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HomeMy WebLinkAboutORDINANCE 16-9700ORDINANCENO.16-97ANORDINANCEAUTHORIZINGALEASE/OPTIONTOPURCHASEAGREEMENTWHEREAS,theBoardofTrusteesoftheTownofEstesPark,Colorado,hasdeterminedthatitisinthebestinterestsoftheTowntoenterintoaLease/OptiontoPurchaseAgreementasthesameasmorefUllysetforthonExhibitAattachedheretoandincorporatedhereinbyreference.NOW,THEREFORE,BEITORDAINEDBYTHEBOARI)OFTRUSTEESOFTHETOWNOFESTESPARK,COLORADO:Section1:TheLease/OptiontoPurchaseAgreementeffectiveNovember13,1998,betweentheTownofEstesPark,andStanleyViewLtd.,asmorefUllysetforthonExhibitAattachedheretoandincorporatedhereinbyreference,isherebyapproved.Section2:TheMayorandtheTownClerkareherebyauthorizedtoexecutetheLeaseAgreement.Section3:ThisOrdinanceshalltakeeffectandbeenforcedthirty(30)daysafteritsadoptionandpublication.PASSEDANDADOPTEDBYTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,COLORADOTHIS/4’DAY1997.TOWNESTESPARKATTEST:TownClerk C)C 0Iherebyceftii5’thattheaboveOrdinancewasintroducedandreadatameetingoftheBoardofTrusteesonthe/dayof?LncemAcu),1997,andpublishedinanewspaperofgeneralcirculationintheTownofEstesPark,Coloradoonthe//dayof1I4-&enttt),1997.TownClerk 00 C,coPyLEASE/OPTIONTOPURCHASEAGREEMENTEffectiveNovember13,1998,theTownofEstesPark,(the“Town”),abodycorporateandpoliticoftheStateofColorado,PostOffice1200,EstesPark,Colorado20517,andtheStanleyViewLtd.,aColoradocorporation,(“Owner”),haveenteredintothisAgreementregardingthefollowingdescribedrealestatesituateintheTownofEstesPark,Colorado,towit:Lot4,StanleyHistoricDistrict,TownofEstesParkCount>’ofLarimer,StateofColoradocomprisingapproximately6.88acresonSteamerParkway,EstesPark,Colorado,andknownasParcel4,StanleyHistoricDistrict,(“Parcel4”),togetherwithallimprovementsthereonandappurtenancestheretoownedbyOwner,uponthetermsandconditionsherein.1.Lease.Subjecttoandupontheterms,provisionsandconditionshereinaftersetforth,andinconsiderationoftheduties,covenantsandobligationshereunder,Ownerdoesherebylease,demiseandletuntotheTownandtheTowndoesherebyleasefromOwnerParcel4.2.Term.ThisLeaseshallbeginonNovember13,1997,andshallterminateonDecember31,1998.TheLeasemayberenewedsolelyattheoptionoftheTownbymakingtheFebruary1,1998,April14,1998,andJuly1,1998payments;andthereafterfornine(9)consecutive,ftvelve(12)monthtermsbynoticetoOwneronorbeforeDecemberlofeachyear.TheLeaseissubjecttoannualappropriationsoftheleasepaymentsbytheTown(seeSection4below).3.LeasePayments.UpontheeffectivedateofthisAgreement,theTownshallpaythesumof$2,500.00toOwnerasinitialpaymentoftheLease.ThesubsequentLeasepaymentsshallbeassetforthonExhibitAattachedheretoandincorporatedhereinbyreference.Allleasepaymentsaredueandpayableonorbeforethe15thdayofApril,July,October,andJanuary’1ofeachyearoraspreviouslyspecified,subjecttoSections2and4ofthisAgreement.TheTownmaynotprepayanyleasepaymentpriortoitsduedate. 