HomeMy WebLinkAbout20192984.tiffAugust 6, 2019
Petitioner:
SEARS HAL MARSHALL REVOCABLE TRUST
1131 EMERALD BAY
LAGUNA BEACH, CA 92651-1261
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBSITE: www.weldgov.com
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Agent (if applicable):
1ST NET REAL ESTATE SERVICES, INC
3333 S WADSWORTH BLVD UNIT 200
LAKEWOOD, CO 80227-5170
RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket 2019-2984 Appeal 2008224868 Hearing 8/5/2019
Dear Petitioner:
On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and
acting as the Board of Equalization, pursuant to C.R.S. §39-8-101 et seq., considered petition for appeal of
the Weld County Assessor's valuation of your property described above, for the year 2019.
Account # Decision
The Assessment and valuation is set as follows:
Actual Value as Actual Value as Set by
Determined by Assessor Board
R2569403 Stipulated - Approved
Stipulated Value
$1,586,333 $1,028,430
A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30)
days of the date the denial is mailed to you. You must select only one of the following three (3),
options for appeal:
1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of
Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board
will be the last time you may present testimony or exhibits or other evidence, or call witnesses in
support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to
the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your,
hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate
court.
All appeals to the Board of Assessment Appeals filed after August 10, 2019, MUST comply with the
following provisions of C.R.S. §39-8-107(5):
(5)(a)(I) On and after August 10, 2019, in addition to any other requirements under law, any petitioner
appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals
pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall
provide to the County Board of Equalization or to the Board of County Commissioners of the County in the
case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable:
(A) Actual annual rental income for two full years including the base year for the relevant property tax year;
(B) Tenant reimbursements for two full years including the base year for the relevant property tax year;
(C) Itemized expenses for two full years including the base year for the relevant property tax year; and
(D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject
property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for
two full years including the base year for the relevant property tax year.
(II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within
ninety days after the appeal has been filed with the Board of Assessment Appeals.
(b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the
County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an
appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's
request, the following information:
(A) All of the underlying data used by the county in calculating the value of the subject property that is being
appealed, including the capitalization rate for such property; and
(B) The names of any commercially available and copyrighted publications used in calculating the value of
the subject property.
(II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b)
shall redact all confidential information contained therein.
(c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this
subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move
the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for
noncompliance with such order. The motion may be made directly by the County Attorney and shall be
accompanied by a certification that the County Assessor or the County Board of Equalization has in good
faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action
by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c)
and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders
in regard to the noncompliance as are just and reasonable under the circumstances, including an order
dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer
shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest
shall resume as of the date the contested information has been provided by the taxpayer.
Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be
mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to
you.
The address and telephone number of the Board of Assessment Appeals are:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, Colorado 80203
Telephone Number: (303) 864-7710
Email: baa@state.co.us
Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the
first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent
must pay a fee of $101.25 per appeal.
OR
2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the
District Court of the county wherein your property is located: in this case that is Weld County District
Court. A hearing before The District Court will be the last time you may present testimony or exhibits
or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is
further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado
appellate review and C.R.S. §24-4-106(9), govern the process.
OR
3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this
option, the arbitrator's decision is final and you have no further right to appeal your current
valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following:
a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue
arbitration. You and the Board of Equalization will select an arbitrator from the official list of
qualified people. If you cannot agree on an arbitrator, the District Court of the county in which
the property is located (i.e. Weld) will select the arbitrator.
b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the
date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of
Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator
has the authority to issue subpoenas for witnesses, books, records documents and other
evidence pertaining to the value of the property. The arbitrator also has the authority to
administer oaths, and determine all questions of law and fact presented to him. The
arbitration hearing may be confidential and closed to the public if you and the Board of
Equalization agree. The arbitrator's decision must be delivered personally or by registered
mail within ten (10) days of the arbitration hearing.
c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the
Board of Equalization. In the case of residential real property, the fess may not exceed
$150.00 per case. For cases other than residential real property, the arbitrator's total fees
and expenses are agreed to by you and Board of Equalization, but are paid by the parties as
ordered by the arbitrator.
If you have questions concerning the above information, please call me at (970) 400-4226.
Very truly yours,
BOARD OF EQUALIZATION
�.�g[LC./IGLtO. �ydlG'l.
Esther E. Gesick
Clerk to the Board
Weld County Board of Commissioners
and Board of Equalization
cc: Brenda Dones, Weld County Assessor
August 6, 2019
Agent:
1ST NET REAL ESTATE SERVICES, INC
3333 S WADSWORTH BLVD UNIT 200
LAKEWOOD, CO 80227-5170
CLERK TO THE BOARD
PHONE (970) 400-4226
FAX (970) 336-7233
WEBS ITE: www.weldgov.com
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
Petitioner:
SEARS HAL MARSHALL REVOCABLE
TRUST
1131 EMERALD BAY
LAGUNA BEACH, CA 92651-1261
RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO
NOTICE OF DECISION
Docket 2019-2984 Appeal 2008224868 Hearing 8/5/2019
Dear Petitioner:
On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and
acting as the Board of Equalization, pursuant to C.R.S. §39-8-101et seq., considered petition for appeal of
the Weld County Assessor's valuation of your property described above, for the year 2019.
Account # Decision
The Assessment and valuation is set as follows:
Actual Value as Actual Value as Set by
Determined by Assessor Board
R2569403 Stipulated - Approved
Stipulated Value
$1,586,333 $1,028,430
A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30)
days of the date the denial is mailed to you. You must select only one of the following three (3)
options for appeal:
1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of
Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board
will be the last time you may present testimony or exhibits or other evidence, or call witnesses in
support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to
the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your
hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate
court.
All appeals to the Board of Assessment Appeals filed after August 10, 2019, MUST comply with the
following provisions of C.R.S. §39-8-107(5):
(5)(a)(I) On and after August 10, 2019, in addition to any other requirements under law, any petitioner
appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals
pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall
provide to the county Board of Equalization or to the Board of County Commissioners of the County in the
case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable:
(A) Actual annual rental income for two full years including the base year for the relevant property tax year;
(B) Tenant reimbursements for two full years including the base year for the relevant property tax year;
(C) Itemized expenses for two full years including the base year for the relevant property tax year; and
(D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject
property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for
two full years including the base year for the relevant property tax year.
(II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within
ninety days after the appeal has been filed with the board of assessment appeals.
(b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the
County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an
appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's
request, the following information:
(A) All of the underlying data used by the county in calculating the value of the subject property that is being
appealed, including the capitalization rate for such property; and
(B) The names of any commercially available and copyrighted publications used in calculating the value of
the subject property.
(II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b)
shall redact all confidential information contained therein.
(c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this
subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move
the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for
noncompliance with such order. The motion may be made directly by the County Attorney and shall be
accompanied by a certification that the County Assessor or the County Board of Equalization has in good
faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action
by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c)
and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders
in regard to the noncompliance as are just and reasonable under the circumstances, including an order
dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer
shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest
shall resume as of the date the contested information has been provided by the taxpayer.
Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be
mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to
you.
The address and telephone number of the Board of Assessment Appeals are:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, Colorado 80203
Telephone Number: (303) 864-7710
Email: baa@state.co.us
OR
2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the
District Court of the county wherein your property is located: in this case that is Weld County District
Court. A hearing before The District Court will be the last time you may present testimony or exhibits
or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is
further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado
appellate review and C.R.S. §24-4-106(9), govern the process.
OR
3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this
option, the arbitrator's decision is final and you have no further right to appeal your current
valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following:
a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue
arbitration. You and the Board of Equalization will select an arbitrator from the official list of
qualified people. If you cannot agree on an arbitrator, the District Court of the county in which
the property is located (i.e. Weld) will select the arbitrator.
b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the
date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of
Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator
has the authority to issue subpoenas for witnesses, books, records documents and other
evidence pertaining to the value of the property. The arbitrator also has the authority to
administer oaths, and determine all questions of law and fact presented to him. The
arbitration hearing may be confidential and closed to the public if you and the Board of
Equalization agree. The arbitrator's decision must be delivered personally or by registered
mail within ten (10) days of the arbitration hearing.
c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the
Board of Equalization. In the case of residential real property, the fess may not exceed
$150.00 per case. For cases other than residential real property, the arbitrator's total fees
and expenses are agreed to by you and Board of Equalization, but are paid by the parties as
ordered by the arbitrator.
If you have questions concerning the above information, please call me at (970) 400-4226.
Very truly yours,
BOARD OF EQUALIZATION
az3/Ln.W
Esther E. Gesick
Clerk to the Board
Weld County Board of Commissioners
and Board of Equalization
cc: Brenda Dones, Weld County Assessor
COUNTY BOARD OF EQUALIZATION
WELD COUNTY
Single County Schedule Number R2569403
STIPULATION (As To Tax Year 2019 Actual Value)
RE PETITION OF :
NAME:
ADDRESS:
Sears Hal Marshall Revocable Trust
1131 Emerald Bay
Laguna Beach, CA 92651
Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation
regarding the tax year 2019 valuation of the subject property, and jointly move the
Board of Equalization to enter its order based on this Stipulation.
Petitioner (s) and Assessor agree and stipulate as follows:
1. The property subject to this Stipulation is described as:
WIN WAG L2 WINDSOR ASSEMBLY OF GOD
1490 Main St, Windsor, CO
2. The subject property is classified as commercial
property.
3. The County Assessor originally assigned the following actual value to the
subject property for the tax year 2019
Total $2,391,386
4. After further review and negotiation, Petitioner (s) and Weld County Assessor
agree to the following tax year 2019 actual value for the subject property:
Total $1,028,430
5. The valuation, as established above, shall be binding only with respect to tax
year2019
6. Brief narrative as to why the reduction was made:
After a review of all approaches to value, an adjustment was determined
7. Both parties agree that:
The hearing scheduled before the Board of Equalization on 8/5/2019
at 10:30 am be vacated.
nA hearing has not yet been scheduled before the Board of Equalization.
