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HomeMy WebLinkAbout13934 RESOLUTION NO. 13934 A RESOLUTION APPROVING A CONTRACT TO BUY AND SELL REAL ESTATE FOR THE PURCHASE BY THE CITY OF PUEBLO, A COLORADO MUNICIPAL CORPORATION OF A 34.61 ACRE PARCEL OF VACANT LAND AND AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAID CONTRACT BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The Contract to Buy and Sell Real Estate dated March 26, 2018, a copy of which is attached hereto and incorporated herein by this reference, having been approved as to form by the City Attorney is hereby approved. The President of the City Council is authorized to execute and deliver said contract in the name of the City and the Acting City Clerk is directed to affix the seal of the City thereto and attest same. The President of the City Council is further authorized to execute and deliver all related documents to close the purchase transaction which is hereby approved. SECTION 2. The officers and staff of the City are authorized and directed to perform any and all acts consistent with this Resolution and the attached contract which are necessary or desirable to implement the purchase transaction described therein. SECTION 3. This Resolution shall become effective immediately upon final passage. INTRODUCED March 26, 2018 BY: Larry Atencio MEMBER OF CITY COUNCIL APPROVED: PRESIDENT OF CITY COUNCIL ATTESTED BY: ACTING CITY CLERK City Clerk’s Office Item # Q-2 Background Paper for Proposed Resolution COUNCIL MEETING DATE: March 26, 2018 TO: Christopher A. Nicoll and Members of City Council CC: Sam Azad, City Manager VIA: Brenda Armijo, Acting City Clerk FROM: Larry Atencio, Member of City Council SUBJECT: A RESOLUTION APPROVING A CONTRACT TO BUY AND SELL REAL ESTATE FOR THE PURCHASE BY THE CITY OF PUEBLO, A COLORADO MUNICIPAL CORPORATION OF A 34.61 ACRE PARCEL OF VACANT LAND AND AUTHORIZING THE PRESIDENT OF CITY COUNCIL TO EXECUTE SAID CONTRACT SUMMARY: Attached is a Resolution approving and authorizing the President of City Council to sign a contract for the City to purchase an unimproved parcel of land containing 34.61 acres, located near the intersection of Troy Avenue and U.S. Highway 50 (“subject property”). PREVIOUS COUNCIL ACTION: None. BACKGROUND: The current owners of the subject property are:  Gerald S. Stein M.D. Revocable Trust  Stein Family LLP  Gary L. Horton (“Owners”). The Owners are willing to sell the subject property for its appraised value of $192,500. The subject property is roughly divided in half by an arroyo. One half of the subject property is suitable for development and use as a softball field, to be used primarily by girls’ softball teams. The other half of the subject property is suitable for development for many uses, including a community solar garden. FINANCIAL IMPLICATIONS: The City’s 2018 budget contains an appropriation of $200,000 in the Capital Improvements Fund, project CI1811 Land for Softball Field, for the purchase of the subject property. The $200,000 which has been budgeted and appropriated will be paid as follows: Description Amount Purchase price $192,500 Appraisal $2,000 Phase 1 Environmental Study $1,850 Closing Costs (estimate) $250 Total $196, 600 BOARD/COMMISSION RECOMMENDATION: Not applicable to this Resolution. STAKEHOLDER PROCESS: Not applicable to this Resolution. ALTERNATIVES: If this Resolution is not approved, the City will not be able to move forward with the development of the subject property including use as a softball field or a community solar garden. RECOMMENDATION: Approve the Resolution. Attachments: Proposed Resolution; proposed Contract to Buy and Sell Real Estate CONTRACT TO BUY AND SELL REAL ESTATE THIS CONTRACT TO BUY AND SELL REAL ESTATE("Contract")is made and entered into as of this 26th day of March,2018 (the"Effective Date")by and between the Gerald S. Stein M. D.Revocable Trust; Stein Family LLLP and Gary L. Horton(collectively the"Seller")and the City of Pueblo, Colorado, a Colorado Municipal Corporation (the "Buyer"). Buyer and Seller are sometimes referred to herein as a"Party" and, collectively, as the "Parties." Recitals A. Seller is the owner of certain unimproved real property located within Pueblo County, Colorado, and more particularly described as: The SW 'A of the NW 'A Section 28,Township 20 South,Range 64 West of the 6th P.M.,less 3.641 acres, more or less, south of the highway also