HomeMy WebLinkAboutcoa.lu.co.202 Lone Pine Rd.A060-98
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TO:
FROM:
RE:
DATE:
On behalf of Peter and Monica Mocklin and Creekstone Builders, Sunny Vann
has applied for condominiumization of the multi-family structure on Lot 7 of the
Mocklin Subdivision, which is located at the intersection of Gibson Avenue and
Lone Pine Road, just west of Vine Street.
The Mocklin Subdivision was approved by the adoption of Ordinance Number
35, Series of 1995, The approval requires the deed restriction and subsequent
rental of seven (7) of the eight (8) dwelling units located within the existing
apartment building on Lot 7 as deed restricted affordable housing units, The
eighth unit, and various associated accessory areas within the building, is to be
retained by the Mocklins as an unrestricted free market unit for their personal
use and benefit. As title to the eighth unit must be conveyed to the Mocklins
upon the sale of the property to Creekstone Builders, condominiumization is
needed. The specific requirements imposed by the City with respect to the deed
restriction of the apartment units are contained in the Mocklin Subdivision
Agreement which was recorded concurrent with the Subdivision Plat. Section
B.S. of the Agreement specifically provides for the condominiumization of the
property .
The application was referred to the Engineering Department, who examined the
proposed plat and found it to be acceptable, The application is consistent with
the condominium plat requirements of Section 26.88.070(B)(1)(b), and there are
no other land use issues involved,
Staff recommends that the Community Development Director approve this
condominium plat.
APPROVED:
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-Sta- '"""'-;;_ Ca';;-m"ity Dev.,a.m.rn D;'eelm
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Patti Anderson, 11:56 AM 3/9/99 - Mock1in
X-Sender: pattia@comdev
Date: Tue, 09 Mar 1999 11:56:03 -0700
To: com dev@ci.aspen.co.us
From: Patti Anderson <pattia@ci.aspen.co.us>
Subject: Mock1in
FYI- The Mock1in subdivision(202 Lone Pine Rd.) has been oficially
addressed
as Miners Trail Rd.: Lot1-(8-718)-165 Miners Trail Rd.
Lot2-(8-621)-155 Miners Trail Rd.
Lot3 -145 Miners Trail Rd.
Lot4 -135 Miners Trail Rd.
Lot5-(8-676)-125 Miners Trail Rd.
Lot6-(8-810)-115 Miners Trail Rd.
Printed for Mitch Haas <mitchh@ci.aspen.co.us>
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VANN ASSOCIATES, LLC
Planning Consultants
July 27, 1998
HAND DELIVERED
Mr. Mitch Haas
Community Development Department
130 South Galena Street
Aspen, CO 81611
Re: Lot 7 Mocklin Subdivision Condominium Exemption Plat
Dear Mitch:
Please consider this letter an application for subdivision exemption approval for the
conversion of the existing apartment building which is located on Lot 7 of the
Mocklin Subdivision to condominium ownership (see Exhibit 1, Preapplication
Conference Summary, attached hereto).
The application is submitted pursuant to Sections 26.88.030.A.3. and 26.88.070 of the
Aspen Land Use Regulations by Creekstone Builders, Inc. (hereinafter "Applicant"), the
prospective purchaser of the property (see Exhibit 2, Title Insurance Commitment).
Permission for Creekstone to submit the application has been granted by Peter and
Monica Mocklin, the property's current owners (see Exhibit 3). Permission for Yann
Associates, LLC, to represent the Applicant and an executed application fee agree-
ment are attached as Exhibits 4 and 5, respectively.
Background
The Mocklin Subdivision was approved pursuant to City Council Ordinance 35 on
September 11, 1995. A final plat, access road plan and profile, grading and drainage
plan, sanitary sewer plan, water plan, private utilities plan, landscape plan, and a
subdivision agreement were recorded with the Pitkin County Clerk and Recorder on
June 14, 1996. An insubstantial plat amendment was approved by the Director of the
Community Development Department on June 12, 1998. A First Amendment to the
Final Plat of the Mocklin Subdivision and an amended sanitary sewer plan memorial-
izing the insubstantial plat amendment approval has been submitted to the Depart-
ment for signature and recordation.
