HomeMy WebLinkAbout2008-190 Trust Deed - C Bramscher & Brammo Inc
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. IIMake all Required Public Improvements" in this
First Amendment to Brammo Development and Security Agreement
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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
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6. Any provision of the Agreement, not specifically amended or modified
herein shall remain in full force and effect.
Dated this -1:m.of ~t\-ood , 2008
Dated this
of
, 2008
BRAMMO, INC
CITY OF ASHLAND
B'
Cra! ramscher, individually and
on be; of Brammo Inc.
Date: 'r)U q . 1J1)\~
,
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.
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