HomeMy WebLinkAbout7105RESOLUTION NO. 7105
A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE
CITY OF PUEBLO, A MUNICIPAL CORPORATION AND PUEBLO
DEVELOPMENT FOUNDATION RELATING TO THE TRANSFER OF
LAND AT PUEBLO MEMORIAL AIRPORT AND CONSTRUCTION
OF A PROJECT THEREON, AUTHORIZING THE PRESIDENT OF
THE CITY COUNCIL TO EXECUTE THE AGREEMENT AND THE
WARRANTY DEED ATTACHED THERETO, AND AUTHORIZING
EXPENDITURE OF FUNDS THEREFOR
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
The City Council does hereby find and determine:
(a) There now exists in the City of Pueblo and has existed for
a number of years unemployment and underemployment in an abnormal
amount injurious to the public health and welfare of the City and
its inhabitants constituting an econonic and social liability
impairing and arresting the sound growth, economic development and
stability of the City.
(b) The prevention and elimination of unemployment and
underemployment and the social and economic evils associated
therewith are proper public purposes and matters of local and
municipal concern which justify the expenditure of public funds.
(c) The City is the owner by conveyance from the United States
Government of land known as the Pueblo Memorial Airport and it would
be in the best interests of the City and in the public interests if
portions of the Airport land not required for aviation or airport
use be transferred and be reused and developed for industrial
purposes.
(d) Pueblo Development Foundation will construct on approxi-
mately 7.5 acres of land at Pueblo Memorial Airport an approximately
29,120 square foot manufacturing and distribution facility with
office space and other improvements (herein "Project ") to be leased
and occupied by Eaton Corporation.
(e) No similar project exists in the City and construction and
equipping of the Project will require a large outlay of capital.
(f) Eaton Corporation believes it will employ and has
committed to the City that it will use its best efforts in good
faith to employ approximately 40 full -time employees at the Project
within six (6) months after its substantial completion.
(g) The property described in the Agreement and warranty deed
between the City and Pueblo Development Foundation attached hereto
is surplus to the City's needs.
(h) The construction of the Project will stimulate and promote
industrial activity at Pueblo Memorial Airport thereby creating
employment opportunities for the citizens of the City, greater use
of airport facilities, and increased aeronautical activities.
(i) The execution and performance of the Agreement between the
City and Pueblo Development Foundation are in the best interests of
the City and its citizens and will promote the public health,
safety, commerce, prosperity and general welfare of the City and its
citizens.
Q V (I Ir T (1 TO ')
The Agreement between the City of Pueblo, a Municipal Corpora-
tion and Pueblo Development Foundation, a Colorado nonprofit corpor-
ation, a copy of which is attached hereto and incorporated herein as
if set out herein in full, having been approved as to form by the
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City Attorney, is hereby approved.
SECTION 3.
The amount of $1,050,000 is hereby authorized to be expended
and made available out of the 1992 Sales and Use Tax Capital
Improvement Project Fund for the construction of the Project and
shall be released by the Director of Finance upon receipt of
requests for payment certified by the Project architect and
contractor that amounts included in the requests for payment are for
labor and materials used in the construction of the Project.
SECTION 4.
The City Council does further find and determine that the
Project and funds to be made available therefor meet and comply with
the criteria and standards adopted by Ordinance No. 5742 and the
Project will create employment for new employees justifying the
expenditure of such funds.
SECTION 5.
The President of the City Council is hereby authorized to
execute in the name of and on behalf of the City the Agreement and
the Warranty Deed substantially in the form of Exhibit "A" attached
thereto and the City Clerk is directed to affix the seal of the City
thereto and attest same.
