HomeMy WebLinkAbout8571RESOLUTION NO. 8571
A RESOLUTION APPROVING A CONTRACT TO BUY AND SELL REAL ESTATE
RELATING TO THE CITY'S PURCHASE OF 1227 EAST ORMAN AVENUE, PUEBLO,
COLORADO AND AUTHORIZING THE CITY'S PURCHASE OF SAID REAL ESTATE
ACCORDING TO ITS TERMS
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The Contract To Buy And Sell Real Estate dated October 14, 1998, a copy of which
is attached hereto, is hereby approved. The City is authorized to purchase the real
property therein described in accordance with its terms and the City Manager or his
designee is authorized and directed to take all action and execute all documents required
for the consummation of the purchase.
SECTION 2
Funds for the purchase of the real property are hereby appropriated and transferred
from Account No. 38- 1998 - 100 - 000 - 040 -8943.
INTRODUCED November 23, 1998
BY: Rich Golenda
Councilperson
APPROVED:
ATTEST: President 00he C uncil
COUNCIL BACKGROUND PAPER
RESOLUTION: A RESOLUTION APPROVING A CONTRACT TO
BUY AND SELL REAL ESTATE RELATING TO THE CITY'S
PURCHASE OF 1227 EAST ORMAN AVENUE, PUEBLO, COLORADO
AND AUTHORIZING THE CITY'S PURCHASE OF SAID REAL
ESTATE ACCORDING TO ITS TERMS.
DEPARTMENT CITY MANAGERS OFFICE
I. ISSUE
Authorization purchase the property located at 1227 E. Orman
Avenue for the construction of a parking lot to relieve the
parking demands for Convergys (formerly Matrixx).
H. BACKGROUND
Convergys (formerly Matrixx Marketing) has been plagued
with a parking shortage for their employees and their ability to
expand their Pueblo facility. The property owner at 1227 E.
Orman contacted the City to see if there was any interest in
purchasing their property. The City had the property appraised
by Clyde Laut & Associates and the appraised value is $35,000.
The property owner has accepted the appraised price.
M. FINANCIAL LWACT
Funds in the amount of $35,000 will come from the Economic
Development Special Tax Fund and paid from the 38 -1998-
100- 000 - 040 -8943 account
The printed poltions of this form have been approved by
the Colorado Real Estate Commission. (CBS 5A -9 -95)
THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING.
RESIDENTIAL
CONTRACT TO BUY AND SELL REAL ESTATE
(FINANCING SECTIONS OMITTED)
October & i9 98
1. PARTIES AND PROPERTY. Pueblo, a Municipal Corporation
, buyer(s) [Buyer], (aKAX DIt}mo
agrees to buy, and the undersigned seller(s) [Seller], agrees to sell, on the terms and conditions set forth in this contract, the following described real
estate in the County of Pueb In , Colorado, to wit:
North 1/2 of Lot 32, all of Lot 33, Block 11,
College Hill Subdivision
known as No. 1227 East Orma Avenue Ptlt-hl n CO 81004
Street Address City State Zip
together with all interest of Seller in vacated streets and alleys adjacent thereto, all easements and other appurtenances thereto, all improvements
thereon and all attached fixtures thereon, except as herein excluded (collectively the Property).
2. INCLUSIONS /EXCLUSIONS. The purchase price includes the following items (a) if attached to the Property on the date of this con-
tract: lighting, heating, plumbing, ventilating, and air conditioning fixtures, TV antennas, water softeners, smoke /fire/burglar alarms, security
devices, inside telephone wiring and connecting blocksljacks, plants, minors, floor coverings, intercom systems, built -in kitchen appliances, sprinkler
systems and controls, built -in vacuum systems (including accessories), and garage door openers including remote controls; (b) if on the
Property whether attached or not on the date of this contract: storm windows, storm doors, window and porch shades, awnings, blinds, screens,
curtain rods, drapery rods, fireplace inserts, fireplace screens, fireplace grates, heating stoves, storage sheds, all keys and (c)
The above - described included items (Inclusions) are to be conveyed to Buyer by Seller by bill of sale at the closing, free and clear of all taxes, liens and
encumbrances, except as provided in Section 12. The following attached fixtures are excluded from this sale: Norte
3. PURCHASE PRICE AND TERMS. The purchase price shall be $ 35,000 payable in U.S. dollars by Buyer as
follows: (Complete the applicable terms below.)
$ irIE�YnI4t1{wfC 76J€BCi1€9Ct140tIClt Df3bD420pC1I6S�
XltYe >ffylib7EYnXtiSll�bBfdi�t7}C 1Xt"10733ffMiDi
Xaild4t#31KiKbrrl�5lLbf Ifn�It}6iti�f X�% t1? fcPd�D€ 6brl�c�8f�lllft�ffi�7 5) bQ�CbpA� ,1t:IlQ7hB{c70DG}�1Ci1hX84�@C$�
T mmmix2 f $ 3 S ., 0 0 0 0 0 (purchase price less earnest money) shall be paid as follows:
(b) Cash at Closing.
$ 45 , 00 - 0 0 plus closing costs, to be paid by Buyer at closing in funds which comply with all applicable Colorado laws, which
include cash, electronic transfer funds, certified check, savings and loan teller's check, and cashier's check (Good Funds). Subject to the provisions of
Section 4, if the existing loan balance at the time of closing shall be different from the loan balance in Section 3, the adjustment shall be made in
Good Funds at closing or paid as follows: n / a
4. FINANCING CONDITIONS AND OBLIGATIONS. None
FINANCING TERMS, CONDITIONS AND OBLIGATIONS, PERTAINING TO SECTIONS 3 AND 4,
ARE ATTACHED BY REAL ESTATE COMMISSION APPROVED ADDENDUM AS FOLLOWS: (check as applicable)
❑ New Loan
❑ Assumption
❑ Seller or Private Third -Party Financing
5. APPRAISAL PROVISION. This Section 5 shall not apply if the Buyer is to obtain a new FHA or VA loan. (Check only one box.)
This Section 5 O shall M shall not apply. If this Section 5 applies, as indicated above, Buyer shall have the sole option and election to terminate
this contract if the purchase price excecds the Property's valuation determined by an appraiser engaged by
The contract shall terminate by the Buyer causing the Seller to receive written notice of termination and a copy of such appraisal or written notice
from lender which confirms the Property's valuation is less than the purchase price, on or before
(Appraisal Deadline). If Seller does not receive such written notice of termination on or before the appraisal deadline, Buyer waives any right to
terminate under this section.
6. COST OF APPRAISAL. Cost of any appraisal to be obtained after the date of this contract shall be timely paid by n / a
7. NOT ASSIGNABLE. This contract shall not be assignable by Buyer without Seller's prior written consent. Except as so restricted, this
contract shall inure to the benefit of and be binding upon the heirs, personal representatives, successors and assigns of the parties.
8. EVIDENCE OF TITLE. Seller shall furnish to Buyer, at Seller's expense, either a current commitment for owner's title insurance policy in
I
an arrV equal to the putchase price 000 a18f3fdic { g01aS1X l)4II#eB D[Cdfll OtiC�1l4F�Gt# , on or before November 16
y y t5 (Title Deadline). If a title insurance commitment is furnished, Buyer may require of Seller that copies
of instruments (or abstracts of instruments) listed in the schedule of exceptions (Exceptions) in the title insurance commitment also be furnished to
Buyer at Seller's expense. This requirement shall pertain only to instruments shown of record in the office of the clerk and recorder of the designated
No. CBS5A -9 -95 RESIDENTIAL CONTRACT TO BUY AND SELL REAL ESTATE (Financing Sections Omitted) a
Bradford Publishing, 1743 Wazee St., Denver, CO 80202 — (303) 292 -2500 — 7 -96 Page 1 of 4
Initial
county or counties. The title insurance commitment, together with any copies or abstracts of instruments furnished pursuant to this Section 8,
constitute the title documents (Title Documents). Buyer, or Buyer's designee, must request Seller, in writing, to furnish copies or abstracts of
instruments listed in the schedule of exceptions no later than 10 calendar days after Title Deadline. If Seller furnishes a title insurance
commitment, Seller will pay the premium at closing and have the title insurance policy delivered to Buyer as soon as practicable after closing.
9. TITLE.
(a) Title Review. Buyer shall have the right to inspect the Title Documents or abstract. Written notice by Buyer of unmerchantability of title or
of any other unsatisfactory title condition shown by the Title Documents or abstract shall be signed by or on behalf of Buyer and given to Seller on or
before 15 calendar days after Title Deadline, or within five (5) calendar days after receipt by Buyer of any Title Document(s) or endorse -
ment(s) adding new Exception(s) to the title commitment together with a copy of the Title Document adding new Exception(s) to title. If Seller does
not receive Buyer's notice by the date(s) specified above, Buyer accepts the condition of title as disclosed by the Title Documents as satisfactory.
(b) Matters Not Shown by the Public Records. Seller shall deliver to Buyer, on or before the Title Deadline set forth in Section 8, true copies of
all lease(s) and survey(s) in Seller's possession pertaining to the Property and shall disclose to Buyer all easements, liens or other title matters not
shown by the public records of which Seller has actual knowledge. Buyer shall have the right to inspect the Property to determine if any third party(s)
has any right in the Property not shown by the public records (such as an unrecorded easement, unrecorded lease, or boundary line discrepancy).
