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ORDINAr7CE D10. 84 - o ma W
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t AN ORDINANCE PROVIDING FOR THE EXCHAAIGE AND SALE �' C�AIN CO ;:
;,: REAL PROPERTY adP1ED EY PITKTt� COUNTY � b ' ,,:
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WHEREAS, the Board of County Commissioners is the �
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%'�: owner of record of 14.477 acres of real property known as Ran- ��;�",
� �'�
;� dall Park �nd specifically described on the attached Exhibit
�F� A: dltd qi.
'�.
a« hTEIEREAS, in 1980 a two-acre parcel of land was subdi- ;;`.
,�
�'x vided for P.andall Park for the purpose of resale and recovery
;'�
,;a of funds; and
�
;� 6dHEREAS, Lani and Fleet HThite are the owners of 0.59
�t:v
,� acre of real property adjacent to the Pitkin County Airport; '�
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;°;� and
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�� v7HEREAS, the acquisition by the County of the White
';�
i,s� property is contemplated by the Airport Masker Plan. and is neces-
t�
'^�� saty for safety purposes and noise protection; and
� WHEREAS, the I9hite property is eligible for 90a Eederal 1
r.1 �
i� reimbursement under the Airport Improvement Program; and
�.�n '
�� �7HEREAS, in a trade oE property, the value of the
='� parcel acquired is reimbursable; and �e,:
b:'� "`
j4tHEREAS, the properties described in Exhibits A and ��
�; B have been appraised at comparable values; and �`''
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v,y � .
/� WBEREAS, the Board of County Commissioners wishes �
a
to enter into an agreement with Lani and Fleet white for the
a ::� exchange of 0.59 acre of their real property in the vicinity
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;:L: eooK 479 PA6Ec7��
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"'" of the airport described in Exhibit B for the two-acre lot in
��
- the Randall Subdivision described in Exhibit A; and �
"-�� 47HEREAS, consideration was given to the unique charac- r
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�� � ..
� ter of the individual tracts of land and a sole source selection
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� and procurement procedure is being utilized; and �: ;
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,;�;;-��y Sti�FIEREAS, Section S.7 of the Pitkin County Home Rule E''`,'
w'�=� Charter provides for the disposal of public property.
" P10FI, THEREFORE, BE IT ORDAINED BY THE BOARD OF COULITY
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��`-°�-x COt�iMiSSiONERS OF PITKID] COUNTY, COLOP.ADO that the exchange and
,� sale of properties described above, and in Exhibits A and B, '
";`�� is in the best interest of the County. Therefore, said exchange
r� and sale is hereby approved subject to the terms and conditions ��
:.-:�
.�i-i�-'� contained in the contract Agreements set forth in Exhibit C.
_ ;.;;� _
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„__z BE IT FURTHER ORDAINED that the contract Agteements
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s ` � providing for this sale and eachange, as set forth in Exhibits
� A and S, are hereby approved and adopted.
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.. .,� INTRODUCED, FIRST READ, ADID SET FOR PUBLIC HEARING
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i, � ON THE 25� DAY OF �E . 1984.
I. "� APPROVED UPON SECOL]D P,EADING AND PUBLIC FIEP.RIPIG ON i
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p " THE 9TH DAY OE �'Y , 1984.
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`� ATTE$T.i BOARD OF COUP]TY COPIMISSIONERS
;i;,�?{::_ ' ' PITRIN COUNTY, COLORADO
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�,..� � By: �Ci, -
;� Lew So�}y� Iti hael K nsley, Chai man
° Deputy Clerk and Recorder
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�' � �: APPR�VED AS TO FORM- BOOK 479 PacE94�
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�'`' Tho s Fenton Smit
' County Attorney
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"� ' �PIES OF AIS, EXfIIBITS ARE A�7AILABLE IN Tf� COLINTY CI�RIC'S CIFFICE
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;;� EXHIBIT A
:'".`;*;. BOON 479 Pp�E�47
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�? RANDALL PARK SUBDIVISION,
According to the Map thereof, recorded in Plat Book 9 a..
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�'� `y at Page 41.
X �.
s. CO[INTY OF PITKIN
"�•.`" STATE OF COLORADO.
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'� BOOH 479 Pa�E948
- EXHIBIT B
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'.;;..;� A parcel of land in the Southwest quarter of the Northeast v�.;
quarter of Section 3, Township 10 South, Range 85 West �`�
� of the 6th Principal Meridian. Said parcel is more fully
...., � described as foll.ows: �
'"'-"•'.''.w
=„�':.:-,� Commencing at a point whence the East quarter corner of
'•`=`=-"+'%'�" said Section 3 bears South 85°45'30" East, 1440.6 feet; '
thence North 75°33' West 15.15 feet; �
'�=r-"`� thence North 42°28' West 66.03 feet;
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Yr--:--;-�µ thence North 29°44' West 38.40 feet to the true point
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,..X;;-_� of beginning; !
•`.'�'='�`•:� thence North 29°44' West 121.81 feet; !
°"�'-�' thence North 21°30' West 114.67 feet; i
.�.;;:ps^�:�
i'..h;;;'::� thence North 31°45' West 10.24 feet;
�,�';� thence South 32°07' West 84.69 feet; :.
rt+-ti-�t thence South 3°03' East 220.06 feet; � j
::.r� thence North 63°32' East 157.68 feet to the true point
":�=� oE beginning.
