HomeMy WebLinkAboutC02-194 Contract to buy 1473 Cooley Mesa Road3 r
The printed portions of this form have been approved by
the Colorado Real Estate Commission. (CBS 1 -9 -99)
THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX
OR OTHER COUNSEL BEFORE SIGNING.
CONTRACT TO BUY AND SELL REAL ESTATE
(RESIDENTIAL - FINANCING OMITTED)
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Date: July 9, 2002
1. AGREEMENT Buyer agrees to buy and the undersigned Seller agrees to sell the Property defined below on the terms anc
conditions set forth in this contract.
2. DEFINED TERMS
a. Buyer Buyer, Ea le Count Colorado a bod cor ora a and politic will take title to the real
property described below as El Join Tenants Tenants In Common Other
b. Pro e . The Property is the following legally described real estate:
See Exhibit A" attached hereto and incorporated herein by reference
in the County of Eagle ,Colorado,
commonly known as No. 1473 Cooley Mesa Road, Eagle County Colorado 81637
Street Address City State Zip
together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto, all interest of Seller in
vacated streets and alleys adjacent thereto, except as herein excluded.
C. Dates and Deadlines
Item No. Reference Event Date or Deadline
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§ 5a
Loan Application Deadline
N/A
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§ 5b
Loan Commitment Deadline
N/A
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§ 5c
Buyer's Credit Information Deadline
N/A
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§ 5c
Disapproval of Buyers Credit Deadline
N/A
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§ 5d
Existing Loan Documents Deadline
N/A
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§ 5d
Objection to Existing Loan Deadline
N/A
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§ 5d
Approval of Loan Transfer Deadline
N/A
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§ 6a
Appraisal Deadline
N/A
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§ 7a
Title Deadline
July 22, 2002
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§ 7a
Survey Deadline
August 12, 2002
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§ 7b
Document Request Deadline
July 22, 2002
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§ 7c, § 8a
Governing Documents & Title Objection Deadline
August 19, 2002
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§ 8b
Off - Record Matters Deadline
July 22, 2002
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§ 8b
Off - Record Matters Objection Deadline
August 19, 2002
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§ 8e
Right of First Refusal Deadline
N/A
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§10
Seller's Property Disclosure Deadline
July 22, 2002
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§ 10a
Inspection Objection Deadline
August 19, 2002
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§ 10b
Resolution Deadline
August 21, 2002
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§11
Closing Date
September 30, 2002
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§ 16
Possession Date
at closing
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§16
Possessr lime
at closing
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§ 28
Acceptance Deadline Date
July 15, 2002
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§ 28
Acceptance Deadline Time
5:00 p.m. MST
*or as mutually agreed
CBS 1 -9 -99 Contract to Buy and Sell Real Estate (Residential - Financing Omitted) Page 1 of 9
Buyer Initials Seller Initials
This form produced by: F17 MU1ar0r "yor w:•c•w• 800336.1027
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d. Attachments The following exhibits, attachments and addenda are a part of this contract:
Exhibits "A." "B." and "C"
e. Applicability of Terms A check or similar mark in a box means that such provision is applicable. The abbreviatior
"N /A" means not applicable.
3. INCLUSIONS AND EXCLUSIONS.
a. The Purchase Price includes the following items (Inclusions):
(1) Fixtures. If attached to the Property on the date of this contract, lighting, heating, plumbing, ventilating,
and air conditioning fixtures, TV antennas, inside telephone wiring and connecting blocks /jacks, plants, mirrors, floor coverings,
intercom systems, built -in kitchen appliances, sprinkler systems and controls, built -in vacuum systems (including accessories), garage
door openers including 1 remote controls; and N/A
(2) Other Inclusions If on the Property whether attached or not on the date of this contract: storm windows,
storm doors, window and porch shades, awnings, blinds, screens, window coverings, curtain rods, drapery rods, fireplace inserts,
fireplace screens, fireplace grates, heating stoves, storage sheds, and all keys. Check applicable box(es) if included: ❑ Water
Softeners, ❑ Smoke /Fire Detectors, ❑ Security Systems, ❑ Satellite Systems (including satellite dishes and accessories);
and
(3) Parking and Storage Facilities The use of the following parking facility(ies): livestock shed and
corral ; and the followin g storage facilities:
(4) Water Rights The following legally described water rights:
All water rights appurtenant to the property including but not limited to the rights identified on the attached
Exhibit "C."
b. Instruments of Transfer The Inclusions are to be conveyed at Closing free and clear of all taxes, liens and
encumbrances, except as provided in § 12. Conveyance shall be by bill of sale or other applicable legal instrument(s). Any water rights
shall be conveyed by quit claim deed or other applicable legal instrument(s).
