HomeMy WebLinkAboutordinance.council.058-87
ORDINANCE NO. '58
(Series of 1987)
AN ORDINANCE APPROVING A MODIFICATION TO PARAGRAPH 8.1(ii) (3) TO
THAT "AGREEMENT OF PURCHASE AND SALE OF THE CASTLERIDGE APART-
MENTS ENTERED INTO BETWEEN THE CITY OF ASPEN AND CASTLERIDGE
ASSOCIATES, LTD., ON OR ABOUT AUGUST 20, 1982, INCLUDING AN
AMENDMENT TO THE "DECLARATION OF COVENANTS, RESTRICTIONS AND
CONDITIONS FOR THE CASTLERIDGE APARTMENTS" REFERRED TO IN SAID
AGREEMENT AND FILED OF RECORD, SO AS TO REFLECT THE ACTUAL COSTS
OF THE PROJECT IN 1983 AS A BASE FOR PROJECTING OPERATING
EXPENSES
WHEREAS, on or about August 20, 1982, the City of Aspen, as
Seller, and Castleridge Associates, Ltd., as Buyer, entered into
that "Agreement of Purchase and Sale of the Castleridge
Apartments" (hereinafter "Castleridge Agreement"), which agree-
ment is incorporated herein by this reference.
WHEREAS, Paragraph "8.1(ii) (3)" of the Castleridge Agreement
estimated the total operating expenditures (including real estate
taxes, repairs and replacements) for the project to be
$144,400.00 for the calendar year 1982 on an annualized basis.
Said expenditures were projected to increase at an annual rate of
ten percent (10%) thereafter, in accordance with the projected
expenditures for the years 1982 through 2000 attached as Exhibit
"H" .
WHEREAS, based on the actual experience of the parties as
reflected by actual costs for 1983 in the amount of $118,760.00
and the City Council desires to enter into that Modification
Agreement appended hereto for the purpose of amending Paragraph
"8.1(ii) (3)" of the castleridge Agreement to reflect said actual
operating expenses for the year 1983 on an annualized basis, and
to replace Exhibit "H" appended to the Castleridge Agreement with
"substitute Exhibit 'H'" and similarly amend the Declaration of
Covenants, Restrictions and Conditions for the Castleridge
Apartments.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF ASPEN, COLORADO:
Section 1
City Council does hereby approve that Modification Agreement
attached hereto and does hereby authorize the Mayor to execute
said agreement and any other document referred to therein, upon
approval as to form by the City Attorney.
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
Nothing in this ordinance shall be construed to affect any
right, duty or liability under any ordinances in effect prior to
the effective date of this ordinance, and the same shall be
continued and concluded under such prior ordinances.
2
section 4
A public hearing on the ordinance shall be held on the'~~~
day of
"'/'
/ --/(;- ..;:. e ,. r;;c !l.i:.-j j
, 1987, in the City Council
Chambers, Aspen City Hall, Aspen, Colorado.
INTRODUCED, READ AND ORDERED PUBLISHED as provided by law by
the City Council of the City of Aspen on the ~'~k-/ day of
'-. j~;- ...", /l- 'L ' 1987
/-1 '-' v'.t: //,-.!. {. .~ ,.
~
~
ATTEST:
<~))d' d~
Kathryn S~ och, City Clerk
FINALLY adopted, passed and approved this ~~ day of
~A.._)
A'rTEST:
3
MODIFICATION AGREEMENT
THIS MODIFICATION AGREEMENT made effective and as of
, 1987, between the City of Aspen,
Colorado, a municipal corporation and home rule city organized
under the laws of the State of Colorado (hereinafter "Seller")
and Castleridge Associates, Ltd., a Colorado limited partnership
with WILLIAM M. LONDOFF of st. Louis, Missouri, as its general
partner (hereinafter "Buyer").
R E C I TAL S
1. On or about August 20, 1982, Seller and Buyer entered
into that "Agreement of Purchase and Sale of the Castleridge
Apartments" (hereinafter "Castleridge Agreement"), which agree-
ment is hereby made a part hereof and incorporated herein by this
reference.
2. Paragraph "8.1(ii) (3)" of the Castleridge Agreement
estimated the total operating expenditures (including real estate
taxes, repairs and replacements) for the project to be
$144,400.00 for the calendar year 1982 on an annualized basis.
Said expenditures were projected to increase at an annual rate of
ten percent (10%) thereafter, in accordance with the projected
expenditures for the years 1982 through 2000 attached to the
Castleridge Agreement as Exhibit "H".
