05-27-1993 Mtn Star Borrower Promissory NotePROMISSORY NOTE
U.S. $11,996,986
Avon, Colorado
1993
1. FOR VALUE RECEIVED, the undersigned ( "Borrower ") at the address
of 1000 South Frontage Road West, Suite 201, Vail, Colorado 81657, promises to pay the
Town of Avon at the address of P.O. Box 975, Avon, Colorado 81620, or order ( "Note
Holder "), the principal sum of Eleven Million Nine Hundred Ninety -Six Thousand Nine
Hundred Eighty -Six and No /100 U.S. Dollars ($11,996,986), to be paid in accordance with and
subject to that certain Amended and Restated Subdivision Improvements Agreement dated
IM A U A� , 1993, between Borrower and Note Holder (the "Agreement "), the terms
and provisions of which are hereby incorporated herein by this reference.
2. Borrower shall pay to the Note Holder default interest at the annual
rate of 12% (the "Default Rate "), on any payment not received by the Note Holder within
10 days after Borrower's receipt of notice from the Note Holder that the payment is
delinquent.
3. If any payment required by this Note is not paid when due, the entire
principal amount outstanding and accrued interest thereon shall become due and payable at
the option of the Note Holder (such election being referred to as "Acceleration "); and the
indebtedness shall bear interest at the rate of 12% per annum from the date of default.
Note Holder shall be entitled to collect all reasonable costs and expense of collection and /or
suit, including but not limited to reasonable attorneys' fees.
4. Borrower may prepay the principal amount and any accrued interest
outstanding under this Note, in whole or in part, at any time without penalty.
5. Borrower hereby waives presentment, notice of dishonor and protest, and
hereby agrees to any extensions of time of payment and partial payments before, at, or after
maturity.
6. Any notices to the parties provided for in this Note shall be in writing and
shall be given and be effective upon (1) delivery to such party or (2) three business days after
mailing such notice by first -class U.S. mail, or (3) one business day after timely deposit with
a commercial overnight courier service, charges prepaid, addressed to the Note Holder or
Borrower at the address stated in the first paragraph of this Note, or to such other address
as the parties may designate.
7. The indebtedness evidenced by this Note (the "Indebtedness ") is secured by
a Deed of Trust dated L a 14 J _� 1993 (the 'Deed of Trust"), and until released,
the Deed of Trust contains dditional rights of Note Holder. Such rights may cause
Acceleration of the Indebtedness. Reference is made to the Deed of Trust for such
additional terms. The Deed of Trust grants rights in the property in Eagle County, Colorado,
identified on Exhibit A attached to and incorporated in this Note by this reference (the
"Deed of Trust Property")
8. Note Holder will look primarily to the Deed of Trust Property as its
recourse for repayment of the indebtedness evidenced by this Note and for any default under
this Note or the Deed of Trust or the Agreement. Note Holder shall be entitled to enforce
a claim for a deficiency against Borrower provided Note Holder shall have complied with
C.R.S. § 38 -38 -106, as amended from time to time. Nothing contained in this paragraph,
however, shall be construed to prejudice the rights of Note Holder to enforce any of its other
rights or remedies under the Agreement, the Deed of Trust or this Note.
MOUNTAIN STAR LIMITED LIABILITY
COMPANY, a Wyoming limited liability company
By: WFS Company, as Authorized Agent of the
Management Committee of Mountain Star
Limited Liability Company
-2-
By: G h
Willis J.-`Wright, Jr., General 'Partner
EXHIBIT A
THE DEED OF TRUST PROPERTY
Lots 1, 2, 67, 68, 69, 70, 71, 72, 74, 75, 76, 77, 78, 79, 80, 81,
82, 83, 84, 85, 86, 87, Final Plat, Mountain Star, according to
the plat recorded on 5 --1 $ - q3 , 1993, in Book WD
at Page ) ;),q in the records of the Clerk and Recorder of
Eagle County, Colorado
A -1
NOTICE OF WAIVER
{; NOTICE IS HEREBY GIVEN that the Town of Avon, County of
Eagle, and State of Colorado, acting through its Town Manager,
waives that certain Plat Restriction Number 6 contained in the
Amended Plat for Mountain Star, recorded November 22, 1993, in
Book 625 at Page 455, Eagle County records, with respect to all
lots, Mountain Star, Town of Avon, County of Eagle and State of
Colorado.
DATED this day of Appl, 1994.
milli James, Town Manager
STATE OF COLORADO )
ss.
COUNTY OF EAGLE )
The foregoing document was subscribed and sworn to
bkeore
me, the undersigned Notary Public, on the (11 day of
M cf , 1994, by William D. James as Town Manager
e Tovrn'af Avon, County of Eagle and tate of Colorado.
31�(jT A ( j'My commission expires:
-pU� L1G Witness my hand and official eal .
