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RECEPTIC,),j NO. 91(11" 3': '1
5/22/'~1 _5:()J..., J5.UU
REC(IRDED IN
COUNTY OF ,JEFFERSON
STATE OF COLORADO
DEVELOPMENT COVENANT
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THIS DEVELOPMENT COVENANT, as authorized by the SUBDIVISION
REGULATIONS of t.be City of Wheat Ridge, is entered into this
/7 7Y day of MIfY , 19'1/, between the City of
Wheat Ridge, a Municipal Corporation, hereinafter referred to as
City, and RAG, INC., hereinafter referred to as Owner, and con-
cerns property located at 11901 WEST 1-70 FRON1'AGE ROAD NOR'l'H,
WHEAT RIDGE, CO 80033.
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WITNESSETH:
WHEREAS, O,vner is the t.i tIed Owner of a tract of land in
the City of Wheat Ridge, County of Jefferson, State of
Colorado, more fully described in Exhibit A, which is at-
tached and expressly made a part hereof (which property is
hereinafter referred to as "the Property'); and
WHEREAS, Owner was issued Building Permit No. B91-4511 on
April 16, 1991 for construction of a Golf Training Center;
and
WHEREAS, Owner desi res to obtain a Certificate of Occupanc1'
for the project; and
WHEREAS, in order to conform to those requirements as set
out in the SUBDIVISION REGULATIONS of the City and in ac-
cordance with the recorded official Development Plan record-
ed with the Jefferson County Clerk and Recorder at Book 60,
Page 24, under the title of LAKEMONT CENTER - STAGE 2, this
Agreement is hereby determined to be proper.
NOW, THEREFORE, IT IS HEREBY AGREED THAT:
1. The responsibility for providing improvements along the
Tabor Street frontage of the Property, as set out in the
recorded offidal Development Plan of the City, is hereby
acknowledged by the Owner.
2. The
structed
ments.
Owner has caused
on the Property
certain improvements to
and associated on-si te
be con-
improve-
3. l'he existing improvement of Property frontage along
Tabor Street is below those standards as set forth in the
current SUBDIVISION REGULATIONS of the City and as further
required by the recorded official Development Plan.
4. The Owner agrees to participate in the Engineering and
Consruct.ion cost for the Property's frontage along Tabor
Street when the street is brought in accordance with the
City's Street Standards, or as directed by the Director of
Public Harks. The Engineering and Construction costs will
be limited to those reasonable and necessary to construct
Tabor Street to current Collector Standards, including
earthwork, one half street width paving, drainage, curb and
gutter, street lights and miscellaneous and incidental items
required to complete the Project. In addition street trees,
one per 30 feet of street frontage, shall be included as
part of this requirement.
5. The Director of Public Harks shall give written notice
and an estimate of costs to the Owner 30 days prior to
advertisement of any major improvements along Tabor Street
which would affect the Property and will submit to the Owner
a detailed cost breakdown and billing after Award of the
Construct.ion Contract by the City Council. The detailed
cost estimate will include the Owner's portion of the cost
of curb and gutter, pavement improvements and other items
listed in Paragraph 4, including street trees as required.
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RE('EPTltJN Nt). 'cll0'.i3:::'l
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DEVELOHIEN'l' COVENANT
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6. Upon receipt of the detailed cost estimate or billing,
the O\Jner llereby agrees to pay to the City, within 45 days,
the full amount of tbe detailed cost estimate or biDing.
The Owner also agrees to pay t.o the City any extra costs
associated witb the Public Improvements to the Property due
to variations in estimated contract quantities or as a
result of change orders within 30 days of written request by
the City. The City wi 11 pay to the Owner any overcharges
paid to the City by the Owner wi thin 45 days after final
acceptance of the Public Improvements by the City.
7. Owner agrees to pay for all public improvements or
billings within 45 days of written notice; O,vner further
agreeing that any amount resulting from his failure to pay
for any improvement thus completed shall constitute a lien
upon the property above described in the actual amount of
the public improvements completed, less any payments made by
Owner, plus interest on the amount unpaid at 10 percent
(10%) per annum from the date of completion, plus any costs
incurred by the City in collecting same, including court
costs and attorney's fees.
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8. In the event an Improvement District or a Special Im-
provement District is created by the City to J.mprove or
provide those requirements as set out in the SUBDIVISION
REGULATIONS for those streets or streets fronting the
property and the neighboring tracts of lands, the Owner or
his assigns and successors agree not to oppose its creation,
or subsequent assessment of the costs to the property.
9. In the event an Improvement. District is created by the
City to provide the improvements as provided by the SUBDIVI-
SION RF~GULA'l'IONS, the costs assessed against the property
shall not be disproportionate with costs assessed to other
nearby and like properties.
10. This COVENAN'f is executed by the Owner pursuant to the
SUBDIVISION REGULATIONS of the City of Wheat Ridge.