C. Exclusions The following attached fixtures are excluded from this sale: None
4. PURCHASE PRICE AND TERMS The Purchase Price set forth below shall be payable in U. S. Dollars by Buyer as
follows:
Item No. Reference:
Item
Amount
Amount
1 §4
Purchase Price
$ 500,000
2 § 4a
Earnest Money
$ 10,000
3 §4b
Pfewteerr Grant
450,000
4 § 4c
Assumption Balance
-0-
5 § 4d
1
Seller or Private Financing .
-0-
6 § 4e
Cash at Closing
40,000
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Total 1
$ 500,000
$ 500 ,000
a. Earnest Money The Earnest Money set forth in this Section, in the form of a certified check is part
payment of the Purchase Price and shall be payable to and held by Land Title Guarantee Co. , in its trust account, on behalf of both
Seller and Buyer ,
* Such earnest money shall be delivered to Land Title Guarantee Company within 48 hours
of acceptance of this contract by Seller. Such earnest money shall be held in an
interest bearing account.
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Buyer Initials _ _ Seller Initials
This form produced by: FvrmUlator ; nrr,ndo.- 800 -336 -1027
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e. Cash at Closing All amounts paid by Buyer at Closing including Cash at Closing, plus Buyer's closing costs, shall be
in funds which comply with all applicable Colorado laws, which include cash, electronic transfer funds, certified check, savings and
loan teller's check and cashier's check (Good Funds).
5. FINANCING CONDITIONS AND OBLIGATIONS See Exhibit "B" attached hereto and incorporated
o- herein by reference.
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Buyer Initials _ _ Seller Initials _ _
This form produced by: Fd17777J/aYOC'l,K� came° 800-336-1027
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e. Cash at Closing All amounts paid by Buyer at Closing including Cash at Closing, plus Buyer's closing costs, shall be
in funds which comply with all applicable Colorado laws, which include cash, electronic transfer funds, certified check, savings and
loan teller's check and cashier's check (Good Funds).
5. FINANCING CONDITIONS AND OBLIGATIONS See Exhibit "B" attached hereto and incorporated
o- herein by reference.
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CBS 1 -9 -99 Contract to Buy and Sell Real Estate (Residential - Financing Omitted) Page 3 of 9
Buyer Initials _ _ Seller Initials _ _
This form produced by: Fd17777J/aYOC'l,K� came° 800-336-1027
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145 6. APPRAISAL PROVISIONS
146 a. Appraisal Condition '
147 �'K (1) No Appraisal Condition. This subsection a. shall not apply.
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7. EVIDENCE OF TITLE.
a. Evidence of Title: Survey. On or before Title Deadline (§ 2c), Seller shall cause to be furnished to Buyer,
at Seller's expense, a current commitment for owners title insurance policy in an amount equal to the Purchase Price
or if this box is checked, ❑ An Abstract of title certified to a current date. If a title insurance commitment is furnished,
it M Shall ❑ Shall Not commit to delete or insure over the standard exceptions which relate to:
(1) parties in possession,
(2) unrecorded easements,
(3) survey matters,
(4) any unrecorded mechanics' liens,
(5) gap period (effective date of commitment to date deed is recorded), and
(6) unpaid taxes, assessments and unredeemed tax sales prior to the year of Closing.
Any additional premium expense to obtain this additional coverage shall be paid by Seller. An amount not to exceed
$ 2.500.00 for the cost of any improvement location certificate or survey shall be paid by I4 Buyer
❑ Seller. If the cost exceeds this amount, Buyer shall pay the excess on or before Closing unless Buyer delivers to Seller or Listing
Company, before the improvement location certificate or survey is ordered, Buyer's written notice allowing the exception for survey
matters. The improvement location certificate or survey shall be received by Buyer on or before Survey Deadline (§ 2c). Seller shall
cauS the title insurance policy to be delivered to Buyer as soon as practicable at or aftar Closing.
b. Copies of Exceptions. On or before Title Deadline (§ 2c), Seller, at Seller's expense, shall furnish to Buyer, (1) a copy
of any plats, declarations, covenants, conditions and restrictions burdening the Property, and (2) if a title insurance commitment is
required to be furnished, and if this box is checked X Copies of any Other Documents (or, if illegible, summaries of such
documents) listed in the schedule of exceptions (Exceptions). Even if the box is not checked, Seller shall have the obligation to furnish
these documents pursuant to this subsection if requested by Buyer anytime on or before the Document Request Deadline (§ 2c). This
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dr
CBS 1 -9 - 99 Contract t o Buy and Sell Real Estate (Residential - Financing Omitted) Page 4 of 9
Buyer Initials Seller Initials__
This form produced by: FO!!ll[l /atOr_/or inw �.• BW- 336 -7027
191 requirement shall pertain only to documents as shown of record in the office of the clerk and recorder(s). The abstract or title insurance
192 commitment, together with any copies or summaries; of such documents furnished pursuant to this Section, constitute the title
193 documents (Title Documents).
