HomeMy WebLinkAboutOLD TOWN NORTH AMENDED AGREEMENT NO. 3 - Filed DA-DEVELOPMENT AGREEMENT - 2014-03-03RECEPTION#: 20140009145, 02/24/2014 at
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Angela Myers, Clerk & Recorder, Larimer
County, CO
OLD TOWN NORTH
AMENDMENT AGREEMENT NO. 3
q!-!h THIS AMENDMENT AGREEMENT NO.3 ("Amendment"), is made and entered into this
1 day of )r,t��, 201f, by and between the CITY OF FORT COLLINS, COLORADO,
a Municipal Corporafion, hereinafter referred to as the "City"; and Joh A. Lofstedt, as chapter 7
trustee for the bankruptcy estate of Old Town North LLC, (the "Trustee") , Bruce Douthit, an
individual, Rocky Mountain High LLC, a Colorado limited liability company, Phase Three LLC, a
Colorado limited liability company, Breeze Thru LLC, a Colorado limited liability company,
Eidsness Fredric Trust, and Dana McBride homes, Inc., a Colorado corporation, OTN88, LLC, a
Colorado limited liability company, Crystal Equities Corporation, a Colorado corporation,
Auditory -Verbal Services Inc. 401k Plan, a Colorado Corporation, FR OTN, LLC, a Colorado
limited liability company, Bacana, LLC, a Colorado limited liability company, and FARMERS
BANK, a Colorado corporation, hereinafter collectively referred to as the "Developer".
WITNESSETH;
WHEREAS, the City entered into a Development Agreement with Old Town North LLC
("OTN") as the sole developer at that time on June 10, 2004, the terms of which govern the
development activities of the Developer pertaining to that certain real property situated in the
County of Larimer, State of Colorado, (hereafter referred to as the "Property") and legally
described as follows, to wit:
Old Town North, located in South Half of the Southwest Quarter of Section 1,
Township 7 North, Range 69 West of the 6th P.M., City of Fort Collins, County of
Larimer, State of Colorado.
WHEREAS, the Development Agreement was previously amended by Amendment
Agreement No. 1 dated February 6, 2006 and Amendment Agreement No. 2 dated August 23,
2007, and now the parties desire to further modify the Development Agreement;
WHEREAS, the City and a portion of the Developers entered into that certain Agreement
dated August 15, 2013 regarding certain payments to be made under the Development Agreement
(hereafter referred to as the "Interim Agreement');
NOW, THEREFORE, in consideration of the promises of the parties hereto and other
good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the
parties hereto agree to amend the terms and conditions of the Development Agreement as follows:
A. Subheading II (Special Conditions) Paragraph C.1.a. of the Development Agreement has been
satisfied. The certification of drainage improvements for the on -site and off -site drainage
improvements associated with Phase 1 of this Development have been received and accepted by
the City, and, accordingly, subject to Paragraph I. below, Paragraph C. La shall be deleted in its
entirety.
City ClerWs Office, Fort Collins Colorado
Eidsness Fredric Trust,
Drake Jo on, Trustee
STATE OF COLORADO )
) ss.
COUNTY OF LARIMER )
The foregoing instrument was acknowledged before me this 2 S" ' day of�,--
2013, by Drake Johnson as Trustee of Eidsness Fredric Trust.
Notary Public
My Commission Expires: o 511
MR arcoauw
'wvgoMOMM+R sole
Dana McBride Homes, Inc., a Colorado corporation
By: �l
ana cBride, NoWdent
ATTEST:
By:
Betsy A. c ide, Secretary
STATE OF COLORADO )
) ss.
COUNTY OF LARIMER )
The foregoing instrument was acknowledged before me this ��" day of v ,
2013, by Dana McBride as President and by Betsy A. McBride as Secretary of Dana McBride
Homes, Inc., a Colorado corporation.
My Commission Expires: t -10 -1 S—
STEPHEN E.YOUNGI
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 2WNW1219
My Co M"M ftka January 10, 2015
OTN88, LLC, a Colorado limited liability company
By:
76
enn Herman, Managing Member
STATE OF COLORADO )
) ss.
