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Home My WebLink About982314.tiff RESOLUTION RE: APPROVE ACCEPTANCE OF IRREVOCABLE LETTER OF CREDIT AS COLLATERAL FOR PHASES 4 AND 7 OF LONGVIEW SUBDIVISION -MCSTAIN ENTERPRISES, INC., S #378 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 #952500 dated December 20, 1995, the Board did enter into a Road Maintenance and Improvement Agreement (Off-Site) and an Improvements Agreement (On- Site) with McStain Enterprises, Inc./Longview Community, LLC., and WHEREAS, the Board has been presented with an Irrevocable Letter of Credit, in the amount of$569,085.00, dated October 8, 1998, and drawn on the Colorado Mortgage Company, Manhattan Plaza Building, 75 Manhattan Drive, #200, Boulder, Colorado 80303, for Phases 4 and 7 of said Longview Subdivision, and WHEREAS, after review, the Board deems it advisable to accept said collateral, a copy of which is attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that Irrevocable Letter of Credit in the amount of$569,085.00, dated October 8, 1998, and drawn on the Colorado Mortgage Company, be, and hereby is, accepted as collateral for Phases 4 and 7 of the Longview Subdivision. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 25th day of November, A.D., 1998. BOARD OF COUNTY COMMISSIONERS ♦, WE COUNTY, COLORADO ATTEST: ' t %�f�!7` 72.4:4 e s , .y rl. ��✓ Constance L. Harbert, Chair itQ. 1r -1 Weld County Clerk t --Pt • : = .-�Etj ' r' "►� EXCUSED DATE OF SIGNING (AYE) ';%y` 4 / W. H. ebster, Pro-Tem BY: Deputy Clerk to the: � t � /L r el e3 APPROVED AS TO FORM: Dale K. Hall obX0 74:14/1A/� 1, County Attorney Barbara J. Kirkmeyer 94 77)k6/(tin 982314 PL0386 Cokraa/o ✓l/an/urttan- }9',m ii Uhdizy 76 dlan/uattan fir. #200 oteider; Ca 60808 808-y29-6400 far: 499-6-408 IRREVOCABLE LETTER OF CREDIT October 8, 1998 Weld County Board of County Commissioners 915 Tenth Street P. 0. Box 1948 Greeley, Colorado 80632 RE : PUBLIC IMPROVEMENTS, LONGVIEW PHASES 4 AND 7 Colorado Mortgage Co. , 75 Manhattan Drive, Suite 200, Boulder, Colorado, 80303 hereby authorizes you to draw on us for account of Longview Community, LLC, Boulder, Colorado, 80303, up to an aggregate amount of U. S. Dollars FIVE HUNDRED SIXTY NINE THOUSAND EIGHTY FIVE AND NO/100 DOLLARS ( $569, 085 . 00) , such amount not available except by your drafts at sight, accompanied by certification of the Weld County Engineer, that LongView Community, LLC. failed to complete installation of the public improvements for the LongView development, Weld County, Colorado, in accordance with the Improvements Agreement for Longview, known as LongView Phases 4 and 7 , dated DECEMBER 20, 1995 , by and between Weld County and LongView Community LLC, a Colorado corporation. A list of public improvement costs is attached hereto and incorporated herein as "Exhibit 1 . " They include Phases 4 and 7 water, sewer, streets, storm, landscaping, gas, phone, electric, engineering and supervision costs . We hereby further agree that: (a ) Drafts under and in compliance with the terms of this Irrevocable Letter of Credit will be duly honored if presented at our office at 75 Manhattan Drive, Suite 200, Boulder, Colorado, 80303, on or before October 8, 1999 . (b) Funds available under this Irrevocable Letter of Credit may be drawn in such amounts and at such times as determined by the County Egineer. , in