HomeMy WebLinkAbout1979-16 Ratifing and Approving the Extension of that certain Note with Vail Associates for the purchase of the property known as Gondola I SiteRESOLUTION N0. ].6
Series of" T979~
A RESOLUTION OF THE TOWN COUNCIL
RATIFYING AND APPROVING THE EXTEN-
SION OF THAT CERTAIN NOTE BETWEEN
THE TOWN OF VAIL AND VAIL ASSOCIATES,
INC,, FOR THE PURCHASE OF THE PROPERTY
KNOWN AS GONDOLA I SITE; AUTHORIZING
THE TOWN MANAGER TO PREPARE AND EXECUTE
THE DOCUMENTS NECESSARY THEREFORE;
DIRECTING THE TOWN CLERK TO ATTEST TO
THE SIGNATURE OF THE TOWN MANAGER AND
AFFIX THE SEAL OF THE TOWN TO DOCUMENTS
REQUIRED TO COMPLETE THIS TRANSACTION;
AND SETTING FORTH DETAILS RELATING
THERETO.
WHEREAS, the Town has entered into an Agreement dated
October 18, 1978, with Vail Associates, Inc., for the pur-
chase and sale of the property known as the Gondola I site;
WHEREAS, the Town executed a note to Vail. Associates,
Inc., due and payable on May 18, 1979 unless extended
in accordance with the terms of said agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF
THE TOWN OF VAIL, COLORADO, THAT:
Section 1. In accordance with the terms and
conditions of Section 2(a) of the Purchase-Sale Agree-
ment between the Town of Vail and Vail Associates, Inc.,
for the Gondola I site, the Town Council hereby authorizes
and directs that the short term obligation of the Town to
Vail Associates, Inc., shall be extended for 364 days and
all conditions necessary for said extension shall be done
by the Town.
Section 2. The Town Council hereby authorizes and
directs the Town Manager to prepare and execute for and on
behalf of the Twon the documents necessary for the extension
of the note to Vail Associates, Inc., the subject property.
Resolution No. 16 Page 2
Section 3. The Town Clerk is directed to attest
to the signature of the Tawn Manager and to affix the
seal of any document that is necessary for the completion
of this extension.
YNTRODUCED, READ, APPROVED, AND ADOPTED,-THIS 15 day
of May, 1979.
Mayor ~ ~ ~
ATTEST:
t
Town Clerk ~