No preview available
HomeMy WebLinkAboutC20-227 ECAT - 2020 Termination Agreement (De-Icing and Road Improvements)DocuSignEnvelopeID:FC6C45CF-OEA9-4803-9975-15C00407EA99EagleCounty,CO202009661ReginaO’Brien06/25/2020Pgs:302:55:51PMREC:$0.00DOC:$0.00After RecordingPleaseReturnto:BallardSpahrLLP122517thStreet, Suite2300Denver,Colorado80202Attention: AnastasiaKhokhryakova,Esq.TERMINATIONAGREEMENTThisTerminationAgreement(the“Agreement”)ismadeandenteredintoasof6/23/2020,byEagleCountyAir TerminalCorporation,aColoradononprofitcorporation(the“Corporation”),andCountyofEagle,StateofColorado,abodypoliticandcorporate,actingbyandthroughitsBoardofCounty Commissioners(the“County”).RECITALS:WHEREAS,theCorporationpreviouslyissueditsAirportTerminalProjectRefundingBonds,Series2017A(the“2017ABonds”)forthepurposeofrefundingtheAirportTerminalfacilitiesProject RevenueImprovementsBonds,Series20063(the“2006BBonds”)theproceedsofwhichwereusedtofund(i)thecostsofacquisition,constructionandimprovementofade-icingfacilityusedinconnectionwithcertainoperationsattheEagle CountyRegionalAirport(the“Airport”)andlocatedontherealpropertydescribedinExhibitAattachedtothehereinafterdefinedProjectAgreement,(ii)anacquisitionoflandtobeusedforexpansionofAirportaccessroads,whichlandisdescribedinExhibitAattachedtothehereinafterdefinedRoadImprovementLeaseand(iii)certainother improvementstotheAirportaccessroad(collectively,the“2006Project”);WHEREAS,inconnectionwiththeissuanceofthe20063Bondsandfinancingofthe2006Project,theCorporationand theCountyenteredintothe2006ProjectAgreementdatedasofJune1,2006(the“2006ProjectAgreement”)recordedintheofficeoftheClerkandRecorderofEagleCounty,Colorado(the“Recorder’sOffice”)onJune30,2006atReceptionNo.200617629;WHEREAS,inconnectionwiththeissuanceofthe2017ABonds,theCorporationandtheCounty enteredintothefirstAmendmenttothe2006ProjectAgreementdatedasofSeptember1,2017(the“FirstAmendmenttotheProjectAgreement”andcollectivelywiththe2006ProjectAgreement,the“ProjectAgreement”),recordedintheRecorder’sOfficeonSeptember28,2017atReceptionNo.201718683;WHEREAS,inconnectionwiththeissuanceofthe20063Bondsandfinancingofthe2006Project,theCorporationandtheCountyenteredinto(1)theDe-IcingfacilityGroundLeasedatedasofJune1,2006(the“20061k-IcingFacilityGroundLease”)recordedintheRecorder’sOfficeonJune30,2006atReceptionNo.200617625,(ii)theDe-IcingfacilitySubleasedatedasofJune1,2006(the“2006De-IcingFacilitySublease”)recordedintheRecorder’sOfficeonJune30,2006atReceptionNo.200617627,and(iii)theRoadImprovementsLeasedatedasofApril30,2007(the“2007RoadImprovementLease”);C20-227 DocuSignEnvelopeID:FC6C45CF-OEA9-4803-9975-15C00407EA99WHEREAS,inconnectionwiththe issuanceofthe2017ABonds, theCorporationandthe Countyenteredinto(1)theFirstAmendmentto theDc-IcingFacilityGroundLeasedatedasofSeptember1,2017(the“FirstAmendmenttotheBe-IcingFacilityGroundLease”andcollectivelywiththe2006De-IcingfacilityGroundLease, the“Be-IcingFacilityGroundLease”)recordedintheRecorder’sOfficeonSeptember2$,2017atReceptionNo.201718685,(ii)thefirstAmendmenttotheDc-IcingFacilitySubleasedatedasofSeptember1,2017(the“firstAmendmenttotheDc-IcingFacilitySublease”andcollectivelywiththe2006Dc-IcingFacilitySublease,the“Be-IcingFacilitySublease”)recordedintheRecorder’sOfficeonSeptember28,2017atReception No.201718686,and(iii)theFirstAmendmenttotheRoadImprovementsLeasedatedasofSeptember1,2017(the“FirstAmendmenttothe2007RoadImprovementLease”andcollectivelywiththe2007RoadImprovementLease,the“RoadImprovementLease”);WHEREAS,theProjectAgreementprovidesthatunencumberedtitletothe 2006ProjectandanyadditionstheretoandexclusivepossessionandusethereofwillvestintheCountywithoutdemandorfurtheractiononitspartwhenthe2017A Bondsaredischargedandthatallleases,managementcontractsandsimilarencumbrancesonthe2006Projectshallterminateupondischargeofthe2017ABonds;WHEREAS,the2017ABondswerepaidinfullonMay1,2019,theirstatedfinalmaturitydate,and,pursuanttotheProjectAgreement,uponsuchpaymentinfull, theunencumberedtitletothe2006Projectandanyadditions theretoandexclusivepossessionandusethereofvestedinthe County;WHEREAS,thepartiesdesiretoenterintothisAgreementtoformallydocumenttheterminationoftheProjectAgreement,theDc-IcingFacilityGroundLease,theDc-IcingFacilitySubleaseandthe RoadImprovementLeaseandtorecordthisAgreementintheRecorder’sOffice.NOWTHEREFORE,forgoodandvaluableconsideration,thereceiptandsufficiencyofwhichisherebyacknowledged,theCountyandtheCorporation,onbehalfofthemselvesandtheirrespectivesuccessorsandassigns,herebyagreeasfollows:AGREEMENTSection1.ThepartiesheretoacknowledgeandagreethatpursuanttotheProjectAgreement,unencumberedtitletothe2006Projectand anyadditionstheretoandexclusivepossessionandusethereofvestedinthe CountywithoutdemandorfurtheractiononitspartonMay1,2019.Section2.ThepartiesheretoacknowledgeandagreethattheProject Agreement,theDcIcingFacilityGroundLease,theDc-IcingFacilitySubleaseandthe RoadImprovementLeasehave terminatedeffectiveonMay1,2019.Section3.ThisAgreementshaltberecordedintheRecorder’sOffice.2 DocuSignEnvelopeID:FC6C45CF-OEA9-4803-9975-15C00407EA99Section4.ThisAgreementconstitutestheentireagreementofthepartiesandmaybeexecutedincounterpartswiththesameforceandeffectasifthepartieshadexecutedoneinstrument,andeachsuchcounterpartshallconstituteanoriginalhereof.fNWITNESSWHEREOF,thepartiesheretohavecausedthisAgreementtobedulyexecutedbytheirdulyauthorizedrepresentativesasofthedateandyearfirstabovewritten.COUI’.TTYOFEAGLE,COLORADODocuSignedby:By:44JO&LLr—t1k1Name:Title:ChairAttest:DocuSignedby:By:1friu.Name:RèDBnTitle:Clerk&RecorderEAGLECOUNTYAIRTERMINALCORPORATION1—DocuSignedby:By:4t(jttv’—vvName:athys1dler-HenryTitle:President3