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HomeMy WebLinkAbout7918RESOLUTION NO. 7918 A RESOLUTION AUTHORIZING THE CITY MANAGER TO NEGOTIATE FOR THE ACQUISITION OF THE REAL PROPERTY LOCATED AT 123 NORTH MECHANIC STREET NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO, THAT: SECTION 1 The City Manager is hereby authorized to negotiate for the acquisition of the real property located at 123 North Mechanic Street otherwise known as Lot 22, Block 4 of Central Pueblo. SECTION 2 Funds for said acquisition shall not exceed $60,000. SECTION 3 Funds for said acquisition shall be disbursed from the proceeds of the sale of HARP Bonds, Account Number 037- 1996 - 100 -0- 040 -0040. INTRODUCED July 22 , 1996 BY: Charles ,TnnP, Councilperson APPROVED: Pre ident�o the Council ATTEST: City k OFFICE OF THE CITY ATTORNEY 127 Thatcher Building PUEBLO, COLORADO 81003 MEMORANDUM TO: Mel Murray, HARP Coordinator FROM: City Attorney RE: Jim Danna Property DATE: August 13, 1996 We received the enclosed deed from Jim Danna to the City. Apparently, this transaction has been closed without my office's review of the final agreement for purchase and closing documents. You should deliver the enclosed deed together with (a) the signed closing documents and (b) the title insurance policy insuring title to the property in the name of the City, to the City Clerk to be retained in her file with the Resolution approving the purchase. You should also provide the Director of Finance with a copy of the Purchaser's Closing Statement for his records. Also, sign the receipt for the deed and return to Transnation. If you have any questions, please call me. Thomas alp Enclosures TRANSNATION TITLE INSURANCE COMPANY Pueblo, a Municipal Corporation 1 City Hall Place Pueblo, Co 81003 Attn: Mel Murray Order No. 7560261 August 22, 1996 RE: 123 N. Mechanic Street Pueblo, CO 81003 In connection with the above matter, we are enclosing herewith the following: Owners Policy We are pleased to have the opportunity to be of service. ISSUED By TRANSNATION TITLE INSURANCE COMPANY OWNERS POLICY OF TITLE INSURANCE Transnation SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE CONDITIONS AND STIPULATIONS, TRANSNATION TITLE INSURANCE COMPANY, an Arizona corporation, herein called the Company, insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained or incurred by the insured by reason of: 1. Title to the estate or interest described in Schedule A being vested other than as stated therein; 2. Any defect in or lien or encumbrance on the title; 3. Unmarketability of the title; 4. Lack of a right of access to and from the land. The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the Conditions and Stipulations. IN WITNESS WHEREOF, TRANSNATION TITLE INSURANCE COMPANY has caused its corporate name and seal to be hereunto affixed by its duly authorized officers, the Policy to become valid when countersigned by an authorized officer or agent of the Company. TRANSNATION TITLE INSURANCE COMPANY �NCOaPOR,� �F� o Attest: ,y fit/ G �j a By: O y SEPT. 16, 1991 ? 0;- Secretary � * *i/ President 4 RIZONp EXCLUSIONS FROM COVERAGE The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys' fees or expenses which arise by reason of: 1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations) restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of any improve- ment now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or any parcel of which the land is or was a part; or (iv) environmental protection, or the affect of any violation of these laws, ordinances or governmental regula- tions, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. (b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy. 2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without knowledge. 3. Defects, liens, encumbrances, adverse claims or other matters: (a) created, suffered, assumed or agreed to by the insured claimant; (b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured cla :.mant and not disclosed in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy; (c) resulting in no loss or damage to the insured claimant; (d) attaching or created subsequent to Date of Policy; or (e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured by this policy. 4. Any claim, which arises out of the transaction vesting in the Insured the estate or interest insured by this policy, by reason of the operation of federal bankruptcy, state insolvency, or similar creditors' rights laws, that is based on: (a) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer; or (b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential transfer results from the failure: (i) to timely record the instrument of transfer; or (ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor. NM 1 PA 10 ALTA Owner's Policy (10- 17 -92) Face Page Form 1190 -56 Valid Only If Schedules A and B and Cover Are Attached ORIGINAL CONDITIONS AND STIPULATIONS 1. DEFINITION OF TERMS. The following terms when used in this policy mean (a) "insured ": the insured named in Schedule A, and, subject to anv rights or defenses the Company would have had against the named insured, those who succeed to the interest of the named insured by operation of law as distinguished from purchase including, but not limited to, heirs, distrihutees, devisees, survivors, personal