HomeMy WebLinkAboutresolution.council.056-91
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RESOLUTION NO.~~
(SERIES 1991)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO
AUTHORIZING AND APPROVING THE ASSIGNMENT OF THAT CERTAIN LAND
PURCHASE CONTRACT ENTERED INTO BETWEEN THE CITY OF ASPEN AND THE
NELSON/DEVORE PARTNERSHIP FOR THE PURCHASE OF THAT REAL PROPERTY
COMMONLY KNOWN AS 831 UTE AVENUE, ASPEN, COLORADO.
WHEREAS, a contract to buy and sell real estate has previously
been executed between the c~ty of Aspen and the Nelson/DeVore
Partnership for that certain parcel of property ~n the City of
Aspen commonly known as 831 ute Avenue; and
WHEREAS I the City wishes to develop 831 ute Avenue for
affordable housing; and
WHEREAS, sister City Housing, Inc" a Colorado non-prOfit
corporation, has recently been formed to undertake the development
of 831 ute Avenue for affordable hous~ng; and
IVHEREAS, the Board of Directors for S~ster city Housing, Inc"
is comprised of representatives from the city of Aspen and its
sister city of Shimukappu, Japan; and
\'IHEREAS, it is in the interests of the city to assign the
Nelson/DeVore land purchase contract to sister city Housing, Inc.,
in order to advance the development of affordable housing on the
subject parcel, and;
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WHEREAS, the city council finds that an ass ignment of the
above-identifed land purchase contract to sister city Housing, Inc,
will serve the public interest, safety and welfare;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ASPEN, COLORADO, that the city's rights and interests in the
ci ty of Aspen-Nelson/DeVore Partnership land purchase contract
dated November 29, 1991, for that parcel of real property commonly
knol'm as 831 Ute Avenue, Aspen, Colorado, may be and is hereby
assigned to sister City Housing, Inc., and that the Mayor and or
city Manager are authorized to execute such documents as necessary
to effectuate said assignMent.
RESOLVED, APPROVED AND ADOPTED this ~ day of December,
1991, by the City Council of the city of Aspen, Colorado,
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John S, Bennett, Mayor
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I, Kathryn S. Koch, duly appointed and acting city Clerk for
the City of Aspen, Colorado, do certify that the foregoing is a
true and accurate copy of that resolution adopted by the City
council of the City of Aspen, colorado, at a meeting held on
December 26, 1991.
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Kathryn S. Koch, city Clerk
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SECCRED PROMISSOPY KOTE
$450,000.00
Aspen, Colorado
December 27, 1991
FOi' VALeE RECF.::"F.:D, S~ster C:.ty Hous:.ng, Inc., a Coloraao
nor-profit corporat:.o:" ("Xakp.r"), hereby promises to pay to the
order 0: tne City of Aspen, a Colorado l'\un~c:.pal corporat~on
("Aspen"), at such place as hspen may designate in ~lrit:.ng, the
~rincipal sum 0: Four Hunaren F~fty Thousand and no/100 Dollars
1$450,000.001, plus an amount equal to any and all pr~ncipal
payments and interest payments paid by f'_spen to Deane B~llings
pursuant to a certain Secured Promissory Kote in the initial
principal amount cf Eigrt Hundred ard no/100 Dcllars
($000,000.001 dated CJecember :-:, 1991, a copy of \vh:.ch :.s at-
tached hereto ana :.ncorpor2ced nerein by th~s reference as
Exh~b:.t A.
PAYMEKT TER'!S: Subject to che payment of pr:.or secc:red
obligat~ons, pao~ent in full of the entire amount due hereunder,
as set forth above, shall be due and payable upon the sale of the
real property described unde::: the paragraph "SECURITY FOR NOTE"
below, :.f such real property :.s sold :.n ~ts present cond:.tio:,,
or, shall be due and payable ::::om the proceeds tc be derived fro~
the sale of dlo.'ellinr; ur.i ts to be construc'oec on said property,
~.'h:.ch dwelling un~ts are kno~':'. anc referrec '-0 as Bill:.ngs Place
and Ute 'r'rail Townhouses. :1' the e"ent of the sale of sucn
dwellin, un:.ts, 100~ of such proceeds on a unit-by-unit bas:.s
shall be appl:.ed to 'one amount due hereunde~ hnt:.l pa~d ~n full.