Written notice of any unsatisfactory condition(s) disclosed by Seller or revealed by such inspection shall be signed by or an behalf of Buyer and given
to Seller on or before NOV . 27 , 19 98 If Seller does not receive Buyer's notice by said date, Buyer accepts title
subject tto rights, if any, of third parties of which Buyer has actual knowledge, , except any existing l ease or
e(c} g Special taxing Districts. SPECIAL TAXING DISTRICTS MAYBE SUBJECT TO GENERAL OBLIGATION INDEBTEDNESS THAT IS PAID BY REVE-
NUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY
BE PLACED AT RISK FOR INCREASED MILL LEVIES AND EXCESSIVE TAX BURDENS TO SUPPORT THE SERVICING OF SUCH DEBT WHERE CIRCUM-
STANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL
LEVIES. BUYER SHOULD INVESTIGATE THE DEBT FINANCING REQUIREMENTS OF THE AUTHORIZED GENERAL OBLIGATION INDEBTEDNESS OF
SUCH DISTRICTS, EXISTING MILL LEVIES OF SUCH DISTRICT SERVICING SUCH INDEBTEDNESS, AND THE POTENTIAL FOR AN INCREASE IN SUCH
MILL LEVIES.
In the event the Property is located within a special taxing district and Buyer desires to terminate this contract as a result, if written notice is
given to Seller on or before the date set forth in subsection 9 (b), this contract shall then terminate. If Seller does not receive Buyer's notice by the date
specified above, Buyer accepts the effect of the Property's inclusion in such special taxing district(s) and waives the right to so terminate.
(d) Right to Cure. If Seller receives notice of unmerchantability of title or any other unsatisfactory title condition(s) as provided in subsection (a)
or (b) above, Seller shall use reasonable effort to correct said unsatisfactory title condition(s) prior to the date of closing. If Seller fails to correct said
unsatisfactory title condition(s) on or before the date of closing, this contract shall then terminate; provided, however, Buyer may, by written notice
received by Seller, on or before closing, waive objection to said unsatisfactory title condition(s). 1.
10. INSPECTION. waxiKAOI"Xi1
CQ�Iq�4QplQpitpLg{ IS144d14 [Q4fFl14pg�{f09LpgIkAIZGCdge. Buyer or any designee, shall have the right to have inspection(s)
of the physical condition of the Property and Inclusions, at Buyer's expense. If written notice of any unsatisfactory condition, signed by or on behalf
of Buyer, is not received by Seller on or before November 2 , 19 9 8 (Objection Deadline), the physical condition of the
Property and Inclusions shall be deemed to be satisfactory to Buyer. If such notice is received by Seller as set forth above, and if Buyer and Seller have
not agreed, in writing, to a settlement thereof on or before November 2 , 19 8 (Resolution Deadline), this contract
shall terminate three calendar days following the Resolution Deadline; unless, within the three calendar days, Seller receives written notice from
Buyer waiving objection to any unsatisfactory condition. Buyer is responsible for and shall pay for any damage which occurs to the Property and
Inclusions as a result of such inspection.
11. DATE OF CLOSING. The date of closing shall be November 27 '19 98 , or by mutual agreement at an earlier
date. The hour and place of closing shall be as designated by Buyer
12. TRANSFER OF TITLE. Subject to tender or payment at closing as required herein and compliance by Buyer with the other terms and
provisions hereof, Seller shall execute and deliver a good and sufficient general warranty deed to Buyer, on clos-
ing, conveying the Property free and clear of all taxes except the general taxes for the year of closing, and except none
Title shall be conveyed free and clear of all liens for special improvements
installed as of the date of Buyer's signature hereon, whether assessed or not; except (i) distribution utility easements (including cable TV), (ii) those
matters reflected by the Title Documents accepted by Buyer in accordance with subsection 9(a), (iii) those rights, if any, of third parties in the
Property not shown by the public records in accordance with subsection 9(b), (iv) inclusion of the Property within any special taxing district, and (v)
subject to building and Zoning regulations.
13. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid at or before closing from the proceeds of this
transaction or from any other source.
14. CLOSING COSTS, DOCUMENTS AND SERVICES. Buyer and Seller shall pay, in Good Funds, their respective closing costs and all
other items required to be paid at closing, except as otherwise provided herein. Buyer and Seller shall sign and complete all customary or required
documents at or before closing. Fees for real estate closing services shall not exceed $ 10 0 • 0 and shall be paid at closing by
one -half by Seller and one -half bV Buyer XrAXX>t4MdMXXM
1�LsKl3ffe ?fiOQIlQI1�laX1�tD€silt�Bfr . Any sales and use tax that may accrue
because of this transaction shall be paid when due by S e 1 1 e r
15. PRORATION& General taxes for the year of closing, based on the taxes for the calendar year immediately preceding closing, rents, water
and sewer charges, homeowner's association dues, and interest on continuing loan(s), if any, and none
shall be prorated to date of closing.
FHA or private mortgage insurance premium ❑ shall ❑ shall not be apportioned to date of closing. Any such amount shall be apportioned
as follows: n / a
16. POSSESSION. Possession of the Property shall be delivered to Buyer as follows: at Closi
subject to the following lease(s) or tenancy(s):
none — — — —
If Seller, after closing, fails to deliver possession on the date herein specified, Seller shall be subject to eviction and
shall be additionally liable to Buyer for payment of $ 50 per day from the date of agreed possession until possession is delivered.
Buyer ❑ does ® does not represent that Buyer will occupy the Property as Buyer's principal residence.
No. CBS5A -9 -95. Page 2 of 4
Initial
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17. CONDITION OF AND DAMAGE TO PROPERTY. Except as otherwise provided in this contract, the Property and Inclusions shall be
delivered in the condition existing as of the date of this contract, ordinary wear and tear excepted. In the event the Property shall be damaged by fire
or other casualty prior to time of closing, in an amount of not more than ten percent of the total purchase price, Seller shall be obligated to repair the
same before the date of closing. In the event such damage is not repaired within said time or if the damages exceed such sum, this contract may be
terminated at the option of Buyer. Should Buyer elect to carry out this contract despite such damage, Buyer shall be entitled to credit for all the
insurance proceeds resulting from such damage to the Property and Inclusions, not exceeding, however, the total purchase price. Should any Inclu-
sions) or service(s) fail or be damaged between the date of this contract and the date of closing or the date of possession, whichever shall be earlier,
then Seller shall be liable for the repair or replacement of such Inclusions) or service(s) with a unit of similar size, age and quality, or an equivalent
credit, less any insurance proceeds received by Buyer covering such repair or replacement.
IS. TIME OF ESSENCE /REMEDIES. Time is of the essence hereof. If any note or check received as earnest money hereunder or any other
payment due hereunder is not paid, honored or tendered when due, or if any other obligation hereunder is not performed or waived as herein
provided, there shall be the following remedies:
(a) IF BUYER IS IN DEFAULT:
(Check one box only.)
6a (1) Specific Performance.
Seller may elect to treat this contract as cancelled, in which case all payments and things of value received hereunder shall be forfeited and
retained on behalf of Seller, and Seller may recover such damages as may be proper, or Seller may elect to treat this contract as being in full
force and effect and Seller shall have the right to specific performance or damages, or both.
❑ (2) Liquidated Damages.
All payments and things of value received hereunder shall be forfeited by Buyer and retained on behalf of Seller and both parties shall
thereafter be released from all obligations hereunder. It is agreed that such payments and things of value are LIQUIDATED DAMAGES and
(except as provided in subsection (c)) are SELLERS SOLE AND ONLY REMEDY for Buyer's failure to perform the obligations of this
contract. Seller expressly waives the remedies of specific performance and additional damages.
(b) IF SELLER IS IN DEFAULT:
Buyer may elect to treat this contract as cancelled, in which case all payments and things of value received hereunder shall be returned and
Buyer may recover such damages as may be proper, or Buyer may elect to treat this contract as being in full force and effect and Buyer
shall have the right to specific performance or damages, or both.
(c) COSTS AND EXPENSES.
Anything to the contrary herein notwithstanding, in the event of any arbitration or litigation arising out of this contract, the arbitrator or
court shall award to the prevailing party all reasonable costs and expenses, including attorney fees.
W ;�c C�Ka44th�P gP�d7{ l�cx )MM1b3LNdb}g=AMOKboXisf:QiiS7E =d MG K=QC9iW0WWXXfKi €lWKKi jXAW
� �e�aadiaagaDexaol�cacaaa4��laps�a�hn €i�id�a� ��c�ge>�x�l+ailfi�wxi� tx,��i�tlaa�xxrr�ci��xt�r:ax
f} TQ�LhQlritl' AEai) Q�4': �d1�tl1�5X�DI�,} bQq@ C7} �ClNtt>gJ 91�1114r]CDC')3d}CdsI�B�}�k�x�C #�r'�eXil�
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alkh6} E�13e}( s�Cu[ v1ilK�ixli, �s$ �3& b[ t1��Cd5h1� b�CXri; i `t�}b��9Xn'g�i}Lr7f�io��5fs7f: }bsi}E Hr���1Xe�Xs}�iXtiKi3llkj�krifJy
a�RIIr} �b> b18���i� £�>lfiIl:slSa�C?fr�IIII��s%�af 1�tXzaiid} fdfLNe��rx�ti�eXt} Fa�iRt1341 &7tXc�C�31�d��t�cr�C�t�t
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21. ADDITIONAL PROVISIONS: (The language of these additional provisions has not been approved by the Colorado Real Estate Commission.)
(a) Title Insurance The title insurance referred to in
Section 8 shall be issued on the ALTA 1987 Owner's Form, amended
10/17/92, with standard printed exceptions 1,2,3 and 4 deleted.
(b) Hazardous Materials Seller represents and warrants
that (i) to the best of Seller's knowledge the Property is not
in any way contaminated with any hazardous substances, and (ii)
there are no undergrounds storage tanks on the Property and all
previously existing underground storage tanks have been removed in
accordance with applicable laws.
(c) Defects There is no condition known to Seller with
respect to the Property, or any part thereof, which violates any
law, rule, regulations, code, order, decree or ruling of any city,
county, state or federal government, agency or court. Seller has
not received any notice, written or otherwise from any governmenta l
or quasi - governmental agency requiring the correction of any condi-
tion with respect to the Property, or any part thereof. Seller has
not received notice of, or has no other knowledge or information of,
any litigation or condemnation action with respect to the Property,
or any part thereof.
