Loading...
HomeMy WebLinkAbout7207RESOLUTION NO. 7207 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, AUTHORIZING EXPENDITURE OF FUNDS THEREFOR, AND REPEALING RESOLUTION NO. 7105 BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: 9FCTTnN 1_ 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 7.6 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 make a good faith and reasonable effort to employ approximately twenty -four (24) 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. SECTION 2. 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 -2- if set out herein in full, having been approved as to form by the City Attorney, is hereby approved. SECTION 3 The amount of $1,250,000 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. SECTION 6 All acts heretofore taken in compliance with Resolution No. 7105 are hereby ratified and confirmed. Resolution No. 7105 is hereby repealed. INTRODUCED: August 23, 1993 -3- HOWARD WHITLOCK uounciiman ATTEST: APPROVED: r Ci y Clerk Pres'dent of the City Council TJ 66.39 -4- AC,RFFMF.NT THIS AGREEMENT entered into this 23rd day of August, 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 ") have entered into an agreement for the lease and option to purchase approximately 7.6 acres of land at Pueblo Memorial Airport dated May 10, 1993 (herein "Company's Lease ") 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 $1,250,000 and Company's Lease 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 $1,250,000. Foundation shall repay to City all funds advanced by the City for the construction of the Project no later than October 31, 1993. 3. Upon delivery to City of an executed copy of Company's Lease, 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 Lease. 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 Lease, 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 $1,250,000 for the construction of the Project, Foundation would be obligated to repay the sum of $950,000. 5. After delivery of an executed copy of Company's Lease, funds for the construction of the Project in an amount not to exceed $1,250,000 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: Ci y Clerk [S E A L] PUEBLO, A MUNICIPAL CORPORATION By Preside t of the 'City Council ATTEST: f - W" o Secretary [S E A L PUEBLO DEVELOPMENT FOUNDATION, INC. Pres ioent TJ 66.44 -2- PROMISSORY NOTE $1,250,00.00 August 23, 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 $1,250,000.00 without interest. This note is payable in full upon demand but in no event later than October 31, 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. l S E A L PUEBLO DEVELOPMENT FOUNDATION By Secretary President TJ 66.43 EMPLOYMENT AGREEMENT between EATON CORPORATION and CITY OF PUEBLO, COLORADO WHEREAS, the City of Pueblo, Colorado offered certain incentives to the EATON Corporation for its location in Pueblo including a $300,000 subsidy for the construction of a building on land valued at $112,500 to be leased to EATON Corporation with an option to purchase; and WHEREAS, such incentives are financed through a half -cent sales tax fund directed to the creation of jobs and passed by the voters of the City of Pueblo; and WHEREAS, all incentives offered to any company locating in Pueblo must be accompanied by an employment agreement. NOW THEREFORE, the following is agreed: 1. In return for publicly funded incentives offered by the City of Pueblo, Colorado, the EATON Corporation agrees to make a good faith and reasonable effort to employ at its Pueblo plant, located at the Airport Industrial Park, 20 people within 12 months after occupancy and a total of 41 people within 24 months after occupancy. 2. The EATON Corporation further agrees that if the plant is sublet or the lease is assigned to another person or entity, the employment stipulation outlined in Paragraph 1 above will apply to such person or entity. 3. No provision of this Agreement shall grant nor be construed to grant to any third party any rights or benefits under this Agreement including the right to enforce the provisions hereof. Page 1 of 2 4. This agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior verbal or written agreements, covenants, communications, understandings, commitments, representations or warranties by any party hereto or any of its representatives pertaining to such subject matter. EATON Corporation City of Pueblo Title 0 Title t!�; 9& / '99.3 /0 Date ate Page 2 of 2 Reception #: 1020283 Date: 09/30/1993 Time: 1204 Book: 2683 Page: 634 Chris C. Munoz Inst.: WD Rec Fee: 35.00 Doc Fee: 0.00 Page: 1 of 7 Pueblo Co.C1k.