HomeMy WebLinkAbout20120859.tiff eRecorded in VW :ounty,CO Doc Id:3492723
07/25/2007 01:2b , Receipt': 7314852
Page: 1 of 1 Total Fee:$6.00
• Steve Moreno, Clerk and Recorder
PERSONAL REPRESENTATIVE'S DEED
(INTESTATE ESTATE)
THIS DEED is made by Doris M. Cunningham, as Personal Representative of the Estate
of Charles William Cunningham, Sr., also known as Charles W. Clmninghan , Sr., Grantor, to
Doris M. Cunningham, Grantee, whose address is 3967 Creedmore Lakes Road, Red Feather
Lakes,Colorado 80545;
WHEREAS,Grantor was duly appointed Personal Representative of said estate on June
29,2007,and is now qualified and acting in said capacity.
NOW THEREFORE, pursuant to the powers conferred upon Grantor by the Colorado
Probate Code,Grantor does hereby sell,convey,assign,transfer and set over unto Grantee as the
person entitled to distribution of the property,the.following described real property situate in the
County of Weld and State of Colorado:
Lot B of Recorded Exemption No. 0707-2-3-RE991, recorded April 2, 1987 in Book 1151 as
Reception No. 02094335, being part of the Northwest 1/4 of the Southwest 1/4 of Section 2,
Township 7 North,Range 66 West of the 6th P.M.,County of Weld,State of Colorado
also known as 41450 Weld County Road 33,Ault,Colorado 80610
With all appurtenances,free and clear of liens encumbrances.
• DATED: 7- 17-07 Aga, ,) 7.111
Doris M.Cunningham,Perso
Representative of the Estate of
Charles William Cunningham,Sr.,
also known as Charles W.Cunningham,Sr.,
Deceased
STATE OF COLORADO )
)' ss
COUNTY OF WELD )
The foregoing instrument was acknowledged before me this i 7,4.4 day of
2007, by Doris M. Cunningham, Personal Representative of the Estate of
Chart— .. . • am,Sr.,also known as Charles W.Cunningham,Sr.,Deceased.
�ysEtWittie
hand and official seal.
• Ply
expires: to/a+7ev
OO �� �
e'4�EOFOO�OQS a.G/ �<_ato J
otary• Publi
M:1C1410100001prdeed.doo
A 2012-0859
• LEASE/PURCHASE OPTION AGREEMENT P<11)�
•
This Lease/Purchase Option Agreement("Lease Agreement"), made and entered into
fr.
effective the 1s`day of May, 2011, is by and between Doris Cunningham, hereinafter
referred to as Lessor, and Cliff E. Simpson, hereinafter called Lessee.
GENERAL RECITALS
A. Lesser is the sole owner of the demised premises described below.
B. Lesser has free right to lease the demised premises described below.
C. Lessee desires to lease all Land and Building at 41450 Weld County Road 33
D. The parties desire to enter a lease agreement defining their respective rights,
duties, and liabilities relating to the premises.
AGREEMENT
• In consideration of the mutual covenants maintained herein,the parties agree as follows:
L Description of Premises: Lessor hereby leases to Lessee the demised
premises located at 41450 WCR 33, Ault, Colorado, 80610 which are more
specifically described in Exhibit A attached hereto ("Premises"). The
demised premises shall be used for the purposes consistent with the Lease
Agreement and for no other purpose.
2. Term of Lease: The term of this Lease Agreement shall be for a period of 10
years to commence on the 1 n day of May, 2011,and to terminate on the 1st
day of May, 2021.
3. During the term of this Lease, Lessee shall pay Lease under the terms and
conditions of this Lease in the amount of Three Thousand Five Hundred and
No/100 Dollars ($3,500.00).
Monthly payments shall be due and payable on the first(1st) day of
each month and shall be made to the Lessor at 3967 Creedmore Lakes
Road, Red Feather Lakes, CO 80545, or at such other address as Lessor
shall notify Lessee. Any payment of Lease Payment which is not
received within seven (7) days of its due date shall be subject to a late
charge equal to five percent (5%)of the amount of the late or unpaid
• payment.
