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Home My WebLink About861002.tiff RESOLUTION RE: APPROVE ESCROW AGREEMENT BETWEEN WELD COUNTY AND PARKLAND HOMEOWNERS ASSOCIATION, WITH H.T.C. ESCROW COMPANY AS ESCROW AGENT, 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, the Board approved a Partial Release of Deed of Trust for the sale of Lot 3 , Block 4 , Parkland Estates , with the monies from said sale to be placed in an escrow account, and WHEREAS, the Board has been presented with an Escrow Agreement between Weld County and Parkland Homeowners Assocation, with H.T.C. Escrow Company as Escrow Agent , and WHEREAS, after review, the Board deems it advisable to approve said Escrow Agreement, a copy of which is attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Escrow Agreement between Weld County and Parkland Homeowners Assocation , with H.T.C. Escrow Company as Escrow Agent, be, and hereby is, approved. BE IT FURTHER RESOLVED by the Board that the Chairman be, and hereby is , authorized to sign said Escrow Agreement. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 15th day of October, A.D. , 1986 . - BOARD OF COUNTY COMMISSIONERS ATTEST: &aw. &UA4Attn/ WELD COUNTY, COLORADO Weld County Jerk and Recorder EXCUSED and Clerk to the Board Jacquelin son , hairman 9Cunt Gyem y erk APPROVED AS TO FORM: Gene R. B ntner C.W. Kirb County Attorney EXCUSED Frank Yamaguchi /), - 861002 • ESCROW AGREEMENT The undersigned, the County of Weld, State of Colorado, by and through its Board of Commissioners (hereinafter called the "County") , and the Parkland Homeowners ' Association, Inc. , a Colorado corporation (hereinafter called "Parkland") , hereby deposit with H.T.C. Escrow Company, as Escrow Agent, the items set forth in Schedule "A, " to be held by said Escrow Agent subject to the general terms hereof and subject to the special instructions set forth in Schedule "B. " 1. These instructions may not be altered, amended, modified, or revoked except by a writing signed by all of the parties hereto and approved by the Escrow Agent. 2. No assignment, transfer, conveyance or hypothecation of any right, title or interest in and to the subject matter of this Escrow shall be binding upon the Escrow Agent unless written notice thereof shall be served upon the Escrow Agent. 3. Any notice required or desired to be given by the Escrow Agent to any other party to this Escrow may be given by mailing the same to such party at the address given below, and notice so mailed shall be for all purposes hereof as effective as though served upon such party in person at the time of depositing such notice in the mail. 4. The Escrow Agent shall not be liable for any act it may do or omit doing hereunder as such agent, while acting in good faith and in the exercise of its own best judgment, and any act done or omitted by it pursuant to the advice of its own attorneys shall be conclusive evidence of such good faith. 5 . Except as provided in section 2 above, the Escrow Agent is hereby expressly authorized and directed to disregard any and all notices or warning given by any of the parties hereto, or by any other person or corporation, excepting only orders or process of court, and is hereby expressly authorized to comply with and obey any and all orders, judgments or decrees of any court, and in case the said Agent obeys or complies with any such order, judgment or decree of any court, it shall not be liable to any of the parties hereto or to any other person, firm or corporation by reason of such compliance. 6. In consideration of the acceptance of this escrow by the Escrow Agent, the undersigned agree, jointly and severally, for themselves, their heirs, personal representatives, successors, and assigns to pay the Escrow Agent its charges hereunder and to indemnify and hold it harmless as to any liability by it incurred to any other person or corporation by reason of its having accepted the same, or in connection herewith, and to reimburse it for all its expenses, including, • • among other things, counsel fees and court costs incurred in connection herewith; and that the Escrow Agent shall have a first and prior lien upon all deposits made hereunder to secure the performance of said agreement of indemnity and the payment of its charges and expenses. 