The Mocklin Subdivision approval requires the deed restriction of seven of the eight
dwelling units located within the existing apartment building on Lot 7 to affordable
230 East Hopkins Ave, . Aspen, Colorado 81611 . 970/925-6958 . Fax 970/920-9310
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Mr. Mitch Haas
July 27, 1998
Page 2
housing guidelines and their subsequent rental as deed restricted affordable housing
units. The eighth unit, and various associated accessory areas within the building, is
to be retained by the Mocklins as an unrestricted free market unit for their personal
use and benefit. As title to the eighth unit must be conveyed to the Macklins upon
the sale of the property to Creekstone Builders, condominiumization is required. The
specific requirements imposed by the City with respect to the deed restriction of the
apartment units are contained in the Macklin Subdivision Agreement which was
recorded concurrent with the subdivision plat. Section B.s. of the Agreement
specifically provides for the condominiumization of the property.
Review Requirements
An application for subdivision exemption approval to convert an existing development
to a condominium form of ownership is subject to review and approval by the
Community Development Director. An application need only demonstrate compli-
ance with the condominium plat requirements of Section 26.88.070.B.1.b. of the
Regulations to receive approval. The various requirements have been addressed by
the Applicant and are reflected on the accompanying Condominium Exemption Plat.
As the Applicant wishes to close on the property in as timely a manner as possible,
your prompt attention to this matter would be sincerely appreciated. Should you
have any questions, or if I can be of any further assistance, please do not hesitate to
call.
Yours truly,
ann, AICP
,SV:cwv
Attachments
cc: Stephen D. Keller
Arthur C. Daily, Esq.
Ronald Garfield, Esq.
c:lbuslcity.applapp35997.exe
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EXHIBIT 1
CITY OF ASPEN
PRE-APPLICATION CONFERENCE SUMMARY
PLANNER:
Mitch Haas
DATE: 7/23/98
PROJECT:
REPRESENTATIVE:
OWNER:
TYPE OF APPLICATION:
Mocklin Subdivision Condominiumization of the Multi-Family Structure on Lot 7
Sunny Vann of V ann Associates
Peter and Monica Mocklin
Subdivision Eemption for Condominiumization
land Use Code Section(s)
26.88.070 Condominiumization
26.52 Development Review Procedures
26.52.030 Application and Fees
Review by:
Staff for complete application, referral agencies for technical considerations, .community
Development Director for final approval.
No.
Engineering (DRC)
Planning Flat Fee $245
Enginering, minor ($ I 10);
$355
Public Hearing:
Referral Agencies:
Planning Fees:
Referral Agency Fees:
Total Due
To apply, submit the following information:
I. Total deposit for review of the application
2. Signed fee agreement
3. Proof of ownership
4. Applicant's name, address and telephone number in a letter signed by the applicant, which also states the name,
address and telephone number of the representative. Include street address and legal description of the property.
5. Summary letter explaining the request (existing conditions and proposed uses) and addressing the standards of
the Land Use Code sections listed above,
6. An 8 112" by I I" vicinity map locating the parcel within the City of Aspen.
7. Old (existing) plat. (from City Engineering or County Recorder)
8. Proposed plat from a registered land surveyor.
9. Copies of prior approvals (from City Clerk)
10. ~Copies of the complete application packet (items 3-9)
Process:
Apply. Planner reviews case for completeness and sends to Engineering. 2-3 weeks later planner will contact applicant
with the suggestions from Engineering for preparation of the Final Plat. The applicant's surveyor makes those changes
and brings in 2 reproducible mylar copies to the planner. Planner reviews plat for consistency with Engineering
suggestions and the Director signs. Applicant then can record the final plat at the County Clerk and Recorder (fee).
APR-16-se 08,35 FROM,HOLLANOHART
IO,8?082?4?65
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EXHIBIT 2
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cowa~ POR T:t'l'LB ~
S~uLJl: A
1.
Effective Datal 10/24/97
at
08:30 A.M.
Case No. PCT1.2355C3
2.
Policy or POlicies to be issued:
(al AL'l'A OWNER'S POLICY- FORM 1992
Jl.-1f<vr~~c
Amount~, eea, '4 'QO
PremiumS 3,497.00
RATE: Bml-Dlv.IDER
Proposed Insured:
C1UlBKSTONE BUILDERS, INC.
(bl ALTA LOAN POLICY - FORM 1992 Amount$ 3,500,000.00
premium$ 70.00
Proposed Insured: RATE: COMPANION
SOUT:l3:WES'l' SANK OF TEX1\.S, ITS SUCCESSORS AND/OR. ASSIGNS
"
(c) AL'l'A LOAN POLICY- FORM 1992
proposed Insured:
PETER MaCKLIN ANt) MONICA M. MaCKLIN
Amount$ 3,600,000.00
premium$ 3,172.00
AA'rE 1
3. Title to the eS'Cllte or interest in the land described or :referred
to in this Commitment is at the effective date hereof is vested in:
PETER MaCICLIN and MaNtCA M. MOClCLIN
4. The land re~' to in this COllllllitment is situated in the Counti.as
of prTtCIN, S e of colorado and is described as follows:
LOTS 1, 2, ,4, 5, 6, AND 7, MaCKLIN SUSDIVISION, according to the ..,la-t
thereof, recorded June 14, 19ShS in Plat Book 39 at Page 92.
