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HomeMy WebLinkAbout3.0 SIA'sRecorded at._..fL- --o'cloclK. A• .. M. DE -clan -..... Reception No. :465848 • Ella Stephens. Rocoru BOUK467 PAGE 49 I. THIS INDENTURE, Made this 23 day of December, 1974, between VAN RAND CORPORATION, a corporation duly organized and existing under and by virtue of the laws of the State of Colorado, whose address is Glenwood Springs, in the County of Garfield, and State of Colorado, party of the first part and the Public Trustee of the County of Garfield in the State of Colorado, party of the second part, WITNESSETH: THAT, WHEREAS, The said Van Rand Corporation has executed a Subdivision Improvements Agreement dated October 21, 1974, with the Board of County Commissioners of Garfield County, Colorado, a true and correct copy of which is attached hereto as Exhibit A. AND WHEREAS, The said corporation is desirous of securing the performance of said agreement. NOW, THEREFORE, The said party of the first part, in con- sideration of the premises and for the purpose aforesaid, has granted, bargained, sold and conveyed, and hereby does grant, bargain, sell and convey unto the said party of the second part, in trust forever, the following described property, situate in the County of Garfield, State of Colorado, to wit: Lot No. 5, Van Rand Park, according to the plat recorded as Document Number 265177 in the records of the Garfield County Clerk and Recorder's Office. TO HAVE AND TO HOLD the same, together with all and singular the privileges and appurtenances, thereunto belonging: In Trust Nevertheless, That in case of default in the performance of said Agreement, or any part thereof, according to the tenor and effect of said Agreement, or in case default shall be made in or in case of violation or breach of any of the terms, conditions, covenants 'or agreements herein contained, the beneficiary hereunder may de- clare a violation of any of the covenants herein contained and elect to advertise said property for sale and demand such sale, then upon filing notice of such election and demand for sale with the said party of the second part, who shall upon receipt of such Notice of Election and Demand for Sale, cause a copy of the same to be recorded in the Recorder's office of the county in which said real estate is situate, it shall and may be lawful for said party of the second part to sell and dispose of the same (en masse or in separate parcels, as said Public Trustee may think best), and all the right, title and interest of the said party of the first part, its successors or assigns, therein at public auction at the front door of the Court House in the County of Garfield and State of Colorado, or on said premises or any part thereof, as may be specified in the notice of such sale, for the highest and best price the same will bring in cash, four weeks' public notice having been previously given of the time and place of such sale by ad- vertisement weekly in some newspaper of general circulation at that time published in said County of Garfield, a copy czf which notice shall be mailed within ten days from the date of the first publica- tion thereof to said party of the first part at the address herein • • B00K457 PAGE 492 given and to such person or persons appearing to have acquired a subsequent record interest in said real estate at the address given in the recorded instrument; where only the county and state is given as the address, then such notice shall be mailed to the county seat, and to make and give to the purchaser or purchasers of such property at such sale a certificate or certificates in writing describing such property purchased, and the sum or sums paid therefor, and the time when the purchaser or purchasers (or other person entitled thereto), shall be entitled to a deed or deeds therefor, unless the same shall be redeemed as is provided by law, and said Public Trustee shall, upon demand by the person or persons holding the said certificate or certificates of purchase, when said demand is made, or upon demand by the person entitled to a deed to and for the property purchased, at the time such demand is made, the time for redemption having expired, make and execute to such person or persons a deed or deeds to the property purchased, which said deed or deeds shall be in the ordinary form of a conveyance, and shall be signed, acknowledged and delivered by the said Public Trustee, as grantor, and shall convey and quit -claim to such person or persons entitled to such deed, as grantee, the said property purchased as aforesaid, and all the right, title, interest, benefit and equity of redemption of the party of the first part, its successors and assigns therein, and shall recite the sum or sums for which the said