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TC Res. No. 1985-15RESOLUTION NO'. 85-15. SERIES OF 1985 A RESOLUTION APPROVING FINAL PLAT FOR WILDWOOD RESORT, A RESUBDIVISION.OF LOTS 5, 52A AND 52B, BLOCK 1, BENCHMARK AT BEAVER CREEK WHEREAS, Wildridge Development Company, a Colorado Partnership and Section 36, Inc., a Colorado Corporation, owners of Lots 5, 52A and 52B, Block-l, Benchmark at Beaver Creek have submitted a Final Plat for Wildwood Resort for review and approval by the Towh of Avon; and WHEREAS, a Preliminary Plat for Wildwood Resort was approved by RESOLUTION NO. 83-29, SERIES of 1983; and WHEREAS; the Final Plat has been reviewed by the Town Staff and.Town Attorney and found to be generally in conformance with the approved Preliminary Plat and Subdivision Regulations.of the -Town of Avon. NOW THEREFORE BE IT RESOLVED BY the Town Council of the town-of Avon that the Final Plat of Wildwood Resort is hereby approved'subject to: 1. Avon Metropolitan District approval of the Buck Creek Drainage and Waterline,Easementt and Nottingham-Puder Ditch and Waterline Easement, as evidenced by the signature's of authorized representatives on the Final Plat. DATED: .APPROVED: Apkil_ 9, 1985 S e la.R. DaVis, Mayor Pro-Tem 0 0 SUBDIVISION IMPROVEMENTS AGREEMENT WILDWOOD RESORT SUBDIVISION THIS AGREEMENT, made and entered into thisday of April, 1985, by and between Wildridge Development Company, a Colorado partnership and Section 36, Inc., a Colorado corporation, hereinafter referred to jointly as "Subdivider", and the Town of Avon, State of Colorado, a municipal corporation, by'and through its Town Council, hereinafter referred to as "Town". WHEREAS, the Subdivider, as a condition for approval of the final subdivision plat of Wildwood Resort Subdivision, desires to enter into a Subdivision Improvements Agreement with the Town; and WHEREAS, the Subdivider has been requested by the Town to provide security or collateral sufficient to make reasonable provisions for completion of certain public improvements ("Improvements") set forth in Exhibit "A" attached hereto and by reference incorporated herein; and WHEREAS, the Subdivider desires to provide collateral to gdarantee performance of this Agreement, including construction of the Improvements, by means of a promissory note secured by first deed of trust on real property located in the Town of Avon, County of Eagle, State of Colorado; and WHEREAS, the Subdivider has provided 'for the collection and treatment of sewage by virtue of the subject subdivision being within. the boundaries of the Upper Eagle Valley Sanitation District, a quasi-municipal corporation, under the laws of the State of Colorado, with said District assuming responsibility for sewage collection and treatment; and WHEREAS, the Subdivider has provided for a source of domestic water by virtue of the subject subdivision being within the boundaries of the Avon Metropolitan District, a quasi-municipal corporation, under the laws of the State of Colorado, with said District assuming responsibility for domestic water service and fire protection; NOW THEREFORE, in consideration of the following mutual covenants, conditions and promises, the parties hereto agree hereby as follows: 1. Subdivider hereby agrees, at its sole cost and expense, to furnish all equipment and material in a good workmanlike manner necessary to perform and complete by November 1, 1988, unless extended in writing by all parties hereto, the public improvements set forth on Exhibit "A" attached hereto and by reference incorporated herein and to do all work incidental thereto according to and in compliance with the following: (a) All final plat documents submitted prior to or at the time of final plat approval. (b) All laws of the United States of America, State of Colorado, Town of Avon and its respective agencies, affected special districts and/or service districts. (c) Such other designs, drawings, maps, specifications, sketches and other matter submitted by Subdivider to and approved by any of the above-referenced governmental entities. All said work shall be done under the inspection procedures and standards established by the Town, shallbe to the reasonable satisfaction of the Town and shall not be deemed complete until approved and accepted by the Town Council or said Council's appointed designee. The estimated cost of the work and improvements, which are the subject of this Agreement, is the sum of $283,500.00 (Two hundred eighty three thousand five hundred dollars), as set forth below:. Roads, re-vegetation, guardrail, drainage, etc: Buck Creek Road from Nottingham Road to the end of the Wildwood Resort $147,500 Swift Gulch Road from Nottingham Road to the end of the Wildwood Resort 36,500 $184,000 Utilities: Sewer $ 8,500 Water 51,000 Electric 25,000 Telephone 15,000 $ 99,500 TOTAL $283,500 - 2 - r 2. Subdivider hereby agrees to provide security and collateral