The URL can be used to link to this page

Browse Search

Home My WebLink About20100101 494 RESOLUTION RE: APPROVE REQUEST FOR RELEASE DEED OF TRUST FOR TSE INVESTMENTS, LLC, AND AUTHORIZE CHAIR TO SIGN WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to Colorado statute and the Weld County Home Rule Charter, is vested with the authority of administering the affairs of Weld County, Colorado, and WHEREAS, in 1996, Weld County acquired property known as the Weld County Business Park for the purpose of upgrading and developing economically depressed and blighted areas, and WHEREAS, the Board transferred and sold a portion of said property located within the Weld County Business Park, as described in Exhibit "A" attached hereto, to TSE Investments, LLC, and WHEREAS, the terms of the sale required TSE Investments, LLC, to execute a Note and Deed of Trust in favor of Weld County for a period of ten years, with a declining annual balance, in order to secure the continued ownership of the property by TSE Investments, LLC, at that location and continuous occupancy and use of the property by TSE Investments, LLC, and WHEREAS, the conditions of the Note and Deed of Trust have been satisfied, and TSE Investments, LLC, desires to have the Deed of Trust released, and WHEREAS, after review, the Board deems it advisable to release said Deed of Trust and to execute the Request to Release Deed of Trust for TSE Investments, LLC, a copy of which is attached hereto and incorporated herein by reference. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Request to Release Deed of Trust for TSE Investments, LLC, be, and hereby is, approved. BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to sign the Request to Release Deed of Trust for TSE Investments, LLC, 1111111 11111 111111 IIII 111111 III 11111111111 11111 IIII IIII 3670494 01/15/2010 12:05P Weld County, CO 1 of 3 R 0.00 D 0.00 Steve Moreno Clerk& Recorder 2010-0101 PR0032 REQUEST FOR RELEASE DEED OF TRUST FOR TSE INVESTMENTS, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 13th day of January, A.D., 2010. BOARD OF COUNTY COMMISSIONERS WELD COUNTY, COLORADO ATTEST: �,u...��-a�;- a� c. Doyglas)adema er hair Weld County Clerk to the Board aa1rkmeeTr em BY:4/1.1ti, C Deputy Clerk the Board Sean P.7 APPR ` •RM: Willi F. Garcia County David E. Long Date of signature: ! / C IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Iy of IIIIII VIII U 12 p 0.002 Steve Moreno Clerk& Re 2010-0101 PR0032 Original Note and Deed of Trust Returned to: WHEN RECORDED RETURN TO: Prepared/Received by: REQUEST FOR FULL n /PARTIAL n RELEASE OF DEED OF TRUST AND RELEASE BY HOLDER OF THE EVIDENCE OF DEBT WITH PRODUCTION OF EVIDENCE OF DEBT PURSUANT TO§38.39.102(1)(a),COLORADO REVISED STATUTES January 13, 2010 Date TSE Investments, LLC Original Grantor(Borrower) 1770 25th Avenue, Suite 302, Greeley, CO 80634 Current Address of Original Grantor, Assuming Party,or Current Owner nCheck here if current address is unknown County of Weld, State of Colorado, by and t hroughOriginal Beneficiary(Lender) the Board of County Commissioners, County of Weld July 29, 1996 Date of Deed of Trust Date of Recording and/or Re-Recording of Deed August 5, 1996 of Trust Book-1559 Page Number-949 :115CVy79 Recording Information County Rcpt.No.and/or Film No.and/or Book/Page No.and/or Torrent Reg.No. TO THE PUBLIC TRUSTEE OF Weld COUNTY(The County of the Public Trustee who is the appropriate grantee to whom the above Deed of Trust should grant an interest in the property described in the Deed of Trust.) PLEASE EXECUTE AND RECORD A RELEASE OF THE DEED OF TRUST DESCRIBED ABOVE. The indebtedness secured by the Deed of Trust has been fully or partially paid and/or the purpose of the Deed of Trust has been fully or partially satisfied in regard to the property encumbered by the Deed of Trust as described therein as to a full release or,in the event of a partial release,only that portion of the real property described as:(IF NO LEGAL DESCRIPI7ON IS LISTED THIS WILL SEDEEMEDA FULL RELEASE) County of Weld, State of Colorado, by and through the Board of County Commissioners of County of Weld, 915 10th Street, P.O. Box 758, Greeley, Colorado 806: Name and Address of Current Holder of the Evidence of Debt Secured by Deed of Trust(Lender) Douglas Rademacher, Chair, 915 10th Street, P.O. Box 758, Greeley, Colorado 80631 Name,Title and Address of Officer,Agent,or Attomey of Current Holder --j&O/5./21 �'ic.