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Home My WebLink About20062266 RESOLUTION RE: DENY PETITION FOR ABATEMENT OR REFUND OF TAXES-ELMORE,ELMORE,AND SPELTS PROPERTIES, LLC 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, the Board of County Commissioners of Weld County, State of Colorado, at a duly and lawfully called regular meeting held on the 7th day of August, 2006, at which meeting there were present the following members:Commissioners William H.Jerke, David E. Long, Robert D. Masden, with Chair M. J. Geile and Commissioner Glenn Vaad being excused, and WHEREAS, at said meeting on August 7, 2006, the Board of County Commissioners deemed it advisable to continue said matter to August 21, 2006, at 9:00 a.m., and WHEREAS, at said meeting on August 21, 2006, there were present the following members: Chair M. J. Geile, and Commissioners William H. Jerke, David E. Long, and Robert D. Masden, with Glenn Vaad being excused, and WHEREAS, notice of such meeting and an opportunity to be present has been given to the taxpayer and the Assessor of said County, and said Assessor, Stan Sessions, being represented by Mike Sampson, and taxpayer Elmore, Elmore, and Spelts Properties, LLC, being present, and WHEREAS, the Board of County Commissioners have carefully considered the attached petition, and are fully advised in relation thereto. NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld County, Colorado, that the Board concurs with the recommendation of the assessor and the petition be and hereby is, denied, and an abatement or refund be allowed as follows: CORRECTION TO ASSESSED ABATEMENT TAX VALUATION OR REFUND YEAR 0.00 0.00 2005 2006-2266 AS0063 <'n . }S 1g7— TAX ABATEMENT PETITION - ELMORE, ELMORE, AND SPELTS PROPERTIES, LLC PAGE 2 The above and foregoing Resolution was, on motion duly made and seconded, adopted by the following vote on the 21st day of August, A.D., 2006. BOARD OF COUNTY COMMISSIONERS IEilea WELD CO TY, COLORADO ATTEST: i. (AYE) '�' M. . eeile, ��air Weld County Clerk to thef. ' ' (� ' (� .� u X /\' (AYE) �te n ��' ,�+Jp`'‘.:-471 David E. Long, Pro-Tern BY. Depu Clerk ice/ "[„ 17—GwA (NAY) W . Jerke APP AS TO F V (AYE) Robert D. Mas en un y Attorney EXCUSED Glenn Vaad Date of signature: CI I(I CP 2006-2266 AS0063 • Elmore Elmore & Spelts WE-05-15 PETITION FOR ABATEMENT OR REFUND OF TAXES (Please submit in duplicate and answer all questions.) County Name: WELD Date Received: - ' 2?L (Use Assessors orCumiaierlaid Date Starry) 2 ,.rvi1' Ss vTTh PETITIONER: (Complete Section I:on this side only.) Section I: APR 2 4 2006 Date: January I 10 12006 Month Year WELD COUNTY ASSESSOR Petitioner's Name: Elmore Elmore & Spelts Properties LLC Greeley, Colorado Petitioners mailing address: P.O. Box 7359 Loveland I CO 180537-7359 Q_yl or Town State Code SCHEDULE OR PARCEL NUMBER(S) PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY R1011201 3770 52 Hwy Frederick Petitioner states that the taxes assessed against the above property for property tax year 2005 are incorrect for the following reasons: (Briefly describe the circumstances surrounding the incorrect value or tax.), (The Petitioner's estimate°factual value must be included.) "Attach additional sheets if necessary." Petitioner cannot support anything higher than $1,000,000 Petitioner's estimate of actual value: $ 1,000,000 ( 2005 ) Value Year Petitioner requests an abatement or refund of the appropriate taxes associated with a reduction in value. I declare,under penalty of perjury in the second degree,that this petition,together with any accompanying exhibits or statements,has been examined by me, and to the best of my knowledge, information and belief, is true,correct and complete. Petitioners Signature Daytime Phone N (4n4) -573- Ono Bridge& Associates 390 Union Blvd., Ste 330, Lakewood, CO 80228 Aaents ' ture time` Phone Number: (303) 573-7000 fax: 303-573-7050 *(Letter of awl must be attached when petition is submitted.) Every petition for abatement or refund filed pursuant to section 39-10-114,C.R.S.,shall be acted upon pursuant to the provisions of this section by the board of county commissioners or the assessor, as appropriate, within six months of the date of filing such petition.39-1-113(1.7), C.R.S. Section II: (For Assessor's Use Only) Tax Year Assessed Value Tax Original: Corrected: Abate/Refund: 2006-2266 (FOR ASSESSORS AND COUNTY COMMISSIONEPS USE ONLY) RESOLUTION OF COUNTY COMMISSIONERS Resolution No. Section I: In accordance with 39-1-113(1.5), C.R.S., the commissioners of County authorize the assessor to review petitions for abatement or refund and to settle by written mutual agreement any such petition for abatement or refund in an amount of one thousand dollars or less per tract, parcel, or lot of land or per schedule of personal property. The assessor and petitioner mutually agree to an assessed value and tax abatement/refund of: Tax Year: ( Value Tax Original: Corrected: AbatelRefund: PLEASE NOTE: THE TOTAL TAX AMOUNT DOES NOT INCLUDE ACCRUED INTEREST; PENALTIES AND FEES ASSOCIATED WITH LATE AND/OR DELINQUENT TAX PAYMENTS IF APPLICABLE. PLEASE CONTACT YOUR COUNTY TREASURER FOR FULL PAYMENT INFORMATION. Petitioner's Signature Date Assessor's or Deputy Assessor's Signature Date If Section I: is not complete and/or if petition is for more than $1,000, Section II: must be completed. Submit an original petition and a copy to the Division of Property Taxation. Section II: Assessor's recommendation: [1 Approved or [I Approved in part$ No st filed in . (If a protest was filed, please attach a copy of NOD.) �/ enie for the following reason(s):�7 iori �Ailet , '' 1%i l/)(Q qa OT� 4 7e_ ,Pn,�/ 404-5 f/V N Vr eren,7- O'�fP / cried . 7 974 ≤ * Curren/7 I4'/we !s r�7c4�A 2-4! wet 67W r leljre e;7af Ass`essor's at Deputy Assess ' Signature/it Section III: WHEREA , The County Commissioners of County, State of Colorado, at a duly and lawfully called regular meeting held on / / , at which meeting there were present the following mo day yr members: with notice of such meeting and an opportunity to be present having been given to the taxpayer and the Assessor of said County and Assessor (being present/not present) and Name petitioner (being present/not present), and WHEREAS, The said Name County Commissioners have carefully considered the within petition, and are fully advised in relation thereto, NOW BE IT RESOLVED, That the Board (agrees/does not agree) with the recommendation of the assessor and the petition be (approved/denied) and an abatement/refund be (approved/denied) for property tax year The taxes to be abated or refunded are $ which represents an assessed value of Chairperson of the Board of County Commissioners'Signature I, , County Clerk and Ex-officio Clerk of the Board of County Commissioners in and for the aforementioned county, do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said County at: this day of Time Dale Month Year County Clerk's or Deputy County Clerk's Signature ACTION OF THE PROPERTY TAX ADMINISTRATOR Denver, Colorado / / Month Day Year The action of the Board of County Commissioners, relative to the within petition, is hereby : ['Approved; O Approved in part$ ,_; Li Denied for the following reason(s): Secretary's Signature Property Tax Administrator's Signature G'.\USR\..tA8ATErORMREV 11000 FRDM : A-CNE NC. . May. 19 2005 04:50PM P4 151 Elmore Elmore & Spelts Properties Bridge &Associates 390 Union Blvd., Ste 330 AUTHORIZATION TO APPEAR BEFORE THE: Lakewood, CO 80228 Phone: 303-573-7000 Weld COUNTY ASSESSOR AND THE Fax: 303-573-7050 Weld COUNTY BOARD OF EQUALIZATION, THE COLORADO BOARD OF ASSESSMENT APPEALS AND ALL COLORADO STATE COURTS, ON BEHALF OF THE OWNER OF RECORD OF REAL PROPERTY. Elmore Elmore & Soelts Properties LLC/ Mark Elmore ( owner and/or agent ) of the owner of real property, ("the Property") located at: 3770 Hwy 52, Frederick / Vacant Land: Township 01, Range 68, Section U3 U Schedule No.fs):. R1011201 / R5675586 and described more specifically as: Parcel-ID No.(s): '48703000050 / 146703000040 do hereby authorize: Bridge & Associates, to represent my interests and to appear on my behalf before the County Assessor, the Weld County Board of Equalization, the Colorado Board of Assessment Appeals and all Colorado state courts, for purposes which arise from any matter(s) concerning the valuation and taxation of the of the Property for tax years 2005 and for all previous years as allowed by applicable Colorado law and the rules and regulations of the above-referenced entities. I further authorize Bridge &Associates to appear as a witness at all formal or informal hearings of:he above- referenced entities and to testify as to the valuation of the Property and to the accuracy of any factual documentation submitted on my behalf in connection with the Property. The undersigned requests that copies of all decisions from the Weld s the: Weld County Board of Equalization, and the Colorado Board of Assessment Appeals. be mailed to: Bridge & Associates. 390 Union Boulevard. Ste 330, Lakewood, CO 80228. Further, the undersigned expressly revokes all previous authorizations relating to the Property and the subject matters referenced herein. This authorization shall remain in effect until this authorization is terminated in a written instrument executed by the undersigned. Dated this: I day of M ( , 2005- Com n : � y Federal Tax ID# : STATE OF COLORADO ) BY L71 /1 -�.1— Title: )SS COUNTY OF Lair m e,r✓ ) Phone: ,A� •Sworn to and subscribed before me on this: fee day of lJIvl(1.l( , 2Q05 by_ LL� JJk/7'1JDIr� Witness my hand and official seal. My Commission expires: 7 17 br 6 ; KAREN S. PRESTON 3}2 Notary Public: ' / NOTARY F?IE?LIC Address: I k7 A) _)&1 STATFOFCOCCRADO all CO 3 S My Commiseion Expires 07/15/2008 Treasurer's Tax Search Result Page Page 1 of 1 yt litltli to tri 1. cyr ." . Y Home Services Departments About Weld Property lntonnat,<:n Conti. Home > _Departments > Treasurer's Office > Tax Search > Tax Search Results Tax Search Details Information for tax year: 2003 payable in 2004 Property Information Owner Name: Elmore Elmore & Spelts Properties Llc Address: 3770 52 HWY City: Frederick Account R1011201 Number: Parcel 146703000050 Number: fre pt ne4ne4 3-1- 68 (wagoner annex) beg ne cor sec s82d03'w 884.68' to s In hwy 52 & tpob th e alg s In hwy 52 Mg curve to left (r=5680) Legal chord=s85d45'e 70' s04d35'w 435.97' n85dw 300' to se cor 14 puritan place Address: commercial sub n04d37'e436.26' to s In hwy 52 s85d24'e 230' to beg & pt 14 puritan place commercial lying e of my extension puritan way exc uprr res situs: 3770 52 hwy Frederick 80530 Payment Information Total Tax Amount: $25,968.92 Actual Land Value $457,541.00 First Half Amount: $0.00 Actual Improved Value $542,459.00 Second Half Amount: $0.00 Actual Total Value $1,000,000.00 SR. Exemption: $0.00 Assessed Land Value $132,690.00 Full Amount Paid: $0.00 Assessed Improved Value $157,310.00 Current Balance: $25,968.92 Assessed Total Value $290,000.00 IF any of the following fields are "YES" please contact the Treasurer's Office for more information. Tax Status Tax Liens: No Tax Area 1292 Prior Taxes Due: No Senior Homestead Exemption: No Special Improvement Tax: No Mill Levy 89.548 Database Last Updated at: 02:27 AM on September 1, 2004 board o- Eva I l za ton Va I w o http://www.co.weld.co.us/departments;treasurer/tax/tax_results.cfm 9/1/2004 Bldg#1 20 11P S5 0' rra• ...MP moo• Truck Sop Restaurant/ Convenience Sae Cass C nos yoe 1999 eideitass 1O0' 1Twh carpbbFNAC eta era' dn" ,K . - r r t 13271.0 sf Cane SS 1140' s-. C 149'-------fl YO N Nn N*Ma' Comparable Number COMPARABLE SALE COUNTY: WELD ACCOUNT R3868586 PARCEL NUMBER: 096120209002 PRIMARY OCC: Truck Stop Restaurant Cony. Store PERCENT: 91% SECONDARY OCC: Car Wash-Automatic PERCENT: 9% THIRD OCC: PERCENT: ADDRESS: 665 31 ST EVANS RECEPT NUMBER: 2945423 SALE DATE: 04/18/2002 GRANTOR: COMPASS BANK SALE PRICE: $1,900,000 GRANTEE: SUN DEVELOPMENT INC ADJ SALE PRICE: $2,300,000 YEAR BUILT: 1999 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 32.84 LAND SIZE(SF): 476,892 LAND VALUE: $953,784 BLDG SIZE(SF): 14,521 IMPS PRICE/SF: $92.71 WALL HEIGHT: 17& 15' SALE PRICE/SF: $158.39 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: $0 BSMNT FINISH: LOAN TERM (YRS): ZONING: Evans C-3 POINTS PAID: QUALITY: Good COMMENTS: THERE IS A DEVELOPERS AGREEMENT FEE DUE THE CITY OF EVANS OF APPROX.$400,000. THIS FEE IS FOR MANDATORY SITE IMPROVEMENTS (landscaping)WHICH THE GRANTEE MUST ALSO ASSUME WITH THE PURCHASE. THIS WOULD INDICATE A SALES PRICE OF$2,300,000. SOLD WOL 096120209004. CBOE COMM_atagi Pps7� 07/24/2006 15:45 FAX 9036629178 MARK ELMORE gl 001 To: 19036629178 r.1 UL-20-2006 03:30P FROM Ile Cl' 6Airlig , CLERK TO THE BOARD PHONE (970) 336-7215, 4225 FAX: (970) 352-0242 • P.O. BOX 756 GREELEY, COLORADO 80632 gilt) , COLORADO 3a3. ,573, Mesa July 7, 2006 Elmore, Elmore, and Spells Properties, LLC P.O. Box 7359 Loveland, CO 805377359 RE: SCHEDULE NUMBER R1011201 Dear Property Owner: This is to advise you that the Weld County Board of Commissioners will hear your petition for abatement or refund of taxes on the property described as: 3770 62 Hwy, Frederick Colorado, The meeting is scheduled for August 7, 2006, at 9:00 a.m., in the First Floor Meeting Room, Weld County Centennial Center, 915 10th Street, Greeley, Colorado. The Assessor is recommending that the Board deny your petition. You are not required to be present at this hearing, however,this is your opportunity to have your position heard, eepecially If your position is opposed to the Assessor's recommendation. If you intend to submit any documentation in support of your position for this hearing. all such documentation must be submitted to the Office of the Clerk to the Board and to the Weld County Assessor's Office at least seven calendar days prior to the meeting date in order for it to be considered at the scheduled hearing. If you have any questions concerning this matter, please do not hesitate to contact Esther Gesick at (970) 336-7215, extension 4226. ` c,- Sincerely, o SI (j„) dd.-dad be. ittch 6/,', \\ 1/4'Esther E. Gesick U3k # Q 7 Deputy Clerk to the Board �I l \_O ca Assessor Bridge and Associates g\I-\ $ "e. 0 390 Union Boulevard, Suite 330 • Lakewood, CO 60228 \ctek _ (1 5,9 ;37, k 9 q 7 CIO tri 31%. ye, p7. / of Cc) 7- TRUCK STOP 3770 Hwy 52 Frederick Schedule#: R1011201 & R5675586 Square Footage: 7,657—Total Sq Footage 5,000— Restaurant 2,657—Truck Stop Current Value $ 1,826,451 Current Value Tie Back Parcel $ 488,606 <Parking Lot> Combined Total Value $ 2,315,057 302.53 psf Requested Value Both Parcels $ 1,200,000 Less Value Assigned to Parking Lot $ 488,606 Requested Value # R1011201 $ 711,394 2003 Board of County Commissioner Value $ 1,000,000 3770 HWy 52 FREDERICK PARCEL#: 146703000050 ' _ilia '4 I. y„{�."--. r - ��Rir d e P ki Ria ' X K}3 5 :27" 42 I> . . . se ..t• • �, x rc t . . . P' X414 Ilia, 4, it, „.. i. , _ , „t. .. i� • x L .., x _ , I. i',tS.. y C. ( . , , k4 ' ': TM ` r r w. i.,:.,. y �, • �"r2006 Europa TecI ruI.ties t,:., 44 t. , t. 1 el.i,i.... 40'144'.�� t � ivy }�"` 4 4 • �S' Poln(el 40'05'13 33' N104'58'59.04' Walev 499 R ,,L.;•,, Ct Streaming III NH 1009 Eye all 5795 (t £ 1 Market Approach # I Truck Stop Restaurant Convenient Store 7,657 @ 158.39 = 1,212,792 Indicated Value: $ 1,213,000 Bldg#1 m.0 II 0' 580' 3p 76 0' ep Truck Stop Restaurant Convenience Store Class C Ho. yoc 1999 tap 17 Wh 97a• 919' complete FNAC CAR 13271.0sf combs. as- _ - -- _. - -_ 180 792081 IIICO q?r� iy jl Tb —% r' a ta9'- p 4een4,-NlY S Comparable Number COMPARABLE SALE COUNTY: WELD ACCOUNT R3868586 PARCEL NUMBER: 096120209002 PRIMARY OCC: Truck Stop Restaurant Cony.Store PERCENT: 91% SECONDARY OCC: Car Wash-Automatic PERCENT: 9% THIRD OCC: PERCENT: ADDRESS: 665 31 ST EVANS RECEPT NUMBER: 2945423 SALE DATE: 04/18/2002 GRANTOR: COMPASS BANK SALE PRICE: $1,900,000 GRANTEE: SUN DEVELOPMENT INC ADJ SALE PRICE: $2,300,000 YEAR BUILT: 1999 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 32.84 LAND SIZE(SF): 476,892 LAND VALUE: $953,784 BLDG SIZE (SF): 14,521 IMPS PRICE/SF: $92.71 WALL HEIGHT: 17& 15' SALE PRICE/SF: $158.39 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: $0 BSMNT FINISH: LOAN TERM (YRS): ZONING: Evans C-3 POINTS PAID: QUALITY: Good COMMENTS: THERE IS A DEVELOPERS AGREEMENT FEE DUE THE CITY OF EVANS OF APPROX.$400,000. THIS FEE IS FOR MANDATORY SITE IMPROVEMENTS (landscaping)WHICH THE GRANTEE MUST ALSO ASSUME WITH THE PURCHASE. THIS WOULD INDICATE A SALES PRICE OF$2,300,000, SOLD WOL 096120209004. CBOE_COMM_0109 Palit3 C Market Approach #2 Truck Stop/Convenience 2657 @ 250 psf= 664,250 Indicated Value: 665,000 Restaurant 5,000 Sq Ft @ 76.54=382,700 Indicated Value: $ 1,048,000 l CoStar Comps Full Sale Comps Report Page 6 of 7 1090 S Union Blvd Published COSTAREveryday Lakewood, CO 80228 -3312 (�J_YI r Full Service Gas Station of 2,400 SF Sold for$300,000 buyer America, LLC c/o Everyday 1090 S Union Blvd Lakewood, CO 80228-3312 (303) 989-3863 seller Recuperos, LLC c/o AMRESCO Commercial Finance 412 E Park Blvd Suite 300 Boise, ID 83706-6572 (208) 333-2000 vital data Sale Date: 06/24/2004 Sale Price: $300,000 Escrow/Contract: N/Av Status: Confirmed Days on Market: N/Av Building SF: 2,400 Rentable Exchange: N/Av Price/SF: $125.00 Conditions: Bulk/Portfolio Sale Cap Rate: N/Av Land Area SF: 24,785 Down Pmnt: N/Av Acres: 0.569 Pct Down: N/Av $/SF Land Gross: $12.10 Doc No: 2049744 $/SF Land Net: $4.84 Trans Tax: ($30.00 ) Year Built: 1981 Age 23 Zoning: IC, Lakewood Coverage: 10% Lot Dim: 210 x 118 Parking Spaces: 12 FAR: .1 Parking Ratio: 5.00/1000 SF Improv Ratio: 600/0 Submarket: Southwest Corner: Yes Frontage: 118' Union Blvd 210' Mississippi Ave Comp No: JFC-95551-11-0420 Property Type: Retail income/expense listing broker Buyer is an owner/user. None involved per principal buyers broker None involved per principal financing lot Private Bal/Pmt: $8,279,002 Net Spendable (rate):N/Av (N/Av) Copyright®1999-2002 Costar Realty Information,Inc.All rights reserved.Information obtained from sources deemed reliable but not guaranteed.Phone:(600)204-5960 http://comps.costar.com/Report/Report.asp?aCacheSequence=6&ReportSelect=firstpage&S... 8/1/2006 CoStar Comps Full Sale Comps Report Page 4 of 7 1277 E Hampden Ave Published ' Englewood, CO 80110 -2916 I7-Eleven 'Cy 11�• Convenience Store of 2,100 SF Sold for $598,500 buyer 7-Eleven, Inc. c/o Steve McGowin 2711 N Haskell Ave e • Dallas,TX 75204-2906 (214) 828-7011 seller tti `l- Mosbacher-Ag Company .J i c/o Rob Mosbacher,Jr 712 Main St Ste. 2200 Houston, TX 77002 ,i;,T (713) 546-2500 vital data Sale Date: 12/31/2003 Sale Price: $598,500 Escrow/Contract: N/Av Status: Full Value Days on Market: N/Av Building SF: 2,100 Rentable Exchange: N/Av Price/SF: $285.00 Conditions: Not Available Cap Rate: N/Av Land Area SF: 12,500 Down Pmnt: N/Av Acres: 0.287 Pct Down: N/Av $/SF Land Gross: $47.88 Doc No: 3276215 $/SF Land Net: $39.74 Trans Tax: ($59.85 ) Year Built: 1970 Age 33 Zoning: MU B2, Englewood Coverage: 17% Lot Dim: 100 x 125 Parking Spaces: 12 FAR: .17 Parking Ratio: 5.71/1000 SF Improv Ratio: 17% Submarket: East Hampden Corner: Yes Frontage: 100' S. Marion (est) 125' E. Hampden (est) Comp No: APC-17114-03-0420 Property Type: Retail income/expense listing broker Buyer is an owner/user. Unknown buyers broker Unknown financing 1st Not available Bal/Pmt: Net Spendable (rate):N/Av (N/Av) Cepyrightc 1999-2002 CoStar Realty Information,Inc.All rights revved.Information obtained from sources deemed reliable but not gu•renteed.Phone:(800)204-5960 http://comps.costar.com/Report/Report.asp?aCacheSequence=6&ReportSelect=firstpaae&S... 8/1/2006 k CoStar Comps Full Sale Comps Report Page 5 of 18 11991 W Jewell Ave Published coSrAR 3 Kerry's Amoco r J ( i/( H J- Lakewood, CO 80228 -4401 Full Service Gas Station of 2,267 SF Sold for $475,000 buyer F - - , SAS, Inc. - c/o Kerry Svaldi .