0 004.ConditionsofLeasePayments.TheTownisnotobligatedbytheLeasetomakeanypaymentsinanyfiscalyearbeyondthefiscalyearforwhichhindsareappropriatedforthepaymentthereofortomakepaymentsfromanyhindsoftheTownotherthanhindsappropriatedforthepaymentofcurrentexpenditures.AllpaymentobligationsoftheTowntindertheLeasearefromyeartoyearonlyanddonotconstituteamultiple-fiscalyeardirectorindirectdebtorotherfinancialobligationoftheTown.TheLeaseissubjecttoannualrenewalattheoptionoftheTownandwillbeterminatedupontheoccurrenceofaneventofnonappropriation.Insuchevent,allfurtherpaymentsfromtheTownundertheLeasewillterminate,theLeaseshallterminate,thisAgreementwillbenullandvoidandthepartiesshallbereleasedfromallprovisionsofthisAgreement.TheTownandOwneracknowledgeandagreethattheleasepaymentshereundershallconstitutecurrentexpendituresoftheTownpayableinthefiscalyearsforwhichfundsareappropriatedforthepaymentthereof.TheTown’sobligationsunderthisAgreementshallbefromyeartoyearonlyandshallnotconstituteamultiple-fiscalyeardirectorindirectdebtorotherfinancialobligationoftheTown,oranobligationoftheTownpayableinanyfiscalyearbeyondthefiscalyearforwhichhindsareappropriatedforthepaymentthereoforpayablefromanyfundsoftheTownotherthanfundsappropriatedforthepaymentofcurrentexpenditures.TheTownshallnotberequiredorobligatedtoexerciseitsoptiontopurchaseParcel4,asprovidedinSection9ofthisAgreementbelow.NoprovisionsofthisAgreementshallbeconstruedtopledgeortocreatealienonanyclassorsourceofTownmonies,assetsorproperties.5.Use.DuringthetermofthisLease,theParcel4shallbeusedandoccupiedbytheTownandloritssuccessors,transferees,assignsorrepresentativesasamunicipalcenter,and/oranyotherusepermittedbytheDevelopmentAgreementdatedJanuary17,1994betweentheTownandFHKCompany.PriortoJuly1,1998,Parcel4shallbekeptinitsnaturalcondition.InthedesignphaseofanyfacilitiesbytheTown,theTownshallreviewthedesignwiththeStanleyView’sHomeownersAssociationpriortofmalizationofthedesign.6.QuietEnjoyment.TheTownshallandmaypeacefullyhave,holdandenjoyParcel4,subjecttoothertermshereof,providedthattheTownpaysthepaymentshereinrecitedandperformsallofthecovenantsandagreementshereincontained. 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0o7.TitleInsurance-Survey-Access-UpdateofInsurance.ToassuretheTownofgoodandmerchantablefeesimpletitletoParcel4forpurposesofthisAgreement,andtoinsuretheTown’sleaseholdinterestintheProperty,theOwnershall,onorbeforeNovember13,1997,obtainacommitmentfortitleinsurancepolicyinanamountequalto$807,217.00,tobeissuedbyatitleinsurancecompanyapprovedbytheTown.TheOwnershallpayforthetitleinsurancepolicyforthesaidamount,whichpolicyshallbeissuedonorbeforeJuly1,1998,insuringtheTown’sleaseholdinterestintheProperty.IntheeventtheTownexercisesitsoptiontopurchaseasprovidedinparagraph9hereafter,theOwnershallatclosingofsaidpurchase,providetheTownwithatitleinsurancepolicyinsuringgoodandmerchantablefeesimpletitletothePropertyfreeandclearofallliensandencumbrances.IntheeventthecommitmentfortitleinsuranceindicatesthattheOwnerdoesnothavegoodandmerchantablefeesimpletitletoParcel4,asdetenninedsolelybytheTown;orindicatesoutstandingliensagainstoremcumbrancesuponParcel4,restrictionsuponParcel4orrestrictionsregardingusethereof,orintheeventsaidcommitmentorotherinvestigationindicatesrightsofpartiesinpossessionotherthanOwner;thentheTownmay,atitsoption,voidthisAgreement;satis&suchliens,restrictionsorencumbrances;oracquiretherighttopossessiontoitsreasonablesatisfaction,toeffectgoodandmerchantabletitle,anddeductfromtheamounttobepaidtoOwnertheamountofanyconsiderationpaidontheaccountthereof,Ifrequired,asdeterminedbytheTown,thedateofcommencementoftheinitialtermoftheLease,whichisNovember13,1997shallbeextendedtoaccommodateclearanceofthetitletothereasonablesatisfactionoftheTown.PriortotheeffectivedateoftheLease,theTownmayobtainasurveyofParcel4oranimprovementlocationcertificateattheTown’scost.OwnershallaffordtheTownoritsrepresentativeaccesstoParcel4toobtainsaidsurveyorcertificate.TheTownshallalsohaveaccesstoParcel4foranyotherinspectionorpurposerelatedtothisAgreement.8.MattersNotshownbythePublicRecords.OwnershalldelivertotheTownbeforeNovember13,1997,truecopiesofalllease(s)andsurvey(s)inOwner’spossessionpertainingtoParcel4andshalldisclosetotheTownalleasements,liensorothertitlemattersnotshownbythepublicrecords(suchas,byillustration,anunrecordedeasement,unrecordedlease,orboundarylinediscrepancy).9.OptiontoPurchase.TheTownshallhaveasoleandexclusiveoptiontopurchaseParcel4attheconclusionofthisLeaseAgreement.Thepurchasepriceshallbe$807,127.TheprincipalportionsoftheLeasepaymentsfromJuly1,1998,3 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C0madebytheTownunderthisAgreement,shallbecreditedtothepurchasepriceuponexerciseoftheoptiontopurchasebytheTown.A.TheoptiontopurchaseshallbeexercisedbywrittennoticefromtheTowntoOwneronorbeforeJune1,2007.Uponsuchnotice,thetitleinsurancepolicyprovidedforinSection7above,shallbeupdatedtothedateofclosing.AllprovisionsofSection7regardinggoodandmerchantablefeesimpletitletoParcel4forthebenefitoftheTownshallapplytothepurchaseandclosingofParcel4.B.OwnershallexecuteanddelivertoTownatclosingageneralwarrantydeedsufficienttoconveygoodandmerchantablefeesimpletitletoParcel4,freeandclearofliens,encumbrancesandtaxes.C.SubjecttoSection7,closingshalltakeplacewithinareasonablelengthoftime,asdeterminedbytheTown,followingnoticeoftheoptiontopurchase.TheTownandOwnershallpaytheircustomarycostsatclosing.10.Taxes.BasedupontheprovisionsofSection39-3-124C.R.S.,itisunderstoodandagreedthatupontheeffectivedateofthisLeaseAgreement,nopersonalpropertyoradvalorempropertytaxesaretobeassessedorpaiduponParcel4.Therefore,OwnershallpayallpersonalpropertytaxesandadvaloremassessmentsandtaxesduetotheeffectivedateofthisAgreementandallprecedingyears,ifany.IntheeventtherearerealpropertytaxesdueandpayablefollowingtheeffectivedateofthisAgreement,theTownshallberesponsibleforsaidtaxessolongasthisAgreementisinfullforceandeffect.11.RepresentationsandWarrantiesofOwner.OwnerrepresentsandwarrantsthefollowingtotheTown,asofthedateofthisAgreement.:A.ToOwner’sactualknowledge(I)noleak,dischargeofothercontaminationofParcel4byaHazardousSubstance(definedbelow)hasoccurredduringOwner’sownershipofParcel4orduringanypreviousownership;(ii)Parcel4isfreeofundergroundstoragetanksasdefmedbySection8-20-501(11),C.R.S.,asamended,oranysuccessororapplicablestatute;and(iii)anyhandling,transportation,storage,treatmentorusageofHazardousSubstancethathasoccurredonParcel4hasbeenincompliancewithallapplicablefederal,state,andlocallaws,regulationsandordinances.