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Home My WebLink About0006 RECEPTION NO. F :I. '.J::'j cU () / 5/09/2000 8:57:19 PG: 001-016 PAGE FEE: 80.00 DOC.FEE: 0.00 RECORDED IN JEFFERSON COUNTY, COLORADO AMENDED SUBDIVISION IMPROVEMENT AGREEMENT ,.. r" ( ~ : L ., \ "-- -------- / ~-- THIS AGREEMENT made this 3rd day of May, 2000 by and between the CITY OF WHEAT RIDGE, COLORADO, a home rule municipal corporation (the "City"), and Mr. Kim 110 'f0_cS'arold & Mr. Randv Busing, (the "Developer"), together referred to as the "Parties" \ /' C:SO RECITALS: The Developer is the owner of certain real property located in the City of Wheat Ridge, which is more particularly described in Exhibit A attached hereto and made a part hereof (the "Property"), commonly known as 4420 Allison Street. On March 27, 1946, the Jefferson County Commissioners, approved the final plat for the Property, Hillcrest Heiqhts, Lots 14. 15 & 16 A copy of the Final Plat is attached hereto as Exhibit A and incorporated herein The approvals cited above are contingent upon the express condition that all duties created by this Agreement be faithfully performed by the Developer AGREEMENT NOW, therefore, for and in consideration of the mutual promises and covenants contained herein, the sufficiency of which are mutually acknowledged, the parties hereto agree as follows 1 Purpose The purpose of this Agreement is to set forth the terms, conditions, and fees to be paid by the Developer upon subdivision of the Property All conditions contained herein are in addition to any and all requirements of the City of Wheat Ridge Subdivision Ordinance and Zoning Ordinance, the City of Wheat Ridge Charter, any and all state statutes, and any other sections of the City of Wheat Ridge Municipal Code and are not intended to supersede any requirements contained therein 2 Other Requirements NONE 3 Fees The Developer hereby agrees to pay City Development Review fees to the City for engineering, hydrological, surveying, legal, and other services rendered in connection with the review of the subdivision of the Property 4 Title Policy A title commitment for the Property shall be provided to the City The title commitment shall show that all property to be dedicated to the City is or shall be, subsequent to the execution and recording of this Agreement, free and clear of all liens and encumbrances (other than real estate taxes which are not yet due and payable) The City, in its sole discretion, may accept any dedication regardless of encumbrances The title policy evidenced by the title commitment shall be provided thirty (30) days after the recording of this Agreement. 5 Breach bv the Developer; the City's Remedies In the event of a breach of any of the terms and conditions of this Agreement by the Developer, the City Council shall SUBDIVISION IMPROVEMENT AGREEMENT 1/98 be notified immediately and the City may take such action as permitted and/or authorized by law, this Agreement, or the ordinances and Charter of the City as the City deems necessary to protect the public health, safety and welfare; to protect lot buyers and builders, and to protect the citizens of the City from hardship and undue risk, These ::t- remedies include, but are not limited to (a) The refusal to issue any building permit or certificate of occupancy; (b) The revocation of any building permit previously issued under which construction directly related to such building permit has not commenced, except a building previously issued to a third party, (c) A demand that the security given for the completion of the Public Improvements be paid or honored, or (d) Any other remedy available at law or in equity Unless necessary to protect the immediate health, safety and welfare of the City or to protect the City's interest with regard to security given for the completion of the Public Improvements, the City shall provide the Developer thirty (30) days written notice of its intent to take any action under this paragraph during which thirty day period the Developer may cure the breach described in the notice 6 Public Improvements and Warranty All storm sewer lines, drainage structures, paved streets, including curb, gutter and sidewalk, and necessary appurtenances as shown on the subdivision plat and the associated construction documents (the "Public Improvements" or "Improvements") as approved by the Director of Public Works or designee of the City, shall be installed and completed at the expense of the Developer within the time frames set forth on Exhibit C The Public Improvements required by this Agreement and shown on the construction documents approved by the Director of Public Works of the City, the time frames for construction of the Improvements and the itemized costs of these Improvements are set forth on Exhibit C attached hereto and incorporated herein All Public Improvements covered by this Agreement shall be made in accordance with the construction documents drawn according to regulations and construction standards for such improvement and approved by the Director of Public Works of the City It is understood by the Parties that