC101980
All Drafts Must Be Marked:
Drawn under Letter of Credit No. 0133
GREELEY. COLO.
Borad of Coma ers of Weld County Colorado
915 10th Street
Greeley, Colorad
Gentlemen:
By order of and for the accou of our client, Highland Park West
Investor, 3835 W. 10th Street, eeley, Colorado 80631, we hereby
establish our clean, irrevocable -tter of Credit No. 0133 in your
favor for an amount up to but not e . eeding the sum of Seven Hundred
Sixty Six Thousand Six Hundred Twent •o Do .rs ($766,622.00)
effective immediately and expiring at e off' e of the First
National Bank of Greeley, 1025 9th Avenu ey, Colorado 80631
at 3:00 P.M., Greeley time on December 10, E 98 .
Funds under this credit are available to you by :' .a. .e or more
sight draft(s) drawn on us mentioning thereon t *Lette of Credit
No. 0133. Each such draft drawn must be accompan ur signed
written statement to the effect that the amount dra is due you in
connection with the completion of curb, gutter, pavin'>\Ct .et
grading, culvert, storm sewer facilities and retention ds in Highland
Park Subdivison. No funds will be advanced against this .` ter of
Credit until written proof is furnished by the City of Gree'=, signed
with authorized signatures stating that water and sewer is - . 'lable
sufficiently to meet the City and County Requirements
— t'•.
This credit is subject, so far as applicable, to "The Uniform '^
Customs and Practice for Documentary Credits;' 1974 Revision.
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Board of Commissioners of Weld County Colorado
Letter of Credit -- Page 2
December 10, 1980
This Letter of Credit sets forth in full the terms of our undertaking •
and such undertaking shall not in any way be modified, amended or
amplified by reference to any document or instrument referred to
herein.
Respectfully,
THE FIRST SATIONAJ,--B "OF GREELEY
Sam L. Leepe�
Executive Vice President
SLL/ekg
•
CLEAN SIGHT CREDIT
APPLICATION AND AGREEMENT
0133
No.
THE FIRST NATIONAL BANK OF GREELEY Place Greeley, CO Date December 10 19 80 '
•
GENTLEMEN: •
The undersigned Applicant hereby requests you (as its Agent') to establish a Clean Sight Credit, (which, inclusive of any increase,extension,renewal or
partial renewal thereof,is hereinafter referred to as the"Credit''),substantially as follows:
A. In Favor of: BOARD OF COMMISSIONERS OF WELD COUNTY, COLORADO
(TYPE or PRINT name(S)of Benellclery(les)
B. Whose address is 915 10th Street, Greeley, Colorado 80631
Seven Hundred Sixty Six Thousand Six Hundred Twenty Two Dollars ($766.622.00)
C. Amount
(Words and Fi9ur es)
Immediately, December 10, 1980
D. Enectivc:
(Date)
E. Expiring et the close of business: December 10, 1982
(Date)
NOTE: It is understood that, if your credit is issued in favor of any commercial entity which is to issue a commitment on your behalf in connection
herewith,the Obligorls)shall remain liable on this credit until you are released by such entity.
Irrevocable
F. Credit to be:
(Revocable or Irrevocable)
G. To be established by mail and to be available only through such one of your banking affiliates or correspondents in
(Wire or Mail) State of Colorado
the City of Greeley ,Country of U.S.A.
as you may designate (hereinafter called the "Payer")
H. Advise at
(If desired that notice or the establishment of Credit be given,give name and exact address of party to be advised,)
1. Credit established by order of Highland Park West Investors
Each such draft(g)dedirgiiVirltigturEfewA&Stnrthitre4Tett'oteatikb'P gnature of the Board of
J. Remarks:County Commissioners in writing stating that the amount drawn is due you in connection w
the completion of curb, gutter, paving, street grading, culverts, storm sewer facilities and
retention ponds in Highland Park West Subdivision.
The First National Bank of Greeley is hereby authorized to accept this statement as
binding without investigation or responsibility for the accuracy, veracity, conclusory
accurateness or validity of the same of any part thereof. If we receive such a statement
together with your draft on or before the time and date herein set forth, the Bank will
promptly honor said draft(s) .
The attached Letter of Credit No. 0133 is hereby accepted and approved and the same is
an integral part of this application.