Not ry Public
533516 B -637 P -464 04/14/94 10:42A PG 1 OF 1 REC DOC
Sara J. Fisher Eagle County Clerk & Recorder 5.00
i
.l
521893 B -625 P -829 11/24/93 04:57P PG 1 OF 1 REC DOC
Sara J. Fisher Eagle County Clerk & Recorder 5.00
NOTICE OF WAIVER
NOTICE IS HEREBY GIVEN that the Town of Avon, County of
Eagle and State of Colorado, acting through its Town Manager,
waives that certain Plat Restriction Number 6 contained in the
Amended Plat for Mountain Star, recorded November 22, 1993, in
book 625 at page 455, Eagle County records, with respect to Lots
ti
3 through 66, Mountain Star, Town of Avon, County of Eagle and
State of Colorado;
PROVIDED, nothing herein shall be construed as an
acknowledgment of the fulfillment and compliance with the
requirements of the Amended and Restated Subdivision Improvements
Agreement, recorded May 28, 1993, in book 610 at page 129, Eagle
County records.
24th November
DATED the day of , 1993.
William ames, Town Manager
STATE OF COLORADO )
ss.
COUNTY OF EAGLE )
The foregoing document was subscribed and sworn to
before me, the undersigned Notary Public, on the 24th day of
November , 1993, by William D. James as Town Manager of
the Town of Avon, County of Eagle and State of Colorado...
My commission expires: 4/24/97. /e ' �,ORr
Witness my hand and seal
1F. Y�'P.r • m
Notary Pu li
•.,,,,,,1o1..���•• +•
NOTICE OF WAIVER
NOTICE IS HEREBY GIVEN that the Town of Avon, County of
Eagle and State of Colorado, acting through its Town Manager,
waives that certain Plat Restriction Number 6 contained in the
Amended Plat for Mountain Star, recorded November 22, 1993, in
book 625 at page 455, Eagle County records, with respect to Lots
3 through 66, Mountain Star, Town of Avon, County of Eagle and
State of Colorado;
PROVIDED, nothing herein shall be construed as an
acknowledgment of the fulfillment and compliance with the
requirements of the Amended and Restated Subdivision Improvements
Agreement, recorded May 28, 1993, in book 610 at page 129, Eagle
County records.
DATED the 24th day of November
, 1993.
William - -`D. James, Town Manager
STATE OF COLORADO )
ss.
COUNTY OF EAGLE )
The foregoing document was subscribed and sworn to
before me, the undersigned Notary Public, on the 24th day of
November , 1993, by William D. James as Town Manager of
the Town of Avon, County of Eagle and State of Colorado.
My commission expires:
4/24/97
Witness my hand and seal.----
Notary Public \
Recorded at _
Reception No
o'clock M..
REQUEST FOR RELEASE OF DEED OF TRUST AND RELEASE
MOUNTAIN STAR LIMITED LIABILITY COMPANY
TOWN OF AVON
R ecorder
Date
Grantor (Borrower)
Original Beneficiary
(Lender)
MAY 27, 1993 Date of Deed of Trust
MAY 28, 1993 Recording Date of
Deed of Trust
EAGLE County of Recording
506209 Reception and /or Film Nos. of Recorded Deed of Trust
Reception No. Film No.
610 130 Book and Page of Deed of Trust
Book No. Page No.
TO THE PUBLIC TRUSTEE OF
EAGLE County (The Public Trustee to which the above Deed of Trust conveys the said property.)
Please execute this release, as the indebtedness has been fully paid and /or the terms and conditions of the trust have
been fully satisfied.
TOWN OF AVON
Current Owner and Holder of the Evidence of Debt Secured by Deed of Trust (Lender)
Name and Title of Agent or Officer of Current Owner and Holder
Signature Signature
State of Colorado, County of
Eacrle
The foregoing request for release was acknowledged before me on
February 8 , 1994 (date) by'
Z' Date Commission Expires
RELEASE OF DEED OF TRUST
Witness My Hand and Seal
Notary Public
KNOW ALL MEN, that the above referenced Grantor(s), by Deed of Trust, conveyed certain real property described
in said Deed of Trust, to the Public Trustee of the County referenced above, in the State of Colorado to be held in trust to
secure the payment of the indebtedness referred to therein.
NOW THEREFORE, at the written request of the legal holder of the said indebtedness, and in consideration of the
premises and the payment of the statutory sum, receipt of which is hereby acknowledged, I, as the Public Trustee in the
County first referenced above, do hereby remise, release and quitclaim unto the present owner or owners of said real
property, and unto the heirs, successors and assigns of such owner or owners forever, all the right, title and interest which
I have under and by virtue of the aforesaid Deed of Trust in the real estate described therein, to have and to hold the
same, with all the privileges and appurtenances thereunto belonging forever; and further I do hereby fully and absolutely
release, cancel and forever discharge said Deed of Trust.
by
State of Colorado, County of
The foregoing instrument was acknowledged before me on
(date) by
as the
Public Trustee of
County, Colorado.
Date Commission Expires
*If applicable, insert title of agent or officer and name of current owner and holder.
Original Note and Deed of Trust Returned to:
Received by
Public Trustee
Deputy Public Trustee
Witness My Hand and Seal
Notary
No. 904. Rev. 5 -90. (REQUEST FOR) (RELEASE) OF DEED OF TRUST a Bradford Publishing, 1743 Wazee St., Denver, CO 80202 — (303) 292 -2500 —11 -90
WHEN RECORDED RETURN TO: