TC Res. No. 2000-28RESOLUTION NO. 28
SERIES OF 2000
A RESOLUTION AUTHORIZING AN ASSIGNMENT TO THE TOWN OF AVON
FINANCE AUTHORITY OF THE TOWN OF AVON'S INTEREST IN THE MARCH 15,
2000 CONTRACT BETWEEN THE TOWN OF AVON AND JOHN H. LAERI, JR.
WHEREAS, the Town Council wishes to authorize an assignment to the Town of
Avon Finance Authority of the Town's interest in the contract dated March 15, 2000 by and
between the Town and John H. Laeri, Jr., and
WHEREAS, John H. Laeri, Jr. has previously consented to such assignment (as per
the attached consent).
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO:
Section 1. The Mayor is authorized to execute the attached Assignment of Contract.
ADOPTED this 13 day of June , 2000.
TOWN OF AVON, COLORADO
J Yode , or
ATTEST:
mask-TewftC-
Cait Hilmer,, Deputy Town Clerk
APP V TO FORM:
B Levin, Town Attorney.
CONSENT TO ASSIGNMENT
Pursuant to T 17. of the contract of sale dated March 15, 2000, by and
between John H. Laeri, Jr. (seller) and Town of Avon (buyer), seller hereby
consents to an assignment of the contract from the Town of Avon to the
Town of Avon Finance Authority.
DATE: G ZL
HN H. LAERL JR.
ASSIGNMENT OF CONTRACT
This Assignment of Contract (this "Assignment") is by and between the Town of Avon,'
Colorado ("Assignor") and The Town of Avon Finance Authority ("Assignee") and is dated as of
Ir 11) 2000,
Assignor, as buyer, entered into that certain Residential Contract to Buy. and Sell Real Estate
dated March 15, 2000 (the "Contract"), with John H. Laeri, Jr. ("Seller"), as seller, for the purchase
and sale of 11 condominium units in the Sherwood Meadows Condominiums, as more completely
described in the Contract (the "Property").
. Assignor desires to assign, and Assignee desires to accept the assignment of, all of the right,
title, and interest of Assignor under the Contract, and Assignee agrees to assume all obligations of
Assignor under the Contract.
In consideration of the preceding recitals, Assignor and Assignee agree as follows!
1. In consideration of $10.00 and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, Assignor hereby assigns to Assignee, all of the
Assignor's right, title, and interest in the Contract and in and to the Earnest Money Deposit as
described in paragraph 4a of the Contract. Assignee shall pay to Assignor an amount equal to the
Earnest Money Deposit at closing on the acquisiton of the Property.
2. Assignee accepts such assignment and, for the benefit of Assignor and Seller, agrees
to assume and strictly perform all obligations of Assignor, as buyer, under the Contract. Such
assumption shall not release Assignor'from any obligation to Seller.
3. In consideration of the Assignee's acceptance of this assignment and agreement to
assume and perform all of Assignor's obligations under the Contract and Assignee's leasing of the
Property to Assignor, Assignor hereby agrees to waive and relinquish any right to collect any real'
estate transfer taxes in connection with the Assignee's purchase of the Property pursuant to the
Contract.
. 4. To the extent permitted by law, Assignor and Assignee indemnify and hold Seller
harmless from any cost, claim, or liability on account of this Assignment.
5. This Assignment constitutes the entire understanding of Assignor and Assignee with
respect to its subject matter. This Assignment may not be modified except.by the written agreement
of Assignor and Assignee which is consented to by Seller. This Assignment, including-the Consent
which follows, may be executed in separate counterparts, all of which taken together shall constitute
one and the same document.
AFINANCETSERMBLEVIMSHERWOOD MEADOWSWSSIGNMENT.DOC
5/19/00 2:18 PM
This Assigmnent has been executed to be effective as of the date first stated above.
ASSIGNOR: ASSIGNEE:
TOWN OF AVON, COLORADO TOWN OF AVON FINANCE
May
AUT~TY
Pre i t .
HABLEVMSHERWOOD MEADOWSWSSIGNMENT.DOC
5/25/00 10:16 AM
MEMORANDUM
TO: Hon. Mayor and Town Council
FROM: Burt Levin
CC: Bill Efting; Larry Brooks; Scott Wright
RE: Resolution re Sherwood Meadows Contract
DATE:' 05/25/00
Attached is a resolution authorizing an assignment of the Town's contract to purchase
the 11 Sherwood Meadows units. For financial reasons the purchaser and owner of the units
will be the Town of Avon Finance Authority. The assignment was prepared by bond counsel
(Dee Wisor, Esq.) and has been consented to by the seller, John H. L"aeri