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HomeMy WebLinkAboutORDINANCE 09-90ORDINANCE NO. 9-90 AN ORDINANCE APPROVING THE LEASE AND OPTION TO PURCHASE AGREEMENT FOR THE MURRAY PROPERTY WHEREAS, the Town of Estes Park, Colorado (the "Town") is authorized to acquire, hold, lease and dispose of property, both real and personal, pursuant to Section 31-15-101(1) C.R.S.; and WHEREAS, the Town also has the authority, pursuant to Section 31-15-801 C.R.S., to enter into lease purchase agreements to provide necessary land, buildings, equipment and other proper- ty for governmental or proprietary purposes; and WHEREAS, the Board of Trustees of the Town (the "Board") has determined that it is necessary and in the best interests of the Town and its inhabitants to enter into a Lease and Option to Purchase Agreement with Kathleen K. Murray for property located at 231-233 East Riverside Drive, Estes Park, Colorado; and WHEREAS, pursuant to the Agreement, upon payment of all rentals or upon payment of the applicable purchase option price, the Property will be conveyed to the Town; and WHEREAS, the obligation of the Town thereunder shall not constitute a general obligation indebtedness of the Town, and shall be subject to the making of annual appropriations therefor in accordance with the law; and WHEREAS, the Board desires to approve the Lease and Option to Purchase and authorize execution thereof. NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, COLORADO: 1. The Lease and Option to Purchase Agreement, a copy of which is attached as Exhibit "A" and incorporated herein by reference, is hereby approved. 2. The Mayor and Town Clerk are hereby authorized to execute the Agreement. 3. In accordance with Section 31-15-801 C.R.S., this Ordinance shall take effect thirty (30) days after its adoption and publication. PASSED AND ADOPTED BY THE BOARD OF TRUSTEES OF THE TOWN OF ESTES PARK, COLORADO, THIS 1 DAY OF ATTEST: Town Clerk 'uer , 1990. TOWN OF ESTES PARK, COLORADO By: I hereby certify that the above Ordinance was introduced and read a regular meeting of the Board of Trustees on the a� day of , 19 9Q ; and published in a newspaper of general circulation in the Town of Estes Park, Colorado, on the a7 day of , 19 9U , all as required by the statutes of the State of Colorado. Town Clerk -2- EXHIBIT "A" TO ur<DINANCE #9-90 (Pages Numbered 1-5) LEASE AND OPTION TO PURCHASE THIS LEASE AND OPTION made and entered into this' ! day of July, 1990 by and between KATHLEEN K. MURRAY, hereinafter referred to as "Landlord," and the TOWN OF ESTES PARK, COLORADO, hereinafter referred to as "Tenant," is upon the following terms and conditions, to -wit: PART I - LEASE Landlord, in consideration of the covenants and rents here- inafter mentioned to be paid and performed by Tenant, does hereby lease unto Tenant property located in Larimer County, Colorado, legally described as follows: A portion of land in Riverside unplatted, Estes Park, bounded on West by Big T. River; on East by West line of Riverside pkwy; on South by line parallel to and 50 feet South of North line of Lot 26, Ext. Westerly to river; on North by North line of Lot 27, East -Westerly to river less North 70 feet, and more commonly known as 231-233 East Riverside Drive, Estes Park, CO 80517. TO HAVE AND TO HOLD the above -described premises unto the Tenant for a term of two (2) years commencing eitherDe,g4teraba2 -or February 1, 1991. Tenant shall notify Landlord in writ- ing on or before November 1, 1990, which date is appropriate; possession of the premises shall be given to Tenant on such date. Tenant agrees to pay as rental therefor the sum of One Dollar ($1.00) per year, said sum shall be due and payable on the 1st day of each year of the term of this lease. TENANT PROMISES AND THE PREMISES ARE ALSO LEASED UPON THE FURTHER COVENANTS OF TENANT, TO -WIT: 1. To reimburse Landlord for all general real property taxes and special assessments upon the premises and insurance premiums incurred to keep the premises insured against loss or damage by fire or other casualty. Said real property taxes, special assessments and insurance payments shall be prorated to the date of possession. 2. To pay rent for the premises as hereinabove provided promptly when due and payable and to pay all utility services. 3. To maintain said premises and keep the same in good repair and, at the expiration of this lease, to surrender up said premises in as good order and condition as when the same are entered upon, loss by fire and ordinary wear excepted. kKn1 4. To keep the premises clean and orderly and to obey all applicable ordinances and statutes. 