HomeMy WebLinkAbout20110642.tiffBank of Colorado
THERE ' S ONLY ONE
March 21, 2017
Konig Ag CO
37231 Hwy 14
Briggsdale, CO 80611
RECEIVED
APR 07 2e:V
WELD COUNTY
COMMISSIONER°
Re: Irrevocable Unconditional Letter of Credit #3782033702
Client
Amount of: One Thousand Five Hundred ($1,500.00)
To Whom It May Concern:
The above named Irrevocable Letter of Credit is hereby amended to change the
expiration date to March 8, 2018.
All terms and requirements of the original Letter of Credit remain the same.
Sincerely,
er
Market President
EQUAL
HOUSING
LENDER MEMBER FDIC
Paul Knapp
Branch President
Date:3 r; / 7
www.bankofcolorado.com
3459 W. 20th Street, Ste. 114
Greeley, CO 80634
Phone: (970) 378-1800
Fax: (970) 378-1801
lAci Gil
2 -0U —D1/244).
pLatqs
Bank of Colorado
March 11, 2015
Kon; Ag CO
372_51 HWY 14
Briggsdale, CO 80611
Re: Irrevocable Unconditional Letter of Credit #3782033702
Amount of: One Thousand Five Hundered ($1,500.00)
To W horn It May Concern:
RECEIVED
MAR 1 7 2015
WECOMMISSIONERS
The above named Irrevocable Letter of Credit is hereby amended to change the
expiration date to March 8, 2016.
All terms and requirements of the original Letter of Credit remain the same.
Sincerely,
%1"
onni
Paul K Kna
Branch President Branch Vice President
�oexNij
MEMBER FDIC
Date` f/ 5
www.bankoicolorado.com
3459 West 20th Street Suite 114
Greeley, CO 81)634
Phone: (971)) 378-1800
Fax: (9711) 378-180 I
RESOLUTION
RE: APPROVE IMPROVEMENTS AGREEMENT ACCORDING TO POLICY REGARDING
COLLATERAL FOR IMPROVEMENTS, AUTHORIZE CHAIR TO SIGN, AND ACCEPT
COLLATERAL FOR USE BY SPECIAL REVIEW PERMIT #1767 - KONIG AG COMPANY
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 January 19, 2011, the Weld County Board of Commissioners approved a
Site Specific Development Plan and Use by Special Review Permit #1767, for Michael Konig, 57851
County Road 81, Grover, Colorado 80729, do Konig Ag Company, 37231 Highway 14, Briggsdale,
Colorado 80611, for a Mineral Resource Development Facility, including Open Pit Gravel Mining
(Konig Borrow Mine) on the following described real estate, to -wit:
NW1/4 of Section 11, Township 10 North, Range 62
West of 6th P.M., Weld County, Colorado
WHEREAS, pursuant to certain Conditions of Approval, the Board has been presented with
an Improvements Agreement According to Policy Regarding Collateral for Improvements between
the County of Weld, State of Colorado, by and through the Board of County Commissioners of Weld
County, and Konig Ag Company, with terms and conditions being as stated in said agreement, and
WHEREAS, the Board has been presented with Irrevocable Standby Letter of Credit
#2033702 from New West Bank, 3459 West 20th Street, Suite 114, Greeley, Colorado 80634, in the
amount of $1,500.00, and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
accept said Irrevocable Standby Letter of Credit as stated above, 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 Improvements Agreement According to Policy Regarding Collateral for
Improvements between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Konig Ag Company, be, and hereby is, approved.
BE IT FURTHER RESOLVED that Irrevocable Standby Letter of Credit #2033702 from New
West Bank, 3459 West 20th Street, Greeley, Colorado 80634, in the amount of $1,500.00, be and
hereby is, accepted.
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cc Yu.), PL, iger1.
2011-0642
PL2098
IMPROVEMENTS AGREEMENT — KONIG AG COMPANY
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 9th day of March, A.D., 2011.
BOARD OF COUNTY COMMISSIONERS
W , D COUNTY, CO'IRADO
ATTEST:
Weld County Clerk to the
BY:
Deputy Clerk to the BBoaf,4
APPROVED A f ' FORM:
ounty Attorney
Date of signature:
ougl.s Radema her
David E. Long
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Chair
can P. nway, Pro-Tem
am F. Garcia
e Ceti
c)
2011-0642
PL2098
IMPROVEMENTS AGREEMENT ACCORDING TO
POLICY REGARDING COLLATERAL FOR IMPROVEMENTS
Konig Pit—USR-1767
THIS AGREEMENT, made and entered into this day of YYlOo C,aO 11,
by and between the County of Weld, State of Colorado, acting through its Board of County
Commissioners, hereinafter called "County," and Konig Ag Company., hereinafter called
"Property Owner?'
WITNESSETH:
WHEREAS, Property Owner is the owner of, the following described property in the
County of Weld, Colorado:
All of the NW4 Section I I, Township 10 North, Range 62 West; of the 6th P.M.,
Weld County, Colorado and
hereinafter referred to as "the Property," and
WHEREAS, Property Owner has acquired land use permits from County for a Mineral Resource
Development Facility, including open pit gravel mining, on approximately 35 acres on the above
described real property, and the County is currently in the process of considering an Use -by -
Special Review for the Property (USR-1767), and
WHEREAS, the Property Owner acknowledges that the issuance of USR-1767 is conditional
upon Property Owner's performance of the on -site and off -site improvements which are
described in this Agreement and depicted in a set of plans provided by Property Owner
(hereinafter referred to as "Plans"), a copy of which is attached to this Agreement and made a
part hereof, and
WHEREAS, Property Owner acknowledges that it may not engage in any activity described in
USR-1767 and/or any activity related to the businesses described above until said improvements
have been completed, and
WHEREAS, the parties agree that Property Owner shall be required to commence work on the
on -site or off -site improvements, and to provide collateral for said improvements pursuant to the
provisions of Sections A.8.0 andE.7.2.
