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_ - , 506 E.MAIN STREET ASPEN,COLORADO 816t1
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C THIS ASSIGi�I�EP�T made this /Gl'�' day of ��fdq9��.
� � 1977, by Pitkin County to the United Bank of Denver Yational
zj N Association.
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� Y In consideration of financial accommodations given or to be given,
the County hereby assigns, transfers and conveys to the Bank a
security interest in favor of the Bank of the County's rights, title
and interest in a Federal Aviation Administration grant amounting to
� $1,472,241.00 on project No. 6-08-0003-04, contract No. DOT-FATQRi•1-0249,
� dated Septenber 27, 1975. `
604RD OF COUMTY,COt1��1ISSI0YERS
PIT"iI� C�tJTY, OLQR DO ^
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September 14,1977 , . '
lNr.Michad Klnsley,Chalrman
Board of County Commlasioners
Pltkin County
506 E.Ma1n Street
Aapen�CO 8I611
Dear Mr.Kinsley�
This letter Ls to clarify and document certain condltions mtKually negot3ated
and agreed to as part of our$1,472,000 loan to Pitkin County. The loan has
been approved subject to the followIngs
(i) `t'he maxlmum borrowing under this agreement ls$1,472,000.
(2) The iMerest rate is 5-3/49i6 and wlll be paid quarterly on!2/iS/77,3/23/78,
and 6/15/78 or the cowty may elect to pay lnterest aa the principal ls
- paiQ down when grant payments are�eceived from the FAA.
(3) Maturity of the note wlll be 9/13/78,yet this commitment wlli explre
7/15/781q order to altow tlme for Sunds to be received from FHA before
maturity oi the note.
(4) Amounts may be drawn down agalnst this loan irom tlme to time as needed
by the cour�ty for the purposea specifled in the FAA graret. Repaymants _
may be made at any tlme grant Sunds are avallable.
(5) Thls line will be ucured by an asslgnment of the grants from the Federal
Avlation Administratfon totaW►g$1,472,241.00. -
(63 Prtor to closing on each piace of property,the county wl!!provlda the
- bank wIth:
a) Copy of written oifer and acceptanct by the eeller.
b) Copy of Tltle Commltment.
c) Copy of the das(ng statement.
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Mr.Michael Ktroley
P►tWn County
Page Two
Sept�mber!4,1977
'fhe bank will advance the 90%of the putchase pcice whlch the grant
� wlil repay-Into the counryy Airport Lar►d Acquisition Fund Account�88-123-6.
Thc county wiil tue!ts existIng funds In this account to pay its 209�6, .
- aa each plece of Qroperty Is closed.
(7} After each closing,the county will forward to the banks
a) A copy of its payment applicatlon form to the FAA.
b) A copy of the Tltle Poticy.
(83 T[ic county wilt Instruct the FAA on each payment application form and
by lctter,to make a!1 grant funds on whlch a loan has betn granted by
the bank�payable to Pltkin County and: United Bank of Denver,Attn.
Edwarc!L.Fogle,�740 8rosda+ay,Aenver,Calorada. ?hcse funds,when
recetved by the bank wUl be depostted in the Airport Land AcquLsition
Fund Account�188-12�6(in order to have a peper trail)and then the bank
wW debit thts account and credit the loan outstanding.
19) In the event thai FM grani funds are not made aveUable by the maturity
oi ihe loan,the county wi11 endeawr to reseA the propertles involred�ii
neeeasary,!n arder to repay the funds advanced,
(10) Ttie cowty has pravtded the Hanlc witA an opinion from the�awty attorney
_ that the county has authorfty to borrow for this purpose.
�l l) A$l,OOU commitment iee wlll be pald on 7/15178 by the County li no
iwds aze used under thia commitmont by that date.
Slnce�ely,
_ �.�.t�eC/— �'"�'L
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Edward L.Fogle
ELF/ptm
ca Nance Eariey,FAA
d����`�' � O �1�r9•�7
Ro ect C , mm oner Date
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` Gl•19 •77
e Klns ey� mm ner airman ,
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P�OMfSSORY NOTE '�
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�_---�TL~y~•'w O70 S 1 4i^~000.00 ,56 i5 0 9_20-77 +'9w-15-i8 ij
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PiL•kin County :issicnr�ent af Grant froa ttie �
SUG :lain East Street ""°""°"` Federal Aviation Adm3nistratio i i
�lsuen, Co. �
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Cotle tj1G11 �
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The captions in fhe boxcs abo.e,and the names,dares,amoun[s rnd oMe�intormation � �
ihereir,a�e dcfin�rrrmr anO aie he�eby incorp�ramfl in the note provisiont below. ,
. hlakcr promises to v�Y�o the ortler oi UNITEU BANK OF DE�.V ER NATIONAL ASSOCIATION at its bankinq house in Den�er,Co�orado,the Face Amoant ;.
