HomeMy WebLinkAboutResolution 2006-166 amendment to dove mountain development agreements
SMARA
TOWN OF MARANA
ATTN: TOWN CLERK
11555 W CIVIC CENTER DR
MARANA AZ 85653
RES
12914
327
2
20062030100
10/20/2006
11:15
F. ANN RODRIGUEZ, RECORDER
RECORDED BY: CKB
DEPUTY RECORDER
8046 PEl
DOCKET:
PAGE:
NO. OF PAGES:
SEQUENCE:
MAIL
AMOUNT PAID
$ 8.00
MARANA RESOLUTION NO. 2006-166
RELATING TO DEVELOPMENT; APPROVING AND AUTHORIZING THE EXECUTION
OF AN AMENDMENT TO DOVE MOUNTAIN DEVELOPMENT AGREEMENTS WITH
COTTONWOOD PROPERTIES, INC., AND LAWYERS TITLE OF ARIZONA UNDER
TRUST NOS. 7804-T AND 7805-T.
WHEREAS, the Mayor and Council find that the terms and conditions of the Amendment
to Dove Mountain Development Agreements are in the best interest of the Town.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND COUNCIL OF THE
TOWN OF MARANA, ARIZONA, that the Amendment to Dove Mountain Development
Agreements between the Town of Marana, Cottonwood Properties, Inc., and Lawyers Title of
Arizona under Trust Nos. 7804-T and 7805-T, attached to and incorporated by this reference in
this resolution as Exhibit A is hereby approved, and the Mayor is hereby authorized to execute it
for and on behalf of the Town of Marana.
BE IT FURTHER RESOLVED that the Town Manager is authorized to execute all
documents necessary to release from the Deed of Trust those portions of the revised security
parcel that cause the revised security parcel to exceed twice the Preserve Lease buyout cost, as
provided in paragraph 1 of the Amendment to Dove Mountain Development Agreements.
BE IT FURTHER RESOLVED that the Town's Manager and staff are hereby directed
and authorized to undertake all other and further tasks required or beneficial to carry out the
terms, obligations, and objectives of the aforementioned agreement.
PASSED AND ADOPTED BY THE MAYOR AND COUNCIL OF THE TOWN OF
MARANA, ARIZONA, this 17th day of October, 2006. {~
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Exhibit A to Marana Resolution No. 2006-166, entitled
AMENDMENT TO DOVE MOUNTAIN DEVELOPMENT
AGREEMENTS, by and between the Town of Marana, Cottonwood
Properties, Inc., and Lawyers Title of Arizona as Trustee under
Trust No. 7804- T and 7805- T, was recorded separately on October
20, 2006, at Docket ~, Page ~ in the Office of the
Pima County Recorder.
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F. ANN RODRIGUEZ, RECORDER
RECORDED BY: CKB
DEPUTY RECORDER
8046 PEl
DOCKET:
PAGE:
NO. OF PAGES:
SEQUENCE:
12914
329
14
20062030101
10/20/2006
11:15
SMARA
TOWN OF MARANA
ATTN: TOWN CLERK
11555 W CIVIC CENTER DR
MARANA AZ 85653
AAG
MAIL
AMOUNT PAID
$ 18.50
AMENDMENT TO DOVE MOUNTAIN DEVELOPMENT AGREEMENTS
(Bajada, Phase 1 and Canyon Pass)
(Amends Documents Recorded in Docket 11594 at Page 3855,
Docket 12017 at Page 6571, and in Docket 12525 at Page 1451)
This Amendment (this "Amendment") is entered into by and among the Town of Maran a, an
Arizona municipal corporation (the "Town"), Cottonwood Properties, Inc., an Arizona corporation
("Cottonwood"), Lawyers Title of Arizona, Inc., an Arizona corporation, as Trustee under Trust No.
7804- T and 7805- T (collectively the "Trusts"). The Town, Cottonwood and the Trusts are
sometimes collectively referred to as the "Parties," anyone of which is sometimes individually
referred to as a "Party."
