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A ORDINANCE OF THE BOARD OF COUNTY COMMISS[ONERS
OF PITK[N COUNTY,COLORADO AUTHORIZ[NG THE
COU[VTY ATTOR�IEY'S OFF[CE TO EXECUTE AN � , "'�
ESCROW AGREEMENT W1TH MID-CONTINENT RESOURCES,INC. :�`. '.�
ON BEHALF OF PITKIN COUNTY � ;
Ordinance No.96-i-1 ���
Recitals '� �
1. Pitkin Cocmty and Mid-Continent Resouires,Inc.,have a dispute ; ;
concerning«npaid taxes oii pro}xrty owned by Mid-Contiuent Resottrces,Inc in Pitkin r
County. � �"
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2. Pitkin Counry wishes to have Mid-Continent proceed with an eachange : . -
of cei�tain property which wonid result in the United Stxtes Forest Service acRuiring title ;:
to property curcently owned by Mid-Continent and located in Pitkin County. �
3. Iei order to facilitate the erchange,Mid-Continent and Pitkii�County �
have agreed to escrow the proceeds of tlie exchange pending resohrtion of the tax � ,
ciispute,and the Escrow Agreement i�eleases any lien PiEkin Counry tias on the Property. a:.
4. Pitkin Coiu�ry wishes to ratify the previously authorized Escirow ii'j,
Agreement signed on its behalf by the Pitkin County Attocn�ey's office and release any
tax lien on the Property.
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WHEREFORE,the Bou�d of County Comn»ssioners of Pitkin County,Colorado
hereby ratifies the previously autliorized Escrow Agreement signed by the Pitkin County
Attorney's office,and releases any tax tien on tlie real property described in the Escrow
Agreement.
INTRODUC£D,FIRS7'READ AND SEI'FOR PUBLIC HEARING ON TH£31 st
� DAY OF JULY,1996.
NOTICE OF PUBLIC HEARING PUBLISHED!N THE WEEKEND EDITION OF -
THE ASPEN TIMES ON THE l Oth DAY OF AUGUST,1996.
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APPROVED UPON SECOND KEADING AND PUBLIC HEARING ON THE 28TH
DAY OF AUGUST,1996.
PUBLISHED AFfER ADOPI'ION TH WE KEND EDITION OF THE ASPEN
TIMES ON THE�`�- DAY OF__�� —,1996.
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ATTEST: BOARD OF COUNCY COMMISSIONERS 1
OF PITKIN COUNTY,COLORADO � •
�I l ��lC .� ;� �h-.� k,�.
nette Jones � ies R True �" �'�
Deputy Clerk Chairman
Date• �'3`I-`j�1 '�� ' , -
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COUNTY Mt1NAGEfi:
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APPROVED AS TO FORM:
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John .Ely _
Counry Attorney `
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ESCROW AGREEMFNI'
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, . ' ESGROW AG�&�f�Ei�T("Escrow�greemenf'�is dated July 30,1996,and is .
macie by and between P1TiQN COtJNI'Y,COLORAUO(the"Couzdy�and]viID
CONfIIJ RFSOURCES,INC.,IAUIS M.LA GIGLiA,es Creditar's Tru.stce and
Attorne in Fact for Mid-Continent Resources,Inc.,(collectively referred to es"Mid- _
Con' t7°1,aad Stea*art'[�t1e of Aspen,Inc.("Escrow Agent'�• .
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,the Counry is a duly creatui political subdivision of the State of
Colo duly arganiud end existix�g es a homo rulc county puzsuant fo tF►e general , .
ststcc6cs f the State and Fiome Rule Ci�arter of the Couniy;and
,Mid-Continent is a corporaflon duty organized az�d exystin�under
and by e vixtus of the laws of the state of Delaware,which owns praperty in Pitldn ,
County, lorado,more fully described in£xhibit A,attached hezebo and incorporated
herein;
,on Fcbruary I2,1992,Mid-Continent filcd for Banlauptcy,in the ��.
' Unittd S tes Distriet Court for the District of Colorado in Bani�uptcy,Case Number 92 i
!1658 P C. At the tixne of Mid-ConlincnYs filing,the eorporation owed reai and
personal propeaty t�es bo Pitlan County;and !
