HomeMy WebLinkAbout4.0 Letter of CreditAlprncBaId(
Carbondale
DATE OF ISSUE: March 25, 1996
TO: (Beneficiary) Board of County Commissioners of Garfield
County, Colorado
APPLICANT: Anneliese K. A1Ien
EXPIRATION DATE: March 25, 1998
AMOUNT: One Hundred Fifty-Nine Thousand, Six Hundred Ten and
No/100's ($159, 610 . 00)
NUMBER: O4O76227 -01-
We hereby est.ablish our lrrevocable Letter of Credit in your
favor in the amount of $159,6a0.00. The purpose of this Letter of
Credit is to secure the performance and completion of the pub-l-i-c
improvements set forth in Exhibit rrBrr of the Subdivision
Improvements Agreement, Mountain Meadows at Prince Creek
Subdivision dated day of , 7996, between
Anneliese K. Alien-, therein referred t@bdivider, " and
the Board of County Commissioners of Garfield County, Colorado,
therein referred Lo as "COUNTY".
You shall promptly notify us when a default or event of
default of the Subdivision fmprovements Agreement occurs. Yournotification shall- include any not.ice or order required to be sentto owner/subdivider pursuant to t.he Subdivj-sion ImprovementsAgreement. Notice shaI1 be by telephone and in writing to:
Alpine Bank, Carbondal-e
Attn: Trish Meredith
0350 Hwy 133
Carbondale, CO 81-623
0326 Highway #133 . Carbondale. Colorado 81623 . (303) 963-3040
- Fotmerly known as Roar,ng fotk Bdok ffi recvcted paper
You are hereby authorized to draw on sight on Alpine Bank,
Carbondale by draft not to exceed the amount of $159,510.00
commencing on March 25, 1,996. Partial drawings are permitted.
The conditions for payment of any draft drawn against thisLetter of Credit are as follows:
1. The execution by the County of the Subdivision Improvement
Agreement, Mountain Meadows at Prince Creek Subdivisi-on Final PIat
and the recordation of the same.
2. A Beneficiary's statement signed by the Chairman of theBoard of Count.y Commissioners of Garfield Count.y, Colorado,
certifying that Anneliese K. Al-Ien has failed to complete the
publ ic improvements in accordance with Exhibit rr B rr of the
Subdivj-sion Improvements Agreement between the beneficiary and theapplicant, a copy of which is attached hereto and incorporatedherein by reference, which entitles the Board of County
Commissioners of Garfield County, Col-orado to draw on the Letter ofCredit and stating the doll-ar amounL of the default.
3. The original Letter of Credit shall be indorsed on thereverse side with the words: "Drawn by the Board of County
Commissioners of Garfield County, Colorado, in the amount of
$-'',thensignedbytheChairmanoftheBoardofCounty
Commissioners of Garfield County, Colorado.
This LeLLer of Credit is not transferrable. Alpine Bank,
Carbondale agrees that drafts presented and negotiat.ed under and in
compliance with the terms of t.his Letter of Credit shall be duly
honored upon presentation and delivery of documents as specifiedabove, if presented on or before March 25, 1,998, dt 2:00 p.m.
Mountain Daylight Time.
When releases of the Letter of Credit. are approved by t.he
County in accordance with the provisions of Section 3 (B) of theSubdivision Improvements AgreemenL, upon the effective date of suchrelease, the amount of this Letter of Credit shall- be automatically
reduced in the same amount of the amount of the release or, if noamount is specified, the cost identified in Exhibit,,8,, to theSubdivision fmprovements Agreement identifying the public
improvement which has been completed and approved by the County.
Copies of a]1 such releases sha11 be promptly delivered to the Bank
upon their approval by the County.
In the event the public improvements required by Exhibit ,,B,,,
of the Subdivision Improvements Agreement. are not construcLed orcompleted in compliance therewith, on or before September 1, 19g-/ tAlpine Bank, Carbondale agrees to extend by written agreement underand in accordance with the terms of this Letter of creditconcerning Section 3 (B) of the Subdivision Improvements Agreement.
This Letter of Credit. shal-I be governed by Articl-e V of the
Uniform Commercial Code as in effect. in t.he State of Colorado.
Alpine Bank, Carbondal-e hereby engages with the Beneficiarythat all drafts and documenLs drawn under and in compliance withthe terms of this Letter of Credit. will be duly honored if drawn
and presented for payment at Alpine Bank, Carbondale on or before
t.he expiration date of t.his Lett.er of Credit.
ALPINE BAI{K, CARBONDALE
Ltley _'j,:,Lt L ltLa"Ld.,l-(.Trish Meredit.h, Vice President.
Scofie President
SCHENK, KERST & deWINTBR, LLP
A PARTNERSHIP OF PROFESSIONAL CORPORATIONS
ATTORNEYS AT LAW
JOHN R. SCI]ENK
DAN KERST
WILLIAM J. deWINTER, Ill
CAROLYN M, STRAUTMAN
302 EIGHTH STREET, SUITE 3 IO
GLENWOOD SPRINGS, COLORADO 8160I
TELEPHONE: (970) 945 -2447
TELECOPIER: (970) 94s-47 67
August ll,1999
Mr. Mark Bean
Garfi eld County Planning Department
Garfield County Courthouse
109 Eighth Street, Suite 303
Glenwood Springs, CO 81601
Mr. David M. Kotz
Schmueser Gordon Meyer, Inc.
118 West 6th Street, Suite 200
Glenwood Springs, CO 81601
Re: Mountain Meadows at Prince Creek
Dear Mark and Dave:
Mrs. Allen has received a second disbursement of her funds on deposit with Garfield County
for the drainage improvements. The record of payments on this account is as follows:
Date Item Amount Balance
December 18, 1998 Deposit s17,754.00 s17,754.00
March ll,l999 Disbursement $6"220.20 $1 1,533.80
August 6,7999 Disbursement $s.402.00 $6,131 .80
Based on my reading of Dave's letters dated February 4,1999, andJ:une24,1999,tt appears
that all work on this job has been accomplished. If that be true, the final portion on deposit of
$6,13 1 .80 could be released to Mrs. Allen. Can I do ailything to complete this aspect?
JRS
cc: Dr. and Mrs. Wilmer C. Allen
Ill\Allcn\Ban & Kou wN
1 3 1999
Yoqrs very