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Home My WebLink About871102 RESOLUTION PE: APPROVE AMENDMENT TO LOAN AGREEMENT BETWEEN WELD COUNTY, INTRAWEST BANK OF GREELEY, AND ECONOMY LUMBER & HARDWARE COMPANY AND AUTHORIZE CHAIRMAN TO SIGN 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, Weld County, Cclorado (the "County") , acting by and through its Board of County Commissioners (the "Board" ) , has entered into a Loan Agreement dated December 28 , 1983 , (the "Loan Agreement" ) between and among the County, IntraWest Bank of Greeley, N.A. (the "Lender") and Economy Lumber & Hardware Co. , a Colorado Corporation (the "Company") , whereby the Lender agreed to loan to the County a total principal amount not to exceed $705 ,000 by purchasing the County' s Industrial Development Revenue Bond (Economy Lumber & Hardware Project, Series 1983) dated December 28 , 1983 , (the "Bond") and the County agreed to loan to the Company the proceeds from the sale of the Bond to the Lender; such loan from the Lender to the County and from the County to the Company to be subject to all of the terms and conditions of the Loan Agreement, the Bond, and all collateral documentation, and WHEREAS, the Lender and the Company have submitted to the County a proposed amendment to the Loan Agreement and the Bond (the "Amendment") , and WHEREAS, the Board has reviewed the Amendment and has determined that the Amendment is in the best interests of the County. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, as follows: Section 1 . The form of Amendment presented to the Board at this meeting and the changes to the Loan Agreement and the Bond contemplated thereby are hereby approved and authorized. Section 2 . The Chairman of the Board is hereby authorized and directed to execute, in the name of and on behalf of the County, the Amendment substantially in the form presented to the Board at this meeting, a substitute Bond substantially in the form attached to the Amendment and such other documents , agreements , instruments or certificates, all on such terms and with such modifications as he may deem necessary or appropriate , and to take such other actions as may be necessary and desirable to effect the changes to the Loan Agreement and the Bond contemplated by the Amendment. (V Section 3 . The execution of the Amendment, the Substitute Bond and any other documents , agreements , certificates and instruments by the Chairman of the Board shall be deemed conclusive evidence of approval thereof by the County. The above and foregoing Resolution was , on motion duly made and seconded, adopted by the following vote on the 17th day of August, A.D. , 1987 . c � BOARD OF COUNTY COMMISSIONERS ATTEST: CG,LJ WELD CO T CO ORPDO Weld. County"11 Jerk and Recorder and Clerk to the Boar G . L Chairman `a te / Ga i C.W. Kir y, Pr -Tem Deputy County Cl rk EXCUSED APPROVED AS TO FORM; Gene R. Brantner 1 ' eJ�hnz ci_ County Attorney Frank Yamaguchi AMENDMENT TO LOAN AGREEMENT THIS AMENDMENT TO LOAN AGREEMENT ( this "Amendment" ) , dated this Lift day of December , 1986 to be effective as of December 1, 1984, is between and among WELD COUNTY, COLORADO, a political subdivision of the State of Colorado ( the "Issuer" ) ; ECONOMY LUMBER & HARDWARE CO. , INC. , a Colorado corporation ( the "Company" ) ; and INTRAWEST BANK OF GREELEY, N.A. , a national banking association ( the "Lender" ) . RECITALS A. By Loan Agreement dated December 28, 1983, between and among the Issuer , the Company and the Lender (the "Loan Agreement" ) , the Lender agreed to loan to the Issuer a total principal amount not to exceed $705, 000 by purchasing the Issuer ' s Industrial Development Revenue Bond (Economy Lumber & Hardware Project) , Series 1983, dated December 28, 1983 (the "Bond" ) and the Issuer agreed to loan to the Company the proceeds from the sale of the Bond to the Lender; such loans from the Lender to the Issuer and from the Issuer to the Company to be subject to all of the terms and conditions of the Loan Agreement, the Bond, and all collateral documentation. The repayment of the indebtedness represented by the Bond is secured by a Deed of Trust to Public Trustee, Security Agreement, Financing Statement and Assignment of Rents and Leases, dated as of December 28, 1983, (the "Deed of Trust" ) given by the Company for the benefit of the Lender . B. The Bond provides that the principal amount advanced thereunder shall be repaid in full on or before December 1, 1990 and interest at the rate of 10% per annum on the unpaid balance shall accrue and be paid semi-annually commencing December 1, 1984. The Loan Agreement provides that the Company shall repay all amounts advanced to it by the Issuer by paying in full the principal and interest on the Bond at the times and in the manner specified in the Bond and in the Loan Agreement . The Loan Agreement further provides for the establishment of a Bond Fund, to be held and administered by the Lender, to which the Company is required to deposit $8, 225 . 00 on the first day of each month beginning on the earlier of January 1, 1985 or the first month after the Completion Date. An amount equal to $5,875 . 00 of each monthly deposit made by the Company to the Bond Fund is to be credited to an interest payment account which is to be used to make the semi-annual interest payments required by the Bond. The remaining $2, 350 . 00 of each monthly deposit made by the Company to the Bond Fund is to be credited to a principal payment account which is to be held for application toward the repayment of the Bond principal when the same becomes due. -2- C. The Lender , the Issuer and the Company have agreed, effective December 1, 1984, that the Company shall make monthly payments in the amount of $8, 225.00 directly to the Lender in lieu of making such payments to the Bond Fund, and that each such payment shall be immediately applied, first to interest accrued as of the date of such payment and then to reduce the principal amount outstanding under the Bond. The parties have further agreed that the Bond Fund shall be eliminated and any amounts held therein shall be released to the Lender and credited first to accrued interest and then to the principal balance outstanding under the Bond. D. The parties intend by this Amendment to memorialize their previous agreement with respect to the above described changes and otherwise intend that all of the other terms, conditions, duties and obligations of the parties under the Loan Agreement , the Bond, the Deed of Trust and the collateral documentation remain unchanged. AMENDMENT NOW THEREFORE, in exchange for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and for the mutual promises contained herein, the parties agree as follows: -3- 1. Amendment . Section 4. 06 of the Loan Agreement is amended to read in its entirety as follows : Section 4. 06. Monthly Payments. The Company shall pay to the Lender the sum of $8, 225 . 