HomeMy WebLinkAbout2.01 Collateral Release InfoAn Employee-Owned Company
October 6th,2015
Kathy Eastley, County Planner
Garfield County Building and Planning Department
108 8th Street, Suite 201
Glenwood Springs, CO 81601
Re:Ironbridge Phase III, Filing I - Partial Release of Collateral Request Number One (l)
HCE Project No. 2141026.00
Dear Kathy:
On behalf of Blue Heron Properties, LLC the Owner of Ironbridge Phase III, Filing l, and in
accordance with the terms of the Subdivision Improvements Agreement by and between the
Board of County Commissioners of Garfield County and the Owners, this letter serves as the
first request for partial escrowed collateral release:
The contractor has completed Topsoil Stripping, Stockpile and Placement, partial Erosion
and Sediment Control and a portion of the mass Earthwork line items along with purchasing
all of the required piping, manholes, grates, valves and risers required for the project. Please
see attached Engineers Estimate for percentages completed. High Country Engineering, Inc.
(HCE) has been on site as needed to observe the construction on the project and certify that:
l. All costs for which the release is being requested have been incurred in connection
with the construction and material purchases for the improvements;
2. All work performed and materials supplied are in accordance with the plans and
specifications;
3. All work has been performed in a workmanlike manner;
4. No funds are being requested for work not completed, or for materials not installed or
stored on site: total release requested is for $209,370.00 for materials and labor. The
contractors invoices, checks payable and lien releases have been attached for backup
to this escrow release.
l517 Blake Avenue, Suite l0l
Glenwood Springs, CO 81601
telephone (970) 945-8676-fax (970) 945-2555
Garfield County Community Development
october 6th,2ol5
Page2 of2
Cost Estimate Original
Total
Previously
Released
lst Collateral
Release
Funds
Remaining
Phase III Public
Improvements $791,295.00 $0.00 $209,370.00 $581,925.00
Garfield County
Revegetation Payment $30,000.00 $0.00 $0.00 $30,000.00
TOTAL s821,295.00 $0.00 $209,370.00 $611,925.00
Please see the enclosed summaries of the materials that have been purchased and are
ctr:rently on the site awaiting installation. We are requesting the funds in the amount of
$209,370.00 be released and considered complete. This leaves $581,925.00 to complete the
remainder of the public improvements with the County and $301000 for revegetation.
Please contact me if you have any questions or need additional information.
Sincerely,
HIGH COUNTRY ENGINEERING, INC.
.E
Project Manager
Eric Foerster - Ironbridge
Karl Hanlon - Karp, Neu, Hanlon, PC
Cc
5,Updzdfdl0D/15 HCE JOB NO: 2141026.00
QUANTTTYwffi
30,000
UNTTffiw
c.Y.
TJNIT COSTFMEW'
$3.50
cosr Per@tage CompletrwwwK
28o/o
Toprcil Stipoing- St@kDrle ad Plem€nt 6,000 c.Y.$5.00 $30,000.00 lWo $ 30,000.00
Erosion ad Sediment Control Bloket SloDes Sterer tha 3 : I 3.200 s.Y $9.50 $30,400.00 s@/o $ 15.200.00
34,6N S,F,$2.95 $102,070.00
8" Clas 6 ABC Undq Asphalt, Cross Pos. Cub & Guttq ad Walks 930 c.Y.$45.00 $41,850.00
