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Town Council Resolution 81 1983TOWN OF SNOWMASS VILLAGE TOWN COUNCIL RESOLUTION NO. 81 SERIES OF 1983 17s {;, j t 0,,11,',`-- , i '' t t ciI �, I A RESOLUTION AUTHORIZING A PARTIAL RELEASE OF GUARANTEE MORTGAGES AND A REDUCTION OF GUARANTEE MORTGAGES GIVEN TO SECURE PERFORMANCE OF OBLIGATIONS CONTAINED IN SUBDIVISION IMPROVEMENT AGREEMENTS FOR PARCELS 5 AND 6, WOODRUN UNIT FIVE SUBDIVISION. WHEREAS, The Snowmass Company, Ltd., a Colorado limited partnership ("Snowmass"), has secured its performance under a Subdivision Improvements Agreement for Woodrun Place, a Resubdivision of Parcels 5 and 6, Woodrun Unit Five Subdivision recorded in Book 428 at Page 983 as Reception No. 242540 in the Pitkin County, Colorado Clerk and Recorder's Office, as amended by an Amended and Substitute Subdivision Improvements Agreement recorded in such office in Book 433 at Page 276 as Reception No. 2.44450, by giving a Guarantee Mortgage recorded in such office in Book 428 at Page 993 as Reception No. 242541, as amended by an Amended Guarantee Mortgage recorded in such office in Book 433 at Page 286 as Reception No. 244451 ("Woodrun Place Guarantee Mortgage") to the Town of Snowmass Village and as reduced by Resolution No. 47 of the Town Council, Town of Snowmass Village recorded in such office in Book 447 at Page 167 as Reception No. 250955; and WHEREAS, the improvements required for Parcels 5 and 6, Woodrun Unit Five Subdivision have been substantially completed; NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Snowmass Village, Colorado: Section One. That Woodrun Place, a resubdivision of Parcels 5 and 6, Woodrun Unit Five Subdivision, except for Units 13, 14, 18 and 41 thereof, shall be released from the Woodrun Place Guarantee Mortgage, and the form of Partial Release of the Woodrun Place Guarantee Mortgage attached hereto and made a part hereof as Exhibit A is hereby approved and the Mayor is authorized to execute the same on behalf of the Town at such time as Snowmass designates a unit to be released. Section Two. That the form of Reduction of the Woodrun Place Guarantee Mortgage attached hereto and made a part hereof as Exhibit B is hereby approved and the Mayor is authorized to execute the same on behalf of the Town. INTRODUCED, READ AND ADOPTED by the Town Council of the Town of Snowmass Village, Colorado, on the 21st day of November , 1983, by a vote of 6 to 0 Councilmember Desmond was out of the room at the time of voting. �qa¢ C ATTEST: Susan Garrison, Town Clerk TOWN OF SNOWMASS VILLAGE, COLORADO 4 By: Jefferson Tippett, Mayor TOWN OF SNOWMASS VILLAGE Post Office Box 5010 Snowmass Village, Colorado 81615 (303) 923-3777 November 10, 1983 David J. Myler, Esq. Town Attorney Town of Snowmass Village P.O. Box 5010 Snowmass Village, CO 81615 Re: Subdivision Agreement Woodrun Place, Woodrun V Dear Dave: At the request of The Snowmass Company, I have reviewed the status of the public site improvements relating to Woodrun Place and covered by Guarantees under the subdividers agreement. The Snowmass Company has requested that the amount of Guarantees be reduced in relationship to the improvements completed to date. All improvements are complete and in place and have been inspected for compliance with approved construction documents except for outfall storm drain and ponding improvements and portions of the landscaping improvements. I would recommend we therefore withhold the entire amount for outfall storm drain improvements in the amount of $23,520.00 and retain ten percent (10%) of the Guaranteed amount for the landscaping, or $11,968.00. The total amount to be retained to insure completion of those improvements would therefore be $35,488.00. Should you have any questions concerning either the status of the improvements or my recommendations concerning release of Guarantees, please feel free to contact me. Sincerely, ADn &Gdon DG/sb cc: Michael Martineau The Snowmass Company