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Home My WebLink About970910.tiff_ .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. RESOLUTION RE: APPROVE TWO RELEASES OF DEEDS OF TRUST AND ACCEPT LETTER OF CREDIT#54 AS COLLATERAL FROM MEADOW VALE SUBDIVISION, FIRST FILING, AND AUTHORIZE CHAIR TO SIGN - MEADOW VALE FARM, INC. 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 September 25, 1996, the Board approved a Site Specific Development Plan and Planned Unit Development (PUD) Final Plan, S#403, for the First Filing (11 lots) of Meadow Vale Subdivision for Meadow Vale Farm, Inc., on the following described real estate, to-wit: Part of the SW1/4 of Section 4, Township 2 North, Range 68 West of the 6th P.M., Weld County, Colorado WHEREAS, by Resolution dated October 23, 1996, the Board did approve an Improvements Agreement According to Policy Regarding Collateral for Improvements (Private Road Maintenance), and a Road Maintenance and Improvements Agreement between the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County, and Meadow Vale Farm, Inc., concerning property described as part of the SW'/ of Section 4, Township 2 North, Range 68 West of the 6th P.M., Weld County, Colorado, and WHEREAS, pursuant to said agreements, Meadow Vale Farm, Inc., has submitted certain Deeds of Trust to Weld County as collateral, and WHEREAS, Floyd Oliver, President of Meadow Vale Farm, Inc., has requested two Releases of Deeds of Trust for property currently held by Weld County as described as Lot 2, Block 1, and Lot 4, Block 3, First Filing, Meadow Vale Subdivision, be approved in exchange for Irrevocable Letter of Credit#54, drawn on the Eaton Bank, 2700 47th Avenue, Greeley, Colorado 80634, in the amount of$50,000.00, and WHEREAS, it has been determined by the Board that the collateral being offered in exchange is of equal value to secure said Improvements Agreement, and WHEREAS, upon recommendation of the Department of Planning Services staff, the Board deems it advisable to exchange said collateral and accept said letter of credit. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the two Releases of Deeds of Trust for property currently held by Weld County and described as Lot 2, Block 1, and Lot 4, Block 3, First Filing, Meadow Vale Subdivision, be, and hereby are, approved. P' Meadow V�PiM,/ne/Oliver 970910 PL1010 EXCHANGE OF COLLATERAL - MEADOW VALE SUBDIVISION, FIRST FILING PAGE 2 BE IT FURTHER RESOLVED by the Board that Irrevocable Letter of Credit#54, drawn on the Eaton Bank, 2700 47th Avenue, Greeley, Colorado 80634, in the amount of$50,000.00, from Meadow Vale Farm, Inc., to Weld County for the completion of improvements in Meadow Vale Farm, First Filing, be, and hereby is, accepted. BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby is, directed to return said collateral to the appropriate party. BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to sign the two Releases of Deeds of Trust for Lot 2, Block 1, and Lot 4, Block 3, First Filing, Meadow Vale Subdivision. The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 7th day of May, A.D., 1997. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO 11 i I- � � Liteidati EXCUSED DATE OF SIGNING (AYE) J �y �` George E. Baxter, Chair res� gel,=f o �ty Clerk to the Board �� , 3�-Air / // / �� lance L. Harbe , Pr Tem :'�A— ICE ®UV fputy Cler#to the Board Dale K. Hall AP D AS FORM: EXCUSED Barbara/J. Kir mey r ounty Attor ey /,� W. H. Webster �-- 970910 PL1010 RELEASE OF DEED OF TRUST "` /' a 'ry`" . • " April 29, 1997 Date Meadow Vale Farm, Inc., a Colorado corporation Grantor(Borrower) :" � r Ate, i� '".4 .4 L^+ I ry.t # Weld County Original Beneficiary(Lender) 2/11/97 Date of Deed of Trust 2/27/97 Recording Date of Deed of Trust 1593 2535247 Book and Reception(or)Page No. of Deed Book No. Reception No. of Trust recorded in Weld County,Colorado. TO THE PUBLIC TRUSTEE OF WELD COUNTY: (The Public Trustee to which the above Deed of Trust conveys the said property) Please execute this release,as the indebtedness has been fully paid and/or the terms and conditions of the trust have been fully satisfied. Weld County Current Beneficiary(Lender) George E. Baxter, Chair of Weld County Board of Commissioners Name and Title of Agent Signatur Signature STATE OF COLORADO COUNTY OF WELD )ss. The foregoing