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AN ORDINA[�ICE OF THE BOAftD OF COUN7'Y COMMISSIONERS ,`- .
OF P{TKIN COUNTY,COLORADO RATI£YING A SECOND AMENDMENI'TO ESCROW • .�
AGKEEMENT W1TH MID—CONfINENT RESOURCES,I[vC. : '%�
ORDINANCE#97—� '�.%_
!. Pitkin County and Mid-Conrinent Resources, Inc. have a dispute •'`
concerning unpaid taxes oi�property owned by Mid-Continent Resources,Inc.in Pitkin ± �
- County. '`'
2. Puisuant to Ordinances#96-34 and#97-Z3,Pitkin County pi�eviously ``:?' "
entered into an escrow agreeaient and an amendntent to escirow agreement in � '
connection with an exchange of ceitain piroperty which would result in the United ..
States Forest Seivice acquiring title to property owned by Mid-Continent and located in .
Pitkin County.
� -. � . 3. Mid-Continent has entered into an acidifional exchange with the USFS, 3
t and Mid-Continent and Pitkin County have agreed to escirow proceeds of the additional ,.
' exchange pending resolurion of the tax dispute. The Second Aarendment to Fscrow
? Agreement releases any liens the County has on the exchange psbperty described in the
Second Amendment Yo F,scrow Agreement. ".-
4. Pitkin County wishes to ratify the previously authorized Second f
. j; Amendment to Escrow Agreement signecl on its behalf by the Pitldn County Attorney's -
Of�ce,and to conffcru the i�elease of any tax]ien on the property.
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WHEREFORE, the Board of County Conunissionets of Pitkin County,Colorado,
j hereby ratifies the previously authorized Second Amendinent to Escmw Agi�eement ''
• ` �. signed by the Pitkin County Attorney's Off'ice,and confirins the relexse of any fax lien �
on the real property desciibed in the Second Ainendnient to Escrow Agreement.
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i `s INTRODUCED,FIRSf READ,AND SET FOK PUBLIC HEARING ON THE 9th DAY
i s OF JULY 1997.
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'y' ; NOTIC£OF PUBLIC HEARING PUBLISHED IN THE WEEKEND EDITION OF THE it°
f : ASPEN'CIMES ON I2TH DAY OF JULY 1997.
� I APPROVED UPON SECOND READING AND PUBLIC HE?:R1NG ON THE 23RD
' E ' DAY OF]ULY,1997.
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• PUBLISHEI) FfE ADOPI'ION IN WEEKEND E 11'ION OF THE ASPEN i
. , TIMES ON THE �n� _DAY OF ,1997. .
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A1T�ST: BOARD OF COUNTl'COMMISSIONERS ���,�' `
OF PITHIN COUNTY COLORADO �';' �
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Jeane j Jones �� Bill Tu' ��
Depu Clerk Chairman n a�:.. ;
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APPROVED AS TO FORM:
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} Deborah Quinn Suza Konchan .�
� Assistant County Attorney Cou anager Q
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SECOND AMENDMENT TO ESCROW AGREEMENT `t�''''��•
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_ TfiIS ESCROW AGREEMENT dated June �, 1997 between PTITQN COUNIY, •�''�'�,.±�,.
COLORADO (the "County"), MID-CONT7NENf RESOURCES, INC., LOLJIS M. LaGIGLIA as ..
Creditors Trustee and Attorney-in-fact for MId-Continent Resources, Inc (collectively "Mid- �=` �'
Continent"),and STEWART TiTL.E OF ASPEN,INC(the"Fsanw•AgenY'), � _
�_,:?
WHEREAS,the parties signed an EscROwAcREEMIIV7'dated july 30,1996 and deposited with ';;_;,;r.�`•:
the Escrow Agentthe netsum of$462,63498 froma saleJexchange hansaction in which Mid-Continent
transfened to the United States reai estate located in Piticin County under a PurchasPJFxchange �k��^
,;h,�. . ... -
Agreement with the Telluride Company('TELCO),which sum together with accrued interest is held ?- ' .
by the Esaow Agent in an Escrow Fund established by an EsCxow AcRE&�,vi'among the pazties �?; '
pending disposition as provided therein.
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WHEREAS,pursuant to an AtrtE�wMENrTO ESCROwAcREEMFNi,dated Apri129,1997(the First <�;;` .
