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39388Pt 06/cQl/96 �D9:,;4A GG 1 ❑F 4 �"��•
. SILVIR DpVIS REC DOC UCC ?N:;�
GITKIN COUNTY CLERI: R• RECORDER ¢�,@Q� ;"�-'�
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Resohrtion No.96- �3 c�
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1tESOLUTION APPROVJNG AND AUTHORTZQJG TAE EXECU'RON OF A :~=
PURCHASE AND SAT,E AGR�1T,A MOAIFICATION AGREF.MEN1' r-':.;;
� AND A NEW ESCROW AGE�T;RATIFYII�TG ALL ACTION TAKEN IN x . '.
CONNE(.'TiON THEREWTi�I AND AUTHORIZING FCTRTt�R ACTION `
NOT INCONSISTENP I-�REWiTH ;
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� 1. Oa J�me 9, 1992, piasuant to Resoludoa No. 92-183 and suthorix�tion .
grant� at the general election held on November 6, 1990, Pitkln Couniy, Colorado (the
� "County,�) issued its general obligatiaa note (the "Note") � t6e aggr,egate amowrt of
$2,692,131.64 to Alberta L. Mooro aad Thnmas A. Mooie as pacsanal rcpresea�fafives of the r.
�state of Jaones E.Moore(the"Moores'�or ordsr for the purpose of acquiring land for opea
� SP�P�Poses.
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2. The Note is sxnrad by a Deed of Trust(the"Dced of Tzust")dated es of ��
July$,1992 firom the County tn the Moores. s.
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3. Thc Note as oziginally exocuted is payable'�n eleven annual in�»+*+c++ra in �,
'� the amount of 5370,000,lxginning July 8, 1993 and on cach 7uly 8 thereaftcr,with the final
'?� � payment due on July 8,2003. ' �t
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4. Ou Novembet 14, 1994 the Caunty issaed its Genusl Oblieation Qptn '�:'�
� � Space Refunding aad Improvement Boads,Series 1994(the Series 1994 Bonds'�for the purpose
� � .�`� of refunding end defeasing the outstanding Note and for other pu�oses.
� jj• 5. In com�ectioa with such n:fiinding an� defeassoce aa escrow was
established pursuant to an Escrow Agrament (the "Original Fscrow A.greanent") dated K.
Navember 14,1994 betw�en the County and The Bantc af Cheay Creek N.A.as Eserow Agen�
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6. Pnrsueat to the Original Escmw Agreemed.t,a porfian of the proceeds of ,
the Series 1994 Bonds wece invested in certain fedecal secudties which,togethei with ecrtaia
additional fedcrel securities,bave appmpriate maturities and yiel�'ds to�nsure(i)thc payment of
the Note as the same becames due and payable accord�ag to its teima and('ii)tioat,as vezified by
n report of ind�peodwt accountaats,the tax-exempt staa�s of interest an the Series 1994 Bonds is
not adversely atfected as a result of suclz inves4nents and reinvestmccrts.
7. Tiu Moores have convryed the Note and assigned the Deed of Trnst tn the
Alb�ta L.Moore Family Limited Perme!cship(the"Moore Permc:lship"). �
S. Tfie Moom Fartaership is the current holdet of t]�e Note. .
�9989'2 12/10/1996 N9:5@A PG 1 OF 3� REC AOC �NOT -
SII_VIR DAVIS FITI:IN COUNTY CLERK f• RECOR�ER 0,a� � j
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9. 1bc Moore Pax�erslup wishes W sell the Note to the Itoazing Pork�Yaasit •`
Agen,cy("RFTA'�,and IiFTA wishes to purchese the Note£cono thc Moore Pazto�rsship.all in •�°
accordance nvith aad p�usaaat to the provisions of an A.�reemcnt Ragarding Piuohase and Sale of • ..•.';.
Not�and Release of Deed of TnLSt(the"Purchase and Sale Agre�ment")among the Coimty,the
Moore Partnorship ead RFfA,wLich Pimahase and Sale Agixmeut has been presenud herewith
to the Board of County Commissioners(tlu"Board").
10. Ia connecdoa with the sale of the Note wIRFTA in accordence with ihe ;,r.�
Purchase and Sale Agrenment,the County wishes to modify the teims of tlte Note to provide tbat .
the Note will mat�e end become d�e and payablo in itill in 1997., _ -
11. RFTA is willing to purchase tlu Notc�s so�modificd.
12. The teams of such modification are to b� confuxued in an Agrcemeat �:
12egarding Modification of Note between the Couniy and RFTA(tlto"Modification Agrecment"),
the form of which has been presented herewith to tlu Board.
, y.
13. 1n connection with such modiEcation, a new Escrow Agreement (the
"New Esczow A�eement") u to be exeeutcd by the Couuty and RFTA, to provide for the '
reinves�ent of the moaeys in the escrow currenHy held pursuant to the Original Escrow in
. certaia federal securities with appzopriate mamrities aud yields t�ensure(i)the payment of the
Note as the same becomes due and payablc according to ifs tecros as modified by the
' Modificatioa Agreement and(ii)that,as will be verifiied by a zeport of independeat accountants. `<
the tax-exempt statns of interest oa the Series 1994 Bonds is not adversely affected as a resutt of ; .
such reinvestment. F,A_
14. The fo:m of the New Escrow A�eement has bear presented to the Boatd. !
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NOW, TFiF.dtEFORE, BE IT 12ESOLVED BY Tf� BOARD OF COUNTY �
COMNIISSIONERS OF PTTKTN COUNTY,COLORADO THAT:
,
Scction 1. B3Sifis�tipn. All ection(not inconsistent with tlu provisions of this
� Resolution)herewfore taken by the Board and tlu officers of the County directed toward the
her
purchas� and sale of the Note, the mwdification of the Note �nd the establisl�ment of the
refiuiding and defeasance escrow parsuant to the te�nms of the Nc�v Escrow Ag�+ecmeut,b�,and
tho same are hereby�tatifitd,aPPravc3 and coafirm,ed. �
Saxion 2. 0p;ret=1 of PLmha.ae g� Cal�A�ent The PuttChaSe dIId Sele
Agreement is appzoved iu the form p�+eseated to the Board aud tbe County'tl•eesura is hereby �
suthnziud to execute,and the Clerk and Reeordtr of the Cotmty is heteby sirthorized to attest,
We Purchasc and Sale Agrcemmt on behalf of the Couaty.with such changes,complctions and
edditions thereia as ate nof inconsistent with the terms of this ResPlution. Th�approval o£suCh
changes,complction9 and additions will be conclusively evideacc3 by the execution tl�ereof by ; �-
the Treasuner, i r �
�99692 12/1�/1996 k9:SSA F'G 2 F �•�
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Seetion 3. Apnroval of Modifieation AQreement_ 'The ModiScatian Agraa►ent is �
apptoved in the fwmn ptescnted to the Boacd and the Cheirman of�rhe Board is hessby authozazrd .'�
to exeeute, snd the perlc snd Reeocder of the Cotmty is he�reby suthorized to attast, the ;:
Modification Agceement, with such changea, completions and; additions therein aa axe not
inconsistent with the taa»s of this Resolution and 3s do not adversely affect t1�e tax-exenapt status
of iateesst on the Series 1994 Bonds,such ehanges,camplctions apd addttions to iactude without
limitation tl�e��*�^�;^ntion of the matucity date of the Note as�nodified,w�ic3i�aahuity daRo
shall be no eaclier than July 1,1997 azid no later than December 31,199'7. The appmval of such
changes,comptetions and additions will be conclusively evidenced by the acocution thetwf by
, the Chairman of thc Board. . ,
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Secaon 4. �,nrov�of New�ecmy��ment �'he New Lscrow Agreement is
apProved in the Porm presented to the Board and the Chainman of thie Board is hercby autharized
to execut�, and the Clerk and Recarder of the Cotmty is hereby authorized to atfest,tb�e New
Fscrow Agreemc�,with such^h�es,com�pletions and addition�thereia as are not inwns�stcnt t
. wir�r�e u.�,s of rais xtsol,�ioa ana�s ao not aa�rsely affecc r�e ts�c-exem�t sr�us of inca��t
' on the Series I994 Bonds. The appnoval of sueh changes.completinns and additions wiil be
conc.lusiveIy evidenced by the�xecution thereof by the Chainm�an of thc Boazd
� Sxtion 5. Further Aetion. The Chaitmen of the Bbard,tbe Clerk and Rccorder of
the Couuty azld the CoUUty TlPacnr� e�e heteby autholi�ed td takt SuCh furtht[aicdosi and
oxecute such dncuments, insttttments and catif cates es arp nec�,ssarY to conclude the
transactions conte�nplated herein,as ace not inconSistent wit6 thi"s Itesolutioa,the Purchase and
Sale Agreema►t,th�Modificatinn Agrcement or the New Escsow Agreemont and as do nat
adaexsely affect the taz-exempt status of interest oa the Series 1494 Bonds.