was acknowled ed before me this / day of , 19 j/�.y by C7C'! / Ay. . getilr',y J ///''yyy � My m my hand and official seal. ` / L i� My commission expires: \ �r Notary Public KNOW ALL MEN,that the above referenced Grantor(s),by Deed of Trust,conveyed certain real property described in said Deed of Trust,to the Public Trustee of the county referenced above,in the State of Colorado to be held in trust to secure the payment of the indebtedness referred to therein. NOW THEREFORE,at the written request of the legal holder of the said indebtedness,and in consideration of the premises and the payment of the statutory sum,receipt of which is hereby acknowledged,I,as the Public Trustee in the County first referenced above,do hereby remise,release and quit claim unto the present owner or owners of said real property,and unto the heirs,successors and assigns of such owner or owners forever,all the right,title and interest which I have under and by virtue of the aforesaid Deed of Trust in the real estate described therein,to have and hold the same, with all the privileges and appurtenances[hereunto belonging forever;and further I do hereby fully and absolutely release, cancel and forever discharge said Deed of Trust. by Public Trustee Deputy Public Trustee STATE OF COLORADO ) COUNTY OF WELD )ss. The foregoing was acknowledged before me this day of , 19 by as the Public Trustee of Weld County,Colorado. WITNESS my hand and official seal. My Commission expires: Notary Public 970910 y RELEASE OF DEED OF TRUST ,.. , ,�g �v`4'•1 d r a F� 4.L April 30, 1997 Date t? k t -< :1 X T Meadow Vale Farm. Inc., a Colorado corporationST 4 Grantor(Borrower) , , > ' .n �,S Weld County Original Beneficiary(Lender) 10/09/93 Date of Deed of Trust 10/23/96 Recording Date of Deed of Trust 1573 2517109 Book and Reception(or)Page No.of Deed Book No. Reception No. of Trust recorded in Weld County,Colorado. TO THE PUBLIC TRUSTEE OF WELD COUNTY: (The Public Trustee to which the above Deed of Trust conveys the said property) Please execute this release,as the indebtedness has been fully paid and/or the terms and conditions of the trust have been fully satisfied. Weld County Current Beneficiary(Lender) George E. Baxter, Chair of Weld County Board of Commissioners Name and Title of Agent "Signa� Signature STATE OF COLORADO COUNTY OF WELD )ss. ry The forego}in{�g was acknowledged before me this / (date 7/l (k' , 19 L1 by (4ettry E. Pztx4C,Y • WITNESSy hand andofficial seal C' 1--ht , n n My commission expires: \ 1 ��' -/ Notary Public KNOW ALL MEN,that the above referenced Grantor(s),by Deed of Trust,conveyed certain real property described in said Deed of Trust,to the Public Trustee of the county referenced above,in the State of Colorado to be held in trust to secure the payment of the indebtedness referred to therein. NOW THEREFORE,at the written request of the legal holder of the said indebtedness,and in consideration of the premises and the payment of the statutory sum,receipt of which is hereby acknowledged,I,as the Public Trustee in the County first referenced above,do hereby remise,release and quit claim unto the present owner or owners of said real property,and unto the heirs,successors and assigns of such owner or owners forever,all the right,title and interest which I have under and by virtue of the aforesaidDeed of Trust in the real estate described therein,to have and hold the same,with all the privileges and y;.. appurteoan es thereunto belonging forever;and further I do hereby fully and absolutely release,cancel and forever discharge said Deed of Trust. 11 3$7) a +,� srt = by Public Trustee Deputy Public Trustee STATE OF COLORADO ) COUNTY OF WELD )ss. The foregoing was acknowledged before me this_day of , 19_by as the Public Trustee of Weld County,Colorado. WITNESS my hand and official seal. My Commission expires: Notary Public 970910 if I 111�11) EATON BANK V IRREVOCABLE LETTER OF CREDIT#54 April 25, 1997 Weld County Board of Commissioners 915 Tenth Street P.O. Box 1948 Greeley, CO 80632 Re: Completion of Improvements, Meadow Vale Farm Filing #1. Dear Sirs: The Eaton Bank, 2700 47th Avenue, Greeley, CO 80634, hereby authorizes you to draw on us for the account of Meadow Vale Farm, Inc., up to an aggregate amount of FIFTY THOUSAND AND NO/100 DOLLARS ($50,000.00), such amount not available except