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HomeMy WebLinkAboutC88-058 Agreement to amend/extend contract with Howard Guess - Mary Benson Collins TrustThe printed portions of this form approved by the Colorado Real Estate Commission(AE41 -8 -84) AGREEMENT TO AMEND /EXTEND CONTRACT July 27 19 88 C88 -58 -04 RE: Contract dated May 25 19 88 between County of Eagle, State of Colorado , (Purchaser) and Howard Guess, Trustee under the Mary Benson Collins Trust dated May 22, 19 }(Seller), relating to the sale and purchase of the following described real estate in the County of Eagle , Colorado: Lot 2, Collins Subdivision according to the recorded plat thereof. also known as No. Purchaser and Seller hereby agree to amend the aforesaid contract as follows: 1. The date for closing and delivery of deed is changed to August 8 19 88 2. The date for furnishing abstract of title or commitment for title insurance policy is changed to , 19 . 3. The date for delivering possession of Property is changed to August 8 1988 4. The date for approval of new loan is changed to '19 5. The date for lender's consent to loan assumption or transfer of Property is changed to , 19 . 6. Other dates set forth in said contract shall be changed as follows: 7. Additional amendments: All other terms, and conditions of said contract shall remain the same. County of Eagle, State of Colorado Howard Guess, Trustee under the Mary Benson Collins Trus dated May 22, 1981 1 By: � {� . B : Ju ly 27 19 oFurchaser Date Date Title: Chairman, Eagle County John J. Silver, Attorney -in -Fact Board of Commissioners Date Seller Date t. No. AE41 -8 -84. AGREEMENrIO AMEND /EXTEND CONTRACT Bradford Publishing, 5825 W. 6th Ave., Lakewood, CO 80214— (303) 233 -6900 9-85 `' C88 -58 -04 FARM AND RANCH CONTRACT TO BUY AND SELL REAL ESTATE (Remedies Include Specific Performance) All 25' , 1988 1. The undersigned agent hereby acknowledges having received from the` County of Eagle, State of Colorado, acting by and through its Board of County Commissioners, the sum of $20,000.00, in the form of County Warrant to be deposited by Black Bear Real Estate Co., to be held in broker's escrow or trustee account, as earnest money and part payment for the following described real estate in the County of Eagle, Colorado, to wit: See Exhibit A, incorporated into this contract by this reference, provided for descriptive purposes only, together with all easements and rights -of -way appurtenant thereto, all improve- ments thereon and all fixtures of a permanent nature currently on the premises except as hereinafter provided, in their present condition, ordinary wear and tear excepted, and hereinafter called the Property. The legal description in Exhibit A is for descriptive purposes only and the Property will be defined by and conveyed using a legal description from the survey to be supplied pursuant to Paragraph 21(a) of the attached Addendum. 2. The undersigned County of Eagle, State of Colorado, hereinafter called "Purchaser," hereby agrees to buy the Property; and the undersign owner, hereinafter called "Seller," hereby agrees to sell the Property upon the terms and conditions stated herein. 3. The purchase price shall be U.S. $200,000.00, payable as follows: $20,000.00 hereby receipted for; the balance payable at closing in cash, by Eagle County Warrant. 4. Price to include the following personal property: None. 5. Price to include the following water rights: Those described in attached Exhibit B, incorporated into this contract by this reference, to be conveyed to Purchaser by quit claim deed. 6. A current commitment for title insurance policy in an amount equal to the purchase price, at Seller's expense, shall be furnished to Purchaser on or before June 30, 1988. Seller will deliver the title insurance policy to Purchaser after closing and pay the premium thereon. 7. The date of closing shall be the date for delivery of deed as provided in Paragraph 9. The hour and place of closing shall be as designated by Seller. 8. (a) This contract is contingent upon Purchaser's supplemental budget and appropriation of the necessary funds. F (b) Purchaser anticipates receiving necessary funds through lease - purchase financing. This agreement is contingent upon Purchaser obtaining said funds at a rate of eight percent (8 %) per annum or less. Purchaser agrees to diligently pursue such financing and the adoption of necessary appropriation and budgeting resolutions. 