HomeMy WebLinkAbout20013445 r
91
RESOLUTION
RE: APPROVE PARTIAL RELEASE OF COLLATERAL FOR CHALLENGER RANCH
PLANNED UNIT DEVELOPMENT, S #605 -ALBERT CHALLENGER
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, by Resolution dated September 5, 2001, the Department of Planning
Services did approve the application of Albert Challenger, P.O. Box 448, Evergreen, Colorado
80439, for a Planned Unit Development Final Plan, S #605, on the following described real
estate, to wit:
Part of the W1/2 of Section 29, Township 5 North,
Range 67 West of the 6th P.M., Weld County,
Colorado, and
WHEREAS, on October 31, 2001, the Board of County Commissioner of Weld County,
Colorado, did approve an Improvements Agreement According to Policy Regarding Collateral
for Improvements (Public Road Maintenance) for Challenger Ranch Planned Unit Development,
between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Albert Challenger with terms and conditions being as
stated in said agreement, and accepted two Deeds of Trust for Lots 1 through 5, Challenger
Ranch Planned Unit Development, dated October 25, 2001, and
WHEREAS, it has been determined by the Board that the Deed of Trust for Lots 1 and 3
through 5, being held by Weld County, can be released and the Deed of Trust for Lot 2 will be
retained to secure said Improvements Agreement According to Policy Regarding Collateral for
Improvements for Challenger Ranch Planned Unit Development, and
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the Deed of Trust, dated October 25, 2001, for Lots 1 and 3
through 5, Challenger Ranch Planned Unit Development, S #605, be, and hereby is, canceled
and released.
BE IT FURTHER RESOLVED the Deed of Trust, dated October 25, 2001, for Lot 2,
Challenger Ranch Planned Unit Development, S#605, will be retained to secure said
Improvements Agreement According to Policy Regarding Collateral for remaining
Improvements.
BE IT FURTHER RESOLVED by the Board that the Clerk to the Board be, and hereby
is, directed to return the Deed of Trust, dated October 25, 2001, for Lots 1 and 3 through 5,
Challenger Ranch Planned Unit Development, S #605, to the appropriate issuing party.
1 Hill 11111111111111111111111111111111III 11111 IIII IIII
2911917 12/26/2001 02:59P JA Suki Tsukamoto 2001-3445
1 of 2 R 0.00 D 0.00 Weld County CO PL1573
PC', PC , PoD 1 cha ,i\kul
CANCEL COLLATERAL -ALBERT CHALLENGER
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 17th day of December, A.D., 2001.
BOARD OF C TY COMMISSIONERS
WELD COU , COLORADO
ATTEST: g1
. J. Geil C air
Weld County Clerk to t j .. n
n/ Ifiey:42
IG enn Vaad, em
BY:
Deputy Clerk to the c;< j 1`/•WrilAP ED (zO4T : �lV�1" C{��
rr.lv E. Long
County ttdrney A‘ A, ��
Robert D. Masden
Date of signature: ��
1 NMI till VIIIIIII Mir IIIVIIIIIIIIIII
2911917 12/26/2001 02:59P JA Suki Tsukamoto
2 of 2 R 0.00 D 0.00 Weld County CO 2001-3445
PL1573
41r MEMORANDUM
W �. TO: Board of County Commissioners
COLORADO DATE: December 12, 2001
FROM: Kim Ogle, Planner III
SUBJECT: Release of the Deed of Trust for Lot 1 and 3-5
Challenger Ranch PUD
Case Number S-605
Albert Challenger, applicant
On October 25, 2001 the Department of Planning Services received two Deed of Trusts. The
first Deed of Trust was for Lots 1, 3-5 and the second Deed of Trust was for Lot 2 of the
Challenger Ranch PUD, case number S-605. The Board of County Commissioners accepted
the two Deeds of Trust per Resolution dated October 31, 2001.
Attorney Morrison, in a letter to Mr. Challenger dated October 24, 2001 stated "We have
discussed the County policy that where a Deed of Trust is used, the property encumbered
needs to be valued by a competent appraiser to be worth an amount, in its improved state, in
excess of the amount secured. You [Challenger] have indicated that you have a market
analysis will not actually have a full MAI appraisal until after the plat is recorded. I [Morrison]
have indicated that a possible approach is for the County to hold two Deeds of Trust on Lots 1
and 3-5 and Lot 2 of the PUD in separate documents. This would allow the plat to be recorded
but the parcels could not be sold without County consent. Meanwhile, the appraisal process
and your [Challenger] negotiation on your loan could proceed. Once the County is assured that
Lot 2 is of sufficient value to secure your improvements, the County would release Lots 1 and 3-
5 or subordinate the county's interest to that of a lender. The County would then also have to
be placed in first position as a lien on Lot 2."
Mr. Challenger has provided an appraisal for Lot 2 of the Challenger Ranch PUD that exceeds
the one hundred forty-two thousand six hundred fifty and no/100 ($142,650) estimate for
Improvements to the Challenger Ranch PUD. The Weld County Attorney, the Department of
Public Works and the Department of Planning Services, have determined that the Deed of
Trust for Lot 2 based on the appraisal will be sufficient to complete the work required for the
Challenger Ranch PUD, and the Department of Planning Services recommends to release the
Deed of Trust for Lot 1 and 3-5 of the Challenger Ranch PUD.
2001-3445
AM14 MEMORANDUM
Wi`Pe. TO: Board of County Commissioners
COLORADO DATE: December 10, 2001
FROM: Kim Ogle, Planner III
SUBJECT: Acceptance of Two Deed of Trusts
Challenger Ranch PUD
Case Number S-605
Albert Challenger, applicant
On October 25, 2001 the Department of Planning Services received two Deed of Trusts. The
first Deed of Trust is for Lots 1, 3-5 and the second Deed of Trust is for Lot 2 of the Challenger
Ranch PUD, case number S-605.
Items covered under the Deed of Trust(s) include:
Street Grading September 2002 $ 3,400.
Street Base $ 27,300.
Street Paving October 2002 $ 37,200.
Water Mains July 2002 $ 39,900.
Fire Hydrants July 2002 $ 3,500.
Fencing July 2002 $ 9,750.
Road Culvert August 2002 $ 1,400.
Electricity August 2002 $ 7,200.
Engineering and Supervision Costs $ 13,000.
Total Estimated Cost of Improvements and Supervision $142,650.
The Weld County Attorney, the Department of Public Works and the Department of Planning
Services, have determined that the amount of the agreement will be sufficient to complete the
work required for the Challenger Ranch PUD, and the Department of Planning Services
recommends acceptance of both Deeds of Trust.
