HomeMy WebLinkAbout129491 FORT COLLINS HOUSING CORPORATION - CONTRACT - CONTRACT - 22883 RESTRICTIVE COVENANTS AFFECTING REAL PROPERTRECORDED AT REQUEST OF: The City of Fort Collins
WHEN RECORDED RETURN TO: Advance planning Department
City of Fort Collins
P. 0. Box 580
Fort Collins CO 80522-0580
(SPACE ABOVE THIS LINE FOR RECORDER'S USE)
AGREEMENT OF RESTRICTIVE COVENANTS AFFECTING REAL
PROPERTY
THIS AGREEMENT OF RESTRICTIVE COVENANTS AFFECTING REAL
PROPERTY ("Agreement") is executed this day of December, 2004 by and
between the CITY OF FORT COLLINS, a Colorado municipal corporation
("City"), and FORT COLLINS HOUSING CORPORATION ("Developer"), with
reference to the following:
A. Developer is the owner of that certain real property (the
"Property") located in the City of Fort Coffins, County of Larimer, State of
Colorado, more particularly described in Exhibit "A" attached hereto and
incorporated herein by this reference (the "Property").
B. The City and Developer have entered into an Agreement (`HOME
Agreement") under the HOME Investment Partnership Program, dated
December, 2004, concerning the rehabilitation the Single -Room -
Occupancy (SRO) building at 300 First Street ("Project"), with the
implementation of this Agreement to provide restrictive covenants fa -
affordable housing upon completion of construction.
NOW, THEREFORE, in consideration of the foregoing and for good and
valuable consideration, receipt and sufficiency of which is acknowledged by
the parties, the City and Developer hereby agree as follows:
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ARTICLE 5. DEFAULT/ENFORCEMENT
Failure or delay by the Developer to perform any term or provision of
this Agreement constitutes a default under this Agreement provided, however,
the Developer shall not be deemed to be in default if the Developer cures,
corrects or remedies such default within sixty (60) days after receipt of a
notice from the City of the default. The City may not institute proceedings
against the Developer in default until the time for cure, correction, or remedy
of a default has expired. Subject to the obligations of the City to first provide
the notice of default and allow the opportunity to cure as provided above, in
the event of a default, the City may declare the Developer ineligible for any
further participation in future City HOME and/or CDBG Agreements, in
addition to other remedies as provided by law; and may withhold the Grant
and/or Loan funds until such time as the default is cured. Upon any default
of the Developer under this Agreement, the City may seek specific
performance of this Agreement
ARTICLE 6. EFFECT OF COVENANTS
The City is deemed beneficiary of the terms and provisions of this Agreement
and of the restrictions and covenants running with the land for and in its own
right and for the purpose of protecting the interests of the community and other
parties, public or private, in whose favor and for whose benefit the covenants
running with the land have been provided. The covenants in favor of the City
shall run without regard to whether the City has been, remains, or is an owner d
any land or interest therein in the Project.
ARTICLE 7. GENERAL PROVISIONS.
a. Concurrent Remedy. No right or remedy herein conferred on or
reserved to City is exclusive of any other right or remedy herein or by law or equity
provided or permitted; but each shall be cumulative of every other right or remedy
given hereunder or now or hereafter existing by law or in equity or by statute or
otherwise, and may be enforced concurrently therewith or from time to time.
b. Waiver. No covenant or condition of this Agreement can be waived
except by the written consent of the party to be charged, signed by the appropriate
authorities of that party. Forbearance or indulgence by one party in any regard
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mailing in the United States mail, certified mail, postage prepaid, return receipt
requested, addressed to the Developer as follows:
Developer's Address:
Fort Collins Housing Corporation
1715 West Mountain Avenue
Fort Collins CO 80521
Notices personally delivered or delivered by document delivery service shall be
deemed effective upon receipt. Notices mailed shal be deemed effective on the
fifth business day following deposit in the United States mail. Such written
notices and demands shall be sent in the same manner to such other addresses
as either party may from time to time designate by mail.
h. Assignment and Transfer.
a. The Developer shall have the right to sell, transfer, convey and
assign the Project and its rights and obligations under this Agreement at
any time subject to the prior written consent of the City, which consent
shall not be unreasonably withheld, provided, however, that such City
consent shall not be required in connection with any of the following:
(1) The conveyance or dedication of any portion of the
Project to the City or other appropriate governmental agencies, or the
granting of easements or permits to public utilities to facilitate the
construction of the Project, or
(2) Subject to the rental and/or ownership restrictions set
forth in Article 3 hereof, the rental or sale to affordabilityqualified
buyers of units in the Project, or
(3) The encumbering of the Project by Liens and Mortgages if
subordinate to this Agreement and authorized in the HOME and/or
CDBG Agreement (as applicable) or this Agreement, or
(4) The replacement of personal property or fixtures.
b. All of the terms, covenants and conditions of this Agreement
shall be binding upon the Developer and the permitted successors and
assigns of the Developer. Whenever the term "Developer" is used in this
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first written hereinabove.
CITY: THE CITY OF FORT COLLIN, COLORADO,
a Municipal Corpor ion
Date: 41 'T 10 y By: T:;�� % A
Darin A. Atteberry
irlerim City Manager
ATTEST:
10L
City Clerk
APPRO AS TO FORM:
Deputy City Attorney
DEVELOPER: FORT COLLINS HOUSING CORPORATION
Date: a V By:
Printed Name:l �. ��Sd.✓
Title: Board President
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EXHIBIT "A"
Legal Description
Lots Thirteen (13) and Fourteen (14), Block Eight (8) BUCKINGHAM PLACE,
Fort Collins, Larimer County.
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