(e) Contingencies This Contract and Buyer's obligations
hereunder are contingent upon approval of this Contract by the
City Council of Buyer.
No. CBS5A -9 -95. Page 3 of 4
Initial
4P ,
22. RECOMMENDATION OF LEGAL COUNSEL. By signing this document, Buyer and Seller acknowledge that the Selling Company or
the Listing Company has advised that this document has important legal consequences and has recommended the examination of title and consulta-
tion with legal and tax or other counsel before signing this contract.
23. TERMINATION. In the event this contract is terminated, all payments and things of value received hereunder shall be returned and the
parties shall be relieved of all obligations hereunder, subject to Section 19.
�HD�lI�E�GC6dta6�KbGQ4��@d RS .
Slfff�l} Z�1�K1�LS193411CIi Q9ft44D ?;1'E4'bdOfi�dIC�14�CC1�St DI1�AI7 ��41A5�7�R�C����4RhL�1 ?44��X1X�484
slitiit�ft6fjilt�CiKaliSbfdddb�d�f�C
25. NOTICE TO BU Any notice to Buyer shall be effective when received by Buyer, d�€2Ifo�CKM>>Ie£1�X4ff8eB�3X
c/o Thomas E. Jagger, City Attorney, �uebToatE6eElBb�lding
,
26. NOTICE TO SELLER. Any notice to Seller shall be effective when received by Seller or kjqllGjt§�
27. MODIFICATION OF THIS CONTRACT. No subsequent modification of any of the terms of this contract shall be valid, binding upon
the rarties, or enforceable unless made in writing and signed by the parties.
28. ENTIRE AGREEMENT. This contract constitutes the entire contract between the parties relating to the subject hereof, and any prior
agreements pertaining thereto, whether oral or written, have been merged and integrated into this contract.
29. NOTICE OF ACCEPTANCE: COUNTERPARTS. This proposal shall expire unless accepted in writing, by Buyer and Seller, as evi-
denced by their signatures below, and the offering party receives notice of such acceptance on or before October 3 19 9 8 ,
19 (Acceptance Deadline). If accepted, this document shall become a contract between Seller and Buyer. A copy of this document may be
executed by each party, separately, and when each party has executed a copy thereof, such copies taken together shall be deemed to be a full and
complete contract between the parties. P ueblo, a Munici Corporation
Buyer
Date of Buyer's signature
Buyer's Address 1 City Hal
1 19—
lace. Pueb
(r gn �allul -t-' -9/ 19
Date of Seller's si afore
B y
Buyer •V ,
`1
Date of Buyer's signature October ' 199 8
Seller
Date of Seller's signature
Seller's Address 2 a ��`� ,S7`,_�w l 12 S
The undersigned Broker(s) acknowledges receipt of the earnest money deposit specified in Section 3, and Selling Company confirms its Broker
Relationship as set forth in Section 24.
Selling Company -
By:
Name and Address
Date
,19
Listing Company
Name and Address
By. Signature
Date
19
NOTE: Closing Instructions should be signed at the time this contract is signed.
No. CBS5A -9 -95. Page 4 of 4
ISSUED BY
TRANSNADON TITLE INSURANCE COMPANY OW NER'S POLICY OF TITLE INSURANCE
ip Transnation
A LANDAMERICA COMPANY
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
Z \N�O o
Attest: C , SEPT. 16, 1491 < By: WTI ^ U
Secretary ABIZONa President
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 claimant 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) Valid Only If Schedules A and B and Cover Are Attached
Face Page
Form 1190 -56 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 any
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,
distributees, 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 any other records which impart
constructive notice of matters affecting 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.
(e) "mortgage ": mortgage, deed of trust, trust deed, or other security
instrument.
(f) "public records ": records established under state statutes at Date of
Policy for the purpose of imparting constructive notice of matters relating
to real property to purchasers for value and without knowledge. With
respect to Section 1(a) (iv) of the Exclusions From Coverage, "public
records" shall also include environmental protection liens filed 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 a 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 long 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 writing (i) in case of
any litigation as set forth in Section 4(a) below, (ii) in case knowledge shall
come to an 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 be liable by virtue of
this policy, or (iii) if title to the estate or interest, as insured, is rejected as
unmarketable. If prompt notice shall not be 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 unless the Company shall be
prejudiced by the failure and then only to the extent 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 any 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 encumbrance 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 be liable for and will not pay the fees of any other counsel. The
Company will not pay any fees, costs or expenses incurred by 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 thereby
concede liability or waive any provision of this policy. If the Company
shall exercise its rights under this paragraph, it shall do so diligently.
B 1190 -56
(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 (i) in any action or
proceeding, securing evidence, obtaining witnesses, prosecuting or
defending the action or proceeding, or effecting settlement, and (ii) in any
other lawful act which in the opinion of the Company may be necessary or
desirable to establish the title to the estate or interest as 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.
In 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 damage signed and sworn to by the insured claimant shall be
furnished to the Company within 90 days 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 policy which constitutes the basis of
loss or damage and shall state, to the extent possible, the basis of
calculating the amount of the loss or damage. If the Company is prejudiced
by the failure of the insured claimant to provide 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 may reasonably be required to submit
to examination under oath by any authorized representative of the
Company and shall produce for examination, inspection and copying, at
such reasonable times and places as may be designated by any authorized
representative of the Company, all records, books, ledgers, checks,
correspondence and memoranda, whether bearing a date before or after
Date of Policy, which reasonably pertain to the loss or damage. Further, if
requested by any authorized representative of the Company , the insured
claimant shall grant its permission, in writing, for any authorized
representative of the Company to examine , inspect and copy all records,
books, ledgers, checks, correspondence and memoranda in the custody or
control of a third party, which reasonably pertain to the loss or damage.
All information designated as confidential by the insured claimant provided
to the Company pursuant to this Section shall not be disclosed to others
unless, in the reasonable judgement of the Company, it is necessary in the
administration of the claim. Failure of the insured claimant to submit for
examination under oath, produce other reasonably requested information
or grant permission to secure reasonably necessary information from third
parties as required in this paragraph shall terminate any liability of the
Company under this policy 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 have the
following options:
(a)To Pay or Tender Payment of the Amount of Insurance.
To pay or tender payment of the amount of insurance under
this policy together with any costs, attorneys' fees and expenses incurred by
the insured claimant, which were authorized by the Company, up to the
time of paymant or tender of payment and which the Company is obliga-
ted to pay.
Upon the exercise by the Company of this option, all liability and
obligations to the insured under this policy, other than to make the
payment required, shall terminate, including any liability or obligation to
defend, prosecute, or continue any litigation, and the policy shall be
surrendered to the Company for cancellation.
(b) To Pay or Otherwise Settle With Parties Other than the Insured or
With the Insured Claimant.
(i) to pay or otherwise settle with other parties for or in the name
of an insured claimant any claim insured against under this policy, together
with any costs, attorneys' fees and expenses incurred by the insured
claimant which were authorized by the Company up to time of payment
and which the Company is obligated to pay; or
(ii) to pay or otherwise settle with the insured claimant the loss or
damage provided for under this policy, together with any costs, attorneys'
fees and expenses incurred by the insured claimant which were authorized
by the Company up to the time of payment and which the Company is
obligated to pay.
Upon the exercise by the Company of either of the options provided for
in paragraphs (b)(i) or (ii), the Company's obligations to the insured under
this policy for the claimed loss or damage, other than the payments
required to be made, shall terminate, including any liability or obligation to
defend, prosecute or continue any litigation.
Conditions and Stipulations Continued Inside Cover
CONTROL NO
A31- 114489
TRANSNATION TITLE INSURANCE COMPANY
POLICY OF TITLE INSURANCE
SCHEDULE A
Amount of Insurance: $ 35,000.00 Policy No.: 7568347
Date of Policy: December 7, 1998 at 8:06 A.M., up to and including
Reception No. 1252254
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:
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.: 7568347
LEGAL DESCRIPTION
Lot 33 and the North 1/2 of Lot 32, Block 11, College Hill, Second Filing,
County of Pueblo, State of Colorado
Page 2
TRANSNATION TITLE INSURANCE COMPANY
SCHEDULE B
Policy No.: 7568347
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 1997 General taxes paid, according to tax
certificate dated December 3, 1998.
6. Liquor restrictions, which contain a forfeiture
which provide that intoxicating liquors shall n
manufactured, sold or otherwise disposed of, as
place of public resort in or upon the premises,
thereof, as disclosed in instrument recorded in
320.
or reverter clause,
ever be
a beverage, in any
or any part
Book 69 at Page
Page 3
a ,
CONDITIONS AND STIPULATIONS
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,
(ii) the difference between the value of the insured estate or interest as
insured and the value A 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 site, 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 1 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
Company 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 involving these rights or remedies.
If a payment on account of a 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 to 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 be 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 he 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, PA 19103 -3990.
ORIGINAL Valid Only If Face Page, Schedules A and B Are Attached
-.
1111111111111111111111111111111111111111111 IN IN
1252294 12/07/1888 WON ND Chris C. Runes
1 of 2 R 11.00 D 0.00 suable Cty Clk 3 Rao.
W A R R A N T Y D I E D
THIS DEED, Made this 1ST day of DECEMBER, 1998 between
PETE JOSEPH COSTANZA and ANNA COSTANZA
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:
WITMSSZTN, That the grantor for and in consideration of the sun of TNIRTT FIVE
THOUSAND AND 00 /100, ( =35,000.00) Dollars, the receipt and sufficiency of which is
Q hereby acknowledged, has granted, bargained, sold and conveyed, and by these presents
does grant, bargain, sell, coney and confirm unto the grantee, his heirs and assigns
o forever, all the real property, together with improvements, if any, situate,lying and
being in the County of PUEBLO and state of Colorado, described as followse
Lot 33 and the North 1/2 of Lot 32, Block 11, College Hill, Second Filing, County of
Pueblo, State of Colorado
I
also known by street and number as 1227 E. ORMAN AVE., PUEBLO, COLORADO 81004
TOasTHER with all and singular the hereditament■ and appurtenances thereto
belonging, or in anTwiss 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 hereditament* and appurtenances.
