HomeMy WebLinkAbout10320RESOLUTION NO. 10320
A RESOLUTION APPROVING AN AGREEMENT AND WARRANTY DEED BETWEEN THE CITY
OF PUEBLO AND PUEBLO DEVELOPMENT FOUNDATION RELATING TO A JOB CREATING
CAPITAL IMPROVEMENT PROJECT, AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL
TO EXECUTE SAME, AND TRANSFERRING $1,450,000 FROM THE 1992 -2006 SALES AND
USE TAX CAPITAL IMPROVEMENT PROJECTS FUND FOR SUCH PURPOSE
WHEREAS, Pueblo Economic Development Corporation ( "PEDCO ") has presented to City
Council a proposed job creating capital improvement project ( "Project ") whereby Benshaw, Inc. will
locate its business at Pueblo Memorial Airport Industrial Park and commit to employ sixty (60) full -
time employees, and
WHEREAS, the Project will require the remodeling by Pueblo Development Foundation of
the 50,000 square foot shell building located on Lot 1, Pueblo Memorial Airport Industrial Park
Subdivision ( "Building ") at a cost of approximately $1,425,000 and lease of the remodeled Building
by Benshaw, Inc. for a ten (10) year term at $3.50 per square foot, and
WHEREAS, the Project and financial details thereof, including the lease terms and rent,
were negotiated and approved by PEDCO, and
WHEREAS, PEDCO has recommended to the City Council that the City Council approve
the Project and financial details thereof. NOW, THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The City Council finds and determines that the expenditure of $1,450,000 for the job
creating capital improvement project with Benshaw, Inc. described herein and in the Agreement
dated February 14, 2005 between the City and Pueblo Development Foundation meets and
complies with the criteria and standards established by Ordinance No. 6381 and will create
employment opportunities justifying the expenditure of public funds.
SECTION 2
The Agreement dated February 14, 2005 between the City and Pueblo Develop -ment
Foundation, a copy of which is attached hereto, the Special Warranty Deed attached to the
Agreement, and the Lease, having been approved as to form by the City Attorney, are hereby
approved. The President of the City Council is authorized to execute and deliver the Agreement
and Special Warranty Deed in the name of the City and the City Clerk is directed to affix the seal of
the City thereto and attest same.
SECTION 3
Funds in an amount of $1,450,000 are hereby authorized to be transferred, expended and
made available to Pueblo Development Foundation out of the 1992 -2006 Sales and Use Tax
Capital Improvement Projects Fund for the sole purpose of the job creating capital improvement
project and in the manner described in the Agreement. The funds hereby authorized to be
transferred and expended shall be released and paid by the Director of Finance to or for the benefit
of Pueblo Development Foundation after receipt by the Director of Finance of written requests for
payment required by paragraph 2(b) of the Agreement.
SECTION 4
The officers of the City are directed and authorized to perform any and all acts consistent
with the intent of this Resolution and attached Agreement to effectuate the transactions described
therein.
SECTION 5
This Resolution shall become effective upon final approval and passage.
INTRODUCED February 14, 2005
M
Michael Occhiato
APPROVED:
ATTESTED BY:
CITY CLERK
/� Councilperson
7 0 H W 0
-
Background Paper for Proposed
RESOLUTION
h OO. - 010620
AGENDA ITEM # &
DATE: February 14, 2005
DEPARTMENT: Law Department
TITLE
A RESOLUTION APPROVING AN AGREEMENT AND WARRANTY DEED
BETWEEN THE CITY OF PUEBLO AND PUEBLO DEVELOPMENT FOUNDATION
RELATING TO A JOB CREATING CAPITAL IMPROVEMENT PROJECT,
AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME,
AND TRANSFERRING $1,450,000 FROM THE 1992 -2006 SALES AND USE TAX
CAPITAL IMPROVEMENT PROJECTS FUND FOR SUCH PURPOSE
ISSUE
Should the City Council approve the job creating capital improvement project with
respect to Benshaw, Inc. and related Agreement and documents described in and
attached to the Resolution?
RECOMMENDATION
Approve the job creating capital improvement project.
BACKGROUND
City owns Lot 1, Pueblo Memorial Airport Industrial Park Subdivision, Third Filing,
consisting of a 50,720 square foot shell building and 6.02 acres of land ( "Property").
