HomeMy WebLinkAbout1990-16 Acquisition of Certain Real Property from Robert W. Glake and Fern F. GlakeRESOLUTION N0. 16
Series of 1990
A RESOLUTION RUTHORIZING THE ACQUISITION BY THE TOWN OF VAIL,
COLORADO (THE "TOWN"} OF CERTAIN REAL PROPERTY LOCATED IN THE
TOWN FROM ROBERT W. GLAKE AND FERN F. GLAKE ("SELLER") FOR A
PURCHASE PRICE OF $109,000; SUCH REAL PROPERTY TO BE DEVOTED TO
PUBLIC PURPOSES; AUTHORIZING 7HE iSSUANGE BY THE TOWN OF ITS
PROMISSORY NOTE IN TWE AMOUNT OF $87,200 PAYABLE IN THREE ANNUAL
INSTALLMENTS, AND SECURED BY A DEED OF TRUST UPON THE SUBJECT
REAL PROPERTY; AND PRESCRIBING OTHER DETAILS IN CONNECTION WITH
SUCH ACQUISITION AND PURCHASE.
WHEREAS, Seller is the owner of Lots 2 and 4, Block H, Vail dos Schone Filing 2,
Vail, Colorado; and
WHEREAS, Seller desires to sell the property and the Town desires to purchase
and acquire the property for open space and/or public purposes; and
WHEREAS, the purchase price of the property will be annually paid and said
purchase price will be divisible and subject to annual appropriations by the Town;
and
WHEREAS, the Town will not incur a general obligation indebtedness in connection
with the proposed method of acquisition.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL,
COLORADO, that:
1. The entering into by the Town of the purchase agreement with Seller with
respect to the property is hereby authorized.
2. The total purchase price for the property shall be one hundred nine
thousand dollars ($109,000} payable as follows:
A. Ten thousand dollars ($10,000) as earnest money on the contract.
B. Eleven thousand eight hundred dollars ($11,800) payable at closing.
C. Eighty-seven thousand two hundred dollars ($87,200) to be payable to
Seller in accordance with a promissory note attached to the purchase agreement as
Exhibit A bearing interest at the rate of eight percent (8°,6) per annum payable in
three annual installments of principal and accrued interest, said note being due and
payable three (3) years from the date of its execution.
3. The execution by the Town of the deed of trust attached to the purchase
agreement as Exhibit C and securing the obligation evidenced by the promissory note,
is hereby authorized.
4. In accordance with the terms of the note and the deed of trust, the Town
shall not have any liability for the payment of principal or interest or the
performance of any other obligations under the note and deed of trust, it being
r r M
understood and agreed that the Town's obligations thereunder are expressly subject
to annual appropriations by the Town Council and that the sole remedy of Seller in
accordance with the note and deed of trust is through an action against the
property.
5. In accordance with Article II of the deed of trust, the Town shall be
entitled to releases of the lien created by the deed of trust apportioned to the
amount of the purchase price then paid for by the Town.
6. In accordance with Article II of the deed of trust, in the event that
Seller recovers fee title to the property or any portion thereof as a result of
foreclosure of the deed of trust {or otherwise), Seller shall have the right to
repurchase from the Town any portion or all of the property previously released from
the lien of the deed of trust upon payment to the Town of a sum per square foot
equal to one hundred nine thousand dollars {$109,000) divided by the total number of
square feet of the property fnr each square foot to be repurchased.
7. The deed of trust shall be a lien on the property superior to any other
liens, encumbrances, or leases.
8. The purchase agreement, the note, and the deed of trust are authorized in
substantially the form attached hereto.
9. The obligation authorized and evidenced by the purchase agreement, the
note, and the deed of trust shall not constitute an indebtedness of or a pledge of
credit by the Town within the meaning of any pertinent constitutional ar statutory
limitations; and, further, that all payments by the Town in accordance with the
purchase agreement, the note, and the deed of trust shall be expressly subject to
annual appropriation by the Town Council.
10. The Mayor of the Town, the Town Clerk, the Town Manager, and Town staff are
authorized to take any and all action toward the execution of the purchase
agreement, the note, the deed of trust, and all other instruments and documents in
connection with the transaction authorized by this Resolution and all previous
actions in said regard taken by the Mayor, the Town Clerk, and the Town Manager are
hereby ratified by the Town Council.
INTRODUCED, READ, APPROVED AND ADOPTED this
ATTEST:
d. .d.,n~.l.~..~~.-~
Pamela R. Brandmeyer, Town Clerk
2-
3rd day of July , 1990.
Kent R. Rose, Mayor`