ADOPT�D AND APPROVED THIS 22NA DAY�JF MAY,1996.
ATTEST: BOARD OF COUNTY COMNIISSIONFR3 OF
PYTKIl�I COLiNTY,COLORADO
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7 ' Jones ��mes R Tme,Chairman
Deputy Cletk end Recorder S_�p_c��,
Date: •
APPROVED AS TO FORM: MANAGER APPROV •
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John Ely � ' {o r tizaane KonChaa � �
County Attorne� County Manager i _
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399892 1�/10/1996 Q�9:SOA F�G ; DF 3�
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393880 06/20/96 09:34A PG 4 OF 4 �.'�j'
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AGR�Ti11�`i,NT REGARDING
PURCHASE AND SA.I.E ��.
OF NOTE AND RELEASE OF DEED OF TRUST
: 1�
This A.�eemant is dated May a`�,1� 1996, and is by and among PTIKIld
COUNTY,COLOAADO(the"Cownty"),thc ROARING PORK TRANSIT AGENCY("RFTA")
aud ihc ALBERTA L. MOORE FAMII,Y LIIvII'IED PARTNERSFiiP (the "Moore
Partnership").
WI�REAS, on Junc 9, 1992. pursuant to Resoiution No. 92-183 aad - •
authorization grantGd at the generat election held on Novcmber 6, 1990,the Coimty issue8 its •
general obligstion nou (the "Note") ia the aggregate amount of 52,69Z,I3I.64 (the "Moorc
Note")to Alberta L. Moore sad'Thoma9 A,Ivlooze as personal represeatatives of the Bstate of
Jamcs E. Moore (ttie "Moores"} or ozder for the putpose of acquiring land for opcn spsce
F�P�cs;and
WF�REAS,the Note is sccured by a Deed of Trus�(the"Deed of Trust")daud as
of 7uly 8,1992 from the County to the Moores iecorded July 10,1992 ia Book 683 at Page 1 at
Recepdon No.346600 in the County R,ecords;and
WHEREAAS,the Moores have conveyed the Note and assigned the Deed of Trust
to thc Moore Parenr,rship;and
WFiEREAS,the assignment of the Deed of Trust was rccorded on February 2,
1996 at Recepkion No.389652 in the County Records;sad
V�►IIEREAS,�the Mooro Paztritrship has pledged the Note to Norare,st Bank
' Colorado,Nationa!Associarioa(the"Baak")to secure certain indebtedaess owing to the BanY;
aad
WHF.REAS,the Moore Partriership is tlie curnnt holdet of ihe Note, subject to
the Ban�s secnrity i�eres5 and
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Wf�RFA.S,t1�e Muora Parmership wishes to soll the Note to RFTA,and RFTA
'• wishes to purci�ss�the Note from the Moare Pa:tr�ecship,atl ia accordaace with aad pursusat to
the p�ovisions of this Agmmeut,including tha modi5cation to tha Note dese:�'befl in Sectioa 3
hereoE and
WHEREAS,it is the dcsire of tl�parties to conficsa tbe terau of wch purebase '
ao�d sale throt�h this AgreemenG
NOW,TF;F.RFFORE,in consideration of the muwaI covenaats henein coutaiaoct
aad other good and valuable coasidastion, tbe receipt and sufficicncy of which are heceby
ecl¢iowledged,the paraes h�reto ag�e as#oAows:
!
39989'? 1:'/1�2Y/1996 09:5QiA FG ,� pF y` j
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SeCtiolt L Parcha9t aed Ssle of Nnt� $ubjeet tp the ptpViSinnS Of SeCtiOn 3 heteof,t�e Mooie
Partnexship a�roes W sdl the Note to RFTA,ead RFTA agras to pro�rchase the Note Erom the
Mooie Pacmerahip, oa Juae 18, 1996,for a purchase price of 52.313.196.83 (which ptachase :�:
pricc eqwzIs the principal amount of the Note,Plus aacrued inoere�t to tl�e date of such sale). 1�e '.,•;
p�rcfiasc price shall be deliver�ed by RFTA ta the Muore Parauxslup bq wire tcansfer prior to ' �."
noon, Colorado time, on 7une 18, 1996. Upon receipt of the purcha9e priee. the Moore
Partaership shaIl immediately cause the Note to be endorsed as payable to tiu ordpc of RFTA and
delivered W RFT'A c!o ihe Pitlda Coiurty Treasurer, 530 E. Maia Strett, Suite 301, Aspca,
Colorado.
Section 2. pev�nent fn Fuil. 7'hc Moore Partarrship agrees that payment of the purchase price
set foith in Section 1 hereof constitutes paymmt in fu[1 of all amounts due to the Moore ' '
Partnership under the Nou and that, upon payaieat of such smount, neither the Moo� '
Fat4iership nor the Bank shall have aay usterest in or claim to the Note,and that upon t:ansfa of
' tlse Notc as required by Scction 1,RFTA shall be the sole holder theroof.
Section 3. Mndific9tien of Nota Notwithstanding Section 1 hereof, upon delivery of the
a purchase price to the Moon Partnership in accardance with Section 1,the Note shall he modificd
W provxde tt�at it mawres aod is due and payable in full on a date between Jniy 1, ]997 and
Dcecmber 31,1997,such date to be set forth in an agreement between thc Couaty and RFTA to
be executed prior m the purchase of the Note by RFTA.
Section 4. $�g�•e of 1_►sed ef Tr_+_rat. Promptiy upon roeeipt af the purc6ase price as desesibed
ia Section 1 hereo�ihe Mooie ParC►e,rship agrces to wuse a release of the Deed of 7rust to be
execuud and dclivored to the County at the samc time and w the same place as it delivers the
Note as deseribed in Section 1 hereof.