by your drafts at sight, accompanied by certification by the Weld County Engineer that Meadow View Farm, Inc. failed to complete the installation of improvements for the Meadow Vale Farm First Filing, Weld County, Colorado, in accordance with the Improvement Agreement for Meadow Vale Farm First Filing dated , 1997, by and between Weld County and Meadow View Farm, Inc., a Colorado Corporation. We hereby further agree that: (a) Drafts drawn under, and in compliance with the terms of this Irrevocable Letter of Credit will be duly honored if presented at our office at 2700 47th Avenue, Greeley, CO 80634, on or before April 25, 1998, upon which date this Letter of Credit shall expire. (b) Fund§ available under this Irrevocable Letter of Credit may be drawn in such amounts, and at such times, as determined by the County Engineer, in his/her sole discretion, provided that the amount drawn shall not exceed the aggregate amount specified herein. (c) We shall have no right, duty, obligation, or responsibility to evaluate the performance, or non- performance, of the underlying contract between Meadow Vale Farm, Inc. and the holder of this Letter of Credit. 100 OAK AVENUE/EATON,CO 80615/BUS(970)454-3456/FAX(970)454-2457 2700 47TH AVENUE/GREELEY,CO 80634/BUS(970)339-3456/FAX(9701 339-3906 970910 Irrevocable Letter of Credit #54. Weld County Commissioners/Meadow View Farm, Inc. April 25, 1997 - Page 2. (d) This Letter of Credit will be reduced to 15% of the face amount ($7,500.00)upon acceptance by Weld County of the public improvements required by the Improvement Agreement referred to above. (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 the Board of Commissioners has received sixty (60) days prior notice of 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 at P.O. Box 1948, Greeley, CO 80632. (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 #54, Meadow Vale Farm, Inc." and be accompanied by this original Letter of Credit. Dated this 25rd day of April, 1997. The Eaton Bank By40 ,r_�1 1111/Ai�� Christoph-r W. Jeavons Vice President 970910 4* MEMORANDUM TO: Board of County Commissioners May 5, 1997 COLORADO From: Todd A. Hodges, Current Planner II SUBJECT: S-420, exchange of two lots for a Letter of Credit as collateral for Meadow Vale Subdivision 1st Filing improvements and acceptance of improvements agreement and form of collateral for Meadow Vale Subdivision 2nd Filing. The applicant has made two requests for the Board of County Commissioners review and are as follows: 1. The Department of Planning Services, Public Works Department and Attorneys office have reviewed the proposed exchange of Letter of Credit# 54 in the amount of$50,000.00 for the release of the two lots (Lot 4, Blk. 3 & Lot 2, Blk. 1) as collateral for the Meadow Vale Subdivision 1st filing improvements. The applicant is requesting that the Board of County Commissioners release Lot 4, Blk 3 and Lot 2, Blk. 1 in exchange of Letter of Credit#54. The Department of Planning Service's staff recommends that the Board of County Commissioners accept the proposal. Attached is a copy of the applicants request letter, Letter of Credit and deeds. 2. The Department of Planning Services, Public Works Department and Attorneys office have reviewed the improvements agreement and form of collateral for the 2nd Filing of Meadow Vale Subdivision. The form of collateral is a Letter of Credit in the amount of$50,000.00 for the uncompleted improvements in the Meadow Vale Subdivision 2nd Filing. The Department of Planning Service's staff recommends that the Board of County Commissioners accept the improvements agreement and the form of collateral. Attached is a copy of the improvements agreement and Letter of Credit. 