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
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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
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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.
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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
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Name-Signature of Terminating Party: City of Aspen
By:Steve Barwick, City Manager
29 NTT44-6-15. NOTICE TO TERMINATE
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