to Town equal to the estimated costs of Improvements remaining to,be installed. It is the intention of Subdivider and Town that said security and collateral will be in the form of a non-interest bearing promissory note in the amount of $283,500.00 (Two hundred eighty three thousand five hundred dollars) secured by a first deed of trust on certain lots within the Wildridge Subdivision, Town of Avon, County of Eagle, State of Colorado as described in Exhibit "B" attached hereto and by reference incorporated herein. (a) The Subdivider intends to improve and market to the extent reasonably possible in the same sequence as the lots are currently numbered; in other words, the Subdivider intends to commence its Improvements and marketing within the Subdivision with Lot 1, thence Lot 2, and, thence Lot 3. Subdivider may commence its marketing prior to the actual installation and construction of the Improvements. Lot 1 is presently under contract with Avon Resort Properties, LTD'-and is scheduled to close between May 1 and August 1, 1985 at the option of the purchaser. (b) The value of each lot used as collateral will be.as indicated on Exhibit "B". (c) The security and collateral given to the Town will always have a value approximating the estimated costs of Improvements remaining to be installed; in other words, the estimated costs of Improvements remaining to be installed will be determined from time-to-time by Subdivider using estimated quantities provided by its Engineer from design plans and the latest available comparable installation costs within the Subdivision. If a comparable installation cost is not available, a reasonable cost provided by Subdivider's Engineer will be utilized; the Town will not unreasonably withhold its approval of any of the above mentioned estimated costs of improvements remaining to be installed. i J - 3 - 0 3. Subject to the provisions of Paragraph 2 above and provided that Subdivider is in compliance with the terms and conditions set forth herein, the Subdivider may apply to the Town Council for a release of part or all of the collateral deposited with the Town as the subject Improvements are completed upon proof of payment by Subdivider toward the cost and/or completion of the Improvements; any lot which has been secured by the deed of trust in favor of the Town shall be released for its value per Exhibit "B" when said total amount has been expended toward the completion of the Improvements. However, the Town may refuse to release such collateral at any point in time when such release would bring the total value of the collateral held by the Town to an amount less than the value of the remaining uncompleted Improvements. If the Town determines that any Improvements are not constructed in substantial compliance with the subject specifications, it shall furnish the Subdivider within ten (10) days after any request for release of lots or for acceptance of Improvements a list of specific deficiencies to be corrected within a reasonable period of time. If the Town reasonably determines the Subdivider will not or is unable to construct any or all of the Improvements in,accordance with all of the specifications, the Town may withdraw and may employ 'from the deposit of collateral such funds as may be necessary to construct the Improvements in accordance with'the specifications. However, this provision is for the protection of the Town and does not impose any mandatory obligation upon the Town to undertake the construction of any of the Improvements or to pay for the construction of any of the Improvements and this provision is not intended and shall not be interpreted to be for the benefit or protection of third parties. Subject to the terms of this Agreement, Subdivider may at any time substitute any lot in the Wildridge Subdivision for any other lot held by the Town as collateral; and all such lots shall be deemed to have a value as set forth on Exhibit "B" for the purposes of this Agreement. Upon delivery by Subdivider of a first deed of trust conveying any said substitute lot to the Town as substituted collateral, the Town shall immediately release the lot held by Town and requested to be released by Subdivider. In the event a lot in the Wildridge Subdivision being held as collateral by the Town is sold and the Subdivider has chosen not to provide another lot as substitute collateral for the lot being sold, the Town agrees to accept as substitute collateral cash or its equivalent or an assignment of the promissory note and deed of trust on said lot accepted by Subdivider from a bona fide purchaser. In the event cash - 4 - is accepted by Town as substitute collateral, said cash shall be invested in a special savings account for the benefit of Subdivider with all earnings thereon, being credited to Subdivider. 