&Rec, WARRANTY DEED THIS DEED, made this �� day of GcC ra i , 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 BOOK: 2683 Page: 635 Chris C. Munoz Page: 2 of 7 Pueblo Co.Clk -llec. 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 -2- Book: 2683 Page: 636 Chris C. Munoz Page: 3 of 7 Pueblo Co.Clk.&Rec. 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. -3- Book: 2683 Page: 637 Chris C. Munoz Page: 4 of 7 Pueblo Co.C1k.&Rec. 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 arisfrlg - out of their enforcement. CITY OF PUEBLO, A MUNICIPAL CORPORATION 9 �� __ • sue ATTEST: f c Pre of the City Council l `Git -e•Yk PUEBLO DEVELOPMENT FOUNDATION r S -- £ ,A• „Ll -- .. o E S ;; B `'` r a yr• '° 6 •F'res jdent . -: 7 h , & , S6cretary COUNTY OF PUEBLO ) ss. STATE OF COLORADO ) The foregoin instrument was acknowledged before me this vfC� ' day of 1993 by Fay B. Kastelic as President of the itC yCouncil of Pueblo, Colorado and Marian D. Mead as City Clerk of the City of Pueblo, Colorado. -4- Mangini & Associates, Inc. 631 toke Awnu• PuaNt% CWarado 61004 (7105 #4 -ORBS PANCEL A Book: 2683 Page: 639 Chris C. Munoz Page: 6 of 7 Pueblo CO.Clk. &Rec. A parcel of land located within. the County of Pueblo, State of Colorado to-vi t: A parcel of land located within a portion of the N112 of the SS114 and the S11P of the NBI 14 of .Section 26, Township 20 South, Ranye 64 Went of the Sixth Principal Meridian, being pore particularly deucritbed as follows: PBOXNNYWO at a point on -the apparent westerly right- of -w ©y line of W111inn H. White Place from which the W114 corner of said aection 26 boars N n4 -06 -14 W (bearings based on the west line of the NW114 of said Section 26 monumentod with an axle oat in a 2 foot by 2 foot concrete slob on the south and and a No. 6 rabarr sot in a 2 foot by 2 foot concrete slab on the north end ossumod to boor N 00 -41 -33 W), a distance of 392.4.86 Soet; thence S &a -02 -03 W, a distance of 419.03 feet; tbenoo N 01 -57 -57 W, a dist-ance of 002.10 font; thence N 88 -25 -39 E, a distwtce of 379.04 foot to a point on said apparent westerly right --of -way line; thenco southerly along said westerly right -of -way the following two (2).courvetri 1). on the arc of a non - tangent curve to the left whose cantor bear6 N 08 -25 -39 B and having a contra] angle of 58 -25 -40 and a radius of 85.00 foot, a distance or 86.68 feet; 2). S 01 -57 -57 ff, a distance of 726.01 feet to the POINT OF BEOISMINO. Said parcel contain& 7.66 Roras. Together with an access easement on, over and across the land described in the attached Exhibit "B" (the "Easement ") for road purposes to be used and maintained by Company, its successors and assigns, solely as a private right of way for access between the above described land and the westerly property line of the adjacent land now occupied by Trane Company, reserving, however, to the City of Pueblo, its successors and assigns, the right to use and occupy the Easement for any purpose not inconsistent with the use hereby granted. The Easement is an affirmative easement appurtenant to the above described land and may not be transferred, assigned or conveyed apart or separate from such land. Profeeslonal Land Survoyaors EXHIBIT "A" Mangini & Associates, Inc. 631 Lake Awn" Pu*04 Celmado 81004 (71 9)544 -0885 Book: 2683 Page: 640 Chris C. Munoz Page: 7 of 7 Pueblo Co.Clk. &Rec. ACCESS EASEXENT A parcel of land located within the County of Pueblo, State of Colorado to-wit: A parcel of land located within a portion of the N112 of the SFs1 14 and the S112 of the NE114 of Section 26, Township 20 South, Range 64 West of the Sixth Principal Merldian, being more particularly described as follows: BEGINNING at a point an the apparent easterly right -of -way line of William M. White Place from which the W114 corner of said Section 26 bears N 01 -57 -57 W (bearings based on the west line of the NW1 14 of said Section 26 monuraented with an axle set in a 2 foot by 2 foot concrete slab on the south end and a No. 6 rebar set in a 2 foot by 2 foot concrete slab on the north end assumed to bear N 00 -41 -33 W), a distance of 3987.34 feet; Thence N 01 -57 -57 W, a distance of 15.00 feet; Thence N 88 -02 -03 E, a distance of 419.03 feet; Thence S 01 -57 -57 Ts, a distance of 15.00 feet; Thence S 88 -02 -03 W, a distance of 419.03 feet to the POINT OF BEGINNING. Said parcel contains 0.14 Acres.. +I Is I °tom n TE EXHIBIT "B" prOtemelo al Land Surveyors Reception #: 1020284 Date: Inst.: TD Rec Fee: 0 9/30/1993 Tire: 1206 Book: 20.00 Doc Fee: 2683 Page: 641 Chris C. Munoz 0.00 Page. . 