known as Pueblo County Assessor Parcel Number 04-282.00-002 (the "Property"). B. Buyer is desirous of purchasing the Property from Seller upon the terms set forth hereinafter. C. Seller is willing to sell the Property to Buyer upon the terms and conditions hereinafter set forth. Agreement NOW, THEREFORE, in consideration of the foregoing Recitals and the mutual covenants contained herein and other good and valuable consideration,the receipt and sufficiency of which is hereby acknowledged, Seller and Buyer agree as follows: 1. Sale and Purchase. Seller agrees to sell and Buyer agrees to purchase the Property, together with all the tenements,hereditaments and appurtenances thereunto belonging,or in anywise appertaining, the reversions, remainders, easements, rents, issues and profits thereof, and all the estate, right, title, interest, benefit, claim and demand whatsoever of the Seller, either in law or equity, all of which are and shall constitute part of the Property as defined herein, on the terms and conditions set forth in this Contract.This conveyance shall be subject to all covenants,reservations, rights of way, easements and restrictions of record, including, but not limited to, that certain Easement dated October 7, 2011, granted to the Board of Water Works of Pueblo, Colorado, recorded in the records of the Pueblo County Clerk and Recorder on October 13,2011 at Reception Number 1888285. 2. Purchase Price and Terms. The Purchase Price for the Property shall be payable as follows: 1 One Hundred Ninety-Two Thousand Five Hundred Dollars($192,500.00),payable on Closing Date (as defined in Paragraph 5 below); All amounts paid by Buyer shall be cash,electronic transfer funds,certified check,or cashier's check. 3. Evidence of Title. (a) Title Commitment and Policy. Prior to the Closing Date(as defined in Paragraph 5 below) Seller shall order and obtain, at Seller's expense, a current commitment for extended coverage title insurance in the amount of the Purchase Price, together with legible copies of all documents listed as exceptions therein, and a current certificate of taxes due with respect to the Property, from a title company selected by Seller authorized to issue title insurance in the state of Colorado (the "Title Company"), on the current standard form of extended ALTA Owners Policy (collectively,the "Title Commitment"). The Title Company shall promptly provide copies of any amendments or modifications of the Title Commitment to Buyer. At Closing or as soon as reasonably practicable after Closing,the Title Company shall issue and deliver to Buyer the owner's title insurance policy referred to above (the "Title Policy"), issued by the Title Company insuring Buyer's title to the Property consistent with the Title Commitment, providing "gap" coverage, deleting the standard exceptions, endorsing over arbitration exceptions (to the extent the Title Company will so agree), if necessary, and subject only to taxes and assessments for the year of Closing and subsequent years, and the other matters approved by Buyer in accordance with subparagraph(c)below and any encumbrances upon the Property caused by Buyer(the"Permitted Exceptions"). At Closing, Seller shall pay the premium for the Title Policy. Buyer may obtain such other endorsements to the Title Policy as Buyer desires, at the expense of Buyer, except for endorsements obtained at Seller's cost, as provided in subparagraph (c) below. (b) Survey. Seller shall order an update to Seller's existing survey from its existing surveyor(or,if such surveyor is not available,then from another surveyor selected by Seller and reasonably acceptable to Buyer)(the"Survey"). At Seller's sole cost and expense, Seller shall cause a copy of the Survey to be delivered to Buyer promptly following Seller's receipt of same.The Survey shall show all improvements and shall plot all exceptions shown on the applicable Title Commitment(to the extent plottable), certified in favor of Seller, Buyer, any requested affiliates of Seller and Buyer,and the Title Company in a manner reasonably acceptable to Seller and Buyer,and prepared in accordance with the appropriate "ALTA/ACSM"minimum standards. (c) Title Defects and Objections. Buyer will have twenty(20)days from the date of receipt of the Title Commitment and Survey,whichever shall last occur,to notify Seller in writing of any objections to any items identified in the Title Commitment, or