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Home My WebLink About[09c] Agreement Release~~h.^~ ~ c.rr~• off s•r.,urit:rti Council Agenda Item 9 C MEETING DATE: AGENDA ITEM: SUBMITTED BY: April 16, 2009 Agreement Release Administration BOARD/COMMISSION/COMMITTEE RECOMMENDATION: PREVIOUS COUNCIL ACTION: BACKGROUND INFORMATION: The City Office received a request to release old documents as they relate to the Meadowlark Apartments on 10`h Avenue SE. When the apartments were originally constructed, 1985, they utilized a form of public financing, So in addition to a typical development agreement, financing agreements were executed and attached to the property. At this time the property is being sold and in order to receive clear title, the old documents need to be released. The documents have been forwarded to the City Attorney and we both concur that the requirements under the agreement have long been fulfilled and there is no reason not to release the documents. Technically they are expired, but the closing company is asking the City to formally release the documents. BUDGET/FISCAL IMPACT: ATTACHMENTS: Document Release form, listing of documents. REQUESTED COUNCIL ACTION: Authorize the Mayor and Administrator to execute the Termination Agreement as it relates to the Meadowlark Apartments. TERMINATION OF AGREEMENTS This Termination of Agreements ("Termination") is made as of April , 2009, by the City of St. Joseph, a Minnesota municipal corporation (the "City"). RECITALS A. The City is the sole party for whose benefit the following documents were executed: 1. That certain Developer's Agreement by and between the City of St. Joseph and Cold Spring Lumber Yard, Inc., dated March 21, 1985, recorded March 28, 1985, as Document No. 579511 (the "Developer's Agreement"). 2. That certain Regulatory Agreement by and between Meadowlark Apartments, a Minnesota partnership, and the City of St. Joseph, dated August 28, 1985, recorded August 28, 1985, as Document No. 586427 (the Regulatory Agreement"). 3. That certain Declaration of Restrictive Covenants dated August 28, 1985, recorded August 28, 1985, as Document No. 586428 (the "Restrictive Covenant"). B. The Developer's Agreement, the Regulatory Agreement and the Restrictive Covenant (collectively, the "Agreements") encumber the following land: Lots 1, 2 and 3, Block 3, Cloverdale Estates Second Addition, Stearns County, Minnesota (the "Land". C. The obligations under the Agreements have been fully performed and the City desires to evidence the same by terminating the Agreements of record. Judy Weyrens From: Thomas G. Jovanovich [TJovanovich@rajhan.com] Sent: Wednesday, April 08, 2009 4:46 PM To: Judy Weyrens Cc: Brenda A. Wolbeck Subject: RE: Release agreements Judy, It is ok for the city to sign the release agreement attached with your email below. All documents being release have to do with the original financing from the government. The bonds have been paid off and there is no longer a need for these documents to be in effect. The council should pass a resolution authorizing the signature for you and the mayor. If you have any questions please call. Tom Jovanovich Rajkowski Hansmeier Ltd. 320-251-1055 t-iovanovich(~rajhan. com This is a transmission from Rajkowski Hansmeier Ltd. and may contain information which is privileged, confidential, and protected by the attorney-client or attorney work product privileges. If you are not the addressee, note that any disclosure, copying, distribution, or use of the contents of this message is prohibited. If you have received this transmission in error, please destroy it and notify my office immediately at our telephone number (320) 251- 1055. -----Original Message----- From: Judy Weyrens [mailto:jweyrens@cityofstjoseph.com) Sent: Wednesday, April 08, 2009 8:08 AM To: Thomas G. Jovanovich Cc: Brenda A. Wolbeck Subject: Release agreements Good morning Tom - The Meadowlark Apartments is in the process of selling and when the prepared the closing documents the title company called and stated that three recorded documents are preventing the closing I asked them to prepare a release document for us to review. Therefore, two of the attached documents relate to the actual documents that are recorded and the third document is what they would like to see executed. Could you please review and let me know how to proceed. Thanks 1 INDEX OF SCHEDULE B DOCUMENTS Meadowlark Apartments/CP File No. 31771 In order to open and view the documents listed on fhe Index, please place your cursor on the underlined document number, and press "Ctrl" on your keyboard and left click with your mouse. Thank you for using Commercial Partners Title, LLC for your title insurance needs. *A copy of this document has been ordered and will follow TAB DOCUMENT EXCEPTION NO. DOCUMENT NO. A Copy of Plat of Legal, 17 Plat* Cloverdale Estates Second Addition B Coordination Agreement 16 992218 C Developer's Agreement 18 579511 D Regulatory Agreement 19 586427 E Declaration of Restrictive Covenants 20 586428 F Vesting Deed 989261 (Quitclaim Deed) G Vesting Deed 992214 (Warranty Deed)