INTRODUCED: April 12 , 1993
JOHN CALIFANO
ATTEST:
City Clerk
Councilman
APPROVED:
- Ae e, 7:
Pre si nt of City Council
TJ 66.39 -3-
m /
AGREEMENT
THIS AGREEMENT entered into this 12th day of April, 1993
between Pueblo, a Municipal Corporation (herein "City ") and Pueblo
Development Foundation, Inc., a Colorado nonprofit corporation
(herein "Foundation "), WITNESSETH:
WHEREAS, City is the owner by conveyance from the United
States Government of certain land known as the Pueblo Memorial
Airport, Pueblo County, Colorado; and
WHEREAS, it would be in the best interest of the City and in
the public interest if portions of the airport property not
required for aviation or airport use be transferred and be reused
and developed for industrial purposes; and
WHEREAS, such reuse and development of portions of the
airport industrial property would increase the tax base and
availability of jobs and promote the economic expansion of the
City; and
WHEREAS, Foundation has proposed a plan for the reuse and
development of a portion of the airport property for manufacturing
and distribution purposes by Eaton Corporation; and
WHEREAS, the property to be developed is surplus to the
City's needs.
NOW, THEREFORE, in consideration of the foregoing and mutual
promises set forth herein, City and Foundation agree as follows:
1. Foundation and Eaton Corporation (herein "Company ") will
or have entered into an agreement for the lease and option to
purchase approximately 7.5 acres of land at Pueblo Memorial
Airport approved as to form by the City Attorney (herein
"Company's Agreement ") which land is described in the Warranty
Deed attached hereto (herein "Warranty Deed ").
2. Company and Foundation have agreed that an approximately
29,120 square foot facility, road and appurtenant improvements
(the "Project ") will be constructed on the land described in
Exhibit A to the Warranty Deed at a cost of approximately
$1,050,000 and Company's Agreement requires Company to pay monthly
rent for the use of the land and Project. City will advance the
funds to Foundation for the construction of the Project not to
exceed $1,050,000. Foundation shall repay to City all funds
advanced by the City for the construction of the Project no later
than 6 months from date hereof.
3. Upon delivery to City of an executed copy of Company's
Agreement, City will execute and deliver to Foundation the
Warranty Deed. Foundation shall not use, lease, encumber, assign,
or otherwise transfer title to the property described in the
Warranty Deed or its interest therein except in furtherance of and
in compliance with the terms and provisions of Company's Agree-
ment. Contemporaneously with the delivery of the Warranty Deed to
Foundation, Foundation will execute and deliver to City the
promissory note and deed of trust attached hereto. The deed of
trust shall be a first and prior lien on the property described
therein.
4. Notwithstanding anything contained in this Agreement,
promissory note or deed of trust to the contrary, if Foundation
shall complete the construction of the Project in accordance with
approved plans and specifications free of liens and Company
occupies the Project pursuant to Company's Agreement, Foundation's
obligation to repay funds advanced by the City for the construc-
tion of the Project shall not be greater than the total funds so
advanced less $300,000. For example, if the City advances
$1,000,000 for the construction of the Project, Foundation would
be obligated to repay the sum of $700,000.
5. After delivery of an executed copy of Company's Agree-
ment, funds for the construction of the Project in an amount not
to exceed $1,050,000 shall be released by the City's Director of
Finance upon receipt from Foundation of requests for payment
certified by the Project's architect and contractor that the
amounts included for payment are for labor and materials used in
the construction of the Project.
6. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and
assigns.
Executed the day and year first above written.
ATTEST: PUEBLO, A MUNICIPAL CORPORATION
B
Cit Clerk Presi ent of tlle City Council
[S E A L]
ATTEST: PUEBLO DEVELOPMENT FOUNDATION, INC.
By
Secretary President
[S E A L]
TJ 66.44 -2-
WARRANTY DEED
THIS DEED, made this day of , 1993 by and
between the City of Pueblo, a Municipal Corporation, existing
under the laws of the State of Colorado (herein "City ") and Pueblo
Development Foundation, a Colorado nonprofit corporation (herein
"Company "),
W I T N E S S E T H:
That the City for and in consideration of the sum of $10.00
and other good and valuable consideration to the City in hand paid
by the Company, the receipt whereof is hereby confessed and
acknowledged, has granted, bargained, sold and conveyed, and by
these presents does grant, bargain, sell, convey and confirm unto
the Company, its successors and assigns forever, all the real
property situate, lying and being at Pueblo Memorial Airport,
County of Pueblo, State of Colorado, more particularly described
in the attached Exhibit " A " (herein "Property), with all its
appurtenances, and warrant the title to the same, subject to
restrictions, reservations, rights of way, and easements of record
and easements for the existing sanitary sewer, water and natural
gas lines crossing the Property, and to the following covenants,
conditions, and restrictions which are and shall be construed to
be covenants running with the land described herein and binding
upon the Company, its successors and assigns and inuring to the
benefit of the City, its successors and assigns.