PREPAYl'I.Et'7 PRIV::'EGE: ~:a,;er shall have tne r~gnt to p:::epay
this "\cte .:..r-. v.'hcle 0= :.n par": at ar:2T t.:..ne, ~nd from tJ.Me tc ":.iITLe,
w:.thout p:::em:'\l:l 0::: penalty,
SECURIT:: FO? I,OT:::: The prcnpt payme:'"': cf th:.s ~lote wnen due
:.s sech:::ed cy B deed 0: trust upon the following describec real
prope:::t,' in P:. tkin Cour:ty I Colorado, 0: even da te here\>"~ th, the
terms, condi t~ons and prov~ s ions of which are :.ncorpora ted by
:::e:srence as ,-hough set forth ~n full here~n.
Lots l' and l5A, Ute Add~t:.on to Aspen, except mineral
:.:'terests; a tract 0: lane be:.ng ane part of :'ots 33
ane 38, Sec. 18, TO\msh~p 10 South, Range 84 viest of
the 6th P.M. lying Northeasterly cf an exist:.ng roadway
which roadway abuts the Soutnwesterly boundary of the
said tract which is more particularly described as
follol-'s: Beginn~ng at the most southeriy corner of
Lot 14, Cte Addit~on to Aspen, thence S. 45'42'00" \ti.
81.71 ft,; thence N. 2ic09'00" \';'.34,27 :t.; thence I:,
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2.3051'00" \-:, 47,51 ft.! thence l\ 28'34'00" E. 57.60
:t,; thence Southeasterl,' alor.g line 1-9 0: the former
boundary 0: the C~ty of Aspe~. to the po~nt of be<;an-
n:.ng. Also Gescr~bed as the Ute Tra~l Townhouses and
the Billings Place Subeiv~s~on and P.U.D. accord~ng to
the p2.at recoreed ~n Plat book 26 at Page 32 and
subdivision agreement recorded in Book 646 at Page 16,
Pitkin County records, excepting those inF:::ovel'1erts,
bUlldings or structures situated on the premises, which
are speci:ically exempted as perl'1itted by C.R.S.
Section 38-39-105 (1) (Repl. Vol. l6A, 1991 Cum. Supp.),
and also kno~n as 831 Ute Avenue.
The aforenent~oneG deed of
of trust :or the bene:~t
199:', recoreed ~r. Book
public records.
trust shall be subord~nate to a deed
of Dee.ne Billings dated December 27,
at Page of the P~tkin Count~
DEFAU:'T' The :ailure of Maker to pay the total amount due
hereunder ~r accordance w:.th the payment terms shall const~tute a
default. Upon the occurrence of ary default under this Note or
the DeEe of Trust securing this Note, the Meturity of th:.s Note
shall, I'ithout :urthe::: not:.ce, be accelerated and the E'nt~re
balance shall become due e.t once and payable. F:::om ar.d after the
date of such default, ~nterest hereunder shall accrue at the per
annul"'. :::ate 0: Twelve percent (12%). A:"_l' acceptance and retent~on
of any late or part~al payment or any failure by Holder to
exerc~se this Optl0n to acceleratp the Note shall not constitute
a walve::: o~ the r~ght to exercise tre saMe at a future date.
COSTS OF CO:'LECT~ON: MaKer arc all part~es no\; or herenfter
l~able for the paynent of th~s Note, prlmar~ll' or secondaril,',
d~rectlv or ~ndirectlv, and whether as endorser, ouarantor,
surety or o":.herp:..se, ag"ree t.o pa~r f':: costs anc.. e::penses I i.nclud-
ing reasonatle a':to:::neys' fees, ~ncurred ln collect~ng tnis l;ote
or ar.y part the:::eof or ~~ preserv~ng, secu::::.ng possession of, or
real:..:inq U?O~ any secur:..t~7 ~or th~s Note, whe":.ner O~ ~ot legE:
proceeeings are comnenceC.
