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HomeMy WebLinkAbout7391RESOLUTION NO. 7 3 91 A RESOLUTION APPROVING AN AGREEMENT BETWEEN PUEBLO, A MUNICIPAL CORPORATION AND LAN TECHNOLOGIES INC. RELATING TO A JOB CREATING CAPITAL IMPROVEMENT PROJECT AND AUTHORIZING THE EXPENDITURE OF $1,000,000 THEREFOR FROM THE 1992 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECT FUND WHEREAS, Lan Technologies, Inc. has expressed a willingness to locate its business activities within the Pueblo Municipal Airport Industrial Park and has committed to employ at its facilities within the Pueblo Municipal Airport Industrial Park, 100 full time employees within twenty -four months, and WHEREAS, Lan Technologies, Inc. through the Pueblo Economic Development Corporation has made application for funds from the 1992 Sales and Use Capital Improvement Project Fund, and WHEREAS, the City Council is willing to approve such application for funds upon the terms and conditions set forth herein; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 The City Council does hereby find and determine that Lan Technologies, Inc.'s application for funds meets and complies with the criteria and standards established by Ordinance No. 5742 and will create employment opportunities justifying the expenditure of public funds. SECTION 2 The Agreement dated May 23, 1994 between Pueblo, a municipal corporation and Lan Technologies, Inc., a copy of which is attached hereto and incorporated herein, having been approved as to form by the City Attorney, is hereby approved. The President of the City Council is authorized to execute and deliver the Agreement in the name of the City and the City Clerk is authorized and directed to affix the seal of the City thereto and attest same. SECTION 3 Funds in an amount not to exceed $1,000,000 are hereby authorized to be expended and made available to Lan Technologies, Inc. out of the 1992 Sales and Use Tax Capital Improvement Fund for the sole purpose of reimbursing it for the cost of the capital improvement project described in the attached Agreement. The funds hereby authorized to be expended shall be released and paid by the Director of Finance to or for the benefit of Lan Technologies, Inc. upon receipt of written requests for payment required by paragraphs 2(c) and (d) of the Agreement. SECTION 4 This Resolution shall become effective upon final passage. ATTEST: ity Clerk INTRODUCED: May 23 , 1994 By SAMUEL CORSENTIN Councilperson APPROVED: V esi ent of the City Council -2- AGREEMENT THIS AGREEMENT entered into as of May 23, 1994 between Pueblo, a municipal corporation (the "City ") and Lan Technologies, Inc., a Massachusetts corporation (the "Company "). WHEREAS, Company has expressed a willingness to locate its business within the Pueblo Municipal Airport Industrial Park, and in furtherance thereof has through the Pueblo Economic Development Corporation made application for funds with the City, and WHEREAS, the City has approved such application and will make funds available to Company subject to and upon the terms and conditions of this Agreement. NOW, THEREFORE, City and Company agree as follows: 1. Company shall lease from Pueblo Development Foundation (the "PDF ") the approximately 51,500 square foot building together with improvements to be made thereto by PDF on 4.80 acres of land located on William White Boulevard at Pueblo Municipal Airport Industrial Park described in the attached Exhibit "A" (the "Property ") upon terms and conditions mutually agreeable to Company and PDF (the "Lease "). 2. City will advance funds in an amount not to exceed $1,000,000 in the aggregate to or for the benefit of Company for the following purposes: $60,000 to purchase equipment, and $940,000 to PDF for the benefit of the Company for the cost of improvements to be made by PDF to the Property, subject to and contingent upon (a) Company filing in the office of the City Clerk copies of the following: (i) Executed Lease between Company and PDF for the Property and (ii) Certified copy of the resolution of the board of directors of Company approving this Agreement and authorizing its officers to execute and deliver this Agreement in the name of Company. The date of such filings is herein referred to as "Closing." (b) All construction contracts for improvements to the Property for which payment is sought from City shall be awarded by PDF after competitive bidding which allows qualified local contractors to reasonably participate in the competitive bidding procedures. (c) In the case of equipment purchases, Company submitting to the Director of Finance of City written requests for payment certified by an authorized officer of Company that the amounts included in the requests for payment have not been included in any prior request for payment and are for costs of equipment to be used by Company on the Property, identifying the equipment purchased by Company for which reimbursement is sought, including invoices. (d) In the case of improvements to the Property, PDF submitting to the Director of Finance of City written request for payment certified by an officer of PDF that the amounts included in the requests for payment are for the actual cost of improvements to the Property, identifying the improvements for which payment is sought, including certificates of the Architect and contractor that such improvements have been installed in accordance with approved plans and specifications. 3. Company acknowledges that the primary purpose of City in entering into this Agreement and the sole benefit to the City for making funds available to Company hereunder is the creation of jobs. Therefore, Company represents and commits that it will employ at the Property one hundred (100) full -time employees within twenty -four (24) months from the Commencement Date of the Lease. Within thirty (30) days after the first and second anniversary of the Commencement Date of the Lease, Company will certify in writing to City the number of full -time persons employed at the Property by Company on the last business day of each month of the prior year. For purposes of verifying such employment, City shall have access to Company's books including payroll records. The City will, however, respect the rights of employees of the Company as to the confidentiality of personnel records. 4. Notwithstanding anything contained herein to the contrary, if Company shall for any reason default in its employment commitment set forth in paragraph 3 hereof, Company shall repay to City a pro -rata share of the funds advanced by City under paragraph 2 hereof based upon the number of persons employed full -time by Company at the Property as follows: 0 Repayment Amount Period After Per Employee Less Commencement Number of Than The Number Date of the Lease Full Time Employees Specified in Column OO 1 st year less than 60 $8,000 2nd year less than 70 but more than 60 $5,000 (For example, if Company employs 65 full time employees during the second year after closing, Company's repayment obligation would be $25,000, computed by multiplying 5 [the number of employees less than 70 but more than 60] by $5,000) The number of full -time employees shall be determined during the first and second year by dividing by 12 the sum of the number of full -time employees employed on the last business day of each month during each year. Company's repayment obligations contained in this paragraph 4 shall be secured by a collateral assignment of Company's leasehold estate in the Property which will convey such leasehold estate to City if Company defaults. Company shall provide all information and Company shall execute all documents and instruments required to grant to City a collateral assignment of Company's leasehold estate in the Property before City will advance any funds under this Agreement. -2- The parties agree that the amounts set forth above are not penalties but liquidated damages to reimburse City for damages caused to the City by Company's default in its employment commitment and constitute City's exclusive remedy against the Company resulting from Company's default in its employment commitment. 