TO NAVE 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
im
hself, his heirs and personal representatives, does covenant, grant, bargmin, and
agree to and with the grantee, his heirs and assigns, that at the time of the
unsealing and delivery of these resents, he is well seised of the premises above
cone77ed, has good, sure, perfect, absolute mad indefeasible estate of inheritance, in
law, is fee simple, and has good right, full power and lawful authority to grant,
bargain, sell and convey the sane in manner and form as aforesaid, and that the same
are free and clear from all former and other grants, bargains, sales, liens, taxes,
assessaents, encumbrances and restrictions of whatever kind or nature &cover, except
general taxes for 1998 and subsequent year :; 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 assign,:, 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 sat h above.
E JOSEP COST A
ANNA COSTANZA
STATE OF COLORADO }
} es. The foregoing instrument was acknowledged before
County of PUEBLO } me this 4TH day of DECEMBER, 1998
by ANNA COSTANZA
Witness my hand and official seal.
My commi ion expires August 11, 2001
C . 1
NOTARY PUBLIC
No. 932A. Rev. 7 -84
1 ti ;o
C�
Y , II II II
1252254 12/07/1998 08:0Mi MD Chris C. human
2 of 2 R 11.00 D 0,00 Pueblo Cty Clk 8 Roo.
STATE OF: R1108B EBEM )
ss.
COUNTY OF:
The foregoing instrument was acknowledged before me this 11?4w day of
DECEMBER, 1998 by: PETE JOSEPH COSTANZA
Witness my hand and official seal. `
My commission expires: ,�� .?ooS • �
Notary Public i - • + `
��hhA �lSiR� •� j � �; Y
Notary Address:
14 vr4 �19R7 4 a A
e• •.... • az ?yg
SUMMARY APPRAISAL REPORT
Property Description UNIFORM RESIDENTIAL APPRAISAL REPORT
File No. 98 -7139
Property Address 1227 East Orman Avenue City Pueblo State CO Zip Code 81004
Legal Description North K of Lot 32, All of Lot 33, Block 11, College Hill Subdivision, 2nd County Pueblo
Assessor's Parcel No. 15- 013 -20 -016 Tax Year 1997 R.E. Taxes $ 238.40 Special Assessments $ None Noted
. Borrower Buyer: City of Pueblo Current Owner Pete J. & Anna Costanza Occupant: 00 owner 0 Tenant x❑ Vacant
•
Property rights appraised EXI FeeSimpIeF1 Leasehold Project Type ❑ PUD ❑ Condominium (HUD /VA only) HOA$ None /Mo.
Neighborhood or Project Name College Hill Subdivision Map Reference Pueblo South Census Trac 0021.00
_
Sale Price $ N/A Date of Sale N/A Description and $ amount of loan charges /concessions to be paid by seller
Lender /Client Client: City of Pueblo Address 1 City Hall Place, Pueblo, Colorado 81003
Appraiser Clyde E. Laut CREA Certified Gen. Appr. Address P.O. Box 3395 Pueblo Colorado 81005
Location I x I Urban Suburban Rural predominant Single family housing Present land use % Land use change
Built up x❑ Over 75% F 25 -75% ❑ Under 25% occupancy $ ��) AGE One family 80 x❑ Not likely [::] Likely
Growth Rate 0 Rapid x❑ Stable ❑ Slow x❑ Owner 30 Low 10 2 -4 family 05 ❑ In process
Property values ❑ Increasing a Stable ❑ Declining ❑ Tenant 150 High 110 Multifamily 05 To:
Demand /supply ❑ Shortage x❑ In balance ❑ Over supply x❑ Vacant (0 -5 %) Predominant Commercial 05
Marketing time x❑ Under 3 mos. 0 3 -6 mos. ❑ Over 6 mos. ❑ Vacant (Over 5 %) 67 70 ) 05
-- -- (Vacant
Note: Race and the racial composition of the neighborhood are not appraisal factors.
Neighborhood boundaries and characteristics: _ The boundaries of the neighborhood are depicted on the attached comparable sales map. The
neighborhood is composed primarily of compatible single - family dwellings s ituated on the South side of Puebl _
Factors that affect the marketability of the properties in the neighborhood (proximity to employment and amenities, employment stability, appeal to market, etc.):
= The neighborhood in which the subject property is located is a well establi area that i s considered to be average to competing
• neighborhoods. The neighborhood is not situated in a special taxing district. Most properties have an average appeal to the
•
market. Furthermore, the subject property has average access to employTent centers, schools, shopping, etc. The subject propert
• conforms well to the neighborhood, and it is considered to be compatible t some of the homes in the immediate vicinity. The
subject property should not be construed to be an over - improvement for the neighborhood.
Market conditions in the subject neighborhood (including support for the above conclusions related to the trend of property values, demand /supply, and marketing time
- such as data on competitive properties for sale in the neighborhood, description of the prevalence of sales and financing concessions, etc.):
Lower interest rates have stimulated the real estate market in a positive manner, and these lower interest rates have increased the
effective purchasing power. Typical financing is con ventional, VA, and FHA with sellers normally paying fr 0 to 1 point. The
typical marketino time is 54 days, and the average sales -to- asking price ratio is 97.5%. The marketing time, and the sales -to-
asking price ratio have been fairl steady.
NOTE: This appraisal report should be constru to be a Summary Appraisal Report.
- Project Information for PUDs (If applicable) - - Is the developer/ builder in control of the Home Owners' Association (HOA)? ❑ Yes 0 No
Approximate total number of units in the subject project . Approximate total number of units for sale in the subject project
�
Describe common elements and recreational facilities: None -N /A
Dimensions 37.50 x 123.00 (Per Court House Records) Topography _ Slightly Sloping _
Site area 4,613 Square Feet M/L (Per Court House Records) Corner Lot 0 Yes x❑ No Size Average -4,613 Sq. Ft. WL
Specific zoning classification and description R -4 (Multiple -Fami ly- Garden Apartm Shape Rectangular _
1j
Zoning Compliance ❑ Legal x❑ Legal nonconforming (Grandfathered use) ❑ Illegal ❑ No zoning Drainage Appears Adeq uate_
Highest & best use as improv x❑ Present use 0❑ Other use (expl N one Ot her 1 View A vge.Surr. Homes /Buil
Utilities Public Other Off -site Improvements Type — Public Private Landscaping Poor (Front & Rear)
Electricity x❑ Street Asphalt x❑ ❑ Driveway surface Concrete & Gravel
Gas x❑ Curb /gutter Concrete a ❑ Apparent easements Normal PUE's
—
Water x❑ Sidewalk Concrete x❑ ❑ FEMA Special Flood Hazard Area ❑0 Yes x No
- -- --_......._---._. —
Sanitary sewer x❑ Street lights Electric x❑ ❑ FEMA Zone Zone B Map Date 09 - -
Storm sewer Eil ! Al Asphalt x❑ ❑ FEMA Map No. 085077 0009 C
Comments (apparent adverse easements, encroachments, special assessments, slide areas, illegal or legal nonconforming zoning use, etc.): Locational
obsolescence is applicable to the subject site since it is located along a somewhat busy /noisy traffic artery, and there are some
commercial influences in the area which limits off -site par kin see photogra Unable to determine any possi bIs encroachments.
GENERAL DESCRIPTION EXTERIOR DESCRIPTION FOUNDATION BASEMENT INSULATION
No. of Units O Foundation Concrete /Stone Slab No -OX of Main Area Sq. Ft. S mall Cellar Roof ❑
No. of Stories One Exterior Walls FrWdSid /FrameSt Crawl Space Partial % Finished - Ceiling Avge. x❑
_
Type (Det. /Att.) D etached Roof Surface A sphalt Camp. Basement Small Cellar Ceiling U nfinished Walls Unk. FA
_
• Design (Style) R anch Gutters & Dwnspts. Some Galvanized Sump Pump No Walls Unfinished Floor ❑
_
• Existing/ Proposed Y / No Window Type W ooden Dampness Ye s- Moisture Floor D irt None ❑
Age (Yrs.) 95 storm /Screens Yes / Mostly Settlement Considerable Outside Entry Inside- TrapDr Unknown ❑
Effective Age (Yrs.) 30 -35 Manufactured House No Infestation Not Apparent No Contri butory Value Some Storm Units
•
ROOMS
Foyer
Living
Dining
Kitchen
Den
Family R m.
Rec. Rm.
Bedrooms
#Baths
Laundry
Other
Area Sq, Ft.
Basement
St /Frn
Cellar
• Level
Small
1
1
1
�!
2
1.00 —
EncPor
968
Level
Finished area above grade contains: 6 Rooms; 2 Bedroom (s);
1.00 Bath(s); 968 Square Feet of Gross Living Area
• INTERIOR Materials /Condition HEATING KITCHEN EQUIP. ATTIC AMENITIES CAR STORAGE:
• Floors W -Cpt- Vin -ViTi /Poor Type Space Heat Refrigerator None ❑ Fireplace(s) # None _ 0❑ None ❑0
Walls P Mir Wd - Dw - Mel / Fr. Fuel G Range /Oven Stairs ❑ Patio Ope - Stoop x❑ Garage #of cars
Trim /Finish W ooden /Fair Condition Unknown Disposal 0❑ Drop Stair ❑ Deck None 0❑ Attached None
Bath Floor W ooden /Poor COOLING Dishwasher 0 Scuttle 0 Porch 0, Cov x❑ Detached None
Bath Wainscot C eramic /Fair Central N Fan /Hood 0❑ Floor ❑ Fence ChnLnk/Wood x❑ Built -In None
Doors Wooden /Fair Other No Microwave ❑0 Heated ❑ Pool None 0❑ Carport 01(One) -
Walk - Closet /Circuit Breaker. Condition N/A Washer FO Finished Open Front stoop x I I Driveway Conc /Gray.
