HomeMy WebLinkAboutbocc.con.131.2012RECEPTION#: 587986, 04/04/2012 at 12:47:19 PM, 1 OF 4, R$0.00
Janice K. Vos Caudill, Pitkin County, CO
corv-rRacT # 13� �Z
After recordiny. retgm to: *
Waas Campbell Rivera Johnson & Ve(asquez LLP ��(�(N/�T{rf �OVt.I�?/��{/'i' /�+iilQ. (� /T//,
Attn: J. Bart Johnson, Esq.
420 East Main Street, Suite 210 �` �G'T'� "'� P i�J► P�i=T y�Q�/� �g,
Aspen, Coloredo S 161 l ��
TERMINATION AND RELEASE OF COVENANT AGREEMENT
FOR THE OCCUPANCY AND RESALE OF 43995 EAST HIGHWAY 82 �
(Relating to Employee Housing Mitigation Fees}
THIS TERMINATION AND RELEASE OF COVENANT AGREEMENT FOR THE
OCCUPANCY AND RESALE OF 43995 EAST HIGHWAY 82 (Relating to Employee Housing
Mitigation Fees) (this "Release") is made as of the _��_ day of ��U{[� , 2012, by
and between NORTHSTAR DEVELOPMENT, LLC, a Colorado limited liabitity company
(`.`Northstar"), and the BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY,
COLORADO (the "County"),
Recitals
A. On or about October 23, 2008, Northstar and the County entered into that certain
Covenant Agreement for the Occupancy and Resale of 43995 East Highway 82 (Relating to
Employee Housing Mitigation Fees) (the "Coveaant Agreement"), which was recorded in the
real property records of Pitkin County, Colorado (the "Real Property Records") on
November 3> 2008, as Reception No. 554018. Because the originally recorded Covenant
Agreement did not contain the County's signature, the fully executed version of the Covenant
Agreement was subsequendy recorded in the Rea! Property Records on November 20, 2008, as
Reception No. SS4443. Capitalized terms used herein and not otherwise defined shall have such
meanir►gs as given to them in the Covenant Agreement.
B. NoRhstaz is the owner of the Property, which is located at 43995 East Highway
82, Aspen, Colorado (State Parcel Identification Number 2737-204-OQ-007) and is more
particularly described on Exhibit A of the Covenant Agreement.
jC. Pursuant to the terms of the Covenant Agreement, Northstar agreed to restrict the
� I acquisition of the Property to Qualified Buyers or, in the event of the Property's acquisition by a
�� Non-Qualified Transferee, to pay the BHMF which would otherwise be applicable to the
Property, calculated at the rate of the County's affordable housing mitigation fee, Iess the amount
of $] 0,831.00 paid to the County upon execution of the Covenant Agreement.
D. NoRhstar desires to sell the PropeRy to a Non-Qualified Transferee. In
connection with the sale to a Non-Qualified Transferee, Northstar agrees to pay the County the
defarned portion of the County's EHMF applicable to the Property in accordance with Seetions
4(b) and 6(b) of the Covenant Agreement.
E. The parcies hereto agree that (i) tha EHMF applicable to the Property (based on
the Property's squaze footage of 10,750 sq. ft.) equals $67,492.00; (ii) $10,831.00 of the EHMF
was paid upon execution of the Covenant Agreement; and (iii) the remaining portion of the
�0000nas iz �
RECEPTION#: 587986, 04/04/2012 at 12:47:19 PM, 2 OF 4,
Janice K. Vas Caudill, Pitkin Caunty, CO
EHMF to be paid by Northstar to the County upon the sale of the Property to a Non-Qualified
Transferee equals $Sb,661.00 (the "Release Fec").
F. As consideration for Northstaz's payment of the Release Fee to the County and in
accordance with Section 7 of the Covenant Agreement, the County has agreed to terminate and
release ihe Cavenani Agreement pursuant to this Release.
Term9nation and Release
NOW, THEREFORE, for good and vatuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto covenant and agree as foliows:
l. �rmination and Release of Covenant Aareement. The County hereby terminates
the Covenant Agreement, such that it shall be of no further force or ef%ct, as record notice or
otherwise, with respect to the Property. The Property is hereby fWly and forever released from
the Covenant Agreement, as if the terms, provisions, covenants, and conditions set forth in the
Covenant Agreement had never burdened the Property,
2. Pavment of Release Fee. In connection with the execution of this Release,
Northstar has paid the Release Fee to the Coeuity.
3. Recordation. This Release shall be recorded in the Rcai PropeRy Records.
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RECEPTION#: 587986, 04/04/2012 at 12:47:19 PM, 3 OF 4,
Janice K. Vos Caudill, Pitkin County, CO
IN WIT'N6SS WHEREOF, the parties hereto have executed this Release as of the date
first above written.
NORTHSTAR:
NORTHSTAR DEVELOPMENT,LLC,
STATE OF OKLAHOMA )
) ss.
COUNTY OF TULSA )
The foregoing instrument was acknowiedged before me this � day of
�y , 2012, by John Wieczorek as Manager of Northstar Development, LLC,
a olorad� limited liability company.
Witnass my hand and official seal.
My commission expires: J I�d � j 3
Notary Pubtic Oklaboma
QFFICIAL SEAL �
DawneNe R.Tucker .
TulseCounty N Public
"' 610p9043 Exp.S-,�i3
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RECEPTION#: 587986, 04/04/2012 at 12:47:19 PM, 4 OF 4,
Janice K. Vos Caudill, Pitkin County, CO
ST:
l
Je ette Jones, Cle to the Board
APPROVED AS TO FORM:
�O�.Yv�� \ � �'�'`
Lance Clarke, AICP, Community
Development Department
�� �.. .
�
John M. Ely, Esq: `'�
County t#tto
{00007745 / 2 )
COUNTY:
BOARD OF COUNTY COMMISSIONERS OF
PITKIN COUNTY, COLORADO
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