the description of the Public Improvements may be general in nature, and that reasonable modifications of the scope, nature, costs, and similar aspects of the Public Improvements may be necessary to secure final approval of the Public Improvements The quantities and locations for the Public Improvements are based on information that was available at the time of approval of the Final Plat Additional Public Improvements may be required, and Developer shall be responsible for submitting revisions to the Final Plat approved by the City The Developer shall warrant any and all Public Improvements which are conveyed to the City pursuant to this Agreement for a period of two (2) years from the date the City's Director of Public Works certifies that the same conform with specifications approved by the City Specifically, but not by way of limitation, the Developer shall warrant the following (a) That the title conveyed shall be marketable and its transfer rightful, SUBDIVISION IMPROVEMENT AGREEMENT 1/98 -2- (b) Any and all facilities conveyed shall be free from any secunty interest or other lien or encumbrance, and ) (c) Any and all facilities so conveyed shall be free of defects in materials or workmanship for a period of two (2) years as stated above (d) To the degree the Developer is required to install and maintain landscaping on public or private property, it is the obligation of Developer to maintain the required landscaping for two (2) growing season(s) The City will finally accept for maintenance all Public Improvements after the warranty period has expired provided all warranty work has been completed The City shall accept for snow removal purposes only, all dedicated public streets after the City issues the first certificate of occupancy 7 Installation of Traffic Signal A traffic signal may be required to serve this development. Determination of the need for the signal shall be made by the City's Public Works Director, hereinafter "Director", prior to building permit issuance and based upon a traffic study for this development approved by the City The Developer shall provide collateral for the estimated cost of installation of the traffic signal prior to building permit issuance, if the Director has determined that a signal is needed Prior to building permit issuance, the Developer shall provide traffic signal plans for approval by the Developer and the Colorado Department of Transportation The Developer shall notify the City in writing, a minimum of one hundred sixty (160) days prior to the desired time of installation/modification of the traffic signal in order to allow the City to coordinate the timing of the traffic signal improvements If the Director approves installation of the signal based on meeting traffic warrants, the City shall then notify the Developer in writing of the exact amount required for the traffic signal improvements The Developer shall then make payment to the City in cash for the required amount within sixty (60) days of receipt of such letter The City will not commence traffic signal improvements until the Developer has paid to the City the total amount determined by the Director to be the total cost of improvements 8 Observation. Inspection and Testing The City shall have the right to require reasonable engineering observations and testing at the Developer's expense Observation and testing, acquiescence in, or approval by any engineering inspector of the construction of physical facilities at any particular time shall not constitute the approval by the City of any portion of the construction of such Public Improvements Such approval shall be made by the City, only after completion of construction and in the manner hereinafter set forth The Director is designated by the City to exercise authority on its behalf under this Agreement and to see that this Agreement is performed according to its terms Work under this Agreement may, without cost or claim against the City, be suspended by the Director for substantial cause The Director shall, within a reasonable time after presentation, make decisions in SUBDIVISION IMPROVEMENT AGREEMENT 1/98 -3- writing on all claims of Developer and on all other matters relating to the execution and progress of the work or the interpretation of this Agreement, the master plan and specifications All such decisions of the Director shall be final The Director shall make all determinations of amounts and quantities of work performed hereunder To assist him in this work Developer shall make available for inspection any records kept by Developer 4 The Director shall make all determinations of amounts and quantities of work performed hereunder To assist him in this work Developer shall make available for inspection any records kept by Developer The Director and his authorized representatives shall have free access to the work at all times, and Developer shall furnish them with facilities for ascertaining whether the work being performed, or the work which has been completed, is in accordance with the requirements of the Agreement The Director will make periodic observations of construction (sometimes