1
OO19-.D98�
ASO l 03
DATED this 24 day of July , 2019 ,
Mike wafter:,
Mike Walter (Jul 24, 2019)
Petitioner(s) or Agent or Attorney
Address:
3333 South Wadsworth Blvd.
Suite 105
Lakewood, CO 80227
Telephone: 7209625750
Docket Number R2569403
Stip-1.Frm
(Assistant) County Attorney for
Respondent, Weld County Board of
Commissioners
Address:
1150 "O" Street
P.O. Box 758
Greeley, CO 80632
Telephone:(970) 336-7235
County Assessor
Address:
1400 N.17th Avenue
Greeley, CO 80631
Telephone: (970) 400-3650
2
R2569403/Sears
Final Audit Report
2019-07-25
Created: 2019-07-24
By: Courtney Anaya (canaya@co.weld.co.us)
Status: Signed
Transaction ID: CBJCHBCAABAAmht_8FpMpNYVtgHWhkKCK6u9YaCYM-x6
"R2569403/Sears" History
n Document created by Courtney Anaya (canaya@co.weld.co.us)
2019-07-24 - 8:59:15 PM GMT- IP address: 204.133.39.9
Document emailed to Courtney Anaya (canaya@co.weld.co.us) for approval
2019-07-24 - 8:59:16 PM GMT
A) Document approved by Courtney Anaya (canaya@co.weld.co.us)
Approval Date: 2019-07-24 - 8:59:28 PM GMT - Time Source: server- IP address: 204.133.39.9
L? Document emailed to Susan Gundry (sgundry@weldgov.com) for approval
2019-07-24 - 8:59:29 PM GMT
'n Email viewed by Susan Gundry (sgundry@weldgov.com)
2019-07-24 - 9:10:57 PM GMT- IP address: 204.133.39.9
�r�, Document approved by Susan Gundry (sgundry@weldgov.com)
Approval Date: 2019-07-24 - 9:15:01 PM GMT - Time Source: server- IP address: 204.133.39.9
12. Document emailed to Brenda Dones (bdones@co.weld.co.us) for signature
2019-07-24 - 9:15:03 PM GMT
to Email viewed by Brenda Dones (bdones@co.weld.co.us)
2019-07-24 - 9:29:36 PM GMT- IP address: 204.133.39.9
A) Document e -signed by Brenda Dones (bdones@co.weld.co.us)
Signature Date: 2019-07-24 - 9:33:10 PM GMT - Time Source: server- IP address: 204.133.39.9
�w Document emailed to Mike Walter (mwalter@1stnetre.com) for signature
2019-07-24 - 9:33:11 PM GMT
Email viewed by Mike Walter (mwalter@1stnetre.com)
2019-07-24 - 9:43:56 PM GMT- IP address: 173.14.13.241
Adobe Sign
.do, Document e -signed by Mike Walter (mwalter@lstnetre.com)
Signature Date: 2019-07-24 - 9:47:02 PM GMT - Time Source: server- IP address: 173.14.13.241
[ Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature
2019-07-24 - 9:47:04 PM GMT
1 Email viewed by Karin McDougal (weld-cboe@weldgov.com)
2019-07-24 - 9:48:21 PM GMT- IP address: 204.133.39.9
( Document e -signed by Karin McDougal (weld-cboe@weldgov.com)
Signature Date: 2019-07-25 - 2:47:09 AM GMT - Time Source: server- IP address: 204.133.39.9
Signed document emailed to Mike Walter (mwalter@lstnetre.com), canaya@weldgov.com, Susan Gundry
(sgundry@weldgov.com), Courtney Anaya (canaya@co.weld.co.us), and 2 more
2019-07-25 - 2:47:09 AM GMT
Adobe Sign
NOTICE OF DETERMINATION
COMMERCIAL
R2569403
2019
Brenda Dones
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
Date of Notice: 6/25/2019
Telephone: (970) 400-3650
Fax: (970) 304-6433 ,
Office Hours: 8:00AM - 5:00PM
TAX AREA
0437
SEARS HAL MARSHALL REVOCABLE TRUST
1131 EMERALD BAY
LAGUNA BEACH, CA 92651-1261
a.
WIN WAG L2 WINDSOR ASSEMBLY OF GOD
1490 MAIN ST WINDSOR
FICATIO
ASSESSOR'S VALUATION
1/AL ...
REVIEW
2,391,386
TUAL VALUE AF
REVIEW
1,586,333
TOTAL
2,391,386
1,586,333
The Assessor has carefully studied all available information, giving particular attention to the
specifics included on your protest. The Assessor's determination of value after review is based on
the following:
CM03 - After review of your property, we have made adjustments. This was done because of
additional information obtained, or provided through the appeal process.
If you disagree with the Assessor's decision, you have the right to appeal to the County
Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S.
The deadline for filing real property appeals is July 15.
The Assessor establishes property values. The local taxing authorities (county, school district, city,
fire protection, and other special districts) set mill levies. The mill levy requested by each taxing
authority is based on a projected budget and the property tax revenue required to adequately fund
the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall.
If you are concerned about mill levies, we recommend that you attend these budget hearings.
Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities.
Please refer to the reverse side of this notice for additional information.
Agent (If Applicable):
1ST NET REAL ESTATE SERVICES, INC
3333 S WADSWORTH BLVD UNIT 200
LAKEWOOD, CO 80227-5170
2019-2984
15-DPT-AR
PR 207-08/13
R2569403
ASo1 o3
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 25th through August 5th at 1150 O Street.
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown
below, and mail, file online, or deliver a copy of both sides of this form to:
Weld County Board of Equalization
1150 O Street, P.O. Box 758
Greeley, CO 80631
Telephone: (970) 356-4000 ext, 4225
Online: www.co.weld.co.us/appsl/cboe/
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property — after such date, your right to
appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we
recommend that all correspondence be mailed with proof of mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by August
5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and
you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by
September 10, § 39-2-125(1)(e), C.R.S.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your
appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of
the following:
Board of Assessment Appeals District Court
1313 Sherman Street, Room 315 Contact the District Court in the County
Denver, CO 80203 where the property is located. See your
(303) 866-5880 local telephone book for the address and
www.dola.colorado.qov/baa telephone number.
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address listed for the County Board
of Equalization.
If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document
falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed
on the next business day, § 39-1-120(3), C.R.S.
PETITION TO COUNTY BOARD OF EQUALIZATION
What is your estimate of the property's value as of June 30, 2018? (Your opinion of value in terms of a
specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.)
$ .900, OOO
What is the basis for your estimate of value or your reason for requesting a review? (Please attach
additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original
installed cost, appraisal, etc.)
MAILKct Lcc4PS (iiicwbb.)6 %7(-6 S"oBJre,- c.l4SE) lctai.,t l,Auuc,
i 14Av6 gee pleettl.06S A3jankti eco.47 r of Jo Of .2S, (P yo) CAS A v®r8 1*4r A F
77h S 14tA2,,Jc . l pie s„sic ER,, Lg Af'f'ittC1Ari iT.
ATTESTATION
I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein
and on any attachments hereto are true and complete.
Signature fli ge IJALTrf_
96 a-57.50
Telephone Number
/%l/,J4Z7E, c Sr,J .1RE-
Email Address
'Attach letter of authorization signed by property owner.
-.7 /19
Date
15-DPT-AR
PR 207-08/13
R2569403
1st Net Real Estate Services, Inc.
3333 S. Wadsworth Blvd. Suite 105
Lakewood CO 80227
Phone:720-962-5750
Fax:720-962-5760
LETTER OF AUTHORITY
To Whom It May Concern:
I, HAL MARSHALL SEARS REVOCABLE TRUST , am the owner, and/or agent of the owner, of the following real
and/or business personal property:
ADDRESS PARCEL/SCHEDULE NUMBER
COUNTY
687 Horizon Drive
1490 Main Street
R051111
R2569403
Mesa
Weld
I do hereby authorize 1st Net Real Estate Services, Inc. to represent my interests and to appear on my behalf before County Assessor,
County Board of Equalization, Board of County Commissioners, the Colorado Board of Assessment Appeals, binding arbitration,
District Court, all Colorado state courts, and/or any other agency or entity with regard to any and all matter(s) concerning the
valuation and taxation of the above mentioned property(s) for tax years 2019, 2020, and any or all previous years as allowed by
Colorado law.
The undersigned requests that copies of all decisions from any of the above entities, or any other agency or entity, as is involved
pertaining to matters of valuation and/or taxation for the above -mentioned property(s), be mailed to:
1st Net Real Estate Services, Inc.
3333 South Wadsworth Blvd. Suite 105
Lakewood, CO 80227
Phone: (720) 962-5750
Fax: (720) 962-5760
I hereby expressly revoke any and all previous authorizations relating to the Property(s).
Dated this /J
Signed,
Si nature:
Print Name: Hal Sears
day of /1,1 477 20 O.
Title:
Trustee
Address: 1131 Emerald Bay
City, State, Zip: Laguna Beach, CA 92651
Phone: 949-230-0938 Fax #:
STATE OF )
) SS
COUNTY OF )
Sworn to and subscribed before me this
day of , 20 by
Witness my hand and official seal.
My Commission expires
Notary Public
Address
California Jurat Certificate
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the
document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
State of California
County of ()fa 1'1C
S.S.
Subscribed and sworn to (or affirmed) before me on this i h day of
2019,by
FA a 1 k cx./v .s h 1 \ S- k. v s
Name of Signer (1)
t 16nth
proved to me on the basis of
Name of Signer (2)
satisfactory evidence to be the person(s) who appeared before me.
Signature of Notary Public
For other required information (Notary Name,7bmmission No. etc.)
lir v.4
K. PIERCE
COMM...2287155 n
NOTARY PUBLIC•CALIFORNIA -
ORANGE COUNTY GJ
My Term Exp. Mey2,2123
Seal
and
OPTIONAL INFORMATION
Although the information in this section is not required by law, it could prevent fraudulent removal and reattachment of
this jurat to an unauthorized document and may prove useful to persons relying on the attached document.
Description of Attached Document
The certificate is attached to a document titled/for the purpose of
containing
pages, and dated
thy.
Method of Affiant Identification
Proved to me on the basis of satisfactory evidence:
Q form(s) of identification O credible witness(es)
Notarial event is detailed in notary journal on:
Page # Entry #
Notary contact:
Other
Affiant(s) Thumbprint(s) Ill Describe:
1:29 PM
07/09/19
Accrual Basis
HMS 2011
Class QuickReport
Windsor - Paint Store
Expenses 2017
All Transactions
Type Date Num Name Memo Amount
Bill 03/08/2017 Hauser Architects Benjamine Moore Paint- Windsor - Invoice#4005 -3,351.20
Bill 04/01/2017 Hauser Architects Benjamine Moore Paint- Windsor - Invoice#4134 -252.50
Bill 05/24/2017 R & L Builders LLC Landlord work - Windsor Paint Store INV#1 on 4/9/17 -71,661.13
Bill 05/24/2017 R & L Builders LLC Landlord work - Windsor Paint Store INV#2 on 5/23/17 -18,906.35
Bill 06/14/2017 LC Real Estate Group Lease Comm. - Windsor Paint Store -9,466.80
Bill Property Taxes • Windsor Paint Store -18,538.98
Bill Building Insurace Windsor Paint Store -2,305.90
Total Windsor - Paint Store -124,482.86
TOTAL -124,482.86
Windsor - Paint Store
Expenses 2018
Bill
Bill
""2017 Rent Received - $15,766.02
Property Taxes
Building Insurance
Windsor Paint Store
Windsor Paint Store
-22,028.92
-2156.24
Total -24,185.56
*** 2018 Rent received - $31,532.04
Page 1 of 1
LEASE AGREEMENT
THIS LEASE AGREEMENT ("this Lease") is made and entered into this
Z 7 day of September, 2016, by and between HAL MARSHALL SEARS
REVOCABLE TRUST ("Landlord"), and NOCO PAINT A DESIGN, LLC.-d/Lid
'Benjamin -Moore ("Tenant") .
In consideration of the covenants, terms, conditions, agreements,
and payments as herein set forth, Landlord and Tenant hereby enter
into this Lease:
1. Definitions. Whenever the following words or phrases are
used in this Lease, said words or phrases shall have the following
meanings:
A. "Area" shall mean the parcel of land which is legally
described on Exhibit "A" attached hereto and incorporated herein by
reference, the street address of which is 1490 Main Street, Windsor,
Colorado 80550. The Area includes the "Building," the "Common Areas,"
and the "Leased Premises," all as hereinafter defined.