Benshaw, Inc. ( "Company") intends to locate its business at the Property and
committed to employ 60 full -time employees on a staggered basis during the 10-
year term of the lease ( "Employment Commitment'). City will advance to Pueblo
Development Foundation $1,450,000 ( "City Funds ") to be used to remodel the
50,720 square foot shell building.
City will convey title to the Property to Pueblo Development Foundation ( "PDF ") who
will lease the Property to the Company. City Funds will be used by PDF to remodel
the Property. The Lease is a triple net lease for a term of 10 years. Rent is $3.50
per square foot. During the first year of the Lease, Company will pay rent for 25,000
square feet or $7,292 per month. Thereafter, Company will pay rent of $14,767 per
month. Company may renew the term of the Lease for an additional five years and
six months for the same rent. Company has the option to purchase the Property at
the end of the 10 -year term of the Lease for a purchase price of $975,724. If
Company defaults in its Employment Commitment, it will pay increased rent based
upon the numberof employees less than the Employment Commitmentwith respect
to $225,000 granted as an economic incentive.
All rent and other payments received by PDF are to be held in trust and paid to City
less 5% for PDF's expenses in participating in the transaction and as Lessor. PDF's
obligations will be secured by a deed of trust on the Property.
This job creating capital improvement project and financial details as well as the
Lease terms were negotiated and approved by PEDCO. PEDCO recommends that
the City Council approve this transaction and all related documents.
FINANCIAL IMPACT
See Background.
-2-
AGREEMENT
THIS AGREEMENT entered into as of February 14, 2005, between the City of Pueblo, a
municipal corporation ( "City") and Pueblo Development Foundation, a Colorado nonprofit
corporation ( "Foundation "), WITNESSETH:
WHEREAS, the City owns Lot 1, Pueblo Memorial Airport Industrial Park Subdivision,
Third Filing, Pueblo County, Colorado, consisting of a shell building containing approximately
50,720 square feet ( "Facility") located on approximately 6.02 acres of land ( "Land ") (collectively
the Facility and Land are referred to herein as the "Property").
WHEREAS, Benshaw, Inc., a Pennsylvania corporation ( "Company") intends to lease the
Property in order to conduct its business operations thereat as part of a job creating capital
improvement project whereby Company commits it will employ 60 full -time employees at the
Property, and
WHEREAS, City will advance to Foundation funds for remodeling the Property and
Foundation is willing to undertake such remodeling and lease the Property to Company under Lease
dated as of February 14, 2005, between Foundation and Company ( "Lease "), and
WHEREAS, City is willing to advance funds for remodeling the Facility and to convey title
to the Property to Foundation by Special Warranty Deed, a copy of which is attached hereto as
Exhibit A ( "Warranty Deed "), upon the terms and conditions contained herein.
NOW, THEREFORE, in consideration of the foregoing and mutual covenants contained
herein, City and Foundation agree as follows:
1. City will execute and deliver to Foundation the Special Warranty Deed subj ect to (a)
Foundation executing and delivering the Lease in form and content acceptable to the City Attorney,
and (b) Federal Aviation Administration issuing a deed of release for the Property.
2. Foundation will cause the Building to be remodeled in accordance with the covenants
and provisions of the Lease. City will advance to Foundation funds in an amount not to exceed
$1,450,000.00 (the "City Funds ") for such remodeling, subject to and contingent upon the following
conditions and covenants which Foundation agrees to perform and comply with:
(a) Foundation shall use City Funds solely for remodeling the Facility.
(b) Foundation shall file with City's Director of Finance written request for
payment certified to be true and correct by an officer of Foundation or its representative that the
amounts included in the request for payment have not been included in any prior request for payment
and are for (i) the actual cost of remodeling the Facility, identifying the remodeling for which
payment is sought, including certificates ofthe architect and contractor that the remodeling for which
payment is sought has been completed, or (ii) actual expenses incurred by Foundation relating to the
Property such as insurance premiums for builder's risk or fire and extended coverage insurance and
utilities, including City's combined service fee. All City Funds disbursed directly to Foundation
shall be deposited in a separate account and held in trust by Foundation for the sole and only purpose
of paying for remodeling of the Facility and actual expenses incurred with respect to the Property.