COUNTY OF LARIMER )
The foregoing instrument was acknowledged before me this )�C� day oftAc.
2013, by Glenn Herman as Managing Member of OTN88, LLC, a Colorado limited liability
company.
My Commission Expires: b - I--? — 'a 01-7
otary Public
SYLVIA STERNMALD4OI,1t,
NOTARY PUBLIC
STATE OF COLOM
NOTARY ID 03103700
MY COMMISSION EXPW JK 17,07
Crystal Equities Corporation, a Colorado
corporation,
By: Dc N7—
Cleve Schenck, President
ATTEST:
Nancy Schenck, Secretary
STATE OF COLORADO )
) ss.
COUNTY OF 46A��
J naan_._ The foregoing instrument was acknowledged before me this r�' day of z&4't4-
2013, by Cleve Schenck as President and by Nancy Schenck as Secretary of Crystal Equities
Corporation, a Colorado corporation.
Notary Public
CHRISTI ZOBERST
My Commission Expires: 11 02 a0, NOTARY PUBLIC
STATE OF COLORADO
MY Ccw m, an Expires 11/29/2015
Auditory -Verbal Services Inc. 401k Plan, a
Colorado corporation,
Nancy Schenck, President
ATTEST:
By: Z 2Erts txx" Z
Cleve Schenck, Treasurer
STATE OF COLORADO
) ss.
COUNTY OF+;ARMER-
The foregoing instrument was acknowledged before me thi day of
2013, by Nancy Schenck as President and by Cleve Schenck as Treasurer of Auditory -Verbal
Services Inc. 401 k Plan, a Colorado corporation.
Notary Public
CHRISTI ZOBERST
My Commission Expires: aPo/s NOTARY PUBLIC
STATE OF COLOR -ADO
My Commission Expires I IrA 2015
FR OTN, LLC, a Colorado limited liability
company,
By•
Devin Ferrey, Manager
STATE OF COLORADO )
COUNTY OF LARIMER ) ss.
41
The foregoing instrument was acknowledged before me this day
2013, by Devin Ferrey as Manager of FR OTN, LLC, a Colorado limited liability company.
No Public
My Commission Expires: d °� STATE LALA
ND
TATE OF COLORADO
NOTARY 10 2004.4035686
( MY (:OMMISSION EXPIRES 10/20/2016
STATE OF COLORADO )
) ss.
COUNTY OF LARIMER )
FARMERS BANK, a Colorado corporation
By
Richard Sledge, Vice Preside t and Authorized
Agent
I The foregoing instrument was acknowledged before me thiday 06-Mail
2&H, by Richard Sledge as Vice President and Authorized Agent of FARMERS BANK, a
Colorado corporation.
LAURA MALAN
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 20104050494
My CWff4N00n EXPiree November 16, 2014
My Commission Expires: Ito
N Public
Bacana, LLC, a Colorado limited liability
company
W,-
By:
lW
Its: (1 e.... , — ri K ...- , ..,r'"""
STATE OF COLORADO _)
) ss.
COUNTY OF )
The foregoing instrument was acknowledged before me this j day of,�j
2013, by , '" Ch yt— as _ _ti� and Authorized Agent of Bac; i,
LLC, a Colorado limited liability company.
LBROOKS
BLIC
LORADO
14035223
LMs Nov. 7, 2017 �—-
otm Public
Rocky Mountain High LLC, a Colorado limited liability
company,
1
Douthit, Managing Member
STATE OF COLORADO )
) ss.
COUNTY OF R )
The foregoing instrument was acknowledged before me this is day of kec-"'
2013, by Spencer Douthit as Managing Member of Rock
y Mountain High, LLC.
KELLY L. OXENDER
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 20114013769
yX Commmlon E 'res Mar. 4, 2015
My Commission Expires: 4- _ 2u
Bruce Dou , ividual
By-
it
Douthit, Lot Owner
STATE OF COLORADO )
) ss.
COUNTY OF LARIMER )
The foregoing instrument was acknowledged before me this i 7 day of
2013, by Bruce Douthit as an individual.