00 on the first day of each month while the Bond is outstanding beginning on January 1, 1985. Each such monthly payment shall be applied first to accrued interest on the Bond and the excess shall be applied to reduce the principal balance outstanding on the Bond. In the event the interest rate on the Bond is increased pursuant to Section 4. 05, the monthly payment required under this Section 4.06 shall be increased to include such additional interest. 2. Bond Fund. Any amounts held in the Bond Fund shall be released to the Lender and shall be applied first to interest accrued on the Bond up to and including the date on which the most recent payment was deposited to the Bond Fund, and any excess shall be applied to reduce the principal balance outstanding on the Bond. After the release of such amounts to the Lender , the Bond Fund shall not be maintained. 3 . Substitute Bond; Amendment to Deed of Trust. Upon the execution of this Amendment , the Lender agrees to exchange the Bond which it now holds for a substitute bond, in the form attached hereto as Appendix A, provided such substitute bond is properly signed and all action taken which is necessary to make the substitute bond the legally binding obligation of the Issuer . The substitute bond shall, as of the effective date hereof and for all purposes, be considered the Bond referred to in the Loan Agreement, as amended hereby -4- and the Deed of Trust . Upon the execution of this Amendment, the Company agrees to execute and deliver to the Lender an amendment to the Deed of Trust substantially in the form attached hereto as Appendix B. 4 . Definitions; Inconsistent Provisions. Any capitalized term not herein defined shall have the meaning herein prescribed in the Loan Agreement. Any provision of the Loan Agreement, the Bond or the Deed of Trust that is inconsistent with the foregoing shall be deemed amended to effectuate the intention of the parties as expressed herein. Every other provision of the Loan Agreement, the Bond and the Deed of Trust shall remain unchanged and shall remain in full force and effect . 5 . Integration. This Amendment shall be considered an integral part of the Loan Agreement and may be amended, changed or modified only as provided therein. IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their duly authorized officers as of the day and year first above written. INTRAWEST BANK OF GREELEY, N.A. WELD COUNTY, COLORADO By /?4f-<i Me a By Thnnis Mnl hell and airman, Its: Vire Prpsident Board of Co y Commission s (SEAL) (SEAL) -5- ATTEST: /44;-C,122r,,„ !/t � y(e ATTEST: Tom]ores M. Schinpf frj I = , Its: Assistant Vice President q un_ Clerk �_�� APPROV G3e--��S' --. Ayofts U. hfF✓l ,1 County Attorney ECONOMY LUMBER & HARDWARE CO. , INC. 7 277 By . °�9 ( 4 , es .e (6EAL) '- ATTEST: L,,,,,,,,,-;2r. fi-red i-iily t +-' Secretary STATE OF COLORADO ) COUNTY OF 1112/0/ ) s s. The foregoing instrument was subscribed and 1 44.a.us;-, 19k 7 acknowledged before me this /7 day of DeceWber , 1986, by (IWN/Y1 LAy/ , as Chairman of the Board of County Commissioners of WELD COUNTY, COLORADO, a itic 1 subdivision of the State of Colorado, by t`rt _I' ��"" j County Clerk of WELD COUNTY, COLORADO and by s d , -6- County Attorney of WELD COUNTY, COLORADO, on behalf of the Issuer . 77(t /b UC ALA Notary Public (SEAL) My Commission Expires June B, 1990 My commission expires: Business Address: 9 c /G 54, 5 ; ( IeleI tO ,7i iY r ' STATE OF COLORADO ) ss. COUNTY OF W eAA ) The foregoing instrument was subscribed and"%/V acknowledged before me this day of December , 1981, by -\)ena+Th 11\4,6\011.k. as \i:_e V).elJevct-- of INTRAWEST BANK OF GREELEY, N.A. , a national banking association, and by � � �are5 l'‘ .c)(1410,0--, as Plyos'q.vt'J 'cc ,vs' lert of INTRAWEST BANK OF GREELEY, N.A. , on behalf of said bank. Notary Public (SEAL) My commission expires : "1 -/ 3 - S7 `2 Business Address: Idj5 9 '1 ,Q -€ & e49t U: STATE OF COLORADO ) ss . City andCOUNTY OF Denver ) The foregoing instrument was subscribed and acknowledged before me this 9th day of March, 1987 , by -7- vice James J. Stookesberry as/President of ECONOMY LUMBER & HARDWARE CO. , INC. , a Colorado corporation and by James C. Seccombe, Jr. as Secretary of ECONOMY LUMBER & HARDWARE CO. , INC. , on behalf of the corporation. Nota ( SEAL) My commission expires: September 3 , 1989 Business Address : 210 University Blvd. , #725 Denver, Colorado 80206 DHLD/BT1 -8- APPENDIX A UNITED STATES OF AMERICA WELD COUNTY, COLORADO INDUSTRIAL DEVELOPMENT REVENUE BOND (ECONOMY LUMBER & HARDWARE PROJECT) SERIES 1983 AMENDED AND RESTATED No. R-2 $705,000 Weld County, Colorado, a political subdivision of the State of Colorado ( the Issuer ) , for value received, hereby promises to pay to Intrawest Bank of Greeley, N.A. , a national banking association ( the Lender ) , or registered assign, solely from the source and in the manner hereinafter provided, the principal sum of Seven Hundred and Five Thousand and no/100 Dollars ( $705, 000) or so much thereof as remains unpaid from time to time ( the Principal Balance) , and to pay interest on the Principal Balance from the date hereof until said Principal Balance is paid in full, at the rate of ten percent (10%) per annum (which interest rate is subject to adjustment in the event of a Determination of Taxability as hereinafter provided) , all interest computed on the basis of the actual number of days elapsed within a year of three hundred sixty ( 360) days, in lawful money of the United States of America, payable as follows: $8, 225. 00 on the first day of each month while this Bond is outstanding beginning January 1, 1985, each such payment to be applied first to accrued interest and then to reduce the outstanding Principal Balance, and the outstanding Principal Balance together with unpaid accrued interest thereon payable in full on or before December 1, 1990. Notwithstanding the foregoing, in the event of a Determination of Taxability as hereafter defined, the amount of each monthly payment required hereunder shall be increased by an amount equal to the amount of interest payable hereunder for such month after the occurrence of a Determination of Taxability less the amount of interest that would have been payable hereunder for such month had a Determination of Taxability not occurred. This Bond is issued by the Issuer pursuant to the provisions of a Loan Agreement, dated December 28, 1983, as amended by an Amendment to Loan Agreement dated to be effective as of December 1, 1984 ( the Loan Agreement ) among A-1 the Issuer, the Lender and Economy Lumber & Hardware Co. , Inc. , a Colorado corporation ( the Company) , to provide funds which were loaned to the Company pursuant to the Loan Agreement and which were used for the purpose of financing the acquisition, construction and installation of a Project consisting of certain land, buildings and improvements and other real and personal properties deemed necessary in connection therewith, suitable