HomeMy WebLinkAbout20042378.tiff RESOLUTION
RE: APPROVE CONTRACT TO BUY AND SELL REAL ESTATE AND AUTHORIZE CHAIR
TO SIGN - RENNOC CORPORATION
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 has been presented with a Contract to Buy and Sell Real Estate
between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Rennoc Corporation, with terms and conditions being as
stated in said contract, for property described as:
A square five acres located in the northeast corner of
Section 4, Township 1 North, Range 66 West of the
6th P.M. bordered by Weld County Road 31 and 9th
Street, City of Fort Lupton, CO 80621, and
WHEREAS,after review,the Board deems it advisable to approve said contract, a copy of
which is attached hereto and incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado,that the Contract to Buy and Sell Real Estate between the County of Weld, State
of Colorado, by and through the Board of County Commissioners of Weld County, on behalf of the
and Rennoc Corporation, be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to
sign said contract.
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 11th day of August, A.D., 2004.
BOARD OF COUNTY COMMISSIONERS
/�� LDCOU�TY,�O�O
ATTEST: a sU��i n pl
Ro ert D. Masden, Chair
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APPRSIV AAS M: o,,..� Cr J
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o y Att�pey
Glenn Vaa. I
Date of signature: `/
2004-2378
PR0025
646
1 I The printed portions of this form have been approved by the Colorado Real Estate Commission. (CBS3-9-99) j
2 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING.
3 CONTRACT TO BUY AND SELL REAL ESTATE
4 (VACANT LAND—FARM—RANCH)
5 Date: July 28, 2004 iI
6 1. AGREEMENT. Buyer agrees to buy and the undersigned Seller agrees to sell the Property defined below on the terms and I P!
7 conditions set forth in this contract. iI
8 2. DEFINED TERMS.
9 a. Buyer. Buyer, Board of Weld County Commissioners
10 will take title to the real property described below as O Joint Tenants O Tenants In Common O Other
11 b. Property. The Property is the following legally described real estate:
12 A square five acres located in the northeast corner of Section 4,
13 Township 1 North, Range 66 West of the 6th P.M. bordered by Weld
14 County Road 31 and 9th Street, City of Fort :Lupton, CO 80621 .
15
16 I
17
18
19
20 in the County of Weld ,Colorado,commonly known as
21 No. 9th St. & WCR 31 Ft . Lupton, CO 80621
Street Address City State Zip
22 together with the interests,easements,rights,benefits,improvements and attached fixtures appurtenant thereto,all interest of Seller
23 in vacated streets and alleys adjacent thereto,except as herein excluded.
24 c.Dates and Deadlines.
25 Item No. Reference Event Date or Deadline
26 1 §5a Loan Application Deadline N/A
27 2 §5b Loan Commitment Deadline N/A
28 3 §5c Buyer's Credit Information Deadline N/A
29 4 §5c Disapproval of Buyer's Credit Deadline -0UD
30 5 §5d Existing Loan Documents Deadline N/A
31 6 §5d Objection to Existing Loan Deadline N/A
32 7 §5d Approval of Loan Transfer Deadline N/A
33 8 §6a Appraisal Deadline N/A
34 9 §7a Title Deadline 8/31 /04
35 10 §7a Survey Deadline N/A
36 11 §7b Document Request Deadline 9/03/04
37 12 §8a Title Objection Deadline 9/30/04
38 13 §8b Off-Record Matters Deadline 9/23/04
39 14 § 8b Off-Record Matters Objection Deadline 9/30/04
40 15 § 10 Seller's Property Disclosure Deadline 8/31 /04
41 16 § 10a Inspection Objection Deadline 9/23/04
42 17 § lob Resolution Deadline 9/30/04
43 18 § 11 Closing Date 10/26/04
44 19 § 16 Possession Date
At Closing
45 20 § 16 Possession Time At Closing
46 21 §28 Acceptance Deadline Date 8/12/04'
47 22 §28 Acceptance Deadline Time 5 :00 P.M.
48
49
50
51 d. Attachments. The following exhibits,attachments and addenda are a part of this contract: None
52
53
54
55 e. Applicability of Terms. A check or similar mark in a box means that such provision is applicable. The abbreviation
56 "N/A"means not applicable.
57 3. INCLUSIONS AND EXCLUSIONS.
58 a. The Purchase Price includes the following items(Inclusions):
59 (1) Fixtures. If attached to the Property on the date of this contract,lighting,heating,plumbin • ng,and air con-
60 ditioning fixtures,inside telephone wiring and connecting blocks/jacks,plants,mirrors,floor coy ' ,intercom systems, sprinkler
61 systems and controls; and
62
63
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No.CBS3-9-99. CONTRACT TO BUY AND SELL REAL ESTATE(VACANT LAND- FARM-RANCH) b C►'- O
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68 (2) Other Inclusions. If on the Property whether attached or not on the date of this contract:storm windows,storm do ow and
69 porch shades,awnings,blinds,screens,window coverings,curtain rods,drapery rods,storage sheds,and all keys.Ch a le box(es)if included:
70 ❑ Smoke/Fire Detectors, ❑ Security Systems;and
71
72
73
74 (3) Trade Fixtures. With res a e fixtures,Seller and Buyer agree as follows:
75
76
77
78 (4) Water Rights. The following legally described water rights: Any and a rights owned by
79 Seller that pertains to this property.
80
8I
82
83 (5) Growing Crops. With respect to the growing crops,Seller and Buyer agree as follows: Buyer shall re-
ceive all crops, if any, subject to the tenant farmers verbal lease.
85
86
87
88
89
90 b. Instruments of Transfer. The Inclusions are to be conveyed at Closing free and clear of all taxes,liens and encumbrances,except as
91 provided in§ 12. Conveyance shall be by bill of sale or other applicable legal instrument(s).Any water rights shall be conveyed by
92 N/A deed or other applicable legal instrument(s).
93 c. Exclusions. The following attached fixtures are excluded from this sale: None
94
95
96
97 4. PURCHASE PRICE AND TERMS. The Purchase Price set forth below shall be payable in U.S. Dollars by Buyer as follows:
98 u •, , i .,, : n' . t • p,
99 I &4 Purchase Price 200 000
100 2 &4a Earnest Money
101 3 &4b New Loan
102 4 8 4 Assumption Balance
103 5 &4d Seller or Private Financing
104 6 &4e Cash at Closine
105 7 TOTAL $ 200,000 $ 200, 000
106 a. Earnest Money. The Earnest Money set forth in this Section,in the form of promissory note ,is part pay
107 ment of the Purchase Price and shall be payable to and held by Seller ,in its trust account,on behalf of both Seller and
108 Buyer. The parties authorize delivery of the Earnest Money deposit to the Closing Company,if any,at or before Closing.
109 b. New Loan. - Buyer shall obtain a new loan set forth in this Section and as follows: O Conventional O Other
110 .This loan will be secured by a (1st,2nd,etc.)deed of trust.
111 The total loan amount,not in excess of$ , shall be amortized over a period of O years
112 O months,payable at approximately$ per including principal and int t not to exceed
113 %per annum,plus,if required by Buyer's lender,a deposit of of the estimated annual real es taxes and property
114 insurance premium. If the loan is an adjustable interest rate or graduated payment loan,the payments and interest rate' tally shall not exceed the
115 figures set forth above.
116 Loan discount points,if any,shall be paid to lender at Closing and shall not exceed %oft otal loan amount. Notwithstanding
117 the loan's interest rate,the first loan discount points shall be paid by ,and the
118 balance,if any,shall be paid by
119 Buyer shall timely pay Buyer's loan costs and a loan origination fee not to exceed %of the loan amount.
120 c. Assumption. Buyer agrees to assume and pay an existing loan in the appro ' ate amount of the Assumption Balance set forth in this
121 Section,presently payable at$ per including principal, interest presently at % per
122 annum,and also including escrow for the following as indicated: O Real Es e Taxes, ❑Property Insurance Premium,and
123
124 Buyer agrees to pay a loan transfer fee not to exceed$ . At the time of assumption,the new interest rate shall not exceed
125 % per annum and the new payment shall note $ principal and interest,plus escrow, if any. If the
126 actual principal balance of the existing loan at Closing is s than the Assumption Balance,which causes the amount of cash required from Buyer
127 at Closing to be increased by more than$ ,then O Buyer May Terminate this contract effective upon receipt by Seller of
128 Buyer's written notice of termination or O
129 Seller O Shall O Shall Not be ed from liability on said loan. If applicable,compliance with the requirements for release from lia-
130 bility shall be evidenced by deliver Closing of appropriate letter of commitment from lender.Cost payable for release of liability shall be paid
131 by in an amount not to exceed $
132 d. Seller or Priva nancing. Buyer agrees to execute a promissory note payable to:
133 ,as O Joint Tenants O Tenants in Common
134 O Other ,on the note form as indicated: ❑(UCCC-No Default Rate)NTD 82-3.95
135 O(Defaul te)NTD 81-11-83 O Other secured by a (1st.2nd,etc.)deed
136 of encumbering the Property, using the form as indicated: O Strict Due-On-Sale (TD 72-7-96) ❑ Creditworthy (TD 73-7-96)
137 ssumable-Not Due On Sale(TD 74-7-96)❑Other
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138 Buyer O Shall O Shall Not execute and deliver,at Closing,a Security Agreement and UCC-I Financing Statement granting the hot r
139 of the promissory note a (1st,2nd,etc.)lien on the personal property included in this sale. The promissory note shall be am lied
140 on the basis of O years O months, payable at$ per including prin pal and
141 interest at the rate of % per annum. Payments shall commence and shall b ue on the
142 day of each succeeding . If not sooner paid, the balance of principal and accrued inter shall be due
143 and payable after Closing. Payments O Shall Shall Not be
:=:4 increased by of estimated annual real estate taxes, and O Shall O Shah Not be increased by of
145 estimated annual property insurance premium. The loan shall also contain the following terms: if any payment ' not received within
I46 calendar days after its due date, a late charge of % of such monthly payment shall bed . Interest on lender dis-
147 bursements under the deed of trust shall be %per annum. Default interest rate shall be % annum. Buyer may prepay
148 without a penalty except
149
150 Buyer O Shall O Shall Not provide a mortgagee's title insurance policy,at Buyer's expense.
151 e. Cash at Closing. All amounts paid by Buyer at Closing including Cash at Closing,plus Buy s closing costs,shall be in funds which
152 comply with all applicable Colorado laws, which include cash, electronic transfer funds, certified eck, savings and loan teller's check and
I53 cashier's check(Good Funds).
