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HomeMy WebLinkAbout09180RESOLUTION NO. 9180 A RESOLUTION CONSENTING TO THE APPROVAL OF A RESOLUTION OF THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO TO BUY AND SELL REAL ESTATE LOCATED AT 209 SOUTH SANTA FE AVENUE BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that: q'PrTION T The City Council of Pueblo hereby consents to the approval of the resolution by the Urban Renewal Authority of Pueblo passed on December 12, 2000, approving the purchase of property located at 209 South Santa Fe Avenue per the attached Contract to Buy and Sell Real Estate. SECTION 2. The President of the City Council is hereby authorized to approve the adoption of the resolution. ATTEST: Cit Jerk INTRODUCED: December 26, 2000 By: Al Gurule Councilperson OVED: President of the City Council S a s Background Paper for Proposed RESOLUTION AGENDA ITEM # ( DATE: December 26, 2000 DEPARTMENT: HOUSING AND COMMUNITY DEVELOPMENT TITLE ISSUE A RESOLUTION CONSENTING TO THE APPROVAL OF A RESOLUTION OF THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO TO BUY AND SELL REAL ESTATE LOCATED AT 209 SOUTH SANTA FE AVENUE Approval of the resolution approved by the Pueblo Urban Renewal Authority for the purchase of property located at 209 South Santa Fe Avenue. RECOMMENDATION Approve the attached resolution and contract to buy and sell real estate that was approved at the URA meeting held on December 12, 2000. BACKGROUND The Pueblo Urban Renewal Authority of Pueblo, Colorado, is carrying out the Urban Renewal Plan for Downtown Pueblo and pursuant to future expansion the purchase of the property has been determined to be for the betterment of the area. FINANCIAL IMPACT The total purchase price will be $89,000 RESOLUTION NO. 2000-11 A RESOLUTION OF THE BOARD OF COMMISSIONS OF THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO APPROVING A CONTRACT FOR THE PURCHASE OF 209 SOUTH SANTA FE AVENUE, PUEBLO, COLORADO, AND AUTHORIZING THE CHAIRMAN OF THE BOARD OF COMMISSIONERS TO EXECUTE SAME 1, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO, that: SECTION 1. The Contract To Buy And Sell Real Estate (Commercial) ("Contract ") dated December 12, 2000 between the Urban Renewal Authority of Pueblo, Colorado, as Buyer, and Frank Bartolo and Charles Hunsaker, as Seller, a copy of which is attached hereto, is hereby approved. The Chairman of the Board of Commissioners is authorized to execute and deliver the Contract in the name of the Urban Renewal Authority of Pueblo, Colorado, and to approve and execute modifications thereto. Adopted and approved December 12, 2000. ATTEST: % { 7 /i Secretary /f the Board of C URBAN RENEWAL AUTHORITY OF PUEBLO,COLORADO BY - - -.i ,; �• - . j , ._�., Chairman of the Board of Commissioners D U ED O F—�, ED City of Pueblo OFFICE OF THE CITY ATTORNEY 127 Thatcher Building MEMORANDUM PUEBLO, COLORADO 81003 TO: Joseph A. Fortino, Chairman Board of Commissioners Urban Renewal Authority of Pueblo, Colorado D U O D ° City of Pueblo OFFICE OF THE CITY ATTORNEY 127 Thatcher Building MEMORANDUM PUEBLO, COLORADO 81003 TO: Joseph A. Fortino, Chairman Board of Commissioners Urban Renewal Authority of Pueblo, Colorado FROM: City Attorney RE: Purchase of 209 South Santa Fe Avenue, Pueblo, Colorado DATE: December 7, 2000 We enclose three copies of Contract To Buy and Sell Real Estate (Commercial) with respect to the Authority's purchase of 209 South Santa Fe Avenue, Pueblo, Colorado. The Contract is for a purchase price of $89,000.00 with a $500.00 earnest money payment and $88,500.00 cash at closing scheduled for February 16, 2001. We have used the legal description and ownership contained in the Limited Appraisal of Real Property Summary Report dated April 15, 1999 prepared by Gary Vertrees (the "Limited Appraisal ") and have not verified their accuracy. The Board of Commissioners should determine whether an additional appraisal is required and whether an environmental assessment should be performed. The Contract should be reviewed by the Board of Commissioners and, if acceptable, be approved by the Board of Commissioners and the Chairman authorized to execute the Contract in the name of the Authority and approve modifications thereto. The address and telephone number of the Sellers needs to be inserted in page 6. If you have any questions, please let me know. Very truly yours, Thomas E. agger sm enc. • • y 1 2 3 4 5 19 20 21 Resolution #9180 The printed portions of this form have been approved by the Colorado Real Estate Commission. (CBS2 -9 -99) THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) Date: December 12, 2000 1. AGREEMENT. Buyer agrees to buy and the undersigned Seller agrees to sell the Property defined below on the terms and conditions set forth in this contract. 2. DEFINED TERMS. a. Buyer. Buyer, Urban Renewal Authority of Pueblo, Colorado , will take title to the real property described below as 17 Joint Tenants 17 Tenants In Common E1 Other Buyer' s b. Property. The Property is the following legally described real estate: name The South 3 feet of Lot 14, and all of Lots 15, 16,and 17 Block 1 Moore's Subdivision in the County of Pueblo , Colorado, commonly known as No. 209 South Santa Fe Avenue puehlo Colorado 81003 Street Address City State Zip together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto, all interest of Seller in vacated streets and alleys adjacent thereto, except as herein excluded. c. Dates and Deadlines. Item No. Reference Event Date or Deadline 1 § 5a Loan Application Deadline n a 2 § 5b Loan Commitment Deadline n 1 3 § 5c Buyer's Credit Information Deadline n a 4 § 5c Disapproval of Buyer's Credit Deadline n a 5 § 5d Existing Loan Documents Deadline ri a 6 § 5d Objection to Existing Loan Deadline ri a 7 § 5d Approval of Loan Transfer Deadline n a 8 § 6a Appraisal Deadline ri a 9 § 7a Title Deadline January 10 2001 10 § 7a Survey Deadline January 10 2001 11 § 7b Document Request Deadline January 31 2001 12 § 8a Title Objection Deadline JanuarV 31 2001 13 § 8b Off- Record Matters Deadline January 10 2001 14 § 8b Off - Record Matters Objection Deadline January 31 2001 15 §10 Seller's Property Disclosure Deadline January 10, 2001 16 § 10a Inspection Objection Deadline January 31 2001 17 § 10b Resolution Deadline February 9 2001 18 §11 Closing Date February 16 20 0 1 19 § 16 Possession Date February 16 200 20 § 16 Possession Time 4:00 . m . 21 § 28 Acceptance Deadline Date Decemb 22, 2 0 0 22 § 28 Acceptance Deadline Time 4:00 . m . d. Attachments. The following exhibits, attachments and addenda are a part of this contract: None e. Applicability of Terms. A check or similar mark in a box means that such provision is applicable. The abbreviation "N /A" means not applicable. 3. INCLUSIONS AND EXCLUSIONS. a. The Purchase Price includes the following items (Inclusions): (1) Fixtures. If attached to the Property on the date of this contract, lighting, heating, plumbing, ventilating, and air con- ditioning fixtures, inside telephone wiring and connecting blocks /jacks, plants, mirrors, floor coverings, intercom systems, sprinkler systems and controls, No. CBS2 - - CONTRACT TO BUY AND SELL REAL ESTATE (COMMERCIAL) A.n.lf M R.I.I i.