HomeMy WebLinkAbout6885RESOLUTION NO. 6885
A RESOLUTION APPROVING AN AGREEMENT BETWEEN
PUEBLO, A MUNICIPAL CORPORATION AND PUEBLO
DEVELOPMENT FOUNDATION RELATING TO ECONOMIC
DEVELOPMENT PROJECTS AT PUEBLO MEMORIAL AIR-
PORT
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The Agreement dated January 27, 1992 between Pueblo, a
Municipal Corporation and the Pueblo Development Foundation
relating to economic development projects at Pueblo Memorial
Airport, a copy of which is attached hereto, 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
the Agreement in the name of the City and the City Clerk is
directed to affix the seal of the City thereto and attest same.
INTRODUCED: January 27, 1992
By JOYCE LAWRENCE
Councilperson
ATTEST: APPROVED:
'4 1,24 /. C �e','l '--y- -7:1
CftAr Clerk Presi ent of he City Council
AGREEMENT
THIS AGREEMENT entered into this 27th day of January, 1992
between Pueblo, a Municipal Corporation (the "City ") and Pueblo
Development Foundation, a Colorado nonprofit corporation (the
"Foundation "), WITNESSETH:
WHEREAS, City and Foundation have entered into various agree-
ments and understandings with respect to the use and development
of land and buildings at Pueblo Municipal Airport, and
WHEREAS, City and Foundation are desirous of clarifying
certain of those agreements and understandings;
NOW, THEREFORE, City and Foundation agree as follows:
1. The Agreements between Foundation and City dated January
8, 1990 and March 25, 1991 approved by Resolution Nos. 6488 and
6700 relating to the construction and finshing of a 25,000 square
foot and the construction of a 50,000 square foot shell building
shall be and the same are hereby terminated and each party is
released from all future obligations thereunder. Foundation does
hereby transfer and assign to City all its right, title and
interest in and to said shell buildings, including without
limitation, all rights and warranties under all architectural,
engineering and construction contracts relating to said buildings,
and agrees to execute any and all instruments required to effect
such transfer and assignment. Foundation agrees to cooperate with
the City in resolving any and all disputes with respect to the
buildings and contracts for their construction and finishing.
Foundation, its agents, contractors and subcontractors are not by
this Agreement, assignment or transfer released from any liability
or obligations with respect or relating to the buildings or their
construction or finishing.
2. Foundation has repaid to City all funds advanced by City
to Foundation for the construction and lease of Buildings 1 and 2
to McDonnell Douglas Corporation. City and Foundation will
execute all instruments required to cancel the promissory note
evidencing such advances and deed of trust securing payment
thereof.
3. City has advanced to Foundation the total sum of
$606,904 for the purchase and remodeling of the building known as
Quick Car which PDF has leased to McDonnell Douglas Corporation.
PDF will execute and deliver to City its promissory note in the
principal sum of $606,904 and a deed of trust on the property
securing payment of the promissory note. The form of the
promissory note and deed of trust are attached hereto and are
hereby approved. Upon full payment of the $606,904 promissory
note, the City will cancel PDF's $300,000 promissory note dated
August 1, 1990 and deed of trust securing payment of that
promissory note recorded in Book 2513 at Page 30 of the records of
the Pueblo County Clerk and Recorder. City and Foundation further
agree that the Agreement dated October 10, 1989 shall terminate
upon payment in full of the $606,904 promissory note and each
party shall be released from all obligations thereunder.
4. This Agreement shall be binding upon and inure to the
benefit of the parties and their respective successors and
assigns.
Executed in Pueblo, Colorado the day and year first above
written.
PUEBLO DEVELOPMENT FOUNDATION
By M, � .;C
res i-ig ent
ATTEST.
Secretary
PUEBLO, A MUNICIPAL CORPORATION
B Y \JGt /Y
President of thb City Council
/ C
ATTEST:
Ci y lerk
APPROVED AS TO FORM:
City r ff—
TJ TJ 57.08 -2-
PROMISSORY NOTE
$606,904.00 Date: August 1, 1990
FOR VALUE RECEIVED, the undersigned, Pueblo Development
Foundation, a Colorado Nonprofit Corporation (the "maker "),
promises to pay to the order of Pueblo, a Municipal Corporation
(the "payee "), at payee's office in Pueblo, Colorado, or at the
place of business of any subsequent holder hereof, or at such
other place as the holder may designate in writing, the principal
sum of Six Hundred Six Thousand Nine Hundred Four and No /100
Dollars ($606,904.00).