representatives, next of kin, or corporate or fiduciary successors. (b) "insured claimant ": an insured claiming loss or damage. (c) "knowledge" or "known": actual knowledge, not constructive knowledge or notice which may be imputed to an insured by reason of the public records as defined in this policy or anv other records which impart constructive notice of matters affective the land. (d) "land": the land described or referred to in Schedule A, and improvements affixed thereto which by law constitute real property. The term "land" does not include any property beyond the lines of the area described or referred to in Schedule A, nor any right _ title, interest, estate or easement in abutting streets, roads, avenues, alleys, lanes. ways or waterways, but nothing herein shall modify or limit the extent to which a right of access to and from the land is insured by this policy. (c) "mortgage ": mortgage, deed of trust, trust decd, or other security, instrument. (f) "public records records established under state statutes at Date of Policy for the purpose of imparting constructi�c notice of matters relating to real property to purchasers for value and without knowledge. With respect to Section I(a) (iv) of the Exclusions From Coverage, "public records" shall also include environmental protection liens tiled in the records of the clerk of the United States district court for the district in which the land is located. (g) "unmarketability of the title" an alleged or apparent matter affecting the title to the land, not excluded or excepted from coverage. which would entitle a purchaser of the estate or interest described in Schedule A to be released from the obligation to purchase by virtue of it contractual condition requiring the delivery of marketable title. 2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE. The coverage of this policy shall continue in force as of Date of Policy in favor of an insured only so long as the insured retains an estate or interest in the land. or holds an indebtedness secured by a purchase money mortgage given by a purchaser from the insured, or only So lone as the insured shall have liability by reason of covenants of warranty made by the insured in any transfer or conveyance of the estate or interest. This policy shall not continue in force in favor of any purchaser from the insured of either (i) an estate or interest in the land_ or (ii) an indebtedness secured by a purchase money mortgage given to the insured. 3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT. The insured shall notify the Company promptly in tiritine (1) in case of any litigation as set forth in Section 4(a) below, (ii) in case knowledge shall come to in insured hereunder of any claim of title or interest which is adverse to the title to the estate or interest, as insured, and which might cause loss or damage for which the Company may he liable by %irtue of this policy. or (iii) if title to the estate or interest. as insured, i, rejected as unmarketable. If prompt notice shall not he given to the Company. then as to the insured all liability of the Company shall terminate with regard to the matter or matters for which prompt notice iS required: provided, however. that failure to notify the Company shall in no case prejudice the rights of any insured under this policy unles, the Company shall be prejudiced by the failure and then only to the cxtcnt of the prejudice. 4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED CLAIMANT TO COOPERATE. (a) Upon written request by the insured and subject to the options contained in Section 6 of these Conditions and Stipulations. the Company, at its own cost and without unreasonable delay, shall provide for the defense of an insured in litigation in which am third party asserts a claim adverse to the title or interest as insured, but only as to those stated causes of action alleging a defect, lien or cncumbrarice or other matter insured against by this policy. The Company shall have the right to select counsel Of its choice (subject to the right of the insured to object for reasonable cause) to represent the insured as to those stated causes of action and shall not he liable for and will not pay the fees of any other counsel. The Company will not pay any Bees, costs or expenses incurred he the insured in the defense of those causes of action which allege matters not insured against by this policy. (b) The Company shall have the right, at its own cost, to institute and prosecute any action or proceeding or to do any other act which in its opinion may be necessary or desirable to establish the title tO the estate or interest, as insured, or to prevent or reduce loss or damage to the insured. The Company may take any appropriate action under the terms of this policy, whether or not it shall be liable hereunder, and shall not therchN concede liability or waive any provision of this policy. If the Company shall exercise its rights under this paragraph, it shall do so diligently. (c) Whenever the Company shall have brought an action or interposed a defense as required or permitted by the provisions of this policy. the Company may pursue any litigation to final determination by a court of competent jurisdiction and expressly reserves the right, in its sole discretion, to appeal from any