5. (a) City Council of City may relieve Company, in whole or in part, from Company's repayment obligations set forth in paragraph 4, if the City Council, after public hearing, finds and determines based upon competent evidence presented at such hearing that Company was prevented from complying with its employment commitment by reason of an act of God, or the elements, fire, explosion, strike, insurrection, riot, shortage or unavailability of materials, supplies or labor, shortage or interruption of transportation facilities, market forces, technology changes rendering Company's products obsolete, involuntary bankruptcy, governmental laws, regulations or restrictions, or other causes beyond Company's control. The findings and decision of the City Council shall be final and binding upon Company and City, subject to judicial review pursuant to C.R.C.P. 106(a)(4). (b) Prior to instituting any proceedings to enforce Company's repayment obligation under paragraph 4, City shall notify Company in writing of its intention to institute such proceedings. If Company desires to seek relief pursuant to paragraph 5(a), Company, within thirty (30) days after receipt of City's notice, shall deliver to City its written request for relief specifying the grounds upon which such relief is sought. The timely filing of Company's written request for relief shall stay City's institution of proceedings to enforce Company's repayment obligation until ten (10) days after findings and decision of City Council. (c) No delay or failure by City to exercise its right to enforce Company's repayment obligation, and no partial or single exercise of that right, shall constitute a waiver of that right, unless the City Council otherwise expressly provides in its findings and decision made pursuant to paragraph 5(a). 6. If Closing does not occur on or before June 30, 1994, this Agreement shall terminate and City and Company shall be released and discharged from all obligations hereunder. 7. In the event of any litigation arising out of this Agreement, the court shall award to the prevailing party its costs and reasonable attorney fees. All such litigation shall be filed in the District Court, County of Pueblo, State of Colorado and each party submits to the jurisdiction of that Court. Each party waives its right to a jury trial. 8. This Agreement expresses the entire understanding of the parties and supersedes any and all prior dealings and commitments with respect to the subject matter of this Agreement and may not be amended except in writing signed by City and Company. 9. This Agreement shall be construed in accordance with and governed by the laws of the State of Colorado. -3- 10. Any notices hereunder shall be sufficiently given if given personally or mailed by first class mail, postage prepaid, addressed: (a) if to City, City Manager, City of Pueblo, 1 City Hall Place, Pueblo, Colorado, 81003, or (b) if to the Company, 9 Crosby Drive, Bedford, Massachusetts, 01730; or to such other address as either party shall specify in written notice given to the other party. 11. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns, provided Company may not assign this Agreement or any interest herein without the prior written consent of City, which consent shall not be unreasonably withheld. At the election of City, any assignment or attempted assignment without the consent of City shall be null and void. 12. The person signing this Agreement on behalf of a parry hereto represents and warrants that such parry and person have the requisite power and authority to enter into, execute, and perform this Agreement. 13. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. Executed at Pueblo, Colorado, the day and year first above written. [SEAL] ATTEST � City Cle PUEBLO, A MUNICIPAL CORPORATION By es' ent oirtli �C ty Council [SEAL ATTEST LAN TECHNOLOGIES, INC. By Preside -4- A pared of land located within the County of Pueblo, Stat4 of Colorado to -wit: A parcu1 of land described in that document filed for record November 20, 1969 in Book 2468 at Page 379 which reads as follows. A parcol of land located in the N112 of the SE1 14 of Section 26, Township 20 South, Range 64 Wast of the 6th Principal Moridian, said parcel being more particularly described as hollows: boyinni:�l at a point from which the Northeast corner of said Soctior, 26 boars N 18 - 01 - 14 E (bearings based on the North line of said Section 26 to bear N 89 -10 -98 W), a distance of 2,629.05 foot; thence S 01 -57 -57 E, a distance of 513.69 feet; thence S 86 -02 -3 W, a distance of 919.03 feat; thou g N 01 -57 -57 W, a distance of 51.3.64 taut; thoncv N 68 -02 -03 E, a distance of 419.OJ faut to the Point of Beginning. Except and Less the Northerly fifteen (15) feet of said parcel Said parcel contains 4.80 acres, more or less. EXHIBIT "A" -- LAN TECHNOLOGIES, INCORPORATED 9 CROSBY DRIVE, BEDFORD, MASSACHUSETTS 01730 Phone (617) 271 -0199 CORPORATE RESOLUTION Fax(617)271.1640 Enrique Sales, being the Clerk - Secretary of Lan Technologies, Inc., a corporation duly organized, validly existing, and in good standing under the laws of the Commonwealth of Massachusetts (hereafter referred to as Company), certifies that the following resolution was duly adopted by the unanimous consent of the Directors, the originals of which consent having been placed with the records of meetings of Directors and is in conformity with the Articles of Organization - Certificate of Incorporation and By -Laws, each as amended to date and this resolution being presently in full force and effect without RESOLVED: That by the unanimous consent of the Directors, the Company's plan to relocate the Company's manufacturing facilities to the Pueblo Municipal Airport Industrial Park in Pueblo, Colorado has been approved. RESOLVED: That by the unanimous consent of the Directors, the Agreement between the City of Pueblo and the Company has been approved. RESOLVED: That Lan T. Nguyen, President of the Company, is authorized to act in the name and on behalf of the Company to execute, seal, acknowledge, and deliver in the name and on behalf of the Company the Agreement between the City of Pueblo and the Company and any such instruments, documents and papers which relate thereto as may be appropriate, each in such form and upon such terms as he so authorized determines, such execution and delivery to be conclusive of his authority so to act in the name and on behalf of the Company. In witness whereof, I have set my hand and the seal of the Company on this 31st day of May, 1994. (Corporate Seal) es retary PRINTED ON RECYCLED PAPER ...............