�► 11991 W Jewell Ave s. Lakewood, CO 80228-4401 ,-' (303) 850-5473 seller r Amoco Oil Company - • - -- -- c/o Dan Lillis - BP Amoco 4380 S Syracuse St Ste. 500 l • . -"' Denver, CO 80237 t ;;;: (303) 850-5473 -""- - vital data -- Sale Date: 04/09/2001 Sale Price: $475,000 Escrow/Contract: 60 days Status: Confirmed Days on Market: N/Ap Building SF: 2,267 Gross Exchange: No Price/SF: $209.53 Conditions: Purchase By Tenant Cap Rate: N/Av Land Area SF: 25,000 Down Pmnt: $475,000 Acres: 0.574 Pct Down: 300"/0 8/SF Land Gross: $19.00 Doc No: 1214569 $/SF Land Net: $7.41 Trans Tax: ($47.50 ) Year Built: 1967 Age 34 Zoning: 1-C, Lakewood Coverage: 9%/a Lot Dim: 125 x 200 Parking Spaces: 15 FAR: .09 Parking Ratio: 6.62/1000 SF Improv Ratio: 61% Submarket: Southwest Corner: No Frontage: 200'Jewell 125' Union Comp No: JFC-45928-05-0120 Property Type: Retail income/expense listing broker The seller reported that this was a sale to a franchisee and that the buyer None involved per principal will continue to occupy the property. No further information was available. buyers broker None involved per principal financing Not Applicable -all cash sale Net Spendable (rate): N/Av (N/Av) Copyrlghte 1999-2002 Coster Realty Information,Inc.All rights reserved.Information obtained from sources deemed reliable but not guaranteed Phone,(600)204-5960 http://comps.costar.com/Report/Report.asp?aCacheSequence=9&ReportSelect=firstpage&S... 8/1/2006 CoStar Comps Full Sale Comps Report Page 4 of 18 6395 E Hampden Ave Published COSTAR Clay's Texaco C I C w. J+ Denver, CO 80222 -7602 J_/__ Full Service Gas Station of 2,422 SF Sold for$500,000 buyer • Glans ( LLC ) c/o Loren Berk _ • : • 14100E Hamilton Dr Aurora, CO 80014-3949 (303) 741-1577 I seller as I _ s Re. _ Robert H Gaiser 1 ` 252 Lead King Dr Castle Rock, CO 80104 (303) 663-9091 is < : vital data Sale Date: 01/07/2002 Sale Price: $500,000 Escrow/Contract: N/Av Status: Declaration Days on Market: apx 35 days Building SF: 2,422 Rentable Exchange: No Price/SF: $206.44 Conditions: None Cap Rate: N/Av Land Area SF: 19,500 Down Pmnt: $103,033 Acres: 0.448 Pct Down: 21% $/SF Land Gross: $25.64 Doc No: 0004009 $/SF Land Net: $16.92 Trans Tax: ($50.00 ) Year Built: 1971 Age 31 Zoning: 84, Denver Coverage: 12% Lot Dim: 150 x 130 Parking Spaces: 18 FAR: .12 Parking Ratio: 7.43/1000 SF Improv Ratio: 34% Submarket: East Hampden Corner: No Frontage: 150' E. Hampden Ave. 130' Holly P1. Comp No: DVC-19167-04-0220 Property Type: Retail income/expense listing broker Information not available. Unknown buyers broker Unknown financing 1st Not available Bal/Pmt: $396,967 Net Spendable (rate):N/Av (N/Av) Copyright®1999-2002 costar Realty Information,Inc.All riphta reserved.Information obtained from sources deemed reliable but not guaranteed.Phone:(Soo)204-5960 http://comps.costar.com/Report/Report.asp?aCacheSequence=9&ReportSelect=firstpage&S... 8/1/2006 Comparable Number 040' S COM.f MENCE STORE I OAB BMTIGW - v Rill Eke!3580.0 sat ..x ..r: 1]]' BUTT 1991 42 r I P >M� Be 303' 39.1' I P 33' eZrait4:3 - ■ PLL PAWIO CONCRETE II _ yd 500' UNDERCRouNO TANKS I.1Q000 GAL 110,000 GAL / ME C NOP 0 1500.0 s9_ft. s00' WOWS SLAW 19 NoSt PRCOCI • I•4 HOSE,4PRODUCT V 4M rvvYn" COMPARABLE SALE COUNTY: WELD ACCOUNT R6941098 PARCEL NUMBER: 095910227006 PRIMARY OCC: Convenience Store PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 1005 54 AV GREELEY RECEPT NUMBER: 2913688 SALE DATE: 12/27/2001 GRANTOR: ARM PETROLEUM CO SALE PRICE: $1,700,000 GRANTEE: DOLLAR JAMES M&LINDA M ADJ SALE PRICE: YEAR BUILT: 1997 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 13.45 LAND SIZE (SF): 48,168 LAND VALUE: $337,200 BLDG SIZE (SF): 3,580 IMPS PRICE/SF: $380.67 WALL HEIGHT: 14 SALE PRICE/SF: $474.86 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM (YRS): ZONING: POINTS PAID: QUALITY: GOOD COMMENTS: UNDERGROUND TANKS; 1 -10,000 GAL& 1 -18,000 GAL, DISPENSERS; 3-2 HOSE 3 PRODUCT,& 1 -4 HOSE 4 PRODUCT CBOE_COMM_0104 Pagel' // Comparable Number Asphalt neo• G 95193 o Sq.rt(Tote Aree2 ��I7 724600 sq.rtltotal Nee-Impr0-emeMsl) . 50 rap y o .1 IN n Ina' 680p a,•n on' *COO w-R may' r, B0 COIGNO d atl Commis ®p 6 -- ,may' �•. p 10640 54 : Comtism,sve b O vn 1. 0m0n.R EL r.1—g�r,71 .. _Sd. ". m "Q. 1 15seoaq.R., kr1,40f ( 1 nr we n"1. 4 — 050' � ' 12 ol osi ICrt.n 11KW1 • RN.0N., : ' 21.0' 1 12KGY On b 20K Oa O' aIKOM 777 ce..Y. , m00.4 t00' Cants — -- - f ]vp , 7925 St,ft �.:1... 40.0 t60.0' qq��3esr'. Caii ♦ � < COMPARABLE SALE COUNTY: WELD ACCOUNT R5577686 PARCEL NUMBER: 131303000013 PRIMARY OCC: Convenience Store PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 3851 119 HWY WELD RECEPT NUMBER: 2851496 SALE DATE: 05/22/2001 GRANTOR: CONOCO INC SALE PRICE: $1,300,000 GRANTEE: KNIGHT KENNETH& ADJ SALE PRICE: $1,050,000 YEAR BUILT: 1983 CLASS: C EFFECTIVE AGE: 6 LAND/BLDG RATIO: 56.90 LAND SIZE (SF): 204,846 LAND VALUE: $716,961 BLDG SIZE (SF): 3,600 IMPS PRICE/SF: $92.51 WALL HEIGHT: 14 SALE PRICE/SF: $291.67 STORIES: I INTEREST RATE: 7.30% BSMNT SIZE: DOWN PYMT: $0 BSMNT FINISH: LOAN TERM (YRS): 15 YRS ZONING: POINTS PAID: QUALITY: Good COMMENTS: CONFIRMED SALE. ARMS LENGTH SALE. ADJUSTED SALE FOR PP(-$250,000 FROM WELD COUNTY RECORDS). PROPERTY WAS PART OF PACKAGE FROM CONOCO.0%DOWN WITH A VARIABLE INTEREST RATE OF 7.3%FOR I5 YEARS. CBOE_COMM_a104 CoStar Comps Full Sale Comps Report Page 1 of 4 451 S Pratt Pkwy Published COSTAR ' La Cocina Inn ��!�.W ,• Longmont, CO 80501 -6438 GG1Y! Restaurant of 6,553 SF Sold for$705,000 buyer Colacci's Tony and Sal's, Inc. • c/o S. Colacci-Sutera 1442 Nelson Rd Longmont, CO 80501 P. (303) 666-6722 if, Elio h.rV • ' 9 seller _.' : 1 • .j . McChesney Partnership ( LLP ) _ -- , c/o Nicholas T. &Wanda J. McChesney �--- 12895 Hillcrest Dr s Longmont, CO 80504 (303) 772-1079 vital data Sale Date: 04/18/2002 Sale Price: $705,000 Escrow/Contract: 2 mos. Status: Confirmed Days on Market: apx 60 days Building SF: 6,553 Gross Exchange: No Price/SF: $107.58 Conditions: Not Available Cap Rate: N/Av Land Area SF: 26,144 Down Pmnt: N/Av Acres: 0.600 Pct Down: N/Av $/SF Land Gross: $26.97 Doc No: 2278768 $/SF Land Net: $6.74 Trans Tax: ($70.50 ) Year Built: 1978 Age 24 Zoning: C, Longmont Coverage: 250/0 Lot Dim: Irregular Parking Spaces: 27 FAR: .25 Parking Ratio: 4.12/1000 SF Improv Ratio: 75% Submarket: Longmont Corner: Yes Frontage: N/Av Comp No: BDC-91028-06-0220 Property Type: Retail income/expense listing broker Buyer is an owner/user. Prudential LTM Realtors 275 5 Main St Ste 100 Longmont, CO 80501 -6460 (303) 772-2222 Ed Kanemoto buyers broker Prudential LTM Realtors 275 5 Main St Ste 100 Longmont, CO 80501 -6460 (303) 772-2222 Ed Kanemoto financing 1st Community First National Bank( Short Term ) Bal/Pmt: $858,500 Net Spendable (rate):N/Av (N/Av) Copyrights 1999-2002 CoStar Realty Information,Inc All poet,reserved.Information obtained from source,deemed reliable but not guaranteed.Phone:(800)201-5960 http://comps.costar.com/Report/Report.asp?aCacheSequence.)&ReportSelect=firstpage&S... 8/1/2006 /c CoStar Comps Full Sale Comps Report Page 2 of 4 700 -708 Coffman St Published r, Longmont, CO 80501 -4907 1JyI P t6 ^L Restaurant of 6,973 SF Sold for$400,000 buyer • Rlet Properties ( LLC ) • c/o W. Cotton Burden 3 300 2nd Ave Ste. 205 ? • L� - Niwot, CO 80544 t (303) 652-8868 seller John D Zeigler nu- - -. 7373 S Alton Way Ste. 202 - Englewood, CO 80112 • (303) 713-1700 vital data Sale Date: 10/10/2003 Sale Price: $400,000 Escrow/Contract: 45 days Status: Confirmed Days on Market: apx 105 days Building SF: 6,973 Rentable Exchange: No Price/SF: $57.36 Conditions: None Cap Rate: N/Av Land Area SF: 20,250 Down Pmnt: $400,000 Acres: 0.465 Pct Down: 100% $/SF Land Gross: $19.75 Doc No: 2513955 $/SF Land Net: N/Av Trans Tax: ($27.00 ) Year Built: 1910 Age 93 Zoning: CBD, Longmont Coverage: 17% Lot Dim: 150 x 135 Parking Spaces: Not Available FAR: .34 Parking Ratio: N/Av Improv Ratio: N/Av Submarket: Longmont Corner: Yes Frontage: 150' Coffman 135' Longs Peak Comp No: BDC-14337-10-0320 Property Type: Retail income/expense listing broker At time of sale subject property was vacant.The buyer intends to lease the Prudential LTM property for retail use. 275 S Main St Longmont, CO 80501 -6461 (303) 772-2222 Ed Kanemoto, Keith Kanemoto buyers broker Fuller and Company 1515 Arapahoe St Denver, CO 80202 -3150 (303) 292-3700 Keith Burden financing Not Applicable - all cash sale Net Spendable (rate): N/Av (N/Av) Coppighte 1999-2002 Costar Realty Information,Inc.All rights reserved.Information obtained from sources deemed reliable but not guaranteed.Phone:(600)204-5960 http://comps.costar.com/Report/Report.asp?aCacheSequence=4&ReportSelect=firstpage&S... 8/1/2006 ft CoStar Comps Full Sale Comps Report Page 3 of 4 103 S Public Rd Published COcAR Lafayette, CO 80026 -2346 CUlyl P T Resta of 3,522 SF Sold for$212,500 buyer The Deferred Exchange-B, LLC 103 S Public Rd Lafayette, CO 80026-2346 Photo not Available seller Thomas E Eldridge & Betty L Eldridge 1047 Pearl St Boulder, CO 80302-5110 vital data Sale Date: 08/11/2004 Sale Price: $212,500 Escrow/Contract: N/Av Status: Full Value Days on Market: N/Av Building SF: 3,522 Gross Exchange: N/Av Price/SF: $60.34 Conditions: Not Available Cap Rate: Land Area SF: 7,068 Down Pmnt: $20,000 Acres: 0.162 Pct Down: 9% $/SF Land Gross: $30.07 Doc No: 2617249 $/SF Land Net: N/Av Trans Tax: ($21.25 ) Year Built: 1965 Age 39 Zoning: 8-1 Coverage: N/Av Lot Dim: N/Av Parking Spaces: FAR: N/Av Parking Ratio: N/Av Improv Ratio: N/Av Submarket: Northwest Corner: No Frontage: N/Av Comp No: BDC-87621-08-0420 Property Type: Retail income/expense listing broker Unknown buyers broker Unknown financing 1st(6.00% ) Bal/Pmt: $192,500 Net Spendable (rate): Copyright.1999-2002 Costar Realty Information,Inc.All rights reserved.Information obtained from sources deemed reliable but not guaranteed.Phone:(MOO)204-3960 http://comps.costar.com/Report/Report.asp?aCacheSequence=4&ReportSelect=firstpage&S... 8/1/2006 CoStar Comps Full Sale Comps Report Page 4 of 4 431 Main St Published COSTAR Longmont, CO 80501 -5534 Restaurant of 2,472 SF Sold for$200,000 buyer David Madewell &Janie Madewell • 1807 Queens Dr Longmont, Co 80501-2045 Photo not Available seller Vickie R Good 925 6th St Berthoud, CO 80513-1149 vital data Sale Date: 04/03/2003 Sale Price: $200,000 Escrow/Contract: N/Av Status: Full Value Days on Market: N/Av Building SF: 2,472 Gross Exchange: N/Av Price/SF: $80.91 Conditions: Not Available Cap Rate: Land Area SF: 3,125 Down Pmnt: $5,000 Acres: 0.072 Pct Down: 3% $/SF Land Gross: $64.00 Doc No: 2420482 $/SF Land Net: N/Av Trans Tax: ($20.00 ) Year Built: 1910 Age 93 Zoning: CBD Coverage: N/Av Lot Dim: N/Av Parking Spaces: FAR: N/Av Parking Ratio: N/Av Improv Ratio: N/Av Submarket: Longmont Corner: No Frontage: N/Av Comp No: BDC-85224-04-0320 Property Type: Retail income/expense listing broker Unknown buyers broker Unknown financing 1st( 8.00% ) Bal/Pmt: $195,000 Net Spendable (rate): Copyrights 1999-2002 CoStar Realty Information,Inc.All rights reserved.Information obtained from sources deemed reliable but not Phone,(800)204-5960 http://comps.costar.com/Report/Report.asp?aCacheSequence=4&ReportSelect=firstpage&S... 8/1/2006 /( Actual Income (Restaurant) 72,000 Annual Rent 100 %occupied Expenses: 37,250—Property Taxes 2,222—Insurance 32,528 Net Operating Income 32,528 _ IO % Cap Rate =325,280 $325,280 Indicated Value $325,000 FACILITIES LEASE AGREEMENT BY AND BETWEEN ELMORE, ELMORE & SPELTS PROPERTIES,LLC AND E & S INTERCHANGE,LTD. JANUARY 1,2003 N11bi+ TABLE OF CONTENTS Section No. Page ARTICLE 1.0 TERM, RENEWAL AND NOTICE 1 Section 1.1 Term 1 Section 1.2 Option to Renew. 1 Section 1.3 Notice Addresses. 2 ARTICLE 2.0 RENT 2 Section 2.1 Minimum Rent 2 Section 2.2 Additional Rent 2 Section 2.3 Annual Adjustment. 3 Section 2.4 Past due Minimum Rent and Additional Rent 3 Section 2.5 Percentage Rent. 3 ARTICLE 3.0 USE OF REAL PROPERTY; COVENANTS; ENVIRONMENTAL MATTERS 4 Section 3.1 Use of Premises. 4 Section 3.2 Continued Use. 4 Section 3.3 [Reserved] 5 Section 3.4 Affirmative Covenants of Tenant. 5 Section 3.5 [Reserved] 5 Section 3.6 Right of Entry. 5 Section 3.7 Compliance with Environmental Requirements 6 Section 3.8 Waste Minimization 6 Section 3.9 Spill Response. 6 Section 3.10 Environmental Reports 7 Section 3.11 Indemnification of Landlord 7 Section 3.12 Licenses 7 ARTICLE 4.0 MAINTENANCE AND REPAIRS 8 Section 4.1 By Landlord 8 Section 4.2 By Tenant. 9 Section 4.3 Parking Area 9 Section 4.4 Surrender of Premises. 10 ARTICLE 5.0 TAXES 10 Section 5.1 Landlord's Responsibility. 10 Section 5.2 Other Taxes. 10 ARTICLE 6.0 UTILITIES 10 Section 6.1 Utility Services. 10 ARTICLE 7.0 FIXTURES, ALTERATIONS, AND SIGNAGE 11 Section 7.1 By Landlord 11 Section 7.2 By Tenant. 11 Section 7.3 Indemnity, Insurance and Bonding 11 - i - Section 7.4 Mechanic's Materialmen's and Other Liens. 12 Section 7.5 Trade Fixtures 12 Section 7.6 Signs 12 ARTICLE 8.0 LIABILITY AND CASUALTY INSURANCE 13 Section 8.1 Tenant's Workers' Compensation, Business Interruption and Liability Insurance 13 Section 8.2 Casualty Insurance: 13 Section 8.3 Waiver of Subrogation Rights. 14 Section 8.4 Increase in Insurance Premium 14 Section 8.5 Landlord's Insurance 14 ARTICLE 9.0 DAMAGE TO OR DESTRUCTION OF THE PREMISES 14 Section 9.1 Notice. 14 Section 9.2 Partial Damage 14 Section 9.3 Substantial Damage. 15 Section 9.4 Damage During Last Two Years of Lease Term 15 Section 9.5 Abatement. 15 Section 9.6 Definition of Substantial Damage 16 ARTICLE 10.0 CONDEMNATION 16 Section 10.1 Condemnation 16 ARTICLE 11.0 ASSIGNMENT AND SUBLETTING 17 Section 11.1 Consent Required 17 ARTICLE 12.0 DEFAULT 17 Section 12.1 Tenant's Default, Remedies. 17 Section 12.2 Non-Waiver. 18 Section 12.3 Lien for Rent 19 Section 12.4 Attorneys' Fees 19 Section 12.5 Tenant's Notice to Landlord of Default 20 ARTICLE 13.0 MORTGAGE FINANCING AND SUBORDINATION 20 Section 13.1 Subordination and Attornment. 20 Section 13.2 Notice to Mortgagees of Landlord's Default 20 ARTICLE 14.0 MISCELLANEOUS PROVISIONS 11 Section 14.1 Liability and Indemnity 21 Section 14.2 Limited Liability of Landlord 21 Section 14.3 Notices 21 Section 14.4 Short Form Lease 22 Section 14.5 Surrender of Premises and Holding Over. 22 Section 14.6 Force Majeure 22 Section 14.7 Entire and Binding Agreement 22 Section 14.8 Severability Clause. 22 Section 14.9 Joint and Several Liability 23 - ii- Section 14.10 Captions 23 Section 14.11 Time is of Essence. 23 Section 14.12 Estoppel Certificate 23 Section 14.13 Brokers 23 Section 14.14 Mortgagees' Approval. 23 Section 14.15 Exhibits 24 Section 14.16 Deposit. 24 Section 14.17 Quiet Enjoyment 24 - iii- FACILITIES LEASE AGREEMENT THIS FACILITIES LEASE AGREEMENT(the "Lease") is made effective as of the 1st day of January, 2003(the "Effective Date"), by and between Elmore, Elmore & Spells Properties, LLC, a Colorado limited liability company (the "Landlord") and E & S Interchange, Ltd., a Colorado corporation("Tenant"). WITNESSETH WHEREAS, Landlord owns that certain real property and improvements located on the parcel more particularly described on Exhibit A attached hereto and known by the street address as 3768 Highway 52, Erie CO 80516 (the "Real Property"); WHEREAS,the Real Property includes the premises more particularly described on Exhibit B (the"Premises"), upon which the Tenant has operated a restaurant which may include, but does not have to include, the serving of alcoholic beverages to customers, subject to the Tenant obtaining and maintaining all necessary licenses, approvals and permits of governmental authorities(the "Business"); WHEREAS, Landlord desires to lease the Premises to Tenant subject to the terms and conditions hereof. NOW, THEREFORE, in consideration of the rent to be paid, and the mutual and dependent covenants hereinafter set forth, Landlord hereby leases unto Tenant, and Tenant hereby leases from Landlord,the Premises. ARTICLE 1.0 TERM, RENEWAL AND NOTICE Section 1.1 Term. Subject to the terms and conditions of this Lease, including Tenant's right to renew as provided in Section 1.2, Landlord hereby leases to Tenant the Premises, to have and to hold for an initial period of eight (8)years, (the"Initial Term") commencing January I, 2002; provided, however, (and notwithstanding the yearly adjustments as hereafter described) that the Minimum Rent (as hereafter described) shall be reset at the end of each year but no such increase in the Minimum Rent shall exceed fifteen(15%) of the Minimum Rent at the end of the previous year. Section 1.2 Option to Renew. Provided that Tenant is not in default in the performance of this Lease, Tenant shall have the option to renew the Lease for three (3) additional terms of five (5) years(each, a"Renewal Term") commencing at the expiration of the Initial Term or the previous Renewal Term, as the case may be. All of the terms and conditions of the Lease shall apply during any Renewal Term. Tenant shall exercise this option to renew by delivering written notice to Landlord not less than 60 days prior to the expiration of the Initial Term or then current Renewal Term, as the case may - 1 - be. If notice is not given in the manner provided herein within the time specified, this option to renew shall automatically, and without notice from Landlord, expire. Section 1.3 Notice Addresses. Tenant's, business names and addresses for notice: E & S Interchange, Ltd. 3768 Highway 52 Erie, Colorado 80516 Landlord's address for notice and management: Elmore, Elmore & Spelts Properties, LLC P.O Box 7359 Loveland, Colorado 80537 Attn: Mark S. Elmore with a copy (which shall not constitute notice) to: Jeffrey J. Peterson, Esq. Berenbaum, Weinshienk & Eason, P.C. 370 Seventeenth Street, 48th Floor Denver, Colorado 80202 ARTICLE 2.0 RENT Section 2.1 Minimum Rent. Tenant agrees to pay Landlord at P.O Box 7359, Loveland, Colorado 80537, or at such other place as Landlord may designate in writing in advance, without offset, notice, or deduction of any kind whatever,the sum of Seventy-two Thousand and no/100 Dollars ($72,000.00) during each year of the term of this Lease payable in advance in the equal monthly installment in the amount of Six Thousand and no/100s($6,000.00)on the first day of each and every calendar month during the Initial Term and any Renewal Term of this Lease, as such may be adjusted pursuant to Section 2.3 (hereinafter referred to as the "Minimum Rent"). Section 2.2 Additional Rent. Any other sums of money or charges to be paid by Tenant pursuant to the provisions of any other sections of this Lease shall be designated as"Additional Rent." Unless otherwise expressly noted in specific provisions addressing the imposition of Additional Rent, such Additional Rent shall be due and payable on the first day of the month following notice by the Landlord to the Tenant of the Additional Rent due. - 2 - Section 2.3 Annual Adjustment. (a) The Minimum Rent may be increased each year on January 1 by any increase reflected in the Denver/Boulder/Greeley Consumer Price Index published by the U.S. Department of Labor (the "Local CPI") if the Landlord, in its sole discretion, elects to so increase the Minimum Rent. If the Landlord so elects, it shall give written notice thereof to the Tenant. The amount of any such increase will be equal to the sum of(i)the then current Minimum Rent plus(ii) the product of(A) the then current Minimum Rent, multiplied by (B) the percentage increase in the Local CPI at the end of the previous calendar year over the Local CPI at the end of the next preceding calendar year prior thereto. (b) Notwithstanding anything to the contrary contained herein, no adjustment shall be made to the Minimum Rent which would reduce it below the Minimum Rent due for the immediately preceding calendar year. Any such adjustment shall be rounded off to the nearest whole dollar. In the event of an upward adjustment of the Minimum Rent, the Tenant shall pay to the Landlord as Additional Rent, within 10 days of the receipt of the notice thereof, the Additional Rent owed for the months which have elapsed in the then current calendar year. Section 