HomeMy WebLinkAbout11786RESOLUTION NO. 11786
A RESOLUTION APPROVING MODIFICATION AGREEMENT NO. 3 BETWEEN
THE CITY OF PUEBLO, PUEBLO SPRINGS RANCH, LLC AND PUEBLO
SPRINGS RANCH II, 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 AND FURTHER MODIFIED ON DECEMBER 22, 2008
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
Modification Agreement No. 3 dated January 11, 2010 between the City of Pueblo,
Pueblo Springs Ranch, LLC and Pueblo Springs Ranch II, LLC relating to modification of the
term "Triggering Event' set forth in the Warranty Deed and Right of Reversion dated October
22, 2007, modified on December 31, 2007 and further modified on December 22, 2008, has
been modified again on January 11, 2010, copies of which are attached, 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. 3 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: January 11 2010
BY: Vera Ortegon
COUNCIL PERSON
APPROVED: �. k i, 1 w �
PRESIDENT OF CITY COUNCIL
ATTESTED BY:
CITY CLERK
Mesa . 11�k(o
Background Paper for Proposed
RESOLUTION
DATE: JANUARY 11, 2010 AGENDA ITEM # � ' 6
DEPARTMENT: PLANNING & COMMUNITY DEVELOPMENT
JERRY M. PACHECO, DIRECTOR
TITLE
A RESOLUTION APPROVING MODIFICATION AGREEMENT NO. 3 BETWEEN THE CITY OF
PUEBLO, PUEBLO SPRINGS RANCH, LLC AND PUEBLO SPRINGS RANCH Il, 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 AND FURTHER MODIFIED ON DECEMBER 22, 2008
ISSUE
Shall City Council approve Modification Agreement No. 3?
RECOMMENDATION
Approve the Resolution.
BACKGROUND
Pursuant to the Warranty Deed and Right of Reversion dated October 22, 2007, including
Modification Agreement No. 1 dated December 31, 2007 and Modification Agreement No. 2
dated December 22, 2008 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. 3
changes the dates of the Triggering Event as follows: the Grantors' Property is not annexed to
the City on or before January 31, 2011, or Grantee, on or before January 31, 2011, 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
None.
Res£lution 11786
MODIFICATION AGREEMENT NO. 3
THIS MODIFICATION AGREEMENT NO. 3 is entered into as of January 11,
2010 by and between Pueblo Springs Ranch, LLC ( "Grantor') and Pueblo Springs Ranch II LLC
( "Additional Grantor') 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 made and executed a Modification Agreement
dated December 22, 2008 and recorded on January 14, 2009 at Reception No. 1792907 of the
records of the Pueblo County Clerk and Recorder, and
WHEREAS, Additional Grantor has acquired an interest in Grantor's Property,
and
WHEREAS, Grantor, Additional 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, Additional Grantor and Grantee agree as follows:
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, 2011, or Grantee, on or before January 31,
2011, 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, Additional Grantor and Grantee.
IN WITNESS WHEREOF, Grantor, Additional Grantor and Grantee have caused this
Modification Agreement to be executed on the day and year first above written.
1833476 M00 AG 02/17/2010 03:13:37 PM
Gi l 0rrtiz S Clerk /Reoorder0 Pueblo Cou Cc
®III h ,6Mll`V4Ml+fl+lLV1 V KVt IOKMI L 11111
1833476 MOD AG 02/17/2010 03:13:37 PM
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Gilbert Ortiz Clerk /Recorder, Pueblo County, Co
®III KPAW4 KIh11 Iru M WAN kh 11111
MODIFICATION AGREEMENT NO. 3
THIS MODIFICATION AGREEMENT NO.3 Is entered into as of January
2010 by and between Pueblo Springs Ranch, LLC ( "Grantor ") and Pueblo Springs Ranch II, LLC
"Additional Grantor ") and the City of Pueblo (Grantee ").