26- Mountable Cub & G utter 3,000 L,F,$25.00 s75,000.00
Ctcs I Groud Sicn (Steet Stop. Spee( Yield)6 E&h s300.00 $1,800.00
AsDhalt Pedeslriil Path 10.400 SF,s2.00 $20.800.00
MM?w $,(r,920.(X)&*@ $ 74,600.00@@
l0'D.LP., Cl6s 52 Water Main t,230 Erch $90 00 $l 10,700.00 4U/o $ 44,280.00
10'Gate Vatve 4 L.F,$2.750.00 $l 1.000.00 4@/o $ 4.400.00
$ 200.00IEeh$500.00 $500.00 4U/o
Fire Hvdat Asblyil6" Gara Valre 2 Erch $6,s00.00 $l3,mo.oo 350/o $ 4,550.00
l"WarqSwie 20 Erch $1.500.00 $30.000.00 35o/o $ 10,500.00
Enffimt Erch s2,200.00 S4,,100.00
Watq/Stom Sryq Cro$inc I Erch $2,200.00 $2,200.00
Com€t to Existinc l0' watq Stub I Erch $1.200.00 $1.200.00
ffi sr73,00o,0offi $
8' SDR-35 Sryq Pipe t.400 L,F $60 00 s84,000.00 4V/o $ 33,600.00
$38.400.00 4@/o $ 15.360.004' Dia Mahole 8 Erch $4,800.00
Com@t to Existinc Sewer Mahole I Erch $3,000.00 s3,000.00
4'Sryer Swie Erch $1.100.00 s24.200.00 35o/o $ 8,470.00
#ia??@EBrffi,r
31si
ffi+* it!il
L,F,
wffi
s35.00
ffiffi
4V/o
18'ADS Flued End Section I E&h $300.00 $300 00 4tr/o $ 120.00
5' Stom Mahole I Erch $3.600.00 $3.600.00 4V/o $ 1,,t40.00
with Grate InletCurb 2 Erch $3,000.00 $6,000.00 35o/o $ 2,100.00
$ 8,910.00ffiffiffi
Shallow Troch
H-ffi
2,500
.\Fi !i +J
L,F
EFSHTili=SE
$E.00
$2:t,025.0oBFffi
$20,000.00
L.F.$3.00 $7.500.00 6@/0 $ 4.500.002,500
Go Swie Pipinc Insall*ion (pipe firmished bv utiliW)2,500 LF $4.50 sl 1,250.00
ffi#ffi ffi M tii8,750.00EWt3 7Drr95.m
M $ 4,500.00EMIE
$ 209370003 79rr95.m
1at1
ITEM Escrow Relw
sl 05 000
-- nine nrie inchrries renc}ino and fininas -
lO'Fn.t aen
.--nn.. in.h!.ld fa.hino en.l fiffinos--
$149,600.00
8'ADS-NI2 sti 12500:
2'Telmhone md Cahle Conduit m.l Conduir Inshllrinn
a'>:-*::.:i". 5rF.qf .5,+g:1 '"1i,JF,rffS'a ,ll'ai;.i::il$;'.?fia:i"iralir!#:ES;
wRcl@Amod#t
mrinoAmdinFm'
REQUEST FOR PARTIAL RELEASE OF ESCROW FUNDS
Board of County Commissioners
Garfield County, Colorado
c/o Director of Community Development
108 8th Street, Suite 401
Glenwood Springs, CO 81601
RE: Ironbridge Subdivision
This request is written to formally notify the BOCC of work completed for the Ironbridge
Subdivision. As Owner [or On behalf of the OwnerJ, we request that the BOCC review the
attached Engineer's Certificate of Partial Completion and approve a reduction in the amount held
by Land Title Guarantee Company in Escrow No. 519857 (the o'Escrow Funds") in the
amount of $ 209,370.00, to a reduce the Escrow Funds to $ 5811925.00. The local Escrow
Account Manager at Land Title Guarantee Company is Bob Rulanr l3lT Grand Ave., Suite
200, Glenwood Springs, CO 81601, Phone: 970-945-2610. Attached is the certified original
cost estimate and work completed schedule, showing:
Engineers Cost Estimate
Work Completed, less l0oZ
Reduced Face Amount of Escrow Funds
$791,295.00
$ 209,370.00
$ 581,925.00
Based on periodic observation and testing, the construction has been completed, to date, in
accordance with the intent of the plans and specifications that were reviewed and approved by
the BOCC or its representatives and referenced in Paragraph 2 of the Subdivision Improvements
Agreement between the BOCC and the Owner.