NOW, THEREFORE, IN CONSIDERATION OF the foregoing and of the promises and
covenants contained herein, the parties hereto promise, covenant and agree as follows:
A. Required Off -Site Improvements
1.0 Weld County Road 81: The Property Owner shall be responsible for the
construction of certain on -site and off -site safety improvements, which shall include:
construction of adequate turning radii at the main site entrance which may extend partially onto
the WCR 81 ROW, drainage and signage installations, as indicated on the accepted Construction
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Plans. The main entrance improvements will include; a double cattle guard set (one right after
the other), in the exit portion of the roadway. (See Section D.2.0 of this Agreement). Other
improvements will include installation of two "Trucks Turning" signs to be installed on WCR
120 west and east of the intersection with WCR 81. Granting of any new point of access may
generate additional obligations with County for Off -Site Improvements and the need to post
additional "Road Maintenance Collateral".
2.0 Road Improvements Responsibilities: Property Owner is solely responsible for all
designated improvements, as specified above in Section A.1.0 and for any safety improvements
mandated by the County, and for all expenses associated therewith. These responsibilities
include, but are not limited to the following: design, surveys, utility locates, present and future
right-of-way clearances and permits; coordination with oil and gas operators and facilities,
affected railroad facilities and affected irrigation facilities; traffic control; and project safety
during construction. Property Owner shall obey all applicable regulations issued by the
Occupational Safety and Health Administration (hereinafter "OSHA"), CDOT, Colorado
Department of Public Health and Environment, (hereinafter "CDPHE") and other regulatory
agencies.
3.0 Engineering Design and Construction Plans: All engineering designs and
construction plans must be provided by Property. All plans showing work within the County
Right -Of -Way (ROW) shall be reviewed and accepted by Weld County prior to the start of
construction. For all construction in the County ROW, prior to the issuance of any access permit
or ROW permit, a construction schedule giving times and locations of all proposed
improvements shall be provided to Public Works for review and acceptance.
4.0 Construction Standards: All construction and materials controls for the project
and any designated improvements in the ROW shall conform to the requirements in effect as the
time of the completion of the improvements set forth in the "Standard Specifications for Road
and Bridge Construction" provided by CDOT.
5.0 Traffic Control: Prior to any construction in the County ROW and as a condition
of issuance of any access permit or ROW permit, the applicant shall submit a traffic control plan
for County review. During construction, appropriate safety signage shall be posted in
accordance with the then current version of the "Manual of Uniform Traffic Control Devices".
6.0 Off -Site Dust Control/Abatement and/or Paving (If Applicable): As stated by the
Applicant in the Board of County Commissioner's January 19, 2011 hearing, and consistent with
the Property Owner's Emissions Notice (APEN) and Dust Abatement Plan as submitted to the
Colorado and Weld County Departments of Public Health and Environment, the Property Owner
may be required to provide dust abatement from the pit entrance north along WCR 81 to 120,
when necessary as required by the Dust Abatement Plan approved by the Weld County
Department of Public Health and Environment and dated October 11,2010.
7.0 Future Improvements: Future improvements to the haul route(s) may be required
by County for reasons related to: changes in site activity or truck circulation patterns and
numbers, roadway classification changes, and newly permitted facilities affecting the haul route
traffic usage. Property Owner shall address all County across issues associated with haul routes.
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Future County mandated measures may include improvements to the following intersections:
WCR 81 and WCR 120, or any other intersection then utilized by Property Owner as a result of
the establishment of a new haul route. Property Owner shall pay a proportionate cost share
based on the ESAL calculation method using then current data on the haul route in the
implementation of the above -mentioned improvements. County personnel alone shall make all
determinations regarding the gathering of and use of traffic data when making decisions
regarding cost sharing. In order to accurately determine percentage of Property Owner haul truck
traffic, the County reserves the right to install traffic counters on the driveway(s) of their facility
8.0 Timing of Improvements: The onsite improvements specified in Section A.1 of
this Agreement shall be constructed and accepted by the County prior to commencement of site
open pit gravel mining activities
9.0 Acceptance of Off -Site Improvements: Upon completion of the off -site
improvements, Property Owner shall contact a representative of the Weld County Department of
Public Works and request an inspection of the off -site improvements described in paragraph
A.1.0-2.0 above. The County's representatives may then initiate the acceptance process set forth
in Paragraphs E.6.0, sections 6.1-6.3.
9.1 All references in this Agreement to "Acceptance of Improvements" shall
refer to the County confirming completion of said improvement(s)
according to the accepted construction plans. By accepting any
improvement, the County does not thereby accept said improvement for
purposes of future maintenance, nor does the County accept any present or
future responsibilities or obligations relative to these improvements.
B. Haul Routes:
1.0 Established Haul Routes:
1.1
Exiting or entering the site: Haul trucks shall enter or exit the site at the
approved access onto WCR 81. Haul trucks will travel on WCR 81 north
to the intersection of WCR 120, at which point, trucks may disperse in any
direction. Haul trucks are encouraged to utilize paved county roads
whenever possible. Per the request and existing signage by the Town of
Grover, no haul route truck traffic is allowed to travel directly through the
Town of Grover.
1.2 Any deviation or proposed change to the approved haul mute described
under B.l .1 shall follow the procedure found under B.4.0
1.3 No haul truck may exceed CDOT required specifications for pounds per
axle.
1.4 In unusual or rare occasions, if Property Owner's particular projects
mandate deviation from the approved haul route for a limited period of
time (which is defined in this Agreement as a period of not more than thirty
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days), temporary use of alternative Haul Routes may be allowed by County
when requested by the Property Owner.. If County approves such
deviation, trucks will utilize paved county roads whenever possible. A
deviation from the established Haul route lasting more than thirty (30) days
or requests for two or more deviations within a twelve month period shall
be subject to the terms of Paragraph 4.0 of this Section B. In the event that
haul truck traffic, in excess of 15% of the daily facility truck trips, utilizes
alternate haul routes, the provisions of Paragraph 4.0 of this Section B shall
be triggered.
2.0 Haul Route Signage: Property Owner shall install haul route signs at all exit
points of the Property which can be clearly seen by drivers leaving the facility and which clearly
depict County approved haul routes.
3.0 No Deviation from Permitted Haul Routes: No deviation in the use of any roads
other than those specifically authorized for use in this Agreement is permitted without the prior
written amendment of this Agreement.