Flle No. 7297-2
SUMMARY APPRAISAL OF
THE PROPERTY LOCATED AT
Lot 2 Challenger Ranch Road
Johnstown,CO 80537
as of
October 27, 2001
for
Vectra Bank
8000 E.Belleview Ave.
Greenwood Village,CO
80111
by
Rocky MountainValuation Specialist,LLC
393 South Harlan Street,Suite 120
Lakewood,CO 80226
- Complete r...?raisal Analysis - Summary Appraisa. -eport
LAND APPRAISAL REPORT File No.7297_2
Borrower Albert Challenger Census Tract 0014.01 Map Reference 08123
Properly Address Lot 2 Challenger Ranch Road
o City Johnstown County Weld state CO Zip Code 80537
~ Legal Description To Be Determined
a
O Sale Price $ n/a Date of Sale insp.10/27/01 Loan Term pert' Rights Appraised n/a yrs. Pro X Fee Leasehold 7De Minimis PUD
Z Actual Real Estate Taxes $ To Be Det. (yr.) Loan charges to be paid by seller $ n/a Other sales concessions n/a
w Lender/Client Vectra Bank Address 8000 E. Belleview Ave., Greenwood Village,CO, 80111
occupant Vacant Appraiser Mark Kane Instructions to Appraiser Estimate the market value of the subject.
Location Urban I X I Suburban 1 1 Rural Good Avg. Fair Poor
Built Up Over 75% X 25%to 75% Under 25% Employment Stability X
Growth Rate Fully Dev. Rapid X Steady Slow Convenience to Employment X
Property Values Increasing X Stable Declining Convenience to Shopping X
Demand/Supply Shortage X In Balance Over Supply Convenience to Schools X
Marketing Time Under 3 Mos. 4-6 Mos. X Over 6 Mos. Adequacy of Public Transportation X
o Present Land Use 40 %1 Family %2.4 Fam %Apts. %Condo 15 %Commercial Recreational Facilities X
O %Industrial 45%Vacant % Adequacy of Utilities X
O _
cc Change in Present Land Use Not Likely Likely(') X Taking Place(1 Property Compatibility X
m (')From Vacant To Single Family Res Protection from Detrimental Conditions X
S
O Predominant Occupancy X Owner f 1 Tenant <5 %Vacant Police and Fire Protection X
iri
z Single Family Price Range $ 45,000 to$ 500,000 Predominant Value$ 175,000 General Appearance of Properties X
Z
Single Family Age New yrs.to 80 yrs. Predominant Age 10 yrs. Appeal to Market X
Comments including those factors, favorable or unfavorable, affecting marketability (e.g. public parks, schools, noise) The subject site is located
approximately 2 miles north of Johnstown with employment, shopping, schools, transportation, recreational facilities
available in the area. The property abuts a 38 acre wildlife reserve which includes a portion of the Big Thompson River and
a Blue Heron Rookery.
Dimensions 245'x 354'x 155'x 103'x 329' = 2.029 Acres m/1 t Corner Lot
Zoning Classitication PUD - Planned Unit Development Present improvements X do Li do not conform to zoning regulations
Highest and best use: Present use n Other(specify) Single Family Residence
Public Other(Describe) OFF SITE IMPROVEMENTS Topo Basically Level
Elec. X Street Access: X Public Private Size 2.029 Acres
Gas X Surface Gravel Shape No Survey Provided for Review
r Water X Maintenance: X Public Private View Typical
0 San.Sewer Septic/Typical Storm Sewer Curb/Gutter Drainage Appears Adequate
Underground Elect.&Tel. Sidewalk Street Lights Is the property located in a HUD Identified Special Flood Hazard Area? X No _ Yes
Comments (favorable or unfavorable including any apparent adverse easements, encroachments or other adverse conditions) Typical utility easements are assumed.
o adverse conditions were noted. See Statement of Limiting Conditions. Septic systems typical for the area and have no
adverse effect on property values in the area. It is assumed that the septic system will be on site, in functioning order, and
adequate for the needs of The Q perterty.
The undersigned has recited three recent sales of properties most similar and proximate to subject and has considered these in the market analysis. The description includes a dollar
adjustment, reflecting market reaction to those items of significant variation between the subject and comparable properties. If a significant item in the comparable property is superior to, or
more favorable than,the subject property,a minus(-)adjustment is made,thus reducing the indicated value of subject;if a significant item in the comparable is inferior to,or less favorable
than,the subject property,a plus(+)adjustment is made,thus increasing the indicated value of the subject.
ITEM Subject Property COMPARABLE NO.1 COMPARABLE NO.2 COMPARABLE NO.3
Address Lot 2 Chlgr Rch Rd Lot 6 WCR 32 Lot 88 Hilltop Dr. Lot A WCR 72
Johnstown Mead Windsor Windsor
Proximity to Subj. +/- 8 Miles Southwest +/-6 Miles North +/-7 Miles North
N Sales Price $n/a $ 185,000 $ 120,000 $ 130,000
US
>- Price $n/a $ n/a $ n/a $ 44 827.59
4 Data Source Jnsp/County/Owner M S/Broker/Cnty/DOM: 595 MI.S/Broker/Cnty/DOM: 128 MLS/Broker/Cnty/DOM:225
z
a Date of Sale and DESCRIPTION DESCRIPTION AGoa?r wnt DESCRIPTION Arz ant DESCRIPTION Artj;c?rent
a
Time Adjustment insp.10/27/01 03/15/01 Closed -0- 12/08/00 Closed -0- 11/17/00 Closed -0-
o Location Johnstown Mead -30,000 Windsor -0-Windsor -0-
Y SiteNiew Mtns/Rvr/Pres/Gd Mtns/Lake/Good -0-Mtns/AbvAvg +20,000 Mtns/AbvAvg +20,000
¢a Site Area 2.029 Acres 2.41 Acres -0-2.3 Acres -0-2.9 Acres -0-
2 Topography Basically Level Basically Level Basically Level Basically Level
Utilities Yes Yes Yes Yes
Access Typical Typical Typical . Typical
Sales or Financing None Known None Known None Known None Known
Concessions
Net Adj.(Total) Plus X Minus $ -30,000 LX1 Plus Minus $ 20,000 r X I Plus Minus $ 20,000
Indicated Value Gross 16.2% Gross 16.7% Gross 15.4%
of Subject Net-16.2%$ 155.000 Net 16,7%$ 140.000 Net 15.4%$ 150,000
Comments on Market Data: The above comparables represent the best available indicators of market value for the subject. All sales
are given similar consideration. All comparables sold over 6 months sago but are considered good indicators of value due to
the stability of the market. *** See Additional Comments ***
Comments and Conditions of Appraisal: The subject is appraised as is. See Statement of Limiting Conditions. This is a "Summary
z Resort of a Com.lete A..raisal" as defined b the A..raisal Standards Board of the A..raisal Foundation and complies
o with USPAP.
