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Home My WebLink About990015.tiff RESOLUTION RE: APPROVE PLEDGE COLLATERAL ACCOUNT AGREEMENT AND EXCHANGE PLEDGE ASSETS ACCOUNT FOR CASHIER'S CHECK AND AUTHORIZE CHAIR TO SIGN WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, on August 21, 1997, the Department of Planning Services staff did approve a Site Plan, SPR#274, for Honnecke Commercial Complex, % Diane Honnecke, 530 South Coors Court, Lakewood, Colorado 80228, on the following described real estate, to-wit: Part of the SE'%NE% of Section 10, Township 2 North, Range 68 West of the 6th P.M., Weld County, Colorado WHEREAS, on December 7, 1998, the Board of County Commissioners of Weld County, Colorado, did approve an Improvements Agreement According to Policy Regarding Collateral for Improvements (Privately Maintained Roads) in accordance with Conditions of Approval for said Site Plan, and accepted Cashier's Check#1890030147 from Norwest Bank, in the amount of $58,914.00, and WHEREAS, the Board has been presented with a Pledge Collateral Account Agreement between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Von and Diane Honnecke, 530 South Coors Court, Lakewood, Colorado 80228, with terms and conditions being as stated in said agreement, and WHEREAS, after review, the Board deems it advisable to approve said agreement, a copy of which is attached hereto and incorporated herein by reference, and WHEREAS, upon execution of said agreement, and receipt of assurance of the Pledge Assets Account, the Clerk to the Board is directed to release and return Cashier's Check #1890030147 from Norwest Bank, in the amount of$58,914.00 to Diane Honnecke. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Pledge Collateral Account Agreement between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Von and Diane Honnecke be, and hereby is, approved. BE IT FURTHER RESOLVED that the Clerk to the Board exchange the Pledge Assets Account for Cashier's Check#1890030147 from Norwest Bank, in the amount of$58,914.00 upon full execution of said agreement. BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to sign said agreement. A � Ionneckt 1 F f 990015 PL1277 PLEDGE COLLATERAL ACCOUNT AGREEMENT AND EXCHANGE PLEDGE ASSETS ACCOUNT FOR CASHIER'S CHECK PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 4th day of January, A.D., 1999. BOARD OF COUNTY COMMISSIONERS LD COUNTY, CO O DO ATTEST: �a(D�1�+ ".- '.� Dale K. Hall, Chair Weld County Clerk to the B d %rr ' y EI > '?' — 1 / n �.1C /t / / ', %r i - arbar J. Kirkmeyer, ro- em �/. BY: 1.: , - ` ,M.,. '..--/ /� Deputy Clerk to the a�w N , 1,W°` / f`° � 7J,e r' i\i ‘ zGeorge'E. xter AP11Lrrne AS FORM: elth eile y ',u l/ Glenn Vaad 990015 PL1277 PAINEWEBBER INCORPORATED ACCOUNT NUMBERS) DK37836-41 PLEDGE COLLATERAL ACCOUNT AGREEMENT NOTE. This Agreement is not effective unless reviewed and accepted by PaineWebber Incorporated, as evidenced by the signatures of a Branch Office Manager and Division Control Officer. Diane & Von. WHEREAS, Honnecke (hereinafter, "Assignor") and Weld County (hereinafter, "Assignee") have entered into an agreement dated 12/10/98 e "Security Agreement"), wherein Assignor has agreed to pledge to Asj.gnee its interest in certain assets being held at PaineWebber, WHEREAS, Assignor and Assignee wish to enter into an agreement with PaineWebber Inc. (`PaineWebber") to secure Assignee's interest in the assets; and WHEREAS, PaineWebber has agreed to enter into this agreement; NOW, THEREFORE, it is mutually agreed and accepted by and between Assignor, Assignee and PaineWebber (referred to collectively as the"Parties")that. SECTION I: ACCOUNT SETURMANAGEIIIF.NT 1. PaineWebber will establish an investment account for the benefit of Assignee. The account shall be titled " * Pledge Collateral Account F13/0 Weld County ", (hereinafter, the "Account"), and shall be assigned account number DK37836-41 2. For the duration of this agreement, PaineWebber will segregate the assets listed in Exhibit A("The Pledge Assets") in the Account. Any new securities that become a part of the Account shall be subject to this Agreement 3. It is the sole responsibility of the Assignor and Assignee to ens a that the Account maintains the minimum equity value, which is S 5 3 9/-/ d J representing the amount of the Assignor's loan to Assignee. 