4. Subdivider shall furnish to Town a commitment for title insurance from a title insurance company licensed to do business in the State of Colorado on the real property referred to in Paragraph 2 above. Further, upon the acceptance by the Town of said real property collateral, Subdivider shall deliver the final title insurance policy to Town after the recordation of the above referenced first deed(s) of trust on the subject property and Subdivider shall pay the premium for said title insurance policy; and any recording fees related to the conveyance and/or release of the collateral referred to in' this Agreement. 5. Town shall not, nor shall any officer or employee thereof, be liable or responsible for any accident, loss or damage happening or occuring to the Improvements specified in this Agreement prior to the completion and acceptance of the same'; nor shall Town, nor any officer or employee thereof, be liable for any persons or property injured by reason of the nature of said Improvements, and all of said liabilities shall be and are hereby assumed by Subdivider. The Subdivider hereby agrees to indemnify and hold harmless the Town and any of its-officers, agents, and employees against any losses, claims, damages or liabilities to which Town or any of its officers, agents or employees may become subject to, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) that arise out of or are based upon any performance by Subdivider hereunder; and the Subdivider shall reimburse Town for any and all legal or other expenses reasonably incurred by Town in connection with investigating or defending any such loss, claim, damage, liability or action. This indemnity provision shall be in addition to any other liability which the Subdivider may otherwise have. 6. Subdivider shall at all times, (after the acceptance by the Town of the road rights-of-way offered for dedication in the subject Subdivision up to the completion by Subdivider and acceptance of the subject Improvements by Town) give good and adequate warning to the traveling public of each and every dangerous condition existent in said roads or any of them, and shall protect the traveling public from such defective or dangerous conditions, until the completion of all the Improvements herein agreed to be performed, each of said -5- • 0 roads not accepted as improved shall be under the charge of Subdivider for the purposes of this Agreement. Furthermore, the Subdivider may close all or a portion of any street or road which has not been accepted by Town whenever it is necessary to protect the traveling public during the construction or installation of the Improvements herein agreed to be made. 7. Subdivider warrants all work and material for a period of one year after acceptance by the Town and completion of improvements in accordance with the approved plans and specifications. Acceptance by the Town of all completed work shall not be unreasonably withheld. Further, Town shall have a right to retain security or collateral provided by Subdivider reasonably sufficient to cover any and all reasonable claims under this warranty. Town agrees to accept all roads or segments thereof when completed by Subdivider in accordance with said applicable road designs and specifications and to operate and maintain said roads thereafter. 8. The Wildwood Resort may be constructed in phases. The final plans for each respective utility and/or public improvement will be provided at the time each improvement is proposed to be constructed with a request fo,r a construction permit to be issued by the Town of Avon. Said construction permits shall not be unreasonably withheld, but reasonable time shall be allowed for review and approval by the Town or its designated representative. 9. The following road construction procedures shall apply: (a) Subgrade will be constructed and compacted to 95% of the Standard Proctor Density. (b) The Subdivider will make daily compaction tests and periodic density tests. Monthly reports will be furnished to the Town of Avon. The Town of Avon will provide periodic inspection as deemed necessary to assure conformance to the specifications approved. (c) After installation of utilities and compaction of trenches have been accepted by the Town of Avon, the Subdivider shall submit C.B.R. (California Bearing Ratio) tests to determine the actual amount of gravel and asphalt required in the approved pavement design specifications for the approved road plans. once the subgrade has been shaped accordingly to the approved final road plans, proof rolling by a single axle dump truck of the entire subgrade will be made in the presence of a -6- • representative for the Town of Avon. Any unacceptable areas (areas containing significant alligatoring and/or rutting) will be removed and recompacted to 95% of the Standard Proctor Density to assure a uniform subgrade. Upon acceptance of the subgrade, the gravel base will be placed. (d) Gravel base will have density tests taken to assure it meets 95% of the Standard Proctor