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,Mid-Continent's Second Amended Plan oF Liquidation,Sectinn 6.3, ;
provides"the Creditors'TYust shall PaY P11DP�rtY t�ciaims in Ciass 1 from the
of properiy on which the p�roperty taxes are owed,or as necessary to prcvent �
Iosa of ti e bo Tax Certificate holders.";and
,Mid-Continent intends to convey a portion of ib rcai pmptrty to
pursuan !o the Seeond Amended Plan of Liquidation,said pmperty subject to taxes to
Pitldn unty as dcscribed in the Certifuates of Taxes Due,cartificate numbers 1009,
IOIO,I 14,I025,1027,1029,and 1 IOO�and
,Mid-Continent inteiuis to pay tkte propeMy tax claiatt of Pitl�irt
Counfy m the proceeds for certificate numbers I009,10I0,1014,1025,L027 and
1100. ' -Contincnt disputes certif'�cate number 1029,including the amount of ,,
5744,58 .59,whictt is compe7sed of reel end personal property laxes for tax ycars
1990 gh 1996;and
,Mid-Continent and tlu County l�a.ue sgrecd m enter into an Escrow
t tn ascrow ail of Mid-Contineni's ntt procerds from the eonveyance,the tota[
not ta the dispufed amount,pending s resolution o#the issue coneerning
paynten of the taXes due on Ceztificate[Vo.I o29;and •
,Stewart TSile af Aspen,fnc.wilt act es the Fscrow.qgent and is i
em d to undertake the obfigari�ns and commitments on its part as herein set
forth;
REAS,Mid-Continent is ernpowered to undextake the ohligations and -
comxni ts on i!s part as hercin set forth;and �
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,the undersigned agdnts oF Mid-Continent arc duly�uthorized to '
ex�ecute deIiver this Esorow Agrecment in Mid-Continent's narue and on its behaif. ' y
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I�I W,TE�TiE£ORE,THE PAR'ITPS AGREE AS FOLLOWS: �:`�.
t in considcrarion of the mutuai agrecmez�ts herein containod,in _ ,
consici� tion of thc fee dcscribed in Sectinn S of this Escrow Agrecmtnt duiy paid by ..
Mid-Co ' t to tFu Fscrow Agent at or before the execu6on end delivery of thia � .r.
Agrce t,the receipt af which is hereby aclrnowiedgcd,nrid in order to secure ttte
paYment the I�roIxrh'texes owcd on Certificate Number 1029,the parties htteto � �
mutuall undertake,promise and a,gree for themselves,their respective representativca, :` ' �
•succcsso and assigns,as foilows; ' .
1, C tinn of£scrow:
S' tanenus with the closing on the conveysnce of the reaI property which is
subject tex certificatc numbrx I029,and es descritxd in Exhibit A attached hercto �
` and inco atcd by triis reference,Escrow A,gcnt sk+all deposit into an escrow accownt ` :
the net p eeds due to Mid-Continent in connection with comrcysnce of the proper[y
mc
- in Fx3iibik A. These net pmce�ds shall be shown on fhe Seller's Statement of ��
Settleme t,and such stattmettt sltall re£(ecY payment of taues dtu tn Yitlon County ��
pursuan m Tax Certificatw 1009,1010,1014,1025,T027 and 1100. It is u�xiderstood
and between the peztea t�at tht Se21er's Statement of Settlement in connection '
with ttte onveyance of the propeity dtscribed on ExhibiE A does:tot account for tIu
amount f 5744,588.89 asserted by Pitkia County to be due from the property beinS
con per PitL�itt County Tex Certi6cabe No.1029 but will reflect that such amount
� u cii�pu . Pitk'sn Cbunty acknowtedges thst Mid-Continont's nef pmceeds from the
eonvey of the properiy describod in Exhibit A is not sutficie�t to pay the fu11
am�unt f tgxes duc. A copy of Seller's�nai Closing Statement is attached as Exh�it C.