for use as or used for or in connection with a business enterprise constructed in the County ( the Project) by the Company, and is further issued pursuant to and in full compliance with the Constitution and laws of the State of Colorado, particularly part 1 of article 3 of title 29 of the Colorado Revised Statutes 1973, as amended, and pursuant to an ordinance of the Board of County Commissioners of the Issuer duly introduced and adopted on December 21 , 1983 ( the Bond Ordinance) , thereby assisting activities in the public interest and for the public welfare, safety, convenience and prosperity of the Issuer and the State of Colorado. This Bond is secured by a Deed of Trust to Public Trustee, Security Agreement and Financing Statement , as amended ( the Deed of Trust) , dated as of December 28, 1983 , from the Company, to the Public Trustee of Weld County, Colorado, for the benefit of the Lender . The Principal Balance of this Bond may be prepaid as follows: ( i) The Principal Balance of this Bond may not be prepaid before December 1, 1985. The Principal Balance of this Bond may be prepaid in whole but not in part on or after December 1 , 1985 upon payment of the Principal Balance, accrued interest to the date of prepayment, plus a premium equal to the following percentage of the Principal Balance: Date of Prepayment Premium Dec. 1, 1985 - 3% Dec. 1, 1986 Dec. 2, 1986 - 2% Dec. 1, 1987 Dec. 2, 1987 - 1% Dec. 1, 1988 Dec. 2, 1988 - none Dec. 1, 1990 A-2 ( ii) In the event of a Determination of Taxability as herein provided, the Principal Balance of this Bond may be prepaid in full, with interest to the prepayment date, without prepayment premium or prior written notice to the Lender , provided such prepayment occurs within ninety ( 90 ) days of receipt of notice of the Determination of Taxability by the Company. ( iii) The Principal Balance of this Bond is further subject to prepayment in whole or in part , without prepayment premium, upon the occurrence of certain events of damage to or condemnation of the Project, as specified in the Deed of Trust, upon the occurrence of an Event of Default as specified in the Loan Agreement, or upon the exercise of certain remedies by the Lender, all as provided in the Loan Agreement. In the event of a Determination of Taxability, from and after the Date of Taxability, as those terms are defined in the Loan Agreement, whereby the interest accruing on this Bond becomes includable in the gross income of the holder of this Bond (other than a substantial user of the Project or a related person) for the purpose of Federal income taxation, then in such event the Principal Balance of this Bond shall bear interest at a per annum rate equal to the prime interest rate charged by the Lender on the Date of Taxability, plus three ( 3) percentage points, provided that such increased interest rate on the Bond shall not exceed the rate that would cause the net effective interest rate on the Bond to equal forty percent ( 40%) retroactive to the Date of Taxability. All of the definitions, terms, agreements, conditions, covenants, provisions and stipulations contained in the Loan Agreement, or the Deed of Trust are hereby made a part of this Bond to the same extent and with the same force and effect as if they were fully set forth herein. If a default occurs under this Bond, the Loan Agreement , or the Deed of Trust , then the Lender at its option may declare immediately due and payable the Principal Balance of this Bond and interest accrued thereon to the date of declaration of such default, together with any reasonable attorneys ' fees incurred by the Lender in collecting or enforcing payment thereof, whether suit be brought or not, and all other sums due hereunder or under the Loan Agreement, or the Deed of Trust, anything herein or in the Loan Agreement, or the Deed of Trust to the contrary notwithstanding, and payment thereof may be enforced and recovered in whole or in part, at any time by one or more of the remedies provided to the Lender in this Bond or in the Loan Agreement . A-3 THIS BOND AND THE INTEREST HEREON DO NOT CONSTITUTE A DEBT OR INDEBTEDNESS OF THE ISSUER, WITHIN THE MEANING OF ANY CONSTITUTIONAL, STATUTORY OR HOME RULE CHARTER PROVISION OR LIMITATION, AND DO NOT CONSTITUTE OR GIVE RISE TO A PECUNIARY LIABILITY OF THE ISSUER OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS. This Bond and the interest thereon are special and limited obligations payable solely from the revenues derived pursuant to the Loan Agreement. The holder of this Bond shall never have the right to enforce payment hereof against any property of the Issuer , and this Bond does not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the Issuer , and the agreement of the Issuer to perform or cause the performance of the covenants and other provisions herein referred to shall be subject at all times to the availability of revenues from the Company or other funds furnished to the Issuer in accordance with the Loan Agreement , sufficient to pay all costs of such performance or the enforcement thereof . The remedies of the Lender , as provided herein and in the Loan Agreement, and the Deed of Trust shall be cumulative and concurrent and may be pursued singly, successively or together , at the sole discretion of the Lender , and may be exercised as often as occasion therefor shall occur ; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof . The Lender shall not be deemed, by any act of omission or commission, to have waived any of its rights or remedies hereunder or under the Loan Agreement , unless such waiver is in writing and signed by the Lender , and then only to the extent specifically set forth in the writing. A waiver by the Lender with reference to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event. IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts and things required to exist, happen and be performed precedent to or in the issuance of this Bond do exist, have happened and have been performed in regular and due form as required by law. This Bond is transferable only upon the registration books of the Issuer at the office of the County Clerk, by an officer of the Lender or by its agent duly authorized in writing, at the Lender ' s expense upon surrender hereof together with a written instrument of transfer duly executed by the Lender or its duly authorized agent . Upon such transfer the County Clerk will note the date of registration and the name and address of the new registered owner of this Bond in the registration blank appearing hereon. The Issuer A-4 may deem and treat the person in whose name this Bond is last registered upon the books of the Issuer as the absolute owner hereof , whether or not overdue, for the purpose of receiving payment of the principal of or interest on this Bond and for all other purposes, and all such payments so made to such person or upon its order shall be valid and effective to