� Seetion 5. Ne 5sle ot Net� RFfA agrees and coa5rms that it wi11 not sell,�ansfer or coavey
the Note prior to the maturity date tluar.of.
Section 6. �y�nthenvioP Tneh�n ed Otttir than the modifieations set forth in Sectioa 3
hereof,the Note a+_r*+��;n�unr�+�ed in evcry otl�er respect and in tull fo:r.e and effect
YN WITNFSS Wf�RE�F,tlie pacties have execuud this A,g��as of the day
and year above wiitten
Attesc: --� PITKIN COUNTY,COLO12AD0
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sy , l�'i��`��. � ;.c� By. /Gy,.c
DeputY •CiC'�CC 91'►d�CCOL'dCP " TTl�aSnIGT
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Attest: ROARINO FORK SIT AGENCY •':
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Titl,, / Gmeral ManaBer '
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i ` ALBERTA L MOORE FAIv11LY LIIvIITED f .
PAR12�tERSHIP
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; Qarerai Pariner
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i STATE OF COLORADO ) . �
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COUNTY OF �/� )
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� The foreg�oit� �D7►1 U�(�It..�om� n this, the t �
i v41.4� • 1996� y
who ackaowledged themselves W be the Treasura snd County Clerk end Rewider of Pifltin
i County, Colorado, t}ut, as such officials,btiag authoriud to do so, execuLed the fom�oing j
� inatn�ment for thC putposes thcrein Co[�Lained by Sip�luili$aad attesting ihe nemt oPPltkin CouIItY.
i Colorado as such officiaLa.
! IN VJIINESS WF�REOF,I hereunto set my haad and officisl seal.
; �
[NGTARII+,L SEAI.] ` ,
- Public ,
My co,nanission expires• 3-2S/-D7
39989.'_' 1^c/10/1996 09:50R F'G 7 OF ?2
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STATE OF COLORADO ) 'i,
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COUNTY OF ��n ) ', ''.,.
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Tfu foregoin� was aelraowiedged bcfore me on this, the 31 S �y of
� 1996,by D��3/s�-�-��and Ati r/l r.i
who acl owiedged thanselves to be the General Managa and 5 �.e°B c u.� of
the Roacing Foric Treasit�►6arcY.tha�as such officiais.being authoriud do so,exocuted the Y.;.
fozcgoing inshvm�nt for the ptuposes therc;n contained by sigaing and attesting the name of
Rnaring Pork Transit Agency as such officiaLs. _ -
IN WITNESS WHEREOF,I hereunto set my hand and official seat. �
� [NOTARIAL SEAL] �
j Notary Public
My commission expires• S- �`9 9
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' STATE OF COLORADO ) ��
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i COUNTY OF �Pi��r )
" � The foregoing was acimowledged before me on this, the a`{ dty of
iM�}...,�/ ,1996,by T6omas A Moore,who acimowledged him9�lf/l,s..�lf t0 bC the
� General Pactner of Alberta L. Moore Famiiy Limited Pa:taersl�ip, tbat he, as
i ,beinB authoriz.ed tn do so, executed tlu foregoiag instrumeat for tha I
3 putposes thereia coatained by signing the name of the Alberta L. Moore Fsmily Limited
� Partnership. . "
IN WIINBSS WHEREOF,I haeimto sot my haad and offic.ial sea1.
[NOTARIAL SEAI.] L�`n r .
Notary Public Q ' •
My commission expires• 5' R — �9
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.;99892 12/10/199E Q�9:SSA F'G 8 OF 32 ( '
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AGREEMENT REGARDING z.
MODIFICATION OF NOTE �� -
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This Agreement is dated May 31, 1996, and is between PITKIN COUNTY,
COLORADO(the"County")and ihe ROARING FORK TRANSIT AGENCY("RFI'A").
WHEREAS, on Junc 9, 1992, pursuant to Resolution No. 92-183 and
_ auit►orization granted at the general election held on November 6, 1990, the County issued its .
generat obtigation note(the"Note")in the aggregate amounY of 52,692,131.64(the"Moore Note") :-�
to Alberta L.Moore and Thomas A.Moore as personal representative of the Estate of James E.
Moore(the"Moores")or order for the purpose of acquiring land for open space purposes;and "
WHEREAS,pucsuant to nn Agreement Regarding Purchase and Snle of Note and ..
Release of Deed of Ttust dated May 24, 1996(the"Purchase and Sale AgreemenY'),among the
County, RFPA and the Alberta L.Moore Famity Limited Parhiership(the"Moore Partriership"), �
the terms of the purchase and sale of the Note from ihe Moore Partnership to RFTA were set forth
and confirmed;and
WHEREAS,the County wishes to modify the Note as described herein;and �
WHEREAS, pursuant to the Purchase and Saie Agreement, RF'CA has agreed to
- purchase the Note as modified herein;and
WHEREAS, it is the desire of the County and RI•TA, through execution of tius
Agreement,to confam the teims of such modification and so modify rt�e Note without the need
�
� for any further modiftcation.
i;w
NOW,THEREFORE, in consideration of the mulual covenants herein contained
- and other good and valuable consideration, the receipt and su�ciency of which aze hereby
acknowledged,the parties hereto agree as follows:
Seclion 1. Modification of Note. Upon delivery of the purchase price to the Moore Partnership �
� in accordance with Section 1 of the Purchase and Sale AgreemenX the Note shall be modified as
follows: the Note shall mature ond be due und puyable in full on July 8, 1997,and sha11 be puid
as follows:
' � Principal and
Date Interest Pavment
July 8,1996 370,000.00
7uly 8,1997 2,100,892.36 •
All amounts shall be paid to RFTA c%the Pitkin County Treasurer, 530 E. Main Stree; Suite
301,Aspen,Colorado. This Agreement sha[I constiiute a modification of�e Note without the
need for any further documentation .
Secfton 2. No Sale of Note. RFTA agrees and confums that it will not se11, transfer or convey - _
the Note prior to the maturity date thereof. j
�9989c ic''/1Q+/199E� 09:50A F'G 9 OF 32
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Sec#ioa 3. Note Othe�wi.e iTnnhano�.i_ p��n the mpdifica�oas set forth in Section 1 `�"
hrreaf,the Note zemains uachaaged ia every oihcr respea anc3 in f¢li force aad e$ect. : ';
1N WT'IN£S S R�iE3tE0�',the parties have executed this Agreemeut as of the day
�t y�����.
A�: � PITKII�T COUNTY,COLORADO
�
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BY� � Byt '��v�-r �-��_ , � •
�Cles Recorder �1f2irman,Board of Counry Cornmic�+onezs
I
� AttesL: ROARING Fa T'RApNSIT AGENCY
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I By;� % � ;il By: � � 111 U�i�;(�`l .
� Tide✓ � G ai Manaeer i,
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� STATE OF.COLORA.DO . )
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COUNIYOF I�'I�P//t.� )
( � .11u fonee ing��actmowl�iged�efore me oa 's��� r��' of
�'�f� 4.. 1996,b �S il� A�v� eud 1� w.. ES l`y
who aclmowledged th�msclves w be Cbaianaa of the Boatd of Cotmtq Co+++,,,,«���,� amd
Counry Cleiic and Recorder of Pittcin Coimry,Colorado,that,as such officials,being aumosi�ed
� to do so,exeevted the fois o" �
t B �8 iashu�imt f0I Ihe pu[pOSes iheseiu rnntair��•A by yjgpjng�
r attesdag the aame of Pitlda Couaty,Colorado as such officials.