•/.:..n IW1 Wn C. Ilnn..w. In 0A1 7ll'l Inn n _ ......... �__�e_._..�._. -•... .. .nnn ... 'w. N/A 64 (2) Other Inclusions/ If on the Property whether attached or not on the date of this contract: storm windows, storm doors, window and 65 porch shades, awnings, blinds, screens, window coverings, curtain rods, drapery rods, storage'sheds, and all keys. Check applicable box(es) if included: 66- ❑ Smoke/Fire Detectors, ❑ Security Systems; and 67 68 69 70 71 (3) Trade Fixtures. With respect to trade fixtures, Seller and Buyer agree as follows: N/A 72 73 74 75 76 77 b. Instruments of Transfer. The Inclusions are to be conveyed at Closing free and clear,of all taxes, liens and encumbrances, except as 78 provided in § '12. Conveyance shall be by bill of sale or other applicable legal instrument(s). 79 c. Exclusions. . The following attached fixtures are excluded from this sale: None 80 81 82 83 4. PURCHASE PRICE AND TERMS. The Purchase Price set forth below shall be payable in U. S. Dollars by Buyer as follows: 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 Item No. Reference Item Amount Amount 1 § 4 Purchase Price $89,00 2 § 4a Earnest Money $°' 5 0 0. 00 3 § 4b New Loan 4 § 4c Assumption Balance 5 § 4d Seller or Private Financin 6 4e Cash at Closing ;`` 88 500.00 7 TOTAL $89,000.00. 1$89,000.00 a. Earnest Money. The Earnest Money set forth in this Section, in the form of Buyer' s 'check , is cart oav- ment of the Purchase Price and shall be payable to and held by Seller XM%dt#sMaMIF, on behalf of both Seller and Buyer. The parties authorize delivery of the Earnest Money deposit to the Closing Company, if any, at or before Closing. . This loan will be secured by a (1st, 2nd, etc.) deed of trust. The total loan amount, not in excess of $ shall be amortized over a period of years at rox- imately $ per month including principal and interest not to exceed % per annum, plus, if ire by Buyer's lender, a monthly deposit of %2 of the estimated annual real estate taxes and property insurance premium. If the loan is an a stable inter- est rate or graduated payment loan, the monthly payments and interest rate initially shall not exceed the figures set forth above Loan discount points, if any, shall be paid to lender at Closing and shall not exceed % of the total loan a t. Notwithstanding the loan's interest rate, the first loan discount points shall be paid by , and the balance, if any, shall be paid by Buyer shall timely pay Buyer's loan costs and a loan origination fee not to exceed % of the 1 amount. c. Assumption. Buyer agrees to assume and pay an existing loan in the approximate amount of ssumption Balance set forth in this Section, presently payable at $ permonth including principal, interest presently a % per annum, and also includ- ing escrow for the following as indicated: ❑ Real Estate Taxes, ❑ Property Insurance Premiu and Buyer agrees to pay a loan transfer fee not to exceed $ % per annum and the new monthly payment shall not exceed $ _ If the actual principal balance of the existing loan at Closing is less than the As: Buyer at Closing to be increased by more than $ , then Seller of Buyer's written notice of termination or ❑ Seller ❑ Shall ❑ Shall Not be released from liability on said 1 If applicable, compliance with the requirements for release from lia- bility shall be evidenced by delivery at Closing of appropriate letter commitment from lender. Cost payable for release of liability shall be paid by in an amount not to exceed $ d. Seller or Private Financing. Buyer agrees to e a promissory note payable to: as ❑ Joint Tenants ❑ Tenants in Common ❑ Other , on the note form as indicated: ❑ (UCCC - No Default Rate) NTD 82 -3 -95 ❑ (Default Rate) NTD 81 -11 -83 ❑ Other secured by a (1st, 2nd, etc.) deed of trust encumbering the Property, using a form as indicated: 13 Strict Due -On -Sale (TD 72 -7 -96) 13 Creditworthy (TD 73 -7 -96) ❑ Assumable - Not Due On Sale (TD -96) ❑ Other Buyer ❑ Shall [3 Shall N xecute and deliver, at Closing, a Security Agreement and UCC -1 Financing Statement granting the holder of the promissory note a (1st, 2nd, etc.) lien on the personal property included in this sale. The promissory note shall be amortized /Noti nc=sed s of [3 years ❑ months, payable at $ per month including principal and interest at the rate % per ann . Payments shall commence and shall be due on the day of ding mo . If not sooner paid, the balance of principal and accrued interest shall be due and payable after Closing. Payments 13 Shall 13 Shall Not be increased by X2 of estimated annual real estate taxes, and 13 Shall t increased by %2 of estimated annual property insurance premi um. The loan shall also contain the following terms: if any payment ed within calendar days after its due date, a late charge of % of such monthly payment shall be due. lender disbursements under the deed of trust shall be % per annum. Default interest rate shall be %per annum. prepay without a penalty except e. Cash at Closing. All amounts paid by Buyer at Closing including Cash at Closing, plus Buyer's closing costs, shall be 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). At the i f assumption, the new interest rate shall not exceed principal and interest, plus escrow, if any. Balance, which causes the amount of cash required from • May Terminate this contract effective upon receipt by No. CBS2 -9 -99. Page 2 of 6 137 -�9.00blsi A 138 . a. Loan Application. If Buyer is to pay all or part of the Purchase Price by obtaining a new loan, or if an existing loan is not to be rel 139 at Closing, Buyer, if required by such lender, shall make written application by Loan Application Deadline (§ 2c). Buyer shall coo with 140 Seiler and lender to obtain loan approval, diligently and timely pursue same in good faith, execute all documents and furnish all i ad and 141 documents required by lender, and, subject to § 4, timely pay the costs of obtaining such loan or lender consent. Buyer agr satisfy the rea- 142 sonable requirements of lender, and shall not withdraw the loan or assumption application, nor intentionally cause an ge in circumstances 143 which would prejudice lender's approval of the loan application or funding of the loan. 144 b. Loan Commitment. If Buyer is to pay all or part of the Purchase Price by obtaining a new to pecified in § 4b, this contract is 145 conditional upon Buyer obtaining a written loan commitment including, if required by lender, (1) len a ification of employment, (2) lender 146 approval of Buyer's credit - worthiness, (3) lender verification that Buyer has sufficient funds to, e, and (4) specification of any remaining 147 requirements for funding said loan. This condition shall be deemed waived unless Seller rec . from Buyer, no later than Loan Commitment 148 Deadline (§ 2c), written notice of Buyer's inability to obtain such loan commitment. uyer so notifies. Seller, this contract shall terminate. 149 IF BUYER WAIVES THIS CONDITION BUT DOES NOT CLOSE, BUYER L BE IN DEFAULT. 