RECITALS
A. The Parties are parties to that certain Amendment to Development
Agreements made as of June 19,2001 and recorded in Docket 11594 at Page 3855
and that certain Amendment to Development Agreements made as of April 5, 2005
and recorded in Docket 12525 at Page 1451 in the Office of the Pima County
Recorder (collectively "Resort Agreement"), and to that certain Amendment to
Development Agreements made as of March 18,2003 and recorded in Docket 12017
at Page 6571 in the Office of the Pima County Recorder ("Trailhead Agreement").
The Parties (or their predecessors in interest) are parties to the Development
Agreements (as defined in the Resort Agreement) and the Resort Agreement and the
Development Agreements shall be collectively referred to herein as the "Current
Development Agreements".
B. The Trusts are the current owners of a majority of the property
described and depicted in the Current Development Agreements (exclusive of the
District 1 Property described in the Phase 1 Agreement) and are the assignees ofthe
Developer's rights and obligations under the Current Development Agreements.
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C. Cottonwood is the intended master developer of the majority of the
property described and depicted in the Current Development Agreements (exclusive
of the District 1 Property described in the Phase 1 Agreement) and all references to
the "Developer" herein refer to any and all of Cottonwood, the Trusts (and their
beneficiaries) and/or such other developer(s), ifany, as the case may be, to whom the
Trusts hereafter assign all or a portion of their rights and obligations under the
Current Development Agreements in accordance with the provisions ofthe Current
Development Agreements.
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D. The Deed of Trust (as defined in the Resort Agreement) was
executed to provide security for the Developer obligations under the Resort
{FC0049.DOC I}
Agreement to fund the lease payments due under the Preserve Lease (as defined in
the Resort Agreement). The cost to prepay the Preserve Lease prior to October 25,
2010 is Seven Million Nine Hundred Twenty Thousand Dollars ($7,920,000)
("Preserve Lease Buyout Cost"). The Parties desire to substitute the land described
in Exhibit A attached hereto ("Revised Security Property") for the land currently
encumbered by the Deed of Trust. KB Appraisers has appraised the current market
value of the Revised Security Property at Twenty Million Dollars ($20,000,000).
E. Based on revised plans for the Resort Hotel (as defined in the Resort
Agreement), the Parties desire to utilize the property described in Exhibit B attached
hereto ("Revised Trailhead") instead of the Trailhead (as defined in the Trailhead
Agreement).
F. The Qualified Expenses (as defined in the Resort Agreement) have
been funded by the New CFD, Red Hawk Canyon Community Facilities District
No 2 ("CFD #2") and the Developer (collectively the "Public Improvement
Payees") and the Parties desire to prescribe the method for allocating the
reimbursements of the Qualified Expenses to and among the Public Improvement
Payees.
G. The Revised Security Property lies within the boundaries of the New
CFD. The New CFD has adopted an assessment methodology under which the
existing assessment would be reallocated to assess the Revised Security Property and
other land within the boundaries of the New CFD.
AGREEMENT
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Parties state, confirm and agree as follows:
1. Deed of Trust. Upon execution of this Amendment, the Town and the Trusts shall
execute the First Amendment to Deed of Trust attached to this Amendment as Exhibit C. From time
to time, the Developer may ask the Town to release all or a portion of the Revised Security Parcel
from the Deed of Trust ("Release Parcel") and such request at the Developer's discretion may
include the payment of cash to the Town ("Release Payment") and such Release Payment shall be
deemed part of the Preserve Costs under the Resort Agreement. Prior to the Benchmark Date (as
defined in the Resort Agreement) and upon the Developer's request, the Town shall execute a
reconveyance deed for the Release Parcel provided that the remainder of the Revised Security
Property encumbered by the Deed of Trust has a value equal to or greater than twice the Preserve
Lease Buyout Cost. For purposes of the calculation in the preceding sentence, the Preserve Lease
Buyout Cost shall be deemed reduced by the amount of any Release Payments paid to the Town. For
purposes of complying with the foregoing formula, the Developer may add land to the Revised
Security Parcel and the Town may order a third party appraisal to verify compliance with such
formula for land proposed by the Developer to remain as part of the Revised Security Parcel. All
costs incurred for such appraisal shall promptly be reimbursed by the Developer. If the Developer
tenders payment for the Preserve Lease Buyout Cost on or before October 25,2010, the Town shall
{FC0049.DOC I}
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prepay the Preserve Lease to the State of Arizona. In this event or upon the Benchmark Date, the
Town shall execute a reconveyance deed for all property encumbered by the Deed of Trust and the
Developer shall have no further obligation for payment of the Preserve Costs. The Town hereby
consents to the New CFD allocating an assessment to the Revised Security Property as long as the
fair market of the Revised Security Property minus the New CFD assessment on the Revised
Security Property equals or exceeds twice the Preserve Lease Buyout Cost.
