HomeMy WebLinkAboutVAIL VILLAGE FILING 5 BLOCK 2 LOT E TIVOLI LODGE_013 LEGAL.pdfCASH DEPOSIT FORMAT
Receipt funds to: Legal Description: Lot E ,Block_.-,?_
Name: Robert T. Lazier Subdivision: V.V. Fifth
Mailing Address:Address: 386 Hanson Ranch Rd.
386 Hanson Ranch Rd. Developer:Lazier Tivoli LLC
Vail, Colorado 81657 Project Number:
lmprovement Completion Date: June 23, 2006
DEVELOPER IMPROVEMENT AGREEMEN]
THIS AGREEMENT, made and entered into this 24, day of March, 2006, by and among
Lazier Tivoli. LLC, a Wvominq Limited Liabilitv Co.
(the "Develope/'), and the Town of Vail (the "Town").
WHEREAS, the Developer, as a approval of the Temporary Certificate of
Occupancy for
(address, legal n, and proj wishes to enter into a Developer lmprovement
Agreement;
obligated rity or collateral sufficient in the
able :ffirpletion of certain improvements set
the approved plans and specifications
of the Town of Vail: and
WHE to guarantee performance of this
Agreement,completion of the to in this Agreement, by means
of the following:I
The Developer agrees to establish a cas with l, as
escrow agent, in the total amount of $197,sum of $47,y being
held by the Town for the re-vegetation of T nd an $150,000.00
collateral for
nt there is a
agreements,
for the completion of exterior improvements,work
the completion of all improvements referred to in this
default under this Agreement by the Develq
NOW THEREFORE. in consideration of
the Developer and the Town agree as
1. The , to furnish all equipment and
referred to in this Agreement. The
provem to in this Agreement on or before the
)in
offi
and
materials necessary t
Developer agrees to
23rd day of June,Developer
improvements in this in accordance with all approved plans and
and to do all work incidental thereto according to and in compliance with the following:
a. 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
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of
ng),as
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 collateral as follows:
A cash deposit account with the Town of Vail, as escrow agent, in the total amount
of $197,000.00 as collateral 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 collateral 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 herein 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 be 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) 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.
5. lt is mutually agreed that the Developer may apply for and the Town may
authorize a partial release of the collateral deposited with the Town for each category of
improvement after the subject improvement is 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 collateral that is being held by the Town be reduced below the dollar amount
necessary to complete all uncompleted improvements referred to in this Agreement.
6. lf 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 Paragraph 1 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 refened to in this Agreement. Pursuant
to Section 12-11-8, Vail Town Code, the Temporary Certificate of Occupancy referred to in this
Agreement may be revoked until all improvements referred to herein are completed by the
Developer or the Town in accordance with this Agreement.
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lf the costs of completing the uncompleted improvements referred to in this Agreement
exceed the dollar amount of the deposit, the excess, together with interest at twelve percent
(12o/o) 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. lf 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 14 (General Penalty),
of the Vail Town Code.
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.
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Dated the day and year first above
STATE OF COLORADO
COUNW OF EAGLE
)
) ss.
)
Thp-ftqegoing Developer lmprovement Agreement was acknowledged before me this
/r<4", of -1-Z^€,.r.4 Lr , 2006 by Robert T. Lazier as Manager of Lazier
TivoliLLC.
Witness my hand and official seal.
My commission expires -}ra--<.^+il \ - -) Sb \
Affi-R,''
)
)ss.
)
The foregoing
_Day of
Developer lmprovement Agreement was acknowledged before me this
20-by
Witness my hand and official seal.
My commission expires:
Notary Public
STATE OF COLORADO
COUNTY OF EAGLE
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Work to Be Gompleted
1. Re-vegetate Tract E according to the Approved Development Plans.
2. Construct heated sidewalk from Hanson Ranch Rd. to Mill Creek Circle according to
the Approved Development Plans.
3. Replace a light post and fixture on the East side of the building with the one
removed, in a location approved by the Town.
4. Complete all exterior work on the building, including but not limited to, a railing on
the ramp wall according to the Approved Development Plans.
5. Gomplete all site work and Landscaping on and offsite according to the Approved
Development Plans.
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