commonly referred to as "supervision") The purpose of these observations and construction checking is to determine the progress of the work and to see if the work is being performed in accordance with the plans and specifications He will in no way be responsible for how the work is performed, safety in, on, or about the job site, methods of performance, or timeliness in the performance of the work, Inspectors may be appointed to inspect materials used and work done Inspections may extend to all or any part of the work and to the preparation or manufacture of the materials to be used The inspectors will not be authorized to alter the provisions of this Agreement or any specifications or to act as foreman for Developer The Inspector will have authority to reject defective materials and to suspend any work that is being done improperly, subject to the final decision of the Director 9 Completion of Public Improvements The obligations of the Developer provided for in paragraph 6 of this Agreement, including the inspections hereof, shall be performed on or before November 30.2000, and proper application for acceptance of the Public Improvements shall be made on or before such date Upon completion of construction by the Developer of such Improvements, the City's Director of Public Works or designee, shall inspect the Improvements and certify with specificity its conformity or lack thereof to the City's specifications The Developer shall make all corrections necessary to bring the Improvements into conformity with the City's specifications Once approved by the City's Director of Public Works, the City shall accept said Improvements upon conveyance, provided, however, the City shall not be obligated to accept the Public Improvements until the actual costs described in this Agreement are paid in full by the Developer 10 Protection Developer, at its expense, shall continuously maintain adequate protection of all Improvements from damage prior to acceptance by the City and shall protect the City's property from injury and loss arising in connection with this Agreement Developer shall make good any such damage, injury or loss except such as may be SUBDIVISION IMPROVEMENT AGREEMENT 1/98 -4- caused directly by authorized agents or employees of the City Developer shall adequately protect adjacent property and shall provide and maintain all passageways, guard fences, lights and other facilities for protection required by public authority or local conditions ,/ i;) Developer shall be responsible for damage to any public and private property on and adjacent to the site of Developer's Improvements caused by negligent or willful acts of Developer, its agents or subcontractors Developer shall take all reasonable effort necessary to prevent damage to pipes, conduits, and other underground structures and to overhead wires, and to water quality Developer shall protect carefully from disturbance or damage all land monuments and property marks until an authorized agent of the City has witnessed or otherwise referenced their location, and shall not remove them until directed When any direct or indirect damage or injury is done to public or private property by or on account of any act, omission, neglect or misconduct in the construction of Improvements, or in consequence of the non-execution thereof on his part, such damaged property shall be restored by Developer at its own expense to a condition similar or equal to that existing before such damage or injury Developer shall at all times, whether or not so specifically directed by the Director, take necessary precautions to insure the protection of the public Developer shall furnish, erect and maintain, at its own expense, all necessary barricades, suitable and sufficient red lights, construction signs, provide a sufficient number of watchmen, and take all necessary precautions for the protection of the work and safety of the public through or around his construction operations as Developer and the Director shall deem reasonably necessary 11 Related Costs - Public Improvements The Developer shall provide all necessary engineering designs, surveys, field surveys, testing and incidental services related to the construction of the Public Improvements at its sole cost and expense, including final drainage study letter certified accurate by a professional engineer registered in the State of Colorado 12 Improvements to be the Propertv of the City All Public Improvements for roads, concrete curb and gutters, public storm sewers and public drainage improvements accepted by the City shall be dedicated to the City and warranted for a period of twenty- four (24) months following acceptance by the City, as provided above 13 Performance Guarantee In order to secure the construction and installation of the Public Improvements the Developer shall, prior to recording the Final Plat, if applicable, in the real estate records of Jefferson County, which recording shall occur no later than ninety (90) days after the execution of this Agreement, furnish the City, at the Developer's expense, with the Performance Guarantee described herein The