Density Compaction requirement prior to paving. Where asphalt paving will be delayed for one year after gravel placement, the Town of Avon will inspect the roads prior to issuing a paving permit. The gravel inspection will determine the amount of gravel required to bring the gravel base back to the design thickness requirements. The permit, will define the gravel required and any areas requiring additional repair. Additional repairs will be compacted to 95% of the Standard Proctor Density. (e) Cut slopes may be adjusted to fit existing soil conditions if, during construction, the actual soil conditions are determined to be different than on the final plans. Field alignment adjustments may be made where engineering geometry creates excessive cuts or fills; however, the alignment integrity will be retained. If retaining walls are recommended by the soils engineer, they shall be installed by Subdivider. (f) The road grades shown on the final approved road plans are to be considered maximum grades for construction. However, in certain cases where field conditions indicate the roadway will be improved, the final road grades may be increased or decreased by a one percent (1.00X) grade so long as the maximum grade on any road does not exceed 10% on any portion of said roads. (g) Gravel base course material shall meet or exceed ninety-five percent (95X) of the Standard Proctor Density immediately prior to paving. (h) Roads will be slope staked at.not more than 100 foot intervals. Culvert inlets and outlets will be staked and adjusted to fit the thalweg of the existing arroyo. Prior to issuance of a road gravel permit, drop inlets if required will be shown on the plans to be completed before final paving. Subgrade and gravel base will be checked by hand levels to assure conformance with the design plan cross slopes. - 7 - (i) Road pavement design C.B.R. tests will be taken at intervals not to exceed 4,000 foot with intermediate P.I. (Plastic Index) soil identifications being taken. If a significant difference in P.I. is found, additional C.B.R. tests shall be taken. 10. Reseeding will be applied in accordance with a Re-Vegetation Plan previously approved by the Town of Avon to areas of road excavation, fill slopes and utility construction disturbance on those slopes reasonably determined to be capable of re-vegetating. The road cut and fill areas of the roads in the Wildwood Resort may have experimental re-vegetation areas so that the most effective final re-vegetation methods may be utilized. 11. After subgrade preparation of roads in the Wildwood Resort is completed, a field trip with an authorized representative(s) of the Town of Avon will be made to determine the location and amount of guard rail required. The Town of Avon will make application relative to assistance with guard rail to the Colorado Department of Highways for "Off-System Safety Funds" from the U.S. Department of Transportation. In the event Federal funds are not provided to the Town, the Subdivider shall be required to install guard rail at its expense. The guard rail will be installed when final asphalt paving is done. 12. Subdivider shall be required to stub out water and sewer service connections from the main water lines within the road right-of-way so as to serve each lot to the property line. 13. Subdivider shall obtain the monumentation of the external boundaries of the subdivision and boundaries of the blocks within the subdivision in accordance with Sections 38-51-101 et seq, C.R.S., as amended. Steel pins with metal caps set in 8 inch concrete monuments 36 inches deep shall also be set at a minimum of two (2) property corners at all road intersections and at six traverse points selected by Subdivider's engineer at locations which will facilitate future surveys; no monuments shall be required on curves or other additional points. 14. Temporary erosion control facilities shall be installed during construction of improvements to minimize surface water runoff and siltation; facilities may include siltation settling basins, straw bale dams, earthen or rock berms, etc. - 8 - 15. If excessive erosion is evident due to excessive.water being discharged through culverts during the subdivision development, then rip rap shall be placed to eliminate such excessive erosion at Subdivider's expense. 16. This Agreement may be amended from time-to-time, provided such amendment be in writing and signed by all parties hereto. 17. Fees in accordance with the Town's proposed Subdivision Regulations, for the review of Preliminary Plan and Final Plats (with 4 lots) have been paid in full and accepted by the Town in the amount of $290.00 (Two hundred and ninety dollars). 18. Additional fees shall he assessed to Subidivider from time-to-time to cover inspection of construction by the Town. Said fees will be at the rate of $500 for each 1;000 linear feet of road. It is estimated that there will be 2,800 linear feet of road in the Wildwood Resort Subdivision and that said inspection fees will approximate S1,400.00 (Fourteen hundred dollars). 