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EXHIBIT C
eooK 4�y Y,�cE����
- EXCAANGE AGREEMENT
':�s
THIS AGREEMENT is made and entered into as of August 13 ,
'�; 1984, between the following parties: ;
�''
•s ;� FLEET PROPERTIES, A CALIFORNIA PARTNERSHIP,
- '.' hereinafter called "WHITE", ����"�.`
..._.y_ 4f�f��•: .
��.
�, � and
A � .
�iT;�','-�' THE BOARD OF COUNTY COMMISSIONERS OF f-
THE COUNTY OF PITKIN, hereinafter called
"PITKIN".
rV?�.,._� �
�:''9 RECITALS: i
;��:'�➢
!..`�-.:''d
;r�r:,� A. WHITE and PITKIN, respectively, are the owners
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t.'.t
_;^;.:� of certain parcels of real property located in Pitkin
�'�''� County, Colorado, which parcels are more particularly
'i3 , 1
,;cLi� described herein. WHITE and PITKIN have agreed to exchange i
- r °
�t� their respective parcels in accordance with the provisions
r
�- hereof.
.�:�'`.; S. WHITE and PITKIN intend that the subject exchange
i`-
��'-,: i
_ transaction qualifies for treatment as a tax-deferred
:� �%:i�
� exchange of like kind properties in accordance with the '�
� =]
�`=':;;�I provisions of Section 1031 of the Internal Revenue Code. '
j ( s.
� IN CONSIDERATION of the above recitals, the mutual �
� .,� �,
fi � covenants contained herein and other good and valuable °
, p ��
consideration, the receipt and sufficiency of which are
3;:�' -
�^"`j hereby mutually acknowledged, WHITE and PITKIN agree as
1
_� follows:
��
i:y'� ARTICLE I. DEFINITIONS
::':Y
r��'''4 SECTION 1.1. Definitions. As used herein, the
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� following terms shall have the following respective meanings.
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(a) "WHITE Parcel": That certain parcel of real � ,
�,�.-w �.,,.:.`
s�y
i;:,.:' property described on Schedule A-1 attached hereto. ��°'
� F.:
� ;e}:��;_' .�
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t'"�� (b) "PITKIN Parcel": That certain parcel of real
.:y�,
proper-ty described on Schedule A-2 attached hereto. •
� ��
(c) Closing": The closing of the subject exchange
:�;:`;
transaction provided for in SECTION 3.6 hereof.
t��`.
r4 ARTICLE II. REPRESENTATIONS AND WARRANTIES
�;k
�,; SECTION 2.1. WHITE Representations and Warranties. "
�r;
WHITE represents and warrants to PITKIN as follows:
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-:� aooa �=l� PacE�7�
(a) Title. WHITE has, and at the time of the Closing will
have, good and marketable fee simple title in and to
_i the WHITE Parcel, free and clear of any and all liens,
?,`,- i encumbrances, and other matters affecting title to the
�-'''
�. WHITE Parcel.
�'`" .
•.� (b) Qualified Property. The WAITE Parcel constitutes property } '�"r�
� : �
subject to Section 1031 of the Znternal Revenue Code. �
- s
SECTION 2.2, pITRIN'S Representations and Warranties. PITKIN
?;_:� represents and warrants to WHTTE as £ollows:
'%.=;V� (a) Title. PITRIN has, and at the time of the Closing will
° �� have good and marketable fee simple title in and to the
F�;�i
.s`;� PITKIN Parcel, £ree and clear of any and all liens,
_-.-,!
.�,1� encumbrances, and other matters af£ecting its title to '
..�; ' ,}
,�':i•
" " the PITKIN Parcel_
�
i � (b) Qualified Property. The PITKIN Parcel constitutes property
.i subject to Section 1031 of the Tnternal Revenue Code.
,. .t
-. r'�`,; � ARTTCLE III. AGREEMENT TO EXCHANGE
� .>� �
s SECTION 3.1. Agreement to Exchange. Subject to the terms •�1
" ::r e
� ;..� and conditions contained herein, WHITE and PITKIN agree to exchange
�
S the WHITE Parcel for the PITKIN Parcel pursuant to Section 1031 of :.�
:� :.3
i
the Internal Revenue Code.
�`; °`{ `
`� SECTION 3.2. Conveyance of WHITE Parcel. At the Closing, i
Z="=�'� WHITE shall convey the WHITE Parcel to PITKTN by executing,
Yr:"'.';'.'� .
, `? acknowledging and delivering to PITKIN a general warranty deed in
-.-� the form attached hereto as Exhibit A and by satisfying all of the �
; q requirements of the WHITE title Commitment provided for below. �
e. 3, R :
7 SECTION 3.3. Conveyance of PITKIN Parcel. At the Closing, ��
{ � �.
# PITKIN shall convey the PITKIN ParceZ to WHITE by executinq,
r `
� ;� acknowledging and delivery to WfiITE a general warranty deed in the � ;'.
�Y
I ��: form attached hereto as Exhibit B and by satisfying all o£ the require- �
s��,�,
� �
n� �' ments of the PITKIN Title Commitment provided for below. `
��m�=� SECTION 3.4. Difference in Values. The respective values of
x;
� the Parcel and the PITKIN Parcel are agreed to be equal.
Ce�;:;-
,7..�=;:,;�
�ty;k,, SECTION 3.5. Adjustments. The following items shall be
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�xr �.
i'� allocated between the parties hereto;
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a �rt�5�"ry p r�+t«r� z 3�t �..�� � `ni�l� "�,''� x,y i� �.e'yr�4 �.
