HomeMy WebLinkAbout06898RESOLUTION NO. 6898
A RESOLUTION ACCEPTING THE CONVEYANCE OF TITLE
TO THE PROPERTY COMMONLY KNOWN AS THE WOOLWORTH
BUILDING LOCATED AT 4TH AND MAIN STREETS,
PUEBLO, COLORADO, FROM PEDCO FOUNDATION, INC. TO
PUEBLO, A MUNICIPAL CORPORATION
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The City of Pueblo does hereby approve and accept the convey-
ance of title to the property commonly known as the Woolworth
Building located at 4th and Main Streets, Pueblo, Colorado from
the PEDCo Foundation, Inc. and the warranty deed attached hereto
and incorporated herein as if set out in full, subject to the
following:
(a) The title be transferred without conditions or restric-
tions, and
(b) receipt by the City of a title insurance commitment and
policy showing marketable title to the property in the name of
Pueblo, a Municipal Corporation, free of all liens, encumbrances
and taxes with such exceptions as the City Attorney shall approve.
gPrTTnM 7
This Resolution shall become effective upon final passage.
INTRODUCED: February 24 , 1992
By MICHAEL OCCHIATO
Councilperson
ATTEST:
City Clerk
APPROVED:
Q:::: I � /- /y/ e4,:; 2 &�-
Presi ent of the City Council
Reception 1005635
05/05/1993
WARRANTY DFED
Tens nrurl made Ibis 30th day or April
howccn PEDCO FOUNDATION, INC.
non - profit corporation)
19 93
(a Colorado
a corporation duly organized and existing under and by virtue of the laws of the State
of Colorado grantor, and
Pueblo, a Municipal Corporation I
,m(x MotXm duly organized and existing under and by virtue of the laws of the State
of Colorado granlce; whose legal address is
I City Nall Place, Pueblo, Colorado, 81003.
WITNESSIETII, That the grantor, for and in consideration of the sum of
One Dollar And Other Good And Valuable Consideration
(he receipt and sufficiency of which is hereby acknowledged, has granted, bargained, sold and conveyed, and by these presents (hies grant, bargain, sell,
convey and confirm, unto the granlce, its successors and assigns forever, all the real property together with improvements, if any. siluate, lying and Iteing
in the • County of Pueblo and State of Colorado, described as follows:
The Northerly 71.05 feet of Lots 1, 2, and 3, all of Lot
4, the Last 36 feet in width of Lot 5 and the South 48.38 feet
of the West 41.33 feet of Lot 3, Block 33, in that part of the
present City of Pueblo which was surveyed and platted by H.M.
Fosdick, Civil Engineer for the Probate Judge of said Pueblo County,
in March, 1869
Documentary Fee - None, exempt.
also known by street and number ns: 4th and Main Streets, Pueblo, Colorado
TOGT•,TIIE,,R, with all and singular the hereditament% and appurtenances (hereunto belonging, or in anywise appertaining, and the reversion and
reversions, remainder amt remainders, rents, issues and profils thereof; an(I all the estate, right, title, interest, claim and demand whatsoever of the grantor,
either in law or cattily, of, in and to the above bargained premises, with the hereditament% and appurtenances.
TO IIAVE AND TO HOLD the said premises above bargained and described, with the appurtenances, unto Cite grantee, its successors and assigns
forever. And the grantor for itself, its successors and assigns, does covenant, grant, bargain and agree to and with the grantee, its successors and assigns,
that at the time of the ensealing and delivery of these presents, it is well seized of the premises above convevel, ha% flood, sure, perfcct. a ;hso3we ;rid
indcfe -sih!c eslzlc of inhcr itancc, in law, in fee simple, and has good right, full power and lawful authority (o grant, hargain, sell and convey the same in
manner and form aforesaid, and that the %ame are free and clear from all former and other grants, bargains, sales, lien%, saxes, assessments, incumbrances
and restriction %of whatever kind or nature sower, except restrictions, reservations, covenants,
rights of way and easements of record and general taxes for the
year 1991 and subsequent taxes and assessments.
The grantor shall and will WARRANT AND FOREVER DEFENDthe above bargained premises in the quiet and peaceable posses%ion of the grnmec.
its sltccessnrs and assigns, against all and every person or persons lawfully claiming or to claim the whole or any part thereof.
IN WITNI?SS WlIrREON, The grantor has caused its corporate name to be hercttnlo subscribed by its president, and it% corporate
seal to he hereunto affixed, auesled by its secretary, the day and year first above written.
Auesl:
Srcrrtary
STATE OF COLORADO.
