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Home My WebLink About900168.tiff AR2it79aet RESOLUTION RE: APPROVE AMENDMENT TO IMPROVEMENTS AGREEMENT REGARDING COLLATERAL FOR IMPROVEMENTS AND ACCEPT DEED OF TRUST AS COLLATERAL FOR KAHN SUBDIVISION (WATERFORD RANCH) 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 z m affairs of Weld County, Colorado, and mw to WHEREAS, the Board has been presented with an Amendment to t' J the Subdivision Improvements Agreement Regarding Collateral for Improvements between Weld County and Milton L. Kahn and Edwin S. m Kahn and Waterford Ranch Company and a Deed of Trust from Milton it L. Kahn and Edwin S. Kahn as collateral for Kahn Subdivision, and > 2 z z WHEREAS, various other documents pertaining to this matter were presented to the Board, including a Subordination Agreement between Milton L. Kahn and Richard J. Klamper, and WHEREAS, it was determined by the Board that the amount in y ,. the Subordination Agreement should be $57 , 240 . 00 , rather than the H o stated $47 ,681.90, and ztn n1/40 WHEREAS, the terms and conditions of said Amendment and Deed r, N of Trust, are as stated in said documents, a copy of each being attached hereto and incorporated herein by reference, along with copies of all related documents, and WHEREAS, after study and review, the Board deems it advisable to approve the Amendment and accept said Deed of Trust, conditional upon the amount of the Subordination Agreement between p Milton L. Kahn and Richard J. Klamper being corrected to z 70 $57,240 .00. Eo too NOW, THEREFORE, BE IT RESOLVED by the Board of County d Commissioners of Weld County, Colorado, that the Amendment to the Subdivision Improvements Agreement Regarding Collateral from o Improvements between Weld County and Milton L. Kahn and Edwin S. o Kahn and Waterford Ranch Company be, and hereby is, approved o subject to the abovementioned Condition. BE IT FURTHER RESOLVED by the Board that said Deed of Trust be, and hereby is, accepted as collateral for Kahn Subdivision, subject to the abovementioned Condition. BE IT FURTHER RESOLVED by the Board that the Chairman be, and hereby is, authorized to sign all documents relating to this matter. '2 900168 PL1027 Page 2 RE: APPROVE AMENDMENT TO IMPROVEMENTS AGREEMENT AND ACCEPT DEED OF TRUST The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 12th day of February, A.D. , 1990 . cr BOARD OF COUNTY COMMISSIONERS ATTEST: ti;, • a V1i,. ldfPl�iJ WELD COUNTY, COLORADO tci rnw Weld County erk and Recorder EXCUSED and Clerk to the Board Gene R. Brantner, Chairman N n BY: / ;y1 .pl �4 - • 74.r' yj George K nedy, Pro-Tern o Deputy �ounty �C erk -doQ !:7 Zl rc.�c� z w zw APPROVED A TO FORM: Constance` L. Harb rt `O N E') Cr' N Q � \ _ EXCUSED C.W. Kir yfr • r County Attorney H o Gor a • v' n • N fh .. O n 0 d -E4 • o r n ON O n O � w 900168 AMENDMENT REGARDING IMPROVEMENTS AGREEMENT ACCORDING POLICY REGARDING COLLATERAL FOR IMPROVEMENTS Amendment to Subdivision Agreement between Weld County and Milton L. Kahn and Edwin S. Kahn and Waterford Ranch Company, made this 12th day of February, 1990 by and between the County of Weld, State of Colorado acting through its Board of County Commis- tri sioners, hereinafter called "County, " and Milton L. Kahn and Edwin S. Kahn, hereinafter called "Kahns. " w Co In On February 10, 1988, Kahns, Waterford Ranch Company and " --I the County entered into an improvements agreement according policy regarding collateral for improvements. A copy of said agreement MC] is attached hereto as the second and following pages of Exhibit A. 'y N Said improvements agreement was approved by the County z on February 10, 1988. A copy of that approval is the first page hi � of Exhibit A. l ni C � Kahns wish to substitute a first deed of trust in favor of the County on the property for the letter of credit presently securing the cost of the planned for improvements, and wish to H o submit an updated statement of the cost of improvements. zn VD t N Richard Klamper is subordinating his deed of trust to the py deed of trust to Weld County, so that on February 12 , 1990 Weld County will have a first deed of trust position. A copy of said • N subordination agreement is attached hereto as Exhibit B. o Ma The County is willing to agree to such an amendment provided it is not prejudiced thereby. 