//l—fr .. Si alum Signature t '•,,• , State of Colorado ,County of Weld 00 60714 • ; The foregoing Request for Release was acknowledged before me I a-e on January 13, 2010 (date)by* ' (NPlarys l) Douglas Rademacher 0\ UPS.. ,: q q 9-0-- Date Commission Expires a "If applicable,insert title of officer and name of cumin holder Notary Public My Ml SIG . InesmiIlaatiasiiirdlofficial seal RELEASE OF DEED OF TRUST WHEREAS, the Grantor(s) named above, by Deed of Trust, granted certain real property described in the Deed of Trust to the Public Trustee of the County referenced above,in the State of Colorado,to be held in trust to secure the payment of the indebtedness referred to therein;and WHEREAS,the indebtedness secured by the Deed of Trust has been fully or partially paid and/or the purpose of the Deed of Trust has been fully or partially satisfied according to the written request of the current holder of the evidence of debt; NOW THEREFORE, in consideration of the premises and the payment of the statutory sum, receipt of which is hereby acknowledged,I,as the Public Trustee in the County named above,do hereby fully and absolutely release,cancel and foreve •' -•, ge the Deed of Trust or that portion of the real property described above in the 'Deed of"Rrust, togethe wit privileges and appurtenances thereto belonging. / 14 2010 Ui /�� , `• ""`u,is CC Date (Public Trustee use only; ;'ubl ms g'f S )': use appropriate label) p W CI a ; Deputy Public Trustee Date (Ifapplicable:Notary Seal) Susihe Velasquez /14,I,•—...._(If applicable.Name and Address of Person Creating New Legal Des?r p7Io&dsr ed by§38-35-106.5.Colorado Revised Statutes.) ©2009 CPTA. All Rights reserved. Rev.09/09 111111 11111 111111 1111 111111 III 11111111 111 11111 1111 1111 3670494 01/15/2010 12:05P Weld County, CO 3 of 3 R 0.00 0 0.00 Steve Moreno Clerk& Recorder I. DEED OF TRUST c '` $: THIS DEED OF TRUST,dated July '('V. , 1996,between TSE Investments,LLC,whose addre iN294041';str t,Greeley Colorado 80631,and the PUBLIC TRUSTEE of the County or City and County in which the property described below is situated,in the State of Colorado, _ Witness: The grantor,to secure a promissory note or notes,hereinafter referred to in the singular,dated Jul)an 1996,for the total principal sum of$176,418.00 dollars,payable to the order of the County of Weld,State of Colorado,by and through the Board of County Commissioners of County of Weld,the beneficiary herein,whose address is 915 Tenth Street,Greeley,Colorado 80631,after the date thereof,with no interest thereon and subject to the provisions and conditions for forgiveness as set forth in said promissory note,does hereby grant and convey unto said Public Trustee the following described property,situate in the County of Weld, State of Colorado, to wit: The real property described and shown in the attached Exhibit"A." also known by street and number as 1255"H"Street,Greeley,Colorado 80631. TO HAVE AND TO HOLD the same together with all its appurtenances,in trust nevertheless,that in case of default in the payment of said note or any part thereof,or in the performance of any covenants hereinafter set forth,then upon the beneficiary(note holder)filing notice of election and demand for sale,said Public Trustee,after advertising notice of said sale weekly,for not less than four weeks, in some newspaper of general circulation in said county,shall sell said property in the manner provided by law in effect at the time of filing said notice and demand,at public auction for cash,at any proper place designated in the notice of sale. Out of the proceeds of said sale said Trustee shall retain or pay first all fees,charges and costs and all moneys advanced for taxes,insurance and assessments,or on any prior encumbrance,with interest thereon,and pay the principal then due on said note,rendering the overplus(if any)unto the grantor;and after the expiration of the time of redemption,said Trustee shall execute and deliver