HomeMy WebLinkAbout740644.tiff AGREEMENT OF SALE AND PURCHASE
THIS AGREEMENT, made and entered into this 10th day of dine, July
A.D. , 1974, by and between THE CITY OF GREELEY, COLORADO, a
Municipal Corporation, as Seller ("City"), and THE COUNTY OF WELD,
COLORADO, as Buyer ("County"),
WI THE SSE TH:
WHEREAS, this agreement pertains to a parcel of real property
described as Lots 17 and 18, in Block 65, City of Greeley, Weld County,
Colorado, according to the recorded map or plat thereof (hereinafter re-
ferred to as "the property"), and
WHEREAS, the City has possession of the property as lessee under
a Lease Agreement dated December 11, 1959, which contains an option to
purchase the property, and
WHEREAS, the property is located on the southwest corner of said
City block; the property is presently used for public parking of vehicles;
and the City block of which said property is a part is now devoted exclu-
sively to public purposes, including the Weld County Courthouse, the
Weld County Jail, administrative office space, and other public parking
areas; and the City block of which the property is a part is located in the
central business district of Greeley, Colorado, and
WHEREAS, the County desires to purchase the property for its
own use, in conjunction with its other property in said City block, for the
construction of a new County Services Building, and
WHEREAS, the City recognizes the public importance of a new
County Services Building within the City of Greeley, Colorado, and recog-
nizes that it is necessary for the County to acquire the property as part
of that project, and
WHEREAS, the City is willing at this time to exercise its option
to purchase the property and to immediately resell the property to the
County, in consideration of the payment of the purchase price as herein-
after set forth.
740644
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NOW, THEREFORE, it is agreed as follows:
1. The City hereby agrees to sell and the County hereby agrees to
purchase the property for a total purchase price of $165, 000. 00 to be paid
by the County to the City.
2. The City will have marketable title to the property as of the
time of closing and the property will be free and clear of all liens and
encumbrances, including any vendor's lien. As soon as possible after the
execution of this agreement, the City will deliver to the County the abstract
which the present owner is required to provide the City upon exercise of
the option, and the City will pay 90/165ths of the cost of the abstracter's
certificate showing the extension of the abstract up through the conveyance
which is the subject of this agreement.
3. The closing shall take place thirty days after the effective date
of an ordinance to be passed by the City authorizing the consummation of
the sale provided for by this agreement. At the closing, the City shall
deliver to the County a special Warranty Deed conveying the property and
the County shall deliver to the City cash or certified funds in the amount of
$165, 000. 00. In addition, the City shall deliver to the County a written
opinion from the City Attorney stating that the Lease and Option Agreement
of December 11, 1959, does not and will not restrict the use of the property
to public parking purposes, after exercise of the option.
4. The County shall have the right to take possession of the pro-
perty at such time as the present owner consents to such immediate trans-
fer of possession. The City will seek that consent immediately. If that
consent cannot be obtained, possession shall be transferred at the time of
closing.
5. The City agrees to vacate all alleys in subject Block 65 upon
proper presentation of a petition from the County to that effect so that the
construction of the services building may be initiated at the earliest pos-
sible time.
6. The County shall be released of any obligations under this
agreement if (a) title to the property is not marketable in the City and
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cannot be made marketable by quiet title action or other similar proceeding,
(b) title, although marketable, is subject to a covenant or other limitation
restricting the use of the property to public parking purposes, or (c) suit
is brought attacking the ordinance authorizing the sale or otherwise attacking
this transaction, within thirty days after the effective date of the ordinance,
or a referendum proceeding is initiated regarding the ordinance within thirty
days. The County may waive any or all of the above conditions, but in that
event the County also will be deemed to have waived any right to claim the
City has breached this agreement and any right to claim a reduction of the
purchase price. If the County does not wish to waive those conditions, then
this agreement shall be void and both parties released from any further
obligation hereunder.
7. Time is of the essence of this agreement. Any breach of this
agreement shall entitle the other party to seek judicial enforcement of the
agreement or to seek damages for breach of contract, or to seek any other
judicial remedy, including the remedy of specific performance.
8. The County may not assign its rights under this agreement,
without the express written consent of the City.
9. This agreement shall be binding upon and enforceable by the
parties hereto, their successors and lawful assignees.
Executed the date and year first above written.
CITY OF REELEY, COLORADO THE COUNTY OF WELD, BY THE
- BOARD OF COUNTY COMMISSIONERS
;, 2 _ OF WELD COUNTY:
By mot/
Mayor i
( a
Attes • ,7
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City Clerk
Approved_`
7/ A test: f .
Weld County Clerk and co der and
tY =' Clerk to the Board
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Cit tt ney Deputy C my Clem
App4' $red'as form:
7 (l"roc
County Attorney
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