PITICIN COUNTY TI'1U:, INC.
601 E. HOPKINS
ASPD, co. 81611
~10-92S-1?66
970-925-6SZ7 FAX
AtJ'l'liOIUZED AGENT
Schedule A-PG.l
This COI1lll\itlllent is invalid
unless the insuring
Provisions and Schedule~
A and Bare attaohed.
2'cl
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APR-16-se mS,36 FROM,HOLLANOHART
IO,S70S274765
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8C1:t.L'a.JuLB B - SRC'rXOH 1.
:R1!IQu.t."._il.dS
The following are the requix-ements to he complied. with.:
ITEM (a) Payment to or for t.he aCCQunt of 1:he grantors or mortgagors
of the full c:o:csidera::.ion for the estate or interest to be insured.
ITEM (b) Proper instrument(s} creating the estate or interest t.o be
insured must be executed and duly :Hied for ::;ecord to-wit:
1. Deed frQ1ll: PETr:lR MOCKLIlf and MONICA M. MOCKI.IN
To : CREEXS'l'ONE BUILDERS, mc.
NOTE: Evidence satisfacto~ to the company as to the authority of the
person is) executing the above document (s) must :be provided, sW=.j act
to ~ additional requirements deemed necessary.
2. Evidence satisfactory to the CO\lIPany that CREEXSTONE BUILDERS,' mc.
is a duly existing and valid corporation exist:ing pursuant to the
laws of the State of , must be de~ivered to and
approved by the Colllpany.
3, Deed of T%ust fl:om : CREEKSTONE BUI'tJ')~ll'g, INC.
to the Public T=st.ee of the Co=ty of PITKIN
for the use of : SOUTHWEST BANK OF 'l'BXAS
to secure : $3,500,000.00
NOTS: The above Deed of T=st to :be a let tleedof Txust on two of the
lots to be insw:eci heraunder, the two lots to be designated prior to
clOSing.
~Deed of T:r:ust from : CREEICSTONE BOILDERS, INC.
to the Public Trustee of the County of PI'l'XDl
for the use of : PE'l'ER MOCICLIN AND MONICA M. J/lOCXLIN
to secure ~$3,'OO,OOO.oo
s. Evidence satisfactory to the Company that the Real Estate Transfer
Tax as established by Ordinance No. 20 (Series of 1379) and Ordinanoe
No, 13 (Series Qf 1390) has been paid or exempted. '
6. Certificate of nonfore19'n status exeClJ.ted. by the transferor (s), (This
inst:rnment is not: required. to he recorded)
7. Ccmpletion of Form DR. 1079 regarding ehe witholc1ing of Colorado Tax
on the sale by certain pereons, corporations and fiXlllS selling Real
Property in the State of colorado. (This inse=ment is not: required
to be recorded)
S, Evidence satisfacto~ to the CoInpany that the !leclaration of Sale,
Notice to County lu3sessor as requ.i.reQ by H.B, 1288 has been complied
with. (This inst=1llent is not l:eql.l.it'ed to be recorc:l.ed, but must be
deUvered to and retained by the Assessors Office in the county in
which the pl:operty is situata~)
g'd
l!{)3!i iT't3I~ ~:n as, 90 ~
APR-16-8e 08,36 FROM,HOLLANDHART
10,8708274765
PAGE
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FIIf
sem:DU:LE B smn%ON 2
EXCBl"nO'.NS
Th~ policy or polioies to be issued will con~ain exceptions ~o the
following unless the same are d1s{lOsed .of to the satisfaction of the
Company,
+. Rights c= claims of parties izt poasea..:i= :lOt shown by ~ public reeo%'dll.
2. Bas_"". or claiN of e&SetllEIftts, not lIIloWl1by the pgblic records.
3. ll~ea. canflic:ts i:Il. bcu=~ l:i%les. allOrtage in area, etICn:O"..........es.
any :&o:=s whieh a =>%rect: ~ and il:l$pect:iC>n of the pnll1ises wou1d cl.isclose
and Wl:I.ieh a.re l:Ult shewn by the public rQC!Ords.