1. City reserves unto itself and its successors and
assigns, for use and benefit of the public, a right of flight for
the passage of aircraft in the airspace above the surface of the
Property, together with the right to cause in the airspace above
the surface of the Property such noise as may be inherent in the
operation of any aircraft now known or hereafter used for naviga-
tion of or flight in said airspace, and for use of the airspace
above the surface of the Property for landing on, taking off from,
or operation on or over the Pueblo Memorial Airport.
2. Company expressly agrees for itself, its successors and
assigns to restrict the height of structures, objects of natural
growth and other obstructions on the Property, to a height of not
more than 4700 feet above the mean sea level. In the event this
covenant is breached, City reserves the right to enter upon the
Property and at the expense of the Company to remove the offending
structure or object and to cut the offending growth.
3. Company expressly agrees for itself, its successors and
assigns, that it will prevent any use of the Property which would
interfere with landing or taking off of aircraft at the Pueblo
Memorial Airport, or otherwise constitute an airport hazard.
4. The Property and its use are further subject to the
following Restrictive Covenants:
(a) The Property may be used only for manufacturing and
distribution purposes and facilities. The Property
shall not be used for smelting operations, or for the
storage or processing of putrescible materials, or for
any purpose or business which is considered dangerous or
unsafe, or which constitutes a nuisance, or which
exceeds the state air pollution control standards for
the facilities on the Property. Gasoline or diesel fuel
used in connection with the business conducted on the
Property but not for sale at retail or wholesale may be
stored on the Property in an environmentally sound
manner.
(b) Parking areas for vehicles and roads on the Property
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shall be paved.
(c) The Property shall not be subdivided and no building or
structure over forty (40) feet in height above ground
level shall be installed or constructed on the Property.
(d) No structure or building shall be constructed or
installed nearer than thirty -five (35) feet of the
right -of -way line of William White Place or 25 feet of
side or rear streets. There must be installed and
maintained a minimum 25 -foot strip of living landscaped
ground adjacent to William White Place and adjacent to
other abutting streets. Minimum side yards set -backs
shall be 25 feet.
(e) Company shall at all times keep and maintain the
Property and all buildings, landscaping and improvements
located thereon in a good, clean, safe and orderly
condition free of waste, rubbish, debris and trash and
screen from public view all outside storage and unsight-
ly areas of the Property.
(f) Before commencing the construction, installation or
alteration of any building, structure, parking facility,
outdoor sign, or other permanent improvement, or
landscaping on the Property, Company shall comply with
the Federal Aviation Administration Notification and
Review Requirements and shall submit to and have
approved by the City in writing the site plans and plans
and specifications therefor. City's approval will not
be unreasonably withheld. In the event the City or its
designated representatives shall fail to approve or
disapprove such plans and specifications within twenty -
five (25) working days after they have been submitted to
the City, such approval will not be required and this
covenant will be deemed to have been complied with. All
buildings, improvements and activities on the Property
shall be constructed and conducted in compliance with
all applicable federal, state and local law, regula-
tions, and codes.
(g) Waste water discharged from the Property into City's
sanitary sewer system and Company's use thereof are
limited by and subject to City's sewer user, industrial
cost recovery, high strength surcharge, and pretreatment
ordinances, rules and regulations applicable to City's
sanitary sewer system at Pueblo Memorial Airport, now in
effect or hereafter adopted or amended. Company shall
only discharge domestic waste water from the Property.