154 5. FINANCING CONDITIONS AND OBLIGATIONS.
155 a. Loan Application. If Buyer is to pay all or part of the Purchase Price by obtainin new loan,or if an existing loan is not to be released
156 at Closing, Buyer, if required by such lender,shall make written application by Loan A ication Deadline (§ 2c). Buyer shall cooperate with
157 Seller and lender to obtain loan approval,diligently and timely pursue same in good fa' ,execute all documents and furnish all information and
158 documents required by lender, and,subject to§4,timely pay the costs of obtaining Ch loan or lender consent. Buyer agrees to satisfy the rea-
159 sonable requirements of lender, and shall not withdraw the loan or assumption ap ication, nor intentionally cause any change in circumstances
I60 which would prejudice lender's approval of the loan application or funding oft loan.
161 b. Loan Commitment. If Buyer is to pay all or part of the Purchas rice by obtaining a new loan as specified in § 4b,this contract is
162 conditional upon Buyer obtaining a written loan commitment including,if quired by lender, (1) lender verification of employment, (2) lender
163 approval of Buyer's credit-worthiness, (3) lender verification that Buy has sufficient funds to close, and (4) specification of any remaining
164 requirements for funding said loan. This condition shall be deemed w ved unless Seller receives from Buyer,no later than Loan Commitment
165 Deadline (§ 2c), written notice of Buyer's inability to obtain such oan commitment. If Buyer so notifies Seller, this contract shall terminate.
166 IF BUYER WAIVES THIS CONDITION BUT DOES NOT OSE,BUYER SHALL BE IN DEFAULT.
167 c. Credit Information. If Buyer is to pay all or part he Purchase Price by executing a promissory note in favor of Seller or if an exist-
168 ing loan is not to be released at Closing,this contract is cond' onal upon Seller's approval of Buyer's financial ability and creditworthiness,which
169 approval shall be at Seller's sole and absolute discretion. such case:(I)Buyer shall supply to Seller by Buyer's Credit Information Deadline
170 (§ 2c), at Buyer's expense, information and document oncerning Buyer's financial,employment and credit condition; (2) Buyer consents that
171 Seller may verify Buyer's financial ability and credi orthiness (including obtaining a current credit report); (3)any such information and docu-
172 ments received by Seller shall be held by Seller i confidence, and not released to others except to protect Seller's interest in this transaction;
173 (4)if Seller does not provide written notice of Se is disapproval to Buyer by Disapproval of Buyer's Credit Deadline(§2c),then Seller waives
174 this condition. If Seller does provide written tice of disapproval to Buyer on or before said date,this contract shall terminate.
175 d. Existing Loan Review. If an 'sting loan is not to be released at Closing,Seller shall provide copies of the loan documents(includ-
176 ing note,deed of trust,and any modific ons)to Buyer by Existing Loan Documents Deadline(§2c). This contract is conditional upon Buyer's
177 review and approval of the provisio of such loan documents. If written notice of objection to such loan documents, signed by Buyer, is not
178 received by Seller by the Objecti to Existing Loan Deadline(§2c),Buyer accepts the terms and conditions of the documents. If the lender's
179 approval of a transfer of the Pr erty is required,this contract is conditional upon Buyer's obtaining such approval without change in the terms of
180 such loan,except as set fort n §4c.If lender's approval is not obtained by Approval of Loan Transfer Deadline(§2c),this contract shall ter-
181 minate on such date. If ler is to be released from liability under such existing loan and Buyer does not obtain such compliance as set forth in
182 §4c,this contract ma e terminated at Seller's option.
183 6. APPRAISA ROVISIONS.
184 a. Appr ' I Condition. This subsection a. O Shall O Shall Not apply.
185 Buyer all have the sole option and election to terminate this contract if the Purchase Price exceeds the Property's valuation determined by
186 an apprais engaged by .The contract shall terminate by Buyer giving Seller
187 written tice of termination and either a copy of such appraisal or written notice from lender which confirms the Property's valuation is less than
188 the P chase Price,received on or before the Appraisal Deadline(§2c). If Seller does not receive such written notice of termination on or before
189 th Appraisal Deadline(§2c),Buyer waives any right to terminate under this subsection.
190 b. Cost of Appraisal. Cost of any appraisal to be obtained after the date of this contract shall be timely paid by O Buyer O Seller.
191 7. EVIDENCE OF TITLE.
192 a. Evidence of Title;Survey. On or before Title Deadline(§2c),Seller shall cause to be furnished to Buyer,at Seller's expense,a cur-
193 rent commitment for owner's title insurance policy in an amount equal to the Purchase Price or if this box is checked, O An Abstract of title
194 certified to a current date. If a title insurance commitment is furnished, it O Shall Shall Not commit to delete or insure over the standard
195 exceptions which relate to:
196 (I) parties in possession,
197 (2) unrecorded easements,
198 (3) survey matters,
199 (4) any unrecorded mechanics'liens,
200 (5) gap period(effective date of commitment to date deed is recorded),and
201 (6) unpaid taxes,assessments and unredeemed tax sales prior to the year of Closing.
202 Any additional premium expense to obtain this additional coverage shall be paid by NYBuyer O Seller. An amount not to exceed
203 $ N/A for the cost of any improvement location certificate or survey shall be paid byX12)Buyer O Seller. If the cost exceeds this
204 amount, Buyer shall pay the excess on or before Closing.The improvement location certificate or survey shall
205 be received by Buyer on or before Survey Deadline(§ 2c). Seller shall cause the title insurance policy to be delivered to Buyer as soon as practi-
206 cable at or after Closing.
207 b. Copies of Exceptions. On or before Title Deadline(§ 2c), Seller, at Seller's expense,shall furnish to Buyer, (I) a copy of any plats,
208 declarations,covenants,conditions and restrictions burdening the Property,and (2)if a title insurance commitment is required to be furnished,and
209 if this box is checked XXCopies of any Other Documents (or, if illegible, summaries of such documents) listed in the schedule of exceptions
210 (Exceptions). Even if the box is not checked, Seller shall have the obligation to furnish these documents pursuant to this subsection if requested
211 by Buyer any time on or before the Document Request Deadline(§ 2c). This requirement shall pertain only to documents as shown of record in
212 the office of the clerk and recorder(s). The abstract or title insurance commitment,together with any copies or summaries of such documents fur-
213 nished pursuant to this Section,constitute the title documents(Title Documents).
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214 8. TITLE.
215 a. Title Review. Buyer shall have the right to inspect the Title Documents. Written notice by Buyer of unmerchantability of title or of
216 any other unsatisfactory title condition shown by the Title Documents shall be signed by or on behalf of Buyer and given to Seller on or before
217 Title Objection Deadline (§ 2c),or within five(5)calendar days after receipt by Buyer of any Title Document(s)or endorsement(s)adding new
21 S Exception(s)to the title commitment together with a copy of the Title Document adding new Exception(s)to title. If Seller does not receive Buyer's
219 notice by the date(s) specified above,Buyer accepts the condition of title as disclosed by the Title Documents as satisfactory.
220 b. Matters not Shown by the Public Records. Seller shall deliver to Buyer, on or before Off-Record Matters Deadline (§ 2c) true
221 copies of all lease(s)and survey(s) in Seller's possession pertaining to the Property and shall disclose to Buyer all easements, liens or other title
222 matters not shown by the public records of which Seller has actual knowledge. Buyer shall have the right to inspect the Property to determine if
223 any third party(ies) has any right in the Property not shown by the public records(such as an unrecorded easement,unrecorded lease,or boundary
224 line discrepancy). Written notice of any unsatisfactory condition(s) disclosed by Seller or revealed by such inspection shall be signed by or on
225 behalf of Buyer and given to Seller on or before Off-Record Matters Objection Deadline (§ 2c). If Seller does not receive Buyer's notice by
226 said date, Buyer accepts title subject to such rights,if any,of third parties of which Buyer has actual knowledge.
227 c. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION INDEBTED-
228 NESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH
229 DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND
230 EXCESSIVE TAX BURDENS TO SUPPORT THE SERVICING OF SUCH DEBT WHERE CIRCUMSTANCES ARISE RESULTING IN
231 THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL
232 LEVIES.BUYER SHOULD INVESTIGATE THE DEBT FINANCING REQUIREMENTS OF THE AUTHORIZED GENERAL OBLIG-
233 ATION INDEBTEDNESS OF SUCH DISTRICTS, EXISTING MILL LEVIES OF SUCH DISTRICT SERVICING SUCH
234 INDEBTEDNESS,AND THE POTENTIAL FOR AN INCREASE IN SUCH MILL LEVIES.
235 In the event the Property is located within a special taxing district and Buyer desires to terminate this contract as a result, if written notice is
236 received by Seller on or before Off-Record Matters Objection Deadline(§2c),this contract shall then terminate. If Seller does not receive Buyer's
237 notice by such date, Buyer accepts the effect of the Property's inclusion in such special taxing district(s)and waives the right to so terminate.
238 d. Right to Cure. If Seller receives notice of unmerchantability of title or any other unsatisfactory title condition(s)or commitment terms
239 as provided in § 8 a or b above, Seller shall use reasonable effort to correct said items and bear any nominal expense to correct the same prior to
240 Closing. If such unsatisfactory title condition(s)are not corrected on or before Closing,this contract shall then terminate;provided,however,Buyer
241 may, by written notice received by Seller,on or before Closing,waive objection to such items.
242 e. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should be reviewed carefully.