Performance Guarantee provided by the Developer shall be an irrevocable letter of credit in which the City is designated as beneficiary, for one hundred twenty-five percent (125%) of the estimated costs of the Public Improvements to be constructed and installed as set forth in Exhibit C, to secure the performance and completion of the Public Improvements as required by Section 3 c 5 of the Wheat Ridge Subdivision Regulations The Developer agrees that approval of this Agreement by the City is contingent upon the Developer's SUBDIVISION IMPROVEMENT AGREEMENT 1/98 -5- provIsion of an irrevocable letter of credit to the City within ninety (90) days of the execution of this Agreement in the amount and form provided herein Failure of the Developer to provide an irrevocable letter of credit to the City in the manner provided herein shall negate the City's approval of this Agreement. Letters of credit shall be substantially in the form and content set forth in Exhibit D, attached hereto and incorporated herein, and shall be subject to the review and approval of the City Attorney The Developer shall not start any construction of any public or private improvement on the Property including, but not limited to, staking, earth work, overlot grading or the erection of any structure, temporary or otherwise, until the City has received and approved the irrevocable letter of credit. (p The estimated costs of the Public Improvements shall be a figure mutually agreed upon by the Developer and the City's Director of Public Works, as set forth in Exhibit C attached hereto If, however, they are unable to agree, the Director of Public Works' estimate shall govern after giving consideration to information provided by the Developer including, but not limited to, construction contracts and engineering estimates The purpose of the cost estimate is solely to determine the amount of security No representations are made as to the accuracy of these estimates, and the Developer agrees to pay the actual costs of all such Public Improvements The estimated costs of the Public Improvements may increase in the future Accordingly, the City reserves the right to review and adjust the cost estimate on an annual basis If the City adjusts the cost estimate for the Public Improvements, the City shall give written notice to the Developer The Developer shall, within thirty (30) days after receipt of said written notice, provide the City with a new or amended letter of credit in the amount of the adjusted cost estimates If the Developer refuses or fails to so provide the City with a new or amended letter of credit, the City may exercise the remedies provided for in this Agreement; provided, however, that prior to increasing the amount of additional security required, the City shall give credit to the Developer for all required Public Improvements which have actually been completed so that the amount of security required at all time shall relate to the cost of required Public Improvements not yet constructed In the event the Public Improvements are not constructed or completed within the period of time specified by paragraph 9 of this Agreement or a written extension of time mutually agreed upon the parties to this Agreement, the City may draw on the letter of credit to complete the Public Improvements called for in this Agreement. In the event the letter of credit is to expire within fourteen (14) calendar days and the Developer has not yet provided a satisfactory replacement, the City may draw on the letter of credit and either hold such funds as security for performance of this Agreement or spend such funds to finish Public Improvements or correct problems with the Public Improvements as the City deems appropriate Upon completion of performance of such improvements, conditions and requirements within the required time, the Developer shall issue an irrevocable letter of credit to the City in the amount of twenty-five percent (25%) of the total cost of construction and installation of the Public Improvements, to be held by the City during the warranty period If the Public Improvements are not completed within the required time, the monies may be used to complete the improvements SUBDIVISION IMPROVEMENT AGREEMENT 1/98 -6- 14 Indemnification The Developer shall indemnify and hold harmless the City and its officers, employees, agents or servants from any and all suits, actions, and claims of every nature and description caused by, arising from or on account of this Agreement any act or omission of the Developer, or of any other person or entity for whose act or omission the Developer is liable, with respect to the Public Improvements, and the '1 Developer shall pay any and all judgments rendered against the City as a result of any suit, action, or claim, together with all reasonable expenses and attorney's fees and costs incurred by the City in defending any such suit, action or claim The Developer shall pay all property taxes on the Property dedicated to the City and shall indemnify and hold harmless the City for any property tax liability 15 Waiver of Defects In executing this Agreement, the