If further information is needed, please contact Matthew Langhorst, at High Country
Engineering, Inc. at 97 0-945 -867 6.
or
Owner
APPROVED:
s
Name:
Office:
001511
INVOICE ACCOUNT NO.DATE AMOUNT DISCOUNT NET
913012015 15-154
':. {:, .1 -i',l \1:- ti it \
0.0073,950.00 73,950.00
ffiq-
r -,.- 1r...
t:
ffi3flry$fr}
CHECK DATE
Check 001511
CHECK NO.VENDOR NAME
101112015 Hobbs Excavating LLC
THE KEY TO DOCUMENT SECURITY . HEAT ACTIVATEO THUMB PRINT . ADDITIONAL SECURITY FEATURES INCLUDED . SEE BACK FOR DETAILS
zg'21'lBlue Heroti Devblopment Company
430 lronbridge Drive
Glenwood SpringS,: C0 81601
970.384.0630
HI.JN
I
NEIPAY'I35Y6NTY.THREE THOUSAND NI
:
I
',.Hobbs Excavating LLC
1760 Gupsum Creek Road
TOTHE
ORDEB
OF
HOBBS
il.oo I5Ll[.t: l0 eO000 I lr! l0 I EB I t E El q0 qrF
INVOICE ACCOUNT NO.DATE AMOUNT DISCOUNT NET
CHECK DATE CHECK NO.VENDOH NAME DISCOUNTS NET PAID
n
BED ,']
:
Hobbs Excavating and TruckingLLC (Since
l?Zt'bwru- creekRd
Gypsum, CO 81637
BILL TO
Blue Heron Developement Co.
430 Ironbridge Drive
Glenwood Spings, CO 81601
lnvoice
DATE INVOICE NO.
9t3012015 I5-l54
Comments
ITEM DESCRIPTION QTY RATE AMOUNT
As bid
As bid
As bid
As bid
As bid
mobilization
cut to fill
sh'ip topsoil to stook pile
install silt fence
tracking pad
+ft\
r-1
eh
AI\,I
S
EL;
10,000
6,000
3,500
lLQ-
2,500.00
4.50
2.875
2.20
1,500.00
2,500.00
45,000.00
17,250.00
7,700.00
1,500.00
Thankyou,
HOBBS EXCAVAIING AI{D TRUCKING Total $73,950.00
CONDITIONAL WAIVER AND RELEASE UPON PROGRESS PAYMENT
Upon receipt by the undersigned of a check from Blue Heron Properties LLC in the sum of
$73,950.00 payable to Hobbs Excavating LLC and when the check has been properly endorsed
and has been paid by the bank upon which it is drawn, this document shall become effective to
release any mechanic's lien, stop notice, or bond right the undersigned has on the job of Blue
Heron Development Company located in Garfield County, Colorado to the following extent.
This release covers a progress payment for labor, services, equipment or material fumished to
Blue Heron Development Company through 9l30ll5 only and does not cover any retentions
retained before or after the release date; extras furnished before the release date for which
payment has not been received; extras or items frrnished after the release date. Rights based
upon work performed or items furnished under a written change order which has been fully
expected by the parties prior to the release date are covered by this released unless specifically
reserved by the claimant in this release. This release of any mechanics' lien, stop notice, or bond
right shall not otherwise affect the contract rights, including rights between parties to the contract
bases upon a rescission, abandonment, or breach of the contract, or the right of the undersigned
to recover compensation for furnished labor, services, equipment, or material covered by this
release if that furnished labor, services, equipment, or material covered by the release was not
compensated by the progress payment. Before any recipient of this document relies on it, said
party should verifr evidence of payment to the undersigned.
Dated: October 1,2015
Subcontractor: Hobbs LLC
Title:
001510
tNVO|CE'ACCOUNTNO,DATE AMOUNT DISCOUNT NET
9t2912015 15-149 135,269.06 0.00 135,269.06
,, ii:'l "1:$
''''i','tl m ffi tr ffih fffi.ff
:
CHECK DATE
Check 001510
CHECK NO.DISCOUNTS NET PAID
135,26-9,06'
VENDOR NAME
9/30/2015 Hobbs Excavating LLC
THE KEY TO DOCUMENT SECURITY . HEATACTIVATED THUMB PRINT . ADDITIONAL SECURITY FEATURES INCLUDED . SEE BACK FOR DETN ILS
Blue Heron Development Company
430 honbridge Drive
Glenwood Springs, CO 81601
970.384.0630
@bank Isol GFANDAVE t
DATE
23-211020 8160l',
CHECK NO.
'1.
:I
:l'i.