7. Wherever herein provision is made for the delivery or return of any items, and, in the opinion of the Escrow Agent, it is impossible or impracticable to make personal delivery or return to the party entitled to the items, the Escrow Agent may mail the same by registered mail, postage prepaid, to such party at his address given below and such mailing shall be deemed delivery or return, as the case may be, and the Escrow Agent shall be relieved of any further responsibility in the premises. SCHEDULE "A" 1 . Initial Deposit: $2, 500 . 00 received from Parkland. 2. In addition, from time to time, the County and Parkland may deposit with Escrow Agent certain lot sale proceeds pursuant to the Security and Escrow Agreement between the County and Parkland dated October 17, 1984, a copy of which is attached hereto as Exhibit A. SCHEDULE "B" Special Instructions 1. The purpose of this Escrow is to secure that certain undertaking by Parkland to the County as more fully set forth in that certain Addendum to Parkland Subdivision Agreement dated october 17, 1984 , a copy of which is attached hereto as Exhibit B. 2. (a) Escrow Agent shall open and maintain an interest-bearing account with the funds initially deposited with Escrow Agent and shall deposit in said account such additional funds as may, from time to time, be deposited with Escrow Agent by the County and Parkland. 2. (b) Interest earned on said interest-bearing account shall be added to the property deposited in escrow and shall be held and disbursed in accordance with these special instructions. 3 . Escrow Agent shall thereafter assign, transfer or convey any of the property deposited in escrow pursuant to written instructions signed by both the County and Parkland. The foregoing notwithstanding, Escrow Agent shall disburse to Parkland, upon Parkland' s sole and exclusive demand, an amount up to the total amount of the $2, 500. 00 initial deposit to reimburse Parkland for said initial deposit. 2 • • ESCROW AGENT H.T.C. ESCROW COMPANY By: Ira E. Tanner, Jr. , President PARKLAND HOMEOWNERS ' ASSOCIATION, INC. By President BOARD OF COUNTY COMMISSIONERS COUNTY OF WELD, STATE OF COLORADO By: Cha rm ro tem A (n ATTEST: A444.3#u,442cG j Weld County Clerk and Recorder Clerk to the Board STATE OF COLORADO JJ ) ss. COUNTY OF .�,��'t�,�/�. The rego nst ument was subscribed and sworn to before �t+ me by % tM tt€L as President of Parkland Homeowners ' Association, Inc. , this k3lkday of Or'p,lle,L_ 1986 . Witness my hand and official, seal. My commission expires: J430 9O Notary(36111) /Loo JTA21d ' •\ \\ 0 SECURITY AND ESCROW AGREEMENT THIS SECURITY AND ESCROW AGREEMENT is made and entered into this 17th day of October, 1984, by and between THE PARKLAND HOMEOWNERS ASSOCIATION, INC. , a Colorado corporation (hereinafter called "Parkland") , and COUNTY OF WELD, STATE OF COLORADO, by and through its Commissioners (hereinafter called the "County") . RECITALS 1 . Contemporaneously herewith, the County and Parkland have entered into that certain Assumption of Subdivision Agreement whereby Parkland has agreed to assume and perform the obligations of Parkland Estates, Inc. , a Colorado corporation, under that certain Subdivision Agreement dated September 19, 1977, amended by Addendum recorded October 11, 1978 in Book 847 as Reception No. 1769379; Addendum recorded March 5, 1979 in Book 861 as Reception No. 1783448; Amendment to Deed of Trust recorded February 25, 1980 in Book 896 as Reception No. 1817852; Amendment to Deed of Trust recorded May 6, 1982 in Book 967 as Reception No. 1890825; and Escrow Agreement recorded July 11, 1983 in Book 1001 as Reception No. 1933092 (hereinafter, the "Subdivision Agreement") , providing for, among other things, the construction of certain paved roads within the Parkland Estates Subdivision, Weld County, Colorado. 2. Pursuant to paragraph 7 of the September 19 , 1977, Subdivision Agreement, As Amended, the County has the right, from time to time, to request a security interest in collateral to EXHIBIT A F' e 1 secure the performance of the obligations under the Subdivision Agreement. 