5. To allow Landlord, or agent of Landlord, to have free access to said premises at all reasonable times for the purpose of examining or inspecting the condition of the same or exercis- ing any right or power reserved to Landlord under the terms and conditions of this lease. 6. To be responsible for and to pay for remedying any and all breakage or damage done to the premises of whatsoever nature. In the event the premises are not left in a clean and orderly condition or damage or breakage has occurred, the expense of cleaning and/or repair of damage or breakage shall be that of Tenant and, to the extent necessary, any sums held by Landlord on Tenant's behalf, may be used to put the premises in as good a condition as when Tenant enters occupancy, ordinary wear and tear excepted, and to apply toward other amounts due from Tenant. IT IS MUTUALLY COVENANTED AND AGREED: 1. No assent, express or implied, to any breach of any one or more of the covenants or agreements herein shall be deemed to be taken as a waiver of any preceding or other breach. 2. It is further mutually understood and agreed that should Tenant fail or refuse to pay the rental when the same becomes due or fail to perform any covenant herein agreed upon, then Landlord may, without being obligated to do so, terminate this lease upon giving ten (10) days' written notice to Tenant of Landlord's intention so to do, and if, at the end of said 10-day period, Tenant is still in default, then this lease shall terminate and Landlord shall be entitled to immediate possession of the premises and to bring an action as may otherwise be authorized by law to collect any amounts due from Tenant. 3. In the event Tenant abandons or vacates said premises before the expiration of the term of this lease, Landlord may, but without obligation to do so, declare this lease forfeited forthwith, and may remove from the premises any and all personal property left behind by Tenant, and may place such personal property in storage at Tenant's expense. 4. In the event of default by either party, the non - defaulting party shall be entitled to all reasonable attorney fees and court costs by reason of said default, including all reasonable attorney fees and court costs incurred in regaining possession of the premises. PART II - OPTION The parties agree that Tenant shall have an exclusive option -2- to purchase the subject property as follows: A. OPTION AND PURCHASE PRICE. The purchase price of the property shall be SEVENTY-FOUR THOUSAND SEVEN HUNDRED FIFTY DOLLARS ($74, 750.00) . B. EXERCISE OF OPTION. This Option may be exercised by Tenant paying to Landlord an Option payment in the amount of Twenty -Five Thousand Dollars ($25,000.00) on date of possession, and a second Option payment in the amount of Thirty Thousand Dollars ($30,000.00) on the first anniversary of the date of possession. Upon payment of the two Option payments, the provi- sions of PART III of this agreement shall constitute the contract between the parties. If no Option payment is made by Tenant, this Lease and Option shall terminate and neither party shall have any further liability or obligations hereunder. C. FAILURE TO EXERCISE. In the event Tenant fails to exercise this Option, as hereinabove provided, its rights here- under shall terminate, and Landlord shall retain all monies paid, with Tenant forfeiting any right, title or interest in and to the premises. D. ASSIGNMENT OF RIGHTS. Tenant shall not have the right to assign its rights herein without the written consent of Land- lord first obtained. E. MEMORANDUM OF OPTION. It is understood and agreed that a Memorandum of this Option shall be recorded in the records of Larimer County, Colorado. PART III - REAL ESTATE CONTRACT Upon the exercise of the Option in PART II hereof in accor- dance with the provisions of PART II, Paragraph B., this PART III shall constitute the real estate contract between the parties and in connection therewith, the parties hereto agree as follows: A. PAYMENT OF PURCHASE PRICE. The purchase price shall be payable as follows: 1. Twenty -Five Thousand Dollars ($25,000.00) in cash or certified funds as an Option payment on the date of possession; 2. Thirty Thousand Dollars ($.30,000.00) in cash or certified funds as an Option payment on the first anniversary of the date of possession; and 3. The balance of the purchase price in the amount of Twenty -Seven Thousand Two Hundred Dollars ($27,200.00) in cash or certified funds on the first day of the year after the date of possession. sEC0443 """ -3- 4. Payments made pursuant to paragraphs 2. and 3., above, include interest at ten percent (10%) per annum on the balance of the purchase price. B. 1. ENCUMBRANCE ON THE PROPERTY. It is understood that there is an existing deed of trust