Developer waives all objections it may have concerning defects, if any, in the formalities whereby it is executed, or concerning the power of the City to impose conditions on the Developer as set forth herein, and concerning the procedure, substance, and form of the ordinances or resolutions adopting this Agreement 16 Third Party Beneficiaries There are and shall be no third party beneficiaries to this Agreement 17 Modifications This instrument embodies the whole agreement ofthe Parties. There are no promises, terms, conditions, or obligations other than those contained herein, and this Agreement shall supersede all previous communications, representations, or agreements, either verbal or written, between the parties There shall be no modification of this Agreement except in writing, executed with the same formalities as this instrument Subject to the conditions precedent herein, this Agreement may be enforced in any court of competent jurisdiction 18 Release of Liability It is expressly understood that the City cannot be legally bound by the representations of any of its agents or their designees except in accordance with the City of Wheat Ridge Code of Ordinances and the laws of the State of Colorado 19 Captions, The captions to this Agreement are inserted only for the purpose of convenient reference and in no way define, limit, or prescribe the scope or intent of this Agreement or any part thereof 20 Binding Effect This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors, and assigns as the case may be 21 No Waiver No waiver of any of the provisions of this Agreement shall be deemed or constitute a waiver of any other provisions herein, nor shall such waiver constitute a continuing waiver unless otherwise expressly provided, nor shall the waiver of any default hereunder be deemed a waiver of any subsequent default hereunder 22 Invalid Provision If any provision of this Agreement shall be determined to be void by any court of competent jurisdiction, then such determination shall not affect any SUBDIVISION IMPROVEMENT AGREEMENT 1/98 -7- other provision hereof, all of the other provisions shall remain in full force and effect. It is the intention of the Parties that if any provision of this Agreement is capable of two constructions, one of which would render the provision void, and the other which would render the provision valid, then the provision shall have the meaning which renders it valid 23 Governinq Law, The laws of the State of Colorado shall govern the validity, performance and enforcement of this Agreement. Should either party institute legal suit or action for enforcement of any obligation contained herein, venue of such suit or action shall be in Jefferson County, Colorado ~ 24 Attorneys Fees, Should this Agreement become the subject of litigation to resolve a claim of default of performance or payment by the Developer and a court of competent jurisdiction finds in favor of the City, the Developer shall pay the City's attorney's fees and court costs 25, Notice All notices required under this Agreement shall be in writing and shall be hand delivered or sent by registered or certified mail, return receipt requested, postage prepaid, to the addresses of the parties herein set forth All notices so given shall be considered effective seventy-two (72) hours after deposit in the United States mail with the proper address as set forth below Either party by notice so given may change the address to which future notices shall be sent. Notice to Developer' Mr. Kim Harold Mr, Kim Harold & Mr, Randv Busing 7975 W. 44th Avenue Wheat Ridqe, CO 80033 Notice to City' Mr, Robert Goebel, P.E, Director of Public Works 7500 West 29th Avenue Wheat Ridge, CO 80215 26 Force Maieure Whenever the Developer is required to complete the construction, repair, or replacement of Public Improvements by an agreed deadline, the Developer shall be entitled to an extension of time equal to a delay in completing the foregoing due to unforeseeable causes beyond the control and without the fault or negligence of the Developer including, but not restricted to, acts of God, weather, fires and strikes 27 Assignment or Assignments. There shall be no transfer or assignment of any of the rights or obligations of the Developer under this Agreement without the prior written approval of the City 28 Recording of Aqreement. This Agreement shall be recorded in the real estate records of Jefferson County and shall be a covenant running with the Property in order to put prospective purchases or other interested parties on notice as to the terms and provisions hereof SUBDIVISION IMPROVEMENT AGREEMENT 1198 -8- ~ z o ~ o z o (.) (jJ :r i- z o ill > ill (.) U1 ex: . 