2. Trailhead Parking Lot. Cottonwood shall prepare a subdivision plat that depicts the
Revised Trailhead and dedicates the Revised Trailhead to the Town. The Town's approval of the
final plat shall constitute the Town's approval of the Revised Trailhead in place ofthe Trailhead, and
the dedication of the Revised Trailhead upon recordation of the plat shall satisfy and supersede the
obligation to provide the Trailhead under the Trailhead Agreement. The Developer or its assignee
shall construct bank protection for the Revised Trailhead in accordance with the requirements set
forth on the development plan approved by the Town of Marana for the Resort Hotel.
3. Qualified Expenses. On or before December 31,2006, the Developer shall provide
the Town with a list of all Qualified Expenses paid by the Public Improvement Payees. The Town
shall reimburse to the Developer all Qualified Expenses paid by the Public Improvement Payees and
the Developer shall prioritize and distribute reimbursement of the Qualified Expenses to the Public
Improvement Payees. To the extent that the Developer has previously reimbursed a Public
Improvement Payee for Qualified Expenses by paying assessments levied for funding of the
Qualified Expenses, such reimbursed Qualified Expenses may at the Developer's election be retained
by the Developer. The list of all Qualified Expenses paid by the Public Improvement Payees shall be
updated on or before December 31 of each year until the Town's obligation to reimburse Qualified
Expenses terminates.
4. Public Purposes. The Parties recognize and acknowledge that the development of the
Resort Hotel and the resulting augmentation of revenues and commercial and/or recreational
activities upon and about such land will directly benefit the Town and its residents. The Parties
further acknowledge that development of the matters described in the Current Development
Agreements and other public infrastructure are desirable and will result in benefits to the public
health, welfare and safety of the Town and its residents by (i) providing well planned development
with appropriate open space and recreational areas, (ii) increasing tax and other revenues to the
Town based on businesses and improvements to be constructed, (iii) creating jobs through the
construction and operation of new businesses, (iv) providing for new public facilities as described in
this Amendment and in the Current Development Agreements, and (v) otherwise generally
enhancing the Town for the benefit and economic welfare of its residents, and for these reasons the
Town will take the actions described in this Amendment.
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5. Miscellaneous. The wording of this Amendment has been arrived at by negotiation
between the Parties, and, in the event of any ambiguity, this Amendment shall not be construed in
favor of or against any Party on account of such Party having prepared any draft or final version of
this Amendment.
This Amendment and the Current Development Agreements constitute the entire
agreement between the Parties and the Parties expressly acknowledge that there are no other
{FC0049DOC I}
3
agreements or understandings in regard to this transaction other than as set forth herein or contained
within other written agreements referred to herein.
The recitals set forth herein are true and correct in all material respects and are
incorporated herein by reference.
Each Party shall from time to time execute and deliver such further instruments as the
other Party or its counsel may reasonably request to effectuate the intent of this Amendment,
including, but not limited to, documents necessary for compliance with the laws, ordinances, rules or
regulations of any applicable governmental authorities.
Except as modified by this Amendment, the Parties hereby affirm that the Current
Development Agreements are in full force and effect.
IN WITNESS WHEREOF the Parties have executed this Amendment on the last signature
date below, which shall be the effective date of this Amendment.
ATTEST:
THE "TOWN":
THE TOWN OF MARANA, an Arizona
municipal corporation
~~'tJ Q,1riOJ;1}}Q
.fvr Jocelyn Bronson
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Ed Honea, Mayor
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"DEV LOPER":
COTTONWOOD PROPERTIES, INC.,
an Arizona corporation,
THE "TRUSTS":
LA WYERS TITLE OF ARIZONA, INC.,
an Arizona corporation, as Trustee under Trust
No. 7804- T and Trust 7805- T only, and not in its
corporate capacity
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STATE OF ARIZONA )
)ss:
COUNTY OF PIMA )
ACKNOWLEDGED before me this -'f.tL day of ()ci.~.1:ur , 2006, by
:::Jeff (YJa /0 J1..{ , the /rusf- O-f17cey- of Lawyers Title & Trust of
Arizona, Inc., as Trustee under Trust Nos. 7804- T, and 7805- T.