Additional features (special energy efficient items, etc.): Miscellaneous Concrete Work; Vinyl Eaves; Some Arched Plaster Areas; China
Cabinet. NOTE: Functional obsolescence exists since heat is supplied by a space heater (fair adequacy of heating)._ �__
• Condition of the improvements, depreciation (physical, functional, and external), repairs needed, quality of construction, remodeling /additions, etc.: All of
the floor coverings need to be replaced, interior /exterior repainting i s needed, moisture was noted i the c som broken
win dows were observed, general cleaning is needed, considerable settlem is evident, ma dated features were noted, older
plumbing/wiring was observed, and some additional item of physical de are apparent.
Adverse environmental conditions (such as, but not limited to, hazardous wastes, toxic substances, etc.) present in the improvements, on the site, or in the
immediate vicinity of the subject property: None observed. P refer to the environmental disclaimer in the addendum of this
appraisal. NOTE: Locational obsolescence is applicable to the subject property as discussed above under Site.
Freddie Mac Form 70 6 -93 10 CH. PAGE 1 OF 2
Homeputere Forms Processing System For Laser Printers 1 (802) 773 -3018
t Mae corm iuuq o -am
Valuation Section
UNIFORM RESIDENTIAL APPRAISAL REPORT File No. 9 A -71
ESTIMATED SITE VALUE _ $ 5,000
_ ........................... —
Comments on Cost Approach (such as, source of cost estimate,
ESTIMATED REPRODUCTION COST -NEW OF IMPROVEMENTS:
ESTIMATED
site value, square foot calculation and, for HUD, VA and FmHA, the
• Dwelling 968 Sq. Ft @ $ 60.0 = $ 58,080
estimated remaining economic life of the property): _
Cellar Sq.Ft@ $ _ = Incl.
Estimated Remaining Economic Life:_ 40 -45
All personal property has been excluded. Please
Extras: As Previously Discussed = 1,200
_NOTES:
refer to the attached improvement sketch, and
Garage /Carport 144 Sq. Ft@ $ 10.0 = 1,440
_
GLA calculations. Both functional and
• Total Estimated Cost New = $ 60,720
..............................
locational obsolescence are applicable to the
" Less Physical Functional xternal
• Depreciation 26000 1500 onal 3000 =$ 30,500
subject property as discussed on the first page
of this appraisal report.
Depreciated Value of Improvements =$ 30,220
"As-is" Value of Site Improvements =$ 2,500
The Cost Approach has been rounded to the nearest $500.00
INDICATED VALUE BY COST APPROACH =$ 37,720
ITEM I SUBJECT
COMPARABLE NO. 1
COMPA RABLE NO. 2
COMPARABLE NO. 3
1227
East Orman
1231 East Orman _
1124 East Orman
1219 East Orman
Address Avenue
Avenue
Avenue
Avenue
Proximity to Subject
1111111
Same Block S
1 Block N _
Same Block N
Sales Price
$ N/A
$ 43,500
$ 45,000
$ 45
Price /Gross Liv. Area
$
$ 42.11 0 111111111111111111111Uff
$ 62.24
$ 54.09
Data and /or
Inspection
MLS / Court House / Grantee
MLS / Court House
MLS / Court House / Grantee
Verification Sources
Court House
Previous Inspection
Exterior Inspecti
Previous Inspection
VALUE ADJUSTMENTS
DESCRIPTION
DESCRIPTION + ( -) $ Adjustment
DESCRIPTION + ( -) $ Adjustment
D ESCRIPTION + (-) $ Adjustment
Sales or Financing
Cash
;
Conv. Market Rate
Cash
Concessions
N/A -0-
Seller Paid 0 Pts.; -0-
N/A -0-
Date of Sale /Time
Closed 03 -04 -98 -0-
Closed 03 -23 -98 -0-
Closed 09 -29 -97 -0-
Location
Avera e- (LocObsol )
Avera e- (LocObsol)I -
Avera a /Sup(Locob); -1500
Aver age- (LocObsol -0-
Leasehold /Fee Simple
Fee Simple
Fee Simple
Fee Simple _
Fee Simple
—
Site
37 & x 123
37ie x 123 -0-
25 x 123 -0-
50 x 1231 -500
View
Average
Average
Average
Average
Design and Appeal
Ranch /Fair
Ranch /Fair+ -0-
Ranch/Average -0-
-- -; —-
Ranch /Average -0-
Quality of Construction
Average (Frame)
Average (Frame) -0-
Average (Brick) -2500
A verage (Frame) -0-
Age
1903
1903 -0-
1904 -0-
190 -0-
Condition
Fair
Fai -2500
Average -7500
Average -7500
Above Grade
Total Bdrms Baths
Total Bdrms Baths
_
Total Bdrms Baths
Total Bdrms Baths
• Room Count
--- r-- -r - --;
6 ;2 ;1.00 -0-
-- ---rte
4 ;2 11.00 -0-
_- �� - - --
6 ;3 ; 1.00 -0-
6 12 11.00
968 Sq. Ft.
• Gross Living Area
1033 Sq. Ft. -1000
723 Sq. Ft. +3700
832 Sq. Ft. +2000
_ Basement& Finished
Cellar -No Value
Cellar -No Value -0-
I
Cellar -No Value -0-
{
418 -1700
;
Rooms Below Grade
Unfinished
Unfinished -0-
Nom. Fin=No Value -0-
Unfinished -0-
Functional Utility
Average /2 Bedrooms
Average /2 Bedrooms; -0-
Average /2 Bedrooms; -0-
Average/3 Bedrooms; -1000
Heating /Cooling
GSH / None
GFWA / Similar -1500
GFWA / Similar -1500
GFWA / Similar -1500
Energy Efficient Items
Typical / Extras
Similar /Sup- StorBl; -4500
Similar / Similar
Similar /Sup- StorShl -1500
Garage /Carport
1 Carport Attached
None +1000
None +1000
None 1 +1000
Porch, Patio, Deck,
Cov. Porch /Stoops
Similar
Similar
Similar
Fireplace(s),etc.
No Fireplace
INo Fireplace -0-
No Fireplace -0-
No Fi replac e -0-
Fence, Pool, etc.
Site Improvements
Similar
Superi -L /S -500
S imilar
NetAdj. (total) Days On The Market Not❑ListeX - ; $ _` - -. 8,5002� - -� $ _ - -- 8,8000.0 + -._� _ _I $ -' - - --
r 700
10,
Adjusted Sales Price
of Comparable $ __ 35,000 i I $ 36,200 $ 34,300
Comments on Sales Comparison (including the subject property's compatibility to the neighborhood, etc.): Each comparable sale utilized appears to
have many physical, and economic similarities to that of the subject property. Sale #1 & #3 are most comparabl to the subject
property. Some reliance Was placed on comparable sale 02. Additional comments pertaining to the comparable sales are included in
the addendum. The subject propert c onforms sell to the neighborhood.
ITEM
SUBJECT
COMPARABLE NO. 1 COMPARABLE NO. 2
COMPARABLE NO. 3
Date, Price and Data
None
None None
None
Source for prior sales
None
None None
None
within year of appraisal
Court House
Cour House ;Court H ouse
Court House
_ _ _ _ _
Analysis of any current agreement of sale, option, or listing of the subject property and analysis of any prior sales of subject and comparables within one year of the date of appraisal:
Previous sales of the subject property, and the comparable sales have no effect on the current estimate of market value applicable
to the subject property. The subject property is currently listed for $50,000.00, but it is apparently not under contract.
INDICATED VALUE BY SALES COMPARISON APPROACH $ 35,000
.INDICATED VALUE BY INCOME APPROACH If Applicable) Estimated Market Rent $ N/A /Mo. x Gross Rent Multiplier N/A - $ N/A
This appraisal is made Lx J "as is" subject to the repairs, alterations, inspections, or conditions listed below ILI subject to completion per plans and specifications.
Conditions of Appraisal: Please refer to the addendum which is an integral part of this appraisal report.
Final Reconciliation: As shown above, the subject property is in a value range from $35,000.00 to $37,500.00 (Cost Approach) which has
been resolved to $35,000.00 as the estim market value. The result of the Sales Comparison Analy is the best indica of
• value. The Income Approach was omitted due to the lack of rental /sale data. See attach limiting conditions and certification.
The purpose of this appraisal is to estimate the market value of the real property that is the subject of this report, based on the above conditions and the certification, contingent
and limiting conditions, and market value definition that are stated in the attached Freddie Mac Form 439 /Fannie Mae Form 1004B (Revised June, 199 ).
_
I (WE) ESTIMATE THE MARKET VALUE, AS DEFINED, OF THE REAL PROPERTY THAT IS THE SUBJECT OF THIS REPORT_�AS OF Sep tember 12, 199
(WHICH IS THE DATE ECTION AND T EFFECT DATE IS REPORT) TO BE $ 35,000
- —
APPRAISER: SUPERVISORY APPRAISER (ONLY IF REQUIRED):
• Signature Signature Did Did Not
Name Clyde E. Laut CREA, Certified General Appr tser Name Inspect Property
Date Report Signed September 12, 1998 Date Repor Signed _
State Certification # CG01313402 State CO State Certification # State
Or State License # State Or State License # State
Freddie Mac Form 70 6 -93 10 CH. PAGE 2 OF 2 Fannie Mae Form 1004 6-93
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9A -7139
MULTI -PURPOSE APPRAISAL ADDENDUM
FOR FEDERALLY REGULATED TRANSACTIONS
Borrower Purchaser: City of Pueblo
Property Address 1227 East Orman Avenue
City Pueblo County Pueblo
_
State Colorado Zip Code 81004
_
Lender /Client city of Pueblo
This addendum is for use with all appraisal reports to comply with current appraisal standards and requirements of the
Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Resolution
Trust Corporation (RTC), the Office of Thrift Supervision (OTS), the National Credit Union Administration (NCUA), and
the Federal Reserve.