�f 4 REMODELING AND LEASE AGREEMENT This Remodeling and Lease Agreement ( "Agreement ") is made and entered into this 31 s-- day of May, 1994 by and between the Pueblo Development Foundation, a Colorado nonprofit corporation having its principal place of business located at Pueblo, Colorado ( "PDF ") and Lan Technologies, Inc., a Massachusetts corporation, having is principal place of business located at 9 Crosby Drive, Bedford, Massachusetts ( "Company ") BACKGROUND WHEREAS, PDF owns certain premises in the City of Pueblo, County of Pueblo and State of Colorado consisting of 4.80 acres of land located on William White Boulevard at Pueblo Municipal Airport Industrial Park as more particularly described on Exhibit "A" attached hereto ( "Land "), including an unoccupied existing building to be remodeled by PDF in accordance with the plans and specifications approved by Company and PDF described in Exhibit "B" attached hereto ( "Improvements "), which building is located upon said Land and contains approximately 51,500 square feet of space ( "Building ") (the Land, Building and Improvements are collectively referred to as 'Premises "); WHEREAS, the Company has provided PDF with equipment layout, office arrangement and electrical and heat load requirements which are incorporated as part of Exhibit "B "; WHEREAS, PDF will engage contractors and cause such Improvements to be installed and substantially completed as provided in section 24 hereof in accordance with the plans and specifications described in Exhibit "B "; and WHEREAS, upon substantial completion of the Improvements and subject to the terms hereof, the lease term will begin and the Company will be deemed to have leased the Premises from PDF. WITNESSETH: Subject to the terms and conditions hereof, PDF leases the Premises to the Company and the Company rents those Premises from PDF. *- To Have And To Hold the same for a term beginning on the day Landlord delivers possession of the Premises as described in Section 25 hereof ( "Commencement Date ") and ending on the date which is ten (10) years and six (6) months from the Commencement Date ( "Lease Term "). The Company hereby agrees to pay rent during the Lease Term and as provided herein in the amount as described on Exhibit "C" attached hereto, payable in advance, without notice or demand and without abatement, deduction or setoff, on the first business day of each month (prorated for any partial month's occupancy) to PDF at P.O. Box 1663, Pueblo, Colorado 81002, or elsewhere as PDF may from time to time in writing direct; provided however, that: (i) the Company shall pay no rent during the first six (6) months of the Lease Term; (ii) the Company's monthly rent may under no circumstances and regardless of any adjustments hereunder exceed Ten Thousand Dollars ($10,000.00) per month; and (iii) if it is not in default hereunder, the Company shall have the option to purchase the Building and Premises from PDF for Seven Hundred Thousand Dollars ($700,000.00) at the end of the Lease Term, Provided Always, that this Agreement is entered into on the following terms and conditions, all of which the parties hereto covenant to keep and perform: Use and Occupancy PDF represents that: (a) Legal title in fee simple to the Premises will be held by PDF throughout the Lease Term subject to restrictions, reservations and conditions contained in the quit claim deed from the United States of America to the City of Pueblo recorded in Book 1074, Page 87 as Instrument No. 819072 of the records of Pueblo County, Colorado ( "Quit Claim Deed ") and those contained in the Warranty Deed attached as Exhibit "D "; (b) PDF through the City of Pueblo will cause the Federal Aviation Administration to issue a Deed of Release in substantially the form and content of the attached Exhibit "D -1" (except legal description) with respect to the Premises. The purpose of the Deed of Release is to release the Premises from the restrictions, reservations and conditions contained in the Quit Claim Deed. (c) PDF has full right, power and authority to enter into this Agreement; -2- ti (d) The Premises may be used by the Company during the entire Lease Term for manufacturing and distribution and other reasonable related business purposes; (b) The Premises do and will comply with applicable zoning requirements and recorded covenants; and (c) The condition of the Premises will on Commencement Date be in compliance with applicable building codes. The Company represents that: (a) . It has full right, power and authority to enter into this Agreement; and (b) During the Lease Term, it will use the Premises for manufacturing and distribution and other reasonable related business purposes. 2. Company's Repairs and Alterations Except as is provided in Section 4 hereof, the Company covenants and agrees that it will, at its own expense, during the Lease Term, keep said Premises in good condition and repair. The Company, with the approval of PDF, may, at its own expense, make alterations on the Premises and may remove such alterations at the expiration of the Lease Term, provided Company repairs all damage to the Premises caused by such removal. 3. Company's Care of Premises The Company shall keep the Premises clean and free from rubbish, dirt, snow and ice and it is agreed that in the event the Company shall not comply with this provision, PDF, with prior notice to the Company, may enter upon said Premises and have rubbish and dirt removed and the sidewalks cleaned, in which event the Company agrees to pay the reasonable cost thereof. 4. Maintenance of Building by PDF PDF shall not be responsible or obligated for any maintenance, repairs, alterations, improvements or additions to the Premises other than those Improvements described in Exhibit "B ", provided that during the twelve month construction warranty period after PDF delivers possession of the Premises to the Company, PDF shall be responsible for structural repairs and structural maintenance of the Building. PDF will assign and -3- transfer to the Company all applicable manufacturer's warranties and contracts between PDF and architect and general contractor; remaining exclusively liable for payment of amounts due under such contracts and agreeing to indemnify and save harmless the Company therefrom. 5. Utilities Public utility services, including sewer and water lines, into the Premises shall be provided by PDF as part of the remodeling costs of the Building, to the degree that sewer and water lines necessary for the Company's business are not already in place. The Company will pay all charges for utility services, including gas, water, sewer, heat, electricity, city's combined services fee and telephone service used in or supplied to the Premises during the Lease Term. Electrical connection charges or water connection fees, as shown on Exhibit "B" shall be paid by PDF as part of the remodeling costs. 6. Building Expansion The Company may, at its sole option during the Lease Term, expand the Building by adding, at its cost and expense, up to an additional 20,000 square feet to the Building, provided (a) that the Company's plans, specifications and general contractor have been approved by PDF, which approval shall not be unreasonably withheld, (b) that such alterations and improvements shall comply with all applicable laws, statutes, ordinances, regulations, and rules of all governmental authorities, and will not damage or injure the structural integrity of the Building, (c) that the Company shall not permit any lien to be placed on the Premises and shall indemnify and save harmless PDF and the Premises from liens arising out of such expansion and the Company shall reimburse PDF upon demand for any costs and expenses incurred in connection with any such lien, including reasonable attorney's fees, and (d) that upon completion of the work PDF will be furnished with "as built" drawings. 