19. The Town hereby approves the final plat of Wildwood Resort Subdivision, subject to the terms and conditions of this Agreement. IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the clay and year first above written. 1 ' it Pafiicia J. Doy e, Town perk TOWN OF AVON, STATE OF•COLORADO By: ."Shei1 Davis, Mayor Pro Tem T SECTION 36, INC., a Colorado corporation By. s ident WILDRIDGE DEVELOPMENT COMPANY, a Colorado partners ip By: A. J. Wells, Authorized Agent ACKNOWLEDGMENT 1 STATE OF COLORADO) ) ss. COUNTY OF EAGLE ) The foregoing instrument was acknowledged before me this `1'!t day of Aprj , 1985, by A.J. Wells, as President for Section 36, Inc., a Colorado corporation and as Authorizer) Agent for Wildridge Development Company, a Colorado partnership. Witness my hand and official seal. My commission expires: LA/'1 1 1'6? -r I ry,p, GV i - Notary Public 01,2111- CC MI-27 Address - 9 - EXHIBIT "A" SUBDIVISION IMPROVEMENTS WILDWOOD RESORT SUBDIVISION Said Improvements shall include excavation, embankments, paved surfacing, drainage work, installation of culverts, underground electrical transmission lines, sewage collection transmission lines, and restoration and re-vegetation of terrain disturbed by said Improvements. All of the above as more specifically set forth on the final plat for the Subdivision, and those public improvements maps, plans, and specifications for said Subdivision as, filed with the Town of Avon, State of Colorado, all of said documents incorporated herein by this reference, including but not limited to the documents listed below: 1. Final Plat, Wildwood Resort Subdivision, Avon, Eagle County, Colorado; 2. Road Construction Plans, Wildwood Resort Subdivision; 3. Wildwood Resort Subdivision Re-Vegetation Plan. i 4 • EXHIBIT "B" SUBDIVISION IMPROVEMENTS AGREEMENT WILDWOOD RESORT SUBDIVISION The collateral to be held by the Town of Avon 'which shall secure the Promissory Note for $283,500.00 worth of improvements per Exhibit "A" hereinabove shall be five (5) duplex lots in the Wildridge Subdivision. The lots and the agreed upon values of each are as follows: Lot 35, Block 2 $ 68,250.00 Lot 64, Block 3 68,250.00 Lot 65, Block 3 68,250.00 Lot 66, Block 3 68,250.00 Lot 68, Block 3 68,250.00 TOTAL COLLATERAL VALUE $341,250.00 _ - - ' , _ • ~ - _ s ._s.a+' _w-~ a Y ~ - $t_283,500-00 Avon ,Colo., April 9 '1923- - T11~ !aEy8W, for value received we promise a V d O O z m s E- office of same at Avon ColoraTo;o Hundred Eighty-three Thousand Five H Br ars, payable in accordance with and subject to the terms of that certain Subdivision Improvements Agreement dated April , 1985 by and between Makers and Payee herein; said instrument incorporated herein by this reference. IT IS AGREED that if this note is not paid when due or declared due hereunder, the principal and accrued interest thereon shall draw interest at the rate of 19 per cent per annum, and that failure to make any payment of principal or interest when due or any default under any incumbrance or agreement securing this note shall cause the whole note to become due at once, or the interest to be counted as principal, at the option of the holder of the note. The makers and endorsers hereof severally waive presentment for payment, protest, notice of non- payment and of protest, and agree to any extension of time of payment and partial payments before, at or after maturity, and if this note or interest thereon is not paid when due, or suit is brought, agree to pay all reasonable costs ofcollection, including a reasonable amolatent for attorney's fees, and if foreclosure is made by the Public Trustee a reasonable amount for attorney's fees to be added by the Public Trustee to the cost of foreclosure. Section 36, Inc., a Colorado Wildridge D velopme m ny, a Colorado corporation pa to 'p B By; .A. s, Aut o ize g a resident % • - Recorded al u'c M.. Reception No. Recorder DEED OF TRUST THIS INDENTURE, Made this 9th day of April 1985 between Wildridge Development Company, a Colorado partnership whose address is P.O. Box 954, Avon, Colorado 81620 hereinafter referred to as grantor, and the Public Trustee of the *County of Eagle in the State of Colorado, hereinafter referred to as Public Trustee. Witnesseth: gg~~ THAT, WHEREAS, grantor and Section 36, Inc., a Colorado corporation hhascxeruted a prtimissory notckJVg1c1. NQ4(Qr/fdrdJ pJl/t$V4r&,VlJr1dated April , 1985 for the principal sttm of $283,500.00 Dollars, payable to the ordcrof The Town of Avon, Colorado whose address is P.O. Box 975, Avon, Colorado 81620 /f!