(h) City reserves the right to waive all or any part of
these Restrictive Covenants.
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5. At the request of City, Company shall meet and in good
faith confer with City concerning the annexation of the Property
to the City when the Pueblo Memorial Airport, or any part thereof,
including without limitation, the Property, becomes eligible for
annexation.
6. Invalidation of any one of the foregoing covenants,
conditions, restrictions or reservations by judgment or court
order or otherwise shall in no wise affect any of the other of
said covenants, reservations, restrictions or conditions which
shall remain in full force and effect.
7. City shall have the right to enforce the restrictions,
covenants and conditions hereof by injunction or other lawful
procedure and to recover damages, costs, expenses, including
reasonable attorney fees, resulting from any violation thereof or
arising out of their enforcement.
CITY OF PUEBLO,
A MUNICIPAL CORPORATION
[S E A Ll
ATTEST: B
Presi nt of the City Council
y�
City Clerk
PUEBLO DEVELOPMENT FOUNDATION
[S E A L]
ATTEST: By
President
Secretary
COUNTY OF PUEBLO )
ss.
STATE OF COLORADO )
The foregoing instrument was acknowledged before me this
_ day of 0 1 1993 by Fay B. Kastelic as
Presi of the City Council of Pueblo, Colorado and Marian D.
Mead as City Clerk of the City of Pueblo, Colorado.
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Witness my hand and official seal.
My commission expires:
[S E A L]
Notary Public
COUNTY OF PUEBLO )
) ss.
STATE OF COLORADO )
The foregoing instrument was acknowledged before me this
day of 1993 by Joseph A. Fortino as
President and as Secretary of Pueblo
Development Foundation, a Colorado nonprofit corporation.
Witness my hand and official seal.
My commission expires:
[S E A L]
Notary Public
TJ 66.40 -5-
14faA9Jni & Associates, Inc.
637 Lake Awnus
Adabla Colorado 87004
M 050 -0605
F"CNL A
A parcel of land located within. the County of Pueblo, State of
Colorado to -wit
A parcel of laud'located within a portion of the U112 of the 5L'114
and the SI 12 of the MXJ /4 of Suction 26, Township 20 South, Range
64 Went of the Sixth Principal Meridian, being more particularly
duacribcd as follows:
buUlmiNa at a point An -the apparent westerly right -of -Way line of
Williaun M. White Place troA which the W114 ccxrner of said 6ectlon
26 bows N 84 -06 -44 W (bearings based on Cha west line of the NW2 /4
of said Section 26 jaonuinonted with an axle net in a 2 foot by 2
foot Concrete slab on the south and and a No. 6 rebar sot in a 2
foot by 2 foot concrete slab on the north end assumed to bear
N 00 -41-33 W), a distance of 3924.86 loot; thence S 88 -02 -03 W, a
d.ia"nou of 419.03 feet; thonoo N 01 -57 -57 W, a distance of 802.20
font; thence N 88 -25-39 B, a distance of 379.04 foot to a point on
said apparent westerly right -of -way line; thence southerly along
said westerly right -of -way the following two (2)•courace;
1). on the arc of a non - tangent curve to the left whose
center bears N 00 -25 -;9 B and having a central angle
Of 58- 25-40 and a radius of 85.00 ,foot, a distance of
86.66 feet;
2) . S 02 -57 -57 .9, a distance of 726.82 feet
to the POINT OF BSRI9tING.
Said parcel canta.ins 7.66 Acres.
PrufoawlaxW L«nd Suwvayariv
EXHIBIT "A"
PROMISSORY NOTE
$1,050,00.00
April 12, 1993
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 $1,050,000.00 without interest.
This note is payable in full upon demand but in no event
later than October 12, 1993.
Upon failure to make payment of principal 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.
The maker and all endorsers hereof severally waive
presentment, 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 ]
Attest:
Secretary
PUEBLO DEVELOPMENT FOUNDATION
By
President
TJ 66.43 -1-
Itccurded at o'clock _
Reecptiun No.