194 C. Common Interest Community Governing Documents.
195 X (1) Not Applicable. This subsection c. shall not apply.
196 ❑ (2) Conditional on Buyer's Review. Seller shall cause to be furnished to Buyer, at Seller's expense, on or before
197 Title Deadline (§ 2c) a current copy of the owner's association declarations, bylaws, rules and regulations, party wall agreements
198 (herein collectively "Governing Documents "), most recent financial documents consisting of (a) annual balance sheet, (b) annual
199 income and expenditures statement, and (c) annual budget (herein collectively "Financial Documents "), if any. Written notice of any
200 unsatisfactory provision(s) in any of these documents signed by Buyer, or on behalf of Buyer, and given to Seller on or before
201 Governing Documents Deadline, [which is the same as Title Objection Deadline (§ 2c)], shall terminate this contract. If Seller does
202 not receive written notice from Buyer within such time, Buyer accepts the terms of said documents, and Buyer's right to terminate this
203 contract pursuant to this suosection is waived, notwithstanding the provisions of § 8d.
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208 8. TITLE.
209 a. Titie Review. Buyer shall have the right to inspect the Title Documents. Written notice by Buyer of
210 unmerchantability of title or of any other unsatisfactory title condition shown by the Title Documents shall be signed by or on behalf Of
211 Buyer and given to Seller on or before Title Objection Deadline (§ 2c), or within five (5) calendar days after receipt by Buyer of any
212 Title Document(s) or endorsement(s) adding new Exception(s) to the title commitment together with a copy of the Title Document
213 adding new Exception(s) to title. If Seller does not receive Buyer's notice by the date(s) specified above, Buyer accepts the condition of
214 title as disclosed by the Title Documents as satisfactory.
215 b. Matters not Shown by the Public Records. Seller shall deliver to Buyer, on or before Off - Record Matters
216 Deadline (§ 2c) true copies of all lease(s) and survey(s) in Seller's possession pertaining to the Property and shall disclose to Buyer all
217 easements, liens or other title matters not shown by the public records of which Seller has actual knowledge. Buyer shall have the right
218 to inspect the Property'to determine if any third party(ies) has any right in the Property not shown by the public records (such as an
219 unrecorded easement, unrecorded lease, or boundary line discrepancy). Written notice of any unsatisfactory condition(s) disclosed by
220 Seller or revealed by such inspection shall be signed by or on behalf of Buyer and given to Seller on or before Off - Record Matters
221 Objection Deadline (§ 2c). If Seller does not receive Buyer's notice by said date, Buyer accepts title subject to such rights, if
222 any, of third parties of which Buyer has actual knowledge.
223 C. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION INDEBTEDNESS THAT
224 IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN
225 SUCH DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND EXCESSIVE TAX BURDENS TO SUPPORT THE SERVICING OF SUCH
226 DEBT WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH
227 AN INCREASE IN MILL LEVIES. BUYER SHOULD INVESTIGATE THE DEBT FINANCING REQUIREMENTS OF THE AUTHORIZED GENERAL OBLIGATION
228 INDEBTEDNESS OF SUCH DISTRICTS, EXISTING MILL LEVIES OF SUCH DISTRICT SERVICING SUCH INDEBTEDNESS, AND THE POTENTIAL FOR
229 AN INCREASE IN SUCH MILL LEVIES.
230 In the event the Property is located within a special taxing district and Buyer desires to terminate this contract as a result, if
231 written notice is received by Seller on or before Off- Record Matters Objection Deadline (§ 2c), this contract shall then terminate. If
232 Seller does not receive Buyer's notice by such date, Buyer accepts the effect of the Property's inclusion in such special taxing district(s)
233 and waives the right to so terminate.
234 d. Right to Cure. If Seller receives notice of unmerchantability of title or any other unsatisfactory title condition(s) or
235 commitment terms as provided in § 8 a or b above, Sellershall use reasonable effort to correct said items and bear any nominal expense
236 to correct the same prior to Closing. If such unsatisfactory title condition(s) are not corrected on or before Closing, this contract shall
237 then terminate; provided, however ,Buyer may, by written notice received by Seller, on or before Closing, waive objection to such items.
