HomeMy WebLinkAbout990153.tiff RESOLUTION
RE: APPROVE COLORADO HOUSING GRANT LOAN AGREEMENT AND AUTHORIZE
CHAIR TO SIGN
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Board has been presented with a Colorado Housing Grant Loan
Agreement between the County of Weld, State of Colorado, by and through the Board of
County Commissioners of Weld County, on behalf of the Weld County Housing Authority, and
Catholic Charities and Community Services Farm Labor Housing Corporation, commencing
upon full execution of said agreement, and ending February 1, 2032, with further terms and
conditions being as stated in said agreement, and
WHEREAS, after review, the Board deems it advisable to approve said agreement, 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, ex-officio Housing Authority Board, that the Colorado Housing Grant
Loan Agreement between the County of Weld, State of Colorado, by and through the Board of
County Commissioners of Weld County, on behalf of the Weld County Housing Authority, and
Catholic Charities and Community Services Farm Labor Housing Corporation be, and hereby is,
approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized
to sign said agreement.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 25th day of January, A.D., 1999.
BOARD OF COUNTY COMMISSIONERS
ELD COUNTY, COL RAD
ATTEST: ,DQ Lid !
Dale K. Hall, Chair
Weld County Clerk to the; :oa •1 % o r.._
EXCUSED DATE OF SIGNING (AYE)
Ai` Barbar J. Kirkmeyer, Pr -Tem
BY:
Deputy Clerk to the Board
'George after
APP E S FORM:
M. Geile/22
orney 4ll:�t �/Wn
Glenn Vaatrc
990153
/q HA0018
COLORADO HOUSING GRANT LOAN AGREEMENT
THIS LOAN AGREEMENT is made this 25th day of January
1999, by and between the Weld County, Colorado, on behalf of the Weld County Housing
Authority, P.O. Box A, Greeley, Colorado 80632, hereinafter referred to as "County," and
Catholic Charities and Community Services Farm Labor Housing Corporation, 460 Linden
Center Drive, Fort Collins, Colorado 80524, hereinafter referred to as "CCCS."
WITNESSETH:
WHEREAS, by Resolution dated November 23, 1998, County entered into an agreement
with the State of Colorado, Department of Local Affairs, entitled "State of Colorado Housing
Grant Contract," a copy of which is attached hereto, hereinafter referred to as "Contract,"
wherein County agreed to be the "pass-through" for funds in the sum of$300,000 to be used by
CCCS for the construction of Plaza de Milagro, a 40 unit, low-income rental facility for the farm
worker population in Greeley, Colorado, and
WHEREAS, Paragraph 3., of Exhibit"A," Scope of Services of Contract, requires
County to enter into a loan contract with CCCS that is consistent with the requirements detailed
in Contract, and
WHEREAS, this Loan Agreement is intended by the parties to comply with said
requirement of Paragraph 3., Exhibit "A" of Contract.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained
herein, the parties hereto agree as follows:
1. TERM: The term of this Loan Agreement shall be from the date stated above to
and until February 1, 2033, or until the loan set forth in Paragraph 2., below, is
paid in full.
2. LOAN: Contract states that County may receive a sum of money' from the State of
Colorado, Department of Local Affairs for the construction of Plaza de Milagro, a
40 unit, low-income rental facility for the farm worker population in Greeley,
Colorado by CCCS, not to exceed $300,000. The estimated costs of said
construction are detailed in Paragraph 6., Exhibit"A" of Contract. County agrees
to loan CCCS money for said construction, not to exceed $300,000. Said loan
shall be repaid to County over the course of 33 years, at an interest rate of 3% per
annum., beginning February 1, 2000, paid at the rate of$1,194.34 per month. To
secure said loan, CCCS agrees to execute a note and deed of trust in favor of
County.
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(19O153
3. TERMS, REQUIREMENTS AND DUTIES SET FORTH IN CONTRACT:
CCCS agrees, as "Contractor" and in place of County, to be bound by all of the
terms and to comply with and assume all of the requirements and duties set forth
in Contract and the exhibits attached thereto.
