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.
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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.
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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:
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