• 4. Net Lease Provisions: In addition to Lease payment, Lessee covenants
and agree to pay as additional payment all sums which, except for this
Lease,would have been chargeable against the leased property and
payable by the Lessor, including, without limitation, assessments,utilities,
insurance, maintenance and repairs, and ad valorem taxes assessed against
the real property. The Lessee shall, however, be under no obligation to
make any payments on any Deed of Trust or Mortgage on the fee of the
leased property, any franchise or income tax payable by the Lessor, or any
gift, inheritance,transfer, estate or succession tax by reason of any present
or future law which may be enacted during the term of this lease.
It is further recognized that Lessee herein, by virtue of this Lease
Agreement, is leasing one hundred percent(100%) of the net leaseable floor area
of the buildings on the demised premises. The Lessee shall pay one hundred
percent(100%) of all amounts due under this Section 4, including,without
limitation, (a) hazard and liability insurance premium, (b) water and sewer
assessments, (c) charges for gas and electricity, (d)maintenance and repairs on all
areas such as building interior and exterior, HVAC systems or components,roof,
gutters, exterior windows, sidewalks, parking lot, curbs and gutter, landscaped
areas and common signage, and(e) charges or any other service deemed
reasonable and necessary for the proper operation and maintenance of the
property. . Lessee is responsible for property tax.
•
4. Existing Encumbrances: The Premises is currently subject to the following
Deeds of Trust given by the Lessor and other obligations secured by the
Premises:
a. Deed of Trust granted to New West Bank dated July 24,2007 and
recorded July 25, 2007 with the Clerk and Recorder of Weld County
at Reception No. 3492725 in the original amount of$256,132.00.
b. Deed of Trust granted to New West Bank dated July 24, 2007 and
recorded July 25th, 2007 with the Clerk and Recorder of Weld
County at Reception No. 3492726 in the original amount of
$100,000.00.
In addition, the parties agree that should a Lessor default in the payment of
the promissory notes secured by such Deeds of Trust or any other
obligation for which burdens the premises, Lessee shall have the right, at
its option, to pay any amounts not paid by Lessor on such notes or
obligations. Any payments made by Lessee on Lessor's promissory notes
or obligations shall be credited against Lease Payments due from Lessee
to Lessor upon Lessee's presentment of a copy of the payment receipt to
Lessor.
•
• 6. Use of Premises: It is recognized that the Lessee intends to utilize the
demised premises for the purposes of office/warehouse/manufacturing
or any legal use or purpose. Lessee shall comply to and be responsible
for all governmental regulations and statutes affecting the premises.
7. Lessee shall be entitled to remove its trade fixtures upon the termination
or prior to the expiration of the term of this Lease Agreement,but upon
removal,Lessee shall repair any and all damage to the premises caused
by the installation or removal of such fixtures.
8. Insurance: During the term of this Lease and during any extension of
the term,the Lessee will pay for and keep in effect a fire and extended
insurance policy on the building located on the demised premises, which
policy shall cover the full replacement value of the building and also
shall provide coverage against loss from windstorm and hail and shall
contain a replacement cost endorsement. The policy shall be written by
a company authorized to write such insurance coverage in the State of
Colorado and all co-insurance requirements, if any, shall be met or an
agreed amount endorsement shall be attached.
In addition,the lessee shall pay for and keep in effect throughout
• the term of this Lease and during any extension of the term a
commercial liability insurance policy in the amount of no less than
One Million and No/100 Dollars($1,000,000.00) combined single
limit for bodily injury and property damage.
The Lessor shall be named as an additional insured and payee
under the policies required by this paragraph and the holder of any
mortgage or deed of trust on the Lessor's title in the demised
premises shall be named as an additional insured and payee under
a standard mortgagee clause. In addition,the insurance policies
shall not be considered to satisfy the requirements of this
paragraph unless they contain a provision requiring the giving of at
least thirty(30) days prior notice of cancellation or material change
of the coverage to all parties having an interest in the policy,
including the Lessee,the Lessor, and the holder of any mortgage or
deed of trust on the Lessor's title in the demised premises. Copies
of such policies shall be furnished to the Lessor and proof of
payment of premiums also shall be provided by the Lessee to the
Lessor.
•
• If the Lessee shall fail,refuse or neglect to obtain the insurance
coverage required by this paragraph and to keep it in effect
continuously,the Lessor shall have the right to procure such
insurance and add the cost thereof to any lease fee or other sums
payable under this Lease by Lessee.