BETH ANN ALLBROOKS
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 20014035223
My Commission Expires Nov. 7, 2017
My Commission Expires:
LPublic
B. Subject to Paragraph I. below, Subheading II (Special Conditions) Paragraph D.7 shall be deleted
in its entirety and replaced with the following:
7. In accordance with Section 24-95 of the City Code the Developer is responsible
for constructing the portion of relocated Vine Drive (from station 5+30 to station 21+15) adjacent to the
site prior to the issuance of the first building permit. However, the parties agreed within the original
Development Agreement that the construction of this street was not to be constructed with this
Development, but would provide cash in lieu of construction for the construction cost of the unbuilt
portions of said street and for any costs to remove temporary improvements and rebuild these areas to
final design standards. At the time of the original agreement the amount due to cover the cost of the design
and construction which shall include but not be limited to the future inlet(s), storm drain line(s), culvert(s),
pavement, subgrade, curb, gutter, sidewalks, cross pans, sidewalk ramps, waterline(s) and street trees was
$194,786.60 (the "Vine Drive Construction Amount"). The current Vine Drive Construction Amount due,
without subtracting payments made under the Interim Agreement, utilizing the inflation formula in the
Development Agreement, from March 2004 to January 2013 is $263,150.30. As identified within the
original Development Agreement the full amount of the Vine Drive Construction Amount (including any
applicable inflation) was to be paid in cash to the City prior to the issuance of more than 104 building
permits in this Development. At the time of this Amendment, no portion of the Vine Drive Construction
Amount has been paid, except for those payments made under the Interim Agreement, and the first of the
two payments is now due prior to the issuance of any further building permits. Accordingly, the lots for
which building permits have been issued as of the date of this Amendment, identified on Exhibit "D" and
referred to hereinafter as the "Exempt Lots," are not subject to payment of any portion of the Vine Drive
Construction Amount or any other amounts under this Paragraph 7, including for any second or
replacement dwelling unit building permits located on the Exempt Lots.
Rather than payment of the Vine Drive Construction Amount in two payments as provided for in the
Development Agreement the City and the Developer agree that the Vine Drive Construction Amount
shall be paid on a per lot basis, assuming one building permit for each of 141 lots (said 141 lots which
are the subject of this payment obligation are identified on the attached Exhibit E. Each of such 141 lots
identified on Exhibit E are referred to herein after as a "Lot" and, collectively, as the "Lots'). City and
the Developer further agree that no other portion of Development, other than the Lots, shall be obligated
to make payment of, nor shall be subject to, a claim for contribution with respect to, any portion of the
Vine Drive Construction Amount or any other amounts under this Paragraph 7. The Vine Drive
Construction Amount as allocated to each Lot in 2013 dollars is $1,866.31 (the "Vine Drive Lot
Payment"). The Vine Drive Lot Payment shall be made prior to or at the time of building permit, but in
no event after December 31, 2016. If the Vine Drive Lot Payment is not paid for any Lot on or before
December 31, 2016, no building permit shall be issued for such Lot until the entire unpaid balance of
the Vine Drive Construction Amount, including any inflation adjustment as provided for herein has
been paid in full. No Lot for which the Vine Drive Lot Payment is paid shall be subject to any further or
additional payment obligation under this Section 7, including for any second or replacement dwelling
unit building permits on such Lot. Upon payment of the Vine Drive Lot Payment, the City shall provide
a written receipt to the payor.
If any portion of the Vine Drive Construction Amount remains unpaid after the year 2013, the Vine
Drive Lot Payment amount shall be increased by an inflation factor calculated as described below and
Ch&heri, an Individual
By
Christopher D- ',' Lot Owner
STATE OF COLORADO )
) ss.
COUNTY OF LARTMER )
_ The foregoing instrument was acknowledged before me this ! day
Of rei2! tG_ , U?A) m, by Christopher Din-t as an individual.
f'ry Public
ENSOTARY
LL13ROOKS
PUBLIC
My commission expires: OLORADO
014035223res Nov. 7, 2017
LENDER'S ACKNOWLEDGEMENT AND AGREEMENT
Public Service Credit Union (PSCU) is the beneficiary of two deeds of trust each of
which encumber certain lots which Deeds of Trust were, respectively, recorded in the office of
the Clerk and Recorder for Larimer County, Colorado on September 15, 2008 at Reception No.