to the purchaser a deed to the property sold. The beneficiary may purchase said property or any part thereof at such sale. The grantor covenants that at the time of delivery of these presents,he is seized of said property in fee simple,and that said property is free of encumbrances,except the promissory note and deed of trust securing the same in favor of Union Colony Bank,Greeley,Colorado. The grantor also covenants that he will keep all buildings insured with a company approved by the beneficiary for fire and extended coverage in an amount equal to the unpaid balance of said note with loss payable to the beneficiary,will deliver a copy of the policy to the beneficiary,and will pay all taxes and assessments against said property and amounts due on prior encumbrances. If grantor shall fail to pay insurance premiums,taxes,or amounts due on prior encumbrance,the beneficiary may pay the same and all amounts shall become additional indebtedness due hereunder,and in case of foreclosure,he will pay an attorney's fees incurred by the beneficiary. Should the beneficiary hereunder be made a party to any action affecting this deed of trust or the title to said property,the grantor agrees that all court costs and a reasonable attorney's fee paid by the beneficiary shall become additional indebtedness due hereunder,and the grantor does hereby release and waive all claims in said property as a homestead exemption or other exemption now or hereafter provided by law. It is agreed that in case of default in payment of said principal or a breach of any of the covenants herein,then said principal sum hereby secured may at the option of the beneficiary become due and payable at once,anything in said note to the contrary not withstanding and possession of said property will thereupon be delivered to the beneficiary,and on failure to deliver such possession the beneficiary shall be entitled to a receiver for said property,who may be appointed by any court of competent jurisdiction. Whenever used herein the singular number shall include the plural,the plural the singular,and the use of any gender shall be applicable to all genders. All of the covenants herein shall be binding upon the respective heirs,personal representatives,successors,and assigns of the parties hereto. Executed the day and year first above written. TSE INVESTMENTS,LLC Harold G. Evans,Manager and Member STATE OF COLORADO ) County of ) ss. The foregoing instrument was acknowledged before me thisao, 'Qay of July, 1996, by Harold G. Evans, Manager and Member,TSE INVESTMENTS,77 ,L�LL��C. My Commission expires (k�.ryt'fiet? , 19%. Witness my hand�and official seal. at e g crANotary Public G/S d2t- ctt fL . rp_r& Cep Address OS 'If in Denver, insert"City and." WHEN RECORDED RETURN TO: Bruce T.Barker Weld County Attorney P.O. Box 1948 Greeley,Colorado 80632 M:\WPFhLES\DEEDS\TSEDOT.Wl 2504479 B-1559 P-949 08/05/96 04:07P PG 1 OF 2 REC DOC Weld County CO JA Suki Tsukamoto Clerk & Recorder 0.00 J M . • 2504479 B-1559 P-949 08/05/96 04:07P PG 2 OF 2 REVISED LEGAL DESCRIPTION A part of Tract "D" Weld County Business Park P.U.D., a subdivision within the City of Greeley, County of Weld, State of Colorado, more particularly described as follows: • Commencing at the Northeast Corner of Section 31 , Township 6 North, Range 65 West of the 6th Principal Meridian, and considering the East line of the Northeast Quarter (NE 1/4) to bear South 00' 00' 00" West, with all bearings contained herein being relative thereto; thence South 00' 00' 00" West along the East line of the Northeast Quarter (NE 1/4), a distance of 850.00 feet to the Centerline of "M" Street; and thence South 90' 00' 00" West along the Centerline of "M" Street, a distance of 80.00 feet; thence along a curve to the left having a radius of 500.00 feet, a central angle of 33' 00' 00" an arc distance of 287.98 feet, the long chord of which bears South 73' 30' 00" West, a distance of 284.02 feet; thence South 57 00' 00" West, a distance of 440.00 feet to the Centerline intersection of 17th Avenue to the North and "H" Street to the South; thence South 33' 00' 00" East, a distance of 117.74 feet along the Centerline of "H" Street; thence South 57' 00' 00" West, a