243 Additionally, other matters not reflected in the Title Documents may affect the title,ownership and use of the Property, including without limita-
244 tion boundary lines and encroachments,area,zoning,unrecorded easements and claims of easements,leases and other unrecorded agreements,and
245 various laws and governmental regulations concerning land use,development and environmental matters. The surface estate may be owned sepa-
246 rarely from the underlying mineral estate,and transfer of the surface estate does not necessarily include transfer of the mineral rights. Third parties
247 may hold interests in oil,gas,other minerals,geothermal energy or water on or under the Property,which interests may give them rights to enter
248 and use the Property. Such matters may be excluded from the title insurance policy. Buyer is advised to timely consult legal counsel with respect
249 to all such matters as there are strict time limits provided in this contract(e.g.,Title Objection Deadline[§2c]and Off-Record Matters Objection
250 Deadline f§ 2c1).
251 9. LEAD-BASED PAINT. Unless exempt, if the improvements on the Property include one 0 r w is a
252 building permit was issued prior to Januar 1 197 s a comp eted Lead-Based Paint Disclosure (Sales) form is
253 .n rea estate licensee(s), which must occur prior to the parties signing this contract.
254 10. PROPERTY DISCLOSURE AND INSPECTION. On or before Seller's Property Disclosure Deadline (§ 2c), Seller agrees to pro-
255 vide Buyer with a written disclosure of adverse matters regarding the Property completed by Seller to the best of Seller's current actual knowledge.
256 a. Inspection Objection Deadline. Buyer shall have the right to have inspection(s)of the physical condition of the Property and Inclusions,
257 at Buyer's expense. If the physical condition of the Property or Inclusions is unsatisfactory in Buyer's subjective discretion, Buyer shall,on or
258 before Inspection Objection Deadline(§ 2c):
259 (1) notify Seller in writing that this contract is terminated,or
260 (2) provide Seller with a written description of any unsatisfactory physical condition which Buyer requires Seller to correct(Notice to
261 Correct).
262 If written notice is not received by Seller on or before Inspection Objection Deadline (§ 2c), the physical condition of the Property and
263 Inclusions shall be deemed to be satisfactory to Buyer.
264 b. Resolution Deadline. If a Notice to Correct is received by Seller and if Buyer and Seller have not agreed in writing to a settlement
265 thereof on or before Resolution Deadline(§ 2c),this contract shall terminate one calendar day following the Resolution Deadline(§ 2c), unless
266 before such termination Seller receives Buyer's written withdrawal of the Notice to Correct.
267 c. Damage; Liens; Indemnity. Buyer is responsible for payment for all inspections,surveys,engineering reports or for any other work
268 performed at Buyer's request and shall pay for any damage which occurs to the Property and Inclusions as a result of such activities. Buyer shall
269 not permit claims or liens of any kind against the Property for inspections,surveys,engineering reports and for any other work performed on the
270 Property at Buyer's request. Buyer agrees to indemnify,protect and hold Seller harmless from and against any liability,damage,cost or expense
271 incurred by Seller in connection with any such inspection,claim,or lien. This indemnity includes Seller's right to recover all costs and expenses
272 incurred by Seller to enforce this subsection, including Seller's reasonable attorney fees. The provisions of this subsection shall survive the ter-
273 mination of this contract.
274 11. CLOSING. Delivery of deed(s)from Seller to Buyer shall be at Closing(Closing).Closing shall be on the date specified as the Closing
275 Date(§ 2c)or by mutual agreement at an earlier date. The hour and place of Closing shall be as designated by mutual agreement
276 between Buyer and Seller
277 12. TRANSFER OF TITLE. Subject to tender or payment at Closing as required herein and compliance by Buyer with the other terms and
278 provisions hereof, Seller shall execute and deliver a good and sufficient general warranty deed to Buyer,at Closing,
279 conveying the Property free and clear of all taxes except the general taxes for the year of Closing. Except as provided herein, title shall be con-
280 veyed free and clear of all liens, including any governmental liens for special improvements installed as of the date of Buyer's signature hereon,
281 whether assessed or not. Title shall be conveyed subject to:
282 a. those specific Exceptions described by reference to recorded documents as reflected in the Title Documents accepted by Buyer in accor-
283 dance with § 8a[Title Review],
284 b. distribution utility easements,
285 c. those specifically described rights of third parties not shown by the public records of which Buyer has actual knowledge and which were
286 accepted by Buyer in accordance with § 8b[Matters Not Shown by the Public Records],and
287 d. inclusion of the Property within any special taxing district,and
288 e, the benefits and burdens of any declaration and party wall agreements,if any,and
289 e other All mineral rights have been reserved by previous owners
290 13. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid at or before Closing from(he proceeds of this
291 transaction or from any other source.
292 14. CLOSING COSTS;DOCUMENTS AND SERVICES. Buyer and Seller shall pay, in Good Funds, their respective Closing costs and
293 all other items required to be paid at Closing,except as otherwise provided herein. Buyer and Seller shall sign and complete all customary or rea-
294 sonably required documents at or before Closing. Fees for real estate Closing services shall be paid at Closing by Mc One-Half by Buyer and
295 One-Half by Seller O Buyer 0 Seller O Other
296 The local transfer tax of N/A % of the Purchase Price shall be paid at Closing by 0 Buyer O Seller. Any sales and use tax that may
297 accrue because of this transaction shall be paid when due by 0 Buyer 0 Seller.
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298 15. PROBATIONS. The following shall be prorated to Closing Date,except as otherwise provided:
299 a. Taxes. Personal property taxes,if any,and general real estate taxes for the year of Closing,based on
300 O The Taxes for the Calendar Year Immediately Preceding Closing Xfif The Most Recent Mill Levy and Most Recent Assessment
301 O Other
302 b. Rents. Rents based on O Rents Actually Received O Accrued. Security deposits held by Seller shall be credited to Buyer. Seller
303 shall assign all leases to Buyer and Buyer shall assume such leases.
304 c. Other Prorations. Water,sewer charges; and interest on continuing loan(s),if any;and None
305
306 d. Final Settlement. Unless otherwise agreed in writing,these prorations shall be final.
307 16. POSSESSION. Possession of the Property shall be delivered to Buyer on Possession Date and Possession Time (§ 2c), subject to
308 the following lease(s)or tenancy(s): Verbal farm lease
309
310
•
311 If Seller,after Closing,fails to deliver possession as specified,Seller shall be subject to eviction and shall be additionally liable to Buyer for
312 payment of$ N/A per day from the Possession Date(§ 2c)until possession is delivered.
313 17. NOT ASSIGNABLE. This contract shall not be assignable by Buyer without Seller's prior written consent. Except as so restricted,this
314 contract shall inure to the benefit of and be binding upon the heirs,personal representatives,successors and assigns of the parties.
315 18. CONDITION OF,AND DAMAGE TO PROPERTY AND INCLUSIONS. Except as otherwise provided in this contract,the Property,
316 Inclusions or both shall be delivered in the condition existing as of the date of this contract,ordinary wear and tear excepted.
317 a. Casualty;Insurance. In the event the Property or Inclusions shall be damaged by fire or other casualty prior to Closing,in an amount
318 of not more than ten percent of the total Purchase Price,Seller shall be obligated to repair the same before the Closing Date(§ 2c). In the event
319 such damage is not repaired within said time or if the damages exceed such sum,this contract may be terminated at the option of Buyer by deliv-
320 Bring to Seller written notice of termination. Should Buyer elect to carry out this contract despite such damage, Buyer shall be entitled to a credit,
321 at Closing, for all the insurance proceeds resulting from such damage to the Property and Inclusions payable to Seller but not the owners'associ-
322 ation, if any,plus the amount of any deductible provided for in such insurance policy,such credit not to exceed the total Purchase Price.
323 b. Damage; Inclusions; Services. Should any Inclusion(s)or service(s) (including systems and components of the Property,e.g. heat-
324 ing,plumbing,etc.)fail or be damaged between the date of this contract and Closing or possession,whichever shall be earlier,then Seller shall be
325 liable for the repair or replacement of such Inclusion(s)or service(s) with a unit of similar size,age and quality,or an equivalent credit, but only
326 to the extent that the maintenance or replacement of such Inclusion(s),service(s)or fixture(s)is not the responsibility of the owners'association,
327 if any, less any insurance proceeds received by Buyer covering such repair or replacement.The risk of loss for any damage to growing crops, by
328 fire or other casualty, shall be borne by the party entitled to the growing crops, if any,as provided in § 3 and such party shall be entitled to such
329 insurance proceeds or benefits for the growing crops,if any.
330 c. Walk-Through;Verification of Condition. Buyer,upon reasonable notice,shall have the right to walk through the Property prior to
331 Closing to verify that the physical condition of the Property and Inclusions complies with this contract.
332 19. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this document.Buyer and Seller acknowledge that the Selling
333 Company or the Listing Company has advised that this document has important legal consequences and has recommended the examination of title
334 and consultation with legal and tax or other counsel before signing this contract.
335 20. TIME OF ESSENCE AND REMEDIES. Time is of the essence hereof. If any note or check received as Earnest Money hereunder or
336 any other payment due hereunder is not paid, honored or tendered when due,or if any other obligation hereunder is not performed or waived as
337 herein provided,there shall be the following remedies:
338 a. If Buyer is in Default:
339 O (1) Specific Performance. Seller may elect to treat this contract as canceled,in which case all payments and things of value received
340 hereunder shall be forfeited and retained on behalf of Seller,and Seller may recover such damages as may be proper,or Seller may elect to treat
341 this contract as being in full force and effect and Seller shall have the right to specific performance or damages,or both.
342 ai (2) Liquidated Damages. All payments and things of value received hereunder shall be forfeited by Buyer and retained on behalf of
343 Seller and both parties shall thereafter be released from all obligations hereunder. It is agreed that such payments and things of value are LIQUI-
344 DATED DAMAGES and (except as provided in subsection c) are SELLER'S SOLE AND ONLY REMEDY for Buyer's failure to perform the
345 obligations of this contract. Seller expressly waives the remedies of specific performance and additional damages.
346 b. If Seller is in Default: Buyer may elect to treat this contract as canceled, in which case all payments and things of value received
347 hereunder shall be returned and Buyer may recover such damages as may be proper,or Buyer may elect to treat this contract as being in full force
348 and effect and Buyer shall have the right to specific performance or damages,or both.
349 c. Costs and Expenses. In the event of any arbitration or litigation relating to this contract,the arbitrator or court shall award to the pre-
350 vailing party all reasonable costs and expenses,including attorney fees.