<✓~v~0~➢~~/~q~:/Gl~tl~ ~ei/e/t~h~e~f~r✓f/o~✓ti~e~d~ti~ ~~~f/ in accordance with and subject to the terms and conditions of that certain Subdivision Improvements Agreement dated April , 1985 by and between grantor and the Town of Avon, Colorado, said instrument incorporated herein by this reference. AND WHEREAS. The grantor is desirous of securing payment of the principal and interest of said promissory note in whose hands soeverthe said note or any of them may be. NOW. THEREFORE. The grantor, in consideration of the premises and for the purpose aforesaid, does hereby grant, bargain, sell and convey unto the said Public Trustee in trust forever. the following described property. situate in the County of Eagle . State of Colorado, to wit: Lot 35, Block 2, Lots 64, 65, 66,and 68, Block 4 Wildridge Subdivision, as per recorded Replat #2 thereof, as recorded in Book 330 at Page 78, County of Eagle, State of Colorado. TO HAVE AND TO HOLD the same, together with all and singular the privileges and appurtenances thercunto belonging: In Trust nevertheless, that in case of default in the payment of said note orany of them, orany part thctrof. or in the payment of the interest thereon, according to the tenorand effectof said note or any of them, or in the payment of any prior encumbrances, principal or interest, if any, or in case default shall be made in or in case ofviolation or breach of any of the terms, conditions, convenants or agreements herein contained, the beneficiary hereunder or the legal holder of the indebtedness secured hereby may declare a violation of any of the covenants herein contained and elect to advertise said property for sale and demand such sale, then, upon filing notice of such election and demand for sale with the Public Trustee. who shall upon receipt of such notice of election and demand for sale cause a copy of the same to he recorded in the recorder's office of the county in which said real estate is situated. it shall and may be lawful for the Public Trustee to sell and dispose of the same (en masse or in separate parcels, as the said Public Trustee may think best), and all the right, title and interest of the grantor, his heirs or assigns therein, at public auction at the East front door of the Court House, in the County of Eagle . State of Colorado, or on said premises. orany part thereof as may be specified in the notice of said sale, for the highest and best price the same will bring in cash, lour weeks public notice having [wen previously given of the time and place of such sale, by advertisement, weekly, in some newspaper of general circulation at that time published in said County of Eagle . a copy of which notice shall be mailed within tell days from the date of the first publication thereof to the grantor at the address herein given and to such person or persons appearing to have acquired a subsequent record interest in said real estate at the address given in the recorded instrument; where only the county and state is given as the address then such notice shall be mailed to the county scat, and to make and give to the purchaseror purchasers of such property at such sale, a certificate or certificates in writing describing such property purchased, and the sum or sums paid therefor, and the time when the purchaser or purchasers (or other person entitled thereto) shall he entitled to a deed or deeds therefor. unless the sane shall be redeemed as is provided by law; and said Public Trustee shall, upon demand by the person or persons holding the said certificate or certificates of purchase, when said demand is made, or upon demand by the person entitled to a deed to and for the property purchased, at the time such demand is made, the time for redemption having expired, make and execute to such person or persons a deed or deeds to the said property purchased, which said decd or deeds shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said Public Trustee and shall convey and quitclaim to such person or persons entitled to such deed, the said property purchased as aforesaid and all the right. title. interest, benefit and equity of redemption of the grantor, his heirs and assigns therein, and shall recite the sum or sums for which the said property was sold and shall refer to the pt-Aver of sale therein contained, and to the sale or sales made by virtue thereof. and in case of an assignment of such certificate or certificates of purchase. or in case of the redemption of such property, by a subsequent encumbrancer, such assignment or redemption shall also be referred to in such deed or deeds; but the notice of We need not be set out in such deed or deeds and the Public Trustee shall, out of the proceeds or avails of such sale. after first paying and retaining all fees, charges and costs of making said sale, pay to the beneficiary hereunder or the legal holder of wid note the principal and interest due on said note according to the tenor and effect thereof, and all 0 moneys advanced by such beneficiary or legal holder of said note for insurance. taxes and assessments. with interest thereon at 12 per cent per annum, rendering the ovcrplus, if any. unto the