property was sold, and shall refer to the power of sale herein contained, and to the sale or sales made by virtue thereof; and in case of an assignment of such certificate or certificates of purchase or in case of the redemption of such property by a subsequent encumbrancer, such assignment or redemption shall also be referred to in such deed or deeds; but the notice of sale need not be set out in such deed or deeds; and the said Public Trustee shall, out of the proceeds or avails of such sale, after first paying and retaining all fees, charges and costs of making said sale, pay to the beneficiary hereunder the principal due on said Agreement according to the tenor and effect thereof, and all moneys advanced by such bene- ficiary or legal holder of said note for insurance, taxes and assessments, with interest thereon at 10 per cent per annum, rendering the overplus, if any, unto the said party of the first party, its successors, legal representatives or assigns; which sale or sales and said deed or deeds so made shall be a perpetual bar, both in law and equity, against the said party of the first party, its successors and assigns, and all other persons claiming the property aforesaid, or any part thereof; by, from, through or under said party of the first part. The holder or holders of said Agreement may purchase said property or any part thereof; and it shall not be obligatory upon the purchaser or purchasers at any such sale to see to the application of the purchase money. If a releasedeed be required, the party of the first part, its successors or assigns, hereby agrees to pay all the expenses thereof. And the said party of the first part, for itself, its successors and assigns, covenants and agrees to and with the said party of the second part, that at the time of the ensealing of and delivery of these presents it is well seized of the said lands and premises in fee simple, and has good right, full power and lawful authority to grant, bargain, sell and convey the same in manner and form as aforesaid; and that the said property is free and clear of all liens and encumbrances whatever, except patent reservations, prior reservations, if any, and easements and rights-of-way appear- ing on the recorded plat, and the above bargained property in the quiet and peaceable possession of the said party of the second part, his successors and assigns, against all and every person or persons lawfully claiming or to claim the whole or any part thereof, the said party of the first part shall and will Warrant and For- ever Defend. • • our(467 PAGE 493 And that said party of the first part will in due season pay all taxes and assessments levied on said property and all amounts due, or to become due, on account of principal and interest on prior encumbrances, if any; and will keep all buildings that may at any time be on said lands, during the continuance of said in- debtedness, insured against loss by fire with extended coverage endorsement in such company or companies as the holder of said Agreement may, from time to time, direct, for such sum or sums as such company or companies will insure for, not to exceed the amount of said Agreement except at the option of said party of the first part, with loss, if any, payable to the beneficiary here- under as its interest may appear, and will deliver the policy or policies of insurance to the beneficiary hereunder as further security for the aforesaid. And in case of the refusal or neglect of said party of the first part, to thus insure and deliver the policies of insurance, or to pay such taxes or assessments or amounts due, or to become due, on any prior encumbrance, if any, then the holder of said Agreement may procure such insurance, or pay such taxes or assessments or amounts due upon such prior en- cumbrances, if any, and all moneys thus paid, with interest thereon at 10 per cent per annum, shall become so much additional indebt- edness, secured by this deed of trust, and shall be paid out of the proceeds of the sale of the property aforesaid, if not other- wise paid by said party of the first part, and may for such failure declare a violation of this covenant and Agreement. AND THAT IN CASE OF ANY DEFAULT, Whereby the right of foreclosure occurs hereunder, the said party of the second part shall at once become entitled to the possession, use and enjoy- ment of the property aforesaid, and to the rents, issues and profits thereof, from the accruing of such right and during the pendency of foreclosure proceedings and the period of redemption, if any there be; and such possession shall at once be delivered to the said party of the second part, on request, and on refusal, the delivery of such possession may be enforced by the said party of the second part, by any appropriate