distance of 40.00 feet to the West right—of—way line of "H" Street; thence South 33' 00' 00" East, a distance of 77.34 feet along said right—of—way to the beginning of a curve to the right having a radius of 724.75 feet, a central angle of 09' 44' 40", an arc distance of 123.26 feet, the long chord of which bears South 28' 07' 42" East, a distance of 123.11 feet to the True Point of Beginning, said point being a set #4 rebar and cap, PLS #29413, hereafter referred to as set corners; thence continuing along said right—of—way and curve to the right having a radius of 724.75 feet, a central angle of 44' 15' 23", an arc distance of 559.81 feet, the long chord of which bears South 01' 07' 42" East, 545.99 feet to a point of tangency and a set corner; thence continuing along said right—of—way South 21' 00' 00" West, a distance of 122.00 feet to a set corner, said corner being the Southeast corner of Tract "D"; thence North 69' 16' 33" West a distance of .414.95 feet along the South line of Tract "D" to the beginning of curve to the right and a set corner; thence along said curve having a radius of 339.49 feet, a central angle of 36' 16 33", an arc distance of 214.94 feet, the long chord of which bears North 51' 08' 22" West, a distance of 211 .37 feet to o point of tangency and o set corner; thence North 5T 00' O0" East 698.32 feet to the True Point of Beginning. Said Parcel of land contains 5.40 acres, more or less, and is subject to any rights—of—way or other easements as granted or reserved by Instruments of record or as now existing on said tract of land. I, John C . Day, a duly Registered Professional Land Surveyor in the State of Colorado; do hereby certify that on the c1 —' day of J ✓t , 1996, that this description shown hereon was made by me or under my direction and is accurately described to the best of my knowledge and belief. eZoo Eck EXHIBIT "A" -Q .1/41-, 11 L�x, c.:)/ KLH ENGINEERING GROUP 07, '• typ GREELEY, COLORADO rCo ��yledSs ,r OlO°,v 6, 2504478 B-1559 P-948 08/05/96 04:06P PG 1 OF 3 REC l2,---4o 1-1 g Weld County CO JA Suki Tsukamoto Clerk & Recorder 0.00 2O,0e) '(‘Q' PROMISSORY NO ITT PROVISION,FOR FORGIVENESS Qty It 3 Pr� $ 176,418.00 lAN , ' Greeley, Cobra 0 July-6, 1996 t'Se o The undersigned, TSE Investments,LLC,hereinafter referred to as "Maker",hereby promises to pay rQ to the order of the County of Weld, State of Colorado, by and through the Board of County Commissioners of County of Weld,the sum of$176,418.00,to be repaid without interest in ten (10) equal annual installments, due and payable commencing one year from the making of this Note, and continuing each year thereafter until full and final payment is made. Each annual payment will be excused if,and only if,on the anniversary date,the Maker is the legal and equitable owner of the real estate described and shown in the attached Exhibit"A" (hereinafter referred to as "the real estate") for the purpose of leasing the real estate to the Federal Express Corporation ("Federal Express") for its use as an office and warehouse transfer station, and the Maker has been continuously the owner and Federal Express the occupant and user throughout the proceeding 365 days. The principal balance shall be reduced by the amount of any excused payment. Notwithstanding the forgoing provision, if the Maker ceases to own the real estate,or if the real estate is not occupied and used by Federal Express,or an entity to which it subleases the real estate,as an office and warehouse transfer station to benefit Federal Express, or if the real estate is the subject of a "prohibited" transfer, as defined herein, at any time before July_, 2006, the entire balance of this Note shall become due and payable immediately. For purposes of this Note, a "prohibited" transfer includes the sale or other transaction involving the conveyance of the legal or equitable title or interest to the real estate, effective immediately or effective at a future date, and includes an option to purchase exercisable at any time before July_, 2006. A "prohibited" transfer does not include: 1. The creation of a lien or incumbrance subordinate to the Deed of Trust securing this Note; 2. The transfer of title by devise