? II�J WII'NESS u�F�tEOF,I hceuntn sa my hana and officisi seaL
�rroraxrAL sgar.I ��� � —
(,Di6�aryT�ublic —�'� , '
My commission expires• 3-Z�—d D
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_ STATE OF COLORADO ) �•,.�.�.,•
COUNTY OF /'�"1 L�i n �s. :, -
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The foregoing was acimowledged before mn on this,tbe �J� day of !:-.- '
' ___y� 1996,by �a !3/a so%�s�;p aad 17�(,�l i5 e n n� �` ••'. ,
f:,:
,; who ac�e edeed themselves to be the Creaeral Manager aad—��a��f+�e�oa rd of �''�r'~�
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i the Roazing Fork Transit Agenay,that,as svc3i officiels,being suthoriud to do so,execured the ,.; ;
foregoing instcument for the purposes thereia contaiaed by siguing and aar.sring the name of � '':�-` "
Rvariug Fork Transit AEency as svch officials. �:; `
IN VIINESS WHEREOF,I hemunw sec my hand and official seaL • j,
' [NaTARIAL SEAI.] �i�/'c31-� h '� '
' Notazq Public -_�� ':
My commission exuires: 5� � 9 9 �'c..
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' �',$ .RO'0�+AGR�EMENT ,
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TWs ESCROW AGREEMF.riT{tke"$scrow Agreement")is dsted Jtme 18,1996, : �,
end is made by and'�etwem°PIZKIN COUNTY,COLORADO(the"County'7,party of the$rst .
Part,end TT�E$ANK OF G'�iERRY CREEK,N.A.,Denver,Calorado(thc"Bank'7 a natioual
bank l�aviag and cxercising full and complete t�ust powers,duly Qrganized end exiating vader the
laws of fhe United Statos of Ameriea, b�inE a member of the Federal bepoait Insutance
Corporafion and the Fedecal Reserve System, and having ea office and a principal pleco of •
bnsincss in Denver,Colondo,Pauty of the second pert.
WFIEREAS, the Covnty is a duly c,reeted politicel subdivision of the State of .
' Colorado(the"State")duly aYganized and eacisting as a home ivle couaty pursuant to fl:o generel
ststutes of the State and the Homc Rule Chartet af tlu Couaty(the"Charter");and
VVSEREAS,the mcmbcrs of ihe Board of County Commissioners of the County
(the"Hoard")have.becn dulyielected,chosen and qualified;and
WE�R$AS, ou Junc 9, 1992, p++��a++t to Resolutioa No. 92-183 (thc "1492
Resolutian")and sut�wrizstion granud at the genera]election held on November 6, 199D,the
� County issued its Maoze pmperty gentral obligation note in the aggregate amount of
52,642,131�64(the'Note")for the pucpose of acquiting laad fos opea space purposes;and
WE�REA.S,the Note as originally executed(and a copy of wtuch is attached to
lhis Esczow Agroement aa Ex3ubit 1)3s payable in eleven aunuai insteUmonts beginning Ju1y 8,
1993 and oa each July 8 thereaftu,in the amount of 5370,OD0;and
WF;ERFAS,pu�suant to an Ordin,ance of the Board adopted on Novcmbar 14,
1994 (the "Scries 1994 Ordinance") the County issued its Qronerai Obligat'con Opm Space
Refunding and lmprovrment Boads,Series 1994(the Series 1994 Bonds"}for the purpeee of
refunding and defeasing tht outstaading Note and for ottur purposes;aad
Wf�REAS,the Boerd by the 5eries 1994 Ordiaance,among othcr matters:
A Created the Series 1994 Bonds Fscsow Sub-Account(as de5ned in tha
Series 1994 Oxdinance)(the"Escmw Fimd"),to be maisrtained with The Benk of Chcrry Creek,
N.A.,Denvcr.Colorado(the"Escrow Agent");
B. Provid'ed for the deposit in the Eserow Fuad of a portion of the pxoceeds ,
of the Scriea 1994 Bonds. Snch moneys were deposited in an aggregate amount fvIly 9ufficient,
together with the I�own minimum yield fram the investment of such moneya in maneys,biils,
notes or bond9 wlrich are direct obligatious of, or the principal of and interest on which
obligatioas are uncondii3onaity guatenteed by, the United States of Ameriea (the "Fedetal
Securicies ), w pay tl�o principai and interest due in connectinn with the outstandin6 Nota on ..
��
each July 8 aad upon maturity on July 8, 2003 (the "Original Refunded Debt Service
Requiremeats");and � '-
�9989'� 1�/10/1996 09:50A F'G 1.'_' OF ;�
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C. AuthoYized the oxecution of aa Escrow Agreemen; deted November 14, �
1994(the"Orlg�nel Eserow Agteement'7 in connection with the Escrow Fund;and ?>
RR��EAS,the Moozes have conveyed the Note and assigned the Deed of Tcuqt ���� '
to the Alberta L.Moore Family Limited Parmersaip(the"Moore Partnership");and
WfiEREA,S,on the date hereo�,the Moore Parhiership hss sold the Note to the
RoaziAg Fork Trattsit Agency("RFTA"), attd RFTA hav purchaced the Note from the Moore
Pattaership,ail in accordance with and pursuant to the provisions of an A�cement Regardin� .
Purcha9e and Sele of Note end Releave of Deed of Tttut(the"Purchase aud Sale Agrecmcnt'�
among the County,the Moore psrtnership ead RFTA;and . .
VVF�REAS,upon the sale of the Note to RFTA in accordsnce with the PurchaYe
and Sale Agreement,the Co�mty hes modified the teims of tha Note to provide that the Note will
mature and become due aad payable in full on July 8,1997;aad
. V✓HEREAS, the terms of such modificatiott have been confirmed in att
Agreement Rcgarding Modification of Notc bctwocn the County and RFTA(the"Modification
Agrcement"),a copy of which is attached as Fxhibit 2 hereto;and
�VETEREAS,as a result of such modification,and in accardance with Subsection
- C of Section 3 of the (higinal Escrow Agreement, this Escrow Aereement (the "Escrow
Agreemcnt")is bcing entered by the County and the Bank,to provide for the reinvestmerrt of thc
moneys in the Escrow Fund'ia cettain Federal Securities with appxopriate meturities and yidds
to instua the paymcnt of the Note as the same becomcs due and payable according to its ttrms es
modified hy the Modificatian Agreement(the"New Refvnded Debt Service Requiresnmts"),sa �
set forth in Extubit 3 hereto,and Suther to es�iu+e tt�at,as verified by a nport of independent
. accountants,the tax-exempt stariu of interest on the Series 1994 Bonds is not adverscly affected
as a resuIt of such reinvestraen�and
WHEli�'AS, the Federat Securities described itt PaGhibit 5 to this Escrow
Agreement,reinvested ar prdvided in Exbibit 6 heieto,have appmpriate matu=ities nnd yields to
insiue the paymcnt of the New Refiu�ded Debt Servicc Requiremarts,as the same become due;
and .