9. Title shall be merchantable in Seller, except as stated in this paragraph and in Paragraphs 10 and 11. Subject to payment or tender as above provided and compliance by Purchaser with the other terms and provisions hereof, Seller shall execute and deliver a good and sufficient special warranty deed to Purchaser on July 29, 1988, or by mutual agreement at an earlier date, conveying the Property free and clear of all taxes, except the general taxes for the year of closing, and except those items incorporated in the Addendum attached hereto; free and clear of all liens for special improvements installed as of the date of Purchaser's signature hereon, whether assessed or not; free and clear of all liens and encumbrances except those described in attached Exhibit C, incorporated into this contract by this reference; except the following restrictive covenants which do not contain a right of reverter: Those of record, including but not limited to those described in attached Exhibit C, and except the following restrictive covenants which do not contain a right of reverter: Those of record, including but not limited to those described in attached Exhibit C, and except the following specific recorded and /or apparent easement: All apparent easement, and all easements of record, including those described in attached Exhibit C, and subject to building and zoning regulations. 10. Except as stated in Paragraphs 9 and 11, if title is not merchantable and written notice of defect(s) is given by Purchaser or Purchaser's agent to Seller or Seller's agent on or before date of closing, Seller shall use reasonable effort to correct said defect(s) prior to date of closing. If Seller is unable to correct said defect(s) on or before date of closing, at Seller's option and upon written notice to Purchaser or Purchaser's agent on or before date of closing, the date of closing shall be extended thirty days for the purpose of correcting said defect(s). Except as stated in Paragraph 11, if title is not rendered merchantable as provided in this Paragraph 10, at Purchaser's option, this contract shall be void and of no effect and each party hereto shall be released from all obligations hereunder and all payments and things of value received hereunder shall be returned to Purchaser. 11. Any encumbrance required to be paid may be paid at the time of settlement from the proceeds of this transaction or from any other source. Provided, however, at the option of either party, if the total indebtedness secured -2- by liens on the Property exceeds the purchase price, this contract shall be void and of no effect and each party hereto shall be released from all obligations hereunder and all payments and things of value received hereunder shall be returned to Purchaser. 12. General taxes for the year of closing, based on the most recent levy and the most recent assessment, water rents, sewer rents, FHA mortgage insurance premiums and interest on encumbrances, if any, and none other, shall be apportioned to date of delivery of deed. Purchaser shall be responsible for any sales and use tax that may accrue because of this transaction. 13. With respect to the growing crops Seller and Purchaser agree as follows: All growing crops for the growing season in which the date of closing occurs shall belong to Seller's Lessee, subject to the provisions of the Lease. 14. Possession of the Property shall be delivered to Purchase on the date of closing, subject to the following leases or tenancies: Existing Lease held by Merle C. Hobbs and Betty J. Hobbs, through March 15, 1989. Rental under this lease has been prepaid through march 15, 1989; this prepaid rental shall not be apportioned to date of delivery of deed or otherwise subject to division between Seller and Purchaser. If Seller fails to deliver possession on the date herein specified, Seller shall be subject to eviction and shall be liable for a daily rental of $100.00 until posses- sion is delivered. 15. The risk of loss from any damage to the improvements by fire or other casualty prior to the date of closing shall be in Seller; provided, however, that if Seller shall maintain insurance on said improvements which will compensate for the full replacement value thereof, and if Purchaser elects to carry out this contract despite such damage, Purchaser shall be entitled to all such insurance proceeds. The risk of loss for any damage to growing crops, by fire or other casualty, shall be borne by the party entitled to said crops as provided in Paragraph 13, and such party shall be entitled to the insurance proceeds, if any. 16. Time is of the essence hereof. If any note or check received as earnest money hereunder or any other payment due hereunder is not paid, honored or tendered when due, or if any other obligation hereunder is not performed as herein provided, there shall be the following remedies: a. IF SELLER IS IN DEFAULT, (1) Purchaser may elect to treat this contract as terminated, in which case all payments and things of value received hereunder shall be returned to Purchaser and Purchaser may recover such damages as may be proper, or (2) Purchaser may