HomeMy WebLinkAboutTOWNHOMES AT LIBRARY PARK - Filed ED-EASEMENT DEDICATION - 2016-06-09Angela, Myers, Clerk & Recorder, Larimer County, CO
EASEMENT AGREEMENT
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THIS GRANT OF EASEMENT is made and entered into this 7 day
of July, 2014 ("Effective Date"), by and between PARK VIEW PARTNERS,
LLLP ("Park View"), a Colorado limited liability limited partnership, whose legal
address is 10288 W. Chatfield Avenue, Suite 300, Littleton, CO 80127, hereinafter
referred to as the "Grantor", and OLIVE STREET PROPERTIES, LLC ("OSP"), a
Colorado limited liability company, whose legal address is PO Box 270070, Fort
Collins, CO 80527, hereinafter referred to as the "Grantee".
NOW WHEREAS, the Grantor's property that is burdened by this
Easement Agreement, with a street address of 221 Mathews Street, Fort Collins,
Colorado, is described on Exhibit A which is attached hereto and incorporated
herein by reference ("Grantor's Property").
WHEREAS, Grantee's property that is benefited by this Easement
Agreement, with a street address of 220 East Olive Street, Fort Collins, Colorado,
is described on Exhibit B which is attached hereto and incorporated herein by
reference ("Grantee's Property").
WHEREAS, Grantee, through its developer NoCo Townhomes, Inc.
("NoCo"), is developing a project called Townhomes at Library Park
("Townhome Project") located on Grantee's Property. The Townhome Project
consists of approximately 10 townhomes as reflected by Project Development Plan
# 130033 filed with the City of Fort Collins, as may be amended. Grantee may
assign its interest in Grantee's Property and the Townhome Project to NoCo.
WHEREAS, Grantor's Property is the site of certain apartments (also
known as "Park View Apartments") and is located to the north of, and adjacent to,
Grantee's Property.
WHEREAS, Grantee desires a perpetual exclusive easement for
approximately the southernmost 1,400 (fourteen hundred) square feet of Grantor's
Property and Grantor wishes to grant such an easement.
NOW WHEREFORE, For Ten Dollars ($10) and other good and valuable
consideration, the receipt and sufficiency of which are hereby confessed and
acknowledged, the Grantor and Grantee agree to the following:
1. On the Effective Date, the Grantor does hereby sell, convey, and
quitclaim unto the Grantee, its heirs, successors and assigns, a perpetual exclusive
easement on approximately the southernmost fourteen hundred (1,400) square feet
Clerk & Recorder, Larimer County, CO
EXHIBIT A
TO
EASEMENT AGREEMENT
BETWEEN
PARK VIEW PARTNERS, LLLP AND OLIVE STREET PROPERTIES, LLC
Grantee's Property is legally described real estate as follows:
Lot 1 and the South 40 feet of Lot 2, Block 132, City of Fort Collins,
County of Larimer, State of Colorado
known as 220 East Olive Street, Fort Collins, CO 80524.
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Clerk & Recorder, Larimer County, CO
EXHIBIT B
TO
EASEMENT AGREEMENT
BETWEEN
PARK VIEW PARTNERS, LLLP AND OLIVE STREET PROPERTIES, LLC
Grantor's Property is legally described real estate as follows:
LOTS 3 & 4 & N 10 FT OF LOT 2, BLK 132, City of Fort Collins, County of
Larimer, State of Colorado
known as 221 Mathews Street, Fort Collins, CO 80524.
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Clerk & Recorder, Larimer County, CO
EXHIBIT C
TO
EASEMENT AGREEMENT
BETWEEN
PARK VIEW PARTNERS, LLLP AND OLIVE STREET PROPERTIES, LLC
The Easement is legally described real estate as follows:
The North Ten (10) Feet of Lot 2, Block 132, City of Fort Collins,
County of Larimer, State of Colorado
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Clerk & Recorder, Larimer County, CO
of Grantor's Property, that being the North Ten (10) Feet of Lot 2, Block 132, City
of Fort Collins, County of Larimer, State of Colorado, more particularly described
on Exhibit "C" attached hereto and incorporated herein by reference (the
"Easement").
2. The Easement shall be appurtenant to the parties respective Property,
run with the land and shall inure to the benefit of Grantee's heirs, successors, and
assigns, subject to the conditions and limitations set forth herein.
