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Home My WebLink About951264.tiffRESOLUTION RE: ACKNOWLEDGMENT OF THE REPAYMENT AND SATISFACTION OF WELD COUNTY, COLORADO, INDUSTRIAL REVENUE BOND (DOS GRINGOS LAND AND CATTLE COMPANY PROJECT), SERIES "A", ISSUED DECEMBER 30,1981, IN THE PRINCIPAL AMOUNT OF $380,000 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, on December 23, 1981, the Board of County Commissioners adopted Weld County Ordinance Number 100, which authorized the issuance of Weld County, Colorado, Industrial Development Revenue Bonds (Dos Gringos Land and Cattle Company Project), Series "A", on December 30, 1981, in the principal amount of $380,000, and WHEREAS, said bond was originally issued to the Colorado National Bank of Denver and was secured by a note in said principal sum of $380,000 issued by the Dos Gringos Land and Cattle Company, a California general partnership, and WHEREAS, said bond was originally due and payable on January 1, 1997; however, Weld County Ordinance Number 100 allowed for the prerepayment of said bond at any time before said date, and WHEREAS, prior to and on June 23, 1986, the Colorado National Bank of Denver assigned all of its right, title, and interest in said bond to H. Ralph Redak and/or his estate and to David A. McLean, and WHEREAS, after June 23, 1986, the heirs of the estate of H. Ralph Redak obtained all ownership, title, and interest in said bond, with said persons being Patricia L. Brown, Michael R. Lyon, Amy McLean, David McLean, E. Bowman McLean, and Edward B. McLean, Jr., and WHEREAS, on February 18, 1994, the original note and bond were returned to the Board of County Commissioners marked "paid in full" and signed by E. Bowman McLean, and WHEREAS, the holders of said bond desire to obtain from the Board of County Commissioners acknowledgment of the repayment and satisfaction of the bond. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Board hereby acknowledges the repayment and satisfaction of the Weld County, Colorado, Industrial Revenue Bond (Dos Gringos Land and Cattle Company Project), Series "A", issued December 30, 1981, in the principal amount of $380,000, pursuant to the authorization of said issuance as set forth in Weld County Ordinance Number 100. 951264 ORD100 Cc: m1,AC x1;09 RE: ACKNOWLEDGE REPAYMENT - DOS GRINGOS LAND AND CATTLE COMPANY PAGE 2 BE IT FURTHER RESOLVED by the Board that the Clerk to the Board of County Commissioners is hereby authorized to certify copies of this Resolution to any persons interested to obtain said certification in order to acknowledge and prove said repayment and satisfaction. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 21st day of June, A.D., 1995. BOARD OF COUNTY COMMISSIONERS LD COUNTY, COLO DO Weld County Clerk t9 Bqa BY: Deputy Clerk to ttj tall APPROVED AS TO F i ounty Attorn Dale.}(. all, A`Ab arbara J. Kirkmeyer,,,Pro-Tem /George Baxter FXC:1 ISFf Constance L. Harbert ebster 951264 ORD100 DOS GRINGOS LAND AND CATTLE COMPANY NOTE December 30, 1981 $380,000 Dos Gringos Land and Cattle Company, a general partner- ship organized and existing under the laws of the State of Cali- fornia (the "Company"), for value received, hereby promises to pay to County of Weld, Colorado, in the manner hereinafter provided, the principal sum of Three Hundred and Eighty Thousand Dollars ($380,000), together with interest on the unpaid principal balance thereof, from date hereof at the rate of nine percent (9%) per year, payable as follows: (a) On January 1, 1982, an amount equal to interest accrued on the principal amount hereof from the date hereof to January 1, 1982; and (b) On February 1, 1982, and on the first day of each month thereafter to and including January 1, 1997, monthly installments in the amount of $3,854.21 each, which payments shall be applied first to th in rest accrued on the principal sum and then to iie paid prin?ipal balgxce. Any unpaid principal amount ex.i'nced her if not sooner paid, shall�b If Company of principal or interest bear interest at t Agreement). be made in la fulmone immediately av ilable to e ue and payab rest thereon, nuary 1, 1997. fail \ to make pa m n of any installment , the amo '� so in default shall 1 Rate (,as defined in the Loan Lj_ nd interest on this Note shall ed States of America in funds er hereof. v This Note is g ven,_to evidence a loan to the Company from the County of Weld, Colo do, in the principal amount of $380,000, which loan is made from t e proceeds of said County's Development Revenue Bond, Series A (Dos Gringos Project), which Bond was issued to provide funds to finance a building to be owned by the Company in Weld County, Colorado, all as provided in a Loan Agreement eE even date herewith l:eLween the Company and said County (the "Loan Agreement"). Said Series A Bond has been purchased by The Colorado National Bank of Denver, Denver, Colorado (Colorado National Bank), and to secure payment of said Bond, the County has assigned to said Colorado National Bank this Note. The pay- ments due on the Series A Bond are the same as the payments due on this Note and payments made