11. The Parties hereto agree that this DEVELOPMENT COVENANT,
by its terms, shall be binding upon the City and the Owner
and upon the assigns and successors thereof; and shall
constitute covenants running with the property.
12. The City, in its sole discretion, may require a cash or
surety bond to be held In escrow b~i the City to secure
complet.ion or t.he public improvements described herein
should such improvements not be completed by December 31,
1993. Such cash or surety bond sball be in the sum suffi-
cient to cover the estimated costs of the construction of
the public in1provements described herein, said estimate to
be made at or aDout the time of the notice described in
Paragraph 5 above. Any interest earned on any escrow funds
shall be the sole property of the City.
13. This DEVELOPMEN'T' COVENANT shall be recorded with the
Clerk and Recorder of Jefferson COunty, Colorado, and shall
consti tute a conti nuing covenant running with the land,
providing however, that this DEVEI.OPHEN'l' COVENF,NT shall be
released by the City upon the completion of the public
improvements and complete and satisfactory payment by the
Owner of all costs and fees associated therewith of the
public improvements described herein, which release shall be
evidenced by a signed document attested to by the City Clerk
and bearing the City's seal, which document shall likewise
be recorded.
RECEPTI()N NO. 9104,::'21
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DEVELOPHEN'I' COVENANT
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City Administrator
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IN WITNESS WHEREOF, the parties have set their hands and seals on
date first shown.
RECOMMENDED BY:
~~ ~l\f~rt L.___
Publi Works D partment
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EXECUTED BY CITY:
City
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ATTEST...~
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Mayor, City of Wheat Ridge
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STATE OF COLORADO )
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County of Jefferson)
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The foregoing instrument was acknowledged before me this
day of
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My commission expi.res:
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Notary Public
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IFTJIIS rORM IS USED IN A. '-'ONSUMF.R CRF.mf TRANSACTION. CONSULt 1.EGAL COUNSEL,
I 'THIS IS A LEGAL INSTRUMENllf NOT UNDERSTOOD. LEGAL, TAX OR OTHER COUNSEl SHOULD 8E CONSULTED BEFORE SIGNING,
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II Borrower and LenJcr covenan\ and agree as follows:
I I. Property in Trust Burrower, in cons.ideration of tbe indebledness herein recilcd and the trusl herein crealed. hereby grams and
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\: conveys 10 cu:tee In trust. wnh power of sale. Ihe full(lwing described pwperly located In lhe
Ii Coumyof ,-,efferson . Statcof Colllrado'
-cr. I LOTS 1 TlIROUGH 8, INCLUSIVE, BLOCK I,
i LAKEMONT CENTER-STAGE 2 IN MAP BOOK 10] AT PAGES 23 AND 24, COUIlTY OF
I JEFFERSON, STATE OF COLORAOU
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DEED OF TRUST
(Due on Transfer - Strict)
THIS DEED OF TRUST l!',maJelhis 31st d"yof July 19~ ,between
MG, Inc.. a corporation, d/b/il Lakemont Golf and Prdctice Center
whose addrc,~s IS 138S Bear Mountain Drive, Boulder, Colorado 80303
and the Public Truslee of the County 10 which the I'llIpt:rly (.~cc par;q!raph 1\ i... Si\lIah:L1 tTrU.'.lceJ; for the benefit o(
(Borrower),
Lake Front Partners, a Colorado general partnership
P. 0 Box 24701, Denver, Colorado 80224-0701
(Lender}, whose address is
which has the address of
Interstate 70, West, Ward Road, East
rSltccll
Wheatridge
ICll)1
, Colorado
f2ipCOIX)
(PropeI1Y Address), togelhcr with all its appurtenances (Property)
2. Note; Other Obllgalions Secured. Thi~ Deed of Trusl is given to secure to Lender:
A. the repayment of the indebtedness evidenced by Borrower s nute (Note) dated Jul y 31
principal sum of Six hundred fifty thousand and no/lOa
\ US Dollars. with Interest nn the unpaid pllnclpal balance from Ju:y 31
rate of * * ~~XMa1M. wuh prm"pal and mterest payable at
F~rst Interstate Bank of Denver
~~rg'Mth ?l1l'Hd'l"~aasill'tWJ'ii"{~'\I:€e'il~d'e2'7/l"!13n5gtYars ($5,848.27) for thRaY?1'Jg~ or1J.~'fl'b-1~~'5'~
ousand two hundred seventy two and 72/iOO Dollars for the years 199~ through the
Da DoJlars(U.S S 6.272.72 ) due on ihe 1st day 01 each month
beginning JanuarY 1 .19..2..!- ,such payments 10 continue until the entire indebtedness evidenced by
said Noll: is ruUr paid; however, if not sooner paid, the entire principal amount outstanding and accrued interesllhereon, shall be due and
payableonJu y 31 m 200q (the 'IMaturity Date").