4. A:l.y lien, or right to a lien. for eerv:ices, laboz. or llllltetiaJ. heretofore 01:'
hereldt:er f=nished. imPesed by 101.1# ~ =t abow=. by the puJ;>1i.I> reC!Crd:>.
S. oefecr.s, li""'-S, tmCUlllb~. advers4ll claims Q%' other Illlll:t;ers, if a;tJ.y,
creau.!, fust appearing ill. the publiC records or attachi=.r en2laequent: 1;0 the
effectire date hereof wt prior to tl1e elate the proposed. insured. acquires
of recO>:<l for "Ialw. the estate or interest or lIlOrtga!Je thare011 =-red by
l:hi.s eomm:itmel1t:.
6. Taxa.. due. and p;o.:y1Ible; and <my tax, speciaJ. assessment, cba.::ge or 1ie:a imposed
fO%' water or sewe:- service or !or arJ:f othe% special tax'.ll(! diSl:riet.
vi. Right of the proprietor of a vein or lode 1:0 ext.ract or remove his
ore therefrom, should the same l;)e found to peneerate or intersect
the premises hereby granted as reserved in united States Pateftt
recorded December 24, 1902 in Book 55 at Page 1~6.
vB, Terms, =nditions, provisions <md obligations as set forth in
Agreement, recorded N~r 18, 196. in Book 224 at Page 220.
9. All righI:, title and interest in <md to property located 31: a dept.h
below 500 feet 1:leneath the surface and including those portions or
/ 7 ;my and all lateral extensions thereof h'OlII below such depth the
~(Y ',; . tops or apexas of which veins, lodes or ledg@s lie inside surface
J 'I' "cJtU :bOlmdary lines as rel:~d by The Aspen Consolidated Mini~ Company
Ao in Deed recorded December 18, 1967 in Book ;l3J. at Page 612.
~ 1'erms, conditions, provisions and obligations as set forth in
A,greement between Peter Macklin and city of Aspen Water Department,
~CO~ April 16, 1993 in Book 708 at page 917.
vri-. ~erms, conditions, provisions, obligations and all matters as set
forth in OrClinance No. 72, Series of 1992 })v the City Council of the
city of Aspen, :recorded Dec:elllber 9, 1993 in" Book 734 at Page 429.
~
Terms, conditions. previsions, obligations and all matters as set
forth in Resoluti<m of the the City council of the City of Aspen
recorded March 24, 1995 in Bock 777 at page 114 as Resolution No. S.
Terms, conditions, prOVisions, obligations and all matters as set
foreh in Ordinance No. 35, series of 1995 ~ the Aspen City Council
recordea October 30, 1995 in Book 798 at Page 44 and recorded
December 20, 1995 in Book 802 at Page 765.
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{Continued}
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APR-16-ge 08,37 FROM,HOLLANDHART
ID,8709274765
PAGE:
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l~'~erms, conditions, pravisions, obligations and all matte~s as set
7 - forth in SubcUvision Agreement reco~ed June 14, 1996 as Reception
No. 393680.
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Easements, rights of way and all matters as disclosed on Macklin
Property Rezoning Map of subject p:l:Operty reoorded. :December 9, 1993 in
Plat Book 33 at Page 39,
Easements. rights of way and all matters as diseloeed on Mock1in
SUbdivision Plat of subject property recorded June 19, 1996 in plat
Book 39 at Page 92.
.76.
This commitment is invalid unless
the Insuring ~rovisions and Schedules
A and B are attached_
Schedule B-Section 2
Commitment No. PCT123SSC3
SOd
lJo03ol a:-T.'II~9 1oS:1S€: t't 86. 90 ~
APR-t6-SS 0S'37 FROM,HOLLANDHART
10;9705274765
PACE
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lIm:tnOlQL ntI'OUAnOlli
un n:ser.osuus
The Owner'p Policy to be issued, if any shall contain th~ following
itelllS in additiOrt to the ones set forth above:
(1) The Deed of Trust, if any, required under $che~ule B-Section 1..
(2) Water rights, elulllS or title to water. (NOTE, THIS EXCEPTION
WILL APPBAR. ON THE OWNER' S AND MORTGAGE PO!.oICY TO BE ISSUED
EERE'ONtlER)
Pursuant to Insuranoe Regulation 89-3; .
