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Home My WebLink AboutORDINANCE 19-950aORDINANCENO__19-95ANORDINANCEAUTHORIZINGTHETRANSFEROFCERTAINREALPROPERTYOWNEDBYTHETOWNOFESTESPARKTOThEESTESPARKHOUSINGAUTHORITYWHEREAS,theTownofEstesParkacquiredcertainrealproperty,thelegaldescriptionofwhichisattachedheretoasExhibit“A”andincorporatedhereinbythisreference;andWHEREAS,thepropertywasacquiredbytheTownforthepurposeofusingsaidpropertyforanaffordablehousingproject;andWHEREAS,theEstesParkHousingAuthorityisintheprocessofdesigningandeventuallyconstructingtheLoneTreeApartments,anaffordablehousingproject;andWHEREAS,thepropertysetforthonExhibit“A”shouldbetransferredtotheEstesParkHousingAuthorityforthepurposeofusingsaidrealpropertyfortheaffordablehousingprojectknownastheLoneTreeApartments;andWHEREAS,pursuanttotheapplicableprovisionsofSection31-15-713(1)(b),C.R.S.,theBoardofTrusteesoftheTownofEstesPark,ColoradohastheauthoritytotransferrealpropertyonsuchtermsandconditionsastheTownBoarddesires.NOW,THEREFORE,BEITORDAINEDBYTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,COLORADO.Section1.TherealpropertysetforthonExhibit“A”shallbetransferredbySpecialWarrantyDeedtotheEstesParkHousingAuthorityforthesumof$397,000.00tobepaidbytheexecutionanddeliveryofaPromissoryNote,acopyofwhichisattachedheretoasExhibit“B”andincorporatedhereinbyreference.AsfurtherconsiderationforthetransferoftheProperty,theEstesParkHousingAuthoritywillexecuteaDeedofTrustsecuringthePromissoryNotewhenrequestedbytheTown.SaidDeedofTrustwouldbesubjecttoanyandallliensofrecordonthePropertyatthetimeofrequestbytheTownfortheDeedofTrustandalso,subordinatetoanyliensonthePropertyrequiredforconstructionandpermanentfinancing.Section2.TheappropriateofficialsoftheTownofEstesParkareherebyauthorizedtoexecuteaSpecialWarrantyDeedtransferringsaidrealpropertytotheEstesParkHousingAuthority. 00 0Section3.TheadoptionofthisOrdinanceshalltakeeffectandbeenforcedthirty(30)daysafteritsadoptionandpublication.PASSEDAflDADOPTEDBYTHEBOARDOFTRUSTEESOFTHETOWNOFESTESPARK,COLORADOTHIS/0RoAYOF________1995.TOWNOFESTESPARKBY:__________________Maj’orATTESTTownClerkIherebycertifythattheaboveOrdinancewasintroducedandçeadatameetingoftheBoardofTrusteesonthe/dayof4eJ-.,1995,andpublishedinanewspaperofgeneralcirculationi’ntheTownofEstesPark,Coloradoonthedayof&tJ1995.TownClerk 0 1EXHIBIT“A”LEGALDESCRIPTION•AtractoflandlocatedintheSE1/4ofSection30,Townshi5North,•Range72Westofthe6thP.21.,LarimerCounty,ColoradobeingmoreparticularlydescribedascommencingattheC1/4cornerofsaidSection30,asmonumentedbyaTownofEstesParkbrasscapandwithallbearingscontainedhereinbeingrelativetotheNorthlineofsaidSE1/4consideredasbearingSouth89degrees11minutes00secondsEast:;thenceSouth89degreesiiminutes00secondsLastadistanceof1,297.18feetalon9saidNorthlinetotheNEcorneroftheWi/2oftheSE1/4ofsaidSection30;thenceSouth00degrees00minutes21secondsWestadistanceof640-55feetalongtheEastlineoftheW1/2oftheSE1/4ofsaidSection30totheTruePointofBeginning;thenceSouth00degrees00minutes21secondsWestadistanceof411.21feetalongsaidEastlinetoapointontheNorthright—of-waylineofGravesAvenue;thenceWestadistanceof404.45feettotheSoutheastcornerofDcVilleSubdivision;thenceNorthadistanceof619.10feetalongtheEastlineofDcVillaSubdivisiontotheSoutherlyright—of—waylineofManfordAvenue;thenceSouth62degrees48minutes00secondsEastadistanceof454.70feetalongsaidSoutherlyright—of—waylinetotheTruePointofBeginning.CountyofLarimer,StateofColorado. CC eCEXHIBIT“B”PROMISSORYNOTE$397,000.00EstesPark,ColoradoSeptember/,1995FORVALUERECEIVED,TheESTESPARKHOUSINGAUTHORITYpromisestopaytotheorderoftheTOWNOFESTESPARK,ACOLORADOMUNICIPALCORPORATION,thesumofTHREEHUNDREDNINETYSEVENTHOUSANDDOLLARS($397,000.00),togetherwithinterestthereonfromthedatehereofattherateofeightpercent(8%)perannumpayableasfollows:/Saidprincipalandinterestshallbecomedueandpayableinfull,includingallaccruedinterest,onorbeforeDecember31,1997.Paymentshallfirstbecreditedtointerestandthebalancetoprincipal./Thisnotemaybeprepaidatanytimewithoutpenalty.tIntheeventanypaymentofprincipalandinterestisnotmadeinfullwithinfifteen(15)daysafterthesamebecomesdue,thetotalprincipalandinterestthenremainingunpaidunderthisnoteshallbecomedueandpayableinfull,andthemakershallbeindefaulthereunder.Intheeventofsuchdefault,unpaidprincipalanddefaultinginterest\shallbearinterestattherateofeighteenpercent(18%)perannumuntilpaid.Further,intheeventitbecomesnecessarytoplacethisnoteinthehandsofa—attorneyforcollection,makershall\pay,inadditiontoprincipalandinterest,areasonableattorney’sfeeasallowedlaw.Makerhereonwaivesdemand,protest’andnoticeofdishonoiandalldefensesonthegroundsofanyextensionofthetimeofitspaymentthatmaybegivenbytheholderorholders.By:Attest:/erCESTESPARKHOUSINGAUTHORITY 