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HomeMy WebLinkAbout2008-200 Amendment - Brammo Motorsports - Revision fvef.fl= t)oo g' .D I ~ 4- (2- ~ flevtsec( /0101/ or FIRST AMENDMENT TO DEVELOPMENT AND SECURITY AGREEMENT BETWEEN CITY OF ASHLAND, CRAIG BRAMSCHER, AND BRAMMO, INC. Whereas, the City of Ashland, approved the above referenced Development Agreement with supporting documents and said documents were fully executed by Craig Bramscher and Brammo, Inc, (hereinafter "Developer") and submitted to the City in February 2007; and Whereas, the City of Ashland has not executed said Agreement and supporting documents due to delays in processing the Annexation of the subject property; and Whereas, City has now conditionally approved the annexation and the Parties desire to execute the Agreement and supporting documents together with a First Amendment to reset and clarify compliance dates and clarify the responsibilities of the parties, consistent with the original agreement; and NOW THEREFORE, the Development and Security Agreement is herby amended as follows: 1. Numbered paragraph 2 b. of the Agreement is amended to read as follows: . Developer will: *** b. Subject to final approval of the Development Grant and the Development Loans and except as may be funded by grants received from Oregon Economic Development, make all Required Public Improvements at Developer's sole cost and expense. Developer understands and agrees that if the cost of the Required Public Improvements exceeds the loan or grant amounts received, the Developer is solely responsible for the cost of said improvements in addition to repayment of loans or, in the event of violation of grant terms, grant funds. This provision does not prohibit or limits Developer's submittal of revised or additional loan or grant requests. "Make all Required Public Improvements" in this First Amendment to Brammo Development and Security Agreement 1 (;)1 paragraph means the Developer pays the full cost of City construction of the Required Public Improvements in accordance with public contracting law and in compliance the OECDD grant and loan conditions. Loan and grant funds shall be applied by the City to the construction cost without the need to pass thru said costs to the Developer. 2. The dates for Developer compliance with paragraphs 2.c, 2.d., 2.e, 2.g. and 2.h are modified from January 19, 2007 to February 16, 2007. Updated documents referenced in paragraphs 2.c, 2.d, 2.e, 2.g and 2.h, including but not limited to a revised promissory note, trust deed and guarantee, shall be submitted to the City Finance Director on or before March 4,2008. 3. Numbered paragraph 3. of the Agreement is amended to read as follows: City will: a. Process the annexation request. b. No later than fifteen days following Developer's compliance with paragraphs c, d, e, g, and h of Section 2 of this Agreement, and the date for submittal of updated documents as called for in the First Amendment to this Agreement, execute the necessary documents to receive the low interest loans and/or grants offered through the Oregon Economic and Community Development Department. c. Receive and pass through apply the funds received from the Oregon Economic and Community Development Department, together with funds received from the Developer, to the cost of engineering, permitting and construction of the Required Public Improvements, in accordance with City code, including public contracting requirements. 4. Section 4. j. Entire Agreement is amended to remove the words "relating to the reservation of future public roads, rights of way". 5. The Effective Date of this Amendment and the original Agreement shall be the date on which the last party to execute the Amendment to the Agreement so executes it and a fully executed copy, or counterpart original of the Amendment and the original executed Agreement is mailed, first class mail to the other party. First Amendment to Brammo Development and Security Agreement 2 3( 6. Any provision of the Agreement, not specifically amended or modified herein shall remain in full force and effect. Dated this -1Thof ~l~Ri' . 2008 Dated this of , 2008 BRAMMO, INC CITY OF ASHLAND B. Cral ramscher, individually and on be; of Brammo Inc. Date: ' 'r)Vf q I 11)\8 Barbara Christensen, City Recorder *Due to an error on Grantor's part, these documents are being re-executed and re-recorded by Grantor and City. First Amendment to Brammo Development and Security Agreement 3 'it RECORDING COVER SHEET PER ORS 205.234 Jackson County Official Records 2008-040654 R-AMN . Cnt=1 Stn=5 SHINGLJS11/07/2008 02:17.31 PM $20.00 $5.00 $5.00 $11.00 Total:$41.00 11111 I 1111l11ll I I Ill" 111111 01348804200800406540040049 I, Christine Walker, County Clerk for Jackson County, Oregon, certify that the instrument identified herein was recorded in the Clerk records. Christine Walker - County Clerk THIS COVER SHEET HAS BEEN PREPARED BY THE PERSON PRESENTING THE ATTACHED INSTRUMENT FOR REeORDING ANY ERRORS IN THIS COVER SHEET DOES NOT AFFEeT THE TRANSACTION(S) CONTAINED IN THE INSTRUMENT ITSELF. AFTER RECORDING RETURN TO: Name and address of the person authorized to receive the instrument after recording, as required by ORS 205.180(4) and o~~~ 1. NAMES OF THE TRANSACTlON(S), described in the attached instrument and required by ORS 20S.234(A) NOTE: Transaction as defined by ORS 205.010 "means any action required or permitted by state law or rule federal law or regulation to be recorded including, but not limited to, any transfer =~.~ 2, . Grantor(s) as described in ORS 205.160. ~ ~f- kt1utci 3. Grantees(s) as described in ORS 205.160. ~ 6rU1S~~ dlA ~() ~ 4. TRUE AND ACTUAL CONSIDERATION PAID for instruments conveying or contracting to convey fee title to any estate and all 'moranda of such instruments, reference ORS 93.030. 5. UNTil A CHANGE IS REQUESTED, All TAX STATEMENTS SHAll BE SENT TO THE FOllOWING ADDRESS: for instruments conveying or contracting to convey fee tide to any real estate reference ORS 93.260. -------. -