29 Title and Authority The Developer, Mr. Kim Harold & Mr. Randv Busing, expressly warrants and represents to the City that it is the record owner of the property constituting the Property and further represents and warrants, together with the undersigned individual(s) that the undersigned individual(s) has or have full power and authority to enter into this Subdivision Improvement Agreement The Developer and the undersigned individual(s) understand that the City is relying on such representations and warranties in entering into this Agreement ~ WHEREFORE, the parties hereto have executed this Agreement on the day and year first above written CITY OF WHEAT RIDGE, COLORADO By' ATTEST , ! '. .1J~(vi/~' / ~ Wanda Sang, City Cle SUBDIVISION IMPROVEMENT AGREEMENT 1198 -9- DEVELOPER By' hu, ;y-&fit/l- Hi2( STATE OF COLORADO ) ) ss COUNTY OF ~J\ ':L\\ ) The foreg\'lng instrument was acknowledged before me this 3~Q day of ~~ ~ , 2000, by ~~ ~~~~),~GL\:) , as ,: ,{'-\t\~ of. (s \ \:>-L\.\\;1'\':j1 LI,l\tiC r'k~\\ s,C',,~ S--\", j0 Witness my hand and official seal My commission expires. I - rl L\, - C: '~ i\~"'l,~' \ \.'>'II(\~\C\ - S\c:)<,,\;':, N, t ry Public _en. . L1r.fl EllIliII7AW3 ..... " ....) ~" C \.>..J tf, ~ ;? C~, b. ......~ i'T.i "" lL! €'!. F. SUBDIVISION IMPROVEMENT AGREEMENT 1/98 -10- " ~ ~ .. :I ,\~t'l1.,.;i""it. .. ~~~t:' fr~\>;';".~'~ ",' ~-f"~~;4' (- ~4 ~ .-:,., ''" t.. .~ ' ~,," I y...;... ~ .;,'~{f:' . ., f:'!l;.:. ~ ~:.1 J" t';";kN' Jk"l ~l. _{~. ,Hi-. _ l,,,jt:_ :~~k 1~~~; ~~......-",,,".,..-~,~,- ""'---- ~--- -....-'~ ---- _ UN'lJ~OIl"I!!.5D LAI4D _ ~ou:;:;, LINe 0' J,'OICTft QUA~TCJf OT JlD'""""E~T DuAltT"EJt OJ' ~cruJIt n .;- ~ . :r . ....- ". - 1'"-:'~, .{ 'r' \ . J.,.. ~_e..~_~F .",-" 'J,.- ... v s 26 6 N 7 ... '" '" '" .. .., n Z4 e , co " " ~ .. '" .... '" ll:l "t " " o -J tl n Zl II ~ > ~[;; ~ ni" U .\t~, Q;~ ~ . ,\; ., 1"';; , n l' .~ It ~ I ~ t:i I ~ : ~ I ~ Q ~~ I ~ ~ ~ I I~ : ~~ Ii~! ~ :: I ~ .... . . 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I"./H''''O eNGIN"" 'N TIlL 5rAT' '" COLMADO, NCR'.Y cen,'" TNAT ,unCY' .MD ":2.~::ILL_- CIfE~T H~J,,.,T~ JllJOU 'fADE ll"" Me AND n.f.AT" tJOTH Aile MCtJffATE TO THE lU~1 or MY Kf'll(Hrf...ctJ6~_ _~k . ~'. r, ~lIlHC~llJ~D "'''to $"'O~~ TO lJEFOffE WE THf$_1.a::__D.AY OF J-1A.orCH,AD. 1'46 W'TN"!'!J~ If.". /'fAND AltO NOrAl'rlAL ~~~'~'1r" o:JIfI- -~J2.r~~:T"~ t"~L;~ ' ~ " ~ ~ MJ~~ION rrPIIU~_ ~~'!!....fj~.-S'~.,l~L___ __ , . . " I.._~(.'!:...~ .QY!:!.L~P_ ___ _____ ~c AL.L ~.~/IIAu.." /CltltJ"/II n 11I1, "~A~Cl1 /lE'OCE .~ THIS All" 1/11 "'r~.30/l/ AMP ACICI'lt>,,:.L[NIED .,.1/;1 ~J';trl1 TI1U IJIC1T'~HI~~:~-' 6'1'(" &t"D~~ IiN' ""11/.11 AND lIor",~JAJ.. ~Ul rllJ'...JZ!:''':~"7,~ D'_M~f!'__"(D ~_ MY' ~MJ>>NJAI E~/"'I'U'_N.Q.V,,_)~l}~.~::'Pir;,.;, ~{ ., - ,.c7 /7 ,~. " ,. ~~~" _ .L..t'/itITAItY "U'J.I(_.~ _~...... .'.:. ~ n~ 1'''''''' , . t~bl/ll~!If" C{~iJ,.,C;lt/~ APPROVAL::> ApPItOVED /JY PU Jr~f'ttJ(~ON COu/'lTY PLANII/I/II~ CCJJ,f~I:J~!O'" _ _ ~ :.. _ _ _ _ _~EcIt.EiA'n', TI/I.!J__1.Z.':!___lJ,I,';" 01' M.AflrC/'f ....~D_ 1'46. PA.~~~O 8';" THe O:O...."'D OF COIJNiY CO"1t4I$~IO"'f:~3 _ _:2J~~_~,f).L.Bf.,'J~mmY '" Aac,.-rrD FM I'ILIII' 'N r1f( o,."ce 0' ~C <L(It.K .......'1 IttCOItDC" J-i CrAf~ ~u;. TlON Z3 Rrccl"TJtJlI/ NU/IIIljCIf W~3-:r 44 r~ AVENUE ,/' (JF JCf'f'C/f:10N ~_ ~ ~_ ___ C""~"A~. COUNTY, COLDlfADO TH~---c2....1-D.Ar' fY HAIKIf A.D 1'-46 .:~~ -..4-/_~~- _ __CHAUUUN. t:# J~"'€~~OIt (()UJIr'f' CDLlJIfADO rHI~__C?.i-_DA1' 0' I4AIfC~ A_~. ~'~.: ,;'1. __ _ -:J1~-{;_~~;':'M:C" ' .~.. !l ~~~ 1~:1' "'I ;1 .;: ~ ~ ~. l." ' l:'O ~~...~.~ r r p,..t.L.:.t ~~ ::.~."c..t, .5.e B.,K S,N -F'... f~ .'r" ~ ~~;:r,; ',,,i .. ;.'. '.... "r< ii, f~~t~ ~;c~:~n' !~,,-:. .::~ ;.cf.7' < . i.: ~ .~ ~ v ..' , . <. ~ ......" -;;:t;;..~ ~1' j .. I ~ i; ~, 1, l;'t ""'''4 .. :.tr~. t:-.c"'h~\\ , , c... :: ~. JOHNSTON ENGINEERING ASSOC/A TES IIVC --- .- Clv'IL Ell/u'INf:.fN."'- ~1J!'!{. A;I.l/) 5-U,ql,[~-j/. ~7 #" ---' 4420 Allison Street Project No 98031-01 o{.. . \ " \1\"\ '> ~ L' 13 02/23/99 Street Improvements on Allison Street Quantities & Cost Estimate Item Unit Item No Description Quantity Unit Cost Cost Sawcut & Remove Existing Asphalt 14 SY $45 00 $630 00 & 1-loot Asphalt Patch back Curb, Gutter & Sidewalk (Type I) 130 L.F $23 00 $2,990 00 SUB-TOTAL $3,620 00 15% Contingency 15% $1,61600 TOTAL CONSTRUCTION COST $5,236 00 ~ ZC5e/. GtzAnt>\tfTi:\L=$I., 54S. ~ -r 215 Union Boulevard Suite 301 Lakewood. Colorado 80ZZ8 (303) 969-9016 (Fax) (303) 969-9001 (Tele) " __ ~ _ . ____ n ._ u_ _--.- __ _---.._-- ._ __. --- -~~ ~~:-rBAN< c. )(. rl \\3. l"\ BENEFICIARY Of Wheat Ridge '-p' o ~ "3 Icity I I I 1 IRREVOCABLE LETTER OF CREDIT \1 FirstBank or Wheal Ridge 4~50 Wadsworth 1I""I"'OI'd Wheat Ridge, (:0 80033 (~0.11 423.14011 "LE1\DER" EXPIRATION DATE -------1 This Letter of Credit shall expire upon the earlier of: II 1 the close of business on Ajl~ril_01L,:2000 '_. ___, I and all drafts and accompanying statements or documents I must be presented to Lender on or before that time; or 2, the day that Lender honors a draw under which the fU~IJ amount of this Letter of Credit has been drawn. -.- --~- ------~-~-- -.- ----"- ---- Lender h:reby establishes at the request and for the account of Customer, an Irrevocable Letter of Credit in favor of Beneficiary for a sum of. E,:L3ht_.!l1ousand and noLH)O .~ __ _ _ _ . . " _ __ __~ __. _'_______ . _,~ _,~~.~,._.______,_._~.._____._Dollars($ ~LOO.Q_"_()O__.