150 c. Credit Information. If Buyer is to pay all or part of the Purchase by executing a promissory note in favor of Seller or if an exist - 151 ing loan is not to be released at Closing, this contract is conditional upon er's approval of Buyer's financial ability and creditworthiness, which 152 approval shall be at Seller's sole and absolute discretion. In such . 1) Buyer shall supply to Seller by Buyer's Credit Information Deadline 153 (§ 2c), at Buyer's expense, information and documents conc g Buyer's financial, employment and credit condition;..(2) Buyer consents that 154 Seller may verify Buyer's financial ability and creditwo ' ess (including obtaining a current credit report); (3) any such information and docu- 155 ments received by Seller shall be held by Seller in 1, ence, and not released to others except to protect Seller's interest in this transaction; (4) 156 if Seller does not provide written notice of Se disapproval to Buyer by Disapproval of Buyer's Credit Deadline (§ 2c), then Seller waives 157 this condition. if Seller does provide w ' notice of disapproval to Buyer on or before said date, this contract shall terminate. 158 d. Existing Loan Review. n existing loan is not to be released at Closing, Seller shall provide copies of the loan documents (includ- 159 ing note, deed of trust, and an ifications) to Buyer by Existing Loan Documents Deadline (§ 2c). This contract is conditional upon Buyer's 160 review and approval of rovisions of such loan documents. If written notice of objection to such loan documents, signed by Buyer, is not 161 received by Seller a Objection to Existing Loan Deadline (§ 2c), Buyer accepts the terms and conditions of the documents. If the lender's 162 approval of a er of the Property is required, this contract is conditional upon Buyer's obtaining such approval without change in the terms of 163 such loa ept as set forth in § 4c. If lender's approval is not obtained by Approval of Loan Transfer Deadline (§ 2c), this contract shall ter - 164 mi n such date. If Seller is to be released from liability under such existing loan and Buyer does not obtain such compliance as set forth in 165 166 6. APPRAISAL PROVISIONS. 167 a. Appraisal Condition. This subsection a. ❑ Shall IN Shall Not apply. 168 Buyer shall have the sole option and election to terminate this contract if the Purchase Price exceeds the Property's valuation determined by 169 an appraiser engaged by n / a . The contract shall terminate by Buyer giving Seller 170 written notice of termination and either a copy of such appraisal or written notice from lender which confirms the Property's valuation is less than 171 the Purchase Price, received on or before the Appraisal Deadline (§ 2c). If Seller does not receive such written notice of termination on or before 172 the Appraisal Deadline (§ 2c), Buyer waives any right to terminate under this subsection. 173 b. Cost of Appraisal. Cost of any appraisal to be obtained after the date of this contract shall be timely paid b� E3 Buyer ❑ Seller. 174 7. EVIDENCE OF TITLE. 175 a. Evidence of Title; Survey. On or before Title Deadline Q 2c), Seller shall cause to be furnished to Buyer, at Seller's expense, a cur - 176 rent commitment for owner's title insurance policy in an amount equal to the Purchase Price or if this box is checked, ❑ An Abstract of title 177 certified to a current date. If a title insurance commitment is furnished, it ® Shall ❑ Shall Not commit to delete or insure over the standard 178 exceptions which relate to: 179 (1) parties in possession, 180 (2) unrecorded easements, 181 (3) survey matters, 182 (4) any unrecorded mechanics' liens, 183 (5) gap period (effective date of commitment to date deed is recorded), and 184 (6) unpaid taxes, assessments and unredeemed tax sales prior to the year of Closing. 185 Any additional premium expense to obtain this additional coverage shall be paid by ❑ Buyer M Seller. An amount not to exceed 186 $ 5 0 0 - 00 for the cost of any improvement location certificate or survey shall be paid by ❑ Buyer ® Seller. If the cost exceeds this 187 amount, Seller shall pay the excess on or before Closing. The improvement location certificate or survey shall 188 be received by Buyer on or before Survey Deadline (§ 2c). Seller shall cause the title insurance policy to be delivered to Buyer as soon as practi- 189 cable at or after Closing. 190 b. Copies of Exceptions. On or before Title Deadline (§ 2c), Seller, at Seller's expense, shall furnish to Buyer, (1) a copy of any plats, 191 declarations, covenants, conditions and restrictions burdening the Property, and (2) if a title insurance commitment is required to be furnished, and 192 if this box is checked M Copies of any Other Documents (or, if illegible, summaries of such documents) listed in the schedule of exceptions 193 (Exceptions). Even if the box is not checked, Seller shall have the obligation to furnish these documents pursuant to this subsection if requested 194 by Buyer any time on or before the Document Request Deadline (§ 2c). This requirement shall pertain only to documents as shown of record in 195 the office of the clerk and recorder(s). The abstract or title insurance commitment, together with any copies or summaries of such documents fur - 196 nished pursuant to this Section; constitute the title documents (Title Documents). 197 8. TITLE. 198 . a. Title Review. Buyer shall have the right to inspect the Title Documents: Written notice by Buyer of unmerchantability of title or of 199 any other unsatisfactory title condition shown by the Title Documents shall be signed by or on behalf of Buyer and given to Seller on or before 200 Title Objection Deadline (§ 2c), or within five (5) calendar days after receipt by Buyer of any Title Document(s) or endorsement(s) adding new 201 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 202 notice by the date(s) specified above, Buyer accepts the condition of title as disclosed by the Title Documents as satisfactory. 203 b. Matters not Shown by the Public Records. Seller shall deliver to Buyer, on or before Off - Record Matters Deadline (§ 2c) true 204 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 205 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 206 any third party(ies) has any right in the Property not shown by the public records (such as an unrecorded easement, unrecorded lease, or boundary 207 line discrepancy). Written notice of any unsatisfactory condition(s) disclosed by Seller or revealed.by such inspection shall be signed by or on 208 behalf of Buyer and given to Seller on or before Off - Record Matters Objection Deadli ne (§ 2c). If Seller does not receive Buyer's notice by 209 said date, Buyer accepts title subject to such rights, if any, of third parties of which Buyer has actual knowledge. 210 c. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION INDEBTED - 211 NESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH 212 DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND 213 EXCESSIVE TAX BURDENS TO SUPPORT THE SERVICING OF SUCH DEBT WHERE CIRCUMSTANCES ARISE RESULTING IN 214 THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL 215 LEVIES. BUYER SHOULD INVESTIGATE THE DEBT FINANCING REQUIREMENTS OF THE AUTHORIZED GENERAL OBLIG- 216 ATION INDEBTEDNESS OF SUCH DISTRICTS, EXISTING MILL LEVIES OF SUCH DISTRICT SERVICING SUCH 217 INDEBTEDNESS, AND THE POTENTIAL FOR AN INCREASE IN SUCH MILL LEVIES. 