351 21. MEDIATION. If a dispute arises relating to this contract,prior to or after Closing,and is not resolved,the parties shall first proceed in
352 good faith to submit the matter to mediation. Mediation is a process in which the parties meet with an impartial person who helps to resolve the
353 dispute informally and confidentially. Mediators cannot impose binding decisions. The parties to the dispute must agree before any settlement is
354 binding. The parties will jointly appoint an acceptable mediator and will share equally in the cost of such mediation. The mediation, unless oth-
355 erwise agreed,shall terminate in the event the entire dispute is not resolved 30 calendar days from the date written notice requesting mediation is
356 sent by one party to the other(s).This Section shall not alter any date in this contract,unless otherwise agreed.
357 22. EARNEST MONEY DISPUTE. Notwithstanding any termination of this contract,Buyer and Seller agree that,in the event of any con-
358 troversy regarding the Earnest Money and things of value held by broker or Closing Company(unless mutual written instructions are received by
359 the holder of the Earnest Money and things of value),broker or Closing Company shall not be required to take any action but may await any pro-
360 ceeding;or at broker's or Closing Company's option and sole discretion,may interplead all parties and deposit any moneys or things of value into
361 a court of competent jurisdiction and shall recover court costs-and reasonable attorney fees.
362 23. TERMINATION. In the event this contract is terminated,all payments and things of value received hereunder shall be returned and the
363 parties shall be relieved of all obligations hereunder,subject to§§ 10c,21 and 22.
364 24. ADDITIONAL PROVISIONS. (The language of these additional provisions has not been approved by the Colorado Real Estate Commission.)
365 A. David C. Conner, President of Rennoc Corporation, is a licensed real
366 estate broker in Colorado.
367 B. Third parties hold interests in minerals on or under the property,
368 which interests give them rights to enter and use the property.
369 C. It shall be the responsibility and expense of the Buyer to verify the
370 availability of all utilities, resolve all zoning and platting issues,
371 and obtain a survey.
372
373
374
375
376 111 1111 1111 1 11111 11111 11111 1111 11111111 III IIIII IIII IIII
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379 24. ADDITIONAL PROVISIONS.(Cont). (The language of these additional provisions has not been approved by the Colorado Real Estate Commission.)
380
381
382
383
384
385
386 25. ENTIRE AGREEMENT; SUBSEQUENT MODIFICATION; SURVIVAL. This contract constitutes the entire contract between the
387 parties relating to the subject hereof,and any prior agreements pertaining thereto,whether oral or written, have been merged and integrated into
388 this contract.No subsequent modification of any of the terms of this contract shall be valid,binding upon the parties,or enforceable unless made
389 in writing and signed by the parties. Any obligation in this contract which,by its terms,is intended to be performed after termination or Closing
390 shall survive the same.
391 26. FACSIMILE. Signatures 41May ❑May Not be evidenced by facsimile. Documents with original signatures shall be provided to the
392 other party at Closing,or earlier upon request of any party.
393 27. NOTICE. Except for the notice requesting mediation described in § 21, any notice to Buyer shall be effective when received by Buyer
394 or by Selling Company and any notice to Seller shall be effective when received by Seller or Listing Company.
395 28. NOTICE OF ACCEPTANCE; COUNTERPARTS. This proposal shall expire unless accepted in writing,by Buyer and Seller,as evi-
396 denced by their signatures below,and the offering party receives notice of acceptance pursuant to § 27 on or before Acceptance Deadline Date
397 and Acceptance Deadline'lime(§ 2c). If accepted,this document shall become a contract between Seller and Buyer. A copy of this document
398 may be executed by each party,separately,and when each party has executed a copy thereof,such copies taken together shall be deemed to be a
399 full and complete contract between the parties. ('\
40o Bd. of Weld County Commissioners ``>t "at)._ VUU�
Buyer 1 1 Buyer Robert D. Masden, Chair
1 1
401 Date of Buyer's Signature: AUG 2004 Date of Buyer's Signature:
402 Buyer'sAddress: 915 10th St. , Greeley, CO 80631
720-652-4200 (Den. Line)
403 Buyer's Telephone No: 970-356-4000, Ext 4218 Buyer's Fax No: 970-352-0242
404 [NOTE: If this offer is being countered or rejected,do not sign this document Refer to§29)
406 Rennoc Corporation BY; çNLS
rSeller Seller an C. Conne ,'_Presient
407 Date of Seller's Signature: Date of Seller's Signature: 8/tTr.
408 Seller's Address: 2 Osprey Cir. , Thornton, CO 80241
409 Seller's Telephone No: 303-255-9313 Seller's Fax No: 303-255-9313
410 29. COUNTER; REJECTION. This offer is ❑Countered ❑Rejected.
411 Initials only of party(Buyer or Seller)who countered or rejected offer
412 END OF CONTRACT
413 Note: Closing Instructions should be signed on or before Title Deadline.
414 BROKER ACKNOWLEDGMENTS. The undersigned Broker(s) acknowledges receipt of the Earnest Mone eposit specified in § 4 and,
while not a party to the contract,agrees to cooperate upon request with any mediation conducted under§21.
415 Selling Company Brokerage Relationship.The Selling Company and its licensees have been engag n this transaction as ❑Buyer Agent
❑Seller Agent/Subagent O Dual Agent O Transaction-Broker.
416 Listing Company Brokerage Relationship.The Listing Company and its licensees have be engaged in this transaction as ❑Seller Agent
417 O Dual Agent ❑Transaction-Broker.
418 BROKERS'COMPENSATION DISCLOSURE. •
419 Selling Company's compensation or commission is to be paid by: ❑Buyer ler O Listing Company O Other
420
421 (To be completed by Listing Company) Listing Company's compens nor commission is to be paid by:
422 ❑Buyer 0 Seller O Other
423 Selling Company:
Name of Company
424 By:
Signature Dale
425 Selling Company's Address:
426 Selling Company's Telephon o: Selling Company's Fax No:
427 Listing Company:
Name of Company
428 By:
Sign re Date
429 Li ' g Company's Address:
Listing Company's Telephone No: Listing Company's Fax No:
1111111 11111 11111 11111 11111 1111111 11111 III 11111 Illl IIII
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WARRANTY DEED
THIS DEED, Made this 27th day of October, 2004 between
Rennoc Corporation, a Colorado corporation
a corporation duly organized and existing under and by virtue of the laws of the State
of COLORADO, grantor, and County of Weld, a body politic and corporate
a corporation duly organized and existing under and by virtue of the laws of the State
of COLORADO, grantee, whose legal address is P. O. Box 758, Greeley, Colorado 80632
WITNESSETH, That the grantor, for and in consideration of the sum of TWO HUNDRED
THOUSAND AND 00/100, ($200,000 .00) Dollars, the receipt and sufficiency of which is
C r/ hereby acknowledged, has granted, bargained, sold and conveyed, and by these presents
l\ 1 does grant, bargain, sell, convey and confirm, unto the grantee, its successors and
assigns forever, all the real property together with improvements, if any,
situate,lying and being in the County of Weld and State of Colorado, described as
//O , ' `Pfollows:
SEE EXHIBIT "A" ATTACHED HERETO AND MADE A PART HEREOF
also known by street and number as Vacant Land, Fort Lupton, Colorado 80621
TOGETHER, with all and singular the hereditaments and appurtenances thereunto
belonging, or in anywise appertaining and the reversion and reversions, remainder and
remainders, rents, issues and profits thereof, and all the estate, right, title,
interest, claim and demand whatsoever of the grantor, either in law or equity, of in
and to the above bargained premises, with the hereditaments and appurtenances.
TO HAVE AND TO HOLD the said premises above bargained and described, with the
appurtenances, unto the grantee, its successors and assigns forever. And the grantor,
for itself, its successors and assigns, does covenant, grant, bargain, and agree to
and with the grantee, its successors and assigns, that at the time of the ensealing
and delivery of these presents, it is well seized of the premises above conveyed, has
good, sure, perfect, absolute and indefeasible estate of inheritance, in law, in fee
simple, and has good right, full power and lawful authority to grant, bargain, sell
and convey the same in manner and form aforesaid, and that the same are free and clear
from all former and other grants, bargains, sales, liens, taxes, assessments,
incumbrances and restrictions of whatever kind or nature soever, except
general taxes for 2004 and subsequent years; except easements, restrictions,
covenants, conditions, reservations and rights of way of record, if any;
The grantor shall and will WARRANT AND FOREVER DEFEND the above-bargained premises
in the quiet and peaceable possession of the grantee, its successors and assigns,
against all and every person or persons lawfully claiming or to claim the whole or any
part thereof.
IN WITNESS WHEREOF, The grantor has caused its corporate name to be hereunto
subscribed by its president, and its corporate seal to be hereunto affixed,
the day and year first above written.
, Rennoc Corporation, a Colorado
• Cr) P% •
ri. ^ corporation
rn
1- 3.34 C _3 QiNSAA.
,,,,,,,,
aviD d C. Conner, President
STATE OP COLORADO }
} ss. The foregoing instrument was acknowledged before
County of Weld } me this 27th day of October, 2004, by
David C. Conner as President of Rennoc Corporation, a Colorado corporation
My commission expires 54/07
Witness my hand and official seal .
NOTARY PUBLIC
1295 Main St.
No. 767 Rev. 6-85 SPRY Nis Windsor, COLORADO 80550
•
DAVIN
BIRGE • TNG A074Z i3
O�oQ EOF CP
P Rc,o_-S
�c e y ;393
Iiiiiii 3231437 10/29/2004 10:47A Weld County, CO
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"EXHIBIT A"
LEGAL DESCRIPTION
A parcel of land being a part of Lot 2 of the NE1/4 of Section 4 ,
Township 1 North, Range 66 West of the 6th P .M. , City of Fort Lupton,
County of Weld, State of Colorado and being more particularly described
as follows :
Beginning at the Northeast corner of said Section 4 and assuming the
East line of said NE1/4 as bearing South 00 degrees 16 minutes 38
seconds East, being a Grid Bearing of the Colorado State Plane
Coordinate System, North Zone, North American Datum 1983/92 , a distance
of 2569 . 17 feet with all other bearings contained herein relative
thereto. From said Northeast corner the North Quarter corner of said
Section 4 bears South 89 degrees 51 minutes 37 seconds West, a distance
of 2644 . 14 feet;
thence South 00 degrees 16 minutes 38 seconds East along said East line
a distance of 496 . 02 feet;
thence South 89 degrees 43 minutes 22 seconds West a distance of 517 .26
feet;
thence North 00 degrees 08 minutes 23 seconds West a distance of 497 . 26
feet to the North line of said NE1/4 ;
thence North 89 degrees 51 minutes 37 seconds East along said North
line a distance of 516 . 07 feet to the Point of Beginning.