** nine percent (9%) for the years 1990 through 1995 inclusive and ten percent (10
for the years 1996 through the Maturity Date (defined herein). Interest accrued fr
July 31, 1990 to December 31, 1990 and not paid on December 31, 1990 shall be capi
and added to the principal balance of the Note and shall "t\:lereaf';..~... l.JCo..&..I- if\terest.
Px 00"" ANG r"<I()f~LC ON C,(~ Ecrd~E _'>uv-l, "31/ 7-C'C>C' IN r]-IG 1'1-"'0""''-
oF' ($ ::<'1,24\ . "l<;') J\NO ,,,,,-, "VcO ^,-'O I No G 1'-<:;,:>, ,N "lIS INlEe.V r.;;>J.N9 rE1?,
and Borrower is to pay to Lender a late charge of one (1) % of any payment not received by the lender within
five (5) days after payment is due; and Borrower bas the right to prepay Ihe principal amount outstanding under
said Note. in whole or in pari. at any time without penalty except None
B The payment of $150,000.00 as provided in that certain Commercial Contract to B
and Sell Real Estate, dated ,1uly IlJ. 1990, and entered into bet-ween Borrower an
Lender, on or before October: J.'J-&:\119'jO.
It. the paymenl of all other sums, with interest thereon-:rt?/ L I fourteen (14)
in accordance with this Deed of Trust to protect lhe securir 'Of this Deed of TruM; and
. K. the performance of the covenants and agreements of Borrower herein contained.
3. TItle Borrower covenants that Borrower owns and has the right to grant and convey the Property. and warrants tide 10 lhe same,
subject 10 general real eslate tlllte5 for the current year. easements of record or in existence, and recorded declarations, ~striclions,
ft:seMtions and covenanls. if any, as or Ihis date and except pncumbrances and restr ictions of record.
.19 90 .inlhe
, 19 ..-2Q.. . uoul paid. at the
Six
aturit
% per annum. disbursed by Lender
4. Payment or Principal and Imeresl. DOITIJWCf shall prmnplly pay when due the principal of and interest on the indebaedness
evidenced by the Nole, andlale charges as pro....iLled in the NOlc and shall perform aU ur Boml'o'o'er's other covenanls contained in lhe Note.
5. Application of Payments. An paymenls received by Lender unLlcr the Icnns hereof shall be applied by Lender first in paymenl of
amounts due pursuant to paragraph 23 (Escrow Funds for Taxes and Insurance), then to amounts disbursed by Lender pursuant to
paragraph 9 {Prolection (Jf Lender's Security), and the balance in accordance with the (erms and conditions of the Note.
Nu. TO 71-11-13. DEf.ft. OF TRus-r ,.-.. n-...,. - 51"""l) IU..H,wJ 1...."I..h,"I. }112" W 6lh A.t .l...h........d. CO 10114 _11O)} lU'UOO
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CITY OF WHEAT RIDGE - MEMORANDUM
To: Don Chelemedos
RAG'~~~~~,J
Frorn').~~~. ~1JeY, Director of Planning & Development
Re: Certificate of Occupancy for Lakemont Family Golf Center,
11901 W. 1-70 Frontage Rd N.
Date: May 15, 1991
A Temporary Certificate of Occupancy is being issued for the Lakemont
Family Golf Center subject to the following stipulations:
1. This Temporary Certificate of Occupancy shall expire
August 15, 1991.
2. A revised drainage plan must be submitted to the Depart-
ment of Public Works for review and approval. Any modi-
fications to the existing drainage conditions must be con-
structed and approved prior to expiration of this Temporary
Certificate of Occupancy.
3. Perimeter landscaping is not currently completed. A finan-
cial guarantee in the form of monies to he escrowed, or an
irrevocable letter of credit in an amoun~ equal to either
a signed landscape contract or one and one-fourth times the
estimated value of such landscaping shall be provided to
the city prior to issuance of this Temporary Certificate of
Occupancy. Such landscaping shall be completed prior to
expiration of this Temporary Certificate of Occupancy.
Street trees along Tabor Street shall be considered a part
of the street construction project and shall be installed
at the time Tabor Street is reconstructed. Guarantee for
those trees will be included in the Development Covenant
described below. Financial guarantee for the Tabor Street
trees need not be inCluded in the Landscape Escrow.
4. The owner shall sign the accompanying Development Covenant
which provides for the owner's obligation to construct
public improvements relating to Tabor Street. Those im-
provements inClude street trees, curb, gutter, street lights,
one-half of street width paving and base course, and misc-
ellaneous and incidental items required ~o complete the
project.
Upon satisfactory completion of required drainage improvements and
landscaping by August 15, 1999, a Permanent Certificate of
Occupancy will be issued.
AccePted'~~:' ;:r"",S. PAc.7 /M-:
For R , nc.
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Date: 5-/7-11