2.4 Past due Minimum Rent and Additional Rent. Tenant hereby acknowledges that late payment by Tenant to Landlord of Minimum Rent, Additional Rent or other sums due hereunder will cause Landlord to incur costs not contemplated by this Lease, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges, and late charges which may be imposed upon Landlord by the terms of any mortgage or trust deed covering the premises. Accordingly, if Tenant shall fail to pay, when the same is due and payable, any Minimum Rent, or other charges designated as Additional Rent, five(5) days after they are due, then Tenants shall pay to Landlord a late payment fee of$100.00 per day up to a maximum of$1,000.00 and such sum shall be Additional Rent. The parties hereby agree that such late payment fee represents a fair and reasonable estimate of the cost that Landlord will incur by reason of the late payment by Tenant. Acceptance of such late payment fees by the Landlord shall in no event constitute a waiver of Tenant's default with respect to such overdue amount, nor prevent Landlord from exercising any of the other rights and remedies granted hereunder. Section 2.5 Percentage Rent. (a) Notwithstanding the provisions of Sections 2.1 and 2.3 hereof, in the event that the Landlord sells or transfers the approximately 3.5 acre dirt parking lot adjacent to the Premises and such property is no longer available to the Tenant for customer truck parking, then Tenant shall pay Minimum Rent in an amount equal to eight percent (8%) of Tenant's gross revenue from the Business. Such amount shall be payable in arrears on the first day of each and every calendar month following the applicable month during the Initial Term and any Renewal Term of this Lease. (b) In addition to the Minimum Rent described Section 2.5(a) above, Tenant shall deliver to Landlord a monthly report setting forth Tenant's gross revenue and the calculation of such Minimum Rent. As long as rent is due under this Lease and for a period of two - 3 - years thereafter,Tenant shall maintain and make available to Landlord, upon 10 calendar days written request, such records as are required to establish accurate payments of rent due under this Lease. Landlord shall, at its expense, have the right to have an auditor inspect such records on a confidential basis during normal business hours and with reasonable notice. Such inspection is solely for the purpose of verifying the accuracy of payments of Minimum Rent due under this Lease. In the event of a dispute regarding the amount of any Minimum Rent,the Tenant and Landlord shall attempt,within 30 calendar days of notice to the other party, to informally resolve any dispute. If the parties are unable to resolve the dispute,then the parties shall select an independent auditor to conduct an audit of the Tenant's business operations. The auditor, in the event of a disagreement on selection, shall be appointed by the Landlord's primary lender. If any such audit discloses an underpayment of the amount actually due to Landlord,Tenant shall pay to Landlord the amount of such underpayment and shall pay to the auditor the auditor's fees,otherwise the parties shall each pay to the auditor one-half of the auditor's fees and, in such event, Landlord shall be responsible for its own expenses in connection with its separate audit of the records. In addition,all underpayments of Minimum Rent shall accrue interest at a simple rate of 10% per annum from their due dates until paid. ARTICLE 3.0 USE OF REAL PROPERTY; COVENANTS; ENVIRONMENTAL MATTERS Section 3.1 Use of Premises. During the entire term of this Lease the Premises shall be used solely for the purpose of conducting the Business and for no other purpose, without the prior written consent of the Landlord. My Hazardous Materials not normally used in the Business are barred from the Premises. Upon Landlord's written request, Tenant shall also identify all Hazardous Materials in use or to be used at the Premises and provide a listing of these materials to Landlord. For the purposes of this Section, "Hazardous Materials" shall have the same meaning as set forth in Section 3.7. Tenant agrees that nothing shall be done or kept on the Premises which might impair the value of the Premises or which would constitute waste. Tenant agrees not to use or permit the Premises to be used for any purpose prohibited by federal, state or local law, or any purpose not authorized hereunder, and it further agrees that its operations and activities at the Premises will, at all times during the term of this Lease, comply with all applicable federal, state and local laws and provisions of insurance underwriters applicable to the Business of Tenant conducted on the Premises and all applicable terms and conditions of any mortgage or deed of trust encumbering the Real Property. Section 3.2 Continued Use. It is expressly acknowledged by Tenant that it is the essence of this Lease that Tenant shall continuously operate the Business contemplated hereby on the Premises during the entire term of this Lease, including any extension hereof, unless prevented because of a Force Majeure Event as set forth in Section 14.6. The Business will be conducted in a professional and high grade manner at all times during the hours established by Tenant for operation of the Business. At a minimum the hours of operation for the Business shall be from 5 a.m. to 10 p.m. daily; - 4 - provided, however that the Tenant shall have the sole and absolute discretion(subject to applicable laws and regulations) to determine when it will serve alcoholic beverages on the Premises. Failure of the Tenant to strictly adhere to the provisions of this Article 3.0 shall give Landlord the right to terminate this Lease, or in lieu thereof Landlord shall be entitled to twice the amount of Minimum Rent in addition to any other remedies afforded by law or equity. Section 3.3 [Reserved] Section 3.4 Affirmative Covenants of Tenant. Tenant covenants and agrees: (a) Neither to permit nor to suffer any conduct, noise, or nuisance whatever about the Real Property having a tendency to annoy or disturb persons occupying or using adjacent premises. (b) To keep the Premises at a comfortable temperature for customers, clean and in sanitary condition as required by the ordinances, and the health, sanitary, and police regulations of any governmental unit having jurisdiction. (c) To maintain the general operations of the Business as it is currently being operated. That is, the Business will continue to offer the same general mix of products and services as is currently being offered ; provided, however, that the Tenant shall have the right, without Landlord approval, to serve alcoholic beverages in the future, subject to the Tenant obtaining and maintaining all necessary licenses, approvals and permits of governmental authorities. (d) Neither to permit nor suffer the Premises, the walls, floors, ceiling, or roof thereof to be endangered by overloading or lack of cleanliness or maintenance. By way of example and not limitation, Tenant shall ensure that exhaust fan located on the roof of the Premises be cleaned regularly so that the grease which collects there does no damage to the roof or roof covering membrane. (e) That, upon taking possession of the Premises, Tenant shall be deemed to have accepted the Premises "as is" and subject to existing covenants, conditions, restrictions, easements and encumbrances affecting the same. Further, upon possession of the Premises, Tenant shall be deemed to have waived any warranty of fitness for a particular purpose or merchantability, express or implied, relating to the Premises. Section 3.5 [Reserved] Section 3.6 Right of Entry. Landlord retains the full right of entry in and to the Premises for the purpose of(a) testing, investigating and remediating any environmental conditions existing at the Real Property, (b) maintaining the Sign, or(c) any other purpose related to Landlord's continued ownership of the Real Property and any property adjacent thereto. Except in the case of emergency, Landlord agrees to exercise good faith in notifying Tenant within a reasonable time - 5 - in advance of all entries into the Premises. Landlord's right of entry includes access for Landlord's contractors, employees and/or agents and third parties acting with permission of the Landlord, provided that any such access shall not unreasonably interfere with Tenant's conduct of the Business at the Premises. Section 3.7 Compliance with Environmental Requirements. Tenant, in conducting any activity on the Premises, shall comply with all applicable local, state and federal environmental rules, regulations, statutes, laws or orders(collectively, the "Environmental Requirements"), including without limitation Environmental Requirements regarding the storage, use and disposal of Hazardous Materials and regarding releases or threatened releases of Hazardous Materials to the environment. For purposes of this Lease, the term"Haznrdous Materials" shall mean used oil or any petroleum products, natural gas, radioactive source material, asbestos, asbestos-containing materials, polychlorinated biphenyls (PCBs), and any hazardous waste as defined at 42 U.S.C. § 6903(5) of the Solid Waste Disposal Act, any hazardous substance as defined at 42 U.S.C. § 9601(14)of the Comprehensive Environmental Response, Compensation and Liability Act, and chemical substance as defined at 15 U.S.C. § 2602(2)of the Toxic Substances Control Act, and any rules or regulations promulgated pursuant to such statutes or any other applicable federal or state statute. Tenant shall acquire all necessary federal, state and local environmental permits and comply with all applicable federal, state and local environmental permit requirements relating to Tenant's use of the Premises. Section 3.8 Waste Minimization. Tenant agrees to ensure that the Premises is designed, operated and maintained in a manner that minimizes negative environmental impact through appropriate preventative measures and complies with all applicable federal, state and local environmental requirements. Tenant agrees to evaluate and implement reasonable methods to reduce the generation and disposal of waste materials. Tenant will not cause or allow any discharge or disposal of any Hazardous Materials to floors, floor drains, storm or sanitary sewer systems, surface or ground water, or the land surface at the Real Property. Section 3.9 Spill Response. In the case of a release, spill or leak of Hazardous Materials as a result of Tenant's activities, Tenant shall immediately control and remediate all contaminated media to federal, state and local standards. Tenant shall reimburse the Landlord for any penalties and all cost and expense, including without limitation reasonable attorneys' fees, incurred by the Landlord as a result of the release or disposal by Tenant of any Hazardous Materials in the Real Property or adjacent property. Tenant shall also immediately notify the Landlord in writing of the release, spill or leak, the control and remediation response actions taken by Tenant, and any responses. notifications or actions taken by any federal, state or local agency with regard to such release, spill or leak. - 6 - Section 3.10 Environmental Reports. Tenant shall make available for inspection and copying, upon reasonable notice and at reasonable times, any or all of the documents and materials that Tenant has prepared pursuant to any requirement under this Section or submitted to any governmental or regulatory agency under this Article 3.0. If there is a requirement to file any notice or report of a release or threatened release of any Hazardous Materials on, under or about the Real Property. Tenant shall provide a copy of such report or notice to the Landlord. Section 3.11 Indemnification of Landlord. Tenant hereby indemnifies and holds harmless Landlord, its members, managers and representatives (the "Indemnified Persons"), from and against any and all liabilities, obligations, costs, damages, expenses, liens, suits and obligations of any manner whatsoever relating, directly or indirectly, to the release or threatened release of Hazardous Materials, including, but not limited to, any contamination of soil, improvements, surface water, groundwater or air, either within or without the Real Property (the "Indemnified Matters"). In the event any action is filed against Landlord in connection with any of the Indemnified Matters, Tenant shall provide for the representation of the Indemnified Persons with counsel selected by Landlord. Representatives of the Indemnified Persons shall have a right to participate in any and all proceedings relating to any such lawsuits, administrative actions or other proceedings. Section 3.12 Licenses. (a) Tenant shall apply for, process and take all necessary steps to procure in Tenant's name all licenses required for the operation of the food and beverage aspects of the premises, including, but not limited to, state and local hotel and restaurant liquor licenses. Hereinafter the licenses Tenant is required to procure under this provision are referred to as the "Licenses." (b) Tenant agrees to comply with the conditions of the Licenses and the laws governing them and to operate the food and beverage aspects of the Premises at all times in accordance with such conditions such laws. It shall be an event of default hereunder if Tenant shall sell or distribute food or beverages, including without limitation, liquor, in violation of the Licenses or such laws. (c) Once a hotel and restaurant liquor licenses have been issued to it, Tenant shall maintain the Licenses in full force and effect throughout the term of this Lease. Without limiting the generality of the foregoing, Tenant agrees to timely apply for any annual renewals of its hotel and restaurant liquor licenses and to obtain annual renewals of them as such renewals are necessary for continued sale of liquor for consumption on the Premises. (d) Tenant shall not voluntarily surrender any Licenses without Landlord's prior written consent, which consent may be withheld in Landlord's sole discretion. Upon the expiration or sooner termination of this Lease, Tenant agrees,to the extent permitted by applicable law,to sell, assign, transfer and convey to Landlord or its designee all of Tenant's right,title and interest in and to all such Licenses without charge. In the event such assignment - 7 - is not permitted by applicable law Tenant agrees to use its best efforts to provide Landlord or Landlord's designee with the use and benefits of such Licenses until such time (not to exceed 180 days) as Landlord and/or its designee are able to obtain new Licenses (any such period of time, the "Period of Use"); provided that Landlord shall indemnify, defend and hold harmless (the "License Indemnity") Tenant and its affiliates, and their respective agents, officers, employees, directors and shareholders, from and against any and all losses, costs, liabilities, expenses and claims (whether administrative or judicial and including, without limitation, any attorneys' fees and expenses), arising from Landlord's use of such Licenses. The License Indemnity shall survive the termination of this Lease. (e) If Tenant fails or refuses to sell, assign, transfer and convey the Licenses to Landlord or its designee, Tenant shall be responsible for all damages suffered as the result of that failure or refusal, which include the costs of obtaining a court order compelling Tenant to so sell, assign, transfer and convey the Licenses, including reasonable attorneys' fees, and the cost and expense of obtaining new liquor licenses for the Premises, if as the result of the Tenant's fiilure or refusal to sell, assign, transfer and convey the Licenses, obtaining such new licenses to be able to serve alcoholic beverages for consumption on the Premises is required. (f) During the term of this Lease, and subject only to the indemnification of Tenant provided in Section 3.12(e) which would arise if, and only if, the Landlord or its designee operates the food and beverage aspects of the Premises using Tenant's Licenses, the Tenant will indemnify and hold the Landlord and its officers, members, affiliates, agents, servants and employees harmless from and against any and all loses, costs, liabilities, expenses and claims, whether administrative or judicial, and including, without limitation, any attorneys' fees and expenses, arising out of or resulting form the Tenant's operation of the food and beverage aspects of the Premises. ARTICLE 4.0 MAINTENANCE AND REPAIRS Section 4.1 By Landlord. Landlord agrees to keep in good order, condition, and repair the exterior, foundations, and structural portions of the building on which the Premises is located (except doors, glass, and glass windows), except for any damage thereto caused by any act or negligence of Tenant, its employees, agents, licensees, or contractors and to perform all roof repairs and replacements as the same may be required, from time to time, and, so long as Tenant has properly maintained the heating, ventilation and air conditioning system("HVAC"), perform all necessary replacements of the HVAC. Landlord shall not be responsible for making any plumbing, electrical, or mechanical repairs or replacements or other improvements or repairs of any kind upon the Premises except as may be set out in this Lease. If any such repair or maintenance is necessary due to an act or negligence of Tenant, Landlord is authorized to effect such repair or maintenance and the costs incurred for it shall be Additional Rent payable by Tenant pursuant to Section 2.2. - 8 - Section 4.2 By Tenant. Tenant agrees that until the end of the Term hereof, as such may be renewed, that it will be responsible, without any right of set-off or reduction in Minimum Rent or Additional Rent, for all repairs, maintenance, and replacements to the Premises other than those specifically required to be performed by Landlord in Section 4.1, including, without limitation, the gutters, downspouts, all service pipes. lines, and mains leading to and from the Premises, the parking areas and roadways utilized by Tenant and its customers, employees, agents, licensees, or contractors;the interior and exterior portions of all doors, windows, plate glass that is part of the Premises; the mechanical plumbing, heating, air conditioning, ventilating, and electrical equipment and systems; partitions and all other fixtures, appliances, and facilities furnished by Tenant or Landlord. Tenant shall not, however, be responsible for repair of any damage directly caused by any act or negligence of Landlord, its employees, or agents. All such work shall be performed by Tenant in a good and workmanlike manner in compliance with all applicable laws, codes, and regulations and subject to such reasonable requirements as Landlord may impose. Landlord shall have the right to post the Premises with a notice of non-liability in connection with any such work performed by or on behalf of Tenant. Should Tenant fail to so maintain or repair the Premises, or should Landlord reasonably determine that specific maintenance or repair is necessary and Landlord provides 30 days written notice to Tenant of such determination and Tenant fails to commence such maintenance or repair, then in any such event Landlord may effect such repair or maintenance and any expense incurred by Landlord in so doing shall be Additional Rent payable by Tenant pursuant to Section 2.2. Any maintenance or repair work conducted by agents or contractors of Tenant shall provide Landlord with proof of liability insurance and workers compensation insurance before the commencement of any work in or on the Premises. Tenant shall indemnify and hold harmless Landlord from any and all acts occasioned by such agents or contractors. Section 4.3 Parking Area. All of the parking areas existing at the subject property shall be maintained in good repair and clean condition, reasonably clear of ice and snow, at