County of Pueblo
1
}%%.
r t
'ntc foregoing in%tnrmcnl was acknowlcrlyr•d t,c�on, n.e dais 30th clay of Aprii , 9 _3 , by
Steve R. Jenkins as president and Morris B. Chamber
as Cerrelary of PEDCO FOUNDATION, INC. (a Colorado non - profit ) corporation.
Myconamfrioirs 2 /14/95
Wime.",mytr,.nrl:md�ffivial scat.
C
'If in Denver, insert "City and."
Notary Rfilk
No. 767. Rev, 6 -85, WARRANTY DF,ED Wnrporallon to Corpornllon)
ttradknl PuhlishinR. 17 Waree St., Denver. CO 80202 — (303) 292 -2500 — R -RR
Send future tax notices to: Director of Finance, City of Pueblo
1 City Hall Place, Pueblo, CO 81003
s D ED
0
REGIONAL BUILDING DEPARTMENT
316 W. 15th Street • Pueblo, Colorado 81003 • (719) 543.0002
November 19, 1991
Mr. Tony Fortino
Pueblo Economic Development Corporation
201 W. 8th Street
Pueblo, Colorado 81003
RE: Woolworth Building, 317 N. Main
Dear Mr. Fortino:
Our staff inspected the above referenced structure at your request. We have listed
below in outline form our findings. we understand that any planned use would be for
office use. Any changes from this use could greatly change our requirements.
The structural integrity of the building (except roof over front portion) was surprisingly
in good shape. The basement is fully sprinkled which is an added plus for the
structure. The mechanical systems such as electrical, plumbing, and HVAC are in
various stages of disrepair; but for basement, first floor use these could be brought
into safe use with minimum effort. The upper floors present a different situation,
systems are old, unsafe and in no way adequate to meet even minimum needs and
codes.
STRUCTURAL
Basement walls, both concrete and rubble stone, appear in excellent condition.
Columns and floor /ceiling joists also are in fine shape. Roof system on front
building appears to be deteriorated and needs to be replaced or patched. Roof
covering on rear building, with one exception, shows no leaking.
INTERIOR
Walls, floors in basement and first floor are in good condition. Walls, ceilings in
upper hotel are in a deteriorated condition. Windows in upper hotel area are
broken and extensive pigeon droppings exist.
PLUMBING
System has been repaired, cut and added to but in the basement and first floor
it would appear that corrections can be made, some extensive, to bring
plumbing into code. the ejector pump and waste sump need to be replaced
and cleaned, at present it is full of old waste products. The fire sprinkler
system in the basement appears charged and in good shape.
Mr. Tony Fortino
Pueblo Economic Development Corp.
November 19, 1991
Page Two
RE: 317 N. Main Street
ELECTRICAL
The electrical system appears to be a combination of many wiring methods but
it appears that with updating of the basement and first floor systems much of it
can be utilized and meet code. The upper floors needs replacement.
MECHANICAL
The existing system seems adequate but ducts and vents will need to be added
or removed to best serve basement and first floor.
FIRE ALARM SYSTEM
We would recommend installation of an electronic alarm system for the portions
of the building that will be utilized.
We feel that the basement and first floor of the building can be brought back into
service with remodeling and work on systems as noted. The upper levels, especially
the old hotel floors would need complete restoration prior to any use.
It is our opinion that the asbestos in the basement can be encapsulated and presents
no hazard.
Please feel free to contact us if we can be of further service on this project.
Sinc ely yours,
in on H. awse
Building Official
CHT /jkk
TRANSAMERICA TITLE INSURANCE COMPANY
PEDCO Foundation, Inc.
301 N. Main Street
Pueblo, Colorado 81002
Order No. 7547801
April 26, 1993
RE: 3rd & Main
In connection with the above matter, we are enclosing herewith the
following:
Owners Policy
We are pleased to have the opportunity to be of service.
OWNER'S POLICY OF TITLE INSURANCE
I
I
ISSUED BY
TRANSAMERICA
I
TITLE INSURANCE COMPANY
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE BAND THE ;
CONDITIONS AND STIPULATIONS, TRANSAMERICA TITLE INSURANCE COMPANY, a California corporation, herein called the Compa-
ny, insures, as of Date ol' Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A, sustained
i or incurred by the insured by reason of:
1. Title to the estate or interest described in Schedule A being vested other than as stated therein;
2. Any defect in or lien or encumbrance on the title;
3. Unmarketability of the title;
4. Lack of a right of access to and from the land.
The Company will also pay the costs, attorneys' fees and expenses incurred in defense of the title, as insured, but only to the extent provided
jj'; in the Conditions and Stipulations.
IN WITNESS WHEREOF, TRANSAMERICA TITLE INSURANCE COMPANY has caused its corporate name and seal to be hereunto affixed by
its duly authorized officers, the Policy to become valid when countersigned by an authorized officer or agent of the Company.
