HomeMy WebLinkAboutHillcrest Heights, Lots 14-164/22/1999 1.4: 14:53 PG: 001 - -017
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SUBDIVISION IMPROVEMENT AGREEMENT
THIS AGREEMENT made this 14th day of April, 1999 by and between the CITY
OF WHEAT RIDGE, COLORADO, a home rule municipal corporation (the "City "), and Mr.
Kim Harold & Mr. Randy Busing (the "Developer "), together referred to as the "Parties"
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 Heights, 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 by 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
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 security 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
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 noway 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 maybe 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, 1999 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
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 director 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 Property 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 1198 -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 I ( n
of any structure, temporary or otherwise, until the City has received and approved the
irrevocable letter of credit.
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
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 of the 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 Governing 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. Randy Busing
7975 W. 44th Avenue
Wheat Ridge, CO 80033
Notice to City Mr. Robert Goebel, P.E.
Director of Public Works
7500 West 29"' Avenue
Wheat Ridge, CO 80215
26 Force Majeure 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 Agreement 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-
i s
29 Title and Authority The Developer, Mr. Kim Harold & Mr. Randy 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.
4'Ge tchen Cerveny, Mayor
ATTEST
Wanda Sang, C
APPROv b AS F M.
Gerald Dahl, City Attorney
SUBDIVISION IMPROVEMENT AGREEMENT 1/98 -9-
DEVELOPER
By-
STATE OF COLORADO ) 0
ss
COUNTY OF
The foregoing instrument was acknowledged before me this day of
1999, by as
of
Witness my hand and official seal
My commission expires:
Notary Public
(SEAL)
SUBDIVISION IMPROVEMENT AGREEMENT 1/98 -10-
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I?Ft F-rfION Nfl. FO ViRR ?. EXHIBIT "B" rr,: 0001 001
405 REI,URDED IN JEF F ERSUN CUUN I Y r CULURAUU 2 /021YU 1 1: J 1 e Cli_'
J
E
QUIT CLAIM DEED
THIS DEED, Made this 3rd day of . January 19 97
between Iloward Stoddard (seller)
of the City aind
'County
of Denver
and State of
Colorado, grantor, and
Kim
Harrold and
Randy Busing
whose legal address is
7975 W.
44th Ave,
Wheat Ridcte,
of the
Countyof
Jefferson
and State of Colorado, grantees,
WITNESSETH, That the grantor, for and in consideration of the sum of $ 3 9 r 0 0 0 . 0 0
(thirty nine thousand) DOLLARS
the receipt and sufficiency of which Is hereby acknowledged, has trndsed, released. sold, conveyed nod QUIT CLAIMED, and by these
presents dues remise, release, sell, convey and QUIT C'I.AIM unto the grruoces, their heirs, successors and assigns forever, not in
tenancy in common, but in joint tenancy, all the right, title, interest, claim and demand which the grantor has in and to the real property,
together with improvements, if any, situate, lying and being in the County
of Jefferson and State of Colorado, described as follows: The south 10 feet';Of
Lot 14, and. ,the north 120 feet of Lot 15, and the North 65 feet,;
arid'the West 5 feet of the south 55 feet of the north 120 feed;;.' ;'
of Lot 16, Block 3, HILLCREST IiEIGIiTS ;*sal•'
13
.1
4L
t.
,r
also known by street and number as:
TO HAVE AND TO HOLD the same, together with all and singular the appurtenances and privileges thereunto belonging or in
anywise thereunto appertaining, and all the estate, right, title, interest and claim whatsoever, of the grantor, either in law or equity, to the
only proper use, benefit and behoof of the grantees, their heirs and assigns forever. 'The singular number shall include the plural, the
plural the singular, and the use of any gender shall be applicable to all genders.
IN WITNESS WHEREOF, The grantor has executed this deed on the date set forth abov . 7
Kim rro d Iloward toddard
an y us' 9
STATE 01: COLORADO,
1 ss.
County of
The tore oing instrument was acknowledged before me in the kl County of
State of l�rJ o� (' A 0 , this Z day of 7 fly 19 c
by - sitddctc J
My con" .iSsiori expires 19 Witness my hand and official seal.
It)] ( 07- 0 2-_
'` _ •" �._ • (lam _r
r Nodry Pohllc
•If in Denver, insert "City and
No. %2. Rev. 5 -64. oorr CLAIM nt=eo (to Joint Tenant+)
ar.df..d Nhlkhing, SR23 W 61h Ave„ Lekew(KA. CO 80214 — (303) 173 -6900 1083 \\9P
3
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100;
J4� r14b P. UL, U,
uRM (D) 772 10.1970 RETAIN PERMANENTLY
Recorded at o'clock
Reception No. _
M.,
Recorder
QUITCLAIM DEED
Document No. 137743
Plat No. 23 -3 -69
Grld No. 52167
KNOW ALL MEN BY THESE PRESENTS, That Public Servlce Company of Colorado, a Colorado
corporation, of Denver, Colorado for good and valuable consideration hereby sells and quitclaims to
yZesent owners of the fee title of the property described below
whose address is
of the County of and State of Colorado the following
described real property in the I (k-County of Jefferson
and State of Colorado,to• wit'
RECORDER'S STAMP
The east three (3) feet of Lot 15, Block 3 and the west three (3) feet of
Lot 16, Block 3 Hillcrest Heights, Jefferson Couaty, Colorado.