7. Environmental Compliance (a) For the purposes of this Agreement, "Hazardous Materials" means any hazardous or toxic substance, material or waste which is or becomes regulated by any local government authority, the State of Colorado or the United States government and shall include, but not be limited to (l) substances defined as "hazardous waste," "restricted hazardous waste," "hazardous substance" or "hazardous material" under any applicable federal, state or local law or regulation ( "Environmental Regulations "), (2) asbestos - containing materials, (3) PCBs, (4) petroleum or petroleum based products, and (5) lead. 10 (b) PDF represents and warrants that there are no septic tanks, no above or below ground fuel oil tanks, gasoline or chemical storage tanks, and no other underground tanks or piping or deposits of Hazardous Materials as now defined and regulated located on, under or about any portion of the Premises; that no portion of the Premises is as of the date of execution of this Agreement subject to any lawsuit, proceeding, citation, or investigation pending or overtly threatened relating to any contamination or alleged contamination by any Hazardous Materials or any violation or alleged violation of any Environmental Regulation; that no material expenditure of funds is required of PDF to bring any portion of the Premises into compliance with any Environmental Regulations; and, finally, that all disclosures have been made to the Company regarding existing environmental conditions known by or to PDF. (b) The Company will comply with Environmental Regulations that are applicable to the Company and its use of the Premises. No activity shall be undertaken by the Company, its employees, agents, licensees, invitees, contractors or subcontractors, on all or portion of the Premises which would cause: (i) any portion of the Premises to become a hazardous waste treatment, storage or disposal facility without receiving proper governmental authorization, and in compliance with all applicable federal, state and local laws; or (ii) the discharge of pollutants or effluents into any water source or system, or the discharge into the air of any emissions without receiving proper governmental authorization, and in compliance with all applicable federal, state and local laws, including, without limitation, the Federal Water Pollution Control Act, U.S.C. Section 1251 et sea. and the Clean Air Act, 42 U.S.C. Section 7401 et sea. 8. Taxes and Other Assessments The Company will reimburse PDF when due for all real estate taxes and assessments levied or assessed upon the Premises at any time during the term hereof, within fifteen (15) days of receipt of invoice therefor. The Company will pay when due, all other taxes or assessments arising out of the Company's use or occupancy of the Premises which may become a lien against the Premises and indemnify and save harmless PDF therefrom. 9. Insurance and Indemnification (a) The Company, at its expense, will carry "all -risk" (including fire, extended coverage and boiler) insurance upon the Premises at all times during the Lease Term. Such insurance shall -5- be in an amount equal to the full replacement value of the Building and Improvements and shall contain a mortgage clause in favor of PDF and PDF's financing institution. (b) The Company will maintain and provide, at its own expense, during the term hereof, public liability insurance, including personal injury and property damage liability, in the amount of One Million Dollars ($1,000,000) Combined Single Limit naming PDF as an additional insured. (c) Upon written request of PDF the Company shall supply a certificate, satisfactory to PDF, evidencing the insurance required herein. (d) The Company shall indemnify and hold harmless PDF for injury or damages arising from the Company's use and occupancy of the Premises during the term hereof or incurred by reason of the negligent acts or omissions of the Company, its agents or employees, except to the extent such claims of injury or damages shall be caused by the negligent acts or omissions of PDF, its agents, or employees. 10. Damage or Destruction of Premises If any part of the Premises shall be damaged or destroyed by fire, the elements or other casualty, the Company shall proceed forthwith and thereafter diligently cause such damage to be repaired and shall restore the Premises to a like condition as when the Company took possession, excluding any Company improvements (not included in Exhibit "B" but instead constructed according to Section 2), ordinary wear and tear excepted. PDF shall release insurance proceeds payable to PDF for such purpose. In lieu of the foregoing, however, if the Premises or Improvements be substantially damaged or destroyed and repairs or replacement thereof cannot reasonably be accomplished within 180 days after the occurrence thereof, the Company shall have the right to terminate its' lease obligations upon written notice to PDF, and rent shall be paid to the time the Company surrenders possession of the Premises. In the event of such termination, all proceeds of insurance required to be carried by Company under Article 9(a) shall be paid to PDF. 11. Default If the Company shall default in the payment of any rent due hereunder after ten (10) days written notice, or in the performance of any of the terms and conditions hereof, and shall fail to correct and rectify any such default within thirty (30) days from the receipt of written notice thereof in the event of a default other than payment of rent from PDF, or if the Company shall be 02 • f ! adjudicated bankrupt or make any assignment for benefit of creditors, or if the interest of the Company herein shall be sold under execution, or other legal process, PDF may enter the Premises, and again have and repossess the same, and shall thereupon have the right to cancel this Agreement, without prejudice to the right of PDF to recover all rent and other amounts payable under this Agreement. In case of any such default and entry, PDF shall use its best efforts to relet the Premises during all or a portion of the remainder of the term hereof for a reasonable rent and may recover from the Company any deficiency between such amount and the rent herein reserved and all reasonable costs and expenses of such reletting. If PDF shall breach any of the covenants, terms or conditions required to be performed by it under this Agreement and shall fail to correct and rectify such breach or undertake and diligently pursue action to correct and rectify such breach within thirty (30) days from the receipt of written notice thereof from the Company, the Company may cure such breach and recover from PDF all costs and expenses involved in curing such breach, including attorney's fees and court costs. 12. Attorney's Fees In the event of litigation arising from this Agreement or the performance of failure to perform of the terms and conditions contained herein, the prevailing party shall be paid, in addition to any other damages to which it may be entitled, its reasonable attorney's fees incurred in such litigation. 13. Assignment and Subletting With the prior approval of PDF, which approval shall not be unreasonably withheld, the Company may sublet all or part of the Premises or assign its lease at any time during the term thereof. Notwithstanding the foregoing, without the proper approval of PDF, the Company may assign its lease at any time during the term hereof to a subsidiary or affiliated company of the Company, or any entity which purchases from the Company, or otherwise becomes the successor to the Company of, the business being conducted on the Premises; provided, however, that if the purchasing entity has a net worth of less than five million dollars, the Company will remain primarily liable under this Agreement. 