elect to treat this contract as being in full force and effect and Purchaser shall have the right to an action for specific performance or damages, or both. -3- b. IF PURCHASER IS IN DEFAULT, (1) Seller may elect to treat this contract a terminated, in which case all payments and things of value received hereunder shall be forfeited and retained on behalf of Seller and Seller may recover such damages as may be proper, or (2) Seller may elect to treat this contract as being in full force and effect and Seller shall have the right to an action for specific performance or damages, or both. C. Anything to the contrary herein notwithstanding, in the event of any litigation arising out of this contract, the court may award to the prevailing party all reasonable costs and expense, including attorneys' fees. 17. Purchaser and Seller agree that, in the event of any controversy regarding the earnest money held by broker, unless mutual written instruction is received by broker, broker shall not be required to take any action but may await any proceeding, or at broker's option and discretion, may interplead any moneys or things of value into court and may recover court costs and reasonable attorneys' fees. 18. Additional provisions: See attached Addendum, incorporated into this contract by this reference. 19. If this proposal is accepted by Seller in writing and Purchaser receives notice of such acceptance on or before June 3, 1988, this instrument shall become a contract between Seller and Purchaser and shall inure to the benefit of the heirs, successors and assigns of such parties. PURCHASER: I unty Commissioners .f. COUNTY OF EAGLE, STATE OF COLORADO, By and Through Its BOARD OF COUNTY COMMISSIONERS By: P" George A. Gates, Chairman P.O. Box 850 Eagle, Colorado 81631 BLACK BEAR REAL ESTATE CO. By: 11. L S. T. Harned, Owner & Broker -4- (The following section to be completed by Seller and Listing Agent) 20. Seller accepts the above proposal this day of May, 1988, and agrees to pay a commission of ten percent (10 %) of the purchase price for services in this transaction, and agrees that, in the event of forfeiture of payments and things of value received hereunder, such payments and things of value shall be divided between listing broker and Seller, one -half thereof to said broker, but not to exceed the commission, and the balance to Seller. SELLER: LISTING BROKER: ward Guess-,Trustee under the Mary Benson Collins Trust dated May 22, 1981. 1700 Lincoln Street, Suite 2400 Denver, Colorado 80203 -4524 BLACK BEAR REAL ESTATE CO. By: A a� S. 1. Harned, Owner & Broker P.O. Box 1 Gypsum, Colorado 81637 -5- ADDENDUM Farm and Ranch Contract to Buy and Sell Real Estate 1988 This Addendum is to that certain Farm and Ranch Contract to Buy and Sell Real Estate (the "contract," which term shall include this Addendum) made 1.4- , 1988, by and between a County of Eagle, State of Colorado, acting by and through its Board of County Commissioners, Purchaser, and Howard Guess, Trustee under the Mary Benson Collins Trust dated May 22, 1981, Seller. In the event there arises any conflict or inconsistency between the terms of this Addendum and other terms of the contract, this Addendum shall control. 21. Additional Provisions: (a) Seller, at Seller's expense, will cause a survey of the Property to be prepared and delivered to Purchaser on or before June 30, 1988. (b) Purchaser acknowledges that, except as expressly contained in this contract, neither Seller nor anyone acting for or on behalf of Seller has made any representation, statement, warranty, or promise to Purchaser concerning the physical aspects and condition of any of the Property, any dimensions or specifications of any of the Property, the feasibility, desirability, or convertibility of any of the Property into any particular use, or projected income or expenses for any of the Property. Purchaser further acknowledges that, in entering into this contract, Purchaser has not relied on any representation, statement, warranty, or promise of Seller or anyone acting for or on behalf of Seller, other than expressly contained in this contract, and that all matters concerning the Property are to be independently verified by Purchaser, and that Purchaser is purchasing the Property on its own inspection and examination of the Property, and that Purchaser is purchasing the Property in an AIAS ISn state of repair, and that Purchaser does hereby waive, and Seller does hereby disclaim, all warranties of any type or kind whatsoever with respect to the Property, except as expressly contained in this contract or in the special warranty deed to be provided at closing, express or implied, including, by way of description but not limitation, those of fitness for a particular purpose, tenantability, habitability, and