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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 ‘4 a I” .3., I., I’. •1 .1 •.4 :j C3t-’flt’ — •2’t0 Ht IçHi V H’t .t 4 —4.’l•I r :. h.• •Ct:1 i,c .3,._4 3’!atD t? 4.. co’ •1 .1 t;• lb C a-a::t’. t..,a h1 441h) r a 4, •t;IJ’ 2 •-;:q•1%• .4,; ;••c .4.‘.4,•L..q•11it --a •2::it:e e •rlei.i 93 ;.:.14 I.•,, I,”,•fl •Q L—.I. •••!•- -,I• •• a 4 ‘4 4— I;; Ge a. ‘4 C.’ ‘U W,, ‘ L’••, n&i U,E a CJ .‘.;.•C 1’!’..•j i•‘,‘C Ct”i. •a ‘I ?•.4 ‘. -I. a ‘4 t: .,. 1r • t:••.‘ ••‘: Ct’:.••‘-O r1 Pt t, -Sc,tt. 0 :—‘ (3 F .11 — ‘In J I.. 1.j C. S WIa 4.J h. ‘“4 h. •—•1 4. tO ‘II ‘1 • -: S ‘,4 ..,t.• V CO .54 C “1 x I’-H [ .a !: C 2 ,_ :‘a ;: : C) ?r‘I a: t. .•I) 0-, a na-I .t. ,C. 6. a • •.I •.l p ‘4 b ‘H c.:1 r’ Ut Lu ti 0 P1 000 •rt MI gH -‘4 .I.t o •‘-:‘ 4.4 :a 0-• L • .E-i:-I 1. 0•t 5,t 4.. .;i •1) ‘4. 4’ .‘t-: £ 0 F F f-S. 6. .4 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 00 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— 00 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— 00