adverse judgment or order. (d) In all cases where this policy permits or requires the Company to prosecute or provide for the defense of any action or proceeding, the insured shall secure to the Company the right to so prosecute or provide defense in the action or proceeding. and all appeals therein, and permit the Company to use, at its option, the name of the insured for this purpose. Whenever requested by the Company, the insured, at the Company's expense, shall give the Company all reasonable aid (1) in any action or proceeding, securing evidence, Obtaining witnesses. prosecuting or defending the action or proceeding. or effecting settlement, and (it) in any other lawful act which in the opinion of the Company may he necessan or desirable to establish the title to the estate or interest au insured. If the Company is prejudiced by the failure of the insured to furnish the required cooperation. the Company's obligations to the insured under the policy Shall terminate, including any liability or obligation to defend, prosecute, or continue any litigation, with regard to the matter or matters requiring such cooperation. 5. PROOF OF LOSS OR DAMAGE. III addition to and after the notices required under Section 3 of these Conditions and Stipulations have been provided the Company, a proof of loss or d;unaae sieved and sworn to by the insured claimant shall be furnished to the Company within 90 day, after the insured claimant shall ascertain the facts giving rise to the loss or damage_ The proof of loss or damage shall describe the defect in, or lien or encumbrance on the title_ or other matter insured against by this police which constitutes the basis of loss or damage and shall stale, to the extent possible. the basis of calculating the amount of the loss or damage_ If the Company i, prejudiced by the failure of the insured claimant to proyidc the required proof of loss or damage. the Company's obligations to the insured under the policy shall terminate. including any liability or obligation to defend, prosecute_ or continue any litigation, with regard to the matter or matters requiring Such proof of loss or damage. In addition. the insured claimant ntay reasonahly he required to ,uhmit to examination under oath by arc authorized representative of the Company and shall produce for examination, inspection and copying, at such reasonable times and places as may he designated by any authorized representative of the Company, all records. hook,. Icdecrs. checks, correspondence and rntenuoranda, whether bearing a date before or after Date of Policy. which reaSonably pertain to the lo,s or damage. I urthet if requested M any authorized represcntatiye of the Conipam . the insured claimant shall grant its permission. in Hritin,. for an.\ authorized representative of the Company to cxamine , in,peCt and cop-\ Lill record,. books, ledgers, checks, correspondence and memoranda in the custody or control of a third party, which reasonahly pertain to the lo„ or damage All information designated as confidential by the inured claimant provided to the Company pursuant to this Section shall not be di,clo,ed to other, unless, in the reasonable judgement of the Company, it i, ncccSSan in the administration of the claim. Failure of the insured claimant to Submit tior examination under oath, produce other rca>onahl_% requc,tcd inlinmation or grant permission to secure reasonahly nccr,san_ intro nation from third Parties aS required in this paragraph shall tennimitc any liahilit_\ of the Company under this polio aS to that claim. 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS; TERMINATION OF LIABILITY. In case of a claim under this policy. the Company Shall hanr the Following option,'. (a)To Pan or Tender Payment of the Amount of IlnuranCe. To p ;t,, or tender pannrent of the aunount of inStuance under this policy together with any coats. atkorneyS' flies and expense, incurred hl the inured claimant, which were authorized by the Comnaut%, up to the tulle of paynuutt or tender of p:ument and which the Co.mpan\ 1, ohliga- ted to puy. Upon the exercise by the Compain% of this ontuon, al! li,hiiitc aril ohlig.ations to the insured under this polio, other ih.ut to mike tit, patvnunt required. shall tCIIIIHI tC, including gun liahi?lr. or Obligation i.) defend. prosccutC, or CUntinnC any htieation_ and the policy 1 be Surrendered to the Company for cancellation. (b) io Pay or Otherwise Settle With P;utiCl Oihet than the lu 0! With the Insured Claimant (1) to pay or otherwise settle with nther pantie, lion or in the ran,: of an insured claimant any claim insured again[ under till, polio togcthCI with any costs. attorneys' fceS and ,ypenes incurred by the ir�,ural claimant which Acre authorized by the Compam up to tine A p, and which the Company is obligated to pay: or (ii) to pay or otherwise settle with the insured clainiau;t the Io,s c damage provided for under this polic Ioecther with .111, coStS, attorney; fees and expenses incurred by the insured claimant wens authorizcJi by the Company up to the time of payn.crtt and which the Company i, obligated to pay. Upon the exercise by the (umpany of either of the option, prmided for in paragraphs (h)(i) or (ii), the Company's obligations to the inSUred under this policy for the claimed loss or damage. other than