satisfy and discharge the liability upon this Bond to the extent of the sum or sums so paid, and the Issuer shall not be affected by any notice to the contrary. This Bond has been issued and delivered without registration under the Securities Act of 1933, as amended, or other state, Federal or other securities laws , in reliance upon the availability of an appropriate exemption from registration otherwise required and the representation of the Lender that this Bond is being acquired solely for investment and not with a view to distribution or resale. This Bond shall not be sold, pledged, hypothecated, donated or otherwise transferred, including the sale of a participation interest herein, whether or not for consideration, by the Lender or any purchaser (other than a participation by the Lender to Intrawest Bank of Northglenn, N.A. ) except upon the issuance to the Company and the Issuer of a favorable opinion of counsel or submission to the Company and the County of such other evidence as may be satisfactory to them, in either case, to the effect that any such transfer shall not be in violation of the Securities Act of 1933, as amended, or other applicable law. IN TESTIMONY WHEREOF, the Board of County Commissioners of Weld County, Colorado, has caused this Bond to be executed in the name and on behalf of said County with the signatures of the Chairman of the Board of County Commissioners and County Clerk and to be sealed with its official seal , all as of the date indicated below to be effective as of December 28, 1983 . WELD COUNTY, COLORADO (SEAL) C ai , Bo r County Commissioners Date: Y,i7/87 Attest: Codnt5Cler�C Date: S/C//y A-5 PROVISIONS AS TO REGISTRATION This Bond is registered in the office of the County Clerk of Weld County, Colorado, as registrar , in the name of the owner listed below, and payment of installments of principal, and of the Principal Balance remaining on the Bond, and of interest thereon, shall be made only to such owner . Date of Name and Address Signature of County Registration of Registered Owner Clerk , 1986, DHLD/BS4 A-6 APPENDIX B FIRST AMENDMENT TO DEED OF TRUST TO PUBLIC TRUSTEE, SECURITY AGREEMENT, FINANCING STATEMENT AND ASSIGNMENT OF RENTS AND LEASES THIS FIRST AMENDMENT TO DEED OF TRUST TO PUBLIC TRUSTEE, SECURITY AGREEMENT, FINANCING STATEMENT AND ASSIGNMENT OF RENTS AND LEASES ( this "Amendment" ) , dated as of December )9, 1986 to be effective as of December 28, 1983 , is between ECONOMY LUMBER & HARDWARE CO. , INC. , a Colorado corporation, ( the "Company" ) , whose address is 975 West Mississippi Avenue, Denver, Colorado 80203 and INTRAWEST BANK OF GREELEY, N.A. , a national banking association, whose address is 1025 9th Avenue, Greeley, Colorado 80631 ( the "Lender" ) . RECITALS A. Pursuant to a Loan Agreement dated December 28, 1983 , between and among Weld County, Colorado ( the "Issuer" ) , the Company and the Lender ( the "Loan Agreement" ) , the Lender loaned to the Issuer a total principal amount of $705,000 by purchasing the Issuer ' s Industrial Development Revenue Bond (Economy Lumber & Hardware Project) , Series 1983, dated December 28, 1983 (the "Bond" ) , and the Issuer loaned to the Company the proceeds from the sale of the Bond to the Lender . B-1 The repayment of the indebtedness represented by the Bond is secured by a Deed of Trust to Public Trustee, Security Agreement, Financing Statement and Assignment of Rents and Leases, dated as of December 28, 1983, ( the "Deed of Trust" ) given by the Company for the benefit of the Lender . The Deed of Trust was recorded on December 28, 1983 in the real property records of Weld County, Colorado in Book No. 1016, Film No. 1879 , Reception No. 01951346, and covers the real property described on Exhibit A attached hereto. B. The Bond provides that the principal amount advanced thereunder shall be repaid in full on or before December 1, 1990 and interst at the rate of 10% per annum on the unpaid balance shall accrue and be paid semi-annually commencing December 1, 1984 . The Loan Agreement provides for the establishment of a special fund designated therein as the Bond Fund, to be held and administered by the Lender , to which the Company is required to make monthly payments. A portion of each monthly deposit made by the Company to the Bond Fund is to be credited to an interest payment account which is to be used to make the semi-annual interest payments required by the Bond. The remainder of each monthly deposit made by the Company to the Bond Fund is to be credited to a principal payment account which is to be held for application toward the repayment of the Bond principal when the same becomes due. B-2 C. The Lender, the Issuer and the Company have agreed, effective December 1, 1984, that the Company shall make monthly payments in the same amount as the payments required to be made to the Bond Fund directly to the Lender in lieu of making such payments to the Bond Fund, and that each such payment shall be immediately applied, first to interest accrued as of the date of such payment and then to reduce the principal amount outstanding under the Bond. The parties have amended the Loan Agreement and the Issuer has issued an �} i7 Amended and Restated Bond dated alit 12t , 1987 to be effective as of December 28, 1983 ( the "Amended and Restated Bond" ) to effectuate the above-described agreement to apply such monthly payments directly to accrued interest and the reduction of principal under the Bond. The Amended and Restated Bond represents the same indebtedness as that represented by the Bond. D. The parties intend by this Amendment to amend the Deed of Trust in accordance with the above-described changes in the application of such monthly payments, and otherwise intend that all of the other terms, conditions and provisions of the Deed of Trust remain unchanged. Amendment NOW THEREFORE, in exchange for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows : B-3 1 . The term "Bond" as used in the Deed of Trust shall mean the Amended and Restated Bond. 2 . The term "Loan Agreement" as used in the Deed of Trust shall mean the Loan Agreement as amended by an Amendment to Loan Agreement, dated to be effective as of December 1, 1984, between and among the Issuer , the Company and the Lender . 3 . The term "Deed of Trust" as used in the Deed of Trust shall mean the Deed of Trust as amended hereby. 4 . All references in the Deed of Trust to the "Bond Fund" are hereby deleted. 5 . Except as herein specified, all terms and conditions of the Deed of Trust shall remain in full force and effect; provided, however , that in the event the provisions of this Amendment shall in any way conflict with the provisions of the Deed of Trust, the provisions of this Amendment shall control. 6. This Amendment is binding upon and shall inure to the benefit of the Company and the Lender and their respective heirs, personal representatives, successors and assigns. 