4.0 Effect of Future Changes to Haul Routes: In the event that County is requested
by Property Owner or site operator to approve the use of an additional access, new haul route, or
an alternative haul route as a result of a change in Property Owner's site activities and/or truck
circulation patterns, and if the alternative or additional access or haul route utilizes any unpaved
portion of County roads, and if County determines that dust control or paving is required on the
unpaved portion of said haul route roads to protect the health, safety and welfare of impacted
County residents, Property Owner agrees that dust control or paving measures to protect the
public health, safety, and welfare shall be instituted. County will determine the proportionate
share of dust control and/or paving costs to be paid by Property Owner based upon then current
truck trip counts that identify traffic loading due to Property Owner -sourced traffic on approved
alternative haul routes. The amount and extent of dust control and paving measures will be
determined by site -specific conditions at the time, as determined by County personnel.
C. Road Maintenance Requirements:
1.0 Obligation to Maintain Current and Future Haul Routes: As stated by the
Applicant in the Board of County Commissioner's January 19, 2011 hearing, Property Owner
agrees to excavate, repair, or patch any damage on current or future haul route roads, which has
been created by heavy truck hauling from the Property. Road repairs subject to this Agreement
include damages to the paved intersection of WCR 81 with WCR 120, and any damages to WCR
81 between the intersection of WCR 81 and the gravel pit entrance (the haul route). Should
Property Owner's site activities and/or should Property Owner's truck circulation patterns
change in the future so that County approves an alternate haul route, and all or a significant
portion of Property Owner's sourced traffic no longer utilizes the above -described haul route and
instead utilizes other portions of County roads, Property Owner shall cooperate with County in
maintenance of said alternate haul route roads. The type and method of repair will be
determined by the County Engineer or his representative, and shall require a written amendment
to this Agreement executed by County and Property Owner. All repairs shall commence within
thirty (30) days of receipt of Weld County's written notice.
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2.0 Applicant's Proportionate Share: Weld County Public Works mad grader records
indicate that WCR 81 adjacent to the USR-1767 site currently requires regular maintenance road
grading 6 times a year. The County will continue to grade the road when needed up to the
current 6 times a year. To mitigate the additional haul truck traffic impacts generated by the
Project, the Property Owner/Applicant agrees to provide or fund any additional maintenance
road grading, beyond the current 6 times a year, as needed to maintain or restore WCR 81 to
County standard.
3.0 Applicant shall pay its proportionate share directly to the contractor it engages to
perform the additional maintenance road grading, Applicant's share of road grading expense
may be reimbursed and/or reduced by any funds collected for Road Maintenance from
developments on properties utilizing the Property Owner/Applicant-maintained section of WCR
81.
4.0 Annual Road Inspection: County will conduct a road inspection annually with the
cooperation of Property Owner and all other Property Owners and/or Lessees who are required
by County to participate in road improvement/maintenance agreements. As a result of the annual
inspection, County, in its sole discretion, shall determine actual conditions and shall further
determine what road improvement/maintenance work is to be performed during that construction
season.
5.0 Future Road Replacement: At any time in the future, if, in the opinion of County,
road damage increases beyond the point that repair of damage cannot maintain the road in a safe
and usable condition, Property Owner shall pay a proportionate cost of a complete restoration
based on the number of then current truck trips on the haul route.
6.0 Sharing of Road Maintenance Responsibilities with Other Property Owners: It is
anticipated that Property Owner and other Property Owners and/or Lessees subject to agreements
similar to this Agreement will perform the required road maintenance work and will share in the
equipment, labor, and materials required. Any such sharing arrangement between Property
Owner, and other Property Owners and/or Lessees shall be conducted pursuant to separate
agreements between the Property Owner and other Property Owners and/or Lessees. County
shall approve the Agreements only to determine whether the required
improvements/maintenance projects have been adequately addressed. County alone shall
determine the sufficiency of all road improvement/maintenance projects when completed.
7.0 Violation of Terms of Agreement: If Property Owner does not perform as
outlined in this Agreement and Exhibits A and B such non-performance will constitute a
violation of Property Owner's land use permits granted by County, and County will take
whatever remedial measures it deems necessary, against Property Owner. In addition to any
other remedy available to the County in law or equity, a failure to comply with this Agreement
shall be considered grounds for revocation of USR-1767 as it now exists or may, from time to
time, be amended in accordance with the procedures of the Weld County Code.
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D. On -Site Improvements:
1.0 Landscaping and Fencing Requirements: Property Owner shall maintain any
existing landscaping and provide re -seeding of the property where applicable as shown on the
accepted construction plans and USR- 1767 plat map . Specifically, Property Owner shall at its
own expense maintain grasses and other landscaping where applicable as shown on the accepted
construction plans and USR-1767 plat map. In the event any of these improvements may include
work extending into County Right -Of -Way in which cast- a Right -Of -Way or access permit is
required.
2.0 On -Site Grading, Drainage Facilities and Paving: Property Owner shall, at its
own expense, grade and/or pave, if applicable, specified roadways, accesses, easements and
parking areas, and install accepted drainage and signage components , adjacent to or within the
interior portion of the property in accordance with the directives of the Weld County Department
of Public Works and Department of Planning Services, as further described in the accepted
Construction Plans and USR-1767 Plat Map. The main entrance improvements will include;
construction of adequate turning radii at the main site entrance onto WCR 81, an appropriately
sized drainage culvert, and a double cattle guard set (one right after the other), in the exit portion
of the roadway, to ensure a complete revolution of the truck tires to minimize the tracking of
mud and debris onto WCR 81. Any other on -site improvements shall be completed as indicated
on the accepted Construction Plans for this facility. Property Owner shall be responsible for all
maintenance of the onsite improvements. Additional infrastructure improvements will be
addressed at the time of application for any future amended USR and/or at the time present
acreage of operation increases. Some of these improvements may include work extending into
County Right -Of -Way in which dace a Right -Of -Way or access permit is required.
3.0 Timing of Improvements: Property Owner must obtain Access and Right -of -
Way permits for said improvements. Any alterations to the accepted Construction Plans must be
pre -approved in writing by the County Planning and Public Works Departments. At that time,
and unless otherwise amended, Property Owner agrees that any landscaping and other on -site
improvements, as indicated in Section D. 2.0 above shall be completed within the parameters
established in Section E. 7.2 and Exhibit B.