The signing of this application shall constitute the acceptance and agreement to the
payment of the annual fee as shown: 2.0% of the amount of the Letter of Credit Outstanding, pl
$15.00 per draw. Funds will be advanced against this letter only after presentation of evidence
of the availability of water and sewer taps from the City of Greeley
To induce the establishment of the Credit,the undersigned (jointly and severally)aeree(s) to the terms and conditions set forth on the reverse side hereof,
It being understood (a) that the word "Obligor(s)", wherever appearing therein or herein, shall refer to the undersigned Applicant and to the Clientisl,if any,
and lbl that, it this Application and Agreement is signed for and on behalf of a Bank or Trust Company,it shall he (he Applicant fur the Credit whether or not
so designated below, anrf that the other Obligor(s), if any, will pay to the Applicant, upon demand,each and every amount which the Applicant mat disburse
and/or for which it may become liable hereunder, and will indemnify and hold the Applicant harmless from and against any and all loss, costs, damages and
expenses which it may incur or sustain by reason of being a party hereto.
APPLICANT SIGNS HERE HIG ARK WEST INVE TORS
Extension of this Officer f under /oCustomer's Liability of
has been approved nalfl by �p can
en Authorized of Loan t tin entl/o, Committee The First National Bank
of urceley. BY: ��
Hermann moment for payment and commission it to he debited as ,mhrated. ' hard D. Weber
❑ Drow 'THIS OFFICE O DEnsT CUSTOMER'S ACCOUNT
FOR ALL PAYMENTS AT THIS OFFICE
CHARGE AGAINST NOTE Office Address
Client
All!I1011111.D SIGNAL LIRE
for International (sank mg Use Only Application Approved BY 1.0.0.
Add,ass
%Commission By llnitist,)
If a flank or Trust Company is s signatory hereto,the Bank or Trust Company should sign as APPLICANT,and the signature of its CLIENT should lie ate.sed
herein,where indicated.
'Wo,(Is "as its Agent"apply only when this Application and Agreement is signed by a flank or Tr Mr Company.
19.579.0
TEIIh1S AND CONDITIONS
Thu Obligor Is)age cull:
•
I. Availments under the Credit may be elteeled through the Payer at the cocoon buying tate cal the Payer fist (tankers' Sight orates on the plan- nom
which the Payer ii to receive uhmbw semen% under the terms of the Ci,'d,t, it I ring we4rstoud and lender agreed (al that the arnuunthl rl•sbutsrf In O1.
bcnr'hr tar Meet Irla liter stoic In may Is' in the contemn? local to the site of Ihr Paver,less any taws and rw oilier ch:nq.'s whether of the l'.iy ri nr nth rts-v and
(b) that an advice of an as-ailment under the Credit burn the Payer shall he sulhcrent evidence cal art availinent under the Cretin and such evidence there•1 shall
be binduia upon the Obligo'Is) for the purposes of this agreement.
• 2. In pay on demand in U. S. Courtney to Tilt FIHIST NATIONAL BANK OP GREELEY (herein called. the "Bank") at
its office at 1025 9th Avenue, Greeley, Colorado.
A. If the Credit is in UNIT IL) STATES CUHI ICNCV, a sons ritual to each amount which shat have been withdrawn or shall purport to have been,
withdrawn under the Credit at any time(sl (whether evidenced by any one nr more dial's, foregpls, cablegrams or othetw.set. plus any and all
charges and expenses which the Bank oily pay or incur relative to the Grdrt,and such commissions as the Bank may determine to be syulwr.
B. If the Credit is in OTIIFH THAN UNITED STATES CUI IH ENCV,a sum ritual (computed at the Bank's then selling rate fur cable transters in the
currency of the Credit to the place from which the Payer is to receive reimbursement tastier the terms of the Credit) to each amount wh,:h shall
have been withdrawn or purism l to have twee withdrawn under Ilre Credit (whether evidenced by any one or more drafts,receipts.cabinet)ms Cr
otherwise), plus,any and all charges and expenses which the Bank may pay or incur relative to the Credit.anti such commissions as the Bank may
determine to be proper,and
C. Interest on any and all amounts remaining unpaid hereunder at any lintels)at such lawful rate's)as the Bank may in its discretion determine.
