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)