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PUBLIC IMPROVEMENT AGREEMENT (qo])
Ij()~ / THIS AGREEMENT made this 10th of June, 2003, by and between J ~
(V!I the CITY OF WHEAT RIDGE, COLORADO, a home rule municipal corporation j- ./
(the "City"), and George S Johnston ,(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 12701 W 42nd
Avenue
On January 8, 2003, the City of Wheat Ridge, after the required review
process, approved a building permit for the Property located at 12701 W 42nd
Avenue
The approvals cited above are contingent upon the express condition that
the Developer faithfully perform all duties created by this Agreement.
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
and conditions for development of the Property All conditions contained herein
are in addition to any and all requirements of 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. Title Policy. If applicable, 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.
3 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 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
PUBLIC IMPROVEMENT AGREEMENT 04/03
RECEPTION NO. F :I. I':! b .3 ;'j ')
7/03/2003 14:05:52 PG: 001-013
PAGE FEE: 66.00 DOC.FEE: 0.00
RECORDED IN JEFFERSON COUNTY, COLORADO
(a)
(b)
(c)
(d)
The refusal to issue any building permit or certificate of occupancy;
The revocation of any building permit previously issued under /)
which construction directly related to such building permit has not r-
commenced, except a building permit previously issued to a third
party,
A demand that the security given for the completion of the Public
Improvements be paid or honored, or
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. The Developer
may cure the breach described in the notice during said thirty-day period.
5 Public Improvements and Warranty All storm sewer lines,
drainage structures, paved streets, curb, gutter and sidewalk, and necessary
appurtenances as shown on 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 B The Public
Improvements required by this Agreement and shown on the construction
documents approved by the Director of Public Works, hereinafter "Director", the
time frames for construction of the Improvements and the itemized costs of these
Improvements are set forth on Exhibit B 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 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 construction documents by the Director
The Developer shall warrant any and all Public Improvements for a period
of two (2) years from the date the Director certifies that the Public Improvements
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;
(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
PUBLIC IMPROVEMENT AGREEMENT 04/03
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
6. Observation, Inspection and TestinQ 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. The City shall make approval 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 and his authorized representatives shall have free access to
the work at all times The Director, or his designee, will make periodic
observations of construction (sometimes commonly referred to as "supervision").
The purpose of these observations and construction checking is to determine if
the work is being performed in accordance with the plans and specifications.
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 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
7 Completion of Public Improvements. The obligations of the
Developer provided for in paragraph 5 of this Agreement, including the
inspections hereof, shall be performed on or before Tu,<.J~ I D ,2003 ,
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 Director or designee, shall inspect the Improvements
The Developer shall make all corrections necessary to bring the Improvements
into conformity with the approved documents. Once approved by the Director, the
City shall accept said Improvements upon conveyance
8 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 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.
PUBLIC fMPROVEMENT AGREEMENT 04103
Developer shall be responsible for damage to any public and private I J
property on and adjacent to the site of Developer's Improvements caused by -;
negligent or willful acts of Developer, its agents or subcontractors 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 take necessary precautions to ensure 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
9 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 If applicable, a final drainage letter certified accurate by a
professional engineer registered in the State of Colorado shall also be submitted
at the request of the Director
10. 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 the property of the
City following acceptance by the City, as provided above
11. Performance Guarantee. In order to secure the construction and
installation of the Public Improvements the Developer shall, prior to issuance of a
building permit, 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 B to secure the performance and completion of the Public
Improvements as required by Section 26-110, of the Wheat Ridge Code of Laws.
An irrevocable letter of credit shall be supplied to the City within ninety (90) days
of the execution of this Agreement in the amount and form approved by the City
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 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.
The estimated costs of the Public Improvements shall be a figure mutually
agreed upon by the Developer and the Director, as set forth in Exhibit B
PUBLIC IMPROVEMENT AGREEMENT 04/03
attached hereto If, however, they are unable to agree, the Director's estimate
shall govern after giving consideration to information provided by the Developer r
including, but not limited to, construction contracts and engineering estimates. J
The purpose of the cost estimate is solely to determine the amount of security.
