HomeMy WebLinkAbout930125.tiff RESOLUTION
RE: APPROVE AMENDMENT TO OPTION TO PURCHASE REAL ESTATE AND AUTHORIZE CHAIRMAN
TO SIGN
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, by Resolution on February 24, 1992, the Board did grant to The
Villa at Greeley, Inc. , an Option to Purchase Real Estate, pertaining to property
described as "no less than eight and no more than ten acres of the most westerly
portion of Tract A of Weld County Business Park, PUD, Greeley, Colorado, " and
WHEREAS, the Board has been presented with an Amendment to said Option to
Purchase Real Estate between The Villa at Greeley, Inc. , and Weld County,
Colorado, by and through the Board of County Commissioners of Weld County, with
the further and conditions being as stated in said amendment, and
WHEREAS, after review, the Board deems it advisable to approve said
amendment, 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 Amendment to said Option to Purchase Real Estate
between The Villa at Greeley, Inc. , and Weld County, Colorado be, and hereby is,
approved.
BE IT FURTHER RESOLVED by the Board that the Chairman be, and hereby is,
authorized to sign said amendment.
The above and foregoing Resolution was, on motion duly made and seconded,
adopted by the following vote on the 3rd day of February, A.D. , 1993.
//ii_./tel? BOARD OF COUNTY COMMISSIONERS
ATTEST: WELD COUNTY, COLORADO
Weld County Clerk to the Board ���✓��r�� lc���
Constance L. Harbert, Chairman
7 �
BY: G1 `�y,/p JJ� j14
Deputy ler � o the d W. H. gbster� P��Tem
APPROVED AS FORM:
eorge . Baxt r
County Attorney Dal K. Hall
Izt
arbara J. Kirkmeyer
930125
Onn" /n
AMENDMENT TO OPTION TO PURCHASE REAL ESTATE
,4 THIS AMENDMENT to Option to Purchase Real Estate is dated this
day of February, 1993, and is between The Villa at Greeley,
Inc. , a Colorado corporation ( "Villa" ) and Weld County, Colorado
( "Weld" ) , by and through the Board of County Commissioners of Weld
County.
WITNESSETH:
WHEREAS, on February 24, 1992 the parties hereto entered into
an agreement wherein Weld granted to the Villa an Option to
Purchase Real Estate, pertaining to property described as "no less
than eight and no more than ten acres of the most westerly portion
of Tract A of Weld County Business Park, PUD, Greeley, Colorado, "
copy of which Option to Purchase Real Estate is attached hereto as
Exhibit "A", and
WHEREAS, the parties hereto now wish to amend said Option to
Purchase Real Estate in order to extend the Option period and to
add certain conditions to said Option.
NOW, THEREFORE, in consideration and mutual promises and
covenants contained herein, parties hereto agree as follows :
1 . That the Option to Purchase Real Estate entered into by
the parties on February 24, 1992, a copy of which is
attached hereto as Exhibit "A", is hereby amended as
follows :
1 . Option Period. The Option Period is extended from
February 24, 1993 to and until August 24, 1993, or
until it becomes evident to Weld that the
correctional facility project currently being
considered by the Villa will not be completed due
to financial infeasibility or a lack of a state
contract for said project.
2 . Property Restriction. The Villa agrees that, upon
exercise of this option, it shall build a
correctional facility upon the Real Property, with
construction to commence within one year after the
date this Option is exercised. The parties hereto
agree that any deed conveying the Real Property to
the Villa after the exercise of this Option shall
include a reversionary clause stating the
conditions contained in this paragraph.
930125
IN WITNESS WHEREOF, the parties hereto have executed this
Amendment to Option to Purchase Real Estate on the 3 :1` day of
February, A.D. , 1993.
ATTEST ita BOARD OF COUNTY COMMISSIONERS
OF WELD COUNTY, COLORADO
Clerk to the Board
By D �t Clerk ' o th a BY: w& y�!�o�6`G,�
P y �_Ba Constance Harberrt, Chairman
aalosh3
ATTEST: THE VILLA AT GREELEY, INC.
Corporate Secretary at
The V la at G eeley, Inc.
im
By: By: 1..A.A2,-1-7744-0-71
Harry A us, President
SUBSC IBED AND SWORN to before me this , > �.0 day of
, 19 913 .
WITNESS my hand and official
sseall
Notary Ru 'c
915 10th St. , eley. , CO 80631
My commission expires :
My Commission Expires January 10,1995
amendop.gjb
930125
OPTION TO PURCHASE REAL ESTATE
This Option to Purchase Real Estate is dated this 24th day of February,
1992, and is between The Villa at Greeley, Inc. , a Colorado corporation (the
"Villa") and Weld County, Colorado, ("Weld") by and through the Board of County
Commissioners of Weld County.