use. Purchaser hereby specifically assumes the risk of obtaining taps for water, sewer, gas, electricity, telephone, and other utility services. (c) Seller will make any documents in his control concerning the property available at all reasonable times during the contingency period for physical inspection by Purchaser or Purchaser's agents. (d) Seller will not modify any prior encumbrances affecting the Property, or encumber, rezone, plat, or change the use of the Property without the prior written approval of Purchaser first having been obtained. (e) This contract inures to the benefit of and is binding on the heirs, devisees, personal or other legal representatives, successors, and assigns of the parties. (f) Seller will apply for and obtain from the Internal Revenue Service a Certificate of Discharge of Federal Estate Tax Lien with respect to the unrecorded lien on the Property arising from deferred federal estaCe taxes due as a result of the death of Mary B. Collins, Deceased. Seller, at his own expense, will cause the certificate to be recorded in the Eagle County, Colorado, land records. Purchaser acknowledges that Seller will not be able to obtain and record the certificate before closing. M -2- Seller's promise to obtain and record the certificate shall survive closing. (g) Each of the parties warrants and represents that he has not incurred any liability for the payment of any brokerage fee or commission in connection with the transaction contemplated by this contract, except as specifically set forth in this contract. If either of the parties breaches this warranty and representa- tion, he shall indemnify the other party and hold the other party harmless form and against any damage, liability, loss, claim, or expense suffered by the other party as a result of the breach. (h) Seller's prior written consent shall be required for any assignment of the contract by Purchaser. (i) Purchaser will pay the real estate transfer tax imposed by the Town of Gypsum, if this transaction is legally subject to such transfer tax. (j) Purchaser acknowledges prior timely receipt of notice that Black Bear Real Estate Co. and its agents are agents of Seller and are not representing Purchaser as Purchaser's agent in this transaction. -3- EXHIBIT A Farm and Ranch Contract to Buy and Sell Real Estate 1988 All of the following- described real property lying north of Cooley Mesa Road; except a parcel consisting of the westernmost 25 acres of the property lying north of Cooley Mesa Road: The NEhNEh of Section 8, Township 5 South, Range 85 West of the bth P.M., as the same was described by, the Survey pursuant to which patent issued, the same land being now described by re- survey thereof as part of Tract 66, same Township and Range. The NK3NE3% of Section 8, Township 5 South, Range 85 West of the 6th P.M., as the same was described by, the survey pursuant to which patent issued, the same land being now described by re- sruvey thereof as Tract 115, same Township and Range. The NWhNW4 of Section 9, Township 5 South, Range 85 West of the 6th P.M., as the same was described by the Survey pursuant to which patent issued, the land being now described by resurvey thereof as Tract 63, same Township and Range. TOWNSHIP 5 SOUTH, RANGE 85 WEST OF THE 6TH P.M. SECTION 5: SIKSE4 AND SEI%SW3g COUNTY OF EAGLE STATE OF COLORADO M. = -5- EXHIBIT B Farm and Ranch Contract to Buy and Sell Real Estate ")I ZS , 1988 Priority Appropriation Decree Structure No. Amount Date Date Chatfield and Bartholomew 61 .95 02 -08 -88 12 -17 -89 61EX 1.767 12 -31 -14 06 -07 -15 -5- EXHIBIT C Farm and Ranch Contract to Buy and Sell Real Estate L1% ;46' , 1988 The effect of inclusions in any general or specific water conservancy, fire protection, soil conservation or other district or inclusion in any water service or street improvement area. 2. Right of the proprietor of a vein or lode to extract and remove his ore therefrom, should the same be found to penetrate or intersect the premises hereby granted, as reserved in United States Patent recorded April 3, 1899 in Book 48 at Page 228. 3, Undivided one -third interest in all oil, gas and other mineral rights, as reserved by Elmer A. Lundgren, aka Elmer Adolph Theodore Lundgren and Elmer Lundgren in the Deed to Frederick R. Booth and Mary'Benson Booth recorded January 28, 1969 in Book 214 at Page 549 as Reception No. 110025, and any and all assignments thereof, or interests therein. 4. Life Estate as reserved by Elmer A. Lundgren aka Elmer Adolph Theodore Lundgren and Elmer Lundgren in Deed recorded January 1969 in Book 214 at Page 549 as;;Reception No. 110025. NOTE: Life Estate was reserved only to "The Lundgren" residence along with reasonable right of ingress and egress. 5, Easement and right of way for Oleson and Ulin Ditches.