M.,
DEED OF TRUST
Itcwrder
THIS INUEN'I'URE, blade this 12th day of April ' 19 93 , between
Pueblo Development Foundation, a Colorado
Nonprofit Corporation
whuseaddics,is P.O. Box 1663, Pueblo, Colorado 81002
hercinaller rebored to as grantor, and the public Trustee of the "County of
Pueblo , State of Colorado, hereinafter relcrred to as public Trustee,
WITNESSLrH, THAT, WflEkEAS, Pueblo Development
Foundation
has executed a piumi,sury flute or notes, hereinafter relined to in the singular, dated Apr i 1 12 , 1993 , for the
principal Sinn of One million fifty thousand and no /100 - - - -- D, Il r, payable to the order of
Pueblo a Municipal Corporation ($1,050,000.,M
"�XX x xl City Hall Place, Pueblo, Colorado, 81003
Mier the dale heicul', "till interest thereon from Illc Jute thereof
at the rat, of — 0 — lerccnl perannunl, payable in full upon demand but in no event
later than October 12, 1993
AND WHEREAS, The gratlturis desirous of securing payment ul the principal and interest ul said prunli,Sory note in wdw,c hands soever the said
note or any of them may hL.
NOW, THBKLFORL, The granter, in cvusidcra[iun of the premise, and lie the purpose aluiesaid, dues hereby grant, bargain, sell and convey
unto the said Public Trustcc in trust forever, the fulluwing described properly, situate in the County of
Pueblo , state ul Colorado, nI wit:
The property described in Exhibit "A" attached
hereto and incorporated herein
also lou%n by sueet and ember as William White Place, Pueblo Memorial Airport,
Pueblo, Colorado
TO HAVti ANDTO HOLD the same, together with all anJ Singulardhc privileges and appurtenances thcreuntu belunging: In Trust nevertheless, that
ill ca seofact 'Ill ItIn tile pa) IIIC III UI, aidIIUICOf ally u1 tile [ it. or ally pal ' IIhercn U] III life payIh1 ,In tile Iii lei CSI111 icua ,acYUNliigtotheleaurand
said note orally of them, Orin the payment of any prior encumbrances, principal ur iniciest, if any, or ill case default shall be made m ur in case of violation
or bleach of any of the renris, conditiuriS, convenancv or agleemems herein contained, the beneficiary hereunder or the legal [folderol the indebtedness
secured hereby may declare a violation of any of the covenants herein contained and elect to advertise said property fur sale and demand such sale, then,
ulwn filing notice of such clectiull and dealand fur laic with the pubhc'Iflnice, who Shall upun receipt of such nutice of election and demand fur Sale cause
A copy of If,, Name to be recorded in the rneurder's office of [tie county in which said real estate is simarcd, it shall and may be law ful for the public Trustee
to sell and dispose of the sank (ell massro or in Separate parcels, as the said Public Tmstce may think best), and all the right, tide and interest of the grantor,
his heirs or assigns therein, al public auction at the South lion( door of the Court House, in the County of Pueblo
, Stale of Culuiado, or on Said prcnfises, or ally purl dtercof a, may be Spccilied in the notice of said sale, tot the highest and lest price the
same will bring ur cash, four weeks public notice having been previously given of the tittle and place of sueh sale, by advertisement, weekly, in Some
newspaper of general circulation at that lime published in Said County of Pueblo , a copy ul' which notice shall be mailed
withal ten Jays from the dale ul the tits[ publication thereof to Ale grantor at the address herein given and to such person Of persons appearing to have
acquired a Subsequent record infcrea in Said real estate at the address given in the recorded instrument: where only the couny and state is given ;u the
address dwo such notice Shall be mailed to the county sear, and lit make and give to the purchaser or purchasers of such property at such sate, a certificate
i . ..... f.Axn (or ether
• ,.. .... :.I .,, ., :.. .. •• •,. •L... I. ... .. ... �, , .. .,.. ...
1 .... .., .S. .... .. ,.