14. Purchase If the Company is not in default hereunder upon the expiration of the Lease Term, the Company may upon its written notice to PDF of its election to do so given to PDF prior to the expiration of the Lease Term, purchase the Premises with payment to PDF of Seven Hundred Thousand Dollars ($700,000): IS►AI (a) Upon timely receipt of such notice from the Company, PDF shall deliver to the Company a general warranty deed, in substantially the same form as attached Exhibit "D ", transferring to the Company title to the Premises in fee simple free and clear of all liens and encumbrances of any nature except those caused by or resulting from the acts or defaults of the Company, easements for utility services, taxes not yet due and payable, restrictions, conditions and reservations contained in the Deed of Release described in Section 1(b), and those contained in Exhibit "D ". (b) The Company may, at its cost and expense, cause a reputable title company to issue a title insurance policy to the Company, or its designee, insuring that the deed is recorded and title is in the condition set forth in paragraph 14(a) above. Should the Company be unable to obtain such a policy or a commitment to issue such a policy, then PDF shall be obligated to remove any liens, encumbrances or encroachments, except those set forth in Section 14(a) above so that such commitment and /or title insurance policy will be issued. 15. Eminent Domain - Condemnation If the Premises or any part thereof which adversely impacts the Company's use of the Premises in a material way shall be appropriated and taken for any public use by virtue of eminent domain or condemnation proceedings, the Company shall have the right to terminate this Lease upon written notice to PDF, and rent shall be paid to the time when the Company surrenders possession of the Premises, or in the event of partial appropriation, the Company may elect to continue in possession of that part of Premises not so appropriated or impaired under the same terms and conditions hereof, except that the Company shall be entitled to an equitable reduction in the rent payable hereunder. If eminent domain or condemnation proceedings shall involve the taking of any leasehold improvements and alterations to the Premises made by the Company, the Company shall share in the award received by PDF to the extent that such award shall include the taking or impairment of such leasehold improvements and alterations to the Premises. 16. Waiver of Breach Waiver of the breach of any of the covenants, terms and conditions of this Agreement by either party shall be limited to the particular instance and shall not be deemed as a waiver of any other breaches of such terms and conditions subsequent thereto. Acceptance of rent by PDF shall not constitute a waiver of any then existing breach by the Company. -8- t. y 17. Holding Over In the event that the Company shall hold over and retain possession of the Premises after the end of the Lease Term, but not exercise its option to purchase, thereafter the tenancy shall be from month to month, at a monthly rental equal to the last month's rent payable hereunder in the absence of a written agreement to the contrary. 18. Signs and Advertising The Company shall have the right, subject to PDF's approval which shall not be unreasonably withheld, to use the Premises for advertising purposes and the display of advertising signs. All of said signs and advertising displayed in and about the Premises shall be such only as advertise the business of the Company and shall conform to pertinent local laws and regulations. 19. Early Occupancy PDF hereby grants to the Company the right, prior to the Commencement Date of the Lease Term, to enter upon the Premises at reasonable times, with prior notice of PDF specifying the purpose and time of such entry, for the purpose of installing furniture, furnishings, fixtures and equipment; provided that the Company shall not interfere with activities of PDF in readying the Premises for occupancy or hinder or delay PDF's work. 20. Access to Premises PDF may enter upon the Premises at all reasonable times, during normal business hours with prior notice to the Company, to examine the condition thereof and to make necessary repairs at PDF's expense and to show the Premises to prospective purchasers, lenders, or tenants, but such right shall not be exercised in a manner to interfere unreasonably with the business of the Company. 21. Quiet Enjoyment If Tenant shall perform all and singular the covenants and obligations herein imposed, PDF will warrant and defend the Company in the enjoyment and peaceful possession of the Premises during the Lease Term hereof. 22. Successors to Parties The covenants, conditions and agreements of the parties hereto are declared binding on and shall inure to the benefit of their respective successors and assigns and if required, the Company's approved assigns. In 23. Notice Any notice to be given by either party hereto to the other party under any of the provisions of this Agreement shall be sent, with adequate postage affixed, by registered or certified mail, addressed to the Company as follows: Lan Technologies, Inc. 9 Crobsy Drive Bedford, MA 01730 or to PDF as follows: Pueblo Development Foundation P.O. Box 1663 Pueblo, CO 81002 as the case may be, or to such other place as the parties may from time to time direct in writing. Notice so sent shall be deemed received upon three business days after deposit in the U.S. mail. 24. Construction of the Improvements The Building shall be remodeled and /or modified in accordance with the approved plans and specifications initialed by the parties hereto and described in Exhibit "B ", attached hereto (subject to possible minor deviations therefrom which the Company accepts in writing), as they may be modified as hereinafter provided. As soon as practicably possible, PDF shall secure all building permits and governmental permits and approvals necessary for the Building remodeling described in the approved plans and specifications as described in Exhibit "B ". The costs of all permits shall be included in the total construction costs. Thereafter, PDF, at its sole expense, shall proceed diligently with the remodeling and /or modification of the Building in accordance with the approved plans and specifications in Exhibit "B" and all applicable governmental permits and approvals and all applicable laws, ordinances, regulations and court orders. PDF shall complete the Building and it shall be ready for occupancy by the Company in two phases (i) Phase I, the portion of the Building necessary for Company's manufacturing of its 3' /z -inch disk product, not later than July 31, 1994 and (ii) Phase 2, the balance thereof, not later than August 31, 1994, or as such dates may be extended by force majeure or any delay caused by a change order requested by the Company or early entry by Company pursuant to Section 19. Time is of the essence. As used in this Agreement, the term "force majeure" shall mean strikes, lockouts or labor -10- I> disputes, inability to obtain labor or materials or necessary government approvals or building permits, war, fire, earthquake, flood, or other casualty or act of God, and court orders (provided the court orders do not result from the conduct of the party claiming the delay) or other similar conditions beyond PDF's reasonable control. PDF shall notify the Company in writing of any force majeure event within three (3) business days after PDF becomes aware of such occurrence. (a) Delay in Possession If for any reason PDF cannot deliver possession of the Premises to the Company with the Building remodel completed as agreed herein by the times specified