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RESOLUTION 05-89
00RESOLUTIONNO.WHEREAS,theTOWNOFESTESPARK(“Town”),M.D.C.LANDCORPORATION,aColoradoCorporationf”M.D.C.”),SUPERIORMETROPOLITANDISTRICTNO.1(“Superior),haveexecutedthefollowing:“ContracttoPurchaseWindyGapWater”datedJune15,1987,“AmendmenttoContracttoPurchaseWindyGapWater”datedMarch28,1988,“SecondAmendmenttoContracttoPurchaseWindyGapWater”datedMarch31,1988,and“ThirdAmendmenttoContracttoPurchaseWindyGapWater”datedNovember14,1988;andWHEREAS,thepartieshaveproposedtoamendsaidContractandamendmentsbythetermsandconditionsofa“FourthAmendmenttoContracttoPurchaseWindyGapWater”;andWHEREAS,theBoardofTrusteesoftheTownofEstesParkhasdeterminedthatitisinthebestinterestsoftheTowntoapproveandexecutesaidFourthAmendmenttoContracttoPurchaseWindyGapWater.NOWTHEREFORE,beitresolvedbytheBoardofTrusteesoftheTownofEstesPark:1.TheBoardofTrusteesoftheTownofEstesParkherebyagreestothetermsandconditionsoftheFourthAmendmenttoContracttoPurchaseWindyGapWaterintheformattachedheretoandincorporatedhereinbyreference.2.TheMayorandTownClerkareherebyauthorizedtoexecutetheFourthAmendmenttoContracttoPurchaseWindyGapWater.MayorTownClerk Cl0FOURTHAMENDMENTTOCONTRACTTOPURCHASEWINDYGAPWATERInconsiderationofthemutualcovenantscontainedherein,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,bytheadditionofthefollowingrecitals,andbytheamendmentsofParagraph5.1and6.3bytheadditionoftheprovisionssetforthbelowintheaforementionedcontracts.Unlessspecificallyrevisedherein,alloftheparagraphsassetforthintheContracttoPurchaseWindyGapWater,AmendmenttoPurchaseWindyGapWater,SecondAmendmenttoContracttoPurchaseWindyGapWater,andThirdAmendmenttoContracttoPurchaseWindyGapWater,shallremaininfullforceandeffect.WherethereareanyinconsistenciesbetweenthisFourthAmendmenttoContracttoPurchaseWindyGapWaterandanyofthepriorAgreementsorAmendments,theprovisionsofthisFourthAmendmentshallprevail.WHEREAS,PurchaserhasassigneditsinterestintheaforementionedContractandAmendmentstheretotoSuperior;andWHEREAS,onApril1,1988,PurchaserdelivereditsrenewalnoticetotheSellerpursuanttoParagraph9.0oftheContract;andWHEREAS,Paragraph5.0oftheContractprovidesthatinnoeventshalltheclosingoftheContracttakeplaceafterMarch1,1989,withoutmutualagreementoftheparties;andWHEREAS,Paragraph5.1.a.providesforPurchasertodelivercertifiedfundsintheapproximateamountofThreeMillionFiveHundredThousandDollars($3,500,000.00),lesstheearnestmoneypayment,plusinterestasprovided,atclosing;andWHEREAS,thepartiesheretohaveagreedtoamendtheContracttoprovidethatthepaymentdueatclosingmaybemadeoverafour—yearperiod;andWHEREAS,thepartiesdesiretoamendtheContracttoaccomplishtheiragreementsbytheadditionofthefollowingparagraphs: CQ5.1.d.Purchaser’sActionsatClosing.Notwithstandingtheabove,intheeventPurchaserdeterminestocloseonorbeforeMarch1,1989,atclosing,PurchasershalldelivertotheSellerthepurchaseprice,lesstheearnestmoneypayment,plusinterestasprovided,asdescribedbelow:i.CertifiedFunds.CertifiedfundsintheamountofOneMillionDollars($1,000,000.00).Theremainingbalanceofthepurchaseprice,calculatedaccordingtothetermsofParagraph5.1.a.oftheContract,shallbedeliveredtoSellerincertifiedfundsinfour(4)equalprincipalpayments,eachonthefirstbusinessdaybeginninginMarch1990,andcontinuingforthree(3)yearsthereafteronthefirstbusinessdayinMarch.Saidpaymentsshallincludeinterestontheremainingbalanceofthepurchasepriceatafluctuatingrate.ThefluctuatingrateshallbetheactualmonthlyreturnonSeller’sinvestmentsofitsownfundsforthetwelvemonthperiodprecedingbyfifteen(15)daysofthedateofthenoticeoftheinterestratecalculationissuedforeachpayment.SellershallnotifyPurchaseronorbeforeJanuary30ofeachyearastotheactualinterestrate•calculationforthenextpayment.6.3.li.(4)VestingofUnitsinPurchaseratMarch1Closing.Notwithstandingtheabove,intheeventPurchaserdeterminestocloseonorbeforeMarch1,1989anduponpaymentofthe$1,000,000.00attheclosingpursuanttoParagraph5.1.d.,above,3.01UnitsofSubdistrictWateror8.6%oftheUnitsshallimmediatelyvestinPurchaserandshallnotbesubjecttoreversionasdescribedbelow.Inaddition,uponclosingpursuanttoParagraph5.1.d.,above,0.8264UnitsofSubdistrictWateror2.361%oftheUnitsshallimmediatelyvestinPurchaserduetotheRenewalPaymentmadebyPurchaseronoraboutApril1,1988.VestingofUnitsforpaymentofAnnualPaymentsshallbeasprovidedinParagraph6.3.b.(2)above.(5)AdditionalUnits.UponthemakingofeachyearlypaymentpursuanttoParagraph5.1.d.,Purchasershallbeentitledtoanadditional1.8UnitsofSubdistrictWateror5.14%oftheUnitswhichshallimmediatelyvestinPurchaserand—2— shallnotbesubjecttoreversionasdescribedbelow.PurchasermayprepayaportionoforallofanyyearlypaymenttobemadepursuanttoParagraph5.1.d.,above,andUnitsshallvestinaproportionalamounttothepaymentmadewithoutanypenaltyfortheprepaymentthereof.M.D.C.LANDCORPORATIONBy:GaryL.Mandaricli,PresidentATTEST:(-4]TOWNOFESTESPARK,COLORADOAMunicipalCorporationBy:MayorTownClerkATTEST:SUPERIORMETROPOLITANDISTRICTNO.1By:GaryL.Mandarich,President4,DonnC.Wolfortz,Secretary—3—CC—‘;•iDATEDthis/7dayofFebruary,1989.