Name and address of person creating newly created legal
description (38-35-106 .5 , C.R.S . )
King Surveyors Inc .
9299 Eastman Park Drive
Windsor, CO 80550
TRANSNATION TITLE INSURANCE COMPANY
CLOSING INSTRUCTIONS
THIS IS A LEGAL INSTRUMENT, IF NOT UNDERSTOOD, LEGAL, TAX OR OTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING.
To: TRANSNATION TITLE RE: Vacant Land
INSURANCE COMPANY Fort Lupton, Colorado 80621
1. Rennoc Corporation, a Colorado corporation (SELLER) and County of Weld, a body politic and corporate (PURCHASER)
engage TRANSNATION TITLE INSURANCE CO. (CLOSING AGENT), who agrees to provide closing and settlement services in connection
with the closing of the following described real estate in the County of Weld and State of Colorado, to wit:
A parcel of land being a part of Lot 2
of the NE1/4 of 4-1-66, City of Fort
Lupton, County of Weld, Colorado
also known as: Vacant Land, Fort Lupton, Colorado 80621
2. Closing Agent is authorized to obtain information and agrees to prepare, obtain deliver and record all documents,
excluding preparation of legal documents, necessary to carry out the terms and conditions of the contract to buy and sell real
estate, dated July 28, 2004, with ALL amendments and counterproposals attached (Contract), and made part of this document.
3. Legal documents will be prepared by Closing Agent at the expense of Seller.
4. Closing Agent will receive a fee not to exceed $100.00 for providing these closing and settlement services to be the
expense of 1/2 by Seller and 1/2 by Purchaser.
5. Closing Agent is authorized to receive funds and to disburse funds when all funds received are either:available for
immediate withdrawal as a matter of right from the financial institution in which the funds have been deposited or are
available for immediate withdrawal as a consequence of an agreement of financial institution in which the funds are to be
deposited or a financial institution upon which the funds are to be drawn("Good Funds").
6. Closing Agent is not authorized to release any documents or things of value prior to receipt and disbursement of Good
Funds, except as provided in paragraphs 12 and 13.
7. Closing Agent shall disburse all funds in closing except those funds as may be separately disclosed in writing to
Purchaser and Seller by Closing Agent or Agent or Purchaser's lender on or before closing.
8. Seller will receive the net proceeds of closing as indicated: [XI Closing Agent's Trust Account Check, [ I Cashier's
Check at Seller's expense, [ ) Funds electronically transferred (wire transfer) to an account specified by the Seller, at
Seller's expense.
9. Purchaser and Seller will furnish any additional information and documents required by Closing Agent which will be
necessary to complete this transaction, and Purchaser and Seller further agrees to sign and complete all and customary
required documents at closing to fulfill the Contract.
10. Closing Agent will prepare and deliver an accurate, complete and detailed closing statement to Purchaser and Seller
at time of closing.
11. If requested by Closing Agent, earnest money deposit will be delivered to Closing Agent in sufficient time before
closing to disburse Good Funds.
12. The Closing Agent is to comply with the instructions of the Purchaser's Lender regarding the payment of all real
property taxes and special assessments, despite any provision in these printed Closing Instructions or the Sale and Purchase
Agreement to the contrary. The parties agree to, and do hereby, hold Closing Agent and the title insurance company harmless
regarding said real property taxes and special assessments paid or to be paid by others.
13. If closing does not occur, Closing Agent, except as provided herein, is authorized and agrees to return all
documents, monies, and things of value to the depositing party and Closing Agent will be relieved from any further duty,
responsibility or liability in connection with these instructions. In addition, any promissory note, deed of trust, or other
evidence of indebtedness signed by Purchaser, shall be voided by Closing Agent, with the original(s) returned to Purchaser and
copy to Purchaser's lender.
14. If any conflicting demands are made on the Closing Agent, at its sole discretion Closing Agent may hold any monies,
documents, and things of value received from any party except Purchaser's lender, Closing Agent shall retain such items until
(1) receipt of mutual written instruction from Purchaser and Seller; or (2) until a civil action between Purchaser and Seller
shall have been finally concluded in a Court of competent jurisdiction; or (3) in the alternative, Closing Agent may, in its
sole discretion, commence a civil action to interplead, or interplead in any existing civil action, any documents, monies or
other things of value received by Closing Agent. Such deposit with the Court shall relieve Closing Agent of all further
liability and responsibility and Closing Agent shall be entitled to all court costs and reasonable attorneys' fees.
15. These closing instructions may only be amended or terminated by written instructions signed by Purchaser, Seller and
Closing Agent.
16. Special Instructions:
APPROVED AND ACCEPTED
Seller(s) Purchaser(s) Closing Agent
Rennoc Corporation, a Colorado County of Weld, a body politic and By: DARELLA L BLOCH 10/27/04
cor oration corporate
BY: Board of County Commissioners
BY !''Weld County, Colorado
David C. Conner, President 1 �\�k �(�`)
BY 1\vim/ L1—
Robert D. Masden, Chair
-t."
TRANSNATION TITLE INSURANCE COMPANY
1295 Main St.
Windsor, CO 80550
(970) 686-0867
Escrow Officer: DARELLA L BLOCH Title No. : 8074213
ESCROW OFFICER Date : October 27, 2004
BUYER'S CLOSING STATEMENT
Buyer(s): County of Weld, a body politic and Seller(s): Rennoc Corporation, a Colorado
corporate corporation
Property: Vacant Land
Fort Lupton, Colorado 80621
A parcel of land being a part of Lot 2
of the NE1/4 of 4-1-66, City of Fort
Lupton, County of Weld, Colorado
DEBIT CREDIT
Contract Sales Price $200,000.00
Deposits by Buyer 10,000.00
PRORATIONS
COUNTY TAXES 01/01/04 to 10/27/04 6.20
LENDER CHARGES:
RESERVES
TITLE CHARGES
REAL ESTATE CLOSING FEE 50.00
TAX INFORMATION SERVICES 20.00
RECORDING FEES, TRANSFER TAXES
Warranty Deed 11.00
DOCUMENTARY FEE 20.00
ADDITIONAL CHARGES
***** SUB TOTAL 200,101.00 10,006.20
RECEIPT DUE FROM BUYER 190,094.80
$200,101.00 $200,101.00
The above figures do not include sales or use taxes on personal property.
THE ABOVE DEDUCTIONS, ADJUSTMENTS, DISBURSEMENTS ARE HEREBY AUTHORIZED AND APPROVED.
County of Weld, a body politic and Broker
corporate
By:
BY: Board of County Commissioners
C\Weld County, Colorado Transnation Title Insurance Company
BY \ _ By: DARELLA L BLOCH
Robert D. Masden, Chair
j V- 2-57 v
REAL ESTATE TAX AGREEMENT
Escrow No. : 8074213
It is hereby understood and agreed between the purchaser(s) and seller(s) of property
known as: Vacant Land
Fort Lupton, Colorado 80621
that taxes for the current year have been adjusted as of this date as follows :
BASIS FOR PRORATION
Taxes have been prorated on an estimate of $7.57 for the year 2004.
AGREEMENT FOR READJUSTMENT
The above tax proration is considered to be final settlement.
ASSESSMENTS
It is further understood and agreed between the purchasers and the sellers that:
Special improvements now in are paid in full .
OTHER THAN TAX INFORMATION DISCLOSED ON THE CERTIFICATE OF TAXES DUE, THE INFORMATION
ABOVE WAS OBTAINED BY TELEPHONE FROM THE COUNTY ASSESSOR'S/TREASURER'S OFFICE AND/OR
APPROPRIATE CITY AUTHORITY. WE ACKNOWLEDGE THAT TRANSNATION TITLE INSURANCE COMPANY
SHALL NOT BE RESPONSIBLE FOR ANY READJUSTMENT OF TAXES AFTER CLOSING. WE HEREBY
RELEASE TRANSNATION TITLE INSURANCE COMPANY FROM ANY AND ALL LIABILITY FOR THE
ACCURACY OF THE VERBAL OR WRITTEN INFORMATION RECEIVED.
APPROVED AND ACCEPTED:
Purchaser(s) Seller(s)
County of Weld, a body politic and Rennoc Corporation, a Colorado
corporate corporation
BY: Board of County Commissioners '
���
Weld County, Colorado BY U
QD, Oit
�. is (,. onner, Pr i en I
BYkobert U. Malsden, Chair
This agreement executed this 27th day of October, 2004.
ESCROW NO. : 8074213
r-,
REAL ESTATE WATER AND SEWER AGREEMENT
Escrow No. : 8074213
It is hereby understood and agreed between the purchaser(s) and seller(s) of property
known as : Vacant Land, Fort Lupton, Colorado 80621, that as of the date of closing
the water and sewer status is: Vo active water or sewer taps .
BASED ON THE ABOVE INFORMATION:
Mail final bill to: TRANSNATION TITLE INSURANCE COMPANY
1295 Main St.
Windsor, CO 80550
IT IS FURTHER UNDERSTOOD AND AGREED BETWEEN THE PURCHASERS AND SELLERS THAT THIS IS A
FINAL SETTLEMENT AND HEREBY RELIEVE ESCROW AGENT OF ALL FURTHER LIABILITY AND
RESPONSIBILITY.
This Agreement executed this 27th day of October, 2004
APPROVED AND ACCEPTED:
Purchaser(s) Seller(s)
County of Weld, a body politic and Rennoc Corporation, a Colorado
corporate corporation
BY: Board of County Commissioners
Weld County, Colorado BY \ tom,.,,, ei'stt
David L. Conner, Pres en , •
BY Robert U. Masden, hair
wC/,757k
•
TRANSNATION TITLE INSURANCE COMPANY
1295 Main St .
Windsor, CO 80550
COUNTY OF WELD
P.O. BOX 758
GREELEY, CO 80632
ATTN: DON WARDEN
Order No. 8074213
December 09, 2004
RE : Vacant Land
In connection with the above matter, we are enclosing herewith the
following:
Owners Policy
We are pleased to have the opportunity to be of service .
