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HomeMy WebLinkAboutECHDA18-001 Eagle County Housing and Development AuthorityDEED RESTRICTION AGREEMENT FOR THE OCCUPANCY AND RESALE OF MILLER RANCH HOUSING THIS DEED RESTRICTION AGREEMENT FOR OCCUPANCY AND RESALE OF MH,LER RANCH HOUSING (the "Agreement") is made this day of February, 2018, by Eagle County, Colorado (hereinafter "County) and the Eagle Count Housing & Development Authority (hereinafter "ECHDA"), for the benefit of the parties and the citizens of Eagle County. RECITALS WHEREAS, by virtue of a Warranty Deed recorded on December 21, 2017 in the Office of the Eagle County Clerk and Recorder at Reception number 201800022, ECHDA is the owner of the following described real property: Condominium Unit 129, Building F, Miller Ranch Mill Lofts -Phase V, according to the Condominium Map recorded October 4, 2005 at Reception No. 931855 and as described in Condominium Declaration recorded May 27, 2004 at Reception No. 878618 and Supplement recorded October 4, 2005 at Reception No. 931857, County of Eagle, State of Colorado; also known as 69 Marble, #F 129, Edwards, Colorado 81632 (the "Property"). WHEREAS, the Property is a unit within the Miller Ranch Housing Development where all units are subject to the Deed Restriction Agreement for the Occupancy and Resale of Miller Ranch Housing recorded on October 24, 2003 at Reception 855028 of the records of the Clerk and Recorder of Eagle County, Colorado, and First Amendment thereto, recorded on December 7, 2004 at Reception 899594 of the records of the Clerk and Recorder of Eagle County, Colorado (collectively, the "Deed Restriction Agreement") and Miller Ranch Housing Guidelines adopted by the Eagle County Board of County Commissioners ("Housing Guidelines"); and WHEREAS, in 2014, Eagle County released and waived its ability to enforce the Deed Restriction Agreement on the Property, pursuant to Paragraph 25 of the Deed Restriction Agreement, after foreclosure by the holder of the first deed of trust; and WHEREAS, Matthew D. Payne and Martin Lester Miller conveyed the Property to ECHDA on December 21, 2017; and WHEREAS, ECHDA wishes to reinstate the Deed Restriction Agreement so as to restrict the acquisition or transfer of the Property to Qualified Buyers, with Maximum Sales Prices and subject to all other restrictions contained in the Deed Restriction Agreement and Housing Guidelines; and WHEREAS, ECHDA wishes to reinstate back to Eagle County all rights associated with administration and of enforcement of the Deed Restriction Agreement and Housing Guidelines with respect to the Property. Eagle County, CO 20/802052 Regina O'Brien 02/06/2018 Pgs: 3 03:11:19 PM REC: $0.00 ECHDAI8-004 : $0.00 NOW, THEREFORE, for value received, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby represent covenant and agree as follows: 1. The Property is hereby declared subject to the Deed Restriction Agreement and Housing Guidelines, and all terms, conditions and restrictions contained therein for all future sales of record. 2. This Agreement shall constitute covenants running with the Property, as a burden thereon, for the benefit of, and shall be specifically enforceable by Eagle County, Colorado through its Board of County Commissioners, its designee, its successors and assigns, as applicable, by any appropriate legal action including but not limited to specific performance, injunction, reversion, or eviction of non -complying future owners and/or occupants. 3. ECHDA intends to sell the Property through the resale procedures to a Qualified Buyer under the Deed Restriction Agreement and intends that the Qualified Buyer, and all buyers thereafter will be subject to all restrictions and requirements contained in the Deed Restriction Agreement and Miller Ranch Housing Guidelines. 4. Choice of Law. This Agreement and each and every related document is to be governed and construed in accordance with the laws of the State of Colorado. 5. Successors. Except as otherwise provided herein, the provisions and covenants contained herein shall inure to and be binding upon the heirs, successors and assigns of the parties. 6. Section Headings. Paragraph or section headings within this Agreement are inserted solely for convenience or reference, and are not intended to, and shall not govern, limit or aid in the construction of any terms or provisions contained herein. 7. 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 for whose benefit a condition is inserted herein shall have the unilateral right to waive such condition. S. Gender and Number. Whenever the context so required herein, the neuter gender shall include any or all genders and vice versa and the use of the singular shall include the plural and vice versa. 9. Personal Liability. Any subsequent Owner, as that term is defined in the Deed. Restriction Agreement, agrees that he or she shall be personally liable for any of the transactions contemplated herein. 10. Further Actions. The parties to this Agreement agree to execute such further documents and take such further actions as may be reasonably required to carry out the provisions and intent of this agreement or any agreement or document relating hereto or entered into in connection herewith. 11. Modifications. The parties to this Agreement agree that any modifications of this Agreement shall be effective only when made by writings signed by both parties and recorded with the Clerk and Recorder of Eagle County, Colorado. Notwithstanding the foregoing, the County reserves the right to amend this Agreement unilaterally where deemed necessary to effectuate the purpose and intent of this Agreement, and where such unilateral action does not materially impair the Owner's rights nor any lender's rights under this Agreement. IN WITNESS WHEREOF, the parties hereto have executed this instrument on the day and year above first written. STATE OF COLORADO ) ) SS. COUNTY OF EAGLE ) The foregoing instrument was acknowledged COMMI5510neY of the Eagle Count day of _rte , 2018. My commission expires: MAOXCkh ip, ?.0� K" REN SEPP NO TARY PUBOTARY ID LIC STATE OF COLORADO MY COrIIM 08248 SS(ON EXPfRES 03 0612020 STATE OF COLORADO ) ) SS. COUNTY OF EAGLE ) EAGLE COUNTY HOUSING AND DEVELO MENT AUTHORITY 13, ('716anne McQueen Its: Commissioner before me by JeAnvie McQueene , as y Housing and Development Authority, Inc. this .j. Notary Public Ej The foregoing instrument was acknowledged before me by I4'R1V6Xn8F.6Yi this 6;day of 65t9wK y , 2018. My commission expires: M C I ( 2 OZa Notary Public KAREN SEPP NOTARY PUBLIC STATE OF COLORADO NOTARY 10 20084008248 MY COMMISSION EXPIRES 03/06/2020