___ ) These funds shall be made available to Beneficiary upon Lender's receipt from Beneficiary of sight drafts drawn on Lender at Lender's address indicated above (or such other address that Lender may provide Beneficiary in writing) during regular business hours and accompanied by the signed written statements or documents indicated below i 'Kim Harrold I Randy Busing 'I ADDRESS 7500 West 29Th Avenue Lakewood, Colorado 8.0215 TELEPHONE NO, IDENTIFICATION NO, (303) 235-2821 CUSTOMER NO.: _7.952139 ADDRESS 7975 West 44Th Avenue : Wheat Ridge, CO 80033 I.TELEPH_ONE NO. .. IDENT~F:A~I~N:~ _ WARNING TO BENEFICIARY PLEASE EXAMINE THIS LETTER OF CREDIT AT ONCE, IF YOU FEEL UNABLE TO MEET ANY OF ITS REQUIREMENTS, EITHER SINGLY OR TOGETHER, YOU SHOULD CONTACT THE CUSTOMER IMMEDIATELY TO SEE IF THE LETTER OF CREDIT CAN BE AMENDED. OTHERWISE, YOU WILL RISK LOSING PAYMENT UNDER THIS LETTER OF CREDIT FOR FAILURE TO COMPLY STRICTLY WITH ITS TERMS AS WRITTEN, DRAFT TERMS AND CONDITIONS Lender shall honor drafts submitted by Beneficiary under the following terms and conditions: Upon Lender's honor of such drafts, Lender shall be fully discharged of its obligations under this Letter of Credit and shall not be obligated 10 make any further payments under this Letter of Credit once the full amount of credit available under this Letter of Credit has been drawn. If a non.conforming demand is made, Lender shall notify Beneficiary of its dishonor on or before the time specified in Paragraph 5 below, Beneficiary shall have no recourse against Lender for any amount paid under this Letter of Credit once Lender has honored any draft or other document which complies strictly with this Letter of Credit, and which on its face appears otherwise in order but which is signed, issued, or presented by a party or under the name of a party purporting to act for Beneficiary, purporting to claim through Beneficiary, or posing as Beneficiary without Beneficiary's authorization, By paying an amount demanded in accordance with this Letter of Credit, Lender makes no representation as to the correctness of the amount demanded and Lender shall not be liable to Beneficiary, or any other person, for any amount paid or disbursed for any reason whatsoever, including, without limitation, any non application or misapplication by Beneficiary of the proceeds of such payment. By presenting upon Lender or a confirming bank, Beneficiary certifies that Beneficiary has not and will not present upon the other, unless and until Beneficiary meets with dishonor Beneficiary promises to return to Lender any funds received by Beneficiary in excess of the Letter of Credit's maximum drawing amount. 2, USE RESTRICTIONS All drafts must be marked "DRAWN UNDER .FirstB.ankOf Whe~at: .Ri~g~_ .__._n n_ .- - - -- _' . IRREVOCABLE LETTER OF CREDIT NO . 7.9.5:! 1.3L __ __ ,_. DATED AJIl!"il Q1,1.1999 . ," and the amount of each draft shall be marked on the draft, Only Beneficiary or Beneficiary's Transferee (if this Letter of Credit is transferable) may complete a draft and accompanying statements or documents required by this Letter of Cred'lt and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder Partial draws r -J are permitted Ix i are not permitted under this Letter of Credit. Lender's honor of a partial draw shal! correspondingly reduce the amount of credit available under this Letter of Credit. Following a partial draw, Lender shall return this original Letter of Credit to Beneficiary with the partial draw noted hereon; in the alternative, and in its sole discretion, Lender may issue a substitute Letter of Credit to Beneficiary in the amount shown above, less any partial drawls) 3, PERMITTED TRANSFEREES i 1 If checked, this Letter of Credit may be transferred by Beneficiary upon prior written notice to Lender of It,e transfer The Transferee shall be deemed the new Beneficiary of this Letter of Credit and the documents of the Transferee, including drafts required under this Letter of Credit, will be processed by Lender (or any intermediary) without the original Beneficiary's intervention and without any further obligation of Lender to the original Beneficiary I xi If checked, the right to draw under this Letter of Credit shall be nontransferable, except for' A. A transfer (in its entirely, but not in part) by direct operation of law to the original Beneficiary's administrator, executor, bankruptcy trustee, receiver, liquidator, successor, or other representative at law; and B The first immediate transfer (in its entirety, but not in part) by such legal representative to a third party after express approval of a governmental body (judicial, administrative, Or executive). r...M$TG02:r Forlf1.Atial' Technologies, \nc. l~i3,'D8) IROOI 937 3799 Exhlbif \ \) , z. '- ~3 4 rpANSFEREE'S REQUIRED DOCUMENTS ,/ l~ When the presenter is a permitted Transferee under paragraph 3 above, the documents required for a draw shall include; A, All documents required elsewhere in this Letter of Credit, except that such documents may be in the name of and executed by either the original Beneficiary or the presenter permitted by paragraph 3; and B When the presenter is a permitted Transferee under paragraph 3.A. or a third party under paragraph 3,B., a