\'i;.~l'EP 0= DE~;hj\;D. Maker and 2.12. par't~es no\<' or hereafter
:'Elble for the payment of tr.:'s l\ote, primar~ly or seconda:::~ly,
d~rectly or indirectlY, and whether as endorser, guarantor,
surety or otherw~se, severally wa~ve presentment, demand, not~ce
of dish0:"or ane of nonpayment, protest and notice of protest, ane
d~l~gence in co2.2.ect~on, and each consents to extension of time
for payment, :::enewa:'s of th~s Note, and acceptance of partial
pa,'TT\ents, whethe::: be :o:::e, at or after ma tur ~ ty, all or any of
which m2." be done or made w~thout notice to Maker or any of said
parties "and \1ithout affecting :.ts and their Jo~nt and several
liability to Holder.
SCCCESSORS: The "!1aker" as usee here~n shall refer to
Sister City Housing, I~.c., and any party who mal' subsequer.tly
become prinarlly l~able for the payment of thlS Note. Aspen
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shal: net De ent~t:ed to assign O~ trensier this r~ote ~itho~t the
pr10r written consent of Maker.
GOVER~Il]G LAI'i: Regardless 0;' che place cf 1tS execut~on or
enforcenent, th~s Note snall De construed and erforcec ~n accor-
dance w1th the laws of the State of Cc:orado.
SIST:::B CITY HOCSI:J<-;, rl'C,
R~"
President
By:
Secretary
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DEED OF TRl.'ST
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'1'1:11." 1.....1l[.\.1 LTH.E. ~I~J" lhl' 27th
SIS'2CR CITY HOJSING, INC.,
pora,:ion,
\II"".. "u'.Irc" i, 106 South Mill Street, Suite 202, Aspen,
Colc,~ado 81611,
d".' " Deceml::er 1<, 91
a Colorado non-profit
t),'IIWc'"
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h"'~Hl~tl,' l'dLrrcd l,'~' ~r;II)l',I. ~nd 111~ I'ubil,' TrU'lc'" "I II,,'
(H~nl) "t
Pi t}:in SI~I' '11 C"I"",,,I,'o. hC"LIIl~l\l'r rc'll'm:d IL> ,,' I'uhhc 1 ""ILc'
WIT~L~SETH. THAT. WHEREAS SISTER CITY HOOSING, IKC.
hu, ~\<:,'UI~J ~ pr"mi_"",,'c 11"1,' PI IJlJl~', IILrLIIIi,f1~r r~Ial'l'J I" III tn,' 'HI~ulal. dJI.'d December 27, 1991 , 1l1f 11r~
rmKlr~1 ""l1 ,'I Four Hundred Fifty Thousand ($450,000.00) ---------- U"II~r,. ra)-ubl~ hl lh~ l>rCler "I
the CITY" OF ASPEN
I'll,,," ~JdJ~" i. 130 South Galen.:;., Aspen, Colorado 81611
'jll""III,'daIL'IILrL','L)Q(l}~~::
'~Y'.}~: OO>'-~'\!!X:t' plus an amount equal to any and all principal
payments and interest payment.s paid by the City of Aspen to Deane Billings pur-
suant to s~id Note in the initial principal amount of Eight Hundred Thousand and
no/100--Dollars ($800,000.00) dated December 27, 1991, payable as provided in said Note.