all times during the term of this Lease, in accordance with a Maintenance Agreement, if any. Landlord acknowledges that this obligation is shared by Tenant and the operator of the convenience store located adjacent to the Premises, which operator has similar obligations under its lease with Landlord. Landlord agrees that Tenant may, during the term hereof with others, have the nonexclusive right to use all parking areas of the Real Property for the accommodation and parking of such automobiles of Tenant, its officers, agents, employees, and customers in connection with Tenant's operation of the Business; but it is understood and agreed that Landlord shall have the right,to be exercised reasonably, to designate from time to time and to change from time to time, the location and direction of such parking lanes and areas and to rearrange and relocate parking areas so long as adequate parking for the Business is maintained. Tenant agrees to cause its employees to park their cars only on such areas as Landlord may from time to time designate as employee parking areas. Upon request of Landlord, Tenant shall furnish to Landlord a complete list of the license numbers of all automobiles operated by Tenant and its employees. - 9 - Section 4.4 Surrender of Premises. Upon the expiration or earlier termination of this Lease or on the date specified in any demand for possession by Landlord after any default by Tenant, Tenant covenants and agrees to surrender possession of the Premises to the Landlord in the same condition as when first occupied under this Lease, ordinary wear and tear excepted. No spill, leakage, deposit, abandonment or other release of hazardous substances, hazardous wastes or petroleum products in soils, groundwater or surface water shall be deemed to result in "ordinary wear and tear"that would be normal for the period of Tenant's occupancy. ARTICLE 5.0 TAXES Section 5.1 Landlord's Responsibility. During the Initial Term hereof, Landlord shall be responsible for the timely payment of all general and special taxes and assessments levied on the Premises including Common Areas located thereon(as hereinafter defined), all assessments for local improvements, if any, and any new taxes which may be levied or assessed on Landlord or the Premises based upon gross rentals in lieu of or in addition to the current real property taxes, and other governmental charges which may lawfully be charged, assessed, or, imposed upon the Premises and improvements hereafter constructed thereon (hereinafter referred to collectively as the "Real Estate Taxes"). Landlord shall pay the Real Estate Taxes before they become delinquent. However, if authorities having jurisdiction assess Real Estate Taxes which Landlord deems excessive, Landlord may defer compliance therewith to the extent permitted by the laws of the State of Colorado, so long as the validity or amount thereof is contested by Landlord in good faith and so long as Tenant's occupancy of the Premises is not disturbed or threatened. Section 5.2 Other Taxes. Tenant shall timely pay all taxes assessed on its merchandise, trade fixtures, and equipment in or upon the Premises and also general license or franchise taxes, rent taxes, and sales taxes, if any, which may be required for the conduct of Tenant's Business. Tenant shall indemnify, hold harmless and defend Landlord from any and all liability related to such taxes. ARTICLE 6.0 UTILITIES Section 6.1 Utility Services. The parties agree that all expense for public utilities shall be paid by Tenant. Tenant shall promptly pay directly to all public utilities for service furnished to the Premises(together with any taxes thereon) from and after the date hereof, including without limitation, electricity, gas, water and sewer charges, and hookup or account set-up charges. Tenant agrees that it will - 10 - pay any and all costs of utility service required for the operation of the Premises by utility companies. Tenant agrees that it will pay any and all costs of utility service required for the operation of the Premises beyond the business hours established by Landlord for the operation of the Premises. Landlord shall not be liable for any loss or damage suffered by Tenant or its agents, licensees, employees, concessionaires, officers, customers, or invitees as a result of any interruption or cessation of utilities, and Tenant waives the right to recover any damages from Landlord for any such interruption or cessation. Further, such interruption or cessation shall not be deemed to be a constructive eviction and Tenant waives any claim it might have for such based upon interruption or cessation of utility services. ARTICLE 7.0 FIXTURES, ALTERATIONS, AND SIGNAGE Section 7.1 By Landlord. Landlord hereby reserves the right at any time to make alterations or additions to any building in the Real Property including any buildings or improvements on or touching the Premises, and to construct new buildings in any area of the Real Property and to lease such improvements to third parties so long as such does not materially impair the Business. Section 7.2 By Tenant. (a) Tenant may at its own expense, alter, renovate or improve the interior of the Premises with Landlord's prior written consent. All such alternations must be performed in a good and workmanlike manner, in accordance with accepted building practices and all applicable building codes or ordinances, so as not to weaken or impair the structural integrity or the value of the building on the Real Property, and so as not to interfere with the business of Landlord or other Tenants, if any. (b) Tenant shall, at Tenant's sole cost, prepare and present to Landlord detailed plans and specifications for work to be done. No such work shall be commenced unless and until Landlord has approved such plans and specifications in writing, and any such work shall be carried out only in accordance with the approved plans and specifications. Any government permits or other approvals necessary for any such addition, alteration, etc. are the sole responsibility of Tenant to obtain. Section 7.3 Indemnity, Insurance and Bonding. Before undertaking any alternations or construction, Tenant shall obtain and pay for a public liability insurance policy insuring Landlord and Tenant against any liability which may arise on account of such proposed alterations or construction work in limits of not less than $1,000,000.00 for death or personal injury in any one accident and $1,000,000.00 for property damage. A certificate or copy of such policy shall be delivered to Landlord prior to the commencement of such proposed work. Tenant shall indemnify and hold Landlord harmless from any and all claims for damages or otherwise based upon or in any manner growing out of - 11 - any alternations or construction undertaken by Tenant under the Terms of this Lease, including all costs, damages, expenses and attorneys' fees incurred. Landlord may require that Tenant obtain a payment and performance bond prior to commencing any improvement, alteration or renovation. Tenant agrees to produce such bond in form satisfactory to Landlord. Section 7.4 Mechanic's Materialmen's and Other Liens. During the term hereof Tenant will not permit any mechanic's, materialmen's or other liens to be placed upon the Premises or any portion thereof. If any lien on the interest of Landlord or Tenant is filed against the Premises, Tenant shall cause the same to be discharged of record within 10 days after the filing of same (and in any event prior to any foreclosure or other enforcement thereof). If Tenant shall fail to discharge such lien within such period, then in addition to any other right or remedy of Landlord, Landlord may, but shall not be obligated to, discharge the same either by paying the amount due, by deposit in court, bonding, or otherwise. Any amount paid by Landlord for the satisfaction of any lien not caused by Landlord, and all reasonable attorneys' fees and other expenses of Landlord, associated therewith. shall be paid by Tenant to Landlord on demand, as Additional Rent. Section 7.5 Trade Fixtures. Except for trade fixtures owned by the Landlord and used by Tenant pursuant to one or more other agreements, all trade fixtures and equipment installed by Tenant in the Premises shall be new or completely reconditioned and, as long as the removal of such shall not damage the Premises unreasonably, they shall remain the property of Tenant. Provided Tenant is not in default hereunder, Tenant may at the termination of this Lease, remove any and all of Tenant's trade fixtures, equipment and other items of personal property not constituting a part of the freehold, including property which is susceptible to being moved without damage to the building. Tenant must exercise this right before the Lease- is terminated and shall repair, at Tenant's cost and expense, any damage to the Premises caused thereby. Buildings shall be left in a broom-clean condition. If Tenant shall fail to remove its trade fixtures or other property at the termination of this Lease or within 10 days thereafter, such fixtures and other property not removed by Tenant shall be deemed abandoned by Tenant, and, at the option of Landlord, shall become the property of Landlord. Further, in the event that Tenant desires or otherwise attempts to sell its trade fixtures or leasehold improvements, Tenant hereby grants to Landlord the first right of refusal to purchase the same for a value to be agreed upon which shall be as equivalent as possible to auction/salvage value. Section 7.6 Signs. Tenant shall not erect any exterior sign or any interior window or door signs without first obtaining the written consent of Landlord. Subject to the terms and conditions of a separate Sign Lease between the Landlord and Tenant (the "Sign Lease"), Tenant shall have the right to use Landlord's Signage located on or near the Real Property. Any breach or defauh under the Sign Lease by Tenant shall be a default hereunder. - 12 - ARTICLE 8.0 LIABILITY AND CASUALTY INSURANCE Section 8.1 Tenant's Workers' Compensation, Business Interruption and Liability Insurance. (a) Tenant shall obtain and maintain (i) Workers' Compensation insurance as prescribed by the law of the State of Colorado, (ii) commercial general liability insurance (including contractual liability and products liability coverage) with combined single limits of at least One Million Dollars($1,000,000.00) per person, per occurrence and Two Million Dollars ($2,000,000.00) in the general aggregate covering (A) injury or death of any person and (B) damage to or destruction of property occasioned by, arising out of, or in connection with the use, occupancy or condition of Premises, and (iii) such other policies of insurance covering such other risks associated with Tenant's occupation and use of the Premises as Landlord shall reasonably require. Such policy or policies shall contain a blanket contractual liability endorsement (including Tenant's obligation to indemnify Landlord), and shall name Landlord as an additional insured. Annually, upon the Effective Date hereof, Tenant shall furnish to Landlord proof of such liability insurance and Tenant shall, by the 10th day of each month during the term of this Lease, provide proof to the Landlord that the premium on such insurance has been paid. Should Tenant fail to pay such insurance premiums without obtaining replacement insurance with the same requirements as outlined above, Landlord shall have the right to pay said insurance premium and such insurance premium payment by Landlord shall be Additional Rent pursuant to Section 2.2 above. (b) Throughout the term of this Lease, Tenant, at its own cost and expense, shall also insure all furniture, fixtures, inventory and equipment, whether supplied or owned by Tenant or by Landlord. (c) All of Tenant's insurance coverage required by this Article shall be written by an insurance company or companies satisfactory to Landlord and licensed to do business in the State of Colorado and shall name Landlord as an additional insured. Tenant shall obtain a written obligation on the part of each insurance company to notify Landlord at least 30 days prior to cancellation of such insurance. Tenant shall promptly deliver to Landlord the new policy at least 30 days prior to the expiration of the current policy. If Tenant fails to comply with the foregoing requirements, Landlord may, but shall have no obligation to, obtain such insurance for Tenant and Tenant shall pay to Landlord, on demand, the premium cost thereof, as Additional Rent. Section 8.2 Casualty Insurance: Except as provided for elsewhere in the Lease, Landlord shall keep all improvements constructed on the Real Property, from time to time, insured against loss or damage by fire, including the value of Tenant's improvements to the extent that Tenant has notified and kept Landlord advised of the costs of all such improvements. In the event of an insurable damage to the Premises or Tenant's improvements under such Landlord's Casualty Insurance policy, Tenant shall pay to Landlord, as Additional Rent,the lesser of Landlord's deductible (up to $5,000.00)or the amount of the damage. - 13 - Section 8.3 Waiver of Subrogation Rights. Anything in this Lease to the contrary not withstanding, Landlord and Tenant each hereby waive any and all rights of recovery, claims action or cause of action against the other, its agents, officers, or employees for any loss or damage to the Premises, (including improvements), any personal property of such party therein, by reason of any cause which is insured against under the term of any insurance policies referred to herein, regardless of cause or origin, including negligence, to the extent of insurance proceeds collected or for which such party is otherwise reimbursed. The parties agree that no insurer shall hold any rights of subrogation against such other party. The parties agree that their respective insurance policies shall provide that no insurer shall hold any rights of subrogation against such other party. Nothing contained in this section shall be construed to impose any other or greater liability upon either Landlord or Tenant than would have existed in the absence of this Section 8.3. Section 8.4 Increase in Insurance Premium. Tenant covenants and agrees that it will not do or permit anything to be done in or upon the Premises or bring in anything therein which shall increase the rate of insurance on the Premises or on the other improvements located on the Premises above the standard rate on said Premises with the kind of business operations currently operated; and Tenant further agrees that in the event it shall do any of the foregoing, it will promptly pay to Landlord on demand any such increase resulting therefrom which shall be due and payable as Additional Rent hereunder. Any schedule issued by the organization making the insurance rate on the Premises, showing the various components of such rate, shall be conclusive evidence of the several items and charges which make up the insurance rate on the Premises. Tenant shall not permit any operation or activity to be conducted, or storage or use of any materials, which would cause suspension or cancellation or any casualty or other insurance carried by Landlord. Section 8.5 Landlord's Insurance. Landlord shall maintain such fire and extended coverage, or other insurance coverage on the Premises, or any portions thereof; that Landlord, in its reasonable discretion, shall deem appropriate. ARTICLE 9.0 DAMAGE TO OR DESTRUCTION OF THE PREMISES Section 9.1 Notice. Tenant shall give immediate written notice to Landlord of any damage caused to the Premises by fire or other casualty. Section 9.2 Partial Damage. In case during the term hereof the Premises shall be partially damaged(as distinguished from"Substantially Damaged"as that term is hereinafter defined) by fire or other casualty, - 14 - Landlord shall, not later than 60 days after the date of such fire or other casualty, proceed to commence repair of such dajnage and restore the Premises to substantially its condition at the time of such damage (including any Tenant improvements to the extent of insurance proceeds recovered by Landlord that are directly attributable thereto, but exclusive of any Tenant improvements of which Landlord has not been advised as set forth in Section 8.2 above) and, subject to zoning laws and building codes then in existence, Landlord shall complete such repairs subject to any delay which may result from any cause beyond Landlord's reasonable control. Tenant agrees that, promptly after completion of such work by Landlord, it will proceed with reasonable diligence at its sole cost and expense to restore its fixtures and equipment and re- inventory the Premises for reopening. This Lease shall continue in full force and effect during any such period of repair and restoration. Section 9.3 Substantial Damage. In case during the term hereof the Premises shall be Substantially Damaged or destroyed by fire or other casualty, Landlord shall have the right, to be exercised by written notice of such effect delivered to Tenant within 30 days after the occurrence of such event, to terminate this Lease. If Landlord fails to timely give such notice of its election to terminate, this Lease shall, except as hereinafter provided, remain in full force and effect, and Landlord shall, not later than 60 days after the date of such fire or other casualty, proceed to commence repair or rebuilding of the Premises (or such portions thereof as Landlord reasonably determines are necessary to be repaired) to substantially their condition at the time of such damage or destruction(including as to the Premises, any of Tenant's improvements to the extent of insurance proceeds recovered by Landlord directly attributable thereto, but exclusive of Tenant's improvements of which Landlord has not been advised as set forth in Section 8.2 above) subject to zoning laws and building codes then in existence, but Landlord shall not be responsible for any delay which may result from any cause beyond Landlord's reasonable control. Section 9.4 Damage During Last Two Years of Lease Term. If the Premises is damaged in whole or in substantial part within the last 24 months of the Term, Landlord shall have the option, exercisable within 90 days following such damage, of terminating this Lease, effective as of the date of mailing notice thereof No damage or destruction to the Premises shall allow Tenant to surrender possession of the Premises nor affect Tenant's liability for the payment of rent or any other covenant contained herein, except as specifically provided in this Lease. Section 9.5 Abatement. Tenant agrees that during any period of reconstruction or repair of the Real Property, it will continue the operation of the Business on the Premises to the extent practicable. During the period from the occurrence of the casualty until Landlord's repairs are completed, the Minimum Rent and all Additional Rent set forth herein shall be reduced to such extent as may be fair and reasonable under the circumstances; however, there shall be no abatement of the other charges provided for herein. If the Premises is untenantable during such period of repair or restoration, Tenant's rent shall abate in its entirety during any such period. - 15 - Section 9.6 Definition of Substantial Damage. The terms"Substantially Damaged" and "Substantial Damage," as used in this Article, shall mean and refer to damage to the Premises of such a character as cannot reasonably be expected to be repaired or restored within 150 days from the time that such repair or restoration work would be commenced. ARTICLE 10.0 CONDEMNATION Section 10.1 Condemnation. (a) If the entire Premises is appropriated or taken under the right of condemnation or power of eminent domain for any public or quasi-public use or purpose ("Condemned"), or sold to a condemning authority under threat of Condemnation, this Lease shall Landlordd Te enant shald cease l thereupon