HomeMy WebLinkAbout770505.tiff RESOLUTION
RE: AUTHORIZATION OF THE SIGNATURE OF THE MEMBERS OF THE BOARD
OF COUNTY COMMISSIONERS OF WELD COUNTY, COLORADO TO AN
OPTION AGREEMENT FOR SALE AND PURCHASE OF REAL ESTATE BETWEEN
WELD COUNTY, COLORADO AND C. RICHARD MC COY.
WHEREAS , the Board of County Commissioners of Weld County,
Colorado, pursuant to Colorado statute and the Weld County Home
Rule Charter, is vested with the authority of administering the
affairs of Weld County, Colorado, and
WHEREAS, on the 11th day of February, 1976, Weld County as
Seller and C. Richard McCoy as Purchaser, entered into an agree-
ment for the sale and purchase of certain real estate wherein
Weld County agreed to sell and C. Richard McCoy agreed to purchase
the following described real estate , to-wit:
Lots 1, 2 , 3, 4 and 5 inclusive, Cranford
Subdivision, Block 162 , City of Greeley,
Weld County, Colorado, and
WHEREAS, certain amendments to said original agreement were
made by the Board of County Commissioners of Weld County, Colorado
and C. Richard McCoy, which amendments were made by Resolution
adopted on the 15th day of November, 1976 , and
WHEREAS, the parties to said agreement and amendment thereto
now desire to substitute a new Option Agreement for Sale and
Purchase of Real Estate for the original agreement and amendments
thereto, for the reason that the new Option Agreement for Sale
and Purchase of Real Estate more correctly reflects the agreement
made by and between Weld County, as Seller and C. Richard McCoy,
as Purchaser. A copy of said Option Agreement for Sale and Pur-
chase of Real Estate is attached hereto and incorporated by ref-
erence at this point.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Com-
missioners of Weld County, Colorado, that said Board of County
Commissioners of Weld County, Colorado, be and hereby are author-
ized to sign the Option Agreement for Sale and Purchase of Real
Estate between Weld County, as Seller and C. Richard McCoy, as
Purchaser for the above described real estate, a copy of which
Option Agreement for Sale and Purchase of Real Estate is attached
hereto and incorporated by reference in this Resolution.
77050s
PSe; : '
The above and foregoing Resolution was , on motion duly
made and seconded, adopted by the following vote on the 13th
day of June, A.D. , 1977.
The above and foregoing Resolution was read into the record
and signed on the 13th day of June, A.D. , 1977.
BOARD OF COUNTY COMMISSIONERS
D COUNTY, C RADO
JCt
ATTEST: 1)10.7 w'^"" QaL
Weld County Clerk and Recorder
and\Clerk to the Boa
By: w� lac& (R1
Deputy County Cler
A� PRO
D AS F M•
County Attorney
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OPTION AGREEMENT
FOR SALE AND PURCHASE
OF REAL ESTATE
THIS AGREEMENT, made and entered into this 13th day of
June, 1977, by and between WELD COUNTY, A QUASI-MUNICIPAL
CORPORATION OF THE STATE OF COLORADO, as Seller, and C. RICHARD
MC COY, as Purchaser.
WITNESSETH that in consideration of the payment by the
Purchaser to the Seller of the Sum of ONE HUNDRED AND EIGHTY
SIX THOUSAND DOLLARS and no/100 ($186 ,000. 00) in cash, the Seller
agrees to sell to the Purchaser the following described real
property, including all improvements thereon and all fixtures
of a permanent nature currently on said premises , except as may
be provided for by easements and rights of way, and all appurt-
enances thereto, more particularly described as follows :
Lots 1, 2 , 3, 4 and 5 inclusive, Cranford
Subdivision, Block 162 , City of Greeley,
Weld County, Colorado.
This Option Agreement for sale and purchase of real estate
is subject to the following conditions:
1. That Purchaser shall proceed with due diligence to
develop subject property as an elderly housing under the cooper-
ation of various governmental agencies , including the obtaining
of appropriate zoning therefor.
2. That the Purchaser will apply and can obtain a firm
commitment from F.H.A. for Section 231 Financing for housing
for the elderly.