.\~n V\j-1f-.RE/\S. TbL ~r,lIlh'r i"k"r",,,,'1 "'c'llr"l~ pa\'l)'LI1I ,'IIII"I"""'II1.L; and il1\CI''''1 "1_"lld rml1\l""n'll"IL ill wi""" h~l1d, 'n~\'~rlllc' ,~id
IIU(c',' ,mY":lhu;;lI,,,,hL
'0\\. THF.~:I:l--r,Ji{L 'I'll" ~ralll"L III ,'''lb,!Jer;nl<111 UI IIlc' pr,'IllI"', anti 1"1' Ill,' !,lIql"'" ,tI(lr~'''IJ. un", l1~rLh;' ~r:l1H, har~~I]. ,dl ~nd ,,'. ~\'e\
,;:11,llIlc ,aid Publ,c '11'I"I'e.; Illlru'i IonL"cr. Ih,' 1"Ij,'\lII1,'~ ''''';I',I1L,i 1""1','[1_'. 'IIU"I,' il; Illl' Citj,1 of Aspen ("U;" "I
. '::"-:'i':ill S\~l" n: (""I."-;,d,, I" ",'
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w::s 14 and 151-., Ute Addition to Aspen, a tract 0:: land being- and part of Lots 33
ant 38, Sec. 18, TO'tvl1ship 10 South, Range 84 West of the 6th P.M. lying- North-
easterly of an existing road\vay 'Which roadway abuts the SO'..1thwesterly bound2.!'Y of
said tract which is more particularly described as follows: Beginning at thE
most southerly corner of Lot 14, Ute Addition to Aspen, thence S. 45042'00" \.;.
81.71 It.i thenceN,27009100" t.;. 34.27 ft.; thence K. 13051'00" h'. 47.51 ft.i thenCE
N. 28034100" L. 57.60 ft.i thence Southeasterly along line 1-9 of the fonner toun-
da...".y of the City of Aspen to the point of begirming. also described as the Ute
Trail Townhouses and the Billinqs Place Sul:division and P.D.D. accordino to the
plat recorded in Plat Book 26 at Page 32 and sulxhvision agreement recorded in
E\cx)l: 646 at Paqe 16, Pitkin County records, excepting those improvements, buildings
or structures situated on the premises, which are specifically exempted. as pennit-
ted by C.R.S. Section 38-39-105(1) IRepl. Vol. 16~., 1991 CUm, Supp,),
abo knnwn by SIr"el "nd nllmb~1' a' 831 Ute Avenue, Aspen, Colorado.
TO HAVE AND TO HOLD the ,,,nw _ lOJ!etl1el' wil11 all and sin~ulaI'Ih~ pri\'ile~c' and appurtenance~ Iherculllo belnnJ!ing:]n Tru~1 nevertheless _ thaI
in ea,~ 01 dcl;lUllln Ihe p;lymem "I ,a,(1 note or any \lllh~m. "I' any panlher,;,,!. or In thL !,,,ymen' "I Ih~ Inl~rcsI lhereon. acc\lrdll1~ to the lenorand effecl O'
suid nOle ur any uf th~OI. or iilthc p"ymel!l "I all\' prior ell('umnwllcc;. nr1lKipill or imcrc'l. ii an). nr In CiI,t' delauh shall b~ mad~ in or]ll Cil,~ ni vlolilIllll'
or bn:uch of any or Ilw l~nT1-'. n,"Jilion,. cOIl\'Cn~nb or "grt'~mem' ber~illl'''IlIJln~J. IbL berWlIciar)' berLund~r or II1~ Je!!al holdeI' 01 lh~' indebledne,.1
,eeured hereby mOlY deela..... a \'il1lmiollofany Oflhc l'ovenams herein c"nlained "nJ cleelto ad\'erlisc said properly for ,ale and demand well sull'. Ihen,
uponjjiin~ nOlie~ of ,ueh electIOn and dernJnd for ."Ii<' wilh Ih~ Puhli,- Tru'I~~. who ,hall upon rCCl;'ipl of ,uch nmkc of declion and Jemal1d for ,ale cau~c
a copy oilhe same 10 be l'eeordeJ in lh~ rel'ordcr\ otllce <lllhe eoumy in which :;aid re~1 e,lme b ,ilumed. il sbJII and may be lawi'ul for the PuhlieTrmwe
lO ,ell and dispos~ uflbe SJmc len ma,,,e or III scrarale parcels. a:; the ,uiJ l'uhlicTru:;Ic,; m"y think bC-'I). and allth~ righI. lill~ ~Ild inlCr~SI of the gramor.
