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Town Council Resolution 47 1983}� R.. Boon w, FAu" 6`7 �1 TOWN OF SNOWMASS VILLAGE TOWN COUNCIL RESOLUTION NO. 47 SERIES OF 1983 o .Lq� , �ii- }_tkDER jU1,a I G 12 2 2 ?eft Q3 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 CERTAIN PARCELS IN THE 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 Sub- division 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. 244450, 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; WHEREAS, Snowmass has secured its performance under a Subdivision Improvements Agreement for Parcel 9, Woodrun Unit Five Subdivision recorded in Book 428 at Page 958 as Reception No. 242533 in the Pitkin County, Colorado Clerk and Recorder's office, as amended by an Amended and Sub- stitute Subdivision Improvements Agreement recorded in such office in Book 433 at Page 291 as Reception No. 244452, by giving a Guarantee Mortgage recorded in such office in Book 428 at Page 969 as Reception No. 242534, as amended by an Amended Guarantee Mortgage recorded in such office in Book 433 at Page 302 as Reception No. 244453, ("Parcel 9 Guaran- tee Mortgage") to the Town of Snowmass Village; WHEREAS, some of the improvements required for Parcels 5, 6 and 9, Woodrun Unit Five Subdivision have been sub- stantially completed; and WHEREAS, the Town Council has reviewed the reports of the Town Engineer relating to such improvements and desires to partially release and to reduce the Woodrun Place Guaran- tee Mortgage and the Parcel 9 Guarantee Mortgage, as more specifically set forth below. NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Snowmass Village, Colorado: Section One. That 18 units, as designated by Snowmass from time to time, shall be released from the Woodrun Place Guarantee Mortgage and 6 units, as designated by Snowmass from time to time, shall be released from the Parcel 9 Guarantee Mortgage, and the form of Partial Release of the Woodrun Place Guarantee Mort- gage attached hereto and made a part hereof as Exhibit A and the form of Partial Release of the Parcel 9 Guarantee Mortgage attached SCHEDULE 1 The estimated cost for the completion of the installation of public site improvements and utilities necessary to serve Woodrun Place, a Resubdivision of Parcels 5 and 6, Woodrun Unit 5 Subdivision, is as follows: Woodrun Place Roads and'Drainage $42,320 Woodrun Road Reconstruction 269,700 Outfall Storm Drain and Ponding 23,520 Water 0 Natural Gas 700 Electric Power 0 Landscaping 119,679 Subtotal $455,919 Contingency Amount (100) 45,592 Total $501,511 EXHIBIT D BooK 447 ioAG .73 REDUCTION OF THE PARCEL 9 GUARANTEE MORTGAGE By that certain Guarantee Mortgage recorded in the office of the Clerk and Recorder of Pitkin County, Colorado in Book 428 at Page 969 as Reception No. 242534, as amended by an Amended Guarantee Mortgage recorded in such office in Book 433 at Page 302 as Reception No. 244453 ("Mortgage"), The Snowmass Company, Ltd., a Colorado limited partnership, mortgaged certain real property in Pitkin County, Colorado described as Parcel 9, Woodrun Unit Five Subdivision to the Town of Snowmass Village to secure the performance of obli- gations totalling $114,927.00 required under a Subdivision Improvements Agreement for Parcel 9, Woodrun Unit Five Subdivision recorded in Book 428 at Page 958 as Reception No. 242533 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 291 as Reception No. 244452 ("Improvements Agree- ment"). The purpose of the Mortgage having been partially satisfied by the completion or partial completion of some of the improvements -required under the Improvements Agreement with a corresponding reduction of the estimated cost of in- stalling those improvements, as described on Schedule 1 attached hereto, the Town of Snowmass Village hereby reduces the amount of the Mortgage to $56,938.00 and in all other respects the Mortgage remains unchanged. Executed this 6th day of ATTEST: Town Clerk I'DEA'L ]- 0" f 0 STATE'G.P COLORADO ) )ss. _r COUNTY OF PITKIN ) June , 1983. TOWN OF SNOWMASS VILLAGE, a Colorado municipal corporation BY: Jefferson Tippett, Mayor The foregoing instrument was-ubscribed and sworn to before me -'this ' day of , 1983 by Jefferson Tippett as Mayoor f the Town of Sngwmass Village and as Clerk of the Town of Snowmass Village. Witness my hand and official seal. My commission expires: Notary public Address of Notary Public: A SCHEDULE 1 The estimated cost for the completion of the installation of public site improvements and utilities necessary to serve Parcel 9, Woodrun Unit Five Subdivision, is as follows: Landscaping $35,602 Access Road and Drainage 16,160 Water 0 Natural Gas 0 Electric Power 0 Subtotal $51,762 Contingency Amount (100) 5,176 Total $56,938