HomeMy WebLinkAbout971689.tiffRESOLUTION
RE: APPROVE OFF -SITE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY
REGARDING COLLATERAL FOR IMPROVEMENTS (PUBLICLY MAINTAINED
ROADS) AND ON -SITE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY
REGARDING COLLATERAL FOR IMPROVEMENTS (PRIVATELY MAINTAINED
ROADS) AND ACCEPT COLLATERAL - S-422, RADEMACHER BUSINESS PARK
PUD
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, by Resolution dated June 4, 1997, a Site Specific Development Plan and
Planned Unit Development (PUD) Final Plan, S #422, for Redesign of Rademacher Business
Park PUD (26 lots) for Zeek Properties, Ltd., c/o Landmark Engineering, Ltd., on the following
described real estate, to -wit:
Part of the NW'/ of Section 23, Township 3 North,
Range 68 West of the 6th P.M., Weld County,
Colorado
WHEREAS, pursuant to certain Conditions of Approval in said Resolution, the Board
has been presented with two Improvements Agreements According to Policy Regarding
Collateral for Improvements; one an Off -Site Agreement for Publicly Maintained Roads, and
one an On -Site Agreement for Privately Maintained Roads, between the County of Weld, State
of Colorado, by and through the Board of County Commissioners of Weld County, and Zeek
Partnership, Ltd., with terms and conditions being as stated in said agreements, and
WHEREAS, the Board has also been presented with collateral in the form of two Deeds
of Trust from Zeek Partnership, Ltd., to Weld County for property described as Lots 4 and 5,
Block 1; and Lot 8, Block 1, both on the Amended Plat of Rademacher Business Park Final
PUD, and
WHEREAS, after review, the Board deems it advisable to approve said agreements,
and accept said collateral, copies of which are attached hereto and incorporated herein by
reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the two Improvements Agreements According to Policy Regarding
Collateral for Improvements; one an Off -Site Agreement for Publicly Maintained Roads, and
one an On -Site Agreement for Privately Maintained Roads, between the County of Weld, State
of Colorado, by and through the Board of County Commissioners of Weld County, and Leek
Partnership, Ltd., be, and hereby is, approved.
C� : Pt) Rd) zeek/L_andn'rcr-t, canny, F!
971689
PL0381
IMPROVEMENTS AGREEMENTS - S-422, RADEMACHER BUSINESS PARK PUD
PAGE 2
BE IT FURTHER RESOLVED by the Board that collateral, in the form of two Deeds of
Trust from Zeek Partnership, Ltd., to Weld County, for property described as Lots 4 and 5,
Block 1; and Lot 8, Block 1, both on the Amended Plat of Rademacher Business Park Final
PUD be, and hereby are, accepted.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 30th day of July, A.D., 1997.
ATTE
Wel
BY.
AP • "O D AS TO FORM:
BOARD OF COUNTY COMMISSIONERS
WELNTY, CODO
George E. Baxter, Chair
ce L. arb-rt ro-
Dale K. Hall
EXCUSED DATE OF SIGNING (AYE)
Barbara J. Kirkmeyer
W. H/V i
. ebs er
971689
PL0381
'7 2 1
`Deed cf TirustTTru&tee
THIS DEED OF TRUST is a conveyance of real property to the Public Trustee of the County in which the property
described below is located. It has been signed and delivered by the "Debtor" to secure the "Indebtedness" owing to the
"Secured Party". The names and facts pertinent to this security transaction are:
Debtor:
Name(s) Zeek Partnership, Ltd., a Colorado Limited Partnership
Addresses) 14504 I-25 Frontage Road, Longmont, Colorado 80504
Marital Status N/A
Secured Party:
Name(s)
Addresses)
Indebtedness:
Give the date, amount, and To secure an obligation for the total principal sum
maturityofnote(s);orthe of Six Hundred Two Thousand Three Hundred Fifty and
description of other No/100 ($602,350.00) Dollars.
form of indebtedness.
Real Property Description and Address:
Lot 4 and Lot 5, Block 1, Amended Plat of Rademacher Business Park
Final P.U.D.
•
Weld County Public Trustee
915 10th Street, Greeley, Colorado 80631
Default Interest Rate: 0%
Prior Encumbrances (if any): of This
Deed of Trust
ursuantgiven
to to
oSsecuresthe
obligation
Improvements Agreement (Privately Maintained Roads) of the same date
which is incorporated herein by reference.
Conveyance Of Property Interest: For valuable consideration, the Debtor hereby conveys the real property described above ("the Property") to the
Public Trustee of the County in which the Properly is located, in trust for the benefit of the Secured Party. This conveyance includes, and the words "the Property" are
intended to embrace. all buildings on the Property, now or in the future; all water rights and rights to transport water, including any wells, pumps, and motors, and including
any such rights and pruperlyacquired or constructed in the future; all rents, royalties aixl other payments attributable to the use or consumption of the property (subject to
the more specific provisions stated below); and all other appurtenances. including but not limited to fixtures, easements. and licenses. The Debtor hereby warrants title to
the Property, subject to the lien of the general property tax for the year of this Deed of Trust; easements, rights -of -way. reseruattons. protective covenants, restrictions,
and mineral grants and leases -if any of those property interests is shown of record: and any prior encumbrances specifically re/erred to about!.
"Secured Party" Includes Subsequent Holders: All references in This Deed of Trust to the "Secured Party" include not only the person
or persons named above as Secured Party, but also any person or entity becoming the legal owner of the notes) or other evidence of the Indebtednessal ter tlw date of this
Deed of Trust, as well as a holder of a certificate of purchase issued after a foreclosure sale.
Title In Trust: The Public Trustee is authorized and directed to hold the property interest conveyed by this Deed of Trust in I rust for the benefit of the Secured
Party until the Indebtedness has been paid in lull or until the Debtor otherwise is entitled to have the Public Trustee's interest in the Property released The Debtor shall
continue lo have the lull use and enjoyment of the Properly (except as slated below under "Rents and Royalties") unless and until it Receiver is appointed or unless the
rights of the Debtor in the Property are terminated by foreclosure. The Debtor hereby elms the Public In nst ec to sell the Properly d there is a default with respect to
the Indebtedness or a violation of any of the covenants and obligations of this Deed of Trust.
Foreclosure And Sale: The Secured Party may initiate the sale of the Property by making the demand and giving the notices required by Colorado law. The
sale may be held pursuant either to a court foreclosure suit or to an administrative proceeding conducted by the Public Trustee. The sale shall be scheduled and
conducted, and notice of the sale and of the rights to cure defaults and to redeem shall be given, all as provided by Colorado law. The sale shall be public and shall be held at
the front door of the Court House in the County in which the Property is located, or at such other lawful place as provided by law. The Property shall be sold to the highest
bidder. The Secured Party may become a purchaser of the Properly at the sale and may pay the price bid by relinquishing and canceling all or any part of the Indebtedness.
The Property shall be sold in separate parcels or as one parcel, as the Public Trustee determines would be most advantageous. The Public Trustee shall issue all certificates
and a deed as authorized and required by Colorado law. The Public Trustee shall deal with the proceeds of the sale as provided by Colorado law, and no purchaser is
obligated to see to the application of those. proceeds. The sale shall forever bar the Debtor from claiming any interest in the Properly, subject to all rights of redemption
provided by Colorado law.
Covenants By Debtor: In addition to the warranties of title made above, the Debtor covenants and agrees:
(a) to pay the Indebtedness. ss.. w- form and requirements of the note(s) or other document evidencing the Indebtedness;
(b) to keep the Properlymgr.e.kre,pq* ir; to neither commit nor permit any act by which the value of the Properly would be impaired; and toneither violate
nor permit the violation of any te4n#fkltlr!!4 id maintenance of the Property;
(c) to pay all taxes And assessments levied'op the. openly within the times allowed by law;
(d) to keep all buildngs on the Property insuretf agai41 loss by fire with extended coverage endorsements, such coverage to be provided by one or more companies
authorized to issue insurance in Colortdgrrd the Smounr of the coverage to be the maximum amount which the companies will insure the buildings for, although such
coverage need not Intureater than arnriGh141 of il4t I Oil peel ss; the Secured Party shall be named as a beneficiary 1 all such insurance policies to the extent of his
interest and l the Armies, of the Seoul the ' u !we policies shall be heldinli piss SiIIII: UM llIlljtkIllillelll ofit Secured Party it would not be economically
feasible to rise rho illralianee l'iTei i repair or t'sictt l Property. the ins murc I! proceeds shall) d q,tl,n. prarraylliela ofAlort t of the Indebtedness. with any
excess to be paid to the. Debli,c no partial pi epastinesg shall alter the scheduleor annelid payments of subsequent µaynnls. l hut Indebtedness;
le) in pay the Indebledtwss, it any, -secured by'.a prior encumbrance specificallyreferredto above. within the required times and in the required amounts;
(f) to reimburse the Sec Ptcd Party for any anxiuins whitI, the Secured Party advances on beb.ell of the Debtor in payment rat taxes, assessments, insurance premiums,
and amounts due on prior ear ' Ivances,.ipdto pay rubnehr on lire amount advanced al lire llclaull boniest Rote noted above. oral the maximum Liwful rate, it less than
Ilia "Default Interest kale'; the Debtor hereby authorizes Ilie Secured Party in pay on behalf of the Debtor all amounts which are necessary or appropriate to cure any
default by the Debtor with respect to taxes, assessments, insurance premiums, and payments on prior encumbrances, and all amounts so paid shall be considered
additions to the Indebtedness and shall be secured by this Deed of Trust.
(g) it a foreclosure proceeding is commenced, to pay all of the costs of that proceeding including Public Trustee's lees, publication costs, and allorney s fees and to
m_hf111Ut9t1!I C DuWur I'!r Ally of Ihhl!W I!SIn'. Mltl LA I!W Dgl!Inr IPIPITi )fin infm!yl dl Ihr. Dt!tn!II ll!h rrx1 It th_'I Ito P,l Iht mplp!m!!m SrI all., it Iris II)an Ihe'iPrtPuIi
Interest Rate";
(h) to surrender possessim peaceably at such time as the Debtor's right of p.issession of the Property terminates.
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Waiver Of Homestead: The Debtor hereby fully and absolutely waives and releases the right to claim the Property as a homestead exemption and the
Debtor relinquishes the benefits of any Colorado law which would cause the Properly to be exempt from the claims of the Sect rod Party. This par: graph is made for the
benefit only of the Secured Party and may IRA be relied utxm by any other person.