TOTHE
OBDER
OF
Hobbs Excavating LLC
1760 Gupsum Creek Road
Gypsum, CO 81637
HOBBS
rr.o0I5l0[. t: t0 e0000 IIr! Io]EBlLEqLOqrr
INVOICE ACCOUNT-NO.DATE AMOUNT DISCOUNT NET
9129t2015 15-149 135,269.06 0.00 135,269.06
,.',:,.
;, ;r,,.,i ,1''i i1"'t l;;'; ; li U--;a:r''.
iii
CHECK DATE CHECK NO.VENDOR NAME NETPAID
135,269.06Check 001510 913012015 Hobbs Excavating LLC
DISCOUNTS
001 s10
IVE THOUSAND TWO HUNDRED SXTY-IIIUE
9t30t2015
HOBBS EXCAVATING LLC
Since 1973'
1760 GYPSUM CREEK ROAD
GYPSUM, CO. 81637
??o - 5af _t7TI
BILL TO
Blue Heron Developement Co.
430 Ironbridge Drive
Glenwood Spings, CO 81601
n 1a - 's )"4 J-l'4'1:7
DATE INVOICE NO.
813U2015 l5-149
lnvoice
tr
E/il
84- l,+{_T let
*/
Comments
ITEM DESCRIPTION QTY RATE AMOUNT
Material-
Material-
concrete materials needed for phase 3 filing I
pipe parb for phase 3 filing I
C f; tlfi i] [ F']-- --""'" 9-;el fr,l, -
nI i' .*';' ,i:i' ''' ',,l .fhl*l!!--L/1,.;',..i,,; j,i", i,t' *"'
l,o,i. lrrl i ,i"' "*"* "'"-l?5*rAnooo
t',' ,,-r,:'.ii .-{-{f.--.j'l i ltt,,ti r/'i".'""*^ "
23,3 I 1.00
I I1,958.06
23,311.00
I I1,958.06
Thank you,
HOBBS EXCAVATING AI{D TRUCKING Total $135,269.06
CONDITIONAL WAIVER AND RELEASE UPON PROGRESS PAYMENT
Upon receipt by the undersigned of a check from BIue Heron Properties LLC in the sum of
$135'269.06 payable to Hobbs Excavating LLC and when the check has been properly
endorsed and has been paid by the bank upon which it is drawn, this document shall become
effective to release any mechanic's lien, stop notice, or bond right the undersigned has on the job
of BIue Heron Development Company located in Garfield County, Colorado to the following
extent. This release covers a progress payment for labor, services, equipment or material
fumished to Blue Heron Development Company through gt3}tlsonly and does not cover any
retentions retained before or after the release date; extras furnished before the release date for
which payment has not been received; extras or items fumished after the release date. Rights
based upon work performed or items furnished under a written change order which has been
frrlly expected by the parties prior to the release date are covered by this released unless
specifically reserved by the claimant in this release. This release of any mechanics, lien, stop
notice, or bond right shall not otherwise affect the contract rights, including rights between
parties to the contract bases upon a rescission, abandonment, or breach of the contract, or the
right of the undersigned to recover compensation for furnished labor, services, equipment, or
material covered by this release if that furnished labor, services, equipment, or material covered
by the release was not compensated by the progress payment. Before any recipient of this
document relies on it, said party should verify evidence of payment to the undersigned.
Dated: September 30, 2015
Subcontractor: Hobbs Excavating LLC
By:
Title
*)
Ell I lll Fr l:lIlhl ll|l, l{rt llli rh',il1lilt'lf illl l[' H {l t'll' ll ll I
ReceotionH: 86831 1
?;'J{L'RL|. P3. 1 6, I 3u'5..'t3! 3 I 36' 68fl F r ELD couNTy co
Escrow Agreement
Date: Escrow Number: Closer:
The under-signed deposit with Land Title Guarantee company, a cololarlo corporation, as Esorow Holdel' (the "Escrow Holder"), the
iteras set forlh in Schedule A, to be held by Escrow Holaer sutlect to the terms of this Escrow Agreement, the General Provisions to
the Escrow Agreement and the Special tnitructions in Schedule B (collectivell', the "Escrow Agreement")'
Seller(s):
(if applicable)
All cash deposits mustbe acc<impanied by a Fonn W-9 Request for Taxpayer Identification Number'
"Schedule A"
from$
"Schedule B"
(Special lnstructions)
Special Inshuction No. I (Repairs) Attached
Special Iaskuction No. I a ( Compietion) Attach ed
Special Instruction No. 2 (Lender Cornpletion Insn'uctions) Attachecl
Special Instruction No. 3 (Indemlity Agreement - Cash Deposit) Attached
Special lastruction No. 4 (Depository Instuctions) Attached
Special ksh-uction No. 5 (F.I.R.P.T.A)
[-] Special Instmction No. 6 @esolution of Miscellaneous Issues)
E ,ttt bthers (See attacired Exhibit "A")
The parties to the Escrow A-ueement, by theil signature below, acl,caowledge and agree that they have read, and will be bor:nd by ttre
Es*ow Agreement, includii!, the Geneial Provisions to the Escrow Agreement, and flre Special Instructions in Scheduie B'
RrryerlBe+r+r+e+€)'B [r,rc- ttzro ,r- Pta7cs\sl'6.LLL(if
(".