3. All rent and other payments received by Foundation under the Lease shall be held in
trust by Foundation for the benefit of the City and, immediately after receipt thereof by Foundation,
Foundation shall deliver and pay the rent and other payments to City less five (5) percent thereof to
be retained by Foundation as reimbursement to Foundation for its expenses incurred in participating
in this transaction and as Lessor under the Lease. Until commencement date of the Lease,
Foundation will insure, at the City's cost, the Property against loss or other casualty for its full
replacement value. The proceeds of such insurance shall be paid solely to City.
4. Foundation shall not sell, encumber, or otherwise transfer the Property except as
provided and set forth in the Lease.
5. Foundation shall perform all covenants and conditions on the part of the Lessor to be
performed under the Lease, and shall enforce all covenants and conditions on the part of the Lessee
to be performed under the Lease. Foundation shall timely give written notice to City of any of
Lessee's defaults under the Lease. Foundation's obligation under this Agreement shall be secured
by a first deed of trust on the Property and Foundation shall execute and deliver to City its deed of
trust in form and content approved by the City Attorney.
6. If Foundation defaults in the performance of any covenant or provision of this
Agreement or Lease, Foundation shall within ten (10) days after written demand is given to
Foundation by City no later than fifteen (15) years after date hereof, convey title to the Property to
City by special warranty deed free of liens and encumbrances, except liens and encumbrances
existing at the time Foundation acquired title to the Property, the Lease, and Foundation's deed of
trust securing the performance of this Agreement, and assign the Lease to the City. The provisions
of this paragraph may be specifically enforced.
7. If any provision of this Agreement is declared by a court of competent jurisdiction
to be invalid or unenforceable, such determination shall not affect the other provisions of this
Agreement which shall remain in full force and effect.
8. The provisions of this Agreement are and will be for the benefit of City and
Foundation only and not for the benefit of any third party, and accordingly, no third party shall have
any right or remedy hereunder or the right to enforce any provision of this Agreement.
9. This Agreement shall be binding up and inure to the benefit of the City and
Foundation and their respective successors and assigns, provided Foundation may not assign this
Agreement or any of its rights hereunder without the prior written consent of City.
Executed at Pueblo, Colorado, the day and year first above written.
PUEBLO, A MUNICIPAL CORPORATION
By /� 6 ' -
P6s of the ,ity Counci
Attest:
City c
Approved as to form:
City Attorney LX
PUEBLO DEVELOPMENT FOUNDATION
B / :4,./ Z� - - 4ZI ; I
. resi ent
Attest: �yt�
Secretary
G ffrY E nDev%mhaw, lnc\.A n (City&PDF - 2- 14- 05).wpd
ResolutidniNo. 10320
IIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIII 0 68 4584
Ch C. Munoz Pueb1oCtyC1k&R WD R 26.00 D 0.00
SPECIAL WARRANTY DEED
THIS DEED, made this : day of r-P b :� ti h re y , 2005 by and between Pueblo,
a Municipal Corporation (herein "City ") and Pueblo Development Foundation, a Colorado nonprofit
corporation (herein "Company "), WITNESSETH:
That City for and in consideration of the sum of $10.00 and other good and valuable
consideration to City in hand paid by the Company, the receipt whereof is hereby confessed and
acknowledged, has granted, bargained, sold and conveyed, and by these presents does grant, bargain,
sell, convey and confirm unto the Company, its successors and assigns forever, all the real property
situate, lying and being at Pueblo Memorial Airport, County of Pueblo, State of Colorado, more
particularly described as Lot 1, Pueblo Memorial Airport Industrial Park Subdivision, Third Filing
(herein "Property), with all its appurtenances, and warrant the title to the same against all and every
person claiming the whole or any part thereof, by, through or under the City, subject to easements,
rights of way, restrictions and reservations of record and easements for existing utilities, sanitary
sewer, water, irrigation and natural gas lines on, over or under the Property and to the following
covenants, conditions, and restrictions which are and shall be construed to be covenants running with
the land described herein and binding upon the Company, its successors and assigns and inuring to
the benefit of the City, its successors and assigns.