“HazardousSubstance”shallmeananyhazardousortoxicsubstancesormaterialsasdefinedbytheFederalComprehensiveEnvironmentalResponseCompensation4 CC CCandLiabilityAct,42U.S.C.Section9601,et.seq.,theregulationspromulgatedfromtimetotimethereunder,environmentallawsadministeredbytheEnviromnentalProtectionAgencyandlawsoftheStateofcoloradooranyothergovernmentalauthority.B.Ownerhasnotreceivedanynoticeof,andhadnootherknowledgeorinformationofanyaction,suit,proceeding,orclaimaffectingParcel4oranyportionthereof,pendingorthreatenedinanycourtorbyorbeforeanyfederal,state,countyormunicipaldepartment,commission,board,bureau,agencyorothergovernmentalinstrumentality.C.TotheactualknowledgeofOwner,Parcel4isfreeandclearofallmechanic’sliens,andnoworkhasbeenperformedorisinprocessonParcel4,andnomaterialshavebeenfurnishedtoParcel4oranyportionthereforewhichmightresultinmechanic’s,materialmen’soranyotherliensagainstParcel4oranyportionthereofD.AsofNovember13,1997,OwnershallbethesoleownerofgoodandmarketablefeesimpletitletoParcel4andParcel4shallbefreeandclearofallliens,claims,encumbrancesandclaimsofthirdparties,unlessconsentedtobytheTowninwriting.E.DuringthetermofthisAgreement,Ownershallnot,norshallitallow,effectorpermitanytransactionwhichmayeffectthequietenjoymentofParcel4bytheTownorwhichdoesormayadverselyaffectgoodandmarketablefeesimpletitletoParcel4.F.DuringthetermofthisAgreement,Ownershallnotpledge,mortgage,selllease,transfer,exchangeorconveyanyinterestofanynaturewhatsoeverinParcel4toanyotherpartyexceptbywrittenapprovaloftheTown,whichapprovalshallnotbeunreasonablywithheldifsuchassignmentisrequiredofOwnerbylendingrequirementsorotherbusinessrequirements.AssignmentofthisAgreementbyOwnershallbesubjecttoninety(90)daysnoticethereoftotheTownandsuchassignmentshallbefurthersubjecttothetermsandprovisionsofthisAgreement.G.ThepersonsexecutingthisAgreementhavefullpowerandauthoritytoexecutethisAgreementandbindOwnerintheirrepresentativecapacity. 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0012.IndemnificationandHoldHarmless.Thepartiesshallholdeachotherharmlessfromanyliability,obligation,costsorjudgmentincurredbyoneparty,relatedtothisAgreementresultingfromanynegligentactoftheotherparty.Thepattiesshallalsoindenmit’yeachotherfromallsuchliabilities,obligations,costsorjudgments,includingattorney’sfeesrelatedthereto.13.Representationsand‘WarrantiesoftheTown.DuringtheleaseofParcel4theTownrepresentsandwarrantstoOwnerthattheTown:A.ShalluseParcel4onlyasamunicipalcenter,parkingarea,an&oranyotherusepermittedbytheDevelopmentAgreementdatedJanuary17,1994betweentheTownandFHKCompany.B.Shallnotengagein,allow,effectorpermitanyuseortransactionwhichmayadverselyaffectOwner’sgoodandmerchantablefeesimpletitletoParcel4.TheTownmay,withpriorwrittenconsentofOwner,encumberitsleaseholdinterestintheProperty.C.ShallnotassignthisAgreementwithoutthewrittenconsentofOwner,exceptthattheTownmayassignthisAgreementtoEPURAwithoutthepriorconsentofOwner,providedtheTowngiveOwner90dayspriorwrittennotice.TheTownmaysubleasethePropertyoranyfacilitiesthereon,oranyportionthereoftoanythirdpartywithoutthepriorconsentofOwnersolongastheTownremainsfillyliableforalltermsandconditionsofthisLease,includingallleasepaymentspayableherein,insurancerequirementsanduserestrictions.AdefaultofanytermsandconditionsofthisLeasebyanysublesseeoftheTuwnshallbeadefaultoftheTown.IntheeventthisLeaseisterminatedbydefaultoftheTown,allpossessrnyinterestofanysublesseeofthePropertyshallimmediatelyterminate.14.Possession.PossessionofParcel4shallbedeliveredtotheTownonDecember13,1997.15.TimeofEssence.Timeisoftheessence,andallterms,conditionsandcovenantsshallbetenderedorperformedasspecificherein.16.FurtherActs.Eachpartyagreestoperformorcausetobeperformedonoraftertheleasepossessiondateandtheclosingdatesuchfurtheractsasmaybereasonablynecessarytoconsummatethetransactionscontemplatedhereby.6 