, I' .' NSICe shall,
• 1 .. 1 by AIL' pef,Ull
e:uilled to a deed to and fur tilt properly purchased, of the time such demand is made, the time for redemption having expired, Inab c alai execute to Such
pleats c: , ... J r :c , : - ,# :.: , . :7;•.eJ or JecJs shall be in the ordinary funs of a cunvcyarlce, and shall to
:, ., ... ,.... 1 ,. .
Signed, .. • .. ...... .. . • .. ., 1 . • .. ,...: and yuilclainl to Such pern w ce
so or persons entitled to well ad, the said
nuplcrq : ..... . .. . ... .... l.... I ., . . .,...[y of rcdenyxiull of the grantor, tits heir, Arid assigns therein, Aid shall
Cecil: the suns u - and to the safe ur sales mule by virtue
thcwoj; and in lion of Such prulerty, by a wbscyucnr
cricuulbcaucer, sale need n IV set Out In such decd Of
deeds And rho Putltic Shall, Out of till proceeds or avails of Such late, al le'r tits[ paying alit felailling al[ Ice S, Charges and CU,iS of Making ,aid Sate.
pay to the b,ncliciary hereulUler Of the legal holdcruf Smd [tole [plc pflneipal and Irllery NI due oil said note ae,•uidulg to the Wool "lid Cl lcel thereof, And All
money, advanced by such beneficiary or legal holder of said note fur insurance, taxes and assessments, with interest thereon at 12 per cent per
annum, !'Milting the overplus, If any, unto life grantor, his legal rcprc,cuta[ives of as,igos, which Safe or Sales and Said JCcd or deeds SU n1Adc Shall Ik A
perpetual bar, built lit law and CgUny, against file grantor, hit heirs and assign,, and all other persons claiming life Said property or any pan thereof, by,
bunt, through or under the grantut; or any of Alenl. The holder or holders of said lure or low$ may purchase Said property or any pan thereof: and it shall
not be obligary noun the purchaser or purchasers at any such ,ale to see to the applic•aliun of the purchase " If a release decd to required, it is
to
agreed that file grantor. his heirs or assigns, will pay the expense therein:
Ill in Dower, insert "City and
Nu. 34IA. Kev. 2.64. Ut :Eb Of TRUST i1`WIUr 2turhrrl Wlra our ua SWr Cl— S-BO
htwilwd Ni6lirbin8, 5825 W. ON Art., "—W. CO 80:14 — (303) 233-MAX)
W1,CM rccerded. relmflto Thom1 E. Jagger, 127 Thatche Bldg., Pu eblo . , CO 81003
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 coscaling of and delivery of these presents he is well seized of the said land and tenements in fee simple, and has gaol 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 (o said lands, tenements, and property as a Homestead lixcmp(ion. 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 to 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 tic on said hinds 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 (vital indebedness. Each policy shall contain a loss payable clause naming the hencliciary as mortgagee and shall further
provide that the insurance may not be canceled upon less than ten days written notice to the beneficiary. At (he option of the leneficiary, the original policy
or policies of insurance shall tae delivered to the beneficiary as further security for the indebtedness. Should the grantor Lail 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 encu mbrmces. 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 12 % per annum shall be added to and
become a par( of the indebtedness secured by this tied of Tust and may be paid out of the proceeds of the sale of (he propcity it not paid by the grantor. In
addition, and at its option, the beneficiary may declare the indebtedness secured hereby and this Decd of Trust to be in default for failure to procure
insurance or make any of the payments required by this paragraph.
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r1. . : > .:T. R . 1 {, .. ' a•. v. Y „ X Sv. q. .. .41 Yr r:1 .v +v. v r•. r .,. •
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zxii» �axxbartoosoonwxwxMxxactmoaMMhcfrvdxatw��ts�c+ �csa��carficxrxx9r� hex xsa3o��c
: kipCt2t19C1? CLYI} D4CIbDOxIriIKtx7GxilXh4xQ4XtXtxDC4 [rxCX�iIIxVQVCaK benerd.c may dec all sums secured
hereby be immediat�P� due and p ayable.