in Section 24, PDF shall thereafter pay to the Company a Five Hundred Dollar ($500) sum per day until PDF delivers possession of the Premises to the Company. The failure by PDF to deliver possession of the Premises to the Company by the times specified in Section 24 shall not affect the validity of this Agreement, or the obligation of the Company hereunder, but in such case the Company shall not be obligated to pay rent or perform any other obligations of the Company under the terms hereof until PDF delivers possession of Phase I of the Building, which date shall become the Commencement Date of the Lease Term. If, for any reason other than force majeure or any delay caused by a change order requested by the Company or early entry by Company pursuant to Section 19, PDF does not deliver possession of Phase I of the Building to the Company by July 31, 4 k 1994, then the Company shall have the right, if it so elects, to terminate this Agreement and both parties shall be released from all obligations hereunder. PDF hereby agrees to hold the Company harmless from and against any liens filed in connection with the Building (other than liens caused by the Company). PDF shall reimburse the Company upon demand for any costs and expenses incurred in connection with any such lien, including, without limitation, reasonable attorney's fees. 25. Completion and Delivery The Building shall be deemed completed and PDF deemed to have delivered possession of the Premises to the Company when: (a) The architect or engineer in charge of remodeling of the Building has prepared, certified by his signature and delivered to PDF and the Company a written statement certifying that Phase I of the Building remodel has been substantially completed in accordance with the approved plans and specifications described in Exhibit "B ", the working drawings and any properly authorized construction changes, and certifying the date of such completion; -11- t_ (b) A temporary or permanent certificate of occupancy for Phase I of the Building has been issued; and (c) The Company shall have accepted Phase I of the Building in writing. PDF shall diligently complete any Punch -List items as soon as reasonably possible. "Punch- list Items," as used herein, shall refer to minor, non structural repairs and /or minor, non structural replacement of work not installed (i) in a workmanlike manner and /or (ii) in accordance with the approved plans and specifications described in Exhibit "B ". "Minor, non structural repairs and replacements" shall mean repairs and replacements that do not interfere with the occupancy of the Building and Premises or use of the Building and Premises for their intended purposes. All "Punch List" items must be completed by November 1, 1994, or PDF shall pay the Company a One Hundred Dollar ($100) sum per day until completion. PDF and the Company shall execute a Certificate of Commencement indicating the Commencement Date of the term. The Company may not refuse to accept either Phase I or Phase 2 of the Building unless conditions therein prohibit the immediate use of same for the Company's business. The Company will not unreasonably withhold or delay its acceptance. If the Company occupies either Phase I or Phase 2 of the Building and commences manufacturing operations therein, the Company will be deemed to have accepted that Phase of the Building. Notwithstanding anything contained herein to the contrary, if, for any reason other than force majeure or any delay caused by a change order requested by Company or early entry by Company pursuant to Section 19, the conditions described in (a), (b) and (c) above have not occurred with respect to Phase 2 of the Building by August 31, 1994, PDF shall pay to Company a Five Hundred Dollar ($500) sum per day until such time as the conditions described in (a), (b) and (c) above have occurred with respect to Phase 2 of the Building. The amounts payable by PDF to Company under Sections 24 and 25 constitute liquidated damages and not a penalty in favor of the Company, the parties having agreed to their reasonableness and that the Company's actual damages would be impossible to calculate. Except for Company's right to terminate this Agreement pursuant to Section 24(a), the liquidated damages constitute Company's exclusive remedy, against PDF for any delay occasioned by PDF's failure to timely complete the Building remodel. -12- 26. Tenant Requested Construction Changes The Company may, at any time, by a written request signed by one of the Company's Change Representatives and delivered or mailed in accordance with this Agreement to one of PDF's Change Representatives at PDF's address for notices, make any change in the work within the general scope of construction contemplated by the approved plans and specifications in Exhibit "B ", provided (a) a written change order specifying the scope and cost of such work has been approved and signed by the Company, PDF, architect and contract and (b) the cost of such work for all change orders shall not exceed Fifty Thousand Dollars ($50,000). The Company's Change Representatives will be Lan Nguyen who will be the only representatives of the Company authorized to request construction changes. Upon receipt of any change order issued pursuant to this Section, PDF shall immediately proceed in accordance with the directions in the change order. PDF shall have the right to (i) require the Company to pay, in addition to any other payments due under this Agreement, all of the increase in construction costs caused by the change order as such changes are completed or (ii) increase thd' Company's annual rent payable by T�, /�� q ti I ��pp �c�/i�a 4 ($ 107. P" I for every One Thousand Dollars ($1,000) (pro -rated for amounts less than $1,000) of increases in construction costs caused by the change and included in the approved change order. If the Company shall have requested a construction change which is incorporated in an approved change order and PDF elects to increase the annual rent, then within thirty (30) days after the term commencement date, PDF and the Company shall execute an amendment to this Agreement setting forth the rent payable, as adjusted pursuant to this Section. Except as provided in this Section 26, no order, statement, or conduct of the Company's Change Representative, or of any manager, inspector, engineer, architect, employee representative, or consultant of the Company, shall be treated as a change order under this Section. The time period specified above for the completion of the Building remodel shall be extended, if absolutely required, by delays caused by approved change orders. 27. PDF's Requested Construction Changes PDF may, at any time and at PDF's expense, by a written request signed by its Change Representative and delivered or mailed in accordance with this Agreement to the Company's Change Representative at the Company's address for notices, make -13- r any change in the work within the general scope of the construction contemplated by the approved plans and specifications in Exhibit "B" necessary to comply with law, to obtain required governmental permits or approvals, or to complete the improvements in accordance with the approved plans and specifications in Exhibit "B ", provided a written change order specifying the scope of work and cost of such work has been approved and signed by the Company, PDF, architect and contractor. PDF's Change Representative will be Joseph A. Fortino, who will be the only representative of PDF authorized to request construction changes Except as provided in this Section 27, no order, statement of conduct of PDF's Change Representative or of any manager, inspector, engineer, architect or other employee representative, or consultant of PDF shall be treated as a change order request under this Section. 