This deed is conveyed to release the above described property from utility
easements as defined in the Protective Covenants at Hillcrest Heights,
Jefferson County, Colorado.
Address of property 7975 West 44th Avenue
Consideriition: (loss than $500) or ($ _((////// l/! llllllllllllllllll !!l!l1 /! /!!lllllllA
with all its appurtenances.
Signed this' 25th day of June
L
At7 E t-
t
• �"I�I A/u r•t Setrnary
STATE OF 6040RADO, )
as
City and Cuunty of Denver 1
25th I I June 84
- way Ur
and Dale Fetchenhier as
a Colorado corporation.
Asst.
My commission expires May � 19
Witness my hand and official sea:.
• Euernsnt or vacant land Inert "NONE"
Strike InapDllCaDle phrsse.
Secretary of Pu / baic $ervide Company of Colorado,
NOTARY PUBLIC „1Q
This instrument should be recorded in the office of the clerk and recorder of the county where the property is located as above recited.
(OVER FOR ADDITIONAL NOTARIES)
19 !�_
PUBLIC SERVICE gOMPANY OF COLORADO
By Vice President
The foregoing instrument was acknowledgad before me this
R. E. D ono van tr; ,., pr
** TOTAL PAGE 02 **
EXHIBIT "C"
JOHNS TON 1
ENG/NEERIIVG i
I iillmawok 4 SSOCIA TES ,,vc
C /V /L ENG/NEERS ANO LANG SUR✓EYORS /
O L
i
4420 Allison Street
Project No 98031 -01
Street Improvements on Allison Street
Quantities & Cost Estimate
02/23/99
Item
No
Description
Quantity
Unit
Unit
Cost
Item
Cost
Sawcut & Remove Existing Asphalt
14
S Y
$4500
$63000
& 1 -foot Asphalt Patch back
Curb, Gutter & Sidewalk (Type 1)
130
L.F
$2300
$2,99000
SUB -TOTAL
$3,62000
15% Contingency
15%
$1,616 00
TOTAL CONSTRUCTION COST
$5,23600
X zSe
(�-,>Q ;trTAL= $ ( W 1 54 S
'T
215 Union Boulevard Suite 301 Lakewood, Colorado 80228 (303 969 -9016 (Fax) (303) 969 -9001 (Tele)
EXHIBIT "D"
BENEFICIARY
VT
( City Of Wheat Ridge
IRREVOCABLE
LETTER OF
FirstBank Of Wheat Ridge CREDIT
4350 r
Wadsworth Boulevard
Wheat Ridge, CO 80033
(303) 423 -1400 "LENDER" ADDRESS
( 7500 West 29Th Avenue NO.. 7952139
Lakewood, Colorado 80215 — - - - --
TELEPHONE NO. IDENTIFICATION NO.
(303) 235 -2821
CUSTOMER EXPIRATION DATE �I
Kim Harrold
Randy Busing This Letter of Credit shall expire upon the earlier of:
1 the close of business on
_A pril O1, 2000
and all drafts and accompanying statements or documents
ADDRESS must be presented to Lender on or before that time; or
7975 West 44Th Avenue 2. the day that Lender honors a draw under which the full
Wheat Ridge, CO 80033
TELEPHONE NO. IDENTIFICATION NO. amount of this Letter of Credit has been drawn.
I —
Lender hereby establishes at the request and for the account of Customer, an Irrevocable Letter of Credit in favor of Beneficiary for a
sum of Eight Thousand and no/10
Dollars ($ _ -8_, 000.00 _ ).
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.
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.
1 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 to 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 parry 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 nonapplication 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 First Of _ Whea Rid
IRREVOCABLE LETTER OF CREDIT NO __ 7952139 DATED
aril O1, 19 ," 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 Credit and make a draw under this Letter of Credit. This original Letter of Credit must accompany any draft drawn hereunder
Partial draws [ are permitted I %; are not permitted under this Letter of Credit. Lender's honor of a partial draw shall
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 draw(s).
3. PERMITTED TRANSFEREES
r If checked, this Letter of Credit maybe transferred by Beneficiary upon prior written notice to Lender of the 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
X I If checked, the right to draw under this Letter of Credit shall be nontransferable, except for-
A. A transfer (in its entirety, 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).
MAST602 c FormAtion Technologies, Inc (9/3!961 (600) 937 3799
4. TRANSFEREE'S REQUIRED DOCUMENTS
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 maybe 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 ",
' delay', and other timing requirements as the Uniform Customs and Practice for Documentary Credits, 1993 Revision, [CC
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 Expiration 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 Colorado 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
If 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 _Colorado United States of America, except 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
Colorado _ _ -- 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 this 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
Brian Ballard
Vice President
ENDORSEMENT OF DRAFTS DRAWN:
Date Negotiated By
- 79 6)
Amount
In Words
6 r
G " I , , #-
WrI119T _�zI,7C7E
Amount
In Figures
MAST6022 r rormAhOli Technologies, Inc. (9, 3 1800( 937 3799