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Home My WebLink About2039 Termination of Memo fo Option with MS Restoration LLC BILL NO. 2024-073 ORDINANCE NO. 2.03i AN ORDINANCE AUTHORIZING THE EXECUTION AND RECORDING OF TERMINATION OF MEMORANDUM OF OPTION WITH M.S. RESTORATION LLC WHEREAS, the City of Riverside, Missouri (the "City") and M.S. Restoration, 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 an Option to Purchase Real Property Agreement as authorized pursuant to Ordinance 1951 (the "Agreement"); and WHEREAS, the Buyer wishes to terminate the Agreement and execute and record a Termination of Memorandum of Option 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 CANCELLATION AND RELEASE AGREEMENT AND AUTHORIZE THE RETURN OF THE EARNEST MONEY TO M. S. RESTORATION LLC. It is in the best interest of the City,to execute and record the Termination of Memorandum of Option substantially similar to Exhibit A, attached hereto and incorporated herein, and authorize the release of any and all earnest money related thereto to M.S. Restoration, LLC, a limited liability company, duly organized and validly existing and in good standing under the laws of the State of Missouri("Buyer"). SECTION 2 — AUTHORITY GRANTED. The Mayor is authorized to execute and deliver the Termination of Memorandum of Option 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 19th day of November, 2024. Kathleen L. Rose, Mayor ATTEST: Robin Kincaid,City Cllerk Approved as to form: Spencer Fane LLP, Special Counsel to the City By Joe Bednar 1C 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 19th day of November, 2024. Kath een L. Rose, Mayor ..... . . - • ‹,,, , . • _.„ i .. - . ... .7 Robin Kincaid, City Clerk •. -,:, . z. ..:•,''. `,' 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 (Space above reserved for Recorder of Deeds certification) COVER PAGE FOR RECORDING 1. Title of Document: Termination of Memorandum of Option 2. Date of Document: { e�19 2024 • ov 3. Grantor Name and Address: M.S. Restoration LLC, a Missouri limited liability company 10604 NW 75th Terrace Weatherby Lake, Missouri 64152 4. Grantee Name and Address: City of Riverside,Missouri 2950 NW Vivion Road Riverside, MO 64150 Attn: Brian Koral, City Administrator 5. Legal Description: See Exhibit A 6. Book and Page Reference: Instrument#2023011835, recorded at Book 1399, Page 997 JeffersonCity 17557376.1 TERMINATION OF MEMORANDUM OF OPTION AGREEMENT TERMINATION OF MEMORANDUM OF OPTION AGREEMENT ("Termination"), made this /q day of ov • 2024,by and between the City of Riverside,Missouri,a fourth- class city organized and existing under the laws of the State of Missouri(hereinafter referred to as (the"City"),and M.S.Restoration LLC, a Missouri limited liability company(hereinafter referred to as the"M.S. Restoration"). WITNESSETH: 1. Effective October 3, 2023, the City and M.S. Restoration executed and delivered an Option Agreement (the "Agreement"), wherein the City granted to M.S. Restoration an option (the "Option") to purchase an approximately 3.54 acre tract of real property and all improvements located thereon, as more particularly described and depicted on Exhibit "A", attached hereto and made a part hereby this reference (the "Option Property") on the terms and conditions as set forth in the Agreement. 2. M.S. Restoration exercised the Option on March 5,2024. The parties had 30 days to come to a mutually agreeable Purchase and Sale Agreement and have been unable to do so. 3. As a result,pursuant to letter dated October 21,2024, counsel for the City notified M. S. Restoration that the Option is terminated pursuant to Section 8 of the Option Agreement. The purpose of this Termination is to give notice to all parties that the Option has been terminated and no longer affects the Option Property. This Termination shall be recorded in the Office of the Recorder of Deeds for Platte County,Missouri. [Signature Page to Follow] JeffersonCity 17557376.1 2 IN WITNESS WHEREOF, the parties hereto have executed this Memorandum as of the day and year first above written. THE CITY OF RIVERSIDE,MISSOURI: • tip . Ad, I By. -1 .44 Ka een L. Rose,Mayor 'A�'fTES!" \ By: • - ,_ City Clerk ACKNOWLEDGEMENT STATE OF MISSOURI ) ) SS COUNTY OF PLATTE ) 1kiove. jj1i4 „ ON THIS /9 day of Octo er 2024, before me, the undersigned, a Notary Public in and for said county and state, personally appeared Kathleen L. Rose, to me personally known, who being by me duly sworn, did say that she is the Mayor of the City of Riverside, Missouri, a municipal corporation duly organized and existing under the laws of the state of Missouri,and that the seal affixed to the foregoing instrument is the seal of said municipality, and that instrument was signed and sealed in behalf of said municipality by free act and deed of said municipality. WITNESS my hand and official seal in the County and State aforesaid, the day and year first above written. NOT PUBLIC-NOTARY SEAL STATE OFMISSOURI Notary Public Signature Myra a 71• "17:MARCH 8s 20D COMPASSION#15390631 ; L . eA.JC ; I Printed or Typed Name My Commission Expires:/p'�A /1I0t4 7' 1A,17. JeffersonCity 17557376.1 3 M.S.RESTORATION,LLC a Missouri limited liability company Name:.George Gunter Title: e. STATE OF MISSOURI § • COUNTY OF JACKSON § . ON THIS day of October, 2024, before me, the undersigned, a Notary Public in and for said county and state,personally appeared George Gunter, to me personally known,who being by me duly sworn,did say that he is the of M.S. Restoration LLC, a Missouri limited liability company, and that the instrument was signed and sealed on behalf of M.S. Restoration LLC, a Missouri limited liability company,by free act and deed on behal of said company. Kn S AN RENEE KEIM ►' • Notary Public,Notary Seal )1 : Stale of hlssouri Jackson County - h(y�mmisgonnEkplroBsii(arzaz6 N ary Pu ]c Signature • (Seal) A/ 2.dre., )..l...6n VIL_ Print-a or Typed Name My Commission Expires: l\ ILI 2C2� . if JeffersonCity 17557376.1 4 EXHIBIT A LEGAL DESCRIPTION OF OPTION PROPERTY Lot 1 Hydro Conduit Final Plat, a Minor Subdivision in the City of Riverside, Platte County, Missouri, recorded in Book 21, Page 213, as Instrument No. 2016005512 on May 5,2016 in the Platte County,Missouri Recorder of Deeds Office. JeffersonCity 17557376.1 5