on the subject premises, a copy of said deed of trust is attached hereto as Exhibit "A" and incorporated herein by this reference. The Landlord hereby covenants and agrees that at no time during the term of this Lease and Option, shall the balance, of principal and accrued interest on the promissory note secured by said deed of trust be greater than the purchase price less any Option payment made. Landlord further covenants and agrees to make all payments on said note in a timely fashion, not to allow said note to be in default and to perform all the covenants and conditions of the deed of trust. In the event there is a default under the terms and conditions of the aforementioned promissory note and/or deed of trust, Tenant shall have the right to cure said default and apply all sums expended by Tenant, including, but not limited to, pay- ments of principal, interest, defaulting interest, attorney fees, court costs, insurance and real property taxes, to the amount of any future Option payment or payment of the purchase price under the terms of this Lease and Option contract. 2. MERCHANTABLE TITLE. Landlord agrees to furnish Tenant, at Landlord's expense, with a title insurance commitment on or before November 1, 1990, showing merchantable title in herself, free and clear of liens and encumbrances, except the encumbrance set forth on Exhibit "A" hereto and except current taxes not yet due and additional conditions, stipulations and exceptions as are common in standard title policy coverage, with an updated commitment to be provided to Tenant thirty (30) days prior to the date of closing. Tenant agrees to state any objec- tions to the title in writing within five (5) days of its receipt of said commitment. If, upon examination of the commitment, any material defect in title appears, Landlord is to be given a reasonable time within which to correct the same, including time for a quiet title action, should that be necessary. C. CLOSING AND CONVEYANCE. Closing shall take place on or February 1, 1993;`Kas determined under PART I - LEASE, preceding. Conveyance shall be made by general warranty deed, free and clear of liens or encumbrances, except for covenants,. easements, reservations and restrictions of record, if any. D. NOTICES. Any notice given hereunder shall be deemed effective when mailed, postage prepaid and certified as follows: Tenant: TOWN OF ESTES PARK 170 MacGregor Avenue Fort Collins, CO 80517 -4-- Landlord: KATHLEEN K. MURRAY 6940 East Coronado Road Scottsdale, AZ 85257 or at such other address as the parties may designate in writing. E. DEFAULT. Time is of the essence of this agreement and, in the event of any default by either party in the terms and conditions hereof, the non -defaulting party shall give the de- faulting party ten (10) days' notice in writing of said default. If said default is not cured within said 10-day period, this contract shall be deemed to have been terminated for said default and the non -defaulting party shall be entitled to all damages incurred by reason of said default, including all reasonable attorney fees and court costs. In the event, however, the non - defaulting party elects to treat this contract as being in full force and effect, the non -defaulting party shall have the right to an action for specific performance and damages. F. ENTIRE REPRESENTATION. This agreement expresses the entire understanding of the parties and no other representations, whether or not their subject matter is covered herein, shall be binding on either party. All rights and duties of the parties hereto shall inure to the benefit of and shall be binding upon their legal representatives, assigns and successors. The parties hereto agree to execute any and all documents reasonably neces- sary for the consummation of the transaction. IN WITNESS WHEREOF, the parties hereto have executed this Lease and Option to Purchase the day and year first above written. ATTEST: Town Clerk TOWN OF ESTES PARK Mayor KATHL EN K. MURRAY -5- Tenant lord 1-11.11; 09 '90 14 : EI.11:-IPT T I TL E ) 21) 3 5 t0) 0 9 7 .. ..c," Recorded At 'c) Rotaptlon do Tuts DARtt, Made this 28th door Eetweon CARL A. INOERSON *alto Cou11t7et {,a rimerand State orColorado,ofthe tlrstpart, and RATHLEEN K, HURRAY whotel.