City reserves unto itself and its successors and assigns, for use and benefit of the
public, a right of flight for the passage of aircraft in the airspace above the surface of the Property,
together with the right to cause in the airspace above the surface of the Property such noise as be
inherent in the operation of any aircraft now known or hereafter used for navigation of or flight in
IIIIII VIII IIIIII IIII (IIIIII VIII VIII III VIII IIII IIII
Page: 6 4584 2005 11:17A
Chris C. Munoz PuebloCtyClk &Reo WD R 26.00 D 0.00
said airspace, and for use of the airspace above the surface of the Property for landing on, taking off
from, or operation on or over the Pueblo Memorial Airport.
2. Company expressly agrees for itself, its successors and assigns to restrict the height
of structures, objects of natural growth and other obstructions on the Property, to a height of not
more than 4,670 feet above the mean sea level. In the event this covenant is breached, City reserves
the right to enter upon the Property at the expense of the Company to remove the offending structure
or object and to cut the offending growth.
3. Company expressly agrees for itself, its successors and assigns, that it will prevent
any use of the Property which would interfere with landing or taking off of aircraft at the Pueblo
Memorial Airport, or otherwise constitute an airport hazard.
4. The Property and its use are further subject to the following Restrictive Covenants:
(a) The Property may be used only for industrial and manufacturing facilities and
incidental office uses. The Property shall not be used for smelting or plating operations, or for the
storage or processing of putrescible materials, or for any purpose or business which constitutes a
nuisance, or which exceeds the state air pollution control standards for the facility. Gasoline or
diesel fuel used in connection with the business conducted on the Property but not for sale at retail
or wholesale may be stored on the Property in an environmentally sound manner.
(b) Outdoor storage shall not be permitted except for storage of equipment used
in the facility. Parking areas for vehicles and roads on the Property shall be paved.
(c) The Property shall not be subdivided and no building or structure over sixty
(60) feet in height shall be installed or constructed on the Property.
(d) No structure or building shall be constructed or installed nearer than seventy-
five (75) feet of the right of way line of William White Boulevard, or twenty-five (25) feet of the
right of way line of any other abutting streets. There must be installed and maintained a minimum
thirty -five (35) foot strip of living landscaped ground along and adjacent to William White
Boulevard, and twenty-five (25) feet adjacent to other abutting streets. Minimum side and rear yard
set -backs shall be twenty -five (25) feet. Unless a permit is issued by the Director of Public Works
specifying and approving access, vehicular access to and from the Property and William White
-2-
IIIIII VIII IIIIII IIII IIIIIII VIII VIII III VIII IIII IIII
Page: 3 of 5 7A
Boulevard is prohibited. Chris C. Munoz PuebloCtyClkBRec WD R 26.00 D 0.60
(e) Company shall keep and maintain the Property and all buildings, landscaping
and improvements located thereon in a good, clean, safe and orderly condition free ofwaste, rubbish,
debris and trash, and enclose and screen from public view all outside storage and unsightly areas of
the Property.
(f) Company shall comply with notifications and review requirements of the
Federal Aviation Administration prior to the construction, modification or alteration of any building
or structure on the Property.
(g) Company shall, at its own expense, cause all utilities and roads used or to be
used on the Property to be extended from adjacent streets, installed on the Property, and kept and
maintained in good order and condition.
(h) Company shall pay to City a combined service fee for services and facilities
now furnished by City at the Pueblo Memorial Airport, namely: public street maintenance, fire
protection, and street lighting established by Section 3 -1 -14 of the Pueblo Municipal Code payable
monthly. City may, from time to time, reduce or eliminate any or all of the services or facilities
presently being furnished and may modify, increase, or decrease the annual combined service fee
provided (i) such services and fee shall be non - discriminatory among other tenants and owners of
land at Pueblo Memorial Airport receiving such services and facilities, and (ii) such fee shall be
reasonable in relation to City's actual cost and expense of furnishing the services and facilities then
being furnished. City's cost may include the cost of capital improvements amortized over the useful
life of the improvements. If wastewater discharged from the Property is transported through City's
wastewater collection system and treated at City's waste water treatment facilities, Company and the
wastewater so transported and treated shall be subject to the same restrictions, limitations,
conditions, fees, and charges as other users of City's sanitary sewer system and facilities. Company
shall only discharge domestic wastewater into the City's sanitary sewer system.
(i) Company shall provide for storm water drainage which shall include the
construction and installation of storm water detention facilities on the Property. The detention
facility shall be capable of storing the developed on -site runoff from a 100 -year frequency storm.