Possession And Receivership: lit case Ito Debtor defaults with respect In the Indebtedness or with respect In any of the covenants of this Deed of
Trust, the Secured Party shall at once become entitled to the possession, use and enjoyment of the Properly and to the appointment of a Receiver for the Property and of
the rents, issues and profits from the Property; the Secured Party shall be so entitled as a matter of right without regard to the solvency or insolvency of the Debtor and
without regard to the value of the Property and its adequacy as security for the Indebtedness, The Receiver may he appointed by a court of competent jurisdiction upon ex
pate at 'plication:rod without notice notice being expressly waived --and alt rents, issues, profits, income, and revenue from the Property shall be applied by the Receiver,
subject to any orders and directions of the court, to the reimbursement of expenses :nd advances, the payment oI past due interest, thepayment of past d'ue.principal, and
as prepayment of the Indebtedness, in that order; no such prepayment shall alter the schedule or amount of subsequent payments of the Indebtedness.
Rents And Royalties: II the Secured Party exercises his right to accelerate the entire balance of the Indebtedness (see next paragraph) then the Secured
Party from that time shall he entitled to receive all rents and royalties from I he Property, whether or not a Receiver shall have been appointed. By signing and delivering this
Deed of Trust, the Debtor assigns I hose rents and royalties to the Secured Party, effective as of the time of any acceleration of the Indebtedness, and authorizes the
Secured Party to receive the rents and royalties directly from the person obligated for their payment. Any rents or royalties received by the Secured Party shall be applied to
the reimbursement of expenses and advances, the payment of past due interest, the payment of past due principal, and as prepayment of the Indebtedness, in that order; no
such prepayment shall alter the schedule or amount of subsequent payments of the Indebtedness.
Acceleration: If the Debtor defaults with respect to any installments of interest or principal on the notelsl or other document evidencing the Indebtedness, or if
the Debtor defaults with respect to any of the covenants of this Deed of Trust, then the entire balance of the Indebtedness shall, at the option of the Secured Party, become
due and payable at once. This paragraph is subject to any provision of Colorado law authorizing the curing of a default prior to foreclosure sale.
Condemnation: If all or any part of the Property is taken or damaged by governmental condemnation (including any conveyance in lieu of condemnation) all
amounts paid to the Debtor for the taking or as damages shall be disposed of according to this paragraph. By signing and delivering this Deed of Trust, the Debtor hereby
assigns to the Secured Party all amounts paid for any taking or damages. All amounts paid shall be used either to restore the properly or to prepay the Indebtedness, as the
Secured Party and the Debtor mutually agree. Absent an agreement, the amounts paid shall be used to restore the Property if that is economically feasible in the judgment
of the Debtor, and any amounts not used for t hat purpose shall be applied as a prepayment of all or a part of the Indebtedness, with any excess lobe paid to the Debtor; no
partial prepayment shall alter the schedule or amount of subsequent payments of the Indebtedness.
Other Persons Bound: II any person other than the Debtor acquires an ownership interest in the Property at any time in the future, whether or not that
Person expressly assumes the obligation to pay part or all of t he Indebtedness, t hat person shall be bound by all of the covenants and obligations of this Deed of Trust to the
same extent as the Debtor, and any reference to I he "Debtor" includes that person. If 1 he Secured Party extends the time of payment of the Indebtedness or agrees to alter
the amounts or schedule of any installment payment of the Indebtedness, that will not release the original Debtor or any intervening Debtor from obligation on the
Indebtedness or from the obligation arising by reason of prior express assumption of the Indebtedness.
Miscellaneous Provisions: The following miscellaneous provisions shall apply:
(al any tor bearanre by the Segued Party in exercising any right ur n hnedy shall not affect the rights ul the Seemed Party with respect to subsequent defaults or
v
inlalirnas,
lb) all remedies provided by this Deer) of Trust all. dlstjnct and cumulative to any nlhvr right or remedy ell her under this Deed of Trust or available by anyntmr law or
statute, and all such re edirs may he exercised concurrently. in,•n dependtly. ors ressively:
(c) if more than one person has signed as "Debtor,"they are jointly and severally obligated;
(d) in the event that anyprovisionor clause of this Deed of Trust is in conflict with applicable law, t he conflict shall not affect other provisions otthis Deed of Trust which
call be given effect without tau conflicting provision:
le) the provisions of this Deed r,f Trust shall be deemed to he automatically amended or partially aepenied by any Colorado statute or rule of court, now existing or
adopted alter !Le d.ue of t his Deed, rl Inee, winch pr Ivldes rules, mqul , nu nts,.0 ul lint also n JJler rot Ir is n or markids., i, , ,,',. the ern h espial. hog provisions of Ins Deed.,
Fried.
III t he Debtor will be entitled In receiv,•Iron) dhi' 'uhf,,- 17ustee an instrument of releasewhen the Indebtedness is fully paid. and Me Debtor shall be responsible for the
Public Trustee's lees and the re, outing costs with respect to the release:
(gI dd,r Debt or and the Secured Party have agreed to additional leans and conditions respecting l his security transaction, including as an example an agreement to
establish a fund to be used to pay taxes and insurance premiums, then any such supplemental agreement if in writing, signed and notarized, shall be giveneffect and if envoi
its provisions conflict with this Deed of Trust the provisions of the supplemental agreement shall control; if this Deed of Trust has been recorded, the supplemental
agreement, to be effective, also must be recorded;
Ih) words in this Deed of Trust denoting the singular shall be read as denoting the plural, and masculine pronouns shall be read as feminine or neuter pronouns, if the
circumstances require it,
In witness whereof, Debtor has executed this eed of Trust on July .C ,1997
Zee P tn-trship,/ Lt
By /.1 c 9 (I' 1--1 �lia 1m�RF
STATE OF COLORADO
COUNTY OF WELD
The foregoing instrument was acknowledged before me this ' '' day of
by Kenneth A. Williamson and Connie S. Williamson.
K ttOteth A. Willi( ms , G neral Partner, Debtor
121 a i Lt An x-1 1,
Connie S. Williamson, General Partner, Debtor
SS.
WITNESS my hand and official seal.
My commission expires: C,- t- e: -)tat(
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OF 2
July
,1997
-C(-C(
J ) Notary Public
971689
fi g0
'Deed Tiruest Trwjtee
THIS DEED OF TRUST is a conveyance of real property to the Public Trustee of the County in which the property
described below is located. It has been signed and delivered by the "Debtor" to secure the "Indebtedness" owing to the
"Secured Party". The names and (acts pertinent to this security transaction are:
Debtor:
Name(s)
Address(es)
Marital Status
Zeek Partnership, Ltd., a Colorado Limited Partnership
14504 I-25 Frontage Road, Longmont, Colorado 80504
N/A
Secured Party:
Name(s) Weld County Public Trustee
Address(es) 915 10th Street, Greeley, Colorado 80631
Indebtedness:
Give the date, amount, and To secure an obligation for the total principal
maturity of note(s); or the of One Hundred Seventy Six Thousand and No/ 100
description of other ($176,000.00) Dollars .
form of indebtedness.
Real Property Description and Address:
Lot 8, Block 1, Amended Plat of Rademacher Business Park Final
P.U.D.
Default Interest Rate: 0%
sum
This De d of Trust is given to s ur the b igetions
.Prior Encumbrances (i(any):o th 11t r u sea t to the Sub ivgsion/$f -Site
Improvements Agreement (futel3.cly Maintained Roas) othe same ate
which is incorporated herein by reference.
Conveyance Of Property Interest: For valuable consideration, the Debtor hereby conveys the real property described above ("the Property") to the
Public Trustee of the County in which the Property is located, in trust for the benefit of the Secured Party. This conveyance includes, and the words "the Property" are
intended to embrace. all buildings on the Properly, now or in the future; all water rights and rights to transport water, including any wells, pumps, and motors, and including
any such rights and property acquired or constructed in the future; all rents, royalties and other payments attributable to the use or consumption of the property (subject to
the more specific provisions stated below); and all other appurtenances, including but not limited to fixtures, easements, and licenses. The Debtor hereby warrants title to
the Properly, subject to the lien of the general properly tax for the year of this Deed of Trust; easements, rights -o/ -way, reservations, protective covenants, restrictions,
and mineral grants and leases -if any of those property interests is shown of record: and any prior encumbrances specifically referred to above.
"Secured Party" Includes Subsequent Holders: All references in thus Deed of Trust to the "Secured Party" include not only the person
or persons named above as Secured Party, but also any person or entity becoming the legal owner of the nole(s) or other evidence of the Indebtedness after the date of this
Deed of Trust, as well as a holder of a certificate of purchase issued after a foreclosure sale.
Title In Trust: The Public Trustee is authorized and directed to hold the property interest conveyed by t his Deed of Trust in trust for the benefit of the Secured
Party until the Indebtedness has been paid in lull or until the Debtor otherwise is entitled to have the Public Trustee's interest in the Properly released. The Debtor shall
continue to have the lull use and enjoyment of the Properly (except as staled below utx ler "Rents and Roy allies") unless and until a Receiver k appointed or unless the
rights of the Debtor in the Property are terminated by foreclosure. The Debtor hereby empowers the Public Trustee to sell the Properly it there is a default with respect to
the Indebtedness or a violation of any of the covenants and obligations of this Deed of Trust.
Foreclosure And Sale: The Secured Party may initiate the sale of the Property by making the demand aril giving the notices required by Colorado law. The
sale may be held pursuant either to a court foreclosure suit or to an administrative proceeding conducted by the Public Trustee. The sale shall be scheduled and
conducted, and notice of the sale and of the rights to cult: defaults and to redeem shall be given, all as provided by Cul In law. The sale shall be public and shall be held at
the front door of the Court House in 1 he County in which the Properly is located, or at such other lawful place as provided by law. The Property shall be sold to the highest
bidder. The Secured Party may become a purchaser of the Property at the sale and may pay the price bid by relinquishing and canceling all or any part of the Indebtedness.
The Property shall be sold in separate parcels or as one parcel, as the Public Trustee determines would be most advantageous. The Public Trustee shall issue all certificates
and a deed as authorized and required by Colorado law. The Public Trustee shall deal with the proceeds of the sale as provided by Colorado law, and no purchaser is
obligated to sec to the application of those proceeds. The sale shall forever bar the Debtor from claiming any interest in the Properly, subject to all rights of redemption
provided by Colorado law.