or descent, or by operation of law upon the death of a joint tenant; or 3. A sale or other transfer to which the Board of County Commissioners of the County of Weld consents to in writing. Notwithstanding any other provision of this paragraph, said Board of County Commissioners shall have no right to declare a default if the County of Weld, State of Colorado and the transferee mutually agree in writing to the assumption of the indebtedness by the transferee. This Note shall be subordinate to the Deed of Trust and Promissory Note for the first mortgage on the real estate described with the first mortgagee being Union Colony Bank, Greeley, Colorado, or any transferee of said first mortgage. Page 1 of 2 Pages 2504478 B-1559 P-948 08/05/96 04:06P PG 2 OF 3 The Maker hereby acknowledges that the County of Weld, State of Colorado, by and through the Board of County Commissioners of County of Weld has transferred to it the real estate with current market value as of the date of the signing of this Note in the amount shown above, for the purpose of the development of a business located on said real estate, and that one of the conditions for forgiveness of this Note is that the Maker continues to own the real estate and Federal Express, or an entity to which it subleases the real estate, continues to occupy and use the real estate as an office and warehouse transfer station for the benefit of Federal Express, for at least ten(10)years from the date of the Note. The undersigned further acknowledges that one of the purposes of this Note and the Deed of Trust given to secure it is to assure compliance with such conditions. The undersigned further acknowledges that the transfer of the hereinafter described real estate to it constitutes sufficient and adequate consideration for this Note. The indebtedness evidenced by this Note is secured by a Deed of Trust, dated July _, 1996 and, until released, said Deed of Trust contains additional rights of the note holder. The real estate subject to this Note and the Deed of Trust securing it is identified as follows: The real property described and shown in the attached Exhibit"A". TSE INVESTMENTS,� LLC, MAKER /By: 1C1 -eC ? `✓`*svt Harold G. Evans, Manager and Member SUBSCRIBED AND SWORN to before me this,/o "Jay of 9 , WITNESS my hand and official seal: � . ..... / otaryPublic . My corn f ssibn ems: /4 - ; -96 • BECKMAN 1 j / o16 M:\WPFILES\D '; I:ivEEnflm ,4%�r I`\�QF co-c J My Comm.Expires Oct.7,1996 Page 2 of 2 Pages • 2504478 B-1559 P-948 08/05/96 04:06P PG 3 OF 3 REVISED LEGAL DESCRIPTION A port of Tract "D" Weld County Business Park P.U.D., a subdivision within the City of Greeley, County of Weld, State of Colorado, more particularly described as follows: Commencing at the Northeast Corner of Section 31 , Township 6 North, Range 65 West of the 6th Principal Meridian, and considering the East line of the Northeast Quarter (NE 1/4) to bear South 00' 00 00" West, with all bearings contained herein being relative thereto; thence South 00' 00' 00" West along the East line of the Northeast Quarter (NE 1/4), a distance of 850.00 feet to the Centerline of "M" Street; and thence South 90' 00' 00" West along the Centerline of "M" Street, a distance of 80.00 feet; thence along a curve to the left having a radius of 500.00 feet, a central angle of 33' 00' 00" an arc distance of 287.98 feet, the long chord of which bears South 73' 30' 00" West, a distance of 284.02 feet; thence South 57 00' 00" West, a distance of 440.00 feet to the Centerline intersection of 17th Avenue to the North and "H" Street to the South; thence South 33' 00' 00" East, a distance of 117.74 feet along the Centerline of "H" Street; thence South 57' 00' 00" West, a distance of 40.00 feet to the West right—of—way line of "H" Street; thence South 33' 00' 00" East, o distance of 77.34 feet along said right—of—way to the beginning of a curve to the right having a radius of 724.75 feet, a central angle of 09' 44' 40", an arc distance of 123.26 feet, the long chord of which bears South 28' 07' 42" East, a distance of 123.11 feet to the True Point of Beginning, said point being a set #4 rebar and cap, PLS #29413, hereafter referred to as set corners; thence