970910 I51 Meadow Vale Farm Mr. Todd Hodges, Planner Weld County Planning 1400 N. 14th Ave. Greeley, Colorado 80631 Re: Meadow Vale Farm Letters of Credit. Dear Todd, Enclosed you will find the original Letters of Credit issued by the Eaton Bank to Weld County to collateralize the development of Meadow Vale Farm 1st Filing and the 1st phase of the 2nd Filing. The County is currently holding two lots in the 1st. Filing as collateral. Lot 4, Blk. 3 and Lot 2, Blk 1 are the two lots. We need release of these lots and would like to substitute the letter of credit for the release of these lots. Lot 4, Blk 3 is under contract to close on May 15, 1997. The other lot will close later this summer. I have prepared releases for those two lots. If you are agreeable please present this request to the Board as soon as possible. I am also inclosing the mylar plat of the 2nd Filing of Meadow Vale Farm for recording. The snow and moisture have delayed our completion of the asphalt paving and the sidewalk. We are working on the paving and if we don't get any more moisture we should complete the paving by May 6. The sidewalk will be done as soon as the ground dries enough to do concrete work. As you know we have 13 lots under contract and most of these contracts will close as soon as we get a recorded plat, so time is of essence in getting the plat recorded. I understand that you must present the plat recording to another meeting of the Board, I hope you can do so on May 5th. Sincerely, MEADOW VALE FARM, INC. Floyd Oliver President 4250 W. 16th Street,#46 lib Greeley,CO 80634 Phone•970-339-9404 5 Cellular• 970-396-5035 l(0 Fax• 970-339-8556 970910 APR-30-1997 13:58 P.01 — r• I1111— EATON BANK Post-IC Fax Note 7671 4 C Dam,fi get, ' April 30, 1997 79 c fy ezejrron, VE.'G co. t Phone I Phone k Mr. Lee Morrison , _mtt- Weld County Fax ac.t- Fax". D te Ill y P.Q. Box 1948 Greeley, CO 80632 Re: Meadow Vale Farm Letters of Credit #54&#55 Dear Lee: This letter will confirm our phone conversation of this morning clarifying certain questions on the above referenced Letters of Credit. Specifically,the 15% retainage identified in Paragraph (e) on Page 2 of both letters will remain available to the County until such time as you release it, or we provide 60 days advance notice of our intent to cancel it. The retainage provision will not expire automatically on the expiration date of the Letters, April 25, 1998. I hope this is satisfactory to you. Please feel free to contact me if there is anything else I can do to facilitate this matter. Thank you. ely, Christopher W. Jeavons Vice President CJ\ 100 out AVENUE/EATON,CO a061S)9U6(970)4549456/FAX(970)494-2457 2700 477H AVENUE/CREE4E7,CO 90634/BUS(970)339.3466(FAX(970)339-9906 v $ sw From: Don Carroll(FRANCES COLLINS) To: CENTDOMAIN.CENTPOST.LMORRISON,THODGES Date: 05/06/97(Tue)4:08pm Subject: S-403 Meadow Vale Farms The applicant has not completed paving of the second filing. In speaking with the applicants contractor, he indicated that paving would not start until later this week,weather permitting. Until the paving is completed,the Weld County Public Works Dept.will not sign off on this filing. Today's Date: May 6, 1997,4:10 PM CC: CENTDOMAIN.CENTPOST.CHARBERT 970910 ittit CLERK TO THE BOARD PHONE (970)336-7215, Ext. 4225 FAX: (970)352-0242 111 P. O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO August 4, 2005 Centennial Bank of the West 2700 47th Avenue Greeley, Colorado 80634. RE: Cancellation and release of Collateral - Meadow Vale Farm, 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 two 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 OF COUNTY� J COMMISSIONERS By ( � r7 Carol A. Harding, Deputy Clerk to the Board q7 - oetio 9.17 T , ( ;± ler /1/) ;r' „is‘_cfi •Ira _d '► , . EATON $AN /AP IC IRREVOCABLE LETTER OF CREDIT#54 �4 April 25, 1997 Weld County Board of Commissioners 915 Tenth Street P.O. Box 1948 Greeley, CO 80632 Re: Completion of Improvements, Meadow Vale F , Filing#1. Dear Sirs: The Eaton Bank, 2700 47th Avenue, Gr::ey, CO 80634, hereby authorizes you to draw on us for the account of Meadow Vale Farm, c., up to an aggregate amount of FIFTY THOUSAND AND NO/100 DOLLARS ($50,000.i 0, such amount not available except by your drafts at sight, accompanied by certification by th- eld County Engineer that Meadow View Farm, Inc. failed to complete the installation of i .rovements for the Meadow Vale Farm First Filing,Weld County, Colorado, in accord: , e with the Improvement Agreement for Meadow Vale Farm First Filing dated , 1997, by and between Weld County and Meadow View Farm, Inc., a Colorado Corporation. We hereby further as. - - that: (a) Drafts dra a der, and in compliance with the terms of this Irrevocable Letter of Credit will be duly honor:. if presented at our office at 2700 47th Avenue, Greeley, CO 80634, on or before April 25, 19' :, upon which date this Letter of Credit shall expire. (b)Fu .s available under this Irrevocable Letter of Credit may be drawn in such amounts, and at such .mes, as determined by the County Engineer, in his/her sole discretion, provided that the • .unt drawn shall not exceed the aggregate amount specified herein. (c) We shall have no right, duty, obligation, or responsibility to evaluate the performance, or non- performance, of the underlying contract between Meadow Vale Farm, Inc. and the holder of this Letter of Credit. 