3 . As a condition to approval of that certain Addendum to the Subdivision Agreement dated October 17, 1984, and as a condition to approval of the Assumption of Subdivision Agreement, the County has required that certain security hereinafter set forth be received by it to insure completion of of the work to be performed under the Subdivision Agreement. WHEREFORE, in consideration of the mutual covenants hereinafter set forth the parties agree as follows: 1. Parkland is the owner in fee of the real estate described in that Deed of Trust for the County' s benefit attached hereto as Exhibit "A" and by reference made a part hereof. Contemporaneously with the execution of this Agreement, Parkland shall execute and deliver to the County said First Deed of Trust in the amount of TWO HUNDRED FORTY-TWO THOUSAND FIVE HUNDRED FOURTEEN AND NO/100ths DOLLARS ($242,514. 00) to be held by the County as security for Parkland' s performance of the remainder of the work to be performed under the Subdivision Agreement as amended. Parkland agrees that the "net sale proceeds" received from the sale of each lot described in Exhibit "A" will be placed in an interest-bearing account to be titled the Parkland Estates Escrow Account. Said Escrow Account shall be opened as soon as practicable after execution of this Agreement and shall require the signature of the Chairman of the Board of County Commissioners and the President of Parkland to accomplish withdrawals. Any minimum deposit to open said Escrow Account -2- • shall be furnished by Parkland. The purpose of the Deed of Trust and Escrow Account will be to assure the County that Parkland will complete the work required by the Subdivision Agreement as amended by Addendum dated October 17 , 1984. For purposes of this Security and Escrow Agreement, "net sale proceeds" shall mean all cash paid to Parkland from the sale of each lot shown on Exhibit "A" attached hereto less all ordinary expenses of sale and real estate commissions. Excluded from "net sale proceeds" shall be any amounts necessary to satisfy any indebtedness incurred by Parkland to Frontier Materials, Inc. under that certain agreement dated August 27, 1984, by and between Parkland and Frontier Materials, Inc. , any taxes attributable to the lotx and Lcft Han e. • At such time as there is furnished to the County 'a written certification from licensed consulting engineers showing that Parkland has completed a phase of the asphalt paving as required by the Subdivision Agreement as amended, the County shall accept the completed phase for partial maintenance as set forth in Section 5.3 of the Subdivision Agreement. Upon the acceptance of a completed paving phase for partial maintenance, the County may release to Parkland a portion of the aforesaid Escrow Account according to the recommendations of the Weld County Department of Engineer Services. Upon the acceptance of the street for full maintenance as set forth in Section 5 . 4 of the Subdivision Agreement, the County shall release to Parkland all funds in the Escrow Account, and the Deed of Trust attached as Exhibit A. -3- • • Provided, that if Parkland shall fail to complete the asphalt paving of each phase as required by the October 17, 1984 Addendum to the Subdivision Agreement, then the County may, at its option, but shall be under no obligation to do so, complete such phase of paving using the whole or any portion of funds in the Escrow Account for that purpose; and, the County shall also be entitled, (without being under any obligation to do so) to foreclose on the aforesaid First Deed of Trust and use the proceeds derived from said foreclosure to complete such work. Any work completed by the County shall be done in accordance with plans and specifications heretofore previously approved by the County Engineering Department. If it becomes necessary for the County to complete any of the work contemplated hereunder, the County shall, prior to embarking upon completion of such work, give to Parkland, c/o Mark Williams, 4732 Sylvia Lane, Erie, Colorado 80516, written notice by Certified Mail, Return Receipt Requested, at least thirty (30) days in advance of the date on which the County intends to commence completion of such work. During the thirty (30) day period, if Parkland either commences completion of the work or establishes with the County a reasonable schedule for the completion of such work, (reasonable meaning satisfactory to the County's engineer) the County shall permit Parkland to complete such work and no demand will be made by the County on the Escrow Account, nor shall any foreclosure as allowed aforesaid be commenced. -4- Any excess proceeds, after use for paving by the County of the proceeds in the Escrow Account and those proceeds derived from foreclosure, shall be returned to Parkland. 