Covenants By Debtor In addition to the warranties of title made above, the Debtor covenants and agrees:
(a) to pay the Indebtedness scut( h t e form and requirements of the note(s) or other document evidencing the Indebtedness;
(b) to keep the Property in gpJlati alld,repair; to neither commit nor permit any act by which the value of the Property would be impaired; and to neither violate
nor permit the violation of any law afteci t! the y' a and maintenance of the Property;
(c) to pay all taxes and assessments levity on Ike Property within the times allowed by law;
(d) to keep all buildings on the Prperty insured against loss by lire with extended coverage endorsements, such coverage to be provided by one or more companies
authorized to issue insurance in Coup do and the amount of the coverage to be the maximum amount which the companies will insure the buildings (or, although such
coverage need twit he greater thau.telikietee pi tl (l r i bt .d ; the Seavr.xl Party shall he immed as a beneficiary f all such insurance policies to the extent nl his
interest and, at t he request of the Seared Parti,Itd'.lrunua polities shall he held in his possession; if t, ttieiodlmm of OwSecured Partyl woukl not heeconomically
feasible tons,' l Ile insurance pi tee ds w repair me auto to the l'rime,ty. the insuranaepos-reds shalt l„•.g,pta•d os •, prepayment °tailor ton of the indebtedness, with any
excess to be paid to the Debtor; no partial prepayment shall alter the schedule or amount of subsequent payments of the indebtedness;
(e) to pay the Indebtedness, it any, secured by any prior encumbrance specifically referred In above, within the required limes and in the required amounts;
Ib to reimburse the Secnreat Party for any anmao,ls whit. it the Secured Party advances on behalf of the Dv hi or in payment of taxes. assessmenl a, insurance premiums,
and ani,xaits doe on prior encumbrances, and m nay nibs est on l he anonnt ad ml at tor. Default huerezt low weed at nve,or al the'nano nun,lawful rate, it less than
the "Default but crest Kate"; the Debtor he retry atdhorlies the Secured Party to pay on behalf of the Debtor all amounts which are necessary or at rprupri.l e to cure any
default by the Debtor with respect to taxes, assessments, insurance premiums, and payments on prior encumbrances, and all amounts so paid shall be considered
additions to the Indebtedness and shall be secured by this Deed of Trust.
(g) it a foreclosure proceeding is cblllmettcl'd, to pay all of the costs of that proceeding including Public Trustee's fees, publication casts, and attorney's Ices and to
reimburse the Debtor for any of those items paid by the Debtor together with interest at the Default Interest (tale, or al the maximum lawful rate, if less than the "Default
Interest Rate";
(h) to surrender possession peaceably at such time as the Debtor's right of possession of the Property terminates.
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Waiver Of Homestead: The Debtor hereby fully and absolutely waives and releases the right to claim the Property as a homestead exemption and the
Debtor relinquishes the benefits of any Colorado law which would cause the Property In be exempt from the claims of the Secured Party. This paragraph is made for the
benefit only of the Secured Party and may not be relied upon by arty other person.
Possession And Receivership: In ease the Debtor defaults with respect to the Indebtedness or with respect to any of the covenants of this Deed of
Trust, the Secured Party shall at once become entitled to the possession, use and enjoyment of the Property and to the appointment of a Receiver for the Propertyand of
the rents, issues and profits from the Property; the Secured Party shall be so entitled as a matter of right without regard to the solvency or insolvency of the Debtor and
without regard to the value of the Property and its adequacy as security for the Indebtedness. The Receiver may be appointed by a court of competent jurisdiction upon ex
pate application and without notice -- notice being expressly waivedandall rents, issues, profits, income, and revenue from the Properly shall be applie,sl by the Receiver,
subject to any orders and directions of the court, to the reimbursement of expenses and advances, the payment of past due interest, the payment of past dole principal, and
as prepayment oI the Indebtedness, in that order; no such prepayment shall alter the schedule or amount of subsequent payments of the Indebtedness,
Rents And Royalties: If the Secured Party exercises his right to accelerate the entire balance of the Indebtedness (see next paragraph) then the Secured
Party from that time shalt be entitled to receive all rents and royalties from the Property, whether or not a Receiver shall have been appointed. By signing and delivering this
Deed of Trust, the Debtor assigns Ihose rents and royalties to the Secured Party, effective as of the time of any acceleration of the Indebtedness, and authorizes the
Secured Party to receive the rents and royalties directly from I he person obligated for their payment. Any rents or royalties received by the Secured Party shall be applied to
the reimbursement of expenses and advances, the payment of past due interest, the payment of past due principal, and as prepayment of the Indebtedness, in that order; no
such prepayment shall alter the schedule or amount of subsequent payments of the Indebtedness.
Acceleration: If the Debtor defaults with respect to any installments of interest or principal on the note(s) or other document evidencing the Indebtedness, or if
the Debtor defaults with respect to any of the covenants of this Deed of Trust, then the entire balance of the Indebtedness shall, at the option of the Secured Party, become
due and payable at once. This paragraph is subject to any provision of Colorado law authorizing the curing of a default prior to foreclosure sale.
Condemnation: If all or any part of the Property is taken or damaged by governmental condemnation (including any conveyance in lieu of condemnation) all
amounts paid to the Debtor for the taking or as damages shall be disposed of according to this paragraph. By signing and delivering this DeedofTrust, the Debtor hereby
assigns to the Secured Party all amounts paid Inr any taking or damages. All amounts paid shall be used either to restore the property or to prepay the Indebtedness, as the
Secured Party and the Debtor mutually agree. Absent an agreement, the amounts paid shall be used to restore the Property if that is economically feasible in the judgment
of the Debtor, and any amounts not used for that purpose shall be applied as a prepayment of all or a part of the Indebtedness, wit h any excess to be paid to the Debtor; no
partial prepayment shall alter the schedule or :u not nl of subsequent payments of the Indebtedness.
Other Persons Bound: If ally person other than the Debtor acquires an ownership interest in the Properly at any time in the future, whether or not that
person expressly assumes the obligation to paw part or all oft he Indebtedness, that person shall be bound by all of the covenants and obligations of this Deed of Trust to the
same extent as the Debtor, and any reference to the "Debtor" includes that person. If IheSecured Party extends the time of payment of the Indebtedness or agrees to alter
the amounts or schedule of any installment payment of the Indebtedness, that will not release the original Debtor or any intervening Debtor from obligation on the
Indebtedness or from the obligation arising by reason of prior express assumption of the Indebtedness,
Miscellaneous Provisions: The following miscellaneous provisions shall apply:
(a) any tomhearanee by the Secured Party in exercising any right of remedy shall nut affect tie righn of the Secured Party with respect to subsequent defaults or
viulaions;
fig all remedies 'atwitter' by this Deed of Trust are distinct and cumulative to any other right or remedy cit her wider t his Deed of Trust or available byanyother law or
statute, and all such remedies may he exercised concurrently. independently. or suet esstvely;
(c) if more than one person has signedas •Debtor, • they are jointly and severally obligated;
(dl in the event that any provision or clause oft his Deed of Trust is in conflict wit h applicable law, t he conflict shall notaffect other provisions of this Deed of Trust which
can he given effect without the conflict Mg provision;
(el the provisions of this Deed of Trust shall be deemed to be automatically amended or part tally repealed by any Colorado statute or rule of court, now existing or
adopted alter the date of t his Deed of Trust.whirl, provides rules, requirements, and limitations different Irom or addition to the correst ling provisionsnl this Deed of
Trust:
If) the Debtor will be tint itled to receive Inutility Public Trustee an ins:rumen, of release when t he Indebtedness Is fully paid, and the Debtor shall be responsible for the
Public Trustee's lees and the recording costs with respect to the release:
(g) if the Debtor and the Secured Party have agreed to additional terms and conditions respecting this security transaction, including as an example an agreement to
establish a fund to be used to pay taxes and insurance premiums, then any such supplemental agreement if in writing, signed and notarized, shall be given effect and if enyof
its provisions conflict with this Deed of Trust the provisions of the supplemental agreement shall control; if this Deed of Trust has been recorded, the supplemental
agreement, to be effective, also must be recorded;
•
(hl words in this Deed of Trust denoting the singular shall be read as denoting the plural, and masculine pronouns shall be read as feminine or neuter pronouns, if the
circumstances require it.
In witness whereof, Debtor has executed this eed of Trust on
Zeek artn rship,
By t . i 4'• 1' 1
STATE OF COLORADO
COUNTY OF WELD
The foregoing instrument was acknowledged before me this -D day of July
by Kenneth A. Williamson and Connie S. Williamson.
July .30
nets Amson G �ral Partner,
Connie S. Wi mson; eneral Partner,
1997
ss.
WITNESS my hand and official seal.
My commission expires: L ri - Q-6
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Debtor
Debtor
,1997
971089
External Road
SUBDIVISION/OFF-SITE IMPROVEMENTS AGREEMENT
(PUBLICLY MAINTAINED ROADS)
THIS AGREEMENT, made and entered into this 3 day of / 97,
by and between the County of Weld, State of Colorado, acting through ' s Board of
County Commissioners, hereinafter called "County", and Zeek Partnership, Ltd., A
Colorado Limited Partnership, hereinafter called "Applicant".
WITNESSETH:
Whereas, Applicant is the owner of or has a controlling interest in the following
described property in the County of Weld, Colorado:
Lots 1 through 9 and Lots 11 through 14, Block 1 and Lots 1 through 10, Block 2
Rademacher Subdivision, according to the Plat recorded thereof;
Whereas the described property adjoins WCR 9 1 from WCR 32 south to the southeast
corner of Lot 9, Block 1;
WHEREAS, a final subdivision/PUD plat of said property, to be known as Amended Plat
of Rademacher Business Park Final P.U.D. (hereinafter referred to the I-25 Business
Park) has been submitted to the County for approval and approved conditioned upon the
execution of this Subdivision/Off Site Improvements Agreement guaranteeing the
construction of the public improvements shown on plans, plats and supporting documents
of the subdivision, which improvements are listed on Exhibit "A" of this Agreement all
in accordance with Section 13 of the Weld County Subdivision Ordinance, and of a
related Subdivision Improvements Agreement (Privately Maintained Roads).
