HomeMy WebLinkAbout6967RESOLUTION NO. 6967
A RESOLUTION AUTHORIZING THE ACQUISITION
OF CERTAIN REAL PROPERTY COMMONLY KNOWN AS
1237 EAST ORMAN AVENUE, PUEBLO, COLORADO
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The President of City Council is hereby authorized to execute a
sales contract, approved as to form by the City Attorney, for the purchase
of the real property located in the City of Pueblo, County of Pueblo, and
State of Colorado, and legally described as "Lots 28, 29 and 30 in
Block 11, in College Hill, Second Filing, Pueblo County, Colorado" for a
sum not to exceed $125,000. The acquisition of such property is hereby
approved.
SECTION 2
Funds for the purchase of this property will be paid from the
1992 "112 Cent Sales Tax" Fund.
INTRODUCED July 13 , 1992
BY: JOHN CALIFANO
Council Person
APPROVED:
P esident of the Council
ATTEST:
City Clerk
TRANSAMERICA TITLE INSURANCE COMPANY
POLICY OF TITLE INSURANCE
SCHEDULE A
Amount of Insurance: $ 125,000.00 Policy No.: 7550112
Date of Policy: August 24, 1992 at 10:29 A.M.
1. Name of Insured:
Pueblo, a Municipal 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:
Pueblo, a Municipal Corporation
4. The land referred to in this Policy is described as follows:
(SEE ATTACHED PAGE FOR LEGAL DESCRIPTION)
TRANSAMERICA TITLE INSURANCE COMPANY
Policy No.: 7550112
LEGAL DESCRIPTION
Lots 28, 29 and 30, Block 11, College Hill Second Filing, County of
Pueblo, State of Colorado
Page 2
TRANSAMERICA TITLE INSURANCE COMPANY
SCHEDULE B
Policy No.: 7550112
This Policy does not insure against loss or damage by reason of the
following:
1. Easements, or claims of easements, not shown by the public records.
2. 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.
3. 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. The 1991 General taxes paid, according to tax
certificate dated August 24, 1992.
4. Liquor restrictions, which contain a forfeiture
which provide that intoxicating liquors shall n
manufactured, sold or otherwise disposed of, as
place of public resort in or upon the premises,
thereof, as disclosed in instrument recorded in
320.
or reverter clause,
sver be
a beverage, in any
or any part
Book 69 at Page
NOTE: By instrument recorded July 9, 1949 in Book 1100 at Page
279, The Colorado Fuel and Iron Corporation, a Colorado
Corporation formerly The Colorado Coal and Iron Company,
a Colorado Corporation, released for itself, its
successors and assigns only, the above liquor
restrictions and the right of reversion.
5. Any and all leases and tenancies.
Page 3
State of Colorado ;
;ss Certificate of Taxes Due
County of Pueblo ;
I, the undersinged, County Treasurer in and for said County, do, hereby certify
tax liens as appears of record in the office, on the following described property,
Parcel: 15- 013 -20 -014
Property Description:
Location 1237 E ORMAN AVE
LOTS 28-29 -30 BLK 11 COLLEGE HILL SUB 2ND
that there are no unpaid taxes, or unredeemed
except as noted below
1991 Tax Payable in 1992, Assessed Value $31340, Assessed To TAKAKI MELVIN H + ALAN M
Tax Entity
Mill
Tax Tax Entity
Mill
Tax
60 GENERAL
40.139
1 COUNTY GENERAL
18.790
588.88
COUNTY SOCIAL SERV
6.470
202.77 COUNTY CAP EXP E.D.
1.220
38.23
COUNTY CONTINGENT
0.349
10.94 COUNTY 0 & E RET
1.670
52.34
COUNTY WASTE DISP
0.100
3.13 COUNTY BD-DEV DISAB
0.290
9.09
RE6IONAL LIBRARY
3.509
109.97 CITY OF PUEBLO
17.100
535.91
S E COLO WATER CONSERV
0.969
30.37 PUEBLO SHARE R & B
0.555
17.39
COUNTY SHARE R & B
0.555
17.39
Amounts Reflected are valid only until AUGUST 31, 1992
Current Tax $ 2,874.38 Status Paid In Full Taxes Due 0.00 Pen -Int f 0.00
Adv $ 0.00 Late Pen $ 0.00 Other Fees 0.00 Balance Current Tax $ 0.00
Cost To Pay Special Assessment in Full $ 0.00
Tax Liens or Delinquent Tax Amount to Redeem $ 0.00
Total Due This Certificate S 0.00 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 assessed.