his/her sole discretion, provided that the amount 0:awn shall not exceed the aggregate amount specified herein for each item listed in Exhibit "A" attached hereto. (C ) We shall have no right, duty, obligation, or responsibility to evaluate the performance or non-performance of the underlying contract between Longview Community, LLC and the beneficiary of this letter of credit. Page 2 - Irrevocable Letter of Credit - Longview, Weld County Phases 4 and 7 (d) This Letter of Credit will be reduced upon Weld County's construction acceptance of the public improvements to fifteen percent ( 15%) , where applicable, upon instruction from the County. (e) The Letter of Credit covering the final 15% shall remain in full force and effect until the final 15% is released by the County or until after the Board has received sixty ( 60 ) days prior notice to expiration of this Letter of Credit, whichever occurs first. We shall notify you in writing of the pending expiration date. Said notice shall be sent by certified mail to the Clerk of the Board of County Commissioners . (f) The amount of any draft drawn hereunder must be endorsed on the reverse side hereof. All drafts must be marked "Drawn under Irrevocable Letter of Credit No. 7 , Longview Community LLC. " 1U a-Ceci•+ths 8th day of October , 1998 . ,If pURATF;'. SEAL COLORADO MORTGAGE CO. n ATTEST: WILLIAM J. SUI T , President Eft) 44,t* MEMORANDUM �. TO: Board of County Commissioners November 23, 1998 COLORADO FROM: Scott Ballstadt, Planner II SUBJECT: S-378 McStain/Acceptance of Letter of Credit for Phase 4 & 7 improvements The Department of Planning Services, Public Works Department and Weld County Attorney's office have reviewed the Letter of Credit in the amount of$569,085 for improvements in Phases 4 and 7 of the Longview Community, LLC (S-378 McStain). The approved and recorded improvements agreement contained a mistake which indicated the amount for Phase 3 improvements to be $102,984.42 and the amount for Phase 4 improvements to be $326,916.66. These numbers do not coincide with the phase map which was recorded with the agreement as they should be reversed. The following amounts reflect the phase map which was recorded with the improvements agreement: Phase 4 $102,984.42 Phase 7 $466,100.99 Total $569,085.41 Total Letter of Credit $569,085.00 Phase 4 includes 12 units and the Letter of Credit reflects the appropriate $102,984.42. When the applicant submits a Letter of Credit for Phase 3, which includes 55 units, the appropriate amount as reflected on the recorded phase map will be $326,916.66. Attached is a copy of the applicant's request letter, Letter of Credit and the approved improvements agreement. The Department of Planning Services' staff recommends that the Board of County Commissioners accept the Letter of Credit. 982314 Mc. STAIN October 28, 1998 Scott Ballstadt Weld County Planning Dept. 1400 N. 17th Ave. Greeley, CO 80631 Dear Scott, c Lt'J McStain Enterprises, Inc. acting as manager for the Longview Community LLC, presents this Letter of Credit in the amount of$%" as guaranty for Phase 4 & 7 improvements at Longview. As construction of the site improvements have been on going these past few months and half of the lots are paved, we request the release of permits and subsequent C.O.'s as inspections allow. We anticipate all lots within these Phases to