NOW, THEREFORE, IN CONSIDERATION OF the foregoing and of the acceptance
and approval of said final plat, the parties hereto promise, covenant and agree as follows:
1.0 Engineering Services: Applicant shall furnish, at its own expense, all engineering
services in connection with the design and construction of the public improvements
listed on Exhibit "A" which is attached hereto and made a part hereof by this
reference.
1.1 The required engineering services shall be performed by a Professional Engineer and
Land Surveyor registered in the State of Colorado, and shall conform to the standards
and criteria established by the County for public improvements.
1.2 The required engineering services shall consist of, but not be limited to; surveys,
designs, plans and profiles, estimates, construction supervision, and the submission of
necessary documents to the County.
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1.3 Applicant shall furnish drawings and cost estimates for roads to the County for final
approval prior to the letting of any construction contract. Before acceptance of the
road by the County, Applicant shall furnish one set of reproducible "as -built"
drawings and a final statement of construction cost to the County.
2.0 The Improvements: The Applicant has provided on the Plat a Sixty (60) foot street
right-of-way reservation across portions of Lots 8 and 9, Block 1 (Knights Way) for
the purpose of a third access point connecting to WCR 9-1/2 and an additional
Twenty (20) foot of street right-of-way has been platted along the East boundary of
the I-25 Business Park.
Additional improvements to WCR 9 'A between WCR and the South East corner of
Lot 9, Block 1, I-25 Business Park, other than those improvements shown above as
the center interim improvements, shall be completed by others.
The Applicant will begin the design of the required improvements when the tenth lot
has been sold and the Applicant shall complete the above improvements prior to a
building permit being issued on the fourteenth lot,
3.0 The Escrow: With the sale of each lot, the amount of $0.04 per square foot, from the
sale price of that lot will be escrowed in an account to be used for the improvements
to the access road, Knights Way, between Camelot Circle and WCR 9-1/2, and to the
center two lanes of WCR 9-1/2 between WCR 32 and the South East corner of Lot 9,
Block 1. At the time the improvements are required to be constructed, the remaining
amount as estimated below will be deposited to the escrow account prior to any
additional building permits being issued for improvements within the I-25 Business
Park. The escrow account will be interest bearing and shall be accessible only by joint
signature of the Applicant and an appointed representative of Weld County and shall
be for the sole purpose of paying for improvements as contemplated hereby. Any
excess funds remaining in the account after the improvements have been made and
accepted by Weld County shall be disbursed to the Applicant upon request. Any
additional funds required shall be provided by the Applicant prior to any additional
building permits being issued. The estimate of improvement costs listed on Exhibit A
shall be the basis for the escrow of funds in the I-25 Business Park escrow account.
4.0 Construction: Applicant shall furnish and install, at its own expense, the
improvements as set forth above and as listed on Exhibit "A" which is attached hereto
and made a part hereof by this reference.
4.1 Said construction shall be in strict conformance to the plans and drawings approved
by the County and the specifications adopted by the County for such public
improvements as depicted on the cross sections thereof which is attached hereto and
made a part hereof by reference as Exhibit "B". Whenever a subdivision is proposed
within three miles of an incorporated community located in Weld County or located
in any adjacent county, the Applicant shall be required to install improvements in
2563778 B-1621 P-570 08/15/1997 03:10P PG 2 OF 11
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accordance with the requirements and standards that would exist if the plat were
developed within the corporate limits of that community. If the incorporated
community has not adopted such requirements and standards at the time the
subdivision is proposed, the requirements and standards of the County shall be
adhered to. If both the incorporated community and the County have requirements
and standards, those requirements and standards that are more restrictive shall apply.
4.2 Applicant shall employ, at its own expense, a qualified testing company previously
approved by the County to perform all testing of materials or construction that is
required by the County and shall furnish copies of test results to the County.
4.3 At all times during construction, the County shall have the right to test and inspect or
to require testing and inspection of material and work at Applicant's expense. Any
material or work not conforming to the approved plans and specifications shall be
removed and replaced to the satisfaction of the County at Applicant's expense.
4.4 No improvements will be required to be initiated until such time as Weld County
jointly or individually improves that portion of WCR 9 '/z from the South East corner
of Lot 9, Block 1 of the I-25 Business Park South to State Highway 66. These
improvements are to be completed at no additional cost to I-25 Business Park. At the
time the Knights Way access to WCR 9'h has been constructed, the improvements to
WCR 9 '/z shall be constructed if the County has completed or is in the process of
completing the improvements on WCR 9 '/2 from Colorado State Highway 66 North
to the Southeast corner of Lot 9, Block 1; provided however that should the County
not be ready to construct the improvements on WCR 9 'A contemplated hereby, the
County shall so inform the Applicant and the Applicant shall thereafter be entitled to
sixty (60) days notice of the County's request that the said improvements shall
proceeded with by the Applicant. In no event shall the terms of this agreement be
extended for more than five (5) years. If the County has not constructed the
improvements to WCR 9 'h contemplated by this agreement within such five (5) year
period, the Applicant shall be entitled to a full release of the trust deed and a refund of
the funds remaining in the escrow account.
5.0 Release of Liability: Applicant shall indemnify and hold harmless the County from
any and all liability loss and damage County may suffer as a result of all suits, actions
or claims of every nature and description caused by, arising from, or on account of
said design and on account of any such suit, action or claim, together with all
reasonable expenses and attorney fees incurred by County in defending such suit,
action or claim whether the officers, agents, employees, or otherwise except for the
liability, loss, or damage arising within the scope of their employment. All
contractors and other employees engaged in construction of the improvements shall
maintain adequate worker's compensation insurance and public liability insurance
coverage, and shall operate in strict accordance with the laws and regulations of the
State of Colorado governing occupational safety and health.
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6.0 Off -Site Improvements Reimbursement Procedure: The subdivider, Applicant, or
owner may be reimbursed for off -site road improvements as provided in this section
when it has been determined by the Board of County Commissioners that the road
facilities providing access to the subdivision are not adequate in structural capacity,
width, or functional classification to support the traffic requirements of the uses of the
subdivision.
6.1 When it is determined by the Board of County Commissioners that vehicular traffic
from a subdivision or resubdivision will use a road improvement constructed under
an improvement agreement, the subsequent subdivider, Applicant, or owner shall
reimburse the original subdivider, Applicant, or owner, for a portion of the original
construction cost. In no event shall the original subdivider, Applicant, or owner
collect an amount which exceeds the total costs of improvements less the pro rata
share of the total trip impacts generated by the original development. Evidence that
the original subdivider, Applicant, or owner has been reimbursed by the subsequent
subdivider, Applicant or owner shall be submitted to the Department of Planning
Services prior to recording the final subdivision or resubdivision plat.
6.2 The amount of road improvement cost to be paid by the subsequent subdivider,
Applicant, or owner of a subdivision or resubdivision using the roads improvements
constructed under a prior improvement agreement will be based upon a pro rata share
of the total trip impacts associated with the number and type of dwelling units and
square footage and type of nonresidential developments intended to use the inflation
as measured by the changes in the Colorado Construction Cost Index used by the
Colorado Division of Highways. The cost of road improvements may be paid by cash
contribution t the prior subdivider, Applicant or owner or by further road
improvements which benefit the prior subdivider, Applicant, or owner's property.
This decision shall be at the sole discretion of the Board of County Commissioners
based upon the need for further off -site road improvements.
6.3 The report entitled TRIP GENERATION (Third Edition, 1992) of the institute of
Transportation Engineers shall normally be used for calculating a reasonable pro rata
share of the road improvement construction costs for all subdivisions or
resubdivisions. A special transportation study shall be used for land uses not listed in
the ITE Trip Generation Manual. Any questions about the number of trips a
subdivision or resubdivision will generate shall be decided by the County Engineer.
6.4 The term for which the subdivider, Applicant, or owner is entitled to reimbursement
under the off -site improvements agreement, entered into between the subdivider and
the county, is ten years from the date of execution of a contract for road
improvements.
6.5 This provision is not intended to create any cause of action against Weld County or
its officers or employees by any subdivider, Applicant, or owner for reimbursement,
and in any way is Weld County to be considered a guarantor of the monies to be
reimbursed by the subsequent subdividers, Applicants, or owners.
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7.0 Acceptance of Streets for Maintenance by the County: Upon compliance with the
following procedures by the Applicant, the road improvement contemplated hereby
shall be accepted by the County as a part of the County road system and will be
maintained and repaired by the County.
7.1 If desired by the County, portions of street improvements may be placed in service
when completed, but such use and operation shall not constitute an acceptance of said
portions.
7.2 Upon completion of the construction of the road improvements herein contemplated
and the filing of a Statement of Compliance, the Applicant shall request in writing
that the County Engineer inspect the improvements and recommend that the Board of
County Commissioners accept them or notify the Applicant of any deficiencies have
been corrected. If the County Engineer finds that the improvements are constructed
according to County standards, he shall recommend acceptance of the streets. Upon a
receipt of a road improvement, the Board of County Commissioners shall accept
same as public facilities and County property, and shall be responsible for the full
maintenance of said streets including repair.
8.0 General Requirements for Collateral:
8.1 The value of all collateral submitted to Weld County must be equivalent to 100% of
the value of the improvements as shown in this Agreement. The Applicant has
indicated which of the types of collateral it prefers to utilize to secure the
improvements subject to final approval by the Board of County Commissioners and
the execution of this Agreement, namely, escrow of $0.04 per square foot and Trust
Deed securing the total obligation covering lots equal to 100% of the estimated
obligation. Acceptable collateral shall be submitted and the plat recorded within six
(6) months of the Final Plat approval. If acceptable collateral has not been submitted
within six (6) months then the Final Plat approval and all preliminary approvals shall
automatically expire. An Applicant may request that the County extend the Final Plat
approval provided the cost estimates are updated and the development plans are
revised to comply with all current County standards, policies and regulations. Subject
to the provision of Section 4.4, the improvements shall be completed within one (1)
year after the Final Plat approval (not one year after acceptable collateral is
submitted) unless the Applicant(s) requests that this Agreement be renewed at least
thirty (30) days prior to its expiration and further provides that cost estimates for the
remaining improvements are updated and collateral is provided in the amount of
100% of the value of the improvements remaining to be completed. If improvements
are not completed and the agreement not renewed within these time frames, the
County, at its discretion, may make demand on all or a portion of the collateral and
take steps to see that the improvements are made.
