HomeMy WebLinkAbout20252557.tiffResolution
Approve Consent to Assignment and Assumption of Contract to Buy and Sell
Income -Residential Real Estate (Property "P") for Judicial and Administration Site
Project, and Authorize Chair to Sign Any Necessary Documents — Richmark Real
Estate Partners, LLC
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, LoHi FC, LLC, desires to assign the current Contract and Amendment #1 to
the Buy and Sell Income -Residential Real Estate, for real property located at
1014-1020 9th Street, Greeley, Colorado 80631, also known as Lincoln Plaza, and owned
by Richmark Real Estate Partners, LLC, and
Whereas, the Board has been presented with a Consent to Assignment and Assumption
of the Contract to Buy and Sell Income -Residential Real Estate, further identified as
Property "P", for the Judicial and Administration Site Project between the County of Weld,
State of Colorado, by and through the Board of County Commissioners of Weld County,
on behalf of the Facilities Department, and Richmark Real Estate Partners, LLC,
commenting upon full execution of signatures, with further terms and conditions being as
stated in said assignment and assumption, and
Whereas, after review, the Board deems it advisable to approve said assignment and
assumption, 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 Consent to Assignment and Assumption of the Contract to Buy and
Sell Income -Residential Real Estate, located at 1014-1020 9th Street, Greeley, Colorado
80631, also known as Lincoln Plaza and further identified as Property "P", for the Judicial
and Administration Site Project between the County of Weld, State of Colorado, by and
through the Board of County Commissioners of Weld County, on behalf of the Facilities
Department, and Richmark Real Estate Partners, LLC, be, and hereby is, approved.
Be it furies,. resolved by the Board that the Chair be, and hereby is, authorized to sign
said assignment and assumption, and any necessary documents to effectuate the
closing.
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10/01 /25
2025-2557
PR0039
Consent A Assignment and Assumption of Contract A Buy and Sell Income -Residential
Real Estate (Property "P") for Judicial and Administration Site Project — Richmark Real
Estate Partners, LLC
Page 2
The Board &County Commissioners of Weld County, Colorado, approved the above
and foregoing Resolution, on motion duly made and seconded, by the following vote on
the 15th day of September, A.D., 2025:
Perry L. Buck, Chair: Aye
Scott K. James, Pro-Tem: Aye
Jason S. Maxey: Excused
Lynette Peppier: Aye
Kevin D. Ross: Excused
Approved as to Form:
Bruce Barker, County Attorney
Attest:
Esther E. Gesick, Clerk to the Board
2025-2557
PR0039
ASSIGNMENT AND ASSUMPTION
OF CONTRACT TO BUY AND SELL REAL ESTATE (INCOME - RESIDENTIAL)
(Lincoln Plaza ("P"))
THIS ASSIGNMENT AND ASSUMPTION OF CONTRACT TO BUY AND SELL
REAL ESTATE (INCOME - RESIDENTIAL) (this "Assignment") is made effective as of
September 15, 2025 (the "Effective Date"), by and between RICHMARK REAL ESTATE
PARTNERS LLC, a Colorado limited liability company ("Assignor") and COUNTY OF
WELD, STATE OF COLORADO, a body politic and corporate ("Assignee"). Assignor and
Assignee are sometimes referred to individually as a "Party" and collectively as the "Parties."
RECITALS
A. Assignor, as Buyer, and LoHi FC LLC, a Colorado limited liability company
("Seller"), as seller, entered into that certain Contract to Buy and Sell Real Estate (Income —
Residential) with addendum attached thereto dated as of March 3, 2025 (the "Original
Agreement"), as amended by that certain Agreement to Amend/Extend Contract to Buy and Sell
Real Estate (Income — Residential) dated effective as of August 20, 2025 (the "Amendment", and
together with the Original Agreement, collectively the "Agreement"), and as may have been
further amended, for the purchase of certain real property located at 1014-1020 9th Street, Greeley,
CO 80631, as more particularly described therein (the "Property").
B. The Agreement provides that Assignor, as Buyer, may assign its rights thereunder.
C. Assignor desires to assign to Assignee, pursuant to the terms and conditions set forth
in this Assignment, and Assignee wishes to accept the assignment of, all of Assignor's rights, title,
duties and obligations under the Agreement (collectively "Assignor's Interest") pursuant to the
terms and conditions of this Assignment
AGREEMENT
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Assignor and Assignee agree as follows:
1. Defined Terms. Unless expressly defined herein, all capitalized terms used in this
Assignment shall have the same meaning as set forth in the Agreement.