100 OAK AVENUE/EATON,CO 80615/BUS(970)454-3456/FAX(970)454-2457 2700 47TH AVENUE/GREELEY,CO 80634/BUS(970)339-3456/FAX(970)339-3906 Irrevocable Letter of Credit#54. Weld County Commissioners/Meadow View Farm, Inc. April 25, 1997 -Page 2. (d) This Letter of Credit will be reduced to 15% of the face amount ($7,500.00)upon acceptance by Weld County of the public improvements required by the Improvement Agreement referred to above. (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 the Board of Commissioners has received sixty (60) days prior notice of 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 at P.O. Box 1948, Greeley, CO 80632. (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 #54, Meadow Vale Farm, Inc." and be accompanied by this original Letter of Credit. Dated this 25rd day of April, 1997. The Eaton Bank By( v.l Jeavons o� Christoph r W. Vice President F ,./. , //)/1 EATON $ANIC V 3/1171) IRREVOCABLE LETTER OF CREDIT#55 4 ( April25, 1997 Weld County Board of Commissioners 915 Tenth Street P.O. Box 1948 Greeley, CO 80632 Re: Completion of Improvements, Meadow Vale F. . Filing#2. Dear Sirs: The Eaton Bank, 2700 47th Avenue, Greele,, CO 80634, hereby authorizes you to draw on us for the account of Meadow Vale Farm, Ins., up to an aggregate amount of FIFTY THOUSAND AND NO/100 DOLLARS ($50,000.00), such amount not available except by your drafts at sight, accompanied by certification by the W d County Engineer that Meadow View Farm, Inc. failed to complete the installation of impre ements for the Meadow Vale Farm Second Filing, Weld County, Colorado, in accordance -th the Improvement Agreement for the Meadow Vale Farm Second Filing dated , 1997, by and between Weld County and Meadow View Farm, Inc., a Colorado Corp. ation. We hereby further agree .t: (a)Drafts drawn uncle , and in compliance with the terms of this Irrevocable Letter of Credit will be duly honored if ptesented at our office at 2700 47th Avenue, Greeley, CO 80634, on or before April 25, 1998, u on which date this Letter of Credit shall expire. (b)Funds available under this Irrevocable Letter of Credit may be drawn in such amounts, and at such times,,,as determined by the County Engineer, in his/her sole discretion, provided that the amount drawn shall not exceed the aggregate amount specified herein. (c) We shall have no right, duty, obligation, or responsibility to evaluate the performance, or non- ponnance, of the underlying contract between Meadow Vale Farm, Inc. and the holder of this er of Credit. / i ./ 100 OAK AVENUE/EATON,CO S06I S/BUS(970)454-9456/FAX(970)454-2457 2700 47TH AVENUE/GREELEY,CO 80634/BUS(970)339-3456/FAX(970)339-3906 Irrevocable Letter of Credit#55. Weld County Commissioners/Meadow View Farm, Inc. April 25, 1997 - Page 2. (d) This Letter of Credit will be reduced to 15% of the face amount ($7,500.00) upon acceptance by Weld County of the public improvements required by the Improvement Agreement referred to above. (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 the Board of Commissioners has received sixty(60) days prior notice of 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 at P.O. Box 1948, Greeley, CO 80632. (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#55, Meadow Vale Farm, Inc." and be accompanied by this original Letter of Credit. Dated this 25rd day of April, 1997. The Eaton Bank By Christop er W. Jeavons Vice President (*et 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 Meadow Vale Farm, Inc. 4250 West 16th Street, #46 Greeley, Colorado 80634 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 two original Letters of Credit were returned to Centennial Bank of the West, 2700 47th Avenue, Greeley, Colorado 80634. 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: /� 77�f Carol A. Harding, Deputy Clerk to the Board COLLATERAL RELEASED IN CONJUNCTION WITH OTHER CASES SEE #2005-2091 Hello