1 of 4 Pueblo Co.Clk. &Rec. DEED OF TRUST THIS INDENTURE, Made this 23rd day of August . l9 9 3 between Pueblo Development Foundation, a Colorado Nonprofit Corporation whose address is P. 0. Box 1663, Pueblo, CO 81002 hereinafter referred to as grantor, and the Public Trustee of the *County of Pueblo State of Colorado, hereinafter referred to as Public Trustee, WITNESSETH, THAT, WHEREAS Pueblo Development Foundatio has executed a promissory note or notes, hereinafter referred to in the singular, dated August 23 19 9 3 , for the principal sum of One Million Two Hundred Fifty Thousand and Dollars, payable to the order of N01100 ($1, 250 ,000.00) --------------------- xbt,xxa xxXx Pueblo, a Municipal Corporation , 1 City Hall. Place, Pueblo, CO 81003 after the date hereof, with interest thereon from the date thereof at the rate of -0- percent per annum, pa in full upon demand but in no event later than 'October 31, 1993 AND WHEREAS, The grantor is desirous of securing payment of the principal and interest of said promissory note in whose hands soever the said note or any of them may be. ?SOW; _TH5RFI:ORE, The grantor, in consideration of the premises and for the purpose aforesaid, does hereby grant, bargain, sell and convey unto the said Public Trustee in trust forever, the following described property, situate in the County of Pueblo State of Colorado, to wit: The property described in Exhibit "A" attached hereto and incorporated herein also known by street and number as William White Place, Pueblo Memorial Airport, Pueblo, Colorado TO HAVE AND TO HOLD the same, together with all and singular the privileges and appurtenances thereunto belonging: In Trust nevertheless, that in case of default in the payment of said note or any of them, or any part thereof, or in the payment of the interest thereon, according to the tenor and effect of said note or any of them, or in the payment of any prior encumbrances, principal or interest, if any, or incase default shall be made in or in case of violation or breach of any of the terms, conditions, convenants or agreements herein contained, the beneficiary hereunder or the legal holder of the indebtedness secured hereby may declare a violation of any of the covenants herein contained and elect to advertise said property for sale and demand such sale, then, upon filing notice of such election and demand for sale with the Pub] is Trustee, who shall upon receipt of such notice of election and demand for sale cause a copy of the same to be recorded in the recorder's office of the county in which said real estate is situated, it shall and may be lawful for the Public Trustee to sclI and dispose of the same (en masse or in separate parcels, as the said Public Trustee may think best), and all the right, title and interest of the grantor, his heirs or assigns therein, at public auction at the South front door of the Court House, in the County of Pueblo State of Colorado, or on said premises, or any part thereof as may be specified in the notice of said sale, for the highest and best price the same will bring in cash, four weeks public notice having been previously given of the time and place of such sale, by advertisement, weekly, in some newspaper of general circulation at that time published in said County of Pueblo a copy of which notice shall be mailed within ten days from the date of the first publication thereof to the grantor at the address herein given and to such person or persons appearing to have acquired a subsequent record interest in said real estate at the address given in the recorded instrument; where only the county and state is given as the address then such notice shall be mailed to the county seat, and to make and give to the purchaser or purchasers of such property at such sale, a certificate or certificates in writing describing such property purchased, and the sum or sums paid therefor, and the time when the purchaser or purchasers (or other person entitled thereto) shall be entitled to a deed or deeds therefor, unless the same shall be redeemed as is provided by law; and said Public Trustee shall, upon demand by the person or persons holding the said certificate or certificates of purchase, when said demand is made, or upon demand by the person entitled to a deed to and for the property purchased, at the time such demand