$ataddrassto P,A, box 1003 >rato* Park, Colorado 805r17 A9tateot aril,* County of Lorimer Colneado,of the second part: le WITNIINNST11,That the .aldparty arch.firatpart, tor 4ndInconaideratlono► DOLLARS SIX THOUSAND FIVE HUNDRED AND NO/100 to the raid party of the elect part In bend paid by 111I4 part y of the ..fond part, the recelpt whereof Is hereby confessed And srknnwlrdgrd, hA a granted, bArgilnrd, roll and conveyed, And by there presents does grant, bargain, soli, cnnvey and r'alflrm, unlit the rrid party or the arcond part, har heirs and gulps fon ever, All tls following drscrn'rd lot or parcel of 'sod, Kilobit*, lying And being in the County of Lorimer and Mal,.nfCnlorado,towit: .. A tract of land in th,.v Snuthwust Qunrtnr of the Northeast quarter (RW►tNE) of Section 25, T'ownahip 5 North, Range 73 West of the 6th p.M„ bounded an follows! On the f'+uth by a 11nv parallel to and 50 feet South of the North line of sold Lot 26, axtl:nded Westerly, or Riverside Subdivininn to Estes Park, l;nlurndo; on the Wvut by the 111g Thompson River; on the North by the North' lino or 1•01 !7, extt'nded Wonterly, of ttivoruldu $ubdlvlttlon to the Town of Wee Park, Colorado; on tltu Rath by the WaNt lino of Riverside Parkway as 'holm by pint of East itivurstde 1'nrkwny AS Rvc,lnHlruetut{ EXCEPT the North 70 foot thl•rpof, t.,arhtivr County, Colorado. w ny VY'..LtiM.n.e,«•••- alroknnwn»ltrrsland number 231 - 233 Riverside Drive, Estee Park, Colorado 80517 ' T011E71101 with all And singular the herv'htantents and apportenanrea thereto belonging, or to anywise apper• t" taming, And the rever.tnn and reversions, remainder and reminders, rent*, Irauvs And prufttr thereof, and all tha �\y1 vAtete, rlkhl, title, interest, Haim nn•i'b'manul wl'ot*nevt•r of rho said part y or the flrat part, tither In law or r}! *witty, nr, in aril to OW *hove hargnlnt l prsmlays, w1111 the herrdit amuhta and appurtenances, tv� TO 11AYY AN» TO 11111.11 kilo *tdd premises above bargained and deathbed with the appurtenances, unto the ., send port y of the ,,rood port, hur lwirA mhd arslgna furuv.r, And the sold part y of the (brat part. tll fur him Apt f & hvIrA. ,..eutnra, And Inlminlrtraturr, daps eimasnt, grant, bargain, and agree to and w11h the cold part y of Ibv 'wood port, heY hrlra And assign., that at for tim. of the emoting And delivery i' of throe ('r•annta, hit 1Y w,'II seised of kiln premises above rnnveysd, FA of guwl, Aure, perfect, absolute and Ihiiervaspble emoted tithe ril mini, in low, III fee dnnpie, mild WI a gaud right, fill power and sutho1ltY I: la grant, hit rgNltl, MI a114 tuhvey Ile• *n1111' 111 unonwr iiiiil form as afhrraaill, an11 that the 'ant0 are free And altar !' from all (firmer mud oilier emits, bargains. •ales. Ions, IIrea, Faaeaamrhl' And enrumbranroa of whatever kind of i nau"raot'vrr. FXCFPT property is subject to onaomonts, roaervationar restrictions, rights of way now cnnatruntad or of record{ subject to the general MCI for Ithe yonr 1980 And all subsequent years tharoatt•ri Csubjecto►toaa'Deednoed f1Trust79 , for time into of Mallon Notionnl MartrnJaa Company !I and recorded July 6, 1979 in Book 1967 of Page 420 which tha party of the second 1• port Agrees to assume and ply' ratite Mond poll 1 and I lipubnvl' bargluued prl'n1IArt, Ili111v (Witt Fad IlrareabIY (141AseiAlnh cabs mild part y I bit heirs and /insigne agslhat all and every twfAmn or pvranni!AwfuIIY clelmingor to claim the whole or any part IhrreIGlh• sold part y of thy first part Abell And will WARRANT AND yORtYClt D1rYLND, 1 ;NR'ITNkNSK'IIYRF;OY,formoil part y ufthv first part ha' hereuntoaet his hated and st'sl the day end you. find above written.I. ` y bZAI.1 CARL A. INGERBON P 2 EXHIBIT "A 20 LEASE AND OPTION —TO PURCHASE (Pages 1-5) $TATY45Yt4th111tAU/1, 1' t'uuntyuf l,erimer 1 Tie h,rrgnln$ ihd►umvnt wag pcknowl•dg•d 'whirr my this i is 80 , by .4144 NOLR,90N { Alp vim 1+t�{.' '•.. 1i w1d �1►vr1Q/j f 10,0 e. ,p0�t._. Nee ttu WAUUA)TI D1X1)•-/'. n.tsr+rgis nete"t-• t'• tar WI* hr+rW a.114i atwt Owl. A•••, o+rrurrsmt, *'$ quGuit 28th MTh IIc41iitTMT tti APR �, 1980 day of March t v 51 Wlttle a my hand and official grab. e JrrIJ 1.4:el rE;IrlI=ikT T: a it K.y. )r1Y mar it."' 4p.N, I• J �.".. J_ ,�- �• r:• • Tsar um madAthis, . . 19th CARL A. INGERSON M T AIL �Oy.20 A. D.1979 ,between 2'31.233 whose adderL=n*-0/*5. E. Riverside Drive, Estes Park, Co1p Ca do 80517 . , County of Lar freer , State of Colorado, hereinafter referred to PP the grantor, sad the Public Trustee of County of Ler Leer , State of Colorado, lboroinattor referred to as thfl trustee, Wituesaeth: W sZA.% the grantor has executed his certain promiasorY note, bearing even date herewith, payable totheorderof Mellon National Mortgage Company of Colorado whose pre eat addre°a i! 1311 South College Avenue, Port Collins, Colorado 80524 • , hareivatter referred to as the beneficiary, for the principal stms of SIXTY SEVEN THOUSAND AND NO/100-- '---- ($ 67,000. 00 ), with interest at the rate of Ten Per centnm (10.0 %) Per attnuan instil pald, payable in monthly installments of FIVE ;HUNDRED EIGHTY EIGri'f AND 26/100---- _ _..- .---.»—_....--.—.