218 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 219 received by Seller on or before Off - Record Matters Objection Deadline (§ 2c), this contract shall then terminate. If Seller does not receivd Buyer's 220 notice by such date, Buyer accepts the effect of the Property's inclusion in such special taxing district(s) and waives the right to so terminate. No rRCM -0 -00 P.... A nv 6 Ich 221 d. Right to Cure. If Seller receives notice of unmerchantability of title or any other unsatisfactory title condition(s) or commitment terms 222 as provided in § 8 a or b above, Seller shall use reasonable effort to correct said items and bear any nominal expense to correct, the same prior to 223 Closing. If such unsatisfactory title condition(s) are not corrected on or before Closing, this contract shall then terminate; provided, however, Buyer 274 may, by written notice received by Seller, on or before Closing, waive objection to such items. 225 e. Title Advisory. The Title Documents affect the title, ownership 'and use of the Property and should be reviewed carefully. 226 Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property, including without limita- 227 tion boundary lines and encroachments, area, zoning, unrecorded easements and claims of easements, leases and other unrecorded agreements, and 228 various laws and governmental regulations concerning land use, development and environmental matters. The surface estate may be owned sep- 229 arately from the underlying mineral estate, and transfer of the surface estate does not necessarily include transfer of the mineral rights. 230 Third parties may hold interests in oil, gas, other minerals, geothermal energy or water on or under the Property, which interests may give 231 them rights to enter and - use the Property... Such matters may be excluded from the title insurance policy. Buyer is advised to timely consult 232 legal counsel with respect to all such matters as there are strict time limits provided in this contract (e.g., Title Objection Deadline [§ 2c] and Off - 233 Record Matters Objection Deadline [§ 2c]). 234 9. LEAD -BASED PAINT. Unless exempt, if the improvements on the Property include one or more residential dwelling(s) for which a 235 building permit was issued prior to January 1, 1978, this contract shall be void unless a completed Lead -Based Paint Disclosure (Sales) form is 236 signed by Seller and the required real estate licensee(s), which must occur prior to the parties signing this contract. 237 10. PROPERTY DISCLOSURE AND INSPECTION. On or before Seller's Property Disclosure Deadline (§ 2c), Seller agrees to pro - 238 vide Buyer with a written disclosure of adverse matters regarding the Property completed by Seller to the best of Seller's current actual knowledge. 239 a. Inspection Objection Deadline. Buyer shall have the right to have inspection(s) of the physical condition of the Property and Inclusions, 240 'at Buyer's expense. If the physical condition of the Property or Inclusions is unsatisfactory in Buyer's subjective discretion, Buyer shall, on or 241 before Inspection Objection Deadline (§ 2c): 242 (1) notify Seller in writing that this contract is terminated, or 243 (2) provide Seller with a written description of any unsatisfactory physical condition which Buyer requires Seller to correct (Notice to 244 Correct). 245 If written notice is not received by Seller on or before Inspection Objection Deadline (§ the physical condition of the Property and 246 Inclusions shall be deemed to be satisfactory to Buyer. 247 b. Resolution Deadline. If a Notice to Correct is received by Seller and if Buyer and Seller have not agreed in writing to a settlement 248 thereof on or before Resolution Deadline (§ 2c), this contract shall terminate one calendar day following the Resolution Deadline (§ 2c), unless 249 before such termination Seller receives Buyer's written withdrawal of the Notice to Correct. 250 c. Damage; Liens; Indemnity. Buyer is responsible for payment for all inspections, surveys, engineering reports or for any other work 251 performed at Buyer's request and shall pay for any damage which occurs to the Property and Inclusions as a result of such activities. Buyer shall 252 not permit claims or liens of any kind against the Property for inspections, surveys, engineering reports and for any other work performed on the 253 Property at Buyer's request. Buyer agrees to indemnify, protect -and hold Seller harmless from and against any liability, damage, cost or expense 254 incurred by Seller in connection with any such inspection, claim, or lien. This indemnity includes Seller's right to recover all costs and expenses 255 incurred by Seller to enforce this subsection, including Seller's reasonable attorney fees. The provisions of this subsection shalt survive the ter - 256 mination of this contract. 257 11. CLOSING. Delivery of deed(s) from Seller to Buyer shall be at Closing (Closing). Closing shall be on the date specified as the Closing 258 Date (§ 2c) or by mutual agreement at an earlier date. The hour and place of Closing shall be as designated by Buyer 259 260 12. TRANSFER OF TITLE. Subject- to tender or payment at Closing as required herein and compliance by Buyer with the other terms and 261 provisions hereof, Seller shall execute and deliver a good and sufficient general warranter deed to Buyer, at Closing, 262 conveying the Property free and clear of all taxes except the general taxes for the year of Closing. Except as provided herein, title shall be con - 263 veyed free and clear of all liens, including any governmental liens for special improvements installed as of the date of Buyer's signature hereon, 264 whether assessed or not. Title shall be conveyed subject to: 265 a. those specific Exceptions described by reference to recorded documents as reflected in the Title Documents accepted by Buyer in accor- 266 dance with § 8a [Title Review], 267 b. distribution utility easements, 268 c. those specifically described rights of third patties not shown by the public records of which Buyer has actual knowledge and which were 269 accepted by Buyer in accordance with § 8b [Matters Not Shown by the Public Records], an d 270 d. inclusion of the Property, within any special taxing district, and 271 e. the benefits and burdens of any declaration and party wall agreements, if any, and 272 f. other none 273 13. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid at or before Closing from the proceeds of this 274 transaction or from any other source. 275 14. CLOSING COSTS; DOCUMENTS AND SERVICES Buyer and Seller shall pay, in Good Funds, their respective Closing costs and 276 all other items required to be paid at Closing, except as otherwise provided herein. Buyer and Seller shall sign and complete all customary or rea- 277 sonably required documents at or before Closing. Fees for real estate Closing services shall be paid at Closing by V One -Half by Buyer and 278 One -Half by Seller 13 Buyer E3 Seller 13 Other 279 The local transfer tax of n /a % of the Purchase Price shall be paid at Closing by ❑ Buyer ❑ Seller. Any sales and use tax that may 280 accrue because of this transaction shall be paid when due by ❑ Buyer M Seller. 