Maker shall pay interest on the balance of principal in an
amount equal to that amount paid to maker by McDonnell Douglas
Corporation ( "MDC ") which represents interest on the principal
amount of this Promissory Note and is included in the calculation
of rent or purchase price payable to maker by MDC but in no event
shall such interest exceed 7.5% per annum.
This note is payable in full upon demand but in no event
later than August 1, 2000.
Notwithstanding any provision herein to the contrary, maker
shall pay to the holder hereof immediately upon receipt no less
than $7,159.31 of each monthly MDC lease payment and the full
balance of this Promissory Note out of the purchase price paid by
MDC for the real property described in the deed of trust securing
the payment of this promissory note. In addition to the holder's
right to demand payment of this promissory note in full at any
time, maker understands and agrees that failure to timely make the
payments described in this paragraph will cause the holder to
demand payment in full.
Upon failure to make payment of principal or interest as
herein provided, or upon default in the performance of any
provisions of the deed of trust securing this note, the entire
principal sum and all accrued interest shall, at the election of
the holder hereof, at once become due and payable without notice,
and shall thereafter bear interest at the rate of twelve percent
(12 %) per annum until fully paid. Failure of the holder to
exercise this election shall not constitute a waiver of the right
to exercise the same in the event of any subsequent default.
This note and all principal and interest payable hereunder
are secured by a deed of trust of even date herewith upon real
estate situated in the County of Pueblo, State of Colorado.
In the event it becomes necessary to place this note in the
hands of an attorney for collection or to foreclose the deed of
trust securing this note by proceedings in court or with the
Public Trustee, the maker hereof agrees to pay attorney's fees in
a reasonable amount.
r
The maker and all endorsers hereof severally waive present-
ment, protest, and demand, notice of protest, demand and of
dishonor and nonpayment of this note, and expressly agree that
this note or any payment hereunder may be extended from time to
time by the holder hereof without in any way affecting the
liability of the makers and endorsers hereof.
Executed at Pueblo, Colorado the day and year first above
written.
[ S E A L] PUEBLO DEVELOPMENT FOUNDATION
Attes B r
Secretary esi d t
TJ 57.6
-2-
;;Cg
Recorded atk
Reception N
M.,
FES 6 19S2-
Recorder
BM, 25.7 1 PAC, 48' 4
DEED OF TRUST
THIS INDENTURE, Made this 1St day of August ' 1990 between
Pueblo Development Foundation, a Colorado
Nonprofit Corporation
whose address is P. 0. Box 174, Pueblo, CO 81002
I
hereinafter referred to as grantor, and the Public Trustee of the *County of
Pueblo , State of Colorado, hereinafter referred to as Public Trustee,
WITNESSETH, THAT, WHEREAS Pueblo Development Foundatio
has executed a promissory note or notes, hereinafter referred to in the singular, dated August 1, 1990 for the
principal $rim of Dollars, payable to the order of
._Puehlo;.a Municipal Corporation
whose address is 1 City Hall Place, Pueblo, CO 81003
as provided by said promissory note after the date hereof with interest thereon from the date thereof
«t-4w- rte,&f -. - in full upon demand but in no event
later than August 1,2000
,. • • . AND WHEREAS, The grantor is desirous of securing payment of the principal and interest of said promissory note in whose hands soever the said
•' note or>my nt'jfhein may be.
NOW;.rH_EREFORE, The grantor, in consideration of the premises and for the purpose aforesaid, does hereby grant, bargain, sell and convey
tints the said Public Trustee in trust forever, the following described property, situate in the County of
y uel0 State of Colorado, to wit:
The property described in Exhibit "A"
attached hereto and incorporated herein
also known by street and number as 381 Lockheed Street, Pueblo Memorial Airport,
Pueblo, Colorado
TO HAVE AND TO HOLD the same, together with all and singular the privileges and appurtenances thereunto belonging: In Trust nevertheless, that
in case of default in the payment of said note or any of them, or any part thereof, or in the payment of the interest thereon, according to the tenor and effect of
said note or any of them, or in the payment of any prior encumbrances, principal or interest, if any, or in case default shall be made in or in case of violation
or breach of any of the terms, conditions, convenants or agreements herein contained, the beneficiary hereunder or the legal holder of the indebtedness
secured hereby may declare a violation of any of the covenants herein contained and elect to advertise said property for sale and demand such sale, then,
upon filing notice of such election and demand for sale with the Public Trustee, who shall upon receipt of such notice of election and demand for sale cause
a copy of the same to be recorded in the recorder's office of the county in which said real estate is situated, it shall and may be lawful for the Public Trustee