Instructions: Check only those sections which apply to the subject property being appraised.
X APPRAISAL PURPOSE FUNCTION
The purpose of this appraisal is to estimate the market value of the subject property as defined within this report. The function of this
appraisal is to assist the lender in collateral valuation and /or portfolio management.
X EXTENT OF •
X❑ The data contained in the attached appraisal report has been compiled by the appraiser from the following sources:
Inspection and research of the subject property to identify dimensions, nature of construction, physical condition, and any other
physical, functional or external factors;
Research of municipal offices and registry of deeds to identify assessments, transfer activity, site parameters, and other pertinent
factors;
Contact with appropriate real estate brokers, developers, managers, appraisers, and other knowledgeable sources to identify relevant
market data such as comparable sales, comparable rents, vacancy rents, depreciation rates, operating costs, development costs, and
any trends that may influence value such as economic or demographic trends.
X I The estimated reproduction cost is based upon the appraiser's knowledge of the local market, surveys of local developers and
contractors, and The Marshall b Swift Cost Handbook.
X❑ All forms of depreciation (physical, functional, and external) are specifically addressed in the attached report or other addenda.
Physical depreciation is based on the estimated effective age of the subject property.
X❑ The site value estimate is based on analysis of site sales, and abstraction of site values from sales of improved properties.
❑ For income producing properties, actual rents, expenses and vacancies have been reported and analyzed for subject and comparable
income producing properties. Potential rents, expenses, and vacancies have been projected based on market data derived from prior
and current market surveys.
X❑ The subject is a single family residence located in a predominantly owner- occupied area. The lack of rental data and the lack of sales
of rented dwellings make meaningful rental and gross rent multiplier conclusions impossible, therefore the income approach was not
applied.
X I All sources and data utilized are considered accurate and reliable. Unreliable data has been disregarded. All sources have been
noted where appropriate, and all data has been confirmed whenever possible.
X SUBJECT PROPERTY HISTORY
X❑ The subject property has not transferred during the last twelve months.
❑ The subject property has transferred during the past twelve months.
0 Any transfer activity which has occurred during the past twelve months is listed below and is addressed in the attached appraisal
report:
Date Sales Price # /Book and Page Seller Buyer 1
i
N/A
i
Source: Pueblo Count Asse Office
X FEMA FLOOD HAZARD DATA
Zone - Map /Parcel Date - Name of Community
B 085077 00 09 C 09 -29 -86 City of Pueblo, Colo
❑ The subject property Is located in a FEMA Special Flood Hazard Area.
X I The subject property Is not located in a FEMA Special Flood Hazard Area.
X❑ The subject property's community does participate in the National Flood Insurance Program.
❑ The subject property's community does not participate in the National Flood Insurance Program.
X❑ The subject property's community Is covered by a Regular Program.
❑ The subject property's community Is covered by an Emergency Program.
July 1W91 Homeputer® Forms Processing System For Laser Printers 1 (802) 773 -3018
SUBJECT PROPERTY OFFERING AND CONTRACT INFORMATION
❑ The subject property has not been offered for sale during the past 30 days.
X❑ The subject property has been offered for sale during the past 30 days for $ 50,000.00
X I The subject property is currently for sale for $ 50,000.00
X7 The subject property is not currently under contract for sale.
❑ The subject property is currently under contract for sale as described:
Contract Date Offer Date Contract Price Seller Buyer
N/A
❑ The sales contract and /or escrow instructions were reviewed.
❑ The contract indicated that personal property was not Included in the sale.
❑ The contract indicated that the following personal property was included in the sale:
The personal property's estimated contributory value is $ -0- / Excluded
❑ Personal property was considered in the final estimate of market value and has been addressed in the attached report.
❑ Financing concessions were not indicated in the contract.
❑ The following financing concessions were indicated in the contract:
Source:
_
❑ Offering and /or contract information was considered in the final estimate of market value.
❑ Offering and /or contract information was not considered in the final estimate of market value.
❑ Offering and /or contract information was not available to the appraiser. (For additional information, see attached narrative
addenda)
X MARKET OVERVIEW
A reasonable marketing period of 01_ months has been projected based on multiple listing statistics, comparable sales,
the subject property, a nd the appraiser's knowledge of the market.
X ADDITIONAL CERTIFICATION
This appraisal conforms to the Uniform Standards of Professional Appraisal Practice (USPAP) adopted by the Appraisal Standards
Board of the Appraisal Foundation, except that the Departure Provision does not apply.
Their compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the
client, the amount of the value estimate, the attainment of a stipulated result, or the occurance of a subsequent event.
This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan.
X ENVIRONMENTAL
The value estimated is based on the assumption that the property is not negatively affected by the existence of hazardous substances or
detrimental environmental conditions unless otherwise stated in this report. The appraiser is not an expert in the identification of hazardous
substances or detrimental environmental conditions. The appraiser's routine inspection of and inquiries about the subject property did not
develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which
would affect the property negatively unless otherwise stated in this report. It is possible that tests and inspections made by a qualified
hazardous substance and environmental expert would reveal the existence of hazardous substances or detrimental environmental
conditions on or around the property that would negatively affect its value.
X ADDITIONAL COMMENTS
Please refer to the at tached appraisal addendum.
X /CERTIFICATION
Appraiser's Signature Effective Date September 12, 1998 Date Prepared _S 12, 1998
Appraiser's Name (print) lyde . Laut, tifi General Appraiser Phone # (719) 595 -0211
_
State C olorado X❑ License XO Certification # 0001313402 Tax ID # 84- 1144089
/CERTIFICATION CO - SIGNING APPRAISER'S SIGNATURE & LICENSE
❑ The co- signing appraiser has Inspected the property, both inside and out, and has made an exterior inspection of all comparable
sales listed in the report. The report was completed by the appraiser under direct supervision of the co- signing appraiser. The co-
signing appraiser accepts responsibility for the report including the value conclusions and the limiting conditions, and conforms
that the certifications apply fully to the co- signing appraiser.
❑ The co- signing appraiser has not inspected the Interior of the subject property.
❑ The co- signing appraiser has not inspected the exterior of the subject property and all comparable sales listed in this report.
❑ The report was completed by the appraiser under direct supervision of the co- signing appraiser. The co- signing appraiser accepts
responsibility this report including the value conclusions and the limiting conditions, and conforms that the certifications, with the
exception of physical inspection apply fully to the co- signing appraiser.
Co- Signing
Appraiser's Signature _ Effective Date Date Prepared
Co- Signing Appraiser's Name (print) Phone #
State License F Certification # Tax ID #
July 1991 Homeputer® Forms Processing System For Laser Printers 1 (802) 773 -3018
1227 East Orman Avenue
Pueblo, Colorado 81004
City of Pueblo
SALES COMPARISON ANALYSIS:
Comparable sale #2 is situated in a slightly superior location to the subject property since it does
not have as much commercial influence as the subject property. Thus, this comparable sale
required a minus $1,500.00 location adjustment. Comparable sales #1, and #3 suffer from
locational obsolescence to an equal degree to the subject property. Consequently, these
comparable sales did not require any location adjustments.
Comparable sales #1, #2, and #3 are in superior condition to the subject property to varying
degrees which warrants the appropriate minus condition adjustments. The appraiser has
inspected two of the comparable sales, and information regarding the other comparable sale was
provided.
Comparable sale #2 was constructed of somewhat superior materials in comparison to the subject
property which warrants the minus $2,500.00 quality of construction adjustment. This
comparable sale has a brick exterior which is recognized as being a quality / durable building
material.
The three comparable sales analyzed are two and three bedroom homes that are located in the
immediate vicinity of the subject property. These comparable sales share many similarities to
the subject property, and they provide ample justification for the estimated market value of the
subject property.
The adjustments for site consider a site value variance between the comparable sales (sites) vs.
the subject site.
The adjustments for site improvements are a net adjustment for various site improvements such
as utilities, landscaping, fencing, sprinkling systems, etc. between the comparable sales, and the
subject property.
Comparable sales #1, and #3 sold slightly over six months ago; however, these comparable sales
were analyzed as comparable sales since they are somewhat similar type homes to the subject
property. Comparable sales are often limited that have sold within six months of the effective
date of the appraisal report. Even though these comparable sales are over six months old, they
are valid indicators of value that did not require any time adjustments. The market has not
declined since these homes were conveyed.
Some individual adjustments exceeded 10% in order to appropriately adjust for individual items.
Comparable sales #1, #2, and #3 required net adjustments of 20 %, 20 %, and 24% respectively;
however, these comparable sales were analyzed as comparable sales since they are reflective of
the estimated market value of the subject property.
Comparable sales #2, and #3 required gross adjustments that exceeded 25 %. The gross
adjustments were 40 %, and 37% respectively; however, these sales were analyzed as comparable
sales since they are somewhat similar type homes to the subject property.
The bracketing (the unadjusted sales price) of the comparable sales was the best available in the
market place in order to analyze comparable sales that are as similar as possible to the subject
property. Analyzing comparable sales in a similar location to the subject property is of utmost
significance.
OTHER COMMENTS:
According to information provided to the appraiser, the dwelling may be acquired by the City of
Pueblo. Subsequently. the improvements would be demolished, and made into a parking lot.
The scope of this appraisal report includes the collection of sales data, typically thru MLS. The
appraiser also collects sales data from the court house, real estate agents, and other sources of
information. After the appropriate data is collected, the data is verified, analyzed, and
reconciled. The sources of information are considered to be reliable sources of information, and
the appraiser has not knowingly omitted any pertinent information. The omission of any
approach to value is discussed in the reconciliation of the appraisal report. The reader's attention
is directed to the assumptions and limiting conditions of this appraisal report. The figures
utilized in the Cost Approach were obtained from Marshall and Swift, and considering local
construction costs. The estimate of physical depreciation is based on the age /life concept of
depreciation. The site value of the subject site was estimated by analyzing comparable sites that
are similar to the subject site.