is made, the time for redemption having expired, make and execute to such person or persons a deed or deeds to the said property purchased, which said deed or deeds shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said Public Trustee and shall convey and quitclaim to such person or persons entitled to such deed, the said property purchased as aforesaid and all the right, title, interest, benefit and equity of redemption of the grantor, his heirs and assigns therein, and shall recite the sum or sums for which the said property was sold and shall refer to the power of sale therein contained, and to the sale or sales made by virtue thereof; and in case of an assignment of such certificate or certificates of purchase, or in case of the redemption of such property, by a subsequent encumbrancer, such assignment or redemption shall also be referred to in such deed or deeds; but the notice of sale need not be set out in such deed or deeds and the Public Trustee shall, out of the proceeds or avails of such sale, after first paying and retaining all fees, charges and costs of making said sale, pay to the beneficiary hereunder or the legal holder of said note the principal and interest due on said note according to the tenor and effect thereof, and all moneys advanced by such beneficiary or legal holder of said note for insurance, taxes and assessments, with interest thereon at 1 2 per cent per annum, rendering the overplus, if any, unto the grantor, his legal representatives or assigns; which sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against the grantor, his heirs and assigns, and all other persons claiming the said property, or any part thereof, by, from, through or under the grantor, or any of them. The holder or holders of said note or notes may purchase said property or any part thereof; and it shall not be obligatory upon the purchaser or purchasers at any such sale to see to the application of the purchase money. If a release deed be required, it is agreed that the grantor, his heirs or assigns, will pay the expense thereof. *If in Denver, insert "City and." No. 341A. Rev. 2 -234. DEED OF TRUST (Public IYustee) With Due on Sale Clause l 8 -86 Bradford Publishing, 5825 W. 6th Ave Lakewood CO 80214 — (303) 233 -6900 When recarrt,�w, rrtuau `dr L� Boog % 2bb3 Y age : b42 ChT IS C • HV.Y\OZ Paget 2 of 4 Pueblo CO.Clk. &ReC. And the grantor, for himself and his heirs, personal representatives or assigns covenants and agrees to and with the Public Trustee, that at the time of the ensealing of and delivery of these presents he is well seized of the said land and tenements in fee simple, and has good right, full power and lawful authority to grant, bargain, sell and convey the same in the manner and form as aforesaid; hereby fully and absolutely waiving and releasing all rights and claims he may have in or to said lands, tenements, and property as a Homestead Exemption, or other exemption, under and by virtue of any act of the General Assembly of the State of Colorado, or as any exemption under and by virtue of any act of the United States Congress, now existing or which may hereafter be passed in relation thereto and that the same are free and clear of all liens and encumbrances whatever, except none and the above bargained property in the quiet and peaceable possession of the Public Trustee, his successors and assigns, against all and every person or persons lawfully claiming or to claim the whole or any part thereof, the grantor shall and will Warrant and Forever Defend. Until payment in full of the indebtedness, the grantor shall timely pay all taxes and assessments levied on the property; any and all amounts due on account of principal and interest or other sums on any senior encumbrances, if any; and will keep all improvements that may be on said lands insured against any casualty loss, including extended coverage, in a company or companies meeting the net worth requirements of the beneficiary hereof in an amount not less than the then total indebtedness. Each policy shall contain a loss payable clause naming the beneficiary as mortgagee and shall further provide that the insurance may not be canceled upon less than ten days written notice to the beneficiary. At the option of the beneficiary, the original policy or policies of insurance shall be delivered to the beneficiary as further security for the indebtedness. Should the grantor fail to insure and deliver the policies or to pay taxes or assessments as the same fall