HomeMy WebLinkAbout2017-059 AMND #2 - Development & Security Agrmt - Brammo
Jackson County Official Records 2017-011238
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I, Christine Walker, County Clerk for Jackson County, Oregon, certify
When Recorded Mall to: that the instrument identified herein was recorded in the Clerk
Sydnee B. Dreyer records. Christine Walker - County Clerk
Huyeke O'Connor Jarvis, LLP
823 Alder Creek Drive
Ashland, OR 97520
I hereby certify that this document is
a true and exact copy of the original.
By:
41Title
SECOND AMENDMENT TO DEVELOPMENT AND SECURITY
AGREEMENT BETWEEN CITY OF ASHLAND, CRAIG BRAMSCHER,
AND BRAMMO, INC.
Recitals:
A. Developer is the owner of property commonly referred to as 763 E. Jefferson
Ave., Ashland, Oregon, a more particular description of which is as follows:
Parcel No. Two (2) of Partition Plat No. P-14-2009 of the Records of Jackson
County, Oregon; Filed April 24, 2009, Index Volume 20, Page 14, County Survey
No. 20369 (hereinafter "Lot 763")-
B. Developer is the owner of property commonly referred to as 777 and 758/766 E.
Jefferson Avenue, Ashland, Oregon, a more particular description of which is as follows:
Parcel Nos. One (1) and Three (3) of Partition Plat No. P-14-2009 of the Records of
Jackson County, Oregon; Filed April 24, 2009, Index Volume 20, Page 14, County
Survey No. 20369 (collectively "Lots 777 and 758").
SECOND AMENDMENT TO DEVELOPMENT AND SECURITY AGREEMENT
BETWEEN CITY OF ASHLAND, CRAIG BRAMSCHER, AND BRAMMO INC. Page I
of 4
AT/L5z 3 6LA m When Recorded Mail to: LM~
Sydnee B. Dreyer
Huycke O'Connor Jarvis, LLP
823 Alder Creek Drive Recorded Electronically
Ashland, OR 97520 --,G/ I/1-~Z_3
County CKs v
Date 20/ Time,:
Sim lifile.com 800.460.5657
SECOND AMENDMENT TO DEVELOPMENT AND SECURITY
AGREEMENT BETWEEN CITY OF ASHLAND, CRAIG BRAMSCHER,
AND BRAMMO, INC.
Recitals:
A. Developer is the owner of property commonly referred to as 763 E. Jefferson
Ave., Ashland, Oregon, a more particular description of which is as follows:
Parcel No. Two (2) of Partition Plat No. P-14-2009 of the Records of Jackson
County, Oregon; Filed April 24, 2009, Index Volume 20, Page 14, County Survey
No. 20369 (hereinafter "Lot 763").
B. Developer is the owner of property commonly referred to as 777 and 758/766 E.
Jefferson Avenue, Ashland, Oregon, a more particular description of which is as follows:
Parcel Nos. One (1) and Three (3) of Partition Plat No. P-14-2009 of the Records of
Jackson County, Oregon; Filed April 24, 2009, Index Volume 20, Page 14, County
Survey No. 20369 (collectively "Lots 777 and 758").
SECOND AMENDMENT TO DEVELOPMENT AND SECURITY AGREEMENT
BETWEEN CITY OF ASHLAND, CRAIG BRAMSCHER, AND BRAMMO INC. Page I
of 4
C. The City of Ashland "City" and Craig Bramscher, an individual, and Brammo, Inc., an
Oregon corporation, collectively hereinafter referred to as "Developer" entered into a
Development and Security Agreement which provides that as a condition of annexation
Developer would improve Jefferson Street to City street standards including but not limited to
base, paving, curb, gutter, sidewalk, and storm drain, hereinafter referred to as "required public
improvements." The Development and Security Agreement was recorded in the official records
of Jackson County on April. 2, 2008 as Document No. 2008-012413; said agreement was
amended on February 22, 2008 and recorded in the official records of Jackson County on April
21 2008 as Document No. 2008-012412; and a revised First Amendment was subsequently
recorded in the official records of Jackson County on November 7, 2008 as Document No. 2008-
040654 (collectively the "Agreement"). Per the terms of the Agreement, Developer is
responsible for the total cost of all required public improvements. To help Developer pay for the
required public improvements, City applied for and received an Oregon economic development
department grant in the amount of $310,000.00 ("City Grant") and a low interest economic
development loan in the amount of $390,000.00 ("City Loan"). The City Loan is secured by that
Trust Deed recorded on November 7, 2008 as Document No. 2008-040652 against Lots 763, Lot
777, and Lot 758 (the "Trust Deed").