7 . The Company hereby ratifies the Deed of Trust as amended hereby. B-4 EXECUTED as of the first date set forth above. INTRAWEST BANK OF GREELEY, N.A. By / A7 fee -1 Dennis Mal o land Its: Vice President ( SEAL) ATTEST: Delores M. Schimpf Its: Assistant Vice President ECONOMY LUMBER & HARDWARE CO. , INC. , P sident ( SEAL) ATTEST: Secretary STATE OF COLORADO ) ss . COUNTY OF lti l A The foregoing instrument was subscribed and acknowledged before me this ick day of \\eecrid, '_ < , l98\, by -)enh,s KA,'14n16?c1 as Vice {'re5, cl ed- of INTRAWEST BANK OF B-5 GREELEY, N.A. , a national banking association, and by The1or i.s f}I;J:.hw..,C7c--as INTRAWEST BANK OF GREELEY, N.A. , on behalf of said bank. fiyu e O4r 16 LeC Notary Public (SEAL) My commission expires : 5 - H g7 Business Address : /ti.25 9d'" rl .e [4I' E."i/e..l Co OL / STATE OF COLORADO ss . City and COUNTY OF Denver The foregoing instrument was subscribed and acknowledged before me this 9th day of March , 1987, by Vice James J. Stookesberry , as/President of ECONOMY LUMBER & HARDWARE CO. , INC. , a Colorado corporation, and by James C. Seccombe , Jr. , as Secretary of ECONOMY LUMBER & HARDWARE CO. , INC. , on behalf of the corporation. Not y P is (SEAL) My commission expires : September 3 , 1989 Business Address: 210 University Blvd. , #725 Denver, Colorado 80206 DHLD/BSS B-6 EXHIBIT A LEGAL DESCRIPTION A PORTION OF LOT 8 AND LOT 9 OF ARLINGTON GARDENS AND LOT 7 , BLOCK 6 OF THE THIRD ADDITION TO GARDEN CITY, WELD COUNTY, COLORADO BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS IN THREE INDIVIDUAL TRACTS. TRACT "A" BEGINNING AT THE SOUTHWEST CORNER OF LOT 9 OF ARLINGTON GARDENS AND CONSIDERING THE SOUTH LINE OF SAID SOUTH LINE TO BEAR SOUTH 89°23 ' 00" EAST AS RECORDED IN BOOK 891 RECEPTION NO. 1812547 OF THE WELD COUNTY RECORDS, WITH ALL OTHER BEARINGS RELATIVE THERETO AND USING FIELD MEASUREMENTS FOR THE COURSES AND DISTANCES. THENCE SOUTH 89°23 ' 00" EAST, 30. 00 FEET TO THE TRUE POINT OF BEGINNING; THENCE NORTH 00°21 ' 58" EAST, 215 . 21 FEET TO A POINT ON THE NORTH LINE OF LOT 9 ; THENCE SOUTH 89°17 ' 48" EAST, 42 . 59 FEET TO THE SOUTHWEST CORNER OF LOT 7 , BLOCK 6 OF THE THIRD ADDITION TO GARDEN CITY; THENCE NORTH 00°53 ' 26" EAST ALONG THE WEST LINE OF LOT 7 , 209 . 48 FEET TO THE SOUTH RIGHT OF WAY OF 26TH STREET; THENCE SOUTH 89°22 ' 41" EAST ALONG THE SOUTH RIGHT OF WAY OF 26TH STREET, 50 . 10 FEET; THENCE SOUTH 00°55 ' 24" WEST ALONG THE EAST LINE OF LOT 7, 209 . 92 FEET TO THE SOUTH EAST CORNER OF LOT 7 AND A POINT ON THE NORTH LINE OF LOT 9 ; THENCE SOUTH 89°17 ' 48" EAST, 314 .81 FEET TO THE SOUTHEAST CORNER OF BLOCK 6, THIRD ADDITION TO GARDEN CITY; THENCE NORTH 00°36 ' 15" EAST, 210 . 36 FEET TO THE SOUTH RIGHT OF WAY AND TERMINATION OF 26TH STREET; THENCE CONTINUING NORTH 00°36 ' 15" EAST, 30 .00 FEET TO THE NORTHWEST CORNER OF THE NORTH 240 .00 FEET OF THE EAST 250 . 00 FEET OF LOT 9 TO ARLINGTON GARDENS AS DESCRIBED IN BOOK 1006 RECEPTION NO. 1939253 OF WELD COUNTY RECORDS; A-1 THENCE SOUTH 89°22 ' 52" EAST, 250 .00 FEET TO THE WEST RIGHT OF WAY LINE OF THE UNION PACIFIC MAIN LINE; THENCE SOUTH 00°34 ' 43" WEST, 39 .01 FEET; THENCE SOUTH 00°37 ' 43" WEST, 201 . 03 FEET; THENCE SOUTH 00°37 ' 13" WEST, 214.89 FEET TO THE SOUTHEAST CORNER OF LOT 9; THENCE NORTH 89°23 ' 00" WEST, 660 . 11 FEET TO THE TRUE POINT OF BEGINNING. SAID PARCEL "A" CONTAINS 4 .868 ACRES MORE OR LESS. TRACT "B" (LOT 8) BEGINNING AT THE NORTHWEST CORNER OF LOT 8 OF ARLINGTON GARDENS AND CONSIDERING THE WEST LINE OF LOT 8 TO BEAR NORTH 00°37 ' 00" EAST AS RECORDED IN BOOK 717 RECEPTION NO. 1639257 OF WELD COUNTY RECORDS, WITH ALL OTHER BEARINGS RELATIVE THERETO: THENCE SOUTH 89°23 ' 31" EAST, 689 . 97 FEET ALONG THE SOUTH RIGHT OF WAY OF 26TH STREET ROAD TO THE NORTHEAST CORNER OF LOT 8 AND THE WEST RIGHT OF WAY OF THE UNION PACIFIC MAIN LINE; THENCE SOUTH 00°36 ' 47" WEST, 121 . 54 FEET; THENCE ALONG THE ARC OF TRANSITION CURVE TO THE RIGHT WHOSE CHORD BEARS SOUTH 01°20 ' 59" WEST, 210 .01 FEET TO THE SOUTHEAST CORNER OF LOT 8; THENCE ALONG THE NORTH RIGHT OF WAY LINE OF U.S. HIGHWAY 34 BY-PASS SOUTH 88°39 ' 21" WEST, 687 .70 FEET TO THE SOUTHWEST CORNER OF LOT 8; THENCE NORTH 00°37 ' 00" EAST, 354.96 FEET TO THE TRUE POINT OF BEGINNING. SAID TRACT "B" (LOT 8) CONTAINS 5 . 430 ACRES MORE OR LESS. TRACT "C" TRACT "C" COMMENCING AT THE SOUTHWEST CORNER OF LOT 9 TO ARLINGTON GARDENS, ALSO THE TRUE POINT OF BEGINNING, AND CONSIDERING THE NORTH LINE OF THE VACATED 26TH STREET ROAD TO BEAR SOUTH 89°23 ' 00" EAST WITH ALL OTHER BEARINGS RELATIVE THERETO; A-2 THENCE SOUTH 89°23 ' 00" EAST, 690 . 11 FEET TO THE SOUTHEAST CORNER OF LOT 9 ; THENCE SOUTH 00°46 ' 24" WEST, 49 .94 FEET TO THE NORTHEAST CORNER OF LOT 8; THENCE NORTH 89°23 ' 31" WEST ALONG THE SOUTH RIGHT OF WAY LINE OF 26TH STREET ROAD 689 .97 FEET TO THE NORTHWEST CORNER OF LOT 8; THENCE NORTH 00°37 ' 00" EAST, 50 . 04 FEET TO THE TRUE POINT OF BEGINNING. SAID PARCEL "C" CONTAINS 0.7924 ACRES MORE OR LESS. DHLD/DO8 A-3 UNITED STATES OF AMERICA WELD COUNTY, COLORADO INDUSTRIAL DEVELOPMENT REVENUE BOND (ECONOMY LUMBER & HARDWARE PROJECT) SERIES 1983 AMENDED AND RESTATED No. R-2 $705,000 Weld County, Colorado, a political subdivision of the State of Colorado ( the Issuer ) , for value received, hereby promises to pay to Intrawest Bank of Greeley, N.A. , a national banking association ( the Lender ) , or registered assign, solely from the source and in the manner hereinafter provided, the principal sum of Seven Hundred and Five Thousand and no/100 Dollars ( $705, 000) or so much thereof as remains unpaid from time to time ( the Principal Balance) , and to pay interest on the Principal Balance from the date hereof until said Principal Balance is paid in full, at the rate of ten percent ( 10% ) per annum (which interest rate is subject to adjustment in the event of a Determination of Taxability as hereinafter provided) , all interest computed on the basis of the actual number of days elapsed within a year of three hundred sixty ( 360 ) days, in lawful money of the United States of America, payable as follows : $8, 225. 