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HomeMy WebLinkAboutRESOLUTION 16-900RESOLUTION16-90WHEREAS,theTownofEstesPark,MDCLandCorporation,andSuperiorMetropolitanDistrictNo.1haveenteredintoaContractToPurchaseWindyGapWaterandFiveAmendmentsthereto;andWHEREAS,thepartiesdesiretofurtheramendsaidWindyGapContractbytheexecutionoftheSixthAmendmentToContractToPurchaseWindyGapWater;andWHEREAS,theBoardofTrusteesoftheTownofEstesParkhavedeterminedthatitisinthebestinterestsoftheTowntoapprovetheSixthAmendmentToContractToPurchaseWindyGapWater.NOW,THEREFORE,BEITRESOLVEDBYTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,COLORADO.1.TheSixthAmendmentToContractToPurchaseWindyGapWater,acopyofwhichisattachedheretoandincorporatedhereinbyreference,isherebyapproved.2.TheappropriateofficialsoftheTownofEstesParkareauthorizedtoexecutetheSixthAmendmentToContractToPurchaseWindyGapWater.DatedthisdayofAugust,1990.TOWNOFESTESPARKBy:________________________________IyorATTEST:TownClerk 00SIXTHAMENDMENT*TOt/%,CONTRACTTOPURCHASEWINDYGAPWATERInconsiderationofthemutualcovenantscontainedherein,M.D.C.LANDCORPORATION,aColoradocorporation,(“Purchaser”),theTOWNOFESTESPARK,COLORADO,(“Seller”),andSUPERIORMETROPOLITANDISTRICTNO.1,(“Superior”),agreetotheamendmentofthe“ContracttoPurchaseWindyGapWater”datedJune15,1987,“AmendmenttoContracttoPurchaseWindyGapWater”datedMarch28,1988,“SecondAmendmenttoContracttoPurchaseWindyGapWater”datedMarch31,1988,and“ThirdAmendmenttoContracttoPurchaseWindyGapWater”datedNovember14,1988,and“FourthAmendmenttoContracttoPurchaseWindyGapWater”datedFebruary17,1989and“FifthAmendmenttocontracttoPurchaseWindyGapWater”datedMarch12,1990bytheadditionofthefollowingrecitals,andbytheamendmentofParagraph5.1bytheadditionoftheprovisionsetforthbelowintheaforementionedcontracts.Unlessspecificallyrevisedherein,alloftheparagraphsassetforthintheContracttoPurchaseWindyGapWater,AmendmenttoContracttoPurchaseWindyGapWater,SecondAmendmenttoContracttoPurchaseWindyGapWater,ThirdAmendmenttoContracttoPurchaseWindyGapWater,FourthAmendmenttoContracttoPurchaseWindyGapWaterandFifthAmendmenttoPurchaseWindyGapWatershallremaininfullforceandeffect.WherethereareanyinconsistenciesbetweenthisSixthAmendmenttoContracttoPurchaseWindyGapWaterandanyofthepriorAgreementsorAmendments,theprovisionsofthisSixthAmendmentshallprevail.WHEREAS,Paragraph5.1.di.providesforclosingtooccuronthesaleoftheUnitsfromSellertoSuperioruponthepaymentof$1,000,000.00,withtheremainingbalanceofthepurchaseprice,$2,543,736.78tobedeliveredtoSellerinfour(4)equalprincipalpaymentsbeginningonthefirstbusinessdayinMarch,1990andonthefirstbusinessdayinMarchforthreeyearsthereafter;andWHEREAS,theclosingoccurredonFebruary17,1989andattheclosingSuperiordeliveredthe$1,000,000.00paymenttoSeller;andWHEREAS,SuperiorisintheprocessofissuingRevenueBonds(the“RevenueBonds”)aportionoftheproceedsofwhichmaybeused,alongwithotherrevenues,forpaymenttoSellerofthepaymentdueonMarch1,1990(“March1Payment”);andWHEREAS,Paragraph5.1.d.iiprovidesforthedeferraloftheMarch1PaymentuntilAugust1,1990(“August1Payment”),and 00WHEREAS,SuperiorhasrequestedanextensionoftimefordeliveryoftheAugust1PaymentduetouncertaintyastothedateofissuanceoftheRevenueBonds;andWHEREAS,Seller’sagreementtothisSixthAmendmenttoContracttoPurchaseWindyGapWaterisnotbasednorisitcontingentupontheabilityofSuperiortoissueandselltheRevenueBondstoproviderevenuefortheAugust1Payment;andWHEREAS,thePartiesheretohaveagreedtoamendtheContracttodefertheAugust1Payment;andWHEREAS,thePartiesdesiretoamendtheContracttoaccomplishtheiragreementbytheadditionofthefollowingparagraph:5.l.d.ii.iDeferralofAugust1,1990PrincipalandInterestPayment.SellerandSuperioragreethattheAugust1Payment,includinginterestaccruedthroughAugust1,1990pursuanttotheformulasetforthinsubparagraph5.l.d.i.above,is$892,013.88.SelleragreestothedeferraloftheAugust1PaymentandagreesthatSuperiorshallnotbedeemedtobeindefaultinmakingtheAugust1PaymentsolongassuchpaymentisdeliveredtoSeller,onorbeforeAugust24,1990,bycertifiedfundsintheamountof$892,013.88,plussimpleinterestoftwelvepercent(12%)toaccruefromAugust2,1990throughthedateofpayment.SellerandSuperioragreethatthisdeferraloftheAugust1PaymentdoesnotdeferthepaymentdateforanypaymentsduetoSellerin1991,1992or1993nordoesitdeferanypaymentsduefromSuperiortotheSubdistrict.Approvedandexecutedthis____dayof_____________1990bytheauthorizedrepresentativesofM.D.C.Land—2— C0Corporation,theTownofEstesParkandSuperiorMetropolitanDistrictNo.1.ATTEST:M.D.C.LANDCORPORATIONBy:_______________________By:__________________________Title:_____________________Title:________________________ATTEST:TOWNOFESTESPARK,COLORADO,amunicipalcorporationBy:________________________By:__________________________TownClerkMayorATTEST:SUPERIORMETROPOLITANDISTRICTNO.1By:________________________By:__________________________DonnC.WolfertzGaryL.Mandarich,PresidentfWGAP6TH.AGM\MM3)—3—