20080058839 and January 8, 2009 at Reception No. 20090001057 (collectively, the "PSCU
Deeds of Trust"). By its signature below, PSCU acknowledges that the record owners of the lots
which are encumbered by the PSCU Deeds of Trust have entered into the foregoing Amendment
and that, notwithstanding anything in the PSCU Deeds of Trust to the contrary, such owners
entering into this Amendment shall not be an event of default under either of the PSCU Deeds of
Trust. Additionally, the undersigned lender agrees that the lien and interests for its benefit
created by and arising from the liens of the deeds of trust for its benefit referenced above shall be
subordinate to the interests created by or arising under this Amendment and that the foreclosure
of either of the PSCU Deeds of Trust shall not extinguish this Agreement.
Herb White, Senior Vice President and Chief Lending Officer
ATTORNEY'S CERTIFICATION
I hereby certify that the forgoing Instrument has been duly executed in accordance with
Section 2.2.3 (C)(3)(a) through (e) inclusive of the Land Use Code of the City of Fort Collins
and that all persons signing this Instrument on behalf of a corporation or other entity are duly
authorized signatories under the laws of the State of Colorado. This Certification is based upon an
examination of the records of the Clerk and Recorder of Larimer County, Colorado as of the date
of execution of the deed and other information discovered by me through reasonable inquiry and is
limited as authorized by Section 2.2.3(C)(3)(f) of the Land Use Code.
This certification covers ownership of 141 lots, which are affected hereby, 65 lots owned
by a group calling itself the Old Town North Builder -Developer Cooperative, 54 lots owned by
Farmers Bank, 20 lots that are owned by the bankruptcy estate of Old Town North, LLC, and
encumbered by Public Service Credit Union, and two individual lots, owned by signers, Eideness
and Breez Thru.
The certification does not cover certain townhome lots, commonly known as North Flats,
which are not subject to this agreement.
Dated:/
Attorney, Bruce M. Douthit
Address 2076 Ebers Street
San Diego, CA 92107
State Bar No. 85048
S,fAl'c, Or- ro L-oW-Alz!�C�,
C, ,- ,.JrJ OF
{ waS C�tk `�iecer �Jca✓c nG
i r' S�-�.-,- . �.,-. .J
l"7v 6„ da~..1 �f �:�cc-e.. �o�-i-t^;
BETH ANN ALLBROOKS
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 20014035223
My Commission Expires Nov. 7, 2017
Case:12-21164-ABC Doc#:244-6 Filed:11/20/13 Entered:11/20/13 17:28:47 Page22 of
23
Block 3, Lot 4
Block 3, Lot 9
Block 4, Lot 1
Block 4, Lot 2
Block 4, Lot 3
Block 4, Lot 4
Block 4, Lot 5
Block 4, Lot 6
Block 4, Lot 7
Block 4, Lot 8
Block 4, Lot 17
Block 4, Lot 21
Block 4, Lot 22
Block 5, Lot 7
Block 5, Lot 12
Block 5, Lot 20
Block 5, Lot 21
Block 5, Lot M-22
Block 5, Lot M-23
Block 5, Lot M-24
Block 5, Lot M-25
Block 5, Lot M-26
Block 5, Lot M-27
Block 5, Lot M-28
Block 5, Lot M-29
239 Osiander St
269 Osiander St
215 Cajetan St
233 Cajetan St
239 Cajetan St
245 Cajetan St
251 Cajetan St
257 Cajetan St
263 Cajetan St
269 Cajetan St
244 Pascal St
220 Pascal St
214 Pascal St
215 Pascal St
257 Pascal St
375 Pascal St
381 Pascal St
802 Heschel St, A
802 Heschel St, B