2. of Escrow:
t Escrow Agent shall hold all of Mid-Continent's Net proc�eds and aIl mon�}rs
received m time to time as interest on thosc pmceeds in trust bo sccure partisl .
paycnettt f the propezty ta��es dcu on Cer't�`icabe Number 1429. •
S. coux�ting for Escrow:
a Exrow Agent shall not disbursc any of tY�e funds dopcuited into escrow
� cxcept u written iastructions signed by Pitldn County and Mid-Continent '
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4. T rmination of£scrow flxnd: _; �
e Escrow�uid shatl tx tarminated upon paymextt of the full axnount of t2u �;
fund in rdance with written instcuetions executed by Pitldn Caunty and Mid- i�;
Contine t Should such writtcs►instructions and distribution not occur within ninety
clays(90 of the date herein,the psrties agree tHat the Escrow Fund shaU bc deposited r;�
in the re ' of the Pitkixt County Distri.ct Courk by Esczaw.�gent in conzuction with '
an' etion from anY parh'that the funds lx so depouted,and accompanied by u j,,4 h' i
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comp ' t or 5tcd with the court,requestix4g a resolution of the amount due to PiE1dn J �`�
County r Tax Certifitate Numlxr 1029. � �t•' ;
5. judice •
' Escrow�greement shall be without prejudicc t+o the claixns,defenses or
rights w ' may be asserted b5'�Y.p�!'-
6. S tisfaetion of Pitidn County's clsim k�;Y
' County agrees that thc establishment of this Escmw snd the recaurse it �`- �
pravidea Mid-Continent's proceeds satisfies ib claim of t�es due under Tax �
CuhiSca iVo.1029 against the properky destribed in Exhibit A,and that saeh rea! j�`
pmperty' rekased itom any further claim of Piflrixt County for the tutpaid taxes seE �
�OS�1 jn gx[`pw+Are+�NO.1029. Nothixlg lri thiS A�LCCri1Crit Sh211})C COriS1Tt1Cd 8S 8 �:- ..
release o satisfection of PitYin County's claims�ainst other Mid-Continent property '
or a ' tHe Fscrow Ftmd. °�
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7. F es and Costs: ;r
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fees and cosfs due to the Escrow Agent in connection with carrying out the ��
provisio of this Fscrow Agreement shait be paid by Mid-Continent.
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� 8. 'lional Conditions:
General Provisions attached hereto as Extubit g are hercby incorporated by
this ref e. t'
9. ulpatory Provisions:
- � in this Fscrow Agreement creates any obligatioa or liabilities on the
part of Fserow Agent to anyone other than the County and Mid-Continent.
I0. of Fasrnce: a
e is of the essence in the perfo*�+pn�e of the obligations from time to time
imposed n the Escmw�gent by this Escrow Agreement.
11. verabiliiy:
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If any scction,par�graph,clause,or provision of this F.scrow Agreement shall '
for any r n be he(d to be invalid or unonforceable,this invalidity or unenfarceability ;�� •
• of such fion,paragreph,ctavse or provision shall not effect any of the reznaining ' ��
provisio s of this Escmw Agreement
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12. tutterpAM!•
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' Escrow.�greetneat may be executed in soveral counterparts,each of whi,ch �`�
�ha11 bc or�gina(and a]I of which sha11 constitute but one and the sanu+„�+*+++++ent
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WffIVFSS WFIEI�OF, Mid-Coniinent£�as caused this Fscraw Agrecmcnt to ;� `;>
be ' in ib namc by its nfficer and/or agent,and the Courtty has eaus�d this Esemw ' .~�
t to be sigbed in its name by ifs attorncy,and the Escrow Agent has caused ,•`r.'•;
thia w A,grenment to Ue signed'ut ib nacnc by its affuer. '
MID- BESOURCES,INC. LOU7S M.LA GIGT.IA,az Creditor's ��-
P.O.Dra er 790 " TYvstee and Attorney-in-Fact far � '�'�
Glenw Springs,CO 81602 Mid-Contincnt xes�urces,Lic. •:;..�=
, 1058 County Ruad 100
Carbondale,Colorado 623 �
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en�aN tnvrY,coY.oaAno sr�wnxr r�,�e oF as�v,i�rc.� �,
530 East Main Stnet ESCROW AGFNI ��
' Asptn, lozado SI61I 6Z0 East Hvpldns qvenue ;
. Asp�st,Colorado SI6i i
BY: • BY: ^l-+Ca6��
Debor Quinn, t AtEornoy
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GENERAL t'ROVISIONS t ,'
I. 11�ese Tnstrucdons may be supplemented,aitered,ameaded,modi5ed,or -
revnlred wri.ting on1Y.signerl by aII of the parties hercto,and appxoved by the Escmw ,
Ag�nt,u payment of all fees,costs and expcnses incident thereto. �
Age
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2; No assigxunent,tr�ansfer,conveyancc,or hypothecation of any right,litle t> • •
• or in in and to the subject mattcr of this Escrow shall be binding upon the Escrow .