4. NO DONATION OR GRANT TO, OR IN AID OF, CCCS: The parties agree that
the loan referred to in Paragraph 2., above, is not a donation or grant to, or in aid
of, CCCS, in violation of Colorado Constitution Article 11, Section 2.
5. INDEMNIFICATION: County, the Board of Commissioners of Weld County,
and the Weld County Housing Authority, their officers and employees, shall not
be held liable for any injuries or damages caused by negligent acts or omissions of
CCCS or its employees, volunteers, or agents performing the responsibilities and
duties described in Contract and/or this Loan Agreement. CCCS shall indemnify,
defend, and hold harmless County, the Board of Commissioners of Weld County,
and the Weld County Housing Authority, their officers and employees, for any
loss occasioned by or resulting from the performance of this Agreement by CCCS,
its employees, volunteers, and agents.
6. NO WAIVER OF IMMUNITIES: No portion of this Loan Agreement shall be
deemed to constitute a waiver of any immunities which the parties or their officers
or employees may possess, nor shall any portion of this Loan Agreement be
deemed to have created a duty of care with respect to any person not a party.
7. SEVERABILITY: If any section, subsection, paragraph, sentence, clause, or
phrase of this Loan Agreement is for any reason held or decided to be invalid or
unconstitutional, such decision shall not affect the validity of the remaining
portions thereof. Parties hereto declare that they would have entered into this Loan
Agreement and each and every section, subsection, paragraph, sentence, clause,
and phrase thereof irrespective of the fact that any one or more sections,
subsections, paragraphs, clauses, or phrases herein might be declared
unconstitutional or invalid, for any reason.
8. AUDIT: CCCS agrees that at any time during the term of this Loan
Agreement, County or the State of Colorado may conduct a performance or
financial audit of CCCS records pertaining to the construction project and CCCS's
obligation under Contract and/or this Loan Agreement, provided that such audit is
conducted at reasonable time and in reasonable manner. CCCS shall be
responsible for remedying any audit findings which are detected.
Page 2 of 3 Pages
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals on the day
and year first above written.
SEAL: CATHOLIC CHARITIES AND
COMMUNITY SERVICES FARM LABOR
HOUSING CORPORATION
Attest • P ! `j 99 A n,,a t 7. .2e.6745-v-•
By: est F. Giron, Executive Director
ATTEST: i : - WELD COUNTY, COLORADO, ON
Weld County er to the B. E /I N BEHALF OF THE WELD COUNTY
HOUSING AUTHORITY
- iger
Icc1
Deputy Clerk to the Board tQ)• Dale K. Hall, Chairman (Cl/25/99)
APPROVED AS,-T-9 FORM:
Brpee T. B er, Weld County Attorney
M:AW PFILES\AGREEVCCCS.W PD
Page 3 of 3 Pages
794
WELD COUNTY HOUSING AUTHORITY
DEED OF TRUST
THIS DEED OF TRUST, made this_day of February, 1999, by and among Catholic
Charities and Community Services Farm Labor Housing Corporation, a non-profit corporation
organized and existing under and pursuant to the laws of the State of Colorado, whose address is
460 Linden Center Drive, Fort Collins, Colorado 80524 ("Borrower", which term shall also
include successors in interest) and the Public Trustee of the County of Weld, State of Colorado
(the "Trustee"), and the Weld County Housing Authority, a political subdivision of the State of
Colorado, whose address is 915 10th Street, Greeley, Colorado 80631 (the "Beneficiary").