WITNESS WHEREOF, I have hereunto set my hand and seal, this 14th Day of August 1992
ued to TRANSAMERICA TITLE P y et-�
tificate No. 43,662 Fee for Issuing This Certificate $ 10.00
No. 7550112 ..... .......
AWTY CO o � � ',2�J�' AUG 2 4 1992 Boot, 2610 PA �,1 16
W A R RANT Y D E ED
THIS DEED, Made this 21ST day of AUGUST,1992 between
Melvin H. Takaki and Alan M. Takaki and Duane M. Takaki
of the County of Pueblo and
State of Colorado, grantor, and
Pueblo, a Municipal Corporation { jj
I_j�lj �f T �7l r f T.• .. DEf �L..i_ 4'�. 01
whose legal address is One City Hall Place, Pueblo, Colorado 81003
of the County of Pueblo and State of Colorado, grantees:
WITNESSETH, That the grantor for and in consideration of the sum of ONE HUNDRED
TWENTY FIVE THOUSAND AND 00 /100, ($125,000.00) Dollars, the receipt and sufficiency of
which is hereby acknowledged, has granted, bargained, sold and conveyed, and by these
presents does grant, bargain, sell, convey and confirm unto the grantee, his heirs and
assigns forever, all the real property, together with improvements, if any,
situate,lying and being in the County of Pueblo and State of Colorado, described as
follows:
Lots 28, 29 and 30, Block 11, College Hill Second Filing, County of Pueblo, State of
, Colorado
J
also known by street and number as 1237 E Orman, Pueblo, Colorado 81004
TOGETHER with all and singular the hereditaments and appurtenances thereto
belonging, or in anywise appertaining and the reversion and reversions, remainder and
remainders, rents, issues and profits thereof, and all the estate, right, title,
interest, claim and demand whatsoever of the grantor, 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
appurtenances, unto the grantee, his heirs and assigns forever. And the grantor, for
himself, his heirs and personal representatives, does covenant, grant, bargain, and
agree to and with the grantee, his heirs and assigns, that at the time of the
ensealing and delivery of these presents, he is well seized of the premises above
conveyed, has good, sure, perfect, absolute and indefeasible estate of inheritance, in
law, in fee simple, and has good right, full power and lawful authority to grant,
bargain, sell and convey the same in manner and form as aforesaid, and that the same
are free and clear from all former and other grants, barVains, sales, liens, taxes,
assessments, encumbrances and restrictions of whatever kind or nature soever, except
general taxes for 1992 and subsequent years; except easements, restrictions,
covenants, conditions, reservations and rights of way of record, if any;
The grantor shall and will WARRANT AND FOREVER DEFEND the above- bargained fremises
in the quiet and peaceable possession of the grantee, his heirs assigns, against
all and every person or persons lawfully claiming the whole or any part thereof. The
singular number shall include the plural, the plural the singular, and the use of any
gender shall be applicable to all genders.
WITNESS WHEREOF the grantor has executed this deed on the date set forth above.
Duane M. Takaki Me vip H. Takaki
t
Alan M. Takaki
STATE OF COLORADO }
} ss. The foregoing instrument was acknowledged before me
County of Pueblo } this 21ST day of AUGUST,1992
by Melvin H. Takaki and Alan M. Takaki and Duane M. Takaki
i Y..
No. 932A. Rev.'7�Tg4•. tP
7`J *
Witness my hand and official seal.
My commission expires May 19, 1995
NOTARY PUBLIC
, North Main Street
Pueblo, COLORADO 81003
REAL ESTATE WATER AND SEWER AGREEMENT
Escrow No.: 7550112
It is hereby understood and agreed between the purchaser(s) and seller(s) of property
known as: 1237 E Orman, Pueblo, Colorado 81004, that as of the date of closing the
water and sewer status is:
ACCOUNT IS: METERED
BASED ON THE ABOVE INFORMATION:
Escrow Agent HAS NOT ADJUSTED FOR WATER AND SEWER, ADJUSTMENT AS REQUIRED,
WILL BE MADE BETWEEN PARTIES AND ARE NOT A PART OF THIS ESCROW.
SELLER ASSUMES RESPONSIBILITY FOR THE FINAL WATER BILL.
IT IS FURTHER UNDERSTOOD AND AGREED BETWEEN THE PURCHASERS AND SELLERS THAT THIS IS A
FINAL SETTLEMENT AND HEREBY RELIEVE ESCROW AGENT OF ALL FURTHER LIABILITY AND
RESPONSIBILITY.
This Agreement executed this 21ST day of AUGUST, 1992
APPROVED AND ACCEPTED:
Purchaser(s)
Pueblo, a Municipal Corporation
BY (.