28. Airport Provisions The Company acknowledges that it and its use of the Premises are subject to the covenants, restrictions and conditions set forth on the Warranty Deed attached hereto as Exhibit "D ", and agrees to abide by and comply therewith the same as if they were specifically incorporated herein. 29. Governing Law This Agreement shall be construed in accordance with and be governed by the laws of the State of Colorado. 30. Complete Agreement 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. IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written. PUEBLO DEVELOPMENT FOUNDATION LAN TECHNOLOGIES, INC. -14- P ff-- " , - Its 1- 11121 t�le� 1 -1 1 1 -1111 m Its m Its Its A parcel of land located within the County of Pueblo, Stat_& of Colorado to -wit: A parcel of land described in that document filed for record November 20, 1989 in Book 2468 at Page 379 which reads as Follows. A parcel of land located in the 141 12 of the SE114 of Section 26, Township 20 South, Range 64 West of the 6th Principal Meridian, said parcel being more particularly described as Follows: Beginnin,l at d point from which the Northeast corner of said Section 26 burs N 18 -01 -14 E (bearings based on the North line o1 said Section 26 to bear N 89 -10 -48 W), a distance of 2,824.05 feet; thence S 01 -57 -57 E, a distance of 513.64 feet; thence: S 88 -02 -3 W, a distance of 419.03 feet; thence N 01 -57 -57 W, a distance of 513.64 fuut; thenca N 88 -02 -03 E, a distance of 419.03 fuvt to the Point of Beginning. Except and Less the Northerly fifteen (15) feet of said parcel Said parcel contains 4.80 acres, more or less. EXHIBIT "A" _. "EXHIBIT B" Below is a list of documents being prepared by Hurtig, Gardner, Froelich, Architects, Inc. which describe the 51,500 sf manufacturing building to be remodeled by the Pueblo Development Foundation for Lan -Tech Corporation. PART I 1. Project Manual (Specifications) Dated: In Progress Title: Pueblo Development Foundation Lan -Tech Building 145 William White Boulevard Pueblo, Colorado 2. Drawings: In Progress PART II (CHANGE ORDER #1) 3. Project manual (Specifications) Dated: In Progress Title: Pueblo Development Foundation Lan -Tech Building 145 William White Boulevard Pueblo, Colorado 4. Drawings: In Progress Company and PDF agree to inspect, approve or reject all plans and specifications within five (5) calendar days after completed by Hurtig, Gardner, Froelich, Architects, I 'ailure of either party to inspect,approve or reject any plan or specification within such 6oj-d3alperiod shall constitute acceptance thereof by such party. s �1 qw EXHIBIT "C" RENTSCHEDULE Months 1 -6: * Months 7 -126: Actual Total Cost: Subsidized Cost: Diligent Charge: $0.00 Subsidized cost of construction of Improvements amortized at an annual rate of over 120' onths but in no event to exceed $10,000.00 per month. jqf 1' ' Definitions The total cost to construct the Improvements in accordance with the plans and specifications described in Exhibit "B" determined from billings submitted by the contractor and architect. Actual Total Cost less $940,000 from the City and less $200,000 from the State. Company will be obligated to reimburse PDF for any late loan penalty charge resulting from any late rent payments by Company. *It is the parties' intent that Company shall receive 6 months free rent from the time that PDF delivers possession of Phase I of the Building to Company. WARRANTY DEED THIS DEED, made this day of , 1994 by and between Pueblo, a Municipal Corporation (herein "City ") and Pueblo Development Foundation, a Colorado nonprofit corporation (herein "Company "), WITNESSETH: That City for and in consideration of the sum of $10.00 and other good and valuable consideration to 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 Exhibit "A" attached hereto and incorporated herein (herein "Property), with all its appurtenances, and warrant the title to the same, subject to restrictions and reservations of record 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 navigation 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 EXHIBIT "D" more than 4,710 feet above the mean sea level. 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. In the event this covenant is breached, City reserves the right to enter upon the Property at the expense of the Company to remove the offending structure or object and to cut the offending growth. 4. The Property and its use are further subject to the following Restrictive Covenants: (a) The Property may be used only for industrial and manufacturing facilities and incidental office and warehouse uses. The Property shall not be used for smelting or plating operations, or for the storage or processing of putreseible materials, or for any purpose or business which constitutes a nuisance, or which exceeds the state air pollution control standards for the facility. 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) Outdoor storage shall not be permitted except for storage of equipment used in the facility. Parking areas for vehicles and roads on the Property shall be paved. (c) The Property shall not be subdivided and no building or structure over sixty (60) feet in height 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 Eaton Place or sixty -five (65) feet of the right of way line of William White Boulevard or twenty -five (25) feet of side or rear of other streets. There must be installed and maintained a minimum twenty -five (25) foot strip of living landscaped ground along the front of the Property adjacent to Eaton Place, thirty -five (35) foot adjacent to William White Boulevard and twenty -five (25) feet adjacent to other abutting streets. Minimum side yards set- backs shall be twenty -five (25) feet. (e) Company shall 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 enclose and screen from public view all outside storage and unsightly areas of the Property. (f) Company shall comply with notifications and review requirements of the Federal Aviation Administration prior to the construction, modification or alteration of any building or structure on the Property. -2- �' or structure on the Property. (g) Company shall, at its own expense, cause all utilities and roads used or to be used on the Property to be extended from adjacent streets, installed on the Property, and kept and maintained in good order and condition. (h) Company shall pay to City a combined service fee for services and facilities now furnished by City at the Pueblo Memorial Airport, namely: public street maintenance, fire protection, and street lighting based upon $295.00 per acre per annum payable monthly for each acre of land conveyed to Company hereunder. City may, from time to time, reduce or eliminate any or all of the services or facilities presently being furnished and may modify, increase, or decrease the annual combined service fee provided (i) such services and fee shall be non - discriminatory among other tenants and owners of land at Pueblo Memorial Airport receiving such services and facilities, and (ii) such fee shall be reasonable in relation to City's actual cost and expense of furnishing the services and. facilities then being furnished. City's cost may include the cost of capital improvements amortized over the useful life of the, improvements. Domestic waste water discharged from the Property is transported to and treated at City's waste water treatment facilities, Company and the waste water so transported and treated are subject to the same restrictions, limitations, conditions, fees, and charges as other users of City's sanitary sewer system and facilities. Company shall only discharge domestic waste water into the City's sanitary sewer system. (i) Company shall provide for storm water drainage which shall include the construction and installation of storm water detention facilities on the Property. The detention facility shall be capable of storing the developed on -site runoff from a 100 -year frequency storm. The maximum release rate from the detention facility at the ponding depth corresponding to the 10- year volume shall be .30 cfs /acre and 1.00 cfs /acre for the 100 -year ponding depth. All calculations and details shall conform with the City of Pueblo Storm Drainage Criteria Manual. The point of discharge from the detention facility shall be at a location approved by the Director of Public Works. 