have paved streets by Oct. 30th. Thanks for your assistance in this matter. Sincerely, Paul M. Anderson Site Development Manager Mc-Srain Enterprises,Inc. 75 Manhattan Drive Suite I• Boulder,Colorado 80303 4254-Telephone 303494-5900 Fax 303.494,4933 Printed on Recycled Paper O JAN 2f 'e7 88: 18 AM Hurst L Assoc. . Inc. Poge 4 Name of Subdivision: Longview - Phase 4 Location: Part of East 1/2 of Southwest 1/4 of Section 5, T2N, R68W Intended to be legally bound, the undersigned Applicant hereby agrees to provide throughout this subdivision and as shown on the subdivision final plat County dated , 19 , recorded on , 19 , in Book , Page No. , Reception No. , the following improvements. ITEM NO. OF UNITS UNIT COST TOTAL COST WATER 2" Water line 575 L.F. $ 8.00 $ 4,600.00 6" Water Line 13 L.P. 13 169.00 8" Water Tine 298 L.P. 14 4,172.00 2" Fittings 4 Ea. 50 200.00 8" Fittings 2 Ea. 180 360.00 12" Fittings 2 Ea. 350 700.00 2" Valves 2 Ea. 200 400.00 6" Valves 1 La. 365 - 365.00 8" Valves I La. 480 480.00 Fire Hydrants 1 La. 1000 1,000.00 8" Waterline Plugs 3 Ea. 75 225.00 2" Taps 2 La. 150 300.00 3/4" Water Services 12 La. 200 2,400.00 Subtotal $ 15,371.00 STREETS Mountable C:urbwalk 240 L.P. $ 13 $ 3,120.00 Mountable Curb 620 L.F. 7.00 4,340.00 Crosspan 49 S.F. 3.60 176.40 Handicap Ramps 2 La. 150 300.00 Asphalt 1046 .S-.Y. 7.50 7,845.00 Subgrade Prep. 1259 S.Y. 1.00 1,259.00 Curb Grading 860 L.F. 1.00 860.00 Concrete 213 5.Y. 18 3,834.00 ------------ Subtotal $ 21,734.40 SEWER 4" Sewerline 81 L.F. $ 9.00 $ 729.00 6" Sewerline 393 L.12. 12 4,716.00 8" Sewerline 286 L.F. 15 4,290.00 Sanitary Sewer Manholes 1 ha. 1000 1,000.00 6" Cleanout 2 La. 450 900.00 Sewer Services 12 Ea. 150 1,800.00 Subtotal $ 13,435.00 • 01/22/97 08:19 TX/RX N0.6128 P.004 ill JAN 22 '97 09: 19 AM Hurst I Assoc. . Inc. Poge 5 PHASE 4 (con't) ITEM NO. OF UNITS UNIT COST TOTAL COST MISCELLANEOUS Landscaping 1 1..5. $ 33,500 $ 33,500.00 Plantings/Irrigation Gas, Phone, Electric 12 Ea. 1,170 14,04(.0(1 Subtotal $ 47,540.00 SUIITOTAI. $ 98,080.40 Engineering and Supervision Costs $4,904.02 (testing,inspection, as-built plans and work in addition to preliminary and final plat: supervision of actual construction by contractors). TOTAL ESTIMATE COST OF IMPROVEMENTS AND SUPERVISION PHASE 3 TOTAL $102,984.42 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. Prior to the issuance of building permits on any phase, a Letter of Credit equal to that portion of of improvements not completed as shown hereon shall be provided to Weld County. Said improvements shall be completed according to the construction schedule set out in Exhibit "H". (In corporation, to be signed by President and attested to by Secretary, together with corporate seal.) Date: 19 01/22/97 08: 19 TX/RX N0.6128 P.005 in Name of Subdivision: Longview - Phase 7 Location: Part of East 1/2 of Southwest 1/4 of Section 5, T2N, R68W Intended to be legally bound, the undersigned Applicant hereby agrees to provide throughout this subdivision and as shown on the subdivision final plat County dated , 19 , recorded on , 19 , in Book , Page No. , Reception No. , the following improvements. ITEM NO. OF UNITS UNIT COST TOTAL COST WATER 2" Water Line 2450 L.F. $ 8.00 $ 19,600.00 6" Water Line 26 L.F. 13 338.00 8" Water Line 950 L.F. 14 13,300.00 2" Fittings 8 Ea. 50 400.00 8" Fittings Ea. 180 0.00 12" Fittings 