3. Based on the actual experience of the parties, as
reflected by actual costs for 1983 in the amount of $118,760.00,
the parties desire to amend Paragraph "8.1(ii) (3)" of the agree-
ment to reflect said actual operating expenses for the year 1983
on an annualized basis, and to replace Exhibit "H" appended to
the agreement with "substitute Exhibit 'H'" appended hereto.
4. In view of the amendment to Paragraph 8.1(ii) of the
Castleridge Agreement, the parties similarly desire to amend the
Declaration of Covenants, Restrictions and Conditions for
Castleridge Apartments appended as Exhibit "G".
NOW, THEREFORE, in consideration of the mutual covenants,
consent and agreement of the parties hereto, the Castleridge
Agreement is hereby modified, altered and changed in the follow-
ing respects only:
1. Paragraph "8.1(ii) (3)", including subparagraphs "(a)"
and "(b)", commencing on line 16, page 9 thereof and ending with
line 10, page 10 thereof shall be deleted, and the following
shall be inserted in its place:
"(3) The buyer has estimated the total operating
expenditures (including real estate taxes, repairs
and replacements) for the project to be
$118,760.00 for the calendar year 1983 on an
annualized basis. Said expenditures have been
projected to increase at an annual rate of ten
percent (10%) thereafter; a copy of such projected
expenditures for the years 1983 through 2000 is
attached hereto as 'substitute Exhibit "H"'.
(a) If, at the end of any calendar year the
cumulative expenditures (including real
estate taxes, repairs and replacements)
actually incurred for such year and all prior
years, commencing with 1982, shall exceed the
cumulative projected expenditures for the
2
same. As per 'substitute Exhibit "H"
("Increased Differential")' the owner shall,
in addition to the rental increases provided
for in subparagraph (2) above, be entitled to
increase the rental for the next succeeding
year in an amount equal to such Increased
Differential, after seller's verification of
such Increased Differential, as provided in
subparagraph 8.1(ii) (4) below.
(b) If, at the end of any calendar year, the
cumulative expenditures (including real
estate taxes, repairs and replacements)
actually incurred for such year and all prior
years commencing with 1982 shall be less
than the cumulative projected expenditures
for the same period as per 'substitute
Exhibit "H" ("Decreased Differential") " the
owner shall reduce the rentals provided in
subparagraph (2) above for the next succeed-
ing year in an amount equal to such Decreased
Differential after seller's verification of
such Decreased Differential, as provided in
subparagraph 8.1(ii) (4) below."
2. That "Declaration of Covenants, Restrictions and
Conditions for the Castleridge Apartments", attached to the
Castleridge Agreement as Exhibit "G", the original of which was
executed on the 20th day of August, 1982, by Castleridge
Associates, Ltd. and filed of record on
in Book
at Page
, office of the Pitkin County Clerk
and Recorder, shall be, and is hereby modified, altered, and
changed in the following respects only to read:
Subparagraph "(c)" beginning on line 10, page 3, and
ending with line 8 on page 4, and insert in its place the
following:
3
"(c) The buyer has estimated the total operating
expenditures (including real estate, repairs and
replacements) for the project to be $118,760.00
for calendar year 1983 on an annualized basis.
Said expenditures have been projected to increase
at an annual rate of ten percent (10%) thereafter.
(1) If, at the end of any calendar year, the
cumulative expenditures (including real
estate taxes, repairs and replacements)
actually incurred for such year and all prior
years commencing with 1983 shall exceed the
cumulative projected expenditures for the
same period ("Increased Differential"), the
covenantor shall, in addition to the rental
increases provided for in subparagraph (b)
above, be entitled to increase the rental for
the next succeeding year in an amount equal
to such Increased Differential, after
seller's verification of such Increased
Differential, as provided in subparagraph
(4) (d) below.
(2) If, at the end of any calendar year, the
cumulative expenditures (including real
estate taxes, repairs and replacements)
actually incurred for such year and all prior
years commencing with 1983 shall be less than
the cumulative projected expenditures for the
same period ("Decreased Differential"), the
owner shall reduce the rentals provided for
in subparagraph (b) above for the next
succeeding year in an amount equal to such
Decreased Differential, after seller's
verification of such Decreased Differential,
as provided in subparagraph (4) (d) below."
4
IN WITNESS WHEREOF, the parties hereto have set their hands
and seals this /~ day of A~L) , 1987.
CITY OF ASPEN, COLORADO
By
william L.
ATTEST:
~d4~
Kathryn Koch, City Clerk
CASTLERIDGE ASSOCIATES, LTD.
By
william M. Londoff
ATTEST:
5