HomeMy WebLinkAbout950046.tiffRESOLUTION
RE: APPROVE AGREEMENT FOR SALE AND PURCHASE OF REAL ESTATE WITH
VATOS, L.L.C. 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, the Board has been presented with an Agreement for Sale and Purchase of
Real Estate between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County and Vatos, L.L.C., 1305 8th Street, Greeley, Colorado 80631,
commencing upon execution, and ending December 31, 2004, 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 Agreement for Sale and Purchase of Real Estate between the County
of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County
and Vatos, L.L.C. be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chairman 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 9th day of January, A.D., 1995.
Weld County Clerk to the Board
BY:(
Deputy Clerk to the Board
APPR AS TO FORM:ounty Attorney
i1�J
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
?c
Dale K. Hall, Chairman
Barb.a.J. Kirkmeyer, P o-Tem
%Georgev . Baxter
Constance L. Harbert
W. H. Webster
950046
PR0011
ARd72323S
AGREEMENT FOR SALE AND PURCHASE OF REAL ESTATE
THIS AGREEMENT is made this 3 I day of December, 1994, by and between the
County of Weld, a body corporate and politic in the State of Colorado, by and through the Board
of County Commissioners of Weld County, whose address is 915 Tenth Street, Greeley,
Colorado 80631, hereinafter referred to as "Seller," and Vatos, L.L.C., whose address is 1305 8th
Street, Greeley, Colorado 80631, hereinafter referred to as "Purchaser."
WITNESSETH:
That in consideration of the payment by the Purchaser to the Seller of the sum of $1.00
and in consideration of the mutual promises and covenants contained herein, Seller agrees to sell
to the Purchaser and Purchaser agrees to purchase from the Seller the real property which is
described in the attached Exhibit "A", hereinafter referred to as the "Parcel."
The agreement of sale and purchase of said Parcel is subject to the following conditions:
1. Seller shall furnish to Purchaser a Special Warranty Deed for said Parcel. Title
insurance, if requested by Purchaser, shall be paid for by Purchaser.
2. Seller and Purchaser agree that the current market value for said Parcel is
$37,810.00, based upon a figure of $.50 per square foot for 1.736 acres of real
property. Consideration for the sale of said Parcel by Seller to Purchaser shall be
$1.00, unless any one of the following events occurs prior to December 3 / ,
2004, in which instance the Purchaser shall pay to the Seller that balance of the
current market value ($37,810.00) declining on an equal basis over ten (10) years,
according to the schedule shown in the attached Exhibit "B":
a. Sale or other transfer of the parcel by Purchaser including an option to
purchase exercisable at any time prior to December p, , 2004.
b. Purchaser fails to continuously occupy the Parcel for the purpose of
conducting the business known as the "Wok on the Run."
Purchaser agrees to execute a Note and Deed of Trust which shall secure the
current market value ($37,810.00) and the declining balances thereof over ten
years.
3. Title for said Parcel shall be merchantable in Seller. Subject to payment or tender
as above provided and compliance by Purchaser with the other terms and
provisions hereof, Seller shall execute and deliver a good and sufficient Special
Warranty Deed for said Parcel to Purchaser on a date certain set by mutual
agreement between Seller and Purchaser, conveying said Parcel free and clear of
all taxes and free and clear of all liens for special improvements installed as of the
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Weld County CO Clerk & Recorder 0.00
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date of Purchaser's signature hereon, whether assessed or not; free and clear of
liens and encumbrances, except those stated and set forth in paragraph 2, above;
and subject to all applicable building and zoning regulations.
4. Purchaser shall be responsible for the payment of property taxes for the year 1995,
and each year thereafter, beginning on the date of delivery of deed.
5. The date of closing shall be the date of delivery of deed as provided in paragraph
3, above. The hour and place of closing shall be designated by mutual agreement
between Seller and Purchaser.
6. Time is of the essence hereof.
7. Possession of said Parcel shall be delivered to Purchaser upon closing and shall
not be subject to any leases or tenancies.
8. Seller represents and warrants as of the day hereof and as of the date of the
closing that neither the execution of this contract nor the consummation of the
transaction provided for herein constitutes, or will result in, any breach of any of
the terms, conditions, or provisions, or constitute a default under any indenture,
charter, bylaw, mortgage, loan agreement, lien, lease, license, judgment,
agreement to which the Seller is a party or which the property is subject to, except
as provided for herein.