WI�RE,AS,a.schedule of receipta from such Federal Securities and a schedute of
required disbursemeats ia the special raport of Causey Demgcn&Mooro d$ted June� 1996
relating to the Notc(the"'Vertficatton Report"),a copy of wtuch is attached haeta as Exhibit 7,
demonstrau the sufficiency of tho Federal Secwides for such purpose:and ,
VVfi�REAS.the Escmw Agent is empowered W undeutake the obligstions end
eommittnenb on its part hcrein set forth;and
Wf�REAS,the undersigsud officers of the Escmw Ageat are du2y autboriud to `
execute and deliver this Escrow Agceement in the$scrow Agent's name and on its behalf;and
39989c 1�'/10/199b 09:512iA F'G 13 OF 3� I
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WI�RE�,3,::the Co�nty is cmpowered to undertake the obligations and .�
commitrnente on its part herqin set fozth;end � �..
VJHEREAS.4he unde�signed o;�cers of the County sre duly authoriud to execut� '', .
and deliver tlsis Escrow Agreecntat in the Coimty's name and on its behelf.
NOW�TSEAEFORE,THIS ESCROW AGREEMENT WITNE�SSETH:
Tbat ia constdesation of the mutual agreemenrs herein contained,in coneideration
of the fee paid to the Esorow Ageat pursuant to Section 10 of the Origina(Esccow Agrument
duly paid by the County to the Escrow Agent prior to the dau hereof,tbe reccipt of which is , .
hereby aeknowladged,and in otder to sccure the payinent of the New R�funded Debt Sesvice .
Kequir�rnentn,as the same become dtu,the parties hereto mutually undertakc,promise and agree
for themseives,their respective representatives,successors,and assigns,as follows: '
Sectlon 1. Reinvestment of Federai SecnriHe�.
A. � On tho dau hereo�the Escrow Agent,on behalf of the County,sha11 seli
the Fcderal Securities in the"Escmw Fund as described in Exhibit 4 to this P.scrow A�recment '
and purchase the Federal Secvritie9 doscribed in Exlubit 5 to this Escrow Agreement(the"Tnitial
Securities"). �
H. Utlter Faleral Sec�uitiea msy be substituted for aay Initial Socurities if
such Federal Securities ara�unavailable foz punchese or if such substin�tioa is required or
percqltted hy the Tax Code.'aad the spplicable regulations thereundu, subject in any cese to
sufficienay dcmonshations and yietd pcoo&ln a ce:tified gublic acwuntanYs rcport,and subject ?°
to a favorable npinion of the Couaty's bond counseI ss to the legality of any sueh subttitulion.
- and its effect,if aay,on the rtatus for federai income tax pucposes of inurest oa the Saies 1994
Bonds. Any Fcderal Secuutibs femporatily substituted may be withdrawn from the P�scrow Fund
when the apPraPriate Fede�al Securities are purchased and cxedited to the Escrow Fund.
Similarly,any temporacy advencement of tnoaeys tc the Escrow Fund to pey designated New
Refimded Debt Service Requiremmts,because of a failure to receiva promptly tho principal of
aad inurest oa any Pedersl Sccuri3ies st their rospecrive fixed maturities dates,or othervuise,may
be tepsid to the person advancing such moneya upoa the receipt by the Escrow Agent of such
principal end interest�syments on such Federal Seciuities. Nothing herein shsll be eonsttued to
require ttie advsnce of moneys b�the Escrow Agent
C. The pruc.�cds of the Initial Securities(aad of any other Fulerat Securities
acquiccd as an investmcnt or Teinvestment of moueys aeoounted for in the Escrow Fund).end any
such Fedezal Securities themselvea (except as they may bc hcld as book-entries), sball be
dcposited with the Escrow Ageat,and creditcd to and accounud for in the Escraw�tnd. The
securitles aad moneys aceounted for thercin sha11 be redeemed and paid out and othetvvise
administered by the Escrow Agent for the bcnefit of the owner of the ouutaztdin�Note and of the
County as provided in this Escrow Agreement,the Modificatioa Agreement and the Series 1994
Otdinanca
399892 1'..'./1N/1996 �9:Sap F'G 14 OF 3� �
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Sectiou 2 '.Purpose of Escrow.
A. T!u Escrow Agent sk�all hold all Fed�rel Securities accouated for in the ,. �i:
Esarow Pund(except as ihey may be heid as book-entries),and all moneys receivcd from time to <•'�.°•.,-.
ti:ne as intarest on and principai of such Federal Securities,in trust to secure sad for tha pnyment -
of the New Reft�nded Debf Service Requirements, at set forth in gxhibit 3 to this P,scrow
Agreement,as the samc become due at theu rtspective paymcnt,maturity or redemptioa dates
set forth therein. ' -
B• Except as provided in Subsection$of Saction i hereo�Sectiou 5 hereof ��?,
end in Section 8 hereo� thn E,s�xow Agent shall collect the principai af and intcrest on such •
Federal Sccvrities prompSy ss such principal and i�erest become due and shali apply all money �
so collecud ia tlze Escrow Fund to tho payinent of the New Refunded Dobt Service '
Requiremonts payable thcc+efrom,as aforesatd.
Seetlon 3. ;Accounting for Eecrow.
A. The mnnoys and the Federal Securities accounted for in the Escrow Puad
sball not be subject m checks drawn by the County or otherwise suhject to its order except as k'
otherwise provided in Subsection B of 3eciion 1 hereof,Section 5 hereof nnd iu Section 8 hereof.
r'.
" B. The Escrow Agent,howevet,shali disbtuse&am titnc to time tht Escrow
Ftmd,salely fram flmds available ia the Esemw Fund,as Escrow Agent for the Note,svffici�nt '
moneys to permit the paymcut of tiic New Refunded Debt Sacvice Requiremarts of the Note as
tiu same becomes due on aqd prior to mattuity on July 8, 1997,s[1 as pmvided hec+ein and set •
forth in Exhibit 3 hereto. ; �
�,,
- C. �xcept�as otherwitse providcd in Subsxtion B of Secdon 1 hereo�Section
5 hereof or Sectiott 8 hareof,there shalt be no sale uf aay Federal Securities held hcrcunder,aad
; no k�ederat Sccnritics heid hercunder and callable for prior redemption at the opdon of the �
Covaty shall be called at any time for priar cedemption,cxcept if neccssary to avoid a defauit in
the paymart of the New Refiinded bebt Service Requinements, The Esctnw AQeut shsll not be
liahle for any loss due to any sale or prior redemptian of eay Federal Securities.
3ectioa 4. �Mataritiea of Ftderat Secnritiee.
A. Any FEderai Securities shal!be purchased 3n such mam�es:
(1) �So that such Podeza! Securitles may bq rodeemed to meet such
New Refunded Debt 3ervice Requirements as ihe same become due.and .
(2) 'So that any sale or prior redemption of snch Federal Securi$es
shalI be unneecssary.
Sectioa 5. .Reiavatmente, The Eserow Agent shall reinvest the cash •
belances, if any, !a the Escrow Firnd and the proceeds of�e Initiat Securities deseribed in
i;
;99B9:� 1:'/10/199E N9;S� F�C� 15 QF 3c"
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Exhibit 5 hereto as ahowa iri Eachibit 6 hereto for the od desi � �.�
pesi gnated ia said Exhibit 6 ia state
and locat government series xcurities("stgs")purchased by the Escrow Agent,on behelf of the :'� '•.