00 on the first day of each month while this Bond is outstanding beginning January 1 , 1985, each such payment to be applied first to accrued interest and then to reduce the outstanding Principal Balance, and the outstanding Principal Balance together with unpaid accrued interest thereon payable in full on or before December 1, 1990 . Notwithstanding the foregoing, in the event of a Determination of Taxability as hereafter defined, the amount of each monthly payment required hereunder shall be increased by an amount equal to the amount of interest payable hereunder for such month after the occurrence of a Determination of Taxability less the amount of interest that would have been payable hereunder for such month had a Determination of Taxability not occurred. This Bond is issued by the Issuer pursuant to the provisions of a Loan Agreement, dated December 28, 1983, as amended by an Amendment to Loan Agreement dated to be effective as of December 1, 1984 ( the Loan Agreement) among the Issuer , the Lender and Economy Lumber & Hardware Co. , Inc. , a Colorado corporation (the Company) , to provide funds which were loaned to the Company pursuant to the Loan Agreement and which were used for the purpose of financing the acquisition, construction and installation of a Project consisting of certain land, buildings and improvements and other real and personal properties deemed necessary in connection therewith, suitable for use as or used for or in connection with a business enterprise constructed in the County (the Project) by the Company, and is further issued pursuant to and in full compliance with the Constitution and laws of the State of Colorado, particularly part 1 of article 3 of title 29 of the Colorado Revised Statutes 1973 , as amended, and pursuant to an ordinance of the Board of County Commissioners of the Issuer duly introduced and adopted on December 21, 1983 (the Bond Ordinance) , thereby assisting activities in the public interest and for the public welfare, safety, convenience and prosperity of the Issuer and the State of Colorado. This Bond is secured by a Deed of Trust to Public Trustee, Security Agreement and Financing Statement, as amended ( the Deed of Trust) , dated as of December 28, 1983 , from the Company, to the Public Trustee of Weld County, Colorado, for the benefit of the Lender . The Principal Balance of this Bond may be prepaid as follows : ( i ) The Principal Balance of this Bond may not be prepaid before December 1, 1985 . The Principal Balance of this Bond may be prepaid in whole but not in part on or after December 1, 1985 upon payment of the Principal Balance, accrued interest to the date of prepayment, plus a premium equal to the following percentage of the Principal Balance: Date of Prepayment Premium Dec. 1, 1985 - 3% Dec. 1 , 1986 Dec. 2 , 1986 - 2% Dec. 1, 1987 Dec. 2, 1987 - 1% Dec. 1, 1988 Dec. 2 , 1988 - none Dec. 1 , 1990 -2- ( ii) In the event of a Determination of Taxability as herein provided, the Principal Balance of this Bond may be prepaid in full, with interest to the prepayment date, without prepayment premium or prior written notice to the Lender , provided such prepayment occurs within ninety (90 ) days of receipt of notice of the Determination of Taxability by the Company. ( iii ) The Principal Balance of this Bond is further subject to prepayment in whole or in part , without prepayment premium, upon the occurrence of certain events of damage to or condemnation of the Project, as specified in the Deed of Trust , upon the occurrence of an Event of Default as specified in the Loan Agreement, or upon the exercise of certain remedies by the Lender , all as provided in the Loan Agreement . In the event of a Determination of Taxability, from and after the Date of Taxability, as those terms are defined in the Loan Agreement, whereby the interest accruing on this Bond becomes includable in the gross income of the holder of this Bond (other than a substantial user of the Project or a related person) for the purpose of Federal income taxation, then in such event the Principal Balance of this Bond shall bear interest at a per annum rate equal to the prime interest rate charged by the Lender on the Date of Taxability, plus three ( 3 ) percentage points , provided that such increased interest rate on the Bond shall not exceed the rate that would cause the net effective interest rate on the Bond to equal forty percent ( 40% ) retroactive to the Date of Taxability. All of the definitions, terms, agreements , conditions , covenants, provisions and stipulations contained in the Loan Agreement, or the Deed of Trust are hereby made a part of this Bond to the same extent and with the same force and effect as if they were fully set forth herein. If a default occurs under this Bond, the Loan Agreement , or the Deed of Trust, then the Lender at its option may declare immediately due and payable the Principal Balance of this Bond and interest accrued thereon to the date of declaration of such default , together with any reasonable attorneys ' fees incurred by the Lender in collecting or enforcing payment thereof , whether suit be brought or not , and all other sums due hereunder or under the Loan Agreement, or the Deed of Trust , anything herein or in the Loan Agreement , or the Deed of Trust to the contrary notwithstanding, and payment thereof may be enforced and recovered in whole or in part , at any time by one or more of the remedies provided to the Lender in this Bond or in the Loan Agreement . -3- THIS BOND AND THE INTEREST HEREON DO NOT CONSTITUTE A DEBT OR INDEBTEDNESS OF THE ISSUER, WITHIN THE MEANING OF ANY CONSTITUTIONAL, STATUTORY OR HOME RULE CHARTER PROVISION OR LIMITATION, AND DO NOT CONSTITUTE OR GIVE RISE TO A PECUNIARY LIABILITY OF THE ISSUER OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWERS. This Bond and the interest thereon are special and limited obligations payable solely from the revenues derived pursuant to the Loan Agreement . The holder of this Bond shall never have the right to enforce payment hereof against any property of the Issuer , and this Bond does not constitute a charge, lien or encumbrance, legal or equitable, upon any property of the Issuer , and the agreement of the Issuer to perform or cause the performance of the covenants and other provisions herein referred to shall be subject at all times to the availability of revenues from the Company or other funds furnished to the Issuer in accordance with the Loan Agreement , sufficient to pay all costs of such performance or the enforcement thereof . The remedies of the Lender , as provided herein and in the Loan Agreement , and the Deed of Trust shall be cumulative and concurrent and may be pursued singly, successively or together , at the sole discretion of the Lender , and may be exercised as often as occasion therefor shall occur ; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof . The Lender shall not be deemed, by any act of omission or commission, to have waived any of its rights or remedies hereunder or under the Loan Agreement , unless such waiver is in writing and signed by the Lender , and then only to the extent specifically set forth in the writing. A waiver by the Lender with reference to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event. IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts and things required to exist , happen and be performed precedent to or in the issuance of this Bond do exist , have happened and have been performed in regular and due form as required by law. This Bond is transferable only upon the registration books of the Issuer at the office of the County Clerk , by an officer of the Lender or by its agent duly authorized in writing, at the Lender ' s expense upon surrender hereof together with a written instrument of transfer duly