HomeMy WebLinkAboutbocc.con.068.1997 � __-_, ..
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SECOND A�DM�NT TO ESCROW AGREEMENT �� '
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THIS &SCROW AGREEMENT dated June � 1997 between PITIQN COUN'I'Y, i'��
COLORADO (the "County"), MID-CONT[NEIVT RESOURCES, INC, LOUIS M. LaGIGLIA as �;����,
Creditors Trustee and Attorney-in-Eact for Mid-Continent Resources, Inc. (cotlectively "Mid- ,.
Continent"),and STEWART TTTLE OF ASPEN,INC.(the"Escrow AgenY'), -
WHEREAS,the parties signed an Esc►tow Ac[tEErrtEt�r['dated July 30,1996 and deposited with 4:• �.
the 6scrow Agent the net sum of$462,634.98from a saleJexchange transactionin which Mid-Continent
- transferred to the United States real estate located in Pitkin County under a PurchaselExchange Y .
Agreement with the Telluride Company(TELCO),which sum togeEher with accrued interest is held
by the Escrow Agent in an Escrow Fund established by an ESCROw AGREEMEN'r among the parties � '
pending disposition as provided therein.
WHEREAS,pur5llant to an AMFruDMENTTO ESCRO W AGREE�tENT,dated Apri129,1997(the First
- ' �. Amendment to the ESC1tO W AGREEMEN7),net proceeds of the"Electra","Deacon"and"Mountain Coal
�..,, ,
� Compan}/'sales in the aggregate amount of$I63,609.58 were deposited in said Escrow Fund pending
� disposition by order of the District CourE of Pitkin County,Cdlorado,uniess otherwise mufually
� agreed by the parfles,
. WHEREAS,the Counry has filed an action in the District Court of Pitkin County,Cotorado, �
. i docketedasCivilNo.97-CV-131-3foradjudicafionofadvnlnremtaxafiondisputesbetweentheCounty
. 1 i and Mid-Continent.
� WHEREAS,an additional closingis scheduled on a saleJexchac�ge described as the"Timroth"
sale on the following described real property: �;
� �,.._
� 4 I T.10 S..R.89 W.,6"'P.M. �
- f j Secflon 11: SE'/.Sw'/.,and
i � That part of SW%,Sw%a more particularly described as follows:
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; ; Beginning at the Southwest 1/16"'corner of said Section 11, ,
�; thence S.00°06'E.1310.10 feet to the West 1/I6"'comer of
i: Sections il and 14;thence N.89°44'W.along the section line
j:. 475.0 feet to a point; thence W.50.0 feet to a point thence
+t= North 602.0 feet to a point on the Norfh tine of said Sw'/.Sw'/a;
I; thence along said North line of the Sw'/�Sw%<S.89°31'E.525.0
• 4 ' feet,to the point of beginning.
�:
� ' for the gross sum of$220,000. " •
i WHEREAS,to allow said Timroth sale Fo proceed,the parfies have agreed that the sum of i.
$9,4b8.21 of the net sale proceeds(evidenced by Certificate of Taxes Due No.9701310,dated June 26, !
I997}should be added tn the Escrow Fund held by Stewart Tifle for disposition by said pending �
litigation,unless otherwise mutually agreed upon.
THEREFORE,IN CONSIDERATlON OF THE PREMISES,the parties agree as follows: '' � '`
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• -I- 2"'DAMENDMFNTTOESCROWACRMT ,j � �. '
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'� . _ : (Il11111111111(111 INN IIIIII 1111 IINII III IIIII IIII IIII �;���:�'.�;
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- 407215 0$/11/199T 04:22P pMEND qG DpVIS SILVI ���
2 of 2 R 0.00 D 0,00 N 0,00 PITKINCO COLORppp �''`�N��+l`;
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1. The Escrow Agent shall retain from tt�e net proceeds after closing(including and after •�
payment of Certificate of Taxes Due No.9701309,dated June 26,2997,in the amount of$16.50 as a '��
closing cost)of the Timroth sale the sum of$9,468.21,and add that sum to the Escrow Fund.Said sum
shall upon demattd of any party hereto be deposited in the registry of the District Court of Pitkin ,'�''•
County for disposition by the Court In the absence of such demand,the Escrow Fund shall be
retained and invested by the Escrow holder until Court order direcEing disposition is received or until �.���_ '
otherwise mutually agreed by the parHes. j�, .',;
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2. Pitkin County agrees that establishment of the Escrow Fund,as amended hereby,and �',r-� `
- the recourse it provides against Mid-Continent real property sale proceeds satisfies Pitkin County's
claim for ad vnlorem taxes that may be due under,inter alia,Tax Schedules No.R007864(aka 18-07864) ,� ^
and R007863(aka 18-07863)against the Timroth sale property descdbed hereinabove; that said S '.
Timzoth sale property is hereby released from any and all claims of Pitkin County for past and present `
unpaid ad va(orem taxes.Nothingin this SECOND AME�)DMENf TO ESCR�W AGREEMENT shall �
be construed as a release or satisfaction of Pitkin County's ad vnlorem tax claims against other Mid- ,
,_., " � Continent property or against the Escrow Fund in lieu thereof as provided in the ESCROw AGttEflt.�tENT
and the Ftttsi AMEtvoMENT To FSCaowAG[tEEtvIF,NT nor to the prejudice of or as a waiver,bar or other ;. .
impediment to any present or future claim,defense or other alt'egafion raised by Mid-Continent in �;r
� Civil No.97-CV=133-3.
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3. The provisions of the ESCttoW AcREEn�[E[v't'and the Futsr An�tvnMENT To Escaow ,'��'
� AcREEMENT,other than as expressly changed in this Amendment,are adopted and incorporated
herein.
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4. This Amendment may be executed in counterparts and Ehe one or more counterparts
shall,when taken together,constitute a complete,fully executed Amendmenk !;`.�::
' IN 4VIT�IESS WHEREOF the parties have set their hands and seals the day and year above
� written. ;
�'`""�! l�► �j0�+ G �'1 S�-'17
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F LOUIS M.LaGIGLIA MID-CONTII�fENT RESOURCES,INC.
j Trustee and Attorney-in-Fact for �
Mid-Continent Resources,Inc. 8y
! Vice President (
i P.O.Drawer 790 i
' Glenwood Springs,CO 816 !
� 1058 0 oad 100 �
Carbondale,CO 81623
PITIQN COUNCY,COLORADO STEWART TTfLE OF ASPEN,INC. '
as ESCROW AGENT
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BY��J(,U'1� By ..
Deborah Quinn, 620 East Hop venue �L�
Assistant CounEy Attomey Aspen,CO 816 �� ' � '
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' -Z- 2N°Ah1ENDMENTTO ESCROW ACRMT �k�'� � �
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