a
J
5 Final Reconciliation: The cost and income approaches are not applicable to land.The appraisal is based on the market approach.
z
0
o
w
re
I October 27 2001 $150,000
ESTIMATE THE MARK V N�fI A$�EFWED. OF SUBJECT PROPERTY AS OF to be
Appraiser(s) // /)/Il// Review Appraiser(A?t.tc.•I;, L Did - • ' ysically ins ct Property
Signature l y , Signature
'
Name Mark F. Kane, Reg. Appr. Date 11/09/01 Name ar.j'.l inne, AI,CAE,Cert.Genl.ApprPate 11/09/01
State CO X License Certification e AR40020323 state C U icense X Certification x CGO1313422
Rocky MountainValuation .ecia s LL
Fie No. I _
•
ADDITIONAL COMMENTS
Borrower or Owner Albert Challenger
Property Address Lot 2 Challenger Ranch Road
ay Johnstown county Weld state CO zip Code 80537
Lender or client Vectra Bank
Site
Please note that this appraisal assignment is to value 5 separate lots in the Challenger Ranch subdivision
with 5 separate appraisals. This appraisal report represents the analysis of 1 of the 5 lots. The
remaining 4 lots are analyzed separately in their own appraisals. At the time of engagement of this
assignment the owner had indicated that the final plat had been submitted and approved by Weld County
for the Challenger Ranch P.U.D. Through inspection of the title documents provided by the owner, there
may be right-of-way issues involving water rights, mineral rights, and railroad easements which may be
relevant to future owners of the property. It appears that a line of the Great Western Railroad runs along
the eastern edge of this subdivision. The owner indicates that this line is used twice daily; this should not
affect the quality of life or property values in the subdivision and does not appear to create any external
obsolescence. The title documents also indicated certain mineral rights leases and water rights access
easements within the subdivision. Such easements appear to be typical for acreage properties in the area
and do not appear to adversely affect the maketability of the property. However, if these factors should
be of concern to any party to this transaction, it is recommended that experts in the field of mineral or
water rights be consulted.
Comments on Market Data
Comparable 1 was adjusted for location superior to the subject close to Mead with superior access to I-25.
Comparable 2 was adjusted for views inferior to the subject. Comparable 3 was adjusted for views
inferior to the subject. Net adjustments for comparables 2 & 3 exceed 15% due to the adjustments made
for views.
Rocky MountainValuation Specialist,LLC
Flls No.7297-2
USPAP COMPLIANCE ADDENDUM
Borrower or owner Albert Challenger
Property Address Lot 2 Challenger Ranch Road
Cy Johnstown county Weld Stare CO no code 80537
Lender or Client Vectra Bank
Purpose of the Appraisal
The purpose of the appraisal is to estimate the Market Value of the Fee Simple interest in the subject property as defined on
_page 1 of the attached Fannie Mae Form 1004B,revised 6-93. The function and intended use of this appraisal is to assist the
lender in evaluatin• the subject Pro P-rt for a collateral based lendin• decision.
Scope of the Appraisal
The scope of the appraisal is to estimate the market value of the subject property by: (1) a physical inspection of the
property: (2)an inspection of the subiect neighborhood and analysis of regional characteristics;(3)identifying the appraisal
Problem: (4) investigation of pertinent data from available sources;( 5) analysis and determination of the Highest and Best
Use of the subject property; (6) extensive research of sold properties and current listings from the area Multiple Listing
Service(MLS); (7)analysis of the selected comparable sales and competitive listings including verification of the reported
data and confirmation from a source where possible; (8)consideration and application of the applicable approaches to value`
(9)final reconciliation: (10)reporting the defined value.
This report is intended for use only by the lender named above and the secondary market. Use of this reporter others is not
intended by the appraiser.
Report of the prior year sales history for the subject property
Is the subject property currently listed? Yes IN No List Price:S
Has the property sold during the prior year? Yes X No It yes,deserts below
The subject has not been listed or sold in the last year per MLS and county records.
Exposure Time
What is your estivate of exposure tine for the subject property? >6 Months Describe below the basis(rationale)for your estimate?
EXPOSURE TIME: An estimate of reasonable exposure time for the subject property was based on the following when
possible and appropriate: statistical information about days on the market of similar properties within the market area,
information gathered through sales verification and interviews of market participants. Exposure time can best be described
as that amount of time it would have taken to sell the subject property at the appraised value if the sale had occurred on the
effective date of this report. It is different from Marketing time which is the amount of time it might take sell the property if
it was put on the market on the effective date of this report. The subject is considered typical of the market and the estimate
of market value was based on an exposure time of over 6 months
Non-real property transfers
Does the transaction involve the transfer of personal properly, fixtures,or intangibles that are not real property? Yes X No
If yes,provide desoripign and valuation below.
No personal property is included in the estimate of value.
Additional Limiting Conditions or Additional Comments
SQUARE FOOTAGE: Currently, no uniform standard exists for measuring residential properties in the real estate
appraisal,brokerage or assessment professions. In addition, the Colorado Real Estate Commissions has determined that
there are currently no uniform guidelines for determining responsibility for the accuracy of square footage of improved,
residential real property transactions. The square footage totals noted in this appraisal report have been utilized as a tool for
comparison. One should rely on their own,independent measurements for any other purpose if square footage is considered
to be an important factor.
Additional Certification Statements or Additional Comments
MARKETING TIME: An estimate of reasonable marketing time for the subject property was based on the following when
_possible and appropriate: statistical information about days on the market of similar properties within the market area_
information gathered through sales verification interviews of market participants and anticipated changes in market
conditions. The majority of listed residential properties in the market area of the subject sold within a typical marketing
._period of over 6 months per MLS statistics. The subject is considered typical of the area and if marketed competitively,
should sell within the typical marketing period.
The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized
representatives. As of the date of this report. Mark Linne has completed the requirements of the continuing education
program of the Appraisal Institute.
Date: 11/09/01 Appraiser(s): CAA l/ /l
Mark . Kane Appr.#AR40020323
Date: 11/09/01 ReviewAppraiser(s):
ark Lm . .CAE.Cert. Gen.Apor,#CG01313422
C ydght(c) 994 oMware or Real Estate Professionals
Rock Mo nta Va ation Specialist,LLC
Foe No. 7297-2
PHOTOGRAPH ADDENDUM
Borrower or Owner Albert Challenger
Property Address Lot 2 Challenger Ranch Road
cny Johnstown county Weld Stare CO zip code 80537
Lender or Client Vectra Bank
•
Win, t,N
e w--4,44-44.44""riorZrou'- 1*`fi ,4*.« - FRONT VIEW OF
" ', SUBJECT PROPERTY
au:
.�� s a s REAR VIEW OF
•
SUBJECT PROPERTY
;t
l
X \y \
i I
•
l � ��, I. 1 i
STREET SCENE OF
• SUBJECT PROPERTY
} �r
. .tom
Rocky MountainValuation Specialist,LLC
File No. r 7_
PHOTOGRAPH ADDENDUM
Borrower or Omer Albert Challenger
Properly Address Lot 2 Challenger Ranch Road
cm Johnstown Camay Weld State CO Zrocode 80537
Lander a nem Vectra Bank
COMPARABLE#1
Lot 6 WCR 32
Mead
§IAA? ri s .iG
� .k�vrfr.'...