—__ ----•Dollar. ($ 588.26 ), conunoncing on the first day of August ,19 79 , and continuing on the first day of each month thereafter u31 the said note is fully paid, except that, if uot sooner paid. the Mud payment of principal and interest shall be due and payable on the first day of July ,2009 . Said principal sum, together with interest thereon, end other payments provided to be made under the terma of this indenture, are hereinafter referred to as the indebtedness; ham Wrramata, the grantor is desirous not only of securing the prompt payment of the indebtednese, ks,but also of effectively aecuxing and indeannifying the beneficiary for or on account of any assignment, bndoraeanent, insurance or guarantee of the indebtedness; hNow, Tua'ost, the grantor, in consideration of the promiaea, end for the purposes aforesaid, has graat's& bargained, sold, and conveyed, and dots hereby grant, bargain, sell, and convey Hato the trustee, in trust forever, all the following described propeztl altuate in the County of tar imer , and State of Colorado, to wit: A tract of land in the Southweat Quarter of the Northeast Quarter (SWAN) of Section 25, Township 5 North, Range 73 West of the 6th P.M., bounded ea follows: On the South by a line parallel to and 50 feet South Of the North line of said Lot 26, extended Westerly, of Riverside Subdivision to Estes Park, Colorado; OA the West by the Big Thompson River; on the North by the North line of LOt 27, extended Westerly, of Riverside Subdivision to the Town of Estes Park, Colorado; on the Eaat by the West line of Riverside Parkway as shown by Plat of East Riverside Parkway as Reconstructed; EXCEPT the North 70 feet thereof, • Lerimer County, Colorado pvemto and E together with the il*Uaavas 010 '41nitwits new arheresfte'r and hs addition thereto the following etteelieel described � ppli i Q! ! M , e, rk o tb1 realt T a h!C1L: i1Cti 717. y { �itti erpotiag ir61Y,1%104 •. fly ',4:, i r and are a portion 0001 ,t $ ,'r r, 'r !M,l, f; . r4 M• 5iti ;.01:'Iefr )# •i�gtf+? �1.' d' �11 4;1 J •.M. S ky, (� y' .} r �1ir:•T". , r r'' 1'i 1J�;•,y. y,:Aii?.Atx0� ..??..ttrl. P.1 10 ' U 1,4: (� Lit ilg`i '1' I TLE P.2 •.:s; •d;!• :a:Y;• '1'o HAYS MD 70 flotri the ama, together with all said smear the prt oxeinddliaape rteee, Ioet4 or any p..rt er belonging; ante uttha ll beoerne clue, or in the Otin awe of default t fWa� prior enenmbrence, printlpal or pit thereof, at the name intemet, if any. or in we default shall be made in. or In rise of violation or breach of any of the tertng, the t u conditions, as provided or rslew, i t shall and tray be ita herein awful for the trustee to foreelos this dthen upon notice and demand in eed of with trust, *t ma ell as provided by law, and to sell and dine of said praniae,<a en mama or in separate Dtzcels (+►a the trustee may think hers*) and all the right, title, and interest of the grantor, therein, at public auction at the front door of the Larinntr , State of Courthouse, in the City of Fort Collins , County of Colorado, or on said pre'LiKO, or any part thereof, ea may be specified In the notice of auch We, for the highest and beat price the acme will brim' in cash, four mks' public notice heving been previously given Of the time and place of such tale, by advertisement, weekly, in some newepePer of general circulation then published in the county aforesaid or by such other as 's Deed or then be esre required of rode by law nd to ll as taaue, execute and deliver his txrtineet* of purchase, then may be provided by law, Trustee *hall, out of tho proceeds or avails of such sale, after att paying and retaining all feca, d, pay tothe e beneficiary of horelind said sale or the legald lng said holder ofr the+indebtedness, the seat ash such provided, pay lege' holder of the indebted - amount of each indebtsdntaa, and all moneys advanced by the henei3oiary orelaewhere herein authorised. peas for itwnrence, repairs, taxes and assessments, and for any other purpose with dnter'tat thereon at the rate provided for in the principal indebtedness, and next reimburse the Vetr emus ,Administration for the gum, if any paid by it oa account of the > The a or sal and or insurance of the said lndeb te edncsa secured hereby, rendering the overplua, if any, unto gran tor. d or deeds ao mr.de *hall be a perpetual bar, both in law and equity, against the grantor and all other persons gh or under the grantor. The legal claiming the premises aforesaid, or any part thereof bye from, through � and it shall not be obligator/ holder of the indebtedness may purchase avid property or any part t upon the purchaser or purchasers at any such Dale to se to Bate n of thereofthen heeo money. If i release deed 14 