B. If at any time(s) any funds and/or securities are paid to or deposited with or under the control of the Bank not as payment under paranrenh "2"
hereof but to be held relative hereto,sautes shall be held as collateral security for the obligations of the f)bboorls)as herein set forth and without the Ohi.qurts)
having any right to dispose of the same while any liabilities exists under this Agreement,but with the discretionary right in the Bank to release or surrender all or
any part of said funds andtcr securities In or upon the order of the "Apnl,cant." II any such fonds are::varlable to the Rank at its He,d O1 bee in the r. ..e'.c)'
of the Credit at any time after any payment may become clue hereunder, the Bank may (acting is each instance in its discretion and without being re,'.'ird to
make any prior demand for payment hereunder) apply all or any satet thin col at any time(%)on account of the liability of the Obligor's) hereunder.car-s:'carve
of the then current rate of exchange. Should the aggregate market value of any such funds and/cat securities at any tinsels)suffer any decline.or shoulri a'v such
property be unavailable at any time for any reason to the Bank or fail to conform to legal requirements. the Oblige-ids. and each of them) will ulon.:cnsand
make such payment(s) on account of the aforesaid obligations, or, as additional collateral therefor, will deposit and pledge with the Bank additional Property
that is satisfactory to the Bank. If any such funds as aforesaid be other than U. S. Dollars and occasion arises for a felund by the Rank of all or any Portion
sheieol, it shall be optional with the Bank as to whether refund will be made la) in U.S. Dollars at its buying rate for the foreign currency on the date o' refund,
or (b) in the amount and kind of the 'melon currency,or Id by instructing a branch or correspondent of the Bank to hold the refundable amount o' foreign
currency for the Applicant's account and risk.
4. To pledge,and (loles) hereby pledge, to the Bank,as security for any and all obligations hereunder,any and all property of the Obligor's.or any one
or more of them) now or at any time(s) hereafter in the possession or control of the Bank (inclusive of such propeny as may be in transit by mail or earner to
or from the Bank), or that of any third party acting in its behalf, whether for the express purpose of being used by the Bank as collateral or for salekecomg or
any other or different purpose, a lien being hereby given the Bank upon any and all such property for the aggregate amount of the said obligations. The tank is
hereby authorized,at its option,and without obligation to do so, to transfer to and/or register in the name(s) of its ncminee(s)all or any part of the property
which may he held by it as security at any lintels) hereunder, and with or without notice to the Obligor's,or any of them).The Obligor's,and each r• them)
hereby authorize(s) the Bank, acting in its discretion at any time(s) and whether or not any property then held by the Bank as collateral secures under
paragraph "B" hereof is deemed by the Bank to be adequate, to hold as additional collateral security any and all monies now-or hereafter with the Sank on
deposit or otherwise to the credit of or belonging to the Obligor's,or any one or more of diem)and then or thereafter to apply,in whole or in part,the 'ponies
so held upon all or any of the aforesaid obligations.
5. The word "property" as used herein includes goods and merchandise (as well as any and all documents relative thereto), securites. fund:. :Ionics
(whether United States Currency or otherwise). choses in action and any and all other forms of property, whether real, personal or mixed and any right or
interest of the Obiigur fs, or any one or more of them) therein or thereto. The Bank is authorized, at its option, to file financing statement(s) witvut tree
signature of the Obligor(s) with respect to any of the property and the Obligor's) Inintly and severally agree so pay the cost of any such filing and to s-;l uoen
request any instruments,documents or other papers which the Bank may require to perfect its security interest in the property.
6. In event of any default hereunder, or in event of the death, failure in business, dissolution or termination of existence of the Oh!igorls, or any of
them),or in case any petition in bankruptcy should he filed by or against the Obligor's.or any of them),or any proceedings in bankruptcy Cr under ant acts of
Congress relating to the relief of debtors should be commenced for the relief er readiustmunt of any indebtedness of the Obligor's, or any of tree'. either
through reorganization, composition,extension,or otherwise,or if the Obligor's,or any of them) should make an assignment for the benefit of creditors or take
advantage of any insolvency law,or if a receiver of any property of the Obligor's, or any of them) should be appointed at any time,or if any proper's of the
Obligor's,or any of them) which may be in, or carne into, the possession or control of the Bank or that of any third party actin for the Bank as a'ezesaid.