?i�ir,r�'�+'�� � 6����� �7r5''�' q n�.t.'•j: 'F :,%4. �tz�b�,�Li 7`E�* irl . * � s'�dxrz��-�,,� � ��. i�ft��.:�
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��� eooK ��9 PacF�51
(a) Taxes. General real property taxes and assessments
pertaining to the WHITE Parcel and the PITKIN Parcel
`� (if any) which are attributable to the calendar year
�.:.�-j �n��,.�:�.
'- in which the Closing occurs and which are payable in
;.y the following calendar year shall be estimated based ,��-
�rfi��.:-:
„�:? upon the most recent applicable assessment and levy
::;t.'.�
�,-„-;-j and shall be prorated to the date of the Closing and the
?.rF:�f prorated amounts shall be allocated to and be the obligation i
2n^1� of the party having title to the subject parcel for the �
"_�,i;:f proration period in question and shall be final.
"-'''�#
`_,;� (b) Utilities, Rents and Insurance Premiums. There shall be
l-�'.'#���
,•:-j no adjustment between the parties herewith with respect
�i
-*rc� to utilities, rents, insurance premiums or other items �
- iric:- �
� paid or payable relative to the WHITE Parcel of the �
� I
;,9 PITKIN Parcel. {
_';� SECTION 3.6. Closing. The Closing shall be held on or �
'',��'' before at .M. at the offices o£ � ,
^;';_._i ; ,�1
`r!:r.f�. , Aspen, Pitkin
� or set by mutual agreement.
County, Colorado/ At the closing:
� ,;� (a) PITKIN shall execute and deliver to WAITE a good and
�r ,
�-.� ;
�:�':�� sufficient general warranty deed conveyinq the PITKIN ;
i
= Parcel free and clear of all taxes except the general �
��`:, .
t �� >
„I taxes for 1984 payable January 1, 1985, and free and �
r:,i ;
:;:%� clear of all liens and encumbrances except easements, i •
- rights of way and restrictions of record.
£`����`�� (b) WHITE shall execnte and deliver to PITKIN a good and _
4� �
� ' sufficient general warranty deed covering the WHITE
,t.Y
Parcel free and clear of all taxes except the general
Z
� .
� ,ti ' taxes of 1984 payable January 1, 1965, and free and
a
,a:;..::
�
Y�%•i�i '.
u;�-� clear of all liens and encumbrances except easements,
�{�
��� rights of way and restrictions of record. ,
���
��� ARTICLE IV. ADDITIONAL COVENANTS, CONTINGENCIES AND CONDITIONS.
v��%",::
i�-
��:�' SECTION 4.1. WHITE IIocuments. On or before August 15,
��w:
`'� 1984,WHITE at their sole expense, shall furnish to PITKIN the following
y:�.>,
t::,'.=`
>3`
�:.;:; i tems:
:€::�`
_�.
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,5.i,�,
�
y. ..
!. -
��
�SC ::i.
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• �__ �.
'S:.'v;irw,. � � � -
... - M i'i�-
,�"f �� '� i�' iF,.F�y 3%�k'fi:�,'�'' ,-��."Kt`i�. fl .' 4 � ., t Ss 'a �1
.s+ci}F���!'�4' ��� f-Y'�j s+•3'� ..i �� t� ��rt� � � �Sn s �}'Ja',+ � ��� �1}L.'r•y,�g ��
t a \ �;:�.'�,�+ .c%' ��3}"� �I,� p f�f,� �,.'J;• £j�, t,,�,'c:' ' rx f ^! '" �q1c
',M3+� i�����i���i�•rZ4i�rAt�, '�..d�h�lYfl9yi� ..a�i��it�r'�kifi.��s'3KJ;1������3��'�'�4���'�?'��2�au.-,
:4 ��``,
�''" � BOOK 4"J� �a�E�5�
;..� (a) Evidence of WHITE Title.
1
i (i) WHITE Title Commitment. A Commitment from a Title
`-'.S Insurance Company insuring PITKIN's.: title to the !
+:N,:;� f �:
MILLS Parcel in the amount of One hundred fi£ty
thousand Dollars ($150,000.00) which shall be
';-.r:'.-�� jR#*•.
,r .� furnished to PITKIN.
��;'� (ii) WHITE Certificate of Taxes Due.. A Certificate of
�
=--�.+ Taxes Due issued by the County Treasurer of Pitkin
:=;=';f-a
;�:=="a y Colorado certi£ in that there are no un aid
,_�,_� Count . . Y 4 P
,,,, � taxes or unredeemed tax sales pertaining to the
,�--; ;g
""�?^; WHITE Parcel, except taxes which are to be paid at
n � Closing.
r� � SECTION 4.2. PITKIN Documents. On or before August 15, �i
�- r,v.«��.�:�i .
r� 1984 PITKIN at its sole expense shall furnish to WHITE the following
;<-< '-'�-,:+ items:
` � (a) Evidence of PITKTN's Authority. A resolution of PITKIN
, .j in the form attached hereto as Exhibit C.
. i
'""-`='�?`� (b) Evidence of PITKIN's Title. '�r,��
(i 'J
! `�i (i) PITRIN's Title Commitment. A Commitment from a
i :
jTitle Insurance Company insuring WHITE's title to
a :�
� x '` the PITKIN Parcel in the amount o£ One Hundred Fifty
p_.,,:. .s;.,
Thousand Dollars ($150,000.00} which shali be
��^''`:�'
w:?
'M� furnished to WHITE.
r + �
``! (ii) pITKIN's Certificate of Taxes Due, A Certificate
,
of Taxes Due issued by the County Treasurer of '�
�' Pitkin County, Colorado, certi£ying that there are ��:':
� '�! no unpaid taxes or unredeemed tax sales pertaining
r ':� �
:;� to the PITKIN parcel, except as described in the �?