date be released taking, m any rentals further shall bil ty hereunder.paid to that date and (b) If less than all but more than fifteen percent (15%)of the floor area of the building located on the Premises and used by the Tenant is condemned, Tenant and d giving shall each have the right to cancel this Lease as of the date of such taking upon p g g the other notice of such election within 30 days after the taking. In the event of such cancellation, all rentals shall be paid to the date of the notice of such election and Landlord and Tenant shall thereupon be released from any further liability under this Lease. If this Lease shall not be so terminated then Landlord, at its cost and expense, shall, to the extent reasonable, immediately restore the building, less the Condemned portion thereof, to a complete unit of like quality and character. (c) MI compensation awarded or paid upon any total or partial taking shall be the property of Landlord without any participation by Tenant provided, however, that nothing contained herein shall be construed to preclude Tenant from prosecuting any claim against the condemning authority for loss of business, or any claim relating to stock,trade fixtures, furniture or other personal property belonging to Tenant. No such claim of Tenant shall diminish or otherwise adversely affect Landlord's award(s)or any and all grounds underlying the claims of Landlord and mortgagee(s). Anything to the contrary herein notwithstanding, in the event the proceeds of any Condemnation proceeding available to Landlord,net of the costs of collection and amounts, if any, required to be paid by Landlord to any mortgagees or other third party, are, in Landlord's opinion, insufficient to restore the Premises to a state in which it can continue to be operated in a reasonable manner, Landlord may, at its sole option, terminate this Lease as of the date of such taking without liability of any kind or nature to Tenant. - 16 - ARTICLE 11.0 ASSIGNMENT AND SUBLETTING Section 11.1 Consent Required. Tenant may not assign this Lease and/or sublet the Premises, or any part thereof, without in each instance obtaining the prior written permission of Landlord, which may be withheld by Landlord for any reason or no reason at all. The consent of Landlord to any assignment or subletting shall not constitute a waiver of the necessity for such consent to any subsequent assignment or subletting. If any subtenant or assignee, pursuant to any subletting or assignment in accordance with the provisions hereof is obligated to pay any amount in excess of the Minimum Rent and/or Additional Rent required to be paid hereunder by Tenant (hereinafter referred to as "Excess Rent"), Landlord shall be entitled to receive all Excess Rent. Further, in the event any consented to assignee or subtenant intends to use the Premises for any purpose other than that set forth in Section 3.1 and Landlord consents to such use, Landlord reserves the right to increase the Minimum Rent required to be paid by such subtenant or assignee or to impose a Percentage Rent upon such subtenant or assignee. This prohibition against assigning or subletting shall be construed to include a prohibition against any assignment or subletting by operation of law. If this Lease is assigned, or if the Premises or any part thereof be underlet or occupied by anybody other than Tenant, Landlord may collect rent from the assignee, undertenant,or occupant, and apply the net amount collected to the rent herein reserved, but no such assignment, underletting, occupancy, or collection shall be deemed a waiver of this covenant, or the acceptance of the assignee, undertenant, or occupant as Tenant, or a release of Tenant from the further performance by Tenant of covenants on the part of Tenant herein contained. Notwithstanding any assignment or sublease, Tenant shall remain fully liable on this Lease and shall not be released from performing any of the terms, covenants, and conditions of this Lease. ARTICLE 12.0 DEFAULT Section 12.1 Tenant's Default, Remedies. In the event (i) Tenant fails to pay any amount it is obligated to pay hereunder when such payment is due;or(ii) Tenant fails to comply with any other term, provision, condition, or covenant of this Lease and such failure continues for a period of five(5) days after Landlord notifies Tenant thereof or, in the event such default is otherwise not susceptible of being cured within five (5) days, if Tenant does not commence to cure such default within such period and thereafter diligently pursues such curative actions for such period, not to exceed 30 days; or(iii) Tenant deserts or vacates the Premises or any material portion thereof; or (iv) any petition is filed by or against Tenant under any section or chapter of the then current federal bankruptcy laws; or (v) Tenant becomes insolvent or makes a transfer in fraud of creditors; or(vi) a receiver is appointed for Tenant or any of the aeets of Tenant; or(vii) the discovery by Landlord that any statements, applications, financial information, or credit information was materially false or contained materially false information;then in any of such events, Landlord shall have the option - 17- to do any one or more of the following (to the maximum extent permitted by applicable law), without any notice or demand, in addition, such remedies shall be cumulative with any other remedy available to Landlord: (a) Terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord, but if Tenant shall fail to do so, Landlord may, without notice and without prejudice to any other remedy Landlord may have for possession or arrearage in rent, enter upon and take possession of the Premises and expel or remove Tenant and its effects, by force and as permitted by law if necessary, without being liable to prosecution or any claim for damages therefor; and Tenant agrees to indemnify Landlord for all loss and damage which Landlord may suffer by reason of such termination, whether through inability to relet the Premises on satisfactory terms, or through decrease in rent, or otherwise. (b) Declare the entire amount of the rent which would have become due and payable during the remainder of the term to be due and payable immediately. In such event, Tenant agrees to pay the same at once, together with all rents theretofore due to Landlord, provided, however that such payment shall not constitute a penalty or forfeiture or liquidated damages, but shall merely constitute payment in advance of the rent for the remainder of the Term. Landlord will discount the accelerated amount by a twelve percent (12%) amortization for present value. The acceptance of such payment by Landlord shall not constitute a waiver of any failure of Tenant thereafter occurring to comply with any term, provision, condition, or covenant of this Lease. (c) Enter upon and take possession of the Premises as the agent of Tenant, by force if necessary, without being liable to prosecution or any claim for damages therefor, and Landlord may relet the Premises as the agent of the Tenant and receive the rent therefor. In such event, Tenant shall pay Landlord the cost of renovating, repairing and altering the Premises for a new tenant or tenants and any deficiency in rent that may arise by reason of such reletting on demand. Landlord's failure or refusal to relet the Premises shall not release or affect Tenant's liability for rent or for damages and such rent and damages shall be paid by Tenant on the dates specified herein. (d) Landlord may, as agent of Tenant, do whatever Tenant is obligated to do by the provisions of this Lease and may enter the Premises, by force if necessary, without being liable to prosecution or any claim for damages therefor. In order to accomplish this purpose, Tenant agrees to reimburse Landlord immediately upon demand for any expenses which Landlord may incur in thus effecting compliance with this Lease on behalf of Tenant. Tenant further agrees that Landlord shall not be liable for any damages resulting to Tenant from such action, whether caused by negligence of Landlord or otherwise. Section 12.2 Non-Waiver. The mention in this Lease of any particular remedy shall not preclude Landlord from any other remedy Landlord might have, either in law or in equity. Further,the waiver of or redress for any violation of any covenant or condition in this Lease shall not prevent a subsequent act which would have originally constituted a violation from having all the force and effect of an original violation. The failure of Landlord to insist at any time upon the strict performance of - 18 - any covenant or agreement or to exercise any option, right, power, or remedy contained in this Lease shall not be construed as a waiver or relinquishment thereof. No provision of this Lease shall be deemed to have been waived by Landlord unless such waiver be in writing signed by Landlord. Section 12.3 Lien for Rent. In addition to any statutory Landlord's lien, Tenant hereby grants to Landlord an express contractual lien and security interest on all property, wares, machinery, goods. equipment, fixtures and furniture (collectively, the "Goods")of Tenant now or hereafter placed in or upon the Premises and not exempted by law, in conformance with the Uniform Commercial Code of the State of Colorado. Such property shall be and remain subject to this lien and security interest of Landlord as security for payment of all rent and other sums agreed to be paid by Tenant herein. Upon the occurrence of any event of default Landlord may, in addition to any other remedies provided herein by law, enter upon the premises and take possession of any and all Goods and other personal property of Tenant situated on the Premises without liability for trespass or conversion and sell the same at public or private sale, with or without having such property at the sale, after giving Tenant reasonable notice of the time and place of any such sale. Unless required by law, notice to Tenant of such sale shall be deemed sufficient if given in the manner prescribed in this Lease at least 10 days prior to the time of the sale. Any public sale made under this paragraph shall be deemed to have been conducted in a commercially reasonably manner if held on the Premises or where the property is located after the time, place and method of sale and a general description of the types of property to be sold have been advertised in a daily newspaper published in the county where the Premises is located for five (5) consecutive days before the date of the sale. Landlord or it's assigns may purchase at a public sale and, unless prohibited by law, at a private sale. The proceeds from any disposition dealt with in this paragraph, less any and all expenses connected with the taking of possession, holding and selling of the property(including reasonable attorneys' fees and legal expenses), shall be applied as a credit against the indebtedness secured by the security interest granted herein. Any surplus shall be paid to Tenant or as otherwise required by law, Tenant shall pay any deficiencies forthwith. Tenant agrees to execute, as debtor, such financing statement or statements as Landlord may now or hereafter reasonably request in order that such security interest or interest may be perfected or continued pursuant to the Uniform Commercial Code. The statutory lien for rent is expressly reserved; the security interest herein granted is in addition and supplementary thereto. Notwithstanding the provisions of this Section 12.3 to the contrary, Landlord shall have no lien on or secured interest in(a) Tenant's liquor license, if any, or(b) any alcoholic beverages held for sale by Tenant or stored by Tenant on the Premises. Section 12.4 Attorneys' Fees. If Tenant defaults in the performance of any of the terms, covenants, agreements, or conditions of this Lease and Landlord hires an attorney, or files suit upon the same, Tenant agrees to pay, as Additional Rent or otherwise, Landlord's reasonable attorneys' fees, court costs, and other costs incurred in connection therewith, whether or not suit is filed. - 19 - Section 12.5 Tenant's Notice to Landlord of Default. Should Landlord be in default under any of the terms of this Lease, Tenant shall give Landlord prompt written notice thereof and shall allow Landlord a reasonable length of time (in any event, not less than 30 days from the date of such notice) in which to cure default, which period of time shall be extended by any period during which Landlord is delayed or precluded from curing such default by a Force Majeure Event (as hereafter defined) or any causes beyond the control of the Landlord. ARTICLE 13.0 MORTGAGE FINANCING AND SUBORDINATION Section 13.1 Subordination and Attomment. Tenant accepts this Lease subject and subordinate to any recorded mortgage or deed of trust lien(and to all restrictions, covenants and provisions contained in said mortgage or deed of trust) presently existing or hereafter created upon the Premises in whole or in part and to all existing recorded restrictions, covenants, easements and agreements with respect to the Premises. Landlord is hereby irrevocably vested with full power and authority to subordinate Tenant's interest under this Lease to any first mortgage or deed of trust lien hereafter placed on the Real Property, and the Tenant agrees upon demand to execute additional instruments subordinating this Lease as Landlord may require. If the interests of Landlord under this Lease shall be transferred by reason of foreclosure or other proceedings for enforcement of any first mortgage or deed of trust lien upon the Real Property, Tenant shall be bound to the transferee (sometimes referred to as the "Purchaser") at the option of the Purchaser, under the terms, covenants and conditions of this Lease for the balance of the Term remaining, including any extensions or renewals, with the same force and effect as if the Purchaser were Landlord under this Lease, and if requested by the Purchaser, Tenant agrees to attom to the Purchaser, including the first mortgagee under any such mortgage if it be the Purchaser, that, as its Landlord, as long as Tenant is not in default hereunder, it shall remain as Tenant pursuant to the terms of this Lease. This aforesaid attornment runs for the benefit of the Purchaser. Section 13.2 Notice to Mortgagees of Landlord's Default. Tenant shall give prompt written notice to each mortgagee or deed of trust lien holder of record(each a"Mortgagee")of any default of Landlord hereunder, and Tenant shall allow such Mortgagee a reasonable length of time(in any event, not less than 60 days from the date of such notice) in which to cure any such default. Any such notice shall be sent to the Mortgage Loan Department of any such Mortgagee at its home office address, unless Tenant is notified of a different address for such notice, in which case such address shall be used. - 20 - ARTICLE 14.0 MISCELLANEOUS PROVISIONS Section 14.1 Liability and Indemnity. Landlord shall not be liable to Tenant or its agents servants, employees, customers, or invitees, for any damage to persons or property caused by any act of whatever nature. Landlord shall not be liable for any damage caused by other Tenants or persons in the Premises, occupants or property adjacent to the Premises, or the public, or for damage caused by operations in construction of any private, public or quasi-public work. All property of Tenant kept or stored on the Premises shall be so kept or stored at the risk of Tenant only, and Tenant shall hold Landlord harmless from any loss, cost or expense arising out of damage to the same, including subrogation claims by Tenant's insurance carriers, court costs, and attorneys' fees, unless such damage shall be caused by willful act or gross neglect of Landlord. Tenant shall indemnify and save harmless Landlord from and against any and all claims and demands of whatever nature arising out of the use and occupancy of the Premises or the Common Areas by Tenant. In case Landlord shall be made a party to any litigation commenced by or against Tenant, then Tenant shall protect and hold Landlord harmless and shall defend Landlord or pay all of Landlord's costs, expenses and reasonable attorneys' fees incurred or paid by Landlord in connection with such litigation. Section 14.2 Limited Liability of Landlord. In the event of sale of the Premises or an assignment of this Lease by the Landlord, or a demise of the Premises, Landlord shall be and hereby is entirely released and relieved of the obligations of"Landlord"hereunder and it shall be deemed, without further agreement between the parties and such purchaser(s) or assignee(s), that the purchaser or assignee has assumed and agreed to such assignment. Tenant specifically agrees to look solely to Landlord's interest in the Premises for the recovery of any judgment from Landlord by reason of a default in the performance of Landlord's obligations under this Lease and that, in no event, shall Landlord or any partner, shareholder, or member of Landlord be personally liable for any such judgment. Tenant specifically waives any claim it may have against Landlord personally or any partner, shareholder, or member of Landlord. Section 14.3 Notices. All notices or other communications required or permitted to be given under this Lease shall be in writing (unless otherwise specifically provided herein) and delivered or addressed to the parties hereto at the respective addresses set out in Article 1.0 (unless a party shall change its address for notice by delivering written notice of such change to the other party). All notices or other communications shall be deemed effectively given: (a) when delivered, if personally delivered, including courier, facsimile or overnight delivery service, (except that notices received after 3:00 p.m. local time will be deemed received on the following Business Day); (b) on the date of delivery(or, if refused, the refusal date shown on the return receipt) if mailed certified or registered mail, return receipt requested; or(c) four(4) days after mailing if mailed first class, postage prepaid. - 21 - Section 14.4 Short Form Lease. Tenant agrees not to record this Lease without the express written consent of Landlord and further agrees to execute, acknowledge, and deliver at any time after the date of this Lease, at the request of Landlord, a short form memorandum of lease suitable for recording. Section 14.5 Surrender of Premises and Holding Over. At the expiration of the Term, as such may be extended by renewal in accordance herewith, Tenant shall surrender the Premises, and all keys thereto, in the same condition as the Premises was in upon delivery of possession thereof to Tenant, reasonable wear and tear excepted, and damage by unavoidable casualty excepted(to the extent, that the same is covered by proceeds of Landlord's or Tenant's fire and extended coverage insurance policy, if any). Tenant shall inform Landlord of all combinations on locks, safes, and vaults, if any, in the Premises. If Tenant shall hold over, whether or not with the consent or acquiescence of Landlord, such holding over shall be deemed to be that of a tenancy at will and in no event from month to month or from year to year, and it shall be subject to all the terms, covenants and conditions of this Lease applicable thereto, except rental and no extension or renewal of this Lease shall be deemed to have accrued by such holding over. The Minimum Rent for any such hold over period shall be one and one-half times the amount of the Minimum Rent payable on a daily basis, in advance. Section 14.6 Force Majeure. The time and performance by Landlord or Tenant of any term, provision, or covenant of this Lease shall be deemed extended by time lost due to delays resulting from acts of God, strikes, unavailability of building materials, civil riots, floods, material or labor restrictions by governmental authority or any other cause not within the control of Landlord or Tenant, as the case may be (each a"Force