� with i�ICttKt on the unpa�d A3lance ot the Pacc Amoun[from the Note Oate at the ra:e indicaied abave.Principal and imeres[shall be WYable as follom: �
Principal si�all Se payable at maturity. Interes� shall he payable quarterly beginning 12-1�-7; a
LiMiting lan�ua�;e con[ained on 'cxiiiSit "a" hereto, w3ii.ch said Exhibit "A° is �
incorporated herein and r.iade a part hereof by reference. �
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� Ovurtlue prineipal�od(xo th_ex�c�t iepatly enforceanle!overdue ime�est,.•.hetner caused by ucceteracion of mawriry or otherwise,sball bear interest a7 the rate ot �
three percen�u�e poin[z abn•m the rs�e i�elfect a�the t'rme such princ.?a!or im�resc brcame tlue. � . �
. At rh¢nption ol ehe hN=er ot tl+is�ote 4the"UOlder")the unpoid b�lance of this��tp plusacc�ueC inceres�ar,dall oiher oh7igationsot Mak6r to[he holCer,d��ttt
or{ntlirec�,aUsolute or cen:ingent,now existina or hareahe�arisin?,shall lxcome immediately due antl payable withou[notice or demand if fai any payment ���
. required by tM1is ne�e is not mxe whe�due,ar(bl a de'auit o�event of tleTau::otturs unCar any loan or sxuriry agrcement or oU�er inst.umem execute.i as securi[v
for or in conn¢ction w.;h th�s notr,or(c)[he ho�tler a[any I;m¢in�ood fai;1�belirrrs U+at Ue prospec[ol any payme�t�equirM by chii no�e is impaired,hheiher �
or no�tuch belie:is czusetl by any act or f�ilure m nct o1 aoy\inker or ot ony endorse�.Auaramor o�accomn�odacion oany of or ao this�o[e(berea�ter colieetively
rclerred w as"any o�ncr st<ncr"L � �
Maker and any biher s�cner waive presentment,notice o�Cishono�oad proiest,anC azsent to any extrnsiort of��me with r�spect[o any payment due�nde�thiz �
�ote,to a�y substiwi�on or rclrasc o!eW ierera!a�d tc+tAe adU�tion or rr�casr ot any panv.Nu wa�ver ot any Dayme��or ofher ripht under chis nott=hall opzrate as
a wa+ver o1 any oiher payment or riyht,htaker a�+d any other signr.sha11 pay a11 rgasonab�e cosss ot mUCCtion,iMluding attorneys'fees,Oaitl o�incurred by the �
- holdtt in Cnlorcing lhis no:e on dNault, -
This oaie(a)is seco.ed oy the Securiry indicateJ aboae,if any,and(61 sha11 be construed aMter and governed by the lawr o1 Colondo.If fhere is morc than o�e �
� � Maker,ali o!the prpvisions ot this no�e shal!applY to each antl anY oJ them.
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. � kbIEF � BY: (% /�l , f, a.
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' � PAYMENT NOTICE CODE . GROUP NUMBER . . }
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INSURANCE CODE f I PRIME RATE CADE � - � � �,
, 7ERM5OF LOAN(MONTHS) � OFFICER NUMBER . . � - � .
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DEALER INFORMATION cu*re..c.m - �-
DEAIEfl NUMBER a . o.�u�mwo... . �
. ( 1 PRIME RATE DAYS . �. �
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� . DEAL6R RATE DEMANU DEPO5IT NUMBER
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�� SHORT NqME(IN AIPHhBETIC SORT SEOUENCE) PREPARED BY �
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PR�I'330�7!A1�1'E�'iSJfi�J
PI'PKII1 COiAdl'Y AA�tRil'i�s�BhNiC OF A�1VER
TMs p4+ca�s,eoiy note le mede and d�elivered bY �he Host�d•of Cauity` • .
_ C�aia�ara of Pitldn Co�mty, Coloradp Pa¢�the putPoee oP providing a
portl,�or the iiuxts ror aaquizdrig aertair► real pioperty sd,�aa�t to the
P1t1dT1 Camt9 Airporta togetl7ei'W1th a1.1 rieae386¢'y 1RO1d�ntA18 end
epp�,u�enence8 thereto (the "Pt�o,�eCt")s �sxier, bY vSl�tue oP aiyQ Iri 11,►11
oonfaamity rrith the provisioris oP the Cotugtitutiai and Iaxs oP the etate
- of Colo�acio, more partioularly beir�g Coloradc►Revised statsutos, 1973,
�stiie 30. arr�� 20, � 3 �a �tze �,z, n�3o� a, Part 1; �,a �,�,t
to s Rssolutia�dWy adcpted and approved by the Boeud or Caaity Coamissionera
o£Pitldn Co�ty, Colorado, as Resoiution 9��7•l09 on Septe�r 19,
197�;7
Tt11s gt+omisaor9 rmte 2a payable so2e�v fY�o�a sr�d as aea►u�iLy tt�+e2br
thes+e ie►Pl.e6ged. Pursuant to said Reaolution, tk� 2luyds to be g�anted
to the County �tt►der a Federal Aviati,az ffrant amow3ting to $1,472,2�i1.00
on DroJect No. 6-06-0003-04, ao�traat No. DOT-FAR@F�--0249, dated 3ePtember 29,
1976.
It ia heraby reaited, cmrtiPleci, and werrartted that Paa� tria payuient
- oP thie pranimeory note Lhe Covt�ty has areated and w311 Qeposit�arsd
maintain`the pzroaeeds oP eaid granb as atxt when receivcd by it in a
sbec3al flttid aar aoao�mt with the p�yee lmown as the Pitkin Caanty Aitpa�t
_ Ltsrx!Acquis].tia�n Ptmd Aoco�t �88-123-6 (the "Pia�G"), end the pqyee will
_ hsve an irrsvoosble ai�8rµe on the l�uid, arid i�il].Pey thie Px+cadasoxy
t�te tl�eretlrom 3n sacoidenoe tvith 3t$ tezms.
Zi1is P�iseor9 tmte duea riot car�stitute a debt or 7,ndetbtiadnesa of
- Pitkl.a Ca�ty, Colarado, vrithin tha meanir�g of ar� constitutianal aa�
- staCutary limitatlon ar�Ps�rn►lsiai.
�J'II� PACE OP Rf2B 110"IE Pl.�EASL� TYPG� kDLIJOW�t+H}:
7S�t1.hg I9[�tige ContBSned ot1 F�xhtbit "A�r hereto, vdz3.Ch 881d
Ekhibit "A" is J.raorpoaated herein errl msde a part hereof by reYer�2ae.
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