In the event the Public Improvements are not constructed or completed
within the period of time specified by paragraph 7 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
12. 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, if any, and shall indemnify and hold harmless the City for any property
tax liability
13 Waiver of Defects. I n 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.
14. Third Party Beneficiaries There are and shall be no third party
beneficiaries to this Agreement.
15 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
PUBLIC IMPROVEMENT AGREEMENT 04103
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. 'f
16 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.
17. 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
18. SindinQ 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
19 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.
20. 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 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
21 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
22. 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
23 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'
Notice to City:
PUBLIC IMPROVEMENT AGREEMENT 04/03
&Eo~G-E '5. TOHt-JSTCu,J
1'2- "701 (Ai. 42- /V'b /'t ve
zc>oG, J3IlY.,'9.,..,7 01.
Director of Public Works
7
7500 West 29th Avenue
WJ.lE/fr R /bt..E. cO 80033
,
Wheat Ridge, CO 80033
24 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
25. AssiQnment or AssiQnments 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.
26. RecordinQ 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 purchasers or other interested parties on
notice as to the terms and provisions hereof
27 Title and Authority. The Developer, ~~ 5olfll~,
expressly warrants and represents to the City that it is the r rd 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.
PUBLIC IMPROVEMENT AGREEMENT 04/03
WHEREFORE, the parties hereto have executed this Agreement on the day and
year first above written.
CITY-,>F WHEAT RIDGkGPLORADO
.- ..
J
By'
ATTES~
~JM . tt-n~
Wanda Sang, City CI
APPROVED AS TO FORM.
~AiJ~t(jr~
Gerald Dahl, City Attorney
DEVELOPER
By'
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t~s..~
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)
ss.
STATE OF COLORADO
COUNTY OF . J t[fe-I- '.::> l1J0
","'-
The foregoing instrument was acknowledged before me this 10 '/ day of
:J"N(
, 2~, by G-c-oR &t:
<'
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J ^ i4 oJ 's, 0 "J as
,
~(Li?'" IfJec"rr-
of J<-rlr-J-,;',vrJ u>J S'\1t\>"\ C)J'oj COJ--A..PArJY
Witness my hand and official seal
/-/~-oS-
L~~
PUBLIC IMPROVEMENT AGREEMENT 04/03
EXHIBIT A
~
LEGAL DESCRIPTION
LOTS 1 AND 2, BLOCK I, JOHNSTON SUBDMSION 1 ST AMENDl.IENT, EXCEPTING THEREFROl.l f>N( PORTION
mEREOF LYING WITHIN THAT PARCEL CONVEYED TO THE METROWASTEWATER REClAMATION DtSTR1CT BY DEED
RECORDED FEBRUARY 14, 1991 AT RECEPTION NO. 91012950. RE-RECORDED MARCH " 1991 AT
RECEPTION NO. 91016795 AND RE-RECORDED IoIARCH 4, 1991 AT RECEPTION NO 91017151,
COUNTY OF JEmRSON, STATE OF COlORADO.
A PART OF mE SOUTHWEST ONE QUARTER OF SECTION 20. TOWNSHIP 3 SOUTH, RANGE 69
WEST OF THE SlXTH PRINCIPAl MERIDIAN, cm Of WHEAT RIDGE, COUNTY OF JEFITRSON,
STATE OF COLORADO, MORE P.ARTlCULARLY DESCRIBED AS FOllOWS.
COMMENCING ,l,T THE WEST 1/4 CORNER OF SAID SECOON 20; TH[NCf NORTH 89"09'12' EAST
AlONG THE NORTH UNE OF THE SOlJT}fWEST 1/4 OF SAID SECTlON 20 A DISTANCE Of 2080.76
FEET TO THE WEST RIGHT OF WAY UNE OF XENON STREET. THENCE SOUTH 0"19'37. EAST
AlONG SAID WEST RIGHT OF WAY UNE OF XENON STREET 375.12 ffiT TO THE POINT OF
BEGINNING THENCE CONTlNUING soum 0'19'37" EAST AlONG SAID WEST RIGHT OF WAY UNE
OF XENON STREET 130.55 FEET: THENCE SOUTH <<'51'23' WEST 21 15 FEET TO THE NORTH
RIGHT OF WAY UNE OF WEST 42ND AVENUE, mENCE NORTH 89"57'37" WEST AlONG SAID
NORTH RIGHT OF WAY UNE OF WEST 42ND AVENUE 207.22 FEET, THENCE NORTH 0"19'37" WEST
20.00 FEET. THENCE NORTH 89"57'37. WEST 58.00 FEET. THENCE SOI.ITH 0"19'37' EAST 20.00
FEET TO A POINT ON SAID NORTH RIGHT OF WAY UNE WEST 42ND AVENUE. THENCE NORTH
89"57'37. WEST AlONG SAlO NORTH RIGHT Of WAY UNE 147.00 FEET, THENCE NORTH 0"02'23"
EAST 145.55 FEET, THENCE SOUTH 89"57'37. EAST 426.29 FEET TO THE POINT OF BEGINNING
CONTNNING 1.3967 ACRES, MORE OR LESS.