AND IM' N CASE. OF A Y UISF'A (7, creby (he right of three sure occurs hereunder, 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 properly aforesaid. and to the rents, issues and proh(s
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 he 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 holderof said note orcer ibcale 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 (hereof, shall he entitled to it Receiver for said property, and of the rents.
issues and proh(s (hereof, after such default, including the time covered by foreclosure proceedings and the perial of redemption, if any (here be, and shall
be emitted (hereto ma matter of righ( without regard to the solvency or insolvency of the grantor or of the then ownerof said property and without regard m
the value thereof, and such Receiver may be appointed by any court of cumpetem jurisdiction upon ex pane application and without notice — notice being
hereby expressly waived — and all rents, issues and prolils, 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 ofdel:ud( in any of said payments of principal or interest. according to the tenor and effect of said promissory note aforesaid, orany
of them, or anv part thereof, or of a breach or violation of anyof the covenants or agreements herein, by the grantor, his pcaonal representatives ora.ssigns.
thou and in that case the whole of said principal sum hereby secured, and the interest (hereon to the time of the sale, may al once, at the option of the legal
holder (hereof. become due and payable, and the said property he sold in the manner and with the same effect its If said indebtedne had rnam red, and that
if foreclosure he made by the Public Trustee. an attorneys fee of td6"Xf a reasonable amount dollars
for services in the supervision of said foreclosure proceedings shall tae allowed by the Public Trustee as a parrot the cos( of foreclosure. and if f oreclosure
N made through the courts a reasonable attorney's fee shall be taxed by the court as a part of (he cost of such foreclosure proceedings.
The singular number shall include the plural. the plural the singular, and the use of any gender shall he applicable (o all genders.
Executed this 12th day of April 19 93
ATrF PUEBLO DEVELOPMENT FOUNDATION
core ary
(SEAL.) By
President
Static of Colorado Is,. County of Pueblo
The lorcgoing instrument was acknowledged before me this day of Apri ' 19 93 ,
b Joseph A. Fortino, as President and Charles L. Thomason, as
Secretary of Pueblo Development Foundation, a Colorado Nonprofit
Witness my hand and seal. Corporation.
My commission expires
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M'angixi & Associates, Inc.
631 LQk& Aridus
PaWa. Colorado S)Oa4
(71 W44 -0005
pl+lYlCk;L A
A parcel of land located within the County of Pueblo, State of
c'olorado to -WIC:
A peircel of land 'located within a portion of the N112 of Clio 6x114
and the SI 12 of the NRJ14 of Section 26, Township 20 South, Range
64 Went of the Sixth Princjpol Meridian, going more particularly
duncribed as folloaa:
23ItCtlmine at a point on -the apparent westerly right -of -way line of
W1114WA M. White P14CO trOA which the Wllj career of wild 6e4;LJoa
26 boars N 84 -06 -14 W (bearings based on the west line of the NW1 14
of sold Section 26 ma umonted with an axle aet in a 2 foot )+y 2
foot concrete slab on the south and and s No. 6 rebar stet in a 2
foot by 2 foot concrete slab on the north end assuned to bear
N 00 -41 -33 W), a distance of 3924.86 feet; thence S 88 -02 -03 W, a
distances of 419.03 feet; thenoo N O1- -57 -57 W, a dlstai►ca of 002.10
fbat; thence N 88 -25 -39 S, a distance of 379.04 toot to 4 point on
said appxroat westerly right --of -way line; thQnco southerly along
slid wosterly right -of -way the followl agr two (2) . couraoLv
1). on the arc of a non - tangent curve to the left whose
center bears N 88 -25 -;9 It and having a oontral angle
of 58 -25 -40 4nd a radius of 85.00 feet, a distancd of
86.68 feet;
2). S 01 -57 -57 X, a. distanc4 of 7 ?6.81 .feat
to the PDXN? OF UNGLUbTING.
Said parcel contains 7.66 Acres.
Pr016Md9nal L"d sarreryQ"
EXHIBIT "A"