Notary Seal
STATE OF ARIZONA
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COUNTY OF PIMA
OFFICIAL SEAL
~ MICHELLE REED
NOTARY PUBLIC-ARIZONA
. PIMA COUNTY
My Comm. Exp. Nov. 4, 2009
This instrument was acknowledged before me tpis llo-tlr) day of
by Th(TL~ IYLtJ~ , the ?hVCl/LClLn:L
Properties Inc., an Arizona corporation.
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I ANGELA M. ROMERO
.... ~ Notary Public - Arizona
Notary See .. Pima County
My Corom Expires Jon 16. 2007
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of Cottonwood
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EXHIBIT "A"
LEGAL DESCRIPTION
OPW JOB NO. 05060-102
REVISED SECURITY PARCEL
ALL OF THAT PORTION OF SECTIONS 16 AND 21, TOWNSHIP 11 SOUTH, RANGE 12
EAST, G&SRBM, PIMA COUNTY, ARIZONA, MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
BEGINNING AT THE SOUTHWEST CORNER OF SECTION 16, ALSO THE NORTHWEST
CORNER OF SECTION 21, BEING A GLO BRASS CAPPED PIPE, THENCE N 000 00' 49" E,
ALONG THE WEST LINE OF THE SOUTHWEST QUARTER OF SECTION 16, A DISTANCE
OF 800.79 FEET TO AN ALUMINUM CAPPED PIPE STAMPED "RLS 16597";
THENCE N 450 00' 00" E, A DISTANCE OF 260.24 FEET TO A POINT;
THENCE S 89048' 34" E, A DISTANCE OF 3431.34 FEET TO A POINT;
THENCE S 000 01' 56" W, A DISTANCE OF 3620.00 FEET TO A POINT ON THE SOUTH LINE
OF THE NORTHEAST QUARTER OF SECTION 21;
THENCE N 890 48' 54" W, ALONG THE SOUTH LINE OF THE NORTHEAST QUARTER OF
SECTION 21, A DISTANCE OF 977.54 FEET TO AN ALUMINUM CAPPED PIPE STAMPED
"RLS 16597";
THENCE N 890 48' 34" W, ALONG THE SOUTH LINE OF THE NORTHWEST QUARTER OF
SECTION 21, A DISTANCE OF 2637.46 FEET TO THE WEST QUARTER CORNER OF
SECTION 21, BEING A GLO BRASS CAPPED PIPE;
THENCE N 00001' 56" E, ALONG THE WEST LINE OF THE NORTHWEST QUARTER OF
SECTION 21, A DISTANCE OF 2634.58 FEET TO THE POINT OF BEGINNING.
SAID PARCEL CONTAINING 300.03 ACRES.
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EXHIBIT "B"
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FOUND CHISELED
STONE
SE. COR. SEC. 15
@ COPYRIGHT OPW ENGINEERING, LLC 2006
OPW ENGINEERING, L.L.C.