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PRfNCIPALS
PA,L'L R PE:-.....OCK
W KILl'r Oll\'ER
JQ~C HELlGRE~
EXHIBIT B
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N N 0 C K
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Proiect: Hector-Johnston Construction
Date November 14 2002
JobNo 202-119
Prep By WJL
Owner Hector-Johnston Construction, Inc
Location Johnston SubdivIsion Lot 1, Block 1
12701 W 42nd Avenue
Wheat Ridge, CO
Description Engineers Cost Estimate of Public Improvements
Any estImations of prices probable project costs or construction costs rendered by Zeller-Pennock, Inc..'OHA represents
a best judgment and are furnished for Information only Zeller-Pennock, Inc/OHA makes no warranty of guarantee either
expressed or implied as to the accuracy of such opinions as compared to bId or actual costs
Topic No ITEM UNITS QUANTIT PRICE AMOUNT
Water Asphalt Patching for Water Tons 2 S 3600 S 72 00
Total = S 72.00
Storm Curb Inlets wi Hardware EA $1,28000 $ 1,280 00
Total = $ 1,280 00
Street 1 Asphalt Patching Tons 15 S 3600 $ 540 00
Imprvmnts 2 Curb & Gutter wi 4' Sidewalk L.F 342 S 1989 $ 6,802 38
3 8' Cross Pan EA 30 S 3550 $ 1,06500
4 Intersection Access Ramp EA 22 S 2650 S 583 00
5 No Parking Signs EA 3 S 150 00 S 450 00
Total = $ 9,440 38
Total Public Improvements = $ 10,792.38
+~';$"" " if z j "9~. JD
::: JlI~'/90...8
2-27 BRY \ 'iT ST SlJTE 600
DE', ER. CO 80211
(3031455-3322
F \X (03)455-3708
--.
EXHIBIT B
A-FAST PATCH, INC.
16490 W. 51st Avenue
Golden, CO 80403
Phone: 303/278-1413 Fax: 303/278-3980
.... ! 11 L ",-: ,', ..; = -, - \, I ~ '-
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Proposal No.
Sheet No.
Date
.- ,- _,___._-5J~g~3,.-
;. '_r .s 2D .0-. ::(
l. _~~ . .....,..~_<L~.~~_.._
1/1
05/17/03
)/
NAME
COMPANY
ADDRESS
CITY/ST A IE
PHONt NO
F A.X NO
Bob
Hector-Johnston Construction Co
2006 Bryant St.
Denver. CO 80211
303-480-5390
303-480-9344
WORK TO BE PERFORMED AT:
ADDRESS 12701 W 4200 Ave.
CITY/STATE \VheatRidge. CO
DATE OF PLANS
BY
PROPOSAL SUBMITfED TO:
12701 W 42"'D A\lE.
A-Fast Patch, Inc. hereby proposes to furrush the matenals and perfonn the labor necessary for the
completIOn of the work as follows
Mill perimeter of overlay work for a 1" tluck butt Jomt. $1,200 LS
Level and overlay WIth SxJCx asphalt mix to match eXlstmg street, mcludmg.
clean and tack existing, and asphalt overlay Approx. 60 tons @ $70 OO/ton $4,200"
*Payment to be based upon actual tons used to proVIde for 1 50/0 cross-slope on
420<1 Ave. and 2% cross-slope on Xenon Street.