•
OWNER'S POLICY OF TITLE INSURANCE
Issued by Transnation Title Insurance Company
LandAmerica Transnation Title Insurance Company is a member of LandAmerica family of title insurance underwriters.
Transnation
SUBJECT TO THE EXCLUSIONS FROM COVERAGE, THE EXCEPTIONS FROM COVERAGE CONTAINED IN SCHEDULE B AND THE
CONDITIONS AND STIPULATIONS, TRANSNATION TITLE INSURANCE COMPANY, an Arizona corporation, herein called the Company,
insures, as of Date of Policy shown in Schedule A, against loss or damage, not exceeding the Amount of Insurance stated in Schedule A,
sustained or incurred by the insured by reason of:
1. Title to the estate or interest described in Schedule A being vested other than as stated therein;
2. Any defect in or lien or encumbrance on the title;
3. Unmarketability of the title;
4. Lack of a right of access to and from the land.
The Company will also pay the costs, attorneys'fees and expenses incurred in defense of the title, as insured, but only to the extent provided in the
Conditions and Stipulations.
IN WITNESS WHEREOF,TRANSNATION TITLE INSURANCE COMPANY has caused its corporate name and seal to be hereunto affixed by
its duly authorized officers,the Policy to become valid when countersigned by an authorized officer or agent of the Company.
TRANSNATION TITLE INSURANCE COMPANY 1
o`\\t Wet
;cc:,
7N(011oote0 0
?ryA-1-/- a . art
Attest: a / / , �e2 SrPf.16,1171 .44 By:
l/_i President
g110Nk Secretary q *- neArsaltataheCj. 7. ,
EXCLUSIONS FROM COVE
The following matters are expressly excluded from the coverage of this policy and the Company will not pay loss or damage, costs, attorneys'fees or
expenses which arise by reason of:
1. (a) Any law, ordinance or governmental regulation (including but not limited to building and zoning laws, ordinances, or regulations)
restricting, regulating, prohibiting or relating to (i) the occupancy, use, or enjoyment of the land; (ii)the character,dimensions or location of
any improvement now or hereafter erected on the land; (iii)a separation in ownership or a change in the dimensions or area of the land or j
any parcel of which the land is or was a part; or (iv) environmental protection, or the effect of any violation of these laws, ordinances or
governmental regulations,except to the extent that a notice of the enforcement thereof or a notice of a defect,lien or encumbrance resulting
from a violation or alleged violation affecting the land has been recorded in the public records at Date of Policy.
(b) Any governmental police power not excluded by (a) above, except to the extent that a notice of the exercise thereof or a notice of a
defect, lien or encumbrance resulting from a violation or alleged violation affecting the land has been recorded in the public records at Date
of Policy.
2. Rights of eminent domain unless notice of the exercise thereof has been recorded in the public records at Date of Policy,but not excluding
from coverage any taking which has occurred prior to Date of Policy which would be binding on the rights of a purchaser for value without
knowledge.
3. Defects,liens, encumbrances,adverse claims or other matters:
(a) created,suffered,assumed or agreed to by the insured claimant;
(b) not known to the Company, not recorded in the public records at Date of Policy,but known to the insured claimant and not disclosed in
writing to the Company by the insured claimant prior to the date the insured claimant became an insured under this policy;
(c) resulting in no loss or damage to the insured claimant;
(d) attaching or created subsequent to Date of Policy;or
(e) resulting in loss or damage which would not have been sustained if the insured claimant had paid value for the estate or interest
insured by this policy.
4. Any claim,which arises out of the transaction vesting in the Insured the estate or interest insured by this policy,by reason of the operation of
federal bankruptcy,state insolvency,or similar creditors'rights laws,that is based on:
(a) the transaction creating the estate or interest insured by this policy being deemed a fraudulent conveyance or fraudulent transfer;or
(b) the transaction creating the estate or interest insured by this policy being deemed a preferential transfer except where the preferential
transfer results from the failure:
(i) to timely record the instrument of transfer;or
(ii) of such recordation to impart notice to a purchaser for value or a judgment or lien creditor.
•1
NM PA10
ALTA Owner's Policy(10/17/92) Face Page ORIGINAL
Form 1190-56A Valid only if Schedules A and B and Cover are attached
CONDITIONS AND STIPULATIONS
1. DEFINITION OF TERMS. may pursue any litigation to final determination by a court of competent jurisdiction
The following terms when used in this policy mean: and expressly reserves the right,in its sole discretion,to appeal from any adverse
(a) "insured":the insured named in Schedule A,and,subject to any rights or judgment or order.
defenses the Company would have had against the named insured, those who (d) In all cases where this policy permits or requires the Company to
succeed to the interest of the named insured by operation of law as distinguished prosecute or provide for the defense of any action or proceeding,the insured shall
from purchase including,but not limited to,heirs,distributees,devisees,survivors, secure to the Company the right to so prosecute or provide defense in the action
personal representatives,next of kin,or corporate or fiduciary successors. or proceeding, and all appeals therein, and permit the Company to use, at its
(b) "insured claimant':an insured claiming loss or damage. option,the name of the insured for this purpose.
(c) "knowledge" or 'known": actual knowledge, not constructive knowledge Whenever requested by the Company, the insured, at the Company's expense,
or notice which may be imputed to an insured by reason of the public records as shall give the Company all reasonable aid(i)in any action or proceeding.securing
defined in this policy or any other records which impart constructive notice of evidence,obtaining witnesses,prosecuting or defending the action or proceeding,
matters affecting the land. or effecting settlement,and(ii) in any other lawful act which in the opinion of the
(d) "land": the land described or referred to in Schedule A, and Company may be necessary or desirable to establish the title to the estate or
improvements affixed thereto which by law constitute real property. The term interest as insured. If the Company is prejudiced by the failure of the insured to
"land" does not include any property beyond the lines of the area described or furnish the required cooperation,the Company's obligations to the insured under
referred to in Schedule A, nor any right, title, interest, estate or easement in the policy shall terminate,including any liability or obligation to defend,prosecute,
abutting streets, roads, avenues, alleys, lanes, ways or waterways, but nothing or continue any litigation, with regard to the matter or matters requiring such
herein shall modify or limit the extent to which a right of access to and from the cooperation.
land is insured by this policy.
(e) "mortgage": mortgage, deed of trust, trust deed, or other security 5. PROOF OF LOSS OR DAMAGE.
instrument. In addition to and after the notices required under Section 3 of these
(f) "public records": records established under state statutes at Date of Conditions and Stipulations have been provided the Company,a proof of loss or
Policy for the purpose of imparting constructive notice of matters relating to real damage signed and sworn to by the insured claimant shall be furnished to the
property to purchasers for value and without knowledge. With respect to Section Company within 90 days after the insured claimant shall ascertain the facts giving
1(a)(iv) of the Exclusions From Coverage, "public records' shall also include rise to the loss or damage. The proof of loss or damage shall describe the defect
environmental protection liens filed in the records of the clerk of the United States in, or lien or encumbrance on the title, or other matter insured against by this
district court for the district in which the land is located. policy which constitutes the basis of loss or damage and shall state,to the extent
(g) "unmarketability of the title': an alleged or apparent matter affecting the possible, the basis of calculating the amount of the loss or damage. If the
title to the land, not excluded or excepted from coverage, which would entitle a Company is prejudiced by the failure of the insured claimant to provide the
purchaser of the estate or interest described in Schedule A to be released from required proof of loss or damage,the Company's obligations to the insured under
the obligation to purchase by virtue of a contractual condition requiring the delivery the policy shall terminate,including any liability or obligation to defend,prosecute,
of marketable title. or continue any litigation,with regard to the matter or matters requiring such proof
of loss or damage.
2. CONTINUATION OF INSURANCE AFTER CONVEYANCE OF TITLE. In addition, the insured claimant may reasonably be required to submit to
The coverage of this policy shall continue in force as of Date of Policy in examination under oath by any authorized representative of the Company and
favor of an insured only so long as the insured retains an estate or interest in the shall produce for examination, inspection and copying, at such reasonable times
land, or holds an indebtedness secured by a purchase money mortgage given by and places as may be designated by any authorized representative of the
a purchaser from the insured,or only so long as the insured shall have liability by Company, all records, books, ledgers,checks, correspondence and memoranda,
reason of covenants of warranty made by the insured in any transfer or whether bearing a date before or atter Date of Policy,which reasonably pertain to
conveyance of the estate or interest. This policy shall not continue in force in the loss or damage. Further,if requested by any authorized representative of the
favor of any purchaser from the insured of either (i) an estate or interest in the Company, the insured claimant shall grant its permission, in writing, for any
land,or(H)an indebtedness secured by a purchase money mortgage given to the authorized representative of the Company to examine, inspect and copy all
insured. records,books, ledgers,checks,correspondence and memoranda in the custody
or control of a third party, which reasonably pertain to the loss or damage. All
_3. NOTICE OF CLAIM TO BE GIVEN BY INSURED CLAIMANT. information designated as confidential by the insured claimant provided to the
The insured shall notify the Company promptly in writing (i) in case of any Company pursuant to this Section shall not be disclosed to others unless, in the
litigation as set forth in Section 4(a)below,(H)in case knowledge shall come to an reasonable judgment of the Company,it is necessary in the administration of the
insured hereunder of any claim of title or interest which is adverse to the title to the claim. Failure of the insured claimant to submit for examination under oath,
.estate or interest,as insured,and which might cause loss or damage for which the produce other reasonably requested information or grant permission to secure
Company may be liable by virtue of this policy, or (iii) if title to the estate or reasonably necessary information from third parties as required in this paragraph
interest, as insured, is rejected as unmarketable. If prompt notice shall not be shall terminate any liability of the Company under this policy as to that claim.
given to the Company, then as to the insured all liability of the Company shall
terminate with regard to the matter or matters for which prompt notice is required; 6. OPTIONS TO PAY OR OTHERWISE SETTLE CLAIMS;TERMINATION OF
provided, however, that failure to notify the Company shall in no case prejudice LIABILITY.
the rights of any insured under this policy unless the Company shall be prejudiced In case of a claim under this policy, the Company shall have the following
by the failure and then only to the extent of the prejudice. additional options:
(a) To Pay or Tender Payment of the Amount of Insurance.
