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HomeMy WebLinkAboutresolution.council.150-18 RESOLUTION 150 (Series of 2018) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN,COLORADO, APPROVING THE NOTICE TO TERMINATE THE AMENDED AND RESTATED CONTRACT TO BUY AND SELL REAL ESTATE BY AND BETWEEN THE CITY OF ASPEN AND 517 E HOPKINS ASPEN, LLC, 204 SOUTH GALENA STREET, LLC., AND M DEVELOPMENT ASPEN,LLC.,AND APPROVING THE EARNEST MONEY RELEASE. WHEREAS, there has been submitted to the City Council a Notice to Terminate and Earnest Money Release regarding the Amended and Restated Contract to Buy and Sell Real Estate by and between the City of Aspen and 517 E Hopkins Aspen, LLC, 204 South Galena Street, LLC, and M Development Aspen, LLC. True and accurate copies of the Notice to Terminate and Earnest Money Release are attached hereto as"Exhibits"A"and`B"; and, WHEREAS, based on the advisory vote conducted at the general election on November 6, 2018, Council believes that it is in the best interest of the City of Aspen to terminate the Amended and Restated Contract to Buy and Sell Real Estate by and between the City of Aspen and 517 E Hopkins Aspen, LLC, 204 South Galena Street, LLC, and M Development Aspen, LLC. NOW,THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN,COLORADO, That the City Council of the City of Aspen hereby approves the Notice to Terminate and Earnest Money Release by and between the City of Aspen and 517 E Hopkins Aspen, LLC, 204 South Galena Street, LLC, and M Development Aspen,LLC,copies of which are annexed hereto and incorporated herein, and does hereby authorize the City Manager to execute such documents on behalf of the City of Aspen. INTRODUCED,READ AND ADOPTED by the City C ncil of the City Aspen on the 261"of November 2018. Steven Skadr ,Mayor I,Linda Manning,duly appointed and acting City Clerk do certify that the foregoing is a true and accurate copy of that resolution adopted by the City Council of the City of Aspen, Colorado,at a meeting held on the 26`"of November 201 . Linda Manning,City Clerk Page 1 of 2 Aspen Snowmass Sotheby's International Realty Aspeni Sothebys 415 East Hyman Avenue Aspen, CO 81611 Snowmass INTFANATiONAI REALTY Andrew Ernemann andrew.ernemann@sothebysrealty.com Ph: 970-379-8125 Fax: 888-550-2881 he printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate ommission EMR 83-6-16 Mandato 1-17 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. EARNEST MONEY RELEASE Date: 1111912018 1. Parties, Property, Contract, Earnest Money Deposit: a. Seller M Development Aspen, LLC and 517 E Hopkins Aspen, LLC and 204 South Galena Street, LLC b. Buyer City of Aspen c. Property 517 E Hopkins Ave & 204 S Galena Street, Aspen, CO 81611. d. Date of Contract 711212018 e. Earnest Money$ 3,500,000.00 2. Buyer and Seller agree that the Earnest Money will be distributed as follows: a. $ 3,500,000.00 payable to: City of Aspen b. $ payable to: c. Other: If the Contract required the Earnest Money to be placed in an interest bearing account, the interest shall be disbursed as follows: 3. ®If this box is checked, the parties mutually release each other from any and all claims, demands, obligations, damages and causes of action pertaining to the Contract or the Property except the parties do not release each other from any claims arising under the Section entitled "Damage, Liens and Indemnity" of the Contract,which specifically survives this Earnest Money Release. If the box is Not checked, the parties do Not release each other. This Earnest Money Release may affect legal rights or claims of the parties. Buyer and Seller are advised of their right to obtain legal counsel. swn s"Tm Seller: M Development Aspen, LLC SEU.E s SOMME https://www.ctmecontracts.com/eContracts/m_eCON/Contracts/Listing_Contracts/Print_... 11/21/2018 Page 2 of 2 Seller: 511 b Hopkins Aspen, Salm awn Seller: 204 South Galena Street, LLC ra Buyer: City of Aspen By: Steve Barwick, City Manager EMR 83-6-16. EARNEST MONEY RELEASE -®2016 CTM Software Corp. https://www.ctinecontracts.com/eContracts/m_eCON/Contracts/Listing_Contracts/Print—... 11/21/2018 Page 1 of 2 Aspen Snowmass Sothebys International Realty Aspen Sotheby's Snowmass INTIK-ONAI A:ITY 415 East Hyman Avenue Aspen, CO 81611 Andrew Ernemann andrew.ernemann@sothebysrealty.com Ph: 970-379-8125 Fax: 888-550-2881 1 printed portions of this form,except differentiated additions, have been approved by the Colorado 2 �he eal Estate Commission. (NTT44-6-15)(Mandatory 1-16) 3 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT 4 LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. 5 6 NOTICE TO TERMINATE 7 Date: 1111912018 8 This Notice terminates the Contract dated 711212018 between M Development Aspen, LLC and 517 E Hopkins 9 Aspen, LLC and 204 South Galena Street, LLC(Seller)and City of Aspen(Buyer)relating to the sale and purchase of the Property known as: 10 517 E Hopkins Ave & 204 S Galena Street,Aspen, CO 81611 (Contract).Terms used herein shall have the same meaning as in the Contract. 11 12 BUYER'S NOTIFICATION OF UNSATISFACTORY CONDITION. 13 Buyer notifies Seller that the Contract is terminated (§25 Contract)because the following are unsatisfactory 14 to Buyer: 15 LJ Assumption Balance 4.6 Due Diligence Documents, Leases 10.6 ❑Seller or Private Financing 4.7 ❑Zoning 10.6 CBS 2, 3,4 ❑Loan Objection 5.2 ❑Environmental,ADA Evaluation 10.6 CBS 2, 3,4 11 Existing Loan Review 5.4 Conditional Sale 10.7 ❑Appraisal Provisions 6.2 ❑Methamphetamine Laboratory 10.11 CBS 1,2, CBSF1 16 ❑Association Documents 7.4 ❑Tenant Estoppel Statements 11.2 CBS 2, 3,4 Objection to Title 8.4 Causes of Loss Insurance 19.1 ❑ Special Taxing Districts 8.5 ❑Damage, Inclusions and Services 19.2 ❑ New ILC or New Survey 9.3 ❑Condemnation 19.3 Property or Inclusions Inspection 10.3 ❑Short Sale Addendum SSA38-10-11 ❑ Insurability § 10.5) N Other: Section 30.D 17 18 SELLER'S NOTIFICATION OF UNSATISFACTORY CONDITION. 19 Seller notifies Buyer that the Contract is terminated(§25 Contract)because the following are unsatisfactory 20 to Seller: 21 LJ Seller Financing 4.7 ❑Credit Information and Buyer's New Senior Loan 5.3 22 ❑Release of Liability 5.4 El Lender Property Requirements 6.3 Short Sale Addendum SSA38-10-11 ❑Other: 23 24 25 Terminating Party: ®Buyer ❑ Seller 26 27 28 https://www.ctlnecontracts.com/eContracts/m_eCON/Contracts/Listing_Contracts/Print_... 11/21/2018 Page 2 of 2 Name-Signature of Terminating Party: City of Aspen By:Steve Barwick, City Manager 29 NTT44-6-15. NOTICE TO TERMINATE x2016 CTM Software Corp. https://www.ctmecontracts.com/eContracts/m_eCON/Contracts/Listing_Contracts/Print_... 11/21/2018