HomeMy WebLinkAbout20070818 RESOLUTION
RE: APPROVE RELEASE AGREEMENT FOR CLAIM OF TAX ASSESSMENT FOR
IMPROVEMENT DISTRICT NO. 0464 0117 AND AUTHORIZE CHAIR TO SIGN -
TRANSNATION TITLE INSURANCE COMPANY
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,the Board has been presented with a Release Agreement for Claim of Tax
Assessment for Improvement District No. 0464 0117 between the County of Weld, State of
Colorado, by and through the Board of County Commissioners of Weld County, and Transnation
Title Insurance Company,commencing March 20,2007,with further terms and conditions being as
stated in said agreement, and
WHEREAS,after review,the Board deems it advisable to approve said agreement, a copy
of which is attached hereto and incorporated herein by reference.
NOW,THEREFORE,BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Release Agreement for Claim of Tax Assessment for Improvement
District No. 0464 0117 between the County of Weld, State of Colorado, by and through the Board
of County Commissioners of Weld County, and Transnation Title Insurance Company be, and
hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to
sign said agreement.
The above and foregoing Resolution was,on motion duly made and seconded, adopted by
the following vote on the 26th day of March, A.D., 2007, nunc pro tunc March 20, 2007.
BOARD OF COUNTY COMMISSIONERS
WELD LINTY( COLORADO
ATTEST: �I �=� J S E
�` , David ti E. Long, Chair
Weld County Clerk to tr
William. e ,P o-Tem
BY: !� v"� i ��
Deputy Cle' to the Boo`r� '-...J�
Willi . ar is
APP S TO
Robert D. Masden
ounty Attorney
51-70-
10- ougl s Radem her
F
Date of signature: 7
2007-0818
BC0037
(1( (/9( / o-uq ,
RELEASE AGREEMENT
WHEREAS, effective as of November 28, 2005, TRANSNATION TITLE INSURANCE
COMPANY (hereinafter referred to as "Transnation") issued its owner's form title insurance policy
no. TNGR0001110, insuring BOARD OF COUNTY COMMISSIONERS OF WELD COUNTY
(hereinafter referred to as "Weld County Commissioners"), covering Lots 5 and 6, Block 66, in the
City of Greeley, County of Weld, State of Colorado (hereinafter referred to as"Property"); and
WHEREAS, Weld County Commissioners have made a claim under said policy because of
a claim for a tax assessment against the Property, namely:
Claim by City of Greeley for tax assessment for Improvement District No. 0464
0117.
WHEREAS, the terms of settlement of said claim have been agreed upon between
Transnation and Weld County Commissioners;
NOW THEREFORE, Weld County Commissioners, in consideration of payment by
Transnation of the sum of THREE THOUSAND EIGHTY AND 98/100 DOLLARS ($3,080.98),
receipt of which is duly acknowledged, does hereby release and discharge Transnation, its parents,
subsidiaries and affiliates, and all of its directors, officers, employees and agents, of and from any
and all liability, claims, demands, all manner of actions and causes of action, of whatsoever nature
or kind in law or equity, which Weld County Commissioners now have, or which they or their
beneficiaries, successors, or assigns may acquire, under said policy arising by reason of the defect
or the claim described above, including but not limited to any lien, interest, or penalties levied by
City of Greeley in connection with payment of the tax assessment referenced herein.
Release Agreement Page 1 of 4
Weld County Commissioners/Transnation
2007-0818
Notwithstanding this Release, the Policy shall continue in full force and effect with respect
to any other matter insured against.
FURTHERMORE, Policy No. TNGR0001110 is hereby amended in the manner set forth
in the Endorsement attached hereto as EXHIBIT"A."
WELD COUNTY COMMISSIONERS HAVE COMPLETELY READ THIS FINAL RELEASE
AND SETTLEMENT AGREEMENT WITH THE OPPORTUNITY TO CONSULT WITH
INDEPENDENT COUNSEL AND FULLY UNDERSTAND AND VOLUNTARILY ACCEPT IT
FOR THE PURPOSE OF FINAL RESOLUTION AND SETTLEMENT OF ANY AND ALL
CLAIMS, DISPUTED OR OTHERWISE, ARISING OUT OF OR IN ANY WAY CONNECTED
WITH THE ABOVE-DESCRIBED MATTER. WELD COUNTY COMMISSIONERS
UNDERSTAND THAT THIS FINAL RELEASE PRECLUDES FOREVER ANY OTHER
CLAIMS IN ANY WAY CONNECTED WITH THE FOREGOING MATTER.
DATED as of the 20th day of March, 2007.
ATTEST: \I
t >>�o� OF COUNTY COMMISSIONERS OF
4f41/04"WE OUNTYCLERKTOTHE : � -' ���,OP CC}I�VTY ? (�
BY: '� l �' 1 GZ It '�:�S:�` B . \�A��Q ;I A D
DEPU. Y CLEfTO THE BO`` s :::r
David E. Long MAR 2 6 Z0C17
PRWFTITLE OR POSITION
TRANSNATION TITLE INSURANCE COMPANY
By: _ X��el---__—
Kennard M. Goodman
Its: Associate Claims Counsel
Release Agreement Page 2 of 4
Weld County Commissioners/Transnation
.7cni-CIf,'
STATE OF COLORADO )
) ss.
COUNTY OF WELD )
On this day personally appeared before me David E. Long ,to me known to be the
individual described in and who executed the within and foregoing instrument, and acknowledged
that he signed the instrument as the Chair of BOARD OF COUNTY
COMMISSIONERS OF WELD COUNTY, was authorized to do so, and acknowledged it to be the
free and voluntary act of that entity for the uses and purposes therein mentioned.
GIVEN under my hand and official seal this 26th day of March , 2007.
•o ary Public in and for the?.ta'l calei'ad`:
Residing at \. .PO LIG /. :'
My Commission Expires
My Commission Expues May U.2010
Release Agreement Page 3 of 4
Weld County Commissioners/Transnation
TRANSNATION TITLE INSURANCE COMPANY
A LandAmerica Company
ENDORSEMENT
To be annexed to and form a part of Policy No. TNGR0001110 insuring BOARD OF COUNTY
COMMISSIONERS OF WELD COUNTY, as set forth in said Policy.
The said Policy is hereby amended in the following manner:
A. Schedule B is amended by adding the following:
7. Liability for tax assessment by City of Greeley for Improvement District No. 0464
0117.
B. The Amount of Insurance set forth in Schedule A is reduced from $175,000.00 to
$171,919.02.
The total liability of the Company under said policy and any endorsements attached thereto shall
not exceed, in the aggregate, the face amount of said policy and costs which the Company is
obligated under the provisions of said policy to pay.
This endorsement is made a part of said policy and is subject to the exclusions, schedules,
endorsements, conditions, stipulations and terms thereof, except as modified by the provisions
hereof.
Nothing herein contained shall be construed as extending or changing the effective date of said
Policy, unless otherwise expressly stated.
DATED this 29th day of March, 2007.
TRANSNATION TITLE INSURANCE COMPANY
By: yd /`i'•
Kennard M. Goodman
Its: Associate Claims Counsel
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