3. For consideration of the Easement, Grantee will pay Grantor a total
of One Hundred and Twenty Thousand (S 120,000.00) Dollars ("Total
Consideration") as follows: 1) Grantee has already paid Grantor Ten Thousand
($10,000.00) Dollars which is non-refundable; 2) Grantee will pay Grantor
Twenty -Six Thousand ($26,000.00) Dollars within five (5) business days after the
City of Fort Collins issues its final approval of Project Development Plan No.
#130033; and 3) Grantee will pay Grantor Eight Thousand Four Hundred
($8,400.00) Dollars upon each closing of the townhomes in the Townhome Project
with each said payment to be made to Grantor out of Closing proceeds. In the
event that less than all of the townhome units have been sold and closed by
December 1, 2016 or in the event that less than ten units are built, then Grantee
will pay Grantor the balance owed on the Total Consideration with a single lump
final payment on or before December 5, 2016. In the event that the Total
Consideration is not paid in full by December 5, 2016, Grantor shall provide
Grantee a written notice of the amount in default and Grantee shall have thirty (30)
days from the date of the notice to cure such default. Grantor may terminate this
Easement in the event Grantee fails to cure such default within such time by
recording a Termination of Easement and provide Grantor a copy thereof within
ten (10) days of recording.
In the event that the City of Fort Collins does not approve the Townhome Project
or Grantee withdraws or abandons the application for the Townhome Project,
('grantee may terminate this Agreement by providing written notice to Grantor.
Upon such termination: 1) this Easement Agreement shall become null and void;
2) Grantee shall not be obligated to pay Grantor any further consideration; and 3)
either party may record a Notice of Easement Termination with the Larimer
County Clerk and Recorder's Office.
4. Grantee shall have exclusive use and enjoyment of the Easement,
including but not limited to, use as open green space, recreational use, ingress and
egress, and other use as specifically set forth in this Agreement and other
reasonable and similar use.
Clerk & Recorder, Larimer County, CO
5. Grantee, at its own expense, must landscape the Easement with at
least grass and a comprehensive landscape plan with plant material mutually
agreed upon by both parties, and Grantor shall not unreasonably withhold consent
to such landscape plan and plant material, and shall be responsible for maintaining
whatever landscaping is installed in perpetuity, subject to reasonable modification
from time to time. Grantee shall restore Grantor's remaining property and
landscaping adjacent to the Easement to its original condition at Grantee's sole
cost and expense. Grantee may, at its sole discretion and expense, construct a
wrought iron fence on the northern part of the Easement which will be of the same
or similar size, color, type and style as the existing fence on Grantor's Property.
Grantee may not construct or install a permanent structure or a sidewalk on the
Easement. To the extent Grantee damages Grantor's fence as a result of Grantee's
use of the Easement, Grantee will replace said fence at Grantee's sole cost and
expense. if Grantee does not restore Grantor's property and landscaping or does
not install said fence by substantial completion of the Townhome Project
construction, Grantor may elect to do so and Grantee will reimburse Grantor for
all reasonable costs on demand.
6. During construction of the Townhome Project, Grantee and its
representatives, agents, contractors, suppliers, inspectors and others in connection
with the demolition of the existing building located on Grantee's property- and
construction of the new townhomes, will have the right to enter, of ingress and
egress onto the Easement and use of Easement in connection with said demolition
and construction, including but not limited to, vehicle access, storing construction
equipment and machinery, constructing and/or storing temporary structures,
storing materials, supplies and debris on the Easement and for all other purposes
necessary or incidental to the exercise and enjoyment of the rights and privileges
herein granted. Grantee will be responsible to repair any material damage to the
Easement or adjacent property of Grantor and return it to the same or similar
condition within a reasonable time (but not more than 180 days) after construction
of the Townhome Project is completed. Grantee shall not, at any time place any
toxic substance or substance hazardous to human health on the Easement.
Grantee, and its successors and assigns, hereby indemnify Grantor from and
against any and all claims, damages, costs, or any other amount lawfully charged
against Grantor as a direct result of Grantee's acts or omission of its use of the
Easement.