'' -i �
i� � pITKIN Exceptions. �.
�}+�., �- i,
fM.r-�.��,.',,
'�:�`'�`u,+'�. SECTION 4.3. Merchantability of Title and Contingencies. The
,§, '�'.,.
�
1��3 parties hereto further agree as follows:
'�,f'T't�r ' (a) Title. Title shall be merchantable in WHITE as to the
�r��- i;
��e� WHITE Parcel and in PITKIN as to the PITKIN Parcel.
L�y.:•x•;:�
`3�,*,�:�`;
'"w��. (b) Title Defects. In the event that the title of either
�" �i.: party hereto to its respective property is reasonably
��:��.'�, determined by the party acquiring such property not to
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:7rs :
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' A,,�, Y ��T"'is( ' e .. .
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,�:�t ��'j�����}�y �� 'fey�{' y�'� ft7 ,� R,.. ! �t . Y �'� �t{' c� ,�,f�y+-�'+',/•'1
���i'J?YL%»?�'"��F�p( �; �{y�.�y��^�4 ��ut."��.~.�.. t H. _�F��.�I�M+.�Yt'� }�P i
�2V�-f4^A�l3hF������3�,'.`X..�l!i%!+N .�_ } � lut. t ..�Ir .�b�"f��. �
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:'i
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, ,' �ook 4'I� NacE�53
conform to the representations and warranties contained
�
- herein relative thereto, from examination of the evidence
" = of such title provided for herein, or othexwise, the
acquiring party, prior to the Closing, may give notice �`'
to the defaulting party describing each title defect �.
��':
' asserted by the acquiring party. The defaulting party -
:'`� ; -
"Y��.{ shall, prior to the Closing, at its or their sole
�.-. expense, cure each such title defect and furnish to the
""_:'��
-;:_;.; acquiring party evidence reasonably satisfactory to
s_`..;�
i:;'`',;:� the acquiring party showing that such title defect has
'��� �
' i__:;i been eliminated and that the defaulting pazty's title
,� to the subject property confprms to its representations
.:i'"' I and warranties contained herein relative thereto. `!
��-.
�,:;_, .
;:� Failure of the defaulting party to furnish such evidence
� i to the acquiring party within said time shall constitute
x � an Event of Default (as defined below) hereunder.
.._.,,..-.r � i
i ,i '
, � (c) Condemnation. In the event that, prior to the Closing, �
` `"`'' the ro ert of either of the ��
�;�.�_;__;; p p y parties hereto, or any �;f
,
� � part thereof, shall be condemned or taken under any right
� of eminent domain by any governmental authority or other '��
�� '`� party, or shall be reasonably determined by the party F �
�;�_•:',.,
- acquiring such property to be threatened by imminent
G'��:-�r� condemnation, the acquiring party may give notice to
F:�;. ,�.t .
, .� the party transferring such property either (i) electing + ,
1`'1 i
''`j to terminate this Agreement, of (ii) electing to perform
..•':',:.'
; �� this Agreement notwithstanding such condemnation or
i-:,•-:.."'
' i threatened condemnation, in which event this Agreement
fy ' '� shall continue in full force and effect, and the trans-
�t;�.�.._.'�j .
� '� ferring party shall not compromise, adjust or accept any
r �
ss
ft..�x,�� amounts payable by reason of such condemnation without ��
'fir;°7...� :
�'p`'`;'�
;:4r� the prior written consent of the acquiring party, the i
�.`<Y� acquixing party shall accept the subject property to }
.•;�r� .
-..,, such condemnation anc3 shall be entitled to all amounts
�:.;;�:
s.�',y:'.'f_y .
��,,�>,;; paid by reason of such condemnation and the transferring
'h?g';�;='
party shall pay to the acquiring party any such amounts
q:;`;:':;
�!5 ��� received by the the transferring party prior to the
;;,;
;.,�;:;� Closing. Zn the event that the acquiring party fails
F.:�",'r
��� - 5
�`iws
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• � .
^�•. . �
�;�:: � ,
r _.'r•�.�5.�,�C.,���r�i� Y� As�l,.� �.�+FAd:tk � . ..;f .��5�'3t.�f?2�'9�i7`.���. .,�t4t.�s;�? �#?"J�.'ii;G.�..,3tf3d7�"t . .. . .
,�°�p:i;
�1 '
.. 4r:��,S...Y;:
;' BOOH �(J PAGE���
3
.3
to git�e such notice at or prior to the Closing, the
acquiring party shall be deemed to have elected the '
� second alternative above. �
;{ j
(d) Termination of Agreement. In the event that either
�; party hereto elects to terminate this Agreement in �
j accordance with the provisions of this Section, any ��, �.
1 T,��„� '
`': abstracts, surveys or other documents or property delivered �,�:,;�':
;
�y°1 '
by either of the parties hereto to the other pursuant to
;i !
`'�'� the provisions hereoE shall 6e returned forthwith to �
'I;i,.� the party delivering the same. Upon such return, this i
:'�c�;:'i Agreement shall be null and void and o£ no fuxther force �
j I d
':`�+�� or effect and each of the parties hereto shall be released !
i
frora all fuzther obligations hereunder. �
:.*,t�j� � •1
- ±�;•� SECTION 4.4. Conditions. This Agreement and the obligations
::�
�`"'' of each of the arties hereto ;
's�;.;� p provided for herein shall be subject to
�`.