NOTE: Bach title eZl.Uty _hall notify in writing every prospective
insured in an owner's title u-:suranee policy for a single family
residence (inctuding a condom1nim or t~use unit) (i) of .
that title entity' 6 general requirements for the deletion of an
exception or ~clusion to coverage relating to unfiled mechanics
or materialmens liens, except. when said coverage or insurance is
extended to the ~ed under the terms of t.he policy. A
satiafactory affidavit and a.greement indemnifying the COtllPany
against unfiled mechanics' and/or Materialmen's ~iens executed
by the persons i.."dicated in the attached copy Qf said affidavit
mus~ be furnished to the CQlllPallY. Upon receipt of these ieems
and any oehers requirements to be specified by the Company upon
request, Pre~printed Item NUmber 4 may be deleted from the
Owner's poHey when issued. Please contact the Company for
further information. lliOtwithetanding the foregoing, nothing
contained in this Para.gra.ph shall be deemed. to impose any
requirement u};lon any title inwrer to p:rovide mechanics or
mal:erialmefls lien coverage.
NOTE: If the Company condu~ts the O\ol!l.ers or loan closing under
circUlllS~ances where it is responsible for the recording or
filing of legal documents from said transaction, the Company
w:.ll be deemed to have provided "Gap coverage'.
~suant to Senate Bill 91-14 (CRS 10-11-122)1
(a) The SUbject Real Property may be located in a Special Tax~
District;
(b) A Certificate of Taxes Due listing each taxing jurisdiction
may be obtained form the County treasurer of the County
Treasurer' 5 Authorized Agent;
(c) Information regarding Special Districts and the boundaries of
such distric:ts may be obtained from the Board of CoW1.ty
Cotmnissioners, the County Clerk and Reaorcier, or the County
Assessor.
NOTE, A tax certificate wi~~ be ordered from the County Treasurer by
the company a.r:l.li the costs thex-eot charged to the proposed insured unless w:ritten instructj,cm to the contrary are received by the
company prior to the issuance gf the Title Policy ancicipated by
this Coll'lllLitment.
This commitment is invalid unless
the Insurins i'rOvu:!.ons and. Schednl~lil
A and !. are attached.
Schedule B-Section 2
COlllllU.tttl.ent No. PCT1.23SSC3
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EXHIBIT 3
April 20, 1998
HAND DELIVERED
Mr. Mitch Haas
Community Development Department
130 South Galena Street
Aspen, CO 81611
Re: Mocklin Subdivision Insubstantial Plat Amendment
Dear Mr. Haas:
Please consider this letter authorization for Creekstone Builders, Inc., to submit an
application for an insubstantial plat amendment for the Mocklin Subdivision. As the
prospective purchaser of our property, Creekstone and their representatives are
authorized to act on our behalf with respect to all matters reasonably pertaining to
the aforementioned application.
\,"WO,y,
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Peter Mocklin
c:lbuslcity.!trlltr35997.mh2
n[~-~U-~o lUC IU.JI
APR i::8 '38 es; l1i'IM '{ANN SUMMERS COOK
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EXHIBIT 4.
April 20, 1998
~"]) DELlVEllED
Mr. Mitch Haas
Community Development Department
130 South Galena Street
Aspen, Colorado 81611
Re: Permission to Represent
Dear Mr. Haas:
:Please COllsider this letter authorization for Sunny Vann of Vann Associates, LLC.
Planning Consultants, to represent us in the processing of our application for an
insubstantial plat amendment for the Mocklin Subdivision which is located adjacent
to the intersection of Gibson Avenue and Lone Pine Road in the City of Aspen,
Mr. Vann is hereby authorized to act on our behalf with respect to all matters
reasonably pertaining to the aforementioned application.
Sh<:lUld you have any questions, or jf we can be of any further assistance, please do
nnt hesitate to call.
Sincerely,
CREEKSTONE BUlLDERS, me.
~ ~
<:1.1:). .ll.eller .
4545 POSt Oak Place, Suite 100
Houston, TX 77027
(713) 621-5300
e: 1b..\ci.y.llrUlr3S997.lIlh 1
nr~-~u-~O IUt IU:jl
~R 20 '96 09'12AM VIlN~MM~ COOK
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EXHIBIT 5
ASPENlPlTKIN COMMti"NlTY DEVELOPMENT DEPARTMENT
Agreement for Payment of City of Aspm Development Applic:ation Fees
(pleastl Prillt Clearly)
ClTYOF ASPEN(~CrrY)lI11ci'~~ ~/~
(hereinafter APPLICANT) AGREE AS FOllOWS:. .
1. APPLICANT has submitted to CITY an application for /~ ~~..."G
~~~-1I'~~~,THEPROJECT).