Majeure Event"). Section 14.7 Entire and Binding Agreement. This Lease contains the entire agreement between the parties hereto with respect to the subject matter hereof and it may not be altered, amended, or modified in any manner other than by written agreement signed by all parties. The terms contained herein shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and permitted assigns. Section 14.8 Severability Clause. If any term of this Lease is declared illegal, invalid, or unenforceable during the term hereof, then and in that event, the remainder of this Lease shall not be affected thereby. In lieu of each clause or provision that is illegal, invalid or unenforceable, there shall be added as a part of this lease a clause or provision as may be possible and be legal, valid and enforceable and as nearly conforming to the intent of the invalid provision as is possible. - 22 - Section 14.9 Joint and Several Liability. If there be more than one person or entity named as"Tenant"under this Lease, the obligations hereunder imposed upon Tenant shall be joint and several. If there be any Guarantor(s) of Tenant's obligations hereunder, the obligations hereunder imposed upon Tenant shall be joint and several obligations of Tenant and such Guarantor(s),and Landlord need not first proceed against Tenant hereunder before proceeding against such Guarantor(s). Any such Guarantor(s) shall not be released from its respective guaranty for any reason whatsoever, including, without limitation, any amendment of this Lease, any forbearance by Landlord or waiver of any of Landlord's rights, the failure to give Tenant or such Guarantor(s) any notices, or the release of any party liable for the payment of Tenant's obligations hereunder. Section 14.10 Captions. The captions contained herein are for convenience and reference only and shall not be deemed to amplify, modify or limit the terms and provisions of this Lease. Section 14.11 Time is of Essence. Time is of the essence with respect to this Lease. Section 14.12 Estoppel Certificate. Tenant will, at any time, and from time to time, upon not less than three (3) days prior request from Landlord, execute, acknowledge, and deliver to Landlord a statement in writing certifying that Tenant is in possession of the Premises under the terms of this Lease, that this Lease is unmodified and in full effect (or, if there have been modifications, that this Lease is in full effect, as modified, and setting forth such modifications), stating the dates to which the rents have been paid, and either stating that to the knowledge of Tenant no default exists hereunder, or specifying each such default of which Tenant may have knowledge, and such other matters as may be reasonably requested by Landlord. Any such statement by Tenant may be relied upon by any prospective purchaser or Mortgagee of the Real Property. Section 14.13 Brokers. The parties represent and warrant that neither has employed the services of a broker and that no brokerage fees, broker's or agent's commissions, finder's fees, or any similar costs in connection with the negotiation, execution, or performance of this Lease is due to anyone. Section 14.14 Mortgagees' Approval. It is hereby understood by Tenant that this Lease may be subject to Landlord's Mortgagees' approval. In the event any present or future Mortgagee requires any changes to this Lease (after execution by both Landlord and Tenant), Tenant agrees to make said changes and adhere to the same. In the event that Tenant refuses to agree to said changes required by such Mortgagee,then Landlord shall have the right to terminate this Lease without liability or obligation to Tenant. - 23 - Section 14.15 Exhibits. Exhibits A and B are annexed hereto and made a part hereof for all purposes as if fully set forth in the body of this Lease. Section 14.16 Deposit. It is acknowledged that, due to Tenant's acceptable occupancy prior to the commencement of this Lease, Landlord has not and does not require any security deposit from Tenant. However, in the event of an expressly approved assignment or subletting of Tenant's interest hereunder, such assignee or subtenant may be required to deposit with Landlord an amount equal to the first and last months Minimum Rent as a security deposit. Section 14.17 Quiet Enjoyment. Subject to the provisions herein referring to subordination and condemnation and provided Tenant is not in defauh under the terms of this Lease, Tenant shall and may peacefully have, hold and enjoy the Premises and shall not be disturbed or interfered with by Landlord or by any person claiming by, through or under the Landlord. Entry by the Landlord or other person for the purpose of testing, investigating and remediating any environmental conditions existing at the Real Property, (b) maintenance of the Sign(as hereafter described), or(c) any other purpose related to Landlord's continued ownership of the Real Property and any property adjacent thereto shall not constitute a breach of any covenant, including without limitation quiet enjoyment, provided that such entry is in reasonable conformance with the provisions of Section 3.6. [Signature page follows] - 24 - IN WITNESS WHEREOF, Landlord and Tenant have duly executed this Facilities Lease Agreement as of the date and year first set forth above, and each acknowledge receipt of an executed copy hereof LANDLORD: ELMORE, ELMORE& SPELTS PROPERTIES,LLC, a Colorado limited liability company By: Mark S. Elmore, Manager TENANT: E & S INTERCHANGE, LTD., a Colorado corporation By: Brenda L. Elmore, Secretary& Treasurer - 25 - C'\Doaema,s aid S Mp5Ge9bidge oS SdSpTmnpary Feieoet FimC E3'ABINUIECUmdRai_i+amvlPROPERTY_,TAX_APPEAI{I j.It 07/31/2006 17:33 FAX 9036629178 MARK ELM0RE 1002 IN WITNESS WHEREOF,L ndlord and Tenant have duly executed this Facilities Lease Agreement as of the date and year first set forth above, and each acknowledge receipt of an executed copy hereof LANDLORD: ELMORE,ELMORE& SPELTS PROPERTIES, LLC, a Colorado limited liability company By: S. ore, Manager TENANT: E & S INTERCHANGE, LTD., a Colorado corporation By: r�� €�.� B L.Elmore, Secretary& Treasurer -25 - cm..wand£ 7�'Tp0 AMY Dwiz essAWOR DOLMA is 4flDP R]T TAX APPEALdac EXHIBIT A LEGAL DESCRIPTION OF REAL PROPERTY EXHIBIT B DESCRIPTION OF PREMISES y CLERK TO THE BOARD PHONE (970) 336-7215, EXT. 4225 FAX: (970) 352-0242 ' P.O. BOX 758 GREELEY, COLORADO 80632 C. COLORADO July 7, 2006 Elmore, Elmore, and Spelts Properties, LLC P.O. Box 7359 Loveland, CO 80537-7359 RE: SCHEDULE NUMBER R1011201 Dear Property Owner: This is to advise you that the Weld County Board of Commissioners will hear your petition for abatement or refund of taxes on the property described as: 3770 52 Hwy, Frederick, Colorado. The meeting is scheduled for August 7, 2006, at 9:00 a.m., in the First Floor Meeting Room, Weld County Centennial Center, 915 10th Street, Greeley, Colorado. The Assessor is recommending that the Board deny your petition. You are not required to be present at this hearing, however, this is your opportunity to have your position heard, especially if your position is opposed to the Assessor's recommendation. If you intend to submit any documentation in support of your position for this hearing, all such documentation must be submitted to the Office of the Clerk to the Board and to the Weld County Assessor's Office at least seven calendar days prior to the meeting date in order for it to be considered at the scheduled hearing. If you have any questions concerning this matter, please do not hesitate to contact Esther Gesick at (970) 336-7215, extension 4226. Sincerely, ` c C4 Esther E. Gesick Deputy Clerk to the Board cc: Assessor Bridge and Associates 390 Union Boulevard, Suite 330 Lakewood, CO 80228 Notes for Elmore, Elmore Spelts Market Approach #1 This sale, although on the surface appearing as a reasonable comparable due to its similar use, is not a typical arms length transaction due to the sale being between a bank and the new owners. Additionally, this property was closed for several months prior to the sale and had additional issues with the city of Evans at the time of sale. The simple fact that the property was closed prior to sale and was a distressed sale from a bank makes this sale unusable by the majority of rules governing the practice of appraisal....unless nothing else existed and you made some severe adjustments to the sale, to account for the financing problems, the property, is for all intent and purposes, is a very poor sale to use as the gage of another property. Additionally, the location of the sale is so inferior to the location of the subject, that it makes this sale mostly useless. Market Approach#2 The first four sales are in the Denver metro area and have no real bearing on the value of the subject, especially when there are sales in the county that can be used. Look at additional notes on the document itself. Sales in the Weld county area(sales #5 & #6 prove our value as reasonable) as indicated in agents own report show the subject is not overly valued. Additionally, there are no explanations, summaries or adjustment grids to account for differences in the sales shown and the subject itself. Restaurant sales are of little use in this situation since the entire business is run as a singular entity, for all intent and purposes, however even if sales of restaurants were to be considered, separate of the convenience store and station business, then the parts would have to be combined at some point and the synergism of the combined business interests be taken into account. Even at that, the practice is highly questioned but the bodies that govern appraisers, wherein the USPAP Standards Rule 1-4 (e) states: "An appraiser must analyze the effect on value, if any, of the assemblage of the various estates or component parts of a property and refrain from valuing the whole solely by adding together the individual values of the various estates or component parts."This property is one singular unit, rented to separate entities, but one building and one singular structure, which is completely different than the stand alone restaurant sales in the agents report. Additionally there is, once again, no adjustments whatsoever to the comparable sales as they relate to the subject. The location differences alone could be huge from the sales to the subject, not to mention conditions, qualities, age, etc. The land to building ratio for the restaurant sales he uses is from 1.25 to 1 up to 4 to 1; the land to building ratio for the subject is 21 to 1 (including the entire building at 7657 sq. ft. and land size of 160,500sf) so it would become necessary to account for all the excess land associated with the subject if one were to use the methods prescribed by the agent. All in all the only real way to value this property is as one structure on one parcel of land and the reason appraisers use 3 separate approaches to value is to determine which one or which combination of approaches best fit the problem. In this case we feel the land value, derived from the open market, clearly shows that the value is far in excess of that requested by the agent, and in fact we are only carrying a $71 per sq. ft. value on the improvements for the subject, the majority of the value for this property is in the land, pure and simple. Income method: The agent has shown an income value in his documentation; however he fails to attribute any income to the sales in the convenience store or sales to fuel products. This is not only totally incomplete as a method, once again, its outside the applicable practices for the appraisal industry. The income method, as shown in his work, has no relevance as it is current format, as presented in defense of the requested value on the subject. Additionally, any extra income, such as that which may be derived from the huge sign, east of the building, is not addressed either. Typically properties of this type are sold based upon the total income streams and the information shown here is totally inadequate and incomplete for valuation purposes of the subject. The additional parcel: The removal of the parcel to the east of the restaurant is not allowable as shown in the agents work. To begin with, the land (in question) is a carried as a separate parcel of land within the subdivision, and can be sold, as such, any time the owner's desire. In fact there is a provision within the lease on the restaurant, to address just such a possibility. This is a completely separate piece of land with its own legal description and parcel number, from the land associated with the rest. / cony. store. The valuation of this parcel should be done as a complete stand alone piece of vacant land, for appraisal purposes of any kind. Weld County STANLEY F. SESSIONS COUNTY ASSESSOR ASSESSOR'S VALUE REPORT OF COMMERCIAL PROPERTY FOR CO/O. Board of Assessment Appeals ELMORE ELMORE & SPELTS PROPERTIES LLC PETITIONER VS. WELD COUNTY BOARD OF EQUALIZATION RESPONDENT Parcel Number: 1467-03-0-00-050 Schedule Number: R1011201 Log Number: Abatement#2006-268 Date: 08/21/06 Time: 9:00 AM Board: County Commissioners PREPARED BY MICHAEL SAMPSON /COLO. CERTIFIED GENERAL#1318543 rt,1911 Signature Signature Date SENIOR REVIEW AND APPEALS APPRAISER EXHIBIT4)sq '0-trar i1 CBOE_COMM_010996 # Page 1 4,200k-D201A06, SALIENT FACTS AND CONCLUSIONS Purpose of Appraisal To determine Market Value as of 1/1/2003 based on an appraisal date of 6/30/2002. Property Rights Appraised Unencumbered fee simple interest. Location 3770 52 HWY FREDERICK Land Area 160,499 Square Feet Zoning Commercial Property Type Commercial 0.67- Restaurant 0.33- Convenience Store Year Built 1967 Year Remodeled 1975 Quality Average Class Masonry Number of Stories 1 Improvement Sq. Ft. 7657 Total building size with 2778 sq. ft. as Cony. Store and 4879 sq. ft. as Restaurant area. Basement Unfinished Sq. Ft. Basement Finished Sq. Ft. Mezzanine: Value Indications: Land $1 ,283,992.00 Cost Approach $2,091,763.00 Market Approach $1,914,250.00 Income Approach $1,788,400.00 Reconciled $1,826,451.00 Assessor's Value $1 ,826,451 .00 CBOE_COMM_0 10998 Page 2 Weld County, Colorado Page 1 of 1 Weld County, Colorado J w ° 4�.t„��,�r¢ti divot 46'+ r +r4,4 f dsdky'�i e�,I.fi .t i a Ohl it ii v �� b i'l t 'ti`ds iu�r 4"4:".64,44#1 l + t41, , {02"68W e v ` r y ,T� t yr 7 �'r r'� 7� MI v� �"l ' O. , 0 ti.�lrMP !1 P - 85 :a' w .� .!,„.,,:,1 l al i 3,--i s d 1 t:4. 61 4401 i 1.666, a�. 52 71 MCI ll, ,,, �� 'i[ dux • s° dy 1 . � ,_, ,,„„:„, .._ ,, 4 1j 4fn Legend krlk r ^. a - s 4 �r� Hvghiv�hlatl FaaWra y"..,'��, - -riiiiiEr- ' y ❑ COunty 6un.lar IMPEFyL 87" —y �INBHt4 X �! Pan:,els +s4 t a1 .'".'fir N 1 r iT�,� ., Sacleun Gn:1 ry rt -n ''1 = J x,1'4 �x la rye. n , -� 1 I. [] Lllr Ssclnn 2rr] , 1 Y �' 1'* 1; v +^ 1 1 Toxn shr a w; f` a Ir aX9C .� s vi 'L !i' " �la� �' Ph�iograa by fhvjhi ng�> #r E z j . rJ � �= Pholagra�h f ll7a•Rs si sp F r4'�`hi All o aJ ad f 'p 4 3 ,E } 1 -,---r- .4-1 n 'i w wco�myc b.ad � I i.,0! 'ae ...mg z , w " ....mg" 146703000050 ELMORE ELMORE &SPELTS PROPERTIES LLC Totaf ,55 P O BOX 7359 AmountTaxes:Due:$44$44,58585..500 LOVELAND, CO 80537.7359 http://maps2.merrick.com/MerricklMS/ims?ServiceName=weldovr&Form=True&Encode. . 8/16/2006 , a �•. . . g44 • �m I f '- o- e � ti � .. Si / �� r P r I ++ IF o ;• �_— y R e 1 i 4- AIL 9 adi I Av illi �� i Cift rr . b! 4 N T : 4t44 . H Fa. ( � £k j t P INCOME APPROACH To VALUE The basic steps in the Income Approach to value for commercial properties in mass appraisal are based on a landlord-tenant situation and not on the income of the actual business. In using this approach, it eliminates the possibility of valuing management as opposed to the potential income of the structure. This is the proper method Assessor's must utilize through the Directives of the Division of Property Taxation. INCOME APPROACH STEPS 1. Estimate potential gross income to the landlord. 2. Deduct typical vacancy and collection loss. 3. Add additional miscellaneous income. 4. Determine typical landlord operating expenses. 5. Deduct operating expenses to determine the landlord's operating income. 6. Determine a proper capitalization rate. 7. Capitalize the net income into an estimated property value. Research has been done by the Assessor to determine the typical rent by location, type of structure and the property use. The Weld County Assessor's office has also researched the typical landlord expenses, additional income based on the type of business, and vacancy and collection loss. An Income Approach has been completed for the subject. CBOE_COMM_010998 Page 11 PROFORMA INCOME WORKSHEET Parcel : 1467-03-0-00-050 Name: ELMORE ELMORE & SPELTS Prop Address: 3770 HIGHWAY 52 (HWY 52 & I-25) Bldg sq ft Use No of Units Type Lease 7,657 Cony Store 1 NNN Restaurant Effective Tax Rate Mill Rate Assm't Rate Tax Rate 0.089697 0.29 0.026 Annual Fractional rent Units Rent/Month Size/Bay Revenue Cony. store 2,778 $7,505,550 Restaurant 4,774 $1,050,053 Gross Sales 7,552 $8,555,603 Subject Area Gross Sales Income Gross Sales: 7,657 $8,555,603 Less Cost of Goods: Cony. store $6,154,417 Restaurant $779,617 Total Cost of Goods: $6,934,034 Gross Margin on Sales: $1,621,569 Operating Expenses: Cony. store ($1,207,094) Restaurant ($261,096) Total ($1,468,190) Expenses: Other Income: Cony. store $82,127 Restaurant $5,922 Net Income $241,428 Property Value Net Income/Overall CapRate=Property Value Value PSF Cap Rate 0.135 0.135 $1,788,355 $233.56 Total property value $1,788,400 $233.56 CBOE_COMM_0 10998 Page 12 FINAL RECONCILIATION After consideration of the cost, market and income approaches, and primarily the market approach, it is the Weld County Assessor's opinion that the value of $1,826,450.00, for the subject properties, is valid and reasonable for the tax years in question. The fact the property was previously lowered by the CBOE has no bearing upon the tax year in question today. The Assessors personnel strongly feel the actual value should remain at the current levels and that the information contained in this report only strengthens that determination. We contend the values as set and carried on the records, for these years, are where they belong, and ask the appeal before the CBOE be denied. With the most consideration given the sales comparable method and supported by the income method I have estimated the value for the subject. The cost approach was felt to be the least reliable of all the approaches, however because the land has such a high market value, the improvements may actually be too low. The fact the land value alone should be in the $8.00 + range, based on sales shown in this report, would indicate a value of $1,826,450 is not only justified but supported in the open market place. The Weld Assessor's Office and their representatives therefore ask that the current value of $1,826,450 be upheld and the appeal be denied. COST APPROACH MARKET APPROACH INCOME APPROACH RECONCILE $2,091,950.00 $1,914,250.00 $1,788,400.00 $1,826,450 ASSESSOR'S VALUE $1,826,451.00 CBOE_COMM 010998 Page 13 ADDENDUM WELD COUNTY ASSESSOR Account#: R1011201 PROPERTY PROFILE Parcel#: 146703000050 MH Seq#: MH Space: Appr Year: 2005 Levy: 84.176 #of Bldgs: 1 Active On: 8/8/2006 Tax Dist: 1292 Map#: 2459 LEA: FR0168 InactiveOn: Assign To: MFS Initials: MFS Acct Type: Commercial Last Updated: 8/8/2006 New Growth: 0 Owner's Name and Address: Property Address: ELMORE ELMORE & SPELTS PROPERTIES LLC Street: 3770 52 HWY City: FREDERICK P O BOX 7359 LOVELAND CO 80537-7359 Business/Complex: Sales Summary Legal Description THE PT NE4NE4 3-1-68(WAGONER ANNEX)BEG NE COR SEC 582D03'W 884.68'TO S LN HWY 52&TPOB THE ALG S LN HWY 52 ALG CURVE TO LEFT(R=5680)CHORD=S85D45'E 70' SO4D35'W 435.97'N85DW 300'TO SE COR L4 PURITAN PLACE COMMERCIAL SUB N04D37'E436.26'TO S LN HWY 52 S85D24'E 230'TO BEG&PT L4 PURITAN PLACE COMMERCIAL LYING E OF NLY EXTENSION PURITAN WAY EXC UPRR RES SITUS: 3770 52 HWY FREDERICK 80530 Land Valuation Summary Abst Unit of Number Value Assmt *Assessed Land Type Ag Code Code