802 Heschel St, C
802 Heschel St, D
826 Heschel St, A
826 Heschel St, B
826 Heschel St, C
826 Heschel St, D
Exhibit "D"
Exempt Lots
Block 7, Lot 1
Block 7, Lot 2
Block 7, Lot 3
Block 7, Lot 4
Block 7, Lot 5
Block 7, Lot 6
Block 7, Lot 36
Block 7, Lot 37
Block 7, Lot 38
Block 7, Lot 39
Block 7, Lot 40
Block 7, Lot 41
Block 8, Lot 6
Block 8, Lot 7
Block 8, Lot M-8
Block 8, Lot M-9
Block 8, Lot M-10
Block 8, Lot M-11
Block 8, Lot M-12
Block 8, Lot M-13
Block 8, Lot M-14
Block 8, Lot M-15
339 Osiander St
345 Osiander St
351 Osiander St
357 Osiander St
363 Osiander St
369 Osiander St
368 Cajetan St
362 Cajetan St
356 Cajetan St
350 Cajetan St
344 Cajetan St
338 Cajetan St
381 Cajetan St
387 Cajetan St
827 Heschel St, D
827 Heschel St, C
827 Heschel St, B
827 Heschel St, A
803 Heschel St, D
803 Heschel St, C
803 Heschel St, B
803 Heschel St, A
A
Case:12-21164-ABC Doc#:244-6 Filed:11/20/13 Entered: 11/20/1317:28:47 Page23 of
23
EXHIBIT E
LEGAL DESCRIPTION OF 141 LOTS
Lots Not Encumbered by PSCU
Lots Encumbered by PSCU
Block 2
Lots M1-M20
Total: 20
Block 3
Lots 1-3, 5-8, 18-26 and M27-M34
Total: 24
Block 4
Block 4
Lots 18, 20
Lots 19 and M23-M34
Total: 2
Total: 13
Block 5
Block 5
Lots 8-11, 13-19, 30-35
Lots M1-M6
Total: 17
Total: 6
Block 7
Lots 7-17, 26-35, M18-M25
Total: 29
Block 8
Block 8
Lots 1-5, and 16, 18-21
Lot 17
Total: 10
Total: 1
Block 9
Lots 1-6, 8-12, and M13-M20
Total: 19
All in the Old Town North Subdivision, City of Fort Collins, County of Larimer, Colorado.
multiplied by the Vine Drive Lot Payment amount ($1,866.31) to determine the Vine Drive Lot
Payment amount due for the next fiscal year (commencing in 2014), with said amount to be increased
each year by the inflation factor described below until payment is completed in full. Upon payment of
each fee required under this Subsection, the Developer's obligation to pay its share of the costs for
constructing relocated Vine Drive in conjunction with the Development shall be satisfied.
The inflation factor (Inf. Fac.) for each year's increase in the amount of the fee shall be
calculated using the construction cost index for Denver as published in the Engineering News
Record (ENR) for January 2013, as the base index (I -base) and the same index published in the
ENR for the January in each succeeding year immediately preceding payment (I -year of payment).
The formula for calculating said inflation factors shall be as follows:
Inf. Fac. = (I -year of payment) -(I -base)
(I -base)
The amount to be added to the fee to compensate for inflation shall be equal to the amount of the
fee times the inflation factor. Said amounts added to compensate for inflation shall not reduce the
total (principal) amount due.
Said improvements to relocated Vine Drive shall be constructed at such time that the City deems
the improvements to be necessary or at such time as improvements are made to adjacent portions
of relocated Vine Drive, whichever shall first occur.
For the purposes of this agreement, such fees will be payable and owing at the time of issuance of
footing and foundation permit or full building permit issuance, which ever may occur first and
does not apply to building permits for accessory buildings.