7000 B. Tanque Verde Road 137 EXHIBIT OF TRAILHEAD PARCEL
Tucson, Arizona 86716
Phone (520) 298-85<< OPW JOB NO. 05060-102
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EXHIBIT "B"
LEGAL DESCRIPTION
TRAILHEAD PARKING
OPW JOB NO. 05060-102
ALL OF THAT PORTION OF SECTION 14, TOWNSHIP 11 SOUTH, RANGE 12 EAST, G&SRBM,
PIMA COUNTY, ARIZONA, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
COMMENCING AT THE WEST QUARTER CORNER OF SAID SECTION 14, BEING A GLO
BRASS CAPPED PIPE, FROM WHICH THE SOUTHWEST CORNER OF SAID SECTION 14,
BEING A CHISELED STONE, BEARS S 000 04' 21" W, AT A DISTANCE OF 2609.74 FEET;
THENCE N 840 09' 01" E, A DISTANCE OF 1820.74 FEET TO THE TRUE POINT OF
BEGINNING;
THENCE ALONG A CURVE TO THE LEFT, WHICH HAS A RADIUS OF 530.00 FEET, A
CENTRAL ANGLE OF 11000'21", WITH A RADIAL LINE IN OFN 50042'36" W AND A RADIAL
LINE OUT OF S 61042'58" E, AN ARC LENGTH OF 101.81 FEET TO A POINT;
THENCE N 28017'02" E, A DISTANCE OF 42.01 FEET TO A POINT;
THENCE ALONG A TANGENT CURVE TO THE RIGHT, WHICH HAS A RADIUS OF 25.00
FEET AND A CENTRAL ANGLE OF 94041 '39", AN ARC LENGTH OF 41.32 FEET TO A POINT;
THENCE ALONG A COMPOUND CURVE TO THE RIGHT, WHICH HAS A RADIUS OF 232.00
FEET AND A CENTRAL ANGLE OF 04007'51", AN ARC LENGTH OF 16.73 FEET TO A POINT;
THENCE ALONG A REVERSE CURVE TO THE LEFT, WHICH HAS A RADIUS OF 418.00FEET
AND A CENTRAL ANGLE OF 22044'36", AN ARC LENGTH OF 165.92 FEET TO A POINT;
THENCE S 75038'03" E, A DISTANCE OF 60.00 FEET TO A POINT;
THENCE ALONG A TANGENT CURVE TO THE LEFT, WHICH HAS A RADIUS OF 100.00
FEET AND A CENTRAL ANGLE OF 46011 '17", AN ARC LENGTH OF 80.61 FEET TO A POINT;
THENCE S 40018'15" E, A DISTANCE OF 140.00 FEET TO A POINT;
THENCE S 44033'18" W, A DISTANCE OF 225.56 FEET TO A POINT;
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THENCE N 57008'19" W, A DISTANCE OF 407.40 FEET TO THE POINT OF BEGINNING.
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SAID PARCEL CONTAINING 87,050 SQUARE FEET.
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EXHIBIT C
FIRST AMENDMENT TO DEED OF TRUST
This First Amendment to Deed of Trust (this "Amendment") is made as of
2006 by and among the Town of Marana, an Arizona municipal corporation (the "Town"), and
Lawyers Title of Arizona, Inc., an Arizona corporation, as Trustee under Trust No. 7804- T and
7805- T (collectively the "Trusts").
RECITALS:
A. The Town is the Beneficiary and the Trusts are the Trustor under that
certain First Deed of Trust and Assignment of Rents recorded in Docket 12523 at
Page 2216 in the office of the Pima County Recorder ("Deed ofTrust"). The Trusts
own all of the property encumbered by the Deed of Trust.
B. Pursuant to the terms of that certain Amendment to Development
Agreements made as of , 2006 and recorded in Docket _ at Page
_ in the Office of the Pima County Recorder, the parties hereto desire to modify
the property that is encumbered by the Deed of Trust.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto state, confirm and agree as follows:
AGREEMENT
1. Deed of Trust. The property described in Exhibit 1 ("Revised Trustor Property") is
hereby substituted for and replaces the Trustor Property described under the Deed of Trust. All
portions of the Trustor Property originally encumbered by the Deed of Trust which are not included
within the Revised Trustor Property are hereby released and reconveyed to the persons legally
entitled thereto.
2. Miscellaneous. Except as modified herein, the parties herby affirm that the Deed of
Trust is in full force and affect.
{FC0049.DOC I}
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IN WITNESS WHEREOF the parties executed this Amendment the day and year written
above.
TRUSTOR:
LAWYERS TITLE OF ARIZONA, INC., an
Arizona corporation, as Trustee under Trust
7804- T and Trust 7805- T only, and not in its
corporate capacity
By:
Its:
{FC0049.DOC /}
BENEFICIARY:
THE TOWN OF MARANA, an Arizona
municipal corporation
By:
Ed Honea, Mayor
ATTEST:
Jocelyn Bronson, Town Clerk
APPROVED AS TO FORM:
Frank Cassidy, Town Attorney
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STATE OF ARIZONA )
)ss:
COUNTY OF PIMA )
ACKNOWLEDGED before me this _ day of
Ed Honea, Mayor of The Town Of Marana, an Arizona municipal corporation.