TRANSAMERICA TITLE INSURANCE COMPANY
I f' AF N� E I NS11 yy / r
irQ� �n�/ By
T By: r (. ; g x��ORPORAlEO
Authorized Countersignature 3 President
d MAP 19 \9 \0 2'
*
� . * ,IV Attest: ,
�! /FORNya�`
Secretary
EXCLUSIONS FROM COVERAGE
The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys'
fees or expenses which arise by reason of:
1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations)
restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii) the character, dimensions or location of
any improvement now or hereafter erected on the land; (iii) a separation in ownership or a change in the dimensions or area of the land or
any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or
governmental regulations, except to the extent that a notice of the enforcement thereof or a notice of a defect, lien or encumbrance resulting
from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a
defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date
of Policy.
2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy, but not excluding
from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without
knowledge.
3. Defects, liens, encumbrances, adverse claims or other matters:
(a) created, suffered, assumed or agreed to by the insured claimant;
(b) not known to the Company, not recorded in the public records at Date of Policy, but known to the insured claimant and not disclosed
in writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy;
(c) resulting in no loss or damage to the insured claimant;
(d) attaching or created subsequent to Date of Policy; or
(e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest insured
by this policy.
�� ' UII r I tell :.i L II 1 1. .. I WLWp.11llLWW' I!� JLW,ILILLLL'IRlJJW _..' ILJL ,I....J.1,.__J 'N '
American Land Title Association Owner's Policy (10- 21 -87)
Valid Only If Schedule A, B and Cover Are Attached
Face Page
CO''DITIONS AND STIPULATIONS
1. DEF.INFTION OF TERMS.
the following [cliffs when used in this policy mean
(a) . 'insured'`. life insured named in Schedule A, and, subject to any
rights or defenses file Company would have had against the named insured,
(hose who succeed to life interest of the named insured by operation of law
;Is distinguished lions purchase including, but not limited to, heirs,
disnibutecs, devisees, survivors, personal representatives, next of kin, or
corporate or fiduciary successors.
(bj "insured claimant ": an insured claiming loss or damage.
(c) "knowledge" or " known ": actual knowledge, not constructive
knowledge or notice which may be imputed to an insured by reason of the
public records as defined in this policy of any other records which impart
constructive notice of matters al'l'ccting life land.
(d) "land ": the land described or refered to in Schedule A, and
improvements affixed thereto which by law constitute real property. The
term "land" does not include any properly beyond file lines of the area
described or referred to in Schedule A, nor any right , title, interest, estate
or easement in abutting streets, roads, avenuw:s, alleys, lanes, ways or
waterways, but nothing herein shall modify or limit file extent to which it
I ight of access to and front the land is insured by this policy.
(c) "mortgage ": mortgage, deed of bust, trust decd, or other security
instrument.
(I) "public records ": records established under slate statutes at Dale of
Policy for the purpose of imparting constructive notice of matters relating
to real property to purchasers for value and without knowledge. With
respect to Section I(a) (iv) of the Exclusions From Coverage, "public
records" shall also include environmental protection liens filed in the
records of file clerk of the United States district court for the district in
which file land is located.
(g) "unniarketabilily of the title ": an alleged or apparent matter affecting
the title to the land, not excluded or excepted flout cove which would
cmille a purchaser of the estate or interest described in Schedule A to be
released front the obligation to purchase by virtue of a contractual
condition requiring the delivery of marketable title.
2, CONTINUATION OF INSURANCE AFTER CONVEYANCE
OF TITLE.
The coverage of this policy shall continue in force as of Date of Policy in
lavor of an insured only so long as the insured retains an estate or interest
in the land, or holds an indebtedness secured by a purchase money
mortgage given by a purchaser from the insured, or only so long as the
insured shall have liability by reason of covenants of warranty made by the
insured in any transfer or conveyance of the estate or interest. This policy
shall not continue in force in favor of any purchaser from tine insured of
either (i) an estate or interest in the land, or (ii) an indebtedness secured by
u purchase money mortgage given to the insured.
3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT.
The insured shall notify the Company promptly in writing (i) in case of
any litigation asset forth in Section 4(a) below, (ii) in case knowledge shall
come to an insured hereunder of any claim of title or interest which is
adverse to the title to the estate or interest, as insured, and which might
cause loss or damage for which the Company may be liable by virtue of
this policy, or (iii) if title to the estate or interest, as insured, is rejected as
unmarketable. U prompt notice shall not be given to the Company, then as
to the insured all liability of the Company shall terminate with regard to
the matter or matters for which prompt notice is required; provided,
however, that failure to notify the Company shall in no case prejudice the
rights of any insured under this policy unless the Company shall be
prejudiced by the failure and then only to the extent of the prejudice.
4, DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF
INSURED CLAIMANT TO COOPERATE,
(a) Upon written request by the insured and subject to the options
contained in Section 0 of these Conditions and Stipulations, file Company,
at its own cost and without unreasonable delay, shall provide for the
defense of an insured in litigation in which any third party asserts a claim
adverse to the title or interest as insured, but only as to those stated causes
of action alleging it defect, lien or encumbrance or other matter insured
against by this policy. The Company shall have the right to select counsel
of its choice (subject to the right of the insured to object for reasonable
cause) to represent the insured as to those stated causes of action and shall
not be liable for and will not pay the lees of any other counsel. The
Company will not pay any fees, costs or expenses incurred by the insured
in the defense of those causes of action which allege matters not insured
against by this policy.
(b) The Company shall have the right, at its own cost, to institute and
prosecute any action or proceeding or to do any other act which in its
opinion may be necessary or desirable to establish the title to the estate or
interest, as insured, or to prevent or reduce loss or damage to the insured.
The Company may take any appropriate action under the terms of this
policy, whether or not it shall be liable hereunder, and shall not thereby
concede liability or waive any provision of this policy. If the Company
shall exercise its rights under this paragraph, it shall do so diligently.
(c) Whenever the C. any shall have brought an action or interposed a
dcfcn:c as required or permitted by the provisions of this policy, the
Company may pursue any litigation to final determination by a court of
competent jurisdiction and expressly reserves the right, in its sole discretion,
to appeal front any adverse judgment or order.
(d) In all cases where this policy permits or requires the Company to
Prosecute or provide for the defense of any action or proceeding, the
insured shall secure to the Company the right to so prosecute or provide
defense in the action or proceeding, and all appeals therein, and permit the
Company to use, at its option, the name of the ;i IsFFtrod fur this purpose.
Whenever requested by the Connpany, the insurc�l, al the Company's
expanse, shall give the Company all reasonable aid', (i) in any action or
proceeding, securing evidence, obtaining witnesses, prosecuting or
defending the action or proceeding, or effecting settlement, and (ii) in any
other lawful act which in the opinion of the Company may be necessary or
desirable to establish the title to the estate or interest as insured. if the
Company is prejudiced by the failure of the insured to furnish the required
cooperation, the Company's obligations to the insured under the policy
shall terminate, including any liability or obligation to defend, prosecute,
continue any litigation, with regard to the matter or matters requiring such
cooperation.
S. PROOF OF LOSS OR DAMAGE.
In addition to and after the notices required under Section 3 of these
Conditions and Stipulations have been provided the Company, a proof of
loss or damage signed and sworn to by the insured claimant shall be
furnished to the Company within 90 days after the insured claimant shall
ascertain the facts giving rise to the loss or damage. The proof of loss or
damage shall describe the defect in, or lien or encumbrance on the title, or
other matter insured against by this policy which constitutes the basis of
loss or damage and shall state, to the extent possible, the basis of
calculating the amount of th brig or darmige If the Comp,uiv is prejudiced
by the Iailure of the insured claimaant to provtdc the rcyuitrl proof of loss
or damage, the Company's obligations to the insured under Jhe policy -h ;.11
laminate, including ;try liability or obligation to defend, prosecute, or
continue ally litigation, Willi regard to the matter or matters requiring such
proof of loss or damage.
to addition, the insured claimant may reasonably be required to submit
to examination under oath by any authorized representative of the
Company and shall produce for examination, inspection and copying, at
such reasonable times and places as may be designated by any authorized
representative of the Company, all records, books, ledgers, checks,
correspondence and memoranda, whether bearing it date before or after
Date of Policy, which reasonably pertain to the loss or damage. Further, if
requested by any authorized representative of the Company , the insured
claimant shall grant its permission, in writing, for any authorized
representative of the Company to examine , inspect and copy all records,
books, ledgers, checks, correspondence and memoranda in the custody or
control of a third party, which reasonably pertain to the loss or damage.
All information designated as confidential by the insured claimant provided
to the Company pursuant to this Section shall not be disclosed to others
unless, in the reasonable judgement of the Company, it is necessary in the
administration of the claim. Failure of the insured claimant to submit for
examination under oath, produce other reasonably requested information
or grant permission to secure reasonably necessary information from third
parties as required in this paragraph shall terminate any liability of the
Company under this policy as to that claim.
6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;
TERMINATION OF LIABILITY.
In case of a claim under - this policy, the Company shall have the
following options:
(a)To Pay or Tender Payment of the Amount of Insurance.