bi, heir" or a:;si!!ll" tberein. aI pullllC auelinn al Ibe South fronI d"or"t'lb~ Court House. in lbc County or Pitkin
. Sl~l~ or Colowd". 01' un ,,,id pncmi,~.,. or aoy parr Ih~r~()f [I' Ina)- ilL 'pLc'ilied l~ IhL nOliee of ,,,iJ ,~It. fur th~ hiJ!he,\ alld he.ll !,rice tilL
same will bring in cash. four week, public ntlllce haYinJ! been prel'iously giwn 01 Ihe lImc and place of such sale. by adverli,elllenl. weekly. in ~ome
newspaper of j!cner;ll circuliuioll allhill lim~ pUblisbed in s,lid County 01 Pitkin , ." copy oj' which nOlice slmll be mailed
wIlhm len day~ lrom thL dille 01 the hr:;\ puhltcallt1ll lh~r~oj tn the gr;lnlOr al the ~ddrc" Il~r~U\ 1'1\'cn and In ,uch p~r,on ur p~rwll., JppcJrlllg 10 hJve
a~qujr~u iI sub,~qucm record inl~re't in ,~id real ~Slale altbe addre" ~iven in Ih~ recnrd~d in,\rumenl: where nnly the eounly and Slate i, gil'en as the
addre" Ihen SllCh nOlice shJII be mJiletl In tile coumy ,~aI. anti In make am! ~i\'~ I" llle purcba.....r or purchJser, of such property at such sak. a certiiicau:
orcertifkatL' in wrilin!! d~,eribinf' such properly purehu,ed. and lhe ,um 01' sum, paid therclor. ~mlthe lime wilen the purehaser I1r purchasers lorolher
per,oo emilled Ihel1'lOJ shall he enlitled 10 II deed or deed, lhereror. unles:; Ihe ,J!11e ,b~lI be redeemed a.. i, provided by law: am! said Public Truslee sball.
upon dcm"nu bl' IJw person or persons holding lhe saiu (;erIjhcal~ or c~niiicaI~s of pureh"s_~, when ,aid demand i~, mad~, or upon demand by Ibe person
entItled 10 a deed 10 and lor Ibe rmperlY pUrch,l~eu.11lIIH: lime 'llcb tlemand I' madL' the lIme h1r rcdempllt1ll haVIng expired. make lImi cxeeUle lO ouch
person or per-'on, ~ de~d or deed, In Ihe 'lliu pmperl;- pllrcba,ed, I"hkl1 said de~d or d~ed, ,h,!!l b~ in Ibe ordin;lry form of a conveyance. and shall hL
slj!ned. llcknowled!!ed anJ delivered by Ib~ ,aid Publie Tru,lee and ,hall conwy and qultebim to 'Ilcb p~rsun or per:;nn, emilled 10 ,ueh deed. the said
properly pllrel1a,ed a' al\lrCslIiJ Imd all the ri~lll. lilk_ inlere,1. benehI and equity of redelllPlion oflhe ~ramur. bis heil" und assigns th~rein. and sil~I'
recite Ihe ~um or sum, for whiLb the" -'ilid properlY was ,old and ,h~1I rel~r 10 tb~ pnwerof .,ale Ihcrell1 comaincd, Jnd 1O Ihe -'ak Ol' sales made by nrlU.
thereof. aml in Clls(' of 1ill lI'iSlj:!llmenl oi SUCll cerIitic~1.; or (;LnilkJI~' "I Pllrch<lsL. or in ca,~ 01 thL' n:demplion of such pwperr). by 1I suh,equem
encumbrancer. such a"if!nm~m 01' redemplloll ,b~11 JI,,, be rci'erretl In in such de~d or deeds: bLl\ the notice of slile need not he set OUI in such deed t1I
deed, and tbe Public Truslee ,hJIl, 0111 or Ih~ proceed, or a\'Jil, of ,uch -,.Jk. afler hr,t payin~ and rclaining <Ill fees. chal'ges and com or making s<lld sale.
