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HomeMy WebLinkAboutCENTERPOINT PARK - Filed OA-OTHER AGREEMENTS - 2003-07-31." i .f.; C_ e"76,e T Re i ADDENDUM Specific Porformanc(, Contract Seller: Rhoades, T'nc. Purchaser: Larimer County, Colorado 1. Subd iv is ion Iiiiprovemen is . The Purchaser is buying the subject property, as is, exceps. as ot-llerwisc spec i.f_ical.ly provided in this paragraph. A. Water Lines. A water line has been installed in Centerpoint Drive adjoining the subject property. The parties recognize that it will be necessary to loop such line and such loop will be accomplished by extending the existing line on East Prospect Street east to Sharp Point Drive and south on Sharp Point Drive to connect to the existing line in place in Sharp Ponit Drive. Pursuant to 5112-43 of the Code of the City of Fort Collins a portion of the cost of instal- ling the necessary line to loop the system will be collected from other benefited properties and repaid to the person installing such line. Seller agrees to he responsible to Purchaser for installing the necessary line to loop the system and to pay the cost of such installation to the extent other abutting property owners do not initially pay their share of such costs. Seller further agrees that such line will be installed by the time the same is required by the City and needed to serve the subject property. Such water line shall be installed in conformance with the utility plans and subdivision agreement for Centernoint Park Subdivision as approved by the City of Fort Collins. B. Sanitary Sewer. Seller agrees to install all sani- tary sewer lines required to serve the subject property and to connect the same to the City of Fort Collins sanitary sewc..r systein in accordance with the requirements of the utility rA ans and suhd iv i s ion agrecm,t�nt for Center_point Park appr.ov(�(] t-)y th(_- City of Dort Such sanitary sewer :�h•:�11 h(_' inssuch installation �.r,;nplr-t:r'c3 by t;:'' tl.111u, such lines arc "o" dcd by the purchaser I o C. Street Improvements. Sel' ,It: ctdr.ees to install road- b3:;� , asphalt. pavement, curt, _^ ? c:i;tt.er on Centerpoint Drive as required to complete the installation of such improvements on Centerpoint Drive. All of such improvements shall be installed in conformance with the utility plans and subdi- vision agreement for Centerpoint Park. approved by the City of Fort Collins„ The Purchaser agrees to be responsible for installation of any sidewalk required by the City of Fort Collins abutting the subject property. Seller agrees to be responsible for all other sidewalks which the City of Fort Collins requires to be instlaled on Centerpoint Drive in the Centerpoint Park Subdivision. The street improvements required to be installed by the Seller shall be completed on or before the time the improvements to be constructed by the Purchaser on the subject site are completed and ready for occupancy. D. Street Lighting. Seller agrees to install all street lighting on Centerpoint Drive from Timberline Road through Centerpoint Park Subdivision. Such street lighting shall conform to the requirements of the utility plans and subdivision agreement for Centerpoint Park approved by the City of Fort Collins. All of such street lighting shall be installed on or before the date the Purchaser completes the improvements to be constructed on the subject property and is ready to occupy the same. E. Electrical. The Purchaser assumes responsibility / for installing all facilitees required to provide electrical service to the subject property and shall pay all charges imposed by the Citv of Fort Collins for providing electricity to any other property within Centerpoint Park Subdivision. F. Storm_ Drainage. Seller agrees to install all storm drainage facilities a,; shown and required on the Utility planr; and :;uhcl ivis ion <a(3reement. for Centerpoint. Park approved by City I'JrF �O111 ate, i'hC' 7 tln` recQC�nl::C that it racy tie �advcantageous <and to Such stcarm drain- a,;­ i:a :ilit_ir: in orc3c,r tc, !;term rullotf, without: detention, from thr, subject E.rof)erty:, ::yeller agrees to co- oper::te with Purch,a:;cr in any suc'p :, xlii:ications, provided that Purchaser pays any additional cost incurred in instal- ling the storm drainage facilities caused by such modifica- tions. Further, it is understood that no such modifications shall substantially impact any properties owned by Seller which adjoin the storm drainage facilities. G. Water Rights, Plant Investment Fees & Miscellaneous. The parties agree that the purchase price does not include water rights and the Purchaser shall provide such water rights to the City of Fort Collins as may be required to obtain water service from the City Water Utility. Further, any water or sewer plant investment fees, oversize road fees, park fees or similar charges imposed by the City of Fort Collins as a condition for providing utility service or for issuing a building permit shall be the obligation of the Purchaser. Purchaser shall be responsible for installation of all on -site improvements on the subject property. H. Centerpoint Park Subdivision. Except to the extent otherwise provided above, all subdivision improvements required by the utility plans and subdivision agreement with the City of Fort Collins for Centerpoint Park Subdivision shall be the responsibility of, and provided at the expense of, the Seller, and the Seller shall indemnify and hold the Purchaser harmless from any cost in connection with the same. 2. Escrow. Seller agrees that the sum of $72,000.00 shall be withheld from the purchase price at closing by the Purchaser in order to guarantee Seller's performance as required under paragraph 1 of this Addendum. The Purchaser shall deposit: such withheld funds in an interest bearing savings account with Roc},y '-'ountain Dank and Trust Company. Lund ;ha.11 continue `�) he held b" the Purchase?r until 1 Lh'1:, m(A al] Ci)L J It1.