4. PaineWebber shall accept trading instructions regardink the Account from Assignor only. This account will only invest in Money Market, Treasury Bills or Cash for the terms of this Agreement. * Diane E. and Von Honnecke favOcal letpteeere,dm 5. PaineWebber will furnish all appropriate tax reporting information for the Account to the Internal Revenue Service under the Assignor's tax identification or social security number. 6. So long as this Agreement remains in effect, Assignee shall be entitled to receive duplicate copies of any and all notices, confirmations and statements of account that the Assignor is entitled to receive. SECTIJ)N71.' WITHDRAWAILDEFAULTaERM124TIOWOFACCOUNT 1. Any instructions to PaineWebber to deliver assets or the proceeds from the sale of assets in the Account must be in writing from the assignee on the form attached hereto as Exhibit B. Assets will include interest, dividends, and capital gains. 2. PaineWebber will comply with all entitlement ceders originated by the Assignee with respect to the account, and all other requests or instructors from the Assignee regarding disposition and/or delivery of the collateral, without further consent or direction from the Assignor or any other party. Assignee acknowledges and understands that there is no assurance that a liquid market will exist fur all of the assets in the Account 3. Assignee agrees to indemnify and hold harmless PaineWebber, it's affiliates, officers and employees from and against any and all claims, causes of action, liabilities, lawsuits, demands and/or damages, including, without limitation, any and all court costs and reasonable attcrney's fees, that may resuh by reason ofPaineWebber's compliance with Assignee's instructions. 4. For purposes of this Agreement, the term "Authorized Officer of the Assignor shall refer to Diane & Von HonneckeNhoS¢rurf ertt-titie-is- [G4current-titleis [Dr •% hosee rrenEft{leis The term "Authorized Officer of the Assignee" shall refer to whose current title is [or_--�_ whose cement title is [or whose curent title is J. 5. If Assignor or Assignee designates more than one Authorized Officer, such persons may act severally. 6. Assignor and Assignee may re-designate their Authoriza d Officer at any time by providing written notice to PaineWebber signed by the prior Authorized Officer (if that person is available), the new Authorized Officer and his or her immediate supervisor. The new Authorized Officer must have an equal or greater title as the previous Authorized Officer. Attached hereto as Exhibit C is a sample Notice of Change of Authorized Officer. ten irk+rdatpledge.doo 2 SECTION III: MISCELLANEOUS PROVISIONS 1. Except as specifically contained herein, PaineWebber will not incur any obligations or responsibility beyond those already existing between PaineWebber and the Assignor. 2. Assignor hereby agrees to indemnify and hold harmless PaineWebber, its affiliates, agents, officers and employees from and against any and all claims, causes of action, liabilities, lawsuits, demands and/or damages, including, without limitation, any court costs and reasonable attorneys fees in any way related to or ari;dng out of or in connection with the Security Agreement, this agreement and/or the Account. 3. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the parties to this agreement. 4. This Agreement shalt be construed in accordance with the laws of the State of New York without regard to its conflict of law principles, and the rights and remedies of the parties shall be determined in accordance with such liws. 5. Assignor, Assignee and PaineWebber agree that any action instituted as a rest:h of any controversy involving PaineWebber or its employees or sgents arising out of this Agreement, or as a result of any interpretation of any section ther:of, or involving transactions in the Account shall be brought before the Arbitration facility of the National Association of Securities Dealers to the exclusion of all others. 6. The Assignor and Assignee acknowledge that this Agreement supplements Assignor's existing agreemen(s)with PaineWebber, and except as specified herein, this Agreement does not affect any ofPaineWebber's rights as specified in those existing agreements. 