B. "Building" shall mean the existing building located in
the Area, consisting of approximately seven thousand nine hundred
eleven (7,911) leasable square feet (the square footage is approximate
and is not guaranteed by Landlord).
C. "Common Areas" shall mean all entrances, exits,
driveways, curbs, walkways, hallways, malls, parking areas, landscaped
areas, restrooms, loading and service areas, and like areas or
facilities which are located in the Area and which are designated by
Landlord as areas or facilities available for the non-exclusive use in
common by persons designated by Landlord.
D. "Leased Premises" and "Premises" shall mean the
premises herein leased to Tenant by Landlord.
E. "Tenant's Prorata Share" shall mean an amount
(expressed asa percentage) equal to the number of square feet
included in the Leased Premises divided by the total number of
leasable square feet included in the Building. Tenant's Prorata Share
is agreed to be thirty-two and 56/100 percent (32.56%).
2. Leased Premises. Landlord hereby leases to Tenant, and
Tenant hereby leases from Landlord, the following -described premises:
The space located at 1490 Main Street, Windsor, Colorado
80550, consisting of approximately two thousand five
hundred seventy-six (2,576) square feet (the square
footage is approximate and is not guaranteed by Landlord),
together with the shared use of the Common Areas.
3. Term.
A. Lease Term. The term of this Lease (the "Lease Term")
shall commence sixty days (60) after the Premises is delivered by
Landlord with all Landlord work completed or the first day Tenant is
open for business to public, whichever occurs sooner (the
"Commencement Date") and, unless sooner terminated or extended as
herein provided, shall end at 5 o'clock p.m. (Colorado time) sixty two
(62) months thereafter.
B. Options to Extend. Provided Tenant is not then in
default beyond the expiration of any applicable period for cure under
the Lease, Tenant shall have the option to extend the Lease Term
(each, an "Extension Option") for two (2) periods (the "Option Term")
of five (5) additional years each (i.e., such Option Term commencing
immediately following the expiration of the applicable Lease Term).
In order to exercise each Extension Option, Tenant shall give written
notice of such exercise to Landlord at least one hundred eighty (180)
days prior to the expiration of the then current Lease Term. Upon the
proper exercise of an Extension Option, the Lease shall be
automatically extended for the applicable additional five (5) year
Option Term without the necessity of executing any extension or
renewal agreement. Base Annual Rent during the Option Terms shall be
as set forth in paragraph 4.A hereinafter. Notwithstanding the
foregoing, any Extension Option for an Option Term which has not
commenced shall be void and of no force or effect if Tenant is then in
default hereunder beyond the expiration of any applicable period for
cure under the Lease either as of the date of Tenant's exercise of
said option or as of the date of thecommencement of the applicable
Option Term.
4. Rent. During the Lease Term (except for the Free Rent
Period), Tenant agrees to pay to Landlord "Base Annual Rent" and
"Additional Rent," both as hereinafter defined. Base Annual Rent and
Additional Rent (jointly "Rent") shall be paid to Landlord without
demand or notice, without deduction or offset, in lawful money of the
United States of America at Landlord's address, or to such other
person or to such other place as Landlord may, from time to time,
designate in writing. "Additional Rent" shall mean any amounts which
this Lease requires Tenant to pay in addition to Base Annual Rent,
including, without limitation, amounts required by paragraphs 11, 12,
13, 15, and 16 of this Lease. Unless otherwise instructed by
- 2
44.
Landlord, all checks in payment of Rent shall be payable to Hal
Marshall Sears Revocable Trust, the address of which is 1131 Emerald
Bay, Laguna Beach, CA 92651-1261.
A. Base Annual Rent. "Base Annual Rent" shall be paid to
Landlord in monthly installments ("Base Monthly Rent") and shall be in
an amount equal to one -twelfth of Base Annual Rent. Installments of
Base Monthly Rent shall be due and payable in advance on or before the
first day of each calendar month of the Lease Term. If the Lease Term
commences on a date other than the first day of a calendar month or
ends on a date other than the last day of a calendar month, then Base
Monthly Rent shall be appropriately prorated by Landlord for such
month. Except as otherwise provided in paragraph 48 hereinafter, Base
Monthly Rent during the initial sixty two (62) month Lease Term shall
be as follows:
Lease Year
Months 1-2
Thereafter;
sq.ft.)
sq.ft.)
sq.ft.)
sq.ft.)
sq.ft.)
paragraph
paragraph
paid for
follows:
1
2
3
4
5
Base
Annual Rent
Base
Monthly Rent
No Base Rent Due
$31,556.00
$31,556.00
$31,556.00
$31,556.00
$31,556.00
$2,629.67 ($12.25 per
$2,629.67 ($12.25 per
$2,629.67 ($12.25 per
$2,629.67 ($12.25 per
$2,629.67 ($12.25 per
If Tenant exercises the Extension Option(s) as provided in
3.B hereinabove, and except as otherwise provided in
48 hereinafter, Base Annual Rent and Base Monthly Rent to be
each Lease Year during the Option Term(s) shall be as
- 3
Lease Year
Extension Option #1
6
sq.ft.)
sq.ft.)
sq.ft.)
sq.ft.)
sq.ft.)
7
8
9
10
Extension Option #2
sq.ft.)
sq.ft.)
sq.ft.)
sq.ft.)
sq.ft.)
11
12
13
14
15
Base
Annual Rent
$34,711.60
$34,711.60
$34,711.60
$34,711.60
$34,711.60
Base
Monthly Rent
$2,892.63 ($13.48 per
$2,892.63 ($13.48 per
$2,892.63 ($13.48 per
$2,892.63 ($13.48 per
$2,892.63 ($13.48 per
$38,176.32 $3,181.36 ($14.82 per
$38,176.32 $3,181.36 ($14.82 per
$38,176.32 $3,181.36 ($14.82 per
$38,176.32 $3,181.36 ($14.82 per
$38,176.32 $3,181.36 ($14.82 per
B. Lease Year. "Lease Year" shall mean a period of
twelve (12) consecutive full calendar months, with the first Lease
Year commencing on the Commencement Date and each succeeding Lease
Year upon the anniversary date of the first Lease Year. The Lease
Year may change if Tenant exercises the "Expansion Option" provided
for in paragraph 48 hereinafter.
4
C. Total Net Lease. Tenant understands and agrees that
except as otherwise expressly provided, this Lease is a total net
Lease (a "net, net, net lease"), whereby Tenant has the obligation to
reimburse Landlord for a share of all costs and expenses (real estate
taxes, insurance, trash removal, Common Area operation and
maintenance, and like costs and expenses) incurred by Landlord as a
result of Landlord's ownership and operation of the Area and the
Building.
5. Security Deposit. Upon the execution of this Lease, Tenant
shall pay to Landlord the sum of Three Thousand Four Hundred Dollars
($3,400.00), as security for Tenant's payment of Rent and performance
of the other terms and conditions of this Lease. Landlord may deduct
from such amount for the reasonable cost of repairs to the Leased
Premises (ordinary wear and tear excepted), for any Rent delinquent
under the terms hereof, and for any sum advanced by Landlord to cure
any default of Tenant hereunder. If deductions occur, Tenant shall,
within fifteen (15) days after notice from Landlord, redeposit with
Landlord such amounts so expended so as to maintain the deposit in its
original amount. Failure to so redeposit shall be deemed a failure to
pay Rent under the terms hereof. Nothing herein contained shall limit
the liability of Tenant as to any damage to the Leased Premises, and
Tenant shall be responsible for the total amount of any damage and/or
loss occasioned by actions of Tenant. Should Tenant faithfully and
fully comply with all of the terms and provisions of this Lease, the
security deposit or any balance thereof shall be returned to Tenant
or, at the option of Landlord, to the last assignee of Tenant's
interest in the Leased Premises, within sixty (60) days after the
expiration of the Lease Term. Landlord shall deliver the security
deposit to any purchaser of Landlord's interest in the Leased
Premises; and, upon giving notice to Tenant of such transfer, Landlord
shall be discharged from further liability with respect to the
security deposit. The security deposit shall not be deemed to be
liquidated damages; and if the claims of Landlord exceed the security
deposit, Tenant shall remain liable for the balance of any such claim.
Landlord shall not be required to pay Tenant any interest on said
deposit and may commingle said deposit with other funds of Landlord.
6. Use of Leased Premises. Tenant shall use the Leased
Premises only for wholesale and retail sale of paint, architectural
coatings, paint products, window treatments, wall coverings, floor
coverings, home decorating furnishings, supplies and associated
products and services, and for no other purpose whatsoever except with
the written consent of Landlord. Tenant shall not allow any
accumulation of trash or debris on the Leased Premises or within any
portion of the Area. All receiving and delivery of goods and
merchandise and all removal of garbage and refuge shall be made only
- 5
S0cee55,0 r
Qw/ecs a(»rJ
by way of the rear and/or other service door provided therefor. In
the event the Leased Premises shall have no such door, then these
matters shall be handled in a manner satisfactory to Landlord. No
storage of any material outside of the Leased Premises shall be
allowed unless first approved by Landlord in writing, and then in only
such areas as are designated by Landlord. Tenant shall not commit or
suffer any waste on the Leased Premises nor shall Tenant permit any
nuisance to be maintained on the Leased Premises or permit any
disorderly conduct or other activity having a tendency to annoy or
disturb any occupants of any part of the Area and/or any adjoining
property.
7. Laws and Regulations - Tenant Responsibility. Tenant shall,
at its sole cost and expense, comply with all laws and regulations of
any governmental entity, board, commission, or agency having
jurisdiction over the Leased Premises. Tenant agrees not to install
any electrical equipment that overloads any electrical paneling,
circuitry, or wiring and further agrees to comply with the
requirements of the insurance underwriter or any governmental
authorities having jurisdiction thereof.
8. Landlord's Rules and Regulations. Landlord reserves the
right to adopt and promulgate reasonable rules and regulations
applicable to the Leased Premises and from time to time amend or
supplement said rules or regulations. Notice of such rules and
regulations and amendments and supplements thereto shall be given to
Tenant, and Tenant agrees to comply with and observe such rules and
regulations and amendments and supplements thereto provided that the
same apply uniformly to all the tenants of Landlord in the Area.
9. Parking. Landlord will provide off-street parking for the
common use of the tenants, employees, and customers of the Area.
Landlord makes no representations or warranties regarding the quantity
or adequacy of parking spaces, however, Landlord shall make best
efforts to ensure that the employees and customers of the adjoining
tire store (or any other business that shall occupy the building) do
not park in the nine (9) parking spaces located directly in front of
the Premises. Tenant shall park all vehicles of whatever type used by
Tenant do or Tenant's employees only in such areas thereof as are
reasonably designated by Landlord for this purpose, and Tenant accepts
the responsibility of seeing that Tenant's employees park only in the
areas so designated. Tenant shall, upon the request of Landlord,
provide to Landlord license numbers of Tenant's vehicles and the
vehicles of Tenant's employees.