281 15. PRORATIONS. The following shall be prorated to Closing Date (§ 2c), except as otherwise provided: 282 a. Taxes. Personal property taxes, if any, and general real estate taxes for the year of Closing, based on 283 M The Taxes for the Calendar Year Immediately Preceding Closing ❑ The Most Recent Mill Levy and Most Recent Assessment 284 ❑ Other 285 b. Rents. Rents based on ❑ Rents Actually Received ❑ Accrued. Security deposits held by Seller shall be credited to Buyer. Seller 286 shall assign all leases to Buyer and Buyer shall assume such leases. n / a 287 c. Other Proration. Water, sewer charges; and interest on continuing loan(s), if any; and 288 289 d. Final Settlement. Unless otherwise agreed in writing, these proration shall be final. 290 16. POSSESSION. Possession of the Property shall be delivered to Buyer on Possession Date and Possession Time (§ 2c), subject to 291 the following lease(s) or tenancy(s): none 292 293 294 295 296 297 298 If Seller, after Closing, fails to deliver possession as specified, Seller shall be subject to eviction and shall be additionally liable to Buyer for 299 payment of $ 100 -00 per day from the Possession Date (§ 2c) until possession is delivered. 300 17. NOT ASSIGNABLE. This contract shall not be assignable by Buyer without Seller's prior written consent. Except as so restricted, this 301 contract shall inure to the benefit of and be binding upon the heirs, personal representatives, successors and assigns of the parties. No. CBS2 -9 -99. Page 4 of 6 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 '382 383 18. CONDITION OF, AND DAMAGE TO PROPERTY AND INCLUSIONS. Except as otherwise provided in this contract, the Property, Inclusions or both shall be delivered in the condition existing as of the date of this contract, ordinary wear and tear excepted. 'a. Casualty; Insurance. In the event the Property or Inclusions shall be damaged by fire or other casualty prior to 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 Closing Date (§ 2c). 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 by deliv- ering to Seller written notice of termination. Should Buyer elect to cant' out this contract despite such damage, Buyer shall be entitled to a credit, at Closing, for all the insurance proceeds resulting from such damage to the Property and Inclusions payable to Seller but not the owners' associ- ation, if any, plus the amount of any deductible provided for in such insurance policy, such credit not to exceed the total Purchase Price. b. Damage; Inclusions; Services. Should any Inclusions) or services) (including systems and components of the Property, e.g. heat- ing, plumbing, etc.) fail or be damaged between the date of this contract and Closing or 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, but only to the extent that the maintenance or replacement of such Inclusion(s), service(s) or fixture(s) is not the responsibility of the owners' association, if any, less any insurance proceeds received by Buyer covering such repair or replacement. c. Walk - Through; Verification of Condition. Buyer, upon reasonable notice, shall have the right to walk through the Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with this contract. 19. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this document, Buyer and.Seller acknowledge that lsbocScJtbW $btAp7fitijr� 7i5ttAg:C�4mp0pL}a4ntg t�this document has important legal consequences and :%M* R1�9i M k 2itt x0midltatibtn with legal and tax or other counsel before signing this contract. eac par y s u onsu 20. TIME OF ESSENCE AND 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: ❑ (1) Specific Performance. Seller may elect to treat this contract as canceled, 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. mt.. (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 LIQUI- DATED DAMAGES and (except as provided in subsection c) are SELLER'S 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 canceled, 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. e. Costs and Expenses. In the event of any arbitration or litigation relating to this contract, the arbitrator or court shall award to the pre- vailing party all reasonable costs and expenses, including attorney fees. good faith to submit the matter to mediation. Mediation is a process in which the parties meet with an impartial person who Ithe dispute informally and confidentially. Mediators cannot impose binding decisions. The parties to the dispute rr i „re any settlement is binding. The parties will jointly appoint an acceptable mediator and will share equally in the co tatton. The mediation, unless oth- erwise agreed, shall terminate in the event the entire dispute is not resolved 30 cale m the date written notice requesting mediation is sent by one party to the other(s). This Section shall not alter any da act, unless otherwise agreed. 22. EARNEST MONEY DISPUTE. Notwiths nation of this contract, Buyer and Seller agree that, in the event of any con- troversy regarding the Earnest Mone value held by broker or Closing Company (unless mutual written instructions are received by the holder of the Ear htngs of value), broker or Closing Company shall not be required to take any action but may await any pro- ceedin or Closing Company's option and sole discretion, may interplead all parties and deposit any moneys or things of value into 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 §§ 10c, mxff=. and 21 . 24. ADDITIONAL PROVISIONS. (The language of these additional provisions has not been approved by the Colorado Real Estate Commission.) 24.1 NO BROKERS' COMMISSIONS. Buyer and Seller each represent and warran to the other that no broker or finder has represented or.acted on behalf of the representing party in connection with the. contemplated by this Contract, and each such representing • party -agrees to indemnify and hol harmless the other party against any loss, claim, damage or expense, including reasonable attorney fees, incurred by the other party as a result of any claim for any fee or commission asserted 'by any person claiming as a broker or finder to have represented or acted.'on behalf of the representing party. 24.2. HAZARDOUS WASTE. To the best of Seller's knowledge (a) the Premises have never been used as.a landfill or waste dump; (b) there has be no installation in, or production, disposal or` storage on, the Premises of any hazardous waste or other toxic substances, including, without limitatio asbestos, by any tenant or any previous owner or previous tenant or any other activity which could have toxic results and (c) there is no proceedi or inquiry by any governmental authority or.agency with respect thereto. 