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i AGREEMENT
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� THIS AGREEMENT is made this ��"day of September, 1995, ��,� �4�
� by and between Ti� BOARD OF COUNTY COMMISSIONERS OF PITRIN COUNTY, t+r
( COLORADO ("the County"), ELIOT R. DINSMOOR ("Dinsmoor") PATRICIA 6.��'•pi
L. McKENZIE ("MCKenzie"), and NORWEST BANK COLORADO, N.A. ' '�'',-.-
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� WHEREAS, Dinsmoor and McKenzie are the owners of certain
real property known as Lot E-2, East Owl Creek Subdivision, Pitkin � ,
zCounty, Colorado (the "Property°}, which Property was redeemed in �
1993 from a public trustee's foreclosure sale by George S.
Stranahan ("Stranahan"), the current holder of the Certificate of
� Redemption; "
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WHEREAS, Stranahan has indicated his willingness to ;;�+�,
� assign the Certificate ot Redemption to Dinsmoor and McKenzie, or
either of them, provided that the same is accomplished soon. The ,.'
County will approve such a transfer provided that Dinsmoor and "'`�
� McKenzie execute a current deed restriction, which restriction will
also raise the deed-restricted value of the Property to conform 7
� with the values of all other affordable housing lots in the same
subdivision;
WHEREAS, Norwest Hank of Aspen, N.A. ("Norwest") is
� providinq preliminary financing to Dinsmoor to effect the assign- `,'^;��;=
ment from Stranahan, and it will hold the Certificate as security '{
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for its loan. in the event that neither Dinsmoor nor McRenzie -�
. 1 qualifies for permanent financing, the County has agreed to
� promptly reacquire the Property itself or to designate a qualified
purchaser so that Noxwest will not broker the Property on ita own.
�� NOW, THEREFORE, the parties have executed this Agreement
in order to set forth the terms and conditions of their understand-
: � ing, as follows:
s
`� _ 1. Dinsmoor, McRenzie and the County have executed deed ��
restrictions in the form attached hereto as Exhibit "A^ contempor-
aneously with the execution of this Agreement. Said deed restric-
tions provide, inter alia, that the maximum resale price of the
Property may be no greater than $185,800.00 plus appreciation as
- defined therein commencing June 1, 1991, in accordance with the
' first option of County Resolution 93-56, dated April 30, 1993. ,
Said deed restriction shall be recorded in a first priority lien a.' ,
position prior to any deed of trust or other encumbrance. �
2. The County and the Dinsmoors ag=ee and acknowledge ��•
that the deed restrictions executed pursuant to this Agreement (�,
shall control over any other deed restriction previously executed
by the parties hereto. in particular, the parties expressly agree ,�
and acknowledge that the document entitled, "Occupancy, Sales, Deed ,,� ,�z;:
Restriction Agreement and Covenant for Sale of an East Owl Creek -
Lot,^ recorded Novemher 2, 1990 in Book 633 at page 376 of the real ��
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estate reaords of Pitkin County, shall no lonqer be e£Eective as ;
between said parties. :� `-
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3. The County acknowledges that Dinsmoor and McXenzie
have been previously qualified as purchasers of the Property �' r �
pursuant to APCHA guidelines, and the County agrees that as they � �
are still the legal "owners," neither of them shall be required to ` � '�
qualify in order to ef£ect the trans£er contemplated herein. �`�v�
4. In the event that Stranahan's Certificate of "� ,. .
�I Redemption to the Property is assigned in the names of Dinsmoor and ';�'�, �'
Mcltenzie, or either of them, rhen the deed restriction for the :�-�`�i
party(ies) named as grantee(s) in said instruments shall be :�.�.°
� I recorded immediately following recordation of the public trustee's �
1 deed to be issued in exchange for such Certificate.
���: .
5. The County is advised and understands that Dinsmoor r
� is obtaining prelisninary, "in-house'• financing from Norwest in `! X.�
� order to acquire the Certificate of Redemption £rom St=anahan, and ;
that the Certificate is to be held by Norwest as security until �f
permanent financing is obtained. In the event that naither !
- I Dinsmoor nor McRenzie qualifies for permanem financing within the �.,
1 time set by Norwest, or if they default in making any required
payments to Norwest untiZ permanent financing is obtained, or if �r
j Nozwest deems itselE insecure fos any reason vntil such time as
I permanent financing is obtained, then Non,rest may, upon written r3!
� notice to the County, sequire the County to either purchase the
Property itself or to designate a qualified purchaser, who shall
close upon the purchase of the Property within 90 days from the
_ date of the Bank's notice. The purchase price shall be equal to
the unpaid balance of the preliminary financing lent by Noxwest to
� Dinsmoor to acquire the Stranahan Certificate of Redempti.oxt, , ,��1
togethex with any accrued interest and Nonoest's costs, includinq
reasonable attorney fees, plus the actual cost of improvements made
to the Property after the date hereof, if any, wh3ch must comply ' . ;'
) with paragraph 10 of the deed restriction (Exhibit "A"), and which
may not include any ^sweat equity." (e•a•, Dinsmoor's labor and
� � the like) In no event shall the purchase amount exceed the deed- R
' restricted value as set Eorth in E�chibit "A." If notice is qiven
by Norwest pursuant to this provision, but neither the County nor
its designated purchaser is prepared to close upon the Property
� within 90 days thereof, then the County will be deemed to have a
waived any objection to any grantee chosen by Norwest, provided ,
' that such grantee qualifies under APCHA quidelines. In that event, �'� ,
, the County and Noxwest's grantee shall execute a deed restriction e :'�
� in the form of Exhibit "A," attached hereto. The parties hereto
expressly intend that Norwest be a third-party benefieiary of this
, provision. Dinsmoor and McKenzie acknowledge and ag=ee that the jj
notice contemplated herein may be given by Norwest at any time
following execution of this Agreement until permanent financing is ���
in place. Zn the event of any transfer or assignment of the z�
Ce=tificate of Redemption held by Stranahan to any other party, the � -
deed restriction shall be executed by the grantee or assignee and ,� �
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�+ SENT 8Y'Nailey & Alder i 8-11-86 ; T2.08 ; Neiley & Alder� 9Z05196�# 2 ' �{°�
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�� recorded in a first prioxi.ty lien poaition prior to eny deed of. '.,'
��rust ox other encumbranee. : ,;��
•6. T}►o partiaa horoto agree that Noraest shall xatain �',;:.t:+
poseees3on of the oriqinal�deed restrictione ex�cnt�d purauant ta ?; -
! ' thie ]�qresmaAt until auoh time aa the Certifioato ot Radrmption 3s ' �:-�"
! delivered to �ha publio truetae Eor ieeuanas of a doad. if the ��..' ;
` j Certificate ie exchanqad for a public txuatee't d��d ta nin�moox �` "
end/or McKensie, the dee8 restrictioas shall be recorded fort2iwith. �i" '
°) , . xf the Certificate is aasignad to any other gerson or entity priar _.. �_
to th� ieeuar►co o! a publia truotao•s daed, the Dinemoor/!lcXen$ie � �
desd reetrictions she7.1 be deatroyed. ' • {�,::
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iN WITD7ES5 WHEREOB, the paxtS,ea hav� �nacut�d th�r }�,,.r .
Aqxeement the dap and penr first written above. . . . �
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TI� BOARD OF COIIDITY CO24MISST�NERS �,
QF PIRRCIN C�UNTY� C�L0127lDO • , � �
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c ao C. re nn �.nnan . SLIOT R. DINSNOOR • ;�
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. NORWEST S�iN1C COLOkl1D0� bi.�. �
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