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EXHIBIT C
2OTO GARHELD COUNTY TREASURER'S DEPOSIT AGREEMENT
Owner: G. H. Daniels,III and Gregory Hasenberg
ourcx s TDA
THTS 2OIO GARFIELD COLINTY TREASURER'S DEPOSIT AGREEMENT_
IMpROYEMENTS ("Deposit Agreemenf') is entered into by and befween the Garfield Counry
Board of County Commissioners ("BOCC"), the Garfield County Treasufer, Georgia
Chamberlain ("Treasurer"), and G. H. Daniels, III and Gregory Hasenberg (collectively referred
to herein as "Owner").
Recitals
l. The BOCC approved the Preliminary Plan Application for the Quicksilver Court
Subdivision by means of Reiblution No. 2008-138 ("Resolution"), recorded at Reception No.
760233 in the Records of the Garfield County Clerk and Recorder's Office and incorporated by
this reference.
Z. The BOCC and Owner Qnterqd into that certain Subdivision lmp_rovements
Agreement ("Sh"), ," l*AW I *12010 recorded at Reception No9ff2rtrin the Records
oirhe Garheld County Cierk & Recorder's'OfIice and incorporated by this reference.
3. The SIA requires provision ofsufficient financial assurance ofconstruction of
"lmprovemerts," as defined in paragraph 3(a) of the SIA, and Owner wishes to deposit good
funds for such security.
4. Consistent with paragraph 3(a) of the SIA, the BOCC has approved Owner's use
of a Garfield County Treasurer'-s Depoiit Agreement in lieu of a Letter of Credit as such
financial assurance.
5. The Treasurer is willing and able to hold such funds in accordance with the
Treasurer's statutory duties outlined in Sections 30-10-701, et seq- and 30-l-102, C'R'S', as
amended.
Asree.ment
NOW THEREFORE, in consideration of the foregoing Recitals, the Parties agree as
follows:
l. Owner,s Treasurer's Account. Owner shall deposit with the Treasurer the sum of
two thousand seven trundred and ninety-four dollars and no cents ($2,794.00), to secure
cons6uction of Improvements within the Quicksilver Court Subdivision as defined in paragraph
3(a) of the SIA. In consideration of the service fee payable to the Treasurer, identified in
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EXHIBIT C
Paragfaph 2, below, the Treasurer shall place the funds in_an interest bearing account and
disbursi funds therefrom in accordance with the terms of this Deposit Agreement' Such account
shall be known as the "Quicksilver Court SuMivision Improvements Treasurer's Account" and
shall be subject to rhe terms and conditions of this Deposit Agreement.
2. Treasurer's Service Fee. The Treasurer's service fee shalt be, in accordance with
Section30.l.l@ended,onepercent(l'0o/o)ofthedepositedfunds,i.e.,
seven hundred and iwinty-sev€n dollars and ninety-four cents ($Zl.S+1. The service_fee covers
administrative costs incurred by the Treasurer in distributing and accounting for the Quicksilver
Court Subdivision lmprov"r.ntu Treasurer's Account. Such fee shall be paid by Owner in cash
or by check made payable to the Garfield County Treasurer, as noted in the "Receipt" section of
thisbeposit Agreemlnt @age 6), on or before the date of Treasurer's execution of this Deposit
Agreement. the servicJ fee is-deemed to be earned by the Treasurer upon execution of this
DJposit Agreement. Interest earned on the Quicksilver Court Subdivision lmprovements
Treasurer's Account shall be paid to Owner as detailed in Paragraph 3, below. Th-e^Treasurer
shall thereafter provide to Owner a report of interest earned, as required by state and federal tax
law. Owner shall provide a completed Form W-9 to the Treasurer at the time the deposit is
made.
3. Disbursement Prpcedure. Disbursement from the Quicksilver Court Subdivision
Improvement, fr"uooot e"**t rtrull be rnade by the Treasurer upon the written direction of
the BOCC, as follows:
A. Request for Review and Approval. Upon completion of consbuction of
lmprovement , us d"fred'i, tt e SIA, O**r shali provide a certification of final completion of
Improvements signed by Owner's licensed engineer, along with a written request for release of
security.
B. Deficiencies. If the Board of County Commissioners refuses approval of
the engineer,, ".rtifi"utio*f upp-val, the BOCC shall provide written notice of deficiency in
substantial cornpliance with the provisions of paragraph 3(e) of the S[A, and Owner shall correct
the identified deficiencies.
C. Single Request for Disbursement. This Deposit Agreemen_t does not
provideforsuccessiv"@ursementsfromtheQuicksilverCourtSuMivision
i*prorr"-"nts Treasurir's Account. One (l) final disbursement shall be requcsted by Owner,
upon completion of construction of Improvements'
D. Request for Disbursement/Release. Owner shall request disbursement by
means of a written "R;il.-$ f* Di.b*r"ment," addressed to the BOCC and delivered to the
Garfield County Building and Planning Department. The Request for Disbursement shall be
accompanied by as-built/iecord drawingt of tt. Improvements, stamped by Owner's engineer'
and by Owneris engineer's certification of completion of Improvements, certifying that all
Improvements have ieen constructed in accordance with the requirements of the I"A.