Seller(s)
Melvin ,K3 Takaki
Duane M. T
TRANSAMERICA TITLE INSURANCE COMPANY
627 North Main Street
Pueblo, CO 81003
(719) 543 -0451
Escrow Officer : JEANE MCKIM
SR. ESCROW OFFICER
SELLER'S CLOSING STATEMENT
Setler(s) : Metvin H. Takaki
Alan M. Takaki
Duane M. Takaki
Property: 1237 E Orman
Pueblo, Colorado 81004
Lots 28,29,30, Block 11, College Hill
2nd Filing
Title No. : 7550112
Date : August 21, 1992
Buyer(s) : Puebto, a Municipal Corporation
DEBIT CREDIT
Contract sales price
Deposit paid to Seller
PAYOFF:
COLORADO NATIONAL BANK - PUEBLO
PAYOFFS
INTEREST THRU 8/20
INTEREST 082192 TO 082492
BROKER'S COMMISSION:
PRORATIONS:
COUNTY TAXES (1991 2874.38)
TITLE CHARGES:
CLS L SETT SVCS (RES)
RECORDING FEES, TRANSFER TAXES:
Release Fee
ADDITIONAL CHARGES:
LENDER CHARGES:
PROCEEDS DUE SELLER
5125,000.00
100.00
122,246.77
467.96
135.64
01/01/92 to 08/21/92
122,850.37
1,834.88
50.00
13.00
151 7%
$125,000.00 $125,000.00
THE ABOVE DEDUCTIONS, ADJUSTMENTS, DISBURSEMENTS ARE HEREBY AUTHORIZED AND APPROVED.
,c Broker
MelviryM Takak
By
A M. Takski Transamerica Title Insurance Company
By J� j
Duane Y- Takaki
AGREEMENT FOR PERSONAL PROPERTY TAXES
Personal property taxes for are due at the time of transfer, however, due to the
fact that taxes cannot be properly determined at this time, payment has not been made by
TRANSAMERICA TITLE INSURANCE COMPANY at closing.
It is hereby understood and agreed between the purchasers and sellers of
property known as: 1237 E Orman, Pueblo, Colorado 81004.
that no adjustment has been made nor funds collected for payment of the personal
property taxes and that the personal property taxes in the jurisdiction are due
and payable at the time of transfer.
Note: Personal property assessed to this address will remain with sellers.
THE INFORMATION ABOVE WAS OBTAINED BY TELEPHONE FROM THE ASSESSOR /TREASURER'S PERSONAL
PROPERTY DIVISION OFFICE AND /OR APPROPRIATE CITY AUTHORITY. WE ACKNOWLEDGE THAT
TRANSAMERICA TITLE INSURANCE COMPANY SHALL NOT BE RESPONSIBLE FOR ANY RE- ADJUSTMENT
OF PERSONAL PROPERTY TAXES AFTER CLOSING. WE HEREBY RELEASE TRANSAMERICA TITLE INSURANCE
COMPANY FROM ANY AND ALL LIABILITY FOR THE ACCURACY OF THE VERBAL INFORMATION RECEIVED AND
WE RELEASE TRANSAMERICA TITLE INSURANCE COMPANY FROM ANY LIABILITY WHICH MAY OCCUR FROM
NON - PAYMENT OF THESE TAXES FOR THE CURRENT YEAR.
This agreement made and executed this 21st day of August,1992
PURCHASER(S):
Pueblo, a Municipal Corporation
BY
SELLER(S):
Melvin Takak
A n M. Takaki
Duane M. Takaki
SELLER(S):
Melvin Takak
A n M. Takaki
Duane M. Takaki
REAL ESTATE TAX AGREEMENT
Escrow No.: 7550112
It is hereby understood and agreed between the purchaser(s) and seller(s) of property
known as: 1237 E Orman
Pueblo, Colorado 81004
that taxes for the current year have been adjusted as of this date as follows:
BASIS FOR PRORATION
Taxes have been prorated on the basis of the previous year's taxes.
AGREEMENT FOR READJUSTMENT
The above tax proration is considered to be final settlement.
ASSESSMENTS
It is further understood and agreed between the purchasers and the sellers that:
Special improvements now in are paid in full.
OTHER THAN TAX INFORMATION DISCLOSED ON THE CERTIFICATE OF TAXES DUE, THE INFORMATION
ABOVE WAS OBTAINED BY TELEPHONE FROM THE COUNTY ASSESSOR'S /TREASURER'S OFFICE AND /OR
APPROPRIATE CITY AUTHORITY. WE ACKNOWLEDGE THAT TRANSAMERICA TITLE INSURANCE COMPANY
SHALL NOT BE RESPONSIBLE FOR ANY READJUSTMENT OF TAXES AFTER CLOSING. WE HEREBY
RELEASE TRANSAMERICA TITLE INSURANCE COMPANY FROM ANY AND ALL LIABILITY FOR THE
ACCURACY OF THE VERBAL OR WRITTEN INFORMATION RECEIVED.