C. Subheading II (Special Conditions) Paragraph D.8 , subject to paragraph I. below, shall be and
hereby is deleted in its entirety and replaced with the following:
8. In accordance with Section 24-95 of the City Code the Developer is responsible
for constructing the portion of relocated Redwood Street (from station 44+73 to station 48+59)
adjacent to the site prior to the issuance of the first building permit. However, the parties agreed
within the original Development Agreement that the construction of this street was not to be
constructed with this Development, but would provide cash in lieu of construction for the
construction cost of the unbuilt portions of said street and for any costs to remove temporary
improvements and rebuild these areas to final design standards. At the time of the original
agreement the amount due to cover the cost of the design and construction which shall include but
not be limited to the future inlet(s), storm drain line(s), culvert(s), pavement, subgrade, curb,
gutter, sidewalks, cross pans, sidewalk ramps, waterline(s) and street trees was $ 34,941.68
("Redwood Street Construction Amount"). The current amount due, without subtracting payments
made under the Interim Agreement, utilizing the inflation factor from March 2004 to January 2013 is
$47,205.06. As identified within the original Development Agreement the full amount of the
Redwood Street Construction Amount (including any applicable inflation) was to be paid in cash
to the City prior to the issuance of more than 104 building permits in this Development. At the
time of this Amendment, no portion of the Redwood Street Construction Amount payment has
been paid, except for those payments made under the Interim Agreement, and the first of the two
payments is now due prior to the issuance of any further building permits. Accordingly, the lots for
which building permits have been issued as of the date of this Amendment, identified on Exhibit
"D" and referred to hereinafter as the "Exempt Lots," are not subject to this fee in lieu requirement
under this Section 8, including for any second or replacement dwelling unit building permits
located on the Exempt Lots.
Rather than payment of the Redwood Street Construction Amount in two payments as provided for
in the original Development Agreement the City and the Developer agree that the Redwood Street
Construction Amount shall be paid on a per lot basis assuming one building permit per each of 141
lots (said 141 lots which are the subject of this payment obligation are identified on the attached Exhibit
E. Each of such 141 lots identified on Exhibit E are referred to herein after as a "Lot" and, collectively,
as the "Lots"). City and the Developer further agree that no other portion of Development, other than
the Lots, shall be obligated to make payment of, nor shall be subject to a claim for contribution with
respect to, any portion of the Redwood Street Construction Amount or any other amounts under this
Paragraph 7. The Redwood Street Construction Amount as allocated to each Lot in 2013 dollars is
$334.79 per lot ("the Redwood Lot Payment"). The Redwood Lot Payment shall be made prior to
or at the time of building permit, for a Lot but in no event after December 31, 2016. If any
Redwood Lot Payment is not paid for any Lot on or before December 31, 2016, no building permit
shall be issued for said Lot until the entire unpaid balance of the Redwood Street Construction
Amount, including any inflation adjustment as provided for herein has been paid in full. No Lot for
which the Redwood Lot Payment is paid shall be subject to any further or additional payment
obligation under this Section 8, including for any second or replacement dwelling unit building
permits on such Lot. Upon payment the Redwood Lot Payment the City shall provide a written
receipt to the payor.
If any portion of the Redwood Street Construction Amount remains unpaid after the year 2013, the
Redwood Lot Payment amount shall be increased by an inflation factor as described below and
multiplied by the Redwood Lot Payment amount ($334.79) to determine the current Redwood Lot
Payment amount due for the next fiscal year (commencing in 2014), with said amount to be
increased each year by the inflation factor as described below until payment is completed in full.
Upon payment of each fee required under this Subsection, the Developer's obligation to pay its
share of the costs for constructing Redwood Street in conjunction with the Development shall be
satisfied.
The inflation factor (Inf. Fac.) for each year's increase in the amount of the fee shall be calculated
using the construction cost index for Denver as published in the Engineering News Record (ENR)
for January 2013, as the base index (I -base) and the same index published in the ENR for the
January in each succeeding year immediately preceding payment (I -year of payment). The formula
for calculating said inflation factors shall be as follows:
Inf. Fac. = (I -Year of payment)=(I-base)
(I -base)
The amount to be added to the fee to compensate for inflation shall be equal to the amount of the
fee times the inflation factor. Said amounts added to compensate for inflation shall not reduce the
total (principal) amount due.
For the purposes of this agreement, such fees will be payable and owing at the time of issuance of
footing and foundation permit or full building permit issuance, which ever may occur first and
does not apply to building permits for accessory buildings.
The Developer has the option to design and construct Redwood Street. Upon completion of the
Redwood Street construction by the Developer and initial acceptance of these improvements the
Developer shall be eligible to receive a reimbursement for the cost of this construction from the
payments that have been made and future reimbursement from any payments that have not yet
been made, but are required by this Section (minus 3% processing costs). Reimbursement shall not
exceed the actual costs of the improvements, and shall not exceed amounts collected by the
City of Ft. Collins for such purpose.
