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HomeMy WebLinkAboutB06-0196 DIAIRREVOCABLE LETTER OF CREDIT FORMAT Legal Description: Lot A & C ,Block Subdivision: Vail Village Filing 2 Address: One Vail Road Developer: Black Diamond e orts - Vail LLC Project Number: -696-9~6~9 0 - cq&l Permit Number: 0(o-01UP Improvement Completion Date: July 1, 2008 DEVELOPER IMPROVEMENT AGREEMENT THIS AGREEMENT, made and entered into this 21St day of March 2007, by and among Black Diamond Resorts - Vail LLC (the "Developer"), and the Town of Vail (the "Town"). WHEREAS, the Developer, as a condition of approval of the Grading & Excavation Permit for the Four season Resort roiect located ne V ad ots A C Vail Village Filing 2) wishes to enter i evel lmpro&VRWt Agree d WHERE elDe I tr is obl ald' to pr v e se rity or collateral sufficient in the judgement of the Town to make reasonable visio mpletion of the following certain the office of file improvements all in accordance wit p r sal s nd pecifcJo" the Community Development Depart~it flhe n ail: 1. Maintaining the construction fence surrounding the Property in a condition in compliance with the Town Code; 2. Restoration of the Property to a "park like" condition; and 3. Refill the excavated portions of the Property with fill dirt compacted to 95% standard proctor to an extent that there is a sloping site capable of being restored to a "park-like" condition; WHEREAS, the Developer wishes to provide security to guarantee performance of this Agreement, including completion of all improvements referred to in this Agreement, by means of the following: The Developer agrees to establish a surety bond in the amount of $ 3,287,590.00_with a bonding company acceptable to the Town, as the security for the completion of all improvements referred to in this Agreement, in the event there is a default under this Agreement by the Developer. NOW THEREFORE, in consideration of the following mutual covenants and agreements, the Developer and the Town agree as follows: 1. The Developer agrees, at its sole cost and expense, to furnish all equipment and materials necessary to perform and complete all improvements referred to in this Agreement. The Developer agrees to complete all improvements referred to in this Agreement on or before the 1 ST day of July 2008. The Developer shall complete, in a good workmanlike manner, all improvements referred to in this Agreement, in accordance with all approved plans and specifications filed in the office of the Community Development Department of the Town of Vail, and to do all work incidental thereto according to and in compliance with the following: F:\cdev\Warren\2007 Letters and Memos\Four Seasons DIA credit format clean copy 0307.doc Page 1 of 5 a. in the event work is required pursuant to the terms of this Agreement, all said work shall be done under the inspection of, and to the satisfaction of, the Town Planner, the Town Engineer, the Town Building Official, or other official from the Town of Vail, as affected by special districts or service districts, as their respective interest may appear, and shall not be deemed complete until approved and accepted as completed by the Community Development Department and Public Works Department of the Town of Vail. 2. To secure and guarantee performance of the obligations as set forth herein, the Developer agrees to provide security as follows: A Surety Bond in the amount of $ 3,287,590.00 (125% of the total costs of the attached estimated bid(s) as taken with the bids attached to the three prior Developer Improvement Agreements with a bonding company acceptable to the Town set to expire two (2) years after issuance of the Surety Bond (not to expire less than 30 days after the date set forth in Paragraph 1 of this Agreement) as the security for the-completion of all improvements referred to in this Agreement, in the event there is a default under this Agreement by the Developer. 3. The Developer may at any time substitute the security originally set forth above for another form of security or collateral acceptable to the Town to guarantee the faithful completion of those improvements referred to in this Agreement and the performance of the terms of this Agreement. Such acceptance by the Town of alternative security or collateral shall be at the Town's sole discretion. 