The URL can be used to link to this page

Home My WebLink AboutVILLAGES AT HARMONY WEST PUD - Filed OA-OTHER AGREEMENTS - 2004-03-10PARTIAL RELEASE AGREEMENT THIS AGREEMENT entered into this 73O�Hday of Tf v AQr , 1993, by and between Harmony Village Joint Venture which is comprised of Harmony Villages I, II and III, California Limited Partnerships, and Colorado I, a California General Partnership, hereinafter collectively referred to "Harmony", Home Federal Savings Bank, formerly known as Home Federal Savings and Loan Association of the Rockies, hereinafter referred to as "Home Federal" and Platt Properties, a Colorado General Partnership, hereinafter referred to as "Platt" and The City of Fort Collins, a Municipal Corporation, hereinafter referred to as "The City". This is an Agreement whereby the parties agree to the following terms and conditions concerning reimbursement for any and all development costs which have been reimbursed pursuant to the terms of the Development Agreement which is hereinafter described and for the release of the City with reference to such Development Agreement. WHEREAS, a certain Development Agreement dated August 31, 1983 by and between The City of Fort Collins, Colorado, a Municipal Corporation ,and Bob Peterson, was executed relating to the development of certain property situate in the County of Larimer, State of Colorado and legally described as follows: Villages at Harmony West, P.U.D., First Fil- ing, located in the Southeast Quarter of Sec- tion 34, Township 7 North, Range 69 West of the Sixth P.M., City of Fort Collins, county of Larimer, State of Colorado; and WHEREAS, said Development Agreement relates to the rights of the Developer for reimbursement for any and all development costs which are to be reimbursed pursuant to the terms of the Development Agreement regarding the above described property; and WHEREAS, Platt, Harmony and Home Federal are all claimants entitled to reimbursements which are payable under such Development Agreement; and WHEREAS, the parties desire to partially resolve any dispute among these parties with regard to the reimbursements which are currently being paid. NOW, THEREFORE, the parties agree as follows: 1. In consideration of the payment of Nine Thousand Four Hundred Ninety -Nine Dollars and Sixty -Two Cents ($9,499.62) payable from The City, Platt, Harmony and Home Federal agree to release The City from any further liability or payment of reimbursements under the paragraph 2A of the Developers Agreement for the oversizing of water lines in Regency Drive to 12" from 8" (materials only). Partial Release Agreement Page 2 2. Payment shall be made payable to Combs and Stirn Trust Account for the benefit of Harmony, Home Federal and Platt. 3. The parties are currently in dispute as to whether there are other amounts owing pursuant to the terms of the Development Agreement. This Release is intended to provide a partial release for those items that are specifically designated above. This shall not affect the rights of Harmony, Home Federal or Platt to submit additional billings for reimbursement and submit such additional evidence as to additional reimbursement sought except as to those items specifically designated above. 4. As those specific items designated above, and as to nothing else, Harmony, Home Federal and Platt agree to hold The City harmless from any third party's claim of entitlement to any reimbursement for any of the items listed in paragraph 1 above. Harmony, Home Federal and Platt agree to defend any such claim immediately upon being provided notice of such claim from The City. Notice shall be deemed given if sent by first class mail to the address stated below for each of the parties to this agreement or to such other address as is designated from time to time. HARMONY VILLAGE JOINT VENTURE BY: HARMONY VILLAGES I, a California Limited Partnership By: G� i— Michael C. Emo, Managing General Partner 556 North Diamond Bar Blvd., Suite 307 Diamond Bar, CA 91765 HARMONY VILLAGE JOINT VENTURE BY: HARMONY VILLAGES II, a California Limited Partnership Michael C. Emo, Managing General Partner 556 North Diamond Bar Blvd., Suite 307 Diamond Bar, CA 91765 Partial Release Agreement Page 3 HARMONY VILLAGE JOINT VENTURE BY: HARMONY VILLAGES III, a California Limited Partnership By: , ,, Z - r� Michael C. Emo, Managing General Partner 556 North Diamond Bar Blvd., Suite 307 Diamond Bar, CA 91765 COLORADO I, a California General Partner- ship By: Michael C. Emo, Managing General Partner 556 North Diamond Bar Blvd., Suite 307 Diamond Bar, CA 91765 HOME FEDERAL SAVINGS BANK FORMERLY KNOWN AS HOME FEDERAL SAVINGS AND LOAN ASSOCIA- TION OF THE ROCKIES By: �� a Authori ed $ igner 300 Wes Oak Street Fort Collins, CO 80521 PLATT PROPERTIES, A COLORADO GENERAL PARTNERSHIP i By: Craig P1 t, 'eneral-13artner 615 Cowa Street, #209 Fort Collins, CO 80524 Partial Release Agreement Page 4 The City of Fort Collins, Colorado having reviewed the above Agreement hereby acknowledges that it is acceptable to The City of Fort Collins and disbursement of funds will be payable as contained in the terms of the Partial Release Agreement. THE CITY OF FORT COLLINS, COLORADO A MUNICI AL CORPORATION By: City Manager ATTEST: c Qh � City Clerk APPROVED: Dct,&£Y City Attorney cecp119.doc\csh PARTIAL RELEASE AGREEMENT THIS