by Company on this Note are to he treated as payments due from the County on said Series A Bond. All payments of principal and interest due pursuant to this Note or any other payments due under the Loan Agreement, shall be made to Colorado National Bank, at its principal office in Denver, Colorado, or to any successor holder of said Series A Bond q50 4 who shall give notice of such ownership to the Company. The ownership of this Note shall follow the ownership of said Series A Bond whether or not this Note shall be assigned in writing to any successor owner of the Series A Bond. This Note is secured by a Mortgage of even date herewith, which is a lien on the Land and the Building (as defined in the Loan Agreement), located at Greeley, Colorado, which Mortgage was made in favor of Colorado National Bank, as the holder of the Series A Bond and the assignee of this Note. Company may prepay all or any part of the principal of this Note at any time, without penalty or restriction. All payments on this Note in excess of the required monthly installment shall be applied first to accrued interest and then to principal. Pre- payments shall be applied upon the last maturing monthly installment and prepayments shall not reduce the amount of the monthly payments required under this Note until the entire principal amount and accrued interest thereon have been paid in full. This Note has been issued pursuant to and is entitled to the benefits of and the security provided for in the Loan Agreement, which benefits include, among other things, the right to accelerate payment hereof and demand payment on this Note. Said security includes, among other things, a first lien Mortgage on the Project (as defined in the Loan Agreement), and the assignment of this Note and proceeds therefrom. An Event of Default as defined in the Loan Agreement shall constitute an Event of Default hereunder. If any one or more of the Events of Default (as defined in the Loan Agreement) shall have occurred and be continuing, then in each and every case, the holder of this Note, by notice is writing to the Company, may declare the unpaid principal balance of this Note and all interest thereon to be at once due and pay- able, and upon any such declaration, the unpaid principal amount of the Series A Bond and interest thereon shall also become at once due and payable. No waiver by the holder of this Note or the holder of the Series A Bond of any Event of Default shall constitute the waiver of any subsequent or other Event of Default. If the Company shall fail to pay the amounts due hereunder, whether at maturity or upon prepayment or by acceleration by virtue of an occurrence of an event of default, the holder of this Note shall be entitled and empowered to institute any action or proceed- ing at law or in equity for the collection of the sum so due and unpaid and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company and collect, in the manner provided by law, out of the property of the Company, the moneys adjudged or decreed to be payable, and the Company hereby consents to the inclusion in any such judgment of reasonable fees and expenses for counsel for the Noteholder in enforcing this Note, as set forth in the Loan Agree- ment. This Note shall be governed by and construed in accordance with the laws of the State of Colorado and the United States of America. IN WITNESS WHEREOF, the Company has caused this Note to be duly executed and delivered as of the date hereon noted. wtU� '9 ' DOS GRINGOS LAND AND CATTLE COMPANY A California General Partnership g\ct L ,t z we 'L. t---- Wee /6,�`JJfclA �/ A General Partner ig- M p__f g LI� ASSIGNMENT CL�G1� Thist, t is hereby assigned to The Colorado National Bank of De r,�(]'wi��se as of the date of this Note. AyroK 14. d L\ THE COUNTY OF WELD, COLORADO i&Lyl.41 4 ✓7%06 /-ect__ ( Chairman of fts Board of 4114 A -. L . A County Commissioners Qum'71 1` a4- 6 . M t lea, ATTEST. :in Co my Clerk By: -CoLcv .13 11'\ P Leru. Jr. ASSIGNMENT Without recourse, pay to the order of The Estate of H. Ralph Redak, as to 1/2 interest, David A. McLean, as to 1/6 interest, Edward B. McLean, Jr., as to 1/6 interest and Amy McLean, as to 1/6 interest. Dated this 23rd day of June, 1986 THE COLORADO NATIONAL BANK OF DENVER ByAL� f201 i iam S. Mackenzie, steyf-AN- cm's. -3- ic-.•resident ASSIGNMENT All rights, title and interest in UNITED STATES OF AMERICA, STATE OF COLORADO, THE COUNTY OF WILD, COLORADO DEVELOPMENT REVENUE BOND (DOS GRINGOS PROJECT) BOND #1 SERIES A IN THE FACE AMOUNT OF $380,000 DATED JANUARY 1, 1982 PAYABLE IN MONTHLY INSTALLMENTS OF $3,854.21, INCLUDING INTEREST AT 9% PER ANNUM, DUE AND PAYABLE ON JANUARY 1, 1997 is assigned without recourse to: MICHAEL R. LYON 800 NORTH ATLANTIC KANSAS CITY, MO. 64116 PATRICIA L. BROWN 18208 NALL STILWELL, KANSAS 66085 each is to have a 1/4th interest in the said bond. Th2,Estate of H. Ralph Redak 0 By Lee Lyon As Personal Representative Dated this /7 day of , 1987 / /2&i ' ( - /` ?1/.7°&- � y :.. .