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
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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
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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 """
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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.
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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•
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•
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/'
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violatonof 44C400, 4hitidobta
netAnd thinterethth0044F_ i6kpi4thctoal .
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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.
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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
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••• 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
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