required, the grantor hereby agrees PAY all the Grantor covenants and agrees to and with the trustee, that at the time of the ensealing and deliver/ of stated pr�nta he is well seizedright of the said andJises in fee aimple, or :such other lawful authority to grant, bargain, sell and convey the mated herein, and has good right, full power gams in manner and form aforesaid; hereby fully and absolutely waiving end releasing all rights end claims he may have in or to said premises as a hotnootted exemption, under and by virtue of any act of the General Assembly of the State of Colorado now existing or which may homelier be plumed in rela- tion thereto; that the game ere free end dear of all lions and eneumbran U whatever,every won or. PeAA rsons recited; and for the Wet and peaceable possession of the truatee, against lawfully claiming or to clhlm the whole or any part thereof, the grantor shall and will!arrant end For. ever Del ad. . Grantor hereby farther covenants' and aQreas: , 1. He win promptly pay the principal of and interest on the indebtedness aviden by aidtote, at the time; -and in the manner therein provided. ' Privilege is reserved. to prepay.,! t. ant time, without premium or fee, the entire indebtedness or en/ part thereof not leas than the amount of ono inaWlrient, or one hundred dollars ($100.00), whiche.Ver }a.•less1 P psyrneult .ht.full ; all be exedlted .on• ate. date received. Partial prepayment; other thin on anhtstaliiuent due date, acid not be credited until the next following inat*I1ment due date or thirty, days after such p=cpay t,. wbic, , .. is? ff.:• '' '-:; r'" 2. Together with and in addition to the monthly payments of principal.and interest. payable under the turns of the note secured hereby, he wul•pmy to the.bcnefidarye;as' trustee,..(under rhe.,teYma Of this trust es hereinafter stated) on the first day of each month tiatil said n•.is Z4111,paid.• • .. • , mete .that with next become due (a) A sum equal to the pound setib, tt aa�; 'peer** Ar?e,''D3� l � � .coverrfd. hereby. and payable on policies of are.' and other' heiard ursnce on > Phu' tarot and steee menta.neat deli on pr ?ise! (all ti estimated by.the benofc , ant of which* lcsantos is'`notilied)� aise:a11 idre di.Dsid tharefoa', dlvided bf their ttnber rtpairuua, oft ones to tdapii lwfori "' 'fpoilh�1ri4'LW th .J!►b+!bl.•in ir1ti11st taxer, and t Li bseo is; . :' F' Rom,': �, .,( s:h:,}:x.,. ct1 tops�7'{sid � �"ta s;�$L{•� �. rid .t'1 �+i r c c h �` .t, �t �ti 'L!'N, �Y^': ,:i4 ' ...4rnd i Lgat i1711 errt'We 0/ Tha'atir t • .• .• .. thaoIIoer- not. ricazed' •�,.; �r19,1ro �?.%.>�. ^`•� �'�k � � , � �?!".� ins it,4n* be tt+i�Z4a1 1t1 : • {: �, tt '"• r.''; •.•!2 • ° n ;:.;':•',• c; 1 * � �•' `,• JG 10 ' 90 lei : 7.-:' eThli2IRT TITLE Y(lI)',Intersiet Onthe teetebeednief altni:441)..SreCetia4d'.'41.r711: • 4- . Ogir 0 . 0, (111) . it4oitilitiA a thiPeineipset efeall .., eke:e7k;',.!•e•• ee ee . - e. , • eem e .--leereetee eeeeeeee--e4irtz4i740:%.*. PA:. t- ,.",,•1;',1,-Y. ' .• .' ' . ... d:ogyaatii4 Li ttora6teunt a 'prtSTidicthiii,sztriisst shaTt. enalete made good by the gpvntor prior to the dnadetel'etthe next euch Poyment, couatltute an frattit of default ... under this Deed ellereasteeie the buniefliary's option. ;rent? shall pay a "labs charge" not eilteedlng form per fieatem. (44/6 yet *Ai, inatellment !elides paid more then II/teen (16) den • after the due debt theriel tocover the, settee expiate invelved in beeedling delinquent pay. mnti. but such qetis cherlife shall not be payable out of the proekede of any rile made to attiaty the indebtedness soared hee*Y, enters* ends proomsde are sufficient to discharge the entire Indebtedneraf'en8 all prapw siOsti red expenses secured thereby. 3. If the total of the payments Made by the graitor under (a) paragraph 2 preceding shell exceed the amount of payments actually mad by the benetleim7, es trustee, for taxes or mesa:lents or inourance premiums, 14 the tale mey be, such excess shall be credited on aubeequent paymenta to be made by the grantor • for such items or, It beneficiary's option, els treat, shell be refunded to the grantor. lf, however, auch monthly payments Shall not be sufficient to ply such iterniyhenthe same shall become due and payable, then the grantor hAll paey to the beneficiary:as tienstee, apy amount neceosary to make up the deficiency, v,ithin thirty (30) days after Written notice from the beneficiery eteting the amount of the defciency, which notice nifty be given by mail, If at any time thentor shell tender to the beneficiary, in accord- ance with the provisions of the oote secured heeby, full paynient of the entire indebtedness represented thereby, the beneficiary, LI