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HomeMy WebLinkAbout4.0 Agreement Restricting Transfer of Lots1111 f"Yri11:S'ili1Y19164:1I�11.111hAIL1 , 11 111 Reception##: 882622 09/2012016 12:22:38 PM Jean Alberico 1 of 5 Rec Fee:$31.00 Doc Fee0.00 GARFIELD COUNTY CO AGREEMENT RESTRICTING TRANSFER OF LOTS THIS AGREEMENT RESTRICTING TRANSFER OF LOTS ("Agreement") is entered ,into this J an day of . . k. , 2016 by PMGC 2, LLC, a Texas limited liability • company, whose address is 6300 Ridglea Place, Suite 900, Fort Worth, TX 76116, ("Owner") and the Board of County Commissioners of Garfield County, 'Colorado ("County"). RECITALS WHEREAS, Owner is the owner and developer of Phase II of the Pinyon Mesa subdivision, consisting of approximately 33.798 acres of real property which is legally described in that certain Warranty Deed recorded May 24, 2016 as Reception No. 877562 ("Subdivision"); and WHEREAS, a final subdivision plat for the Subdivision was approved by the County and recorded on q 20 /, 'as e3&2 2() , comprising thirty-two (32) single-family resid • nti lots on the Property ("Subdivision"); and WHEREAS, Owner and County entered into a Subdivision Improvements Agreement dated �0��/9,6 and recorded t7�4 as Reception No. a 8 2 �, 2/ SIA �nfhich required Owner to provide security in an amount equal to the cost of the public improvements to be completed in the Subdivision; and WHEREAS, the Garfield County Land Use and Development Code permits an applicant to provide security in the form of a restriction on conveyance of certain lots within the Subdivision; and WHEREAS, Owner desires to enter into this Agreement to provide the County with adequate security for the Improvements as defined in the SIA. NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the parties agree as follows: ARTICLE 1 RESTRICTION ON TRANSFER 1.1 Transfer Restriction. Owner shall be prohibited from a Transfer of any portion of the real property described on Exhibit A ("Lots") until this Agreement is terminated by the parties as set forth herein and in the SIA. For purposes of this Agreement, the following events shall be referred to herein as a "Transfer": (1) a transfer or conveyance of title (or any portion thereof, legal or equitable) of the Lots (or any part thereof or interest therein), (ii) the execution of 5 101 firaRltif M11 k1 11111 Reception#: 882522 09/20/2016 12:22:38 PM Jean Alberico 2 of 5 Rec Fee:$31.00 Doc Fee:0.00 GARFIELD COUNTY CO a contract or agreement creating a right to title (or any portion thereof, legal or equitable) in the Lots, including a contract for purchase of the Lot (or any part thereof or interest therein), (iii) or an agreement granting a possessory right in the Lot (or any portion thereof), (iv) a sale or transfer of, or the execution of a contract or agreement creating a right to acquire or receive, more than fifty percent (50%) of the controlling interest or more than fifty percent (50%) of the beneficial interest in the Owner, (v) the reorganization, liquidation or dissolution of the Owner. 1.2 Remedies. In the event of a Transfer, and at the election of BOCC, the BOCC may immediately seek an injunction against such Transfer and may otherwise take actions to enforce the terms of the SIA. 1.3 Release. Upon completion of all Improvements required by the SIA, and upon request by Owner, the County shall enter into an agreement releasing this Agreement as set forth in the SIA. Upon the recordation of such release, this Agreement shall no Longer encumber the Lots. 1.4. Other Lots Within Subdivision. This Agreement only encumbers the Lots, as specifically described above, and does not encumber any other portion of the Subdivision. ARTICLE 2 GENERAL PROVISIONS 2.1. Notices. All notices and demands required or permitted under this Agreement shall be in writing as follows: (1) by actual delivery of the notice to the party entitled to receive it; (2) by mailing such notice by certified mail, return receipt requested, in which case the notice shall be deemed to be given three days after the date of its mailing; or (3) by Federal Express or any other overnight carrier, in which case the notice shall be deemed to be given as of the date it is sent. All notices which concern this Agreement shall be sent or delivered, as the case may be, to the address of the appropriate party as set forth below, except if changed by a party by notice pursuant hereto: If addressed to Owner: PMGC 2, LLC c/o Ronald Norman, Manager 265 Ponderosa Pass Carbondale, CO 81623 With a copy to: Balcomb & Green, P.C. 11111Or1RVJtMM1a, ISI Mrli14'k�1EFN 11111 Receptionf: 882622 0912012016 12:22:38 PM Jean Alberico 3 of 5 Rec Fee:$31.00 Doc Fee:0.00 GARFIELD COUNTY CO Attn: Chad J. Lee, Esq. P.O. Drawer 790 Glenwood Springs, CO 81601 clee@balcombgreen.com If to County: Garfield County Commissioners 109 8th Street, Suite 213 Glenwood Springs, CO 81601 2.2 Choice of Law. This Agreement and each and every related document are to be governed and construed in accordance with the laws of the State of Colorado. 2.3 Waiver. No claim of waiver, consent or acquiescence with respect to any provision of this Agreement shall be valid against any party hereto except on the basis of a written instrument executed by the Parties to this Agreement. However, the party whose benefit a condition is inserted herein shall have the unilateral right to waive such condition. 2.4 Binding Nature. This Agreement shall constitute a covenant running with the title to the Lots as a burden thereon, for the benefit of, and enforceable by, the County. 1111 r1Jr.F'!I1{1FIKINIA317,J411.110friki11111 Reception#: 882622 09/20/2016 12:22:38 PM Jean Alberico 4 of 5 Rec Fee:$31.00 Doc Fee:0.00 GARFIELD COUNTY CO IN WITNESS WHEREOF, the parties hereto have executed this Deed Restriction on the day and year first written above. OWNER: PMGC 2, LLC, a Texa Ai ted liabi By./ nald Norman, Manager STATE OF COLORADO ) ) ss. COUNTY OF aorAplot ) The foregoing instrument was acknowledged before me Sp - ,v er 1 , 2016, by Ronald Norman, Manager of PMGC 2, LLC, a Texas limited-eliability company. WITNESS my hand and official seal. My commission expires: OARD OF CO F • e THE COUN STA OF COL BRITT J. CHOATE NOTARY PUBLIC STATE OF COLORADO NOTARY ID #19974007655 My Commission Exptt1es July , 2017 ISSIONERS IELD, Notary Public By: Print N Title: ATTES JeIberico, Clerk and Recorder G. field County, Colorado ..0�.4. RA DO 101 ledrAVIMP.11% MIi.f'jY :11114411101ivii 11111 Reception#: 882622 09/20/2016 12:22:38 PM Jean Alberico 5 of 5 Rec Fee:$31.00 Doc Fee:0.00 GARFIELD COUNTY CO EXHIBIT A LEGAL DESCRIPTION LOTS 49-58, P NYON MESA FILING 2, ACCORDING TO THE PLAT THEREOF RECORDED ©�/�D .4, AS RECEPTION NO. 882 62D IN THE RECORDS OF GARFIEL COUNTY, COLORADO.