" AmendmenttotheEsCROwAGttEEtvtENC),netproceedsofthe"Electra","Deacon"and"MountainCoal �
Company"sales in the aggregate amount of$163,609.58 were deposited in said Escrow Fund pending ��
disposition by order of the District Court oF Pitkin County,CAlondo,unless otherwise mutually `-�''Yr,
, agreed by the p'arties, � ' �
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WHEREAS,the County has filed an action in the District Court of Pitldn County,Colorado, e �'
. docketed as Civil No.97-CV-131-3 for adjudication of ad aalomm taxation disputes between the County �I
and Mid-Continent �
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WI-�REAS,an additional dosing is scheduled on a sale%xchange described as the"Timroth" �;'
sale on the following desQibed real proP'((I�III I'll�"I��IIII'I'I'll'lll"I'I�III"I�'IIII I"I
T.10 S..R.89 W..6�'P.M. 407216 08/11/1997 04:23P ORDINAIiC DAVIS SILVI
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Section 11: SE%aSw%a,and - -
That part of Sw%Sw%.more particulaziy des•.ribed as follows: ' -
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Beguuting at the Southwest 1/16'h comer of said Section 11,
thence S.00°O6'E.I310.10 feet to the West 1/16'"comer of �
Sections 11 and 14;thence N.89°44'W.along the section line
475.0 feet to a poinh,thence W.50.0 feet to a point;thence 't
North 602.0 feet to a point on the North line of said Sw%Sw%; �
thence along said North line of the Sw%.Sw%{S.89°31'E.525.0 1
� feet,to the point of beginning. =� •
, �
for the gross sum of$220,000.
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WHEREAS,to allow said Timroth sale to proceed,the parties have agreed that the sum of �;�; .
$9,46821 of the net sale proceeds(evidenced by Certificate of Taxes Due No.9701310,dated June 26, -
199�should be added to the Escrow Fund held by Stewart Tifle for disposition by said pending � � --
litigation,unless othenvise mutualty agreed upon. ,�+, . i
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THEREFORE,IN CONSIDERATION OF THE PREMISES,the parties agree as follows: .;,,.1 .
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� -1- 2NDAMENDMENTTO ESCROW ACRMT
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1. The Escrow Agent shall retain from the netproceeds after closing{inctuding and after '''
payment of Cectificate of Taxes Due No.9701309,dated June 26,1997,in the amount of$26.50 as a -�3�`` t;,
ctosing mst)of the Tunroth sale the sum of$9,4b8.21,and add that sum ro the Esaow Fund.Said sum �"
shali upon demand of any party hereto be deposited in the registry of the District Coart of Pitkin ''' �.'•
County for disposition by the Court In the absence of such demand,the Escrow Fund shail be '- �
. retained and invested by the Esaow holder uniil Court order directing disposition is rnceived or until ��� ''
otherwise muEually agreed by the pazties.
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Z. Pitkin County agrees that establishment of the Esaow Fund,as amended hereby,and �;�:.�..R'�.
the recourse it provides against Mid-Con(inent real pmperty sale proceeds satisfies Piticin Count}fs
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claim for ad valorem taxes that may be due under,inter alia,Tax Schedules[Vo.A007864(aka IS-07864) ``�
and R007863(aka 18-07863)against the Timroth sale property described hereinabove; that said � �
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Timroth sale property u hereby released from any and all ciaims of Pitkin County for pastand present
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unpaid ad valorem taxes.Nothing in this SECOND AMENDMENT TO ESCROW AGREEMENT shall �
, , " ��o be wnstrued as a retease or satisfaction of Piticin County's ad valorem tax claims against other Mid-
�.�.,� Coniinentproperiy or against the Esaow Fund in lieu thereof as provided in the ESC[towAGREEMEAt'[' �� " .
�'�a and the FIItsT AMENDIL4ENr To ESCROw AcItEIIvIEN'T nor to the prejudice of or as a waiver,bar or other ;
��u impediment to any presenE or future ciaim,defense or other al�egation raised by Mid-Continent in r:;:.�
�"o�°, Civii No.97-CV=133-3, '`r
��U M ��131
��� 3. The provisions of the Escitow AcREE[vtEM'and the F[xsT AH[ermta¢tar To Esertow ,��
- ��m AcxEEMENT,other than as expressly changed in this Amendment,aze adopted and incorporated j
�o m herein.
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��� 4. This Amendment may be executed in counterparts and the one or more counterparts �
- �m m shall,when taken together,constitute a complete,fully executed Amendment
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. , �^m° IN WINESS WHEREOF the parties have set their hands and seals the day and year above
�^m written.
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,�i.. LOUIS M.LaGIGLIA MID-CO�JTINENT RE50URCES,INC.
'�a�° Trustee and Attorney-in-Fact for �
Mid-Continent Resources,Inc. Sy
Vice President
ti. � P.O.Drawer 79U ,
Glenwood Springs,CO 81 i .
1058 0 oad 100 '
Cazbondale,CO 81623
PITIQN COUNTY,COtO1ZAD0 STEWART TfTLE OF ASPEN,INC.
as ESCROW AGENT
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By By �
Deborah Quinn, 620 East Hop venue ��'--
Assistant County Attomey Aspen,CO 816 �_ 1
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^Z- 2"1O AMENDMEN'l'TO ESCRO W AGFh1T '
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