7. Grantee and its representatives, agents, contractors, suppliers,
inspectors and others in connection herewith (collectively "representatives and
agents") will have the right to enter and construct, install, maintain, inspect,
remove, repair and use utilities for the Townhome Project on the Easement which
may be necessary or convenient at the time of construction of the Townhome
Project and in the future, including but not limited to, water, sewer, storm drain,
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Clerk & Recorder, Larimer County, CO
electric, gas, phone and cable, and use as a right-of-way on, over, under and/or
through the Easement for all purposes necessary or incidental to the exercise and
enjoyment of the rights and privileges herein granted. In connection with said
utilities, Grantee, its representatives and agents will have the right of ingress and
egress, and use related thereto, including but not limited to, constructing utility
structures and all necessary underground or aboveground cables, wires and
appurtenances thereto, temporarily storing construction vehicles, equipment and
machinery, temporary structures, materials, supplies and debris on the Easement
as may be necessary or convenient in connection therewith the construction of the
Townhome Project. Grantor also grants Grantee the right to further grant access
and utility easements to utility companies and governmental entities for their
utility purposes. Grantor will also cooperate and timely grant further access and
utility easements to utility companies and governmental entities for their utility
purposes upon request as needed or as beneficial in connection with the
Townhome Project. Grantee will be responsible to repair any material damage to
the Easement and return it to the same or similar condition within a reasonable
time after construction of the Townhome Project is completed. Grantee shall be
solely responsible for the operation and maintenance of said utilities located on the
Easement.
During and after construction, Grantee or its successors or assigns shall
provide at least One Million Dollars per occurrence of commercial general
liability insurance naming Grantor and Grantor's lender on the Grantor's Property
as additional insured parties to insure against any event which may occur on the
Easement, unless caused by Grantor.
Notwithstanding that in constructing, maintaining and operating the utilities,
Grantee may install works, structures, and other equipment and appurtenances in,
on or under the said lands in such manner that it or they become affixed to the
realty, the title to such works, structures, and other equipment and appurtenances
together with the right to remove the same shall nevertheless remain in the
Grantee.
Grantor nor Grantee shall plant any trees or shrubs on the Easement without prior
written consent of the other and either party shall have the right to trim, cut back
or remove any trees or shrubs which, because of overhanging branches or
extensive root growth on, over or into that portion of the Easement, cause or are
likely to cause interference with the aforementioned utilities or with their
installation, maintenance and removal or either's property or use of the
Easement. All reasonable care shall be taken by Grantor and Grantee to avoid
unnecessary damage to trees, shrubs, plants, flower beds or lawns located within
the Easement.
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Clerk & Recorder, Larimer County, CO
S. Neither Grantor nor Grantee, without the prior written consent of the
other, shall excavate, drill, install, erect or permit to be excavated, drilled, installed
or erected on or under the Easement any dugout, dam, pit, well, foundation,
pavement, obstruction or other structure or installation.
9. Grantee and/or its representatives and agents may remove the sole
tree located at the southeast corner Grantor's Property, and replace the same with
new plant materials. Grantee must obtain Grantor's consent for the new plant
materials, which consent shall not be unreasonably withheld.
10. Grantee shall be responsible for Larimer County, Colorado's real
estate property tax assessments related to the Easement, commencing the first full
calendar year after all ten of the townhomes have been issued a Certificate of
Occupancy, pursuant to the following formula: Two and One -Half Percent (2 1/2
%) of the annual real estate property tax assessed by Larimer County on Grantor's
Property ("Easement Property Tax"). Grantor shall provide Grantee a written
copy of Larimer County's annual real estate property tax statement applicable to
Grantor's Property and, within 30 days of notice of said tax statement from
Grantor, Grantee shall pay the Easement Property Tax to Grantor.
11. Grantee shall have the right of ingress and egress on the Easement
for use and enjoyment, maintenance, operation and repair of the Easement and for
all purposes necessary or incidental to the exercise and enjoyment of the rights and
privileges herein granted except that such ingress and egress shall not take place
across any of the remaining Grantor's Property.
12. Grantee shall and may peaceably hold and enjoy the rights, liberties,
privileges and easements hereby granted without hindrance, molestation or
interruption on the part of the Grantor or of any person claiming by, through,
under or in trust for the Grantor. This Easement shall be recorded in the records of
Larimer County, Colorado.
13. This Easement shall inure to the benefit of and be binding upon the
parties hereto, their heirs, successors in title and assigns. Grantee may assign its
rights, duties and interest under this Easement, in whole or in part, including to a
common interest owner's association and to any future individual parcel or lot
owners located within Grantee's Property.