2. APPUCM-r understands and agTees 1hat City of Aspen Ordinance No, 43 (Seri~ of 1996)
establishes a fee StruC1Ur~ for !anti use applications and the payment of all processing f~ is a
<:onditiOI1 precedent to a deterrn;nMlol1 of application completeness.
3. APPLICANT 3lld CITY agree that because of the size, = or s<:op<: of the proposed
project. it is not possible at this time to ascer..am thefulI extent of the costs involved in pt.ocbssing
the application. APPLICANT and CITY fi.1Ither agree that.:t is in the interest of the parties to all<:>w
APPLICANT to toake paymlml of an illitia! deposit ane! to thereafter permit additioll3.l costs to be
billed to APPLICANT on a monthly basis, APPUCAi'IT agrees he will be benefited by retaining
greater <:ash liquidity and will make additional payments UPOI1l1otiii.=on by the CITY when they
ate necessary as costs are incurred. CITY agzees it will be benefited tlu:Qugh. the greater certainty of
recovering its full <:osts to process APPLlCAl"lTS appli<:ation.
4, CITY and APPLICAJ.'\fi further agree that it is impx-ac:ticable for CITY staff to eomplete
pro<;essing or present Sl.Jflicient infonnation to the Pla:ming Commission and/or City Council to
enable the Platming Commission and/or City Council to make legally required fin~s for projee:
approval, 1llllCS3 =:rent billings are paid in full pnerto decision.
S. Therefore. APPLlCAJ.'lT agrees that in consideration oithe CITY's wai..er of 11$ right to
collect: full fees prior to a ~etmination !?!application completeness, APPLIC.~'IT shall pay an
initial deposit in the amount of~ which is for _ hours ofPlamling staff time, and if
ac:tual recorcled costs exceed the initial deposit, AP?LICA.'IT shall pay additional mOl1tb.ly billings
to CITY to reimburse the CITY for the processing of the applicatiOll mentioned above, including.
post approvai review, . Such periodic payments sbaII be made within 30 days of the billing date,
APPLICAl'IT futtb,er agre:s that tailure to pay such accr.!lild costs shall be grounds tor suspension
of processing.
CITY OF ASPEN
r~
S~ lauso
APPUCAJ.~
',,= ~
PrintedNtmel ~ P /"6:~6'i
Mailing Address: 9!SlS~T 0-("'" ~
~7iE~
~~77dZ?"
Com:nUllity Developmel1t Director
City of Aspen
P.O. Box 27459
Houston, TX 77227-7459
Phone: (713) 235-8800
1984
s~~ ~,
.IRREVO.CABLE STANDBY LETTER OF CREDIT NO. SC
, "',',
I for account of APPLICANT:
Creekstone Builders,
4545 Post Oak Place,
ADVISING BANK:
None
in favor of BENEFICIARY:
up t6 an aggregate AMOUNT of:
','", '. " ,.'
US$3l0,672.00(Three Hundred
Ten Thousand 'Six Hundr.ed
Seventy Two .ahdN6/iOO, :'
tl"s. Dollars). ii,'"
EXPIRY DATE: .
Au ust 17, 1999at.our office
City of Aspen, Colorado
130 South Galena
Aspen, Colorado 81611
Attn: Aspen City Attorney
John Worcester
We hereby issue our Irrevocable Letter of Gredit in your favo( . ;..... (j,/ . · : 'SOUTHWEST BANK OF .
~'t~~L~BP6~W~~A~~R~rJloA}os~I~: PARKWAY, HOUSTON, TX77027".' \)R~.. ,N ~~b BEARING THE CLAUSg
"Drawn under Southwest Bank oITexas, N.A., Standby Letter of Credit No. SC 1984 .. Dated '1\t)GUST 17. i 9gB "
, '<':':" ',":'",""" ", y:"';->,: ':>"':',':', " '><",;' ,,<;:,':^ ";<:''>'
TO BE ACCOMPANIED BY THE ORIGINAL OF; THIS LETTER OF CREDrrAND THE FOLL.OWlNG D.otUMENTS:. :.
