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HomeMy WebLinkAbout2019-15 Mutual Release of Restrictive Covenant with Biscayne Trust RESOLUTION NO. 15 SERIES OF 2019 A RESOLUTION APPROVING A MUTUAL RELEASE OF RESTRICTIVE COVENANT BETWEEN THE TOWN OF VAIL AND BISCAYNE TRUST; AND SETTING FORTH DETAILS IN REGARD THERETO. WHEREAS, the Town of Vail (the "Town"), in the County of Eagle and State of Colorado is a home rule municipal corporation duly organized and existing under the laws of the State of Colorado and the Town Charter (the "Charter"); WHEREAS, the members of the Town Council of the Town (the "Council") have been duly elected and qualified; WHEREAS, Biscayne Trust is the owner of that certain property ("the Property") located within the Town of Vail, Eagle County, Colorado, with a physical address of 1109 Vail Valley Drive, Vail, Colorado 81657; WHEREAS, a restrictive covenant ("Restrictive Covenant") was recorded against the Property for the sole purpose of creating an employee housing unit within the Town of Vail as provided in Chapter 12-13, Vail Town Code; WHEREAS, said Restrictive Covenant was recorded against the Property in the records of the Clerk and Recorder of Eagle County, Colorado on August 31 , 2007 at Reception No. 200723275; WHEREAS, The Town is the beneficiary of said Restrictive Covenant; and WHEREAS, Releasee and the Town, pursuant to Section 12-13-5 of the Vail Town Code, wish to mutually release the Restrictive Covenant in exchange for the placement of an employee housing deed restriction on Heather of Vail Condo Unit B-3/ 5197 Black Gore Drive Unit B-3, Vail, Colorado 81657 (the "Proposed EHU"). NOW, THEREFORE, be it resolved by the Town Council of the Town of Vail, Colorado: Section 1. The Council hereby approves the Mutual Release of Restrictive Covenant and authorizes the Town Manager to execute the Mutual Release of Restrictive Covenant Agreement on behalf of the Town in substantially the same form as attached hereto as Exhibit A and in a form approved by the Town Attorney. Section 2. This Resolution shall take effect immediately upon the recording of an employee housing deed restriction in a form approved by the Town on the Proposed EHU. Resolution No. 15,Series of 2019 INTRODUCED, READ, APPROVED AND ADOPTED this 2nd day of April , 2019. i I , fty •ply ,. h. sin, M Aon ATTEST: " t • _ .� Ng °moo agel, Tow SIerk 1 v-Its„(2_44.- Resolution No. 15,Series of 2019 MUTUAL RELEASE OF RESTRICTIVE COVENANT THIS RELEASE is made and entered into this 2nd day of April, 2019, by and between Biscayne Trust, hereinafter referred to as "RELEASEE" and the Town of Vail, a Colorado Municipal Corporation, hereinafter referred to as "RELEASOR". WHEREAS, Releasee is the owner of that certain property ("the Property") located within the Town of Vail, Eagle County, Colorado, with a physical address of 1109 Vail Valley Drive, Vail, Colorado 81657; WHEREAS, a restrictive covenant ("Restrictive Covenant") was recorded against the Property for the sole purpose of creating an employee housing unit within the Town of Vail as provided in Chapter 12-13, Vail Town Code; WHEREAS, said Restrictive Covenant was recorded against the Property in the records of the Clerk and Recorder of Eagle County, Colorado on August 31, 2007 at Reception No. 200723275; WHEREAS, Releasor is the beneficiary of said Restrictive Covenant; and WHEREAS, at the public meeting held on April 2, 2019, and pursuant to Section 12-13-5 of the Vail Town Code, the Town Council of the Town of Vail, Colorado ("Town Council") approved the release of the Restrictive Covenant in exchange for the placement of an employee housing deed restriction on Heather of Vail Condo Unit B-3 / 5197 Black Gore Drive Unit B-3, Vail, Colorado 81657. NOW THEREFORE, in consideration of the mutual terms and provisions herein below set forth, and other good and valuable consideration, the receipt and adequacy of which is hereby confessed and acknowledged to, the parties agree: 1. The Town Council approved the release of the Restrictive Covenant on April 2, 2019 via Resolution 15, Series of 2019. 2. Releasor hereby terminates the Restrictive Covenant recorded against the Property in the office of the Clerk and Recorder of Eagle County, Colorado at Reception No. 200723275 and dated August 31, 2007 and hereby releases Releasee from all duties and obligations of said Restrictive Covenant. 3. Upon execution of the Release, Releasee shall be free to sell, devise, gift, lease, or otherwise dispose of the Property at will, at any time, and to any buyer or tenant with no further restrictions imposed by Releasor. 4. Upon execution of the Release, Releasee shall be free to reside in and use the Property with no further restrictions imposed by the Releasor. 5. This Release shall be permanent and shall run with the land and shall not be waived, abandoned, amended, or terminated and shall inure to the benefit and be binding upon the parties, their respective grantees, successors, or assigns. Page 1 of 2 6. This Release constitutes the entire agreement between the parties with respect to the subject matter hereof, and there are no inducements, representations, warranties, or understandings that do not appear within the terms and provisions of the Release. This Release may be modified only in writing, signed by both parties. 7. This release shall be recorded in the real property records of Eagle County, Colorado and the provisions of this Release shall be governed by the laws of the State of Colorado, including any action arising out of this Release. 8. If any provisions of this Release shall be held by a court of competent jurisdiction to be illegal, invalid or unenforceable, the remaining provisions shall remain in full force and effect. This Release has been negotiated by the parties and their respective counsel and shall be interpreted fairly in accordance with its terms and without any strict construction in favor of or against either party. RELEASOR: TOWN OF VAIL, a Colorado Municipal Corporation By: Greg Clifton, Town Manager ATTEST: Tammy Nagel, Town Clerk RELEASEE: By: Biscayne Trust, Current Owner STATE OF ) ss COUNTY OF The foregoing instrument was acknowledged before me this day of , 2019 by Notary Public: My Commission Expires: Page 2 of 2