Pueblo de San Ildefonso Law Library
Pueblo de San Ildefonso Code.

17.2.7.050 Conditions of Transfer

This Act establishes the following essential terms pursuant to which the ownership and operation of the C-Stores shall be transferred from the Pueblo to SIS LLC:

(a) The asset transfer will be effective beginning July 1, 2017.

(b) The Pueblo will grant, convey, assign, transfer and deliver to SIS LLC all of the Pueblo's rights, title and interest in and to the C-Stores, with the exception of any trust or fee land underlying the C-Stores, free and clear of all liens, pledges, security interests, charges, claims, restrictions and encumbrances of any nature whatsoever.

(c) The Pueblo will provide any and all necessary consent and authorization to allow SIS LLC to assume its rights and obligations under any financial accounts, insurance policies, or other accounts necessary to own and operate the C-Stores.

(d) SIS LLC will assume all liabilities, including contracts and accounts, of the C-Stores existing on or accrued after July 1, 2017, and SIS LLC will be responsible for the timely payment of any applicable taxes related to the operation of or otherwise imposed on the C-Stores.

(e) SIS LLC will not assume any liability existing or accrued prior to July 1, 2017, whether such liability is due to a debt, tax, or other obligation, and should SIS LLC learn of any liability existing or accrued prior to July 1, 2017, it must promptly notify the Pueblo of such liability and the Pueblo shall indemnify SIS LLC for such liability or its pro rata portion of such liability.

(f) All employees of the C-Stores will become employees of SIS LLC effective July 1, 2017, and SIS LLC will be responsible for payroll, benefits, and related human resources matters for employees of the C-Stores.

(g) Prior to September 30, 2017, SIS LLC will develop and provide to the Pueblo a balance sheet, income statement, and cash flow statement for the C-Stores, and propose terms of a lease agreement for the lease of the Pueblo's lands on which the C-Stores are located.

(h) SIS LLC will assume full responsibility for insuring, maintaining, and repairing the C-Stores, and will be responsible for continuing or maintaining any and all policies of insurance with coverage and limits at or exceeding the coverage and limits of the current policies and as mandated by law or agreement.