HomeMy WebLinkAboutSTAGECOACH - Filed OA-OTHER AGREEMENTS - 2004-02-25AGREEMENT REGARDING STAGECOACH SUBDIVISION
THIS AGREEMENT, signed by the parties hereto on the dates shown
by their respective signatures, is made by the CITY OF FORT COLLINS,
a Municipal Corporation ("the City"), STAGECOACH COMMUNITY
ASSOCIATION, a Colorado Nonprofit Corporation ("Stagecoach"), and
UNITED BANK OF FORT COLLINS, N.A. ("United Bank"), and
WITNESSETH that the parties agree as follows:
I. Recitals of Fact. In approximately 1975, United Bank
foreclosed on Stagecoach Subdivision ("the Subdivision") while it
was being developed. United Bank thereafter completed the Subdivision
improvements and sold finished lots on which numerous residences
have thereafter been constructed.
On October 20, 1977, the City and United Bank signed a Memorandum
of Agreement ("the Prior Agreement"), which noted that United Bank
had constructed a detention pond within the Subdivision and provided
that United Bank would purchase a $10,000.00 Certificate of Deposit
from which the interest would be used by the City to reimburse it for
any costs incurred by the City in maintaining the detention pond.
An Amended Declaration of Protective Covenants was recorded for
the Subdivision on August 5, 1975, at Book 1656, Page 0730, of the
Larimer County Records. Such Covenants provide for the establishment
of a Stagecoach Community Association, which Association is to have
a three person Board of Directors and is to be responsible for the
repair and maintenance of common areas.
On October 6, 1987, the balance of principal and interest of
the Certificate was $14,892.88.
Stagecoach has recently been incorporated, and three residents
within the Subdivision have become members of its Board of Directors.
All parties desire to make this Agreement whereby the detention
pond shall be deeded to Stagecoach, which shall become responsible
for its maintenance, and whereby United Bank and the City shall pay
over the entire remaining principal and interest of the Certificate
of Deposit to Stagecoach.
1. Pond and C.D. Conveyance. Within ten (10) days after
the signing of this Agreement, United Bank shall convey the detention
pond to Stagecoach. On or about February 16, 1988 (being the C.D.'s
maturity date), the City and United Bank shall deliver the remaining
principal and interest of the Certificate of Deposit to Stagecoach.
2. Maintenance. Stagecoach shall hereafter be solely
responsible for the maintenance and repair of the detention pond.
PROVIDED, HOWEVER, that if the Subdivision is annexed hereafter to
the City, the detention pond shall then be conveyed to the City by
Stagecoach, and shall be accepted by the City, if the condition of
said detention pond meets with City Standards, after which the City
shall accept full responsibility to maintain and repair the detention
pond.
3. Prior Agreement Terminated. In consideration of the
transfers and conveyances described herein, and of the mutual promises
set forth herein, the parties hereby mutually terminate the Prior
Agreement. In this regard, Stagecoach acknowledges and agrees that
in light of the transfers described herein, the City and United Bank
shall have no further rights, duties, or obligations whatever relating
to the Subdivision or the detention pond, except as provided in
paragraph 2 above.
4. Binding Effect. This Agreement shall benefit and bind
the parties hereto and their respective successors and assigns. This
Agreement may be enforced at law or in equity.
Signed by the parties hereto on the dates shown by their
respective signatures.
? /2
Date
ate
i
Date
CITY OF FORT COLLINS, a Municipal
Corporation
BY: X C
City Manager
STAGECOACH COMMUNITY ASSOCIATION, a
Nonprofit Corporation
BY:
President
UNITED BANK OF FORT COLLINS, N.A.
BY:
President
,-MAR 1
S Ac R' wvl OP rnq, 11M a4n2,0 4 i1tv it 4 s cav I
TT�" 17T nY Mn� �nVT
PF ""i I TTAN , Nor P C� , �Qo�rlo, a nal :n,Al
cur"Irstion, hnzcjntr on �7"Py-e& to is
mrr"rWl-i
rclorran tu og
W! 7175SEq E:
OJT' "ITPO, 9arn �np conqlPoW the wonstm—lon nN a jot-nom
n-n- ;r is rr"agco Vitt "Awr- SM qp,-Vinatanzwri'l-
n-"e-
r 71 cy"07colch 7 :1 �j7lnj,n, 1-ninj v whZ4 Asion wit' vr 0
I.t— ( , 'Wrivri , 7cnlc 00 nla�v in, -1�nv"071 '-bn nnhwc,�
Aty U-StE av t4- �Ity a' Tcr MAW, loicraco- at !
TA , 15 insfra-F of 07071ul-n mytirult- U
FaintonaUC- Ire -Pp91- nf Sjj& fntp-tinv nor" Urtil SnQ vj_r
6S ntme�conn "VOKASion `ay hn awrowc to the 71.tv a" iw-,
CnIlins; 1r.3
WITIT, puper Starr swer WairKqe OT SHO sumiuWar
ba, Lapp "wltiv !w1vvw Tm OW ccrytrnntim of SaA notarUor
prnn, YP7 irsure 'r w venorw at t>- mt-,
thr -Pytips hnrctu a7rPo an 'r:Quwq7
An,
"nalp, q, ytmrnt in yh� —c- b O"Sand and
(Al,quo.01) r-q,v nit! rhP rotp of irterost yhich FW:
Zrin tia- to ii.— "� 7p;n 507 H q mennOts. 1PO W-Wricimto
of 100-0 it 0 hy >r - YrAmp Ov Onr -war, nn& ravewor annza!V
L j, - as t! co_- "'.Cf. Pr" li-isior wav hn ap%er& vc,
!f Aw' f '7nngit Fo: 1 vainc 7pnnspUrr. one-half (21")
0 �4, nliv.i7-1 nals :010rionto of lnr�siv W all -C=nnt
ircn-a 1 -nry& 1 1r; jony'?,3r, -70 thr Q, ot"Pr rn�ay n
-7 t4o -ri r cjanl
it 1 4 pm ie to "V- PanY.
,r t n �
;
.- � ,fir.
♦. _.
a..,.,
,.
sc
E:h�, 1 1 )C, sin.'!,: -Sea ar ' lf-qi! eescriDtior, tlreroof' serial'_
cllc-d Z-, F171reement
ry+'.n,-O, C' r ij nor t-ie I I ir-dinr, - -1
Ell-Ir 'S tss 'ns- ',I,
written.
( s, J, T, 1 '),
;A,TF OV
1 A o
t
In erim
Vr'-'-L lr:7 , 'If
T,ar-' me r
arl," ftrc-cicinn iustrumcn'T/,zis ;i-1,.rC1wl.orJc.Tpd !-,c.foye
t
)T,'
c a I s c-.,i
Jeptemtber 28, 1980
of T, 11Ic"
Court— of me-r
ai
711 C',
4 Paul P. 7-ansiDer)7, TTt-.er.
C
sea'
EXHIBIT A
Lots 67, 68, 69, 70 and 71, Block 1, STAGECOACH
�'[IBnTN'ISTr-�-" TTT,T*IG ^7171.3rR ONE, County of I,arimer,
State of Colorado.