7 Ea. 350 2,450.00 6" Valves 2 Ea. 365 730.00 8" Valves 2 Ea. 480 960.00 Fire Hydrants 2 Ea. 1000 2,000.00 2" Taps 4 Ea. 150 600.00 3/4" Water Services 60 Ea. 200 12,000.00 Subtotal $ 52,378.00 STREETS Mountable Curbwalk 950 L.F. $ 13 $ 12,350.00 Mountable Curb 2870 L.F. 7.00 20,090.00 Crosspan 147 S.F. 3.60 529.20 Handicap Ramps 4 Ea. 150 600.00 Asphalt 4289 S.Y. 7.50 32,167.50 Subgrade Prep. 4927 S.Y. 1.00 4,927.00 Curb Grading 3820 L.F. 1.00 3,820.00 Concrete 638 S.Y. 18 11,484.00 Subtotal $ 85,967.70 SEWER 6" Sewerline with Underdrain 1470 L.F. $ 15 $ 22,050.00 8" Sewerline with Underdrain 2110 L.F. 16 33,760.00 Sanitary Sewer Manholes 8 Ea. 1000 8,000.00 6" Cleanout 4 Ea. 450 1,800.00 Sewer Services 60 Ea. 150 9,000.00 Subtotal $ 74,610.00 STORM 5' Type 'R' Inlets 1 Ea. $ 1950 $ 1,950.00 18" H.D.P.E.P. 100 L.F. 18 1,800.00 Subtotal $ 3,750.00 2472404 B-1528 P-163 01/18/96 04:222 PG 20 OF 25 PHASE 7 (con't) ITEM NO. OF UNITS UNIT COST TOTAL COST MISCELLANEOUS Detention Pond 1 L.S. $ 3,000 $ 3,000.00 Landscaping 1 L.S. 154,000 154,000.00 Plantings/Irrigation Gas, Phone, Electric 60 Ea. 1,170 70,200.00 Subtotal $ 227,200.00 SUBTOTAL $ 443,905.70 Engineering and Supervision Costs $22,195.29 (testing, inspection, as-built plans and work in addition to preliminary and final plat: supervision of actual construction by contractors). TOTAL ESTIMATE COST OF IMPROVEMENTS AND SUPERVISION PHASE 7 TOTAL $466,100.99 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. Prior to the issuance of building permits on any phase, a Letter of Credit equal to that portion of of improvements not completed as shown hereon shall be provided to Weld County. Said improvements shall be completed according to the construction schedule set out in Exhibit "B". (In corporation, to be signed by President and attested to by Secretary, together with corporate • seal.) Date: 19 2472404 B-1528 P-163 01/18/96 04:222 PG 21 OF 25 IX ti ' j yL u 'I --:- a is a # s y rA 7 0 R X C. r� , . • P'5 .3 I 3 If ii - .I ' $ k A Am. : a c" $ c p �'� G F `;J c a '� + � 4 l '5 R P -1-14,1 I ii `— i S[ R w 8 1 R - C r �� Y - --i Ej & ! 1 1o$ Ik � e ; ! Ieg ZO O S +— f' k R $ k , �O Co `a ` 3I9 5 $5 2 Y R c -- Ial A ka N g el I„Ia I el t IJr:� 1� ? 1 p f F 4 4 F 1 Q4 A 1 .•n1 iT fi * - @ a A `t a Y yv r ^ e R G C 1 $ R R !! ; i R £ 3 u _ :M•a.u_ f g a i 9 r- i n $ x $ A $ R m'a: :.y1-4.9e _.---- -7 . 1_1_ , 4µ4.-L4/1R S A R x R 4I $L Rt 'A k ; c e x A IlF ill. tee . ' ° R $ R Ali R G Ill R S R R R 9 R R 0 $ Q. x R R $ Rn R A - X I y h rxr rq. Y $ A R y 4 $1C- R d` k 4 $ ° $ $ R— a— $ R k $ ' p r; a Cac0aAa0 MATE MQ1WAY VIP CofoS Ca , Slan/u,ttar Gaza 1A,,:h1;,y . ., , , . ^ , 76,Iliz /,attan K4n #200 - . - Moran; Co 80.40.4 80S-199-6400 fix: 499-640.4 May 23, 2000 Weld County Clerk Board of County Commissioners 915 Tenth Street P.O. Box 1948 Greeley, CO 80632 Re: Public improvements, Longview Community, phases 4 & 7 . On 10-8-98 our firm issued an Irrevocable Letter of Credit covering public Improvements for the subject areas in the amount of 569,085.00. Since all improvements have been completed for some time we are now advising you that said Letter of Credit according to its terms has expired. Sincerely, COLORADO MORTGAGE CO. William J. Suit , President cc: Paul Anderson McStain Enterprises, Inc. q'g '}3/y CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4225 