to sell and dispose of the same (en masse or in separate parcels, as the said Public Trustee may think best), and all the right, title and interest of the grantor,
his heirs or assigns therein, at public auction at the South • front door of the Court House, in the County of Pueblo
, State of Colorado, or on said premises, or any part thereof as may be specified in the notice of said sale, for the highest and best price the
same will bring in cash, four weeks public notice having been previously given of the time and place of such sale, by advertisement, weekly, in some
newspaper of general circulation at that time published in said County of Pueblo , a copy of which notice shall be mailed
within ten days from the date of the first publication thereof to the grantor at the address herein given and to such person or persons appearing to have
acquired a subsequent record interest in said real estate at the address given in the recorded instrument; where only the county and state is given as the
address then such notice shall be mailed to the county seat, and to make and give to the purchaser or purchasers of such property at such sale, a certificate
or certificates in writing describing such property purchased, and the sum or sums paid therefor, and the time when the purchaser or purchasers (or other
person entitled thereto) shall be entitled to a deed or deeds therefor, unless the same shall be redeemed as is provided by law; and said Public Trustee shall,
upon demand by the person or persons holding the said certificate or certificates of purchase, when said demand is made, or upon demand by the person
entitled to a deed to and for the property purchased, at the time such demand is made, the time for redemption having expired, make and execute to such
person or persons a deed or deeds to the said property purchased, which said deed or deeds shall be in the ordinary form of a conveyance, and shall be
signed, acknowledged and delivered by the said Public Trustee and shall convey and quitclaim to such person or persons entitled to such deed, the said
property purchased as aforesaid and all the right, title, interest, benefit and equity of redemption of the grantor, his heirs and assigns therein, and shall
recite the sum or sums for which the said property was sold and shall refer to the power of sale therein contained, and to the sale or sales made by virtue
thereof; and in case of an assignment of such certificate or certificates of purchase, or in case of the redemption of such property, by a subsequent
encumbrancer, such assignment or redemption shall also be referred to in such deed or deeds; but the notice of sale need not be set out in such deed or
deeds and the Public Trustee shall, out of the proceeds or avails of such sale, after first paying and retaining all fees, charges and costs of making said sale,
pay to the beneficiary hereunder or the legal holder of said note the principal and interest due on said note according to the tenor and effect thereof, and all
moneys advanced by such beneficiary or legal holder of said note for insurance, taxes and assessments, with interest thereon at 12 per cent per
annum, rendering the overplus, if any, unto the grantor, his legal representatives or assigns; which sale or sales and said deed or deeds so made shall be a
perpetual bar, both in law and equity, against the grantor, his heirs and assigns, and all other persons claiming the said property, or any part thereof, by,
from, through or under the grantor, or any of them. The holder or holders of said note or notes may purchase said property or any part thereof; and it shall
not be obligatory upon the purchaser or purchasers at any such sale to see to the application of the purchase money. If a release deed be required, it is
agreed that the grantor, his heirs or assigns, will pay the expense thereof.
*If in Denver, insert "City and."
No. 341A. Rev. 2 -84. DEED OF TRUST (Public Trustee) With Due on Sale Clause
Bradford Publishing, 5825 W. 6th Ave., Lakewood, CO 80214 — (303) 233 -69M
When recorded return to Thomas E. Jagger, 127 Thatcher Bl _ ., Pueblo, #CO
8 -86 i
81'0 b-3
And the grantor, for himself and his heirs, personal representatives or assigns covenants and agrees to and with the Public Trustee, that at the time of
the ensealing of and delivery of these presents he is well seized of the said land and tenements in fee simple, and has good right, full power and lawful
authority to grant, bargain, sell and convey the same in the manner and form as aforesaid; hereby fully and absolutely waiving and releasing all rights and
claims he may have in or to said lands, tenements, and property as a Homestead Exemption, or other exemption, under and by virtue of any act of the
General Assembly of the State of Colorado, or as any exemption under and by virtue of any act of the United States Congress, now existing or which may
hereafter be passed in relation thereto and that the same are free and clear of all liens and encumbrances whatever, except none
and the above bargained property in the quiet and peaceable possession of the Public Trustee, his successors and assigns, against all and every person or
persons lawfully claiming or to claim the whole or any part thereof, the grantor shall and will Warrant and Forever Defend.