pal' lO tbe benetlciary hercunderor !nc' lCj:!~1 holdel'ofsllid nOle the pnnclpal anJ IllIere:;I dueo!1 SJid no\l' a~cording 10 Ihe lenor andcflecI Ihereo!'. and all
money.. ..dv;mced by ,uel1 bendiclary or IegJI Ilnldn 01 said nolC lor in'lIr;mc~. l<lXes and a,,>essmLnl,. with intere,t tbereon aI 12 per cem per
;lnnum.renderin!!IhLoverpiu,.ii'llny.um"IhegranlOr.hlSlega1rerresenralll'e,ora,slgn,:wbich,aleorslllesandsaludeedordeedssomaueshallbea
_perpeIU<l1 bar. bmh m jaIl anu eqully. af!~insl the j:!mntor. hi,heir, ~nd a"lgrb. and all otb~rper"lll,claiminglhc ,aid properlY. or any pllnlhercof. by.
i-' from. thro'lgh or undcr (he grantor. or Jnv of Ihem, The holder or hnlder, of ,JiJ nore or nOle, m~<' purcha,e sa;J propen\' or an,. pan there"l: .llld il sll~11
>~ nOI be obhgalOry upon lhL purcl1aser or'pul'chJ,er, al any ~UCI1 ,ale 10 see III the ~ppllcalil1n o(th~ purch",~ money. Jj " relc';,e deed b~ ft'quired. iI i.,
;;\\< a~reed mallhe !,ranlor. hi' belr, or ~'~lg"" will pay IhL expense thcreo!. '
'Ifill Dcnver. in,erl"CIl; and'
~1I. 341/>. RI"" 2-tlol. DE!::)) Of T1WST '!"'lIlk Tl"Il'u.", Will, lJuo on....h- Clau,.:.
I;mdi<"d i'ubli,n"'F_ 17~' Wale!' ~,,' lkn\'C. CO WC(I, - !J(I_,: =~,-"~(JII- :;-~"
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And In..: granlor. (or himsclfJmJ his heirs. personal repre,entatives llra"i~ns ~oy~nant, ~n<.JagrceSltl ~nLl Wilh.lll~ Public Trustee, Ihurat (h~ lim~ u~.
the t:nsealmg of and delivery O[ lhes~ presents he IS well ,~i7:ed urthe ,uld 1~I1<J~nd t~nem~!1l-, In I~~ ~lmpk. ~l1d ha.> good rlghl. tull powo:r :.ull.llawrul
aUEhonlY to gram, barg:am. .,ell andcunvey [hll same In the mannerJm.i !Orffi<lS arores~uJ: hereby rully ~Ild ~b,l)luldy waiving ~Ildreka~m? ull rlghls ~nd
clmms he may have In or 1<) s:U(] lands. !en~mems. ~nd prtlperly ~s ~ H<llll<:~le~d E~~rnplion. "ru(her.::-:.cmpllOtl. umler ~mj by virtue 01 fHl~' <lel oflhe
G.:nt:raJ As,embly oflhe SlaleofCDlorado. ,,{as any~xempuun under and hy,'lf[u~ "t ~JJY :le1 01 the l,'rllled SlaleSC'.Hl~re",. [Jowexlsllng.l)r.whl,ch m?r "
hereafter be passed m relation thereto and that the same are free and clear llt all liens anll encumbrances whatever ,except see EXhiblt A
attached hereto and incorporated herein by this reference,
and the above bargained property in [he qui<:t and peaceable pos.lession of the Public Trustee, his sueeessors and assi.;ns. against all and eve rypersonor
persons lawfuUy claIming or to claim [he whole or any part thereuf. the grantor shall and will Warrant and Furever Oelend.