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EXI{IBIT C
E. BOCC's Acknowledgnent and Direction. Upon review of the submittals
required by subparagraph D., above, if the BOCC approves Owner's engineer's certification, the
SOCC shall issue iG "Acknowledgment of Satisfaction and Direction to Treasurer", in a form
substantially similar to that document attached to and incorporated herein by reference as
"Exhibit A".
F. BOCC's Completiol of lmprovemqnts. If owner's completion of
Improvements is deemed unsatisfactory, in the sole discretion of the BOCC, within the period of
time defined in Paragraph 4, below, or if the BOCC determines that Owner will not or cannot
complete the lmprovements under the S[A, the BOCC may withdraw and employ from the
quicksilver Court Subdivision lmprovements Treasurer's Account such funds as may be
necessary to carry out construction of the Improvements. If funds are inadequate, responsihjlity
to "orpiete
remaining Improvements shall be that of the Owner, not the BOCC. If the BOCC
elects io complete the Owner's work, expenditure on the effort shall be no more than the
principal amount of the Quicksilver Court Subdivision Improvements Treasurer's Account, plus
intereit, under terms of Paragraph 2, above. If the cost of the work to the BOCC is less than the
amount available, the BOCC rh"ll retu* Ihe overage to Owner within a reasonable period of
time following completion by the BOCC.
4. Term. The term of this Deposit Agreement shall begin on the date of execution,
as defined below, and end on or before the "Completion Date" plus six (6) months, as expressly
defined in the [A. If Owner has failed to complete the Improvements within this term, all funds
held under this Agreement shall continue to be maintained by the Treasurer until needed for
completion of Improvements by the BOCC under paragraph 3F'
5. Waiver. Consent aJrd Indemnity. Owner consents to the disbursement procedure
and other actions authorized and provided for by the terms of this Deposit Agreement. 0wner
waives any claim against the BOCC and the Treasurer, their officers, employees, agents and
contractors, on account of each of their good faith performance of their obtigations under this
Deposit Agreement. Owner shall defend, indemni$ and hold harmless the BOCC and the
TreaSurer, Iheir officerS, employees, agents and contractors' from and against any claim made on
account of this Deposit Agreement.
6. Indemnification of Treasurer, Owner and the BOCC each shall mutually defend,
indemnify anO trota tn" fr"ur*er harmless from any claim made. Owner and the BOCC each
wairre any claim against the Treasurer involving this Deposit Agreement, unless such claim is
premised upon the wanton and willful misconduct of the Treasurer'
i. Binding Effect. This Deposit Agreement shall be binding on the successors and
assigns of aU parties ana shall terminate upon finat disbursement of funds held by the Treasurer
in the Quicksilver Court Subdivision lmprovements Treasurer's Account.
8. Immunity. Nothing contained in this Deposit Agreement constitutes a waiver of
governmental immunity applicable to the BOCC under Colorado law.
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EXHIBIT C
g. No Aeency. The making and execution of this Deposit Agteement shall not be
deemed to create a partnership, joint venture, or agency or fiduciary relationship among the
parties.
10. Integration. This Deposit Agreement constitutes the entire agreement among the
parties pertainEg to the method of deposit and disbursement of the Quicksilver Court
'subdiviiion Improvements Treasurer's Account. No supplement, modification or amendment of
this Deposit Agreement, other than changes as to notice information, shall be binding unless
executed in writing in a document of equal formality as this Deposit Agreement.
ll. Notices. Any notice required or permitted by this Deposit Agreement shall be
given in writlng:na snall be effectiv€ upon the date of delivery, or attempted delivery if delivery
Is refused. Delivery shall be made in person, or by certified retum receipt requested U.S. Mail or
receipted delivery service to:
BOCC
c/o Building & Planning DePt
attn: Fred Jarman, Director
loB 8th Street, 4s Floor
Glenwood Springs, CO 81601
Phone: (970)945-8212
Garfield County Treapurer
Georgia Chamberlain
109 8s Street, Suite 204
Glenwood Springs, CO 81601
Phone: (970)945-6382
Changes in address, phone number and identity of contact person(s), shall be made in writing,
and may be made without formal amendment of this Deposit Agreement.
Page 4 of6
OWNER
Gregory Hasenberg
I155 Quicksilver Way
Rifle, CO 81650
Phone: (970\309-3236
G. H. Daniels,III
176 G.H. Daniels Blvd.
Gypsum, CO 81637
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WffiREFORE, the parties have caused this Deposit
date of execution by the BOCC, as beneficiary, noted below.
EXHIBIT C
Agreement to be effective on the
ATTEST:
Clerk to the Board
DEPOSITOR:
By: Gregory Hasenberg
STATEOFCOLORADO )
)ss.
cotJNTY OF GARFIELD )
DEPOSIT HOLDER:
GARFIELD COLINTY TREASURE,R
ey: b)ilip@
Georgia Chamberlain, Treasurer v
Date: 4- Ae 't O
Subscribed and swom to before mc by Gregory Hasenberg and G. H' Daniels, III, as
Owner of the Subdivision, this -ffday ot Apn; t , 2010.
WITNESS my hand and official seal.
tldrolGdaodo
BENEFICIARY:
BOARD OF COMMISSIONERS
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RECEIPT
CheckNo.
Cash
Form W-9:
Received
By:
Print Name:
Tirle:
Office of the Treasurer
Date:
Form 1099 shall be sent to: G' H. Daniels, III
176 G.H. Daniels Blvd.
Gypsum, CO 81637
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EXHIBIT C
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