Agesit ess writben nolice therea#sl�all be scrvut upon tk�e Fscrow Agent ax�d all fees,
CosGc and enses ineident themto sl�all have bcen paid and then only upon '
the Fscm Agont's assent thereto in writing. '
9. Any notice requircd oY dcsired to be given by the Escrow Agent to any ►
party to 's Escrow may be given by mailirtg tlte same addressed to such parry at the '
address ven fxlow for svch party or the mnst recent address of such party shown on '�'
' the reco of the Escmw Agent,and notice so mailed shatl for all purposes hereof be as ��:
effeclual tho�gh served upon such party in person at thc tixne of de�ositing such
. notice in �mail. q'
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4. The Escrow�ent xaay receive any payment called for hereunder aftex
t#�e due thereof unless subsequent to the due dair af such payment and prior to the
receipt f the£scrow r�ent shall liave been instructed in writing to refuse any
911C�1
p8ytttC2lt.
S. '11�e Escrow I�gent shall not be personatIy Iiable far any act it tnay do or
omit bo heteunder as such agent,while acting in good faith and in the eurcise of its
own best'udgment,and any act done or omitfrd by it pursisant to the advice oi its own i
att�arnays shall be conciusive evidence of svch good faith.
6 The Escrow nt is hereby expressiy authorized to disregard any end ail �
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nnEices o warnings�ven by any o£the parEies bereto,or by any other person,firm or ,.•
corpora n,exccpting oniy ordera or process of canrt,and is hereby expressly
auth ' d to comply wifEt and obey any aud aII pracess,orciers,je�dgments or decroes I.
of anq cn and in case the Escrow Agent obeys or complies with any such pnxess,
order,j nt or deeree of axry court,it shall not be Iiable to any of the parties hexeto y
or to any other .
. person, or corporafion by reason oP setch comp3iance,notwithstanding any such
I�'a� r�J�Bm�nt oY decree be subsequctttly reversed,modified�annulled�snt `
aside or ted,or found to have been issuert or entered without jurisdiction.
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7 In eonsideration of the acceptAnce of this exrow by the Fscrow Agent, ,`
the unde signed agree,joinfly and scverally,for themselves,their heirs,legal
raprexn tives,s,�r�«rs and assigns,to pay the Fscrow Agent its chargea hereunder �
and to i ernnify and hold it harmless as to any iiability by it incurred to any other ' .
. person, rm or c I I"III IIIII"I��I III�'IIII I"II'��I�'I�II'�I'I I'I�I�'I�or its carrying Y i
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oat any the ter:ns thereo£,and tc reimburse for all its expenses,including,amn�$ �
other ' ,cccuuel fees snd ccurt costs incurczd in connection herevmth; and that ti,
tFtC Escro Agent shalI have a first and prior liec�upon ai1 dcposits mnde hereunder to "
secure performanec of said agrceznent of indemtiity and paymettt of its charges and � . ''.
, arpenses hereby expressIy authorizing the�,scmw Agcnt,in the event payment is not
ruxived romptly from the undersigned,to deduct svch charges and expenus,witttout
previous otiet,from any such funds deposited hereunder. Escrow fees or charges,as
from other •
experises hereunder,shall be as wriften abovo thc Escrow Agent's signeivre at the time '_
of the ptance he�oE 7
8 Tiu Escrow Agent shall be under nv duty or obligation to ascertain ttu . -
identity, uthority or rights of the partirs executing or detivering or purporting to .
execute r deliver these instructions or any doeuments or papers or payments deposited
or caUed ar hereunder,and assumes no responsibility or liabitity fox the validity or
suffieien of these instructions or any doctiments or papers or payments depesited nr
called�o hereunder. �
9 The Escrow Agent shall not be liable for the outlawit�,of any rights
under Sffitube of Litnitations or by reeson of lacFus in respect to the Escrow
• Insfructi ns or any documents or papers deposited.
