HomeMy WebLinkAboutResolution 2022-110 Approving and Authorizing the Mayor to Execute the Termination of Development Agreement Between Old Lobo Villagio and TOM MARANA RESOLUTION NO. 2022-110
RELATING TO DEVELOPMENT; APPROVING AND AUTHORIZING THE MAYOR
TO EXECUTE THE TERMINATION OF DEVELOPMENT AGREEMENT BETWEEN
OLD LOBO VILLAGIO, LLC AND THE TOWN OF MARANA ACKNOWLEDGING
TERMINATION OF THE TANGERINE/THORNYDALE DEVELOPMENT
AGREEMENT
WHEREAS Tangerine/Thornydale,L.L.C. ("Tangerine") and the Town of Marana
entered into that certain Tangerine/Thornydale Development Agreement recorded July
14,2006 at Sequence No. 20061350941 in the official records of Pima County,Arizona (the
"Agreement"); and
WHEREAS Tangerine then partially assigned its interest in the Agreement to Old
Lobo Villagio, LLC pursuant to that certain Partial Assignment and Assumption of
Developer's Rights and Obligations dated October 26,2006 and recorded October 27,2006
Sequence No. 20062081308 in the official records of Pima County, Arizona; and
WHEREAS the Agreement provided that it shall automatically terminate and shall
thereafter be void for all purposes on the tenth anniversary of its effective date,as defined
in the Agreement; and
WHEREAS the ten-year term of the Agreement has expired; and
WHEREAS the Mayor and Council find that entering into the Termination
Agreement acknowledging the termination of the Agreement is 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 Termination of Development
Agreement between the Town of Marana and Old Lobo Villagio, LLC attached to and
incorporated by this reference in this resolution as Exhibit A is hereby approved, the
Mayor is hereby authorized and directed to sign it for and on behalf of the Town of
Marana, and the Town's Manager and staff are hereby directed and authorized to
undertake all other and further tasks required or beneficial to carry out its terms,
obligations, and objectives.
00084485.DOCX/1
Resolution No.2022-110 - 1 -
PASSED AND ADOPTED by the Mayor and Council of the Town of Marana,
Arizona, this 1st day of November, 2022.
Mayor Ed Honea
ATTEST: APPROVE P 1, TO FORM:
David L. Udall, Town Clerk Jane Fa' . 1, Town Attorney
Al IL 4,
MARANA AZ
ESTABLISHED 1977
00084485.DOCX/1
Resolution No.2022-110 - 2-
Exhibit A to Marana Resolution No. 2022-110
00084486.DOCX /1
When recorded, return to:
Law Office of Kristin Henry, PC
111 East Dunlap Avenue, Suite 1-229
Phoenix, Arizona 85020
TERMINATION OF DEVELOPMENT AGREEMENT
THIS TERMINATION OF DEVELOPMENT AGREEMENT (the "Termination") is dated
as of the _______________ day of October 2022 by and between OLD LOBO VILLAGIO, LLC,
an Arizona limited liability company (“Developer”) and the TOWN OF MARANA, an Arizona
municipal corporation (the “Town”).
RECITALS:
A. Tangerine/Thornydale, L.L.C. (“Tangerine”) and the Town entered into that certain
Tangerine/Thornydale Development Agreement recorded July 14, 2006 as Instrument No. 2006-
1350941 in the official records of Pima County, Arizona (the "Agreement").
B. Tangerine then partially assigned its interest in the Agreement to Developer
pursuant to that certain Partial Assignment and Assumption of Developer’s Rights and Obligations
dated October 26, 2006 and recorded October 27, 2006 as Instrument No. 2006-2081308 in the
official records of Pima County, Arizona (the “Assignment”).
C. The Agreement by its terms was to terminate ten years following satisfaction of
certain conditions contained therein.
D. The conditions that were to be satisfied to terminate the Agreement occurred more
than ten years ago.
AGREEMENT:
1. The Agreement is hereby terminated and is of no further force or effect, with respect
to the real property that is the subject of the Assignment and the parties are hereby released and
relieved of their obligations and liabilities thereunder.
2. Each and all of the covenants, terms, agreements, and obligations of this
Termination shall extend to and bind and inure to the benefit of the parties and their respective
officers, directors, shareholders, members, heirs, administrators, successors, and assigns.
IN WITNESS WHEREOF, the parties hereto have executed this Termination of
Development Agreement as of the date first written above.
Exhibit A to Marana Resolution No. 2022-110
00084486.DOCX /1
TOWN: DEVELOPER:
THE TOWN OF MARANA, an Arizona municipal OLD LOBO VILLAGIO, LLC, an
corporation Arizona limited liability company
By:___________________________ By:___________________________
Ed Honea, Mayor Ron B. Ault, Manager
ATTEST:
________________________________
___________________, Town Clerk
APPROVED AS TO FORM:
________________________________________
Jane Fairall, Town Attorney
STATE OF )
) ss.
County of )
On ______________________, before me, ____________________________________,
a Notary Public in and for said state, personally appeared Ron B. Ault personally known to me (or
proved to me on the basis of satisfactory evidence) to be the persons whose names are subscribed
to the within instrument and acknowledged to me that they executed the same in their authorized
capacities, and that by their signatures on the instrument, the persons, or the entity upon behalf of
which the persons acted, executed the instrument.
WITNESS my hand and official seal.
Notary Public in and for said State
My Commission Expires:
____________________