the payment, required to be made, shall terminate, including any liahilin or obligation to defend, prosecute or continue any litigation. Conditions and Stipulations Continued Inside Cover B 1190 -56 CONTROL NO. " C L' CONDITIONS AND STS PULATIONS 7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE This policy is a contract of indemnity against actual monetary loss or damage sustained or incurred by the insured claimant who has suffered loss or damage by reason of matters insured against by this policy and only to the extent herein described. (a) The liability of the Company under this policy shall not exceed the least of: (i) the Amount of Insurance stated in Schedule A; or, (it) the difference between the value of the insured estate or interest as insured and the value )f the insured estate or interest subject to the defect, lien or encumbrance insured against by this policy. (b) In the event the Amount of Insurance stated in Schedule A at the Date of Policy is less than 80 percent of the value of the insured estate or interest or the full consideration paid for the land, whichever is less, or if subsequent to the Date of Policy an improvement is erected on the land which increases the value of the insured estate or interest by at least 20 percent over the Amount of Insurance stated in Schedule A, then this Policy is subject to the following: (i) where no subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in the proportion that the amount of insurance at Date of Policy bears to the total value of the insured estate or interest at Date of Policy: or (ii) where a subsequent improvement has been made, as to any partial loss, the Company shall only pay the loss pro rata in the proportion that 120 percent of the Amount of Insurance stated in Schedule A bears to the sum of the Amount of Insurance stated in Schedule A and the amount expended for the improvement. The provisions of this paragraph shall not apply to costs, attorneys' fees and expenses for which the Company is liable under this policy, and shall only apply to that portion of any loss which exceeds, in the aggregate. 10 percent of the Amount of Insurance stated in Schedule A. (c) The Company will pay only those costs, attorneys' fees and expenses incurred in accordance with Section 4 of these Conditions and Stipulations. 8. APPORTIONMENT. If the land described in Schedule A consists of two or more parcels which are not used as a single she, and a loss is established affecting one or more of the parcels but not all, the loss shall be computed and settled on a pro rata basis as if the amount of insurance under this policy was divided pro rata as to the value on Date of Policy of each separate parcel to the whole, exclusive of any improvements made subsequent to Date of Policy, unless a liability or value has otherwise been agreed upon as to each parcel by the Company and the insured at the time of the issuance of this policy and shown by an express statement or by an endorsement attached to this policy. 9. LIMITATION OF LIABILITY. (a) If the Company establishes the title, or removes the alleged defect, lien or encumbrance, or cures the lack of a right of access to or from the land, or cures the claim of unmarketability of title, all as insured, in a reasonably diligent manner by any method, including litigation and the completion of any appeals therefrom, it shall have fully performed its obligations with respect to that matter and shall not be liable for any loss or damage caused thereby. (b) In the event of any litigation, including litigation by the Company or with the Company's consent, the Company shall have no liability for loss or damage until there has been a final determination by a court of competent jurisdiction, and disposition of all appeals therefrom, adverse to the title as insured. (c) The Company shall not be liable for loss or damage to any insured for liability voluntarily assumed by the insured in settling any claim or suit without the prior written consent of the Company. 10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF LIABILITY. All payments under this policy, except payments made for costs, attorneys' fees and expenses, shall reduce the amount of the insurance pro tanto. 11. LIABILITY NONCUMULATIVE It is expressly understood that the amount of insurance under this policy shall be reduced by any amount the Company may pay under any policy insuring a mortgage to which exception is taken in Schedule B or to which the insured has agreed, assumed, or taken subject, or which is hereafter executed by an insured and which is a charge or lien on the estate or interest described or referred to in Schedule A, and the amount so paid shall be deemed a payment under this policy to the insured owner. 12. PAYMENT OF LOSS. (a) No payment shall be made without producing this policy for endorsement of the payment unless the policy has been lost or destroyed, in which case proof of loss or destruction shall be furnished to the satisfaction of the Company. NM PA 10 ALTA Owner's Policy (10- 17 -92) Cover Page Form 1190 -58 (Continued) (b) When liability and the extent of loss or damage has been definitely fixed in accordance with these Conditions and Stipulations, the loss or damage shall be payable within 30 days thereafter. 