To pay or tender payment of the amount of insurance under
this policy together with any costs, attorneys' fees and expenses incurred by
file insured claimant, which were authorized by the Company, up to the
time of paymant or tender of payment and which the Company is obliga-
ted to pay.
Upon the exercise by the Company of this option, all liability and
obligations to the insured under this policy, other than to make the
payment required, shall terminate, including any liability or obligation to
defend, prosecute, or continue any litigation, and the policy shall be
surrendered to the Company for cancellation.
(b) To Pay or Otherwise Settle With Parties Other than the Insured of
With the Insured Claimant.
(i) to pay or otherwise settle with other parties for or in the nano•
of an insured claimant any claim insured against under this policy, together
with any costs, attorneys' fees and expenses incurred by the insured
claimant which were authorized by the Company up to time of payment
and which the Company is obligated to pay; or
(ii) to pay or otherwise settle with the insured claimant the loss or
damage provided for under this policy, together with any costs, attorneys'
fees and expenses incurred by the insured claimant which were authorized
by the Company up to the time of payment and which the Company is
obligated to pay.
Upon the exercise by the Company of either of the options provided for
in paragraphs (b)(i) or (ii), the Company's obligations to the insured under
this policy for the claimed loss or damage, other than the payments
required to be made, shall terminate, including any liability or obligation to
defend, prosecute or continue any litigation.
Conditions and Stipulations Continued Inside Cover
B 1141 -41
CONDITIONS AND STIPULATIONS
7. DETERMINATION, EXTENT OF LIABILITY AND COINSURANCE.
This policy is if contract of indemnity against actual monetary loss or
damage sustained or incurred by the insured claimant who has suffered loss
or daainage by reason of matters insured against by this policy and only to
the extent herein described.
(a) •The liability of the Company under Ibis policy shall not exceed the
least of
(n) file Amount of Insurance skated in Schedule A: or,
(ii) the difference between the value of the insured estate or interest as
insured and the value of the insured estate or interest subject to the defect,
lien or encumbrance insured against by this policy.
(b) In the event the Amount of Insurance stated in Schedule A al the
Dale of Policy is less Ilian 80 percent of file value of life insured estate or
interest or the full consideration paid fur the hind, whichever is less, or if
subsequent to the Dale of Policy an improvement is erected on the land
Mitch increases th :a
e �hne of the insured estate or interest h_y al least ?(I
percent osrr the Amount of Insurance stated in Schedule A, then this
Policy is subject to the following:
(it where no subsequent improcenienl has been made. as to any partial
loss, the Company shall only pay the loss pro rata in the proportion that
the :mount of insurance :t Dale of Policy bears to the total value of the
insured estate or interest at Date of Policy; or
(ii) where a subsequent improvement has been made, as to any partial
loss, the Congiauny shall only pay tic loss pro rata in the proportion that
I'_(t percent of the Amount of Insurance slated in Schedule A bears to the
suns of life Amount of Insurance staled in Schedule A and file anwunl
expended fur the inlpruvcmenl,
hhe provisions of this paragraph shall not apply to costs, attorneys' fees
and expenses for which the Company is liable under this policy, and shall
only apply to that portion of any loss which exceeds, in the aggregate, 10
percent of the Amount of Insurance slated in Schedule A.
(c) The Company will pay only those costs, attorneys' fees and expenses
incurred in accordance with Section 4 of these Conditions and Stipulations.
8. APPORTIONMENT.
If the Land described in Schedule A consists of two or more parcels
which are not used as a single site, and if loss is established affecting one or
more of the parcels bill not all, the loss shall be computed and settled on it
pro rata basis as if the amount of insurance under this policy was divided
pro rata as to the value on Dale of Policy of each separate parcel to Ilse
whole, exclusive of vry improvemenls made subsequent to Date of Policy,
unless a liability or value has otherwise been agreed upon as to each parcel
by the Company and the insured at the time of the issuance of this policy
and shown by an express statement or by an endorsement attached to this
policy.
9. LIMITATION OF LIABILITY.
(a) II the Company establishes the title, or removes the alleged (]elect,
lien or cnc• Lill) bra nCC, or cures the lack of a right of access to or from the
land, or Cures the claim of unmarketabiliny ill title, Al as insured, in it
reasonably diligent manncr by any method, including litigation and the
completion ill any appeals therefrom, it shall have fully performed its
obligations with respect to that matter and shall not he liable for any loss
or damage caused thereby.
(b) In the event of any litigation, including litigation by the Company
or with the Company's consent, the Company shall have no liability for
loss or damage until there has been at final determination by if court of
competent jurisdiction, and disposition of all appeals Ihcrefrom, adverse to
the title as insured.