AGREEMENT is entered into this�U day of //%"C 1992, by and between HARMONY VILLAGE klz JOINT VENTURE whi h is comprised of HARMONY VILLAGES I, II AND III, California Limited Partnerships, and COLORADO I, a California General Partnership, hereinafter collectively referred to as "Harmony"; HOME FEDERAL SAVINGS BANK, formerly known as HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF THE ROCKIES, hereinafter referred to as "Home Federal"; PLATT PROPERTIES, a Colorado General Partnership, hereinafter referred to as "Platt"; and THE CITY OF FORT COLLINS, COLORADO, a municipal corporation, hereinafter referred to as "the City." W I T N E S S E T H: WHEREAS, a certain "Development Agreement" dated August 31, 1983, by and. between the City and Bob Peterson was executed relating to the development of certain property situate in the County of Larimer, State of Colorado and legally described as follows: Villages at Harmony West, P.U.D., First Filing, located in the Southeast Quarter of Section 34, Township 7 North, Range 69 West of the Sixth P.M., City of Fort Collins; and WHEREAS, said "Development Agreement" contains provisions relating to the rights of the Developer to obtain reimbursement for certain development costs pursuant to the terms of the Development Agreement regarding the above -described property; and WHEREAS, Platt, Harmony and Home Federal claim entitlement to reimbursement: under the "Development Agreement"; and WHEREAS, the parties desire to execute this partial and limited release in consideration of the payment to be made by the City under the "Development Agreement." NOW, THEREFORE, the parties agree as follows: 1. In consideration of the City's payment of One Hundred Thirteen Thousand One Hundred Twelve Dollars and Seventy-five Cents ($113,112.75), Platt, Harmony and Home Federal agree to release the City from any further liability for payment of reimbursements under the "Development Agreement" for those items described as follows: With reference to Exhibit "B" to the "Development Agreement": • Item 1(a), Four Thousand One Hundred Seventy-one Dollars and Seventy-five Cents ($4,171.75). • Item 1(c), One Thousand Thirty-five Dollars ($1,035). • Item l(d), One Thousand One Hundred Eighty Dollars ($1,180). • Item l(f), Three Hundred Thirty Dollars ($330). • Item 2(a), the amount as originally stated in Exhibit B has been modified to include Eighty-one Thousand Two Hundred Forty-one Dollars ($81,241) per the RKH Contractors invoice and Eight Thousand Six Hundred Fifty- five Dollars ($8,655) per the payment made by Platt Properties evidenced by canceled check. • Item 4(a), Sixteen Thousand Five Hundred Dollars ($1.6,500). 2. Payment shall be made payable to the Combs and Stirn Trust Account for the benefit of Harmony, Home Federal and Platt. 3. The parties are currently in dispute as to whether there are other amounts owing pursuant to the terms of the Development Agreement. This Release is intended to provide a partial release for those items that are specifically designated above and shall not affect the rights of Harmony, Home Federal or Platt to submit additional billings for reimbursement and submit such additional evidence of expenses incurred as may be necessary to support any request for additional reimbursement, except as to those items specifically designated above. 4. As to those specific items designated above, and as to nothing else, Harmony, Home Federal and Platt agree to hold the City harmless from any third party's claim of entitlement to any reimbursement for any of the items listed in paragraph 1 above. Harmony, Home: Federal and Platt agree to defend, at their own expense, any such claim immediately upon being provided notice of such claim from the City. Notice shall be deemed given if sent by first class :mail to the address stated below for each of the parties to this Agreement or to such other address as may subsequently be designated in writing and mailed to all of the parties. 2 of 4 HARMONY VILLAGE JOINT VENTURE BY: HARMONY VILLAGES I, a California Limited Partnership By:r�— Michael Emo, Managing General Partner 556 Diamond Bar Blvd., Suite 307 Diamond Bar, CA 91765 HARMONY VILLAGE JOINT VENTURE BY: HARMONY VILLAGES II, a California Limited Partnership Michael Emo, Manager Genera Partner 556 Diamond Bar Blvd., Suite 307 Diamond Bar, CA 91765 HARMONY VILLAGE JOINT VENTURE BY: HARMONY VILLAGES III, a California Limited Partnership By: Michael Emo, Man ger General Partner 556 Diamond Bar Blvd., Suite 307 Diamond Bar, CA 91765 COLORADO I, a California General Partnership By: Michael Emo, Manager General Partner 556 Diamond Bar Blvd., Suite 307 Diamond Bar, CA 91765 HOME FEDERAL SAVINGS BANK, formerly known as HOME FEDERAL SAVINGS AND LOAN ASSOCIATION OF THE ROCKIES Author•,ized Signer -- 300 West Oak Fort Collins, CO 80521 3 of 4 PLATT PROPERTIES, a Colorado General Partner. silip � By: Craig Platt, General Partner 615 Cowan �treet, #209 Fort Collins, CO 80524 The City of Fort Collins, having reviewed and approved the above Agreement, hereby acknowledges that disbursement of the applicable funds will be made in accordance with the terms of this Partial Release Agreement. ATTEST: City Clerk APPRO AS TO FORM: eputy ity Attorney THE CITY OF FORT COLLINS, COLORADO A Municipal Corporation By: ,A� 4�*� City Manager 4 of 4