,'"'"... 32'.fV { X2F.§2F'w q
COMPARABLE #2
Lot 88 Hilltop Dr.
Windsor
4***,
.
COMPARABLE#3
Via•: Lot A WCR 72
Windsor
Rocky MountainValuation Specialist,LLC
Fie No. 7297-2
LOCATION MAP
Borrower or Owner Albert Challenger
Propery Address Lot 2 Challenger Ranch Road
city Johnstown County Weld state CO zip cede 80537
Lender or Client Vectra Bank
` l �
. - al
,we \, a• .Re
m
tCollmikaelL b
0 Me . 806 wn
'I►.._.�' Tai" fa : .'• k
Pm• a
i I I 0 Geld.l�rN80638 !!! Th . kM;e
ial ff
-...Ise._ i _ tii - Ins Ration vi
h
(C2iAl=il .. Oa ^a Cwn GovMY• •p• -- GUI 80024
'jilt
t .
f i - III" �nry,Subject�LrlY�r el By . n
. ova Doi.
E _
:�. modal Ho ,r • �� tf •
cariC
_ t e
Honoaan . 55 i�1 ns i pan, . u:
... Cernpion 1254 ' lir a Ss le a _it,taN4 par
:X 641-BeR • r250�qp Ny m mMn a.
MIS . ' -
80637 66 I
•Bung �: •
... Spdnet Ft St C WO_•
. rest-.
•, a un
r.. r I
14,
8q' eellle00wanda� I •
•Ilypl.is1 .s4' .
•W
nbo
Z.a +n• `r;IA _ • d ile&And Odf • I r �F t \ ��
Rocky MountainValuation Specialist,LLC
no No '72
517E PLAN
Bu,nr,snrorow,n., /AIcitChallenge]
rrnnorty Address Lut 2Challlenger Ranch Road
city Johnstown _-- —_- County Weld _.. -. . slake CO Zip Code 30537
Larder or Client --- _--
Vectra Bank _
— —
9
, I
. ,_ ;,
i i 1 :.n F--ranee f�trtrw . ` -�7 jai ��
y] , \ L{
40" n om, Y q 1 \\ 2. 1
y3 ,1
\
\ . '� a'' 'I
v \ ,.
1 t J - : I e 9A r,a
IS-.
,VI'6 \
h p
\ •
N . iy S _
F) \.. Y, 7_, u \V Ii
I an v 0 ,,‘ :4 y ?I `
Z \ n ,� Y11-441:::\*ki:t
d _R
i � � .I�h M, 1S
la
,
' 1 'avA '� k �q a e„
ya <
,1 }_ 51•�v it/ /A_ .
Y
\ tiAt A Cr
1.1
. VI//I P ,CY vt5 _',
v 3 a? 3. - z r '7,
'' 1
�V Iry
1 1."�; ? • i.
\ d1,,' # , \1\ �x �t a : . i !fit
V't a�. " -J . ci a
\I'\ 0'S 1\ii. I
t \' \ ., a
- I I ,l , ��
y �v , jy vei\\ v
P, \
i
C\ \ ;3 qs
\ 9f' , S
\L y W
ISi "
Rocky MountainValuation Specialist, LLC
Fie No. 72 r _2
FLOOD MAP
Borrower or Owner Albert Challen•er
Property Address Lot 2 Challen l er Ranch Road
car Johnstown county Weld state CO zpcode 80537
Lender or Client V- t : ,I
1S1
19 111 20
ZONE B
Nit
1
N ZONES \ �'
S - .
30 29 •
Community-Panel Number
/ / 08026$ 0$15 C
TONE C
Effective Date:
September 28, 1982
• ZONE B
• ZONE B
Rocky MountainValuation Specialist,LLC
DEFINITION OF MARKET VALUE: The most probable price which a property should bring in a competitive and
open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably
and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale
as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller
are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his
own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment Is made In terms
of cash in U.S. dollars or In terms of financial arrangements comparable thereto; and (5) the price represents the
normal consideration for the property sold unaffected by special or creative financing or sales concessions' granted
by anyone associated with the sale.
-Adjustments to the comparables must be made for special or creative financing or sales concessions. No adjustments
are necessary for those costs which are normally paid by sellers as a result of tradition or law in a market area;
these costs are readily identifiable since the seller pays these costs in virtually all sales transactions. Special or
creative financing adjustments can be made to the comparable property by comparisons to financing terms offered
by a third party institutional lender that is not already Involved in the property or transaction. Any adjustment
should not be calculated on a mechanical dollar for dollar cost of the financing or concessions but the dollar
amount of any adjustment should approximate the market's reaction to the financing or concessions based on the
appraisers judgment.
STATEMENT OF LIMITING CONDITIONS AND APPRAISER'S CERTIFICATION
CONTINGENT AND LIMITING CONDITIONS: The appraiser's certification that appears in the appraisal report
is subject to the following conditions:
1. The appraiser will not be responsible for matters of a legal nature that affect either the property being appraised
or the title to it. The appraiser assumes that the title is good and marketable and, therefore, will not render any
opinions about the title.The property is appraised on the basis of it being under responsible ownership.
2. The appraiser has provided a sketch in the appraisal report to show approximate dimensions of the improvements
and the sketch is included only to assist the reader of the report in visualizing the property and understanding the
appraisers determination of its size.
3. The appraiser has examined the available flood maps that are provided by the Federal Emergency Management
Agency (or other data sources) and has noted in the appraisal report whether the subject site is located in an
identified Special Flood Hazard Area. Because the appraiser is not a surveyor, he or she makes no guarantees,
express or implied,regarding this determination.
4. The appraiser will not give testimony or appear in court because he or she made an appraisal of the property in
question,unless specific arrangements to do so have been made beforehand.
5. The appraiser has estimated the value of the land in the cost approach at its highest and best use and the
improvements at their contributory value. The separate valuations of the land and improvements must not be
used in conjunction with any other appraisal and are invalid if they are so used.