4. The Town shall not, nor shall any officer or employee thereof, be liable or responsible for any accident, loss or damage happening or occurring to the work specified in this Agreement prior to the completion and acceptance of the same, nor shall the Town, nor any officer or employee thereof, be liable for any persons or property injured by reason of the nature of said work, but all of said liabilities shall and are hereby assumed by the Developer. The Developer hereby agrees to indemnify and hold harmless the Town, and any of its officers, agents and employees against any losses, claims, damages, or liabilities to which the Town or any of its officers, agents or employees may become subject to, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) that arise out of or are based upon any performance by the Developer hereunder; and the Developer shall reimburse the Town for any and all legal or other expenses reasonably incurred by the Town in connection with investigating or defending any such loss, claim, damage, liability or action. This indemnity provision shall be in addition to any other liability which the Developer my have. It is mutually agreed that the Developer may apply for and the Town may authorize a partial release of the security provided to the Town for each category of improvement at such time as such improvements are constructed in compliance with all plans and specifications as referenced hereunder and accepted by the Town. Under no condition shall the dollar amount of the security provided to the Town be reduced below the dollar amount necessary to complete all uncompleted improvements referred to in this Agreement. No withstanding the foregoing, upon issuance of a full Building Permit for the Property, the security provided hereby shall be immediately released by the Town to the Developer. F:\cdev\Warren\2007 Letters and Memos\Four Seasons DIA credit format clean copy 0307.doc Page 2 of 5 In the event that work is required pursuant to the terms of this Agreement and if the Town determines, at its sole discretion, that any of the improvements referred to in this Agreement are not constructed in compliance with the approved plans and specifications filed in the office of the Community Development Department of the Town of Vail or not accepted by the Town as complete on or before the date set forth in Paragraph1 of this Agreement, the Town may, but shall not be required to, draw upon the security referred to in this Agreement and complete the uncompleted improvements referred to in this Agreement. In the event that work is required pursuant to the terms of this Agreement and the Town completes all or any portion of the improvements referred to in this Agreement and if the costs of completing the uncompleted improvements referred to in this Agreement exceed the dollar amount of the security provided to the Town, the excess, together with interest at twelve percent (12%) per annum, shall be a lien against the property and may be collected by civil suit or may be certified to the treasurer of Eagle County to be collected in the same manner as delinquent ad valorem taxes levied against such property. If the Developer fails or refuses to complete the improvements referred to in this Agreement, such failure or refusal shall be considered a violation of Title 12 (Zoning Regulations), of the Vail Town Code, and the Developer shall be subject to penalties pursuant to Section 12-3-10 (Violations: Penalties) and Chapter 1-4 (General Penalty), Vail Town Code. In the event that Developer has received written notice from the Town of Developer's failure to complete any improvements hereunder and Developer has commenced to cure such failure within fifteen (15) days (the "Cure Period"), Developer shall be allowed to extend the Cure Period for such reasonable period as is required for Developer to cure the failure. 