8.2 Should the unit cost of any item listed on Exhibit "A" change by a factor of more than
three (3%) percent between the execution of this Agreement and the construction of
2563778 B-1621 P-570 08/15/1997 03:1OP PG 5 OF 11
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the road improvements herein contemplated, the total cost shall be adjusted and the
value of the collateral and of the obligation which the collateral secures shall be
increased or decreased accordingly.
9.0 Improvements Guarantee: The five types of collateral listed below are acceptable to
Weld County subject to final approval by the Board of County Commissioners.
9.1 An irrevocable Letter of Credit from a Federal or State licensed financial institution
on a form approved by Weld County. The letter of credit shall state at least the
following:
9.1.1 The Letter of Credit shall be in an amount equivalent of 100% of the total
value of the improvements as set forth on Exhibit "A".
9.1.2 The Letter of Credit shall provide for payment upon demand to Weld
County of the developer has not performed the obligations specified in the
Improvements Agreement and the issuer has been notified of such default.
9.1.3 The Applicant may draw from the Letter of Credit in accordance with the
provisions of this policy.
9.1.4 The issuer of the Letter of Credit shall guarantee that at all times the
unreleased portion of the Letter of Credit shall be equal to a minimum of
100% of the estimated costs of completing the uncompleted portions of
the required improvements, based on inspections of the development by
the issuer. In no case shall disbursement for a general improvement item
exceed the cost estimate in the Improvements Agreement (i.e., streets,
sewers, water mains and landscaping, etc.). The issuer of the Letter of
Credit will sign the Improvements Agreement acknowledging the
agreement and its cost estimates.
9.1.5 The Letter of Credit shall specify that 15% of the Total Letter of Credit
amount cannot be drawn upon and will remain available to Weld County
until released by Weld County.
9.1.6 The Letter of Credit shall specify that the date of proposed expiration of
the Letter of Credit shall be either the date of release by Weld County of
the final 15%, or one year from the date of Final Plat approval, whichever
occurs first. Said letter shall stipulate that, in any event, the Letter of
Credit shall remain in full force and effect until after the Board has
received sixty (60) days written notice from the issuer of the Letter of
Credit of the pending expiration. Said notice shall be sent by certified mail
to the Clerk to the Board of County Commissioners.
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9.2 Trust Deed: upon all or some of the proposed development or other property
acceptable to the Board of County Commissioners provided that the following are
submitted:
9.2.1 In the event property within the proposed development is used as
collateral, an appraisal is required of the property in the proposed
development by a disinterested M.A.I. member of the American Institute
of Real Estate Appraisers indicating that the value of the property
encumbered in its current degree of development is sufficient to cover
100% of the cost of the improvements as set forth in the Improvements
Agreement plus all costs of sale of the property.
9.2.2 In the event property other than the property to be developed has been
accepted as collateral by Weld County, then an appraisal is required of the
property by a M.A.I member of the Institute of Real Estate Appraisers
indicating that the value of the property encumbered in its current state of
development is sufficient to cover 100% of the cost of the improvements
as set forth in the Improvements Agreement plus all costs of sale of the
property.
9.2.3 A title insurance policy insuring that the Trust Deed creates a valid
encumbrance which is senior to all other liens and encumbrances.
9.2.4 A building permit hold shall be placed on the encumbered property.
9.3 Escrow Agreement: that provides at least the following:
9.3.1 The cash in escrow is at least equal to 100% of the amount specified in the
Improvements Agreement.
9.3.2 The escrow agent guarantees that the escrowed funds will be used for
improvements as specified in the agreement and for no other purpose and
will not release any portion of such funds without prior approval of the
Board.
9.3.3 The escrow agent will be a Federal or State licensed bank or financial
institution.
9.3.4 If the County of Weld County determines there is a default of the
Improvements Agreement, the escrow agent, upon request by the County,
shall release any remaining escrowed funds to the County.
9.4 A surety bond given by a corporate surety authorized to do business in the State of
Colorado in an amount equivalent to 100% of the value of the improvements as
specified in the Improvements Agreement.
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9.5 A cash deposit made with the County equivalent to 100% of the value of the
improvements.
10.0 Request for Release of Collateral: Prior to release of collateral for the entire project
or for a portion of the project by Weld County, the Applicant must present a
Statement of Substantial Compliance from an Engineer registered in Colorado that
the project or a portion of the project has been completed in substantial compliance
with approved plans and specifications documenting the following:
10.1 The Engineer or his representative has made regular on -site inspections during the
course of construction and the construction plans utilized are the same as those
approved by Weld County.
10.2 Test results must be submitted for all phases of this project as per Colorado
Department of Transportation Schedule for minimum materials sampling, testing and
inspections found in CDOT Materials Manual.
10.3 "As built" plans shall be submitted at the time the letter requesting release of
collateral is submitted. The Engineer shall certify that the project "as built" is in
substantial compliance with the plans and specifications as approved or that any
material deviations have received prior approval from the County Engineer.
10.4 The Statements of Substantial Compliance must be accompanied, if appropriate, by
a letter of acceptance of maintenance and responsibility by the appropriate utility
company, special district or town for any utilities.
10.5 A letter must be submitted from the appropriate Fire Authority indicating the fire
hydrants are in place in accordance with the approved plans. The letter shall indicate
if the fire hydrants are operational and state the results of fire flow tests.
10.6 The requirements in 9.0 through 9.5 shall be noted on the final construction plans.
10.7 Following the submittal of the Statement of Substantial Compliance and
recommendation of acceptance of the streets for partial maintenance by the County,
the Applicant(s) may request release of the collateral for the project or portion of the
project by the Board. This action will be taken at a regularly scheduled public
meeting of the Board.
10.8 The request for release of collateral shall be accompanied by "Warranty Collateral"
in the amount of 15% of the value of the improvements as shown in this Agreement
excluding improvements fully accepted for maintenance by the responsible
governmental entity, special district or utility company.
10.9 The warranty collateral shall be released to the Applicant upon final acceptance by
the Board of County Commissioners under Section 7 herein, provided, however that
upon request the County may partially release one or more but less than all the lots
2563778 B-1621 P-570 08/15/1997 03:10P PG 8 OF 11
8
371689
covered by the Trust Deed. If the amount escrowed in the escrow account
contemplated hereby is not sufficient to cover the remaining obligation, the Applicant
has the right at that point to put up a substitute form of collateral. When the amount
in the escrow account is sufficient as adjusted per Section 8.3 then Applicant shall be
entitled to a full release of the Trust Deed. At any time the Applicant desires a release
of an encumbered lot, he has the right to request release and to substitute another
method of collateral of equivalent value therefor.
11.0 Successors and Assigns: This Agreement shall be binding upon the heirs, executors,
personal representatives, successors and assigns of the Applicant, and upon recording
by the County, shall be deemed a covenant running with the land herein described,
and shall be binding upon the successors in ownership of said land.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the day and year first above written.
BOARD OF COUNTY COMMISSIONERS
BY
Dep ""&VF o the Board
APPR! 'M) AS TO FORM:
Attorney
WELD ,COUNTY,COORADO
O
APP T: Z-; Partner.hir, TD
B
title)
SUBSCRIBED AND SWORN to before me this 2) r' day of Q., Li , 1997.
Le
and official seal.
Not
c) -C
2563778 B-1621 P-570 08/15/1997 03:10P PG 9 OF 11
371689
EXHIBIT "A"
Name of Subdivision: I-25 BUSINESS PARK
Filing: NW '/4, SECTION 23 T. 3 N., Range 68 WEST
Location: Knights Way access to WCR 9' /2 and WCR 9'h from WCR 32 south to
southeast corner Lot 9, Block 1, Amended Plat of Rademacher Business Park Final
P.U.D.
Intending to be legally bound, the Applicant hereby agrees to provide as
shown on the amended plat the following public road improvements.
Item
No. Description
Estimated Unit
Quantity Unit Cost Amount
1. Grading 1 LS $20,000 $20,000
2. Base Course (9"x32') 5000 TN $ 10 $50,000
3. Asphalt (4-1/2"x28') 2000 TN $ 25 $50,000
4. Bridge (10'x3' Box Culvert) 70 LF $ 500 $35,000
5. Remove Existing Bridge 1 LS $ 5,000 $ 5,000
10% CONTINGENCY $16,000
ESTIMATED FUNDS REQUIRED $176,000
2563778 8-1621 P-570 08/15/1997 03:10P PG 10 OF 11
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SUBDIVISION/ON-SITE IMPROVEMENTS AGREEMENT
(PRIVATELY MAINTAINED ROADS)
THIS AGREEMENT, made and entered into this ‘3,1 day of 97,
by and between the County of Weld, State of Colorado, acting through it Board of
County Commissioners, hereinafter called "County", and Zeek Partnership, Ltd., A
Colorado Limited Partnership, hereinafter called "Applicant".
WITNESSETH:
Whereas, Applicant is the owner of or has a controlling interest in the following
described property in the County of Weld, Colorado:
Lots I through 9 and Lots 11 through 14, Block 1 and Lots 1 through 10, Block 2
Rademacher Subdivision, according to the Plat recorded thereof;
Whereas the described property adjoins WCR 9 1/2 from WCR 32 south to the southeast
corner of Lot 9 , Block 1;
WHEREAS, a final subdivision/PUD plat of said property, to be known as Amended Plat
of Rademacher Business Park Final P.U.D. (hereinafter referred to the I-25 Business
Park) has been submitted to the County for approval and approved conditioned upon the
execution of this Subdivision/On Site Improvements Agreement guaranteeing the
construction of the Privately Maintained Roads shown on plans, plats and supporting
documents of the subdivision, which improvements along with a time schedule for
completion and the amount of improvements already completed are shown on Exhibits
"A", "A-1", and "B" of this Agreement all in accordance with Section 13 of the Weld
County Subdivision Ordinance, and of a related Subdivision/Off Site Improvements
Agreement (Publicly Maintained Roads).
NOW, THEREFORE, IN CONSIDERATION OF the foregoing and of the acceptance
and approval of said final plat, the parties hereto promise, covenant and agree as follows:
1.0 Engineering Services: Applicant shall furnish, at its own expense, all engineering
services in connection with the design and construction of the subdivision
improvements listed on Exhibit "A" which is attached hereto and made a part hereof
by this reference.
1.1 The required engineering services shall be performed by a Professional Engineer and
Land Surveyor registered in the State of Colorado, and shall conform to the standards
and criteria established by the County for Public Improvements.