Additional information is retained in the appraiser's file.
This appraisal has been completed for the express use of The City of Pueblo.
The appraiser has inspected the subject property for the purpose of collecting data to complete an
accurate appraisal report. The appraiser's inspection of the subject property is not a guarantee
that the property is free of defects. The appraiser highly encourages that the subject property be
carefully examined by a qualified home inspector or other qualified individuals to make sure that
the subject property is acceptable to you. If repairs are needed, these repairs should become
contract items, and no reliance should be placed on the appraiser regarding the condition of the
property. The appraiser does not warrant any components of the subject property whatsoever.
The utilities were shut off the date of the field inspection; thus, various components in the home
could not be fully checked by the appraiser.
RECONCILIATION:
The Sales Comparison Analysis to value is the best indicator of value when appraising a single -
family residence such as the subject property. The result of the Cost Approach supports the final
estimate of value.
September 12, 1998
Clyde t. Laut, CREA U DATE
Certified General Appraiser
#CG01313402
t '
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and
open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and
assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a
specified date and passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically
motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best inter-
est; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S.
dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration
for the property sold unaffected by special or creative financing or sales concessions* granted by anyone associated
with the sale.
*Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments
are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area; these
costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or creative
financing adjustments can be made to the comparable property by comparisons to financing terms offered by a third
party institutional lender that is not already involved in the property or transaction. Any adjustments should not be cal-
culated on a mechanical dollar for dollar cost of the financing or concession but the dollar amount of any adjustment
should approximate the market's reaction to the financing or concessions based on the appraiser's judgement.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report
is subject to the following conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised or
the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any opinions
about the title. The property is appraised on the basis of it being under responsible ownership.
2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements
and the sketch is included only to assist the reader of the report in visualizing the property and understanding the
appraiser's determination of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management
Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an identified
Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees, express or implied,
regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in ques-
tion, unless specific arrangements to do so have been made beforehand.
5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the improve-
ments at their contributory value. The separate valuations of the land and improvements must not be used in conjunc-
tion with any other appraisal and are invalid if they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the
presence of hazardous wastes, toxic substances, etc.) observed during the inspection of the subject property or that he
or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated in the
appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or adverse
environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would make the
property more or less valuable, and has assumed that there are no such conditions and makes no guarantees or war-
ranties, express or implied, regarding the condition of the property. The appraiser will not be responsible for any such
conditions that do exist or for any engineering or testing that might be required to discover whether such conditions
exist. Because the appraiser is not an expert in the field of environmental hazards, the appraisal report must not be con-
sidered as an environmental assessment of the property.
T. The appraiser obtained the information, estimates, and opinions that were expressed in the appraisal report from
sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not assume
responsibility for the accuracy of such items that were fumished by other parties.
8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform Standards
of Professional Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to satis-
factory completion, repairs, or alterations on the assumption that completion of the improvements will be performed in
a workmanlike manner.
10. The appraiser must provide his or her prior written consent before the lender /client specified in the appraisal report
can distribute the appraisal report (including conclusions about the property value, the appraiser's identity and profes-
sional designations, and references to any professional appraisal organizations or the firm with which the appraiser is
associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage insurer; con-
sultants; professional appraisal organizations; any state or federally approved financial institution; or any department,
agency, or instrumentality of the United States or any state or the District of Columbia; except that the lender /client
may distribute the property description section of the report only to data collection or reporting service(s) without hav-
ing to obtain the appraiser's prior written consent. The appraiser's written consent and approval must also be obtained
before the appraisal can be conveyed by anyone to the public through advertising, public relations, news, sales, or other
media.
Freddie Mac Form 439 6 -93 Page 1 of 2 Fannie Mae Form 10048 6 -93
Homeputer. Forms Processing System for Laser Printers 1 -(802) 773 -3018
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. 1 have researched the subject market area and have selected a minimum of three recent sales of properties most simi-
lar and proximate to the subject property for consideration in the sales comparison analysis and have made a dollar
adjustment when appropriate to reflect the market reaction to those items of significant variation. If a significant item
in a comparable property is superior to, or more favorable than, the subject property, I have made a negative adjustment
to reduce the adjusted sales price of the comparable and, if a significant item in a comparable property is inferior to, or
less favorable than the subject property, I have made a positive adjustment to increase the adjusted sales price of the
comparable.
2. 1 have taken into consideration the factors that have an impact on value in my development of the estimate of market
value in the appraisal report. I have not knowingly withheld any significant information from the appraisal report and I
believe, to the best of my knowledge, that all statements and information in the appraisal report are true and correct.
3. 1 stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and conclu-
clusions, which are subject only to the contingent and limiting conditions specified in this form.
4. 1 have no present or prospective interest in the property that is the subject to this report, and I have no present or
prospective personal interest or bias with respect to the participants in the transaction. I did not base, either partially or
completely, my analysis and /or the estimate of market value in the appraisal report on the race, color, religion, sex,
handicap, familial status, or national origin of either the prospective owners or occupants of the subject property or of
the present owners or occupants of the properties in the vicinity of the subject property.
5. 1 have no present or contemplated future interest in the subject property, and neither my current or future employ-
ment nor my compensation for performing this appraisal is contingent on the appraised value of the property.
6. 1 was not required to report a predetermined value or direction in value that favors the cause of the client or any
related party, the amount of the value estimate, the attainment of a specific result, or the occurrance of a subsequent
event in order to receive my compensation and /or employment for performing the appraisal. I did not base the appraisal
report on a requested minimum valuation, a specific valuation, or the need to approve a specific mortgage loan.
T. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were
adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as of
the effective date of this appraisal, with the exception of the departure provision of those Standards, which does not
apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in the defini-
tion of market value and the estimate I developed is consistent with the marketing time noted in the neighborhood sec-
tion of this report, unless I have otherwise stated in the reconciliation section.
8. 1 have personally inspected the interior and exterior areas of the subject property and the exterior of all properties
listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse condi-
tions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the subject prop-
erty of which I am aware and have made adjustments for these adverse conditions in my analysis of the property value
to the extent that I had market evidence to support them. I have also commented about the effect of the adverse condi-
tions on the marketability of the subject property.
9. 1 personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report. If I
relied on significant professional assistance from any individual or individuals in the performance of the appraisal or
the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks performed by
them in the reconciliation section of this appraisal report. I certify that any individual so named is qualified to perform
the tasks. I have not authorized anyone to make a change to any item in the report; therefore, if an unauthorized change
is made to the appraisal report, I will take no responsibility for it.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or
she certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the
appraisal report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certi-
fications numbered 4 through 7 above, and am taking full responsibility for the appraisal and the appraisal report.
ADDRESS OF PROPERTY APPRAISED:
1227 East Orman Avenue, Pueblo, Colorado 81004
APPRAISER:
APPRAISER (only if required):
Signature: y Signature:
Name: Clyde E. aut, CREA, C ertified General Apprai _Name: _
Date Signed: September 12, 1998 _Date Signed: _
State Certification #: 0001313402 State Certification #:
or State License #:
State: Colorado _
Expiration Date of Certification or License: December 31
2000 Expiration Date of Certification or License:
Did F Did Not Inspect Property
or State License #:
State:
Freddie Mac Form 439 6 -93 Page 2 of 2 Fannie Mae Form 10048 6 -93
Homeputerm Forms Processing System for Laser Printers 1 -(802) 773 -3018
Commitment No. 7568347
FINAL AFFIDAVIT AND INDEMNITY
The undersigned, as General Contractor and /or Owner(s) and Purchaser(s), for the
purpose of inducing TRANSNATION TITLE INSURANCE COMPANY to issue its Loan and /or
Owner's Policy for Title Insurance in connection with the
property as described in Schedule A of Commitment No. 7568347
without exception as to mechanic's or other statutory liens, or any rights thereto,
where no notice of said liens or rights appear of record, do hereby make the following
representations to TRANSNATION TITLE INSURANCE COMPANY with full knowledge and intent
that said Company shall rely thereon:
OWNER'S AND /OR GENERAL CONTRACTOR'S STATEMENT:
1. That all persons, firms and corporations, including the General Contractor, and
all subcontractors, who have furnished services, labor or materials, according to
plans and specifications or otherwise used in connection with the construction of
improvements on the real estate herein described, have been paid in full or will
be paid in full.
2. That no claims have been made to the undersigned, nor is any suit now pending on
behalf of any contractor, subcontractor, laborer or materialman, and that no
chattel mortgages, conditional bills of sale, security agreements or financing
statements have been made, or are now outstanding as to any materials,
appliances, fixtures, or furnishings placed upon or installed in said premises.
3. That all of the improvements constructed on the real estate herein described were
completed on or before the date of closing.
PURCHASER'S STATEMENT:
1. That the improvements on the land have been fully completed by the General
Contractor and accepted by the undersigned as complete and satisfactory.
2. That the full purchase price has been paid by said Purchasers to satisfy all
contractual and legal obligations of the owner, including all amounts due to the
principal contractor or subcontractors for payments of services, labor or
materials.
3. �/YYS,$!(/`7,- R�Y///p/Fl�? N/A
0
Commitment No.: 7568347
4. That the undersigned are not aware of any bills for services, labor or materials
used in connection with the construction of said improvements which have not been
paid.
5. The undersigned have not caused, agreed to or contracted for any materials to be
furnished or work to be done on said improvements which materials or labor have
not been paid for in full or which materials or labor could give rise to
mechanic's or other statutory liens; and have not executed any security
agreements or financing statements for materials, appliances, fixtures or
furnishings placed upon or installed in said premises.
THEREFORE THE UNDERSIGNED DO HEREBY AGREE TO PROTECT, DEFEND AND HOLD HARMLESS
TRANSNATION TITLE INSURANCE COMPANY AGAINST ANY AND ALL LIABILITY, LOSS, DAMAGE, COSTS
AND ATTORNEY FEES BY REASON OF ANY CLAIMS OR LIENS ASSERTED WITH RESPECT TO THE
MATTERS DESCRIBED IN THE ABOVE PARAGRAPH(S). THIS PARAGRAPH SHALL APPLY ONLY TO EACH
OF THE UNDERSIGNED AS IT RELATES TO WHICHEVER OF THE CONTRACTORS, OWNERS OR PURCHASERS
STATEMENT(S) AS IS APPROPRIATE.