9. Indemnity; Liability of Lessor: Lessee shall indemnify and hold Lessor
harmless from and against any and all claims arising from Lessee's use
of the premises,or from the conduct of Lessee's business or from any
activity, work, or things done,permitted or suffered by Lessee in or
about the premises or elsewhere and shall further indemnify and hold
Lessor harmless from and against any and all claims arising from any
breach or default in the performance of any obligation on Lessee's part
to be performed under the terms of this Lease Agreement, or arising
from any negligence of the Lessee, or any of Lessee's agents,
contractors, or employees.
10. Assignment and Sublease: Lessee shall have no right without Lessor's
prior written consent to assign any or all rights or duties under this Lease
Agreement or to sublet all or any portion of the demised premises which
consent shall not be unreasonable withheld. Lessee shall not be released
from liability under this Lease Agreement upon any assignment of its
• rights or duties hereunder.
11. Lessor's Right upon Lessee's Default: If the demised premises shall be
deserted or vacated,or if proceedings are commenced against the Lessee
in any court under a bankruptcy act or for the appointment of a trustee or
receiver of the Lessee's property,either before or after the
commencement of the Lessee term, or if there shall be a default in the
payment of a Lease or any part thereof for more than five (5) days after
written notice of such default by the Lessor, or if there shall be default in
the performance of any other covenant, agreement,condition,rule or
regulation herein contained, or hereafter established on the part of the
Lessee, for more than thirty(30) days after written notice of such default
by the Lessor,this Lease (if the Lessor so elects)shall thereupon become
null and void and the Lessor shall have the right to re-enter or repossess
the demised premises either by force, summary proceedings, surrender
or otherwise, and dispossess and remove therefrom the Lessee or other
occupants thereof and their effects without being liable to any
prosecution therefore. In such case, the Lessor may, at its option relet
the leased property or any part thereof as the agent of the Lesseee, and
the Lessee shall pay the Lessor the difference between the lease
payments hereby reserved and agreed to be paid by the Lessee for the
portion of the term remaining at the time of re-entry or repossession and
the amount, if any,received or to be received under such reletting for
• such portion of the term. Any violation or attempted violation or
• threatened violation of any condition of the Lease by the Lessee or
anyone claiming under the Lessee shall be remediable by injunction
which shall be a cumulative remedy in addition to every other remedy
given by this Lease or by existing or future laws.
12. Option to Purchase:
a. Generally: If Lessee is not in default under this Lease, Lessee shall
have the exclusive option to purchase the demised premises.
b. Exercise of Option: If Lessee exercises its purchase option under this
paragraph 12, Lessee must give Lessor written notice, during the term
of this Lease, of the exercise of the option(if prior to full term of
lease).
c. The total amount of this lease/purchase is$400,000.00 with payments
as follows:
i. $40,000.00 lease payment due at signing
ii. $3,500.00 lease payment(principal/interest)the 1st of next 120
consecutive months(10 years) or until paid in full beginning
May 151 2011.
• iii. A late fee of 5%of payment due shall be assessed on late
payments received after the 7th of the month.
iv. This agreement is non-refundable and shall mature on May l51
2021.
v. This agreement shall be secured by the property at mailing
address 41450 Weld County Road 33,Ault, CO. (NW ''A SW
/ Section 2 Township 7N Range 66W Sixth P.M.)
d. Effect of Exercise: Upon proper exercise of the option, a binding
specific performance contract for sale and purchase of the demised
premises shall exist between the parties. The purchase price of said
property will be the difference of lease payments received at time of
closing and the amount of full term lease payments Actual closing of
the sale shall be within sixty(60)days of exercise. The rights and
obligations of each party shall be the same or similar to those which
customarily exist between a seller and buyer under a specific
performance contract for sale of such land in Weld County, Colorado,.
Upon completion of the Lease term May 151, 2021 the option will
automatically exercise. Lessor shall sell demised property for one
dollar($1)to Lessee.