Until payment in full of the indebtedness, the grantor shall timely pay all taxes and assessments levied on the property; any and all amounts due on
account of principal and interest or other sums on any senior encumbrances, if any; and will keep all improvements that may be on said lands insured
against any casualty loss, including extended coverage, in a company or companies meeting the net worth requirements of the beneficiary hereof in an
amount not less than the then total indebtedness. Each policy shall contain a loss payable clause naming the beneficiary as mortgagee and shall further
provide that the insurance may not be canceled upon less than ten days written notice to the beneficiary. At the option of the beneficiary, the original policy
or policies of insurance shall be delivered to the beneficiary as further security for the indebtedness. Should the grantor fail to insure and deliver the
policies or to pay taxes or assessments as the same fall due, or to pay any amounts payable upon senior encumbrances, if any, the beneficiary may make any
such payments or procure any such insurance, and all monies so paid with interest thereon at the rate of 1 2 % per annum shall be added to and
become a part of the indebtedness secured by this Deed of Trust and may be paid out of the proceeds of the sale of the property if not paid by the grantor. In
addition, and at its option, the beneficiary may declare the indebtedness secured hereby and this Deed of Trust to be in default for failure to procure
insurance or make any of the payments required by this paragraph.
If all or anv oart of the nrnnerty nr an inr—t —1A ----- --
11lLLllGUlQ t.ci uue ana p a y a bl e .
AND THAT IN CASE O ANY DEFAULT, Whereby the right o foreclosure occurs he eun er, the Public Trustee or the holder of said note or
certificate of purchase, shall at once become entitled to the possession, use and enjoyment of the property aforesaid, and to the rents, issues and profits
thereof, from the accruing of such right and during the pendency of foreclosure proceedings and the period of redemption, if any there be: and such
possession shall at once be delivered to the Public Trustee or the holder of said note or certificate of purchase on request, and on refusal, the delivery of
such possession may be enforced by the Public Trustee or the holder of said note or certificate of purchase by any appropriate civil suit or proceeding, and
the Public Trustee, or the holder of said note or certificate of purchase, or any thereof, shall be entitled to a Receiver for said orooerty, and of the rents,
issues and profits thereof, after such default, j there be, and shall
be entitled thereto as a matter of right withou td without regard to
the value thereof, and such Receiver may be appomteu oy any court of competent jurisdiction upon ex parte application and without notice — notice being
hereby expressly waived — and all rents, issues and profits, income and revenue therefrom shall be applied by such Receiver to the payment of the
indebtedness hereby secured, according to the law and the orders and directions of the court.
AND, That in case of default in any of said payments of principal or interest, according to the tenor and effect of said promissory note aforesaid, or any
of them, or any part thereof, or of a breach or violation of any of the covenants or agreements herein, by the grantor, his personal representatives or assigns,
then and in that case the whole of said principal sum hereby secured, and the interest thereon to the time of the sale, may at once, at the option of the legal
holder thereof, become due and payable, and the said property be sold in the manner and with the same effect as if said indebtedness had matured, and that
if foreclosure be made by the Public Trustee, an attorney's fecXftNXxw a reasonable amount XXX
for services in the supervision of said foreclosure proceedings shall be allowed by the Public Trustee as a part of the cost of foreclosure, and if foreclosure
be made through the courts a reasonable attorney's fee shall be taxed by the court as a part of the cost of such foreclosure proceedings.
The singular number shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders.
Execute t 's day of
ATTEST: 0 ?
, Secretary
. Y` 0��f>
4 _ State of Colorado
County of Pueblo. J
19
PUE BLO DEVELOPMENT FOUNDATIO
re dent
o;;,foreii tiiument was acknowledged before me this day of 19
� '�•.;f+ , bpo7b,06$h A. Fortino, as President and Charles L. TYYompson, as
S"&�retary of Pueblo Development Foundation, a Colorado Nonprofit Corora-
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Vy" Vymm. V P �� -( I 1 e t,. Notary Public
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A parcel of land located within the County of pueblo, Slate of Colorado to-wit;
A parcel of land being a portion of the S } of the NE } and the N � of the BE } of
Se = rion 30, Township 20 S:.ath, range 63 tiVe;&t of the Sixth Priuclpal Meridian, being
more particulary described ap follows.
Beginning at a point fray which the NE corner of said Section 10 bears N 22 °08'10" E.
(bearings based on the north line of said Section 10 to bear N 89 0 59 1 27" E) a distance
of 2355.59 feet; thence S 01 0 33 1 02" E., 0. distance of 633.28 feet; thence S 43 1 23 1 57" W.
a distance of 164.42 feet; to a point on the apparent right of way line of Lockheed
Street. Thence along said apparent right of way line on the are of a non target curve
to Lhe left whose center bears S 71 W and whose radius is 85.00 feet a distance
of 178.60 feet; thence N 46 0 31 1 41" W., a distance of 555.07 feet; thence N 01 *33 W.
a distance of 324.18 feet; thence N 88 0 26 1 39" E., a distance of 652.32 feet to the
Pcznt of Beginning. Said parcel contains 8.85 acres.
_ EXHIBIT "A"
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