7. The Developer shall warranty the work and materials of all improvements referred to in this Agreement located on Town property or within a Town right-of-way, pursuant to Chapter 8-3, of the Vail Town Code, for a period of two years after the Town's acceptance of said improvements. 8. The parties hereto mutually agree that this Agreement may be amended from time to time, provided that such amendments be in writing and executed by all parties hereto. 9. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Developer may assign this Agreement in whole or in part, without the prior consent of the Town, to any entity or person who may obtain title to the Property from Developer. F:\cdev\Warren\2007 Letters and Memos\Four Seasons DIA credit format clean copy 0307.doc Page 3 of 5 BLACK DIAMOND RESORTS - VAIL LLC STATE OF COLORADO ) ) SS. COUNTY OF EAGLE ) The foregoing Developer Improvement Agreement was acknowledged before me this 21St day of March 2007 by Thomas J. Brink, the Authorized Agent of Black Diamond Resorts - Vail LLC. Witness my hand and official seal. • 9 My commission expires 1 y ar1.• 5L"is~.e( Notary Pub TOWN OF VAIL VV QOM Lwv" By: Warren Campbell Its: Senior Planner STATE OF COLORADO ) )SS. COUNTY OF EAGLE ) The foregoing Developer Improvement Agreement was acknowledged before me this 21s' day of March 2007 by Warren Campbell, The Senior Planner for the Town of Vail. Witness my hand and official seal. My commission expires: ~ "M- NotaryPublic • NOT,q Fr 7 Jam, p0 OF COLO9. ~S/ ~~~hrunua~~~~~ i"empires 04~~ F:\cdev\Warren\2007 Letters and Memos\Four Seasons DIA credit format clean copy 0307.doc Page 4 of 5 ATTACHED COPIES OF THE ESTIMATED BID(S) AND BOND F:\cdev\Warren\2007 Letters and Memos\Four Seasons DIA credit format clean copy 0307.doc Page 5 of 5 f a Layton CONS7:lYU,-FW6 Y17"N INTEGRITY Layton Construction Company 9090 South Sandy Parkway Sandy UT 84070 USA TRANSMITTAL Page: 1 of 1 No. 06320-0005 PROJECT: Four Seasons Vail RE: Bond to replace excavated site to it's original conditions TO: Tow n of Vail - Public Works 1309 Elkhorn Drive Vail CO 81657 PHONE: FAX: ATTN: Charlie Davis DATE: 03/30/2007 FROM: 9090 South Sandy Parkway Sandy UT 84070 PHONE: 801-568-9090 FAX: 801-569-5451 JOB: 06320 WE ARE SENDING: Shop Draw ings SU BmiTTED FOR X Approval TAKEN: ACTION Approved as Submitted Letter Your Use Approved as Noted Prints As Requested Returned After Loan Change Order Review and Comment Resubmit Plans Submit Samples Returned Specifications Attached Returned for Corrections X Other: Separate Cover Via: Due Date: Item Package Code Rev. Copies Date Description Status NOTES: Attached is the bond to replace the excavated material and landscape the site CC: Signed: Bond No. 6466285 COMPLETION BOND KNOW ALL MEN BY THESE PRESENTS, That we, Layton Construction Co., Inc., as Principal, and SAFECO Insurance Company of America, as Surety, are held and firmly bound unto the Town of Vail, Colorado, as Obligee, in the penal sum of Three Million Two Hundred Eighty-seven Thousand Five Hundred and Ninety Dollars ($3,287,590.00), to which payment well and truly to be made we do bind ourselves, our and each of our heirs, executors, administrators, successors and assigns jointly and severally, firmly by these presents. WHEREAS, the Obligee is willing to issue a grading and excavation permit for the Four Seasons Resort project located at One Vail Road (Lots A & C, Vail Village Filing 2) per the developer improvement agreement between Black Diamond Resorts-Vail LLC and the Town of Vail dated the 21st day of March 2007. Said permit issuance is conditioned upon the Principal furnishing this bond to guarantee installation of improvements in the said agreement. Improvements per the agreement will be completed on or before July 1, 2008. WHEREAS, this surety bond as per the development agreement will expire two years after the date of issuance. It is understood the Town may authorize a partial release of security as such improvements are constructed and upon issuance of a full Building Permit for the property, the security provided shall be immediately released. NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH that, if the Principal shall indemnify the Obligee for all loss that the Obligee may sustain by failure of the