Until payment in full of the indebtedness. the grantor shall timely pay all taxes and assessments levied on the pmperty: any and all amounts due on
account of princIpal and inlerest or other sums un any senior encumbwnees. 11' any; and \Vtll keep alluuprovements that may he on satdlands insured
against any casually loss. including extended coverage. in a company or CllmpanleS meeling the nct wurth requirements Ilf the beneficiary hereof in an
amount not less 1;lan the then lotal indebtedm:ss. Each pulicy shall contain a 1m,s payable clause naming lhe beneficiary as mortgagee and shall funher
provide that the Il1suranee may not be canceled upon less than [en days wrmen nUl Ice to lhe benchcmry. A[ the option uflhe beneticiary. the ongmal policy
ur policies uf insurance shall be Jelivcred to lhe bcneficiary as funher ~eCUrilY fur the Indcbtedncss. Should the grantor fail to insure and deliver the
policies or to pay taxes or assessments as the ~ame fall Jue. ur tU pay any amounts payable upon seni"reneumhrances. ifuny. the beneliciary may make any
,uch payments or procure any such insurance. ~nd all monies so paid with interest thereon al Ihe nue of 12 ",," per annum shall be'added to and
become a part of rhe indebtedness .,ecured by thb; Deed oiTrust und may be paid OUI ulthe pf\lceeds ,If the ~ale "f the pruperty if nOt paid by the grantor. In
addition. and at iIS,option.lhe beneticiury may declarelhe indebtedness.,eeored hereby and lhis Deed of Trust lobe inde!ault for faillire 10 procure
insurance or make any of the payments required by this paragraph.
Ifalloranypartofthepropertyoraninterestthereinissoldortranslcrredbythe~run{()rwithuUlhcnetidary'spriorwrillenconsent.exCluding(a)the
creation ofa lien or encumbrance subordinate (() this Deed uiTrusL Ibl [he creation or a purcha,e money ,ceuri[y imcrest for household "ppliances.lc) a
transfer by devise. descem or by operation uf law upon the death ofajoin1tenantortdl [he ~ram"fany leasehold interest ot [hree .,.ears or less not
containing an option to purchase. benericiary may. at bcnericiary"s option. declure all the sums ~ecured by this Deed of Trust to he immediately due and
payable. Beneliclary shall have wmved SUchupllun toaccc!crate if. pnorto the sale ortrunsier. hene!iclary and the person !Owhom thep ropertyistobe
'\oldortranslCrredreaehagrcememinwritingthattheereditot'\uchper'\Imi.l'\atisfaclOrylOheneliciaryandlhatlheil1lerestpayableonthesumssecurcd
by this Deed of Trust shall be at such rate as beneheiary shaJ! request.
AND THAT Ii'oI CASE OF ANY DEFALiLT. Whereby the right of foreclosure occurs hereunder. [he Public Tnr,tee or the holder or' suid note or
certilicate of purchase. ~hall at once become entilled tu [he po'\Se.'ision. u~e and enjovment or the property aforesaid. and 10 the rents. issues and prolits
thereof. from the accruing of such right and during the pendency of foreclosure pmceedin~s and the period of redemption. if any theecbe: ~nd such
possession shall at once be deliwrcd to the PublieTrusteeortheholderut~aid nuteufcertiticale "fpurchaseunrc4uc~t. and un refusal. thedeli"cryuf
such possessJOn may beeniorced by the PublicTrusteeorthehnldcrot .IaldnoteurCertlnCaleutpurcha,ehyany"ppropnatccivllsullorproceeaing,and
the Public Truslee. urthe hulderuf.laid nuteurceniticateofpurch ase. lIr"ny [hereor._,ha!l he entitled 1ll a Receiver tor sUld pmperty. undoftherents.
issues and profits thereoL alter such default. including thc time covered by f(]recltl~urc pruceedings and the perilld or redemption. if uny there be. and ~hall
be entitled thereto as a mallerof right wilhout re~ard 10 lhe sulvency or in~lllvency Mlhe ~ramllrorl1tthe then uwnerof said property and witholl! regard to
the value thereot. and such Recetver may be appOinted by ,my cOUrt oicompetem _Iun,dlcwln upnn ex pane appllcallOn Jnd wllhout nOllce ----:-t)ol1ce heing
hereby e.~presslv waived -- Jnd all rents. i."ues and pmtllS. mcume clnd 11:\"Cllue rl1en::lmm '\hall be ~pplied by such Receiver to the puyment 01 the
indebtedness hereby secured. according to the law and thc urders and directions "i' Ihe Cllllrl.