10. Control gf Common Areas - Exclusive Control of Landlord. All
Common Areas shall at all times be subject to the exclusive control
- 6 -
and management of Landlord, notwithstanding that Tenant and/or
Tenant's employees and/or customers may have a non-exclusive right to
the use thereof. Landlord shall have the right from time to time to
establish, modify, and enforce reasonable rules and regulations with
respect to the use of said facilities and Common Areas.
11. Taxes.
A. Real Property Taxes and Assessments. Tenant shall pay
to Landlord on the first day of each month, as Additional Rent,
Tenant's Prorata Share of all real estate taxes levied and assessed
against the Building and the Area. If the first and last years of the
Lease Term are not calendar years, the obligations of Tenant hereunder
shall be prorated for the number of days during the calendar year that
this Lease is in effect. The monthly payments shall be based upon
one -twelfth (1/12) of Tenant's Prorata Share of either (i) the prior
year's taxes and assessments, or (ii) Landlord's good faith estimate
of the taxes for the current year. Once each year Landlord shall
determine the actual amount of Tenant's Prorata Share of taxes and
assessments for the prior year; and if Tenant has paid less than
Tenant's Prorata Share for the prior year, Tenant shall pay the
deficiency to Landlord with the next payment of Base Annual Rent; or
if Tenant has paid in excess of Tenant's Prorata Share for the prior
year, Landlord shall forthwith refund said excess to Tenant.
B. Personal Property Taxes. Tenant shall be responsible
for, and shall pay promp
assessments levied and/or
equipment, and items of a
or about the Leased Premises by Tenant.
tly when due, any and all taxes and/or
assessed against any furniture, fixtures,
similar nature installed and/or located in
C. Rent Tax. If a special tax, charge, or assessment is
imposed or levied upon the rents paid or payable hereunder or upon the
right of Landlord to receive rents hereunder (other than to the extent
that such rents are included as a part of Landlord's income for the
purpose of an income tax), Tenant shall reimburse Landlord for the
amount of such tax within fifteen (15) days after demand therefor is
made upon Tenant by Landlord.
D. Other Taxes, Fees and Charges. Tenant shall pay to
Landlord, on the first day of each month, as Additional Rent, Tenant's
Prorata Share of any "Other Charges" (as hereinafter defined) levied,
assessed, charged, or imposed against the Area, as a whole. Unless
paid directly by Tenant to the authority levying, assessing, charging,
or imposing same, Tenant shall also pay to Landlord, on the first day
of the month following payment of same by Landlord, the entire costs
of any such "Other Charges" levied, assessed, charged, or imposed
- 7
against the Leased Premises, Tenant's use of same, or Tenant's conduct
of business thereon. For purposes of this provision, "Other Charges"
shall mean and refer to any and all taxes, assessments, impositions,
user fees, impact fees, utility fees, transportation fees,
infrastructure fees, system fees, license fees, and any other charge
or assessment imposed by any governmental authority or applicable
subdivision on the Area, the Leased Premises, or the ownership or use
of the Area or the Leased Premises, or the business conducted thereon,
whether or not formally denominated as a tax, assessment, charge, or
other nominal description, whether now in effect or hereafter enacted
or imposed (excluding, however, Landlord's income taxes). Landlord
shall pay in installments all taxes and assessments that are payable
in installments.
E. Tax Protest. Should Landlord protest and win a
reduction in the real estate taxes for the Building and the Area,
Tenant shall be obligated to pay Tenant's Prorata Share of the cost of
such protest, if the protest is handled by a party other than the
Landlord.
12. Insurance.
A. Landlord's Insurance. Landlord shall procure and
maintain such fire and casualty, loss of rents, and liability
insurance as it, from time to time, deems proper and appropriate in
reference to the Building in which the Leased Premises are located and
the Common Areas. Such insurance shall not be required to cover any
of Tenant's property, and Tenant shall have no interest in any of the
proceeds of such insurance. Tenant shall pay Landlord, as Additional
Rent, Tenant's Prorata Share of the insurance carried by Landlord
pursuant to this Lease. Payment shall be made on the first day of each
month as Additional Rent.
B. Tenant's Insurance. Tenant shall, at its sole cost
and expense, insure on a full replacement cost basis Tenant's
inventory, fixtures, leasehold improvements, and betterments located
on the Leased Premises against loss resulting from fire or other
casualty. Tenant shall procure, pay for, and maintain comprehensive
public liability insurance providing coverage from and against any
loss or damage occasioned by an accident or casualty on, about, or
adjacent to the Leased Premises. Said liability policy shall be
written on an "occurrence basis," with limits of not less than One
Million Dollars ($1,000,000.00) bodily injury liability coverage and
Five Hundred Thousand Dollars ($500,0:00.00) property damage liability
coverage.
- 8 -
All policies of insurance required to be carried by Tenant
hereunder shall be written by an insurance company licensed to do
business in the State of Colorado, and shall name Landlord as an
additional insured and/or loss payee, as Landlord may direct. Prior
to occupancy of the Leased Premises by Tenant, and within thirty (30)
days after the expiration of the term of each such policy, Tenant
shall furnish Landlord with evidence reasonably satisfactory to
Landlord of Tenant's required insurance coverage. With respect to
property insurance, the evidence of insurance shall consist of an
Acord 27 (not Acord 25) Certificate, or such other evidence as
Landlord may reasonably require. All such policies maintained by
Tenant shall provide that they may not be terminated or amended except
after thirty (30) days' prior written notice to Landlord (except that
only ten [10] days' prior written notice shall be required in the
event of cancellation for non-payment of premiums). No insurance
required to be maintained by this paragraph 12 shall be subject to
deductible amounts in excess of then commercially reasonable
deductible amounts without Landlord's prior written consent. Any
insurance required to be maintained by Tenant under this Lease may be
satisfied by blanket, umbrella and/or excess liability insurance,
covering additional items or locations or insureds, so long as the
coverage afforded (including, without limitation, coverage as to
additional insureds) will not be materially reduced or materially
diminished by reason of the use of such blanket, umbrella, and/or
excess liability policy of insurance.
C. Mutual Subrogation Waiver. Landlord and Tenant hereby
grant to each other, on behalf of any insurer providing fire and
extended coverage to either of them covering the Leased Premises, the
Building, or other improvements thereon or contents thereof a waiver
of any right of subrogation any such insurer of one party may acquire
against the other or as against Landlord or Tenant by virtue of
payments of any loss under such insurance. Such a waiver shall be
effective so long as Landlord and Tenant are empowered to grant such
waiver under the terms of their respective insurance policy or
policies and such waiver shall stand mutually terminated as of the
date either Landlord or Tenant gives notice to the other that the
power to grant such waiver has been so terminated.
13. Utilities. Tenant shall be solely responsible for and
promptly pay all charges and expenses for heat, water, gas, electric,
sewer service, and any other utility services used or consumed within
the Leased Premises (including telephone, internet, or other
communication services used or consumed by Tenant). Subject as
hereinafter provided, Tenant shall arrange with all appropriate
utility companies to pay all utilities used within the Leased Premises
and to have the same billed to Tenant at the address designated by
- 9 -
4
Tenant. In no event shall Landlord be liable for any interruption or
failure in the supply of any such utilities to the Leased Premises. If
any utility company serving the Leased Premises determines that an
additional service fee, impact fee and/or assessment, or any other
type of payment or penalty is necessary due to Tenant's use and
occupancy of the Building, nature of operation, and/or consumption of
utilities, said expense shall be borne solely by Tenant. Said expense
shall be paid promptly, and any repairs requested by the utility
company shall be performed by. Tenant immediately and without any
delay.
Tenant expressly acknowledges that certain utilities serving the
Leased Premises are on joint meters, and shall be billed to Tenant on
a proportionate basis as follows:
(i) If all tenants within the Building using utilities
measured by a joint meter have comparable usage, Tenant's share shall
be the portion of the charge of such utilities equal to the ratio of
the square feet of floor area of the Leased Premises (i.e., two
thousand five hundred seventy-six [2,576]) to the total square feet of
floor area served by the joint meter; or
(ii) If usage is not comparable, Tenant's share shall be
such equitable proportion as Landlord shall reasonably determine.
Notwithstanding the preceding sentence, Tenant agrees that Landlord
may, at Landlord's option, submeter the Leased Premises to measure
Tenant's actual consumption of utilities, in which case Tenant shall
pay for its utility usage based on actual submeter readings. Landlord
shall not charge Tenant a rate for any utilities in excess of the rate
Landlord pays the supplier of the service. Tenant's share of any such
utilities shall be paid within ten (10) days after notice from
Landlord of the amount of the same.
14. Maintenance and Pre -Occupancy Work Obligations gf Landlord.
Except as herein specifically provided for, Landlord shall keep and
maintain in good condition (i) the roof, foundation, and exterior of
the Building, (ii) the parking lot and grounds lighting, and (iii)
plumbing and electrical defects or malfunctions, and (iv) sprinkler
systems at the Shopping Center and Premises. If required by any
governmental authority, Landlord shall be responsible, at its sole
cost and expense, for compliance with the Americans with Disabilities
Act ("ADA") for the Shopping Center and its common areas. Tenant shall
be responsible for Tenant's Prorata Share of such costs and expenses.
Tenant shall be solely responsible for any damage to the roof,
foundation, external walls, and parking area caused by Tenant's
actions, negligence, or fault.
- 10 -
Additionally, Landlord at its expense shall perform and
satisfactorily complete the work set forth on Exhibit B, as soon as
practicable after the Commencement Date, but expected to be no later
than four (4) months after the Commencement Date.
15. Maintenance Obligations of Tenant. Subject only to the
maintenance obligations of Landlord as herein provided for, Tenant
shall, during the entire Lease Term, including all extensions thereof,
at Tenant's sole cost and expense, keep and maintain the Leased
Premises in good condition and repair, including specifically the
following:
A. Heating and Air Conditioning Systems. Tenant shall be
responsible for the quarterly maintenance and repairs of the HVAC as
necessary. The HVAC units shall be new as part of the Landlord work
(See Exhibit B) and Landlord agrees to assign any warranties related
thereto to the Tenant.
B. Electrical Systems. Tenant agrees to maintain in good
working order and to make all required repairs and replacements to the
electrical systems for the Leased Premises. Tenant, upon signing this
Lease, acknowledges that Tenant has inspected the existing electrical
systems and all such systems are in good repair and working order.
C. Plumbing Systems. Tenant agrees to maintain in good
working order and to make all required repairs or replacements to the
plumbing systems for the Leased Premises. Tenant, upon signing this
Lease, acknowledges that Tenant has inspected the existing plumbing
systems and all such systems are in good repair and working order.
D. Tenant's Responsibility for Building and
Area Repairs. Tenant shall be responsible for any repairs required for
any part of the Building or the Area of which the Leased Premises are
a part if such repairs are necessitated by the actions or inactions of
Tenant other than normal wear and tear.
E. Cutting Roof. Tenant must obtain in writing Landlord's
approval to making any roof penetrations. Failure by Tenant to obtain
written permission to penetrate a roof shall relieve Landlord of any
roof repair obligations as set forth in paragraph 14 hereinabove.