13. SUBROGATION UPON PAYMENT OR SETTLEMENT. (a) The Company's Right of Subrogation. Whenever the Company shall have settled and paid a claim under this policy, all right of subrogation shall vest in the Company unaffected by any act of the insured claimant. The Company shall be subrogated to and be entitled to all rights and remedies which the insured claimant would have had against any person or property in respect to the claim had this policy not been issued. If requested by the Company, the insured claimant shall transfer to the Con;pany all rights and remedies against any person or property necessary in order to perfect this right of subrogation. The insured claimant shall Permit the Company to sue, compromise or settle in the name of the insured claimant and to use the name of the insured claimant in any transaction or litigation invoking these rights or remedies . If a payment on account of it claim does not fully cover the loss of the insured claimant, the Company shall be subrogated to these rights and remedies in the proportion which the Company's payment bears to the whole amount of the loss. If loss should result from any act of the insured claimant, as stated above, that act shall not void this policy, but the Company, in that event, shall be required to pay only that part of any losses insured against by this policy which shall exceed the amount, if any, lost to the Company by reason of the impairment by the insured claimant of the Company's right of subrogation. (b) The Company's Rights Against Non- insured Obligors. The Company's right of subrogation against non - insured obligors shall exist and shall include, without limitation, the rights of the insured to indemnities, guaranties, other policies of insurance or bonds, notwithstanding any terms or conditions contained in those instruments which provide for subrogation rights by reason of this policy. 14. ARBITRATION Unless prohibited by applicable law, either the Company or the insured may demand arbitration pursuant to the Title Insurance Arbitration Rules of the American Arbitration Association. Arbitrable matters may include, but are not limited to, any controversy or claim between the Company and the insured arising out of or relating to this policy, any service of the Company in connection with its issuance or the breach of a policy provision or other obligation. All arbitrable matters when the Amount of Insurance is $1,000,000 or less shall be arbitrated at the option of either the Company or the insured. All arbitrable matters when the Amount of Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to by both the Company and the insured. Arbitration pursuant to this policy and under the Rules in effect on the date the demand for arbitration is made or, at the option of the insured. the Rules in effect at Date of Policy shall be binding upon the parties. The award may include attorneys' fees only if the laws of the state in which the land is located permit a court to award attorneys' fees to a prevailing party. Judgment upon the award rendered by the Arbitrator(s) may he entered in any court having jurisdiction thereof. The law of the situs of the land shall apply to an arbitration under the Title Insurance Arbitration Rules. A copy of the Rules may be obtained from the Company upon request. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT. (a) This policy together with all endorsements, if any, attached hereto by the Company is the entire policy and contract between the insured and the Company. In interpreting any provision of this policy, this policy shall be construed as a whole. (b) Any claim of loss or damage, whether or not based on negligence, and which arises out of the status of the title to the estate or interest covered hereby or by any action asserting such claim, shall be restricted to this policy. (c) No amendment of or endorsement to this policy can be made except by a writing endorsed hereon or attached hereto signed by either the President, a Vice President, the Secretary, an Assistant Secretary, or validating officer or authorized signatory of the Company. 16. SEVERABILITY. In the event any provision of the policy is held invalid or unenforceable under applicable law, the policy shall be deemed not to include that provi- sion and all other provisions shall remain in full force and effect. 17. NOTICES, WHERE SENT. All notices required to be given the Company and any statement in writing required to be furnished the Company shall include the number of this policy and shall be addressed to TRANSNATION TITLE INSURANCE COMPANY, 1700 Market Street, Philadelphia, Pennsylvania 19103. ORIGINAL Valid Only If Face Page, Schedules A and B Are Attached TRANSNATION TITLE INSURANCE COMPANY POLICY OF TITLE INSURANCE SCHEDULE A Amount of Insurance: $ 45,000.00 Policy No.: 7560261 Date of Policy: August 6, 1996 at 9:30 A.M. 1. Name of Insured: Pueblo, a Municipal Corporation 2. The estate or interest in the land described herein and which is covered by this policy is: FEE SIMPLE 3. The estate or interest referred to herein is at Date of Policy vested in: f Pueblo, a Municipal Corporation 4. The land referred to in this Policy is described as follows: (SEE ATTACHED PAGE FOR LEGAL DESCRIPTION) TRANSNATION TITLE INSURANCE COMPANY Policy No.: 7560261 LEGAL DESCRIPTION Lot 22, Block 4, Central Pueblo, County of Pueblo, State of Colorado. Page 2 TRANSNATION TITLE INSURANCE COMPANY Policy No.: 7560261 SCHEDULE B This Policy does not insure against loss or damage by reason of the following: 1. Rights or claims of parties in possession not shown by the public records. 