Principal to complete said improvements, then this obligation shall be void, otherwise to remain in full force and effect. The total liability of the Surety hereunder shall not exceed the amount hereof. Signed, sealed and dated the 28th day of March, 2007. Layt7,*struction Co., By: SAFECO Insurance Company of America By: Do as S. Roskelley, Atto y-in-Fact COPY C0 KNOW ALL 13Y THESE PRESENTS: copy Safeco Insurance Company of America POWER General Insurance Company of America Safew Plaza OF ATTORNEY Seattle, WA 98185 That SAFECO INSURANCE COMPANY OF AMERICA and GENERAL INSURANCE COMPANY OF AMERICA, each a Washington corporation, does each hereby appoint -SAM W. CLARK, JOSEPH A. BEYKIRCH; STIRLING'S. BROADHEAD; DORIS MARTIN; DOUGLAS S. ROSKELLEY, Salt Lake City, Utah Its true and lawful attomey(s) in-fact, with full authority to execute on its behalf fidelity and surety bonds or undertakings and other documents of a similar character issued in the course of its business, and to bind the respective company thereby. IN WITNESS WHEREOF, SAFECO INSURANCE COMPANY OF AMERICA and GENERAL INSURANCE COMPANY OF AMERICA have each executed and attested these presents this 21 st day of August 2006 STEPHANIE DALEY-WATSON.SECRETARY TIM MIKOLAJEWSKI, SENIOR VICE-PRESIDENT, SURETY CERTIFICATE Extract from the By-Laws of SAFECO INSURANCE COMPANY OF AMERICA and of GENERAL INSURANCE COMPANY OF AMERICA: "Article V, Section 13. - FIDELITY AND SURETY BONDS.. - the President, any Vice President, the Secretary, and any Assistant Vice President appointed for that purpose by the officer in charge of surety operations, shall each have authority to appoint individuals as attomeys-in-fact or under other appropriate titles with authority to execute on behalf of the company fidelity and surety bonds and other documents of similar character issued by the company in the course of its business... On any instrument making or evidencing such appointment, the signatures may be affixed by facsimile. On any instrument conferring such authority or on any bond or undertaking of the company, the seal, or a facsimile thereof, may be impressed or affixed or in any other manner reproduced; provided, however, that the seal shall not be necessary to the validity of any such instrument or undertaking.' Extract from a Resolution of the Board of Directors of SAFECO INSURANCE COMPANY OF AMERICA and of GENERAL INSURANCE COMPANY OF AMERICA adopted July 26, 1970. "On any certificate executed by the Secretary or an assistant secretary of the Company setting out, (i) The provisions of Article V, Section 13 of the By-Laws, and (ii) A copy of the power-of-attomey appointment, executed pursuant thereto, and (iii) Certifying that said power-of attomey appointment is in full force and effect, the signature of the certifying officer may be. by facsimile, and the seal of the Company may be a facsimile thereof." I, Stephanie Daley-Watson , Secretary of SAFECO INSURANCE COMPANY OF AMERICA and of GENERAL INSURANCE COMPANY OF AMERICA, do hereby certify that the foregoing extracts of the By-Laws and of a Resolution of the Board of Directors of these corporations, and of a Pourer of Attorney issued pursuant thereto, are true and correct, and that both the By-Laws, the Resolution and the Power of Attorney are still in full force and effect IN WITNESS WHEREOF, I have hereunto set my hand and affixed the facsimile seal of said corporation this S-09741DS 4105 28th SEAL X j No. 696 day of March , 2007 STEPHANIE DALEY-WATSON, SECRETARY Safeco® and the Safeco logo are registered trademarks of Safeco Corporation. WEB PDF *VAITL 1bWNDepartment of Community Development 75 South Frontage Road Vail, Colorado 81657 970-479-2138 FAX 970-479-2452 www.vailgov.com October 9, 2007 Layton Construction Company 9090 South Sandy Parkway Sandy, UT 84070 Re: Completion Bond #6466285, Four Seasons Vail To Whom It May Concern: The above mentioned completion bond has been released per Warren Campbell, planner on the project. Please find the original bond and the power of attorney enclosed. If you have any questions please call Warren Campbell, at 970-479-2148. Sincerely, Lyn 7e Camp bell Office Manager