4.0 Acceptance of On -Site Improvements: Upon completion of the on -site
improvements, Property Owner shall contact the Weld County Department of Planning Services
and the Weld County Department of Public Works and request an inspection of the on -site
improvements described in Paragraph D.1.0 and D.2.0 above. The County's representatives may
then initiate the process for "Acceptance of Improvements" set forth in Paragraphs E.6.0,
sections 6.1-6.3.
E. General Requirements (If Applicable):
1.0 Engineering Services: Property Owner shall furnish, at its own expense, all
engineering services in connection with the design and construction of the improvements
identified on the accepted Construction Plans. Engineering services performed by an engineer
registered in the State of Colorado are only required following notification by the County.
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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.
1.3 Property Owner shall furnish construction drawings for the road
improvements on public rights -of -way or easements and all improvements
interior on the Property for approval prior to the letting of any construction
contract.
2.0 Rights -of -Way and Easements: Before commencing the construction of any
improvements herein agreed upon for public rights -of -way or easements, Property Owner shall
acquire, at the sole expense of Property Owner, good and sufficient rights -of -way and easements
on all lands and facilities traversed by the proposed improvements. All such rights -of -way and
easements used for the construction of roads to be accepted by the County shall be conveyed to
the County and the documents of conveyance shall be furnished to the County for recording.
3.0 Construction: Property Owner shall furnish and install, at its own expense, the
improvements identified on the accepted Construction Plans and USR-1767 Plat Map.
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.
3.2 Property Owner shall employ, at its own expense, a qualified testing
company previously approved by the County to perform all testing of
materials or construction; and shall furnish copies of test results to the
County. If County discovers inconsistencies in the testing results, Property
Owner shall employ at its expense a third party qualified testing company
approved by County. Such third party shall furnish the certified results of
all such testing to the County.
3.3 At all times during said construction, the County shall have the right to
test and inspect, or to require testing and inspection of material and work,
at Property Owner's expense. Any material or work not conforming to the
approved plans and specifications, including but not limited to damages to
property adjacent to the construction plan area shall be repaired, removed
or replaced to the satisfaction of the County at the expense of Property
Owner.
4.0 Release of Liability: Prior to the acceptance by the County and expiration of the
applicable warranty period, Property Owner 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
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construction of all off -site improvements, and pay any and all judgments rendered against the
County 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 liability,
loss or damage is caused by, or arises out of the negligence of the County or its officers, agents,
employees, or otherwise except for the liability, loss, or damage arising from the intentional torts
or the gross negligence of the County or its employees while acting within the scope of their
employment. Following the expiration of the warranty period, Property Owner shall be released
from the foregoing requirement. 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 applicable laws and
regulations of the State of Colorado governing occupational safety and health.
5.0 Warranty of On -Site and Off -Site Improvements: Property Owner shall warranty
all improvements to public rights -of -way, (if any), and all privately created and maintained roads
or rights -of -way, or easements, and all on -site improvements for a period of two (2) years. The
warranty period shall begin only after the County's execution of a written acceptance of the
improvement(s).
6.0 Acceptance of Improvements by the County: Upon compliance with the
following procedures by the Property Owner, the improvements shall be deemed accepted by the
County.
6.1 If requested by the Property Owner and approved by the County, portions
of the improvements may be placed in service when completed according
to the schedule shown on Exhibit "B," but such use and operation shall
not, alone, constitute an acceptance of said portions of the improvements.
6.2 County may, at its option, issue building permits for construction for
which the improvements detailed herein have been started but not
completed according to the schedule shown on Exhibit "B," and may
continue to issue building permits so long as the progress of work on the
USR improvements in that phase of the USR is satisfactory to the County,
and all terms of this Agreement have been faithfully kept by Applicant.
6.3a Upon completion of the construction of the required off -site
improvements, and the filing of a Statement of Substantial Compliance by
Property Owner's engineer, the Property Owner may, as set forth in
Paragraph A_9.0, request in writing that the County inspect the
improvements and recommend to the Board of County Commissioners
that the improvements be accepted and further that the two-year warranty
period begin. . Upon completion of the two-year warranty period, the
County Engineer shall, upon request by the applicant, inspect the subject
improvements, and notify the Property Owner of any deficiencies. If any
deficiencies are discovered, the Property Owner shall correct the
deficiencies. The County Engineer shall reinspect the improvements after
notification from the Property Owner that said deficiencies have been
corrected. If the County Engineer finds that the improvements are
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constructed according to County standards, he or she shall recommend full
acceptance. Upon a receipt of a positive unqualified written
recommendation from the County Engineer for acceptance of
improvements within the USR, the Board of County Commissioners shall
fully accept said improvements.
6.3b Upon completion of the construction of the required on -site
improvements, and the filing of a Statement of Substantial Compliance,
when necessary, by Property Owner's engineer, the Property Owner may,
as set forth in Paragraph D.4.0, request in writing that the County inspect
the improvements and recommend to the Board of County Commissioners
that the improvements be accepted and further that the two-year warranty
period begin. Upon completion of the two-year warranty period, the
County Engineer and/or the Weld County Department of Planning
Services shall, upon request of the Property Owner, inspect the subject
improvements, and notify the Property Owner of any deficiencies. If any
deficiencies are discovered, the Property Owner shall correct the
deficiencies. The County Engineer and /or the Department of Planning
Services shall reinspect the improvements after notification from the
Property Owner that said deficiencies have been corrected. If the County
Engineer and/or Department of Planning Services find that the
improvements are constructed according to County standards, he or she
shall recommend full acceptance. Upon a receipt of a positive unqualified
written recommendation from the County Engineer and/or the Department
of Planning Services for acceptance of improvements within the USR, the
Board of County Commissioners shall fully accept said improvements.
7.0 General Requirements for Collateral:
7.1 County requires Property Owner to provide collateral to guaranty all of
Property Owner's obligations under this Agreement: (I) Proiect Collateral
for completion of all improvements described in this Agreement shall be
provided separately for on -site improvements and off -site improvements;
(2) Warranty Collateral required for all improvements during the warranty
phase; and (3) Road Maintenance Collateral to be kept in place for the life
of the permit.