6. The appraiser has noted in the appraisal report any adverse conditions (such as, needed repairs, depreciation, the
presence of hazardous wastes, toxic substances, etc.) observed during the Inspection of the subject property or that
he or she became aware of during the normal research involved in performing the appraisal. Unless otherwise stated
in the appraisal report, the appraiser has no knowledge of any hidden or unapparent conditions of the property or
adverse environmental conditions (including the presence of hazardous wastes, toxic substances, etc.) that would
make the property more or less valuable, and has assumed that there are no such conditions and makes no
guarantees or warranties, express or implied, regarding the condition of the property. The appraiser will not be
responsible for any such conditions that do exist or for any engineering or testing that might be required to discover
whether such conditions exist. Because the appraiser Is not an expert in the field of environmental hazards, the
appraisal report must not be considered as an environmental assessment of the property.
7. The appraiser obtained the Information, estimates, and opinions that were expressed In the appraisal report from
sources that he or she considers to be reliable and believes them to be true and correct. The appraiser does not
assume responsibility for the accuracy of such items that were furnished by other parties.
8. The appraiser will not disclose the contents of the appraisal report except as provided for in the Uniform
Standards of Professional Appraisal Practice.
9. The appraiser has based his or her appraisal report and valuation conclusion for an appraisal that is subject to
satisfactory completion, repairs, or alterations on the assumption that completion of the improvements will be
performed in a workmanlike manner.
10. The appraiser must provide his or her prior written consent before the lender/client specified in the appraisal
report can distribute the appraisal report (including conclusions about the property value, the appraisers identity
and professional designations, and references to any professional appraisal organizations or the firm with which the
appraiser Is associated) to anyone other than the borrower; the mortgagee or its successors and assigns; the mortgage
insurer; consultants; professional appraisal organizations; any state or federally approved financial institution; or any
department, agency, or instrumentality of the United States or any state or the District of Columbia; except that
the lender/client may distribute the property description section of the report only to data collection or reporting
service(s) without having to obtain the appraiser's prior written consent. The appraisers written consent and
approval must also be obtained before the appraisal can be conveyed by anyone to the public through advertising,
public relations,news,sales,or other media.
Freddie Mac Form 439 6-93 Page 1 of 2 Fannie Mae Form 1004B 6-93
File No. 7297-2
APPRAISER'S CERTIFICATION: The Appraiser certifies and agrees that:
1. I have researched the subject market area and have selected a minimum of three recent sales of properties most
similar and proximate to the subject property for consideration in the sales comparison analysis and have made a
dollar adjustment when appropriate to reflect the market reaction to those items of significant variation. If a
significant item in a comparable property Is superior to, or more favorable than, the subject property, I have made
a negative adjustment to reduce the adjusted sales price of the comparable and, if a significant item in a comparable
property is inferior to, or less favorable than the subject property, I have made a positive adjustment to increase the
adjusted sales price of the comparable.
2. I have taken into consideration the factors that have an impact on value in my development of the estimate of
market value in the appraisal report. I have not knowingly withheld any significant information from the appraisal
report and I believe, to the best of my knowledge, that all statements and information in the appraisal report are
true and correct.
3. I stated in the appraisal report only my own personal, unbiased, and professional analysis, opinions, and
conclusions,which are subject only to the contingent and limiting conditions specified in this form.
4. I have no present or prospective interest in the property that is the subject to this report, and I have no present
or prospective personal interest or bias with respect to the participants in the transaction. I did not base, either
partially or completely, my analysis and/or the estimate of market value in the appraisal report on the race, color,
religion, sex, handicap, familial status, or national origin of either the prospective owners or occupants of the subject
property or of the present owners or occupants of the properties in the vicinity of the subject property.
5. I have no present or contemplated future interest in the subject property, and neither my current or future
employment nor my compensation for performing this appraisal is contingent on the appraised value of the property.
6. I was not required to report a predetermined value or direction in value that favors the cause of the client or
any related party, the amount of the value estimate, the attainment of a specific result, or the occurrence of a
subsequent event in order to receive my compensation and/or employment for performing the appraisal. I did not
base the appraisal report on a requested minimum valuation, a specific valuation, or the need to approve a specific
mortgage loan.
7. I performed this appraisal in conformity with the Uniform Standards of Professional Appraisal Practice that were
adopted and promulgated by the Appraisal Standards Board of The Appraisal Foundation and that were in place as
of the effective date of this appraisal, with the exception of the departure provision of those Standards, which does
not apply. I acknowledge that an estimate of a reasonable time for exposure in the open market is a condition in
the definition of market value and the estimate I developed is consistent with the marketing time noted in the
neighborhood section of this report,unless I have otherwise stated in the reconciliation section.
8. I have personally inspected the interior and exterior areas of the subject property and the exterior of all properties
listed as comparables in the appraisal report. I further certify that I have noted any apparent or known adverse
conditions in the subject improvements, on the subject site, or on any site within the immediate vicinity of the
subject property of which I am aware and have made adjustments for these adverse conditions in my analysis of
the property value to the extent that I had market evidence to support them. I have also commented about the
effect of the adverse conditions on the marketability of the subject property.
9. I personally prepared all conclusions and opinions about the real estate that were set forth in the appraisal report.
If I relied on significant professional assistance from any individual or individuals in the performance of the
appraisal or the preparation of the appraisal report, I have named such individual(s) and disclosed the specific tasks
performed by them in the reconciliation section of this appraisal report. I certify that any individual so named is
qualified to perform the tasks. I have not authorized anyone to make a change to any item in the report; therefore,
if an unauthorized change is made to the appraisal report,I will take no responsibility for it.
SUPERVISORY APPRAISER'S CERTIFICATION: If a supervisory appraiser signed the appraisal report, he or she
certifies and agrees that: I directly supervise the appraiser who prepared the appraisal report, have reviewed the appraisal
report, agree with the statements and conclusions of the appraiser, agree to be bound by the appraiser's certifications
numbered 4 through 7 above,and am taking full responsibility for the appraisal and the appraisal report.
ADDRESS OF PROPERTY APPRAISED: Lot 2 Challenger Ranch Road, Johnstown, CO 80537
APPRAISE • SUPERVI.O f' AP ISER (only if required):
Signature: Signature:
Name: Mark . ane,Reg. Appr. Name: ar ''.L ne I CAE Cert.Genl.A..r.
Date Signed: 11/09/01 Date 'cued 11/09/0
State Certification x: AR40020323 State C if . n ft: .GO1313422
or State License#: or State Li Y se#:
State: CO State: CO
Expiration Date of Certification or License: 12/31/03 Expiration Date of Certification or License:
Did X Did Not Inspect Property
Freddie Mac Form 439 6-93 Page 2 of 2 Fannie Mae Form 10048 6-93
Rocky MountainValuation Specialist,LLC
Appraisal Qualifications
Mark F. Kane
.