Said improvements to Redwood Street shall be constructed at such time that the City deems the
improvements to be necessary or at such time as improvements are made to adjacent portions of
Redwood Street, whichever shall first occur.
D. Subheading II (Special Conditions) Paragraph D. 10 of the Development Agreement has been
satisfied. The payment for this obligation was made in 2005, and, accordingly, subject to paragraph
I below, Paragraph D.10 shall be and hereby is deleted in its entirety.
E. Subheading II (Special Conditions) Paragraph D.19 shall be and hereby is deleted in its
entirety.
F. Subheading II (Special Conditions) Paragraph D.30 shall be added:
30. In connection with the review of any application for a new or amended plan of
development, redevelopment, or replat of the Property, said application(s) shall be subject to all
current City standards and codes under which the application(s) are submitted and shall be required
to provide infrastructure improvements to ensure that adequate public facilities are provided to the
affected portion of the Development.
G. The developer has exercised the option of providing funds in lieu of construction of a portion
of the regional trail as identified and allowed in Section 11.1.2 as revised by the second
Amendment Agreement. Therefore the Developer obligation for construction of the trail has been
met.
H. This Agreement may be signed in counterparts each when taken together shall be deemed a single,
integrated document.
I. Amendment Contingent Upon Signatures. This Amendment Agreement shall be effective upon
signing by all owners and lenders identified hereinbelow (or their successors -in -interest).
J. Payment made under the Interim Agreement for any Lot shall satisfy the Vine Drive Lot
Payment and the Redwood Lot Payment for such Lot. The signing by all owners and lenders
identified hereinbelow (or their successors -in -interest) shall be considered a Discharge Event under
Paragraph 6(d) of the Interim Agreement and any cash deposits made under Paragraph 6(d) shall be
returned to Owner, as that term is defined in the Interim Agreement.
K. All other terms and conditions of the Development Agreement (as amended by Amendment
Agreement No. 1 and Amendment Agreement No. 2) shall remain unchanged and in full force and
effect, except as expressly amended in this Amendment Agreement No. 3.
IN WITNESS WHEREOF, the parties hereto have executed this agreement the day and
year first above written.
THE CITY OF FORT COLLINS, COLORADO, a
1OF F 00' INV1
.•
. •• l
ESL.. -Ze •
APPROVED AS TO CONTENT:
gjkl*ecto'-'r of En neering
v
ATTEST:
APPRO AST ORM:
Deputy City A orney
DEVELOPER:
Trustee
By: . ..... . -(�O" a - 4�
J ofstedt, Chap 7 Trustee, Old Town North
Debtor, Case # 2-21164
Caroline Rapp -Urban
NOTARY PUBLIC
STATE OF COLORADO
STATE OF COLORADO ) NOTARY 0 200NOnM
ss. MY cOMMissroN EXPIRES mmao»
COUNTY OF
$owidcr
The foregoing instrument was acknowledged before me this / day of Wo'br,r,
2013, by Joli Lofstedt as Chapter 7 Trustee, Old Town North LLC, Debtor, Case #12-21164 for
Old Town North, LLC.
-N otary is
My Commission Expires:711-7117
Phase Three LLC, a Colorado limited liability company
By:_ J/W z "4nKM4&S2
/ 5: ,
Cleve Schenck, Manager
STATE OF COLORADO )
) ss.
COUNTY OF+*Rt bf3R )
-TA0O,01 --
The foregoing instrument was acknowledged before me this-4 Lit- day of 10011�
2013, by Cleve Schenck as Manager of Phase Three LLC.
Notary Public
CHRIST ZOBERST
�� NOTARY PU
My Commission Expires: BLIC
STATE OF COLORADO
MY Commission Expires 11/j9/2015
Breeze Thru, LLC, a Colorado limited liability company,
By:
Kohngnew, Manager
STATE OF COLORADO )
) ss.
COUNTY OF LARIMER )
The foregoing instrument was acknowledged before me this ��
g �_ day of Q v V
2013, by John Agnew as Manager of Breeze Thru, LLC.
CARc3t1N k r
' WIRRELL
Notary Public
My Commission Expires: %— cup cy? o / 5