of any other objections as to title matters. Seller will have until fifteen (15) days after receipt of Buyer's written objections ("Seller's Cure Period") to elect, at its reasonable discretion, to cure all items to which Buyer has objected, cause such items to be modified in a manner which is reasonably satisfactory to Buyer or to advise Buyer that Seller does not intend to cure such items.Alternatively,within the Seller's Cure Period, Seller at Seller's cost may elect to obtain one or more endorsements to the Title 2 Commitment, in a form reasonably acceptable to Buyer, providing title insurance protection with regard to any objections raised by Buyer. If Seller fails to cure to the reasonable satisfaction of Buyer any written objection by Buyer of which Seller has been given notice in accordance with this subparagraph(c), or elects not to cure, then Buyer may elect, as its sole remedy to either(i) waive the objection by written notice to Seller within ten(10)days after expiration of Seller's Cure Period and proceed to Closing as herein provided,or(ii)terminate this Contract by written notice to Seller, in which case the Parties will be released from all obligations hereunder,except for any obligations that expressly survive the termination of this Contract. Buyer will have ten(10)business days after receipt of any amendment or update to the Title Commitment or Survey to object to any changes in the same fashion as obj ections to the initial Title Commitment or Survey under this subparagraph (c). Anything above to the contrary notwithstanding, Seller shall be obligated to,and shall cause all financing, mortgage, judgment and tax liens to be removed as title exceptions prior to or concurrently with Closing. 4. Inspection. Commencing on the Effective Date and continuing during the term of this Contract until the first to occur of the Closing Date or termination of this Contract,Buyer,its agents, consultants and employees,shall have the right to enter and access the Property at reasonable times and upon reasonable advance notice for the purpose of making such inspections, studies,tests and investigations ("Testing") as Buyer may elect and which it deems necessary to determine the suitability of the Property for Buyer's intended use. All such Testing shall be performed by Buyer or its agents or employees at Buyer's sole cost and expense. Buyer shall indemnify, defend and hold Seller and the Property harmless from and against any and all direct costs, liabilities, claims, demands, actions and expenses arising from or in connection with such Testing and, in the event Buyer does not close on the purchase of the Property,Buyer shall repair any damage to the Property or improvements thereon caused by such Testing. This indemnification shall not be deemed to apply to costs, liabilities, claims, demands, actions or expenses arising from Seller's negligent acts or omissions or any pre-existing condition(including, without limitation, environmental conditions) within the Property. If Buyer is not satisfied with the physical condition of the Property,Buyer may terminate this Contract by written notice given to Seller at least fifteen (15) days prior to Closing Date. 5. Date of Closing. The date of Closing ("Closing Date") and the hour and place of Closing shall be mutually agreed upon by the Parties. 6. Transfer of Title. Subject to payment of the Purchase Price, compliance by Buyer with the other terms and provisions hereof,and the occurrence or waiver by Buyer of the Conditions Precedent to Closing defined and described in Paragraph 7, Seller shall execute and deliver to Buyer at Closing a General Warranty Deed conveying marketable fee simple title to the Property to Buyer free of financing,mortgage,judgment and tax liens,subject only to the Permitted Exceptions which shall include all matters shown on the Title Commitment accepted by Buyer. 