Tenant further agrees to repair, at its sole cost and expense, all
roof penetrations made by Tenant and to use, if so requested by
Landlord, a licensed contractor selected by Landlord to make such
penetrations and repairs.
F. Glass and Doors. The repair and replacement of all
glass and doors on the Leased Premises shall be the responsibility of
Landlord, unless the breakage is caused by Tenant's negligence or that
of its customers or employees. Any such replacements or repairs shall
be promptly completed at the expense of Tenant.
G. Liability for Overload. Tenant shall be responsible
for the repair or replacement of any damage to the Leased Premises,
the Building, or the Area which results from Tenant's movement of
heavy articles therein or thereon. Tenant shall not overload the
floors of any part of the Leased Premises.
H. Failure of Tenant to Maintain Premises. Should Tenant
neglect to keep and maintain the Leased Premises as required herein,
Landlord shall have the right, but not the obligation, to have the
work done, and any reasonable costs plus a ten percent (10%) overhead
charge therefor shall be charged to Tenant as Additional Rent and
shall become payable by Tenant with the payment of the rental next
due.
I. Return of Leased Premises. The Leased Premises shall,
upon the termination of this Lease by virtue of the expiration of the
Lease Term or otherwise, be returned to Landlord by Tenant in as good
or better condition than when entered upon by Tenant, ordinary wear
and tear excepted.
16. Common Area Maintenance. Tenant shall be responsible for
Tenant's Prorate Share of the total costs reasonably incurred for the
operation, maintenance, and repair of the Common Areas, including, but
not limited to, reasonable costs for outside management services;
janitorial services; maintenance and repair of exterior signs and any
tenant directories; irrigation systems; the costs and expenses
incurred for the operation, maintenance, and repair of parking areas
(including restriping and repaving), loading and unloading areas,
trash areas, roadways, sidewalks, walkways, parkways, driveways, and
landscape areas; removal of snow; utilities for common lighting and
signs; insurance; security to protect and secure the Area; all common
utilities, including water to maintain landscaping; replanting in
order to maintain a smart appearance of landscape areas; supplies;
depreciation on the machinery and equipment used in such operation,
maintenance, and repair; the cost of personnel to implement such
services; and ten percent (10%) of all such operational, maintenance,
and repair costs to cover Landlord's overhead and supervision expenses
("Landlord's Overhead Expenses") provided that Tenant shall not be
liable, in any year of the Lease Term or any extension thereof, for
any increase in controllable operating expenses (which shall expressly
exclude property taxes, insurance, utilities and snow/ice removal)
greater than five (5) percent over those of the previous year. These
costs shall be estimated on an annual basis by Landlord and shall be
- 12 -
adjusted upwards or downwards depending on the actual costs for the
preceding twelve (12) months. Tenant shall pay monthly, commencing
after the Free Rent Period, as Additional Rent due under the terms
hereof, a sum equal to Tenant's Prorata Share of the estimated costs
for said twelve (12) month period divided by twelve (12). Once each
year Landlord shall determine the actual costs of the foregoing
expenses for the prior year; and if the actual costs are greater than
the estimated costs, Tenant shall pay its Tenant's Prorata Share of
the difference between the estimated costs and the actual costs to
Landlord with the next installment of Base Monthly Rent; or if the
actual costs are less than the estimated costs, Landlord shall credit
the amount of Tenant's excess payment against Base Monthly Rent which
next thereafter becomes due. Landlord's Overhead Expenses shall not
be applicable to Landlord's expenses for real property taxes,
insurance, and Common Area electricity expenses.
17. Inspection and Right of Entry to Leased Premises - Regular,
Emergency, Reletting. Landlord and/or Landlord's agents and employees
shall have the right, upon 48 hours advance written notice (except in
the event of an emergency which shall not require advance written
notice) to enter the Leased Premises at all times during regular
business hours and, at all times during emergencies, to examine the
Leased Premises, to make such repairs, alterations, improvements, or
additions as Landlord deems necessary, and Landlord shall be allowed
to take all materials into and upon the Leased Premises that may be
required therefor without the same constituting an eviction of Tenant
in whole or in part, and the rent reserved shall in no way abate while
such repairs, alterations, improvements, or additions are being made,
by reason of loss or interruption of business of Tenant or otherwise.
During the six (6) months prior to the expiration of the Lease Term or
any renewal thereof, Landlord may exhibit the Leased Premises to
prospective tenants and/or purchasers and may place upon the Leased
Premises the usual notices indicating that the Leased Premises are for
lease and/or sale.
18. Alteration - Changes and Additions - Responsibility. Unless
Landlord's approval (which shall not be unreasonably withheld) is
first secured in writing, Tenant shall not install or erect inside
partitions, add to existing electric power service, add telephone
outlets, add light fixtures, install additional heating and/or air
conditioning, or make any other changes or alterations to the interior
or exterior of the Leased Premises. Any such changes or alterations
shall be made at the sole cost and expense of Tenant. At the end of
this Lease, all such fixtures, equipment, additions, changes, and/or
alterations (except trade fixtures installed by Tenant) shall be and
remain the property of Landlord; provided, however, Landlord shall
have the option to require Tenant to remove any or all such fixtures,
- 13 -
equipment, additions, and/or alterations and restore the Leased
Premises to the condition existing immediately prior to such change
and/or installation, normal wear and tear excepted, all at Tenant's
cost and expense. All such work shall be done in a good and
workmanlike manner and shall consist of new materials unless agreed to
otherwise by Landlord. Any and all repairs, changes, and/or
modifications thereto shall be the responsibility of Tenant, at the
sole cost of Tenant. Landlord may require adequate security from
Tenant assuring no mechanic's liens on account of work done on the
Leased Premises by Tenant and may post the Leased Premises, or take
such other action as is then permitted by law, to protect Landlord and
the Leased Premises against mechanic's liens. Landlord may also
require adequate security to assure Landlord that the Leased Premises
will be restored to its original condition upon termination of this
Lease.
19. Sign Approval. Except for signs which are located inside of
the Leased Premises and which are not attached to any part of the
Leased Premises, Landlord must approve in writing any sign to be
placed in or on the interior or exterior of the Leased Premises,
regardless of size or value. Such approval shall not be unreasonably
withheld. Tenant shall have the right to install its standard sign on
approximately j -t..... L..IL (1/2•)- of the multi -tenant pylon on the
property. Landlord shall allow Tenant to trim up and slide the tire
store signage to the top of the monument sign enabling Tenant to
occupy the bottom one third (1/3) to one half (1/2) of the sign at
Tenant's cost and expense and subject to Landlord's review and
approval of such plan from Tenant's signage contractor prior to
installation. Signs attached to windows of the Leased Premises must
be so approved by Landlord. As a condition to the granting of such
approval, Landlord shall have the right to require Tenant to furnish a
bond or other security acceptable to Landlord sufficient to insure
completion of, and payment for, any such sign work to be so performed.
Tenant shall, during the entire Lease Term, maintain Tenant's signs in
a good condition and repair at its sole cost and expense. Tenant
shall remove all signs at the termination of this Lease, at Tenant's
sole risk and expense, and shall in a workmanlike manner properly
repair any damage and close any holes caused by the installation
and/or removal of Tenant's signs. Tenant shall give Landlord prior
notice of such removal, and the representative of Landlord shall have
the opportunity of being present when the signage is removed and shall
pre -approve the manner and materials used to repair damage and close
the holes caused by removal.
20. Right of Landlord to Make Changes and Additions. Landlord
reserves the right at any time to make alterations or additions to the
Building or the Area of which the Leased Premises are a part.
- 14 -
Landlord also reserves the right to construct other buildings and/or
improvements in the Area and to make alterations or additions thereto,
all as Landlord shall determine. Easements for light and air are not
included in the leasing of the Leased Premises to Tenant. Landlord
further reserves the exclusive right to the roof of the Building of
which the Leased Premises are a part. Landlord also reserves the
right at any time to relocate, vary, and adjust the size of any of the
improvements or Common Areas located in the Area, provided, however,
that all such changes shall be in compliance with the requirements of
governmental authorities having jurisdiction over the Area. Nothing in
this Paragraph 20 shall empower the Landlord to reduce the number of
parking spaces in the Area without Tenant's prior written approval,
which shall not be unreasonably withheld.
21. Damage or Destruction of Leased Premises. In the event the
Leased Premises and/or the Building of which the Leased Premises are a
part shall be totally destroyed by fire or other casualty or so badly
damaged that in the opinion of Landlord it is not feasible to repair
or rebuild same, Landlord shall have the right to terminate this Lease
upon written notice to Tenant. If the Leased Premises are partially
damaged by fire or other casualty, except if caused by Tenant's
negligence, and said Leased Premises are not rendered untenantable
thereby, an appropriate reduction of the rent shall be allowed for the
unoccupied portion of the Leased Premises until repair thereof shall
be substantially completed. If Landlord elects to exercise the right
herein vested in it to terminate this Lease as a result of damage to
or destruction of the Leased Premises or the Building in which the
Leased Premises are located, said election shall be made by giving
notice thereof to Tenant within thirty (30) days after the date of
said damage or destruction.
22. Governmental Acquisition 2f Property. The parties agree
that Landlord shall have complete freedom of negotiation and
settlement of all matters pertaining to the acquisition of the Leased
Premises, the Building, the Area, or any part thereof, by any
governmental body or other person or entity via the exercise of the
power of eminent domain, it being understood and agreed that any
financial settlement made or compensation paid respecting said land or
improvements to be so taken, whether resulting from negotiation and
agreement or legal proceedings, shall be the exclusive property of
Landlord, there being no sharing whatsoever between Landlord and
Tenant of any sum so paid. In the event of any such taking, Landlord
shall have the right to terminate this Lease on the date possession is
delivered to the condemning person or authority. Such taking of the
property shall not be a breach of this Lease by Landlord nor give rise
to any claims in Tenant for damages or compensation from Landlord.
Nothing herein contained shall be construed as depriving Tenant of the
15
right to retain as its sole property any compensation paid for any
tangible personal property owned by Tenant which is taken in any such
condemnation proceeding.
23. Assignment ex Subletting. Tenant shall have the right to
assign this Lease or sublet the Leased Premises or any part hereof
with the prior written consent of Landlord, which consent shall not be
unreasonably withheld or delayed. No subletting if approved by
Landlord shall relieve Tenant of any of its obligations hereunder, and
the performance or nonperformance of any of the covenants herein
contained by subtenants shall be considered as the performance or the
nonperformance by Tenant; provided, however, that if an assignment is
approved, Tenant shall have no further responsibility hereunder after
the assignment is made..
24. Warranty ef Title. Subject to the provisions of
paragraphs 25, 26, and 27 hereof, Landlord covenants it has good right
to lease the Leased Premises in the manner described herein and that
Tenant shall peaceably and quietly have, hold, occupy, and enjoy the
Leased Premises during the Lease Term.
25. Access. Landlord shall provide Tenant non-exclusive access
to the Leased Premises through and across land and/or other
improvements owned or leased by Landlord. Landlord shall have the
right, during the Lease Term, to designate and to change such
non-exclusive access, unless by doing so Tenant's business or the
convenience of its customers or suppliers are materially affected in a
negative way.