FAX: (970) 352-0242 P. O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO August 4, 2005 Colorado Mortgage Company Manhattan Plaza Building 75 Manhattan Drive #200 Boulder, Colorado 80303 RE: Cancellation and release of Collateral - McStain Enterprises, Inc. To Whom It May Concern: Attached hereto please find a copy of the Board of County Commissioner's Resolution approving the cancellation and release of collateral, as referenced above. The three original Irrevocable Letters of Credit are enclosed. If you have questions or need additional information, please do not hesitate to contact me at (970) 356-4000, Extension 4217. Very truly yours, BOARD �OFCOUNTY COMMISSIONERS By: ( w��-/OU : �dL Carol A. Harding, Deputy Clerk to the Board �S a3,q{ 1' 6394 / Q/�// CO. COLORADO Mortgage Manhattan Plaza Building 75 Manhattan Drive, Boulder, Colorado 80303 Phone 499-5400 IRREVOCABLE LETTER OF CREDIT January 15, 1997 Weld County Board of County Commissioners \\C\I 915 Tenth Street 2 . O. Box 1948 Greeley, Colorado 80632 RE : REPLACEMENT LETTER OF CREDIT FO LONGVIEW COMMUNITY LLC COMPLETE IMPROVEMENT OF PUBLIC I ROVEMENTS FOR BLOCK 1 OF LONGVIEW DEVELOPMENT, WELD COUNTY DATED 11/15/95 $575, 000 . LONGVIEW COMMUNITY LLC COMPLETE MPROVEMENT OF ROAD MAINTENANCE AND IMPROVEMENT AGR EMENT OF LONGVIEW DEVELOPMENT, WELD COUNTY DATED 12/6/95 $87, 750 . AND LONGVIEW COMMUNITY LLC COMPLE E IMPROVEMENT OF LONGVIEW PHASE 2 , WATER, STREETS, SEW R, STORM SEWERS AND MAINTENANCE OF LONGVIEW DEVELOPMENT, WE D COUNTY DATED 12/20/95 $280, 702 . A/K/A AS IRREVOCABLE LETT RS OF CREDIT NO. ' S 1, 2 & 3 Per attached letter to Mr. Todd Hodges, Weld County Planning Department from Paul Anderso , Site Development Manager for McStain Enterprises, Inc . , COLORAD MORTGAGE CO. , 75 Manhattan Drive, #200, Boulder, CO 80303 hereby uthorizes you to draw on us for account of IMPROVEMENT GUARANTE S : LONGVIEW PHASE I & 11 , up to an aggregate amount of SI THOUSAND TWO HUNDRED SIXTY AND NO/100 DOLLARS ( 6, 260 . 00) , su amount not available except by your drafts at sight, accompanied y certification of the Weld County Engineer, that Longview Commun' ty, LLC. failed to complete installation of the public improve ents for Phases I & II of the Longview development, Weld County, Colorado, in accordance with the Improvements Agre ment for Longview, dated Ia ao/9 5 , by and between Wel County and Longview Commun ty LLC, a Colorado corporation . We are respec ully requesting that a) of the 2nd paragraph of the letters date 11/15/95 , 12/6/96 and 12/20/96 be revised to read: (a) rafts under and in compliance with the terms of this rrevocable Letter of Credit will be duly honored if prey nted at our office at 75 Manhattan Drive, Suite 200, 77der, Colorado, 80303, on or before September 15, 8 . Page 2 - Replacement Letter of Credit Longview All other terms and conditions of the original Irrevocable Letters of Credit dated November 15, 1995, December 6, 1995 and April 9, 1996 shall remain in full force and effect. Dated this.,, l5th day of January, 1997 . CQSPORATETT S.;;AL COLORADO MORTGAGE CO. ' . • BY �a l'tm 'it-1 � ATTS+ WILLIAM J. SUI(3yS, President // 0• En�� Colorado-dArtswe Co: dicznIzattan:!irza iulifit 76., attar 0/1/ # 68eParvr; Ca 7/ 80 8 808-499-6400/f 4 -408 IRREVOCABLE LETTER OF CREDIT October 8, 1998 Weld County Board of County Commissioners 915 Tenth Street G. 0. Box 1948 Q ,� Greeley, Colorado 80632 IQ/�`�.