7. Additional Conditions Precedent to Closing. The sale and purchase contemplated by this Contract is contingent upon occurrence of all of the following prior to Closing Date (collectively,the "Conditions Precedent to Closing"): 3 (a) City Council of Buyer, as its governing body, approving this Contract on or before Closing. (b) Funds for the payment of the Purchase Price have been duly appropriated by Buyer's governing body in accordance with law and a sufficient unencumbered balance thereof exists sufficient for payment of the Purchase Price stated above. (c) The results of inspection and testing do not indicate any conditions which are deemed unacceptable to Buyer, in Buyer's sole and absolute discretion. In the event any of the Conditions Precedent to Closing are not satisfied on or before five(5) days before the Closing Date, Buyer may by notice given to Seller not less than least five (5) days prior to Closing Date(i)waive any or all of the above conditions in writing delivered to Seller and close the sale and purchase of the Property, or (ii) elect to terminate this Contract, in which event each party will be released from all obligations under this Contract. 8. Closing Costs,Documents and Services. Buyer and Seller shall sign and complete all customary or required documents at or before Closing. Fees for real estate closing services, if any, shall be paid at Closing, one-half by Buyer and one-half by Seller. 9. Prorations. General taxes and assessments for the year of Closing,if any(which shall be based on the taxes for the calendar year immediately preceding Closing), water, sewer, utility charges and other usual and customary items shall be prorated between Seller and Buyer as of the Closing Date. 10. Possession. Possession of the Property shall be delivered to Buyer by Seller on Closing Date. 11. Time of Essence/Default and Remedies. Time is of the essence hereof. If any obligation required to be performed prior to closing (and including the obligation to close) is not performed there shall be the following exclusive remedies: (a) If Buyer is in Default: In the event Buyer defaults in the performance of its obligations hereunder prior to Closing, Seller shall have the right to terminate this Contract upon written notice to Buyer or(ii)subject to Buyer's agreement,treat this Contract as being in full force and effect and to obtain specific performance, but not damages. (b) If Seller is in Default: In the event Seller defaults in the performance of its obligations hereunder, Buyer shall have the right to (i) terminate this Contract by written notice to Seller or(ii)treat this Contract as being in full force and effect and to obtain specific performance, but not any damages. (c) Costs and Attorneys' Fees. Anything to the contrary herein notwithstanding, 4 in the event of any action or litigation arising out of this Contract, the court shall award to the prevailing party all reasonable costs and expenses, including reasonable attorneys' fees. Exclusive venue and jurisdiction for any such litigation shall be in the District Court in and for Pueblo County, Colorado and to the maximum extent permitted by law, Buyer and Seller waive their right to a trial by jury. The provisions of this subparagraph (c) shall survive Closing or termination of this Contract. 12. Representations and Warranties of Seller. The Seller represents and warrants to Buyer as follows: (a) Seller has full power, capacity and authority to execute and deliver this Contract and all other documents required to be executed and delivered by Seller under this Contract and to perform its obligations hereunder. (b) This Contract has been,duly authorized,executed and delivered by Seller and constitutes the legal,valid and binding obligation of Seller,enforceable against Seller in accordance with its terms. (c) Seller is not a party to any judicial,administrative,arbitration or other similar proceedings relating in any manner to the Property or to Seller's interest therein or that may detrimentally affect Seller's ability to perform its obligations under this Contract or the ability of persons who acquire portions of the Property to develop,own or operate the Property. Seller has not received notice of(and to Seller's knowledge there is no basis for)any pending or threatened claims, actions,suits or other proceedings of the nature described in the immediately preceding sentence,nor are any such claims, actions, suits or other proceedings contemplated by Seller. (d) To Seller's knowledge, there are no violations of laws, rules, regulations, ordinances, codes, covenants, conditions, restrictions, instructions or agreements applicable to the Property. Seller has not received notice from any governmental or other agency or any other person with respect to any such violations concerning the Property. (e) There are no contracts or other obligations outstanding for the sale, lease or transfer of all or any part of the