0 7�• 0 • o FURTHER RECITALS r O d NOW, THEREFORE, the parties agree: n o w 1. Kahns have issued a Note and first deed of trust too n o the County in the amount of $57 , 240. 00, the amount of the current o 1/4O estimated cost of highway improvements. 2 . The County shall hold such demand note to secure the performance by Kahns of the Improvements Agreement. 3 . The County shall not call the currently outstanding letter of credit. 940168 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to the Agreement to be executed on the day and year first above written. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO a b7 o r rnw (...) u, Z n I-4 O Z• w zo N op mm til y r H O z1/411 0C / ✓ NJ0-1 ATTEST: ‘7912-1-to-4^-11-4' RI o Z, � WELD COUNTY CLERK AND RECORDER O AND CLERK TO THE BOARD O • -Ea /J Zi o De�uty County Clerk o 0 / O o a 0 O no APPROVED AS TO FORM: Coun y Attorney -2- 900168 LANDOWNERS: MILTON L. KAHN Ito 1-3 EDWIN S. KAHNtri m -4 0 )0 N zW Subscribed and ,sworn to before me this /s"— day of Z 0 w, 19 , by Milton L. Kahn and Edwin S. Kahn. n N a +a Witness my hand and official seal. My commission expires: jb to H z1.11 / 3'9 1/40 lic n N [NOTAR.TAL'SEAL] Y Address of Notary Public: N 1441i&THST., # 300 lin “)\..-‘ Mar CO 80202 z : e=] n csco.. o z d MI• Q � o t•] o r 0 o VI . o O 0 [ESK-D0CS\Kahn.2] -3- 900168 • A92205577 PROMISSORY NOTE $ 57,240.00 Denver Colo February 12 1990 Upon demand for value received we promise to pay to the order of Weld County, Colorado at c/o Weld County Commissioners, Weld County Courthouse, P. 0. Box C in Greeley ,Colorado, 80632 , Fifty Seven Thousand Two Hundred r-I O Forty and no/100's - • dollars, with interest at the rate of 1 S Z per cent per annum, o U after demand, payable as follows: O U O Payable in accordance with that Certain Improvements o W Agreement dated February 10, 1988 by and between • Milton L. Kahn, Edwin S. Kahn and Waterford Ranch • c4 Company and Weld County Board of Commissioners, is W approved February 10, 1988, as amended by Kahns and pWeld County Board of Commissioners on Feb. , 1990. U r .. .. a o t-] ON U W Z r-t H 4J \ W Co NEt O C/3 a F W 4.4 o N W n Eta e to & oz N Z N rt a-a O CO >4 az ro SID jtn O -, N trl ti O r. Ln 2.14 IT IS AGREED that it this note is not paid wizen due or declared due hereunder. the entire principal and accrued interest thereon shall draw interest at the rate nl 15% per cent per annum.and that tallure to make any payment of prncpal or imerest when due or any dclault under any encumbrance or agreement securing this note shal I cause the whole note to become due at once.or the interest to he counted as prmapal.at the option of the holder of the note.The makers and endorsers hereof several lv wane presentment lnr payment.protest.notice of non-payment and of protest.and agree to any evtension of rime of pa'ment and Z partial payments below.at or alter maturity.and it this note or interest thereon is not paid when due.or suit is brought.agree to pay all reasonable costs of collection. including reasonable for attorney's fees,and if foreclosure is made by the Public Trustee. reasonable for attorney's Ices to he added by the Public Trustee to the cost of foreclosure /2N/Et(: Milton L. Due Upon Demand Edwin S. Kahn 900168 No. 1025A. Rev. 10-84. PROMISSORY NC)IF: m.,dmti Iahli.Lmy,sys w rat n.c Llaw..d.I a lulu--,salt]n nwei Iasi s B 1357 REC 02309824 11/05/92 12 : 04 $0 .00 6/009 F 1637 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO Retention No — Recorder. AP,220SS7L 11E1,4O OF TRUST THIS DEED OF TRLST, Dated February 12, 1990 , between ,.I Milton L. Kahn and Edwin S. Kahn the grantor herein, whose address k 