County,directly fmm the Undted States Govemment, Alt of tF►e stgs in which such rcinvescmeam � '=
are made shall bear inttrest at the rate of 0%per anmua. ?he Exrow Agent agrees to comply -'� ',.-�: .
with Part 344 of Title 31,C'ode of Federal Re�ulatIons,aad with such other zcgulations of the
United States Tieasacy.Buroau of Public Debt,av are from time to time in effeet in subscribi�tt�
for and with zespect m subm�tting aubscriptions W a Federat Resczve Baok or Brsach in adv�cc
(cucreatly between 60 and 15 daya in advence)of the date of purchaso of the slgs. �.�'�
8ection6. SuHiciency of E�crow. The Gounty agrees that tht Fedcral `�� � �
Securities accounted for in,the Escmw Fuad shall be in.an aznount (or have appropctau � � .
maturities and yieids to produce an emount)which at all times shall be sufficient to pay the New i� .
Refunded Debt Sert�i�Reqvirements payable therefrom es they become due. i, `
�•
Secfion 7, �Tranefera for New Refundefl Debt Service Reqniremenb. The ?
Esezow Agent shall make suoh axrangements as will assure,to the extent of money ia the Pscrow '
Fund properiy aliocable to and available therefor,the timcly payment of the New Refunded Atbt !
Service Requireanents payabk there$om. ;,.f,
5ectiaa 8. .Termination of Escrow Fnnd. V✓hen payment or provisions for �.
payment shall have been made so that a[l New Refimded Debt Service Requizeattats shall be ox .+
- shall have bcea paid ia full artd diechargtd, the Escrow Agent shall pgy to tho County for j
immediate deposif in the Seiies 1994 Bond Improvement Project Sub-Account within the Fund ,`
(as defined in the 3eries 1994 Ordinenee)the moneys,if any,thea remainine in the Escraw F'uad
aad sha11 make forthwith a fwal rcport to the Cnnnty. The raoneys in the Series 1994 Bond ��
Improv�ment Project Sub-Account shaii be used only as provided In the Series 1994 Ordinauce.
. Sect[on 9. �If aecessary,the Escxow Agont agrees to annually prepa:z a Focm
1099 for the ownor of the Not�and to maii such Foxsn 1099 to such address as hes been providai
to the Escrow Agent by the Cnunty.
Section 10. •Fea and Co�ts.
A.. The �scrow A.�ent'9 tota] fees end costs for aad ia caaying out the
.- provisions of this Escrow 1},�ecmcnt i�ave been paid pursuant to Sactioa 10 of the Orlginal
Escmw Agreement aud as na sddidonal amouats are due heceunder. �
B. The fses of and tho costs incunred by the Escrow Agart shatl not be y
dedvcted from the Esczow Fuhd. �'
Section 11. 'Poseible DeC�cieacies.
A. If at any time it shall appear to the Escrow Agent that the money and aay '(�
iatecest on and principal o�the Federat Securities allocable for such use under thi9 Escrow j �
Agrcemcnt,including without limitation,the Imown minimum yield from the Initial Securities. �� -
will not be sufficient ta aseke any rcquired paymmt of the New Ttefiuided Debt S�rvice � -_
, i
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.39989c 1c:/11A/1996 Cn9:S�A PG 16 OF 32
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Requlremeats payeb2e there�'rom,av the same become due, the Eserow Agem sball notify the ; !� �
Cotutty in writing es aoon:as reesonabiy praeticable of sucF► fact and the esaount of such
,
deficicncy. � . . ;�.
B. Tlureapon the County shatl forthwith deposit with the Escrow Agent for ��.'�,.
deposit in the Escrow Fund,from the&st moneye available thezefor,s�ch addiflonal moneys as
may bc required '
Sectioa 12. �Character oiDepoai�
A. It is reeogniud that titIe m fhe FederaI Securities and money acccsuntod for � r.
in the Fscmw Fuud from time to time sha31 remain vested in t}ie County hut subject alwaye w the
prior charge and IIm thereori of this Escmw Agreement and the use thereaf rcguircd to be made �
by the provisions of this Escmw Agreemart and tk►e Suies 1994 Ordinence.
H. The Etcrow Agart shall hold all such Federal Securlties (ptcept ss thcy
may be held a9 book-entries) aad money in the Escrow Fund as n spocial hvst fund account ,
separau and whollq segregated 5rom all ather securitics aad funds of?l�e Escsow Agoat, or
deposits therein, and shall riever commingle such securities or money with other securities or 4�,
money. . r`
S
�,..
Section 13. ,3ecuring DepoeiG �
�
A. The Escrow Agcnt may cause the Fcderal Sccurities accounted for in the �
Escrow Fiwd(except ae thep may be hcld as book-entries}to he registued in the asmo of the �
Counry for paymen; if tlicy�are registeiable far payment, and in such ovent sha11 obtain the �
necessary a�dorseineats&om the duly authorized officiais of tho County as they become due. 1,;;�
. B. The Cbunty, in connection with any Federal Securities accounted for in
� the$scrow Pund and held ps book-entries, shail cooperate with the Escrow Agent and shall
farthwith make arrangemcnta with en appmpriate represenrative of the issuer of snch Federal
Securities,so that t6e inurest on and the priacipal of the Federal Securities sball be promptly �
trnnsmitted,as the same become due&om time to time,to the Escrow Agent for the benaftt of ;
the County but to be applled e9 pmvided in this Escrow Agreement, '
i Y
C. All uninvested money heid at aay time in the Escrow Fund shall be
continuously secured by the sleposit of Fedcral Securities ia a principal amount and value always -
not less thaa the total azaoturt•of uninvcsted money in the Escrow Fund:
(1) �In aay branch of the Federal Reservc Bank,or
(2) .In say commercial bank which:
�(a) Is a statc or national bank or trust company,and �
;(b) Is a member of the Federal Deposit Insurance Corporation, `
aad
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39989c 1c^/10/1y96 0y:5drR F'G 17 OF 3c
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. (c) Is a member of the Federal Itesexve Systcm,and ���- `�.
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:(d) Has a capital end surplus of S10.000,000 or more,and ;r�`,'.:;�
.,(e) 1s exercising full and compleu m�st powers,and j;"�.:
'(� Is Iocated within or without the Stste("tnist bank"),or `'
, '�:.�:.
(3) 'Ia any branch of the Federal Rcserve Benk and in one or more hvst �.-t':r~`
. banks ' '�
::$,� . -
(or any combination thereo�, �F` •
D. Any Fcderal Securities(except as they may be held as book-entties)and ''
any uninvested moneys accapnted for ia the Escrow Fund may from time to time be pleced by ��";`:
the Esctow Agent for safekoeping wholly or in pezt in eny such tivst bank,only if prior to aay `�'r
such iransfer the County conaents tlureto 9n vrtitiug.