Borrower, in consideration of the premises and the performance of the covenants and
agreements herein contained, does hereby grant, bargain, sell, convey and confirm unto the
Trustee, in trust, the property described HEREIN BY LEGAL DESCRIPTION:
Plaza de Milagro, a 40 unit, low-income rental facility for the farm worker population in Greeley,
Colorado, located at 2500 1st Avenue, Greeley, Colorado 80631, and legal description being
described in the attached Exhibit "A,"
together with all buildings, improvements, including apparatus, equipment, fixtures or articles,
whether in single units or centrally controlled to supply heat, gas, air conditioning, water light,
power systems, machines, appliances and fixtures or other services, and any other thing not or
hereafter situated therein or thereon which are now or may hereafter pertain to or be used on or in
said premises even though they be detached or detachable, also all buildings, improvements or
construction materials, supplies and equipment now or hereafter delivered to said premises and
intended to be incorporated and installed therein or used in construction therein; also all building
permits, tap fees, plans and specifications relating to contemplated construction or improvements
on said land; together with any and all water, water rights, ditch rights, water stock, water and
sewer taps, and/or ditch stock, gas taps, mineral rights, easements, access rights, now property
described HEREIN, all of which are hereby declared to be a part of said real property, whether
physically attached thereto or not.
To have and to hold the same, together with all and singular the tenements, hereditaments
and appurtenances thereto belonging or in any way appertaining and the reversion and
reversions, remainder or remainders, rents issues and profits thereof, and also all the estate,
rights, title, interest, property possession, claims and demands whatsoever, as well as in law or in
equity of the Borrower in and to the same and every part thereof unto the Trustee, his successor
or assign, IN TRUST NEVERTHELESS, upon the following terms and conditions:
1. Obligations Secured: This grant and conveyance is made in trust to the Trustee with
power of sale to secure the following:
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A. The payment of the principal of and interest on a Promissory Note herewith
executed by the Borrower in the principal sum of Three Hundred Thousand
DOLLARS AND NO/100 ($300,000.00) PAYABLE TO THE ORDER OF THE
Beneficiary (the "Note") and proceeds of which are to be used for costs associated
with the acquisition, rehabilitation or construction of the real property described
HEREIN, which Note shall bear interest at the rate set forth therein with the
unpaid balance of principal together with all accrued and unpaid interest due and
payable February 1, 2033, if not sooner paid.
B. The payment of other sums advanced or costs and expenses incurred by the
Beneficiary under or by virtue of the provisions of this Deed of Trust, together
with interest thereon, and the performance of all of the terms and provisions of a
contract (the "Contract") between Beneficiary and the Borrower pursuant to
which the Note was issued.
2. Covenants of the Borrower: The Borrower covenants, warrants, and agrees to and with
the Beneficiary as follows:
A. To pay the principal and interest and other sums of money payable by virtue of
the Note, this Deed of Trust, and the Contract on the days the same become due,
and to keep and perform each and every other covenant and agreement in the
Note, Deed of Trust, and Contract.
B. To keep the improvements now existing or hereafter constructed on the real
property insured under an all-risk insurance policy in an amount at least equal to
the lesser of the full insurable value of any and all such improvements or the
amount of the obligations secured hereby, and maintain at all times worker's
compensation insurance as required under the laws of the State of Colorado. The
Beneficiary shall be designated as a co-insured on all policies of insurance. All
insurance shall be carried in companies approved by the Beneficiary and the
policies and renewals thereof shall be held by the Beneficiary and have attached
thereto loss payable clauses in favor of and in form acceptable to the Beneficiary;
in the event of loss, the Borrower will give immediate notice by mail to the
Beneficiary and the Beneficiary may make proof of loss if not made promptly by
the Borrower, and each insurance company concerned is hereby authorized and
directed to make the payment for such loss to the Beneficiary instead of the
Borrower and the Beneficiary jointly, and the insurance proceeds or any part
thereof may be applied by the Beneficiary, at its option, either to the reduction of
the indebtedness hereby secured or to the restoration of the improvements or
repair of the property damage. In the event of foreclosure of this Deed of Trust or
other transfer of title to the mortgaged property, all rights, title and interest of the
Borrower in and to any insurance policies then in force shall pass to the purchaser
at said foreclosure sale upon issuance of a Deed pursuant thereto.