7.2 Project Collateral (If Applicable) submitted to Weld County to guarantee
completion of the improvements indentified on the accepted Construction
Plans and USR-1767 Plat Map and further enumerated in the costs listed
in Exhibit "A," must be equivalent to One Hundred Percent (100%) of the
value of the improvements as shown in this Agreement. Collateral for Off -
site improvements that extend partially off -site as mentioned in Section
A., 1.0 (if any) or D.2.0 of this Agreement that include only improvements
involving turning radii and approaches can be included as part of the On -
site collateral amount, if clearly delineated on accepted Construction Plans
and differentiated as "Entrance Improvements" on Exhibit "A" On -Site
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Improvements of this Agreement. Such collateral shall be provided to the
County on the dates set forth herein and shall be held in total by County as
provided in Paragraph E. 6.3 below until all improvements have been
completed. This collateral must be submitted to County upon the
submission of the Property Owner's application of a grading and/or right -
of way permit.
7.3 Warranty Collateral (If Applicable) for all on -site and off -site
improvements shall be submitted to County and shall be held in total by
the County for two (2) years following its written acceptance of the
improvement(s).
7.4 In the event Property Owner fails to adequately complete and/or repair
improvements associated with this Improvements Agreement, County will
access, in its sole discretion, Project or Warranty Collateral to the extent
necessary to complete said improvements or repairs in order to preserve
public interest.
7.5 Road Maintenance Collateral shall be submitted to County at the time the
Final Plat is recorded. Road Maintenance Collateral is held for use on
roads associated with the designated haul route. The amount of the
collateral required for road maintenance shall be established by the Weld
County Department of Public Works based upon its determination of the
anticipated expenses, and its determination of the amount shall be final.
Road Maintenance Collateral shall be held by County as long as this
Agreement is in effect and returned to the Property Owner upon vacation
of associated land use agreement or permit. The Road Maintenance
Collateral will only be accessed by the County, if upon notification to
Property Owner of required roadway repairs; Property Owner fails to
perform said repairs. If any of this collateral shall be collected by County,
Property Owner shall replace the amount, plus interest, within six (6)
months.
7.6 Road Maintenance Collateral shall be adjusted annually, during the month
of January, for inflation. The first adjustment shall be made no less than
twelve months after, and in no event later than twenty four months from,
the execution of this Agreement. The adjustment shall be equal to the
inflation rate based on the "Colorado Construction Cost Index Report" as
published by the Colorado Department of Transportation.
7.7 Acceptable collateral shall be submitted on or before the time Property
Owner submits an application for the grading permit or Right -Of -Way
access permit. No grading or building permits shall be issued for any site
related activities, on the property and no Site Preparation shall commence
until cost estimates for the improvements are updated and collateral is
provided in the amount of One -Hundred percent (100%) of the value of
the improvements to be completed, and the development plans are revised
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to comply with all current County standards, policies and regulations. The
improvements shall be completed within the time schedule set forth in
"Exhibit B", which is attached hereto and made a part of this Agreement.
If improvements are not completed within these time frames, the County,
at its discretion, may make demand on all or a portion of the site collateral
and take steps to see that the improvements are made. "Site Preparation"
shall mean earthwork grading or performance of work, or construction or
installation of improvements related to Property Owner's planned
operations pursuant to USR-1767 that require a grading or building permit
from the County pursuant to the Weld County Code.
7.8 Collateral may be in the form of an irrevocable letter of credit (LOC) in
an amount equivalent to (100%) of the total value of the improvements set
forth in the Improvements Agreement and the Plat; the LOC shall be
subject to the requirements of Weld County Code Section 2-3-30 B. The
Property Owner shall utilize only a County approved form when obtaining
an LOC: (IRRVEVOCABLE STANDBY LETTER OF CREDIT FOR
BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY,
COLORADO). A copy of said form shall he provided to Applicant upon
request.
7.9 Collateral may be in the form of a surety bond given by a corporate surety
authorized to do business in the State of Colorado in an amount equivalent
to one hundred percent (100%) of the value of the improvements set forth
in the Improvements Agreement and the Plat. The surety bond shall
conform to and be subject to the requirements of Weld County Code
Section 2-3-30 B.4. The Property Owner shall utilize only a County
approved form when obtaining a surety bond: (PERFORMANCE BOND
FOR BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY,
COLORADO). A copy of said form shall be provided to Applicant upon
request.
7.10 Collateral may be in the form of a cash deposit made with the Board in an
amount equivalent to One Hundred Percent (100%) of the value of the
improvements set forth in the Improvements Agreement. In the event the
applicant is required to warranty the improvements, the applicant shall
replace the original deposit with a deposit in the amount of fifteen percent
(15%) of the original amount and those funds shall remain available to the
County until released by the County at the end of the warranty period.
7.11 The Board of County Commissioners reserves the right to reject collateral
which is deemed inappropriate or insufficient, which may be either as
collateral in the form of a letter of credit offered by a banking institution
which does not have at least a "three star" rating given by Bauer Financial,
or as collateral in the form of a performance bond offered by an insurance
company which does not have at least a B+ rating given by A.M. Best.
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The Board further reserves the right to require Property Owner to obtain
replacement collateral if the rating of the financial institution providing
said collateral drops below the levels stated above. Replacement collateral
shall be submitted by Property Owner within sixty (60) days of the
Board's notice to Property Owner that the rating has fallen and that the
collateral must be replaced. Property Owner may not terminate existing
collateral until replacement collateral has been secured.
8.0 Request for Release of Collateral: Collateral shall be released in accordance with
the provisions of Weld County Code Section 2-3-30.C. Prior to release of collateral for the entire
project or for a portion of the project by Weld County, the Property Owner must present a
Statement of Substantial Compliance from an Engineer registered in the State of Colorado.
Engineering Statements of Substantial Compliance are only required following notification by
the County. The Statement of Substantial Compliance shall state 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 Property Owner's 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 accepted by Weld County.
8.2 For the improvements to public rights -of -way or easements, test results
must be submitted for all phases of this project as per Colorado
Department of Transportation (CDOT) Schedule for minimum materials
sampling, testing and inspections found in CDOT Materials Manual.