\9
.((1
Form13575 12/2013 ea.spec.insLodt 122894323)
Address
Phone #t
Fax #:
Email:
Conlacl:
Lender:
(If applicable)
By
Address
Phone #:
Contact:
Ary con'espondence rcgardirrg this escrot' shall be
addressed to:
Land Title Guarantee ComPanY
5975 Greenn'ood PIaza BIvd'
Greenu'ood \/illage, Colorado 80 1 1I
Attu: Escron' Coordinat<lr
Phone: 303-32i-1880
Fax: 303-399-8193
Address
Phone #:
Fax #:
Email:
Contact:
Escrow F'ees to be as Foilovt's
(a) Set up 1'ee:
Note: After the issuatrce of four (4) checlrs, a fee of $10.00 per
checl< u,ill be made for each additional checl<.
Receipt of the Escrott, Deposit alld acceptance of the Escrou'
Agl eer:reut her eby acknotvledged b1':
Land Title Gua antee Compalv - Escros' Holder
B),
(b) Miscellaneoust _
Illl llll*ilf hrrr:Hlt EilLllHl, lTlltf ilri:lf lfit{d! Hr}, ll lll
Receotionfl: 86831 1
Ogt22'tZA15 03:'17.15 Pfl Jean Alberico2-oi O Rec Feer$@.@@ Doc Feer0 @0 GARFIELD C0UNTY C0
Form13575 1.?2013 ea.spec.inst.odt {22894323}
:lll Hhilll'h?Illrlll,lH Llfir,ll IIH+!!,ft rlll,rrlrtlh'l Il lll
Receotion$:868311
ogl22l2@15 03:'17:15 Pl'l Jean Alberico
5-oi-s-nec fee:$o.OO Doc Fee:0.0o GARFIELD CoUNTY c0
l.
Land Title Guarantee Compatty
General Provisions to the Escrox, Agreernent
Initials
Initials
Notices.
An1,1o11.., required or permitted to be given urdel the Escrou,Agreeurent shall have been deemed to have been served:
i. one bnsiness day aftel the notice is hand delivered v,ith ploofofleceipt by the addressee, or
ii. one business day after transmission by facsirnile evidenchg confirmation of leceipt by lhe reoeiving facsirnile
machile, or
iii. one business day aflel transnission b), email evidencing confinlation of receipt by,fhs lsssil,ing ernail address, or
iv, if reputable overuight courier (such as United Parcel Service or Federal Expr:ess) is used, on the imrlediately
follor+,ing business da5, 41i", notice is sent lor overniglrt deliverl,. 61
v. if the United States Mail is used, on the third business day after the notice is deposited in tlle Udted States MaiL,
postage pr'epaid;
Provided in each case such notice is addressed to the parlies at the addresses girren on the frst page ofthis Escrorv Agreemeut.
Reliance on Notice.
Escrou, Holder uray act in reliance Llpon any'a.riting ot'instrument ol siguaturc rvhich Escrolv Holder, in good fhith, believes to
be genuire, and ma1, assurne the validity and accuracl, of an1, 5121sm.nt or assertion contained in such alvritirg ol instrurnert,
aud tnay assulre that any persc)n prlrpolting to give any u,litilg, notice, advjce or iusturction in connectiou with the plovisions
hercofhas been duly autholized so to do.
