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HomeMy WebLinkAbout6950RESOLUTION NO. 6950 A RESOLUTION APPROVING A CONTRACT FOR THE SALE OF LAND TO THE SENIOR CITIZEN RESOURCE DEVEL- OPMENT & COORDINATING AGENCY AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME WHEREAS, the City Council by Resolution No. 6822 approved a Purchase Option Agreement granting to the Senior Citizen Resource Development & Coordinating Agency ( "SRDA ") an option to purchase land, and WHEREAS, SRDA desires to exercise said option with certain modifications with respect to the time of closing, and City is willing to approve such modification; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: CPrTTnN 1_ The Contract To Buy And Sell Real Estate (the "Contract ") dated June 22, 1992 between the City of Pueblo, a municipal corporation as Seller and Senior Citizen Resource Development & Coordinating Agency as Buyer, a copy of which is attached hereto, having been approved as to form by the City Attorney, is hereby approved. CPrTTnN 7 _ The President of the City Council is authorized to execute the contract in the name of the City and the City Clerk is directed to affix the seal of the City thereto and attest same. gP.C'TTON I _ This Resolution shall become effective upon final passage. INTRODUCED: June 22, 1992 By JOYCE LAWRENCE Councilper_son ATTEST: APPROVED: City-Clerk Pre s dent of the City Council f TJ 61.6 -2- CONTRACT TO BUY AND SELL REAL ESTATE THIS CONTRACT entered into as of June 22, 1992 between the City of Pueblo, a Municipal Corporation ( "Seller ") and Senior Citizen Resource Development & Coordinating Agency, a Colorado Nonprofit Corporation ( "Buyer "). WITNESSETH: The Seller is the owner of the real property together with the improvements thereon located in the City of Pueblo, State of Colorado, which is more particularly described on Exhibit A attached hereto as a part of this Contract (the "Property "). The Buyer desires to purchase and Seller is willing to sell the Property on the terms set forth below. In consideration of the sum of One Dollars ($1.00) paid by the Buyer to the Seller, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Sale and Purchase. The Seller will sell and convey to the Buyer and Buyer will purchase the Property in its condition at Closing, and all privileges and appurtenances belonging or in anywise appertaining thereto, subject to the terms and conditions set forth below. 2. Closing The purchase and sale of the Property shall be closed on or before July 1, 1993 (the "Closing ") and the time and place of Closing shall be determined by Seller. If the sale is not closed on or before Closing Date, or such other date as the parties may mutually agree in writing, this Contract will become null and void and each party released from all obligations hereunder. 3. Purchase Price. The purchase price for the Property shall be $125,000.00, or the amount paid by the United States Department of Housing and Urban Development to the Buyer as reimbursement for the value of the Property, whichever is greater. The purchase price will be paid to Seller at Closing in cash or certified funds. 4. Title and Deed. Buyer shall have the right to inspect all title documents to determine the status of Seller's title to the Property prior to Closing. If Buyer determines that Seller's title is unmerchantable or has notice of any other unsatisfactory title condition, Buyer shall give Seller written notice of such defects or conditions at least thirty (30) days prior to closing. If Seller fails to correct said defects or unsatisfactory title conditions on or before the date of Closing, Buyer may elect to either terminate this Contract or waive objection to said unsatisfactory title conditions or defects and close upon the purchase of the Property. Upon such termination of the Contract by Buyer, all parties shall be released from all obligations 2� L J�`f hereunder. Conveyance of title to the Property shall be made at Closing by good and sufficient special warranty deed, conveying the Property free and clear of all liens and taxes except the general taxes for the year of Closing, title defects or conditions waived or approved by Buyer, and subject to all easements, rights of way, restrictions and reservations of record. 5. Contingencies. This Contract is subject to and contingent upon Buyer's receipt and acceptance of a United States Department of Housing and Urban Development, Section 202 fund reservation (the "grant ") for the construction of an approximately 45 unit elderly housing project (the "Section 202 Housing Project ") on the Property. 6. Off -Site and On -Site Improvements and On -Site Demolition Seller shall be responsible, at its sole cost and expense, for completing all on -site demolition necessary to demolish any existing improvements or other structures on the site not funded by or paid out of the grant. Buyer, at its sole cost and expense, shall be responsible for the construction of all on -site and off - site improvements including without limitation the Section 202 Housing Project and related off- street parking facilities in accordance with Seller's redevelopment plans for the area and the plans and specifications for the Section 202 Housing Project approved by the Seller. If construction of the Section 202 Housing Project in accordance with plans and specifications approved by Seller is not commenced within 180 days after Closing and thereafter diligently pursued to completion, title to the Property, free of aII liens, encumbrances, covenants and conditions caused by or resulting from the acts or defaults of Buyer shall revert to Seller. The provisions of this paragraph shall survive Closing. 7. Notice. All notices or communications hereunder shall be sent or delivered to the Seller, or Buyer, respectively, at the following addresses: Seller: City of Pueblo, a Municipal Corporation 1 City Hall Place Pueblo, Colorado 81003 Attention: City Manager Buyer: Senior Citizen Resource Develop- ment & Coordinating Agency 228 N. Union Avenue Pueblo, Colorado 81003 Attention: President 8. Binding Effect and Assignment. This Contract shall be binding upon and inure to the benefit of Seller and Buyer and their respective successors and assigns provided that Buyer shall not assign this Contract or any interest herein without the prior written consent of Seller. Any such assignment or attempted -2- assignment by Buyer without the prior written consent of Seller shalt terminate this Contract. 9. Prior Agreements All prior agreements between the parties with respect to the purchase and sale transaction contemplated hereby including the Purchase Option Agreement dated September 21, 1991 are cancelled and superseded by this Contract which incorporates and sets forth the complete and entire understanding and agreement of the parties. 10. Controlling Law This Contract shall be governed by and construed under Colorado law. IN WITNESS WHEREOF, the parties have executed this Contract on the date first above written. SELLER: [S E A L] CITY OF PUEBLO, A MUNICIPAL CORPORATION ATTEST: BY Cif Clerk Presi e n of_ he City Council BUYER: [S E A L] ATTEST: Secreta� 6ty SENIOR RESOURCE DEVELOPMENT & COORDINATING AGENCY, A NONPROFIT CORPORATION `t B y A la -- Pre dent TJ 61.7 -3- EXHIBIT "A" LEGAL DESCRIPTION The Northeast 20.1 feet of Lot 11 and all of Lots 12, 13, 14, 15, and 16, Block 44, Kretschm -er's Subdivision of Block 44, of original City of Pueblo, according to the recorded plat thereof; also that portion of fractional Block 62 of Hobson's Subdivision to Pueblo as filed for record on August 8, 1888, in Book 3 of plats at page 3 lying West of the Alley as shown on said plat; and also all that portion of River Street shown upon the original plat of the Town of Pueblo which lies Southeast of Union Avenue and Southwest of Richmond Avenue, as said streets now exist, County of Pueblo, State of Colorado.