APPROVED AND ACCEPTED:
Purchaser(s)
Pueblo, a Municipal Corporation
BY (/;;* -"
64 1 ^
Seller(s)
Melvin.-R. Takaki
This agreement executed this 21ST day of AUGUST, 1992.
ESCROW NO.: 7550112
Duane M. Takaki
The printed portions of this form approved by the
Colorado Real Estate Commission (CBS 2 - -89)
THIS IS A LEGAL INSTRUMENT. IF NOT UNDERSTOOD, LEGAL, TAX OR OTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING.
COMMERCIAL
CONTRACT TO BUY AND SELL REAL ESTATE
Seller's remedy Liquidated Damages or Specific Performance (Section 16)
August 11 _ 92
1. PARTIES AND PROPERTY. Pueblo, a Municipal Corporation
agrees to buy, and the undersigned seller(s) [Seller], agrees to sell, on the terms and conditions set forth in this contract, the following described real
estate in the County of Pueblo , Colorado, to wit:
Lots 28, 29 and 30 in Block 11,
College Hill, Second Filing
knownasNo. Takaki Dental Center, 1237 E. Orman Ave., Pueblo, CO 81004
(Street Address, City, State, Zip)
together with all interest of Seller in vacated streets and alleys adjacent thereto, all casements and other appurtenances thereto, all improvements thereon
and all attached fixtures thereon, except as herein excluded, and called the Property.
2. INCLUSIONS. The purchase price includes the following items (a) if attached to the Property on the date of this contract: lighting, heating,
plumbing, ventilating, and air conditioning fixtures, smoke/fire/burglar alarms, security devices, inside telephone wiring and connecting blocks /jacks,
plants, floor coverings, intercom systems, built -in kitchen appliances, and sprinkler systems and controls; and (b) if on the Property whether attached or
not on the date of this contract: None
The above - described included items (Inclusions) are to be conveyed to Purchaser by Scller by bill of sale at the closing, free and clearof all taxes, liens and
encumbrances, except as provided in section 10.
The following attached fixtures arc excluded from this sale: all cabinets, doors and fixtures which may be
removed from the premises by Seller, within ten (10) days after closing. If
not timely removed, such items shall become the sole property of the Purchaser.
3. PURCHASE PRICE AND TERMS. The purchase price shall be $ 125,000.00 payable in U.S. dollars by Purchaser as
follows (complete the applicable terms below):
(a) Earnest Money.
$ 100.0 in the form of Purchaser's check as earnest money deposit and part payment of the purchase
price, payable to and held by S e 11 a r >zoiaodir�t�Xx
actin[ a[> �Ch�f7o�lolh] B> Blk�matls�c�7�xi3t�dt�as��atf¢ i> 21f€ 8cde4tve�ht] cxtxat; tttt�lay7da b�ticrCfo�QiE #7D73'?tax��sdt�t�BWfiMt�.X
(b) Cash at Closing.
s 124,900.00 to be paid by Purchaser at closing in cash, electronic transfer funds, certified check, savings and loan teller's check, or
cashier's check. �1!tj> t>acpi>O7t4t�fG9eoi4C> D➢c8sl bQitltgxKat2crrc�URQtOSigg Lst341st�ic8iF4dfitt >xfii[tFge�itKiltll>2Ei48i�Si,
tkoGtd )aXmomabD1Mxxmde)7¢9bmockodxgTK mi0tom:
p0MxAz=
The new loan to Purchaser shall be amortized over a period of years at approximately $ per mon ' eluding
principal and interest not to exceed % per annum, plus, if required by Purchaser's lender, a monthly deposit of f the estimated
annual real estate taxes, property insurance premium, and mortgage insurance premium. If the loan is an adjustable
loan, the monthly payments and interest rate initially shall not exceed the figures set forth above.
Loan discount points, if any, shall be paid to lender at closing and shall not exceed
The first (1, 2, etc.) loan discount points shall be paid by ,
and the balance, if any, shall be paid by
Purchaser shall timely pay a loan origination fee not to exceed
for loan purposes to be obtained after this date shall be paid by _
upon loan application as required by lender.
(d) Assumption.
, purchaser(3p [Purchaser], lxsgaim�atnsleao�t tarot amu�
% of tl an amount and Purchaser's loan costs. Cost of any appraisal
by Purchaser's as>wffing and agreeing to pay an existing loan in this approximate amount, presently payable at
per month
following as indicated: ❑ real estate
lu ' g principal, interest presently at % per annum, and including escrow for the
property insurance premium, ❑ mortgage insurance premium, and
to pay a Iban transfer fee
per annum and the
Seller a
shall ldenccd
or graduated payment
% of the total loan amount.