2. Easements, or claims of easements, not shown by the public records. 3. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, and any facts which a correct survey and inspection of the premises would disclose and which are not shown by the public records. 4. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the public records. 5. Taxes due and payable; and any tax, special assessments, charge or lien imposed for water or sewer service, or for any other special taxing district. The 1995 General taxes paid, according to tax certificate dated March 21, 1996. 6. Reservations of any vested and accrued water rights for mining agricultural, manufacturing, or other purposes, and rights to ditches and reservoirs used in connection with such water rights as may be recognized and acknowledged by the local customs, laws and decisions, or as provided by law recorded in State of Colorado Patent, September 9, 1884 in Book 44 at Page 459. 7. Any and all leases and tenancies and /of assignments thereof. 8. Rights of surface entry and any other incidental rights used, claimed or asserted under any mineral reservation, lease or conveyance affecting the land herein. Page 3 TRANSNATION TITLE INSURANCE COMPANY 627 North Main Street Pueblo, CO 81003 (719) 543-0451 Escrow Officer : CLEONE HOWER SR. ESCROW OFFICER Title No. : 7560261 Date : August 2, 1996 SELLER'S CLOSING STATEMENT Sellers) : Jim Danna Property: 123 N. Mechanic Street Pueblo, Colorado 81003 Lot 22 Block 4 Central Pueblo Buyer(s) : Pueblo, a Municipal Corporation ContractSales Price ..................................... ............................... PAYOFF PRORATIONS RELOCATION FEE ......................... ..................... LEGAL FEES ............................. ..................... LENDER CHARGES: RESERVES TITLE CHARGES RECORDING FEES, TRANSFER TAXES ADDITIONAL CHARGES PROCEEDS DUE SELLER 71&1 58,000.00 The above figures do not include sales or use taxes on personal property. - THE ABOVE DEDUCTIONS, ADJUSTMENTS, DISBURSEMENTS ARE HEREBY AUTHORIZED AND APPROVED. Jim Danna Broker / //7 By: — A Transnation Title Insurance Company By: CLEONE HOWER CREDIT $45,000.00 10,000.00 3,000.00 $58,000.00 TRANSNATION TITLE INSURANCE COMPANY A Reliance Group Holdings Company C L O S I N G I N S T R U C T I O N S THIS IS A LEGAL INSTRUMENT, IF NOT UNDERSTOOD, LEGAL, TAX OR OTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING. To: TRANSNATION TITLE INSURANCE COMPANY RE: 123 N. Mechanic Street Pueblo, Colorado 81003 1. Jim Danna (SELLER) and Pueblo, a Municipal Corporation (PURCHASER) engage TRANSNATION TITLE INSURANCE CO. (CLOSING AGENT), who agrees to provide closing and settlement services in connection with the closing of the following described real estate in the County of Pueblo and State of Colorado, to wit: Lot 22 Block 4 Central Pueblo also known as: 123 N. Mechanic Street, Pueblo, Colorado 81003 2. Closing Agent is authorized to obtain information and agrees to prepare, obtain deliver and record all documents, excluding preparation of legal documents, necessary to carry out the terms and conditions of the contract to buy and sell real estate, dated _96, with ALL amendments and counterproposals attached (Contract), and made part of this document. 3. Legal documents will be prepared by Closing Agent at the expense of N /A. 4. Closing Agent will receive a fee not to exceed 575.00 for providing these closing and settlement services to be the expense of BUYER. 5. Closing Agent is authorized to receive funds and to disburse funds when all funds received are either:available for immediate withdrawal as a matter of right from the financial institution in which the funds have been deposited or are available for immediate withdrawal as a consequence of an agreement of financial institution in which the funds are to deposited or a financial institution upon which the funds are to be drawn( "Good Funds "). 6. Closing Agent is not authorized to release any documents or things of value prior to receipt and disbursement of Good Funds, except as provided in paragraphs 12 and 13. 7. Closing Agent shall disburse all funds in closing except those funds as may be separately disclosed in writing to Purchaser and Seller by Closing Agent or Agent or Purchaser's lender on or before closing. 8. Seller will receive the net proceeds of closing as indicated: EX) Closing Agent's Trust Account Check, E I Cashier's Check at Seller's expense, E ) Funds electronically transferred (wire transfer) to an account specified by the Seller, at Seller's expense. 9. Purchaser and Setter will furnish any additional information and documents required by Closing Agent which will be necessary to complete this transaction, and Purchaser and Seller further agrees to sign and complete all and customary required documents at closing to fulfill the Contract. 10. Closing Agent will prepare and deliver an accurate, complete and detailed closing statement to Purchaser and Seller at time of closing. 