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Town Council Resolution 22 1983TOWN OF SNOWMASS VILLAGE TOWN COUNCIL RESOLUTION NO. 22 SERIES OF 1983 A RESOLUTION AUTHORIZING AN AMENDMENT OF THE SUBDIVISION IMPROVEMENT AGREEMENT (PHASE 2, WOODRUN UNIT FIVE TOWNHOUSE CONDOMINIA) AND THE GUARANTEE MORTGAGE FOR THE WOODRUN UNIT FIVE SUBDIVISION, PARCEL I. WHEREAS, the Snowmass Company, Ltd. secured its obligation to perform pursuant to a Subdivision Improvement Agreement for Parcel 1, Woodrun Unit Five Subdivision by a Guarantee Mortgage recorded in Book 403 at Page 262 of the records of the Clerk and Recorder of Pitkin County, Colorado; and WHEREAS, the Snowmass Company, Ltd. has requested a reduction in the amount of collateral to secure its obligations pursuant to the Subdivision Improvement Agreement for Parcel 1, Woodrun Unit Five Subdivision; and WHEREAS, the Town Council has reviewed the request and has determined it to be reasonable and in the public interest. NOW, THEREFORE, BE IT RESOLVED by the Town of Snowmass Village Town Council: Section One. That the Amendment No. 1 to Guarantee Mortgage for the Woodrun Unit Five Subdivision, Parcel 1 and Amendment No. 1 to Subdivision Improvements Agreement, Phase 2, Woodrun Unit Five Townhouse Condominia relating to Parcel 1 of the Woodrun Unit Five Subdivision, attached hereto and made a part hereof by this reference, is hereby approved and the Mayor is authorized to execute said Amendment No. 1 to Guarantee Mortgage for the Woodrun Unit Five Subdivision, Parcel 1, and Amendment No. 1 to Subdivision Improvements Agreement, Phase 2, Woodrun Unit Five Townhouse Condominia on behalf of the Town. ro rn F" n� 9 co CIO CD u..s � AK440 N AGr INTRODUCED, READ AND ADOPTED by the Town Council of the Town of Snowmass Village, Colorado on this 7th day of February , 1983, by a vote of 7 to 0 TOWN OF SNOWMASS VILLAGE, COLORADO Jeff erson�i—ppet�-, M" ayor ATTEST: 11 ��, � ls� ('W 34d � yj Susan S. Hansen, Town e rk woK440 MU AMENDMENT NO. 1 TO GUARANTEE MORTGAGE FOR THE WOODRUN UNIT FIVE SUBDIVISION PARCEL 1 AND AMENDMENT NO. 1 TO SUBDIVISION IMPROVEMENT AGREEMENT (PHASE 2, WOODRUN UNIT FIVE TOWNHOUSE CONDOMINIA) These Amendments are made this '515r day of January, 1983, between the Town of Snowmass Village, Colorado, a Colorado municipal corporation (the "Mortgagee"), and The Snowmass Company, Ltd., a Colorado limited partnership (the "Mortgagor"). Preamble On January 19, 1981, Mortgagor and Mortgagee executed a Subdivision Improvement Agreement (Phase 2, Woodrun Unit Five Townhouse Condominia), which was sub- sequently recorded in Book 403 at Page 251 of the records of the Clerk and Recorder of Pitkin County, Colorado. The performance of the Mortgagor under such Subdivision Improve- ment Agreement was secured by a Guarantee Mortgage for the Woodrun Unit Five Subdivision recorded in Book 403, at Page 262 of the records of the Clerk and Recorder of Pitkin County, Colorado. Mortgagor and Mortgagee agree that the performance by Mortgagor under the Subdivision Improvement Agreement has been partially satisfied, and accordingly, the Guarantee Mortgage and Subdivision Improvement Agreement should be amended to reduce the amount which is secured by such Guarantee Mortgage. Therefore, Mortgagor and Mortgagee, in consider- ation of the partial performance by Mortgagor under the above-described Subdivision Improvement Agreement, hereby agree as follows: Amendments 1. The Guarantee Mortgage for the Woodrun Unit Five Subdivision, Parcel 1, recorded in Book 403 at Page 262 of the records of the Clerk and Recorder of Pitkin County, Colorado is amended to reduce the amount secured by such Guarantee Mortgage from $34,155 to $ 10,000 . 2. The Mortgagor and Mortgagee agree that the Subdivision Improvement Agreement (Phase 2, Woo�run Unit Five Townhouse Condominia), recorded in Book 403 at Page 251 of the records of the Clerk and Recorder of Pitkin County, Colorado is amended to provide that the estimate for install- ation of public site improvements to serve Parcel 1, Woodrun Unit Five Subdivision, is reduced from $34,155 to $ 10,000 MORTGAGOR: THE SNOWMASS COMPANY, LTD. STATE OF COLORADO ) ) ss COUNTY OF PITKIN ) MORTGAGEE: TOWN OF SNOWMASS VILLAGE, CO Mayor [SEAL] The foregoing instrument was acknowledged before me this a 144 day of 1983 by �ttr►1e5 �.ct��.�, ,�✓. as General Partner of The Sndwmass Company, Ltd. Witness my hand and official seal. s' ' My Commission expires: /,0,6 �6 r� Notary Public Address: STATE OF COLORADO ) ss COUNTY PF PITKIN ) The foregoing instrument was acknowledged before me this 7t4 day of February , 1983 by Jefferson Tippett as Mayor of the Town of Snowmass Village, Colorado and :Susan S. Hansen as Town Clerk of the Town of Snowmass Village, Colorado. Witness my hand and official seal. My Commission expires: Nota y Public Address - 71 k/6, /S