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C. To permit, commit or suffer no waste, impairment or deterioration of said real
property or the improvements constructed hereon, and to keep all buildings or
improvements now or hereafter constructed on said real property in good
condition and repair and to make any repairs which the Beneficiary, in its sole
discretion, deems necessary for the proper preservation of said real property or
improvements. If the Borrower shall fail to so keep and maintain the real property
or improvements, the Beneficiary, at its option, may cause reasonable repairs and
maintenance to be performed at the expense of the Borrower or may elect to
construe this occurrence as an event of default under Paragraph 4.
D. Not to permit, commit or suffer any destruction, alteration or removal of the
improvements or any part thereof now or hereafter constructed on said real
property or which may at any time constitute part of the premises without the
prior written consent to the Beneficiary.
E. To promptly comply with or cause compliance with all present and future laws,
ordinances, rules, regulations, and other requirements of all governmental
authorities whatsoever have jurisdiction of or with respect to the real property or
any portion thereof or improvements thereon or the use or occupancy thereof.
F. To pay, from time to time, whenever the same shall come due, all claims, taxes
and assessments and all lawful claims and demands of mechanics, materialmen,
laborers and others, which, if unpaid, might result in or permit the creation of a
lien on the mortgaged property or any part thereof, or on the revenues, rents,
issues, income and profits arising therefrom and in general, to do or cause to be
come everything necessary so that the lien hereof shall be fully preserved without
cost or expense to the Beneficiary as a first and prior lien against the real property
described HEREIN.
G. To remove or cause to be bonded in a manner satisfactory to the Beneficiary all
liens or encumbrances of every kind of character claimed to be prior to this Deed
of Trust and, on request, exhibit to the Beneficiary evidence of the discharge and
satisfaction or bonding or such liens.
H. To permit the Beneficiary to make physical inspection of the real property and
any buildings or improvements constructed thereon at any reasonable time upon
the request of the Beneficiary.
To pay, if this Deed of Trust is foreclosed through the Public Trustee or through
the courts or in the event collection efforts are commenced by an attorney for such
purpose, a reasonable attorney's fee even though a fore closure proceeding or
notice of election and demand is not filed. In any of the foregoing events, the
Beneficiary shall also be paid by the Borrower for all additional costs incurred.
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J. To appear in the defend any action or proceeding affecting or purporting to affect
the real property, the buildings and improvements constructed thereon or to be
constructed thereon or to be constructed hereon, the fixtures, chattels, and
personal property heretofore referred to, the priority of this Deed of Trust as a first
lien against such property, or the Beneficiary's rights therein or thereunder, and to
pay or reimburse the Beneficiary for all costs and expenses, including attorney's
fees, incurred by the Beneficiary as a result of any such action or proceeding
which it may be required to defend.
K. In the event of non-completion of the project, within the time specified in the
contract, the Beneficiary shall have the option to declare non-completion an event
of default under Paragraph 4.
3. Eminent Domain: If the real property described HEREIN, or any portion thereof, shall be
condemned or taken from public use under the power of eminent domain, or in the event
that the property shall be damaged by public risks or private acts, all awards, damages,
and compensation therefor shall be paid to the Beneficiary and may be applied to the
principal indebtedness. If, however, at the time said payments are made, a foreclosure
proceeding with respect to said real property shall be commenced by the Beneficiary,
then such damages or compensation shall ben paid to the Public Trustee or Sheriff, as the
case may be, for the use and benefit of the holder of the Certificate of Purchase, and any
such award shall be applied against the amount necessary to redeem said real property
and if no such redemption be effectuated, then the amount of any such award shall be the
sole and exclusive property of the holder of the Certificate of Purchase upon issuance of a
Deed pursuant to such foreclosure.
4. Events of Default: The following constitute events of default:
A. Any failure or neglect to comply with any of the terms, conditions, warranties and
provisions of this Deed of Trust or of the Contract;
B. Any failure or neglect to promptly perform any of the stipulations, agreements,
conditions, and covenants of the Note;
C. Any failure to pay when due any sums of money due under the Note or herein
referred to;
D. Any warranty, representation or statement furnished to the Beneficiary by or on
behalf of the Borrower or any of them, proves to have been false in any material
respect when made or furnished.