�; i �- UD cite/ /2--3O-6/ UNITED STATES OF AMERICA /- I-- % STATE OF COLORADO THE COUNTY OF WELD, COLORADO DEVELOPMENT REVENUE BOND (DOS GRINGOS PROJECT) SERIES A No. 1 $380,000 The County of Weld in the State of Colorado, for value received promises to pay, but solely from the source specified hereinafter, to The Colorado National Bank of Denver, or assigns the principal sum of Three Hundred Eighty Thousand Dollars ($380,000), plus interest on the unpaid portion thereof at the rate of nine percent (9%) per year as follows: (a) On January 1, 1982, n amount equal to inter- est accrued on the principal 41?yint hereof from the date hereof to January 1,�i982, a d , and on the first day of including January 1, 1997, ount of $3,854.21 each, first to the interest then to the unpaid (b) On February 1, each month thereafte monthly installment. which payments shall b accrued on the prit�c principal Any unpaid princ if not sooner pa nc. \J ount hall If any installment paid when due, the amount so Highest Lawful Rate (as defi denced her d interest thereon, e due and paon January 1, 1997. al or interest shall not be It shall bear interest at the he Loan Agreement) until paid. of prin in de ed All payments of pr ncipal and interest and any other pay- ments due pursuant to th. and shall be made in lawful money of the United States of Ame ca in immediately available funds to the holder hereof. This Bond is the sole bond of a duly authorized issue aggregating $380,000 in principal amount issued pursuant to Sections 29-3-101 to 29-3-123, C.R.S., as amended, for the purpose of pro- viding funds to be loaned to Dos Gringos Land and Cattle Company, a general partnership organized and existing under the laws of the State of California (the "Company"), to finance a building to be owned by the Company in Greeley, Colorado. The proceeds of this Bond have been loaned by the County to the Company in return for which the Company has given its Note in the principal amount of $380,000, dated of even date herewith, under which Note the payments to be made by the Company are in the same amount due on the same dates as the payment due on this Bond. The Note has been assigned by the County to The Colorado National Bank of Denver and payments due from the Company under the Note are to be made by the Company directly to said Bank and all payments by the Company on the Note to said Bank shall be deemed to be payments on this Bond. All payments of principal and interest due pursuant to this Bond or any other payments due under the Loan Agreement between the County and said Company, dated of even date herewith (the "Loan Agreement"), shall be made to The Colorado National Bank of Denver, at its principal office in Denver, Colorado, or to any successor holder of this Bond who shall give notice of such ownership to the Company. The ownership of the Note of the Company shall follow the ownership of this Bond without the necessity of any further assign- ment of said Note. This Bond may be prepaid in whole or in part at any time, without penalty or restriction. All payments on this Bond in excess of the required monthly installment shall be applied first to accrued interest and then to principal. Prepayments shall be applied upon the last maturing monthly installment and prepayments shall not reduce the amount of the monthly payments required under this Bond until the entire principal amount and accrued interest thereon have been paid in full. Reference is also made to the provisions of the Loan Agreement under which the Company is obligated to prepay the Note and this Bond in whole, along with certain other sums, pursuant to Section 6.02 of the Loan Agreement, which Section becomes appli- cable in the event of a determination of taxability of interest on this Bond, as specifically set forth and defined in said Section 6.02. In the event that any installment of interest or princi- pal due hereunder is not paid when due or if an Event of Default (as defined in the Loan Agreement) shall occur, the holder of this Bond, by notice in writing to the Company, may declare the entire unpaid principal balance of this Bond and all interest thereon to be at once due and payable. No waiver by the holder of this Bond of any default or event of default under this Bond, the Note or the Loan Agreement, shall constitute a waiver of any subsequent or other default or Event of Default. This Bond, interest hereon and any other payments due hereunder, shall never constitute nor give rise to a pecuniary liability of the County of Weld, Colorado, or any charge against its general credit or taxing powers, and this Bond, interest hereon and any other payments due hereunder, shall be payable solely from payments made by or on behalf of said Company. -2- IN WITNESS WHEREOF, the Board of County Commissioners of the County has caused this Bond to be executed in its name by the signatures of its Chairman and the County Clerk, all as of the 30th day of December, 1981. THE COUNTY OF WELD, COLORADO ATTEST: anzf -el W P/1 ,C:- Count4j Clerk tocc By: C irman of its Board of County Commissioners ye ACC 1 4)/Lz i?aA-nti L. s m k: 6J 4.1 J —2— C*—Q g ice, nn� LectAA ThuD - M€Lear\ c 3ow,r�. elkLecto- 4\-10k €ckoeAd g. IfCL0a_AA- -3- Hello