1441 18th St. , 11300, , Denver, Colorado 80202-1296 of the City and *County of Denver and State of Colorado, and the PUBLIC TRUSTEE of the County or City and Counts in which the property described below is situated, in the State of Colorado, Witness: The grantor, to secure a promissory note or notes, hereinafter referred to in the singular, dated February 12, 1990 for the total principal sups of Fifty Seven Thousand Two Hundred Forty Dollars and no/100's ($57,240.00) dollars, hi to payable to the order of Weld County, Colorado ,� I-, H the beneficiary herein, whose address is Weld County Courthouse, 9th Avenue and 9th Street, ON CO win P. 0._Box C, Oreel ey,_Colorado_80632 , after the date thereof, III m ---, with intrrest Memoir front t e-rintedxne+f-stthe-r tccr rnreYrtper-mmmmr, principal and interest payable I I 7::,Po t21 ti O o U upon demand o l i I.< o ti O do hereby grant and convey unto said Public Trustee the billow ing described property, situate in the County . y to) U of Weld , State of Colorado, n3 wit A part of the southwest one—quarter of I z o a Section 2, Township 2 North, Range 68 West of the 6th P.M. , County of Weld, 1/40 hi CO o W State of Colorado, more particularly described as follows: tar O 3 C a tt o a Pi i� r h W Commencing at the southwest corner of said Section 2; thence south 89"46'09"east along the south line of the H H r.a south)west one-quarter of said Section 2 a distance of 564.90 feet to the Point of Beginning; thence north ttl 0°15'52" H O O east 30.00 feet to a point being on the nonherty right-of-way line of Colorado Bighway Number 119;thence north 'La In W U 52"51'38" west 75.00 feet; thence North 13°48'38' west 287.38 feet; thence south 89°46'09" east 670.31 feet; tD Cr, thence south 1"23'56"west 353.91 feet to a point on the south line of the southwest one-garner of said Section 2; r 1/40 thence north 89°46'09" west along said south line 533.42 feet to the point of beginning, containing 5.000 acres, [xi fen8 molt of less. %N rl H a N W fin „ O O 1.] m U � � O soz o H 'cl \ W O Oro Z O also known by street and number as til o r fA r tP b+ '1'o II,WE AND'[(I MILD the am together with all appurtenances.in trust neserthekss.that in case of default in the payment of said note or any part thereof or interest O the[con.or in the perlunnance of an)onenants hereinafter set firth.then upon the beneficial>I note holder)filing'mice of election and demand for sale,said Public Trustee, O Z after advertising nonce of said sale weekly.for ma less than lour weeks.in some new sparser of general circulation in said county,shall sell said property in the manner provided f") N 2 by law in ellect at the time or tiling said notice and demand.at public annum for cash.at any proper place designated in the notice of sale Out of the proceeds of said sale said IN /l, trustee still retain or pay tint all lees,charges and costs and all mom.",s adsanced for taxes.insurance and assessments.or on any priorencumbrance,with interest thereon,and - O O pay the principaland Int td on aids t rendering the n rplus lit-any an unto the grantor:atd after the expiration of the time of redemption,said Trustee shall execute and O >t deliver to the purchaser a deed to the property sold The beneficiary nu) purchase said property or any part thereof at such sale. C) W U Ix The grantor c servants that at the time of deltsery of these presents,he is seized it said pmpen) in fee simple.and that said property is free of encumbrances,except a5 I a deed of trust in favor of Richard J. Klamper, which is subordinated hereto as) The grantor also covenants that he will keep all buildings insured w ah a company appro ed hs the beneficiary for fire and extended coverage in an amount equal to the unpaid In Qx balance of said note with loss payahle to the heneticiar).u ill dcloer a caps i4 the rx'lw)to doe beneficiary and w ill pay all taxes and assessments against said property and I N V' umnuuts due on pri'irelk mthranecs If grantor shall fail to pay insurance