238 e.
239 eallheeiel plailel eFe!l� epliali 01 li OF His! ieftfsal bl lite ev-1 e a' essoeielliall 01 nil) 011ie 0-melillille as I leis' asseeiaNal 1, Selle
240 el nil Nine!) smbmii lhie eeiihael etild Ieqtfeei a,151 ate! ef Hie tole el Mile of n1l) OPS811 01 right eF 11ai mftmal
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244 f. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should be reviewed
245 carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property,
246 including without limitation boundary lines and encroachments, area, zoning, unrecorded easements and claims of easements, leases and
247 other unrecorded agreements, and various laws and governmental regulations concerning land use, development and environmental
CBS 1 -9 -99 Con t o B uy and Sell Real Estate (Residential - Finan Omi Page 5 of 9
Buyer Initials Seller Initials
This form produced by: F017T1i7 /at0/ "�,xMMd w• BW-336 -1027
248 matters. THE SURFACE ESTATE MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE, AND
249 TRANSFER OF THE SURFACE ESTATE DOES NOT NECESSARILY INCLUDE TRANSFER OF THE MINERAL RIGHTS.
250 THIRD PARTIES MAY HOLD INTERESTS IN OIL, GAS, OTHER MINERALS, GEOTHERMAL ENERGY OR WATER ON
251 OR UNDER THE PROPERTY, WHICH INTERESTS MAY GIVE THEM RIGHTS TO ENTER AND USE THE PROPERTY.
252 SUCH MATTERS MAY BE EXCLUDED FROM THE TITLE INSURANCE POLICY. Buyer is advised to timely consult legal
253 counsel with respect to all such matters as there are strict time limits provided in this contract (e.g., Title Objection Deadline [§ 2c]
254 and Off - Record Matters Objection Deadline [§ 2c]).
255 9. LEAD -BASED PAINT. Unless exempt, if the improvements on the Property include one or more residential dwelling(s) for which
256 a building permit was issued prior to January 1, 1978, this contract shall be void unless a completed Lead -Based Paint Disclosure
257 (Sales) form is signed by Seller and the required real estate licensee(s), which must occur prior to the parties signing this contract.
258 10. PROPERTY DISCLOSURE AND INSPECTION. On or before Seller's property Disclosure Deadline (§ 2c), Seller
259 agrees to provide Buyer with a Seller's Property Disclosure form completed by Seller to the best of Seller's current actual knowledge.
260 a. Inspection Objection Deadline. Buyer shall have the right to have inspection(s) of the physical condition 'of the
- 261 Property and Inclusions, at Buyer's expense. If the physical condition of the Property or Inclusions is unsatisfactory in Buyer's
262 subjective discretion, Buyer shall, on or before Inspection Objection Deadline (§ 2c):
263 (1) notify Seller in writing that this contract is terminated, or
264 (2) provide Seller with a written description of any unsatisfactory physical condition which Buyer requires Seller to
265 correct (Notice to Correct).
266 If written notice is not received by Seller on or before Inspection Objection Deadline (§ 2c), the physical condition of the
267 Property and Inclusions shall be deemed to be satisfactory to Buyer.
268 b. Resolution Deadline. If a Notice to Correct is received by Seller and if Buyer and Seller have not agreed in writing
269 to a settlement thereof on or before Resolution Deadline (§ 2c), this contract shall terminate one calendar day following the
270 Resolution Deadline (§ 2c), unless before such termination Seller receives Buyer's written withdrawal of the Notice to Correct.
271 C. I Damage: Liens: Indemnity. Buyer is responsible for payment for all inspections, surveys, engineering reports or
272 for any other work performed at Buyer's request and shall pay for any damage which occurs to the Property and Inclusions as a result
273 of such activities. Buyer shall not permit claims or liens of any kind against the Property for inspections, surveys, engineering reports
274 and for any other work performed on the Property at Buyer's request. Buyer agrees to indemnify, protect and hold Seller harmless from
275 and against any liability, damage, cost or expense incurred by Seller in connection with any such inspection, claim, or lien. This
276 indemnity includes Seller's right to recover all costs and expenses incurred by Seller to enforce this subsection, including Seller's
277 reasonable attorney fees. The provisions of this subsection shall survive the termination of this contract.