grantor, his legal representatives or assigns; which sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against the grantor. his heirs and assigns, and all other persons claiming the said property, or any part thereof, by, , from, through or under the grantor, or any of them. The holder or holders of said note or notes may purchase said property or any part thereof; and it shall not be obligatory upon the purchaser or purchasers at any such sale to see to the application of the purchase money. If a release deed be required, it is agreed that the grantor, his heirs or assigns. will pay the expense thereof. `If in Denver, insert "City and." No. 34IA. Rev. 2-84. DEED OF TRUST (Public Trustee) With Due on Sale Chiaw Bradford Publishing. 5825 W. 6th Ave.. Lakewood. CO 80214 - (303) 233-6900 3-84 When recorded, return to M And the grantor, for himself and his heirs, personal representatives or assigns covenants and agrees to and with the Public Trustee, that at the time of the enscaling of and delivery of these presents he is well seized of the said land and tenements in fee simple, and has good right, fill power and lawful authority to grant, bargain, sell and convey the same in the manner and firm as aforesaid. hereby fully and absolutely waiving and releasing all rights and claims he may have in or to said lands, tenements, and property as a Homestead Exemption, or other exemption, under and by virtue of any act of the General Assembly of the State of Colorado, or as any exemption under and by virtue of any act of the United States Congress. now existing or which max hereafter be passed in relation thereto and that the same arc free and clear of all liens and encumbrances whatever. except current ana subsequent years' general and special property taxes, easements, restrictions, rights-of-way and United States of America Patent Restrictions all as of record. and the above bargained property in the quiet and peaceable possession of the Public Trustee. his successors and assigns, against all and every person or persons lawfully claiming or to claim the whole or any part thereof. the grantor shall and will Warrant and Forever Defend. Until payment in full of the indebtedness, the grantor shall timely pay all taxes and assessments levied on the property: any and all amounts due on account of principal and interest or other sums on any senior encumbrances, if any. and will keep all improvements that may be on said lands insured against any casualty loss, including extended coverage. in a company or companies meeting the net worth requirements of the beneficiary hereof in an amount not less than the then total indebtedness. Each policy shall contain a loss payable clause naming the beneficiary as mortgagee and shall further provide that the insurance may not be canceled upon less than ten days written notice to the beneficiary. At the option of the beneficiary, the original policy or policies of insurance shall be delivered to the beneficiary as further security for the indebtedness. Should the grantor fail to insure and deliver the policies or to pay taxes or assessments as the same fall due, or to pay any amounts payable upon senior encumbrances, if any, the beneficiary may make any such payments or procure any such insurance, and all monies so paid with interest thereon at the rate of 12% % per annum shall be added to and become a part of the indebtedness secured by this Deed of Trust and may be paid out of the proceeds of the sale of the property if not paid by the grantor. In addition. and at its option, the beneficiary may declare the indebtedness secured hereby and this Deed of Trust to be in default for failure to procure insurance or make any of the payments required by this paragraph. c tf~{'~pJ•~rt~ju.~ ~f~`plhlli lL ~'~a`rl t/y Y~JJ~' r/f ifi ~/~`1F1~fJ~Jn~~fl/h~eJ Vf,tVcvgJ~r}'~~l1Y~ Vep`yy9`/~~t~~/6y("yy~~r )f`Jar~"49E~461~5~9~>/~~46 ~{Q`0t/JCJy9) 11 tr►dle~t11~P)'~11'AI111 Q tt(1f'.Y It~I l~tt6d ~ fIQ1Nt~L[~If LICi1SC~ll'n,:~71 r~'IeS3 t1 _ AND THAT IN CASE OF ANY DEFAULT, Whereby the right of foreclosure occurs hereunder, the Public Trustee or the holder of said note or certificate of purchase, shall at once become entitled to the possession. use and enjoyment of the property aforesaid, and to the rents, issues and profits thereof, from the accruing of such right and during the pendency of foreclosure proceedings and the period of redemption, if any there be: and such possession shall at once be delivered to the Public Trustee or the holder of said note or certificate of purchase on request, and on refusal, the delivery of such possession may be enforced by the Public Trustee or the holder of said note or certificate of purchase by any appropriate civil suit or proceeding, and the Public Trustee, or the holder of said note or certificate of purchase. or any thereof, shall be entitled to a Receiver for said property, and of the rents, issues