Property. (f) There is no default, nor has any event occurred which, with the passage of time, the giving of notice or both, would constitute a default under any agreement, contract, mortgage, deed of trust or other instrument which relates Seller's interest in the Property, to the Property itself,or which affects the Property in any manner that would have a material adverse effect on the Buyer. (g) Seller hereby represents and warrants that(i) the Property is in compliance with all applicable state and federal environmental laws, regulations, ordinances, rules and orders (collectively, "Environmental Laws"); (ii) there are no pending or threatened judicial or administrative proceedings of any kind with respect to the Property alleging the violation or potential 5 violation of any Environmental Law nor any pending or threatened investigations of any matters relating to any Environmental Laws with respect to the Property; (iii)there are no hazardous,toxic or otherwise regulated substance, waste, contaminant or material (collectively "Hazardous Materials"), as such terms are defined in any applicable Environmental Law, on, in or at the Property, or any part thereof; (iv) the Property has not been used as a dump site, a storage site for solid wastes or the location of above ground or underground fuel or storage tanks; and (v) that Hazardous Materials are not currently present on or have at any time been stored or used on the Property Seller shall indemnify and hold Buyer harmless and defend Buyer from any loss, liability or expense, including reasonable attorneys' fees, incurred by Buyer, or any claim made against Buyer,by reason of Seller's breach of any of the foregoing representations or warranties.The provisions of this Paragraph 12 shall survive closing in perpetuity,as it relates to the representations and warranties set forth in Sections 12(a),(b),(c),(e)and(f),and for a period equal to the applicable statute of limitations plus six(6)months,as it relates to the representations and warranties Sections 12(d) and (g). 13. Representations and Warranties of Buyer. Buyer represents, warrants and covenants as follows: (a) Buyer has full power, capacity and authority to execute and deliver this Contract and all other documents required to be executed and delivered by Buyer under this Contract and to perform its obligations hereunder. (b) Subject to approval by Buyer's City Council, this Contract will have been duly authorized, executed and delivered by Buyer and constitutes the legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms. 14. Seller Covenants. Commencing on the Effective Date and until the first to occur of Closing or termination of this Contract, Seller shall not(a) lease, sell, convey or further encumber any portion of the Property, (b) consent to any zoning or other change affecting the use of the Property, except for those requested or approved by Buyer, or (c) cause any other changes which affect the condition of Seller's title to the Property or would otherwise be reasonably likely to adversely impact the condition of the Property or Buyer's intended use thereof. 15. Notices. Any notice required or permitted to be given or delivered under this Contract shall be in writing and shall be given by personal delivery, or by the United States Postal Service, by registered or certified mail, postage prepaid, or reputable national overnight courier service: (a) If to Buyer, addressed to: City Manager 6 City of Pueblo 1 City Hall Place, 2nd Floor Pueblo, Colorado 81003 Telephone No. (719)553-2655 with a copy to: City Attorney 1 City Hall Place, 3rd Floor Pueblo, Colorado 81003 Telephone No. (71 9) 562-3899 (b) If to Seller, addressed to: Marvin N. Stein 109 Cornell Circle Pueblo, CO 81005 Telephone No. (719) 566-1441 or to such other address or person as any party may from time to time specify in a writing delivered to the other party in the manner provided in this paragraph. Any notice shall be deemed delivered on the day on which personal delivery is effected or three (3)days after deposit in the mail in the case of registered or certified mail, and one (1) business day in the case of overnight courier. 16. Assignment. This Contract and the rights granted to Buyer hereunder may be assigned by Buyer with Seller's consent,provided, such consent shall not be unreasonably withheld, conditioned or delayed. Except as so restricted, this Contract shall inure to the benefit of and be binding upon the Parties and their respective successors and assigns. 