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..\NO. That in case uf dClault in any of said pavmellls ofprincipaJ Dr interest. accl1rding to thc tellor and dlect of said prnmls'\ory nute atoresaid. or any
"llhem.llranypartthereor.orufabreachurviolatillnufanyofthecovenanlsoragreem"llL,lw",;n.hYlhegranlor.hispersollalrepre.lemall,;'e.'\orassigns.
then and in [hat case the whuleutsaid principal '\um hereby secured. and the mrere'l thereon HI lhe time "fthe '\ale. may at once, althe option orthe legal
hnlder therco!: become due and payable. and the said property be sold m [he m"nner ;md wl[h lhe ~ame dlCet ",\ II' _sUld 111l1ebteJnes, hud m"lureu. and that
ifiorcclosurebemadehylhePublicTru~tee.an;j[[urney\fee{)t~ a reasonable amount ._ ._ _ ;~
lor servtces mthe supervl,lon of,uid Ibreclu.'\Ure proceedings .,hal! be alluweJ h, nle PllbllC rrll,[ee '" a pari ur [h~ ~lJstot lOl1:dusure. and.lffon:elosure
he milde thmugh lhe ~"uns " rea,unable ull"m"y\ tee ,hall be t:L~ed by the l'l'un ,I., U pan <1t [he cl,,1 Dt ,uch toreclosllfC proceedings.
The ~inguiar number ,hud include the pillr;il. [he plural tile sin~lIl~r. anoJ the u~e "I ClOy ~ender ,hull be applicable lo all gellder,.
E.,ecutedlh;s
27t..'1
Jay Df December
I') 91
SISTER CITY HOUSING, INe.
ITTEST:
ISE,\Lt
By:
Smle "fCuloradu
Cuuntyuf
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The loregoing instrument was ucknowlc<lg.e<l before me lhi,
by
Jay"r
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Witness my Iland ~nJ ,elll.
Mycommissi\ln expirc~
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EXHIBIT "A"
TO DEED OF TRUST
DATED DECEMBER 27, 1991
BETWEEN
SISTER CITY HOUSING, INC., AS GRANTOR,
AND
THE PUBLIC TRUSTEE OF PITKIN COUNTY
1. Reservations and exceptions as contained in the Deeds
from the City of Aspen recorded in Book 59 at Page 241 and in
Book 59 at Page 401 as follows:
That no title shall be hereby acquired to any mine of
gold, silver, cinnabar or copper or to any valid mining
olaim or possession held under existing laws.
2. Right of way for ditches or canals constructed by the
authori to' of the United States, as reserved in United States
Patent recorded in Book 175 at Page 299.
3. Easements, rights of vJay, terms f conditions I .re-
strictions, obligations, covenants and all matters as set forth
in Plat of Lot 15, Ute l'.d&ition recorded in Plat Book 10 at
Page 91 and in Plat of Ute Trail Townhouses and Billings Place
Subdivision & Planned Unit Development recorded in Plat Book 26
at Page 32.
4. Utilit,' Easement reoorded in Book 206 at Page 263 and
in Book 206 at Page 264 (as it may affect the subject property) .
Book
5.
2 at
Offsets as
Page 15.
shown on Ute Addition plat recorded in Plat
6 a Any loss or damage resulting from conflicts vJi th
patented mining claims as indicated by various surve}7S of record.
7. Undivided interest in all of the minerals, mineral
deposits, mineral oils and natural gases of every kind and nature
and terms and conditions ~hereof as set forth in instrument
recorded in Book 193 at Page 595.
8. Terms, conditions, provisions, obligations and other
matters as set forth in Planned Unit Development and Subdivision
Agreement for Ute Trail Townhouses and Billings Place, recorded
in Book 646 at Page 16.
9. Any loss or damage resulting from Civil Action No.
90 CV 121, in the District Court, Pitkin County, Colorado.
10.
Ad valorem taxes for 1991 payable in 1992.
ll.
record.
Other mineral interests, easements and covenants of
.
i.
tl'.
"';;:',;",.
.....~..
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12. This Deed of Trust shall be subordinate to a Deed of
Trust for the benefit of Deane Billings dated December 27, 1991,
recorded in Book at Page of the Pitkin County public
records.
05/006
-2-