11. If requested by Closing Agent, earnest money deposit will be delivered to Closing Agent in sufficient time before closing to disburse Good Funds. 12. The Closing Agent is to comply with the instructions of the Purchaser's Lender regarding the payment of all real property taxes and special assessments, despite any provision in these printed Closing Instructions or the Sale and Purchase Agreement to the contrary. The parties agree to, and do hereby, hold Closing Agent and the title insurance company harmless regarding said real property taxes and special assessments paid or to be paid by others. 13. If closing does not occur, Closing Agent, except as provided herein, is authorized and agrees to return all documents, monies, and things of value to the depositing party and Closing Agent will be relieved from any further duty, responsibility or liability in connection with these instructions. In addition, any promissory note, deed of trust, or other evidence of indebtedness signed by Purchaser, shall be voided by Closing Agent, with the originals) returned to Purchaser and copy to Purchaser's lender. 14. If any conflicting demands are made on the Closing Agent, at its sole discretion Closing Agent may hold any monies, documents, and things of value received from any party except Purchaser's lender, Closing Agent shall retain such items until (1) receipt of mutual written instruction from Purchaser and Seller; or (2) until a civil action between Purchaser and Seller shall have been finally concluded in a Court of competent jurisdiction; or (3) in the alternative, Closing Agent may, in its sole discretion, commence a civil action to interplead, or interplead in any existing civil action, any documents, monies or other things of value received by Closing Agent. Such deposit with the Court shall relieve Closing Agent of all further liability and responsibility and Closing Agent shall be entitled to all court costs and reasonable attorneys' fees. 15. These closing instructions may only be amended or terminated by written instructions signed by Purchaser, Seller and Closing Agent. 16. Instructions: APPROVED AND ACCEPTED Sellers) Purchaser(s) Closing Agent ,,, Pueblo, a Municipal Corporation By: CLEONE HOWER 08/02/96 Jim anna B 1461 )u MEL R. MURRAY, HARP COORDINATOR\ ASSISTANT CITY MANAGER REAL ESTATE TAX AGREEMENT Escrow No.: 7560261 It is hereby understood and agreed between the purchaser(s) and seller(s) of property known as: 123 N. Mechanic Street Pueblo, Colorado 81003 that taxes for the current year have been adjusted as of this date as follows: BASIS FOR PRORATION - NONE - PURCHASER WILL BE RESPONSIBLE FOR 1996 TAXES WHEN THEY BECOME DUE. AGREEMENT FOR READJUSTMENT The above tax proration is considered to be final settlement. ASSESSMENTS It is further understood and agreed between the purchasers and the sellers that: Special improvements now in are paid in full. OTHER THAN TAX INFORMATION DISCLOSED ON THE CERTIFICATE OF TAXES DUE, THE INFORMATION ABOVE WAS OBTAINED BY TELEPHONE FROM THE COUNTY ASSESSOR'S /TREASURER'S OFFICE AND /OR APPROPRIATE CITY AUTHORITY. WE ACKNOWLEDGE THAT TRANSNATION TITLE INSURANCE COMPANY SHALL NOT BE RESPONSIBLE FOR ANY READJUSTMENT OF TAXES AFTER CLOSING. WE HEREBY RELEASE TRANSNATION TITLE INSURANCE COMPANY FROM ANY AND ALL LIABILITY FOR THE ACCURACY OF THE VERBAL OR WRITTEN INFORMATION RECEIVED. APPROVED AND ACCEPTED: Purchaser(s) Seller(s) Pueblo, a Municipal Corporation Jim D n� na BY�Zt MEL R. MURRAY, HARP COORDINATOR ASSISTANT CITY MANAGER This agreement executed this 2ND day of AUGUST, 1996. ESCROW NO.: 7560261 REAL ESTATE WATER AND SEWER AGREEMENT Escrow No.: 7560261 It is hereby understood and agreed between the purchaser(s) and seller(s) of property known as: 123 N. Mechanic Street, Pueblo, Colorado 81003, that as of the date of ACCOUNT IS: METERED BASED ON THE ABOVE INFORMATION: Escrow Agent HAS NOT ADJUSTED FOR WATER AND SEWER, ADJUSTMENT AS REQUIRED, WILL BE MADE BETWEEN PARTIES AND ARE NOT A PART OF THIS ESCROW. SELLER ASSUMES RESPONSIBILITY FOR THE FINAL WATER BILL. IT IS FURTHER UNDERSTOOD AND AGREED BETWEEN THE PURCHASERS AND SELLERS THAT THIS IS A FINAL SETTLEMENT AND HEREBY RELIEVE ESCROW AGENT OF ALL FURTHER LIABILITY AND RESPONSIBILITY. This Agreement executed this 2ND day of AUGUST, 1996 APPROVED AND ACCEPTED: Purchaser(s) Seller(s) Pueblo, a Municipal Corporation 2 Jim D na BY i� L (�- MEL R. MURRAY, HARP COORDINATOR ASSISTANT CITY MANAGER REAL PROPERTY TRANSFER DECLARATION .1. Address or legal description of real property: 123 N. Mechanic Street, Pueblo, Colorado 81003 Lot 22, Block 4, Central Pueblo, County of Pueblo, State of Colorado. 2. Is this transaction among related parties: Yes No v 3. Total sale price: $45,000.00 4. What was the cash downpayment? $45,000.00 (If cash sale, enter the total sales price.) 