Larvs Relating to Uuclairned F unds.
Seller and Buyer are hereby advised that unclai-rncd funds may be payable to tbe State at some future date pursuant to
unclairned propertl, laws, and should Escrow Holder pa1, any such ltnds held in the Escrou,Deposit, Escrorv Holder shall be
release from all fur'tlier responsibility turder thc Escrou,Agrcemcnt and shall not be liable to an)/ Part), so lorig as such payrnent
u,as urade pursuant to applicable larv.
Escrow Deposit and Interest Earned on .Escrow Deposit.
a. IJpon leceipt of rvritten di,r'ection of t}e parties along u,ith a completed W-9 any money coriprisilg the Esclol Deposit
q,ill be invested in an interest bearing accourt.
u. Deposits of $ 100,000,00 or mo1'e nay be directed by tire parties hereto to othel t5,pes of investnents, ot' the Escrorv
Holder rnay invest the Escrow Deposit in Repurchase Agl'eernents for U.S. Treasuty obligations or othel Federal ageucy
issued securities.
c. Escrow Holder shall not be responsible for nraxirnizing the ),ield or the Escrow Deposit. Under no cilcumstances shall
Esuou, Holder be liable for loss of funds due to banl< or other Institution failure, including enrpJol,ees or agerts thereof,
suspensiou or cessation of business, or any action or' 'ilaction on the part ofthe bank or other institution, or any delivery
service h'ansportirrg furids to and fi-om the futstitution.
d. All parties heleto sliall execute and deliver 1o Escrorv Holder all forms required by fcderal, state or other govelnnrentai
ageucies relative to taxation matters and Escrorv IIolde;'u,ill file appropriate I099 or othcr requiled forms.
Fees and Expenses of Escrow Holder.
a. The Esclorv Holder shall be entitled to leimbru sement iu fllll. or may demand paymerl in advance, fo:: all costs,
expenses, charges, fees or other payments urade or to be rnade b), Escrow Holdel in the performance of Escrorv Holder's
duties and obligations ulder the Esclorv Agreemeut.
n. The parties to lhe Escrorv Agreement are jointly and severally liable for ttre pa)auert to Escrorv Holder of all fees and
expenses. Escrorv Holder is hereby autholizedand directed to reimburse to itself in payment of fees ol expenses frorn
any funds in the Escrorv Deposit, u,hether frorn principal or interest or both, at any titne, and from time to tirne, as the
sarne may be due and owiug.
c. Escrow t{older is l'rereby autlrorized to u,ithlrold any fees or expenses fi'om any disbursement or distribution ofEsclow
Deposit to auy Party hereto or to the Clerk of the Court upon interpleader.
d. In the event flrat tlie Escro\^, Deposit shall consist of documents ouly and not flnds, Escrou, Holder ntay refirse to
dish-ibute an)/ such docu.rnerts or to otherwise act uridel tliis Agreement until all accrued but unpaid fees and expenses
have been paid in full.
2.
3.
4.
rm 13575 1212013 ea.spec.inst.odl {22894323}
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RecentionH:868311ogtzdtzols 03:17:15 Pl'l Jean Flberico4 of 6 Rec Feer$0.00 Doc Fee:0.0@ GARFIELD C0UNTY C0
NonJiabili[' of Escrovv Holder.
a. EscLou, Holder shall nor be liable for alry mistakes ol fact, or erors ofjudgrnent or lor auy acts oL ourissions of any kind
uuless caused b)' the willful misconduct or gross negligerice of Escrorv Holder"
b. Escrow I-Iolder shall not be iiable for any taxes, assessnents or othcr govemruental charges which [ray be levied or
assessed upon the Esclow Deposit or an), pat1 thereof, oI'uPon the income therefi'on-r.
c. Escrow Holder ma5, rely upol the advice of coun-sel and upon stalements of accountants, brokers or other pelsons
reasonably belieyed Uyit rn good faith to be expert in the inatters upon which they are cousulted, arrd for an-v reasonable
action tal(en ot- suffet'ed itt good faith based upon such advice or Statements.
