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HomeMy WebLinkAbout1981-02 Authorizing the Purchase of a Parcel of Property known as King Arthur's Court Condominium from the Denver National BankRESOLUTION Z Series of 1981) A RESOLUTIONd C}F TiiE TOWN COUNCIL AUTHORIZING THE PURCtIASE OF A PARCEL OF PROPERTY KNOWN AS TH;~~ KING ARTHUR'S COURT CONDOMINIUMS r'ROM THE EAST DENVER NATIONAL BANK FOP A NET PUFCHASE PRICE OF 280,000.; AUTHORIZING THE TOWN MANAGER TO EXECUTE IE'OR AND ON BEl-iALF OF THE TO~YN ALL INSTRTJMENTS AND DOCUMENTS NECESSARY THEREFORE; AND, DIRECTING THE TOWN CLERK TO ATTEST TO SAID EXECUTION; AND, SETTING FORTH DETAILS IN RELATION THERETO. WHEREAS, the Town Council by resolution #18, Series of 1980, authorized the Town Attorney to commence a preceeding in eminent domain for the acquisition of the property known as The King Arthur's Court Condominiums from the East Denver National Bank; and WHEREAS, under the threat of condemnation, the owner of the property, East Denver National Bank, has agreed to the sale of the property to the Town and the Town Council is of the opinion that the purchase of the property under the terms of the agreement with the bank are in the interests of the public; NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF VAIL, COLORADO, THAT: Section 1. The Town Council hereby approves the following terms and conditions for the purchase of the ring Arthur's Court Condominium property from the East Denver National Bank: a) The net purchase price to be paid by the Town shall be $280,000. b) In addition to the net purchase price specified in subparagraph (a) above, the Town agrees to pay the cost to the Owner of the removal of the foundations located on the property. c) The Owner shall provide the Town, at its expense, a title insurance committment, covering all of the property from a title insurance comp~.ny authorized to do business in tine State o~ Colorado, binding said company to issue its regular forr~i of owner's title insurance policy in the amount of the net purchase price to the Town. d} If the Town shall assert the existence of any encumbrance, encroachment, defect in, or objection to title, which shall render the title unmarketable in which the Town does not waive (herein "defects in title"}, notice of such defects of title shall be delivered to the owner an or before the closing date and the owner shall be entitled to an adjournment of the closing date from a period not to exceed one hundred and eighty days in which to remove or cure all such defects. e} If the owner fails to render the title to the property marketable, an or before the adjourned closing date, the Town may either elect to waive said defects of title or to terminate the agreement to purchase. If the agreement is so terminated, neither party shall have any further liability to the other. f} A date, time and place f'ar closing shall be set by the parties, but in no event later than February ]., x.981. g) The owner shall convey the property to the Town by a good and sufficient general warranty deed free and clear of all encumbrances, interests or restrictions, except for easements, restrictions or covenants of record. Section 2. The Town Manager is hereby authorized to sign all instruments and documents necessary to complete this transaction and `the Town Clerk is directed to attest to said execution and to affix the seal of the Town thereto. INTRODUCED, READ ON FIRST READING, APPROVED AND ORDERED PUBLISHED ONCE IN FULL this ~~_ day of January, 1981. Mayor ~ (/ ' ATTEST: G~ Town erg 2)