1. Grant of Option. Weld, in consideration of the sum of $1000 received
from the Villa, gives the Villa the exclusive option to purchase, upon the
following terms and conditions, the certain parcel of land located in the City
of Greeley, Weld County, Colorado, (the "Real Property") which is no less than
eight and no more than ten acres of the most westerly portion of Tract A of Weld
County Business Park, PUD, Greeley, Colorado.
2. Option Period. This Option shall run commencing with the effective
date hereof to and until February 24, 1993, when this Option shall expire if not
previously exercised by the Villa.
3. Purchase Price. If this Option is exercised by the Villa, the Villa
and Weld shall negotiate in good faith to arrive at a reasonable purchase price
for the real property taking into consideration the fair market value of the real
estate and the benefits to Weld and the people of Weld County that may be
realized by purchase and development of the real property by the Villa. The
maximum purchase price shall not exceed $10, 000. 00 per acre based upon the net
actual acreage of the real property. The purchase price shall be payable by
cashier's check or wire transfer of funds at the time of closing.
4. Exercise of Option. This Option may be exercised at any time during
the Option period by written notice to Weld personally delivered to the Clerk to
the Board of County Commissioners of Weld County, Colorado, or mailed to the
Clerk to the Board of County Commissioners of Weld County, Colorado, sent by
certified mail, return receipt requested. If the notice is mailed, the date of
delivery of notice shall be the date of the mailing of such notice.
5. Failure to Exercise Option. If the Villa does not exercise the
Option, the Consideration paid for the Option shall be retained by Weld and
neither party shall have any further rights or claims against the other party by
reason of this Option Agreement. If the Option is exercised, the Option amount
paid as provided above shall be applied towards the payment of the purchase
price.
6. Date of Closing. The transaction shall be closed by the parties
within thirty days after the Option is exercised by the Villa. The closing shall
take place at the office of a title insurance company in Greeley, Colorado,
selected by Weld. The fee charged by the title insurance company for the closing
shall be paid one-half by the Villa and one-half by Weld and shall be based upon
fees customarily charged by the title insurance company.
EXHIBIT "A"
1
. . . .. . . . . . .. ._.. __ _ _ __... ....... .... _. ..... .. _ _
... . . . ....... .. ......... . . . .
7. Title Insurance. If the Villa exercises its option, Weld shall,
within ten days of the date of exercise, deliver to the Villa a title insurance
commitment issued by a licensed title insurance company doing business in
Greeley, Colorado, committing said company to insure the title of the Villa free
and clear of all liens and encumbrances, subject only to standard printed title
exceptions, easements or rights of way as shown on the plat of the protective
covenants of record (a copy of which has been furnished to the Villa prior to
execution hereof) and any terms and conditions of the PUD established by the City
of Greeley and the County of Weld. The cost of such title insurance shall be
paid by Weld and a title insurance policy shall be delivered to the Villa at
closing.
8. Conveyance. Weld shall execute and deliver to the Villa a good and
sufficient deed of conveyance acceptable to the title insurance company at the
time of closing conveying the real property to the Villa free of all liens and
encumbrances except those show on the title insurance commitment and accepted by
the Villa. The real property taxes, if any, assessed against the real property
shall be prorated to the date of closing.
9. Possession. The Villa shall also be entitled to enter onto the real
property prior to exercising this Option for the sole purpose of taking
measurements, testing soils, and making other determinations to be used in its
decision as to whether or not to exercise the Option.
10. Binding Effect. This Option Agreement shall be binding upon and
inure to the benefit of the parties hereto, their successors and assigns.
IN WITNESS WHEREOF, the parties above named have executed this agreement
on the 24th day of February, A.D. , 1992.
1 i 1 / // /I BOARD OF COUNTY COKMISSIONERS
ATTEST:, TY, COLORADO
] , + ( f ' J WELD COU
/ v
L✓�WG� /q1
Weld County Clerk to the Board BY: ,'
�• Charm— an —�
By: n / 7 CC�/J
Deputy Clerk to the Boa
VILLA AT GREELEY, INC.
(-\
ATTEST:
'President J LLL��IJJJ
Villanat Greeley, Inc. d
BY: --Y4.7 ,a42#73-------
BY:(/ S
"brporate iitary Notary Publ1 /
My Gommissicn Expires January 10,1995
My Commission Expires:
2
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