5. Did total sale price include a trade or exchange? Yes No V 6. Did the buyer receive any personal property in the transaction? Yes No If yes, the approximate value: 7. Were mineral rights included in the sale? Yes No 8. Were water rights included in the sale? Yes No 9. If applicable, you may include goodwill for a going business. Approximate value of goodwill: 10. Was less than 100% interest in the real property conveyed? Yes No 11. Date of closing: August 2, 1996 12. Was the loan new or assumed? New Assumed 13. What was the interest rate on the loan? % 14. What was the term of the loan? 15. Were any points paid? Yes No If yes, how many? And by whom? TRANSNATION TITLE INSURANCE COMPANY, although closing this transaction and /or providing this form, specifically disclaims any liability for, and is hereby released and held harmless by the undersigned from, any claim or loss resulting from the use of this form or the information on it. 16. Date: August 2, 1996 Grantee Signature(s) Pueblo, a Municipal Corporation / L 4 -U 1' 4 1 ) MEL R. MURRAY, HARP COORDINATOR ASSISTANT CITY MANAGER TRANSNATION TITLE INSURANCE COMPANY 627 North Main Street Pueblo, CO 81003 (719) 543-0451 Escrow Officer: CLEONE HONER SR. ESCROW OFFICER Title No. 7560261 Date August 2, 1996 BUYER'S CLOSING STATEMENT Buyer(s): Pueblo, a Municipal Corporation Property: 123 N. Mechanic Street Pueblo, Colorado 81003 Lot 22 Block 4 Central Pueblo Seller(s): Jim Danna Contract Sales Price ............................. ............................... ...... PRORATIONS RELOCATION FEE ......................... ..................... LEGAL FEES ............................. ..................... LENDER CHARGES: RESERVES TITLE CHARGES REAL ESTATE CLOSING FEE ................................... ............................... OWNERS TITLE INSURANCE PREMIUM ............................ ............................... TAX CERTIFI CATES .......................................... ............................... RECORDING FEES, TRANSFER TAXES WarrantyDeed ............................................ ............................... DOCUMENTARY FEE ........................................... ............................... ADDITIONAL CHARGES RECEIPT DUE FROM BUYER DEBIT CREDIT $45,000.00 10,000.00 3,000.00 58,501.50 $58,501.50 $58,501.50 The above figures do not include sales or use taxes on personal property. THE ABOVE DEDUCTIONS, ADJUSTMENTS, DISBURSEMENTS ARE HEREBY AUTHORIZED AND APPROVED. Pueblo, a Municipal Corporation BY MEL R. MURRAY, HARP COORDINATOR ASSISTANT CITY MANAGER Broker i By: f Transnation Title Insurance Company By: CLEONE HONER 75.00 401.00 15.00 6.00 4.50 Reception #: 1134000 Date: 08/06/1996 Time: 929 Book: 2917 Page: 879 Chris C. Munoz Inst: WD R Fee: 5.00 D Fee: 4.50 SC: 1.00 Pg: 1 of 1 Pueblo Co.Clk. &Rec. W A R R ANT Y D E ED THIS DEED, Made this 2ND day of AUGUST, 1996 between Jim Danna of the County of Pueblo and State of Colorado, grantor, and Pueblo, a Municipal Corporation whose legal address is 1 CITY HALL PLACE, PUEBLO, COLORADO 81003 of the County of Pueblo and State of Colorado, grantees: WITNESSETH, That the grantor for and in consideration of the sum of FORTY FIVE THOUSAND AND 00 /100, ($45,000.00) Dollars, the receipt and sufficiency of which is hereby acknowledged, has granted, bargained, sold and conveyed, and by these presents does grant, bargain, sell, convey and confirm unto the grantee, his heirs and assigns forever, all the real property, togethar with improvements, if any, si_t"ate,lying and being in the County of Pueblo and State of Colorado, described as follows: \� Lot 22, Block 4, Central Pueblo, County of Pueblo, State of Colorado. also known by street and number as 123 N. Mechanic Street, Pueblo, Colorado 81003 TOGETHER with all and singular the hereditaments and appurtenances thereto belonging, or in anywise appertaining and the reversion and reversions, remainder and remainders, rents, issues and profits thereof, and all the estate, right, title, interest, claim and demand whatsoever of the grantor, either in law or equity, of in and to the above bargained premises, with the hereditaments and appurtenances. To HAVE AND TO HOLD the said premises above bargained and described, with the appurtenances, unto the grantee, his heirs and assigns forever. And the grantor, for himself, his heirs and personal representatives, does covenant, grant, bargain, and agree to and with the grantee, his heirs and assigns, that at the time of the ensealing and delivery of these presents, he is well seized of the premises above conveyed, has good, sure, perfect, absolute and indefeasible estate of inheritance, in law, in fee simple, and has good right, full power and lawful authority to grant, bargain, sell and convey the same in manner and form as aforesaid, and that the same are free and clear from all former and other grants, bargains, sales, liens, taxes, assessments, encumbrances and restrictions of whatever kind or nature soever, except general taxes for 1996 and subsequent years; except easements, restrictions, covenants, conditions, reservations and rights of way of record, if any; The grantor shall and will WARRANT AND FOREVER DEFEND the above- bargained premises in the quiet and peaceable possession of the grantee, his heirs and assigns, against all and every person or persons lawfully claiming the whole or any part thereof. The singular number shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. IN WITNESS WHEREOF the grantor has executed this deed on the date set forth above. Jim Danna STATE OF COLORADO County of Pueblo by Jim Danna c, No. * 932A. Rev. 7 -84�-i q } } ss. The foregoing instrument was acknowledged before me } this 2ND day of AUGUST, 1996 Witness my hand and official seal. My commission expires August 31, 1996 NOTARY PUBLIC 627 North Main Street Pueblo, COLORADO 81003