TC Res. No. 1983-02RESOLUTION NO--#83-2
DACE
SERIES OF 1983 °~O MNE`{TE PHILLIPS
r EAGLE cTY. RECORDER
WHEREAS, the Town of Avon has executed a SubdivisR& Omply+ T4-'ts~ j
H
Agreement dated July 10, 1979, with Wildridge Development Company which
agreement provides for the Town of Avon to hold certain unsold parcels of land
as collateral pending the completion of certain utilities and roads; and
WHEREAS, pursuant to paragraph 3. of the Subdivision Improvements
Agreement Wildridge Development Company has the right to substitute collateral
by way of an assignment of the promissory note and Deed of Trust on a lot(s)
sold to a bona fide purchaser; and
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WHEREAS, Wildridge Development Company did assign to the Town of Avon that
certain- promissory note dated January 15, 1982; wherein Block 5, LTD., a
limited partnership is Maker, payable to Wildridge Development Company and
secured by a first Deed of Trust encumbering Lots 1 through 11, Block 5,
Wildridge as recorded in Book 334 at Page 936, County of Eagle, State of
Colorado; and
WHEREAS, Wildridge Development is desirous of having the above described
promissory note and Deed of Trust released in exchange for a first Deed of
Trust on five (5) unsold parcels of land per Exhibit "A" attached hereto and
incorporated herein by this reference; and
WHEREAS, the Town Council of the Town of Avon is satisfied that the value
of the substituted collateral per Exhibit "A" is sufficient to satisfy the
purposes for which said collateral is being held.
NOW, THEREFORE, be it resolved by the Town Council of the Town of Avon,
Colorado:
THAT, the Town Council of the Town of Avon accepts the substituted
collateral described hereinbelow to satisfy the purposes for which said
collateral is being held.
BE IT FURTHER RESOLVED, that the remaining collateral. for said Subdivision
Improvements Agreement referred to hereinabove shall be in the form of a
promissory note in the principal amount of $310,000 secured by a first Deed of
Trust encumbering Lot 35, Block 2 and Lots 64, 65, 66 and 68, Block 3,
Wildridge Subdivision, as per recorded Replat #2 as recorded in Book 330 at
Page 78, County of Eagle, State of Colorado, to collateralize the remaining
construction costs as set out on attached Exhibit "A", both of said instruments
attached hereto and incorporated herein by this reference.
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BE IT FURTHER RESOLVED, that the Town of Avon accepts and agrees to
perform all of the terms and conditions contained in said Deed of Trust
including but not limited to the granting of partial releases thereunder;
provided, however, in the event such partial releases shall reduce the
collateral required to satisfy the terms of the subject Agreement, then in said
event Wildridge Development Company shall, as a condition for the granting of
said partial releases, provide substitute collateral satisfactory to the Town
of Avon in an amount necessary to meet the then required amount, if any, of
collateral to secure the Town of Avon pursuant to the terms of the Subdivision
Improvements Agreement.
BE IT FURTHER RESOLVED, that the Town of Avon reassign that certain
promissory note and Deed of Trust as hereinabove described encumbering Lots 1
through 11, Block 5, Wildridge Subdivision as per the recorded Replat #2
thereof as recorded in Book 330 at Page 78, County of Eagle, State of
Colorado.
EXECUTED this 11th day of January, 1983.
Patricia J. Do
TOWN OF AVON, COLORADO
Mayor Pro-Tem
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OOLUTION,NO. SERIES OI 83
EXHIBIT "A"
WILDRIDGE SUBDIVISION
Calculation of Collateral for Town of Avon
as of January 1, 1983
Estimated Balance
to Complete as of
1-01-83
Roads, Drainage and Revegetation and.Guardrail
$283,000
Sewer
Electrical
Engineering, Staking and Platting
27,000
Telephone
Balance to be Collateralized
$310,000 (A)
Average Sales price for 306 lots
sold in Blocks 1-5
68,352 _(B)
Approximate Number of Lots Needed
by Town (A) - (B)
5
Collateral Presently Held & Requested
Change
Promissory note'and Deed of Trust dated 1-15-82
from Block_5. LTD., payable to the order of
Wildridge Development.Company, a Partnership
and assigned to the•Town of Avon
$1,434,375
Less reassignment of the above,described
promissory note and Deed of Trust dated
1-15-82 from Block 5, LTD.
(1,434,375
)
Substitute collateral - 5 lots,in,,Wildridge .
Subdivision with an average-:sales price of
$68,352 each ($68,352,x 5):'
$ •341,760