- the following conditions precedent: �
;;:;
ts.<- (a? Documents. Each of the parties hereto shall have timely
,°:�r,� received each o£ the documents to which it is entitled
A :�� � �
� � pursuant hereto or shall have waived in writing its } C;,�
� .'� r"ight tl�ereto.
� `� (b) Representations and Warranties. Each of the represen- '�'''
� '�
� tations and warranties made by each of the parties hereto �'
r �J to the other shall be true and correct as o£ the time
�.0:t -
r �'� of the Closing or the inaccuracy or breach thereof, as
-`•' r applicable, shall have been waived in writing by such ;
c• ''
� :� other party.
r 7
5 -
., -i (cy Home Rule Charter. PITKIN shaZl have completed and
.) complied with the Requirements o£ Article 8,7 of the Home
� . j Rule Charter. �
: 7
1 .
��' :� (d) Im�rovements. All buildings, structures, utilities, -
t � � ' .
'�, appliances and furnishings currently on the White property �
�r4 r .
shall be included in the conveyance to PITKIN in their
�%'��± ,
��� present con8ition and without additional compensation.
+,�
�:t,s,
�«;?' (e) Non-Satisfaction. In the event that any of the fore-
��'� �� going conditions precedent is not satisfied in the
r r x
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�. ::.i�w��: ,�y��r�� • , i tt�,,ro Y��' �'r'�Ta��r r .
.: `' �)�
• "iei:'�::�_�:aF4 w,�...,x�i�i.� . ..' _�. . � - i �.�w�:2�-..'rit'�.Y'ti7� _.�t.�.�;...'�l�r C"...�Pxl�:;,d�1;"Sy'.�il�'_<..iC:�4cr���1i�'`nl��.
�P�
1
�a r
8�0� `f �i7 ('ali[Jc�� r :: ;
reasonable determination of the party benefited by such
condition, the benefited party may give notice to the
#'
other party describing each condition which it asserts � °
has not been satisfied and electing to terminate t�is � -
i� - -
,
Agreement. In the event that the benefited party fails
< < .
to give such notice at or prior to the Closing, such � r °' �
.� �;:��,�'
condition shall be deemed to have been waived, in which �� � . `
event this Agreement shall continue in full force and �''.'�
effect. ��
I'Y'
(f) Termination of Agreement. In the event that either party
f-
hereto elects to terminate this Agreement in accordance �
�
i
with the provisions of this Section, any abstracts, !
surveys or other documents or property delivered by
:�
either of the parties hereto to the other pursuant to
the provisions hereof shall be returned forthwith ; 4
i :
to the party delivering the same. Upon such return, �
i ':
this Agreement shall be null and void and of no further
::
force or effect and each of the parties hereto shall be ( ; �
.�1
released £rom all further obligations hereunder. � � �
f
, ARTICLE V. EVENTS OF DEFAULT � � ;j
SECTION 5.1. Events of Default . The occurrence of any of i
the following events shall constitute an event of de£ault ("EVent � �
of Default") hereunder: ���
!
��'
(a) Breach of Covenant. The £ailure of either of the parties E"d -
hereto to pay any amount or perform or observe any other � �`::
P:j: ;
covenant or agreement for which such party is obligated �
tx
hereunder. '
(b) Bankruptcy. The occurrence of any of the following ! :� '
events, as applicable, with respect to either of the � "
arties hereto: (1) the a lication for or consent to � � � �
P PP ; '.:._`:
the appointment of a receiver, trustee or liquidator of i �
their or its assets; (2) the inability or admission in I -
, �
writing of inability to pay its or their debts as they a
mature; (3) the making of a general assignment for the �
;
benefit of creditors; (4) being adjudicated as bankrupt �!
� 1
�
�
i
_ 7 _ �
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. ..a �.;,._. ,
' :? or insolvent; (5) being declared suspended and inoperative;
-<
iand, (6) the filing of a voluntary petition in bankruptcy,
�
- � or a petition or answer seeking reorganization or an
�_;:�
-r
�''? arrangement with creditors or taking advantage of any
=- +:� � insolvency law, or the filing of an answer admitting the � ,
a
':' i material allegations of a petition filed against them or
• t;,;.'�
;,P �j it in any bankruptcy, reorganization or insolvency ''
., :x:.
� ;�4�ya.� ,"�p,-�:
._) proceeding or the taking of any action, or consenting
;;-;<:� to any action taken against them or it for the purpose of �
°�r _ effecting any of the foregoing.
c.':=::!==�
fi�^`="-`J ARTICLE VT. REMEDIES �
;:�:'-: �:� �
yn,� SECTION 6.1. Remedies. Upon the occurrence of an Event of
Default or at any time thereafter, the non-defaulting party shall
r.t`;s �� have the follawing remedy. The non-defaulting pazty may give notice
� �}
to the defaulting party declaring this Agreement to be in fu11 force
�{.
� ,
,�� and e£fect, notwithstanding the occurrence of such Event of De£ault, '
�
;;;� and shall be entitled to the remedy of speci£ic performance and
��:,�
� damages and may pursue any other right, power or remedy available
�}"
� ,s s.'. at law, in equity, by statute or otherwise to enforce the payment, �
r � _ '�1
'�,�,
I ; performance and observance of all obligations due to them or it �
� � hereunder. .
�c.__ .-_� �.a?
'.] ARTICLE VII. GENERAL PROVISIONS t
�.".. �
+ ' SECTION 7.1. General Provisions. The parties hereto further
4�.,�F .
,..,.._.�M%
� .. r:;
agree as follows:
`'� (a) Time of Essence. Time is of the essence hereof, provided,
` � however, if the last day permitted or the date othexwise
l :.
' i `
� determined for the performance of any act required or �..
C
f permitted under this Agreement falls on a Saturday, �.
r
-v ;: ; Sunday or holiday, the time for such performances shall E
�,.. ,
1-
rsr ' be extended to the next succeeding business day, unless
���;t ;
-.' 'z
s����,:; otherwise expressly stated.
���a,;�:c w.;1
,`���' (b) Governing Law. This Agreement and its performance shall
Y- , !
x,
1 '"i: be governed by and construed in accordance with the laws
*}"
,�,.'A' "' of the State of Colorado.
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y t "i� �. } � �3
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(c) Severability. Should any provision of this Agreement or
the application thereof, to any extent, be held invalid
- or unenforceable, the remainder of this Agreement and the
� application thereof other than those provisions as to
which it shall have been held invalid or unenforceable,
,;�:,i: .... , shall not be affected thereby aad shall continue in full �
:.,..:, •
`'�"';�?!'� force and effect and shall be enforceable to the fullest
�`°-'�^ '" extent permitted at law or in equity.
���-.-:r
fi'. _'
� (d) Integration. This Agreement embodies the entire
; :i 3
_�,,,.,.• ;�:_,, agreement between the parties hereto concerning the
�'n
subject matter hereof and supersedes all prior conver-
-- _��
sations, proposals, negotiations, understandings and 1
r3-, � ' agreements, whether written or oral.
(e) Incorporation by Reference. All schedules, exhibits
C''� '
` and addenda attached to this Agreement and referred to
herein shall for all purposes be deemed to be incorporated
,
• in this Agreement by this reference and made a part hereof. �
�` (f) Further Assurances. Each of the parties hereto shall, ''
t i'
4 ' upon reasonable request from any other party hereto, �•"
#..:::--'::_,' i
�r- from time to time, execute and deliver to the requesting
4.,
�` party such additional documents and instruments and
` shall take such o£her actions as may be reasonably
�.^" �+a-;j
r�...„?�, _„j necessary to give effect to the provisions of this
-:�� �
-};� Agreement. €`
",'_j (g) Costs and Attorney's Fees. Sn the event oE any litigation �` :
� ( {-
sx : ! or arbitration proceedings between any of the parties �
i
hereto concerning the subject matter hereof, the prevailing
f
� party in such litigation or proceedings shall be entitled
� 'I
i'- `"i to recei�e from the defaulting party in addition to the
j—r:s.,,::;,,..;; .
v.;.�::r..E,r.,-;
�-.�x;;;`,`T amount of any judqment or other award entered therein,
Tt�:�'�:r ,
'�;_:"`
�,�.'�'� all reasonable costs and expenses, including reasonable
,�.x."�%e,.?;
`��"�', attorne s fees, incurred b the revailin art in
'��"',=" Y' Y P 5 P Y
t.�.��..:::
'-'b`�`j^��
�; j such litigation or proceedings.
&��';- �i
.��� (h? Compliance with Laws. The performance by the parties
�r,d��'I
�4 �� hereto of their respective obligations provided for in
��,� ;
y����;: this Agreement shall be in strict compliance with all
��f-'�:
����
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. _ _ �
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��t �!=������ �a ��'�c.�5�'gJ ,y ,4L".e� � h� �y:,`^�4r t ���x . �K ��� .�� .
,1 � .T1'� 2 if �'�, J4 t�.f+ Mf:' � f,i_,' t�f t�""�'�}}±--[+ A .�
�.. .. 5', z�8�' ��x�_..���Tx++°�M�r;�s-���n'.�.a.. .� Ym!!P�ae�`'�.•��`.'�'�.�.i.�i�4v.sy�""iL...
;-;,� BOON � /� P,1GE�7�J0
'�
"� applicahle laws and rules and regulations of all
�
� governmental agencies, municipal, county, state and
" w federal, having jurisdiction in the premises. °
�'
i � (i) P;mendments. This Agreement shall not be amended, altered, �
.- � changed, modified, supplemented or rescinded in any �:��'"•
�Fj.;`? manner except by a written agreement executed and � °
.:. 3
��:�i acknowledged by all of the parties hereto and attached
�' hereto as an addendum.
;:1 -',�
_� (j) Survival of Provisions. The representations, covenants,
��.�-;�
:i warranties and unperformed obligations contained herein �
��'",:::c�.1
-�:-.i shall survive the Closing of this Agreement and any
_:�:.�
,�:� investigation made at any time with respect thereto �
.1
'"'"i shall not merge into any of the documents executed and
,�y .
delivered pursuant thereto and shall remain enforceable
;:�:�.`� st xtent ermitted at law or in e uit .
1 to the fulle e p q Y
! (k) Authority. Each of the parties hereto represents to
i �
, the other parties hereto that such party has full power
�y�1
!t ',i and authority to execute, deliver and perform this
�� t.;:;,::._'..j -
� :i Agreement and that this Agreement constitutes a valid
z
I and legally binding obligation of such party enforceable
� '
�;_:;;�::j against such party in accordance with its terms.
_ '+ (1) No Restrictions. Each of th e parties hereto represents
k `;+ to the other parties hereto that the execution, delivery
:� or performance of this Agreement will not contravene
I
,4 any legal or contractural restriction binding on such
i '� party or on any of its assets.
v':' i
� ��T) (m) No Litigation. Each of the parties hereto represents
r
� to the other parties hereto that there is no legal action,
� ._`�� proceeding or investigation of aZy kind now pending or, � '
�,.,.;:� .