� RE : PUBLIC IMPROVEMENTS, LONGVIEW PHASES 4 AND 7 Colorado Mortgage Co. , 75 Manhattan Drive, S ite 200, Boulder, Colorado, 80303 hereby authorizes you to draw n us for account of Longview Community, LLC, Boulder, Colored , 80303, up to an aggregate amount of U. S . Dollars FIVE HUNb D SIXTY NINE THOUSAND EIGHTY FIVE AND NO/100 DOLLARS ( $569, 08 . 00) , such amount not available except by your drafts at sight, accompanied by certification of the Weld County Enginee , that LongView Community, LLC. failed to complete installation of he public improvements for the LongView development, Weld County, Colorado, in accordance with the Improvements Agreement for Longv ew, known as LongView Phases 4 and 7, dated DECEMBER 20, 1995 , y and between Weld County and LongView Community LLC, a Colorad corporation. A list of public improvement costs is attached h reto and incorporated herein as "Exhibit 1 . " They include Pha s 4 and 7 water, sewer, streets, storm, landscaping, gas, one, electric, engineering and supervision costs . We hereby further agree th t: (a) Drafts under and in compliance with the terms of this Irrevocable Letter of edit will be duly honored if presented at our office at 75 Man ttan Drive, Suite 200, Boulder, Colorado, 80303, on or before ctober 8, 1999. (b) Funds availab e under this Irrevocable Letter of Credit may be drawn in such amo nts and at such times as determined by the County Engineer, in h' /her sole discretion, provided that the amount _awn shall no exceed the aggregate amount specified herein for each item lis ed in Exhibit "A" attached hereto. (c) We she have no right, duty, obligation, or responsibility to evaluate he performance or non-performance of the underlying contract etween Longview Community, LLC and the beneficiary of this le _ter of credit . ✓f Page 2 - Irrevocable Letter of Credit - Longview, Weld County Phases 4 and 7 (d) This Letter of Credit will be reduced upon Weld County' s construction acceptance of the public improvements to fifteen percent ( 15% ) , where applicable, upon instruction from the County. (e) The Letter of Credit covering the final 15% shall remain in full force and effect until the final 15% is released by the County or until after the Board has received sixty ( 60) days prior notice to expiration of this Letter of Credit, whichever occurs first. We shall notify you in writing of the pending expiration date. Said notice shall be sent by certified mail to the Clerk of the Board of County Commissioners . (f) The amount of any draft drawn hereunder must be endorsed on the reverse side hereof . All drafts must be marked "Drawn under Irrevocable Letter of Credit No . 7 , Longview Community LLC. " • a'Eed.. hs4 , 8th day of October , 1998 . SJ]CgtPORATE, SEAL COLORADO MORTGAGE CO. ta; pR5AC` BY �� ATTEST: WILLIAM J. SUIT T , President COLORADO Mortgage co. Manhattan Plaza Building / 75 Manhattan Drive, Boulder, Colorado 80303 Phone 499-5400 IRREVOCABLE LETTER OF CREDIT January 15 , 1997 Weld County Board of County Commissioners 915 Tenth Street ' !) )-tP P . O. Box 1948 G -eeley, Colorado 80632 RE : WORK PROGRESS : LONGVIEW PHASE 3 Colorado Mortgage Co . , 75 Manhatt Drive, Suite 200, Boulder, Colorado, 80303 hereby authorizes y u to draw on us for account of Longview Community, LLC, Boulde , Colorado, 80303, up to an aggregate amount of U. S . Dollars INETY TWO THOUSAND EIGHTY-EIGHT AND NO/100 DOLLARS ( $ 92, 088 . 