, 2006, by
Notary Public
Notary Seal
STATE OF ARIZONA )
)ss:
COUNTY OF PIMA )
ACKNOWLEDGED before me this _ day of
,the
Arizona, Inc., as Trustee under Trust 7804-T and 7805-T.
, 2006, by
of Lawyers Title & Trust of
Notary Public
Notary Seal
WJH\at\092106'deedtst\61
{FC0049.DOC /}
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EXHIBIT "I"
LEGAL DESCRIPTION
OPW JOB NO. 05060-102
REVISED SECURITY PARCEL
ALL OF THAT PORTION OF SECTIONS 16 AND 21, TOWNSHIP 11 SOUTH, RANGE 12
EAST, G&SRBM, PIMA COUNTY, ARIZONA, MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
BEGINNING AT THE SOUTHWEST CORNER OF SECTION 16, ALSO THE NORTHWEST
CORNER OF SECTION 21, BEING A GLO BRASS CAPPED PIPE, THENCE N 000 00' 49" E,
ALONG THE WEST LINE OF THE SOUTHWEST QUARTER OF SECTION 16, A DISTANCE
OF 800.79 FEET TO AN ALUMINUM CAPPED PIPE STAMPED "RLS 16597";
THENCE N 450 00' 00" E, A DISTANCE OF 260.24 FEET TO A POINT;
THENCE S 890 48' 34" E, A DISTANCE OF 3431.34 FEET TO A POINT;
THENCE S 000 aI' 56" W, A DISTANCE OF 3620.00 FEET TO A POINT ON THE SOUTH LINE
OF THE NORTHEAST QUARTER OF SECTION 21;
THENCE N 890 48' 54" W, ALONG THE SOUTH LINE OF THE NORTHEAST QUARTER OF
SECTION 21, A DISTANCE OF 977.54 FEET TO AN ALUMINUM CAPPED PIPE STAMPED
"RLS 16597";
THENCE N 890 48' 34" W, ALONG THE SOUTH LINE OF THE NORTHWEST QUARTER OF
SECTION 21, A DISTANCE OF 2637.46 FEET TO THE WEST QUARTER CORNER OF
SECTION 21, BEING A GLO BRASS CAPPED PIPE;
THENCE N 000 01' 56" E, ALONG THE WEST LINE OF THE NORTHWEST QUARTER OF
SECTION 21, A DISTANCE OF 2634.58 FEET TO THE POINT OF BEGINNING.
SAID P ARCEL CONTAINING 300.03 ACRES.
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F. ANN RODRIGUEZ, RECORDER
RECORDED BY: CKB
DEPUTY RECORDER
8046 PEl
DOCKET:
PAGE:
NO. OF PAGES:
SEQUENCE:
12914
343
5
20062030102
10/20/2006
11:15
SMARA
TOWN OF MARANA
ATTN: TOWN CLERK
11555 W CIVIC CENTER DR
MARANA AZ 85653
ADOT
MAIL
AMOUNT PAID
$ 11. 00
FIRST AMENDMENT TO DEED OF TRUST
This First Amendment to Deed of Trust (this "Amendment") is made as of p!>q/c./(!'I'" I?,
2006 by and among the Town of Marana, an Arizona municipal corporation (the "Town"), and
Lawyers Title of Arizona, Inc., an Arizona corporation, as Trustee under Trust No. 7804- T and
7805- T (collectively the "Trusts").
RECITALS:
A. The Town is the Beneficiary and the Trusts are the Trustor under that
certain First Deed of Trust and Assignment of Rents recorded in Docket 12523 at
Page 2216 in the office of the Pima County Recorder ("Deed of Trust"). The Trusts
own all of the property encumbered by the Deed of Trust.
B. Pursuant to the terms of that certain Amendment to Development
Agreements made as of d-~.b~r 1'1, 2006 and recorded in Docket \ d.. ('1111 at Page
~ in the Office of the Pima County Recorder, the parties hereto desire to modify
the property that is encumbered by the Deed of Trust.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties hereto state, confirm and agree as follows:
AGREEMENT
1. Deed of Trust. The property described in Exhibit 1 ("Revised Trustor Property") is
hereby substituted for and replaces the Trustor Property described under the Deed of Trust. All
portions of the Trustor Property originally encumbered by the Deed of Trust which are not included
within the Revised Trustor Property are hereby released and reconveyed to the persons legally
entitled thereto.
