HomeMy WebLinkAboutordinance.council.051-86 ORDINANCE NO. ~/
(Series of 1986)
AN ORDINANCE APPROVING AN AGREEMENT FOR MODIFICATION OF A
PROMISSORY NOTE ("NOTE") AND DEED OF TRUST ("DEED OF TRUST")
BETWEEN RED ROOF INNS, INC. AND THE CITY OF ASPEN, COLORADO, AND
ASSIGNMENT OF NOTE PROVIDING FOR THE SALE OF LOT 2, GOLF COURSE
SUBDIVISION (COMMONLY KNOWN AS "THE RED ROOF INN") BY THE CITY OF
ASPEN TO RED ROOF INNS, INC. IN THE AMOUNT OF TWO MILLION DOLLARS
($2,000,000.00), AND ASSIGNMENT OF THE NOTE SALE TO A BUYER
APPROVED BY THE CITY COUNCIL SETTING FORTH THE TERMS AND CONDI-
TIONS FOR SUCH MODIFICATIONS, AND AUTHORIZING THE MAYOR TO
EXECUTE SAID AGREEMENT AND ALL OTHER DOCUMENTS NECESSARY TO
ACCOMPLISH SAID MODIFICATION AND ASSIGNMENT ON BEHALF OF THE CITY
OF ASPEN
WHEREAS, there has been submitted to the City Council an
application for the modification of the Note and Deed of Trust
evidencing and securing the Sale of The Red Roof Inn and improve-
ments, equipment, access and utility easement, utility easements
and sign easement ("Property").
WHEREAS, the aforesaid modification of the Note and Deed of
Trust and Assignment of said Note and Deed of Trust pursuant to
the Note Assumption Agreement ("Agreement"), a copy of which is
attached hereto as Exhibit "A", includes the following terms and
conditions:
1. The Note amount of $2,000,000.00, payable in accordance
with the terms of the Note attached hereto.
2. Approval and consent by the City to the resale of the
Property to a buyer approved by the City Council under the terms
set forth in the Agreement.
3. Covenants restricting the use and development of the
project as set forth in the ballot question submitted to and
approved by the voters of the City of Aspen in the general
election conducted May 5, 1981.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
Section 1
That the City Council of the City of Aspen does approve the
application of Red Roof Inns for a modification of the Note and
Deed of Trust and the conveyance of the Property providing for
the sale of Lot 2, Golf Course Subdivision to a buyer to be
approved by the City Council, in part by the assumption of the
Note and does hereby authorize the Mayor to execute said Agree-
ment and all other documents approved by the city Attorney as may
be necessary to accomplish said modification of the Note and Deed
of Trust and assignment on behalf of the City of Aspen.
Section 2
If any section, subsection, sentence, clause, phrase or
portion of this ordinance is for any reason held invalid or
unconstitutional in a court of competent jurisdiction, such
portion shall be deemed a separate, distinct and independent
provision and shall not affect the validity of the remaining
portions thereof.
Section 3
A public hearing on the ordinance was held on the 27th day
of October, 1986, in the City Council Chambers, Aspen City Hall,
2
Aspen, Colorado, at which time the city Council made amendments
as contained herein and directed that the public hearing shall be
continued to November 3, 1986.
INTRODUCED, READ AND ORDERED PUBLISHED as provided by law by
the city Council of the City of Aspen on the /~4~/ day of
William L. Stirling, Mayor
ATTEST:
Kathryn S. Koch, City Clerk
FINALLY adopted, passed and approved this day of
, 1986.
William L. Stirling, Mayor
ATTEST:
Kathryn S. Koch, City Clerk