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1.2 The required engineering services shall consist of, but not be limited to, surveys,
designs, plans and profiles, estimates, construction supervision, and the submission of
necessary documents to the County.
1.3 Applicant shall furnish drawings and cost estimates for roads within the subdivision
to the County for final approval prior to the letting of any construction contract.
Before acceptance of the road by the County, Applicant shall furnish one set of
reproducible "as -built" drawings and a final statement of construction cost to the
County.
2.0 Rights -of -Way and Easements: Before commencing the construction of any
improvements herein agreed upon. Applicant shall acquire, at its own expense, good
and sufficient rights -of -way and easements on all lands and facilities traversed by the
proposed improvements.
3.0 Construction: Applicant shall furnish and install, at its own expense, the
improvements as set forth above and as listed on Exhibit "A" and or modified by
Exhibit "A-1" which shows the amount of improvements already completed which
are attached hereto and made a part hereof by this reference, according to the
construction schedule set out in Exhibit "B" also attached hereto and made a part
hereof by this reference.
3.1 Said construction shall be in strict conformance to the plans and drawings approved
by the County and the specifications adopted by the County for such public
improvements as depicted on the cross section thereof which is attached hereto and
made a part hereof as Exhibit "C". Whenever a subdivision is proposed within three
miles of an incorporated community located in Weld County or located in any
adjacent county, the Applicant shall be required to install improvements in
accordance with the requirements and standards that would exist if the plat were
developed within the corporate limits of that community. If the incorporated
community has not adopted such requirements and standards at the time the
subdivision is proposed, the requirements and standards of the County shall be
adhered to. If both the incorporated community and the County have requirements
and standards, those requirements and standards that are more restrictive shall apply.
3.2 Applicant shall employ, at its own expense, a qualified testing company previously
approved by the County to perform all testing of materials or construction that is
required by the County and shall furnish copies of test results to the County.
3.3 At all times during construction, the County shall have the right to test and inspect or
to require testing and inspection of material and work at Applicant's expense. Any
material or work not conforming to the approved plans and specifications shall be
removed and replaced to the satisfaction of the County at Applicant's expense.
2563779 8-1621 P-571 08/15/1997 03:11P PG 2 OF 12
2
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3.4 The Applicant shall furnish proof that proper arrangements have been made for the
installation of sanitary sewer or septic systems, water, gas, electric and telephone
services.
3.5 Said subdivision improvements shall be completed, according to the terms of this
Agreement, within the construction schedule appearing in Exhibit "B". The Board of
County Commissioners, at its option, may grant an extension of the time of
completion shown on Exhibit "B" upon application by the Applicant subject to the
terms of Section 6 herein.
4.0 Release of Liability: Applicant shall indemnify and hold harmless the County from
any and all liability loss and damage County may suffer as a result of all suits, actions
or claims of every nature and description caused by, arising from, or on account of
said design and on account of any such suit, action or claim, together with all
reasonable expenses and attorney fees incurred by County in defending such suit,
action or claim whether the officers, agents, employees, or otherwise except for the
liability, loss, or damage arising within the scope of their employment. All
contractors and other employees engaged in construction of the improvements shall
maintain adequate worker's compensation insurance and public liability insurance
coverage, and shall operate in strict accordance with the laws and regulations of the
State of Colorado governing occupational safety and health.
5.0 Approval of Streets of the County: Upon compliance with the following procedures
by the Applicant, streets within a subdivision may be approved by the County as
public roads and will be maintained and repaired by an owners association or, in its
absence, the owners of lots within the subdivision.
5.1 If desired by the County, portions of street improvements may be placed in service
when completed according to the schedule shown on Exhibit "B", but such use and
operation shall not constitute an approval of said portions.
5.2 County may, at its option, issue building permits for construction on lots for which
street improvements detailed herein have been started but not completed as shown on
Exhibit "B:, and may continue to issue building permits so long as the progress of
work on the subdivision improvements in that phase of the development is
satisfactory to the County; and all terms of this Agreement have been faithfully kept
by Applicant.
5.3 Upon completion of the construction of streets within a subdivision and the filing of a
Statement of Substantial Compliance, the Applicant(s) may request in writing that the
County Engineer inspect its streets and recommend that the Board of County
Commissioners partially approve them. Not sooner than nine months after partial
approval, the County Engineer shall, upon request by the Applicant, inspect the
subject streets, and notify the Applicant of any deficiencies. The County Engineer
shall reinspect the streets after notification from the Applicant that any deficiencies
have been corrected. If the County Engineer finds that the streets are constructed
2563779 B-1621 P-571 08/15/1997 03:11P PG 3 OF 12
3
971689
according to County standards, he shall recommend full approval. Upon a receipt of
a positive unqualified recommendation from the County Engineer for approval of
streets within the development, the Board of County Commissioners shall fully
approve said streets as public but with private pay.
6.0 General Requirements for Collateral:
6.1 The value of all collateral submitted to Weld County must be equivalent to 100% of
the value of the improvements as shown in this Agreement. The Applicant has
indicated which of the types of collateral it prefers to utilize to secure the
improvements subject to final approval by the Board of County Commissioners and
the execution of this Agreement, namely, Trust Deed securing the total obligation
covering lots equal to 100% of the estimated obligation. Acceptable collateral shall
be submitted and the plat recorded within six (6) months of the Final Plat approval. If
acceptable collateral has not been submitted within six (6) months then the Final Plat
approval and all preliminary approvals shall automatically expire. An Applicant may
request that the County extend the Final Plat approval provided the cost estimates are
updated and the development plans are revised to comply with all current County
standards, policies and regulations. The improvements shall be completed within one
(1) year after the Final Plat approval (not one year after acceptable collateral is
submitted) unless the Applicant requests that this Agreement be renewed at least
thirty (30) days prior to its expiration and further provides that cost estimates for the
remaining improvements are updated and collateral is provided in the amount of
100% of the value of the improvements remaining to be completed. If improvements
are not completed and the agreement not renewed within these time frames, the
County, at its discretion, may make demand on all or a portion of the collateral and
take steps to see that the improvements are made.
6.2 Should the unit cost of any item listed on Exhibit "A" change by a factor of more than
three (3%) percent between the execution of this Agreement and the construction of
the road improvements herein contemplated, the total cost shall be adjusted and the
value of the collateral and of the obligation which the collateral secures shall be
increased or decreased accordingly.
7.0 Improvements Guarantee: The five types of collateral listed below are acceptable to
Weld County subject to final approval by the Board of County Commissioners.
7.1 An irrevocable Letter of Credit from a Federal or State licensed financial institution
on a form approved by Weld County. The letter of credit shall state at least the
following:
7.1.1 The Letter of Credit shall be in an amount equivalent of 100% of the total
value of the improvements as set forth on Exhibit "A" as modified by
Exhibit "A-1".
2563779 8-1621 P-571 08/15/1997 03:11P PG 4 OF 12
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7.1.2 The Letter of Credit shall provide for payment upon demand to Weld
County of the developer has not performed the obligations specified in the
Improvements Agreement and the issuer has been notified of such default.
7.1.3 The Applicant may draw from the Letter of Credit in accordance with the
provisions of this policy.
7.1.4 The issuer of the Letter of Credit shall guarantee that at all times the
unreleased portion of the Letter of Credit shall be equal to a minimum of
100% of the estimated costs of completing the uncompleted portions of
the required improvements, based on inspections of the development by
the issuer. In no case shall disbursement for a general improvement item
exceed the cost estimate in the Improvements Agreement (i.e., streets,
sewers, water mains and landscaping, etc.). The issuer of the Letter of
Credit will sign the Improvements Agreement acknowledging the
agreement and its cost estimates.
7.1.5 The Letter of Credit shall specify that 15% of the Total Letter of Credit
amount cannot be drawn upon and will remain available to Weld County
until released by Weld County.
7.1.6 The Letter of Credit shall specify that the date of proposed expiration of
the Letter of Credit shall be either the date of release by Weld County of
the final 15%, or one year from the date of Final Plat approval, whichever
occurs first. Said letter shall stipulate that, in any event, the Letter of
Credit shall remain in full force and effect until after the Board has
received sixty (60) days written notice from the issuer of the Letter of
Credit of the pending expiration. Said notice shall be sent by certified mail
to the Clerk to the Board of County Commissioners.
7.2 Trust Deed: upon so much of the proposed development as meets the value of the
improvements or other property acceptable to the Board of County Commissioners
provided that the following are submitted:
7.2.1 In the event property within the proposed development is used as
collateral, an appraisal is required of the property in the proposed
development by a disinterested M.A.I. (member of the American Institute
of Real Estate Appraisers) indicating that the value of the property
encumbered in its current degree of development is sufficient to cover
100% of the cost of the improvements as set forth in the Improvements
Agreement plus all costs of sale of the property.
7.2.2 In the event property other than the property to be developed has been
accepted as collateral by Weld County, then an appraisal is required of the
2563779 B-1621 P-571 08/15/1997 03:11P PG 5 OF 12
5
971689
property by a M.A.I (member of the Institute of Real Estate Appraisers)
indicating that the value of the property encumbered in its current state of
development is sufficient to cover 100% of the cost of the improvements
as set forth in the Improvements Agreement plus all costs of sale of the
property.
7.2.3 A title insurance policy insuring that the Trust Deed creates a valid
encumbrance which is senior to all other liens and encumbrances.
7.2.4 A building permit hold shall be placed on the encumbered property.
7.3 Escrow Agreement: that provides at least the following:
7.3.1 The cash in escrow is at least equal to 100% of the amount specified in the
Improvements Agreement.
7.3.2 The escrow agent guarantees that the escrowed funds will be used for
improvements as specified in the agreement and for no other purpose and
will not release any portion of such funds without prior approval of the
Board.
7.3.3 The escrow agent will be a Federal or State licensed bank or financial
institution.
7.3.4 If the County of Weld County determines there is a default of the
Improvements Agreement, the escrow agent, upon request by the County,
shall release any remaining escrowed funds to the County.
7.4 A surety bond given by a corporate surety authorized to do business in the State of
Colorado in an amount equivalent to 100% of the value of the improvements as
specified in the Improvements Agreement.
7.5 A cash deposit made with the County equivalent to 100% of the value of the
improvements.