At the time of assumption, the new interest rate shall not exceed
Purchaser agrees
nc onlhly payment shall not exceed $ plus escrow, if any.
II ❑ shall not be released from liability on said loan. If applicable, compliance with the requirements for release from liability
by delivery at closing of appropriate letter from lender. Cost payable for release of liability shall be paid by
No CBS2 -5 -89 COMMERCIAL CONTRACT TO BUY AND SELL REAL ESTATE
Bradford Publishing. 1743 Waiee St.. Denver, CO 80202 — (303) 292 -2500 — 6•89
(e) Seller or Private Third -Party Financing.
m.
❑ Right -to -Cure NTD 82 -11 -83 ❑ No Right -to -Curc NTD 81 -11 -83 ❑
on the note form as indicated: (check one
secured by a (Ist, 2nd, etc.) decd of trust encumbering the Property, using the form as indicated: (check one box)
❑ Strict Duc -on -Salt (TD 72- 11 -83) ❑ Creditworthy (fD 73- 11 -83) ❑ Assumable –Not due on sale (TD 74- 11 -83) ,
0
The promissory note shall be amortized on the basis of years, payable at $
interest at the rate of % per annum
and shall be due on the
accrued interest shall be due and payable
Payments shall commence —
day of each succeeding month. If not sooner paid a balance of principal and
after closing. Payme s ❑ shall ❑ shall not be
increased by V/i2 of estimated annual real estate taxes, and ❑ steal l ❑ shall not be increased by %2 of estimated nual property insurance premium.
The loan shall also contain the following terms as indicated: If any payment is not received within calendar days after its due date, a late
charge of % of such monthly payment shall be due. Interest on lender disbursements under the c d of trust shall be clo
per annum. Default interest rate shall be % per annum.
Purchaser may prepay without a penalty except
4. FINANCING CONDITIONS AND OBLIGATIONS. (a) Loan Application(s). 'urchaser is to pay all or part of the purchase price as set
forth in section 3 by obtaining a new loan or if an existing loan is not to be rcicascd at cloy' g, Purchaser, if required by such lender, shall make written
application within calendar days from acceptance of this contract. Purchas shall cooperate with Seller and lender to obtain loan approval,
diligently and timely pursue same in good faith, execute all documents an4furnish formation and documents required by the lender , and, subject to
section 3, timely pay the costs of obtaining such loan or lender consent.
(b) Loan Approval. 1 f Purchascr is to pay al I or part of the purchase png a new loan as specified in section 3, this contract is conditional
upon lender's approval of the new loan on or before 19 if not so approved by said date, this contract shall
terminate. If the loan is so approved, but such proceeds arc not avail-- to required in section 5 (Good Funds) at the time of closing, closing
shall be extended one time for calendar days (not to c�C ced (icient funds are not then available, this contract shall terminate.
(c) Existing -Loan Review. If an existing loan is not to 6 released at closing, Seller shall provide copies of the loan documents (including note,
decd of trust, modifications) to Purchaser within calendar days from acceptance of this contract. This contract is conditional upon Pur-
chaser's review and approval of the provisions of such to documents. Purchaser consents to the provisions of such loan documents if no written objection
is received by Seller or Listing Company from Pur aser within calendar days from purchaser's receipt of such documents. If the lender's
approval of a transfer of the Property is required
loan, except as set forth in section 3. if Icnde
contract is conditional upon Purchaser's obtaining such approval without change in the terns of such
approval is not obtained on or before
, 19 , this
contract shall be terminated on such dale Scllcr is to be released from liability under such existing loan and Purchaser does not obtain such compliance
as set forth in section 3, this contract ay be terminated at Sellers option.
(d) Assumption Balance. If urchaser is to pay all or part of the purchase price by assuming an existing loan and if the actual principal balance of
the existing loan at the date of osing is less than the amount in section 3 by more than $ , then Purchaser may terminate this
contract effective upon rec ' t by Seller or Listing Company of Purchaser's written notice of termination.