NOTE: THIS WORK IS IN ADDITION TO THAT PROPOSED ON PREVIOUS PROPOSAL
DATED 04/11/03.
Note Unless specifically Included herem, tlus proposal EXCLUDES the followmg: LAYOUT,
TESTING, PERMIT AND INSPECTION FEES, SAWING, REMOV ALS, EXCAVATION,
SUBGRADE PREP; TRAFFIC CONTROL, UTILITY ADmSTMENTS, SNOW, FROST, OR
TRASH REMOVAL, DEWATERING, DEMUCKING, AND WEATHER PROTECTION
Tills proposal IS to become a part of any other agreement between the parties involved
All matenalls guaranteed to be as specified, and the above work to be performed m accordance WIth
the draWIngs and speCIficatIons subffiltted for above work and completed In a substantial workmanlike
manner for the sum of PER ABOVE(SPER ABOVE), with payments to be made as follows
PAYMENT IN FULL FOLLOWING COMPLETION OF WORK If a payment IS not made when
due, interest and late charges at the rate of 1 5% per month (18% per annum) will be assessed on the
unpaid balance from the payment due date If A-Fast Patch, Inc retams an attorney to enforce any
terms oftlus proposal or to collect any unpaId balance due under the proposal, as the proposal may be
modified or changed, A-Fast Patch, Inc. shall be entitled to recover from the other party reason-able
attorney's fees and costs In addItIon to any other sum prOVIded by law
A-FAST PATCH, INC by
The above pnces, speCIficatIons and condItIons are satIsfactory and are hereby accepted. A-Fast Patch,
Inc. is authonzed to do the work as specified above Payments will be made as outlmed above
Date
Signature:
National
Bank
GOLDEN FACILITY
)J--
IRREVOCABLE LETTER OF CREDJI
CITY OF WHEAT RIDGE
7500 W 29'h Avenue
Wheat Ridge CO 80215-6713
NO:
DATE
EXPIRY'
AMOUNT
70494
January 8. 2003
Jclnuary 8 2004
$1349048
Gentlemen
We hereby authorize you to draw on us for the account of George S Johnston
whose address is 122 Pine Road Evergreen CO 80439, up to an aggregate amount of
Thirteen Thousand Four Hundred Ninety and 48/100 ($13 490 48) available by your
draft(s) at sight to guaranty the construction and completion of the Road Improvements
located at 12701 W 42no Avenue. Wheat Ridge. CO 80422
Each draft presented under this Letter of Credit must state that it is drawn under
PEAK NATIONAL BANK LETTER OF CREDIT NUMBER 70494 dated January 8.2003
and the amount endorsed on this Letter of Credit
We hereby agree with the drawers, endorsers. and bona fide holders of all drafts
drawn under and In compliance with the terms of this credit that such drafts will be duly
honored upon presentation to the drawee
Yours very truly.
It
RKT ts
(303) 216-9999 · 770 Heritage Rd
· Golden. Colorado 80401
National
Bank
/~
IRREVOCABLE LETTER OF CREDIT
CITY OF WHEAT RIDGE
7500 W 29'11 Avenue
Wheat Ridge, CO 80215-6713
NO:
DATE:
EXPIRY:
AMOUNT'
70542
May 20, 2003
May 20, 2004
$5.400 00
Gentlemen
We hereby authorize you to draw on us for the account of George S Johnston
whose address is 122 Pine Road, Evergreen, CO 80439, up to an aggregate amount of
Five Thousand Four Hundred and No/100 ($5,400 00) available by your draft(s) at sight
to guaranty the completion of the Street Improvements located at 12701 W 42"0
Avenue Wheat Ridge, CO 80422
Each draft presented under this Letter of Credit must state that it is drawn under
PEAK NATIONAL BANK LETTER OF CREDIT NUMBER 70542 dated May 20 2003,
and the amount endorsed on this Letter of Credit
We hereby agree with the drawers, endorsers, and bona fide holders of all drafts
drawn under and in compliance with the terms of this credit that such drafts will be duly
honored upon presentation to the drawee
Yours very truly,
RKTts
Phone 303-216-9999 . Fax 303-216-9998
770 Heritage Rd . Golden. Colorado 80401