(c) The Company shall not be liable for loss or damage to ,lily insured
for liability voluntarily assumed by the insured in settling any claim or suit
without the prior written consent of the Company.
10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION
OF LIABILITY.
All payments under this policy, except payments made for costs,
attorneys' fees and expenses, shall reduce the amount of the insurance pro
lanto.
11. LIABILITY NONCUMULATIVE.
It is expressly understood that the amomn of insurance under this policy
shall be reduced by any amount the Company may pay under any policy
insuring a mortgage to which exception is taken in Schedule 1) or to which
the insured has agreed, assured, or taken subject, or which is hereafter
executed by an insured and which is if charge or lien on the estate or
interest described or referred to in Schedule A, and life inounl so paid shall
be deemed a pavnu•nl antler this policy to the insured owner.
12. PAYMENT OF LOSS.
(a) No payment shall be made without producing this polic f
endorsement of Its payment unless the policy has been lost or destroyed, in
which ease proof of loss or destruction shall be furnished to the satisfaction
of the Company.
(Continued)
(b) When liability and the extent of loss or damage has been definitely
Fixed in accordance with These Conditions and Stipulations, the loss or
damage shall he payable within 30 days thereafter.
13. SUBROGATION UPON PAYMENT OR SETTLEMENT.
(a) The Company's Right of Subrogation.
Whenever the Company shall have settled and {{ raid a claim under this
policy, all right of subrogation shall vest in the Cgalltpany unaffected by
any act of 1he insured claimant.
The Company shall be subrogated to and be entitled to all rights and
remedies which the insured claimant would have had against any person or
property in respect to the claim had this policy not been issued. 11'
requested by the Company, the insured claimant shall transfer to the
Compan all rights and remedies against any person or property nccessan
in order to perfect this right of subrogation. The insured claimant shall
permit the Company to site, compromise or settle in the name of the
insured Claimant and to use the name of the insured Claimant in atuy
transaction or litigation involving these rights or remedies.
If a payment on account of a claim does not fully cover the loss of the
insured claimant, the Company shall be subrogated to these rights and
remedies in the proportion which the Company's payment bears to the
whole amount of the loss.
If loss should result from any act of the insured claimant, as stated
above, that act shall not void this policy, hill the Company, in that event,
shall he required to pay only that part of any losses insured against by this
policy which shall exceed the amount, if any, lost to the Company by
reason of the impairment by the insured claimant of the Compan%': right
of subrogation.
(b) The Company's Rights Against Non - insured Obligors.
The Company's right of subrogation against non - insured obligors shall
exist and shall include, without limitation, the rights of the insured to
indemnities, guaranties, other policies of insurance or bonds.
notwithstanding any terms or conditions contained in those instnrnenis
which provide for subrogation rights by reason of this policy.
14. ARBITRATION
Unless prohibited by applicable law, either the Company or the insured
may demand arbitration pursuant to the Title Insurance Arbitration Rules
of the American Arbitration Association. Arbitrable matters may include,
but are not limited lo, any controversy or claim between the Company and
the insured :wising out of or refilling to this policy, any service of the
Company in connection with its issuance or the breach of ❑ pohcv
provision or other obligation. All arhitrable matters when the Amount of
Insurance is $1,000,0W or less shall be arbitrated at the option of either the
Company or the insured. All arbitrable matters when the Amount of
Insurance is in excess of $1,000,000 shall be arbitrated only when agreed to
by both the Company and the insured. Arbitration pursuant to this policy
and under the Rules in effect on the date the demand for arbitration is
made or, at the option of the insured, the Rules in effect at Date of Policy
shall he binding upon the parties. The award may include attorneys' fees
only if the laws 01' the slate in which the land is located permit it court to
award attorneys' fees to it prevailing party. Judgment upon the award
rendered by the Arbitrator(s) may be entered in any court having
jurisdiction thereof.
,The law of the situs of the land shall apply to an arbitration under the
Title Insurance Arbitration Rules.
A Copy of the Rules may he obtained lion the Company upon request.
15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE
CONTRACT.
(a) This policy together with all endorsements, if any, attached hereto
by the Company is the entire policy and contract between the insured and
the Company. In interpreting any provision of this policy, this policy shall
be construed as a whole.
(b) Any claim of loss or damage, whether or not based on negligence,
and which arises out of the status of the title to the estate or interest
covered hereby or by any action asserting such claim, shall be restricted to
this policy.
(c) No amendment of or endorsement to this policy can be made
except by :a writing endorsed hereon or attached hereto signed by either the
President, a Vice President, the Secretary, an Assistant Secretary, or
validating officer or authorized signatory of the Company.
