2003-07-02_REVISION - M1977534 - Laserfiche WebLink

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JUL-01-2003 0937 DUNCAN,OSTRANDER&DINGESS 303 779 3662 P.11i16 ~ETTL>n.MENT AGREEMENT (City of Golden - Emriek &):i>71, Inc.} 'This Settlement Agreement, dated this day of May, 2003, is between The City of Golden, a Colorado home rvk municipal corporation ("Golden") and Emrick & Hill, Inc., a Colorado Corporation (`~rmick••). WHEREAS, Golden is the lessee under the Agreetne~ dated January 1, 1983, recorded in the real property records of Clear Creek County, Colorado at Book 420 at Pages 369-573, by which Paul Guanella leased certain property descn'bed therein to Golden for reservoir development purposes {the "Golden Lease"); WHEREAS, Emrick entered into an Explosive 1}istnbution Facilities Site and Magazine Lease Agreement dated September 9, 2001, whh Glenda Guanella and Sally Buckland, which was not recorded, by which the lessors leased Emrick a portion of the property subject to the Golden Lease (the `Btnrick Lease"); WHEREAS, Golden desires to commence reservoir construction activities on the property solvate to the Golden and Emrick Leases as soon as possible and requires that Emrick vacate and seen ender the premises so as not to interfere with such reservoir construction activities; WHEREAS. Golden ties camtnenced condemnation proceedings in the' lai.4Mct Court in and for Clear Creek Couary, Colorado is Case No. 03-CV-33 in which Emtiek has bcen named aS a Respondent (the "Condemnation Action'; WHEREAS, disports exist between Golden and F.mrick regarding their relative rights to the propeRy that is the subject of their respective leases, and the parties desire to settle and resolve those differences as set forth in this Settlement Agreement; THEREFORE, in consideration of tbe foregoing and the mutual agreements set forth below, the parties agree as follows: 1. $]3~ende>: of Premises. Emrick aekaowledges and agrees that the Emrick Lease is subject and subordinate to the Golden Lease. Emrick will promptly and dt3igently remove from the leased property all of tauick's existing material, supplies, trailers and other personal property and equipment. The parties understand and agree however, that Emrick may continue its business operations on the premises while it is is the process of moving its operations off site. All such materia[ and property shall be completely removed no later than end of the day on May 31, 2003. Any properly remaining on site on June 1, 2003 shalt become the property of Golden and maybe destroyed, removed or othenvist disposed of by Golden without any notice or liability to Emrick. Emrick shaII not interfere in a~ way with Golden's reservoir construction activities. Emrick shall not use or occupy the subject property involved in the Emrick or Golden Leases following June 1, 2003. Upon the written request of Golden, Emrick shall assign the Emrick Lease to Golden, however, Golden recognises that the Emrick Lease cannot be assigned without