trustee, shall, in computing the amount of euch indebtedeess, credit to the account of the grantor any balance remaining to credit of grantor under the provisions of (a) of paragraph 2 hereof. If there aha11 be * default under any of the provisions of alio Deed of Trust reoulting in a public sale by the trustee or trustees of the premises covered hereby, or it the beneficiary acquirethe PrePertY otherwise after default, the beneficiary else% as truate, apply, at the time of the commencement of euch proe.eedinge, or at the time the property le otherwise acquired, the amount then remeinine to credit of grantor under (a) of paragraph 2 precedieg, as a eredit on the Interest accrued and unpAtd and the baling to the principal then remaining unpaid on said note. . e, • ea, 4. Bo will pay all ground rents, Wee, asaeasreenta, water rates, and other governmental or muniCipal chirps, flute, or ireppsitions, levied upon Said premises except when payment for ell such items liaa there- tofore ben made under (a) of paragraph 2 hereof, and he will promptly deliver the °Meld rocelpfe there. for to the beneficiary. . IL Ile will continuously maintain hazard insurance, of such type or types and amounts an beneficiary, may from time to time require, on the Improvements now or hereafter on beld premiaos, arid except when payment for all euch premituns has theretofore been made under (a) of paragraph 2 hereof, be will pay promptly when due any premiums therefor. All insurance shall be carried In companies APPreved by the beneficiary end the policies and renewals thereof shall be held by the beneficiary and have attached thereto loafs pkyable clansea In favor of and in form acteptable to the beneficiary. In event of loafs the grantor will give immediate notice by mall to the beneficiary, who may make proof of lows if not made promptly by the grentor. Each insurance (=party concerned is hereby authorized and directed to make payment for such loafs directly to the beneficiary !tutted of to the grantor and the beneficiary jointly. The Insurance pro.. ceeds, or any part thereofmay be applied by the beneficiary at Its option either to the reduction of the indebteeintea hereby secured or to the roetoration or repair of the property damaged. In event of fore- clooure of this Deed of Trot, or other transfer of title to the said Invoks/sin extinguiehment of the idebt- edness secured hereby, all right, title, and intereet of the grantor in and to any ineurance policiee then in force DWI pawl to the purchaser or grantee, IL He shall not commit or permit waste; and shall maintain the property in ssis good ootsditicee to at, preaent, reasonable wear and tear excepted. Upon any failure ea to rnainteln, beneficlarY, et ite 003014 fluty cause reasonable maintenance work to be performed at the cost of granter. 1. Beneficiary may perform any defaulted covenant or agreement of grantor to such extent as bane. ficiary shall determine, and any moneys Advanced by beneficiary for Such purpooes shall bear interest at the rate provided for In the principal indebtednees shall thereupon become a part of the indebtedness aecured by this instrument, ratably and on a perity with all other Inclebtedneaa ecured hereby, andithall be payable thirty (30) days after demand. . . ... . 8. Upon the request of the beneficiary, the grantor ishill execute and deliver a supplemental note or notes for the aum or sunui advanced by the beneficiary for the alteration, modernization or Improvement made at the grentoria request; or for maintenenee of Bald Premises or taxes or aosessments against the sans and for any other purposeelsewhere enthorizAA1 hereunder. „.Baid .note, or notes hall ,be secured hereby on i parity with and se! fulil ai IC the idinsoyidenCel thereby,wereeinclud4.in the, note fleet • described above. Bald supplemental rota rut tiOtosiahallbear interiet it tlkii pqil Provided fox n the Ole- . elpal indtbtedneaa and shall be payable tliiripriiii444 !;4**iit,41ipiormeiita Io such period as Inv be agreed upon by the creditor and debtor;',, Tidlit,iii tosigree. en ;the *Maturity; ,the, whole Of the *um. or sums ao advanced sliell.ho dee' afid pfrable tbivq,,..)3-9)•#aili'ilte'ficliiid' ,bithecrOltor. ne event, iShiat the mituriVixtia by 444 the'b1ti44.1eibeiifel 4.ael.,iiib!isl *vo., ,....14,0tvilthiitin.& ing the foregoing PrOVISIOns for thigiiiktilean4 Sieuring of juhri4te,the *Public:Trustee `MAY,ipentlie . .. • .,..•..i ./.., . ' •, . 0 .•,..