IMMEDIATE ADOPTION
Number
200457
Version
ORIGINAL
Reference
Sponsor
ALD. LEWIS
Title
Resolution terminating rights to repurchase and restrictions in the warranty deed from the City of Milwaukee to Steven Road Limited Partnership, in the 9th Aldermanic District.
Analysis
This resolution removes deed restrictions approved by the City of Milwaukee on a former City-owned vacant lot that imposed certain requirements on the buyer to complete and that are no longer applicable.
Body
Whereas, By that certain Warranty Deed dated June 4, 1991 and recorded with the Register of Deeds for Milwaukee County, Wisconsin on September 3, 1991 on Reel 2614, Image 1038 as Document Number 06517738 (the “Deed”), the City of Milwaukee, Wisconsin (the “City”) conveyed to Steven Road Limited Partnership certain real property situated in the City of Milwaukee, County of Milwaukee, State of Wisconsin, being Parcel 2 of Certified Survey Map No. 5503 being a division of Parcel 2 of Certified Survey Map No. 5364 in the Northeast 1/4 and the Northwest 1/4 of the Southwest 1/4 of Section 10, Township 8 North, Range 21 East, and having an address of 7125 West Dean Road, Milwaukee, Wisconsin 53223 (the “Property”); and
Whereas, The Deed gave the City certain rights to repurchase the Property if a building was not constructed on the Property within twelve (12) months thereafter (the “Repurchase Rights”); and
Whereas, The Deed also imposes certain restrictions that encumber the Property (the “Restrictions”); and
Whereas, Certain of the Restrictions are automatically extended for successive periods of ten (10) years each, unless a resolution adopted by the Common Council of the City of Milwaukee (the “Common Council”) has been recorded, agreeing to change, modify or amend the Restrictions in whole or in part; and
Whereas, Steven Road LLC is the fee simple owner of the Property; and
Whereas, Steven Road LLC desires to sell the Property to Wypetech, LLC or one of its affiliates (c...
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