�y}(+ ; .
t-_�'� to the knowledge of such party, threatened against or
r:r;
�`e�
�`� affecting such party or the execution, delivery or �
�4�,•
��
- performance of this Agreement.
xs�`�:;
�.t.,a
w, (n) Counterparts. This Agreement may be executed in any number
��s �
�;=�` of counter arts, each of which shall be deemed an original
a.h,: P
#t,
•':y±. but all of which shall constitute one and the same agreement.
,zs�i.:r;
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(o) Paragraph Captions. The paragraph captions of this
- ._ � Agreement are inserted herein £or convenience and reference
., ��
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` � only and shall not be deemed to define, limit or construe '
'.r.' j.�.
. " : the provisions hereof.
- i E,�.
_ (p) Number and Gender. When necessary for proper construction
`' ' hereof, the singular o£ any word used herein shall include
_ -_� i
the plural, the plural shall include the singular and
� � . _;;� the use of any gender shall be applicable to all genders.
� ` ..� (q) Waivers. Any one or more waiver of any covenant or
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condition by any party hereto shall be construed as a
__ =::.�
' waiver of a subsequent breach of the same covenant or
.�
-� condition and a consent to or approval of any act !
- "�' -� re uirin consent or a
q g pproval shall not be deemed to
� waive or render unnecessary such consent or approval as
4 �
,� to any subsequent similar act. �
i �,.� (r) Negotiation and Drafting. This Agreement was negotiated
� ,,
and drafted through the mutual efforts of the parties �'1
. 1� �
�:=:��::`:� hereto and no construction hereof shall be made more
Sfavorable or more detrimental to any party hereto based "?i
�f upon the negotiation and drafting of this Agreement. f
�' ;`I (s) Notices. All notices, requests, demands, or other
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` communications provided for herein or given or made '
� �
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'� between any of the parties hereto in connection herewith ; .
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- shall be in writing and shall be addressed to the party
� to be noti£ied at its address as set forth below or at
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� such other address as such party may £rom time to time
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f ! designate by notice to the other parties hereto. All
� notices '(except notices of change of address) shall be
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effective at the following times based upon the method of
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delivery elected: (1) three (3) days after deposit
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���? in the United States Mail �
, postage prepaid, registered
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��' or certified mail, return receipt requested; (2) five (5)
tf f-'�i�:. .
�i,n�+s;,'; days after deposit in t�e United States Mail, postage
�"'3j:
��� prepaid, first class mail; (3) upon delivery, if delivered
�
�_,,,� in person either directly to the party to be notified
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:��i�' or to the address of such party desiqnated herein; or
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Fi.�''t?r�IIw'iq.� . . ���.�t"�A!�.���.�.,i��5� ��c�"��.��''�.e .���'dt,y r �' 6�r 1 X;.
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�: BOUK 't I� PaGE��U
,,� (4) upon delivery, if delivered by commercial
� express service or courier to the address of the
;
`"? party to be notified designated hereia. Notices �
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- of change ot address shall be effective ten (10}
; 1 days after the effective ti.me otherwise applicable ;`r `
: ,^ '.�_��,,'
; �t thereto. �
;;�,F If to PITKIN; Mr. Tom Smith
County Attorney
°:�.� 506 E. Main St.
''w`� Aspen, CO. 81611
-;;�r�
�ipX
;r�;-� If to WHITE: Ms. Lani White ;
r�Nti� P.O. Box 1033 �
!:_,;.� Aspen, CO. 81612
°'`� {t) Sinding Effect. This Agreement shall be binding upon
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?`'°-'� and inure to the benefit of the parties hereto and their
_ �`A ;
�;:'s respective heirs, legatees, devisees, legal representatives,
.., �
�`•':;;,� executors, administrators, successors and permitted assigns.
".:_,s
��:' � EXECUTED as of the date first above written.
'`� FLEET PR RTIES
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LANI HITE
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' -�;� ET WHITE
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���=r� BOARD OF COUNTY COMMISSIONERS
t``�``'�`� OF THE COUNTY OF PYTKIN, COLORADO
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,� COUNTY OF PITKIN )
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�'' The above and foregoing instrument was acknowledged
f� � before me this 4th da of Se tember, 1984, by Lani White
�`�`'$'�'i Y P
�';`` and Fleet White of FLEET PROPERTIES, and Michael Kinsley
=,�z��`�`= � of the Board of County Commissioners of the County of
�`�4 : ,.,1'Y�ki,n, Colorado. My commissio expires: September 14,
�',:� „��R$5 ', �j.tness my hand and official seal,
�' r �} `�'�'�C��`�ti': �` - 12 - � . �c.� .
.�r.;:`:I =N`• AU�LlC '., o£a y Public �,
•;�"r'•i:�� _�:, .
i.;a:{,.� , ., :ti' Box 4425, Aspen, CO 81612
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RANDALL PA12K SiJBDIVISION,
�;::�; . According to the Map thereof, recorded in Plat B ok 9
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N ` A parcel of land in the Southwest quarter of the Northeas�
- � quarter of Section 3, Township 10 South, Range 85 West
- of the 6th Principal Meridian. Said parcel is more fully
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�,�;.,,..�:; Commencing at a point whence the East quarter corner of
said Section 3 bears South 85°45'30" East, 1440.6 feet;
� thence North 75°33' West 15.15 feet;
S3`; � thence North 42°28' West 66.03 feet;
.,,,r��,,,�;.� thence North 29°44' West 38.40 feet t the true point
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4 ��5 ''i� thence North 29°44' West 121.81 feet;
'�*; ``.�`-� thence NoYth 21°30' West L14.67 feet;
thence North 31°45' West 10-24 feet; ' �
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The Aspen Times
Box E
` Aspen, Colorado
;�:_ :
�:,.