The maximum release rate from the detention facility at the ponding depth corresponding to the 10-
year volume shall be .30 cfs /acre and 1.00 cfs /acre for the 100 -year ponding depth. All calculations
and details shall conform with the City of Pueblo Storm Drainage Criteria Manual. The point of
discharge from the detention facility shall be at a location approved by the Director of Public Works.
0) Before commencing the construction, installation or alteration of anybuilding,
structure, parking facility, outdoor sign, or other permanent improvement, or landscaping on the
Property, the Company shall submit to and have approved by the City in writing the site plans and
plans and specifications therefor. City's approval will not be unreasonably withheld. In the event
-3-
II�III VIII IIIIII IIII IIIIIII VIII VIII III VIII IIII IIII I 68 4584
Chris C. Munoz PuebloCtyClkBRec WD R 26.00 D 0.00
the City or its designated representatives shall fail to approve or disapprove such plans and
specifications within twenty-five (25) working days after they have been submitted to the City, such
approval will not be required and this covenant will be deemed to have been complied with.
Company shall use its best efforts to assure that all buildings constructed on the Property will be
architecturally and aesthetically compatible with buildings constructed at the Pueblo Memorial
Airport industrial park since 1985. All buildings, improvements and activities on the Property shall
be constructed and conducted in compliance with all applicable federal, state and local law,
regulations, and codes.
(k) City reserves the right to waive all or any part of these Restrictive Covenants.
5. At the request of City, Company shall meet and in good faith confer with City
concerning the annexation of the Property to the City when the Pueblo Memorial Airport, or any part
thereof, including without limitation, the Property becomes eligible for annexation.
6. Invalidation of any one of the foregoing covenants, conditions, restrictions or
reservations by judgment or court order or otherwise shall not affect any of the other of said
covenants, reservations, restrictions or conditions which shall remain in full force and effect.
7. City shall have the right to enforce the restrictions, covenants and conditions hereof
by injunction or other lawful procedure and to recover damages, costs, expenses, including
I�e fe @s, resulting from any violation thereof or arising out of their enforcement.
PUEBLO DEVELOPMENT FOUNDATION
By
'r
i uo • //L�ir��- Pteside t
ti ts
v
r
�t
PUEBLO, A MUNICIPAL CORPORATION
-4-
COUNTY OF PUEBLO ) I IIIIII VIII IIIIII IIII IIIIIII VIII VIII III VIII IIII IIII
Page 1�17A
)Ss. Chris C. Munoz Pueb1oCtyC1k$Reo WD R 26.00 D 0.00
STATE OF COLORADO )
-- Thrforegoing instrument was acknowledged before me this a y� day of Sibvwy, 2005
by .gSet$ „ Fortino as President and Robert Root as Secretary of Pueblo Development Foundation,
f Colorada�rofit corporation.
s x '\,? WuW 8 hand and official seal.
■
r c+oi�ission expires:
[SEAL]
Notary Public
COUNTY OF PUEBLO )
) ss.
STATE OF COLORADO )
a.rc -G3
The foregoing instrument was acknowledged before me this A q * day of. , 2005
by Robert D. Schilling, Jr. as President ofthe City Council, and Gina Dutcher as City Clerk of Pueblo,
Colorado, a Municipal Corporation.
Witness my hand and official seal.
{ftmission expires: Ce
h
[SEAL]
Not Public
O�
- C 0;o
511
IN,�M�IN��N�IhI�Yh�VIN DEED OF TRUST
1614585
Page: 1 of 1
04/08/2005 11:178
D 0.00
THIS DEED OF TRUST, Dated February 14, 2005 , between
Pueblo Development Foundation, a Colorado
nonprofit corporation
the grantor herein, whose address is
P.O. Box 1663, Pueblo, CO, 81002 of the
`County of Pueblo and State of Colorado, and
the PUBLIC TRUSTEE of the County or City and County in which the property described
below is situated, in the State of Colorado,
Witness:
The grantor, to secure a promissory note or notes, hereinafter referred to in the singular, dated February 14, 2005
,
f687G7C7Q1�ACp[h3idii�
7€MM, payable to the order of the City of Pueblo
the beneficiary herein, whose address is 1 City Hall Place, Pueblo, Colorado, 81003
1 VfRx>IlSKtlaee3tKXX
ro4l ffi7alE� €3tilfE4ai11tliiiFAE�tH�X�E�Df cc1p�
does hereby grant and convey unto said Public Trustee the following described property, situate in the County
of Pueblo State of Colorado, to wit: Lot 1, Pueblo Memorial Airport
Industrial Park Subdivision, Third Filing, Pueblo County, Colorado
*The purpose of this deed of trust is to secure grantor's
performance of and obligations under that certain Agreement
dated February 14, 2005 between grantor and City of Pueblo (the
"Agreement "). Wherever the terms "promissory note," "note" or
"indebtedness" are referred to herein, they shall, individually
or jointly, be deemed and construed to be the Agreement.