. 1 . in the event of any dispute betweea the parties hereto es to the facts of
defautt, e validity or meaning of these instructions,or u►y other fact or ma4ter
retating the transaction between the parties,the Fscrow Agent is insh ucted a�
follows:
( '1'bat it sHall be under no obli,gation bo act,cxeept under pmcess or ordcr ;:.:
of court, r tuttil it has beeze adequately indemnitxed tn its fuTl satSsfactiwn,and aha11
sustain Iiabilify far its failure to ect penditxg such process or court order or
inr3e hon. .
) That it msy in its sole and absolute discretion,deposit the properiy
describe hez�tirt or so much thereof as remains in its hands with the then Clerk,or
acting rk,of the DisErict Court in and for the Cnunty of PitSan,State of Calorade,and
interp the pazties hercto,and upon so depasiting svcb pmpecty and filing its
cnmplai t in ittterpleader it shall be relieved of all liabi]ity under the terms hereof as to
the pro rty so deposited,and furthermorc,the parties hcreto for thexns�lves,their
heirs,le ai representaiives,successors anQ assigyc do hereby subrnit themselves to the
jurisdie n of saic[Court and do hcreby appoint the then Clerk,or ecting Clerk of said
Courk, tk�eir Agent for the service of ail process in connection with such proceedings.
't'he insti 'on of any snch interpleeder action shall not impair the rights of the Escrpw
�gent der Paragraph No.7 above,
i . If the subject mattcr of this Escrow wnsisb in whole or in part af funds,
the sam shall not be co-mingled by the Escrow Agent witt►its awn funds; pznvided,
howev that anytlu�contaix►ed in thc Escrovw�greement of wllich these General •
Pmovisio are made a part of,tn the contrary natwittutandi�g,TfiE ESCROW AGENT
SHALL T BE k£SPONSffiL,E FOR TH�SAFEi'Y OF Tf�FSCROW FUNAS DEPOSITED
IN A ERALLY-INSUKEC)ACCOUNC QR ANY OTHER ACCOUNC AS MAY BE
REQ BY THE YAR'I`[ES HEREfO;NO&SHALL ESCROW AGF.Ni'BE FEQUIRED TO �
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DEPOS TfIE SAME TN ANY W!'FREST BEARING OR INCOME PRODUCIlVG ACCOLTNI', .�_
AND S NOT IN ANY WAY BE LIASLE TY7 ANY�F THE OTFTER PARTgS TO'CHIS • ' :�
ESCRO AGREF.11�ff.Nf FOR TFIE PAYMENf OF INfEREST UPON SAID FUNDS FO�Tf� •
PERIOD URWG WHICH THEY,UtE HELD BY TH�ESCROW AGENf. Escrow Agent is �'..�r ,
. tn and agreea eo ptace the funds into an interest bearing account,and chaiges . .
a tota[ of 5150.00 for said service,it is intended that the provFsions hereaf sha11
supers any othor bcrsns,conditions,covenants,or provisions contained in the Escrow .
wliieh expressfy or by implication are in conflict herewith,
1 . Fscrow Agcnt sha11 have the right to charge additionai escrow fccs under �`:;.- �
t.�iv w,above the base amount reilected in paragraph 11,if additional
disburs ts are required and/or if additionat time is incuxred above aztd ixyond the .
disburse ents and/ar kime anticipated. " �
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4@8804 09/2q/1997 04:14P ORDiNpNC DpVIS SILYI
10 of 12 R 0.0@ D 0.00 N 0.00 PITKINCO COLORNDO
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Date: 30-Ju1-96 ime: 03:19 PM '`�
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SELLfiR (S) F INAL CLOS T NG S TATEMBN' T �
'^-_____-__-�^�.. _____��_�_'.'_-"_______'-_'________________"--------°-----• '::7t,. .i-
Prepared by � ' "`•
3TEWART TITLE OF ASPEN, INC. :y�.