14. Grantee will reimburse Grantor's reasonable legal fees incurred in
connection with the preparation of this Easement Agreement.
15. In the event of breach of this Agreement, the non -breaching party
shall give the other party written notice of the breach and seven days to cure such
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Clerk & Recorder, Larimer County, CO
breach from the date of said notice. However, in the event such breach materially
impedes demolition or construction of the Townhome Project, the non -breaching
party shall give the other parry written notice of the breach, including a written
statement that the breach materially impedes demolition or construction of the
Townhome Project, and three days to cure such breach from the date of said
notice. The non -breaching party will be entitled to its attorney fees and reasonable
costs from the breaching party in enforcing this Agreement.
16. All notices and other communications which are required or may be
given under this Agreement shall be in writing and shall be deemed to have duly
given if delivered personally or sent by registered mail, return receipt requested,
postage prepaid or by verifiable courier or delivery service:
If to Grantor: 10288 W. Chatfield Avenue, Suite 300, Littleton, CO 80127
If to Grantee: Wright Management Services, 6432 Garrison Court, Fort
Collins, CO 80528, Fort Collins, CO 80527-0070
or at such other address as any shall specify by notice in writing to the other.
[Remainder of this Page Intentionally Left Blank]
Clerk & Recorder, Larimer County, CO
IN WITNESS WHEREOF, Grantor and Grantee have entered into and
executed this Easement Agreement the day and year first above written.
GRANTOR:
PARK VIEW PARTNERS, LLLP,
A Colorado Limited Liability Limited Partnership
By: bul
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Its:
A duly authorized representative
STATE OF COLORADO
ss.
COUNTY OF LARIMER )
The foregoing instrument was acknowledged before me this e— day
of July, 2014, by JCl -/ Ej;, d,-j ice; - jij,,u , , a duly authorized representative
of Park View Partners, LLLP.
Witness my hand and official seal.
DiANDRE WARREN
Notary Public NOTARY PUBLIC
STATE OF COLORADO
NOTARY 10 19904021287
' W COWNSSION EXPIRES OCTOBER 18, 2017
My commission expires: '`'',»i>`''
7
Clerk & Recorder, Larimer County, CO
GRANTEE:
OLIVE STREET PROPERTIES, LLC
.i
By: r
Its: "n fvif tad=
A duly authorized representative
STATE OF COLORADO )
ss.
COUNTY OF LARIMER )
The foregoing instrument was acknowledged before me this :`w day
of July, 2014, by , 2-')rA.<k r , a duly authorized representative
of Olive Street Properties, LLC.
Witness my hand and official seal.
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55 /�
Notary Public
My commission expires: a' I ; �
8
AMBER CL RICE WY. ATr
NOTARY PUBLIC
STAM OF COLORADO
NOTARY 10 20 440143�
My GINNS>ION EXPIRES APR 1.1, 2-61d
Clerk & Recorder, Larimer County, CO
LENDER CONSENT AND SUBORDINATION
The undersigned holder of that certain Deed of Trust, granted by Park View
Partners LLLP, Colorado limited liability limited partnership, to the Public Trustee
of Larimer County Colorado, for the benefit of Guaranty Bank and Trust
Company, dated as of June 29, 2011, and recorded on June 30, 2011, in the real
estate records of Larimer County, Colorado, at Reception Number 20110039287
(as heretofore or hereafter amended, restated or modified, the "Deed of Trust"),
which encumbers the Grantor's Property (as defined in the foregoing Easement
Agreement), hereby consents to, and hereby subordinates the lien of its Deed of
Trust to this Easement Agreement and this Easement Agreement shall be superior
to the Deed of Trust. Except as otherwise provided by the foregoing sentence, the
lien of the Deed of Trust shall remain in full force and effect in accordance with its
terms.
Guaranty Bank and Trust Company
B ..�
Y•
Name: Christopher E. Erickson
Title: Executive Vice President
STATE OF COLORADO )
) ss.
COUNTY OF DENVER )
Ir
The foregoing instrument was acknowledged before me this day
of , 2014, by Christopher E. Erickson as Executive Vice President of
GuBank and Trust Company.
Witness my hand and official seal.
Notary Public
My commission expires:
MORAN K MICR
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 20004000251
g MY COMIM I N E»S 1106Y,i017
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