4. DEFENSE AND PROSECUTION OF ACTIONS; DUTY OF INSURED To pay or tender payment of the amount of insurance under this policy
CLAIMANT TO COOPERATE. together with any costs, attorneys' fees and expenses incurred by the insured
(a) Upon written request by the insured and subject to the options contained claimant, which were authorized by the Company, up to the time of payment or
in Section 6 of these Conditions and Stipulations. the Company, at its own cost tender of payment and which the Company is obligated to pay.
and without unreasonable delay, shall provide for the defense of an insured in Upon the exercise by the Company of this option,all liability and obligations to the
litigation in which any third party asserts a claim adverse to the title or interest as insured under this policy, other than to make the payment required, shall
insured, but only as to those stated causes of action alleging a defect, lien or terminate,including any liability or obligation to defend,prosecute,or continue any
encumbrance or other matter insured against by this policy. The Company shall litigation,and the policy shall be surrendered to the Company for cancellation.
have the right to select counsel of its choice(subject to the right of the insured to (b) To Pay or Otherwise Settle With Parties Other than the Insured or
object for reasonable cause)to represent the insured as to those stated causes of With the Insured Claimant.
action and shall not be liable for and will not pay the fees of any other counsel. (i) to pay or otherwise settle with other parties for or in the name of
The Company will not pay any fees,costs or expenses incurred by the insured in an insured claimant any claim insured against under this policy,together with any
the defense of those causes of action which allege matters not insured by this costs, attorneys'fees and expenses incurred by the insured claimant which were
policy. authorized by the Company up to the time of payment and which the Company is
(b) The Company shall have the right, at its own cost, to institute and obligated to pay;or
prosecute any action or proceeding or to do any other act which in its opinion may (ii) to pay or otherwise settle with the insured claimant the loss or
be necessary or desirable to establish the title to the estate or interest,as insured, damage provided for under this policy,together with any costs,attorneys'fees and
or to prevent or reduce loss or damage to the insured. The Company may take expenses incurred by the insured claimant which were authorized by the
any appropriate action under the terms of this policy, whether or not it shall be Company up to the time of payment and which the Company is obligated to pay.
liable hereunder, and shall not thereby concede liability or waive any provision of Upon the exercise by the Company of either of the options provided for in
this policy. If the Company shall exercise its rights under this paragraph, it shall paragraphs(b)(i)or(ii),the Company's obligations to the insured under this policy
do so diligently. for the claimed loss or damage, other than the payments required to be made,
(c) Whenever the Company shall have brought an action or interposed a shall terminate, including any liability or obligation to defend, prosecute or
defense as required or permitted by the provisions of this policy, the Company continue any litigation.
Conditions and Stipulations Continued Inside Cover
B 1190-56A .
CONTROL NO. A 3 1- 0 112 14 6
•
TRANSNATION TITLE INSURANCE COMPANY
POLICY OF TITLE INSURANCE
SCHEDULE A
Amount of Insurance : $ 200 , 000 . 00 Policy No . : 8074213
Date of Policy: October 30, 2004 at 7 : 00 A.M.
1 . Name of Insured:
County of Weld, a body politic and corporate
2 . The estate or interest in the land described herein and which is
covered by this policy is : FEE SIMPLE
3 . The estate or interest referred to herein is at Date of Policy vested
in:
County of Weld, a body politic and corporate
4 . The land referred to in this Policy is described as follows :
(SEE ATTACHED PAGE FOR LEGAL DESCRIPTION)
TRANSNATION TITLE INSURANCE COMPANY
Policy No. : 8074213
LEGAL DESCRIPTION
A parcel of land being a part of Lot 2 of the NE1/4 of Section 4, Township
1 North, Range 66 West of the 6th P.M. , City of Fort Lupton, County of
Weld, State of Colorado and being more particularly described as follows :
Beginning at the Northeast corner of said Section 4 and assuming the East
line of said NE1/4 as bearing South 00 degrees 16 minutes 38 seconds East,
being a Grid Bearing of the Colorado State Plane Coordinate System, North
Zone, North American Datum 1983/92 , a distance of 2569 . 17 feet with all
other bearings contained herein relative thereto. From said Northeast
corner the North Quarter corner of said Section 4 bears South 89 degrees
51 minutes 37 seconds West, a distance of 2644 . 14 feet;
thence South 00 degrees 16 minutes 38 seconds East along said East line a
distance of 496 . 02 feet;
thence South 89 degrees 43 minutes 22 seconds West a distance of 517 .26
feet ;
• thence North 00 degrees 08 minutes 23 seconds West a distance of 497 . 26
feet to the North line of said NE1/4;
thence North 89 degrees 51 minutes 37 seconds East along said North line a
distance of 516 . 07 feet to the Point of Beginning.
Page 2
TRANSNATION TITLE INSURANCE COMPANY
Policy No. : 8074213
SCHEDULE B
This Policy does not insure against loss or damage by reason of the
following:
1 . Rights or claims of parties in possession not shown by the public
records .
2 . Easements, or claims of easements, not shown by the public records .
3 . Discrepancies, conflicts in boundary lines, shortage in area,
encroachments, and any facts which a correct survey and inspection
of the premises would disclose and which are not shown by the
public records .
4 . Any lien, or right to a lien, for services, labor or material
heretofore or hereafter furnished, imposed by law and not shown by
the public records .
5 . Taxes for the year 2004 not yet due or payable.
6 . Rights of way, whether in fee or easement only, for county roads 30
feet wide on each side of section and township lines as established
by Order of the Board of County Commissioners for Weld County,
recorded October 14, 1889 in Book 86 at Page 273 .
7 . Right of way 30 feet wide for county wagon road off the South side
of the SE1/4 of Section 32 , Township 2 North, Range 66 West, and
off the North side of the NE1/4 of Section 4, Township 1 North,
Range 66 West, as granted to Weld County by Deed recorded October
26, 1886 in Book 43 at Page 362 .
8 . Reservation of right of proprietor of any penetrating vein or lode
to extract his ore, in U.S . Patent recorded August 12 , 1895 in Book
57 at Page 379 .
9 . Right of way for a public highway, as granted to Weld County,
Colorado, by Right of Way Deed recorded August 22 , 1940 in Book
1067 at Page 242 .
(Affects the South 50 feet of the NE1/4 of Section 4, Townshp 1
North, Range 66 West)
10 . Right of way, whether in fee or easement only, for transmission of
electricity and appurtenances, as granted to Public Service Company
by instrument, recorded February 27, 1964 in Book 508 as Reception
No . 1430152 , affecting the following described property:
As more particularly described in said instrument .
Page 3
•
•
TRANSNATION TITLE INSURANCE COMPANY
Policy No. : 8074213
SCHEDULE B - continued
11 . Right of way, whether in fee or easement only, for communication
and other facilities and appurtenances, as granted to Mountain
States Telephone and Telegraph Company by instrument, recorded
April 17 , 1970 in Book 624 as Reception No. 1545652 , affecting the
following described property:
As more particularly described in said instrument .
12 . Oil and gas lease between Mel Anderson, agent and attorney in fact
for Ruth B . Anderson, Martha J. Richardson and George A. Monson and
Walter A. Ohmart, recorded June 11, 1970 in Book 617 as Reception
No . 1548965 , and any interests therein or rights thereunder.
Note : Extension of the above lease as claimed by Affidavit of
Production, pursuant to CRS 38-42-106, by Machii-Ross
Petroleum Co. , a Partnership, recorded August 5 , 1975 in
Book 744 as Reception No . 1666396 and re-recorded
September 10, 1975 in Book 747 as Reception No. 1669444 .
Note : Extension of the above lease as claimed by Affidavit of
Production, pursuant to CRS 38-42-106, by Amoco
Production Company, recorded January 30, 1976 in Book 758
as Reception No. 1680147, recorded January 30, 1976 in
Book 758 as Reception No. 1680181 .
Note : Extension of the above lease as claimed by Affidavit of
Production, pursuant to CRS 38-42-106, by W. B . Macey and
Paul M . Mershon, Jr . , recorded November 19, 1976 in Book
782 as Reception No . 1703944 .
Note : Extension of the above lease as claimed by Affidavit of
Production, pursuant to CRS 38-42-106, by Paul M.
Mershon, Jr. , recorded June 6, 1977 in Book 799 as
Reception No . 1720956 .
Note : Extension of the above lease as claimed by Affidavit of
Production, pursuant to CRS 38-42-106, by North American
Resources Company, recorded September 29, 1997 in Book
1629 as Reception No . 2571319 and recorded December 12 ,
1997 in Book 1637 as Reception No. 2584184 .
13 . Mineral Deed conveying an undivided total and all interest in and
to all of the oil, gas, and other minerals, in, on and under, and
that may be produced recorded December 8 , 1976 in Book 783 as
Reception No . 1705355 , and any interests therein or rights
thereunder .
Page 4
TRANSNATION TITLE INSURANCE COMPANY
Policy No. : 8074213
SCHEDULE B - continued
14 . Terms, agreements, provisions, conditions, obligations and
easements as contained in Annexation and Utility Extension Policy
Contract recorded March 3 , 1977 in Book 791 as Reception No.
1712707 .
15 . Right of way, whether in fee or easement only, for roadway
maintenance, utility and drainage, as granted to County of Weld,
State of Colorado by Ranchero Development Corporation, recorded May
23 , 1980 in Book 904 as Reception No. 1825642, affecting the
following described property:
As more particularly described in said instrument .
16 . Terms, agreements, provisions, conditions, obligations and
easements as contained in Agreement recorded September 22 , 1981 in
Book 948 as Reception No . 1869885 .
17 . Terms, agreements, provisions, conditions, obligations and
easements as contained in Street Improvement Agreement recorded
July 1, 1982 in Book 971 as Reception No . 1896244 .
18 . Terms, agreements, provisions, conditions, obligations and
easements as contained in Drainage Agreement recorded July 1, 1982
in Book 971 as Reception No . 1896245 .
19 . Terms, agreements, provisions, conditions, obligations and
easements as contained in Easement recorded July 30 , 1984 in Book
1038 as Reception No. 1975627 .
20 . Request for Notification recorded July 8 , 2002 as Reception No .
2967161 .
