HomeMy WebLinkAbout2036 Authorizing the Execution of a Cancellation and Release Agreement and Release of Funds Related Thereto BILL NO. 2024-070 ORDINANCE NO.a:13
AN ORDINANCE AUTHORIZING THE EXECUTION OF A CANCELLATION AND RELEASE
AGREEMENT AND RELEASE OF FUNDS RELATED THERETO
WHEREAS, the City of Riverside, Missouri (the "City") and Vazquez Holdings, LLC, a limited
liability company, duly organized and validly existing and in good standing under the laws of the
State of Missouri ("Buyer"), entered into a Purchase and Sale Agreement as authorized pursuant
to Ordinance 1999 as amended (the "Agreement"); and
WHEREAS, the Buyer wishes to terminate the Agreement and execute a Cancellation and
Release Agreement substantially similar to Exhibit A, attached hereto and incorporated herein;
and
WHEREAS, the Board of Aldermen find that execution of the Cancellation and Release
Agreement is in the best interests of the City.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF ALDERMEN OF THE CITY OF
RIVERSIDE, MISSOURI AS FOLLOWS:
SECTION 1 — BEST INTEREST OF THE CITY TO APPROVE THE CANCELLATIONAND
RELEASE AGREEMENT AND AUTHORIZE THE RETURN OF THE EARNEST MONEY TO
VAZQUEZ HOLDINGS, LLC. It is in the best interest of the City, in order to execute the
Cancellation and Release Agreement and authorize the Title Company to release the earnest
money to the Buyer.
SECTION 2 — AUTHORITY GRANTED. The Mayor is authorized to execute and deliver the
Cancellation and Release Agreement in substantially the same form attached hereto as Exhibit
A, with such changes therein as are approved by the Mayor. The Mayor, City Administrator,
Special Counsel to the City— Spencer Fane LLP, and other appropriate officials and employees
of the City are hereby authorized and directed to take any and all actions as may be deemed
necessary or convenient to carry out and comply with the intent of this Ordinance and to execute
and deliver for and on behalf of the City all certificates, instruments, agreements and other
documents as may be necessary or convenient to perform all matters herein authorized.
SECTION 3— EFFECTIVE DATE. This Ordinance shall be in full force and effect from and after
its passage and approval.
BE IT REMEMBERED that the above was read two times by heading only, PASSED AND
APPROVED by a majority of the Board of Aldermen and APPROVED by the Mayor of the City of
Riverside, Missouri, this Ah day of November, 2024.
t en L. Rose, Ma or
ATTEST:
c)
Robin Kinca(d, City Clerk
Approved as to form:
Spe Fane LLP,
S ecial Co nsel to the City
dnar
JC 17526434.1
BE IT REMEMBERED that the above was read two times by heading only, PASSED AND
APPROVED by a majority of the Board of Aldermen and APPROVED by the Mayor of the City of
Riverside, Missouri, this day of November, 2024.
K t en L. Rose, Ma or
ATTEST:
Robin Kinca d, City Clerk
Approved as to form:
Spencer Fane LLP,
Special Counsel to the City
by Joe Bednar
JC 17526434.1
EXHIBIT A
CANCELLATION AND RELEASE AGREEMENT
JC 17526434.1
CANCELLATION AND RELEASE AGREEMENT
File No.: 24070188
Whereas, the undersigned, City of Riverside, Missouri, as Seller and Vazquez Holdings, LLC, as Buyer, entered
into a certain Real Estate Sale Contract dated April 12, 2024, on property located at Lot 7, 40 West at Horizons,
Riverside, MO 64150; and
Whereas, Buyer deposited the sum of Fifty Thousand And No/100 ($50,000.00) Dollars with Coffelt Land Title, Inc
as earnest money as pursuant to said contract; and
Whereas, the parties now desire to cancel and terminate all rights and obligations under said contract and provide
for disbursement of said earnest money deposit.
Now, therefore, in consideration of the promises and agreements contained herein,the parties agree as follows:
The earnest money deposit shall be disbursed as follows:
to Seller at$0.00
to Buyer at$50,000.00
to Broker at$0.00
All rights and obligations created by the aforesaid Real Estate Sale Contract are hereby cancelled and terminated
and all parties are released therefrom;
Upon execution of this Agreement by all parties, Escrow Agent named above is authorized and instructed to
disburse the above balance thereof in accordance herewith and is relieved of any further obligation with respect to
said Real Estate Sale Contract.
BUYERS SELLERS
Vazquez Holdings, LLC City of Rive side, Missouri--
BY: �C BY:
f'�
DATE: 10/30/2024 DATE:
L "
Contract Cancellation Agreement 24070188