premiums.taxes or amounts due on pnor encumbrance.the benefici r'may pay the saute and all i '"d O amounts shall become additional indebtedness due hereunder.and in ease of foreclosure.he sill pay an attorney's fee of a reasonable amount Should the beneficiary hereunder be made a party to any action affecting this deed of trust or the title to said property.the grantor agrees that all court costs and a reasonable attorney tee paid by the beneficiary shall become additional I indebtedness due heruNer It is agreed that in case of default in payment of said principal or interest or a breach't am or the covenants herein.then said principal sum hereby secured and interest thereon may at the option of the beneficiary femme titre and pas ahk at once.anything in sad note to the co teats stow tthstatding and possession of said property will thereupon he ldisercd to tic henctiony. wlicnecer used herein the singular number shall include the plural.the plural the st nguLt.and the use of any gender shall be applicable to all genders.All of the covenants' herein shall be binding upon the respenne heirs,personal representatues.su:cessors and assigns of the parties hereto. ' Executed the day and year lint atone written I Milton L. Ka km Edwin S. Kahn II STATE OF COLORADtL } ss. County of ) j Attu' pi�my rumVen�t� was acknowll''dged Wore me this day of G j , 19 lf/ , - {7 Yob.. F-4'h au t,Y,.v,n S, Kee- '� J wiy'c trots❑ales �tt(pifes r �l3 / . Witness my hand nd official seal. I �..-NU Ul.CV I or ti!" - , Meads Pula, *If in Denver, insert"City and." 1441 1IITH ST., ft 300 DENVER, CO 80202 No.923A. Ri'v. 7-86. mid)llpl RU'USt(Public nusmei tSh in Funny Iftadh,nd l'aPl•hmg_5s25 w 5th Ase .I akewu nl ('O 80 214—13115 233-5900 3.57 l IJ) Cops relit Pmt 900165 Recorded at o'clock— _M., Reception No. Recorder. AR2206525 SUBORDINATION AGREEMENT • II THIS SUBORDINATION AGREEMENT is made this 21st day I i of February lq 90 between Milton L. Kahn as owner of the land (hereinafter referred to as "Owner") whose address is I ti7 to , c/o 1441 18th Street, Suite #F300, Denver, Colorado N O i80202 , and O1 to O U to do o\ Richard J. Klamper the present holder of a Deed of O Trust and note, whose address is 6059 So. Quebec, Lxi O Englewood, Colorado 80111 k ao (hereinafter referred to as "Beneficiary"). N a g RECITALS Z o so W Milton L.a a4 -Kahn the owner of a certain parcel Ptiti RI, of real propert ,situate in the *County of Weld , State of Colorado, M a> OU P,! more fully'described as follows: A part of the southwest one—quarter of Section 2, Township ryy ra !. 2 North, Range 68 West of the 6th P.M. , County of Weld, State of Colorado, more H H M z in particularly described as follows: to • ''b Commencing at the southwest corner of said Section 2; thence south 89°46'09" east along the south line of the H 0 as Z tit p ,Y, southwest one-quarter of said Section 2 a distance of 564.90 feet to the Point of Beginning; thence north 0°15'52" OZ east 30.00 feet to a point being on the northerly right-of-way line of Colorado I lighway Number 119;thence north 0 do w t-t N o a 52°51'38" west 75.00 feet; thence_ North 13"48'38" west 287.38 filet; thence south 89°46'09" east 670.31 feet; t+] as U thence south 1°23'56"west 353.91 feet to a point on the south line of the southwest one-quarter of said Section 2; 7C H+ thence north 89"46'09" west along said south line 533.42 feet to the point of beginning, containing 5.000 acres, N O• N more or less. R" •• \ fa d7 C r^ E' March 15 87 0 o tn did execute a Deed of Trust dated , 19 _ , to the Public Trustee in and for the County n Weld O t,7 of to secure a note in the original principal amount of In D $ 78,274.00 dated March 15 , 19 87 . and payable to a in w Rioh4d J. Klamper Ell -IS Pi o 1° March 4 t 87 o Z Said Deed of Trust was recorded on . U Receprin Nomhn* , £ O N Z I '.GL.0905l3 , of the records of said County. N o eeCo The owner has executed, or will execute, a Deed of Trust and note in the original principal amount of O U r4 $ 57,240.00 dated February , 19 _99___ . payable to Weld County n 14 5 (hereinafter referred to as "Lender"). O m It is the desire of the parties and to the mutual benefit of all parties that the lien of the Deed of Trust in favor of the o t• N O a in er Beneficiary be subordinate to the lien of the Deed of Tnist for the use and benefit of the Lender. O dp (N N NOW.THEREFORE. for and in consideration of the mutual benefits accruing to the parties hereto,and the promises set '-t O forth, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 1. The Deed of Trust securing said note in favor of the Lender, together with extensions or renewals thereof, shall unconditionally he.and at all times remain,a lien or charge upon the property described therein which is prior and superior to the lien or interest created by the Deed of Tnist held by the Beneficiary. 2. The consideration to be paid to the Beneficiary is as follows: $1.00 and other valuable consideration. 3. This agreement shall he controlling with regard to the priority of the Deeds of Trust specified above, and the terms hereof shall supersede any provisions contained in the Deed of Trust for the use and benefit of the Beneficiary regarding subordination. • -B; in Denver. insert"('its and .. No. 1071. Rev.4-Ii6, SI RURnts1tION M;KEE.IE,Ar nwaord ILtL.hmc. - ]'to ,,,h-bc_I.A.o,"a.CO>n]1-1 —,tub'_11 6900 '"7 9©0168 V.ncn, ,n, 4. The Beneficiary has reviewed the terms and conditions of the note and Deed of Trust in favor of the Lender. and hereby approves those terms and conditions. Beneficiary understands that the Lender is under no obligation to supervise the application of the proceeds received Irom the Lender, and lieneliciary a�erees that an endorsement will he placed upon the note held by the Beneficiary to the effect that the Deed of Trust securing said note has been subordinated to the hen created by the Deed of Trust for the use and benefit of the Lender named above. Beneficiary understands that the Lender may not have made the loan or may not have advanced funds to the Owner without this Subordination Agreement. vs-,.._„----____, • EEV EFICIARY OWNER STATE OF COLORADO COUNTY OF e- /c .1 /2.-1 )i 0-e— ss. �' l` The foregoing instrument was subscribed and sworn to befo _Erse this ` day of . 19 ±CL ,by /: iC /IA l'- V/ . • C IA in 1ic- A-- Witness my hand and official seal. My Cc,^^" v ^""-O"' 9 2,^19SD • in MyFornmission expires: `' �I A rj y ,O' / Nmm>PoM¢ '1.'-. ••• 3L1G:'o : B 1257 REC 02206525 03/01/90 09 : 53 50. 00 2/002 V.% .....e51.1' , F 0293 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, CO STATE,OP COLORADu COUNTY OF I ' J- ss. r The foregoing instrument was subscribed and sworn to before me this ".L, day of - '- , 19 ' , by - /_ :, I r! iirlikiNiny.%and and official seal. 'Isk.oatThmissithl expires: 1441 18TH ST., i' 330 3 / (' L J DZCNVER, CO 8)202 Y Notary Public T g -?I E 9 E W 0 P T - 'J O - Z W v _ O O W5 Q 2 G. 6 u V• a 3 _ t O [— O T E x w u O s I x ,11 \ d r-1 N U L Z B 1357 REC 02309824 11/05/92 12 : 04 $0 .00 9/009 0 F 1640 MARY ANN FEUERSTEIN CLERK & RECORDER WELD CO, C� „ i J L 1 O _0 V Recorded at o'clock M., II /I y Reception No. Recorder. u �� 4 —... _-__-- SUBORDINATION AGREEMENT Of a L 3oth THIS SUBORDINATION AGREEMENT is made this day of January , 19 90 , between Milton L. Kahn �� Ik� `�� 0 j hPP ! li as owner of the land (hereinafter referred to as "Owner") whose address is F'1D / c/o 1441 18th Street, Suite #300, Denver Colorado PI 80202 , and Av �, �� i1•Richard J. Klamper the present holder of a Deed of r "! ry J Trust and note, whose address is 6059 So. 0uebec, �� , Englewood, Colorado 80111 , (hereinafter referred to-as "Beneficiary"). RECITALS Milton L. Kahn ,theownerofacertainparcel of real property situate in the— *County of Weld , State of Colorado, more fully described as follows:A part of the southwest one-quarter of Section 2, Township 2 North, Range 68 West of the 6th P.M. , County of Weld, State of Colorado, more I particularly described