17. Modification. No subsequent modification of any of the terms of this Contract shall be valid or binding upon the Parties or enforceable unless made in writing and signed by the Parties. 18. Entire Contract. This Contract constitutes the entire contract and agreement between the Parties relating to the subject matter hereof, and any prior statements, representations or agreements pertaining thereto, whether oral or written, have been merged and integrated into this Contract. 19. Captions. The captions in this Contract are inserted for convenience of reference only and in no way define, describe or limit the scope or intent of this Contract or any of the provisions hereof. 20. Validity. If any provision of this Contract shall be held to be invalid or unenforceable,the same shall not affect in any respect whatsoever the validity or enforceability of the remainder of this Contract. 21. Broker. Buyer and Seller represent and warrant to the other that no broker or finder 7 has been engaged by such Party in connection with this transaction. Seller agrees to indemnify, defend and hold Buyer harmless from and against any and all claims, loss, liability, costs and expenses(including reasonable attorneys' fees),resulting from any claims that may be made against Buyer by any broker or other person claiming a commission,fee or other compensation by reason of the transaction contemplated hereby if the same shall arise by, through or on account of Seller. Buyer agrees to indemnify, defend and hold Seller harmless from and against any and all claims, loss, liability, costs and expenses (including reasonable attorneys' fees), resulting from any claims that may be made against Seller by any broker or other person claiming a commission, fee or other compensation by reason of the transaction contemplated hereby if the same shall arise by,through or on account of Buyer. 22. Applicable Law. This Contract will be construed and enforced in accordance with the laws of the State of Colorado (without giving effect to its choice of law principles). 23. Interpretation. Whenever the context so requires,the singular number shall include the plural and the plural the singular, and the use of any gender shall include all genders. 24. Survival of Representations. Except as otherwise limited under the last paragraph of Section 12 hereof,the representations,warranties,covenants and agreements of Buyer and Seller in this Contract are and shall be construed to be covenants running with the Property, shall survive the Closing of the transaction contemplated hereby and recordation of the General Warranty Deed,may be enforced by either Buyer or Seller after Closing Date,and shall not be merged or be deemed to be merged into the General Warranty Deed. 25. Third Parties. Buyer and Seller and their respective successors and permitted assigns are the only parties to this Contract and are the only parties entitled to enforce this Contract. Nothing contained in this Contract nor any provision hereof is intended to give or shall be construed to give or confer, directly or indirectly, or otherwise, upon any third party any right, remedy or benefit hereunder. 26. Counterparts and Facsimile Signatures. This Contract may be executed in multiple counterparts, which taken together shall be deemed one original. 27. Exclusivity. In consideration of the time and resources which the Buyer will devote to the transactions contemplated herein, Seller agrees that until Closing or the earlier termination of this Contract, Seller will not, directly or indirectly, solicit, initiate or enter into discussions or transactions with,or encourage,or provide any information to,any individual,entity or group(other than to Buyer and Buyer's designees) concerning any sale or lease of the Property or any similar transaction or alternative. The provisions of this Paragraph shall not be construed to prohibit Seller or Buyer from discussing the transaction contemplated herein with their attorneys or other consultants. 