•
• e. Title Insurance: A current commitment for title insurance policy in an
amount equal to the purchase price shall be furnished by the Lessor
within ten(10) days after exercise of the option. At closing,the
Lessor shall pay the costs of the insurance of the said Title Insurance
Policy.
f. Conveyance: Subject to payment of the purchase price and compliance
with the other terms and conditions hereunder by Lessee, Lessor shall
execute and deliver a good and sufficient general warranty deed to
Lessee on date of closing conveying the demised premises free and
clear of all liens and encumbrances; and free and clear of all easements
and restrictive covenants except those of record if any.
g. Default: In the event of a default by Lessee, Lessor shall be entitled to
keep all things of value received under this section 12 without
accounting to Lessee therefor. In the event Lessor defaults under the
terms and conditions of this Agreement, Lessee may demand and
receive the return of all things of value paid under this section 12 or
may have the right to an action for specific performance of this
Agreement. In the event a civil action is filed regarding the terms of
this Agreement,the prevailing party shall be entitled to recover all
costs and expenses including reasonable attorney fees.
• 13. Notice: All notices to be given with respect to this Lease Agreement
shall be in writing. Each notice shall be sent by registered or certified
mail, postage prepaid, and return receipt requested,to the party to be
notified at the address as set forth below or at such other address as
either party may from time to time designate in writing.
Every notice shall be deemed to have been given two (2)days after
the time it shall be deposited in the United States mail in the
manner prescribed herein. Nothing contained herein shall be
construed to preclude personal service of any notice in the manner
prescribed for personal service of a summons or other legal
process.
Until otherwise notified in writing,each party hereto may rely
upon the following addresses for the purposes of giving notice:
Lessor: Doris Cunningham
3967 Creedmore Lakes Road
Red Feather Lakes, CO 80545
Lessee: Cliff E. Simpson
504 Alpine
Ault, CO.80610
•
• 14. Partial Invalidity: If any term, covenant, condition or provision of this
Lease Agreement is held by a court of competent jurisdiction to be
invalid,void, or unenforceable,the remainder of the provisions hereof
shall remain in fiill force and effect and shall in no way be affected,
impaired or invalidated thereby.
15. Effect of Waiver: Any waiver of Lessor or Lessee of any breach of this
Lease Agreement, or of any right to either party, shall not constitute a
waiver of any other breach or of any other right.
16. Entire Agreement: This agreement shall constitute the entire agreement
between the parties. Any prior understanding or representation of any
kind preceding the date of this Agreement shall not be binding upon
either party except to the extent incorporated in this Agreement.
17. Modification of Agreement: Any modification of this Agreement or
additional obligation assumed by either party in connection with this
Agreement shall be binding only if evidenced in writing signed by each
party or an authorized representative of each party.
18. Paragraph Headings: The titles to the paragraphs of this Agreement are
solely for the convenience of the parties and shall not be used to explain,
• simplify or aid in the interpretation of the provisions of this Agreement.
19. Applicable Law: This agreement shall be governed by and construed in
accordance with the laws of the State of Colorado.
20. Time of the Essence: Time is of the essence in all provisions of this
Lease Agreement.
21. Binding Nature of Agreement: This agreement shall be binding upon
and inure to the benefit of the parties hereto,their heirs, assigns, legal
representatives, and successors in interest.
Dated this ,7$' day of (&p.4 Z , 2011.
Lessor: Doris Cunningham Lessee: Cliff E Simpson
11-c115-6-c by:
Clrffo E. Simpson
• STATE OF COLORADO )
AMANDA
• CANTWELL
COUNTY OF WELD ) ss.
OF C0�='
SUBSCRIBED AND SWORN to before me this day of f\PRj L ,`"
2011,by Doris Cunningham.
WITNESS my hand and official seal.
My commission expires: L
My Commission Expires 05/00/2012 Notary Public
STATE OF COLORADO )
) ss.
COUNTY OF WELD )
SUBSCRIBED AND SWORN to me before this q day of ffifl\-( ,
2011, by Cliff E Simpson
WITNESS my hand and official seal.
My commission expires: { J
• Notary Public.
My Commission Expires 05/0W2012 ..
AMANDA
CANTWELL
• :
•
•
Exhibit A
Lot B of Recorded Exemption No. 0707-2-3-RE991,recorded April 2, 1987 in
Book 1151 as Reception No. 02094335, being part of the Northwest %<of the
Southwest %.of Section 2, Township 7 North, Range 66 West of the 6th P.M.,
County of Weld, State of Colorado
•
•
Hello