24.3. CITY COUNCIL APPROVAL. This Contract and Buyer's.obligation to perform hereunder are contingent upon this purchase and transaction being approved by the City Council of Pueblo, Colorado. The provisions of section 24.1 and 24.2 shall survive closing.. No. CBS2 -9 -99. Page 5 of 6 0 384 ' 14. ADDITIONAL PROVISIONS. (Cont). (The language of these additional provisions has -fie] � v �bir C i s g Co ussion� 385 r diod ­n ^ru)lZUl'Jni FE7F 386 ' nr 387 388 389 - 390 391 25. ENTIRE AGREEMENT; SUBSEQUENT MODIFICATION; SURVIVAL. This contract constitutes the entire contract between the 392 parties relating to the subject hereof, and any prior agreements pertaining thereto, whether oral or written, have been merged and integrated into 393 this contract. No subsequent modification of any of the terms of this contract shall be valid, binding upon the parties, or enforceable unless made 394 in writing and signed by the parties. Any obligation in this contract which, by its terms, is intended to be performed after termination or Closing 395 shall survive the same. 396 26. FACSIMILE. Signatures ❑ May 19 May Not be evidenced by facsimile. Documents with original signatures shall be provided to the 397 other party at Closing, or earlier upon request of any party. 398 27. NOTICE. RKoel =ltm any notice to Buyer shall be effective when received by Buyer 399 and any notice to Seller shall be effective when received by Seller otjG�i�gRDin¢fg . 400 28. NOTICE OF ACCEPTANCE; COUNTERPARTS. This proposal shall expire unless accepted in writing, by Buyer and Seller, as evi- 401 denced by their signatures below, and the offering party receives notice of acceptance pursuant to § 27 on or before Acceptance Deadline Date 402 and Acceptance Deadline Time (§ 2c). If accepted, this document shall become a contract between Seller and Buyer. A copy of this document 403 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 404 full and complete contract between the parties. URBAN RENEWAL AUTHORITY*_ OF PU�Fr O , COLORA 0 405 $ Buyer Bay ChaA 406 Date of Buyer's Signature: Date of Buyer's Signature: December , 2000 407 Buyer's Address- c/o Thomas E. Jagger, 127 Thatcher Building, Pueblo, CO 81003 408 Buyer's Telephone No: 719-545-4412 Buyer's Fax No: 409 (NO _If this coffer is being countered or rejected, do not sign this document. fer to § 29] 410 �- �.✓c. -./C. F C�.It.��.v`"co Seller Fran B rto O Seler ar Hu sa er 200 411 Date of Seller's Signature: December. 20 00 Date of Seller's Signature: December /'� , 412 Seller's'Addre�f't S ��-�L� E rw �ae o L e 413 Seller's Telephone No: Seder's Fax No: 414 29. COUNTER; REJECTION. This offer is ❑ Countered ❑ Rejected. 415 Initials only of party (Buyer or Seller) who countered or rejected offer 416 END OF CONTRACT 417 Note: Closing Instructions should be signed on or before Title Deadline. 418 BROKER ACKNOWLEDGMENTS. The undersigned Broker(s) acknowledges receipt of the Earnest Money deposit specified in § 4 and, 419 while not a party to the contract, agrees to cooperate upon request with any mediation conducted under § 21. 420 Selling Company Brokerage Relationship. The Selling Company and its licensees have been engaged in this transaction as ❑ Buyer Agent 421 ❑ Seller. Agent/Subagent ❑ Dual Agent ❑ Transaction- Broker. 422 Listing Company Brokerage Relationship. The Listing Company and its licensees have been engaged in this transaction as ❑ Seller Agent 423 Q Dual Agent ❑ Transaction- Broker. NOT APPLICABLE 424 BROKERS' COMPENSATION DISCLOSURE. Selling Company's compensation or commission is to be paid by: 13 Buyer ❑ Seller ❑ Listing Company 13 Other N/A 425 426 (To be completed by Listing Company ) Company's compensation or commission is to be paid by: 427 ❑ Buyer ❑ Seller ❑ Other N) ?A Selling Company: N/A Name of Company 429 By: Signature Date 430 Selling Company's Address: 431 Selling Company's Telephone No: Selling Company's Fax No: 432 Listing Company: N/A Name of Company 433 By: ' Signature Date 434 Listing Company's Address: 435 Listing Company's Telephone No: No. CBS2 -9 -99. Page 6 of 6 Listing Company's Fax No: `n 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): URBAN RENEWAL AUTHORITY OF PUEBLO, Seller(s): FRANK BARTOLO COLORADO CHARLES HUNSAKER Property: 209 S. SANTA FE AVENUE PUEBLO, COLORADO 81003 S. 3 Ft of Lot 14, All 15, 16 and 17, Block 1, Moores Sub C ontract Sales Price ..................................... ............................... Deposits Buyer ........................................ ............................... PRORATIONS COUNTY TAXES ($1666.14) ................ 01/01/00 to 12/27/00 ..................... LENDER CHARGES: RESERVES TITLE CHARGES REAL ESTATE CLOSING FEE ................................... ............................... TAX INFORMATION SERVICES .................................. ............................... RECORDING FEES, TRANSFER TAXES WarrantyDeed ............................................ ............................... DOCUMENTARY FEE ........................................... ............................... ADDITIONAL CHARGES 2000 PROPERTY TAX PARCEL #05- 364 -26 PUEBLO COUNTY TREASURER .............................. * * * ** SUB TOTAL RECEIPT DUE FROM BUYER Title No. 7572673 Date : December 27, 2000 DEBIT CREDIT $89,000.00 500.00 1,647.88 75.00 15.00 5.00 8.90 1,666.14 90,770.04 2,147.88 88,622.16 $90,770.04 $90,770.04 The above figures do not include sales or use taxes on personal property. THE ABOVE DEDUCTIONS, ADJUSTMENTS, DISBURSEMENTS ARE HEREBY AUTHORIZED AND APPROVED. URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO r .? 40'SEPH A� FORTINO, CHAIRMAN Broker By: Transnation Title Insurance Company By: BONNIE OLIVIERI TRANSNATION TITLE INSURANCE COMPANY 627 North Main Street Pueblo, CO 81003 (719) 543 -0451 Escrow Officer : BONNIE OLIVIERI SR. ESCROW OFFICER Title No. 7572673 Date December 27, 2000 SELLER'S CLOSING STATEMENT Setters) : FRANK BARTOLO CHARLES HUNSAKER Property: 209 S. SANTA FE AVENUE PUEBLO, COLORADO 81003 S. 3 Ft of Lot 14, All 15, 16 and 17, Block 1, Moores Sub Buyer(s) : URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO DEBIT CREDIT Contract Sales Price ..................................... ............................... $89,000.00 Depositpaid to Setter ................................... ............................... 500.00 PAYOFF PRORATIONS COUNTY TAXES ($1666.14) ................ 01/01/00 to 12/27/00 ..................... 1,647.88 LENDER CHARGES: RESERVES TITLE CHARGES REAL ESTATE CLOSING FEE ......... ............................... .......................... 75.00 OWNERS TITLE INSURANCE PREMIUM ............................ ............................... 522.00 RECORDING FEES, TRANSFER TAXES ADDITIONAL CHARGES * * * ** SUB TOTAL 2,744.88 89,000.00 PROCEEDS DUE SELLER 86,255.12 $89,000.00 $89,000.00 The above figures do not include sales or use taxes on personal property. THE ABOVE EDUCTIONS, ADJUSTMENTS, DISBURSEMENTS ARE HEREBY AUTHORIZED AND APPROVED. Broker FRANK BART 10 By: C A ES HUNSAKER Transnation Title Insurance Company By: BONNIE OLIVIERI TRANSNATION TITLE INSURANCE COMPANY C L O S I N G I N S T R U C T I O N S THIS IS A LEGAL INSTRUMENT, IF NOT UNDERSTOOD, LEGAL, TAX OR OTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING. To: TRANSNATION TITLE INSURANCE COMPANY RE: 209 S. SANTA FE AVENUE PUEBLO, COLORADO 81003 1. FRANK BARTOLO and CHARLES HUNSAKER (SELLER) and URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO (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: S. 3 Ft of Lot 14, All 15, 16 and 17, Block 1, Moores Sub also known as: 209 S. SANTA FE AVENUE, PUEBLO, COLORADO 81003 2. Closing Agent is authorized to obtain information and agrees to prepare, obtain deliver and record all documents, excluding preparation of legal documents, necessary to carry out the terms and conditions of the contract to buy and sell real estate, dated December 12, 2000, 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 $150.00 for providing these closing and settlement services to be the expense of BUYER 8 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: EX) Closing Agent's Trust Account Check, E ) Cashier's Check at Seller's expense, E ) Funds electronically transferred (wire transfer) to an account specified by the Seller, at Seller's expense. 