8.0 Request for Release of Collateral: Prior to release of collateral for the entire project or
for a portion of the project by Weld County, the Applicant must present a Statement
of Substantial Compliance from an Engineer registered in Colorado that the project or
a portion of the project has been completed in substantial compliance with approved
plans and specifications documenting the following:
8.1 The Engineer or his representative has made regular on -site inspections during the
course of construction and the construction plans utilized are the same as those
approved by Weld County.
2563779 B-1621 P-571 08/15/1997 03:11P PG 6 OF 12
6
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8.2 Test results must be submitted for all phases of this project as per Colorado
Department of Transportation Schedule for minimum materials sampling, testing and
inspections found in COOT Materials Manual.
8.3 "As built" plans shall be submitted at the time the letter requesting release of
collateral is submitted. The Engineer shall certify that the project "as built" is in
substantial compliance with the plans and specifications as approved or that any
material deviations have received prior approval from the County Engineer.
8.4 The Statements of Substantial Compliance must be accompanied, if appropriate, by a
letter of acceptance of maintenance and responsibility by the appropriate utility
company, special district or town for any utilities.
8.5 A letter must be submitted from the appropriate Fire Authority indicating the fire
hydrants are in place in accordance with the approved plans. The letter shall indicate
if the fire hydrants are operational and state the results of fire flow tests.
8.6 The requirements in 9.0 through 9.5 shall be noted on the final construction plans.
8.7 Following the submittal of the Statement of Substantial Compliance and
recommendation of acceptance of the streets for partial maintenance by the County,
the Applicant(s) may request release of the collateral for the project or portion of the
project by the Board. This action will be taken at a regularly scheduled public
meeting of the Board.
8.8 The request for release of collateral shall be accompanied by "Warranty Collateral" in
the amount of 15% of the value of the improvements as shown in this Agreement
excluding improvements fully accepted for maintenance by the responsible
governmental entity, special district or utility company.
8.9 The warranty collateral shall be released to the Applicant upon final acceptance by
the Board of County Commissioners under Section 5 herein, provided, however that
upon request the County may partially release one or more but less than all the lots
covered by the Trust Deed. At any time the Applicant desires a release of an
encumbered lot, he has the right to request release and to substitute another method
of collateral of equivalent value therefor.
2563779 B-1621 P-571 08/15/1997 03:11P PG 7 OF 12
7
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9.0 Successors and Assigns: This Agreement shall be binding upon the heirs, executors,
personal representatives, successors and assigns of the Applicant, and upon recording
by the County, shall be deemed a covenant running with the land herein described,
and shall be binding upon the successors in ownership of said land.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the day and year first above written.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
W�Ig
/
,er ,`to th Board
I...
BY:
deputy erk to the Board
h
APPLIC'/ T: Zee Partnership TD
BY
(title) Lay.
SUBSCRIBED AND SWORN to before me this 3 °day of
WITNESS my hand and official seal.
is
My commission expires: ° cl -O f
Vic, 1997.
i
Cl ctttc
2563779 B-1621 P-571 08/15/1997 03:11P PG 8 OF 12
971689
EXHIBIT "A"
Name of Subdivision: 1-25 BUSINESS PARK
Filing: NW 1/4, SECTION 23 T. 3 N., Range 68 WEST
Intending to be legally bound, the Applicant hereby agrees to provide as
shown on the amended plat the following public road improvements.
Estimated
Improvements
Street grading
Street paving
Culverts
Storm sewer facilities
Water mains -Includes Bore
Fire hydrants
Street lighting
Street name signs
Landscaping
Road culvert
Grass lined swale
Telephone
Gas
Electric
SUBTOTAL
Unit Cost
$ 2.50/ C.Y.
24.00/ Ton
30.00/ Ft.
3,000.00/ Ea.
20.00/ Ft.
2,200.00/ Ea.
2,000.00/ Ea.
250.00/ Ea.
2.00/ S.F.
375.00/ Ft.
5.00/ Ft.
750.00/ Lot
500.00/ Lot
1,500.00/ Lot
Construction Cost
$ 55,000.00
200,400.00
11,250.00
6,000.00
150,800.00
26,400.00
16,000.00
750.00
100,000.00
93,750.00
15,000.00
18,750.00
12,500.00
37,500.00
$ 744,100.00
Engineering and Supervision Costs 24,000.00
(testing, inspection, as -built plans and work in addition to preliminary and final plat;
supervision of actual construction by contractors)
TOTAL ESTIMATED COST OF IMPROVEMENTS AND SUPERVISION
$768,000.00
The above improvements shall be constructed in accordance with all County
requirements and specifications, and conformance with this provision shall be determined
solely by Weld County, or its duly authorized agent.
Said improvements shall be completed according to the construction schedule set out in
Exhibit "B".
Zeek Partnership, Ltd.
By:
General Partner
_4)tiZL•td.sd
Date:
-J
2563779 B-1621 P-571 08/15/1997 03:11P PG 9 OF 12
,1997
971089
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2563779 6-1621 P-571 08/15/1997 03:11P PG 10 OF 12
L66L '8L eunr
971689
EXHIBIT "B"
Name of Subdivision: I-25 Business Park
Filing:
Location: N.W. Y4, Sec. 23 — T. 3 N., R 68 W
Intending to be legally bound, the undersigned Applicant hereby agrees to construct the
improvements shown on the final subdivision plat of
Subdivision, dated
19 , in Book , Page No. , Reception No. , the
following schedule.
All improvements shall be completed within 5 years from the date of approval of the
final plat.
Construction of the improvements listed in Exhibit "A" shall be completed as follows:
Improvements Time for Completion
Site grading
Street paving
Curbs, gutters, and culverts
Storm sewer facilities
Water mains
Fire hydrants
Street lighting
Street name signs
Landscaping
Telephone
Gas
Electric
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The County, at its option, and upon the request by the Applicant, may grant an extension
of time for completion for any particular improvements shown above, upon a showing by
the Applicant that the above schedule cannot be met.
Zeek Partnership, Ltd.
By:
General Partner
Snot
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Date: 7-3 , 19 / 7.
2563779 B-1621 P-571 08/15/1997 03:11P PG 11 OF 12
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971689
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**Di) MEMORANDUM
WIVcTO: Board of County Commissioners July 28,1997
COLORADO From: Todd A. Hodges, Current Planner II
SUBJECT: S-422; Acceptance of on -site and off -site improvements
agreements and form of collateral for Rademacher Business Park PUD.
The Department of Planning Services, Public Works Department and Attorneys office have
reviewed the improvements agreements and form of collateral for the Rademacher Business Park
PUD. The collateral for the on -site improvements is in the form of a Deed of Trust to Lot 8, Block
1 and the collateral for the off -site improvements is in the form of a Deed of Trust to Lots 4 and 5,
Block 1. The estimated funds required for the off -site improvements is in the amount of
$176,000.00 and the estimated funds required for the on -site improvements is in the amount of
$768,000.00.
The Department of Planning Service's staff recommends that the Board of County Commissioners
accept the improvements agreements and the form of collateral.
Attached is a copy of the improvements agreements, Deeds of Trust and appraisal.
971689
John G. Canny
Attorney at Law
S
3560 Evergreen Parkway, Suite 204
Evergreen, Colorado 80439
Phone (303) 670-6310
FAX (303) 670-3804
July 9, 1997
Mr. Todd Hodges
Current Planner
Dept. of Planning Services
Weld County Administrative Offices
1400 N 17th Ave.
Greeley, CO 80631
Dear Mr. Hodges:
Re: Amended Plat of Rademacher Business Park Final P.U.D.
Parcel Number: 120723002000
JUL 1 1 1997
Enclosed are signed copies of:
1) Subdivision/Off-Site Improvements Agreement;
2) Subdivision/On-Site Improvements Agreement;
3) Affidavit of Robert M. Rademacher re the non -conforming use of Lot 10, Block 1;
4) Deed of Trust to Lots 4 and 5, Block 1 as collateral for the external road;
5) Deed of Trust to Lot 8, Block 1 as collateral for the intemal improvements;
6) Declaration of Covenants Conditions and Restrictions and;
7) Copy of appraisal.
You will recall that when Don Leffler of Landmark Engineering and I met with you and Mr. Carroll a
couple of weeks ago we talked about a number of changes which needed to be made to the form
agreements which J.L. Walter, formally of Landmark, had prepared back in January. We talked,
among other things, about being able to substitute different forms of collateral and that subject is
covered at Section 10.9 on pages 8 and 9 of the Off Site Agreement.
Mr. Carroll brought up the need for a clause covering price increases and that subject is addressed at
Section 8.2 on pages 5 and 6. I took the liberty of inserting a floor of 3% before any increase would
be added. If you or Mr. Carroll has a problem with this, please let me know.
I have cleaned up Exhibit A and specifically referred to the location and incorporated what had been
Exhibit C into the body of the document as Mr. Carroll had requested. I also inserted the outside limit
of 5 years at Section 4.4 as Mr. Leffler had suggested during the meeting.
971689
• Page 2 July 9, 1997
Otherwise, I have reviewed the original with some care and removed a lot of clearly inapplicable
provisions, e.g., the former Section 10 which related to dedications for residential subdivisions.
With respect to the internal improvements most of the changes track fairly closely to the changes in
the external road agreement and I have added Exhibit A-1, prepared by Mr. Walter, which indicates
the extent of already completed work and on both documents, I have inserted drawings of the cross
section of the road as Mr. Carroll had requested.
I inserted the amount shown on Mr. Walter's work (A-1) in the deed of trust for the internal roads and
the estimated project cost shown on Exhibit A in the deed of trust for the external road.
I multiplied the square foot value shown on the appraisal times 43,560 times the number of acres and
in both cases the value of the security far exceeds the dollar value of the work to be done (as to the
internal by $95,000.00 and as to the external by $105,000.00).
Please review these and pass them along to the County Attorney's office for their review. I have two
more signatures to obtain on the originals of the amended plat and when I have gotten all the
signatures Mr. Leffler will be hand carrying those to you for the final approval of the County
Commissioners. In addition he will have the original original of the two agreements containing the
mylar cross sections as opposed to the copies of same which I am enclosing herewith.
As we have contractors chomping at the bit, so to speak, wanting to get started on the roads we
would appreciate hearing from you at your earliest convenience regarding the acceptability of the
agreements. I have ordered title commitments and will forward same to you upon receipt.
Thank you in advance for your assistance.