Indemnity of Escrotv Holder'
The Seller aiid Bulrsl je;rtly and severallll aEee to:
i. indemnifl. Er.row Holder for, aud hold it hanlless against au1, and all liabili['ilcurred bY the Escrorv liolder by
reason of this Escr.ora, Agreement, ol in conneotion u,ith Escrou,Agent's perfot'n'rance of its dutics lrereundel; except
for Escrou, Holder's orvn u'illful misconduct ol'gross negligence, and
ii. reimburse Escrorv Holder for all its expenses, includhg, but not necessalily limited to, attontel's' fees and court
costs incrured pursuant to this Escrorv Agreement'
Request for Written Ittstructious,
a. Escrow Holder may at any time, ancl fl'om time to time, reguesl the Se11er and Bu1'c1 1o provide written instructions
concernilg the pr:opriety of a ploposed paymeut of the Escrou, Deposit, distribution of documents, or other aclion or
refusa1 to act b)'Escrow Holdcr,
b. Should the Seller and Buyer.fail to provide such writtcn instructions u,ithin a reasonable time, Escrow HoLdel'may take
such action, or refuse to i.t, u, it rnay deenr appropriate and shall not Lre liabIe to anyone for such actiotr ot'l'efusal to act'
c. Notrryithstanding the foregoing, should tlre terirs ot'the Escrotv Agreement bc compiied $'ith. in the judgmer:t of Escrow
Holder., then the Escrow frof aei rnay disburse an)r fltnds, dish'ibute documents. or take such action rvithout specific
further u'r'itten instructions fi'onr any Party.
Disputes and I nterPleader.
a. In the e'ent oian1, dispute belween the Parties as to eitlier Lau, or fact, or in the etettt any ofthe parties hercto fail, for
any reason, to ful\, rcccipt and acquit the Escrow Holder iu ivriting Esct'ow Holder rnay rcfuse, iu its discretion, to cauy
out said escrorv fushuctions or to detver ariy funds, documenls, or propelty ilr its haud to anyo[e atld iI so doilg shall
not become liable 1o demand'
b. EscLorv Holder shall be entitled to oontinue, without iiabiliry to lei'ain aud refuse to act:
i. until ail the rights oftlte adverse claimants havc bcen finallv adjudicated by a court havi[g-iurisdiction over the
parties and the iteins affected hereby, after u,hich time the Escrorv Holder shall be entitled to act in confonnily rvith
such adjudicatiou; or
ii. until a1l differelces shall have been adjusted by agreement and Escrou'Holder shall have been notified thereofaud
shall have been dir.ected in rvriting signed,iointly or.. i:r counterpart by fie parties arrd al1 persons rnaking adverse
clai1ns or dentand, at which tiure Escrow Ftolder shall be protected in acting ir cornpliaoce there\fith.
c. Escrow Holder also has the r-ight to irrtetplead into a court of cornpetent jurisdiction at the expense of the Parties.
Resignation of Escrotv Holdcr.
a. Escr.orry Holder ma-r, resigl under this Agleenient b1, giviug u,ritfen notice to all of the pafiies hereto, etfective 30 days
aftel the date ofsaid notice.
b. Upou the appoi'trlent by the parlies of a neq, escrow holder or custodian, or upor u'titten inshucfions to Escror'r' Holder
foi other clisposition oftire Esirorv Deposit, Escrorv Holder shall, aflerretention ofits accrued escrorv -lees atrd expctises'
if any, shall cleliver the Escrow Deposii ra,ithin a leasonable pe.riod of time as so dilected, and shall be r-elieved of any and
all )iability hercunder alising thereafter
Applicabte Lar'.
This Agreetnent shall be governed b1' the larvs of the State of Colorado'
Counterparts/Tbird Party Beneficiaries.
'Ihis Escrorv Agreement ma1, 6. executed in any number of counterparts, each of tr4rich u'hen so executed shall constifute the
entire agreemeirt betrveen tlie Seller and Buyer. 'l'he Seller and Bu5,s1 acknorvledge and agree tliat there are not intended or'
unixteiled thircl parly beneficiaries who rnay rely upon or benefit fi'om the provisious of this ag'eement
Electronic Signatu res and Notices.