8.3 "As -built' plans shall be submitted at the time the letter requesting release
of collateral is submitted. The Property Owner's 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 written acceptance from the County Engineer.
8.4 The Statements of Substantial Compliance must be accompanied, if
applicable, 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, if
applicable, 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 the paragraphs 8.0 through 8.5 shall be noted in the
final Construction Plans.
8.7 Following the submittal of the Statement of Substantial Compliance and
written recommendation of acceptance of the improvements by the Weld
County Department of Planning Services and the Weld County
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Department of Public Works, the Property Owner (if Property Owner has
supplied any or all of the collateral) 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 For all off -site and on -site improvements (including improvements to
public rights -of -way or easements), the written request for release of
"Project Collateral" shall be accompanied by "Warranty Collateral" in the
amount of fifteen percent (15%) of the value of the improvements as
shown in this Agreement. However, collateral for improvements fully
accepted for maintenance by a responsible governmental entity, special
district or utility company will be fully refunded to Property Owner.
8.9 Following the written request for release of the "Warranty Collateral", the
Weld County Department of Planning Services and the Weld County
Department of Public Works County shall inspect the on -site
improvements. If the improvements need mitigation or further repairs are
required, said work must be completed prior to the conclusion of the
Warranty period. The "Warranty Collateral" shall be released to the
Property Owner following the expiration of the warranty period upon final
written acceptance by the Board of County Commissioners.
8.10 "Road Maintenance Collateral" for roads associated with the designated
haul route shall be maintained as long as the USR is active. It shall be
adjusted annually by the inflation rate based on the "Colorado
Construction Cost Index Report" as published by the Colorado
Department of Transportation. Road Maintenance Collateral shall be
adjusted annually, during the month of January, for inflation. The First
adjustment shall be made no less than twelve months after, and in no event
later than twenty four months from the execution of this Agreement.
Property Owner shall provide the required Road Maintenance Collateral to
Weld County on or before April 15, 2011.
9.0 Successors and Assigns: This Agreement may not be delegated, transferred or
assigned in whole or in part by Property Owner without the express written consent of County
and the written agreement of the party to whom the obligations under this Agreement are
assigned. Consent to a delegation or an assignment will not be unreasonably withheld by County.
In the event of sale of the Property, County may agree to release Property Owner in whole or in
part from obligations under this Agreement. County's rights and obligations under this
Agreement shall automatically be delegated, transferred or assigned to any municipality which,
by and through annexation proceedings, has assumed jurisdiction and maintenance responsibility
over the roads affected by this Agreement. All of the terms and conditions set forth in this
Agreement shall be binding upon the heirs, executors, personal representatives, successors and
assigns of Property Owner, and upon recording by the County, shall be deemed a covenant
running with the land herein described.
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10.0 County Engineer: All references in this Agreement to "County Engineer" shall
refer to the any individual or individuals appointed by the County Engineer to act on his/her
behalf.
11.0 Violation of Terms of Agreement: If in County's opinion, Property Owner has
violated any of the terms of this Agreement, County shall notify Property Owner of its belief that
the Agreement has been violated and shall state with specificity the facts and circumstances
which County believes constitute the violation. Property Owner shall have fifteen (15) days
within which to either cure the violation or demonstrate compliance. lf, after fifteen (15) days
have elapsed, County believes in good faith that there has been a violation of the teens of this
Agreement, County shall initiate proceedings to revoke the permit which is the subject matter of
this Agreement. Violations of the terms of this Agreement include violations of the agreements
contemplated by Paragraphs C. 4.0 & C. 5.0 of this Agreement, and a failure to enter into such
Agreements in a timely manner.
F. Termination of Agreement:
1.0 Termination Event: This Agreement shall terminate upon the earliest of the
following events:
1.1 Cessation of all Permit Related Activities: Termination of this Agreement
shall occur upon Operator's complete cessation of all activities permitted under USR-
1767 or any amendments thereto. A partial cessation of activities shall not constitute a
Termination of this Agreement, nor shall County's issuance of a partial release constitute
a Termination. Operator shall provide written notice to Property Owner and County of
said cessation of activity, which County shall then verify. If written notice is not provided
to County, Termination of this Agreement shall not occur until County has determined
that the Use by Special Review is inactive, which shall be three (3) years following
County's observance of the cessation of activities, as provided in Sec. 23-2-200.E of the
Weld County Code.
1.2 Execution of Replacement "Improvements Agreement According to
Policy Regarding Collateral for Improvements — USR-1767 by New Property Owner:
This Agreement shall terminate following County's execution of a new Improvements
Agreement According to Policy Regarding Collateral for Improvements — USR-1767
with a new Property Owner who has purchased the Property, and intends to make use of
the rights and privileges available to it through the then existing USR.
1.3 Execution of Replacement "Improvements Agreement According to
Policy Regarding Collateral for Improvements — USR-1767 by New Operator: This
Agreement shall terminate following County's execution of a new Improvements
Agreement According to Policy Regarding Collateral for Improvements — USR-1767
with a new operator who has assumed the operation of the business on the Property
which business activities are permitted by the then existing USR.
2.0 Termination Procedures:
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2A Termination Procedures Following Cessation of Permit Related Activities:
Following the events outlined in paragraph I.I above, County shall conduct its annual
road inspection. Said road inspection shall be conducted on or before May 31 following
the announcement or determination of the cessation of permit related activities on the
Property. The results of the inspection shall be delivered in writing to the Property Owner
and Operator. If the County determines that pursuant to the terms of this Agreement, the
Operator must complete any of the improvements and/or road maintenance obligations
outlined herein, said obligations must be completed within a reasonable period of time
thereafter, but in no event later than six (6) months following the determination that
permit related activities have ceased. Collateral shall not be released by County until such
time as county determines that all of the improvements have been completed.