9. Purchaser and 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 Setter 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, Setter and Closing Agent. 16. Special Instructions: APPROVED AND ACCEPTED Closing Agent By: BONNIE OLIVIERI 12/27/00 8..1 1 e..i.. ♦ D� �nni.n�nr/ c \ REAL ESTATE WATER AND SEWER AGREEMENT Escrow No.: 7572673 It is hereby understood and agreed between the purchaser(s) and seller(s) of property known as: 209 S. SANTA FE AVENUE, PUEBLO, COLORADO 81003, that as of the date of ACCOUNT IS: METERED BASED ON THE ABOVE INFORMATION: Escrow Agent HAS NOT ADJUSTED FOR WATER AND SEWER, ADJUSTMENT AS REQUIRED, WILL BE MADE BETWEEN PARTIES AND ARE NOT A PART OF THIS ESCROW. SELLER ASSUMES RESPONSIBILITY FOR THE FINAL WATER BILL. IT IS FURTHER UNDERSTOOD AND AGREED BETWEEN THE PURCHASERS AND SELLERS THAT THIS IS A FINAL SETTLEMENT AND HEREBY RELIEVE ESCROW AGENT OF ALL FURTHER LIABILITY AND RESPONSIBILITY. This Agreement executed this 27TH day of DECEMBER, 2000 APPROVED AND ACCEPTED: Purchaser(s) URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO BY Sell (s) FRANK BARTOLO CHARLES HUNSAKER JOSEPH A. FORTINO, CHAIRMAN REAL ESTATE TAX AGREEMENT Escrow No.: 7572673 It is hereby understood and agreed between the purchaser(B) and seller(s) of property known as: 209 S. SANTA FE AVENUE PUEBLO, COLORADO 81003 that taxes for the current year have been adjusted as of this date as follows: BASIS FOR PRORATION Taxes have been prorated on an estimate of $1,666.14 for the year 2000. 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) URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO BY JX4.4; FRANK i0f0l, Seller(s) JOEPH 'A/' CHAIRMAN This agreement executed this 27TH day of DECEMBER, 2000. ESCROW NO.: 7572673 W A R R ANT Y DR ED THIS DEED, Made this 27TH day of DECEMBER, 2000 between FRANK BARTOLO and CHARLES HUNSAKER of the County of PUEBLO and State of COLORADO, grantor, and URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO whose legal address is 127 THATCHER BUILDING, PUEBLO, COLORADO 81003 of the County of PUEBLO and State of COLORADO, grantees: WITNESSETH, That the grantor for and in consideration of the sum of EIGHTY NINE THOUSAND AND 00 /100, ($89,000.00) Dollars, the receipt and sufficiency of which is hereby acknowledged, has granted, bargained, sold and conveyed, and by these presents does grant, bargain, sell, convey and confirm unto the grantee, his heirs and asd'igns 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 follows: The South 3 feet of Lot 14, and all of Lots 15, 16 and 17, Block 1, Moore's Subdivision of a portion of the W 1/2 of the NW 1/4 of the SW 1/4 of Section 31 in Township 20 South, Range 64 West, and of the E 1/2 of the NE 1/4 of the SE 1/4 of Section 36, Township 20 South, Range 65 West of the 6th P. M., County of Pueblo, State of Colorado also known by street and number as 209 S. SANTA FE AVENUE, PUEBLO, COLORADO 81003 TOGETHER with all and singular the hereditaments and appurtenances thereto belonging, or in anywise appertaining and the reversion and reversions, remainder and remainders, rents, issues and profits thereof, and all the estate, right, title, interest, claim and demand whatsoever of the grantor, either in law or equity, of in and to the above bargained premises, with the hereditaments and appurtenances. TO HAVE AND TO HOLD the said premises above bargained and described, with the appurtenances, unto the grantee, his heirs and assigns forever. And the grantor, for himself, his heirs and personal representatives, does covenant, grant, bargain, and agree to and with the grantee, his heirs and assigns, that at the time of the ensealing and delivery of these presents, he is well seized of the premises above conveyed, has good, sure, perfect, absolute and indefeasible estate of inheritance, in law, in fee simple, and has good right, full power and lawful authority to grant, bargain, sell and convey the same in manner and form as aforesaid, and that same are free and clear from all former and other grants, bargains, sales, liens, taxes, assessments, encumbrances and restrictions of whatever kind or nature soever, except general taxes for 2000 and subsequent years; except easements, restrictions, covenants, conditions, reservations and rights of way of record, if any; The grantor shall and will WARRANT AND FOREVER DEFEND the above - bargained premises in the quiet and peaceable possession of the grantee, his heirs and assigns, against all and every person or persons lawfully claiming the whole or any part thereof. The singular number shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. IN WITNESS WHEREOF the grantor has exec4ted this deed on the date set forth above. j STATE OF COLORADO County of PUEBLO FRANK BARTOLO CHARLES HUNSAKER } } ss. The foregoing instrument was acknowledged before } me this 27TH day of DECEMBER, 2000 by FRANK BARTOLO and CHARLES HUNSAKER No. 932A. Rev. 7 -84 Witness my hand and official seal. My commission expires August 11, 2001 NOTARY PUBLIC 627 North Main Street Pueblo, Colorado 81003 0 ,.A . REAL PROPERTY TRANSFER DECLARATION (TD -1000) GENERAL INFORMATION Purposet 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.). Requirementss 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. 209 S. SANTA FE AVENUE, PUEBLO, COLORADO 81003 The South 3 feet of Lot 14, and all of Lots 15, 16 and 17, Block 1, Moore's Subdivision of a portion of the W 1/2 of the NW 1/4 of the SW 1/4 of Section 31 in Township 20 South, Range 64 West, and of the E 1/2 of the NE 1/4 of the SE 1/4 of Section 36, Township 20 South, Range 65 West of the 6th P. M., County of Pueblo, State of Colorado 2. Type of property purchased: _Single Family Residential _Commercial _Industrial Other 3. Date of Closing: December 27, 2000 4. Total sale price: Including all real and personal property. $ 89,000.00 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 the goods or services as of the date of closing. Yes _X_No If yes, value $ 4 _Townhome _Condominium — Multi-Unit Res Agricultural Mixed Use _Vacant Land If yes, does this transaction involve a trade under IRS Code Section 1031? _Yes _No Pw 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 %. 