Buyer /Borrower(s)
PUEBLO, a Municipal Corporation
ANNA COSTANZA
STATE OF COLORADO }
COUNTY OF PUEBLO }
BY
The foregoing instrument was acknowledgged subscribed and sworn to before me this
4th_ day o Decem 1 8 jWrz- n �� - f4Tr �, ..___ -
mb. x. 99 by D ° - - as r ,,,.o s ;� fob <<d�T.►Q�
a Municipal Corporation and by Anna Costanza, \•' 0l0 �,,
WITNESS MY HAND AND OFFICIAL SEAL. y, `'
:h-
C
COMMISSION EXPIRES 08/112001
STATE OF )_
COUNTY OF ' •I3 e-;-%
Notary Public , \•`
The foregoing instrument was acknowledged, subscribed and sworn to before me this
-7nJ day of December, 1998 by Pete Joseph Costanza •
WITNESS MX HAND AND OFFICIAL SEAL F,,��••' N' ' 's.
.. C7 -•y
Notary Public
COMMISSION EXPIRES;
�Ol{ j�•� �i4 K-T jYI OK1 l`MdA+s/1 .._.. \w•,•'`:
TRANSNATION TITLE INSURANCE COMPANY
627 North Main Street
Pueblo, CO 81003
(719) 543 -0451
Escrow Officer: BONNIE OLIVIERI
SR. ESCROW OFFICER
BUYER'S CLOSING STATEMENT
Buyer(s): PUEBLO, a Municipal Corporation
Property: 1227 E. ORMAN AVE.
PUEBLO, COLORADO 81004
Lot 33 and the N 1/2 Lot 32, Block 11,
College Hill, 2nd Filing
Contract Sales Price ..................................... ...............................
PRORATIONS
COUNTY TAXES (BASED ON 1 97 $238.40) .... 01/01/98 to 12/04/98 .....................
LENDER CHARGES:
RESERVES
TITLE CHARGES
REALESTATE CLOSING FEE ................................... ...............................
TAX CERT. $ ASSESSORS FEE ................................. ...............................
RECORDING FEES, TRANSFER TAXES
Warranty Deed ............................................ ...............................
DOCUMENTARYFEE ........................................... ...............................
ADDITIONAL CHARGES
RECEIPT DUE FROM BUYER
Title No. : 7568347
Date : December 4, 1998
Seller(s): PETE JOSEPH COSTANZA
ANNA COSTANZA
* * * ** SUB TOTAL
DEBIT CREDIT
$35,000.00
220.11
50.00
15.00
11.00
-3-. 5�
35,079.50 220.11
34,859.39
$35,079.50 $35,079.50
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
DawrrD — r; S —A39f. - -
m� , Cr �j-
Broker
By:
Transnation Title Insurance Company
By: BONNIE OLIVIERI
REAL ESTATE TAX AGREEMENT
Escrow No.: 7568347
It is hereby understood and agreed between the purchaser(s) and seller(s) of property
known as: 1227 E. ORMAN AVE.
PUEBLO, COLORADO 81004
that taxes for the current year have been adjusted as of this date as follows:
BASIS FOR PRORATION
Taxes have been prorated on the basis of the previous year's taxes in the
amount of $238,40.
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)
PUEBLO, a Municipal Corporation
•v
This agreement executed this 4TH day of DECEMBER, 1998.
ESCROW NO.: 7568347
ANNA COSTANZA
This agreement executed this 4TH day of DECEMBER, 1998.
ESCROW NO.: 7568347
REAL ESTATE WATER AND SEWER AGREEMENT
Escrow No.: 7568347
It is hereby understood and agreed between the purchaser(s) and seller(s) of property
known as: 1227 E. ORMAN AVE., PUEBLO, COLORADO 81004, that as of the date of closing
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 4TH day of DECEMBER, 1998
APPROVED AND ACCEPTED:
Purchaser(s)
PUEBLO, a Municipal Corporation
BY / �
DON' , - 3
ANNA COSTANZA
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
1. PETE JOSEPH COSTANZA and ANNA COSTANZA (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 33 and the N 1/2 Lot 32, Block 11,
College Hill, 2nd Filing
also known as: 1227 E. ORMAN AVE., PUEBLO, COLORADO 81004
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 October 14, 1998, 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 $100.00 for providing these closing and settlement services to be the
expense of BUYER & SELLER EQUALLY.
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 be
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: IXI Closing Agent's Trust Account Check, I ) Cashier's
Check at Seller's expense, I ) Funds electronically transferred (wire transfer) to an account specified by the Seller, at
Setter's expense.
9. Purchaser and Seller 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. Special Instructions: CLOSING IS EXTENDED UNTIL DECEMBER 4, 1998
RE: 1227 E. ORMAN AVE.
PUEBLO, COLORADO 81004
APPROVED AND ACCEPTED
Setter(s)
'd
W e
TE JO ' CO ANZA
ANNA COSTANZA
Purchaser(s)
PUEBLO, a Municipal Corporation
Closing Agent
By: BONNIE OLIVIERI 12/04/98
r
REAL PROPERTY TRANSFER DECLARATION
(TD -1000)
GENERAL INFORMATION
Purpose:
The Real Property Transfer Declaration provides essential information to the county
assessor to help ensure fair and uniform assessments for all property for property tax
purposes. Refer to 39 -14- 102(4), Colorado Revised Statutes (C.R.S.).
Requirements:
All conveyance documents (deeds) subject to the documentary fee submitted to the
county clerk and recorder for recordation must be accompanied by a Real Property
Transfer Declaration. This declaration must be completed and signed by the grantor
(seller) or grantee (buyer). Refer to 39- 14- 102(1)(a), C.R.S.
Penalty for Noncompliance:
Whenever a Real Property Transfer Declaration does not accompany the deed, the clerk
and recorder notifies the county assessor who will send a notice to the buyer
requesting that the declaration be returned within thirty days after the notice is
mailed.
If the Real Property Transfer Declaration is not returned to the county assessor
within the thirty days of notice, the assessor may impose a penalty of $25.00 or .025%
(.00025) of the sale price, whichever is greater. This penalty may be imposed for any
subsequent year that the buyer fails to submit the declaration until the property is
sold. Refer to 39- 14- 102(1)(b), C.R.S.
Confidentiality:
The assessor is required to make the Real Property Transfer Declaration available for
inspection to the buyer. However, it is only available to the seller if the seller
filed the declaration. Information derived from the Real Property Transfer
Declaration is available to any taxpayer or any agent of such taxpayer subject to
confidentiality requirements as provided by law. Refer to 39 -5- 121.5, C.R.S. and
39- 13- 102(5)(c), C.R.S.
------------------------------------------------------------------------------ - - - - --
1. Address and /or legal description of the real property sold:
Please do not use P.O. box numbers.
1227 E. ORMAN AVE., PUEBLO, COLORADO 81004
Lot 33 and the North 1/2 of Lot 32, Block 11, College Hill, Second Filing, County of
Pueblo, State of Colorado
2.
3.
E
Type of property purchased:
Single Family Residential
_Commercial _Industrial
_Other
Date of Closing: December 4, 1998
Total sale price:
Including all real and personal property. $ 3
5. Was any personal property included in the transaction?
Personal property would include, but is not limited to, carpeting, drapes, free
standing appliances, equipment, inventory, furniture. If the personal property
is not listed, the entire purchase price will be assumed to be for the real
property as per 39 -13 -102, C.R.S.
_Yes X No If yes, approximate value $
Describe
6. Did the total sale price include a trade or exchange of additional real or
personal property? If yes, give the approximate value of the goods or services
as of the date of closing.
_Yes X No If yes, value $
If yes, does this transaction involve a trade under IRS Code Section 1031?
Yes No
7. Was 100% interest in the real property purchased?
Mark "no" if only a partial interest is being purchased.
X Yes No If no, interest purchased %.
_Townhome _Condominium — Multi-Unit Res
_Agricultural _Mixed Use Vacant Land
8. Is this a transaction among related parties? Indicate whether the buyer or
seller are related. Related parties include persons within the same family,
business affiliates, or affiliated corporations. Yes X No
9. Check any of the following that apply to the condition of the improvements at the
time of purchase.
New Excellent Good Average Fair _Poor _Salvage.
If the property is financed, please complete the following.
10. Total amount financed. $ n/
11. Type of financing: (Check all that apply)
_New _Assumed Seller _Third Party
Combination; Explain
12. Terms:
_Variable; Starting interest rate %
_Fixed; Interest rate %
Length of time years
Balloon payment _Yes No.
If yes, amount Due date
13. Please explain any special terms, seller concessions, or financing and any other
information that would help the assessor understand the terms of sale.
For properties other than residential (Residential is defined as: single family
detached, townhomes, apartments and condominiums) please complete questions 14 -16 if
applicable. otherwise skip to #17 to complete.
14. Did the purchase price include a franchise or license fee? _Yes No
If yes, franchise or license fee value $
15. Did the purchase price involve an installment land contract? _Yes _No
If yes, date of contract
16. If this was a vacant land sale, was an on -site inspection of the property
conducted by the buyer prior to the closing? _Yes No
Remarks: Please include any additional information concerning the sale you may feel is
important.
17. Signed this 4th- day of December , 19 q8
Enter the day, month and year, have at least one of the parties to the transaction
sign the document, and include an address and a daytime phone number. Please
designate buyer or seller.
Signature of(C antee (Buy6r)x or'Grantor (Seller)_
1 City Hall Place ( 71g )
Address (mailing) Daytime Phone
Pueblo. CO 81003
City, State and Zip Code