also known by street and number as 6 Jetway Court, Pueblo, CO 81001
/contained in the Agreement or
TO HAVE AND TO HOLD the same together��v'ith all appurtenances, in trust nevertheless, that in case of default in the payment of said note or any part thereof or interest
thereon, or in the performance of any covenants'hereinafter set forth, then upon the beneficiary (note holder) filing notice of election and demand for sale, said Public Trustee,
after advertising notice of said sale weekly, for not less than four weeks, in some newspaper of general circulation in said county, shall sell said property in the manner provided
by law in effect at the time of filing said notice and demand, at public auction for cash, at any proper place designated in the notice of sale. Out of the proceeds of said sale said
Trustee shall retain or pay first all fees, charges and costs and all moneys advanced for taxes, insurance and assessments, oron any prior encumbrance, with interest thereon, and
pay the principal and interest due on said note, rendering the overplus (if any) unto the grantor; and after the expiration of the time of redemption, said Trustee shall execute and
deliver to the purchaser a deed to the property sold. The beneficiary may purchase said property or any part thereof at such sale.
The grantor covenants that at the time of delivery of these presents, he is seized of said property in fee sn Ip, mo that said pro rty is tree of enc mbrances, except
easements, restrictions, covenants and conditions of recor
The grantor also covenants that he will keep all buildings insured with a company approved by the beneficiary for fire and extended coverage in an amount equal to the unpaid
balance of said note with loss payable to the beneficiary, will deliver a copy of the policy to the beneficiary and will pay all taxes and assessments against said property and
amounts due on prior encumbrances. If grantor shall fail to pay insurance premiums, taxes or amounts due on prior encumbrance, the beneficiary may pay and all
amounts shall become additional indebtedness due hereunder; and incest: of foreclosure, he will pay an attorney's fee x in a r e a s Gila e
amount.
Should the beneficiary hereunder be made a party to any action affecting this deed of trust or the tine to said property, the grantor agrees that all court costs and a reasonable
attorney's fee paid by the beneficiary shall become additional indebtedness due hereunder, and the grantor does hereby release and waive all claims in said property as a
homestead exemption or other exemption now or hereafter provided by law.
Itis agreed that in case of default in payment of said principal or interest or a breach of any of the covenants herein, then said principal sum hereby secured and interest thereon
may at the option of the beneficiary become due and payable at once, anything in said note to the contrary notwithstanding and possession of said property will thereupon be
delivered to the beneficiary, and on failure to deliver such possession the beneficiary shall be entitled to a receiver for said property, who may be appointed by any court of
competent jursidiction.
Whenever used herein the singular number shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. All of the covenants
herein shall be binding upon the respective heirs, personal representatives, successors and assigns of the parties hereto.
Executed the day and year fast above written.
DRADO
P ueblo Development Foundation
B y / GW ` ins
J, sephifA A. F 'r i o
Pueblo } SS.
1 , !{.�
was acknowledged before me this.. 7 " " day of FjetenoELy 1 2005
ii no as President of Pueblo Development Foundation,
, rofit corporation.
-1110,p . Witness my hand and official seal.
'If in Denier, insert "City and'.
t o— =1
Name and Address of Person Creating Newly Created legal Description % 38-35- 106.5, C.R.S.)
No. 923B. Rev. 6-92. DEED OF TRUST (Pubtle 71rustee) without Due on Sets Clause
Bradford Publishing, 1743 Wazee SL, Denver, CO 80202 — (303) 292 -2500 — 2 -98
00