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CC17.AbandonmentofMunicipalFacilities.IntheeventtheTowndefaultsunderthisAgreementand/orfailstoexerciseitsoptiontopurchaseParcel4,uponterminationoftheTown’spossessionrightsofParcel4,theTownshallsurrenderanyrightsithastoallfacilitiesithasconstructedonParcel4.18.Default.IntheeventapartyisindefaultofanyprovisionofthisAgreement,thenon-defaultingpartyshallgivethedefaultingparty30daysnoticeinwritingspecifeingsaiddefault.Ifsaiddefaultisnotcuredwithinsaid30dayperiod,thenondefaultingpartyshallbeentitledtodeclarethisAgreementindefaultandmayinitiatelitigationtoremedythedefaultincludinganactionforspecificperformanceand/ordamages.Thenondefaultingpartyshallbeentitledtoallreasonableattorney’sfees,expertwitnessfeesandcourtcostsincurredbythenondefaultingpartybyreasonofsaiddefault.19.CovenantsSurviveClosing.ThetermsandconditionsofthisAgreementshallnotmergeandshallextendbeyondthetimeoflease,possession,conveyanceandclosingofParcel4.20.Notices.Noticesmaybeaffectedreturnreceiptrequested,toeachpartyatTheTOwnofEstesParkAttn:Mr.GaryKlaphakeTownAdministratorP.O.Box1200170McGregorAvenueEstesPark,CO80517toeitherpartybymailing,bycertifiedmail,theaddressesprovidedbelow:StanleyViewLtd.doMr.W.B.Findley224XV.4StreetKeene,TX7605921.GeneralProvisions.A.ThisAgreementshallbegovernedbyVenueofanylitigationregardingthisCounty,Colorado.thelawsoftheStateofColorado.AgreementshallbeinLarimerB.ThisAgreementshallberecordedbytheTownatitsexpense.C.ThisAgreementmaybeexecutedincounterpartsbyfacsimilesignatures.TheTown:Owner:7 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CC22.TaxExemptStatus.ItistheopinionoftheTownthatallinterestassetforthinthisAgreementisexemptfromstateandfederalincometax(double-taxexempt).TheTownshallprovideanIRS80830TaxExemptFormtoOwnerforeachyearinwhichpaymenthasbeenmadepursuanttothisAgreement.23.LiabiliN’Insurance.DuringtheLeaseTerm,theTownortheassigneeorsublesseethereofshall,atitsownexpense,causepublicliabilityinsurancetobecarriedandmaintainedwithrespecttotheactivitiestobeundertakeninconnectionwiththeuseoftheProperty,inanamountnotlessthan$1,000,000.AnysuchinsurancepolicyshallbeendorsedtoincludetheOwnerasanadditionalinsured,andshallcontainaprovisiontotheeffectthattheinsurancecompanyshallnotcancelthepolicyormodi’itmateriallyandadverselytotileinterestsofanyinsuredpartywithoutfirstgivingwrittennoticethereoftosuchpartyorpartiesatleast30daysinadvanceofeachcancellationormodification.Thepublicliabilityinsurancerequiredbythesectionmaybebyblanketinsurancepolicyorpoliciesincludingpolicieswrittenthroughamunicipalself-insurancepooi.IftheTownshallinsureagainstsimilarrisksbyself-insurance,theTownmayprovideforpublicliabilitywithrespecttotheProperty,