2.2 Termination Procedures Pursuant to Transfer of Ownership of the
Property or Transfer of Operations: If the Property Owner or Operator desires to assign
its rights and obligations under this Agreement to a successor Property Owner or
Operator, the Property Owner or Operator shall, prior to the transfer, provide County with
a written Notice to Transfer, stating the date of transfer, and identifying the party to.
whom the transfer shall be made. Following receipt of the Notice to Transfer, County
shall inspect the improvements required under the terms of this Agreement to determine
whether the improvements have been completed. If the improvements have not been
completed, the Property Owner and/or Operator shall either complete the improvements
or post collateral equal to the cost of the completion of the improvements, if such
collateral is not in place. If collateral is available at the time, County shall hold a hearing
to determine whether the collateral should be called upon to pay County or a contractor
of the County to complete the improvements. County shall also inspect the road(s) which
are covered by this Agreement to assess the current condition of the road(s) and
determine whether Operator and/or Property Owner would be required to perform road
maintenance within the following twelve months had the Agreement not been assigned. If
road maintenance is, in the opinion of County, required, Property Owner and/or Operator
shall be required to either perform the road maintenance or to post collateral equal to the
cost of said maintenance. County shall not execute a new Improvements Agreement
According to Policy Regarding Collateral for Improvements — USR-1767 with a
successor Property Owner and/or Operator prior to the performance of the road
maintenance or the posting of collateral for said maintenance, unless the new Property
Owner and/or Operator posts collateral for the required maintenance.
3.0 Consequence of Termination by Cessation of Permit Related Activities:
Following County's confirmation that Property Owner and/or Operator has/have ceased all
permit related activities and has/have completed previously uncompleted Improvements and or
completed any required road maintenance, County shall release Property Owner and/or Operator
from all further obligations under this Agreement. No Further permit related activities shall be
permitted unless and until approved by County following execution of a new Improvements
Agreement According to Policy Regarding Collateral for Improvements — USR-1767 with a
Property Owner and Operator.
4.0 Consequence of Termination by Execution of Replacement Improvements
Agreement: Following County's execution of an Improvements Agreement According to
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Policy Regarding Collateral for Improvements — USR-1767 with a successor Property Owner
and/or Operator, the predecessor Property Owner and/or Operator shall have no further rights
and/or obligations under this Agreement or in USR-1767.
5.0 Consequence of Termination Pursuant to Paragraph E.I1.0: In the event that
activities related to USR-1767 cease as a result of the revocation of the permit as described in
Paragraph E.I 1.0 of this Agreement, neither Property Owner nor Operator will be released from
any of the obligations imposed by the terms of this Agreement only after Property Owner's
successful completion of all improvements required under this Agreement or after County
accesses the collateral to the extent necessary to complete improvements County, in its sole
discretion, deems necessary to preserve public interests.
G. Governmental Immunity: No term or condition of this agreement shall be construed or
interpreted as a waiver, express or implied, of any of the immunities, rights, benefits, protections
or other provisions, of the Colorado Governmental Immunity Act §§24-10-101 et seq., as
applicable now or hereafter amended.
H. Enforcement: If, in the County's opinion, Property Owner has violated any of the terms
of this Agreement, County shall notify property Owner of its belief that the Agreement has been
violated and shall state with specificity the facts and circumstances which the County believes
constitute violation. Property Owner shall have thirty (30) days within which to either cure the
violation or demonstrate compliance. If, after thirty (30) days have elapsed, County believes in
good faith that a violation of the terms and conditions of this Agreement still exists (despite
cure), County may enforce by any legal means, including, but not limited to, legal action for
equitable or monetary relief filed in the Weld District Court, execution upon submitted collateral
(if applicable), and/or administrative action of the County to suspend or revoke the underlying
land use permit or approval pursuant to the procedural provisions of Section 2-4-40 of the Weld
County Code. Violations of the terms and conditions of this Agreement include, but are not
limited to, violations of the agreements Property Owner must enter into as required by this
Agreement, and/or failure to enter into such agreements in a timely manner.
1. No Third Party Beneficiary Enforcement: It is expressly understood and agreed that the
enforcement of the terms and conditions of this Agreement, and all rights of action relating to
such enforcement, shall be strictly reserved to the undersigned parties, and nothing contained in
this Agreement shall give or allow any claim or right of action whatsoever by any other person
or entity not included in this Agreement. It is the express intention of the undersigned parties that
any person or entity, other than the undersigned parties, receiving services or benefits under this
Agreement shall be an incidental beneficiary only.
J. Authority to Sign: Each person signing this Agreement represents and warrants that he or
she is duly authorized and has legal capacity to execute and deliver this Agreement. Each party
represents and warrants to the other that the execution and delivery of the Agreement and the
performance of such party's obligations hereunder have been duly authorized and that the
Agreement is a valid and legal agreement binding on such party and enforceable in accordance
with its terms. If requested by the County, Property Owner shall provide the County with proof
of Property Owner's authority to enter into this Agreement within five (5) days of receiving such
request.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
on the day and year first above written.
PROPERTY,..„, 1
OWNER: IN -040 p
PROPERTY
OWNER:
Subscribed and sworn to before me this 8 day of i r`cbl—
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST:
arbara Kirkmeyer, (ghair
Weld County Clerk to the Board
BY:
Deputy Clerk to . e Board
APPROVED AS TO FORM:
IIIIIIIIIIIIIIIIIIIIIIIIII'IIIIII er
37591 8 030120111 U 00 Steveeld C00001, CO
Moreno Clerk & Re
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MEMORANDUM
TO: Clerk to the Board
DATE: 3/7/2011
FROM: Richard Hastings and Heidi Hansen,
Public Works Department
SUBJECT: BOCC Agenda Item - Approve Improvements
Agreement and Accept Collateral For:
Konig Borrow Pit — (USR-1767)
Request for Approval of Improvements Agreement:
The Department of Public Works and the Department of Planning Services received a request
from the applicant's representative, Chris Rundall/Baseline Corp, requesting that the Board of
County Commissioners consider approving the Improvements Agreement for the gravel pit facility
(USR-1767), located at WCR's 81 and 120.
Weld County Public Works Department reviewed the above -mentioned signed original document
and observed the following:
• All Weld County related items, of the "Improvements Agreement According To Policy
Regarding Collateral For Improvements", are found to be acceptable.
Request for Acceptance of Collateral:
The Department of Public Works and the Department of Planning Services received a request
from the applicant's representative, Chris Rundall/Baseline Corp, requesting that the Board of
County Commissioners consider accepting collateral in the form of a Letter of Credit in the
amount of $1,500.00, for the above -mentioned Improvements Agreement.