Professional Experience:
Rock) Allill!1!(1[!L atti tio! .Sl!erialjsai te_ 211(10-zoo
ll
Residential Appraiser - Valuation and research on residential real estate properties in Ile
•
Deaver hlctto area including Douglas and Elbert counties.
So rt_AlcOTl!thig_Sivesur (1996.2000)
•
Sales Manager - Supplied the Denver construction and engineering industry with
surveying inslrumems and training which included high precision UPS (Global
Positioning System) mapping techniques.
lsil!lorsjnoq Dann!vliffuttlill 9X0_1.996)
Land/hlarine Crew Chief— Worldwide geophysical mapping of potential oil and gas
reserves for various domestic and international petroleum companies.
Educational Background:
lAtu lfl(ydi r r o ctrl E.sl !g
Appraisal Standards and USPAP courses
divetwel/fan S!Alg_CLllect
Undergraduate Studies
�lulrf'fa•llI_.f!�'flfllll�flU:t�iflrltfll/f
'techniques and concepts of offshore cold-water survival & helicopter safety
[l(2/. .n.•clilc.
Methods and applications of lasers for the construction industry
• Certifications/Licenses:
Licensed Itegisiered Appraiser— Stale of Colorado
2001 USPAP - Emily Griffith
Cold Water Survival/offshore Fire Safety — University of Southern Louisiana
•
•
`tq ��Na���\
"urn"' AR'1(1(1�.'tl'1�!:1 ,- .1.1 r 11 tit (1-ti l ti ril , `1 Expires nnl 3iNnsle,abie
UEPAlI1MEnl' OF IIPn11LAl1aIlY AGENCIESDecember thirty-lirsl
'r
REGISTERED APPRAISE Nap UNIINN Npllpp
II II N Ilk
.1„Ult 11 N N 11 N N 11 p
WS Is 111[edits' Ilell ale het I SilOWII bCh11Y I been duly ells r'cl its sl Ito Mime ale Staid uluNldgi lII II nl Ilia calenda II II r is Ibu...0. —2OO:3---- as nWldcd fur by Laws ur ('uluw II
,. 1:x1' ,11 r thin), Ih' ..._-.;,'11(13_ . III
Anlhud 1 by die Roan' 44 al linum Atomism, W1NESS by ow
band pnA ufaiclal seal al I) vet, GlLiaudu Ils-1 64Jay
MARK F IlAr1E Of___„Januaa: f
19409 E AEC Mill CHEER PI..
11t
P ArEfl. (:n rlOlaq dtovi
AJlnlnlalrulor
•
APPRAISAL QUALIFICATIONS
MARK R. LINNE, MAI, CAE
PROFESSIONAL EXPERIENCE:
Rocky Mountain Valuation Specialists, LLC ( 1997 to Present)
Managing Director Valuation and real estate counseling on major urban
properties and portfolios, including financial and feasibility analysis,
appraisal reviews, consulting and expert testimony. Broad-based
experience in a variety of diverse property types, including specific
expertise in office buildings, lodging properties, developmental vacant
land, shopping centers, congregate care properties, mobile home
communities. and other diverse property types; Geographic assignments
include all of the Colorado Front Range, as well as the mountain resorts
of Vail, Avon/Beaver Creek, Silverthome, Frisco and Breckenridge.
Valuation Research Corporation ( 1991 to 1997)
Executive Vice President, Member of the Board of Directors, Director
of Valuation Services; Valuation and real estate counseling for a broad
spectrum of real estate throughout the Denver Front Range; Key contact
for major corporate clients; created and managed Mountain Resort
operation for firm; Member of development team responsible for the
creation of ValueCheck software, capable of valuing over 750,000
residential properties along the Colorado Front Range.
The Valex Group, Inc. (1992-1995)
Executive Vice President/Valuation Services
Responsible for the operation of the valuation services function of
affiliated organization: consultation with attorneys, tax consultants and
assessment professionals to coordinate ad-valorem litigation strategies;
Coordination of mass appraisal Services to assessors and their staffs;
expert witness/consulting for delineated groups; specific application
strategies for Computer Assisted Mass Appraisal (CAMA) for both
domestic and international end-users. The firm was merged in 1996 into
Valuation Research Corporation.
City & County of Denver, Colorado (1984 - 1991)
Commercial Property Appraisal Specialist
Progressively greater responsibilities in all facets of residential and
commercial appraisal; functioned as assistant supervisor of commercial
section responsible for the analysis and valuation of the $3.2 billion
dollar Denver Central Business District, as well as all lodging properties
within Denver; assignments included many of the most complex
valuation assignments in the State.
RELATED EDUCATIONAL BACKGROUND:
University of Colorado:
BS: Business Administration
American Institute of Real Estate Appraisers:
Real Estate Appraisal Principles
Basic Valuation Procedures
Capitalization Theory and Techniques, Part 1 & 2
Society of Real Estate Appraisers:
Standards of Professional Practice
Residential Valuation Techniques
Income Property Valuation Techniques
Appraisal Institute:
Market Analysis
Standards of Professional Practice-Part A
Standards of Professional Practice-Part B
Real Estate Case Studies
Report Writing and Valuation Analysis
Comprehensive Appraisal Seminar
University of Denver: School of Real Estate & Construction Management:
Investment Property Appraisal
University of Colorado:
Techniques of Real Property Appraisal
Feasibility Study Analysis
PROFESSIONAL DESIGNATIONS/ASSOCIATION MEMBERSHIPS:
Appraisal Institute:
Member (MM)
Member:
Ethics and Counseling Regional Panel
Appraisal Journal Review Committee
Communications Committee
Educational Publications Committee
Valuation Insights and Perspectives
Editorial Advisory Board
International Association of Assessing Officers
Certified Assessment Evaluator (CAE)
Colorado Board of Real Estate Appraisers
Colorado Certified General Appraiser
Appraiser#CGO1313422
Certified through December 31, 2000
Inst tute For Real Estate Economics
Senior Fellow 1997-1998
TNTERNA' TONAL ASSOCIATION OF ASSESSING OFFICERS:
Edu ation and Activities:
Income Approach to Valuation
Development and Writing of Narrative
Appraisal Reports
National Instructor Training Program:
State Certified Instructor: Income Approach
Professional Designation Program:
Provisional Demonstration Appraisal Grader
Policy Developments In The Property Tax
Fifty-Sixth International Conference On
Assessment Administration, Montreal, Quebec
Norman Register Scholarship
Colorado Professional Designation Advisor: 1991-1993
Colorado National Representative: 1990-1993
National Ad-Hoc Committee on
Computer Assisted Valuation (CAMA) 1991-1992
1991 Donehoo Essay Award Winner:
Best Technical Article On Appraisal
. CATE BOARD OF ASSESSMENT APPEALS:
Appointed By Governor Owens For 2000-2001 Term
•
COLORADO ASSOCIATION OF TAX APPRAISERS:
Conference Speaker: 1990/1991/1992
Second Vice-President 1990-1991
Adjunct Committee Member 1990-1992
Professionalism Committee 1991-1992
Appointed Board Member 1992-1993
COLORADO ASSOCIATION OF ASSESSING OFFICERS:
President 1995-Present
EXPERT APPRAISAL WITNESS:
Qualified as an expert witness before Denver District Court and the Colorado
State Board of Assessment Appeals.