Enclosures Q RECYCLED PAPER cop Y IRREVOCABLE LETTER OF CREDIT FORMAT Legal Description: Lot A & C ,Block Subdivision: Vail Village Filing 2 Address: One Vail Road Developer: Black Diamond Re -sorts - Vail LLC Project Number:-99694 % FFT03- Otlb$ Permit Number: M-0193 Improvement Completion Date: July 1, 2008 DEVELOPER IMPROVEMENT AGREEMENT THIS AGREEMENT, made and entered into this 21St dayAMarch 2007, by and among Black Diamond Resorts - Vail LLC (t "Developer"), and t &T of Vail (the "Town"). WHEREAS, the Four season RE tto ader into a C Agreement; and or collate lion of th certain ffice of 7 ffg the construction fence surrounding thYAProperty in a condition mpliance with the Town Code; Restoration of the Property to a "park like" condition; and Refill the excavated portions of the Property with fill dirt compacted to 95% standard proctor to an extent that there is a sloping site capable of being restored to a "park-like" condition; WHEREAS, the Developer wishes to provide security to guarantee performance of this Agreement, including completion of all improvements referred to in this Agreement, by means of the following: The Developer agrees to establish a surety bond in the amount of $ 3,287,590.00_with a bonding company acceptable to the Town, as the security for the completion of all improvements referred to in this Agreement, in the event there is a default under this Agreement by the Developer. NOW THEREFORE, in consideration of the following mutual covenants and agreements, the Developer and the Town agree as follows: 1. The Developer agrees, at its sole cost and expense, to furnish all equipment and materials necessary to perform and complete all improvements referred to in this Agreement. The Developer agrees to complete all improvements referred to in this Agreement on or before the 1ST day of July 2008. The Developer shall complete, in a good workmanlike manner, all improvements referred to in this Agreement, in accordance with all approved plans and specifications filed in the office of the Community Development Department of the Town of Vail, and to do all work incidental thereto according to and in compliance with the following: f'tfie Grading & Excavation Permit (Lots A & C, Vail Village Filing 2), F:\cdev\warren\2007 Letters and Memos\Four Seasons DIA credit format clean copy 0307.doc Page 1 of 5 rr i Y1 a. in the event work is required pursuant to the terms of this Agreement, all said work shall be done under the inspection of, and to the satisfaction of, the Town Planner, the Town Engineer, the Town Building Official, or other official from the Town of Vail, as affected by special districts or service districts, as their respective interest may appear, and shall not be deemed complete until approved and accepted as completed by the Community Development Department and Public Works Department of the Town of Vail. 2. To secure and guarantee performance of the obligations as set forth herein, Developer agrees to provide securgy as follows: A Surety Bond iAhe mo t -6f ; 3,287,580: (125% of the total cost: attached estimated bid(s), ap akEA with'th bids attached to the thrE Developer Improvement Agreement§ wip a nding company acceptabeE Town set to expire two (2) years after i uaoce of the Suretypond (not tc aess than 30 days after the date set forth in Paragraph 1 ~bf-this Agreement ,Osbcurity for the-completion of A improvements referred to,in this Agreem91 is 3. ThO eVd another form of security of those improvements this by the Developer. may at any time 9bbstitute the SE lateral acceptable to the Town tc ;d to in this Agreement and the the of the prior to the Agreement. Such acceptance by the Town of alternative security or collatE?%I sVll be 0 the Town's sole discretion.