continuing along said right—of—way and curve to the right having a radius of 724.75 feet, a central angle of 44' 15' 23", an arc distance of 559.81 feet, the long chord of which bears South 01' 07' 42" East, 545.99 feet to o point of tangency and a set corner; thence continuing along said right—of—way South 21' 00' 00" West, o distance of 122.00 feet to a set corner, said corner being the Southeast corner of Tract "0"; thence North 69' 16' 33" West a distance of .414.95 feet along the South line of Tract "D" to the beginning of curve to the right and a set corner; thence along said curve having a radius of 339.49 feet, a central angle of 36' 16 33", an arc distance of 214.94 feet, the long chord of which bears North 51' 08' 22" West, a distance of 211 .37 feet to o point of tangency and o set corner; thence North 57' 00' 00" East 698.32 feet to the True Point of Beginning. Said Parcel of land contains 5.40 acres, more or less, and is subject to any rights—of—way or other easements as granted or reserved by Instruments of record or as now existing on said tract of land. I, John C Day, a duly Registered Professional Land Survgzor in the State of Colorado; do hereby certify that on the °1 — day of J✓ Y , 1996, that this description shown hereon was made by m2 or under my direction and is accurately described to the best of my knowledge and belief. L EXHIBIT "A" -o ( 73413 3 i o off 01Co 1 KLH ENGINEERING GROUP 04C1 L. fj GREELEY, COLORADO • 96007 PE-LEG Identify Results Page 1 c WELD COUNTY ASSESSOR PROPERTY PROFILE Account*:R1274096 Parcel#:08033110 Tax Area:0609 Bordering County: Acres:5.4 Township Range Section Quart.Sec. Subdivison Name Block*Lot* 06-65-31-1 WELD COUNTY BUSINESS PARK PUD-- Owners Name&Address: Property Address: TSE INVESTMENTS LLC Street:1255 H ST GREELEY 1770 25 AVE No.302 City:GREELEY GREELEY,CO 80634 Business/Complex:FEDERAL EXPRESS Sales Summary Sale Date Sale Price Deef&Type Reception S $0 Legal Description GR WCBP-TC PT TR D WELD COUNTY BUSINESS PARK PUD BEG NE COR SEC 31-6-65 5850'W80'TH ALG CURVE 287.98'(R=500'C/A=33D0'CHORD=573D30'W 284.02')S57D0'W 44 S33D0'E 117.74'S57D0'W 40'533D0'E 77.34'TH ALG CURVE 123.26'(R=724.75'C/A=09D44' Land Valuation Summary Land Type Abst Code Unit of Number of Asse Actual Value Units Commercial 2135 Acres 5.4 Land Subtotal: 5.4 so Buildings Valuation Summary Bldg# Property Type Actual Value Ass` 1 Commercial Improvements Subtotal: $0 Total Property Value $0 Building_Details Account*:R1274096 Parcel*:0803311t Owners Name ik Addr_ess: Property Address: TSE INVESTMENTS LLC Street:1255 H ST GREELEY 1770 25 AVE No.302 City:GREELEY GREELEY,CO 80634 Building# Property Type 1 Commercial Individual Built As Detail Built As: Distribution Warehouse Year Built: 1996 Exterior: HVAC: Space Heater Interior Finish: Built As SQ Ft: 24590 #of Baths: 0 Roof Type: it of Bdrms: 0 Roof Cover: #of Stories: 1 Rooms: 0 Units: 0 Garage: Attached SQ Ft: Detached SQ Ft: Basement: Total SQ Ft: Finished SQ Ft: http://maps2.merrick.com/Website/W eld/setSq l.asp?cmd=QU ERY&DET=PP&pi n=0803 3110005 2&acct=R... 1/7/2 Page 1 of Stephanie Arries From: Don Warden Sent: Monday, August 24, 2009 8:54 PM To: Stephanie Arries Cc: Bruce Barker; Monica Mika Subject: RE: TSE Investments Yes, they have met their obligation and it can be forgiven and the deed of trust should therefore be released. Don From: Stephanie Arries Sent: Monday, August 24, 2009 12:34 PM To: Don Warden Cc: Bruce Barker Subject: TSE Investments Don As a part of the review of collateral issues, I have run across the above Deed of Trust which the County still holds for TSE Investments. Bruce wanted me to check with you as to whether we should release the DOT. As I read the note, TSE was to hold the property for 10 years, and a portion of the loan was to be forgiven each year as long as it remained the owner and Fed X (or some other tenant) remained and used the property as anticipated. I checked ICRIS and founi that TSE still owns the property, and it appears that TSE's obligations under the Agreement have been met. Therefore, it appears that the entire note has been forgiven and the deed of trust should therefore be released. Your thoughts?? Stephanie 8/25/2009 Hello