2. As additional security for the performance of Phase II of the work required to be performed under the October 17, 1984 Addendum to the Subdivision Agreement, Parkland also simultaneously herewith delivers to the County an Irrevocable Letter of Credit from the United Bank of Denver, National Association, in the principal amount of NINETY THOUSAND DOLLARS ($90,000 .00) . Said Letter of Credit is attached hereto as Exhibit "B" . If Parkland shall fail to complete the asphalt paving of Rue De Trust on or before November 1, 1986, then the County may, at its further option, but shall be under no obligation to do so, complete such asphalt paving of Rue De Trust by drawing on the Letter of Credit to the extent necessary to complete the paving after first having exhausted all available funds in the Escrow Account, and without the necessity of resorting to foreclosure against the properties described in the attached Exhibit "A" for that purpose. If it becomes necessary for the County to draw upon the Letter of Credit to complete any of the work contemplated hereunder, the County shall, prior to drawing upon such Letter of Credit, give to Parkland, c/o Mark Williams, 4732 Sylvia Lane, Erie, Colorado 80516, written notice by Certified Mail, Return Receipt requested, at least ten (10) days in advance of the date on which the County intends to draw upon the Letter of Credit. During the ten-day period, after notice is received, if Parkland posts a cash bond with the County -5- in an amount equivalent to the reasonably anticipated draw on the Letter of Credit as estimated by the County Engineer, then the County shall refrain from exercising its rights under the Letter of Credit and shall resort instead to the cash bond under the same terms and conditions as the Letter of Credit. 3. The County hereby agrees to subordinate the interest granted to it by the Deed of Trust attached hereto as Exhibit "A" to the interest or interests, on a phase by phase basis, given by Parkland to Frontier Materials, Inc. pursuant to the Agreement dated August 27, 1984, by and between Parkland and Frontier Materials, Inc. To accomplish the subordination, of its interests, the County agrees to execute a Subordination Agreement, for each phase, in the form attached hereto as Exhibit "C" . 4 . Upon final acceptance by the County of all the streets required to be paved under the Subdivision Agreement as amended by the Addendum dated October 17, 1984, the County agrees to release the security granted hereunder for the performance of Parkland under the Subdivision Agreement, including any funds remaining in Escrow and its Deed of Trust on all remaining unsold lots owned by Parkland within the Subdivision. 5. This Security and Escrow Agreement is intended to replace and supersede all previous escrows, Deeds of Trusts, and other security agreements between the County and Parkland Associates, Inc. and/or Parkland Estates, Inc. To fulfill this intention, the County agrees to execute the attached Releases of Deed of Trust identified as Exhibits "D" and "E", as well as the -6- • • savings withdrawal slip for the Escrow Account formerly established at the United Bank of Broomfield, account no. 803062, attached as Exhibit "F" , and any other additional documents reasonably required in the future to release all security interests previously granted to the County as security for the performance of the Subdivision Agreement. IN WITNESS WHEREOF, the parties have hereunto set their hands and seals on the date hereinabove first written. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO /� ATTEST: f .