► A 4. The Town shall not, nor shall any officer or employee thereof, be liable or,- responsible for any accident, loss or damage happening or occurring to the work specified in this Agreement prior to the completion and acceptance of the same, nor shall the Town, nor any officer or employee thereof, be liable for any persons or property injured by reason of the nature of said work, but all of said liabilities shall and are hereby assumed by the Developer. The Developer hereby agrees to indemnify and hold harmless the Town, and any of its officers, agents and employees against any losses, claims, damages, or liabilities to which the Town or any of its officers, agents or employees may become subject to, insofar as any such losses, claims, damages or liabilities (or actions in respect thereof) that arise out of or are based upon any performance by the Developer hereunder; and the Developer shall reimburse the Town for any and all legal or other expenses reasonably incurred by the Town in connection with investigating or defending any such loss, claim, damage, liability or action. This indemnity provision shall be in addition to any other liability which the Developer my have. It is mutually agreed that the Developer may apply for and the Town may authorize a partial release of the security provided to the Town for each category of improvement at such time as such improvements are constructed in compliance with all plans and specifications as referenced hereunder and accepted by the Town. Under no condition shall the dollar amount of the security provided to the Town be reduced below the dollar amount necessary to complete all uncompleted improvements referred to in this Agreement. No withstanding the foregoing, upon issuance of a full Building Permit for the Property, the security provided hereby shall be immediately released by the Town to the Developer. F:lcdev\Warren\2007 Letters and MemosTour Seasons DiA credit format clean copy 0307.doc Page 2 of 5 In the event that work is required pursuant to the terms of this Agreement and if the Town determines, at its sole discretion, that any of the improvements referred to in this Agreement are not constructed in compliance with the approved plans and specifications filed in the office of the Community Development Department of the Town of Vail or not accepted by the Town as complete on or before the date set forth in Paragraph1 of this Agreement, the Town may, but shall not be required to, draw upon the security referred to in this Agreement and complete the uncompleted improvements referred to in this Agreement. In the event that work is required pursuant to the terms of this Agreement and the Town completes all or any portion of the improvements referred to in this Agreement and if the costs of completing the uncompleted improvements referred to in this Agreement exceed the dollar amount of the security provided to the Town, the excess, together with interest at twelve percent (12%) per annum, shall be a lien against the property and may be collected by civil suit or may be certified to the treasurer of Eagle County to be collected in the same manner as delinquent ad valorem taxes levied against such property. If the Developer fails or refuses to complete the improvements referred to in this Agreement, such failure or refusal shall be considered a violation of Title 12 (Zoning Regulations), of the Vail Town Code, and the Developer shall be subject to penalties pursuant to Section 12-3-10 (Violations: Penalties) and Chapter 1-4 (General Penalty), Vail Town Code. In the event that Developer has received written notice from the Town of Developer's failure to complete any improvements hereunder and Developer has commenced to cure such failure within fifteen (15) days (the "Cure Period"), Developer shall be allowed to extend the Cure Period for such reasonable period as is required for Developer to cure the failure. 7. The Developer shall warranty the work and materials of all improvements referred to in this Agreement located on Town property or within a Town right-of-way, pursuant to Chapter 8-3, of the Vail Town Code, for a period of two years after the Town's acceptance of said improvements. 8. The parties hereto mutually agree that this Agreement may be amended from time to time, provided that such amendments be in writing and executed by all parties hereto. 9. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Developer may assign this Agreement in whole or in part, without the prior consent of the Town, to any entity or person who may obtain title to the Property from Developer. FkdeMarrenM07 Letters and MemosTour Seasons DIA credit format clean copy 0307.doc Page 3 of 5 RI Arm nlAKAr)Kin RF.qr)RT.q - VAII I I r STATE OF COLORADO ) ) SS. COUNTY OF EAGLE ) The foregoing Developer Improvement Agreement was acknowledged before me this 21St day of March 2007 by Thomas J. Brink, the Authorized Agent of Black Diamond Resorts - Vail LLC. Witness my hand and official seal. My commission expires 13110 C.~... Sw~SL•e! Notary Pub TOWN OF VAIL vv~~M By: Warren Campbell Its: Senior Planner STATE OF COLORADO ) )SS. COUNTY OF EAGLE ) The foregoing Developer Improvement Agreement was acknowledged before me this 21St day of March 2007 by Warren Campbell, The Senior Planner for the Town of Vail. Witness my hand and official seal. My commission expires: ```yoN Vl A-( - 14 0 r~ 7;' "U8 L I .O F Fxplres tp41~~ F:\cdev\Warren\2007 Letters and Memos\Four Seasons DIA credit format clean copy 0307.doc Page 4 of 5 ATTACHED COPIES OF THE ESTIMATED BID(S) AND BOND F:\cdev\Warren\2007 Letters and Memos\Four Seasons DIA credit format clean copy 0307.doc Page 5 of 5 Layton CON5TRUCT'NG WITH INTEGRITY Layton Construction Company TRANSMITTAL Page: 1 of 1 9090 South Sandy Parkway Sandy UT 64070 No. 06320-0005 USA PROJECT: Four Seasons Vail DATE 03/30/2007 RE: Bond to replace excavated site to ifs original conditions TO: Tow n of Vail - Public Works FROM: 9090 South Sandy Parkway 1309 Elkhorn Drive Sandy UT 84070 Vail CO 81657 PHONE: FAX: OTTN- Charlie Davis PHONE: 801-568-9090 FAX: 801-569-5451 JOB: 06320 WE ARE SENDING: Shop Draw ings FOR SUBMITTED X Approval TAKEN: ACTION Approved as Submitted Letter Your Use Approved as Noted Prints As Requested Returned After Loan Change Order Review and Comment Resubmit Plans Submit Samples Returned Specifications Attached Returned for Corrections X Other: Separate Cover Via: Due Date: Item Package Code Rev. Copies Date Description Status NOTES: Attached is the bond to replace the excavated material and landscape the site CC: Signed: Bond No. 6466285 COMPLETION BOND KNOW ALL MEN BY THESE PRESENTS, That we, Layton Construction Co., Inc., as Principal, and SAFECO Insurance Company of America, as Surety, are held and firmly bound unto the Town of Vail, Colorado, as Obligee, in the penal sum of Three Million Two Hundred Eighty-seven Thousand Five Hundred and Ninety Dollars ($3,287,590.00), to which payment well and truly to be made we do bind ourselves, our and each of our heirs, executors, administrators, successors and assigns jointly and severally, firmly by these presents. WHEREAS, the Obligee is willing to issue a grading and excavation permit for the Four Seasons Resort project located at One Vail Road (Lots A & C, Vail Village Filing 2) per the developer improvement agreement between Black Diamond Resorts-Vail LLC and the Town of Vail dated the 21st day of March 2007. Said permit issuance is conditioned upon the Principal furnishing this bond to guarantee installation of improvements in the said agreement. Improvements per the agreement will be completed on or before July 1, 2008. WHEREAS, this surety bond as per the development agreement will expire two years after the date of issuance. It is understood the Town may authorize a partial release of security as such improvements are constructed and upon issuance of a full Building Permit for the property, the security provided shall be immediately released. NOW, THEREFORE, THE CONDITION OF THIS OBLIGATION IS SUCH that, if the Principal shall indemnify the Obligee for all loss that the Obligee may sustain by failure of the Principal to complete said improvements, then this obligation shall be void, otherwise to remain in full force and effect. The total liability of the Surety hereunder shall not exceed the amount hereof. Signed, sealed and dated the 28th day of March, 2007. Layton C struction Co., By: SAFECO Insurance Company of America By: Do as S. Roskelley, Atto y-in-Fact Safeco Insurance Company of America General Insurance Company of America POWER Safeco Plaza ® OF ATTORNEY Seattle, WA 981B5 No. 696 KNOW ALL BY THESE PRESENTS: That SAFECO INSURANCE COMPANY OF AMERICA and GENERAL INSURANCE COMPANY