executed by the Lender or its duly authorized agent . Upon such transfer the County Clerk will note the date of registration and the name and address of the new registered owner of this Bond in the registration blank appearing hereon. The Issuer -4- may deem and treat the person in whose name this Bond is last registered upon the books of the Issuer as the absolute owner hereof , whether or not overdue, for the purpose of receiving payment of the principal of or interest on this Bond and for all other purposes, and all such payments so made to such person or upon its order shall be valid and effective to satisfy and discharge the liability upon this Bond to the extent of the sum or sums so paid, and the Issuer shall not be affected by any notice to the contrary. This Bond has been issued and delivered without registration under the Securities Act of 1933 , as amended, or other state, Federal or other securities laws, in reliance upon the availability of an appropriate exemption from registration otherwise required and the representation of the Lender that this Bond is being acquired solely for investment and not with a view to distribution or resale . This Bond shall not be sold, pledged, hypothecated, donated or otherwise transferred, including the sale of a participation interest herein, whether or not for consideration, by the Lender or any purchaser (other than a participation by the Lender to Intrawest Bank of Northglenn, N.A. ) except upon the issuance to the Company and the Issuer of a favorable opinion of counsel or submission to the Company and the County of such other evidence as may be satisfactory to them, in either case, to the effect that any such transfer shall not be in violation of the Securities Act of 1933 , as amended, or other applicable law. IN TESTIMONY WHEREOF, the Board of County Commissioners of Weld County, Colorado, has caused this Bond to be executed in the name and on behalf of said County with the signatures of the Chairman of the Board of County Commissioners and County Clerk and to be sealed with its official seal , all as of the date indicated below to be effective as of December 28, 1983 . WELD COUNTY, COLORADO ( SEAL) Ch ice'= ', oa d o ounty Commissioner II Date: Z /VS 7 Attest : ACou tylerk Date: / //1/ 111 -5- PROVISIONS AS TO REGISTRATION This Bond is registered in the office of the County Clerk of Weld County, Colorado, as registrar , in the name of the owner listed below, and payment of installments of principal, and of the Principal Balance remaining on the Bond, and of interest thereon, shall be made only to such owner . Date of Name and Address Signature of County Registration of Registered Owner Clerk , 1987 , , DHLD/BS4 -6- FIRST AMENDMENT TO DEED OF TRUST TO PUBLIC TRUSTEE, SECURITY AGREEMENT, FINANCING STATEMENT AND ASSIGNMENT OF RENTS AND LEASES THIS FIRST AMENDMENT TO DEED OF TRUST TO PUBLIC TRUSTEE, SECURITY AGREEMENT, FINANCING STATEMENT AND ASSIGNMENT OF RENTS AND LEASES ( this "Amendment" ) , dated as of December / {1 1986 to be effective as of December 28, 1983, is between ECONOMY LUMBER & HARDWARE CO. , INC. , a Colorado corporation, ( the "Company" ) , whose address is 975 West Mississippi Avenue, Denver , Colorado 80203 and INTRAWEST BANK OF GREELEY, N.A. , a national banking association, whose address is 1025 9th Avenue, Greeley, Colorado 80631 ( the "Lender" ) . RECITALS A. Pursuant to a Loan Agreement dated December 28, 1983, between and among Weld County, Colorado ( the "Issuer" ) , the Company and the Lender ( the "Loan Agreement" ) , the Lender loaned to the Issuer a total principal amount of $705,000 by purchasing the Issuer ' s Industrial Development Revenue Bond (Economy Lumber & Hardware Project) , Series 1983, dated December 28, 1983 ( the "Bond" ) , and the Issuer loaned to the Company the proceeds from the sale of the Bond to the Lender . The repayment of the indebtedness represented by the Bond is secured by a Deed of Trust to Public Trustee, Security Agreement, Financing Statement and Assignment of Rents and Leases, dated as of December 28 , 1983, ( the "Deed of Trust" ) given by the Company for the benefit of the Lender . The Deed of Trust was recorded on December 28, 1983 in the real property records of Weld County, Colorado in Book No. 1016 , Film No. 1879 , Reception No. 01951346, and covers the real property described on Exhibit A attached hereto. B. The Bond provides that the principal amount advanced thereunder shall be repaid in full on or before December 1, 1990 and interst at the rate of 10% per annum on the unpaid balance shall accrue and be paid semi-annually commencing December 1, 1984 . The Loan Agreement provides for the establishment of a special fund designated therein as the Bond Fund, to be held and administered by the Lender , to which the Company is required to make monthly payments. A portion of each monthly deposit made by the Company to the Bond Fund is to be credited to an interest payment account which is to be used to make the semi-annual interest payments required by the Bond. The remainder of each monthly deposit made by the Company to the Bond Fund is to be credited to a principal payment account which is to be held for application toward the repayment of the Bond principal when the same becomes due . -2- C. The Lender , the Issuer and the Company have agreed, effective December 1, 1984, that the Company shall make monthly payments in the same amount as the payments required to be made to the Bond Fund directly to the Lender in lieu of making such payments to the Bond Fund, and that each such payment shall be immediately applied, first to interest accrued as of the date of such payment and then to reduce the principal amount outstanding under the Bond. The parties have amended the Loan Agreement and the Issuer has issued �7 an Amended and Restated Bond dated 0),(y GCSi 17 , 19877 to be effective as of December 28, 1983 ( thee "Amended and Restated Bond" ) to effectuate the above-described agreement to apply such monthly payments directly to accrued interest and the reduction of principal under the Bond. The Amended and Restated Bond represents the same indebtedness as that represented by the Bond. D. The parties intend by this Amendment to amend the Deed of Trust in accordance with the above-described changes in the application of such monthly payments, and otherwise intend that all of the other terms, conditions and provisions of the Deed of Trust remain unchanged. Amendment NOW THEREFORE, in exchange for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows : -3- 1 . The term "Bond" as used in the Deed of Trust shall mean the Amended and Restated Bond. 2 . The term "Loan Agreement" as used in the Deed of Trust shall mean the Loan Agreement as amended by an Amendment to Loan Agreement, dated to be effective as of December 1, 1984 , between and among the Issuer , the Company and the Lender . 3 . The term "Deed of Trust" as used in the Deed of Trust shall mean the Deed of Trust as amended hereby. 