WHEREAS, Grantor and Grantee made and executed Warranty Deed and Right of
Revision 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 made and executed a Modification Agreement
dated December 22, 2008 and recorded on January 14, 2009 at Reception No. 1792907 of the
records of the Pueblo County Clerk and Recorder, and
WHEREAS Additional Grantor has acquired an interest in Grantor's Property, and
WHEREAS, Grantor, Additional 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, Additional Grantor and Grantee agree as follows:
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, 2011, or Grantee, on or before January 31, 2011, transfers,
sells or conveys the Property or any portion thereof without Grantor's and
Additional 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, Additional Grantor
and Grantee.
IN WITNESS WHEREOF, Grantor, Additional 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 Nevad4 Limited Lia ility Company
By: ((�(
Name: M
Title: Ai Nmca✓32
1833476 MOD 02/17/2010 03:13:37 PM
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Gilbert Ortiz Clark /Recorder, Pueblo County, Co
STATE OF 0WOL6111 J
) as'
COUNTY OF 21!1(t _ )
The foregoing instrum nt was acknowledged before me this �� day of
2010 by 111 cht e l Pe SSe.- , the f l l of Pueblo Springs
, L
RanchLO, a Nevada Limited Liability Company, on behalf of tH company,
Witness my hand and official seal.
My commission expires: 13
[SEAL]
COLLEEN F. JANNOTTI
Notary Public, State of Nevada
Appointment No. 05. 96990 -1
My Appt. Expires Apr. 16, 201 a
ADDITIONAL GRANTOR
PUEBLO SPRINGS RANCH II, LLC
9A
STATE OF 1
)Ss
COUNTY OF
The foregoing instrument was acknowledged before me this — day of
2010 by , the of Pueblo Springs
Ranch II, LLC, a Colorado Limited Liability Company on behalf of the company.
Witness my hand and official seal.
My commission expires
[SEAL]
Notary Public
GRANTEE:
CITY OF PUEBLO,
A Municipal Corporation
By:
President of the City Council
Attest:
City Clerk
1833476 MOD PG 02/17/2010 03:13:37 PM
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Gilbert Ortiz Clerk /Recorder, Pueblo County, Co
■II! F161 7IWIi1RLA;NYI+r M ARM W h 104 11II I
STATE OF N)WQL& )
r`^•/ ) as.
ur
COUNTYOF k V )
The foregoing instrument was acknowledged before me this � day of
2010 by U, rJnee \ Of Sae , the ht / of Pueblo Springs
,
Ranch, LL a Nevada Limited Liability Company, on behalf of tN company,
Witness my hand and official seal.
My commission expires: q\11A 13
[SEAL]
COLLEEN F.. : IA N NO TTI Notary Publ ic, Stf Nevada Appointment No6990 -1 M I: Ez Irea 10 2018
STATE OF eval
COUNTY OF bcvAL its
.�%F
ADDITIONAL GRANTOR
PUEBLO SPRINGS RANCH II, LLC
ey
The foregoing instrument was acknowledggd before me this day of
2010 by� A effe(*g the - MAA1Ae.AR of Pueblo Springs
Ranch 11, LL ,a Colorado Limited Liability Company on behalf of the company.
Witness my hand and official seal.
My commission expires * a1 l3 r/J
[SEAL]
Notky Pub
GRANTEE:
CITY OF PUEBLO,
A Municipal Corporation
By:
President of the City Council
Attest:
City Clerk
GRANTEE:
CITY OF PUEBLO,
A MUNICIPAL CORPORATION
1A exc o
P resident of the City Council
City C rk
STATE OF COLORADO )
ss.
COUNTY OF PUEBLO )
The foregoing instrument was acknowledged before me this 11 -� day of r
2010 by -6i L1 re rC C W . h+ e Yh c i o , President of the City Council of the City of Pueblo, a Municipal
Corporation and Gina Dutcher , City Clerk of the City of Pueblo, a Municipal Corporation.
Witness my hand and official seal.
My commission expires: 5/ l
W F `;Z�_ cv'. tae
6@ 4. ,p
p1OTARY t�Z N Public
PUBUG in
1833475 MOD 02/17/2010 03:13:37 PM
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Gilbert Ortiz ClerklRecorder, Pueblo County, Co