OF AMERICA, each a Washington corporation, does each hereby appoint SAM W. CLARK; JOSEPH A. BEYKIRCH; STIRLING S. BROADHEAD, DORIS MARTIN; DOUGLAS S. ROSKELLEY; Salt Lake City, Utah its true and lawful atfomey(s) in-fad with full authority to execute on its behalf fidelity and surety bonds or undertakings and other documents of a similar character issued in the course of its business, and to bind the respective company thereby. IN WITNESS WHEREOF, SAFECO INSURANCE COMPANY OF AMERICA and GENERAL INSURANCE COMPANY OF AMERICA have each executed and attested these presents this 21 st . day of August 2006 STEPHANIE DALEY-WATSON SECRETARY TIM MIKO{LAJEWSKI SENIOR VICE-PRESIDENT SURETY CERTIFICATE Extract from the By-Laws of SAFECO INSURANCE COMPANY OF AMERICA and of GENERAL INSURANCE COMPANY OF AMERICA: "Article V. Section 13. - FIDELITY AND SURETY BONDS." the President, any Vice President, the Secretary, and any Assistant Vice President appointed for that purpose by the officer in charge of surety operations, shall each have authority to appoint individuals as attomeys-in-fad or under other appropriate titles with authority to execute on behalf of the company fidelity and surety bonds and other documents of similar character issued by the company in the course of its business... On any instrument making or evidencing such appointment, the signatures may be affixed by facsimile. On any instrument conferring such, authority or on any bond or undertaking of the company, the seal, or a facsimile thereof, may be impressed or affixed or in any other manner reproduced; provided, however, that the seal shall not be necessary to the validity of any such instrument or undertaking.' Extract from a Resolution of the Board of Directors of SAFECO INSURANCE COMPANY OF AMERICA and of GENERAL INSURANCE COMPANY OF AMERICA adopted July 28, 1970. "On any certificate executed by the Secretary or an assistant secretary of the Company setting out, (I) The provisions of Article V, Section 13 of the By-Laws, and 01) A copy of the power-of-attomey appointment, executed pursuant thereto, and (ii) Certifying that said power-of-attomey appointment Is in full force and effect, the signature of the certifying officer may be. by facsimile, and the seal of the Company may be a facsimile thereof." I, Stephanie Daley-Watson , Secretary of SAFECO INSURANCE COMPANY OF AMERICA and of GENERAL INSURANCE COMPANY OF AMERICA, do hereby certify that the foregoing extracts of the By-Laws and of a Resolution of the Board of Directors of these corporations, and of a Power of Attorney issued pursuant thereto, are true and correct, and that both the By-Laws, the Resolution and the Power of Attorney are sill in full force and effect. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the facsimile seal of said corporation this 28th day of March 2007 E COA(p,~r . E j ~SEAL - 161 STEPHANIE DALEY-WATSON, SECRETARY Safeco® and the Safeco togo are registered trademarks of Safeco Corporation. WEB PDF S-09740S 4105 Jacque Lovato 4 Seasons Page 1 From: Tom Kassmel To: Lynne Campbell Date: 4/3/2007 12:17:28 PM Subject: 4 Seasons So based on the message Jacque left me sounds like those two DIA can be released for Planning. Jacque said that she has $130k on a Public Way Permit. We want to keep the $130k on the PW permit but the rest can be released per Warren since they provided a new Letter of Credit. Thomas Kassmel, P.E. Town Engineer Town of Vail Public Works Department 1309 Elkhorn Dr. Vail, CO 81657 (970) 479-2235 CC: Jacque Lovato; Warren Campbell ll[I~iap~liil4 TOWN OF VAIL 17 Department of Community Development 75 South Frontage Road Vail, Colorado 81657 970-479-2138 FAX 970-479-2452 www.vailgov.com October 9, 2007 Layton Construction Company 9090 South Sandy Parkway Sandy, UT 84070 Re: Completion Bond #6466285, Four Seasons Vail To Whom It May Concern: The above mentioned completion bond has been released per Warren Campbell, planner on the project. Please find the original bond and the power of attorney enclosed. If you have any questions please call Warren Campbell, at 970-479-2148. Sincerely, Lynne Campbell Office Manager Enclosures %J RECYCLED PAPER