�':'2 '' ' ' ',BY: a-t&.d-__ Chairman WELD COUNTY CLERK & RECORDER CLERK TO THE BOA BY: / ` / PARKLAND HOMEOWNERS ASSOCIATION, INC. By: AAA--w4--Q RsD President STATE OF COLORADO ) ) 5"COUNTY OF £t 1t_,C X/ ) The fore oing was subscribed and sworn to before me in the C u ty of�, , State of Colorado, t is Sth day of 1984, by 'iLc. ') , President of PARKLAND HOMEOWNERS ASSOCIATION, INC. Witness my hand and of£ic ' al seal. " My commission expires: 3/4/ 5/6 cl Notary Public JTAJB2 -7- ` „ �. • ADDENDUM THIS ADDENDUM is made and entered into effective this 17th day of October, 1984, by and between PARKLAND ESTATES, INC. , a Colorado corporation, (hereinafter called "Parkland") , and COUNTY OF WELD, by and through its Commissioners, State of Colorado, (hereinafter called "the County") . Recitals : 1 . The parties entered into a Subdivision Agreement dated September 19 , 1977 providing for, among other things, the construction of certain paved roads within the Parkland Estate Subdivision, Weld County, Colorado. 2 . Following the execution of the original Subdivision Agreement, Parkland from time to time has requested, and the County has granted, extensions of time within which to complete the construction of said paved roads. The last of said extensions expired July 1, 1982 and the construction of said roads is not yet complete. 3. The parties, by execution of this Addendum, desire to further amend the original Subdivision Agreement to facilitate the completion of the construction of said roads. NOW, THEREFORE, the parties hereby agree to amend said Subdivision Agreement as follows: 1. The plans previously furnished by Parkland and accepted by the County pursuant to Paragraph 1.2 of the Subdivision Agreement are amended to provide for reduction of the paved width of all streets of the Subdivision to 24 feet and reduction of the paved area within all cul-de-sacs within the Subdivision to 60 feet. 2. Paragraph 6.6 of the Subdivision Agreement is amended to provide for the phased completion of the paving improvements as follows: a. Phase 1 : Runway and taxiway to fuel storage to be paved in 1984. b. Phase 2: Rue De Trust to be paved in 1986. c. Phase 3: Side streets and cul-de-sacs to be paved no later than 1989. Upon completion of the paving in each phase as hereinabove provided, the roads paved during each such phase shall be eligible for acceptance for maintenance by the County in accordance with the terms and conditions of Paragraph 5 of the original Subdivision Agreement. he' -3., EXHIBIT B • 3. The General Indenture of Conveyance, Assignment and Transfer from Parkland Associates, Inc. to Parkland Homeowners Association, Inc. , dated October 17, 1984, attached hereto as Exhibit A, the Instrument of Assumption between Parkland Associates, Inc. and Parkland Homeowners Association, Inc. dated October 17 , 1984 , attached hereto as Exhibit B, and the Assumption of Subdivision Agreement, dated effective October 17, 1984, attached hereto as Exhibit C, are hereby approved. 4. Conditioned upon the posting of a Letter of Credit in favor of the County in an amount not less than $90, 000, in a form and from an issuer acceptable to the County to secure Parkland' s performance of the paving required under Phase 2 of this Addendum, the Agreement between Frontier Materials, Inc. and the Parkland Homeowners Association, Inc. dated August 27, 1984 attached hereto with its Exhibits as Exhibit D is hereby approved. Further, the security interest of the County in all collateral held by the County as a guarantee of compliance with the original Subdivision Agreement shall be released, and a new substitute security interest given in its place according to the terms of the Security and Escrow Agreement dated effective October 17, 1984 by and between Parkland Homeowners' Association, Inc. and Weld County, Colorado, attached as Exhibit E hereto. IN WITNESS WHEREOF, the parties have hereunto set their hands and seals on the date hereinabove first written. BOARD OF COUNTY COMMISSIONERS Weld County, Colorado ATTEST: d;z7 L 4 ". , t1,:71: BY:Chaim e if , Weld County Clerk & Recorder Clerk to the Board / 77 By: WieDeputy Countyk PARKLAND ESTATES, INC. BY: -odc_t_e � 4y President -2- • STATE OF COLORADO ss. CITY AND COUNTY OF DENVER Subscribed and