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. $ 11. Type of financing: (Check all that apply) _New _Assumed _Seller _Third Party New 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 017 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 day of December , 20 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 Grantee (Buyer)X or Grantor (Seller)_ 127 Thatcher Building ( 719 ) 545 -4412 Address (mailing) Daytime Phone Pueblo, CO 81003 City, State and Zip Code TRANSNATION TITLE INSURANCE COMPANY 627 North Main Street Pueblo, CO 81003 Thomas E. Jagger 127 Thatcher Building Pueblo„ CO 81003 Thomas Jagger Order No. 7572673 December 19, 2000 RE: Urban Renewal Authority of Pueblo /Bartolo, Frank/ Hunsaker, Charles 209 S. Santa Fe Ave Your reference Urban Renewal In connection with the above matter, we are enclosing herewith the following: Title Insurance Commitment We are pleased to have the opportunity to be of service. If you have any questions or changes, please contact Bonnie at 586 8626 cc: Frank Bartolo Charles Hunsaker TNT Attn: Bonnie TRANSNATION TITLE INSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE SCHEDULE A Commitment No.: 7572673 1. Effective Date: December 7, 2000 at 7:00 A.M. 2. Policy or policies to be issued: Amount Premium A. ALTA Owner's Policy $ 89,000.00 $522.00 Proposed Insured: Urban Renewal Authority of Pueblo, Colorado B. ALTA Loan Policy $ $ Proposed Insured: Tax Information Service $ 15.00 3. The estate or interest in the land described or referred to in this commitment and covered herein is fee simple and title thereto at the effective date hereof vested in: Frank Bartolo and Charles Hunsaker 4. The land referred to in this commitment is described as follows: The South 3 feet of Lot 14, and all of Lots 15, 16 and 17, Block 1, Moore's Subdivision of a portion of the W 1/2 of the NW 1/4 of the SW 1/4 of Section 31 in Township 20 South, Range 64 West, and of the E 1/2 of the NE 1/4 of the SE 1/4 of Section 36,.Township 20 South, Range 65 West of the 6th P. M., County of Pueblo, State of Colorado TRANSNATION TITLE INSURANCE COMPANY By ROBIN MYERS Authorized igna ure Issued: December 19, 2000 RM /rm TRANSNATION TITLE INSURANCE COMPANY Commitment No.: 7572673 SCHEDULE A - Continued REQUIREMENTS The following are the requirements to be complied with prior to the issuance of said policy or policies. Any other instrument recorded subsequent to the date hereof may appear as an exception under Schedule B of the policy to be issued. Unless otherwise noted, all documents must be recorded in the office of the clerk and recorder of the county in which said property is located. NOTE: PURSUANT TO SENATE BILL 91 -14 (CRS 10 -11 -122) THE COMPANY WILL NOT ISSUE ITS POLICY OR POLICIES OF TITLE INSURANCE CONTEMPLATED BY THIS COMMITMENT UNTIL IT HAS BEEN PROVIDED A CERTIFICATE OF TAXES DUE OR OTHER EQUIVALENT DOCUMENTATION FROM THE COUNTY TREASURER OR THE COUNTY TREASURER'S AUTHORIZED AGENT; OR UNTIL THE PROPOSED INSURED HAS NOTIFIED OR INSTRUCTED THE COMPANY IN WRITING TO THE CONTRARY. NOTE: IF THIS TRANSACTION INCLUDES A SALE OF THE PROPERTY AND THE SALES PRICE EXCEEDS $100,000.00, THE SELLER MUST COMPLY WITH THE DISCLOSURE /WITHHOLDING PROVISIONS OF C.R.S. 39 -22 -604.5 (NONRESIDENT WITHHOLDING). NOTE: EFFECTIVE SEPTEMBER I 1997, CRS 30 -10 -406 REQUIRES THAT ALL DOCUMENTS RECEIVED FOR RECORDING OR FILING IN THE CLERK AND RECORDER'S OFFICE SHALL CONTAIN A TOP MARGIN OF AT LEAST ONE INCH AND A LEFT, RIGHT AND BOTTOM MARGIN OF AT LEAST ONE -HALF INCH. THE CLERK AND RECORDER MAY REFUSE TO RECORD OR FILE ANY DOCUMENT THAT DOES NOT CONFORM. A. Deed from Frank Bartolo and Charles Hunsaker to Urban Renewal Authority of Pueblo, Colorado. Page 2 TRANSNATION TITLE INSURANCE COMPANY Commitment No.: 7572673 SCHEDULE B EXCEPTIONS The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company: (9 Rights or claims of parties in possession not shown by the public records. Easements, or claims of easements, not shown by the public v records. Discrepancies, conflicts in boundary lines, shortage in area, v encroachments, and any facts which a correct survey and inspection of the premises would disclose and which are not shown by the public records. 04 Any lien, or right to a lien, for services, labor or material theretofore or hereafter furnished, imposed by law and not shown by the public records. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. Note: The above exception will not appear on policies where closing and settlement has been performed by the company. 6. a. 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. b. Any and all unredeemed tax sales, if any. Note:Upon receipt of a Certificate of Taxes Due evidencing that there are no existing open tax sales, the above exception 6b will not appear on the policy to be issued hereunder. Note: PURSUANT TO CRS 10 -11 -122 NOTICE IS HEREBY GIVEN THAT: (A) THE SUBJECT PROPERTY MAY BE LOCATED IN A SPECIAL TAXING DISTRICT; (B) A CERTIFICATE OF TAXES DUE LISTING EACH TAXING JURISDICTION MAY BE OBTAINED FROM THE COUNTY TREASURER OR THE COUNTY TREASURER "S AUTHORIZED AGENT; (C) INFORMATION REGARDING SPECIAL DISTRICTS AND THE BOUNDARIES OF SUCH DISTRICTS MAY BE OBTAINED FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY CLERK AND RECORDER, OR THE COUNTY ASSESSOR. Page 3 TRANSNATION TITLE INSURANCE COMPANY Commitment No.: 7572673 SCHEDULE B - Continued EXCEPTIONS 7. Any and all leases and tenancies. Page 4 ISSUED BY ' TeA TITLE I NSURANCE COMPANY COMMITMENT FOR TITLE INSURANCE Transnation TRANSNATION TITLE INSURANCE COMPANY, an Arizona corporation, herein called the Company, for a valuable consideration, hereby commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges therefor; all subject to the provisions of Schedules A and B and to the Conditions and Stipulations hereof. This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of this Commitment or by subsequent endorsement. This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate 120 days after the effective date hereof or when the .policy or policies committed for shall be issued, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the company. IN WITNESS WHEREOF, TRANSNATION TITLE INSURANCE COMPANY has caused its Corporate Name and Seal to be hereunto affixed; this instrument, including Commitment, Conditions and Stipulations attached, to become valid when coun- tersigned by an Authorized Officer or Agent of the Company. TRANSNATION TITLE INSURANCE COMPANY Attest: v �j Secretary ��co�lrrolt�r�o By: r ff/t 11, 1991 ,� * ARIZONA President Conditions and Stipulations 1. The term mortgage, when used herein, shall include deed of trust, trust deed, or other security instrument. 2. If the proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. 3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance hereon in undertaking in good faith (a) to comply with the requirements hereof, or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions, the Conditions and Stipulations, and the Exclusions from Coverage of the form of policy or policies committed for in favor of the proposed Insured which are hereby incorporated by reference and are made a part of this Commitment except as expressly modified herein. 4. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. PA 3 American Land Title Association Commitment - 1966 Cover Page Form 1004248