26. Subordination. Tenant agrees that this Lease shall be
subordinate to any mortgages, trust deeds, or ground leases that may
now exist or which may hereafter be placed upon the Leased Premises
and to any and all advances to be made thereunder, and to the interest
thereon, and all renewals, replacements, and extensions thereof.
Tenant shall execute and deliver any reasonable instruments may be
required for the above purposes within ten (10) days after receipt of
any such request by Landlord; or in failing to do so Tenant shall be
considered to be in default under the Lease. Tenant shall in the event
of the sale or assignment of Landlord's interest in the Area or in the
Building, or in the event of any proceedings brought for the
foreclosure of or in the event of exercise of the power of sale under
any mortgage made by Landlord covering the Leased Premises, attorn to
the purchaser and recognize such purchaser as Landlord under this
Lease.
27. Easements. Landlord shall have the right to grant any
easement on, over, under, and above the Area for such purposes as
- 16 -
Landlord determines, provided that such easements do not materially
interfere with Tenant's occupancy and use of the Leased Premises.
28. Tenant's Bold Harmless And Indemnification Agreement.
Tenant shall indemnify and hold Landlord harmless from and against any
and all claims, losses, expenses, costs, judgments, and/or demands,
including court costs and attorneys' fees, suffered or incurred by
Landlord, arising from activities of Tenant in the Leased Premises or
in the Building or in the Area and/or on account of any operation or
action by Tenant and/or from and against all claim arising from any
breach or default on the part of Tenant or any act of negligence of
Tenant, its agents, contractors, servants, employees, licensees, or
invitees.
29. Acts or Omissions Df Others. Landlord, or its employees or
agents, or any of them, shall not be responsible or liable to Tenant
or to Tenant's guest, invitees, employees, agents, or any other person
or entity, for any loss or damage that may be caused by the acts or
omissions of other tenants, their guests or invitees, occupying any
other part of the Area or by persons who are trespassers on or in the
Area, or for any loss or damage caused or resulting from the bursting,
stoppage, backing up, or leaking of water, gas, electricity, or sewers
or caused in any other manner whatsoever, unless such loss or damage
is caused by or results from the negligent acts of Landlord, its
agents or contractors.
30. Interest ggn fast DUR Obligations. Any amount due Landlord
not paid when due shall bear interest at one and one-half percent
(1.5%) per month from due date until paid. Payment of such interest
shall not excuse or cure any default by Tenant under this Lease.
31. Late Charge. Landlord shall pay in addition to any amounts
due under paragraph 30 above, a monthly collection service charge for
any payment due to Landlord hereunder which is delinquent ten (10)
days or longer, said charge being One Hundred Fifty Dollars ($150.00)
or five percent (5%) of said payments, whichever sum shall be greater.
32. Administrative Charges. In the event any check, bank draft,
or negotiable instrument given for any money payment hereunder shall
be dishonored at any time and from time to time, for any reason
whatsoever not attributable to Landlord, Landlord shall be entitled,
in addition to any other remedy that may be available, (i) to make an
administrative charge of One Hundred Fifty Dollars ($150.00) or three
(3) times the face value of the check, bank draft, or negotiable
instrument, whichever is smaller, and (ii) at Landlord's sole option,
to require Tenant to make all future payments in cash or by cashier's
check.
17 -
33. Holding Over Last Month's Rent. If Tenant shall
remain in possession of the Leased Premises after the termination of
this Lease, whether by expiration of the Lease Term or otherwise,
without a written agreement as to such possession, then Tenant shall
be deemed a month -to -month tenant. The rent rate during such holdover
tenancy shall be an amount equal to one hundred fifty percent (150%)
of the Base Monthly Rent paid for the last month of tenancy under this
Lease, excluding any free rent concessions which may have been made
for the last month of this Lease. No holding over by Tenant shall
operate to renew or extend this Lease without the written consent of
Landlord to such renewal or extension having been first obtained.
Tenant shall indemnify Landlord against loss or liability resulting
from the delay by Tenant in surrendering possession of the Leased
Premises, including, without limitation, any claims made with regard
to any succeeding occupancy bounded by such holdover period.
34. Modification gg Extensions. No modification or extension of
this Lease shall be binding upon the parties hereto unless in writing
and unless signed by the parties hereto.
35. Estoppel, Certificates. Within no more than ten (10) days
after receipt of written request, Tenant shall furnish to Landlord a
certificate, duly acknowledged, certifying, to the extent true:
A. That this Lease is in full force and effect.
B. That to the best of its knowledge, Tenant knows of no
default hereunder on the part of Landlord or, if it has reason to
believe that such a default exists, the nature thereof in reasonable
detail.
C. The amount of the Rent being paid and the last date to
which Rent has been paid.
D. That this Lease has not been modified or, if it has
been modified, the terms and dates of such modifications.
E. That the Lease Term has commenced.
F. The commencement and expiration dates.
G. Whether to the best of its knowledge, all work to be
performed by Landlord has been completed.
H. Whether the extension option has been exercised, if
applicable.
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61),
I Whether to the best of its knowledge, there exist any
claims or deductions from, or defenses to, the payment of Rent.
J. Such other matters as may be reasonably requested by
Landlord:
36. Notice Procedure. All notices, demands, and requests which
may or are required to be given by either party to the other shall be
in writing and such that are to be given to Tenant shall be deemed to
have been properly given if served on Tenant or an employee of Tenant
or sent to Tenant by United States registered or certified mail,
return receipt requested, properly sealed, stamped, and addressed to
Tenant at
NOCO Paint & Design LLC
Attn: Garrett Farrar
235 Graham Lane
Johnstown, CO 80534
Phone: (970) 691-1398
Email: farrari.biz@gmail.com
With a copy to:
Benjamin Moore
Attn: Legal Department
101 Paragon Dr.
Montvale, NJ 07645
or at such other place as Tenant may from time to time designate in a
written notice to Landlord; and, such as are to be given to Landlord
shall be deemed to have been properly given if personally served on
Landlord or if sent to Landlord United States registered or certified
mail, return receipt requested, properly sealed, stamped, and
addressed to Landlord at 1131 Emerald Bay. Laguna Beach. C
92651-1261, or at such other place as Landlord may from time to time
designate in a written notice to Tenant. Any notice given by mailing
shall be effective as of the date of mailing.
37. Memorandum o€ Lease - Notice t2 Mortgagee. Landlord and
Tenant agree not to place this Lease of record but, upon the request
of either party, to execute and acknowledge so the same may be
recorded a short form lease indicating the names and respective
addresses of Landlord and Tenant, the Leased Premises, the Lease Term,
the dates of the commencement and termination of the Lease Term and
options for renewal, if any, but omitting rent and other terms of this
Lease. Tenant agrees to an assignment by Landlord of rents and of
Landlord's interest in this Lease to a mortgagee, if the same be made
- 19 -
by Landlord. Tenant further agrees, if requested to do so by Landlord,
that it will give to said mortgagee a copy of any request for
performance by Landlord or notice of default by Landlord; and in the
event Landlord fails to cure such default, Tenant will give such
mortgagee a thirty (30) day period in which to cure the same. Said
period shall begin with the last day on which Landlord shall cure such
default before Tenant has the right to exercise any remedy by reason
of such default. All notices to the mortgagee shall be sent by United
States registered or certified mail, postage prepaid, return receipt
requested.
38. Controlling LAN. This Lease, and all terms hereunder,
shall be construed consistent with the laws of the State of Colorado.
Any dispute resulting in litigation hereunder shall be resolved in
court proceedings instituted in Weld County, Colorado and in no other
jurisdiction.
39. Landlord Not a ,Partner with Tenant. Nothing contained in
this Lease shall be deemed, held, or construed as creating Landlord as
a partner, agent, associate of, or in joint venture with Tenant in the
conduct of Tenant's business, it being expressly understood and agreed
that the relationship between the parties hereto is and shall at all
times remain that of landlord -tenant.
40. Partial Invalidity. If any term, covenant, or condition of
this Lease or the application thereof to any person or circumstance
shall, to any extent, be invalid or unenforceable, the remainder of
this Lease or the application of such term,covenant, or condition to
persons and circumstances other than those of which it has been held
invalid or unenforceable, shall not be affected thereby, and each
term, covenant, and condition of this Lease shall be valid and shall
be enforced to the fullest extent permitted by law.
41. Default - Remedies of Landlord.
A. The following events
"Events of Default," or individually,
are referred to collectively, as
as an "Event of Default:"
(i) Tenant defaults in the due and punctual payment
of rent, and such default continues for five (5) days after notice
from Landlord.
(ii) Tenant vacates or abandons the Leased Premises.
(iii) This Lease or the Leased Premises or any part of
the Leased Premises is taken upon execution or by other process of law
directed against Tenant, or is taken upon or subject to any attachment
-20-
4),
at the instance of any creditor or claimant against Tenant, and said
attachment is not discharged or disposed of within fifteen (15) days
after its levy.
(iv) Tenant files a petition in bankruptcy or
insolvency or for reorganization or arrangement under the bankruptcy
laws of the United States or under any insolvency act of any state, or
admits the material allegations of any such petition by answer or
otherwise, or is dissolved or makes an assignment for the benefit of
creditors.
(v) Involuntary proceedings under any such bankruptcy
law or insolvency act or for the dissolution of Tenant are instituted
against Tenant, or a receiver or trustee is appointed for all or
substantially all of the property of Tenant, and such proceeding is
not dismissed or such receivership or trusteeship vacated within sixty
(60) days after such institution or appointment.
(vi) Tenant breaches any of the other agreements,
terms, covenants or conditions which this Lease requires Tenant to
perform, and such breach continues for a period of twenty (20) days
after notice from Landlord to Tenant or if such breach cannot be
cured reasonably within such twenty (20) day period and Tenant fails
to commence and proceed diligently to cure such breach within a
reasonable time period.
B. If any one or more Events of Default set forth in
paragraph 41.A occurs, then Landlord has the right, at its election:
(i) To give Tenant written notice of Landlord's
intention to terminate this Lease on the earliest date permitted by
law or on any later date specified in such notice, in which case
Tenant's right to possession of the Leased Premises shall cease and
this Lease shall be terminated, except as to Tenant's liability, as if
the expiration of the term fixed in such notice were the end of the
Lease Term. If Landlord terminates the lease, Landlord shall have the
duty to re -let the Premises in good faith if possible and to subtract
from its damage claims against Tenant any rent received from
re -letting during the remainder of the Lease Term; Landlord may
include in its damages all costs of the re -letting.
(ii) Without further demand or notice, to re-enter and
take possession of the Leased Premises or any part of the Leased
Premises, repossess the same, expel Tenant and those claiming through
or under Tenant, and remove the effects of both or either, using such
force for such purposes as may be necessary, without being liable for
prosecution, without being deemed guilty of any manner of trespass,
- 21 -
and without prejudice to any remedies for arrears of Base Monthly Rent
or other amounts payable under this Lease or as a result of any
preceding breach of covenants or conditions.
(iii) Without further demand or notice to cure any
Event of Default and to charge Tenant for the cost of effecting such
cure, including, without limitation, attorneys' fees and interest on
the amount so advanced at the rate set forth in paragraph 30 provided
that Landlord shall have no obligation to cure any such Event of
Default of Tenant.
