HomeMy WebLinkAboutFIVE OAKS VILLAGE AT CUNNINGHAM CORNER PUD - Filed OA-OTHER AGREEMENTS - 2003-10-27CREDIT AGREEMENT
THIS AGREEMENT, is executed this - day of September,
1986, by and between Metcalf, Ltd. (Metcalf) and the City of
Fort Collins, Colorado (City).
WITNESSETH
WHEREAS, Metcalf is the owner/developer of Chestnut Villaae
at Cunningham Corner PUD and Five Oaks Village at Cunningham
Corner PUD (the Property); and
WHEREAS, as a result of Metcalf's construction of certain
storm drainage facilities with respect to the development of
Five Oaks Village at Cunningham Corner PUD, and as outlined in
Exhibit "B" of the Development Agreement of said PUD, Metcalf
is entitled to storm drainage credits pursuant to Section 93-11
of the Code of the City of Fort Collins; and
WHEREAS, the parties desire to provide for certain limited
transferability of said credits.
NOW THEREFORE, in consideration of the mutual covenants of
the parties;, and other good and valuable consideration the
receipt and adequacy of which is hereby acknowledged, it is
agreed as follows:
1. Any credits to which Metcalf is entitled pursuant to
Section 93-11 of the Code of the City of Fort Collins with
respect to storm drainage improvements constructed pursuant to
the development requirements for the property are freely trans-
ferable between Chestnut Village at Cunningham Corner PUD and
Five Oaks Village at Cunningham Corner PTJD and may be used to
satisfy storm drainage basin fees applicable to either PUD to
the extent that credits are available.
Notwithstanding the foregoing, in the event that the devel-
oper should transfer or convey, either voluntarily or through
operation of law, either or both Planned Unit Developments to
third parties, any unused credits shall be applied only to
basin fees applicable to the Planned Unit Development from
which the credit was originally earned.
2. This Agreement shall constitute the entire understand-
ing of the parties with regard to the subject matter hereof and
may be modified only in writing executed by the parties. This
Agreement shall be deemed to run with the land and shall inure
to the benefit of the parties, their heirs, successors, repre-
sentatives and assigns.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written.
THE CITY OF FORT COLLINS, COLORADO
a municipa corpora.
77
By: /J//G "t z .7, 1
City Manager
ATTEST:
City Clerk
APPROVE S TO FORM:
sistant City Attorney
State of Colorado )
)ss.
County of Larimer )
Subscribed and sworn to before me this 19th day of
Septeinher , 1986 , by Rich Shan_._
Witness my hand and official seal.
My commission expires: October 28 1989
Notary"Public
ATTEST:
Ronald Lustig, Secretary
METCALF, Ltd.
By: Sibbald/Lustig Company
General Partner
By:
Thomas Sibbald, President
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State of Colorado )
)ss.
County of Larimer )
Subscribed and sworn to before me this 'bt day of
19 -:' by Thomas Sibbald President of Sibbal
-
Witness my hand and official seal.
My commission expires: r;-
Notary Public
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