civil suit or proceeding, and the said party of the second part, shall be entitled to a Receiver for said property, and of the rents, issues and profits thereof, after any such default, including the time covered by foreclosure proceedings and the period of redemption, if any there be, and shall be entitled thereto as a matter of right without regard to the solvency or insolvency of the party of the first part or of the then owner of said property, and without regard to the value of the property, and such Receiver may be appointed by any court of competent jurisdiction upon ex parte application, and without notice --notice being hereby expressly waived --and all rents, issues and profits, income and revenue of said property shall be applied to the payment of the indebtedness hereby secured, according to law and the orders and directions of the court. AND, That in case of default, according to the tenor and effect of said Agreement aforesaid, or any part thereof, or of a breach or violation of any of the covenants or agreements herein, by the party of the first part, its successors or assigns, then and in that case the whole of said principal sum hereby secured, may at once, at the option of the legal holder thereof, become due and payable, and the said property be sold in the manner and with the same effect as if the said Agreement had matured, and that if foreclosure be made by the Public Trustee, an attorney's fee of the sum of a reasonable amount for services in the supervision of said foreclosure proceedings, shall be allowed by the Public Trustee as a part of the cost of foreclosure, and if foreclosure be made through the courts, a reasonable attorney's fee shall be allowed by the court as a part of the cost of foreclosure, and in either event shall be and become a part of the lien hereby secured. -3- • • BOUK467 PAGE 494 IN WITNESS WHEREOF, The said party of the first part has caused its Corporate name to be hereunto subscribed by its President, and its Corporate Seal to be hereunto affixed, attested by its Secretary the day and year first above written. (Corporate Seal) VAN RAND CORPORATION By ATTEST: Secretary. V L President STATE OF COLORADO ) COUNTY OF GARFIELD ) The within/and foregoing instrument was acknowledged before me this 23 day of December, 1974, by Michael Rand the President, and Duane Van Why the Secretary, of Van Rand Corporation. My commission expires: rei C;0111Jr'.: Witness my hand and official seal. (7:7--""!//: - Notary Public DIVISION 1TIPI.OVEM'.NT3_ACREE?T• COMES NOW TIIE VAN -RAND CORPORATION, record owner of the Van -Rand Park, and pursuant to Section 3.10 of the Subdivision Regulations of Garfield County, Colorado, and hereby agrees to install and complete such public improvements as required to be constructed by the Subdivision Regulations of Garfield County, and as depicted in the final plat document, all in accordance with the appropriate design standards, as previously submitted to and approved.by the Planning and Zoning Commission. Said public improvements include a roadway, sewer system and domestic water system all of which shall be completed not later than September 30, 1975. As collateral to secure the performance of said construction obligation Van -Rand Corporation will give to Garfield County a first mortgage on Lot No. 5 in the Van -Rand Park. Said lots are offered for lease to the public based on a value of $1.00 per square foot and a portion of the construction.of the public improvements has already been completed as indicated by the following schedule: Estimated Total Cost Water System $33,600 Sewer System 17,160 Road Surfacing 2,290 Earthwork 10,040 $63,090 Expended to Date Estimated Cost to Complete $ 4,500 $29,100 7,500 9,660 -0- 2,290 9,000 11,040 $21,000 $42,090 Bases upon the estimated costs to complete it is agreed that said Lot No. 5 is sufficient collateral. If the Board determines that any of such improvements are not constructed in substantial compliance with specifications, it shall furnish the subdivider a list of specific deficiencies and shall be entitled to withhold collateral sufficient to insure substantial compliance. If the Board determines that the subdivider will not construct any or all of the improvements in accordance with the agreement and all of its specifications, the Board may liquidate and withdraw and employ from the deposit of collateral, such funds as may be necessary to construct the improvement or improvements in accordance with the specifications and agreements. IN WITNESS WHEREOF, the parties hereto have set their hands and seals this e:01.57 -day of ('_...7C-7 A.D. 1974. �i THE VAN -RAND CORPORATI9 /,� )- .ZI / ...,,,-/-7 Secretary-rreasur By TIIE BOARD OF COUNTY COn.IISSIONERS OF GARFIELD COUNTY, COLORADO 1