Measure Of Units Per Unit Actual Value Percent Value Commercial 2130 Square Feet 160499 $8.00 $1,283,992.00 0.29 $372,357.68 _and Subtotal: 160499 $1,283,992.00 $372,357.68 Buildings Valuation Summary Abst Assmt *Assessed Bldg # Property Type Code Occupancy Actual Value Percent Value 1 Commercial 2212 419 - Convenience Store $179,011 0.29 $51,913 1 Commercial 2230 350 - Restaurant r, $363,448 — 0.29 $105,400 mprovements Subtotal: $542,459 $157,313 otal Property $1,826,451 rtY Value $529,671 4pproximate Assessed Value iursday, August 17, 2006 Page 1 of 3 WELD COUNTY ASSESSOR Account#: R1011201 PROPERTY PROFILE parcel#: 146703000050 MH Seq#: MH Space: Building #: 1 Condo SF Condo% Land: Condo % Bldg: Unit Type: Landscaping $: Property Type: Commercial 0 1 $0.00 Quality: Average Nbhd: 3903 — Occupancy: Restaurant Condition: Typical Nbhd Ext: 00 Occupancy: Convenience Store Perimeter: 474 Nbhd Adj: 1 Percent Comp: 100.00% Individual Built As Detail Built As: Convenience Store Year Built: 1967 Construction Type: C Year Remodeled: 1975 HVAC: Forced Air % Remodeled: 1 Interior Finish: Adj Year Blt: 1975 Roof Cover: Effective Age: 10 Built As SF: 2778 Mh Make: #of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X #of Stories: 1 Mh Skirting LF: Story Height: 12 MX Skirting Type: Sprinkler SF: Diameter: Capacity: Height: Built As: Restaurant Year Built: 1967 Construction Type: C Year Remodeled: 1980 HVAC: Forced Air % Remodeled: 1 Interior Finish: Adj Year Blt: 1980 Roof Cover: Effective Age: 5 Built As SF: 4879 Mh Make: #of Baths: Tag Length/Width: X #of Bdrms: Tag Length/Width: X #of Stories: 1 Mh Skirting LF: Story Height: 12 MH Skirting Type: Sprinkler SF: Diameter Capacity: Height: Building Details 31dg #: 1 Units Units Price RCN Actual Value User ' rUEL EQUIP PIPING 1 $0.00 $0.00 $0.00 rUEL REMOTE ELEC READER 2 $0.00 $0.00 $0.00, 'UEL MONITER SYSTEM 1 $0.00 $0.00 $0.00 UEL EQUIP PIPING 1 $0.00 $0.00 $0.00 )ISPEN 3P 2H GAS 7 $0.00 $0.00 $0.00 iursday, August 17, 2006 Page 2 of 3 WELD COUNTY ASSESSOR Account#: R1011201 PROPERTY PROFILE Parcel#: 146703000050 MH Seq#: MH Space: DISPEN 1P 2H DIESEL 1 $0.00 $0.00 $0.00 IDISP 1P 2H DIESEL 4 $0.00 $0.00 $0.00 CONC PUMP ISLANDS 216 $0.00 $0.00 $0.00 TANKS 12K GAL FBGLS/DB WALL 4 $0.00 $0.00 $0.00 TANKS 12K GAL FBGLS/DB WALL 4 $0.00 $0.00 $0.00 FUEL MONITER SYSTEM 1 $0.00 $0.00 $0.00 DISPEN 3P 2H GAS 7 $0.00 $0.00 $0.00 DISPEN 1P 2H DIESEL 1 $0.00 $0.00 $0.00 DISP 1P 2H DIESEL 4 $0.00 $0.00 $0.00 CONC PUMP ISLANDS 216 $0.00 $0.00 $0.00 FUEL REMOTE ELEC READER 2 $0.00 $0.00 $0.00 Corn Canopies Steel Good 5356 $16.75 $89,713.00 $80,742.00 Concrete Slab 47051 $3.90 $183,498.90 $159,644.00 Concrete Slab 487 $3.90 $1,899.30 $1,310.00 Asphalt 33499 $1.73 $57,953.27 $37,090.00 Chain Link Fence 8ft 655 $12.50 $8,187.50 $1,638.00 Value Details RCN Cost/SF: $74.86 Design Adj %: 0 Func Obs %: 0 Total RCN: $914,455.00 Exterior Adj %: 0 Econ Obs %: 0 Phys Depr%: 0.08 Interior Adj %: 0 Other Obs %: 0 Phys Depr$: 106684 Amateur Adj °/0: 0 RCNLD $: $807,771.00 RCNLD Cost/S $105.49 Market/SF: $0.00 hursday, August 17, 2006 Page 3 of 3 identify xesults rage r O1 1 WELD COUNTY ASSESSOR PROPERTY PROFILE Account#: R7531899 Parcel#: 146703102007 Tax Area: 1292 Bordering County: Acres: 2.6 Township Range Section Ouart. Sec. Subdivison Name Block# Lot# 01 - 68 - 03 - 1 GLACIER BUSINESS PARK AMD 1ST FG - 1 - 7 Owners Name&Address: Property Address: OAKWOOD CORP Street: C/O GRANT GRANT&GOIRAN LLP City: P O BOX 908 LONGMONT, CO 80502-0908 Business/Complex: Sales Summary Sale Date Sale Price Deed Type Reception # 4/12/2006 $464,500 WD 3379729 Legal Description FRE GBP L7 BLK1 GLACIER BUSINESS PARK AMD 1ST Land Valuation Summary Land Type Abst Code Unit of Number of Assessed Actual Value Measure Units Value Commercial 0200 Square Feet 113306 Land Subtotal: 113306 $132,568 $38,440 No Buildings on Parcel http://maps2.merrick.com/W ebsite/Weld/sets gl.asp?cmd=QUERY&DET=PP&pin=14670... 8/16/2006 Weld County, Colorado Page 1 of 1 Weld County, Colorado ° L 19, ' r Pv 4 "" I Tr rq x17A n s .,r N. 4 :12" v' .+ tit i N' 71 �y 14441s ✓ x h ' 'tiN+ *C � 85 14 " rt '"'T . IC ffj _ 52 71 J 1f" Legend Hr:h6ghled_Feature i '1,� ., III' I' 5lrea PRaal tsa n» ❑" �" ,:t „A II' Gaunly Border . . a ,�,-,� i t t Ir.. 5iNi-1 w r Paru31_ �. IMpEFIbL gp " 1r{Y I,' /p.,,, R . a ,.{^�..y a S El S.lt Se Grn7 y 3 ° r ' Heiradi ;'-','",-r. 4 ", z Fyne , 'ry18 c n -`,.71� od:.IrJn Gri:1 7 0 '44,4±.1 wI i= t }2i(0,• ':iY11Y�ays. it r v M F` .3, 0 Ph-lr: �, ,n , ujraphy[II vjh Ras.i ` t� kr -f n yxy��< ".w t! R ,r. �j,' a.F! t d RASflow R li t$161;i"kig""i i ' M hrs 'fr i '-, I I. V.E °I a . - nF Ri ., Si "tr rr y i p ff �" k'Sk JI A 1, "i. 'l M7 . .. :I s r k i7 4-r it--:—. . I,S r ti n PAIL 24 3 y i t 2 .* t rgrt.. rl i'� •=va 11 Weld coumy cow ad ° . °$ • 0•0$> 146703102007 OAKWOOD CORP Total Taxes: $3,235.72 C/O GRANT GRANT& GOIRAN LLP Amount Due: $0.00 LONGMONT, CO 80502-0908 Sale y��2ea6 yGYSCO i13,3o6sf=�yL� sf http://maps2.merrick.com/MerricklMS/ims?ServiceName=weldovr&Form=True&Encode... 8/16/2006 Identity Results Page 1 of 1 WELD COUNTY ASSESSOR PROPERTY PROFILE Account#: R3913705 Parcel#: 146703117005 Tax Area: 1292 Bordering County: Acres: Township Range Section Ouart. Sec. Subdivison Name Block# Lot# 01 - 68 - 03 - 1 ELMORE&SPELTS FG #1 1ST AND - - 5A Owners Name &Address: Property Address: POONIA LLC Street: 1396 FLETCHER DR City: ERIE, CO 80516 Business/Complex: Sales Summary Sale Date Sale Price Deed Type Reception # 6/21/2006 $480,000 WD 3398322 Legal Description FRE 1ESS L5A ELMORE&SPELTS SUB 1ST FG 1ST AMD No Buildings on Parcel http://maps2.merrick.com/W ebsite/W eld/setSgl.asp?cmd=QUERY&DET=PP&pin=14670... 8/16/2006 Weld County, Colorado Page 1 of 1 Weld County, Colorado pq g₹a 'sm„ a +'til'', �`- 1 e frp 1,W:y "i„,141' !� ; 1 Y 4 ``s M 'a t' 11 ,S,V -r- u 71 r, "�,.. ! '''''',1,$‘];' ,..i .:� 1:1'4:-; 34 '1,,, 4- ! .it;Trr� r� F 71 ,IW?m }YHrry a R1.W C A n9i' ��.. p TT yR t: N ti'EI TM4ruiR6_ r ( � � I If � c ° � •Y . � 52 l., m t s! i4 � tka, w 'a " �' - ' 't Legend .m..�rt � h;,.' � J4"21�' • n, [ ,x Hyhlrjhled_Fealure 1 ' , r ,, .....„.,. .-72.,-.-,.� � " ulraali Road Rama s r" W 7 ❑ ounty Border IMPFkIAL ST V4 AL Pdr�e is r.a�c¢ t,+p rf� , y n ,,yam. a, !} a 1hr, Grd mq,y� rc al vS ' � ,� 'e "E �� - • :&4 Olt Se,-'11.Jn Grd b rixF� r E qr'� � ,rVh' ' API f , f° 1,�` Ti$I1 ship ^pJl Y ,,. u 3� -a 1° !'1 ' '` u P 5 Pho Iograpiry(h jh Res.l e N jj tt.4-4' I d i ,� gg !'''''''',f i & 'l;///l�� r4 �g,q ;5:4; ? 33l,,', I I u 'G1 `e �' ' �� Ph�lU�raa by Ib v Res.it qA i� z - • t ' z 'l a `ki.k4 wfiA ,sht j 1! Pe l !.- i ! 4p ?R� h� !trry. ',, -' 1 N GP , ,. ., P t y.. �y ! ti Y ° 11 j 1 VY m' `Rth VIII }@Ci. -'''',?1,1— ..r, y riots Cob nil,Cobrslok � 1 { ll+ ! ' a, I n�+ 4©�tt 146703117005 POONIA LLC Total Taxes: $5,632.22 1396 FLETCHER DR Amount Due: $0.00 ERIE, CO 80516 5/9/-e6/s✓/zaa6 �y8OJadn 6/, �SYs� ___4177, 76pe.-Sf http://maps2.me dck.corn/MerricklMS/ims?ServiceName=weldovr&Form=True&Encode... 8/16/2006 Identity Results Page 1 of 1 WELD COUNTY ASSESSOR PROPERTY PROFILE Account*: R7532999 Parcel#: 146703105001 Tax Area: 1292 Bordering County: Acres: 4.35 Township Range Section Quart. Sec. Subdivison Name Block* Lot# 01 - 68 - 03 - 1 GLACIER BUSINESS PARK AMD 1ST FG -4- 1 Owners Name&Address: Property Address: TEBO STEPHEN D Street: FREDERICK 1590 BROADWAY City: FREDERICK BOULDER, CO 80302 Business/Complex: Sales Summary Sale Date Sale Price Deed Type Reception # 11/4/2004 $625,000 WD 3236890 Legal Description FRE GBP L1 BLK 4 GLACIER BUSINESS PARK AMD 1ST SITUS: FREDERICK 805160000 Land Valuation Summary Land Type Abst Code Unit of Number of. Actual Value Assessed Measure Units Value Commercial 0200 Square Feet 189484 Land Subtotal: 189484 $155,187 $45,000 No Buildings on Parcel http://maps2.merrick.com/Website/Weld/setSgl.asp?cmd=QUERY&DET=PP&pin=14670... 8/16/2006 Weld County, Colorado Page 1 of I Weld County, Colorado 2`fl�LLy��e'Y f�'=Y '55,/F L.{f j :y 1M: Yl'5 , 'ia$ "AD I�� Sp' autt`ji%9.1, 4 µ,0, t l 11 �, e{t" 4 y Y 3 i , sri I 5 j0Y 9iY "'IL"x 1` AMMd 4. #W'r� '1 1 Ft� 1 7� is ''' " '1 1 36 y a k 1 , 85 74 7." 1" � T_ .p� 52 71 P4W ' !! : IF l W7'y tr ;'.r .fillifrfr C �' Cr " ; v nP i cl* + '� c ? Y , .--,_ �g .`s i. E,,B . '1,,, t , Legend -1 y4---"^-st -� ,h,p nk . - " : " c„nl3hlad_ �a Wra vaa * - # +r jtx, + ° di Slre,+l.RoaJ Fans .fin , " l „-'r„m . - ':..!:t.„ r 1 1 5ounlq@order ..T �' IMPEF ~.4 a 1 4. Pa Le Is a. LEST " cr v id L `vim+ f11 "°4��+my1 H � ��' 41,,,„,./ i mod..rJil Grid r 4 3� a r, r� a' ,.x # . ' Se:.lion Gri] �' J 'ff.. .-,,-4,' k b U x! t *wt. 'r ', ! ❑ n b n v �S6 IA. ! ai Tosnship y : �Ibrip�. s nr r� yd 1L'+ „ Ph�lograalyy Itt iah Res.i ',is r 1 ktI a ri : K .: � ,.r Ph�Ugra�hv(4�m Rasj q h'�y . 3a�, z s4 �' t a tr' m' -,,..4 as '� m, '1 'k� �"`r�5'n k�! +73.9 s�1 � k `�, rz �, � � t ' s �4 " , c ;;-,,,;'„20? , �;'Ini{pt; .. &a2_u a p ',4 ' i 1! u Wa County.Cobra]� k�i r y v°.. � 1- 1�40dft"_ I 146703105001 T Taxes:EBO STEPHEN D Total ,7 1590 BROADWAY Amount Due:$3$0.0087.92 BOULDER, CO 80302 4r 5.4/e ii/y/ aay ‘25)406° /B?1 Yeysf 3 sf http://maps2.merrick.com/MerrickIMS/ims?ServiceName=weldovr&Form=True&Encode... 8/16/2006 iuentlry tcesults Page 1 of 2 WELD COUNTY ASSESSOR PROPERTY PROFILE Account#: R3479205 Parcel#: 131302305001 Tax Area:2556 Bordering County: Acres: 1 Township Range Section Quart. Sec. Subdivison Name Block# Lot# 02 - 68 -02 - 3 DEL CAMINO JUNCTION BUSINESS PARK PUD AM -3 - 1-A Owners Name&Address: Property Address: U S ALLIANCE CREDIT UNION Street: 11211 I-25 FRONTAGE RD FIRESTONE PO BOX 1589 City: FIRESTONE DENVER, CO 80201-1589 Business/Complex: U S ALLIANCE CREDIT UNION Sales Summary Sale Date Sale Price Deed Type Reception # 1/11/2005 $250,500 WO 3252700 Legal Description FIR DCBPA L1-A BLK3 DEL CAMINO JUNCTION BUSINESS PARK PUD AMD SITUS: 11211 I-25 FRONTAGE RD FIRESTONE 805040000 Land Valuation Summary Land Type Abst Code Unit of Number of Actual Value Assessed Measure Units Value Commercial 0200 Square Feet 43560 Land Subtotal: 43560 $196,020 $56,850 Buildings Valuation Summary # Property Type Assessed Bldg# p y Actual Value Value 1 Commercial Improvements Subtotal: $520,200 $150,860 Total Property Value $716,220 $207,710 Building Details Account#: R3479205 Parcel#: 131302305001 Owners Name&Address: Property Address: U S ALLIANCE CREDIT UNION Street: 11211 I-25 FRONTAGE RD FIRESTONE PO BOX 1589 City: FIRESTONE DENVER, CO 80201-1589 Building# Property Type 1 Commercial Individual Built As Detail Built As: Bank Year Built: 2005 http://maps2.merrick.com/Website/Weld/setSgl.asp?cmd=QUERY&DET=PP&pin=13130... 8/16/2006 iaenttry xesuits Page 2 of 2 Exterior: HVAC: Package Unit Interior Finish: Built As SQ Ft: 3979 # of Baths: 0 Roof Type: # of Bdrms: 0 Roof Cover: # of Stories: 1 Rooms: 0 Units: 0 Garage: Attached SQ Ft: Detached SQ Ft: Basement: Total SQ Ft: Finished SQ Ft: http://maps2.merrick.com/W ebsite/Weld/sets gl.asp?cmd=QUERY&DET=PP&pin=13130... 8/16/2006 Weld County, Colorado Page 1 of 1 Weld County, Colorado , rye }i. El. g •$' t ,m - 17 fi a>r" f t A N�x11 � `+�' ,-1411. 1� ,I A� "lam P � � e W wwrM £�. � ::,="14-.0",. ,. ,}, ,. m �� , a1� 71 s .m " .uaree�o-ml -3: 1 - 2 _. & p �{ +� G N. $ WY ., 52 It"K 5' 1 s m i� m I' f °' IV '.;154.e. 10,./n F ti r'� rj Legend IL . J li L HghllRhla! redlNr3 r t 4 _ ,L. 4 I211� ',' '. SIraeI.Roa.1 Na me �x;r { q `ra k a Caunly border yp� i1' y4u r' h 71ND9tl t j CR21�FIRESTONEDLVD - Panels ,,,_1 4 :.3 `.'" CRTs FIRCSTONCDLYD ', ',M2J'J� S ! , 'tom 'Al*-"' ;r i ! 1-„y' ' 1-4":1" 1-!‘ " � T�.t•n whip yyp ° ... i f t i 6't 'h�5dy 4 Ph�Ugrap by lh r4h Re_.i h x, ni 'II' # 1,;11','11.1?tf' . ,:t1, Pholagcaphy'(4'rt Resj AA,p�yV 1D .# I w 71 � { .M'i' >I "� vn II I Y jIL' yp� yL , \ � m £ � � ' t DIRCIIAY 27,4 tr fY is %4 r:4 tt V �ry) Y 7f � J ySli 4g a I^ 1 . 1401 County Cobrxn `, n rt A, rim “4 .fir - . t 131302305001 U S ALLIANCE CREDIT UNION Total Taxes: $2,102.50 PO BOX 1589 Amount Due: $1,051.25 DENVER, CO 80201-1589 54/e l/ii/ze o5 .2545-e° y3,S�0t' =�S.7 'arSf. http://maps2.merrick.com/MerricklMS/ims?ServiceName=weldovr&Form=True&Encode... 8/16/2006 WELD COUNTY ASSESSOR'S OFFICE Building Permit Individual Report Parcel # Account# LEA Street Address 146703000050 R1011201 FR0168 3770 52 HWY Local Permit# Permit Jurisdiction 04-201 - Frederick Permit Date Permit Type 5/7/2004 Repair/Replacement Permit Expire Date Property Type 6/17/2004 Commercial Permit Work Date Permit Amount 108000 Active/Inactive Use Worked By Active Bldg # 1 Upper Fir SF 0 Fin Bsmnt SF 0 Bldg Height 0 #of Units 0 Main Fir SF 0 Gar/Carport SF 0 Bedrooms 0 Plan Model Low Fir SF 0 Porch/Deck SF 0 Bathrooms 0 Total SF 0 Other Bldg SF 0 Stories 0 Subdivision Sub Name 0 Filin 0 Lot 0 Block 0 Legal FRE PT NE4NE4 3-1-68 (WAGONER ANNEX) BEG NE COR SEC S82D03'W 884.68'TO S LN HWY 52 & TPOB TH E ALG S LN HWY 52 ALG CURVE TO LEFT (R=5680) CHORD=S85D45'E 70' S04O35'W 435.97' N85DW 300' TO SE COR L4 PURITAN PLACE COMMERCIAL SUB N04D37'E436.26'TO S LN HWY 52 S85D24'E 230' TO BEG & PT L4 PURITAN PLACE COMMERCIAL LYING E OF NLY EXTENSION PURITAN WAY EXC UPRR RES SITUS: 3770 52 HWY FREDERICK 80530 Permit Reason REPLA CARPT, CEILG TILE MOVE MILLMARK TILE FLRS, REPLA BTHRM FIXTU & PARTITIONS, REPLA DRS & HDWAR, PANT WAL INTER &CEILIG GRID. ADD 2 FLR DRAINS @ BTHRMS AT 3768 HWY 52 OWNER ELMORE , ELMORE & SPELTS/HOCKET PARAVE INC-LARRY PORAVE 303-776-3068 Notes Date Name Thursday, August 17, 2006 �, �.1 r*. �..�, d. i"T:+�S.nt nt�,L 3 f f� , ! •I ; t AA, s Y"" I fff — iR a ihk r n eF �n k F s �. +.' If rb 3 . 1;! . • �, 4 'tF ro } 4 t A� II x.4 i !w �. � _ .� t4' sFy t e d , zit a;. .... . i rthi 1 —:: 4.,� j�',4 ate. y,.._ • . . v ` r f t n:' a J r �F LEI Fny F t't“41,,,, � _ _ n a .. I } rrt A �{I 1SR ` ^1tF M� 1 • a t i k „ _"� !iii TIll:41.�' `STS t � t �„� `!wrj .,,i ,22412;:c2/4; 6's alt,.:4.2i2, 2*,:?, i, 1A1 y �. = { •I1 4 ` M n ;IT Yt �.11 • a12 • �� 1 kf ex - r 4 t : 4 T 9�� y kd:'. � ■ ® f 5. 3g; x" A 0 0,3 bka } }t f ^.�/ r 1• • tit 4g _ y', I i t 1 till it.,4:111:::1:' %:1, .11114 k t } wkJ } F �� x 3 � I 4, el p i gg yCC 1 pppp I J �F I _ �5 1 £ ' p t 3� e' Ii• il • � II �lfi li "` ll h ,1, .i'?"4.1‘ ri;,.....r 1.1i l'''''... .. I I nt{ It j • $ ,�6. 1 r � I " �" . f I i1nt •.c:','Cl?,"S uI IgIri 9 >,„�v }! XX ■ " i f 54S1 X41'I: tyx avr.�l �, fb. „; .' t t t ' tx 3 C11 °4 13 °I. ,,, t 11441 {t*f 4. .xr, >>x � d 1 i�� I !¢ .r¢ a�{ i jt t.µ 1 44 ta. kY hill � � fFY ty fi t � d�'' 'h s .i, a 4 • . �1I _ 1. t Sketches1Photos for Acct# R1011201 BIdgID: 1 m:IDATAISKETCHES1146703000050001-1.jpg State Highway 52 . 82.0' 222.0' 509. 112 O!.!. ' Canopy Asphalt 3588.0 SF c 95.2' 26803.0 sq.ft. I 85.8' 138Z convenience storms? 9° a 49.0' I—I 30.3' e Class C • WH 12' Restaurant c I HVAC HVAC m a 01214.0' b I Class C e I 74.0' v 100.0' 133.7' I Concrete [TO' -1------, w.. Total Bulltling Area ' 47051.0 sq rt. I I I • 7657.0 sq.h. 1 l&2 o Year Built 1967 ri 16 Year Remodeled 1980 I 84.0' 1 i I 340.0' 108.0' I 162.0' Asphalt I 6696.0 sq.rt. Sketch by Poet IV Windows"' COST APPROACH COST APPROACH LAND VALUE Sales utilized to establish the value in the subject neighborhood are 2001 and 2002 market for the 2003 assessment date. The comparative sales approach is the most reliable method of land valuation. Pursuant to 39-104-(10.2) (c) C. R. S., the Assessor may utilize sales from July 1997 through the June of 2002 to establish the proper value, if sufficient information is not available in the prior 18 months. Also, comparables outside the subject property area may be used. The Weld County Assessor has an established ongoing sales confirmation and validation program for property transactions used in developing value. The land size of the subject is 160,499 square feet. Comparable sold commercial land in the subject area is valued as high as $10.00 per square foot, as indicated by the grid below. We estimated the value of the subject parcel at $8.00 sq. ft., after adjustments. The resulting value for the subject parcel is shown below. Parcel Number Sale Date Sale Price Land Size Per Sq Ft Comparable 1 146702002001 12/08/00 $956,440 94,724 SF $10.10/SF Comparable 2 131302003002 04/03/01 $700,000 92,565 SF $7.56/SF 131302003003 Comparable 3 146703115003 08/22/02 $512,000 62,468 SF $8.20/SF ASSESSOR'S INDICATED SUBJECT LAND VALUE $1,283,992.00 —say $1,283,990 a DI o 7ICI1Y Comp #2 @ dessum Rinn NEC of Hwy CD 119 & I-25 15 mila!'ec Lake Idaho creek Recreation Area Firestone f a Evanston 0 Subject larnes hl Crist Park Comp#3 35 Comp #1 52 P n 52 Da[ono O 02003 N1apQuest.cpm, Inc.;O2003 Navhation Technobgias CBOE_COMM_010998 Page 4 Weld County, Colorado Page 1 of 1 Location Map Colorado Weld County,Tin� �f` i 4 1- .4 r 1 . H :11;,":,k•Sd'-"�g ; :/.4,,,..".".1' iA, r" T.� . 4 s X71 "�^" tea" u. 7 s � fr` c a a �e �'ey�.�u"ti' ��'A J`y 85 f � LI: �a+t�' ,L4:4 o O j�,4..�, i' I� d= � �I� Y^`"*M1" 14 r i �ri i Y r'N E tw . d� z 1 K u"v� + 52 71 I. 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" p r"" - ° 1150Ofty ,x"� 146703000050 ELMORE ELMORE &SPELTS PROPERTIES LLC Total ,5 P O BOX 7359 AmountTaxes:Due:$44$44,585.585.500 LOVELAND, CO 80537-7359 Lu._./ .Y,.....'l .«,..._:,.1, ,.,.....ri.rt..._.:,.1.T�ec":.......nc�_..:,.,.wr,..Y�_...,.l a,,....o_L'...- 'T......v.C..,....1., Q/1L"'lnnC Weld County, Colorado , Page 1 of 1 Comparable 1 Weld County, Colorado 5 � fi i -q one+ j ef',2,g5'�iy '' i, 1K Z .wt t, >;� , 3 •1 it&Nd+9`Wtl � „+t r� u. ! 4 as ' , a ...:.+'"" E r �„aJ"� nEV ! 85 e. } Fops ,' C" , :, r 14 § x p mf '; r i a W' - 52 71 4 L r''W i li,t ma y rY I .t.", s rs �-M1 "�e'9.4. r�#"' *� to 1 �434 + ,L4 A, J d 1 -,,mac A rr d a ' �vf �k�� "mow - rri +:- ' s ,( i. 1^']+w a v , ,, ,`, '=',gndr ' hs , 1" it,:::hi,:i..eRhdiutiddi_eFa::::tire ti F ,xr� 7 t'" t - rz g +{+f v mic t - 'P" a S SO^�k Yry w 4!1: i "T "nA:14Purew I P "" "r,^'' ^irs,,v'-,N,, .e aFM' �l , r', 1�' GIr. 5a..l iun Gri] 49 v yt e w Ii n nl L. , To.vrshlp ≥ ✓31 r , r ..�.yy�� , 1 �,a z , rlt,,, .1 - P'uhgraphy, iihyh Ras.l r ._ ' -To i; r i .ter} 07lIk9W •;x✓Fkr±kn x°-A5-t Pho l.ograahy IYu.t Res.i LIO � e rx4- L',—,47, '-o w o f n [ 3 y 1i 'I� al .,'4‘.*,:,-,;5 z �, 1 a}1 r d b 4, l �soc;, 1 ' 4y p 1 P �`i'Rrirt .�. I i Ma ors i i o F ',- ix &fr"H-: nd+«wdylu I c ;� qel ,'1 wcM county Colorado ,�: { s!,, -S 4�gy„,,. M 1• rk q Pv � .ft�dW P+P., t x„ (j X1.1�'(]Q�lt ,r pry vl 146702002001 KAYO OIL COMPANY otaI Taxes: $13,381.34 •TTN: REAL ESTATE ADMINISTRATION mount Due: $0.00 BARTLESVILLE, OK 74004 v.._.ii._.._..r, .....,.._..,.t. ,.,......m,r,.....:,.A.rx,rcr....., 1,7,..,,R,Pnrr,—T.,,AR.F.,�.,rlA R/1F/�(1/1F Weld County, Colorado Page 1 of 1 Comparable 2 Weld County, Colorado ,-,r,7,,,, rv,, pp " 7 9 r�auE r Ps„- i ,c � y i i. 4T' t IP , j ,,, ^t. �4 r -• 1 1 o.t r4 . , : , 1q ,, " - w .� � v. Qn90f JOpd �� 25��,. ,rY�k. 3 « a '� Latlf1 Sale 2 z . it , , 4, , rl • \I.. Pe,. Legend a ti, f'..r k<Jeed_Fealures i j"":,'7,,,:,.. 7 £ r P n 6 CJunt4 uad r me ,,ter County Bider x3%�4� - �T' --ce` VilaWv MI t � Lt.r o - r Pdr�.91v. ..,..t.,..„ X441 ,{v°P- O. � t,„),...,,,...,,,, , 3pp At F" C.24� 'Uli'�f1"11tPT l" . Mau. r 7'7R rvub�,-a t 'CR24 n e't von G 1RI1 1 a aCtr mod.;inn Ord f n Township a r4 Phulogre Jhy WW1 Ras.'I � .�.., I, 4r nl 'I v Phubo-graphy lka.% Res.i AAV 79 a -fli r - t p 77 a 1 v + CDDAR AV t v / 1 x PKwY9 4-'61 � �:x &', �,� f Wok Coum Cobrada T 1 ` .. .iR.� rn . ` :, i . 550ft. 131302306001 ARM PETROLEUM CO Total Taxes: $4,862.82 PO BOX 54 Gk' Amount Due: $0.00 LONGMONT, CO 80502 .p�Q' ' /out reel nprox• Jom;/es DACSou X ii5L7- dWy s2 11.-2--2 5 Lai._.//............1 _..,_._.:,.t. ..,......IT A�._.:,.I,rA,fc�:.....,.oc�_..:,.�wr,..�...—...,.ta,.....v.C,.«...—T«....n.C.....- A,. o/ttc/'lnnt Weld County, Colorado .. Page 1 of I Comparable 3 Weld County, Colorado l5a a m 1 L h4 rlt. "" f s xT - +' / . . A"KL� T+ ,y, y�.r t+..i A ''':)."4 4 Yy lm ?� i 1 i F '' a ' 4 � Nx 2 a}'us 7. �%N T, '4 t 71 x x, �y ^,'9 ,;,:,,"1,',...401,,A",' ux rv,' 5 s + 85 --f(A.'' fl Sa e r ,+"' + I r-+a r 14 ,3 '^ SILVCRTII�bNC DR '' �.'p.xY � l� F,�f� E I [ � ; ;. 