Mou/Moa - 2006 - Amendment To Ringo Ridge Subdivision Agrt - 6/27/2006
AMENDMENT TO RINGO RIDGE SUBDIVISION AGREEMENT
The CITY OF EAGLE, a municipal corporation, ("City"), and P.O. VENTURES,
INC., an Idaho corporation, ("Developer") hereby amend the Ringo Ridge Subdivision
Agreement dated December 13,2005 ("Agreement"), as follows:
1. The letter of credit amount is reduced from $570,048.62 to $130,218.61, and
Developer's lender is authorized to issue a letter of credit in the reduced amount.
2. Developer agrees to grant City additional assurance and security for the
performance of the Agreement in the form of a Bill of Sale (Exhibit A hereto)
which Developer shall execute and conditionally deliver in trust to City and which
shall not be considered effective until, and if, the Developer defaults under the
Agreement or this Amendment. Developer shall water and otherwise maintain the
trees and shrubs described in the Bill of Sale, and shall provide City access to the
trees and shrubs, if necessary, for removal and planting if a default occurs in
accordance with the approved landscape plan.
3. The time for completion of the improvements described in the Agreement IS
extended from June 1,2006 to August 15,2006.
4. All other provisions of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the undersigned have executed this Amendment to Ringo
Ridge Subdivision Agreement as ofthe71 ,It-day of June, 2006.
P.O. VENTURES, INC.,
an Id corporation
THE CITY OF EAGLE,
a municipal corporation
ia Patterson
Its: Vice President
ATTEST:
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612712006 167731
STATE OF IDAHO )
)ss.
County of Ada )
Before me, a Notary Public in and for said state, personally appeared Stacia Patterson,
known or identified to me to be the Vice President of P.O. Ventures, Inc., an Idaho corporation,
and the person whose name is subscribed to the within instrument, and acknowledged to me that
she executed the same on behalf of said corporation.
SUBSCRIBED AND SWORN to befo
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,2006.
STATE OF IDAHO )
)ss.
County of Ada )
Before me, a Notary Public in and for said state, personally appeared Nancy C. Merrill,
known or identified to me to be the Mayor of the City of Eagle, a municipal corporation, and the
person whose name is subscribed to the within instrument, and acknowledged to me that she
executed the same on behalf of said municipal corporation.
SUBSCRIBED AND SWORN to before me this II day of\.JU/I-L-- , 2006.
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NOtary~C
Residing at KU,N2.t "-./JdO-~--<)
Commission Expires. I ~ ~ 3)og
AMENDMENT TO RINGO RIDGE SUBDIVISION AGREEMENT - 2 612712006 167731
EXHmIT A
BILL OF SALE
1. DATE, NAMES AND ADDRESSES OF PARTIES
1.1. Date. This Bill of Sale is executed and delivered on June 27, 2006.
1.2. Name and Address of Grantor. P.O. Ventures, Inc., an Idaho corporation,
whose address is P.O. Box 1417, Eagle, Idaho 83616, is the "Grantor."
1.3. Names and Address of Grantee. City of Eagle, an Idaho municipal
corporation, whose address is 660 E. Civic Lane, Eagle, Idaho 83616, is the "Grantee."
2. CONVEYANCE
2.1. Grant. For One Dollar ($1.00) and other good and valuable consideration
delivered by Grantee to Grantor, the receipt and sufficiency of which is hereby acknowledged,
Grantor grants, bargains, sells and conveys to Grantee all of its right, title and interest in and to
the following-described property ("Property"):
· 471 2-gallon shrubs; and
· 328 3-inch caliper trees.
2.2. Covenants. Grantee, its successors and assigns, shall have and hold the
above-described Property. The Grantor covenants to and with the Grantee that it is the owner in
fee simple of the Property, that it is free from encumbrances, and that Grantor will warrant and
defend the same from all lawful claims whatsoever.
2.3. Location. The Property is located on or adjacent to Arbor Ridge Estates
Subdivision, a/k/a Ringo Ridge Estates Subdivision.
3. GRANTOR'S SIGNATURE
P.O. VENTURES, INC.,
an Idaho corporation
By
Stacia Patterson
Its: Vice President
BILL OF SALE - 1
6127/2006 168183
BILL OF SALE
1. DATE, NAMES AND ADDRESSES OF PARTIES
1.1. Date. This bill of sale is executed and delivered on June 27, 2006.
1.2. Name and Address of Grantor. P.O. Ventures, Inc., an Idaho corporation,
whose address is P.O. Box 1417, Eagle, Idaho 83616, is the "Grantor."
1.3. Names and Address of Grantee. City of Eagle, an Idaho municipal
corporation, whose address is 660 E. Civic Lane, Eagle, Idaho 83616, is the "Grantee."
2. CONVEYANCE
2.1. Grant. For One Dollar ($1.00) and other good and valuable consideration
delivered by Grantee to Grantor, the receipt and sufficiency of which is hereby acknowledged,
Grantor grants, bargains, sells and conveys to Grantee all of its right, title and interest in and to
the following-described property ("Property"):
· 471 2-gallon shrubs; and
· 328 3-inch caliper trees.
2.2. Covenants. Grantee, its successors and assigns, shall have and hold the
above-described Property. The Grantor covenants to and with the Grantee that it is the owner in
fee simple of the Property, that it is free from encumbrances, and that Grantor will warrant and
defend the same from all lawful claims whatsoever.
2.3. Location. The Property is located on or adjacent to Arbor Ridge Estates
Subdivision, a/k/a Ringo Ridge Estates Subdivision.
3. GRA.1'lTOR'S SIGNATURE
P.O. VENTURES, INC.,
an Idaho corporation
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tacia Patterson
Its: Vice President
BILL OF SALE - 1
6/27/2006 168183