should be attached or drstrained, or should be or become subject at any time to any nlan tatory order of court or other legal process then,or at any r-a alter
the happening of any such event.the amount of the Cr edit,as well as any and all other amounts payable hereunder to the Bank shall,to the extent not the.•aofore
paid to the Bank hereunder. become immediately due and;sayable without demand nr notice,and full power and authority are hereby given to the Bars to sell,
assign ant deliver the whole of the property upon which the bank has hereinbefore been given a ben,or any Parris) thereof,or any suhssit,:tionlsl Honefor.or
any additions thereto. at any broker's board, or at public or private sale, at the option of the Bank,either for each or on credit or for future delivery. .ashout
assumption of any credit risk,and without either demand.advertisement or nonce of any kind,all of which are hereby waived. At any sale hereunder,toe Bank
may itself purchase the whole sue any pail of the property sold. free from any right of redemption on the part of the undersigned, all such rights be-ng also
hereby waiver) and released. In event of any sale or other disposition of any of the propel ty ntoresaid, after deducting all costs or expenses of even . nil for
care,safekeeping, collection, sale, delivery or otherwise,the Bank may apply the residue of the proceeds of the sale or other disposition thereof,to the;vyrnent
or reduction either in whole or in part, of all or any of the obligations hereunder,whether then due or not due,and may return any overplus to the Ohiogoffs).
ell without prejudice to the rights of the Bank as against the Obligor(s) with respect to any and all obligations which may be or remain unpaid hereune:r at any
timels).
7. No delay on the part of Ow Bank in exercising any power of sale.lien,option or other right hereunder,and no notice or demand which may be given
to or made upon the Obligor's,or any of them) by the Bank with respect to any power oh sale,lien,or other right hereunder,shall constitute a waiver !hereof.
or limit or iin air the right of the Bank to take any action or to exercise any sower of sale,lien,option or any other right hereunder,without demand or notice
or prejudice the rights of the Bank as unaunt the Obligors, or any of then%) in any respect. Any and all rights and liens of the(kink hereunder steak r;nlnwe
unimpired,and the Obligor's, and each of them) shall be and reman obligated m accordance with the terns and provisions hereof notwithstanding ter release
or substitution of any property as referred to herein, or of any rights or interests therein, or any delay, extension of time, renewal, comPnomnr. :r toner
indulgence granted by the flank in reference to any of the aforesaid obligations, the Obligor's, and each of them) hereby waiving notice of any sues delay.
extension,release,substitution,renewal,compromise or other mdulgeose,and hereby consenting to be bound thereby as fully and effectually as if the Calrgorls,
and each of them) had expressly agreed thereto in advance.
A. The Bank,and/or correspondents, shall not Ise liable or responsible in any respect for any: (a)error,omission,interruption or delay in ttaesmrssiun,
dispatch or delivery of any one or more messages or advice'm connection with the Credit,whether transmitted by cable.radio,telegraph,mad or otherwise and
despite any cipher of code which may be employed, or (h) action.inaction or omission.which may be taken or suf feted by it or them in good faith o. through
inadvertence in identifying or laming to identify any beneliciarybes)cat otherwise in connection with the Credit.
9, The Credit may be emended.muddied or revoked only omen the receipt by the Dank from the Obtigorls,or any of them)of a written request I he,efor.
and then only upon such trims and condi tans as.the Bank may prescribe.
10. This agreement shall become effective upon its receipt by the flank,shall be governed by the laws of the Slate of Colorado, United States cal Anemu,
in all rrq.vn.including(wit haul humanoid malli'Is of tier runstr intion.validity.nee're moil•and disc'lharge,and shall be binding noon the Obbgm Id .and .ts.
his in her Ii" thin teshrrtivel successors,assigns. herr s,and h.q.d rrpnarntuivis,and shall not be w.uveil,.dmud, idu•d of amended as to any of r1.nm ins or
provisions, exi rot as tit. (lank may rdno•nt thereto in writing duly sal I for and nn its
Ih• .ill,also.that nn,tssignnvnt,or Mira,, ',moan.nd ,of all w a•y of the
rights cal flu•Obligni Is) hete•untlrf.whi'thei with ne.I.ud to a1V 01004.1i y car uthrrwise,may be remade without the pun consent in writing of the Hank.
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GREELEY CIVIC CENTER
GREELEY, COLORADO 80631
PHONE (303) 353-6123
RID CUUMT
February 19 , 1982 D I C MISSmikt
c aE
FEQ1
Mr. Glenn Billings 91982 i
Webhan Corporation
3835 W. 10th Street eillarla Coto.
Greeley, CO 80631
Dear Mr. Billings :
The Highland Park West Subdivision was annexed to the
City of Greeley as part of the Grapevine Annexation. The
Grapevine Annexation was effective on February 11 , 1981.
If I can be of further assistance on this matter, please
do not hesitate to call.
Respectfully,
CITY OF GREELEY, COLORADO
Ken McWilliams
City Planner
KM:dp
"A COMMUNITY OF PROGRESS"
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