9. All of the conditions, promises, and covenants stated herein shall be in full force
and effect, notwithstanding the conveyance of said Parcel by Special Warranty
Deed as outlined in paragraph 3, above, or the execution of the Note and Deed of
Trust as outlined in paragraph 2, above, and shall not merge with said Special
Warranty Deed, Note, and Deed of Trust.
10. Purchaser agrees to pay for the cost of any and all taps for utilities extending from
the street to the Parcel. Such utilities include, but are not necessarily limited to,
the following: water, sewer, electricity, gas, and telephone.
11. All costs associated with the survey of said parcel shall be paid by Seller.
12. The sale and purchase of the Parcel shall be conditional upon final PUD approval
by the City of Greeley, Colorado, for a restaurant to be located on the Parcel. If
the final PUD approval is denied, then the agreement herein shall be null and
void. Purchaser agrees to pay all costs of the application for said PUD approval.
Purchaser expressly agrees that Seller shall be designated as a joint applicant for
said PUD.
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13. The sale and purchase of the Parcel is conditional upon Purchaser having obtained
a franchise agreement with a restaurant chain and a construction loan for the
building to be constructed upon said Parcel.
14. Seller shall not be responsible for any of the costs of development of the Parcel or
in the building for the restaurant to be located thereon.
15. This Agreement contains the entire agreement and understanding between the
parties to this Agreement and supersedes any other agreements concerning the
subject matter of this transaction, whether oral or written.
16. Seller shall provide Purchasers no other assistance except for those items provided
in this Agreement. Purchaser expressly acknowledges that Seller, its employees
and agents, have to this date made no representations, and through this Agreement
makes no representations, that should be relied upon for determination of the
success or failure of a restaurant business venture to be located upon said Parcel.
Purchasers further acknowledge that they fully understand the business risks
associated with such a restaurant venture and assume all such risks voluntarily and
without reservation.
IN WITNESS WHEREOF, the parties hereto have subscribed their names this
day of December, 1994.
SELLER:
ATTEST:
CLERK TO THE BOARD
Deputy Clerk
ATTEST:
COUNTY OF WELD, A BODY
CORPORATE AND POLITIC OF THE
STATE OF COLORADO, BY AND
THROUGH THE BOARD OF COUNTY
COMMISSIONERS OF WELD COUNTY,
COLORADO
BY:
Dale K. Hall, Chair an 01/11/95
PURCHASER:
Vatos, L.L.C.
BY: BY:
, Secretary
VATOS.DB
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President
950046
TEL: Dec 06.94 10:42 No.004 P.02
LEGAL DESCRIPTION
Wok On The Run
Weld County Business Park
A part of Tract "C" Weld County Business Park P.U.D. a subdivision
within the City of Greeley, County of Weld, State of Colorado, more
particularly described as follows:
Commencing at the Northeast Corner of Section 31, Township 6 North,
Range 65 West of the 6th Principal Meridian, and considering the East
line of the Northeast Quarter (NE1\4) to bear South 00' 00' 00" West,
to the East Quarter (E1\4) Corner of said Section 31, with all
bearings contained herein being relative thereto; thence along said
Section line South 00' 00' 00" West, a distance of 1,555.00 feet;
thence leaving said Section line North 90' 00'00" West, a distance of
50.00 feet, to the West Right -of -Way line of 11th Avenue, also being
the True Point of Beginning; thence along said Right -of -Way line
South 00' 00' 00" West, a distance of 270.00 feet; thence leaving
said Right -of -Way line North 90' 00' 00" West, a distance of 280.00
feet; thence North 00' 00' 00" East, a distance of 270.00 feet;
thence South 90' 00' 00" East, a distance of 280.00 feet to the True
point of Beginning.
Said Parcel of land contains 1.736 acres, more or less, and is
subject to any Rights -of -Way or other easements as granted or
reserved by instruments of record or as now existing on said tract of
land.
Legal Description Prepared by:
Grant M. Waldo
KLH Engineering, Inc.
822 7th Street, Suite 5
Greeley, Colorado 80631
December 6, 1994
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DEC 6 '94 10:43
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