" <' ,'" , ' ,', ", 'C,,;(::'" . ",':" ':, ,:,;:; ,',>:;::,;<;::, :;' ," :"'j!'~';,:~;;~::'~;J ;(j:('::,,'" <:! i/:,;,;;:;~;<;:<Ji!,:;!:j;;;i;~':;:;;;llhii?;;;'LIV:;~i~;;':,
1, A written demand from the City of Aspen, Colorado showing name and title
. . '
s~gner, stat~ng as follows: .: 'j ;' . ..\
,"" ,; 0;"'<',;, ;/C;;/' ,. ~!;;
-,,'
, ,;s:~
,:;:,:,:',:: ~::7 /, ::'~;:,>::
;;?:>:/:',::'<::;,i;
pf th~
i;;"1iH"
. ,
'C' ;:;fi/~i.~:
, ,'~ " ," ,\ .
,'",,,,,;
';",;,'!;:C'
, ""'\
iC";<\
1;';\>'
;; ; > ~!
A.
Part~aili~drawings permitted.
;;:~'i:f;H:!
This~~i:ter of Credit shall be automatically eKtended for an additional period :'::, !':,.
of one year from the present or each future expiration date unless we have Jil'if;;:;!
notified the City of Aspen, in writing, not less than 60 days before such i'i' :'i;l'
eKpiration date, that we elect not to renew such Letter of Credit. Our notice '.
",;',
of such election shall be sent by certified mail, return receipt requested, or./ "'..
Federal Express, to the City of Aspen, Attention: City of Aspen, Attention:
CityA~torney, 130 South Galena Street, Aspen, Colorado 81611
B.
"" .
C.. Southw!:ist Bank of Texas, N.A., represents and warrants to the City of Aspen
tha:tC.l.t has full authority and power to issue this Letter of Credit to the
of. Aspeh, in the total amount and for the period of time stated herein; said
authority being pursuant to the laws of the United States, or the State or
Territory whichgoyerns the.,e.stablishment.. and regulation of Southwest Bank
Texas, N .A., and Southwest BanK of Texas,' N :A.' s 'chart'er,' by-laws",and
applicable rules and regulations adopted thereto. Should it be necessary
the City of Aspen to file suit in an effort to enforce this Irrevocable
of Credit, Southwest Bank of Texas, N,A., hereby waives all venue rights
submit to the jurisdiction of the District Court in and for the County of
Pitkin, State of Colorado.
***~*~****.*******.*******************~****+.~*+*************~********,*****
Unless otherwise expressly stated; this credit is SUbject to the "Uniform Customs and Practice for Documentary Credits" as fixed by the Inter-
national Chamber of Commerce in effect as of the date 01 issuance hereof,UCP (1993 REVISION) ICe PUBLICATION NO. 500~
WE HEREBY ENGAGE WITH YoU, THAT ALL DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF; THIS CREDIT
WILL BE DULY HONORED, IF DRAWN AND PRESEJ.JTEb mR ~AYMENt AT OUR OFFIC.E IN HOU:StOl'oj, tI;XASO~ qR ,Eli=FORETHE
EXPIRATION DATE OF THIS CREDIT, ',. .., '. .." ':':i, '.'. . . . , ,.
"I",',: >; "';"'>;,'<:;';j:!
, ""i:";';:;.'>:'.';'
i:::':::":~< ,:' '" ':', '-' '".',.' :- ;',', :,/:',,< :""",; """;"c;"" .
'SouthWest B~"kof Texas,N.A.
'" ,,''',','' I ',,";" "'",
000 IN-019 (2/91)
1"""
No Recipient, No Subjed
~
\
To: stanc,kathrynk
From: John Worcester <johnw@ci.aspen.co.us>
Subject: Mocklin Letter of Credit
Cc:
Bcc:
X-Attachments:
I am in receipt of a leeter of credit in the amount of $310,672,00 for the
Mocklin project. I will give the original to KAthryn for safe keeping, Com.
Dev. needs to have a copy and review the terms to endure it complies with
conditions of approval,
Thanks
[printed for John Worcester <johnw0ci.aspen.co.us>
J.
AUG-06-SS 11,1S FROM,HOLLANDHART
-,-
llO\Il.l>liR' eQI,OlWlO SI'R1NGS
llENVERlECH Cl;NlaO
IlIl.l.>>lC$'BOISE
c;:HEYeINE. JACKSON HOLE
$A(.T ~crtY
ID,S70S259415
('.. :-,
HOLLAND & HARTllI'
A'ITOliliEYSATLAW
60Q CAST MAIN srREE:T'
ASPEN..COLOR.&.QO 81S11~1853
'IaS'HONE (970) ll2SoS<76
FACSlMILa (970) 92So9S8'7
ARTHUR C. DAlLY
- 1"CiDhdI8ndhlJft.clcm
MEMORANDUM
AUGtJSr 6,1998
TO: Everett Jackson (via fax to 713-621-8078)
FROM; Art Daily
PACE
1/2
RE: Creekstone Aspen /Letter of Credit for City of Aspen under Subdivision Agreement
for Mockli., Subdivision
I'm enclosing for your use with Southwest Bank of Texas the language that I believe will
be appropriate for the Letter of Credit that Creekstone will be delivering to the City of Aspen next
week in connection with the commencement of construction of the infrastructure improvements in
the Mocldin Subdivision. I'm also faxing a copy of the proposed language to City Attorney John
Worcester for his review. Joh."1, if you feel that any changes are necessary, please give me a call as
soon as possible. Thanks. .