Recommendation:
The Department's of Public Works and Planning Services are recommending approval of the
Improvements Agreement According To Policy Regarding Collateral For Improvements and the
acceptance of collateral, in the amount of $1,500.00 for Konig Borrow Pit— (USR-1767).
pc: Don Carroll, Engineering Administrator
Kim Ogle, Planning Services
C:\Documents and Settings \dbechler\Local Settings\Temporary Internet Files \Conten[.Outlook\HDO4AU84\Approve IA Accept Collateral (USR-
1767) - Konig Borrow Pit- MEMO.docx
IRREVOCABLE STANDBY LETTER OF CREDIT FOR
BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO
March 8, 2011
Beneficiary:
BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO
915 Tenth Street
Greeley, Colorado 80631
Attn: Clerk to the Board
Konig Ag Co.
37231 Highway 14
Briggsdale, CO 80611
Ladies and Gentlemen:
Effective immediately, at the request of and on behalf of Konig Ag Co, we, New West
Bank, hereby issue this Letter of Credit #2033702 for On thousand five hundred dollars
($1,500.00) in favor of the Board of County Commissioners of Weld County, Colorado,
(hereinafter "Beneficiary"). This Letter of Credit is issued to permit Konig Ag Co. to
meet the requirements of the "Improvements Agreement According To Policy Regarding
Collateral For Improvements" Konig Borrow Pit (USR-1767) dated 3/9/2011,
(hereinafter "Improvements Agreement"). This amount may be drawn on at our office
located at 3459 W. 20th Street, Suite 114, Greeley, CO 80634.
We hereby undertake to honor your sight draft drawn on us bearing upon its face the
clause: "Drawn under the Bank of New West Bank Letter of Credit Number 2033702,
dated March 8, 2011", when accompanied by the following:
1. The original of this Letter of Credit and any subsequent amendments, if any; and
2. Original of Beneficiary's statement purportedly manually signed by a member of
the Board of County Commissioners of Weld County, Colorado stating one or more of
the following:
a. "The Board of County Commissioners of Weld County, Colorado hereby
certifies that it is entitled to draw US Dollars (Written Amount of Withdrawal)
($ ) under the Bank of New West Bank, Letter of Credit Number 2033702 dated March
8, 2011 because Konig Ag Co. has defaulted on its obligations under the "Improvements
Agreement According To Policy Regarding Collateral For Improvements" Konig Borrow
Pit (USR-1767) dated 3/9/2011, by (State Nature of Default).
b. "The Board of County Commissioners of Weld County, Colorado hereby
certifies that it is entitled to draw US Dollars (Written Amount of Withdrawal)
($ ) under Bank of New West Bank, Letter of Credit Number 2033702 dated March 8,
2011 because Konig Ag Co. has not, to the satisfaction of the Board of County
Commissioners of Weld County, Colorado, within sixty (60) days of the expiration date
of this Letter of Credit replaced or renewed this Letter of Credit."
The above statements are acceptable if presented in the form of a Resolution formally
adopted by the Board of County Commissioners of Weld County, Colorado.
Additionally, a copy of one or both of the above statements may be submitted by
facsimile transmission or by electronic mail, if said transmission source can be verified
by us.
3. It is a condition of this Irrevocable Letter of Credit that it be considered
automatically extended without amendment for additional periods of one year from the
present or any future expiration date unless we notify you, the Beneficiary, in writing, not
less than ninety (90) days before such date that we elect not to extend this Letter of Credit
for such additional term. This notice will be set to the address herein sent by certified
mail, return receipt requested. Upon your receipt of said notice, you may draw on us at
sight for the balance remaining under this Letter of Credit within the then applicable
expiration date.
4. Partial drawings under this Letter of Credit are permitted.
5. For purposes of the Letter of Credit, Konig Ag Co. shall be deemed in default if
one or more of its obligations under the "Improvements Agreement According To Policy
Regarding Collateral For Improvements" Konig Borrow Pit (USR-1767) dated 3/9/2011
is/are not met within the time frame(s) set forth in said Improvements Agreement.
6. This Credit shall be transferable, as directed by an authorized representative of the
Board of County Commissioners of Weld County, Colorado, in compliance with Article
48 of UPC 500.
We hereby promise you that a draft drawn under and in compliance with the terms and
conditions of this Letter of Credit will be duly honored by us if presented at this office or
by registered mail on or before the current expiration date, currently March 8, 2012, or
any future applicable expiration date as described herein.
Draft presentation before 10:00 a.m. Mountain Standard Time on any Business Day shall
be honored before 5:00 p.m. on the same Business Day by wire transfer in immediately
available funds to any account designated by an authorized representative of Board of
County Commissioners of Weld County, Colorado, (or any other reasonable means
specified by said authorized representative). Draft presentation between 10:00 a.m. and
5:00 p.m. Mountain Standard Time on any Business Day shall be honored before 5:00
p.m. on the following Business Day by wire transfer in immediately available funds to
any account designated by an authorized representative of Board of County
Commissioners of Weld County, Colorado, (or any other reasonable means specified by
said authorized representative). As used in this Credit, the term "Business Day" shall
mean a day other than Saturday or Sunday or any day in which Banking Institutions in
the State of Colorado are authorized or required by law to close.
This Letter of Credit sets forth in full the terms of our undertaking, and such undertaking
shall not in any way be modified, amended, amplified or limited by reference to any
document, instrument or agreement referred to herein or to which this Letter of Credit
relates.
Except to the extent terms hereof are inconsistent with its provisions, in which case this
Letter of Credit shall govern, this Letter of Credit is subject to the Uniform Customs and
Practice for Documentary Credits (1993 Revision), the International Chamber of
Commerce Publication No. 500.
4CeePaul R. Knapp
Vice President
New West Bank
3459 W. 20th Street, Suite 114
Greeley, CO 80634
Phone: 970.378.1800
Fax: 970.378.1801
NEW WEST
RANK
Paul R. Knapp
Vice ('resident
3459 West 20th Street
Suite 114
Greeley, Colorado 80634
Tel 970-378-1800
Fax 970-378-1801
Cell 970-397-4900
www.newwestbank.biz
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