certified copy of the one or more documents which show the presenter's authority to claim through or to act with authority for the original Beneficiary 5, TIMING OF DISHONOR Lender may rely upon any reason for dishonor which it communicates to Beneficiary Or the presenter within three (3) Banking Days after Lender has received the last document forming Beneficiary's presentment (the "Three-Day Period") Lender shall be entitled to rely upon such reason without regard to either (i) the timing of any presentment made before the Expiration Date, or (ii) the timing inside the Three-Day Period of any preliminary communication(s} from Lender concerning the dishonor decision or any reason for dishonor For any reason for dishonor given during the Three-Day Period, Lender shall be conclusively deemed to have met the "reasonable time", "without delay", and other timing requirements as the Uniform Customs and Practice for Documentary Credits, 1993 Revision, ICC Publication No 500, as most recently published by the International Chamber of Commerce (the "UCP") may impose, The Expiration Date shall not be extended to accommodate a presentment made less than three (3) Banking Days before the EKpiration Date, and Beneficiary shall not be entitled to submit a draw request or provide Lender with any documents in support of a draw after the Expiration Date, Lender shall not be required to communicate a dishonor decision or its reasons within a time less than the Three-Day Period, "Banking Day" means any day, except Saturday, on which commercial banks located in _. CoJ,o~ado _ are open, 6. COMPLIANCE BURDEN Lender is not responsible for any impossibility or other difficulty in achieving strict compliance with the requirements of this Letter of Credit precisely as written. Beneficiary understands and acknowledges; (i) that unless and until the present wording of this Letter of Credit is amended with Lender's prior written consent, the burden of complying strictly with such wording remains solely upon Beneficiary; and (ii) that Lender is relying upon the lack of such amendment as constituting Beneficiary's initial and continued approval of such wording. 7. NON-SEVERABILITY 11 any aspect of this Letter of Credit is ever declared unenforceable for any reason by any court or governmental body having jurisdiction, Lender's entire engagement under this Letter of Credit shall be deemed null and void ab initio, and both Lender and Beneficiary shall be restored to the pOSition each would have occupied with all rights available as though this Letter of Credit had never occurred, This non-severability provision shall override all other provisions in this Letter of Credit, no matter where such provision appears within this Letter of Credit. 8. CHOICE OF LAW/JURISDICTION This Letter of Credit is subject to the UCP This Letter of Credit shall be governed by and construed in accordance with the laws of the State of col~:r~cio ._._ , United States of America, eKcept to the extent such laws are inconsistent with the UCP Lender and Beneficiary consent to the jurisdiction and venue of any court selected by Lender in its discretion located in the State of Colora<io_ in the event of any legal proceeding under this Letter of Credit. 9. EXPIRATION Lender hereby agrees with Beneficiary that drafts drawn under and in compliance with the terms of tllis Letter of Credit will be duly honored if presented to the Lender on or before the Expiration Date, Dated; April 01, 1999 LENDER; FirstBank Of Wheat Ridge !3Y:--7<:-7~2<l-~ Brian Ballard Vice President ENDORSEMENT OF DRAFTS DRAWN: Date Negotiated !3Y. Amount In Words --~-- -.--- Amount .In Figure~ MAST6028 'f' Fom"ll\\inn Techno\ogies, 1m.. 19,'3/90) 18DO) 937 :.3199 ~ 'fBAN< ~ x h IlJ 'i__t__~ D ~____~~ _~_L :; BENEFICIARY Clty Of Wheat Ridge EXTENSIONI MODI FICA TION IRREVOCABL LETTER OF CR IV' firslBank or \ll1eal Ridge 4350 '\'.uh:worth Boulevard \I'heal Ridge, CO 80033 (303) 423-1400 "LENDER" OF E EDIT ADDRESS 7500 West 29Th Avenue Wheat Ridge, CO 80033 TELEPHONE NO. IDENTIFICATION NO. NO.: 7952139 CUSTOMER EXPIRATION DATE Kim Harrold Randy Busing This letter 01 Cred'it has been extended and stlall expire upon the earlier of: 1 the close of business on April 01, 2001 ADDRESS 7975 West 44Th Avenue Wheat Ridge, CO 80033 TELEPHONE NO. IDENTIFICATION NO. and all drafts and accompanying statements or documents must be presented to lender on or before that time; or 2, the day that lender honors a draw under which the full amount of this letter of Credif is drawn. 1, EXTENSION OF lETTER OF CREDIT. lender indicated above ,("lender") hereby extends an Irrevocable letter of Credif established at the request and for the account of Customer in favor of Beneficiary for the sum of E~ght Thousand and no/lOa Dollars ($ 8,000.00 ). 2, CHANGE IN AMOUNT D If checked, the amount available to draw under this letter of Credit is changed to Dollars ($ ). 3. OTHER. All other terms and conditions of this Irrevocable letter of Credit shall remain the same except: Dated: April 01, 2000 LENDER:FirBtBank Of Wheat Ridge By: ~ ~ ~_ Brian Ballard Senior Vice President ~~