HomeMy WebLinkAbout1996-11-25 97-24 RESOLVECOUNCIL ACTION
Item No. 97-24
Date: November 25 1996
Item/Subject: Ratifying execution and Delivery of Documents in
Connection with Sale of Rear Third df Former Freese's Building to
Freese Building Associates.
Responsible Department: Legal
Commentary: - -
The attached Resolve would ratify the actions of the City
Manager, City Solicitor and Director of Comunity and economic
Development in executing and delivering final closing documents in
connection with the sale of the rear third of the former Freese's
Building to Freese Building Associates for redevelopment purposes.
This i "clean-up" resolve intended to provide Council approval
of various side agreements and language changes in documents
previously approved by the City Council.
Department Head VU
Manager's Comments: �;
City Manager Ml . i�� /
Cit
Associated Information: Resolve
Finance Director
City Solicitor
Introduced For CONSENT AGENDA
X_ Passage
First Reading
Referral Page I of 3
9)-24
Assigned to Countilot Tyler November 25, 1996
CITY OF BANGOR
MILE.) esulb Ravi iny, execution end Deliver,K of Documents.
in Connection with Sale of Reale Third of Former Freeee's"
. _... epilains_tp_$reR4e..euild2?!S_Aef.§°c}a3€&.a...........:._..._......._.
By We City Cassel of We City ofBanseem
BBBOLVBD.
The actions of the City Manager, City Solicitor and Director
of Community and economic Development in executing and delivering
the following documents in connection with the sale of the rear
third of the former Freese's Building to Freese Building Associates
for redevelopment purposes axe hereby ratified and confirmed:
1. "Second Amendment to the Option Agreement for
Purchase of a Portion of the Former Freese's
Building" dated April 4, 19 6, amending an option
agreement with Realty Resour2 as Chartered dated
May 26, 1995.
2. "Amendment to Agreement" tla d April 4, 1996,
amending Development Agreem t with Freese
Building Associatea dated Jahuary 9, 1996.
3. ".Amendment to Agreement" dated November 5, 1996,
further amending Development Agreement with
Freese Building Associates dated January 9, 1996.
4. "Indemnity Agreement" dated October 31, 1996 with
Commonwealth Land Title .Insurance Company.
5. "Owner's Affidavit" dated October 31; 1996
regarding real estate liens.
6. "Owner's Affidavit" dated October 31, 1996
regarding building tenants.
]. "Party Wall Agreement" dated November 5,'1996
with Freese Building Associates.
8. "Indemnity Agreement" dated Wovember 5, 1996 with
Freese Building Associates, elating to
liabilities in regard to cc extortion of the
party wall.
9J-24
9. "Reimbursement Agreement" dated November 5, 1996
with Freese Building Associates, relating to
reimbursement for construction of common,
improvements.
30. "Lease Agreement (Parking Luse)" dated November
5, 1996 with Freese Building Associates.
11. "Maine State Housing Authority Municipal'
Revolving Loan Fund Grant Agreement" dated
November 5, 1996.
12. "Subordination Agreement" dated November 5, 1996
with Rey Bank of Maine and Freese Building
Associates.
13. "Intercreditor Agreement" dated November 5, 1996
with Maine State Housing Authority.
14. State of Maine Real estate Transfer Tax
Declaration Form.
15. Municipal Quitclaim Deed dated November 4, 1996
to Freese Building Associates. -
Copies and/or duplicate originals of all documents
listed above are on file In the offika of the City Clerk.
The "Freese Building Associates" referred to above is
"Freese Building Associates, a Limited Partnership", a
Maine limited partnership.
IN CITY COUNCIL
November 25, 199
Passed
CITY CLAS%
9]-26
R E S O L V E
Aatlfying T ervtlon and Belivog of
Uocu eats i pec[ o w tiff
Bear TMrd of Former FreesVsBuildiug
o Freese B4id
ling Associates
aw
n a/$�
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