Should Landlord elect to re-enter as provided in paragraph 41.B,
or should Landlord take possession pursuant to legal proceedings or
pursuant to any notice provided by law, Landlord shall use
commercially reasonable efforts, without terminating this Lease, to
relet the Leased Premises for such term or terms (which may be greater
or less than the period which would otherwise have constituted the
balance of the Lease Term) and on such conditions and upon such other
terms (which may include concessions of free rent and alteration and
repair of the Leased Premises) as Landlord, in its sole discretion,
may determine, and Landlord may collect and receive the Rent, although
Landlord shall reasonably attempt to recoup its losses in rent due to
Tenant's default from such re -letting as much as possible. Landlord
shall in no way be responsible or liable for any failure to relet the
Leased Premises, or any part of the Leased Premises, or for any
failure to collect any Rent due upon such reletting. No such re-entry
or taking possession of the Leased Premises by Landlord shall be
construed as an election on Landlord's part to terminate this Lease
unless a written notice of such intention is given to Tenant. No
notice from Landlord under this paragraph or under a forcible or
unlawful entry and detainer statute or similar law shall constitute an
election by Landlord to terminate this Lease unless such notice
specifically so states. Landlord reserves the right following any such
reentry or reletting to exercise its right to terminate this Lease by
giving Tenant such written notice, in which event this Lease shall
terminate as specified in such notice.
C. In the event that Landlord does not elect to terminate
this Lease as permitted in paragraph 41.B.(i) but, on the contrary,
elects to take possession as provided in paragraph 41.B(ii), Tenant
shall pay to Landlord: (i) Base Monthly Rent and other sums as
provided in this Lease, which would be payable under this Lease if
such repossession had not occurred, less; (ii) the net proceeds, if
any, of any reletting of the Leased Premises after deducting all
Landlord's expenses in connection with such reletting, including,
without limitation, all repossession costs, brokerage commissions,
attorneys' fees, expenses of employees, alteration and repair costs
- 22 -
and expenses of preparation for such reletting. If, in connection with
any reletting, the new lease term extends beyond the existing Lease
Term, or the Leased Premises covered by such new lease include other
premises not part of the Leased Premises, a fair apportionment of the
rent received from such reletting and the expenses incurred in
connection with such reletting as provided in this paragraph shall be
made in determining the net proceeds from such reletting, and any rent
concessions shall be equally apportioned over the term of the new
lease. Tenant shall pay such rent and other sums to Landlord monthly
on the day on which Base Monthly Rent would have been payable under
this Lease if possession had not been retaken and Landlord shall be
entitled to receive such rent and other sums from Tenant on each such
day.
D. If this Lease is terminated on account of the
occurrence of an Event of Default, Tenant shall remain liable to
Landlord for damages in an amount equal to Base Monthly Rent and other
amounts which would have been owing by Tenant for the balance of the
Lease Term had this Lease not been terminated, less the net proceeds
of any reletting of the Leased Premises by Landlord subsequent to such
termination, after deducting all Landlord's expenses in connection
with such reletting, including, but without limitation, the expenses
enumerated in paragraph 41.C. Landlord shall be entitled to collect
such damages from Tenant monthly on the day on which Base Monthly Rent
and other amounts would have been payable under this Lease if this
Lease had not been terminated, and Landlord shall be entitled to
receive such Base Monthly Rent and other amounts from Tenant on each
such day. Alternatively, at the option of Landlord, in the event this
Lease is so terminated, Landlord shall be entitled to recover against
Tenant as damages for loss of the bargain and not as a penalty, an
aggregate Rent which, at the time of such termination of this Lease,
represents the excess of the aggregate of Base Monthly Rent and all
other Rent payable by Tenant that would have accrued for the balance
of the Lease Term over the aggregate rental value of the Leased
Premises (such rental value to be computed on the basis of a tenant
paying not only a rent to Landlord for the use and occupation of the
Leased Premises, but also such other charges as are required to be
paid by Tenant under the terms of this Lease) for the balance of such
term, both discounted to present value at the lesser rate of six
percent (SAC) or the prime rate of interest as reported in the Wall
Street Journal (Western Edition) on the date of the Event of Default.
E. Any proceeding or proceedings for the recovery of the
amounts and damages set forth in paragraphs 41.C and 41.D may be
brought by Landlord, from time to time, at Landlord's election, and
nothing in this Lease shall be deemed to require Landlord to await the
date upon which this Lease or the Lease Term would have expired had
- 2 3 -
there occurred no Event of Default. Each right and remedy provided for
in this Lease is cumulative and is in addition to every other right or
remedy provided for in this Lease or now or after the Date existing at
law or in equity or by statute or otherwise, and the exercise or
beginning of the exercise by Landlord of any one or more of the rights
or remedies provided for in this Lease or now or after the Date
existing at law or in equity or by statute or otherwise shall not
preclude the simultaneous or later exercise by Landlord of any or all
other rights or remedies provided for in this Lease or now or after
the Date existing at law or in equity or by statute or otherwise. All
costs incurred by Landlord in collecting any amounts and damages owing
by Tenant pursuant to the provisions of this Lease or to enforce any
provision of this Lease, including reasonable attorneys' fees from the
date any such matter is turned over to as attorney, whether or not one
or more actions are commenced by Landlord, shall also be recoverable
by Landlord from Tenant.
42. Legal Proceedings Responsibilities. In the event of any
litigation relating to this Lease, the court shall award to the
prevailing party all reasonable costs and expenses incurred by the
prevailing party in connection therewith, including a reasonable sum
for attorneys' fees.
43. Hazardous Materials. Part of the consideration for delivery
of this Lease by Landlord is its reliance upon the promise of Tenant
that no processes will be performed that would emit hazardous
materials, vapors, chemicals, or other pollutants into the atmosphere
from, or allow hazardous accumulation of wood or chemicals on, any
part of the Leased Premises except in an environment controlled by
appropriately designed and installed air handling or other equipment
which shall be maintained, and operated at Tenant's expense at all
times during the term hereof as required to prevent such hazardous
accumulations or emissions. Prior to the installation of such
equipment, Landlord shall be provided such information and
certification by experts, if Landlord deems applicable, in order for
Landlord to monitor the compliance by Tenant with this provision.
44. Entire Agreement. It is expressly understood and agreed by
and between the parties hereto that this Lease sets forth all the
promises, agreements, conditions, and understandings between Landlord
and/or its agents and Tenant relative to the Leased Premises and that
there are no promises, agreements, conditions, or understandings
either oral or written, between them other than are herein set forth.
45. Representations.
24
A. Landlord's Representations. Landlord represents and
warrants to Tenant that as of the Commencement Date, (i) Landlord has
full legal power and authority to enter into and perform this Lease,
and no additional signatories or consents are required to make the
Lease binding and fully enforceable against Landlord, (ii) Landlord
has good and marketable fee title to the Area and there are no liens,
encumbrances, or other matters affecting title to the Area which would
interfere with Tenant's proposed use of the Leased Premises,
(iii) there are no pending or, to the best of Landlord's knowledge,
threatened condemnation, litigation, actions, suits, or other legal
proceedings concerning or affecting the Area, and (iv) the electrical
and plumbing systems serving the Leased Premises are in good working
condition.
B. Tenant's Representations. Tenant represents and
warrants to Landlord that as of the Commencement Date, (i) Tenant is a
limited liability corporation, duly formed and in good standing under
the laws of the State of Colorado, (ii) Tenant has fully legal power
and authority to enter into and perform this Lease, and no additional
signatories or consents are required to make this Lease binding and
fully enforceable against Tenant, and (iii) the execution, delivery,
and performance of this Lease have been duly authorized by all
necessary corporate action, and this Lease, when executed and
delivered by Tenant, is a valid and binding obligation of Tenant,
enforceable in accordance with its terms.
46. Landlord's Work. Landlord agrees to complete in a good and
workmanlike manner, at Landlord's sole cost and expense, the work and
improvements described on Exhibit "B" attached hereto and incorporated
herein by reference ("Landlord's Work"). Landlord's Work shall be
completed prior to October 1, 2016, or as soon thereafter as
reasonably practicable. All other work to complete or place the
Leased Premises in a finished condition for occupancy by Tenant shall
be done by Tenant, at Tenant's sole cost and expense, but only with
Landlord's written approval of same. No approval by Landlord shall be
deemed valid unless signed in writing by Landlord.
47: Exclusive Ste: Landlord agrees not to lease any space to
another tenant in the building that sells or provides any of the
following products or services: wholesale and retail sale of paint,
architectural coatings, paint products, window treatments, wall
coverings, floor coverings, home decorating furnishings, supplies and
associated products and services.
48. Intentionally deleted.
-25-
49. Brokers. Tenant represents and warrants that Aki Palmer of
Cushman Wakefield is acting as its agent to this transaction and
Landlord represents and warrants that Nathan Klein of LC Real Estate
Group, LLC is acting as its agent in this transaction and shall be
compensated by Landlord pursuant to the listing agreement between
Landlord and LC Real Estate Group, LLC (formerly Loveland Commercial,
LLC). Tenant hereby agrees to indemnify and hold Landlord harmless of
and from any and all losses, costs, damages, or expenses (including,
without limitation, all attorneys' fees and disbursements) by reason
of any claim of, or liability to, any other broker or person claiming
through Tenant and arising out of this Lease. Additionally, Tenant
acknowledges and agrees that Landlord shall have no obligation for
payment of any brokerage fee or similar compensation to any person
with whom Tenant has dealt or may deal with in the future with respect
to leasing of any additional or expansion space in the Building or any
renewals or extension of this Lease unless specifically provided for
by separate written agreement with. Landlord. In the event any claim
shall be made against Landlord by any other broker who shall claim to
have negotiated this Lease on behalf of Tenant or to have introduced
Tenant to the Building or to Landlord, Tenant hereby indemnifies
Landlord, and Tenant shall be liable for the payment of all reasonable
attorneys' fees, costs, and expenses incurred by Landlord in defending
against the same; and in the event such broker shall be successful in
any such action, Tenant shall, upon demand, make payment to such
broker.
50. Lease Exhibits Attached. This Lease includes the following
Lease Exhibits which are incorporated herein and made a part of this
Lease:
Exhibit "A" - Legal Description of the Area
Exhibit "B" - Landlord's Work
Exhibit "C" - Guaranty of Lease
51. Miscel,l.anepus. Paragraph headings are for purposes of
reference and shall not affect the true meaning and intent of the
terms hereof. Throughout this Lease, wherever the words "Landlord"
and "Tenant" are used, they shall include and imply to the singular,
plural, persons both male and female, companies, partnerships, and
corporations, and in reading this Lease, the necessary grammatical
changes required to make the provisions hereof mean and apply as
aforesaid shall be made in the same manner as though originally
included in this Lease.
