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3. You agree not to subsequently appear in any governmental proceeding to object to <br />Lafarge~s permit application on adjoining property or on any other property in the vicinity of <br />your property. <br />4. You execute a written recordable restrictive covenant prohibiting sand and gravel <br />extraction and processing operations of any kind or the permitting of such operations on your <br />property for a period of five years. This will be in a form prepared by Lafarge. The effect of this <br />document will be to prevent you, any entity in which you have an ownership interest or other <br />relationship, any lessee from you, or any purchaser of your property, from competing with <br />Lafarge by conducting sand and gravel operations on your property for the 5-year period. After <br />~ years the restriction will disappear. <br />~. Upon return of the prior payments, and your agreement to the other conditions, <br />Lafarge would terminate the lease and release and waive its other claims for damages and to your <br />property. <br />6. Both parties would waive any other claims against each other. <br />While the above proposal would be the cleanest way to end this matter, we recognize that <br />you may not presently have the ability to repay the prior advance minimum royalty payments in <br />cash. For this reason. Lafarge, as an alternative to Paragraph 1, above, would be willing to take <br />your promissory note for the repayment amount, payable with interest only annually in the <br />amount of 7.0%o per annum, with the principal payable in full at the earlier of (a) five years or (b) <br />closing of a sale of the property. The note would be secured by a deed of trust (mortgage) on all <br />of your property in the NW'/o of Section f2, T.1.N, R. 67 W, which is the land subject to the <br />Lease. This alternative offer requires that the only prior lien on the property that will secure the <br />promissory note be the existing Deed of Trust to First National Bank of Longmont dated April <br />11, 1997, securing a loan in the original principal amount of $245,000. If there are other prior <br />liens on the property, then this alternative is not acceptable to-Lafarge. <br />If these settlement terms are agreeable to you we will have our attorney prepare the <br />necessary closing documentation. This offer of settlement lapses on March 1, 2005 if all of you <br />have not accepted it by then in writing, selecting the repayment alternative you prefer. We <br />believe the offer is more than fair. If you do not accept it, the Lease will remain in effect and <br />Lafarge will take all steps necessary to protect and enforce the rights it has. We look forward to <br />hearing from you. <br />Sincerely, <br />'~ <br />~ /~ ? _~\ <br />`~/ <br />~c Reckentin~ <br />Land Manager <br />cc: CR Herro-Director of Resources NlanaeemenL LCM West US <br />Todd Ohlheiser-Vice President and General Manaeer, LCM Front Range Aggregates <br />file <br />LAFARGE WEST, INC. <br />10170 Church Ranch Way, Westminster, CO 80027 <br />Office: (303) 657-4000 Fax: (303) 657-4565 <br />