sworn to before me this /at day of November, 1984 by the President of Parkland Estates, Inc. \\\i?.Witness my hand and official seal. S M.y ,commission expires: &Ada Not ry P lic JTASN6 • -3- f ,r, gti RESOLUTION RE: APPROVAL OF ADDENDUM CONCERNING COMPLETION OF PAVING IN THE PARKLAND ESTATES SUBDIVISION, WELD COUNTY, COLORADO 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 original Parkland Estates Subdivision Agreement, dated September 19 , 1977 , and recorded in Book 809 , Reception No. 1730930 , in the Office of the Clerk and Recorder, Weld County, Colorado, provided for, among other things, the paving of Rue-de-Trust, and all streets and cul-de-sacs within the Parkland Estates Subdivision, as found on the plat recorded at Book 785 , Reception No. 1707002 , in the Office of the Clerk and Recorder, Weld County, Colorado, and WHEREAS, the Parkland Estates Homeowners Association, Inc. , has presented to the Board of County Commissioners of Weld County, Colorado, a plan for the phased completion of all paving within the Parkland Estates Subdivision, and WHEREAS, the Board of County Commissioners of Weld County, Colorado, conducted a public hearing on October 17 , 1984 , at which time said plan was considered and approved with the following conditions : a. That the Parkland Homeowner= Association, Inc. , must provide proof of adequate bonding to ensure the performance of said plan. b. That the Parkland Homeowners Association, Inc. , must enter into an agreement with the Board of County Commissioners of Weld County, Colorado, wherein the Parkland Homeowners Association agrees to assume the completion of the paving of Rue-de-Trust and all streets and cul-de-sacs. c. That the Parkland Homeowners Association, Inc. , must provide the Board of County Commissioners of Weld County with a new Deed of Trust covering all of the unsold lots 7 4 • 111 • in the Subdivision, as security for the completion of the paving of the Subdivision. WHEREAS , the Board of County Commissioners of Weld County, Colorado, has determined that the Parkland Estates Homeowners Association, Inc. , has complied with conditions "b. " and "c. " above, and WHEREAS , the Parkland Homeowners Association , Inc. , has presented a $90 ,000 . 00 letter of credit to the Board of County Commissioners of Weld County as a substitute for the bonding requirement of condition "a. " above, wherein said letter of credit will become due and payable to the Board if the paving of Rue-de-Trust is not completed by November 1 , 1986 , and WHEREAS, the Board of County Commissioners of Weld County has determined that said letter of credit satisfies condition "a. " above, and .WHEREAS , said plan for phased paving shall be included in an Addendum to the Parkland Estates Subdivision Agreement, a copy of which is attached hereto. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the plan for the phased paving of Rue-de-Trust and all streets and cul-de-sacs in the Parkland Estates Subdivision, Weld County, Colorado, is hereby approved, and the Board authorizes its Chairman to sign the following documents: a. Addendum to the original Subdivision Agreement dated September 19 , 1977 , by and between Parkland Estates , Inc. , and County of Weld, by and through its Commissioners, State of Colorado. Said Addendum is effective as of October 17 , 1984 . b. Assumption of Subdivision Agreement, dated November 15 , 1984 , by and between the Parkland Homeowners Association, Inc. , Parkland Estates, Inc. , Parkland Associates, Inc. , and County of Weld, State of Colorado, by and through its Commissioners. • • • c. Security and Escrow Agreement, made and entered into October 17 , 1984 , by and between the Parkland Homeowners Association , Inc. , and County of Weld, State of Colorado, by and through its Commissioners. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 13th day of November, A.D. , 1984 . BOARD OF COUNTY COMMISSIONERS ATTEST: % 1�wu# l rn,. �i2 t4 ✓ J WELD COUNTY, COLORADO Weld County Clerk and Recorder and Clerk to the Board Norman Carlson, Chairman By L Li u Q6y` Deputy County Clerk J ne Joh s n, Pro-Tom __ APPRG Lu/ I AS ^ :_e_4/ Gene 1 Sr /tat-7-- .County Attorney EXCUSED Chuck Carlson John T. Martin t r. Hello