E. If the Borrower shall (i) apply for or consent to or have appointed a receiver,
trustee or liquidator of the Grantee or of all or substantially all of its assets; or (ii)
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file a voluntary petition in bankruptcy, is adjudicated as bankrupt, or files a
petition or institutes any proceedings under the National Bankruptcy Act; or(iii)
makes a general assignment for the benefit or creditors; or(iv) files a petition or
an answer seeking a reorganization or an arrangement with creditors or takes
advantage of an insolvency law, or (v) files an answer admitting the material
allegations of petition filed against said Borrower in any bankruptcy,
reorganization or insolvency proceeding; or(vi) upon death, dissolution,
termination of existence, or insolvency of Borrower.
5. Remedies: In case of any event of default, the Beneficiary shall and may exercise any or
all of the remedies set forth below, in accordance with and not in limitation of those
otherwise conferred by or existing under applicable law. Each such remedy shall be
cumulative and shall be in addition to every other remedy existing under this Deed of
Trust, the Note or the Contract or at law or equity or by statute.
Each of such remedies may be exercised from time to time and as often as may be
deemed expedient by the Beneficiary. Such remedies are as follows:
A. The Beneficiary may declare the aggregate sum set forth in the Note then
remaining unpaid together with all accrued interest and all other sums secured
hereby immediately due and payable.
B. The Beneficiary may take possession and control of said premises and complete
the construction of said improvements and perform such acts thereon or in
connection therewith as the Beneficiary may deem necessary or advisable and
pursuant thereto expend any undisbursed funds in the construction loan account
and such additional funds as in its sole discretion it shall deem necessary for such
purposes, all of which shall be secured by the lien of this Deed of Trust.
C. The Beneficiary may collect and receive any and all rents, issues and profits of
said premises and may apply the same to the indebtedness secured hereby in any
manner or to the repair or maintenance of the premises or both.
D. The Beneficiary may apply for and obtain, either in its own name or through the
Trustee, exparte and without notice (notice being expressly waived hereby), the
appointment of a receiver for the premises and for rents, issues and profits
therefrom, and may have such receiver appointed as a matter of right without
regard to the insolvency of any person, or the adequacy of any security or the
existence of waste. The Beneficiary may have sums received by such receivers,
after deduction and payment of the costs and expenses of such receivership,
including the attorney's fees of the Beneficiary, applied to the indebtedness
secured hereby in such manner and order as the Beneficiary may request and to
the completion and preservation of the improvements.
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E. The Beneficiary may file notice with the Trustee declaring such default and its
election and demand that said property by advertised for sale and sold, and
thereupon the Trustee shall sell and disOpose of said premises in accordance with
the laws of the State of Colorado. The Trustee, out of the proceeds of such sale,
after first paying and retaining all fees, charges, and costs of making such sale,
shall pay to the Beneficiary the principal and interest due on the Note and all
monies advanced for insurance, taxes, assessments, repairs, maintenance, utilities
and such other charges provided herein, together with interest thereon at the rate
of Twenty Four percent(24%)per annum, rendering the surplus, if any, first unto
any subsequent lienors and then to the Borrower in accordance with statutes of the
State of Colorado.
The Beneficiary may be the purchaser of the property at any such foreclosure sale,
but such purchase shall in no way be deemed a waiver of its right to pursue the
collection of a deficiency that may be owed on the Note.
F. The Beneficiary, with regard to the fixtures, chattels, and personal property, may
exercise from time to time any and all rights and remedies available to it as a
secured party under the Uniform Commercial Code of Colorado and any and all
other rights and remedies available to it under any other applicable law and upon
request or demand of the Beneficiary, the Borrower shall, at the expense of the
Borrower, assemble the fixtures, chattels, and personal property and make them
available to the Beneficiary at a reasonably convenient place designated by the
Beneficiary.
