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HomeMy WebLinkAboutresolution.council.038-04 RESOLUTION NO. ~ Series of 2004 A RESOLUTION OF THE CITY OF ASPEN', COLORADO, APPROVING A.CONSENT TO ASSIGNMENT OF RECIPRTOCAL PARKING LEASE AGREEMENT AND AUTHORIZING THE MAYOR TO EXECUTE SAID DOCUMENT ON BEHALF OF THE CITY OF ASPEN, COLORADO. WHEREAS, there has been submitted to the City Council a Consent to Assignment of Reciprocal Parking Lease Agreement by the City of Aspen to Lasalle Bank National Association as agent for Alpine Bank, Snowmass Village and Community Banks of Colorado, a copy of which Agreement is annexed hereto and made a part thereof. NOW, WHEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO: Section One That the City Council of the City of Aspen hereby approves the above referenced assignment and consents to the granting by the Obermeyer Redevelopment Company of a security interest in the leasehold estate, and agrees that a Deed of Trust may encumber the Lease hold Interest and hereby authorizes the Mayor, on behalf of the City of Aspen, to execute said Assignment. Dated: I, Kathryn S. Koch, 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 -- -/~ ,.~..~ ,2004. kathryn S. Koch:~/C'ity Cle[k ' CONSENT TO ASSIGNMENT OF RECIPROCAL PARKING LEASE AGREEMENT THIS CONSENT TO ASSIGNMENT OF RECIPROCAL PARKING LEASE (this "Consent") is made as of the day of ,2004, by THE CITY OF ASPEN, COLORADO, a mumcipal corporation ("City"), to LASALLE BANK NATIONAL ASSOCIATION, a national banking association ("Agent"), for itself and as agent for ALPINE BANK, SNOWMASS VILLAGE ("Alpine Bank") and COMMUNITY BANKS OF COLORADO ("Community Banks"). Agent, Alpine Bank and Commtmity Banks, together with their respective successors and assigns, shall be referred to collectively herein as "Len der." Recitals A. City and Obermeyer Redevelopment Company, a Colorado corporation ("ORC") are parties' to that certain Reciprocal Parking Lease Agreement dated ,2004 (the "Lease"), relating to the lease from the City to ORC of certain real property owned by the City and located in the City of Aspen, Pitkin County, Colorado, more fully described in the Lease (the "City Property"), and the lease from ORC to the City of certain parking spaces in the project owned by and being developed by ORC in the City of Aspen, Pitkin County, Colorado, know as Obermeyer Place Subdivi sion and more fully described in the Lease (the "Project"). B. Lender intends to make a loan to ORC in the principal amount of $56,000,000 to finance the construction of the Project, which loan will be secured, in part, by a deed of trust encumbering the Project (the "Deed of Trust"). Lender is requiring that, as part of the collateral for its loan, ORC grant to Lender a security interest in the leasehold estate in the City Property created by the Lease (the "Leasehold Estate"). The Deed of Trust shall encumber the Leasehold Estate as well as the Property. C. Pursuant to the terms of the Lease, the City's written consent is required prior to any assignment by ORC of its interest in the Lease. The City is willing to consent to ORC's granting a security interest in the Leasehold Estate to Lender and to the assignment of ORC's interest in the Lease in the event of any foreclosure of the Deed Of Trust. Consent NOW, THEREFORE, in consideration of the facts set forth in the Recitals, and for other good and valuable consideration, the City hereby agrees as follows: 1. The City hereby consents to the granting by ORC to Lender of a security interest in the Leasehold Estate, and agrees that the Deed of Trust may encumber the Leasehold Estate. 2. The City further agrees that, in the event of a foreclosure of the Deed of Trust, or a deed in lieu of foreclosure, Lender or such other party as may be the holder of. the Deed of Trust at such time, or any other party that may purchase the Project at a foreclosure sale (any 61427 .I such party is referred to herein as a "Subsequent Owner"), may become the tenant under the Lease subject to the terms and provisions of the Lease. In addition, the City agrees that it shall not unreasonably withhold its consent to any further assignments of the Lease or the Leasehold Estate that a Subsequent Owner may wish to make. above. IN WITNESS WHEREOF, the City has executed this Consent as of the date first set forth CITY OF ASPEN, COLORADO, a municipal corporation By: APPROVED AS TO FORM: J~rrr'W~st~r, City Attorney 614271 1