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TC Res. No. 1982-13r' 4 WHEREAS, the Town of Avon has executed a Subdivision Improvements • • RESOL(TTION NO. $-1"i 3 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, 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 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 Company is desirous of having Lot 6 of Block 5, Wildridge Subdivision as per the recorded Replat #2 as recorded in Book 330 at Page 78, County of Eagle, State of Colorado released from the abovementioned Deed of Trust in exchange for a new note and Deed of Trust for Lot 6 of Block 5 being assigned back to the Town of Avon. NOW, THEREFORE, be it resolved by the Town Council of the Town of Avon, Colorado: THAT, Wildridge Development Company shall assign that certain promissory note dated August , 1982, wherein Block 5, LTD., a limited partnership is Maker, payable to Wildridge Development Company and secured by a first Deed of Trust on Lot 6, Block 5, Wildridge Subdivision as per the recorded'Replat #2 as recorded in Book 330 at Page 78, County of Eagle, State of Colorado, as recorded in Book at Page in the real property records of Eagle County, State of Colorado, both of said instruments attached hereto and incorporated herein by this reference, as assigned to the Town of Avon. BE IT FURTHER RESOLVED, that the Town of Avon grant a partial release from that certain Deed of Trust dated January 15, 1982, as hereinabove described encumbering Lot 6, 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 day of , 1982. ATTEST: Patricia J. Doyle, Town Clerk S E A L Allan R. Nottingham, Mayor 0 4 • • ASSIGNMENT OF COLLATERAL FOR VALUE RECEIVED, Wildridge Development Company, a Colorado Partnership hereinafter referred to as "Wildridge", hereby assigns, transfers and sets over unto The Town of Avon, Colorado, for the purpose of securing a partial release of deed of trust on Lot 6, 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, all of its right, title and interest in and to that certain Promissory Note dated August 1982, to the order of Wildridge and wherein Block 5, Ltd., a Colorado Limited Partnership is Maker. Wildridge hereby certifies that the principal amount owing under the abovementioned Promissory Note as of the date of this Assignment is $114;750.00. Wildridge shall be entitled to receive the payments thereunder until such time as Wildridge shall be in default under the terms of that certain Subdivision Improvements Agreement dated July 10, 1979, as amended. DATED this day of , 1982. WILDRIDGE DEVELOPMENT COMPANY, a Colorado Partnership BY: Larry D. Goad, Attorney-in-Fact STATE_ OF COLORADO ) ) ss. COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me this day of , 1982, by Larry D. Goad, as Attorney-in-Fact for Wildridge Development Company. My Commission Expires 6-30-84. Notary Public Address Recorded at o'clock M., Reception N,* • Recorder. I .I PHIS INDENTURES Made this day of RECORDER'S STAMP 1982 , between WILDRIDGE DEVELOPMENT COMPANY, a Colorado partnership ~I hereinafter called the assignor , of j the first part, and TOWN OF AVON, COLORADO ii hereinafter called the assignee , of the second part, witnesseth, that i! WHEREAS Block 5, Ltd., a Colorado limited partnership did, by a certain trust deed, dated the day of 1982 , filed for record in the office of the Recorder of the County of Eagle , in the ' State of Colorado, on the day of , 1982 and duly recorded in book , at page (Film No. Reception No. grant, bargain, sell and convey the property therein and hereinafter described to WILDRIDGE DEVELOPMENT COMPANY, a Colorado partnership and its assigns, to secure the payment of one promissory note for the principal slim Of One Hundred Fourteen Thousand Seven Hundred Fifty and no/100 Dollars and interest. NOW, THEREFORE. in consideration of the sum of Ten and no/100 dollars and other good & valuable cons iderationDollars, paid by the said assignee to the said assignor , the receipt whereof is hereby acknowledged, the said assignor hereby assign unto the said assignee , the said - trust deed and note secured thereby, together with all moneys now owing or that may hereafter become due or owing in respect thereof, and the full benefit of all the powers and of all the covenants and provisos therein contained, and the said assignor hereby grant and convey unto the said assignee the following described property situate in the County of Eagle , and State of Colorado, to wit: Lot 6, BLock 5, Replat Number 2, Final Subdivision of Wildridge as recorded October 8, 1981, in Book 330 at Page 78, County of Eagle, State of Colorado. TO HAVE AND TO HOLD the said trust deed and note , and also the said property unto the said assignee forever, subject to the terms contained in said trust deed and note And the said assignor hereby covenant with the said assignee that the said deed and note hereby assigned is agood and valid security and that the sum of One Hundred Fourteen Thousand Seven Hundred Fif ty and no/100 Dollars remains unpaid on the said note and that the said assignor ha s not done or permitted any act, matter or thing whereby the said trust deed has been released or discharged, either partly or in entirety and ha s the right to assign said deed and note and will upon request do, perform and execute every act necessary to enforce the full performance of the covenants and agreements therein contained and that this assignment and the covenants herein shall inure to the benefit of and extend to and be binding upon the heirs, executors, administrators, successors and assigns of the respective parties hereto. IN WITNESS WHEREOF, the part y of the first part ha s executed these presents the day and year first above written. WILDRIDGE DEVELOPMENT COMPANY, a Colorado Partnership Signed, sealed and delivered in the presence of STATE OF COLORADO, by County of Eagle Witness my hand and official seal. My commission expires [SEAL] BY: [SEAL] Larry D. Goad, ttorney-in- act [SEAL] The foregoing instrument was acknowledged before me ss. this day of '19 Notary Address No. 31-A. ASSICNNIE•'NTOF NtORTGA(;EOR'rRUSTnh:En. -01978 Ili Afordt'ublr.hmg.IS IlWc.r4•1hAv,nuc L..dden.Colorado X0401-13031 278-0644-7-80