21 . Right of way, whether in fee or easement only, for pipeline and
appurtenances, as granted to Kerr-McGee Gathering LLC by Rennoc
Corporation, recorded July 2 , 2003 as Reception No. 3079715,
affecting the following described property:
As more particularly described in said instrument .
NOTE :
(a) Mountain Bell Telephone Company, recorded October 1, 1981 in
Book 949 as Reception No. 1870705 .
(b) Colorado Interstate Gas Company, recorded August 31, 1984 in
Book 1041 as Reception No . 1979784 .
(c) Associated Natural Gas, Inc . , recorded April 10, 1989 in Book
1229 as Reception No . 2175917 .
(d) Public Service Company of Colorado, recorded November 9, 1981
in Book 952 as Reception No . 1874084 .
Page 5
TRANSNATION TITLE INSURANCE COMPANY
Policy No. : 8074213
SCHEDULE B - continued
(e) Panhandle Eastern Pipe Line Company, recorded June 26, 1986 in
Book 1117 as Reception No. 2058722 .
(f) United Power, Inc. , formerly Union Rural Electric Association,
Inc . , recorded January 24, 1991 in Book 1288 as Reception No.
02239296 .
Page 6
CONDITIONS AND STIPULATIONS
(Continued)
7. DETERMINATION,EXTENT OF LIABILITY AND COINSURANCE. (b) When liability and the extent of loss or damage has been definitely
This policy is a contract of indemnity against actual monetary loss or damage sustained fixed in accordance with these Conditions and Stipulations, the loss or damage
or incurred by the insured claimant who has suffered loss or damage by reason of matters shall be payable within 30 days thereafter.
insured against by this policy and only lo the extent herein described.
(a) The liability of the Company under this policy shall not exceed the least 13. SUBROGATION UPON PAYMENT OR SETTLEMENT.
of: (a) The Company's Right of Subrogation.
(i) the Amount of Insurance stated in Schedule A;or, Whenever the Company shall have settled and paid a claim under this
(ii) the difference between the value of the insured estate or interest as policy, all right of subrogation shall vest in the Company unaffected by any act of
insured and the value of the insured estate or interest subject to the defect,lien or the insured claimant.
encumbrance insured against by this policy. The Company shall be subrogated to and be entitled to all rights and remedies which
(b) In the event the Amount of Insurance stated in Schedule A at the Date the insured claimant would have had against any person or properly in respect to the claim
of Policy is less than 80 percent of the value of the insured estate or interest or the had this policy not been issued. If requested by the Company,the insured claimant shall
full consideration paid for the land,whichever is less,or if subsequent to the Date transfer to the Company all rights and remedies against any person or property necessary in
of Policy an improvement is erected on the land which increases the value of the order to perfect this right of subrogation.The insured claimant shall permit the Company to
insured estate or interest by at least 20 percent over the Amount of Insurance sue, compromise or settle in the name of the insured claimant and to use the name of the
stated in Schedule A,then this Policy is subject to the following: insured claimant in any transaction or litigation involving these rights or remedies.
(i) where no subsequent improvement has been made, as to any partial If a payment on account of a claim does not fully cover the loss of the
loss, the Company shall only pay the loss pro rata in the proportion that the insured claimant,the Company shall be subrogated to these rights and remedies
amount of insurance at Date of Policy bears to the total value of the insured estate in the proportion which the Company's payment bears to the whole amount of the
or interest at Date of Policy; or loss.
(II) where a subsequent improvement has been made, as to any partial It loss should result from any act of the insured claimant, as stated above,
loss, the Company shall only pay the loss pro rata in the proportion that 120 that act shall not void this policy,but the Company,in that event,shall be required
percent of the Amount of Insurance stated in Schedule A bears to the sum of the to pay only that part of any losses insured against by this policy which shall
Amount of Insurance stated in Schedule A and the amount expended for the exceed the amount, if any, lost to the Company by reason of the impairment by
improvement. the insured claimant of the Company's right of subrogation.
The provisions of this paragraph shall not apply to costs,attorneys'fees and (b) The Company's Rights Against Non-insured Obligors.
expenses for which the Company is liable under this policy,and shall only apply to The Company's right of subrogation against non-insured obligors shall exist
that portion of any loss which exceeds,in the aggregate, 10 percent of the Amount and shall include, without limitation, the rights of the insured to indemnities,
of Insurance stated in Schedule A. guaranties, other policies of insurance or bonds, notwithstanding any terms or
(c) The Company will pay only those costs, attorneys'fees and expenses conditions contained in those instruments which provide for subrogation rights by
incurred in accordance with Section 4 of these Conditions and Stipulations. reason of this policy.
8. APPORTIONMENT. 14. ARBITRATION.
If the land described in Schedule A consists of two or more parcels which are Unless prohibited by applicable law,either the Company or the insured may
not used as a single site, and a loss is established affecting one or more of the demand arbitration pursuant to the Title Insurance Arbitration Rules of the
• parcels but not all,the loss shall be computed and settled on a pro rata basis as if American Arbitration Association. Arbitrable matters may include, but are not
the amount of insurance under this policy was divided pro rata as to the value on limited to,any controversy or claim between the Company and the insured arising
Date of Policy of each separate parcel to the whole, exclusive of any out of or relating to this policy, any service of the Company in connection with its
improvements made subsequent to Date of Policy, unless a liability or value has issuance or the breach of a policy provision or other obligation. All arbitrable
• otherwise been agreed upon as to each parcel by the Company and the insured at matters when the Amount of insurance is$1,000,000 or less shall be arbitrated at
the time of the issuance of this policy and shown by an express statement or by the option of either the Company or the insured. All arbitrable matters when the
an endorsement attached to this policy. Amount of Insurance is in excess of $1,000,000 shall be arbitrated only when
agreed to by both the Company and the insured.Arbitration pursuant to this policy
9. LIMITATION OF LIABILITY. and under the Rules in effect on the date the demand for arbitration is made or,at
(a) If the Company establishes the title,or removes the alleged defect,lien the option of the insured, the Rules in effect at Date of Policy shall be binding
or encumbrance,or cures the lack of a right of access to or from the land,or cures upon the parties. The award may include attorneys' fees only if the laws of the
the claim of unmarketability of title,all as insured,in a reasonably diligent manner state in which the land is located permit a court to award attorneys' fees to a
by any method, including litigation and the completion of any appeals therefrom,it prevailing party. Judgment upon the award rendered by the Arbitrator(s) may be
shall have fully performed its obligations with respect to that matter and shall not entered in any court having jurisdiction thereof.
be liable for any loss or damage caused thereby. The law of the situs of the land shall apply to an arbitration under the Title
(b) In the event of any litigation,including litigation by the Company or with Insurance Arbitration Rules.
the Company's consent, the Company shall have no liability for loss or damage A copy of the Rules may he obtained from the Company upon request.
until there has been a final determination by a court of competent jurisdiction,and
disposition of all appeals therefrom,adverse to the title as insured. 15. LIABILITY LIMITED TO THIS POLICY; POLICY ENTIRE CONTRACT.
(c) The Company shall not be liable for loss or damage to any insured for (a) This policy together with all endorsements, if any, attached hereto by
liability voluntarily assumed by the insured in settling any claim or suit without the the Company is the entire policy and contract between the insured and the
prior written consent of the Company. Company. In interpreting any provision of this policy, this policy shall be
construed as a whole.
10. REDUCTION OF INSURANCE; REDUCTION OR TERMINATION OF (b) Any claim of loss or damage,whether or not based on negligence,and
LIABILITY. which arises out of the status of the title to the estate or interest covered hereby or
All payments under this policy, except payments made for costs, attorneys' by any action asserting such claim,shall be restricted to this policy.
(c) No amendment of or endorsement to this policy can be made except by
fees and expenses,shall reduce the amount of the insurance pro tanto.
a writing endorsed hereon or attached hereto signed by either the President, a
11. LIABILITY NONCUMULATIVE. Vice President, the Secretary, an Assistant Secretary, or validating officer or
It is expressly understood that the amount of insurance under this policy authorized signatory of the Company.
shall be reduced by any amount the Company may pay under any policy insuring 16. SEVERABILITY.
a mortgage to which exception is taken in Schedule B or to which the insured has
agreed, assumed, or taken subject, or which is hereafter executed by an insured In the event any provision of the policy is held invalid or unenforceable
and which is a charge or lien on the estate or interest described or referred to in under applicable law,the policy shall be deemed not to include that provision and
Schedule A,and the amount so paid shall be deemed a payment under this policy all other provisions shall remain in full force and effect.
to the insured owner.
17. NOTICES WHERE SENT.
12. PAYMENT OF LOSS. All notices required to be given the Company and any statement in
(a) No payment shall be made without producing this policy for writing required to be furnished the Company shall include the number of this
endorsement of the payment unless the policy has been lost or destroyed, in policy and shall be addressed to: Consumer Affairs Department, P.O. Box
which case proof of loss or destruction shall be furnished to the satisfaction of the 27567, Richmond,Virginia 23261-7567.
Company.
NM1 PA10
ALTA Owner's Policy(10/17/92)
Form 1190-58 Cover Page ORIGINAL Valid only if Face Page and Schedules A and B are attached
I 1
•
Rrsizn-
OWNER'S POLICY OF
TITLE INSURANCE THANK YOU.
I American Land Title Association(10/17/92) Title insurance provides for the protection of your
real estate investment. We suggest you keep this
policy in a safe place where it can be readily
available for future reference.
If you have questions about title insurance or the
coverage provided by this policy, contact the
office that issued this policy, or you may call or
Issued by write:
Transnation Title Transnation Title Insurance Company
Insurance Company Consumer Affairs
p Y
P.O.Box 27567
Richmond,Virginia 23261-7567
telephone, toll free: 800 446-7086
web: www.landam.com
We thank you for choosing to do business with
Transnation Title Insurance Company, and look
forward to meeting your future title insurance needs.
Transnation Title Insurance Company Transnation Title Insurance Company
is a member of the LandAmerica family of title insurance is a member of the LandAmerica family of title insurance
III underwriters. underwriters.
r.\ LandAmerica ['A LandAmerica
Transnation Transnation
LandAmerica Financial Group,Inc.
101 Gateway Centre Parkway
Richmond,Virginia 23235-5153
Form B 1190-58 www.landam.com
l y' e:4
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