8 Executed at Pueblo, Colorado, the day and year first above written. BUYER: CITY OF PUEBLe CO A MUNICIPA i RPORATION B ,tet_ Y: (Pity Council Presiden� ATTESTED BYE- L. 1� Acting City Clerk aArv‘IT SELLER: Gerald S. Stein M.D. Revocable Trust Stein Family LLLP Gary L. Horton 77 By: • Marvin I . Stein as Agent/Attorney-in-fact STATE OF COLORADO ) ss. COUNTY OF PUEBLO ) The foregoing instrument was acknowledged before me this 9_12) day of March, 2018, by Marvin N. Stein as Agent/Attorney-in-fact of the Gerald S. Stein M.D. Revocable Trust; Stein Family LLP and Gary L. Horton. My commission expires: Witness my hand and official seal: //• ,6 NO Y PU I LICl� (Seal) KIMBERLY A. OOMS NOTARY PUBLIC STATE OF COLORADO NOTARY ID 19984032249 MY COMMISSION EXPIRES NOVEMBER 20.2018 9 Executed at Pueblo, Colorado, the day and year first above written. BUYER: CITY OF PUEBLO, CO A MUNICIPAL CORPORATION By: City Council President ATTESTED BY: Acting City Clerk SELLER : Gerald S. Stein M.D. Revocable Trust Gerald S. Stein M.D. Trustee By: Marvin Stein, Attorney-in-Fact Stein Family LLLP l l By: M///arGin N. Stein, General Partner 7 Gary L. I-torton By: Marvin N. Stein, Attorney-in-Fact STATE OF COLORADO ) ss. COUNTY OF PUEBLO ) The foregoing instrument was acknowledged before me this,. 3 day of , 2018, by Marvin Stein as Attorney-in-fact of the Gerald S. Stein M.D. Revocable Trust; Stein Marvin N. Stein, General Partner of the Stein Family LLP and Marvin N. Stein, as Attorney-in-fact for Gary L. Horton. My commission expires: Witness my/hand and official seal: 0 • /g (`� 'c N TARP PUBLIC (Seal) KIMBERLY A, OOM NOTARY PUBLIC STATE OF COLORADO NTARY ID MY COMMISSION EXPIRES984032249 NOVEMBER 20,2018 2 Reception 2106427 05/25/2018 08:20:30 AM Page 1 of 1 GENERAL WARRANTY DEED THIS DEED is dated this 23rd day of May, 2018, and is made between the Gerald S. Stein M.D. Revocable Trust;the Stein Family LLLP and Gary L.Horton,the°Grantors,'and the City of Pueblo,Colorado, a Colorado municipal corporation,the°Grantee,'whose legal address is 1 City Hall Place,Pueblo,Colorado 81003. WITNESS, that the Grantors, for and in consideration of the sum of ONE HUNDRED NINETY-ONE THOUSAND FORTY-NINE and 56/100 DOLLARS, ($191,049.56), the receipt and sufficiency of which is hereby acknowledged, hereby grant, bargain, sell, convey and confirm unto the Grantee and the Grantee's heirs and assigns forever,all the real property,together with any improvements thereon,located in the County of Pueblo and State of Colorado,described as follows: The SW 1A of the NW'A of Section 28,Township 20 South, Range 64 West of the 6v'P.M.,except those portions more particularly described in Deeds recorded June 4, 1954 in Book 1238 at Page 300, recorded June 4,1954 in Book 1238 at Page 301 and recorded May 24k', 1991 in Book 2543 at Page 972,County of Pueblo,State of Colorado. also known by street address as:Vacant Land,Pueblo,Colorado 81008 and assessor's schedule or parcel number: 428200002 TOGETHER with all and singular the hereditaments and appurtenances thereunto belonging, or in anywise appertaining,the reversions, remainders, rents, issues and profts thereof,and all the estate, right, title, interest,claim and demand whatsoever of the Grantors,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 improvements, hereditaments and appurtenances, unto the Grantee and the Grantee's heirs and assigns forever. The Grantors,for itself and its successors and assigns,does covenant and agree that the Grantors shall and will WARRANT THE TITLE AND DEFEND the above described premises, in the quiet and peaceable possession of the Grantee and the heirs and assigns of the Grantee,against all and every person or persons claiming the whole or any part thereof,by,through or under the Grantors except and subject to the following matters:taxes and assessments for the year of Closing and subsequent years and easements of record. IN WITNESS WHEREOF,the Grantors have caused their names to be hereunto subscribed on the date set forth above. GRANTORS: Gerald S.Stein M.D.Revocable Trust Geralc(S.Stein M.D.Trustee By:Marvin Stein,Attorney-in-Fact Stein Family LLLP By!Marvin N.Stein,General Partner f Gary L.Horton By:Marvin N.Stein,Attorney-in-Fact STATE OF COLORADO ss. COUNTY OF PUEBLO The foregoing instrument was acknowledged before me this 23rd day of May,2018,by Marvin Stein as Attorney-in-fact of the Gerald S.Stein M.D.Revocable Trust;Stein Marvin N.Stein,General Partner of the Stein Family LLP and Marvin N.Stein,as Attorney-in-fact for Gary L.Horton. My commission expires: Witness my hand and official seal: • / - NOTARY PUBLIC (Seal) KIMBERLY A. 00MS NOTARY PUBLIC • STATE OF COLORADO NOTApY ID 1YYl4032248 YY COINM189 0 55 5 immusEtt a0.ao1. :. --.