52 71 fi.�lx I^d , "F� w, .r jj« kY�-� y'� � a r�dlGMtgy t,„'"-Ya � f "1 +,"tc An- pNtostil��n, 1VYNDIIpM HILL PKWY u2NCYV jiYti 6 35� r mu �i " roq. `Apure... -.... „,j, a 1 V f b egg„`((11 ¢ff `^ 52 ' t 1 t�y"4a .'�'3 a 4� .��' ' 4'<ti E rrp 14,K�nm9ai ,n 'iM1 b l l� b it + '�iV x +� VI (� l% Legend a f t� � y7G•t. ^'S � o',, Say�laJ_Faalures !�, nVG M" ;� `°+ u1'4 s�M i 1 d 1r �di a '-e cc y `°"Wu. e _ ' - t' P.M.-3 Road Lane • ' " _ ` 1 r ]nny BOrr�3r Y r dy4 1 a 4' l'ar 'ryh rY;eiAf P.M.-31S x a €"* ..Al, It ^t 1 � yv^ Y & iii Sa�l4un Gnf hL a 'r`c , .,r.! r r.' ", , x t t,p wOlr 33,1)S 11 GrrJ +r �� i�' a n'�.' rt n T sh is n +J,� aS,a �,I,_ ,1-- l , - .,.S'' Photography lhr�n R9 s, s n1"aa ▪ m ' 1 " m er Photography lloa'Res.1 liv.0:54';":" ''''.1' ` �{ "' Y� "" Si E _ ., n i• t ° t. � ". N4.-„r‘'', rd �rp,( g 11,Y + .5° y # . i ll — l" i `� .;t as ,..tii! .- ---fn, — wn kfr. ,al 11 t5 aams.�+ �a .._.. ,St, rw r .as �[ Pro .'`" '-,;4„ r a c w g Wale Co nt Cobmde i't �1 t E';w1. 146703115003 MCDONALDS REAL ESTATE COMPANY Total Taxes: $20,988.44 C/O ASPEN FOOD SERVICE Amount Due: $0.00 LONGMONT, CO 80504 t,tr...��...�....'7 ...o..:..1. ...,.../Tico.-.:..1,Tx4c....��co...,:,.oAr.,...�—..,ol.]....�2•C^^'-'—'r.-..'‘12'"'. .C........—T....,.n.C..,.,.,7,. 0/1 C/111/14 WELD COUNTY ASSESSOR Account#: R1011201 PROPERTY PROFILE Parcel#: 146703000050 MH Seq#: MH Space: Appr Year: Levy: 84.176 #of Bldgs: 1 Active On: 8/17/2006 Tax Dist: 1292 Map#: 2459 LEA: FR0168 InactiveOn: Assign To: MFS Initials: MFS Acct Type: Commercial Last Updated: 8/17/2006 New Growth: 0 Owner's Name and Address: Property Address: ELMORE ELMORE & SPELTS PROPERTIES LLC Street: 3770 52 HWY City: FREDERICK P O BOX 7359 LOVELAND CO 80537-7359 Business/Complex: Sales Summary Legal Description FRE PT NE4NE4 3-1-68(WAGONER ANNEX) BEG NE COR SEC S82D03'W 884.68'TO S LN HWY 52&TPOB THE ALG S LN HWY 52 ALG CURVE TO LEFT(R=5680)CHORD=S85D45'E 70' SO4D35'W 435.97'N85DW 300'TO SE COR L4 PURITAN PLACE COMMERCIAL SUB N04D37'E436.26'TO S LN HWY 52 585D24'E 230'TO BEG&PT L4 PURITAN PLACE COMMERCIAL LYING E OF NLY EXTENSION PURITAN WAY EXC UPRR RES SITUS: 3770 52 HWY FREDERICK 80530 Land Valuation Summary Abst Unit of Number Value Assmt *Assessed Land Type Ag Code Code Measure Of Units Per Unit Actual Value Percent Value commercial 2130 Square Feet 160499 $8.00 $1,283,992.00 0.29 $372,357.68 .and Subtotal: 160499 $1,283,992.00 $372,357.68 Buildings Valuation Summary Abst Assmt *Assessed 31dg # Property Type Code Occupancy Actual Value Percent Value Commercial 2212 419-Convenience Store $266,564 0.29 $77,304 I Commercial 2230 350 - Restaurant $541,207 0.29 $156,950 mprovements Subtotal: $807,771 $234,254 — I Mal Property Value $2,091,763 $606,611 Npproximate Assessed Value iursday, August 17, 2006 Page 1 of 3 WELD COUNTY ASSESSOR Account#: R1011201 PROPERTY PROFILE Parcel#: 146703000050 MH Seq#: MH Space: Building #: 1 Condo SF Condo % Land: Condo % Bldg: Unit Type: Landscaping $: Property Type: Commercial 0 1 $0.00 Quality: Average -- - Nbhd: 3903 Occupancy: Restaurant Condition: Typical Nbhd Ext: 00 Occupancy: Convenience Store Perimeter: 474 Nbhd Adj: 1 Percent Comp: 100.00% Individual Built As Detail Built As: Convenience Store Year Built: 1967 I Construction Type: C Year Remodeled: 1975 HVAC: Forced Air % Remodeled: 1 Interior Finish: Adj Year Blt: 1975 Roof Cover: Effective Age: 10 Built As SF: 2778 Mh Make: # of Baths: Tag Length/Width: X # of Bdrms: Tag Length/Width: X # of Stories: 1 Mh Skirting LF: Story Height: 12 MH Skirting Type: Sprinkler SF: Diameter: Capacity: Height: Built As: Restaurant Year Built: 1967 Construction Type: C Year Remodeled: 1980 HVAC: Forced Air % Remodeled: 1 Interior Finish: Adj Year Blt: 1980 Roof Cover: Effective Age: 5 Built As SF: 4879 Mh Make: #of Baths: Tag Length/Width: X #of Bdrms: Tag Length/Width: X #of Stories: 1 Mh Skirting LF: Story Height: 12 MH Skirting Type: Sprinkler SF: Diameter: • Capacity: Height: Building Details 31dg#: 1 Units Units Price RCN Actual Value User , ifi.. r :UEL EQUIP PIPING 1 $0.00 $0.00 $0.00 :UEL REMOTE ELEC READER 2 $0.00 $0.00 $0.001 =UEL MONITER SYSTEM 1 $0.00 $0.00 $0.00 =UEL EQUIP PIPING 1 $0.00 $0.00 $0.00 DISPEN 3P 2H GAS 7 $0.00 $0.00 $0.00 hursday, August 17, 2006 Page 2 of 3 WELD COUNTY ASSESSOR Account#: R1011201 PROPERTY PROFILE Parcel#: 146703000050 MH Seq#: MH Space: DISPEN 1P 2H DIESEL 1 $0.00 $0.00 $0.00 DISP 1P2H DIESEL 4 $0.00 $0.00 $0.00 CONC PUMP ISLANDS 216 $0.00 $0.00 $0.00 TANKS 12K GAL FBGLS/DB WALL 4 $0.00 $0.00 $0.00 TANKS 12K GAL FBGLS/DB WALL 4 $0.00 $0.00 $0.00 I FUEL MONITER SYSTEM 1 $0.00 $0.00 $0.00 DISPEN 3P 2H GAS 7 $0.00 $0.00 $0.00 DISPEN 1P2H DIESEL 1 $0.00 $0.00 $0.00 DISP 1P2H DIESEL 4 $0.00 $0.00 $0.00 CONC PUMP ISLANDS 216 $0.00 $0.00 $0.00 FUEL REMOTE ELEC READER 2 $0.00 $0.00 $0.00 f.. 7',T7, , 9--7, -w `d .Add On" `rah , 7 '7, Corn Canopies Steel Good LL 5356 $16.75 $89,713.00 $80,742.00 r Concrete Slab 47051 $3.90 $183,498.90 $159,644.00 Concrete Slab 487 $3.90 $1,899.30 $1,310.00 Asphalt 33499 $1.73 $57,953.27 $37,090.00 Chain Link Fence 8ft 655 $12.50 $8,187.50 $1,638.00 Value Details RCN Cost/SF: $74.86 Design Adj %: 0 Func Obs °/G: 0 Total RCN: $914,455.00 Exterior Adj %: 0 Econ Obs%: 0 Phys Depr %: 0.08 Interior Adj %: 0 Other Obs %: 0 Phys Depr$: 106684 Amateur Adj %: 0 RCNLD $: $807,771.00 RCNLD Cost/S $105.49 Market/SF: $0.00 hursday, August 17, 2006 Page 3 of 3 t ' 494 • }. s # , r. " ,t .^i.≥ k x.. ,r r ry k a5 l , I i' 4. ,x i •`f±;,r ` a«r a,5r§»x ?k + §;.k�. x vF, • , : I • J� 1: re— Ilir .M1 �,y 41, � r.n ^- -1 s.. ¢` 2Ji*.jarc'.w COST APPROACH SUMMARY The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial properties in Weld County, which has been approved by the Division of Property Taxation to be utilized by Colorado Assessors. The structure has been classified properly utilizing the Marshall and Swift Valuation service and an appropriate value assigned. A land value has likewise been established through the utilization of vacant land sales of comparable properties. Improvement Value $807,771.00 - $363,448 / Rest Land Value $1,283,992.00 / 160499 sf. @8.00 per sf. TOTAL VALUE BY THE COST APPROACH $2,091,763.00 CBOE_COMM_010998 Page 3 MARKET APPROACH Comparable Number 1 et B,E' CONVENIENCE STORE.I OAS STATION F FNOr 35450 Tp A !J3 BUICLA7 427 1U. a.. 84' 282' 9d' ,„ 20r 1 0' 123 MUMhA •' w 5 LPAVNG CONCRETE 1..d� % UNDERGROUND TANKS f' x _ 1 ,5000 GAL hR 0402 MEiNL CANGPI J5GFtbIG E5A09s91 5S0 DISPENSERS + 4 3 -HOSE HO ,340034 RosE,nPaooucT COMPARABLE SALE COUNTY: WELD ACCOUNT R6941098 PARCEL NUMBER: 095910227006 PRIMARY OCC: Convenience Store PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 1005 54 AV GREELEY RECEPT NUMBER: 2913688 SALE DATE: 12/27/2001 GRANTOR: ARM PETROLEUM CO SALE PRICE: $1,700,000 GRANTEE: DOLLAR JAMES M&LINDA M ADJ SALE PRICE: YEAR BUILT: 1997 CLASS: D EFFECTIVE AGE: LAND/BLDG RATIO: 13.45 LAND SIZE (SF): 48,168 LAND VALUE: $337,200 BLDG SIZE(SF): 3,580 IMPS PRICE/SF: $380.67 WALL HEIGHT: 14 SALE PRICE/SF: $474.86 STORIES: 1 INTEREST RATE: BSMNT SIZE: DOWN PYMT: BSMNT FINISH: LOAN TERM(YRS): ZONING: POINTS PAID: QUALITY: GOOD COMMENTS: UNDERGROUND TANKS; 1 - 10,000 GAL & 1 - 18,000 GAL, DISPENSERS; 3-2 HOSE 3 PRODUCT, & 1 -4 HOSE 4 PRODUCT CBOE_COMM_0 10998 Page 5 Bldg#1 00 'to' 560 710 260' 25 g. Truck Stop Restaurant/ Convenience Store Class C 11 0' uoc 1999 19.0' 17 tYtl 670' 8110' complete HVAC _ P is - _ 13271.0 sf Cencele565/6 r—� � _ dsn 22620s nao 149' l7 semnv APO IV o.,' Comparable Number 2 COMPARABLE SALE COUNTY: WELD ACCOUNT R3868586 PARCEL NUMBER: 096120209002 PRIMARY OCC: Truck Stop Restaurant Cony. Store PERCENT: 91% SECONDARY OCC: Car Wash-Automatic PERCENT: 9% THIRD OCC: PERCENT: ADDRESS: 665 31 ST EVANS RECEPT NUMBER: 2945423 SALE DATE: 04/18/2002 GRANTOR: COMPASS BANK SALE PRICE: $1,900,000 GRANTEE: SUN DEVELOPMENT INC ADJ SALE PRICE: $2,300,000 YEAR BUILT: 1999 CLASS: C EFFECTIVE AGE: LAND/BLDG RATIO: 32.84 LAND SIZE(SF): 476,892 LAND VALUE: $953,784 BLDG SIZE (SF): 14,521 IMPS PRICEISF: $92.71 WALL HEIGHT: 17& 15' SALE PRICE/SF: $158.39 STORIES: I INTEREST RATE: BSMNT SIZE: DOWN PYMT: $0 BSMNT FINISH: LOAN TERM (YRS): ZONING: Evans C-3 POINTS PAID: QUALITY: Good COMMENTS: THERE IS A DEVELOPERS AGREEMENT FEE DUE THE CITY OF EVANS OF APPROX.$400,000. THIS FEE IS FOR MANDATORY SITE IMPROVEMENTS (landscaping)WHICH THE GRANTEE MUST ALSO ASSUME WITH THE PURCHASE. THIS WOULD INDICATE A SALES PRICE OF$2,300,000. SOLD WOL 096120209004. CBOECOMM_0 10998 Page 6 Comparable Number 3 Asphalt 2200' O5193 O sq ftITetm Areal m 724600 sq.ft(Total Area-Improvements)) 6 80' 400 e/ ) 7 o-' 1. #. 6 ' s2„ I'\ pow 21 0' i 600 ae°omn. ��+: I en' comae �,2 Generale Kier IQ 1o&Lry 5. n convene eSme '" 30000sph °e' a a 90' "�� g o\, B reaa - L lase G.v.n. I ' 2)0 0. 56B0e X. a ,.- .;7368 a 400' c s.arow mx'. 1esai b maGal '2n0 mesa no'., tuna xe .............. 20.0' lreasen. Concrete — Jl e' 29250 sort �i,,._ 1O0' D —Ca Sketch by a<ea VWr6n,o' 180.0esee ' •r COMPARABLE SALE COUNTY: WELD ACCOUNT R5577686 PARCEL NUMBER: 131303000013 PRIMARY OCC: Convenience Store PERCENT: 100% SECONDARY OCC: PERCENT: THIRD OCC: PERCENT: ADDRESS: 3851 119 HWY WELD RECEPT NUMBER: 2851496 SALE DATE: 05/22/2001 GRANTOR: CONOCO INC SALE PRICE: $1,300,000 GRANTEE: KNIGHT KENNETH& ADJ SALE PRICE: $1,050,000 YEAR BUILT: 1983 CLASS: C EFFECTIVE AGE: 6 LAND/BLDG RATIO: 56.90 LAND SIZE (SF): 204,846 LAND VALUE: $716,961 BLDG SIZE(SF): 3,600 IMPS PRICE/SF: $92.51 WALL HEIGHT: 14 SALE PRICE/SF: $291.67 STORIES: I INTEREST RATE: 7.30% BSMNT SIZE: DOWN PYMT: $0 BSMNT FINISH: LOAN TERM(YRS): 15 YRS ZONING: POINTS PAID: QUALITY: Good COMMENTS: CONFIRMED SALE. ARMS LENGTH SALE. ADJUSTED SALE FOR PP(-$250,000 FROM WELD COUNTY RECORDS). PROPERTY WAS PART OF PACKAGE FROM CONOCO.0% DOWN WITH A VARIABLE INTEREST RATE OF 7.3%FOR 15 YEARS. CBOE_COMM_010998 Page 7 46- Fig - Hall wei Corner ° 0� COMP #1 49thEn Campion Harman COMP #2 Johnstown Kohler¢ °Buda c aown 85 ° Clark Hillsboro Berthoud p Ham ° Dent 5, ` Hambert $ 50 °Bunyan 0 °Fort Saint,V, ain °walker °wildcat vustan High and Lake Highland ° ° MAY ff,, gin °Morey 245 m iiPlatteville Liberty Gowanda COMP #3 °Kirkl:nd °Moore L ongmo . . i, 240 119 °Harney E m jessum° °Ri' n °Vol'mar a SUBJECT sant ew Ridge 1$ ° v ,nston°Firestone Datono Fort Lupton ° °Gooding itan 52 ° . 02003 MapQuest.com, Inc., 02003 GDI, Inc. CBOE_COMM_010998 Page 8 MARKET APPROACH SUMMARY Real Property for the tax year 2003 must be valued utilizing data for the period one and one-half years immediately prior to July 1, 2002. If comparable valuation data is not available from such one and one-half year period to adequately determine the level of value for a class of property, the period of five years immediately prior to July 1, 2002 shall be utilized to determine the level of value. The Assessor has appropriately considered the Market Approach to value for the property on appeal. The Sales Comparison Approach was considered in developing a market value for the Subject. Sales used to establish a market value for the tax year 2003 are from January 1, 2001 through June 30, 2002. Pursuant to 39-1-104 (10.2)(c) C. R. S., the Assessor may utilize sales five years prior to July 1, 2002 to establish the proper value. All sales have been confirmed and verified through transfer declarations as well as interviews with buyers, sellers or their representatives to the sale. All sales used are arm's length transactions, and considered to be the most comparable properties sold in relationship to the Subject property. Based upon investigation and analysis, it is the opinion of the appraisers that the value of$1,914,250.00 accurately reflects the market value of the subject property. VALUE AS INDICATED BY THE MARKET APPROACH $1,914,250.00 # Address Date of Sale Sale Price Size Price/SF Subject 3770 Hwy 52 7,657 SF Cony. Store Frederick Restaurant Comp #1 1005 54th Ave 12/27/01 $1,700,000 3,580 SF $474.86/SF Cony. Store Greeley Comp #2 665 31St St 04/18/02 $2,300,000 14,521 SF $158.39/SF Cony. Store Evans Restaurant Comp #3 3851 Hwy 119 05/22/01 $1,050,000 3,600 SF $291.67/SF Cony. Store Del Camino The median sales price for the comparables is $308.30 with comp #3 as the most comparable to the subject because of similar locations, but this property does not have a restaurant with it. Comparable #2 was sold under duress and with issues involving the city of Evans, both subject and sale #2 have restaurants and both are truck stops, however the subject location is far superior to comparable #2, and comp. #2 was a distressed sale from a bank and had been non-operational for a while, prior to the sale. Comparable sale #3, which is in the same general area as the subject, shows the difference of location and how this affects value for the subject and its general area, as compared to the location of sale #2. I adjusted sale #3 for its superior location to the subject, on Hwy. 119, after adjustment the reduction to the sales price CBOE_COMM_010998 Page 9 lowered the price per sq. ft. to $250. When factoring the sales price of comparable #2, and consideration of sale #3, after adjustments, I determined that a value of$250 per sq. ft. for the subject was reasonable. Therefore if the value of$250 sq. ft. is applied to the subject properties improvements the resulting value becomes: Estimated Market Value for the Subject: $250/SF X 7,657 SF = $1,914,250 Rounded to $1,914,250 CBOE_COMM_010998 Page 10 INCOME APPROACH WELD COUNTY STANLEY F. SESSIONS COUNTY ASSESSOR APPRAISAL REPORT OF VACANT LAND FOR Colo. Board of Assessment Appeals ELMORE ELMORE & SPELTS PROPERTIES LLC SPELTS STEVEN J PETITIONER vs. WELD COUNTY BOARD OF COMMISSIONERS RESPONDENT Parcel Number: 1467-03-0-00-040 Schedule Number: R5675586 Log Number: Abatement / 2006-268B Date: 08/21/2006 Time: 9:00 AM Board: County Commissioners PREPARED BY ICHAEL SAMPSON 2171•4/1Si atur��e 1 ate/e a� SENIOR REVIEW AND APPEALS APPRAISER ASSESSOR VALUE $ 488,606 CBOE_VacLand_010998 Page 1 LAND VALUE Sales utilized to establish the 2003 value in the subject neighborhood must be from the period of one and one-half years immediately prior to July 1, 2002. A period of 5 years immediately prior to July 1, 2002 shall be utilized to determine the level of value if adequate data is not available from such one and one-half year period to adequately determine the level of value for a class of property. The Weld County Assessor has an established ongoing Sales Confirmation and Validation Program for property transactions used in developing value. It is necessary to analyze the size and shape of comparable sold properties to apply uniform methods of valuation. The units of comparison used to value land in Weld County are square feet, acres, units or site. The subject property is valued by the site method. Shown below are three comparable vacant land sales located in the subjects area. Parcel Number Sale Date Sale Price Land Size Per Sq Ft Comparable 1 146702002001 12/08/00 $956,440 94,724 SF $10.10/SF Comparable 2 131302003002 04/03/01 $700,000 92,565 SF $7.56/SF 131302002003 Comparable 3 146703105003 08/22/02 $512,000 62,468 SF $8.20/SF MARKET APPROACH SUMMARY 1 240 01 Harney7km L� COMP #2 @ NEC pRinn HWY 119 & I-25 7 nn uence Park 75 SUBJECT MIkave[ Lake R.erreatinn Area i x ,81 H o irestone 1Y31 COMP #3 `5 i Evanston COMP #1 Grist 35 52 Puri n.. ., O2003 MapQuest.com, Inc.; O2003 Navigation Technobgiasa[000 CB0E_VacLand_010998 Page 2 Real property for the tax year 2005 must be valued utilizing the level of value for the period of one and one-half years immediately prior to July 1, 2004. A period of five years immediately prior to July 1, 2004 shall be utilized to determine the level of value if adequate data is not available from such one and one-half year period to adequately determine the level of value for a class of property. Said level of value shall be adjusted to the final day of the data-gathering period. Changes occurring between base years are not to be accounted for until the following level of value is implemented, other than additions, change in use, detrimental acts of nature, damage due to fire, etc., creation of a condominium, new regulations restricting or increasing the use of the land, or a combination thereof{39-1-1O4(11)(b)(I), CRS). The Subject Property has a negative 40% reduction in value, as indicated by the comparable sales, after adjustments to those comparables. This leaves a final value of $4.80 per square foot for the subject parcel. This is a reduction from an indicated market value of $8.00, as shown in the grid located above. The $40% reduction from market is due to the subject property not having a water tap and it's lack of a direct highway access, at this point in time. The final value per sq. ft. for the subject was therefore $4.80. The Subject Property is located adjacent to and on the east side of the truck stop, and is currently used as parking for trucks and larger recreation vehicles in conjunction with the truck stop. Therefore, as of 6/30/2004, the estimated value for the subject parcel is; INDICATED MARKET VALUE $ 488,606.00 CBOE VacLantl 010998 Page 3 • WELD COUNTY ASSESSOR Account#: R5675586 PROPERTY PROFILE Parcel#: 146703000040 MH Seq#: MH Space: Appr Year: 2005 Levy: 84.176 #of Bldgs: 0 Active On: 7/7/2005 Tax Dist: 1292 Map#: LEA: FR0168 InactiveOn: Assign To: SEM Initials: Acct Type: Vacant Land Last Updated: 1/26/2006 New Growth: 0 Owner's Name and Address: Property Address: ELMORE ELMORE &SPELTS PROPERTIES LLC P O BOX 7359 LOVELAND CO 80537-7359 SPELTS STEVEN J Business/Complex: Sales Summary Sale Date Sale Price Deed Type Reception # Book Page# Grantor 4/25/1996 $855,000 WD 2489070 1545 K-Q PROPERTIES LTD LIABILITY C 4/1/1992 $360,000 02283769 1331 MANNON DENVER R & BILLYE Y Legal Description FRE PT NE4NE4 3-1-68(HWY OASIS ANNEX)BEG NE COR SEC 582D03'W 884.68'TO S LN HWY 52 THE ALG S LN HWY 52 ON CURVE I TO LEFT 70'(CHORD=585D45'E 70'C/A 0D41'R=5680')TO TRUE FOB TH CONT ALG CURVE TO LEFT 142.8'(CHORD 586D48'E 142.8'C/A 01D24'R=5680')TH CONT ALG S LN HWY 52 580D35'E 163.5'TOW LN HWY 1-25 513O28'E 449.1'N85DW 445.45'TO SE COR BK 1331 REC 2273765 N04D35'E 435.97'TO BEG EXC 1.41AC TO CDOT Land Valuation Summary - Abst Unit of Number Value Assmt 'Assessed Land Type Ag Code Code Measure Of Units Per Unit Actual Value Percent Value Commercial 0200 Square Feet 101793 $4.80 $488,606.00 0.29 $141,695.74 Land Subtotal: 101793 $488,606.00 $141,695.74 Buildings Valuation Summary Friday, August 18, 2006 Page 1 of 3 WELD COUNTY ASSESSOR Account#: R5675586 PROPERTY PROFILE Parcel#: 146703000040 MH Seq#: MH Space: Total Property Value $488,606 $141,696 *Approximate Assessed Value Friday, August 18, 2006 Page 2 of 3 a xy=..*mss.,t: br.h..mrx, .: »3».ss'u: 'h; rara: ...ar�r ..ra;r ., . _. :s .',� ', x. --�`.l»:r aa3'.+±`sa >.:.,aw�x �..�'a,+{a ::. r r' 5s�_t r gtdM N i f >bt Pg l� y R.� 5 N N b c iS ` -, N � C W d { . 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W.,;-.;.-74 - \ "<- .- 'ii,- - ttei `1.447-40,:'MONARCH ST '' F .4r t 4 . http://maps2.merrick.com/MerrickIMS/ims?ServieeName=weldovr&Formr-True&Eneode... 8/18/2006 CLERK TO THE BOARD PHONE (970) 336-7215, Ext. 4225 I FAX: (970) 352-0242 P. O. BOX 758 C. GREELEY, COLORADO 80632 COLORADO September 21, 2006 Elmore, Elmore, and Spelts Properties. LLC P.O. Box 7359 Loveland, CO 80537-7359 RE: SCHEDULE NUMBER R1011201 Dear Property Owner: On August 21, 2006, the Board of Weld County Commissioners considered your petition for abatement or refund of taxes and denied same. Pursuant to Section 39-2-125(f), C.R.S., you have the right to appeal this decision to the State Board of Assessment Appeals within thirty days. You may obtain the appropriate forms and instructions from the Board of Assessment Appeals, Department of Local Affairs, 1313 Sherman Street, Room 420, Denver, Colorado 80203. Very truly yours, Lu i, .f Donald D. Warden, Clerk to the- Board C By: CDepufy lerk to the Board cc: Assessor Hello