cc: John Worcester, Esq. (w/copy) (via fax to 920-5119)
/I1!r ~
/kF~42 IS
1:'"P t!K~
~M;;; I1'PP/-r IO/.J#t- ?AtJ..J~()~€'
~ ~ fr1,.?t::i3'P, rJM1.Jf:.S
(q/I
r-.
r-,
.
/\ containe1d. in the approv~ ofdthe City of Aspend Historical
11 pre.serva.~on comm~ttee".r te May 1.2..' ~93 an Au~t 25,
, \ 1993,/". ." l . / .1 / \
Parti<h dr~'~gS a" permitt~d, E~ch draft ;n~st ~ear upot its\. face
the cllttrse "Drawn \ under .Letter of Credit Nunlber JC225, d",ted
September 24, 1.993,\ of tp,e' Pitkin c9~-,llank and"'~st Compai:Iy..'!-..
-_.""--
Pitkin County Bank. and Trust represents and warrants to the City of
Aspen that it has the full ",uthority and. power to issue this Letter
of Credit to the City of Aspen, in the tot",l amount ",nd for the
period of time stated herein; said authority being pursuant to the
laws of the United ,States, or the St",te or Territory whjch governs
the establishment antl regulation of Pitkin County Bank and Trust
Company, and the Pitkin County Bank and Trust Company's charter,
by-laws and other ",pplicable rules and regulations adopted pursuant
thereto, Should it be necessary for the City of Aspen to file suit
in an effort to enforce this Irrevocable Letter of Credit, Pitkin
County Bank and Trust hereby waives all venue rights and submits to
the jurisdiction of the District Court in and for the County of
Pitkin, State of Colorado, (
We hereby agree with you that drafts drawn under and in compliance [
with the terms of the Letter of Credit will be duly honored if)
presented to our office located at 534 E, Hyman Avenue, Aspen,
Colorado, 81.61.1 on or before the close of business on June 21." .
1994. ~~'
Very truly yours,
PITKIN COUNTY
d
Thomas Gr' fit
Executive vi e/
TWG/ cb
.
AUC-~S-9S 11,1S FROM,HOLLANDHART
.11"'.
ID,9709259415
,'-'"
PACE
2/2
Draft Language:
August 11, 1998
IRREVOCABLE LETTER OF CREDIT
Beneficiary: City of Aspen, Colorado
Re: Irrevocable Letter of Credit No.
Amount: $
Expiration Date:
August II, 1999
To Whom It May Concern:
We hereby furnish our Irrevocable Letter of Credit in your favor for the
account of Creekstone Aspen, LLC ("Creekstone"), available by draft or drafts at
sight drawn on Southwest Bank of Texas RA" [Address), Houston, Texas
and accompanied by the written demand described below for any sum or sums not
exceeding in total $
Drafts must be accompanied by a written demand reciting that (i)
Creekstone is in default in the performance of its obligation to construct
subdivision and landscaping improvements in accordance with Sections C and D
of the Subdivision Agreement for Mocklin Subdivision recorded June 14, 1996 at
Reception No, 393680 in the Office of the Clerk and Recorder ofl'itkin County,
Colorado, and (ii) such default has remained uncured for a period of at least 14
days following written notice of default from the City to Creekstone.
Partial drawings are permitted. Each draft must bear upon its face the
clause "Drawn under Letter of Credit No. __, dated August 11, 1998, on
Southwest Bank of Texas, N.A."
This Letter of Credit shall be automatically extended for an additional
period of one year from the present or each future expiration date unless we have
notified the City of Aspen in writing not less than 60 days before such expiration
date, that we elect not to renew such Letter of Credit. Our notice of such
election shall be sent by certified mail, return receipt requested, to the City of
Aspen, Attention, City Attorney, 130 South Galena Street, Aspen, Colorado
81611.
[Insert any remaining standard letter of credit language.]
ASPllN:0024168.01