16. SEVERABILITY.
In the event any provision of the policy is held invalid or unenforceable
under applicable law, the policy shall he deenled not to include that proyr
lion and all other provisions shall remain in full force and effect.
17. NOTICES, WHERE SENT.
All notices required to he given the Connpany and any statement
in writing required to be furnished the Cunpany shall be addressed to
Transamerica Title Insurance Company, 4683 Chabot Drive, Suite 101,
Pleasanton, CA 94588.
American Land Title Association Owner's Policy (10- 21 -87)
Cover Page
Valid Only If Face Page, Schedules A and B Are Attached
TRANSAMERICA TITLE INSURANCE COMPANY
POLICY OF TITLE INSURANCE
SCHEDULE A
Amount of Insurance: $ 200,000.00 Policy No.: 7547801
Date of Policy: January 7, 1992 at 3:19 P.M.
1. Name of Insured:
PEDCO Foundation, Inc. (a Colorado non - profit corporation)
2. The estate or interest in the land described herein and which is
covered by this policy is: FEE SIMPLE
3. The estate or interest referred to herein is at Date of Policy vested
in:
PEDCO Foundation, Inc. (a Colorado non - profit corporation)
4. The land referred to in this Policy is described as follows:
(SEE ATTACHED PAGE FOR LEGAL DESCRIPTION)
TRANSAMERICA TITLE INSURANCE COMPANY
Policy N6.: 7547801
LEGAL DESCRIPTION
The Northerly 71.05 feet of Lots 1, 2 and 3,
feet in width of Lot 5 and the South 48.38 f
Lot 3, Block 33, in that part of the present
surveyed and platted by H. M. Fosdick, Civil
Judge of said Pueblo County, in March, 1869,
Colorado
all of Lot 4, the East 36
aet of the West 41.33 feet of
City of Pueblo which was
Engineer, for the Probate
County of Pueblo, State of
Page
TRANSAMERICA TITLE INSURANCE COMPANY
Policy r :146.: 7547801
SCHEDULE B
This Policy does not insure against loss or damage by reason of the
following:
1. Rights or claims of parties in possession not shown by the public
records.
2. Easements, or claims of easements, not shown by the public records.
3. Discrepancies, conflicts in boundary lines, shortage in area,
encroachments, and any facts which a correct survey and inspection
of the premises would disclose and which are not shown by the
public records.
4. 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.
5. 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.
6. Terms, agreements, provisions, conditions and obligations as
contained in Agreement by and between The Copper Coin Investment
Co. and Retail Properties, Inc. recorded August 29, 1956 in Book
1307 at Page 211.
7. Non - exclusive use of passageway (4 feet more or less in width)
along the easterly side of the South 48.38 feet of the West 41.33
feet of Lot 3, as contained in deeds in the chain of title.
8. Any and all leases and tenancies.
Page 3
TRANSAMERICA TITLE INSURANCE COMPANY
627 North Main Street
Pueblo, CO 81003
Thomas Jagger
Thatcher Building
Pueblo, CO 81003
Shelly
Order No. 7552836
June 08, 1993
RE: TBD /Pueblo, a Municipal Corporation 3rd & Main
Your reference TBD
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 Millie at 543 -0451
cc:
0
TRANSAMERICA TITLE INSURANCE COMPANY
COMMITMENT FOR TITLE INSURANCE
SCHEDULE A
Commitment No.: 7552836
1. Effective Date: May 19, 1993 at 7:00 A.M.
2. Policy or policies to be issued: Amount Premium
A. ALTA Owner's Policy $TBD $TBD
Proposed Insured:
BUYER TO BE DETERMINED
B. ALTA Loan Policy $ $
Proposed Insured:
3. The estate or interest in the land described or referred to in this
commitment and covered herein is fee simple and title thereto is at
the effective date hereof vested in:
Pueblo, a Municipal Corporation
4. The land referred to in this commitment is described as follows:
(SEE ATTACHED PAGE FOR LEGAL DESCRIPTION)
TRANSAMERICA TITLE INSURANCE COMPANY
By Mary Louise Clark
Authorized Signature
Issued: June 08, 1993
MLC /ss
TRANSAMERICA TITLE INSURANCE COMPANY
Commitment No.: 7552836
SCHEDULE A - Continued
LEGAL DESCRIPTION
The Northerly 71.05 feet of Lots 1, 2 and 3,
feet in width of Lot 5 and the South 48.38 f
Lot 3, Block 33, in that part of the present
surveyed and platted by H. M. Fosdick, Civil
Judge of said Pueblo County, in March, 1869,
Colorado
all of Lot 4, the East 36
aet of the West 41.33 feet of
City of Pueblo which was
Engineer, for the Probate
County of Pueblo, State of
Page
TRANSAMERICA TITLE INSURANCE COMPANY
Commitment No.: 7552836
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.