6. General:
A. No waiver by the Beneficiary of any default shall operate as a waiver of any other
default or of the same default on a future occasion. No delay or omission on the
part of the Beneficiary in exercising any right or remedy shall operate as a waiver
thereof, and no singular or partial exercise by the Beneficiary of any right or
remedy shall preclude any other or future exercise thereof or the exercise of any
other right or remedy. The provisions of this Deed of Trust are cumulative and in
addition to the provisions of the Note secured hereby and all other instruments
securing the Note. All rights of the Beneficiary hereunder shall inure to the
benefit of its successors and assigns and all obligations hereunder of Borrower
shall bind the heirs, successors, legal representatives and assigns of the Borrower.
B. Upon payment of all of the indebtedness secured hereby and full performance
hereof by the Borrower, the Beneficiary shall promptly, after written notice from
the Borrower, execute and deliver to the Borrower a request for the release of this
Deed of Trust directed to the Trustee. The borrower shall, however, pay all costs
and expenses in connection with the recordation and execution of said release.
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C. The paragraph headings are inserted herein solely for the purpose of convenient
reference, and shall in no way affect the meaning and purposes of the provisions
hereof.
D. If any term, covenant or condition of this Deed of Trust of the application thereof
to any person or circumstances shall be invalid or unenforceable, the remainder of
the terms, covenants, and conditions hereof and the application of any term,
covenant and condition hereof to any other person or persons shall not be affected
thereby and each term, covenant and condition hereof shall be valid and
enforceable to the fullest extent permitted by law.
E. This Deed of Trust, the Note, Contract, and all other documents executed and
delivered in connection herewith shall be construed and enforced in accordance
with the laws of the State of Colorado.
IN WITNESS WHEREOF, the undersigned have executed this Deed of Trust this l I
day of Fe tv,arm , 19_99__.
CATHOLIC CHARITIES AND COMMUNITY SERVICES FARM LABOR HOUSING
CORPORATION, a non-profit corporation organized and existing under and pursuant to the laws
of the State of Colorado.
�J ATTEST:
BY: ;22.. /�,¢1� '•-
(earnest F. Giron, Executive Director
By:
(SEAL)
STATE OF COLORADO
COUNTY OF We\ ss.
The foregoing instrument was acknowledged before me this J} day of February, 1999,
by Earnest F. Giron, as Executive Director of CATHOLIC CHARITIES AND COMMUNITY
SERVICES FARM LABOR HOUSING CORPORATION, a non-profit corporation organized
and existing under and pursuant to the laws of the State of Colorado.
Witness my hand and official seal.
My Commission Expires
My mission expires: February 06,2002
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OF
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EXHIBIT "A"
LEGAL DESCRIPTION
A tract of land situate in the Northwest Quarter of the Southwest Quarter of
Section 16, Township S North, Range 65 West of the 6th P.M. , City of Greeley,
which considering the West line of the said Southwest Quarter as bearing South
00' 16'C0" West and with all bearings contained herein relative thereto is
contained within the boundary lines which begin at a point on the said West
line which beats South 0(:'16'00' West, 695.00 feet from the West Quarter
Corner of said Section 16 and run thence South 89' 13'00' East, 540.00 feet;
thence South 00'16' 00' Weat, 145.00 feet:
thence South 89'13'00" East, 80.00 feet;
thence South 00'16'00" West, 225, 02 feet;
thence North 69'13 '00" West, 620.00 feat to a point on the said West line;
thence North 00'16'00• East, 370.02 feet along the said West line to the
point of beginning, except that parcel conveyed to the City of Greeley for
public right of way by deed recorded Hay 20, 1985 in Book 1070 at Reception
No. 2010221,
County of Weld,
State of Colorado.