partiallyorwholly,bymeansofanadequateself-insurancefund.TheOwnerandtheTownunderstandandagreethattheTownisrelyingon,anddoesnotwaiveorintendtowaive,byanyprovisionofthisLease,themonetarylimitations(presently$150,000.00perpersonand$600,000.00peroccurrence)oranyotherrights,immunitiesandprotectionsprovidedbytheColoradoGovernmentalImmunityAct,24-10-101etseq.C.R.S.,asfromtimetotimeamendedorotherwiseavailabletotheTownoranyofitsofficers,agentsoremployees.STANLEYVIEWLTD.THETOWNOFESTESPARKBy:________________________By:____________________RobertL.Dekker,MayorATTEST:By:________________VickieO’Connor,TownClerk8 00 0cSTATEOFCOLORADO))55.COUNTYOFLARIMER)TheforegoingLease/OptiontoPurchaseAgreementwasacknowledgedbeforemethis_____dayofNovember,1997,by__________________forOwner.WITNESSMYHANDANDOFFICIALSEAL.Mycommissionexpires:____________________________________NotaryPublicSTATEOFCOLORADO))COUNTYOFLARJMER)TheforegoingLease/OptiontoPurchaseAgreementwasacknowledgedbeforemethis_____dayofNovember,1997,byRobertL.DekkerandbyVickieO’ConnorfortheTown.WITNESSMYHANDANDOFFICIALSEAL.Mycommissionexpires:_______________NotaryPublic9 00 CNov-12-9702:45F-TownofEstesParkTOWNOFESTESPARKLEASEPURCHASEPAYMENTSCHEDULEASSUME6%INTERST9705S528...EXHIBIT“A”P02TotalDalePaymentPrincipalInterestBalanceNovember13,19972500.00807127.00February1,19982,500.00807,127.00April15,19982500.00807127.00July1,199880,712.7080,712.700.00726,414.30January1,199841,970.6120,178.1821792.43706,236.12April1,199830,771.7220,178.1810,593,54686,057.94July1,199930,469.0520,178.1810,290.87665,879.76October1,199830,166.3820,176.189,988.20645,701.58January1,199929,863.7020,178,189,685.52625,523.40April1,199929,561.0320,178.189,382.85605,345.22July1,199929,258,3620,178.189,080,18585,167.04October1,199928,955.6920178.186,777,51564,988.86January1,200028,653,0120,178.186,474,83544,810.68April1,200028,350.3420,178.188,172.16524832.50July1,200028,047.6720,178.187,869.49504,454,32October1,200027,744.9920,178.187,566.61484,276.14January1,200127,442.3220,178.187264.14464,097.96April1,200127139.6520,178.166,961.47443,919.78July1,200126,836.9820,178.186656.60423,741.60October1,200126,534.3020,178.166,356.12403,563.42January1,200226,231.6320178.186,053.45383,385.24April1,200225,928.9620,178.185,750.78363,207,06July1,200225,626.2920,178.185,448.11343,028.88October1,200225,323.6120,176,185,145.43322,850.70January1,200325,020.9420178.184,842.76302,672.52April1,200324,718,2720,178.184,540,09282,494.34July1,200324,415.6020,178.184,237,42262,316.16October1,200324,112.9220,178.183,934.74242,137.98January1,200423810.2520,178.183,632.07221,959.80July1,200423,507.5820,178.183,329.40201,781.62October1,200423,204.9020,178.183,026.72181,603.44January1,200522,902.2320,178.182,724.05161,425,26April1,200522,599.5620,178.182,421.36141,247.08July1,200522,296.8920,178.182,118,71121,068.90October1,200521,994.2120,178.181,816,03100,890.72January1,200621,691.5420,178.181,513.3680,712.54July1,200621,388.8720,178.161,210.6960,534.36October1,200621,086.2020,178.18906.0240,356.18January1,200720,763.5220,178.18605.3420,178.00April1,200720,479.6720,177,00302.671.00April2,20071.001.000,000.001,019,602.14807,126,00212,476.14TownHallLease/i1/12)97 00