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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 PRt i I I T'�l rtw d]UH� :s r) a { CLE E ������ L 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 •C7iT� Reso. 11501 1792907 MOD _RG 01/14/2009 02:37:55 PM �7 Gi l Or o tiz Clerk1Recc Pueblo 3 Counntty, Co mill I VIA P 11110 AVIN WLIMLIU4 IRIAM11 11 111 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 e [SEA Y PUBLIC WArE OF NEVABA County of CIaeA �' • SHAWN KING NO 05-991109 (11 ti�11 1 �Iji►7 . ,I STATE OF COLORADO ) ) ss. 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.