0) Before commencing the construction, installation or alteration of any building, structure, parking facility, outdoor sign, or other permanent improvement, or landscaping on the Property, the Company 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 constructed on the Property will be architecturally and aesthetically compatible with buildings constructed at the Pueblo Memorial Airport industrial park since 1985. Company shall use its best efforts to assure that all buildings, improvements and activities on the Property shall be constructed and conducted in compliance with all applicable federal, state and local law, regulations, and codes. -3- s k F (k) City reserves the right to waive all or any part of these Restrictive Covenants. 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 not 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. [S E A L] PUEBLO DEVELOPMENT FOUNDATION ATTEST: By President Secretary [SEAL] ATTEST: City Clerk COUNTY OF PUEBLO ) ) ss. STATE OF COLORADO ) PUEBLO, A MUNICIPAL CORPORATION By President of the City Council The foregoing instrument was acknowledged before me this 19_ by as President and of Pueblo Development Foundation, a Colorado nonprofit corporation. Witness my hand and official seal. day of as Secretary -4- My commission expires: [SEAL] COUNTY OF PUEBLO ) ) ss. STATE OF COLORADO ) 19 Notary Public The foregoing instrument was acknowledged before me this day of , by as President of the City Council of Pueblo, Colorado and as City Clerk of the City of Pueblo, Colorado. Witness my hand and official seal. My commission expires: [SEAL] Notary Public -5- J DEED OF RELEASE This instrument, a Deed of Release, made by the •United•States of America, acting by and through the Federal Aviation Administration, under and pursuant to the powers and authority contained in the provisions of Public Law 81 -311 (63 Stat. 700), as amended, to the City of Pueblo, a body politic under the laws of the State of Colorado, Witnesseth c� WHEREAS, w, 0 The United States of America, acting by and through the War Assets Administrator, under and pursuant to Reorganization Plan One- of 1947 (12 Fed. Reg. 4534) and the powers and authority contained T in the provisions of the Surplus Property Act of 1944, as amended, by instrument entitled "Quitclaim Deed," dated July 20, 1948, and recorded in Pueblo County, Colorado, in book 1074, page 87, did C) surrender, transfer, remise, release, quitclaim and convey to the ID City of Pueblo, Colorado, airport facilities commonly known and designated. as Public Memorial Airport, subject to certain conditions, reservations, exceptions, and restrictions; and, a� ?? WHEREAS, The City has requested the FAA to execute a Agreement of Release, whereby it would release the said described property from all the reservations, restrictions, and conditions as set forth in the said Agreement; and WHEREAS, The City intends to dispose of said land free and clear of the reservations, restrictions, and conditions and receive other valuable consideration therefor. NOW THEREFORE, 1 For and in consideration of the above - expressed recitals and a of the benefits to accrue to the United States and to civil aviation, the United States of America upon inclusion by the City •,; of Pueblo, Colorado, in the Instrument of Transfer conveying title to the hereinafter described real property of provisions as �. follows: (1) That the City of Pueblo, Colorado, reserves unto itself, its successors and assigns, for the use and benefit of the public a right of flight for the passage of aircraft in the airspace above the surface of the real property hereinafter described, together with the right to cause in said airspace such noise as may be inherent in the operation of aircraft, now known or hereafter used, for navigation of flight in the said airspace, and for use of said airspace for landing on, taking off from'or operating on Pueblo Memorial Airport, EXHIBIT "D -1" r Book: 2674 Page: 878 Chris C. Munoz Page: 2 of 3 Pueblo Co.C1k. &Rec. 2 (2) That the Grantee expressly agrees for itself, its successors and assigns to restrict the height of structures, objects of natural growth and other obstructions on the hereinafter described real property to a height of not more than 4,710 feet above sea level, (3) That the Grantee expressly agrees for itself, its successors and assigns to prevent any use of the hereinafter described real property which would interfere with landing or taking off of aircraft at the Pueblo Memorial Airport, or otherwise constitute an airport hazard, hereby releases the said real property from the conditions, reservations and restrictions as contained in the above - mentioned Instrument of Transfer from the United states of America to the City of Pueblo, Colorado, dated July 20, 1948, which real property is described as follows: A parcel of land located within the County of Pueblo, State of Colorado, to wit: A parcel of land being a portion of the NW1 /4 of the SW1 /4 of Section 30, Township 20 South, Range 63 West and a portion of the NE1 /4 of the SE1 /4 of Section 25, Township 20 South, Range 64 West of the Sixth Principal Meridian, being more particularly described as follows: Beginning at a point from which the NW corner of said Section 30 bears N 07 27 W (Bearings based on the north line of said Section 30 to bear N 89 59' 27" E, with all bearings contained herein being relative thereto),' a distance of 2713.62 feet; thence S 01 31' 26" E, a distance of 400.27 feet; thence S 88 27' 57" W, a distance of 895.66 feet; thence N 01 31' 26" W, a distance of 400.16 feet; thence N 88° 27' 39" E, a distance of 895.66 feet to the Point of Beginning. Said parcel contains 8.23 acres, more or less. j . Book: 2674 Page: 879 Chris C. Munoz Page: 3 of 3 Pueblo Co.C1k.&Rec. By its acceptance of this Deed of Release the City of Pueblo, Colorado, covenants and agrees for itself, its successors and assigns, to comply with and observe all of the conditions and limitations hereof, which are expressly limited to the above - described real property. IN WITNESS WHEREOF the United States of America has caused this Deed of Release to be executed as of the 10th day of February 19 93 UNITED STATES OF AMERICA By Accepted: City of Pueblo, Colorado B � Y (Ti le) Acting Manager, �firports Div . on Northwest Mountain Region Federal Aviation Administra ion STATE OF WASHINGTON County of King On this 10th day of February , 1993, before me personally appeared Matthew J. Cavanuagh TO BE KNOWN TO BE THE PERSON DESCRIBED IN AND WHO EXECUTED THE FOREGOING INSTRUMENT AND ACKNOWLEDGED THAT HE EXECUTED THE SAME AS HIS FREE ACT AND DEED. I NOT Q,, State of Washington M,,-%VVK ioh expires: 3- 10 - 95 - O••.4y���/ ti / / ►hllrrrer