^fl:. iifmo "d on Seller by para- sir=i1�!: ). ��f- t11 i.s T•.ddc�n<iurn. 1:: th(1 c\'°E�nt. fails' to meet 1ny r('(i'.ii r(�.mon�'.`, i1!1')r()Vt'(i on Llc_'r t)`/ -.Igt:(lph 1 0t Of this Addendum in the manner and within the time specified in this paragraph, the Purchaser �;Inall have the right to install any improvement required or take any other action to correct Seller's default and any cost so incurred by the Purchaser shall be reimbursed to Purchaser from the funds held in escrow. At such time as all subdivision improve- ments -required to be installed by Seller pursuant to this paragraph have been installed as required herein, any remain- ing funds in escrow including all interest earned on the escrowed funds shall be paid over to Seller. Upon obtianing approval of the City of Iort Collins of any improvements installed by Seller, Seller shall be deemed to have complied with its obligation to install such improvement pursuant to paragraph 1 of this Addendum. Purchaser agrees to release funds in escrow for payment of the cost of installing the improvements installed by Seller and approved by the City of Fort Collins, provided Seller demonstrates to Purchaser satisfaction that the remaining funds in escrow are adequate to complete all improvements to be installed by Seller. DATED this :1a"`�-day of October, 1980. Purchaser: LARIMER COUNTY, COLORADO By ATTEST: C- . Seller: RHOAD S, INC. %� / By: t` �' SECOND ADD! �� ritl'� Specific: Performarr&1 C0fr ,c t Seller: Rhoades, [roc•. Purchaser: harimer County, C"iorado The First. Addendum to the ahnvc nicntioned ccnt.rric.t. hereby emended so that paragraph 2 of the said Firs`.. ACdc-r..'L rrc shall read as follows: 2. Escrow. THAT TIME OF PER FOR MAN('[-. Of- 'i'll (;h1-,IGA'r10 S OF THE SELLER IN PARAGRAPH 1 OF THIS ADDENDUM SHAL[., BF: OF JHF: ESSENCE. Seller agrees that. the Burn of $125,000.00 of the purchase price shall be withheld at. Uni lime of closi "y by =he Purchaser in order to c:'Uarantee Seller's performance: rc-- clui r•e d under paragraph 1 of Addendurii . Said fund:, deposited in an interest henr•irr savincls account wi.!I fzc[•. Wount o i n Bank and Trust. Company. The _ o i d bank shall hold dishurso said funds as hercirafter Eet. forth. The said her nk } i Rr perm i. t h_ d to (I i �,hurse fang. _`ram c the escrow payable to the St I l er -nd its contractor c.r contractors for the work specifiM ir paragraph I of this Addendum under the following cond i t i c n r limitations: (a) No contract f cr work specified in said pnr ao? p h shall require the paymcvt of 11MM than 101; of the c_-cn0 rr v! price in advance of the performance of rinv part of the wort/ -.C7 be constructed. (b) Funds subsequent to the 001,.inl dot:,ri r,c�yrm-r,t c:r' orry said contract shall be paid cwnly to :trey extc.rif. and irr l� �;nicnt. for Lhijt work wh,'.clr SlIall h,rvc� <ic•tu,1lly bc'c'rr cenrE,lc tcc: iincic-r- -.r:y such contract and upon prus;cn I at i car: to the so i c: tank 77r1t:i.en certificaLp of the Selinr's uncjlnecr WO ti ,vic,rk l r r which the contr nator is hwin,l p,ii,! h,,s I,c.on ac ! , arvi �otisfnctrri-1y compin,crcl arrc'. "riti cc•rtific,'.c v appropr in! " of ` i c in I of- 1 h,. C, I " „I :•,,r•i I ! ill! : I'r,t r i - con:; t ruc Led to L I ic ext.cnl. c)f' Lj,je cans t r-t-IrLioll hif. L;C-f r. in- SPOCLOd by the Ci Ly of Fart. Co I I inn P Y A confirms in a 1 1 respocts to the requiromenks of the City for such construe' jop. (c Upon t h e f u I I c c)mp -1. c, t, i ()t-, (-, l' ii 1, 1 of the work required b he Sel ler in s a i, d par�iyraph I and x, r 1 1: ten certificates of the Sell( v'_s engineer crud the City of Fort Collins as aforesaid, the ec-:croU cent. shell be permitted to pay the balance remaining in the escruK Fund to Lhe Seller. In the event the Seller fails to no( V acror requirements imposed or) Seller by said paragraph I in the ran"e, &nd within the time specified in said paragraph 1, the Purchz:ser :Jh.all have the right to construct sny improvement required tbere"ndcr by the Seller or Lake any other appropriote action tc corract Seller's default and any costs so incurr(•d by the llzirchilf-c.r shall be paid to the Purchaser from Me funds held in encr(. All interesL. earned on the escroiicd funds shall. be '_ht- ProPc-rt',1 of the Seller and shall be E ici t(- the Seller upor-, dishursement of the balance CF kho uncrow0d funds. Upon r,pprc-vz!l of the City of ForL. Collins of any improvernents, ir. Oollrc' L,y Seller, Seller shall be de�erlled to have complied with Lo install such improvement. pursuant to said parzigr-j1pl: ). I,])(. agrecs, to release- funds in escrow for payment of tl". 1(-st ()f installi.rig the imprOVC-Ments installed by the Seller at�(j [)y 1_h.:. City of Fort. Collins; provided, Sel ter danoi i; t P: C !AW Pur- chaser's so tisf act ion that. the reno i n i nj kni(h. 1 ri o s(i co .-.rep adequate to complete all remaining improvPhwrin rvqy;;tT uWLr said paragraph 1 to be installed by the Milur. Datod thi !; XM"" day of OcLaber, , 15M. Purch(l!;C, ': kAR Cotifri t r 1 ATTF, ST: S (- I I o r : RHOADE'S , INC . ATTEST: ...-PROV AS TO 11--c R M: County At' to rr.,-.