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HomeMy WebLinkAbout5140RESOLUTION NO. 5140 A RESOLUTION APPROVING THE COMMERCIAL CONTRACT TO BUY AND SELL REAL ESTATE BETWEEN THE CITY OF PUEBLO AND PUEBLO GOODWILL INDUSTRIES, INC., AND AUTHORIZING THE PRESIDENT OF THE CITY COUNCIL TO EXECUTE SAME. BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that: SECTION 1. The Commercial Contract To Buy And Sell Real Estate, between the City of Pueblo, a Municipal Corporation, and Pueblo Goodwill Industries, Inc., a copy of which is attached hereto and incorporated herein, for the purchase of the property commonly known as 230 North Union, Pueblo, Colorado, is hereby approved. SECTION 2. The President of the City Council is hereby authorized to execute said Commercial Contract To Buy And Sell Real Estate for and on behalf of the City and the City Clerk is hereby directed to affix the seal of the City thereto and attest same. ATTEST: Lucy J. Costa City Clerk , v W X n INTRODUCED April 25 , 1983 By ISAAC C. DURAN Councilman APPROVED: Melvin H. Takaki D.D.S. President of the Council MAY 4 1983 DOOK rAc. d' NO �`• � � � m euBto ,OUtM. COLO COMMERCIAL CONTRACT TO BUY AND SELL REAL ESTATE 1. Pueblo Goodwill Industries, Inc. (herein "Seller ") hereby acknowledges having received from the City of Pueblo, a Municipal Corporation (herein "Purchaser "), the sum of One Dollar ($1.00), in the form of cash, to be held by Seller as earnest money and part payment for the following described real estate in the City and County of Pueblo, Colorado, to -wit: A portion of Lot 10, all of Lots 11 and 12, and a portion of Lot 13, all in Block 44, Kretschmer's Subdivision of Block 44 Pueblo; described as follows: All of the NE'ly portion of Lot 10 joining the SW'ly portion of Lot 10, described in Deed No. 603329, dated April 5, 1979, (now owned by City of Pueblo), all of Lots 11 and 12, and Lot 13 less the NE'ly 7.61 ft. together with all vacated streets and alleys, easements, rights of way and appurtenances thereto, known as 230 North Union, Pueblo, Colorado, 81001 (herein "Property "). 2. Purchaser agrees to buy the Property and Seller hereby agrees to sell the Property upon the terms and conditions stated herein. 3. The purchase price shall be One Hundred Thousand Dollars ($100,000.00), payable as follows: One Dollar ($1.00) hereby receipted for and the balance of purchase price at the time of closing. 4. The above mentioned purchase price does not include any personal property located on the Property. 5. All costs for title insurance shall be paid by Purchaser. 6. Closing shall be on or before twenty days after receipt by Purchaser of a Title Insurance Commitment for the Property. Closing shall take place in the office of the City Manager of the City of Pueblo at such date and time as Purchaser shall designate. At closing the deed and the payment of the purchase price shall be exchanged. The deed to be executed and delivered by Seller to Purchaser shall be a warranty deed conveying market- able title to the Property free and clear of all liens, encumbrances -.. -- DOOK 2155 PxE 628 and taxes, except the general taxes for the year of closing, which taxes shall be prorated to the date of closing. 7. Any encumbrance required to be paid may be paid at the time of settlement from the proceeds of this transaction or from any other source. Provided, however, at the option of either party, if the total indebtedness secured by liens on the Property exceeds the purchase price, this contract shall be void and of no effect and each party hereby shall be released from all obligations hereunder and all payments and things of value received hereunder shall be returned to Purchaser. 8. If title is not merchantable or if the Title Insurance Commitment delivered to Purchaser contains exceptions not acceptable to Purchaser, and written notice of defects or exceptions is given by Purchaser to Seller, on or before closing date, Seller, prior to closing, shall correct said defects or cause said exceptions to be removed from the Title Insurance Policy when issued. If Seller is unable to correct said defects or cause said exceptions to be so removed on or before the date of closing, at Seller's option and upon written notice to Purchaser, on or before the date of closing, the date of closing shall be extended thirty (30) days for the purpose of correcting said defects or removing said exceptions. If such defects are not corrected or exceptions so removed as provided in this paragraph, at Purchaser's option, this contract shall be void and of no effect and each party hereto shall be released from all obligations hereunder and all payments and things of value received by Seller hereunder shall be returned to Purchaser. 9. Possession of the Property shall by delivered to Purchaser on or before January 1, 1984, provided that if Seller needs additional time to vacate the Property, Purchaser w ill negoti with Seller for an exte of time to v acate n to exceed six ty da Seller may occupy the Property from date of closing through December 31, 1983 without payment of rent and in consideration therefor Seller shall (a) maintain -2- the Property in good condition, (b) insure the Property against fire and extended coverage in amounts acceptable to Purchaser, naming the Purchaser as the insured thereunder, (c) procure and keep in force public liability insurance in amounts acceptable to Purchaser, (d) indemnify and hold Purchaser harmless from any and all claims or demands arising out of the use of the Property or occupancy thereof by Seller, its employees, officers, agents or invitees, (e) keep sidewalks in front and around the Property free from ice and snow and all litter and debris, (f) not hold or attempt to hold Purchaser liable for any injury or damage to persons or property while on or adjacent to the Property, (g) pay all charges for electricity, water, gas and other utilities, and (h) vacate the Property if destroyed or damaged by fire or other casualty. If Seller shall default in the performance of any of the above covenants or conditions, Seller shall surrender possession of the Property to Purchaser within twenty days after receipt by Seller of a written demand by Purchaser for such possession. 10. If not in default hereunder, Seller shall have all rights to remove and salvage the interior fixtures located on the Property prior to transferring possession of the Property to the Purchaser. All costs, expenses and liabilities associated with or arising out of the salvage or attempt to salvage such fixtures shall be the sole liability, obligation and responsibility of the Seller and Seller shall indemnify and save Purchaser harmless therefrom. A • a 800K2155 PxE630 SELLER: PUEBLO GOODWILL INDUSTRIES, INC. By: ( v xecutive Director ha an Board of Directors Date: PURCHASER: CITY OF PUEBLO, A Municipal cor ZZ Purchaser's Address: 350 S. Elizabeth, Pueblo, Colorado 81003 -4-