62Q East Hopkins ':
, • Aspen, CO 81611 "
(970} 925-3577 ��
Seller(s) ...._: ID-CONTINENT RE90IIRCES, INC. -
Buyer{a) ......: TED STATES OF AMERICA .
Lendar......... Y
Property... :.. : ot . PT 31-9-H9, 5-10-89 ET AL J�i .�
Closing date..: 7/30/1996 Proration date: 07/30/1996 ti� _ -
File Number. ..: 0022949 '
i .: -
----__...._-�-----_ ......-------��_------=---�---------�---------------^------------ �
DEBIT CREDIT
----��-------- -------------- t
enr.FS PRIC£. ... . . ........... ...... . .... . ... . . 499,590.00
i
CONfi1ISSION9: ,
Listing Broker co 'seiori 6.00�00�.... ........ ... 29,975,40 ;.�,
PAYEfi... : WES I,A.27A GItOL]P, INC. ''`
• ESCROW CBARGES: g 14
Real Eatate Cloa g tae,. .... ..... 75.00 ,,,"�:�a�
PAYEE. .� 3TEW T TITLE�OF ASPEN.�INC. �,-r.� � .
Federal Expreaa. . ..... .. .. .... ... ... ... .. 60.00 y�°a
PAYEE... t STEW��T�TITLfi�OF�ASPEN. �INC.� �w o :
EscrowEee...... . ..... ......... ..... .... .... loo.oa �a= j
PAYES...: 3TEW. T•TITLE�OF ASPEN, INC. =°x -
Tax eecrow. . . ..... .. ...... ... .... ..... 150.00 ��«
PAYEE.... �5� �T�TTTLE.OF�ASPEN,.INC. �z m
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TITLE CHARGE3: �°m
Owner's Title Pol cy. ..,.. , .. .. . . 1,2Z7.00 �.a z ;
LiabiZity amo (OTP) .$A99,590.00. `'.".m `
PAYEE. • S T TITLE OF ASPEN, INC. i.iwmm �
Tax Certiticate.. . ..... ....... . ............. 90.00 �n e t
PAYEE.. • STEW �T•TITI,E�OF ASPEN, INC. �mm '�.
Recordiag fees. . ....._..., ioe.75 ��m
PAYEE.... SAL�t. �GUEL�CLERIC•&�RECORDER , C c�\v�
^�
RECORDING FFsE9/ SFER CHARGES: ���
Recordiag feae De d amount $21.00................ 21.00 —�o
PAYEE... : GLE & RECORDER �m..
Additional Recor gs - Aecord Exchange Agreement 76.00 —°'" .
PAYE$, , . t ST T TITLE OF ASPEN, INC.
MIS�'x'r.r,n�DIIS S: • ,
Yast aue taxes•.PO �NQT.LNCLUDE LE@tLP.IC6.TE �Y102B ... .. s,073..B7 '
PAYEE... s PITKI COCJNTY TREASIIRER
Funda held in e�t w... .. . . . ..... 4s2,634.96 �
PAYEE. .. . MID- NTZNEN'P &ESOLIRCES. INC. � -
' FiITB T TITLE �'
........ . .. . .... ....... ......... .SIIBTOTALS; 499,590.00 499,590.00
' ..... �.......... .......BALANCE AUE FAOM SELI,ER: 0.00
; .,............ .. .... . .... . .. . .. . .. ... ...TL)TIiLS: 499,590.00 499,S90.Q0
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Saller Final Closi g 9tatement (continued)
File NumUer. .. . 0 022944 ' � '�
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a copy thereo£. • . ±�.'�
MID-CONTINENT 50LTItCES, TNC. '
' WESTERN LAND GROUP, INC.
By: By� �
Stewart Title Aspesi, Ine.•
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By: Ma L. Ca ichael .
Escrow 0 f icer
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498804 09/24/1997 04:14P ORDINpNC DRVIS SIIVI
' 12 of 32 R 0.00 D 0,00 N 0.00 PITKINCD COLORNDO
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