as follows: I Commencing at the southwest corner of said Section 2; thence south 89°46'09" east along the south line of the southwest one-quarter of said Section 2 a distance of 564.90 feet to the Point of Beginning;thence north 0°15'52" east 30.00 feet to a point being on the northerly right-of-way line of Colorado Highway Number 119;thence north ' 52°51'38"west 75.00 feet; thence North 13°48'38" west 287.38 feet; thence south 89°46'09" east 670.31 feet; II thence south 1°23'56"west 353.91 feet to a point on the south line of the southwest one-quarter of said Section 2; thence north 89°46'09"west along said south line 533.42 feet to the point of beginning, containing 5.000 acres, II more or less. did execute a Deed of Trust dated March 15 , 19 87 , to the Public Trustee in and for the County of Weld to secure a note in the original principal amount of $ 78.274.00 dated March 15 , 1987 , and payable to Richar t J. Klamper I Said Deed of Trust was recorded on March 4 , 19 87 Reception Number 02090A3 , of the records of said County. The owner has executed, or will execute, a Deed of Trust and note in the original principal amount of li, $ 47,681 .90 dated February , 19 90 , payable to Weld County I (hereinafter referred to as "Lender"). It is the desire of the parties and to the mutual benefit of all parties that the lien of the Deed of Trust in favor of the Beneficiary be subordinate to the lien of the Deed of Trust for the use and benefit of the Lender. II NOW,THEREFORE,for and in consideration of the mutual benefits accruing to the parties hereto,and the promises set forth, and other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby I ll agree as follows: 1. said note in favor of the Lender, together with extensions or renewals thereof, shall The Deed of Trust securing g unconditionally be,and at all times remain,a lien or charge upon the property described therein which is prior and superior to the lien or interest created by the Deed of Trust held by the Beneficiary. 2. The consideration to be paid to the Beneficiary is as follows: $1.00 and other valuable considerat on. Hpriority of the Deeds of Trust above and the terms 3. This agreement shall be controlling with regard to the specified hereof shall supersede any provisions contained in the Deed of Trust for the use and benefit of the Beneficiary regarding subordination. *If in Denver,insert"City and." 'II -_ - -J No.1071.Rev.4.86. SUBORDINATION AGREEMENT Bradford Publishing,5825 W.6th Ave.,Lakewood.CO 80214—(303)233-690SC0165 5-86 (fit 3 �l Copyright 5-84 4. The Beneficiary has reviewed the terms and conditions of the note and Deed of Trust in favor of the"Lender; and , hereby approves those terms and conditions. Beneficiary understands that the Lender is under no obligation to supervise the application of the proceeds received from the Lender,and Beneficiary agrees that an endorsement will be placed upon the note held by the Beneficiary to the effect that the Deed of Trust securing said note has been subordinated to the lien created by the Deed of Trust for the use and benefit of the Lender named above. Beneficiary understands that the Lender may not have made the loan or may not have advanced funds to the Owner without this Subordination Agreement. vac __,- BEN ICI Y \ OWNER STATE OF COLORADO COUNTY OF Hi' l AC ss. T The foregoing instrument was subscribed and sworn to before me this _:)U day of )! t'U[�� , 19 Lib ,by KiV)tit c1 1 kkin a Witness my hand and official seal m is t•'t��SF..U ...gta.wi A ( <3'ddot- My commission expires: r _ „_ Notary Public STATE OF.rCOLORADO l COUNTY OyyF / bE 8V�2 }ss. /Sr The foregoing instrument was subscribed and sworn to before me this day of , 19 q C) , by 11/!(.x: L• /� L. .n.