2. Assignment. Subject to Assignee's performance of its reimbursement obligations
under Section 3 below, pursuant to Section 4 of the Amendment, as of the Effective Date, Assignor
assigns to Assignee: (a) all of Assignor's Interest; (b) any and all earnest money deposits and/or
other consideration paid by Assignor to Stewart Title Company ("Title Company") under the
Agreement; (c) any and all documents, instruments, title commitments, surveys, inspection reports
and other items delivered to or prepared on behalf of Buyer, or delivered to Seller or Title Company
by of for the benefit of the Buyer; and (d) any and all other rights of Assignor in, to and under the
Agreement.
2025-2557
1
34696209.8
3. Reimbursement: On the Effective Date, Assignee shall pay Assignor One Hundred
Twenty -Five Thousand Seven Hundred Ninety Five Dollars ($125,795.00) representing a
reimbursement of (i) One Hundred Thousand Dollars ($100,000.00) in earnest money deposited
with Title Company pursuant to the Agreement and (ii) the costs incurred by Assignor for
inspection and due diligence of the Property pursuant to the Agreement and set forth in Schedule 1
attached hereto.
4. Assumption. Assignee hereby accepts the above -described assignment from
Assignor as of the Effective Date and assumes and agrees to be bound by all of the terms,
obligations, conditions, covenants, and liabilities of the Agreement.
5. Miscellaneous.
a. This Assignment shall be governed by and construed in accordance with the
laws of the State of Colorado.
b. The headings of the sections and paragraphs of this Assignment have been
included only for convenience and shall not be deemed in any manner to modify or limit
any of the provisions of this Assignment or be used in any manner in the interpretation of
this Assignment.
c. This Assignment shall be binding upon and inure to the benefit of the Parties
hereto and their respective heirs, legal representatives, successors and assigns.
d. This Assignment may be executed by facsimile and/or .pdf signatures and
in counterparts, both of which when taken together shall constitute the whole agreement
binding as originals on the parties hereto. Signature pages from any one counterpart may
be removed and attached to any other counterpart.
[Remainder of page intentionally left blank]
34696209.8
2
IN WITNESS WHEREOF, the parties hereto have executed this Assignment as of the date first
written above.
ASSIGNOR:
RICHMARIC REAL ESTATE
PARTNERS LLC,
a Colorado limit • ' _ : company
By:
Name:
Title: Authorized Agent
ASSIGNEE:
COUNTY OF WELD, STATE OF
COLORADO
a body politic and corporate
By:
Name: Perry Buck
Title: Chair,
Board of Weld County Commissioners
ATTESTED:
County Clerk to the Board
By:
Deputy Clerk to the oard
ri
Date:
SEP 1 5 2025
Signature Page
to
Assignment and Assumption of Contract to Buy and Sell Real Estate
(Income — Residential)
34696209.8
Ro.25 -.2557
SCHEDULE 1
Reimbursement Detail
(Earnest Money and Due Diligence Expenses)
Lincoln Plaza
_ I.ISt I' I'll' I_II`!II�( I
Cost Summary
Property Description
Date
Vendor / GL Account
AP Invoice IJE Number
Amount
Allocation
Reimbursmsnt
Check Number
bctt! Props
5/5/2025
VV00 1?8-National Inspecbun Services
6588
$22,475 00
50%
$11,237 50
11492
Botts Props
4/29/2025
VV00804AXIS Surveying
035-25002_02
$1,771 00
50%
$885 50
11490
Lincoln Plaza
4/15/2025
O/00895 -Wise Roof LLC
1018 9th 04.2025
$600 00
100%
$600.00
11481
Lincoln Plaza
4/14/2025
'JVUU? i_ Boulder Environmental Inc
1 1taii:
$2,600 00
11)0%
$2,600 1.10
11461
Lincoln Plaza
04/14/2025
VV00783-Boulder Environmental Inc,
11687
$2.350 00
100%
$2,350.00
11467
Lincoln Plaza
04/11/2025
VV00783-Boulder Environmental Inc
11689
$1,450 00
100%
$1,450 00
11467
Both Props
4/8/2025
VV00788-National Inspection Services
6566
$5,050 00
50%
$2,525.00
11459
Both Props
4/7/2025
+/V00804 -AXIS Surveying
035-25-002_01
$8.204 00
50%
$4,147 00
11455
Lincoln Plaza
03/03/2025
Stewart Title
PSA
$100.000 00
100%
$100,000.00
DWR-02411903
$144,590.00
$125,796.00
Schedule I
to
Assignment and Assumption of Contract to Buy and Sell Real Estate
(Income — Residential)
34696209.8
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