A. Deed, executed by the President, Vice President or other head
officer from Pueblo, a Municipal Corporation to BUYER TO BE
DETERMINED.
NOTE: Corporate Seal or facsimile must be affixed.
Page
TRANSAMERICA TITLE INSURANCE COMPANY
Commitment No.: 7552836
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:
1. Rights or claims of parties in possession not shown by the public
records.
2. Easements, or claims of easements, not shown by the public
records.
3. Discrepancies, conflicts in boundary lines, shortage in area,
encroachments, and any facts which a correct survey and inspection
of the premises would disclose and which are not shown by the
public records.
4. 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.
5. 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.
6. 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.
Note:
PURSUANT TO SENATE BILL 91 -14 (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
SHALL 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 4
TRANSAMERICA TITLE INSURANCE COMPANY
Commitment No.: 7552836
SCHEDULE B - Continued
EXCEPTIONS
7. Terms, agreements, provisions, conditions and obligations as
contained in Agreement by and between The Copper Coin Investment
Co. and Retail Properties, Inc. recorded August 29, 1956 in Book
1307 at Page 211.
8. Non - exclusive use of passageway (4 feet more or less in width)
along the easterly side of the South 48.38 feet of the West 41.33
feet of Lot 3, as contained in deeds in the chain of title.
9. Any and all leases and tenancies.
10. 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 will not appear on the policy to be issued
hereunder.
Page 5
f ransar6erica Title Insurance Company
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TRANSAMERICA
TITLE INSURANCE
0
CONDITIONS AND STIPULATIONS
Please read carefully
t.
2.
1.
.4.
THIS is a Commitment to issue one or more policies of title insurance in our Standard Form when thl
I-equtuements set forth in the Commitment have been satisAed. The policy is avaitable and should b,
examinod before this Commitment is used if there is any Question about coverage.
Only the policies shown are committed to. If thtr* are any chintes in the transactfon, order an
amendment from ua,
The date on this Commitment is Impoilant. Nothing after that date has been considered by us.
This Commitment is food for 6 months only. Exlenstons should be ordered from us if they ere
needed.
MAY -2n— 93 - r U e 1:2 = 1 e C I TY c. t RUE::B1 0 CPW ? P. 112
State of Colorado ;
;s% Certiticate of
'taxes Due
Courity of Pueblo ;
I, the undersinged, County Treasurer in and for said County, do, hereby certify
that there are no
unpaid taxes, or axuedamed
tax lions as appears of record in the office, on the following described property, except
as noted below
Parcel: 05- 361 - 26-001
Property descriptions
Location 216 - V VAIN ST 218- 317 -
N 71.05 FT OF LOTS 1 -2 -3 t S 98.38 1,11E It-41 FT 8 IN OF LOT 3 ALL 4 f E 36 FT OF 5
8LK 33 PUFAf1
14x12 'fax Payable in 1943, As , Vt�1�5'3$1b30, Amassed To PEACO MOTION INC
Tax Entity 1FIII Tax. Taut Entity
Mill
Tax
60 OIL 40.139 3,777.35' IXYAM BEN IK
19.225
1,569.72
CIIM BMW SERV 6.463 .. 527.70, MXTY CAP EV E.D.
1.210
*90
Cup CONTIMEXT Q: 100 8. €7 COUNTY 0 6 is RET
1.617
132: >
W" WDEV Bl - ti•IMP 23.11 RESIONk LIERARY
3.509,
286.3I;
CITY OF PUEBLO 17.300 ° '. 1,396.22 S E CMU WATER COF15EiA+'
0.969
?9.i
PUEBLO 91M R l< B 0.350 44.41 CMWTY 5'IIARE R & 8
0.551
44.94
r
4
M�
Amounts Reflected are valid only until MY 31, 1983
Current Tax 4 7,488.62 Status Paid In Full
Adv $ 10.00 Late Pen s., 0.06 lather Fees
Cost To Pay Special Assessment in Full S 0.00
lax Liens or Delinquent Tax
Fly
Taxes Due 0.40 Putt -Int f
0.40 Balance Current Tax t
0.00
0.40
Amount to Redees S 9.W
total Due This Certificate 1 4.00 This does not include special taxes that are not,,of record in
this office or taxes on improvements on said property which may be separately essessed. k 'trf
IN WITNESS WHEREOF, I have hereunto set my hand and seal, this 24th Day of May 1443 ,, ,
Issued to CITY Of ROLO (DWE MORSUM) PUeA0 CountylTr brew
Certificate No. 46,909 Fee for Issuing This Certificate t io.w f '
Groer No. fi. 1t
k 75
Att