(e) Credit Informaa . n. If Purchaser is to pay all or part of the purchase price by executing a promissory note in favor of Selleror if an existing loan
is XSellcr' leased t closing, this contract is conditional upon Sellers approval of Purchaser's financial ability and creditworthiness, which approval
sllcr' sole and absolute discretion. In such case: (1) Purchase r shall supply to Seller on or before
1at Purchaser's expense, information and documents concerning Purchaser's financial, employment and credit condition; (2) Purchaser
cSeller may verify Purchaser's financial ability and creditworthiness; (3) any such information and documents received by Seller shall be held
bonfidence, and not rcicascd to others except to protect Sellers interest in this transaction; (4) if Seller does not provide written notice of
Sproval to Purchascr on or before 19 then Seller waives this condition. if Seller does
5. GOOD FUNDS. All payments required at closing shall be made in funds which comply with all applicable Colorado laws.
6. NOT ASSIGNABLE. This contract shalt not be assignable by Purchaser without Seller's prior written consent. Except as so restricted, this
contract shall inure to the benefit of and be binding upon the heirs, pers al re esentalivVs, successors and assigns of the parties.
Fgaser .$
7. EVIDENCE OF TITLE. Sellershall furnish to Purchaser, of expense, ct cracurrcnt commitment forowner's title insurance policy in
an amount equal to the purchase price t7t? aQi�c667C' �c4b> tiDtlx14 >�tt�t4tAfjti4g{iipltgr�e, on or before Augus t 17
19 92 . If a title insurance commitment is furnished, Purchaser may require of Seller that copies of instruments (lattrkiagttttutatsi
listed in the schedule of exceptions (Exceptions) in the title insurance commitment also be furnished to Purchaser at Seller's expense. This requirement
shall pertain only to instruments shown of record in the office of the clerk and recorder of the designated county or counties. 'file title insurance
commitment, together with any copies or abstracts of instruments furnished pursuant to this section 7, constitute the title documents (Title Documents).
Purchaser must request Seller to furnish copies or abstracts of instruments listed in the schedule of exceptions no later than _3 calendar days
after Purchaser's receipt of the title insurance commitment. If Scl • furnishcy q Qtle insurance commitment, Scller will have the title insurance policy
er wiij
seg
delivered to Purchaser as soon as practicable after dos ing ancjT�ay t 2c premium at closing.
8. TITLE. (a) 'Title Review. Purchaser shall have the right to inspect the Title Documents ItQCltKmaa. Written notice by Purchaser of
unmerchantability of title or of any other unsatisfactory title condition shown by the Title Documents xxdastotot shall be signed by or on behalf of
Purchaser and given to Seller 0rA_0iOp0DIDItwXon or before 3 calendar days after Purchaser's receipt of Title Documents mxdt.=M or
within five (5) calendar days after receipt by Purchaser of any Title Document(s) or endorsement(s) adding new Exception(s) to the title commitment
together with a copy of the Title Document adding new Exception(s) to title. If Scller 0=0br,3Cm]gNAy does not receive Purchaser's notice by the date(s)
specified above, Purchaser shall be deemed to have accepted the condition of title as disclosed by the Title Documents as satisfactory.
(b) Matters Not Shown by (lie Public Records. Seller shall deliver to Purchaser, on or before the date set forth in section 7, true copies of all
Icase(s) and survey(s) in Seller's possession pertaining to the Property and shall disclose to Purchaser all easements, liens or other title matters not shown
by the public records of which Seller has actual knowledge. Purchaser shall have the right to inspect the Property to determine if any third party(s) has any
right in Ihb Property not shown by the public records (such as an unrecorded casement, unrecorded lease, or boundary line discrepancy). Written notice of
any unsatisfactory condition(s) disclosed by Seller or revealed by such inspection shall be signed by or on behalf of Purchaser and given to Seller pNO X> X4
5lf4 on or before August 20 19 9_ . If Scllcr orXbWttgb'itLligXXy does not receive Purchaser's notice by
said dale, Purchaser shall be deemed to have accepted title subject to such rights, if any, of third parties of which Purchaser has actual knowledge.
(c) Right to Cure. If Seller or Listing Company receives notice of unmerchantability of title orany other unsatisfactory title condition(s) as provided
in subsection (a) or (b) above, Scllcr shal I use reasonable effort to correct said unsatisfactory title condition(s) prior to the date of closing. if Scllcr fails to
correct said unsatisfactory title condition(s) on or before the date of closing, this contract shall then terminate, subject to section 17: provided, however,
Purchaser may, by written notice received by Scllcr or Listing Company on or before closing, waive objection to said unsalisfaclory title condition(s).
per month including principal and
9. DACE OF CLOSING. The date of closing shall be August 20 19 92 or by mutual agreement at an earlier date.
The hour and place of closing shall be as designated by Purchaser
10. TRANSFER OF TITLE. Subject to tender or payment on closing as required herein and compliance by Purchaser with the other terms and
provisions hereof, Seller shall execute and deliver a good and sufficient General Warranty deed to Purchaser,
on closing, conveying the Property free and clear of all taxes except the general taxes for the year of closing, and except none
; free and clear of all liens for special improvements installed as of the date
of Purchaser's signature hereon, whether assessed or not; except distribution utility casements, including cable TV; except those matters reflected by the
Title Documents accepted by Purchaser in accordance with subsection 8(a); except those rights, if any, of third parties in the Property not shown by the
public records in accordance with subsection 8(b); and subject to building and zoning regulations.
11. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid at or before the time of settlement from the proceeds
of this transaction or from any other source.
12. CLOSING COSTS, DOCUMENTS AND SERVICES. Purchaser and Seller shall pay their respective closing costs at closing, except as
otherwise provided herein. Purchaser and Seller shall sign and complete all customary or required documents at or before closing. Fees for real estate
closing and settlement services shall not exceed $ 200 • 00 and shall be paid at closing by Purchaser
13. PRORATIONS. General taxes for the year of closing, based on the most recent levy and the most recent assessment, rents, water and sewer
charges, owner's association dues, and interest on continuing loan(s), if any, SiN
shall be prorated to date of closing.
Any sales, use and transfer tax that may accrue because of this transaction shall be paid by Seller
14. POSSESSION. Possession of the Property shall be delivered to Purchaser as follows: September 8, 1992
subject to the following lease(s) or tenancy(s): Norte
If Seller, after closing, fails to deliver possession on the date herein specified, Seller shall be subject to eviction and shall be additionally liable to
Purchaser for payment of $ 100.00 per day from the dale of agreed possession until possession is delivered.
15. CONDITION OF AND DAMAGE TO PROPERTY. The Property and Inclusions shall be conveyed in their present condition, ordinary
wear and tear excepted. In the event the Property shall be damaged by fire or other casualty prior to time of closing, in an amount of not more than
ten percent of the total purchase price, Seller shall be obligated to repair the saute before the date of closing. In the event such damage is not repaired
within said time or if the damages exceed such suns, this contract may be terminated at the option of Purchaser. Should Purchaser elect to carry out this
contract despite such damage, Purchaser shall be entitled to credit for all the insurance proceeds resulting from such damage to the Property and
Inclusions, not exceeding, however, the total purchase price. Should any Inclusion(s) or service(s) fail or be damaged between the date of this contract
and the date of closing or the date of possession, whichever shall be earlier, then Seller shall be liable for the repair or replacement of such Inclusion(s)
or service(s) with a unit of similar size, age and quality, or an equivalent credit, less any insurance proceeds received by Purchaser covering such
repair or replacement.
16. TIME OF ESSENCE/REMEDIES. Time is of the essence hereof. If any note or check received as earnest money hereunder or any other
payment due hereunder is not paid, honored or tendered when due, or if any other obligation hereunder is not performed or waived as herein provided,
there shall be the following remedies:
(a) IF PURCHASER IS IN DEFAULT:
IF THE BOX IN SUBSECTION (1) IS CHECKED, SELLER'S REMEDIES SHALL BE AS SET FORTH IN SUBSECTION
(1) [SPECIFIC PERFORMANCEJ. IF SAID BOX IS NOT CHECKED, SELLER'S REMEDIES SHALL BE ASSET
FORTH IN SUBSECTION (2) [LIQUIDATED DAMAGES].
LXJ (1) Specific Performance.
Seller may elect to treat this contract as cancelled, in which case all payments and things of value received hereunder shall be forfeited and retained
on behalf of Seller, and Seller may recover such damages as may be proper, or Seller may elect to treat this contract as being in full force and effect
and Seller shall have the right to specific performance or damages, or both.
(2) Liquidated Damages.
All payments and things of value received hereunder shall be forfeited by Purchaser and retained on behalf of Sellcrand both parties shall thereafter
be released from all obligations hereunder. It is agreed that such payments and things of value are LIQUIDATED DAMAGES and (except as
provided in subsection (c)) are SELLER'S SOLE AND ONLY REMEDY for Purchaser's failure to perform the obligations of this contract. Seller
expressly waives the remedies of specific performance and additional damages.
(b) IF SELLER IS IN DEFAUCI':
Purchaser may elect to treat this contract as cancelled, in which case all payments and things of value received hereunder shall be returned and
Purchaser may recover such damages as may be proper, or Purchaser may elect to treat this contract as being in full force and effect and
Purchaser shall have the right to specific performance or damages, or both.
(c) COSTS AND EXPENSES.
