HomeMy WebLinkAbout11501RESOLUTION NO. 11501
A RESOLUTION APPROVING MODIFICATION
AGREEMENT NO. 2 BETWEEN THE CITY OF PUEBLO
AND PUEBLO SPRINGS RANCH, LLC RELATING TO
MODIFICATION OF THE TERM "TRIGGERING EVENT"
SET FORTH IN THE WARRANTY DEED AND RIGHT OF
REVERSION DATED OCTOBER 22, 2007 AND MODIFIED
ON DECEMBER 31, 2007
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
Modification Agreement No. 2 dated December 31, 2008 between the City of
Pueblo and Pueblo Springs Ranch, LLC relating to modification of the term "Triggering
Event" set forth in the Warranty Deed and Right of Reversion dated October 22, 2007
and modified on December 31, 2007, a copy of which it attached hereto, having been
approved as to form by the City Attorney, is hereby approved.
SECTION 2.
The President of the City Council is authorized to execute and deliver
Modification Agreement No. 2 in the name of the City and the City Clerk is directed to
affix the seal of the City thereto, attest same, and record an executed and
acknowledged original thereof.
SECTION 3.
This Resolution shall become effective immediately upon final passage and
approval.
INTRODUCED: December 22, 2008
BY: Randy Thurston
Councilperson
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Background Paper for Proposed
RESOLUTION
AGENDA ITEM # 21
DATE: DECEMBER 22, 2008
DEPARTMENT: PLANNING & COMMUNITY DEVELOPMENT
JERRY M. PACHECO, DIRECTOR
TITLE
A RESOLUTION APPROVING MODIFICATION AGREEMENT NO. 2 BETWEEN THE
CITY OF PUEBLO AND PUEBLO SPRINGS RANCH, LLC RELATING TO
MODIFICATION OF THE TERM "TRIGGERING EVENT" SET FORTH IN THE
WARRANTY DEED AND RIGHT OF REVERSION DATED OCTOBER 22, 2007 AND
MODIFIED ON DECEMBER 31, 2007
ISSUE
Shall City Council approve Modification Agreement No. 2?
RECOMMENDATION
Approve the Modification Agreement.
BACKGROUND
Pursuant to the Warranty Deed and Right of Reversion dated October 22, 2007 and the
Modification Agreement dated December 31, 2007 between the City and Pueblo
Springs Ranch, LLC, title to the property described therein commonly referred to as the
"Lariat" will revert to Pueblo Springs Ranch, LLC in the event of the occurrence of a
Triggering Event. Modification Agreement No. 2 changes the dates of the Triggering
Event as follows: the Grantors' Property is not annexed to the City on or before January
31, 2010, or Grantee, on or before January 31, 2010, transfers, sells or conveys the
Property or any portion thereof without Grantors' prior written consent, which consent
may not be unreasonably withheld or conditioned.
FINANCIAL IMPACT
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Reso. 11501 1792907 MOD _RG 01/14/2009 02:37:55 PM �7
Gi l Or o tiz Clerk1Recc Pueblo 3 Counntty, Co
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MODIFICATION AGREEMENT NO. 2
THIS MODIFICATION AGREEMENT NO. 2 is entered into as of December 22
2008 by and between Pueblo Springs Ranch, LLC ( "Grantor ") and the City of Pueblo (Grantee ").
WHEREAS, Grantor and Grantee made and executed Warranty Deed and Right of
Reversion dated October 22, 2007 and recorded on November 8, 2008 as Reception No. 1748310
of the records of the Pueblo County Clerk and Recorder ( "Deed "), and
WHEREAS, Grantor and Grantee made and executed a Modification Agreement dated
December 31, 2007 and recorded on January 23, 2008 at Reception No. 1755620 of the records
of the Pueblo County Clerk and Recorder, and
WHEREAS, Grantor and Grantee desire to modify and amend the term "Triggering
Event" as defined in the Deed.
NOW, THEREFORE, in consideration of the foregoing and mutual covenants contained
herein, Grantor and Grantee agree as follows:
1. The term "Triggering Event" set forth in Paragraph 3 of the Deed is hereby
modified and amended to read as follows:
As used in the Deed, "Triggering Event" means the occurrence of any of the
following: the Property is not annexed to the City on or before January 31, 2008,
the Grantor's Property is not annexed to the City on or before January 31, 2010,
or Grantee, on or before January 31, 2010, transfers, sells or conveys the
Property or any portion thereof without Grantor's prior consent, which consent
may not be unreasonably withheld or conditioned.
2. The Deed as amended and modified herein shall remain in full force and effect,
binding upon, and inuring to the benefit of Grantor and Grantee.
IN WITNESS WHEREOF, Grantor and Grantee have caused this Modification
Agreement to be executed on the day and year first above written.
GRANTOR:
PUEBLO SPRINGS RANCH, LLC,
A Nevada Limited Liability Company
By:
a e: ti S•—
Title:
17 MOD _AG 01/14/2009 02:37:55 PM
G, rt Pueblo o Cou Co
STATE OF 1111MGGI4IVe,10:11114 t ItGf+CI IWRI����6 ®1111
ss.
COUNTY OF
The foregoing instrument was acknowledged before me this 5 TH day of
StuaUaFt� 2009 by !{NGEIVT RIrs<rp the nln „PG6R_ of
Pueblo Springs Ranch, LLC, a Nevada Limited Liability Company, on behalf of the company.
Witness my hand and official seal.
My commission expires: %- K -2cc9
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[SEA Y PUBLIC
WArE OF NEVABA
County of CIaeA
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NO 05-991109
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STATE OF COLORADO )
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COUNTY OF PUEBLO )
The foregoing instrument wa
December 200 by Barbara
City of Pueblo, A Municipal Corporation.
GRANTEE:
CITY OF PUEBLO,
A Municipal Corporation
By:
President oft e Crty Council
/ Attest:
City lerk
s acknowledged before me this 22nd day of
vidmar , the President of the City Council of the
Witness my hand and official seal.
My commission expires: 911112011.