PUBLICATIONS:
Textbooks:
"A Guide To Appraisal Valuation Modeling" Principal Author: Summer,
2000 Publication by The Appraisal Institute
Periodicals:
"Breaking The Paradigm: Alternative Appraisal Recruitment Strategies",
Appraisal Insights and Perspectives, Spring, 1997.
"Appraisers and Statistics: Adaptation or Extinction", Appraisal Insights and
Perspectives, Winter, 1996.
"Automated Appraisals Debut in Colorado", Colorado Real Estate
Journal, December, 1996.
"Hotel and Motel Valuation: An Assessment Perspective", Assessment Digest
September/October, 1990.
"Lodging and Hospitality Valuation Guide", City and
County of Denver, Colorado, 1990.
"Opportunity Amid Chaos: Appraisal Challenges For
The 1990's And Beyond", Assessment Digest, September/October, 1991.
"Defining And Responding To Client Needs", Colorado Real Estate
Journal, April, 1992.
REPRESENTATIVE APPRAISALS PERFORMED FOR:
Parallel Commercial Capital United States Department of Energy
Arapahoe County Airport Authority First Choice Bank—Fort Collins
Vail Resorts 1stBank of Greeley
Vail Associates Real Estate Group, Inc. Wells Fargo Bank
(VAREG)
Total Petroleum, Inc. Bank of America.
WestStar Bank Worthington-Governor Corporation
Ford Motor/New Holland, Inc. Manufacturer's Hanover Bank
FirstBank of Avon Coopers & Lybrand
Cotton Ranch LLC Federal Deposit Insurance Corporation
Transamerica Real Estate Group Baltimore Life Insurance Company
Rothgerber, Appel, Powers & Johnson FirstBank of Colorado
Remonov & Co. Norwest Bank/Lakewood, Golden
FirstBank of Castle Rock Life of Virginia
First Federal Savings Bank Charles P. Royce, Inc.
City and County of Denver FirstBank of Tech Center
US West FirstBank of Wheat Ridge
Rocky Mountain Baptist Foundation Broe Companies
FirstBank of West-Arvada Coopers & Lybrand Sigma
Ohio National Life Insurance Company FirstBank of Silverthorne
Life of Virgina Coldwell Banker
FirstBank of Lakewood FirstBank of Vail
Berenbautn & Weinshienk First National Bank of Parker
The Money Store Arapahoe Bank and Trust
First National Bank of Southeast Denver Excell Realty Advisors, Inc.
First National Bank of Arvada FirstBank of Arapahoe/Yosemite
Legan, Inc. Trident Properties, Inc,
Mobile Home Communities, Inc. Kaiser Foundation of Colorado, Inc.
Appraisal Consulting Clients:
City and County of Denver
Avtax, Inc.
Marriott Corporation
Tennessee Division of Property Assessments
Northglenn Mall Associates
r
iL
REPRESENTATIVE INSTITUTIONAL CLIENTS
Lehman Brothers
Coopers and Lybrand
Parallel Commercial Capital
Midland Commercial Capital
Transamerica Realty Group
Chase Manhattan
Citicorp
Emergent Business Capital
ATT Capital
G.E. Capital
Weyerhaeuser Realty Investors
Ford Motor Credit
Equitable Real Estate Investment
LaSalle Partners
INV Realty Advisors
Southern Mortgage CorporationI
GMAC Commercial
Commerce Loan Company
Independence Funding
Guaranty Federal Bank
Manufacturers Hanover
JRK Asset Management
Crescent Equities
Stanvood Lodging
Matrix Capital
Mellon-McMahan Real Estate Advisors
Bank of America
Wells Fargo Realty Trust
•
ME7 ROPOLITAN DENVER
FRONT RANGE
COMMERCIAL PROJECTS
1996-2000
Worthington-Governor Corporate Headquarters
Dostal Alley Casino
Denvr Dry Building Condominiums
Palace Lofts Commercial
The Ghost Building
The John Deere Lofts
Wynkoop Brewing Company
StreetCar Stables Lofts
Larimer Square
Pepsi Center Development Site
Sanctuary Golf Course
CareerTrack Corporate Headquarters
Meridian Golf Course
Former May D & F Downtown Complex
Three Blocks Central Business District Vacant Land
Streetcar Stables Loft Project
lstBank of Colorado Corporate Headquarters
39 lstBank of Colorado Bank Locations
Mountain Bell Center
Norwest Center-Cherry Creek
South Table Mountain — Department of Energy Facility
Red Rocks Golf Course
Keene Ranch
Palace Lofts Development Site
Denver Pavillions Development Site
Grand Cherokee Lofts Project
Metropolitan Lofts Project
Highlands Ranch Marketplace Shopping Center
Milestone Shopping Center
Sleep Inn Academy Park
Smoky Hill Shopping Center
Centennial Airport
Shoppes at the Meadows (Park Meadows)
SUMMIT COUNTY COMMERCIAL PROJECTS
1996-2000
Dillon Ridge Marketplace Shopping Center
Executive Resorts Building - Breckenridge
Golden Annie's Retail Plaza
Silverthorne Factory Stores - Silverthorne
Nautica Factory Outlet Store -Dillon
Raven wood at Frisco Subdivision - Frisco
Mountain Pines Subdivision - Frisco
River Mountain Lodge (Phases I and II)- Breckenridge
Antler's Lodge - Breckenridge
One Breckenridge Place (Phase I) - Breckenridge
Four Seasons Plaza - Breckenridge
lstBank of Breckenridge Building -Breckenridge
Snow Alley Condominiums
Breckenridge Towne Square - Breckenridge
Clark, Heller, and McGahey Building - Breckenridge
Wendell Square - Breckenridge
Homeshares at Dillon - Dillon
Summit Construction Services Building -Dillon
lstBank of Silverthorne Building
Cinnamon Ridge III Condominiums
Ironwood at Keystone Townhomes
Corinthian Hills Subdivision
Sportstalker Building - Keystone
Formby Ford
Blue River Apartments
Villa Sierra Madre (Development Site) - Silverthorne
Wildernest Office Building - Silverthorne
EAGLE COUNTY COMMERCIAL PROJECTS
1996-2000
Edwards Village Center
Riverwalk Theater
Eagle Villas Apartments
Red Canyon Townhomes
Overlook at Eagle
Horse Mountain Ranch
Gallegos Facility - Wolcott
United States Post Office, Edwards, Colorado
WestStar Bank Building, Gupsum, Colorado
Village Townhomes at Arrowhead
Vail Commons- Vail
Slifer, Smith and Frampton Building
Beaver Creek Performing Arts Center
Village Inn Plaza - Vail
Cotton Ranch Subdivision/Cotton Ranch Golf Course
Highlands Lodge
The Aspens at Beaver Creek
Vail Village Inn Hotel - Vail
Vail Ski Area: Golden Peak/Bachelor Gulch Development Parcels
Cordillera Valley Golf
Beaver Creek Ski Area: Bachelor's Gulch
Homestead Subdivision - Edwards