Anything to the contrary herein notwithstanding, in the event of any litigation orarbitration arising out of this contract, the court shall award to
the prevailing party all reasonable costs and expense, including attorney fees,
17. EARNEST MONEY DISPUTE. Notwithstanding any termination of this contract, Purchaser and Seller agree that, in the event of any
controversy regarding the earnest money and things of value held by broker or closing agent, unless mutual written instructions arc received by the holder
of the earnest money and things of value, broker or closing agent shall not be required to take any action but may await any proceeding, or at broker's or
closing agents option and sole discretion, may interplead all parties and deposit any moneys or things of value into a court of competent jurisdiction and
shall recover court costs and reasonable attorney fees.
18. INSPECTION. Purchaser or any designee, shall have the right to have inspection(s) of the physical condition of the Property and Inclusions,
at Purc'haser:s expense. If written notice of any unsatisfactory condition, signed by Purchaser, is not received by Seller or Listing Company
on or before N/A , 19 , the physical condition of the Property and Inclusions shall
be deemed to be satisfactory to Purchaser. If written notice of any unsatisfactory condition, signed by Purchaser, is given to Seller or Listing Company
as set forth above in this section, and if Purchaser and Seller have not reached a written agreement in settlement thereof on or before
N/A , 19 , this contract shall then terminate, subject to section 17. Purchaser is responsible and shall
pay for any damage which occurs to the Property and Inclusions as a result of such inspection.
and its sales agents (Listing Company) represent Seller. 'file Listing Company owes duties of trust, loyalty and confidence to Seller o u c the
Listing Company has a duty to treat Purchaser honestly, the Listing Company is Scllers agent and is acting on be of Se • t not Purchaser.
BY SIGNING BELOW, PUIZCHASEIZ ACKNOWLEDGI :S PRIOR TIMELY Nana: BY L isTING OIZ SELLIN PANY THAT LISTING
COMPANY IS SI?LLEWS AGENT.
The selling broker,
and its sales agents (Selling Company) represent: BOX IN .' : "PION (b) IS CHECKED, SELLING COMPANY
REPRESENTS PUIZCIIASI :R ONLY. AS SET 1:010II INS . fION (b). IF THE BOX IN SUBSECTION (b) IS NOT
CHECKED, SELLING COMPANY Rlii)l I:SEN'I'S S� NI_Y, AS SI_'f min IN SUBSECIION (a).]
(a) Seller. The Selling Company owes t of trust, loyalty and confidence to Seller only. While the Selling Company has a duly to treat
Purchaser honestly, the Selling Comps .. cller's agent and is acting on behalf of Seller and not Purchaser. BY SIGNING BELOW, PURCHASER
ACKNOWLLDGES PRIORI' NOTICE IIY SELLING COMIANI" I'IiAP SELLING COMPANY IS SI:LLI.iIt'S AGI:N'I'.
❑ (b) Pt ;r.
. 1f the box is checked: The Selling Company owes duties of trust, loyalty and confidence to Purchascr only. While the Selling
Con )as a duty to treat Seller honestly, the Selling Company is acting on behalf of iurchascr and not Seller. SELLER AND LISTING COMPANY
20. ADDITIONAL PROVISIONS:
a) Purchaser acknowledges that it is accepting the real property in its
present condition, "as is"
b) The title insurance policy referred to in Section 7 of this contract shall
be issued on ALTA Owner's Policy (10- 21 -87) form with the standard printed
exceptions deleted covering the Property through the date and time of
recording the warranty deed from Seller to Purchaser. The title documents
and all notices to Purchaser shall be delivered to Purchaser's Attorney,
Thomas E. Jagger, 127 Thatcher Building, Pueblo, Colorado
c) This contract is contingent upon its approval by the City Council of
Purchase
21. RECOMMENDATION OF LEGAL COUNSEL. By signing this document, Purchaser and Seller acknowledge that the Selling Company
or the Listing Company has recommended that Purchaser and Seller obtain the advice of their own legal counsel regarding examination of title and
this contract.
22. TERMINATION. In the event this contract is terminated, all payments and things of value received hereunder shall be returned and the
parties shall be relieved of all obligations hereunder, subject to section 17.
23. NOTICE OF ACCEPTANCEICOUNTERPARPS. If this proposal is accepted by Seller in writing and Purchaser receives notice of such
acceptance on or before Augus 14 19 , this document shall become a contract between Seller and Purchaser.
A copy of this document may be executed by each party, separately, and when each party has executed a copy thereof, such copies taken together shall be
deemed to be a full and complete contract between the parties. Pueblo A Municipal COrpOr�tion
B "-- 1.— •1.. 84 —92
Purchaser Date Purchascr
City Manager Date
Purchasers Address
[TO BE COMPLETED BY SELLER AND LISTING COMPANY
24. ACCEPTANCIJCOMMISSION. Seller accepts theabove proposal this day of August ,19
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