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TC Res. No. 1980-15RESOLUTION NO. 15 SERIES OF 1980 WHEREAS, the Town of Avon has executed a Subdivision Improvements 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 the installation of certain utilities and roads; and WHEREAS, Wildridge Development Company has previously given to the Town of Avon a deed of trust on all of Block 4 in Wildridge Subdivision; and WHEREAS, Wildridge Development Company has previously given the Town of Avon a deed of trust on all of Block 5, Wildridge Subdivision; and WHEREAS, Wildridge Development Company, pursuant to Paragraph 2(d) of said Subdivision Improvements Agreement, has provided to the Town of Avon an up-to-date accounting of the costs of the required improvements, the costs of construction already completed and the estimated remaining costs of said improvements, as well as an up-to-date calculation of the amount of collateral required and needed by the Town of Avon, all as set forth on Exhibit A attached hereto and incorporated herein; and WHEREAS, the Town of Avon has previously agreed to release ten (10) lots from Block 4 per Resolution Number 10, Series of 1980 of which eight (8) lots have been actually released; and WHEREAS, Wildridge Development Company continues to market certain of the lots in Block 4; and WHEREAS, Wildridge Development Company has requested the Town of Avon to release an additional nineteen (19) lots based on credits for construction costs paid during May, June and July, 1980; and i WHEREAS, the Town Council has satisfied itself that the value of,the remaining collateral in Blocks 4 and 5, Wildridge Subdivision, after nineteen I (19) additional lots in Block 4 are released by the Town of Avon, is sufficient to satisfy the purposes for which said collateral is being held. NOW, THEREFORE, be it hereby resolved by the Town Council of the Town of Avon, Colorado: The Subdivision Improvements Agreement referred to;above'•shall'.be amend`ed._ to show as collateral Blocks4 and 5,'Wildridge Subdivision, less nineteen (191 ~ additional lots in Block 4•which will be released by the Town of Avon as sales",',,' of said lots are made by •Wildridge Development Company, or such,:other :r`'.%t:'L•{'' collateral as the Town 'and Wildridge Dgvelo.pment Company may mutually agree upon from time to time. EXECUTED this day of August, 1980. ATTEST: To Clerk , f .4 .~.fi '~1 '.jam t~`:;,. c;~-°-~.'.i!"t•qv ~w;,.f7~;, ?t.<;'"FIL'r~V •y~"~rr~~ 1F, "Fi't • •r : ' ~ ,i, Fes"'"~Y~';,,,`.'. . , .N .r~•, .fit f, r . y-...Oft "~Y~ry`'tit",~•77.~¢'~•~~r-+t• itrW~4k;~i~ti :fY-I~ y1L • a n;,. -2-