HomeMy WebLinkAbout1996-05 Agreement with Stewart Title Guaranty Company for Attorney's Fee and Costr • ~
RESOLUTION NO. 5
SERIES OF 1996
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A RESOLUTION DIRECTING THE TOWN MANAGER TO ENTER INTO AN AGREEMENT
WITH STEWART TITLE GUARANTY COMPANY FOR ATTORNEYS Z=EES AND COSTS.
WHEREAS, the Town of Vail has entered into a Lease Agreement and Development
Agreement for the development of Vail Commons; and
WHEREAS, the Town of Vai( has pursuant to those agreements agreed to provide title
insurance; and
WHEREAS, in the event title insurance is not available, the Town has an obligation #o bring
a declaratory judgm~nt action; and
WHEREAS, Stewart Title Guaranty Company is prepared to provide title insurance upon
entering into an agreement with the Town of Vail to share attorneys fees to defend any cause of
action brought by the "Common Sense for the Commons" Petitioner's Committee as has been
threatened; and
WHEREAS, such an agreement would relieve the Town of Vail to bring a declaratory
judgment action at this time; and
WHEREAS, such development is for the public good and will benefit the Town of Vail by
providing an affordably housing project available to local employees.
NOW, THEREFORE, BE IT RESOLVED by the Town Council of the Town of Vaif, Colorado,
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1. The Town Manager is hereby authorized to enter into an agreement with Stewart
Title Guaranty Company to share attomeys fees and costs to defend any action brought by the
Common Sense for the Commons" Petitioner's Committee.
2. Such agreement wilt provide that Stewart Title Guaranty Company will be
responsible for the first $7,000.00 attorneys fees, the Town of Vai! will be responsible for the
second $7,ODD.DO attorneys fees and the Town and S#ewart Title Guaranty Company wilt split
equally al! attorneys fees in excess of $14,000.00.
3. This resolution shall take effect immediately upon its passage.
INTRODUCED, READ, APPROVED AND ADOPT this St ay of February, 1996.
Ro ert W. Armour, Mayor
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blally ~, A~IcCutcheon, Town Clerk
Resolution No. 5, SeriOS of 1996