due, or to pay any amounts payable upon senior encumbrances, if any, the beneficiary may make any such payments or procure any such insurance, and all monies so paid with interest thereon at the rate of 12 Flo per annum shall be added to and become a part of the indebtedness secured by this Deed of Trust and may he paid out of the proceeds of the sale of the property if not paid by the grantor. In addition, and at its option, the beneficiary may declare the indebtedness secured hereby and this Deed of Trust to be in default for failure to procure insurance or make any of the payments required by this paragraph. If all or any part of the property or an interest therein is sold or transferred by the grantor without beneficiary's prior written consent, eYC=Og=beX XriY.iKX)i�[�eKbf AI> ffi�€ �4' 6' 3iti�Xl1�0[ r�Q7�Q9�1bOQ49tikt} GXgfd�[ SC7dt�D£ Xr �t3QDSXp9pCb6SEAOt) 4Dg7II�ADdtaC tA�D6Qf4CbD )K:D4�dClilitDl~X'4S24X �WXF�����>txxXtx neneticiary may declare all sums secured he � v to l i d' to V due and p ay g b h AND THAT IN A. OF A "Y DEFAULT, Whereby the rigTit`of foreclosure occurs fiereunder, Tleeublic Trustee or the holder of said note or certificate of purchase, shall at once become entitled to the possession, use and enjoyment of the property aforesaid, and to the rents, issues and profits thereof, from the accruing of such right and during the pendency of foreclosure proceedings and the period of redemption, if any there be: and such possession shall at once be delivered to the Public Trustee or the holder of said note or certificate of purchase on request, and on refusal, the delivery of such possession may be enforced by the Public Trustee or the holder of said note or certificate of purchase by any appropriate civil suit or proceeding, and the Public Trustee, or the holder of said note or certificate of purchase, or any thereof, shall be entitled to a Receiver for said property, and of the rents, issues and profits thereof, after such default, including the time covered by foreclosure proceedings and the period of redemption, if any there be, and shall be entitled thereto as a matter of right without regard to the solvency or insolvency of the grantor prof the then ownerof said property and without regard to the value thereof, and such Receiver may be appointed by any court of competent jurisdiction upon ex parte application and without notice — notice being hereby expressly waived — and all rents, issues and profits, income and revenue therefrom shall be applied by such Receiver to the payment of the indebtedness hereby secured, according to the law and the orders and directions of the court. AND, That in case of default in any of said payments of principal or interest, according to the tenor and effect of said promissory note aforesaid, or any of them, or any part thereof, or of a breach or violation of any of the covenants or agreements herein, by the grantor, his personal representatives or assigns, then and in that case the whole of said principal sum hereby secured, and the interest thereon to the time of the sale, may at once, at the option of the legal holder thereof, become due and payable, and the said property be sold in the manner and with the same effect as if said indebtedness had matured, and that if foreclosure be made by the Public Trustee, an attorney's fee of thlfMimx a reasonable amount dollars for services in the supervision of said foreclosure proceedings shall be allowed by the Public Trustee as a part of the cost of foreclosure, and if foreclosure be made through the courts a reasonable attorney's fee shall be taxed by the court as a part of the cost of such foreclosure proceedings. The singular number shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders. a Z Execute s 23rd day of Au Arl US T .Secreta (s;EAC) „'. %. State of Colorado lss. County of Pueblo 11 Tti`•fo}egplpg ttt�sttitnt�at w acknowledged before me this a3 by J'OSi og'h', -A F tino, as President Secret+ Yy. o' �P blo Development w;tney�vbc� ands @a1. - C rporation. Mycoy mjs�ygnJihjsdna. q 199ly VP�' ���LL� . a !! ( F vi J, a r H r' � 1� A A G w W v a I O F� O � W a x F Ix 0 F 0 Q R .a U w W d H O T c 0 U L w U w C _ C L `✓ L U T .D v 19 93 . 02 ” :: • • •'u ► • ► �d •► ol day of OA 0 19 93 and Charles L. Thomson, as Foundation, a Colorado Nonprofit Notary Public x 0 U O v U w O E . E 0 L Y C . N 0 U 1) Vs w Z E GL 0 z J x m a 0 m 0 O m 1 144>"y L T O y R$ 9 O U Z a = 0 u Y C . N 0 U 1) Vs w Z E GL 0 z J x m a 0 m 0 O m 1 144>"y