• A .. . . • ..., ..... .. •• • . ' , . • production of the origiesdrPte . . o,.. ., 144; aogi4.44.,. . , thfitopPl'ale0440 ''''4s!4T:Josli1'13:'...: Posed without 14.07.0 10,44#110 113414 'it 11.i/' hw o ilt dh ae r . Io14nf al4ewa fit44ic.hgib.ia4.tioo4Wf . r Ilikadt.i..nvO.P•W0ll"iV.01.0gee7bla0le00t7ei4io.0l4i1t7d:1,-.i0itOibW1nli1-Te4i1ist1rii11.hi—tt't.z00s-i-tiri.!t:'?Acai"ioitonib46eii,A6;ti1i0tt,al1ttb,:36nC110i.4d‘i^as•-i.4 :40t•'. violatonof 44C400, 4hitidobta netAnd thinterethth0044F_ i6kpi4thctoal . 040** 0 m0A0 —i Tri4611n il°v 1fTOPVsst01lthe "* •*% :." • ;!f.,•::-,...,1-:,..‹,_6.4:4,W!.f..m.x n ,C 7 4 1 1 e f fqr SWA'il0704114, iraPerViita.,00$1* . • • Or th4 Cedft Of fotecloentei41,19bstWOMM!.. by the court as a rat of the's:644'0N a part of the inelebtedissa 0$11#4. P . 3 joassysiromithat/G 10 ' 90 14 : 2' 'rEl,11-1" RT T I'lLE ..: -';,b--!4-.11" f't''Ar'• '1.;;:#,...4,f,..hr.,4,,v'i.:..,,.''.,.., .: : . ' -. .. 040.77tt• nta:a4tabiiiittileiivitia: 41*tull .'467,14'irgreas i titparboxlcsit. ort'44.:4- ipotinsup 0.t.thi time of /* Pigment of Or indibtedneeirorOty pert tbirinf secured hirttily.. . ', :4. ..,1....v.i • 04. wt. 4.. ci., i;.9,..‘imli.`' toom;1 r A i' 0 . ilv'h' pe ettt:oe._ yer 4 .t.0;'1•• ..f..._•••••'..— . .., • • ..• • .. • „.....; ILIii tato .ot, dels,n1tbertby .tharisht offorimilvivw azure hisvander,: the battik:Jul, qv tha holder of the iodebtechstes or certifasia cesele;Ishall at onoutitled to the poeseealon, use send enjoyment of the property aforiasicbarel.te thierenbai.ionies and proAta thereof, from the ack*rulne of such right and during the pendency of foreclosure proceedinp and the period of redeinntion, if auy there be. Such p0emosiokele3.0407Trient, rents; lMU ee mitt profits shell id mice be delivered to the beneficiary or the holder n1 the indebtednese or Axe:Wats of sale on reeved.. On refeeal, the delivery of such posiseu. slot Ina be enfoivid by the pertY entitled thereto ley any approPriabi civil at or proceeding's, and such partshell be entitled to a Receiver foi Isla ProPertY, end of the rents, liens" and profits thereof, after any stick default, including the *no covered by.foreclosure Proceedings and the period of redemption., if any there be. Such entitlenseat shall exist lill IL Metter of right 'without regard to the 'solvency or 1=41- eeney of the grantor or of the then owner at field property and without regard to the value of theproperty. Such Receiver =0 be appointed by shY ootrct of competent jurisdiction 11P0P eX %Mite application, notice :hued being hereby expready waived, and the appointment of &Di Mak ReCigNlit, Ott ley such applicatiou with or without notice., in hereby emieented to. 'All ran* innate and profits, income and revenue of sold property shell be split by such Reeelver according to lawand the orders and directions of the court. la. Grantor Waives notice of .the 'exercise of *by Option granted herein, or to the ootO scour ‘edileroby. If the indebtednese secured hereby be guaranteed or insured under Title as, United States Code, such Title sod RegulatIons issued thereunder and in effect on the date hereof *hall govern the rght's, duties and liabilities of the parties hereto, and any provielona of this or other instruments executed in connection 'with said indebtednem which are inconsistent with said Titie or Regulation* are hereby amended to conform thereto. .. .. .. The covenants hereto contained shell bled, said the benefits and advantages shell inure to, the respeo. OS* heirs, executors, isdrainietzators, $uccessors and assigns of the partite hereto. 'Whenever wed, the singulae number. .aliall Include the plural, the plural the singular, and the tlee of any gender shall be applicable to all genders, and the term "beneddary" shall include 'my payee of the indebtednosa hereby secured or any transferee thereat whether by operation of law or otherwile. ' 114 WM= WifIlaat011, the grantor he* hereunto sat his hand and sail on the day and. year first hereinbefowritten. Signed, sealed and delivered in the preaence of earl. A. ingerson USA rt P . 4 ••• 00•••••••••••a...11•••-••••••••••00.04m,•••• P12.J.L.1,4 I[OA24) STATg 01 COLORADO \ se: COUNTY OF Latimer The foregoing balStractellt WM aanowledged before me this 19th 10 79 ,by Carl A. iugeraon Warm Illy hand and edictal seal. My Crxpires rammula expito Jul/ fl • . ,.. • , :,,: : 1. 1..; ...... i.,•::(, i:' • jr; ./.;:i'Ai;.,!1_,-. t4 .. • - 7, '4644;le c 1 ,, •:,!....• ,• • • • ... ...:g•yi.:...;. ,...Artiy.. f - • ,i(114,i4,414).•.,p;• • " '.1.,..' t;;..., 1.14:••••;,::•.."..,:::.tit.4',..1136.'17:.'04.12 !..,...tr'lfi•.' '• • ,oivro;:4,„.• • 44,44:Virit.1"Pr ,,,, ••••.:.:,1%.( . 0 . (44,...1 „., • ; ,:. ......,,,,,1 i,:.....„•,.. ic...,4—V-4..40 d,.7,-;4177.17,,, *:,. • , . i..• • ot„.,irrtoi , . t-ggr IA :II , .r.„.v..".Pg.g.fs:irve.;;Pm. • - - .-. . ..4A, .. g,,;. ......f..iii. 1',..,,. 40m:44444.w . . •21it 1,...40i 0 .A.0'1. ". •• • v ....• No Pala& . ... • . .