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2. Miscellaneous. Except as modified herein, the parties herby affirm that the Deed of
Trust is in full force and affect.
{FC0049.DOC /}
1
above.
IN WITNESS WHEREOF the parties executed this Amendment the day and year written
TRUSTOR:
LA WYERS TITLE OF ARIZONA, INC., an
Arizona corporation, as Trustee under Trust
7804- T and Trust 7805- T only, and not in its
corporate capacity
By: ~~~
Its: Trust offlreF
{FC0049.DOC /}
BENEFICIARY:
THE TOWN OF MARANA, an Arizona
municipal corporation
By:
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E H fiea, Ma;;r
ATTEST:
~~9J.b' 0, 1n~
f\..i\ Jocelyn Bronson, Town Clerk
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STATE OF ARIZONA )
)ss:
COUNTY OF PIMA) ()
ACKNOWLEDGEDbeforemethisd~aYOf t.J>>~ , 2006, by
Ed Honea, Mayor of The Town Of Marana, an Ari~02M
~UbliC
Notary Seal
(j' CMlIeE.,.,
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."'1010
STATE OF ARIZONA )
)ss:
COUNTY OF PIMA )
ACKNOWLEDGED before me this ~ day of
~.fr lYlal6tf...P. , the --r/'usl- oPh'c-P~
Arizona, Inc., as Trustee under Trust 7804- T and 7805- T.
aJv&r , 2006, by
of Lawyers Title & Trust of
~~"~ -:pJUc(
Notary Public
OFFICIAL SEAL
MiCHELLE REED
NOT ARY PUBLlC.ARIZONA
. PIMA COUNTY
My Comm. Exp. Nov. 4, 2009
W JH\af\0921 06\deedtst\61
{FC0049.DOC I}
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EXHIBIT "1"
LEGAL DESCRIPTION
OPW JOB NO. 05060-102
REVISED SECURITY PARCEL
ALL OF THAT PORTION OF SECTIONS 16 AND 21, TOWNSHIP 11 SOUTH, RANGE 12
EAST, G&SRBM, PIMA COUNTY, ARIZONA, MORE PARTICULARLY DESCRIBED AS
FOLLOWS:
BEGINNING AT THE SOUTHWEST CORNER OF SECTION 16, ALSO THE NORTHWEST
CORNER OF SECTION 21, BEING A GLO BRASS CAPPED PIPE, THENCE N 000 00' 49" E,
ALONG THE WEST LINE OF THE SOUTHWEST QUARTER OF SECTION 16, A DISTANCE
OF 800.79 FEET TO AN ALUMINUM CAPPED PIPE STAMPED "RLS 16597";
THENCE N 45000' 00" E, A DISTANCE OF 260.24 FEET TO A POINT;
THENCE S 890 48' 34" E, A DISTANCE OF 3431.34 FEET TO A POINT;
THENCE S 000 01' 56" W, A DISTANCE OF 3620.00 FEET TO A POINT ON THE SOUTH LINE
OF THE NORTHEAST QUARTER OF SECTION 21;
THENCE N 890 48' 54" W, ALONG THE SOUTH LINE OF THE NORTHEAST QUARTER OF
SECTION 21, A DISTANCE OF 977.54 FEET TO AN ALUMINUM CAPPED PIPE STAMPED
"RLS 16597";
THENCE N 890 48' 34" W, ALONG THE SOUTH LINE OF THE NORTHWEST QUARTER OF
SECTION 21, A DISTANCE OF 2637.46 FEET TO THE WEST QUARTER CORNER OF
SECTION 21, BEING A GLO BRASS CAPPED PIPE;
THENCE N 00001' 56" E, ALONG THE WEST LINE OF THE NORTHWEST QUARTER OF
SECTION 21, A DISTANCE OF 2634.58 FEET TO THE POINT OF BEGINNING.
SAID PARCEL CONTAINING 300.03 ACRES.
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