00 NON-NEGOTIABLEPROMISSORYNOTE$397,000SeptemberIl,1996Denver,ColoradoFORVALUERECEIVED,LoneTreeVillageApartmentsLimitedPartnership,aColoradolimitedpartnership(the“Maker”),promisestopaytoEstesParkHousingAuthority,aColoradobodycorporate(the“Holder”),at170MacGregorAvenue,EstesPark,Colorado80517oratsuchotheraddressasHolderdirectsinwritingtoMaker,inU.S.currency,ThreeHundredNinetySevenThousandDollars(U.S.5397,000.00),withoutinterest.AllprincipalofthisNoteshallbedueandpayableonorbeforethefifteenthanniversaryofthefirstpaymentdatedescribedbelow(the“MaturityDate”),atwhichtimeallprincipalremainingoutstandingshallbepaid.TheprincipalsumofthisNoteshallbepayablewithoutinterest,inequalannualinstallmentsof$26,466.67,payableonthetwentiethdayofeachMarchduringtheTerm(asdefinedbelow)hereofuntilfullypaid.MakershallreceiveacreditagainsteachannualpaymentduehereunderequaltotheamountbywhichthebaserentfromapartmentsintheProperty(asdefinedbelow)receivedbyMaker(the“ActualRent”)duringthecalendaryearimmediatelyprecedingthepaymentduedateislessthanthemaximumbaserentfromsuchapartmentsthatMakerispermittedtoreceivepursuanttothatcertainLandUseRestrictionAgreementaffectingtheProperty,tobeenteredintobetweenMakerandtheColoradoHousingFinanceAuthority(the“MaximumRent”).MakershallsubmittoPayeeoneachannualpaymentdateastatementshowingthedifferencebetweentheMaximumRentandtheActualRentduringthecalendaryearimmediatelyprecedingsuchpaymentdate.Makershall,uponrequestfromPayee,makeitsbooksandrecordsavailabletoPayeeduringnormalbusinesshours,toenablePayeetoveri1’theamountssetforthinsuchstatements.ThetermofthisNote(the“Term”)shallcommenceonthefirstdayofthesecondmonthafterthemonthduringwhichrentisfirstcollectedfromtenantsattheProperty.ThefirstpaymenthereundershallbedueonthetwentiethdayoftheMarchimmediatelyfollowingthecommencementoftheTerm.Suchfirstpaymentshallbeaportionoftheregularannualpaymentamount,proratedfortheactualnumberofdayselapsedfromthecommencementoftheTerm,basedona365dayyear.IfpaymentofprincipalisnotmadewhenitisdueandsuchdefaultcontinuesforanadditionalthirtydaysafterwrittennoticetoMakerfromHolder,theentireprincipalbalancehereofimmediatelyshall,attheoptionofHolder,becomedueandpayable.1 C .10aMakershalthavetherighttoprepayallorpartoftheprincipalbalanceatanytimewithoutpremiumorpenalty.MakerandaltendorsersandguarantorsofthisNoteoranyotherpersonwhoisnowormayhereafterbecomeprimarilyorsecondarilyliableforthepaymentofthisNote:(1)expresslywaivepresentmentforpayment,demand,protest,andnoticeofdishonor;(2)consenttoanyandallrenewals,extensions,accelerationsorpostponementsofthetimeofpaymentoranyotherindulgence,substitutionorreleaseofanypartyorpersonprimarilyorsecondarilyliableonthisNote,withoutprejudicetotheHolderandwithoutnoticetotheMakeroranyendorserorguarantor;and(3)intheeventthisNoteisplacedinthehandsofanyattorneyforcollectionorcollectedthroughanylegalproceedings,promisetopayallcostsofsaidcollection,includingareasonableattorney’sfee.ThisNoteshallbeconstruedinaccordancewiththelawsoftheStateofColorado.PaymentofthisNoteissecuredbyadeedoftrustwhichencumbersrealpropertyintheTownofEstesPark,LarimerCounty,Coloradomoreparticularlydescribedtherein(the“Property”).NeitherMakernoranypartnerofMakershallhaveanypersonalliabilityforthepaymentofanyamountdueunderthisNote.Rather,ifMakerdefaultsinthepaymentofthisNote,HoldermaypursueitsremediesundersaiddeedoftrustinordertocollectanyamountdueunderthisNote,butshallhavenorighttoseektoobtainpaymentofanyamountdueunderthisNotefromMakerorfromanyotherassetofMakerorfromanypartnerofMaker.LoneTreeVillageApartmentsLimitedPartnership,aColoradolimitedpartnershipBy:SimpsonHousingLimitedPartnership,aColoradoLimitedpartnershipBy:PalomaLLC,aColoradoLimitedLiabilityCompany2 00