l tur informational purposes only) Vacant Land
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WELD COUNTY HOUSING AUTHORITY
PROMISSORY NOTE
FOR VALUE RECEIVED, Catholic Charities and Community Services Farm Labor
Housing Corporation, a non-profit corporation organized and existing under and pursuant to the
laws of the State of Colorado, whose address is 460 Linden Center Drive, Fort Collins, Colorado
80524, (the "Borrower", which term shall also include successors in interest), promises to pay to
the Weld County Housing Authority, a political subdivision of the State of Colorado, (the
`Beneficiary"), the principal sum of Three Hundred Thousand DOLLARS AND NO/100
($300,000.00), pursuant to the Loan Contract hereinafter referred to, and to pay interest on the
principal balance outstanding from February 1, 2000, until the Note is paid in full at the rate of
Three (3) percent per annum. All interest hereunder shall be calculated on the basis of a 350-day
year, actual day elapsed.
The loan evidenced by this note is being made to finance certain costs in connection with
construction of residential housing facilities, located, or to be located on the real property
described HEREIN BY LEGAL DESCRIPTION:
Plaza de Milagro, a 40 unit, low-income rental facility for the farm worker population in Greeley,
Colorado, located at 2500 1st Avenue, Greeley, Colorado 80631, and legal description being
described in the attached Exhibit"A,"
This Note is secured by a Deed of Trust encumbering the real property described above.
The terms, conditions, covenants, provisions, stipulations, and agreements of said Deed of Trust
and the Loan Contract are hereby made a part of this Note by reference in the same manner and
with the same effect as if they were fully set forth herein, and the Borrower hereby covenants and
promises to abide by and comply with each and every covenant and condition set forth in this
Note, Deed of Trust and Loan Contract.
Terms and Conditions of this Note shall include:
A. The payment of the principal and interest until the entire indebtedness evidenced
by this Note is fully paid; provided, however, if not sooner paid, the entire
principal amount outstanding and accrued interest thereon, shall be due and
payable on February 1, 2033.
B. The payment of other sums advanced or costs and expenses incurred by the
Beneficiary under or by virtue of the provisions of this Deed of Trust, together
with interest thereon.
C. All terms and provisions contained in the contract between the Borrower and
Beneficiary are incorporated herein as if fully stated.
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The Borrower reserves the right to prepay all or any part of the principal owing on this Note at
any time or times prior to maturity without notice and payment of any premium or penalty.
Upon the occurrence of any of the following events, the entire unpaid principal hereof,
together with all accrued interest thereon, shall, at the option of the Beneficiary, and without
notice, become at once due and payable (and no failure by the Beneficiary to exercise such
option shall be deemed or construed as a waiver of the right to exercise the same in the event of
any subsequent default or breach):
1. Any default in the payment, when due, or any part of the principal or interest
hereunder.
2. Any breach or failure of the Borrower to perform within the allotted time any term
or condition of the Loan Contract, the Deed of Trust, or any other instrument
securing to the Beneficiary payment of performance of any obligation of the
Borrower.
3. If the Borrower shall be involved in financial difficulties as evidenced: (i) by an
admission in writing of the Borrower's inability to pay its debts generally as they
become due; (ii) by filing a petition in bankruptcy or for the adoption of an
arrangement under the National Bankruptcy Act (as now or in the future
amended) or an admission seeking the relief therein provided;(iii) by making an
assignment of the benefit of creditors; (iv) by consenting to the appointment of a
receiver or trustee for all or a substantial part of the Borrower's assets or to the
filing of a petition against the Borrower under said Bankruptcy Act; (v) by being
adjudicated as bankrupt; (vi) by the entry of a court order appointing a receiver or
trustee for all or a substantial part of the assets of the Borrower or approving as
filed in good faith a petition filed against the Borrower under said Bankruptcy
Act; (vii) by the assumption of custody or sequestration by a court of competent
jurisdiction of all or substantially all of the assets of the Borrower; (viii) by an
attachment for an amount in excess of$25,000 on any substantial part of the
assets of the Borrower which shall not be discharged within thirty (30) days from
the making thereof; or (ix) by a judgment or decree for the payment of money in
excess of$25,000 being entered against the Borrower, or if an attachment,
execution or levy is made upon any of the Borrower's assets and the judgment,
execution or levy, as the case may be, is not discharged or stayed within thirty
(30) days from the date of the judgment, attachment, execution or levy as the case
may be.