- PROOF OF PUBLICATION �'�T
_,;.
STATE OF COLORADO � Copy Of Notice .�
) sa
County o[Pitkin , .public-notice � � - �
, I !Illli2m 3. Dtu'ia,*.•tay do sol�mnly swear that ���'��N�o�OR-i1
; - nr�oxow.lxcs rrsovmwo pos�ex. !
CHANG6 AND SALB OP CERTAIN R6AL�
:�__� I am the P>>blisher of THE ASPEN TIMES; �����P�IN��TY
_ that the same ls a weekl news a er �w^�a��ari�.� �:�,a°0,�� .
�_: y p p printed, in whole or in part, ,��,������������ �
._ and published in the County of Pitkin, State of Colorado, and has �+�m�e•w�aE.w6n.�.m � �
� a enerel circulalion thereln; that said news a er has been ���'1O��'�""°'P"O°�°��
; 8 P P P�b- ���.�°`ai��mc�m`v�cwrn( � ',
`^ ]ished continuously and uninterruptedly in said County ot Pitkin, tt7�Rp��,�„�p��yyhi4wen.e.o- . �
�����:'^ for a period of more lhan fifty-two consewlive x•eeks next prior p;��r,b„a,oi��r��m u.,
���>r�;ri to the first pu6lication of the annexed legal notice or advertise- ����wo�y�comp,��
.. r'..::�,:;; white b�n Aimat
;:,,� ment; that said nex•spaper has been addmitted to the Uniled States ���.e�•n�di.o.Q...rj��P,,,� :
mails as secondclass matter under the provisions o[ the Act of ��'� -
� March 3, 1879, or any amendments thereo(, and Ihat said news-
eos�redu.i r�i�mnm+emmtw°P""avWe�
peper is a weekly newspaper dWy qualified [or publishing legal ��'s°�-.�a�na�n b��r,�..Iwor
notices and advertisements w�ith the meaning of the laws of Ihe �es.w�prop�k.a..o;b,e;sa�,;ma
A�nd B ha�e Meo�Ppni�ed�t eom le
� ` State af Colorado. ..vig�.�,�d�_ �
i M'�s�+1s.t6e Burd of ceuoy r � --
�, m wi�Aa b mter.ioto u yr�nt nN I�ni-
That the annexed Iegal notice or advertisemenl aas published 'Od��`��1°�" d����
�' ' • �"e..'°°�a�dum�»ri��r�e..�,e :�1
- . in the regular and entire issue of every number of said weekly B��h�i.w betowe'�
x.m.0 s�u,�,e�+eaa i�s,n�w�e:.m
w�ne�s.�,u�...d..n m w�•
�, m��...�e<r�tw.mm.wwu.n,�r�.�a�a.
t ':� newspaper for the period o[ consecutive. insertions; and �•���.�aP�euR�,e�o.�a„r.;.�
r� that lhe firs[ pu6lication of said notice was in the issue of said ���sa�t;;npve.�7���p�y '
� ' u a"w..�.r
� a; newspaper dated 'JU�-Y 1� A.D., 19£�' and that ����pp CO����p��Y�
�.,�r: the lasl publication of said notice was in the issue of said news- �Pp�����•������.e:-
� _ .�a.wor .r;..a�;e.a.u�....�a
meee�bc�n..�a�.°G`�w.e.x m�.e d�
��"`! Counel.'rhenfarc xid nch�o�e�od.�le h
' paper dated A-D., 19_ h0'�•vn�^"��L�'e�a�ur wm..nd mna;.
�,:'.= tiau anWrcd in tnel AP�eb�et
: fdtb in Bsh�bit G
I / � � n AH�m�`R17i8RnO�ADAQiEDIh.etAemntnti
4''i //�� %� /�p'/ // /j,��r(�� pp�t�f���EFYiMt�e A�n�d B��re herc �
r .`f' LG/ G(. %� ,L�'LLf`[�'G�Z� �WTRODUCEpPFiHSI'B6AD.ANDSETPoR �
PUBWC NSA&INO ON THS 25th DAY OF
\�.`�ti JUNE.198{. �
:;:;.1 APPROV6DUPON&ECONDHEADINCANO " ,
_ PUBLIC H2ARING ON TH6 9TN DAY OF
;`! Subscrlbed and sworn to betore me,.a notary public in and for ��Y•��� -
�t �BDARD OF COUNTY COMMLSS[O�qg
�' � � B�j M ch�l Ai�v`(��
� th unty uf Pttkin, State ot Coiorado,;his_�,�,day of ����o .
� ,�L� °`,�'e`x�ic��t.ean�a.� '
ven ns 10 eaiw: :
�..,� A.D.. 19.1_� ' 7mm�uyFmmmne�sm�w � . �v;..;� .
�'� � CO IF3 OF w'!.6%l�175 ARE AVAdABL6
.':;A',,,k`,' / IN T!�COUNTY CLIsRKB OPPICE DURING ������. .
RE6ULAR BUSiNE�NOURS,
e���;� � .�u_� Pubti.M1ad io�h�Aspen 75mo JuIY 12.i881• . -
t �
i a Notary Pablic � /
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't= Aly commiss[on expires -
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