HomeMy WebLinkAbout2015-085 Settlement Agrmt Addendum #1 - North Mountain Land Co
ADDENDUM #1
Addendum made this nth day of January, 2015, between the City of Ashland
("City") and North Mountain Land Company LLC (North Mountain).
Recitals:
A. On March 18, 2008 City and North Mountain entered into a "Release and Settlement
Agreement" ("the Agreement") which settled a dispute the parties had over System
Development Charges (SDC) credit amounts associated with a particular property (the
"Property") then owned by North Mountain.
B. In that Agreement, the City granted North Mountain $97,147.58 worth of SDC credits.
A provision of the Agreement, however, stated that the credits were "...awarded solely
to North Mountain Land Company LLC, and to no other party."
C. North Mountain has sold the Property subject to the SDC credit award, and the new
owner, L) c~ L,,,K t;L~y;, ~vL~u S; t ti , desires to have transferred any remaining
SDC credits under the Agreement to the new owner.
D. Neither the City nor North Mountain have objection to modifying the Agreement to
allow North Mountain to transfer its SDC credit award to the new owner of the Property,
and both the City and North Mountain desire to amend the agreement to provide for the
transfer of the remaining SDC credits under the Agreement as follows.
Agreements:
City and North Mountain agree to amend the Agreement as follows-
1 . Delete term and condition, "The credit identified above shall be awarded solely to
North Mountain Land Company LLC, and no other party" and replace it with the
following term and condition:
"The credit identified above as awarded; to North Mountain Land Company LLC is
transferable and may be assigned to ~~~rt';~ the present owner
of the subject property.
2. Except as modified above the terms of the Agreement shall remain in full force and
effect.
North Moun~aiin Land Company LLC: CITY OF ASHLAND:
y.
BY By
t • p
City Administrator'
Its h"I
7
DATE t 7 - " Date
1- CITY OF ASHLAND, ADDENDUM TO SETTLEMENT AGREEMENT