52. Summary of Financial Terms.
- 26 -
A. The initial Base Monthly Rent is $2,629.67.
B. The security deposit is $3,400.00.
C. Tenant's Prorata Share is 32.56 percent.
D. With the exception of the Free Rent Period, Tenant's
initial monthly payment of Rent to Landlord is $3,381.00, representing
the following:
$ 2,629.67 Base Monthly Rent (based on
$12.75 psf) (paragraph 4.A)
$ 644.00
to Share of
(paragraph
insurance
Common Area
expenses
Tenant's Prorat
estate taxes
11.A) ,
(paragraph 12.A),and
maintenance and
(paragraph 16)
$ 3,273.67 TOTAL
[SIGNATURES ON FOLLOWING PAGE]
-27-
IN WITNESS WHEREOF, the parties hereto have executed this Lease
as of the date first above written.
Hal Marshall Sears Revocable Trust
By _
"Landlord"
N0CO Paint & Design, LLC dfb/a-
F
"Tenant"
-28-
EXHIBIT "A" ATTACHED TO AND MADE A PART OF THE LEASE AGREEMENT BETWEEN
Marshall Sears Revocable Trust ("LANDLORD") AND NOCO Paint f
Des34g LC ("TENANT")
;LEGAL DESCRIPTION
OF THE AREA
WAG Lot 2 WINDSOR ASSEMBLY OF GOD SUBDIVISION, Town of Windsor, Weld
County, Colorado.
-29-
EXHIBIT "B" ATTACHED TO AND MADE A PART OF THE LEASE AGREEMENT BETWEEN
Hal Marshall Sears Revocable Trust ("LANDLORD") AND NOCO Paint &
Design, LLC se ("TENANT")
LANDLORD'S WORK
Ingress/Egress: Provide appropriate curbs, sidewalks, drives to meet
all state, local codes relating to vehicular and pedestrian.
traffic. Provide two front doors that meet or exceed all
state and local codes or as required for occupancy. Provide
double rear doors or roll up door without a separation bar
to allow for pallets of 48" to pass through at the rear east
door of the building.
Storefront& Exterior:
All storefront framing and glass shall be delivered as
existing. Provide any insulation or drywall at exterior
walls in the Premises.
Walls: Demising walls in place with studs and drywall (type X as
required) to deck per construction classification of
property or per tenant acoustical requirement of privacy for
sound and smells, with minimum 3" sound-batt insulation,
sanded, taped (fire taped as required), and ready for paint.
All walls shall be taped, textured, and ready for paint.
Floor: Concrete floor ready for carpet (except for restroom
flooring which is addressed below). Any trench or gravel
areas to be poured in place after location of restroom. Any
control joints or seams to be a minimum to avoid excessive
floor preparation.
Ceiling:None
Restroom(s): Restroom(s) within 10' of the rear exterior wall
completed to minimum State/City/ADA code for type and number
of fixtures. Framed, drywall taped and ready for paint with
commercial grade wash basin, toilet, exhaust fan, towel
dispenser, toilet paper dispenser, and mirror which meet all
applicable codes. Restroom door, frame, and locking hardware
to be installed. Floor to be like -new VT or ceramic tile.
Frame to be painted. Door to be painted with same or
- 30 -
stained. Restroom door should be on the south side. Slop
sink to be installed outside the restroom and near the east
exterior wall _:r1< fL+e u e>truo.'-; 6)'
#IVAC: HVAC service in place. Main trunk line installed and
appropriately sized supply and return grills sufficient for
all open and enclosed spaces, as designated by Tenant's
plans. (All enclosed areas to have a minimum of one
supply/return). Air balance, thermostat that is checked and
operational, outside air intake, all per ASHRAE standards.
Minimum capacity for RTU'is 3 ton. Venting/exhaust to
outside for any restroom exhaust fan. All HVAC to be
separately controlled within the Premises.
Electrical: Minimum of 10-20 amp circuits on tenant's own electrical
panel (200 amp panel minimum requirement) for general
connected load, plus, adequate capacity for lighting, HVAC,
water heater.
Separate electric meter.
Lightinc: Commercial grade 2x4 light fixtures (T-8 tubes; electronic
ballast) equivalent to one fixture per every 75 usable SF.
Lighting should be installed to coordinate with Tenant's
plans. Exit/emergency lighting shall be installed at each
egress door or as required per code. Switches shall be
installed for each restroom (light and fan) plus 3 -way for
all 2 X 4 ceiling lights.
F're Protection Provide appropriate coverage of heads for partition
layout. Provide description of any Life Safety system
provided in building and its operation. Quantity and
location of head to comply with state, local codes and
should be coordinated/placed per Tenant's plans as not to
interfere with any components which meet the ceiling tile
and remain 4' from demising wall.
IF EXISTING: Provide sprinkler layout as required by state,
local codes. Include necessary permits and inspections. If
head is existing, include additional and dropping down,
coordinated/placed per Tenant's plans as not to interfere
with any components which meet the ceiling tile.
Qther: 1. Gas service for water heater and/or HVAC if units are
gas -fired.
2. Point of Use Water heater for each restroom hand sink.
3. Phone service from D -mark of the building to the suite
- 31 -
and capacity to allow for minimum of 6 incoming lines and 8
receptacles per Tenant's plans.
4. The Premises must be separately metered for electric,
gas, as required unless otherwise specified in the lease. If
meter is not in place at time of construction commencement,
Landlord shall provide temporary service to the space for
construction, followed by 4 permanent meter at completion.
5. Electric water/drinking fountain and slop sink as
required by code.
6. If illuminated signage is required or building standard,
provide dedicated sign circuit with timer controls.
Landlord will perform a walk-thru of the space with the contractor
before Landlord's work begins. If work is not completed in accordance
with the above specifications, contractor will complete the work at
Landlord's expense.
32
EXHIBIT C - GUARANTY OF LEASE
EXHIBIT "C" ATTACHED TO AND MADE A PART OF THE LEASE AGREEMENT BETWEEN
Hal Marshall Sears Revocable Trust ("LANDLORD") AND NOCO Paint &
Design, LLC ("TENANT" )
WHEREAS, a certain Lease of even date herewith has been, or will be,
executed and between Hal Marshall Sears Revocable Trust, therein and
herein referred o as "Landlord," and NOCO Paint & Design, LLC
Bgi"Itherein referred to as "Tenant," covering certain
premises in the Town of Windsor, County of Weld, State of Colorado;
and
WHEREAS, Landlord under said Lease requires as a condition to its
execution of said Lease that the undersigned guaranty the full
performance of the obligations of Tenant under said Lease; and
WHEREAS, the undersigned is desirous that Landlord enter into said
Lease with Tenant;
NOW, THEREFORE, in consideration of the execution of said Lease by
Landlord, the undersigned hereby unconditionally guarantee the full
performance of each and all of the terms, covenants and conditions of
said Lease, (or any replacement Lease which, collectively or
alternatively with the original Lease is referred to in this Guaranty
as "said Lease") to be kept and performed by said Tenant, including
the payment of all rentals and other charges to accrue thereunder.
The undersigned further agrees to the following:
1. That this covenant and agreement on its part shall continue in
favor of Landlord notwithstanding any extension, modification,
or alteration of said Lease entered into by and between the
parties thereto, or their successors or assigns, or
notwithstanding any assignment of said Lease, with or without
the consent of Landlord, and no extension, modification,
alteration or assignment of the above referred to Lease shall
in any manner release or discharge the undersigned and it does
hereby consent thereto.
2. This Guaranty will continue unchanged by any bankruptcy,
reorganization or insolvency of Tenant or any successor or
assignee thereof or by a disaffirmance or abandonment by a
trustee of Tenant.
3. Landlord may, without notice, assign this Guaranty of Lease in
whole or in part and no assignment or transfer of the Lease
-33-
shall operate to extinguish or diminish the liability of the
undersigned hereunder.
4. The liability of the undersigned under this Guaranty of Lease
shall be primary and that in any right of action which shall
accrue to Landlord under the Lease, Landlord may, at its
option, proceed against the undersigned without having
commenced any action or having obtained any judgment against
Tenant.
5. To pay Landlord's reasonable attorney's fees and all costs and
other expenses incurred in any collection or attempted
collection or in any negotiations relative to the obligations
hereby guarantied or enforcing this Guaranty of Lease against
the undersigned, individually and jointly.
6. That it does hereby waive notice of any demand by Landlord, as
well as any notice of default in the payment of rent or any
other amounts contained or reserved in the Lease.
This guaranty shall expressly be limited to an amount equal to three
(3) years of Base Rent and Additional Rent (as defined in the Lease)or
the amount of Base Rent and Additional Rent remaining for the Lease
Term if the remaining Lease Term is less than three (3) years, along
with any and all expenses associated with Landlord's attorney's fees
or costs of collection plus the amount of the Landlord's Work and
brokerage fees paid in association with the Lease which are
unamortized as of the date of Tenant's default. Notwithstanding the
foregoing, in the event that Tenant has not been in default during the
initial Lease Term, and Tenant exercises its right to renew the Lease,
this Guaranty shall be limited to one year of Base Rent and Additional
Rent during the Option Term, along with any and all expenses
associated with Landlord's attorney's fees or costs of collection.
For purposes of clarity, if Tenant has been in default during the
initial Lease Term, the guaranty during the Option Term shall be equal
to three (3) years of Base Rent and Additional Rent or the amount of
Base Rent and Additional Rent remaining for the Lease Term if the
remaining Lease Term is less than three (3) years; along with any and
all expenses associated with Landlord's attorney's fees or costs of
collection.
The use of the singular herein shall include the plural. The
obligation of two or more parties shall be joint and several. The
terms and provisions of this Guaranty shall be binding upon and inure
to the benefit of the respective successor and assigns of the parties
herein named.
-34-
IN WITNESS WHEREOF, the undersigned has caused this Guaranty to be
executed as of the date first set forth in this Lease.
GUARANTOR: Garrett Farrar
Address ::3:2>4.,5 �r �ct,�, /„ a v
Phone: 97v -- 69/ -/5?
SSN: 5-7 41 s'$ -37x5
Driver's License #: ?6 ag -cy//)
GUARANTOR: Melody Farrar
r
Address: L/
� e A PGs \cuty1 is\
o ks\5tt``srt. Co8O3`4
Phone J
4- .327- 7 Y7r
SSN:_ j-?Z-Z(39I
Driver's License # : 9rj- ilz-- 0715/
Address P /3 / 131,"24:1/6 Inc, 0,,
L 7'1s vc , C O V O
Phone: 71c - 9'4/0 _ O y&S`
SSN:33S ,® -- ?7c
Driver's License #:/2 00 - Li
7
GUARANTOR Briana Huisman
Address : 35/ A/FA la air u,, f 13
CO 00 j75-0
Phone: 72.o.. 5'`/o --p f-/
SSN: 7zz - 4/3 - 412,
Driver's License # : / 2 - 051 _ 05- t//
- 35 -
PLACE STICKER AT TOP OF ENVELOPE TO THE RIGHT
OF THE RETURN ADDRESS, FOLD AT DOTTED LINE
1st Net eal Estate
Services, Inc.
3333 S. Wadsworth Blvd.,
Suite D-105
Lakewood, CO 80227
CERTIFIED MAIL°
i
1111
1111
IBY
i
7019 0140 0000 2576 5360
Weld County
Board of Equalization
1150 O Street, P. O. Box 758
Greeley, CO 80631
1000
i
i
i
80631
A
U.6, P8TAE LITLETENV OPAID
80123
AMOUJUL NTS
$8.35
R2305H129858-36
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