Cascade Village Parking Structure
Eagle-Vail Business Center - Eagle-Vail
The Marketplace - Eagle-Vail
Warner Professional Building - Eagle-Vail
Avon Towne Square - Avon
The Marketplace at Eagle-Vail
Eagle-Vail Business Center
Riverwalk Building- Edwards
Eagle Ridge Townhomes
Northstar Commercial Center - Edwards
Liftside Condominiums - Vail
r
AO Number 0001.31. 342 tzar u1 (.wi itt tt�u Expires Not TFanslerabl
DEPARTMENT OF REGULATORY AGENCIES December thirty-firstII
ter^:r"`q It P !1 ,N II ll !t!I 'I II if P II !i
4 C¢l(7fIn J]) GENERAL. AI'f'IlAl.fil.R (�( '$ II If IS Ir n !I
,.1 J F;�•} a.lt * r. II a w n * It" b
♦AY %,,
,,,, % it # I It ** It If It
CThis is to certify that the person shown below has been duly enrolled as shown above in the Stal€t5fiteblora1I6liar the' Ifl&dar sNtits)
�1 through __'2'-003 as provided for by the Laws of Colorado. Expires December thirty first, ___='003_
4ID
Authorized by the Board of Real Estale Appraisers. WITNESS by my
4 hand and official seal at Denver, Colorado this is I; ____day 1
MARK RANDALL I_ININE of January 2001
393 , HARLAN ST 14 N.120 / V� d f��°v�L
1 LAKEWOOD, CO 80226 _ PProgram Administrator
ii
4
tri4PAIrviairlts111
•
n� DEED OF TRUST
THIS DEED OF TRUST, Date L t�6a ,2001, between Albert S. Challenger, the grantor herein,
whose address is P.O. Box 448,Evergreen, CO 60439 of the County of Jefferson and State of Colorado, and the PUBLIC
TRUSTEE of the County or City and County in which the property described below is situated, in the State of
Colorado.
Witness:
The grantor, to secure the obligations of the Debtor pursuant to the Improvements Agr went According to Policy
Regarding Collateral for Improvements( Publicly Maintained Roads) dated , 2 ecorded at Reception t
of the records of the Weld County Clerk and Recorder as h eCCin�ye� ter referred to in the
singular as Agreement, for the benefit of the beneficiary herein, Weld County Boar f nn n y Commissioners, whose
address is 915 10t° St ,Greeley Colorado 80631 does hereby grant and convey unto aid P 1'c Trustee the following
described property, situate in the County of Weld, State of Colorado, to wit:
Lots 1 and 3-5 inclusive of the Challenger Ranch, a Plann 0n�t� evelopment recorded at 4
on , 200 in the recor o t AQ N1el County Clerk and Recorder.
TO HAVE AND TO BOLD the same together with all appurtenances, in trust everthe es , that in case of default in the
exercise of said obligations or any part thereof, or in the performanc of an c venants hereinafter set forth, then
upon the beneficiary filing notice of election and demand for sale said Pub Trustee, after advertising notice
of said sale weekly, for not less than four weeks, in some newsp er of ye ral circulation in said county, shall
sell said property in the manner provided by law in effect at t time of ling said notice and demand, at public
auction for cash, at any proper place designated in the noti of sale. Out of the proceeds of said sale said
Trustee shall retain or pay first all fees, charges and co s and all moneys advanced for taxes, insurance and
assessments, or on any prior encumbrance, with interest t reo , and pay the principal and interest due on said
Obligation, rendering the overplus (if any) unto the gran r; a d -Eter the expiration of the time of redemption,
said Trustee shall execute and deliver to the purchaser deed t. t e property sold. The beneficiary may purchase
said property or any part thereof at such sale.
The grantor covenants that at the time of del' ery of he p-esents, he is Seized of said property in fee
simple, and that said property is free of encumbranc s othe th • those documents recorded at Reception 0 2707959,
on 7-20-1999, Reception # 2818212 on 1-9-2001 and,Recept'o 865942, dated 7-16-2001.
The grantor also covenants that he will keep all bbJJJ((ii ngs, if any, insured with a company approved by the
beneficiary for fire and extended coverage in pn amozual to the unpaid balance of said note with loss payable
to the beneficiary, will deliver a copy of po to the beneficiary and will pay all taxes and assessments
against said property and amounts due on pr' r u a ces. If grantor shall fail to pay insurance premiums, taxes
or amounts due on prior encumbrance, the/bene i may pay the same and all amounts shall become additional
indebtedness due hereunder, and in case forec re, he will pay an attorney's fee of
Should the beneficiary hereunder be n'e\a p t to any action affecting this deed of trust or the title to said
property, the grantor agrees that a], co is and a reasonable attorney's fee paid by the beneficiary shall
become additional indebtedness due Ahereun and the grantor does hereby release and waive all claims in said
property as a homestead exemption br other xemption now or hereafter provided by law.
It is agreed that in case of defaul in the agreement or a breach of any of the covenants herein, then
possession of said property will thereupon be delivered to the beneficiary, and on failure to deliver such
possession the beneficiary shall be entitled to a receiver for said property, who may be appointed by any court of
competent jurisdiction. /
Whenever used herein/the singular number shall include the plural, the plural the singular, and the use of
any gender shall be applicable to all genders. All of the covenants herein shall be binding upon the respective
h s, personal representatives, successors and assigns of the parties hereto.
Execu t r ear first above written.
i r
STATE/OF COLORADO )
County of Weld ) ss.•
•
•The foregoiiny instrument was acknowledged before me this "sr day of CC,7 , 2001 by
it-
My commission expires / . Witness my hand and official seal.
•
Sep/ !L., fr O 2
.! Notary Public
lie 't /t31 —P '4ille o'w'l &Ot y0651
• Address
ft
• I. )7 P 1 • -
er, f .1 „
Hello