HomeMy WebLinkAboutresolution.council.016-84RECORD OF PROCEEDINGS
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RESOLUTION NO. /~
(Series of 1984)
A RESOLUTION APPROVING THE CONTINUED OWNERSHIP AND RESIDENCE
BY COLETTE PENNE, GLENN HORN, AND ALICE DAVIS OF UNIT 2,
CHAPMAi~ CONDOMINIUMS, AND AUTHORIZING THEIR OBTAINING A
SECOND MORTGAGE OR DEED OF TRUST 0~ THE CONDOMINIUM
WHEREAS, Colette Penne, Glenn Horn and Alice Davis are
the owners and residents of Unit 2, Chapman Condominiums
(a condominium), pursuant to an Assignment, Purchase and
Option Agreement between them and the City of Aspen recorded
September 10, 1982, in Book 432, Page 530, Pitkin County
Records; and,
WHEREAS, Alice Davis has terminated her employment with
the City of Aspen, bringing into effect the option of the
City to purchase the condominium pursuant to paragraph
7(a) (1) of the described agreement; and,
WHEREAS, Glenn Horn and Alice Davis are married, and
wish to continue their ownership and residence, along with
Colette Penne, in the condominium, notwithstanding the
resignation of Alice Davis from the Aspen/Pitkin County
Planning Office; and,
WHEREAS, Colette Penne, Glenn Horn and Alice Davis
desire to obtain a loan secured by a second mortgage or
deed of trust against the condominium in the amount of
$13,000.00, which they represent is approximately one-half
(%) of the total equity required by ~e~ for their initial
purchase of the condominium; and, such action requires
the written consent of the City Council, pursuant to para-
graph 7(g) of the Assignment, Purchase and Option Agree-
ment; and,
WHEREAS, the City Council after due consideration of
rights and responsibilities of all the parties under the
the
RECORD OF PROCEEDINGS
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Assignment, Purchase and Option Agreement, deems it to be
in the best interest of the City to authorize the requests
of Colette Penne, Glenn Horn and Alice Davis by authorizing
the City Manager, on behalf of the City of Aspen, to
execute such documents and agreements as may be necessary
to implement these requests.
NOW THEREFORE, be it resolved by the City Council of
the City of Aspen, Colorado:
Section 1
That the request of Colette Penne, Glenn Horn, and Alice
Davis to remain the owners and residents of Unit 2, Chapman
Condominiums, is hereby authorized, provided that the City
shall not be deemed to have waived its rights under paragraph
7(a) (1) of the described Assignment, Purchase and Option
Agreement except as specifically relates to the employment
termination by Alice Davis and the requests made by her,
Glenn Horn and Colette Penne described herein.
Section 2
Colette Penne, Glenn Horn and Alice Davis are authorized
to obtain a loan secured by a second mortgage or deed of
trust against Unit 2, Chapman Condominiums, in an amount
not to exceed $13,000.00.
Section 3
The City Manager is hereby authorized to execute such
documents or agreements as may be necessary to implement
RECORD OF PROCEEDINGS
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the terms of this resolution.
DATED: ~-~. /~ ,
1984.
William L. Stirling, Ma~or
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 ~/ /~ ,
1984.
~, City Clerk