3. That Purchaser will apply and can obtain an award from
H.U.D. to provide Section 8 funds for elderly rental supplements
for the project.
4 . That subject to the approval and disbursement of the
aforementioned commitment and loans as provided for in Paragraphs
1, 2 and 3 hereinabove, the Purchaser agrees to pay for the sub-
ject property, the sum of $186 , 000. 000 upon disbursement of said
F.H.A. loan.
5. It is understood and agreed that Purchaser shall make
an immediate application for a loan or loans upon said premises
and improvements, and that payments prior to the disbursement
of said loan or loans shall be FIVE THOUSAND DOLLARS ($5, 000. 00) ,
cash in hand paid prior to the date of the signing of this Agree-
ment, receipt of which is hereby acknowledged, and the balance
of the purchase price shall be due and payable upon approval
and disbursement of said loan or loans and delivery of deed by
the Seller to the Purchaser. Interest on the $5 ,000. 00 paid to
the County, shall be retained by Weld County as Seller, for main-
tenance costs of the real estate described above.
6. Seller shall furnish to the Purchaser a commitment
to insure the title to said property which shall reveal a
marketable title to said property in the Seller, and after full
payment, shall cause to be issued to the Purchaser, a title
insurance policy by which a marketable title to the above de-
scribed property, free and clear of liens and encumbrances , is
insured by the Seller.
7. The Purchaser shall pay all taxes on said premises from
and after the date of closing.
8 . Hazard Insurance covering fire and extended coverage
on said property shall be carried by the Purchaser from and after
the date of the execution of this Agreement, providing coverage
in the sum of $186 , 000. 00 against the improvements located on the
property covered by this Agreement. The Seller shall be the
insured and shall be entitled to all proceeds for any loss sus-
tained prior to closing. In the event that the improvements
located on the property covered by this Agreement shall be
materially changed or altered due to fire, natural disaster,
civil disorder or by any other cause, then, in that event, either
party to this Agreement shall have the option to declare this
Agreement null and void. Proof of insurance coverage, as pro-
vided for in this paragraph, shall be delivered by the Purchaser
to the Seller forthwith after the execution of this Agreement.
9. The title to said property shall be conveyed by Weld
County, a Quasi-Municipal Corporation of the State of Colorado,
free and clear of all liens and encumbrances, but subject to
reservations, exceptions, covenants , conditions and restrictions
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evidenced by instruments of record, rights of way and easements
created by instruments of record or established on the premises .
10. This transaction shall be closed by delivery of the
deed, possession, title insurance commitment and payment of
the balance of the purchase price on or before October 30 , 1977 .
Time is of the essence hereof , and if any payment or the
condition hereof is not made or performed by either Seller or
the Purchaser as herein provided, then this Agreement shall be
void and of no further effect and both parties hereto shall be
released from all obligations hereunder, at the option of the
party not in default. In the event of such default by the
Purchaser, if the Seller elects to treat the Agreement as void,
then said $5, 000. 00 payment made by the Purchaser to the Seller
shall be retained by the Seller as liquidated damages . In the
event the non-defaulting party hereto elects to treat this Agree-
ment as being in full force and effect, then nothing hereunder
shall be construed to prevent its specific performance.
11. In the event the Purchaser elects to declare this
Option Agreement for Sale and Purchase of Real Estate as void
under the provisions of paragraph 8 of this Agreement, then,
and only in that specific event, shall the Purchaser be entitled
to receive a return of the $5, 000 . 00 down payment made by said
Purchaser.
IN WITNESS WHEREOF, the parties hereto have hereunder sub-
scribed their names the day and year first above written.
SELLER: BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, A QUASI-MUNICIPAL
CO RATION OF THE ST TE OF
OLO ADO
ATTEST:'
JMa-It
Weld County Clerk and Recorder 7
and Clerk to the Bo e
` tor, Jacobucci
BY: P e 7 \ , Y 0.A-1:, Deputy County erk
Nor nl arlson
ED AS TO FORM:
Ed Dunbar
ounty Attorney
Leonard Roe
PURCHASER: ceti&eacotX1e004,3:1
l
C. RICHARD MC COY
11931 West 58th Avenue
Arvada, Colorado 80002
303-424-9325
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