00) such amount not available except by your drafts at sight, accom nied by certification of the Weld County Engineer, that. LongVie Community, LLC. failed to complete installation of the pub' ' improvements for the LongView development, Weld County, Colorado, in accordance with the improvements Agreement for ongview, known as Road Maintenance and Improvement Agreement date la/ao/ s , by and between Weld County and LongView Commu}}��ity L C, a Colorado corporation. A list of public improvement cysts is attached hereto and incorporated herein as "Exhibit 1 . " / We hereby further agr e that: (a) Drafts under and in compliance with the terms of this Irrevocable Letter of Credit will be duly honored if presented at our office at 75 Manhattan Drive, Suite 200, Boulder, Colorado, 80303 , on or bef re February 1, 1998 . (b) Funds ava' able under this Irrevocable Letter of Credit may be drawn in such mounts and at such times as determined by the County Engineer, i his/her sole discretion, provided that the amount drawn shall not exceed the aggregate amount specified herein. ( c ) We sh 11 have no right, duty, obligation, or responsibility to evaluate the performance or non-performance of the underlying contrac between Longview Community, LLC and the beneficiary of this 1 ter of credit. Page 2 - Irrevocable Letter of Credit - Longview, Weld County (d) This Letter of Credit will be reduced upon Weld County' s construction acceptance of the public improvements to fifteen percent ( 15%) , where applicable, upon instruction from the County. ( e) The Letter of Credit covering the final 15% shall remain in full force and effect until the final 15% is released by the County or until after the Board has received sixty ( 60) days prior notice to expiration of this Letter of Credit, whichever occurs first. We shall notify you in writing of the pending expiration date. Said notice shall be sent by certified mail to the Clerk of the Board of County Commissioners . ( f ) The amount of any draft drawn hereunder must be endorsed on the reverse side hereof. All drafts must be marked "Drawn under Irrevocable Letter of Credit No. 5 , Longview Community LLC. " • Dated thi{Y 15th day of January, 1997 . CORPORATE SEAL COLORADO MORTGAGE CO. .T T BY '-'11,(&LI LL@ 1-x.1!- l c 9Lt AT'hE4SR:' r WILLIAM J. SUIT, arc) President /2"---in-1-\ Eli -/ ritif CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4225 FAX: (970)352-0242 WIligP. O. BOX 758 C• GREELEY, COLORADO 80632 COLORADO August 4, 2005 McStain Enterprises, Inc. 75 Manhattan Drive, Suite 1 Boulder, Colorado 80303-4254 RE: Cancellation and release of Collateral To Whom It May Concern: Attached hereto please find copies of the Board of County Commissioner's Resolution approving the cancellation and release of collateral,as referenced above. The three original Letters of Credit were returned to Colorado Mortgage Company,Manhattan Plaza Building,75 Manhattan Drive#200, Boulder, Colorado 80303. If you have questions or need additional information, please do not hesitate to contact me at(970) 356-4000, Extension 4217. Very truly yours, BOARD OF COUNTY COMMISSIONERS • By: Carol A. Harding, Deputy Clerk to the Board COLLATERAL RELEASED IN CONJUNCTION WITH OTHER CASES SEE #2005-2091 Hello