. , �
E. Each§uch 4ust bank holding any Federal Sccurities accouated for in tiu `''�;J
Pscrow Fund or any uninve9'ted moneys accounted for therein,shall be fl�mished by the Escmw +�`
Agent with s copy of this Escxow A�reement prior to such dcposit '��
�'i
� F. By tl�scceptanee of such Federal Securities or such uninvestcd moneys ,
each such tivst bank shall be•bound in the samc manna as the Escrow Agent,es herein pmvided.
r'
(3. The �sccow Ageut, howtver, shall remain solely responsible to the � �
� Couaty: "
- (1) For any investment or reinvestments of moneqs pursuant to
Sections 1 and 5 herebf, }
(2) For tranafers of moneys pursuant to S�ction 7 hueof, •
, �
' (3} For the termi,oation of the Escrow Fund pursuant to Section 8
heteo� "
(4) 'For eay notificatioa of prospective deficiencies pursvent to Sectioa
11 hereo�and +
- • 1
(5) .For dc&ayin�any oherBev of any branch of the Federal Reserve . � _
Beak or eny ttust bank for any deposits af Federal Secutities pledged co securo
uninvested momys,of Federal Securities in escrow,and of uninvested moneys{r�eserow �
(or ia any combwabion ti�ectio� or for•any otl�er service relating to this Escrow �'i•
Agreuae,nt or the Escrow Fund. �:y �
.�
39989� '' � _
1�/1�/1996 09:50A PG 18 OF 3�
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H. Subje�t to the ccntiauing rasponsibility of ttu Escmw A�ent es stated in ;;` j,;. :.
Subsecdoa C�of this Sec$on�the Escmw Agent may cause ee�y one,ell or any combination af the �:r��: �,,
dtrtFes stated in Subseetion I�to be pafocmed on it+bekatf hy any trust bank • . '`�
I. If at any tin�.e tfie Escrow Agent fails to aceount for azry montys or Federel � �� ''-
Securities held by it or by a�y such t:uat bantc in the Escmw Fund,such moneys and securities �,`<.
shall be and reroain the piop¢rty of t1u County.
.;.�;°,.
J. No mancy paid into and accounted for in the Escrow Fund shali evv be •
wnsidercd as a banl6ng doposlt,and neither tIu Escrow Agent nor any such trust banlc shall have `":7."
any right or tftle with raspxttheseto. '�-��
, �`i�' -
5eetion 14. 'lfirchaser's Reeponaibility. The Underwriter of the Serics 1994 '�` •
Bonds and Uu owneta&om time to time of the Note shall ia no maaner be re+ponsibie for the �`
application or dispoaition of ihe proceeds thereof or any awneys or�ederal Securitios accounted
for in the Bxrow Fund. ';�.
a••.
. �
Section 15. ',Amendment.
• �;,.
A. This Eserow Agteement shall he urevorzbla and, except as herein 'i`
pcovided,not subject to amepdmcnt �
�,'
B. The p�ovisions af this Escrow Agrocment cannot be amended,waived or :�
modificd exccpt in writing;cxecuted by the parities hereto. Amcndments to this Escrow
Agreement are oniy pemutted to correct ambiguities,to add to the protection of the owncss of tbe
outstanding Note, or W sevGt a clause deemed ta be illegai. Na such amendmant, wsiver or `
mndification st�ell become effective unless and w�ti1 the Fscrow Agent and the Couuty rer�ave an
- opinion of nationally xaeognized bond counsel arceptable to the Escmw Agent to the effect tUat
such amendincnt,waiver or modifecation either corncts ambiguiti�s,adds to tbe pmtectioa of the
owturs o£the outstaading Nbte,or sevcs a clause deemed to be illcgai,and it is not materislly
prcjudicisl to the owners of the outsteading Note and does not advascly affect the tax scatus of �
the interest on the Serits 1994 Bonds.
Section 16. �zculpatory Provuions.
A� The dttties and responsilailifles of t5e Escsow Agcnt are limitod to tlwee
expressly ead specificaity stated in this Escraw Agreemen� `'
�
B. The Eacrow Agmt shall not be Iiabie or responsible for any lwa resultSng '�
from any investrnent ar reiaveshnent made pursuant to this Escrow A.�eement and msde in �'
compliance with the pmvisions hereof, i �
C. Tkc Escrow Agent shall not be liable or nsponsible for aay act which it �
may do or omit w do herewtder,whilc acting with reasonable care,except for dufle�expressly
imposed upon the Escmw Agent hercnnder or es otheawiae expressiq provided herein. { •
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399892 I'c'/10/iZ390 IA9:5@A F'G 19 DF 3'� �� �
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D. Ttu E�crow Agent sball atithez be under any obtigation to inquire intn or ���
ba ia any way responsiblc�r the performsuce or nonperforraance by the County of any of its -'
obligations, nor shall the Eserow Age»t be r�sponsible in any manner far the recitsls or •~�
statrments contained in this Escmw Agrament,in the Scries 1994 Ordiaance,in the outstanding '':�;
Note, ot in eny pcoceedirlga taken ia coimeot{on thecewith, �uch recitats and statement being '.
made solely by the County.
�
E. Nothiaig in this Escrow Agreemmt creates any obligation or liabilities on 3`:� '
the part of the Esarow Agea!to anyone other than the County and the ownsrs of tiu outstapding :
Note. ��
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;
Section 17. 'Time of Erience. Time is of tlie essence in the performsace of the ' '
i obLigations from time to time imposed upon the Escraw Agont by this Escraw Agreeu�ent. "
� 3ection 1& Severabllity. If eay section,paragraph,clause,or provision of t6is
' Escrow Agreement shall for.any reeson bc hcld to be invalid or vnenforceable.ihis invalidity or �
uttenforceability of such section, peragraph, clause, or provision shali not cffcct auy of the
remaining provisions of this�scrow Agzeemenl.
Sectlon 19, �Counterparfa. This Escrow Agreement msy be executed in
severat countetparts,each of which shsll be an original ead all of which shall eonstitute but one '
_ and the same instivment. ;
. • �
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39989� 12/iN/1996 �9:50R F�G cs OF 32
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' IN WITNB35 WF�REOF,the Coun has cuused this Escrow A ;`�.;"�<,L�'�,
ty gteement to be ?'�•.
signed in its neme by the Chaizmau of the Board, to be attested by tho County Clerk aad �
Recarder,and w have the seal of th�County hereunto affixcd;and The Bank af Cherry C�ek, `;;
N.A.has cavsed this Escrow Agreemeat to be signed ia its corporate name by its Presidcnt or
une of its Vice�r�sidcnts,seated with its wrporate seal.and attested by its Tnest Officer u one '��::�:,.
o£its Assistaat Trust Officers,all as of ihe day and year fiist above writtea
;',.
�� :
; [S q� V�.�.�, PITKTN COiJNTY,COLORAAO �.�`.
t S�' j ��.�.�����- i.�-
� $y .
� ��nR°' '� �.-'�h'ai�tnan of the Bosrd of j•:..•
' County Commissioners "
,�.
Attest;
i;
By ;
ty Cletk and zd
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[$ANK S�ALj TE�BANK OF CHERR'Y�'�RKy N.A. ;
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' BY `�
. �
! Title:
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39989�C 12/10/1996 09:5B�A F�G 21 OF 3c ,
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�qggg� 12/10/1996 �9:50A RG 22 OF �2
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a�tarsxsso�Y xo�: �. �..
(R1ght to Cure} "
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U.S. $2,�692.131.64 Aspen, CoI.orado
July 8, Z992
FOR VAISIE RECEIVED, the undersignad (Borrower) promises to pay '�''
Alberta L. Moore and Thomas A. Moore as personal representative oE .�
the Estate of James E. Moore or ordar, (Note Hoider) the priricipal .
sum of TWO MILLION SIX HUNDREb NINETY-TWa THOUSAND ON� HUNARED
TAXRTY ONE AND 64/lOD ($2,692,131.64) U, S. Dollars, orith ihterast �
on the unpaid principal balance Prom July 8, 1992 untiJ, paid, at •
the rate oP 7.61 percent per annum, Principal at►d i.nterest sha21 i
be payable at Box 707, Aspen, Colorado, or euch other place as the
Note Holder .may designate, in annual payments of Threa Hundred
Seventy Thausand Dollars (U.s, $370,000), due on tha 8th day ot
each July� beginning July 8, 1993 and continuing for a periad of
eleven (11) years. !