7. So long as this Agreement exists, PaineWebber agrees tot to assert, claim or endeavor to exercise, and bars and estops itself from asserting, claming or exercising, any right of set-off or other purported form of claim with respect to the Accounts or any securities, cash, or other assets now or hereafter contained in the Accounts, such that any claim would violate the collateral security interest running from Assigior in favor of of Assignee,except for costs or expenses associated with an account in tie ordinary course busin8. PaineWebber reserves the right to terminate its obligations under this Agreement by providing thirty(30) days prior written notice to the Parties. fernecalderVedge.doe 3 9. PaineWebber shall be bound by the terms of this Agreement only upon execution by the branch manager and a division representative of PaineWebber, which may include but is not limited to the Division Control Officer 10. The effective date of this agreement is jinili9s If no date is specified, the effective date is the date this agreement is exrctted by all Parties. /N WITNESS WHEREOF, Assignor and Assignee have caw ed this agreement to be executed by their duly authorized officers all as of the date writter..below. ACKNOWLEDGED AND AGREED TO: [ASSIGNOR] [ASSIGNEE] BY: j)i4 Air /4NNI C:/r C TITLE: BY: __slat K Hat_�L�_ SIGMATT�{ ^ TITLE: Chair, Board of Coun Y Conr�i ssioners "� �?4?y %rie « SIGNATURE: +-` ifra,,DATE: %/ / 7 DATE: 1/1799 RECEIPT ACKNOWLEDGED: dal/oy 99� PAI EWEBBER INCORPORATED BY: DATE: Br anager DATE: Division Control Officer • ------ /AM . . tvemige SUBSCRIBED AND SWORN TO BEFI',.._'.' : THIS 7th DAY OF JANUARY, 1999 1� Os. aY i an D. llinghaT�� :I = JEAN D. eputy Clerk to t e Board GILLINGHAM Weld County OF t-O 4 My Commission Expires March 26,0202 pawn At PLEDGED ASSETS The Assignor has instructed PaineWebber to segregate the following assets into the Diane & Von Honnecke Pledge Collateral Account F/B/O Assignor Weld County Assignee account number DK37836-41 (account number to be as:agned when the account is established with PaineWebber Incorporated). QUANTITY PESCRIPTIOr * See attached current PaineWebber account Statement(s) fe ieraldulpledge.doc 5 DK37836 IE:41 Account Inquiry(Position (P)) - HONNEC D/V HH CF (as of 01/05) dk41 01/06/99 3;05 PM RETURN: GROWTH RISK: 1) AGGRESSIVE 2) MODERATE 3) UNKNOWN LSTMT:12/98 DIANE E HONNECKE Net MM Funds 59,708 VON HONNECKE JTWROS Cr/Dr Balance 0 530 S COORS CT Tot Portfolio 59,708 LAKEWOOD CO 80228-2436 Liquid Equity 59,708 HS Excess/Call 0 T-DATE POSN TICKER SECURITY DESCRIPTION LOC REINV PRICE VALUE TP CUSIP No Data Found PAGE 1 OF 1 DK37836 IE:41 Account Inquiry(Position (P)) - HONNEC D/V HH CF (as of 01/05) dk41 01/06/99 3:05 PM RETURN: GROWTH RISK: 1) AGGRESSIVE 2) MODERATE 3) UNKNOWN LSTMT:12/98 DIANE E HONNECKE Net MM Funds 59,708 VON HONNECKE JTWROS Cr/Dr Balance 0 530 S COORS CT Tot Portfolio 59,708 LAKEWOOD CO 80228-2436 Liquid Equity 59,708 HS Excess/Call 0 T-DATE POSN TICKER SECURITY DESCRIPTION LOC REINV PRICE VALUE TP CUSIP NO Data Found PAGE 1 OF 1 Cashier's Check ROIL LOCATION ID 01046 1890030147 Remitter DIANE HONNECKE Date NOVEMBER 24, 1998 Pay FIFTY EIGHT THOUSAND NINE HUNDRED FOURTEEN AND 00/100 $ ****58, 914.00 Purchase of an Indemnity bond will be required before any To the * BOARD OF COUNTY COMMISSIONERS. official check of this Bank will be replaced in the event it is lost, Order of destroyed, or stolen. This instrument may become property of OF WELD COUNTY the State if not presented within 5 years �� . (zialk, A thorized Representative Drawn on Norwest Bank Colorado, N.A. I" 1890030 O. ? 1: LO 20000761: L01099 L9000 /j77 CD � o November 24, 1998 Lee Morrison Weld County Dear Lee, I am submitting this Cashier's check for the full amount of$58,914.00, in hopes we can get our Certificate of Occupancy. I will be in touch soon with alternative sources for funding this Collateral Agreement as we discussed. Once the alternative funding is finalized, the Cashier's check for $58,914.00 will be returned to us as per our telephone conversation on 11/24/98. I once again want to thank you for your help. It is much appreciated. Call me after the holiday with your opinion(303)987-2222. Have a great Thanksgiving! Diane Honnecke L' It �l(3 - 9/'t - 3/ 6 / Liit) eI amq P ))/a-t 091 99'00/5 eL /?77 Hello