The execution of this Escro1 Agreement, and arry otber notice required or permitted under this Esctow Agreemeut, rnay be
gir"o
^ra
tralsnitted b),electrJnic means (including erlail, facsimile, 9r similar transrnission) and shall be deerned cffective
ior all purposes. Documents witlr original signatur-es are uot required. If origiral signatures ale requiled by any party, this
request nust be rnadc prior to execution of this Escrorv Agreement or any other notice, to ensule compliauce rvith the request
8.
10
11
72.
13
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Ogt22'12015 03:17:15 Pl'l Jean Alberico
6-of-6-nec Fee,$0.00 Doc Fee:@.00 GHRFIELD COUNTY C0
Exhibit "A"
to
Escrow Agreement
This document is an addendum ("Addendum") to that certain escrow agreement under Land Title
Guaranty Company Escrow Account No. 519857 ("Escrow Agreement") entered into between
and among Blue Heron Properlies LLC ("Blue Heron Properties") the Board of County
Commissioners fol Garfield County, Colorado ("BOCC") and Land Title Guaranty Company
("Escrow Holder"). This Addendum is incorporated in the Escrow Agreement by refelence as if
set out in full.
Introduction
Blue Heron Properties and the BOCC are pafties to that certain Subdivision Improvements
Agreement darcd n/zr I tf and recorded in the public records of Garfield County,
C olorado under Re/c epi{on No. 8 Lh1 (the "SIA")
Section 3, of the SIA requires that Blue Heron Properties provide security for the construction
and completion of certain public improvements located within the Phase III of the Ironbridge
Planned Unit Development,
The amount of the security is $Vltrz?e,$e "Escrow Deposit"), which is an amount equal to
the Cost Estimate as defined in Se6tion 3(a)of the SIA,
Blue Heron Properties and the BOCC have agreed that the delivery of the Escrow Deposit to the
custody of the Escrow Holder, pursuant to Escrow Agreement and this Addendum, will satisff
the security requirements under Section 3 of the SIA.
Disbursal Instructions and Miscellaneous Provisions
Section 1.01 Disbursal of Escrow Deposit.
In accordance with the above, Blue Heron Properties and the BOCC instruct the Escrow Holder
to disburse all remaining or any authorized portion of the Escrow Deposit as follows:
To Blue Heron Propefties: Escrow Holder shall disburse the sum set forth on any
"Written Request for Partial (or Final) Release of Security presented by Blue Heron
Properties" as provided in Section 3(e) and Exhibit D of the SIA that is stamped,
certified, or otherwise authorized by the BOCC or its duly authorized officer or
representative.
To the BOCC: Escrow Holder shall disburse the balance of the Escrow Deposit, together
with all accrued interest, to the BOCC upon Escrow Holder's receipt of a duly approved
written resolution of the BOCC confirming that the BOCC has determined Blue Heron
Properties to be in default under the SIA, Such determination shall be made at a duly
noticed public meeting for which Blue Heron Properties will be provided l4 calendar
days advanced written notice. Notice provided in conformance with the SIA will be
deemed sufficient for the pu{poses of this provision.
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Section 1.02 Miscellaneous Provisions.
Blue Heron Properties waives any and all claims against the BOCC, its officers, employees,
agents and contractors on account of each of their good faith performance of their obligations
under the Escrow Agreement and this Addendum. BIue Heron Properties shall defend, indemnify
and hold harmless the BOCC, its officers, employees, agents and contractors from and against
any claim made on account of this Escrow Agreement.
The procedures set forlh in this Addendum are intended to govern the mamer in which Escrow
Deposit funds are to be disbursed to Blue Heron Propefties, or, as the case may be, the BOCC.
This Addendum does not affect, in any respect, the manner or conduct of inspections to be
performed by the personnel of Garfield County with respect to the public implovements, all as
fuither provided in the SIA.
The parties intend that the Escrow Agreement and this Addendum satisfy the requirement of "a
form of security deemed adequate" under Seciton 3(a) of the SIA. In any event, as between Blue
Heron Propefties and the BOCC, the provisions of the Escrow Agreement and this Addendum
are to be interpreted in a manner consistent with the SIA, which, with respect to Blue Heron
Propefties and the BOCC, will control over the Escrow Agreement and this Addendum with
respect to 4ny provisions that are in conflict.
**tEnd of Addendum***