4. If the Borrower shall have made any misrepresentation of a material nature in its
application for the Loan, or in any document furnished by it to the Beneficiary
relative to the Development.
5. If there is pending or threatened litigation with respect to the Loan or the
performance by the Borrower of any of its duties or obligations hereunder.
Page 2 of 4 Pages
6. If the Borrower does not strictly comply with any provisions of the Colorado
Housing Act of 1970, as amended, the Beneficiary's Guidelines and Priorities and
the policies and procedures of the Beneficiary.
7. If the Development cannot proceed because of inability to continue land option or
secure zoning or due to any action by any branch of government which impairs
use of the property herein described for proposed Development purposes.
8. If the Beneficiary determines that the Borrower has abandoned or discontinued
the initiation, construction or rehabilitation of the Development.
The Borrower, and any and all endorsers, sureties, guarantors and assumes hereof, hereby
jointly and severally waive presentment, demand, protest, notices of dishonor and of protest, the
benefits of homestead, and all other waivable exemptions, and all defenses and pleas on the
ground of any extension(s) of the time of payment or of the due dates of this Note, in whole or in
part, before or after maturity, with or without notice, it being further agreed by the Borrower and
all such parties that they will pay any collection expense, court costs, and reasonable attorneys'
fees which may be incurred in the collection or enforcement of this Note or any part thereof.
This document shall be governed by the laws of the State of Colorado and any dispute
regarding its terms and conditions shall be resolved in the District Courts of the State of
Colorado.
Page 3 of 4 Pages
Signed this I day of February, 1999.
CATHOLIC CHARITIES AND COMMUNITY SERVICES FARM LABOR HOUSING
CORPORATION, a non-profit corporation organized and existing under and pursuant to the laws
of the State of Colorado.
ATTEST: (SEAL)
By �nF2� SCt KI\"
amest F. Giron, Executive Director
By:
STATE OF COLORADO
COUNTY OF UD.e__Q Aa ss.
The foregoing instrument was acknowledged before me this 11 day of February, 1999,
by Earnest F. Giron, as Executive Director of CATHOLIC CHARITIES AND COMMUNITY
SERVICES FARM LABOR HOUSING CORPORATION, a non-profit corporation organized
and existing under and pursuant to the laws of the State of Colorado.
Witness my hand and official seal.
Pay Commission E,ires
My commission expires:
February 06,2002
0111111111/0/
` O`a,D '•
• • S.(y% Notary Public
Once
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o •N fl et o�\a�s\
Page 4 of 4 Pages
•
EXHIBIT "A"
LEGAL DESCRIPTION
A tract of land situate in the Northwest Quarter cf the Southwest Quarter of
Section 16, Township S North, Range 65 West of the 6th P.M. , City of Greeley,
which considering the West line of the said Southwest Quarter as bearing South
00' 16'C0' West and with all bearings contained herein, relative thereto is
contained within the boundary lines which begin at a point on the said West
line which bears South 00'16'00' West, 695.00 feet from the West Quarter
Corner of said Section 16 and run thence South 89' 13 '00' East, 540.00 feet;
thence South 00'1G'00' West, 145.00 feet;
thence South 89'13 '00• East, 80.00 feet;
thence South 00'16'00• West, 225, 02 feet;
thence North 89'13 '00• West, 620.00 feet to a point on the said West line;
thence North 00' 16'00' East, 370.02 feet along the said West line to the
point of beginning, except that parcel conveyed to the City of Greeley for
public right of way by dead recorded May 20, 1985 in Book 1070 at Reception
No. 2010222,
County of Weld,
State of Colorado.
(fur informational purposes only) Vacant Land
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