C. Developer has entered into an agreement to sell Lot 763 to a third party. City has
agreed to release Lot 763 from the obligations under the Development and Security Agreement
as well as the Trust Deed upon payment to the City in the amount of $60,000.00.
D. The parties desire to enter into this agreement to release Lot 763 from the
foregoing obligations.
AGREEMENT
1. In consideration of payment to the City in the amount of $60,000.00, City hereby
agrees as follows:
a. City shall release Lot 763 from all obligations under the Agreement including
but not limited to obligations to improve Jefferson Street, repay the loan,
and/or act as guaranty for responsibility to pay all amounts owed to the City
under the Agreement or Trust Deed.
b. City shall -execute a request for partial reconveyance of Trust Deed, in
substantially the form attached hereto as Exhibit "A" incorporated herein by
reference and shall submit such request to Trustee, Ticor Title, to record the
partial reconveyance releasing Lot 763 from any and all obligations under the
Trust Deed.
e. City further agrees to waive the due on sale provision of the Trust Deed with
respect to the sale of Lot 763.
SECOND AMENDMENT TO DEVELOPMENT AND SECURITY AGREEMENT
BETWEEN CITY OF ASHLAND, CRAIG BRAMSCHER, AND BRAMMO INC. Page 2
of 4
2. The City administrator and/or his designees shall be authorized to take all steps,
and execute such further documents, as may be necessary to effectuate the terms of this
Agreement.
CITY OF ASHLAND
Date: B
y: J
r-
Date: /7
CRA SCHER
R
BRAMMO, INC.
Date: z~- 3 -/_7 y:
CRAI MSCHER, as President
State of Oregon } ss.
County of Jackson }
,JL
r On this day of ma " , 201 , before me, I AAA *e' SA(&F , a Notary Public in
and for said stat erso lly ap WD red ~~(n known to me to be
the CI ( I ` Hof the City of Ashland, and acknowledged to me that pursuant to a
Resolution of the B rd of Directors, he/she executed the foregoing in said Corporation name.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this
certificate first above written.
OFFICIAL STAMP
DIANA RENEE SHIPLET
NOTARY PUBLIC-OREGON
COMMISSION NO. 932046
MY COMMISSION EXPIRES OCTOBER 01, 2018 Notary Public for the State of Oregon
Commission Expires: 01co)
State of Oregon } ss
County of Jackson }
On this :3 day of 2017, before me, a Notary Public in
and for said state, personally appeared Craig Bramseher known or identified to me to be the person who executed
the foregoing instrument, and acknowledged to me that he executed the same as an Individual and as the President
of Brammo, Inc.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year in this
certificate first above written.
r,
OFFICIAL STAMP'
MARION ROSE Notary Public for the State of Oregon
NOTARY PUBLIC-OREGON Commission Expires: v -C~
COMMISSION 140. 956488
MY COMMISSION EXPIRES NOVEMBER 09, 2020
SECOND AMENDMENT TO DEVELOPMENT AND SECURITY AGREEMENT
BETWEEN CITY OF ASHLAND, CRAIG BRAMSCHER, AND BRAMMO INC. Page 3
of 4
Exhibit "A"
REQUEST FOR PARTIAL RECONVEYANCE
To: TICOR TITLE, Trustee
CITY OF ASHLAND, a municipal corporation of the State of Oregon, is the owner and
holder of the indebtedness and all liabilities and obligations secured by the following described
Trust Deed dated October 9, 2008 and recorded in the official records of Jackson County on
November 7, 2008 as document number 2008-040652:
The Trustee is directed to reconvey to the party entitled thereto under the provisions of
the Trust Deed, the estate held by the Trustee in the following described real property, which is a
portion of the real property encumbered by the Trust Deed: property commonly referred to as
763 E. Jefferson Ave. Ashland, Oregon and more particularly described as follows:
Parcel No. Two (2) of Partition Plat No. P-14-2009 of the Records of Jackson
County, Oregon; Filed April 24, 2009, Index Volume 20, Page 14, County Survey
No. 20369.
Your fees are to be paid by the Grantor under said Trust Deed.
Mail reconveyance documents to: Sydnee B. Dreyer
Huycke O'Connor Jarvis, LLP
823 Alder Creek Drive
Ashland, OR 97520
CITY OF ASHLAND
Date: 3- a-y -/7 By:
U
SECOND AMENDMENT TO DEVELOPMENT AND SECURITY AGREEMENT
BETWEEN CITY OF ASHLAND, CRAIG BRAMSCHER, AND BRAMMO INC. Page 4
of 4