Very truly yours,
447 John G. Canny
Cc: Don Leffler
Kenneth Williamson
971689
AFFIDAVIT
The Affiant, Robert M. Rademacher, being first duly sworn,
states as follows:
1. That he is the former owner with Janice M. Rademacher and
Theodore A. Rademacher of that certain real property now described
as follows:
Parcel A:
Lots 1 through 10 and Lots 11 through 14, Block 1, and Lots 1
through 10, Block 2, Rademacher Subdivision, according to the
plat recorded thereof, County of Weld, State of Colorado.
Parcel B:
That portion of the Northwest one -quarter of Section 23,
Township 3 North, Range 68 West of the 6th P.M., County of
Weld, State of Colorado, being more particularly described as
follows: Beginning at the West quarter corner of said Section
23; thence along the West line of the Northwest one -quarter of
said Section 23, North 00 degrees 16'52" West, 933.38 feet;
thence North 89 degrees 46'20" East, 466.69 feet; thence South
00 degrees 16'52" East, 933.38 feet to a point on the East-
West centerline of said Section 23; thence South 89 degrees
46'20" West, 466.69 feet to the True Point of Beginning.
Also known as Lot A of Recorded Exemption No. 1207-23-2-RE607
recorded July 11, 1983 in Book 1001 as Reception No.
1933049
2. That he began farming the above described property with
his brothers, Louis and Ted, on a lease basis in 1969 and that he
and his brothers purchased the above described property in 1977.
3. That Theodore A. Rademacher lived at the residence, which
is still the residence, on Lot 10, from 1977 (at the very least),
until the property was sold and may have lived there as far as back
as 1969 when Affiant and Ted and Louis began farming the property.
FURTHER AFFIANT SAYETH NOT.
STATE OF COLORADO
ss.
Robert M. Rademacher
oregoing instrument was acknowledged before me this I?
il, 1997, by Robert M. Rademacher.
mmission expires:
Notary')?ublic -
4 c c ,
971689
JAN -16-97 10:45 From:ASSOCIAT, .V FINANCE COMPANY
71492134. T-285 P.04/11 Job -822
MI Real Estate Appraisers and Consultants
THE ROTHWEILER G R o u P
I P4 C.
January 13, 1997
Fleetwood Credit
Karen Bloom
22840 Savi Ranch Parkway
Yorba Linda, California 92887
Re: Letter of Revision
Proposed Rademacher Business Park
SEC Weld County Road 32 and I-25 Frontage Road
Longmont, Weld County, Colorado
Dear Ms. Bloom:
Pursuant to your request, this letter is to serve as a letter of revision to an original
complete appraisal, sel}=contained appraisal report, for the above -captioned property
dated November 26, 1996. The original appraisal concluded an estimate of market value
of $3,000,000, subject to the final approval of the amended plat by Weld County (see,
Assumptions and Limiting Conditions). The purpose of this letter of revision is to
provide an estimate of market value based on the original plat approval in April 3, 1985.
Unless otherwise noted in this letter, for factual information refer to the original report.
This letter should be made parr of the original appraisal report and is not intended to be a
self-contained report, it only summarizes our conclusions based on the revised analysis.
After reviewing the original plat, the following observations and assumptions will
be made for this revised valuation analysis:
• Based on conversations with the project engineers, Landmark Engineering, Ltd., the
subject developer has an agreement with the Baugh Lateral Ditch Company for the
purpose of realigning the ditch to conform to the proposed amended plat lot lines and
road alignment. While the ditch realignment is currently in progress, it will be
assumed that the ditch can be realigned slightly to conform to the original planed lot
lines and road, in order to minimize the negative impact specifically to Lots 2, 3, and
4, Block 2. The ditch will still negatively impact Lots 1. 7 and 8, Block 1.
• The original plat was approved prior to, and does illustrate the location of, the
existing 50 -foot wide Northern Colorado Water Conservancy District water line
easement which runs south, from County Road 32, along the I-25 Frontage Road to
the middle portion of Block 2 and then extends to the east property line. In referring
to the easement's location in the amended plat and approximating the location in the
original plat, the ditch easement will negatively impact Lots 2, 3, and 5, Block 2 and
Lot 8, Block 1 of the original plat.
4730 Walnut Street • Suite 206 • Boulder, Colorado 80301 Phone: 303 - 440-6100 Fottimila 303 - 440.6126 IAadein'. 303 440.6901
9716E3
JAN -16-07 10:45 From:ASSOCIAT. N FINANCE COMPANY
lili
71492134. T-285 P.05/11 Job -822
THE R O T H W E I L E R. c R o u r . r• .
Karen Bloom
1/13/47
Page 2
Taking into consideration the negative impact of the Baugh Lateral Ditch and the
Northern Colorado Water Conservancy District water line and gas pipeline easements, the
detrimental easements have been accounted for in the valuation analyses, via the Bulk
Land Sales and Land Development Method approaches. The indicated values arc as
follows:
• In analyzing the bulk land sales, with all the other adjustments remaining the same as
in the original appraisal, an additional slight downward adjustment was required for
all the comparables to account for the subject's detrimental easements as they impact
the lots in the original plat. Based on this revision, a unit value of $19,000 per acre is
concluded for the subject's bulk land area of 137.15 acres. The indicated value is
$2,610,000.
• In the Land Development Method approach, a unit value was concluded for the
individual lots (refer to, Summary of Lot Unit Values). Based on this analysis, the
average unit value was $1.23 per square foot. The original report concluded an
average unit value of $1.35 per square foot. Using the same land development
assumptions in the original report, with all other factors being the same, the indicated
value, via the Land Development Method, was $2,580,000.
Based on the data and analyses presented in the original appraisal report and this
letter of revision, we estimate the market value of the subject property as of October 15,
1996, based on the original plat, was:
TWO MILLION SIX HUNDRED THOUSAND DOLLARS
$2,600,000
I trust the foregoing meets with your requirements. If you have any other
questions or if I can be of further assistance. please feel free to contact me.
Respectfully submitted,
THE ROTI,WWEILER GROUP, INC.
Robert E. Dean, Jr., MAI
Certified General Appraiser
State of Colorado, No. CG01313670
Attachments
971689
JAN -16-9T 10:46 Frcm:ASSOCIATL. Al FINANCE COMPANY
T1492134.
T-285 P.06/11 Jab -822
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AOIIISPMENf OY COMPARABLE BULK LAND SALES
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971689
JAN -16-97 10:47 From:ASSOCIATL_ dV FINANCE COMPANY
71492134. T-285 P.08/11 J -c-8;2
Summary of Sulk Land Value Through Qualitative Analysis
6 $30,000
2 $18,346
$17,500
4 510,000
3 $7,780
5 $9,912
Subject -
Averages $15,590
Value Indication by the
Qualitative Adjustment Method
Rounded:
DOWNWARD (-)(•)(•)(-)(•)
NONE
UPWARD (1-)
UPWARD (+)(+)(r)(+)(+)(+l(T)
UPWARD (1.1(+)Mffl(+N*NTl
UPWARD (+)(+)(+1(+)(-)(+)
($10,000.00)
$0.00
$2,000,00
$14.000,00
$14,000.00
$14.000 00
85,666.67
$19,600 Per Acre
17,15 Acres
52,605,850
$2,610,000
20,000.00
$18.346.00
$19.500.00
$24,000.00
$21,780,00
$23 912.00
$21,256.13
Notes •
I. Difference In unit price per iteration, bared an comparison of unadjusted unit prices, in relation to number ofqualitauve Iterations,
Conversion of Overall Qualitative Adjustments to Quantitative Adjustments
el and 42
Ill and 03
711 and ii4
41 and 45
#1 and #6
#2 and #3
#2 and #4
#2 and #5
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03 and 44
03 and 43
43 and 46
44 and #5
#4 and 46
45 and 46
Average
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$11,654.00
$12.500.00
$20,000.00
$22,220.00
$20,088.00
$846.00
$8,346.00
510.566.00
$11,434.00
$7,500.00
50,720.00
$7,588.00
$2,220.00
$88.00
($2„32.00)
41
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$2,330.80
$2,083.33
$1,666,67
$ 1,851.67
$1,826.18
$846.00
$1,192.29
$1,509.43
$1,405.67
$1,250.00
$1,620.00
$1,517.60
$88.00
V 117.00
$1,522.83
9'71689
JAN -16-97 10:48 From:ASSOCIATES RV FINANCE COMPANY
7149213424 T-285 P.09/11 Job -822
SUMMARY OF LOT UNIT VALUES
Lot Nos.
Land Area
(AC) Unit Value Est. Value
Lots 1 & 10, Block 2
Lot 1, Block 1
Lot 2, Block 1
Lots 3, 13, & 14, Block 1
Lots 2 and 3. Block 2
Lots 8, and 9, Block 2
Lots 4, 5, 11, & 12, Block 1
Lots 4 and 5, Block 2
Lots 6 and 7, Block 2
Lots 6 and 9, Block 1
Lots 7 and 8. Block 1
Average Lot Unit Price
13.767 $1.75 $1,049,458
5.278 $1.20 $275,892
5.921 $0.90 $232,127
20.303 $1.50 $1,326,598
11.938 $1.00 $520.019
11.802 $1.50 $771,143
19.601 $1.25 $1,067,274
9.826 $1.00 $428,021
9.705 $1.25 $528,437
10.948 $1.00 $476,895
Inv. $0.50 $209349
128.701 $6,885,213
$1.23
1.otVal
971689
JAN -16-97 10:48 From:ASSOCIATEa RV FINANCE COMPANY
7149213424- T-285 P.10/11 Job -822
Land Development Assumptions
RADEMACHER BUSINESS PARK
REVENUES
Gross Acres
Total No. of Lots
Annual Absorption (Acreage)
Years 1 and 2
Years 3 and 4
Years 5 through 12
Year 13
Absorption Period
Lot Prices (average PSF)
Annual Lot Price Appreciation
COSTS/EXPENSES
Development Costs (Lump Sum)
Year One
Year Two (4%)
Administrative Expenses (% of Lot Sales)
Marketing Costs (% of Gross Sales)
Entrepreneurial Incentive (Profit) % of Gross Sales
FINANCIAL DISCOUNTING
Discount Rate
LandDev Assumptions
Devpl€tn
137.15
23
22
10
7
8.701
13
$1.23
4.00%
$576,274
$599,325
3.00%
6.00%
15.00%
15.00%
971689
JAN -16-97 10:49 From:ASSOCIATL •V FINANCEc COMPANY
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T-285 R @1Job-8 Job -822
Land Development Method
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