HomeMy WebLinkAbout12074RESOLUTION NO. 12074
A RESOLUTION APPROVING MODIFICATION
AGREEMENT NO. 4 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, DECEMBER 22, 2008 AND
FURTHER MODIFIED ON JANUARY 11, 2010
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
Modification Agreement No. 4 dated January 24, 2011 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, December 22, 2008 and further modified on January
11, 2010 has been modified again on January 24, 2011, copies of which are attached, having
been approved as to form by the City Attorney, is hereby approved.
SECTION 2.
Modification Agreement No. 4 changes the dates of the Triggering Event as follows: the
Grantors’ Property is not annexed to the City on or before January 31, 2013, or Grantee, on or
before January 31, 2013, transfers, sells or conveys the Property or any portion thereof without
Grantors’ prior written consent, which consent may not be unreasonably withheld or
conditioned.
SECTION 3.
The President of the City Council is authorized to execute and deliver Modification
Agreement No. 4 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 4.
This Resolution shall become effective immediately upon final passage and approval.
INTRODUCED: January 24, 2011
BY: Larry Atencio
Background Paper for Proposed
RESOLUTION
DATE: JANUARY 24, 2011 AGENDA ITEM # M-15
DEPARTMENT: PLANNING AND COMMUNITY DEVELOPMENT
JERRY M. PACHECO, DIRECTOR
TITLE
A RESOLUTION APPROVING MODIFICATION AGREEMENT NO. 4 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, DECEMBER
22, 2008 AND FURTHER MODIFIED ON JANUARY 11, 2010
ISSUE
Shall City Council approve Modification Agreement No. 4?
RECOMMENDATION
Approve the Modification Agreement.
BACKGROUND
Pursuant to the Warranty Deed and Right of Reversion dated October 22, 2007, including
Modification Agreement No. 1 dated December 31, 2007, Modification Agreement No. 2 dated
December 22, 2008, and Modification Agreement No. 3 dated January 11, 2010 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. 4 changes the dates of the Triggering Event as
follows: the Grantors’ Property is not annexed to the City on or before January 31, 2013, or
Grantee, on or before January 31, 2013, 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.
Reception 1871515
04/01/2011
MODIFICATION AGREEMENT NO. 4
THIS MODIFICATION AGREEMENT NO 4 is entered into as of January 24,
2011 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 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, Grantor and Grantee made and executed a Modification Agreement
dated January 11, 2010 and recorded on February 17, 2010 at Reception No 1833476 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
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 M _ _�_
_ before January 31, 2008, the Grantor's Property is not annexed to
the City on or before January 31, 2013, or Grantee, on or before
January 31, 2013, 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
GRANTOR
PUEBLO SPRINGS RANCH, LLC
A Nevada Limited Liaility Company
Name / 4 4 , ,
Title ia
STATE OF A C H )
) ss
COUNTY OF C. `►� g . \L )
The foregoing instrument was acknowledged before me this ( ,),0- day of
, 20 I t , by MIr,hPitt [}r 5s c r , the M � n A - ` 9) c r of Pueblo
Springs R nch, LLC, a Nevada Limited Liability Company, on behalf of the company
Witness my hand and official seal
My commission expires. ) -3 0
[SEAL] efr,
• _` u.Ali .■11■1111
Notary Public
T. DAVENPORT
pubes, stele of Nevada
' ADDITIONAL GRANTOR
Na. 04-445.13 -t
MV APPT. INNtes Jan 30,2012 PUEBLO SPRINGS RANCH II, LLC
A Nevada Limited Liability Company
By
Name
Title
— STATE OF )
) ss
COUNTY OF
The foregoing instrument was acknowledged before me this day of
, 20 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
GRANTOR.
111 PUEBLO SPRINGS RANCH, LLC
A Nevada Limited Liability Company
By
Name
Title
STATE OF
) ss
COUNTY OF )
The foregoing instrument was acknowledged before me this day of
, 20 , by , , the of Pueblo
Springs Ranch, LLC, a Nevada Limited Liability Company, on behalf of the company
Witness my hand and official seal
My commission expires.
[SEAL]
Notary Public
ADDITIONAL GRANTOR
PUEBLO SPRINGS RANCH II, LLC
A Colorado Limited Liability Company
By .�ejd" 24 • .�°rZ a
Name. 1� t 67-f Q S, Alma
Title MA44160
STATE OF /�w4 p/J
ss.
COUNTY OF Cl/ ,q/(
The foregoing instrument was acknowledged before me this /O day of
g t he Aik 44{ rZ
2011_, by vKfoF� S 1169424u, of Pueblo
Springs anch 11, LLC, a Colorado Limited Liability Company, on behalf of the company
ERIC RHEE
Witness my hand and official seal
!c �I
STATE OF NEVADA
My commission expires. Oh -02- "419 My Qomnn Expires: : 6-014 CNo:10.23781
[SEAL]
otary Public
GRANTEE
CITY OF PUEBLO,
A MUNICIPAL CORPORATION
' l' v s
x� By Li,
"�'! / Ar Pre of th ity Council
Wild W Att
�F
° City Ierk x
.k Fi�i::
STATE OF COLORADO )
) ss.
COUNTY OF PUEBLO )
The foregoing instru ent was acknowledged before me this oli- - day of
jGch ua f4f , 20! !) , by u , k �� , President of the City Council of
the City of Pueblo, a Municipal oriration and Gina Dutcher , City Clerk of the City
of Pueblo, a Municipal Corporation
Witness my hand and official seal
M commission expires. S / 7 �Zt"/ /
Notary Public
'°08110 i