4 . All references in the Deed of Trust to the "Bond Fund" are hereby deleted. 5 . Except as herein specified, all terms and conditions of the Deed of Trust shall remain in full force and effect; provided, however , that in the event the provisions of this Amendment shall in any way conflict with the provisions of the Deed of Trust , the provisions of this Amendment shall control . 6. This Amendment is binding upon and shall inure to the benefit of the Company and the Lender and their respective heirs, personal representatives, successors and assigns . 7 . The Company hereby ratifies the Deed of Trust as amended hereby. -4- EXECUTED as of the first date set forth above. INTRAWEST BANK OF GREELEY, N.A. BY /; -1.,.-' .'7/z4//2.t/ — 11Pnni' Mil Its : VirP PrPci APnt _— ( SEAL) ATTEST: /(497;// ,' jam' .r,17.� ,/ Delores M. Snhimpf ' ' I t s : Assi sta nt Vi OP Presi dent ECONOMY LUMBER & HARDWARE CO. , INC. By ft-I'' - ' resi i (SEAL) ATTEST: f`, Lei Secretary STATE OF COLORADO ) ss . COUNTY OF W AG'9 ) The foregoing instrument was subscribed and acknowledged before me this (cr day of beee.vlwr , 198fr, by behh,5 ill J ItOllatd as �, r e 0e<'c1etit of INTRAWEST BANK OF -5- GREELEY, N.A. , a national banking association, and by if 1, 5 111 Ss_ «. , as f >, . 3.- 11 V` (-y-a5,9L;tOf INTRAWEST BANK OF GREELEY, N.A. , on behalf of said bank . ' )/(1 7141/ A/1, 4 <„,i Notary Public ( SEAL) My commission expires : /.3 N-7 Business Address : /0„x.5 Ctri ”( e ,cezFar, C:') cot3/ STATE OF COLORADO ss . City and COUNTY OF Denver The foregoing instrument was subscribed and acknowledged before me this 9th day of March , 1987, by Vice James J. Stookesberry, as /President of ECONOMY LUMBER & HARDWARE CO. , INC. , a Colorado corporation, and by James C. Seccombe, Jr. , as Secretary of ECONOMY LUMBER & HARDWARE CO. , INC. , on behalf of the corporation. Not art Pu ( SEAL) My commission expires: September 3 , 1989 Business Address : 210 University Blvd. , #725 Denver, Colorado 80206 DHLD/DP6 -6- EXHIBIT A LEGAL DESCRIPTION A PORTION OF LOT 8 AND LOT 9 OF ARLINGTON GARDENS AND LOT 7 , BLOCK 6 OF THE THIRD ADDITION TO GARDEN CITY, WELD COUNTY, COLORADO BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS IN THREE INDIVIDUAL TRACTS. TRACT "A" BEGINNING AT THE SOUTHWEST CORNER OF LOT 9 OF ARLINGTON GARDENS AND CONSIDERING THE SOUTH LINE OF SAID SOUTH LINE TO BEAR SOUTH 89°23 ' 00" EAST AS RECORDED IN BOOK 891 RECEPTION NO. 1812547 OF THE WELD COUNTY RECORDS, WITH ALL OTHER BEARINGS RELATIVE THERETO AND USING FIELD MEASUREMENTS FOR THE COURSES AND DISTANCES. THENCE SOUTH 89°23 ' 00" EAST, 30.00 FEET TO THE TRUE POINT OF BEGINNING; THENCE NORTH 00°21 ' 58" EAST, 215 . 21 FEET TO A POINT ON THE NORTH LINE OF LOT 9 ; THENCE SOUTH 89°17 ' 48" EAST, 42. 59 FEET TO THE SOUTHWEST CORNER OF LOT 7 , BLOCK 6 OF THE THIRD ADDITION TO GARDEN CITY; THENCE NORTH 00°53 ' 26" EAST ALONG THE WEST LINE OF LOT 7 , 209 . 48 FEET TO THE SOUTH RIGHT OF WAY OF 26TH STREET; THENCE SOUTH 89°22 ' 41" EAST ALONG THE SOUTH RIGHT OF WAY OF 26TH STREET, 50 . 10 FEET; THENCE SOUTH 00°55 ' 24" WEST ALONG THE EAST LINE OF LOT 7 , 209 . 92 FEET TO THE SOUTH EAST CORNER OF LOT 7 AND A POINT ON THE NORTH LINE OF LOT 9; THENCE SOUTH 89°17 ' 48" EAST, 314.81 FEET TO THE SOUTHEAST CORNER OF BLOCK 6, THIRD ADDITION TO GARDEN CITY; THENCE NORTH 00°36 ' 15" EAST, 210 . 36 FEET TO THE SOUTH RIGHT OF WAY AND TERMINATION OF 26TH STREET; THENCE CONTINUING NORTH 00°36 ' 15" EAST, 30.00 FEET TO THE NORTHWEST CORNER OF THE NORTH 240 .00 FEET OF THE EAST 250 .00 FEET OF LOT 9 TO ARLINGTON GARDENS AS DESCRIBED IN BOOK 1006 RECEPTION NO. 1939253 OF WELD COUNTY RECORDS; A-1 THENCE SOUTH 89°22 ' 52" EAST, 250. 00 FEET TO THE WEST RIGHT OF WAY LINE OF THE UNION PACIFIC MAIN LINE; THENCE SOUTH 00°34 ' 43" WEST, 39 .01 FEET; THENCE SOUTH 00°37 ' 43" WEST, 201 . 03 FEET; THENCE SOUTH 00°37 ' 13" WEST, 214. 89 FEET TO THE SOUTHEAST CORNER OF LOT 9 ; THENCE NORTH 89°23 ' 00" WEST, 660. 11 FEET TO THE TRUE POINT OF BEGINNING. SAID PARCEL "A" CONTAINS 4 . 868 ACRES MORE OR LESS. TRACT "B" (LOT 8) BEGINNING AT THE NORTHWEST CORNER OF LOT 8 OF ARLINGTON GARDENS AND CONSIDERING THE WEST LINE OF LOT 8 TO BEAR NORTH 00°37 ' 00" EAST AS RECORDED IN BOOK 717 RECEPTION NO. 1639257 OF WELD COUNTY RECORDS, WITH ALL OTHER BEARINGS RELATIVE THERETO: THENCE SOUTH 89°23 ' 31" EAST, 689 . 97 FEET ALONG THE SOUTH RIGHT OF WAY OF 26TH STREET ROAD TO THE NORTHEAST CORNER OF LOT 8 AND THE WEST RIGHT OF WAY OF THE UNION PACIFIC MAIN LINE; THENCE SOUTH 00°36 ' 47" WEST, 121 . 54 FEET; THENCE ALONG THE ARC OF TRANSITION CURVE TO THE RIGHT WHOSE CHORD BEARS SOUTH 01°20 ' 59" WEST, 210 . 01 FEET TO THE SOUTHEAST CORNER OF LOT 8; THENCE ALONG THE NORTH RIGHT OF WAY LINE OF U.S. HIGHWAY 34 BY-PASS SOUTH 88°39 ' 21" WEST, 687 .70 FEET TO THE SOUTHWEST CORNER OF LOT 8; THENCE NORTH 00°37 ' 00" EAST, 354. 96 FEET TO THE TRUE POINT OF BEGINNING. SAID TRACT "B" (LOT 8) CONTAINS 5 . 430 ACRES MORE OR LESS. TRACT "C" TRACT "C" COMMENCING AT THE SOUTHWEST CORNER OF LOT 9 TO ARLINGTON GARDENS, ALSO THE TRUE POINT OF BEGINNING, AND CONSIDERING THE NORTH LINE OF THE VACATED 26TH STREET ROAD TO BEAR SOUTH 89°23 ' 00" EAST WITH ALL OTHER BEARINGS RELATIVE THERETO; A-2 THENCE SOUTH 89°23 ' 00" EAST, 690 . 11 FEET TO THE SOUTHEAST CORNER OF LOT 9; THENCE SOUTH 00°46 ' 24" WEST, 49 . 94 FEET TO THE NORTHEAST CORNER OF LOT 8; THENCE NORTH 89°23 ' 31" WEST ALONG THE SOUTH RIGHT OF WAY LINE OF 26TH STREET ROAD 689 . 97 FEET TO THE NORTHWEST CORNER OF LOT 8; THENCE NORTH 00°37 ' 00" EAST, 50 . 04 FEET TO THE TRUE POINT OF BEGINNING. SAID PARCEL "C" CONTAINS 0 . 7924 ACRES MORE OR LESS. DHLD/DO8 A-3 HOLME ROBERTS & OWEN ATTORNEYS AT LAW SUITE 400 1700 BROADWAY DENVER TECHNOLOGICAL CENTER SUITE 900 102 NORTH CASCADE AVENUE DENVER,COLORADO 80290 COLORADO SPRINGS,COLORADO 80903 8400 EAST PRENTICE AVENUE TELEPHONE(303)861-1000 ENGLEWOOD,COLORADO 80111 SUITE 900 TELECOPIER 861-4578 SO SOUTH MAIN STREET TELEX 45-4460 SUITE 400 SALT LAKE CITY,UTAH 84144 1401 PEARL STREET BOULDER,COLORADO 80302 August 5, 1987 Mr . Don Warden Finance Director Weld County P.O. Box 758 Greeley, Colorado 80632 Re : Economy Lumber & Hardware Project Dear Mr . Warden: Pursuant to our recent telephone conversation, enclosed for your review on the above-stated project are the following documents : ( 1 ) Resolution amending the Loan Agreement; ( 2 ) Amended Loan Agreement; ( 3 ) Amended and Restated Bond; and ( 4 ) First Amendment to Deed of Trust. If everything meets with your approval , please schedule the Resolution on the next available Board of County Commissioner ' s agenda. Please let me know when the meeting is and someone from our office will attend, if necessary, to help explain the Resolution, and coordinate the signatures on the other documents. Thank you for your attention to this matter . Sincerely, rl Nancy M. Hupp Legal Assistant NMH/ala Enclosures Hello