_ Sorrower shall pay to the Note Holdex a late charge of 5� of �
any payment not received by the Note Aaider within fifteen (15)
days aYter the payment is due.
Payments received �or application to this Nate shall be
applied first to the payment of late charges, if any, seaond to the
payment of accrued inter�st speci£ied above, and the balance y.ti
applied in reduction of the principal amount hereof.
The obligation of payment cf this Note shall be met by Pitkin
. County through its Open Space Fund authorized by the eleatorate by
aepazate ballot question on November 6, 1990.
If any payment required by this Note is not paid when due, the
entire principal amount autetanding and accrued interest thereon
shall become due and payabla at the option of the Note Holder
(Acceleration) twenty (20) days aPter netice of Acceleration has
baen qiven. Such notice oP Acceleration shall specify the amount
oP the nonpayment plus any unpaid late charges and other costs,
expe�ses and fees due under thi6 Note. Until the expiration of
said twenty (20) day period, the Borrower map cure aIl defaults
consistinq of a failure to make required payments by tendering the
amounts of all unpaid sums due at the time of tehder, without .
Acaeleration, as speoiPied by the Note Halder irt such notice. Cure
restores the eorrower to its rights under this Ncte as thougb
defauit had not occurred, Arty defaults under this Note ocaurring
within twelve months after the Note Holder has once qiven a notice
of Acceleration, entitles Borrower to no right ta cnre� except as
otherwise provided by law. Tha Note Holder shall be entitled to
collecC all reasonaHle costs and expense of collection and/ar suit, _
i
s9989:1 2.'_'/ldr/1996 09:5@R F�G 23 pF 3c
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• -..� .....» .�....,.� .,� y..v�� ana ne esrective upon (1) delivery to ��,
Borrower or (2) mailing Quch notice by Pirst-ciass II.S. mail, f�'��`•`,-`,
addressed to Borrower�s address stated below, or to such other �+...��#���'
� address as Borrower may designate by notice to the Note Holder. '� `"
Any notice te the Note Holder ahall be in writinq and shall be ' .,.
given and be effective upon (1) delivery to Nate Holder or (2) by -"' �
mailinq such notica by Pirst-class U.S. mail, addressed to Note
Holder at the address in the first paragraph o� this Note, or to �''�r.�.�:;;
such other address as Note Holder may designate by notioe to �.
Borrower. �.�� �
j ;;._'
The indebtednass evidenced by thie note is secured by a Deed
of Trust datad July 8, 1992, and until released said Deed of Trust f='``-'•" "
contains additional Xiqhts of the Note Holder. Such rights may ;;;, `.:
! aause Accaleration of the indebtedsiess evidenced by this Note. � �
RePerence is made to said Deed oP Trust Por such additional termg.
Said Deed of Trast grants rights in the property identified as �<.�' - '
follows:
Ses Exhibit A attached hereto
Property Addrass: Vacant Property ( �f
� Pitkin County, Colorado i: '
. !.':,.
�
PITKIN COUNTY Y
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" 9y:_ �/.•�..�..s-.-- `u-��- . C4w.�r�.ti
�2'o East Main Street � cJo,..�..� �
��Aspen, Colorado 81611 �,..a�G..•.�+ws��- r
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39989'2 12/l�c�/1996 a9:5�A PG 24 OF 32 � `
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.IUNE 18, 1996
PAY TO THE ORDER OF ROARING FORK TRANSIT AGENCY ("RFTA"). �
i .
} NO WEST BANK COLO1 NA
__ 1 BY: '
I MARC S. JOHNSON, V E PRESIDENT
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39989'� 1�/1@/1.996 09:50A PG 25 OF �2 ;:
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EXHIBIT A '
LEGAL DESCRIPTION •" �''
�.
''�' :��
A parcel of Iand situated in Section 11, Township 10 South, � �.
Range 85 West o#' the 6th P.M. Said parcel being more
particnlarly described as follows:
Beginning at a point on the Northerly right-of-wav Iine of r �
Maroon Creek Road, whence the S 1/4 corner o.f said Section 11 ' r''
bears S. 01 degrees 12 minutes 49 seconds W. 1469.18 feet with � '�
a1I bearinas relative to a bearing o.£ S. 89 degrees 5� minutes
48 seconds E. between said S 1/4 corner and the Sovtheast cot-ner �
of said Section 11 thence; N. 26 degrees 3B minutes 23 seconds j'
E. 205.09 feet, thence; 240.00 feet along the arc of a curve to ' `
: the left havinq a radius of 450 feet, a central angle of 30
, degrees 33 minutes 28 second, and subtendzng a chord bearing N.
11 degrees 21 minutes 38 seconds E. 237.1 7 feet, thence; 1.
?94.98 feet along the arc of a curve to the ri9ht having a �".r
radius of 380 feet, a central angle of 74 degrees 37 minutes 58 ;
seconds and subtending a chord bearing N. 29 degrees 34 minutes �
19 secones E. 460.72 feet, thencs; �
N. 66 degrees 53 minutes ZB seconds E. 82.87 feet, thence 38E.69 �
feet along the arc of a curve to the left having a radius of
380.00 feet, a central angle of 58 degrees 36 minutes 20 seconds
and subtending a chord bearing N. 37 degrees 35 minntes 08 �
seconds E. 371.96 feet, thence; N. 08 degrees 16 minutes 38 '�
seconds E. 91.24 feet, thence; 310.03 feet along the atc of a
- � c�rve to the right having a radius of 2152.00 feet, a central
angle of 1� degrees 25 minutes 10 seconds and sabte�ding a chord
beaxing N. 15 degrees. 59 minutes 39 seconds E. 309.09 feet, ��
more or less to the North Iine of Lot 23, thence; `
N. B7 degrees QO minvtes 00 seconds E. 1060.94 feet
alona the iVcrth line of Lot 13 and 12 to the Easterly
riqht-of-way line oz �olorado State Highway B?, thence
along said Easterly right-of-wav of Highway 83 the foIlowing '
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S. 47 degrees 50 minutes 59 seconds E., 847.13 feet, thence; ('
166.42 feet along the arc of a curve to the Ieft, havin9 a
radius of 1196.00 feet, a centra2 angle of 07 degrees 58 minutes �'
22 seconds, and subtending a chord bearing S. 51 degrees 50 �
minutes 10 seconds E. Z66.29 feet to a point on the East line of
Government Lot 15 as shown on the government plats of a survep �
performed by Thomas Withers, thence along said Fastline; S. 01 4
degrees 16 minutes 00 seconds E. 93.87 feet to a point on the t ,
Northerly riyht-of-way line of Maroon Creek Road, thence aIong ('
said right-of-wa}> Iine o� Maroon Creek road the following seven ' -_
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� United States TreasuryNote ; 5.125°/. June 30,1998 $330,000 5330,112,76 _
Un{ted States TYeA9ury Note 6J30% JuIIC 30,1999 ' $345,000 $357,277.59 •
United States Tressury ' 0.000% Mny 15,2000 5370,000 5285,728.80
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