and profits thereof, after such default, including the time covered by foreclosure proceedings and the period of redemption, if any there be, and shall be entitled thereto as a matter of right without regard to the solvency or insolvency of the grantor or of the then owner of said property and without regard to the value thereof, and such Receiver may be appointed by any court of competent jurisdiction upon cx parte application and without notice -notice being hereby expressly waived - and all rents, issues and profits. income and revenue therefrom shall be applied by such Receiver to the payment of the indebtedness hereby secured. according to the law and the orders and directions of the court. AND, That in case of default in any of said payments of principal or interest. according to the tenorand effect of said promissory note aforesaid, or any of them, or any part thereof, or of a breach or violation of any of the covenants or aercenrents herein, by the grantor, his personal representatives or assigns, then and in that case the whole of said principal sum hereby secured. and the interest thereon to the time of the sale. may at once, at the option of the legal holder thereof, become due and payable, and the said property be sold in the manner and with the same effect as if said indebtedness had matured, and that if foreclosure be made by the Public Trustee, an attorney's fee of the sum of a reasonable amount of dollars for services in the supervision of said foreclosure proceedings shall he allowed by the Public Trustee as a part of the cost of foreclosure, and if foreclosure be made through the courts a reasonable attorney's fee shall be tared by the court as a part of the cost of such foreclosure proceedings. The singular number shall include the plural. the plural the singular. and the use of any gender shall be applicable to all genders. Executed this 9th day of April f9 85 ATTFtiT: (SL AU State of Colorado ss. County of Eagle The foregoing instrument was acknowledged before me in the County of Eagle State of Colorado , this Tfrt~ day of April , 1985 by A. J. Wells as authorized agent for Wildridge Development Company, a Colorado partnership. Witness my hand and seal. My commi:si: ti expires Ll/1 I Q ~~rt ~t+ t P-C Q 7 NiRar% Public V Aare . C April 4, 1985 Mr. Bill James, Town Manager Town of Avon P.O. Box 975 Avon, CO 81620 RE: Wildwood Resort Subdivision Dear Bill: 40 As promised at our meeting of April 2, 1985, enclosed herewith is a copy of the Subdivision Improvements Agreement for the above referenced subdivision that we propose for approval at the April 9, 1985 Town Council meeting when the subdivision plat is up for final approval. This is in direct response to the first part of item 10 of the staff review comments in Norm Wood's letter dated April 1, 1985. This agreement is very similar to the Wildridge Subdivision Improvements Agreement of 1979 which was used as a guide in drafting this agreement but only includes applicable items specific to the Wildwood Resort. Also attached to the agreement is a promissory note and a deed of trust to secure the note which is in the amount of the estimated improvements to be completed in the Wildwood Resort. If acceptable, the agreement, the promissory note and the deed of trust will be executed in connection with the final plat approval. If you have any comments or recommended changes, we would like, if possible, to discuss them with you and your staff prior to April 9, 1985 so that you can present a draft to the Council that is in approvable form. Also as we discussed on April 2, 1985, items 1 through 8 of Norm's letter are no problem and are being taken care of as appropriate. However, item 9 regarding changing the easement along Nottingham Road is not possible to resolve by us because this is an item that must be addressed and agreed to by the new owner of the hotel site (Lot 1) at the time they receive approval of their Precise Site Plan. The second part of item 10 regarding piping of Buck Creek is being dealt with by an easement certificate from Avon Metropolitan District which will appear on the final plat for signature by the District. The revised final plat reflecting the necessary changes is being resubmitted under seperate cover for the staff's review. RECEIVED APR 41985 ).',Q J Wildwood A Section 36, Inc. Development Box 329, Avon, Colorado 81620-Phone (303) 949-5743 Mr. Bill James, Town Manager Town of Avon April 4, 1985 Page 2 The only other open item per Norm's letter involves comments that may result frcan review by the Town attorney of the Protective Covenants for the subdivision. As you indicated Bill, the review of these private covenants is not necessary and possibly a waste of Town funds, a view that we share with you. Thank you in advance for your time and attention to these matters. Sincerely, LDG/nmc cc: John Dunn Norm Wood Dan Fogland A.J. Wells Section 3b, By: L D.