�r7. . Witness my hand and official seal. My commission expires: 1 i 3'eTa— �/� CIz�z l/ ((/� " Notary public 1441 13TH ST., i; Irk) DENVER,CO -:st32u2 E ° a 5 .o ° z b W ° 0. T 9 p s z W ° m v o W v 6 oo c o� c4.0c 3c c0 v d J 2 8 is O w ° ° S F O G, V O N I+ Z 4 o c., u v m Z 4 h 4 A p v O M T f s u $ Z 90 y c.nr0 stscrt=„4 MEMORAIIDUM illgr Lee Morrison, IYI Assistant County Attorney January 31, 1990 To rate Drew Scheltinga, County Engineer COLORADO From Kahn Subdivision Improvements Agreement Subject: I have reviewed the material provided in the packet by Edward S. Kahn, with letters dated January 29, 1990. Also, I have reviewed the estimate provided by Siegrist Companies dated January 23, 1990. The Siegrist estimate is for $47,681.90, which is the amount offered for highway improvements collateral. The collateral supplied for the original subdivision agreement was in the amount of $82,290.00 in accordance with estimates made by Rocky Mountain Consultants. Based on the Engineering Department's experience with similar unit cost bids, we would not dispute Siegrist's estimate. However, Siegrist's unit prices are particularly low because their facilities are located within a mile of this site. There can be no guarantee that Siegrist will perform this work in the future. Therefore, I recommend a ten percent contingency be added to Siegrist's estimate. Also, no provision was made for the cost of engineering. I recommend an additional ten percent be provided for engineering. If I round off Siegrist's estimate to $47,700.00 and add ten percent for contigency and ten percent for engineering, the amount for highway improvements collateral should be $57,240.00. I do not think this is an unreasonable request considering the amount of surety required under the original subdivision agreement. DS/mw:mwkahn cc: Commissioner Kirby Keith Schuett, Planning Subdivision File - Kahn Subdivision 900168 Ectadea 5 Rearie . 1441 EIGHTEENTH STREET,SUITE 300 DENVER.COLORADO 80202 - 296-941 2 December 8, 1989 Lee D. Morrison, Esq. Weld County Board of Commissioners County Courthouse 9th Avenue & 9th Street P. O. Box "C" Greeley, CO 80632 Re: Kahn Subdivision, Weld County, Colorado. Dear Mr. Morrison: I am addressing this letter in connection with the Kahn subdivision. I believe our last correspondence on this matter, or correspondence on our behalf, was issued in December 1987 . In any event, my brother Milton and I have just recently been advised that the Central Bank of Denver plans to notify you that it will not renew, as it has in the past, the letter of credit securing possible highway improvements. My brother Milton or I would be happy to sit down with you or another appropriate representative of the county to work out satisfactory substitute collateral . Please give me a call or write at your convenience. Sincerely, Edwin S. Kahn ESK:pr cc: Milton L. Kahn Sdug.i S. Zaluc 1441 EIGHTEENTH STREET.SUITE 300 DENVER.COLORADO 80202 2 U O 296-9412 @[p! February 27, 1990 Lee Morrison, Asst. County Attorney Weld County Courthouse 9th Avenue and 9th Street P. O. Box C Greeley, CO 80632 Re: Kahn Subdivision/Improvements Agreement. Dear Mr. Morrison: Enclosed is the Subordination Agreement, as executed by Milt Kahn and Dick Klamper. Please have it recorded. I will ask the title company in about a week a letter updating its earlier statement of the mortgages on the property which will show Weld County in a first position. Thanks again for all your help. Sincerely, Edwin S. Kahn ESK:pr Enclosure cc: Richard J. Klamper ) Milton L. Kahn ) w/out enc. 90O168 Eetadat S. zaw 1441 EIGHTEENTH STREET.SUITE 300 DENVER.COLORADO 80202 296-9412 February 1, 1990 EXPRESS MAIL Lee Morrison, Asst. County Attorney Weld County Courthouse 9th Avenue and 9th Street P. O. Box C Greeley, CO 80632 Re: Kahn Subdivision -- Highway Improvements Collateral . Dear Mr. Morrison: Enclosed are the originals of a promissory note, first deed of trust, and amendment regarding improvements agreement for signature and acceptance by Weld County officials. Also enclosed is the original Subordination Agreement executed by Mr. Klamper and Milt Kahn for recording with the first deed of trust. Sincerely, Edwin S. Kahn ESK:pr Enclosures cc: Keith Shuett (w/enc. ) 900168 Hello