278 11. CLOSING. Delivery of deed(s) from Seller to Buyer shall be at Closing (Closing). Closing shall be on the date specified as
279 the Closing Date (§ 2c) or by mutual agreement at an earlier date. The hour and place of Closing shall be as designated by
280 mutual agreement of the parties
281 12. TRANSFER OF TITLE. Subject to tender or payment at Closing as required herein and compliance by Buyer with the other
282 terms and provisions hereof, Seller shall execute and deliver a good and sufficient general warranty deed to Buyer, at Closing,
283 conveying the Property free and clear of all taxes except the general taxes for the year of Closing. Except as provided herein, title shall
284 be conveyed free and clear of all liens, including any governmental liens for special improvements installed as of the date of Buyer's
285 signature hereon, whether assessed or not. Title shall be conveyed subject to:
286 a. those specific Exceptions described by reference to recorded documents as reflected in the Title Documents
287 accepted by Buyer in accordance with § 8a [Title Review],
288 b. distribution utility easements (including cable TV),
289 C. those specifically described rights of third parties not shown by the public records of which Buyer has actual
290 knowledge and which were accepted by Buyer in accordance with § 8b [Matters Not Shown by the Public Records], and
291 d. inclusion of the Property within any special taxing district, and _
292 e. the benefits and burdens of any declaration and party wall agreements, if any, and
293 f, other None
294 13. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid at or before Closing from the
295 proceeds of this transaction or from any other source.
296 14. CLOSING COSTS: DOCUMENTS AND SERVICES. Buyer and Seller shall pay, in Good Funds, their respective Closing
297 costs and all other items required to be paid at Closing, except as otherwise provided herein. Buyer and Seller shall sign and complete
298 all customary or reasonably required documents at or before Closing. Fees for real estate Closing services shall be paid at Closing by
299 1ffi One -Half by Buyer and One -Half by Seller ❑ Buyer ❑ Seller ❑ Other
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305 15. PRORATIONS. The following shall be prorated to Closing Date (§ 2c), except as otherwise provided:
306 a. Taxes. Personal property taxes, if any, and general real estate taxes for the year of Closing, based on
307 The Taxes forthe CalendarYear Immediately Preceding Closing XThe MostRecent Mill Levy and Most Recent Assessment
308 ❑ Other N/A
309 4b _
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312 asteeiellem essessmemis pfiiel ii i melo at tee shell beet eeliled ie Bellej at Glesimn. Gesh I etel I et held eul eF Hie! entilal em lees eosoeieiial 1
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317 eamae - ____.___._.. -'_ emit_.. -., pa,fib - - _per
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323 dr a Inenre+ree. Flak er- priveie mailgege insereuee- premium, if --en)
324 0 Shall 11 Shall ?lei be appai Hamed ia Glesi it B Die ffi 2e). Am) etleh amom 4 ehall be el"al Halged as felle I.S.
325
326 e. Other Prorations. Water, sewer charges; and interest on continuing loan(s), if any; and
327 N/A
328 f. Final Settlement. Unless otherwise agreed in writing, these prorations shall be final.
329 16. POSSESSION. Possession of the Property shall be delivered to Buyer on Possession Date and Possession Time (§ 2c),
330 subject to the following lease(s) or tenancy(s): None
331
332 If Seller, after Closing, fails to deliver possession as specified, Seller shall be subject to eviction and shall be additionally liable
333 to Buyer for payment of $ 200.00 per day from the Possession Date (§ 2c) until possession is delivered.
334 Buyer ❑ Does 19 Does Not represent that Buyer will occupy the Property as Buyer's principal residence.
335 17. NOT ASSIGNABLE: This contract shall not be assignable by Buyer without Seller's prior written consent. Except as so
336 restricted, this contract shall inure to the benefit of and be binding upon the heirs, personal representatives, successors and assigns of
337 the parties.
338 18. CONDITION OF, AND DAMAGE TO PROPERTY AND INCLUSIONS. Except as otherwise provided in this contract,
339 the Property, Inclusions or both shall be delivered in the condition existing as of the date of this contract, ordinary wear and tear
340 excepted.
341 a. Casualty: Insurance. In the event the Property or Inclusions shall be damaged by fire or other casualty prior to
342 Closing, in an amount of not more than ten percent of the total Purchase Price, Seller shall be obligated to repair the same before the
343 Closing Date (§ 2c). In the event such damage is not repaired within said time or if the damages exceed such sum, this contract may
344 be terminated at the option of Buyer by delivering to Seller written notice of termination. Should Buyer elect to carry out this contract
345 despite such damage, Buyer shall be entitled to a credit, at Closing, for all the insurance proceeds resulting from such damage to the
346 Property and Inclusions payable to Seller but not the owners' association, if any, plus the amount of any deductible provided for in
347 such insurance policy, such credit not to exceed the total Purchase Price.
348 b. Damage: Inclusions: Services. Should any Inclusion(s) or service(s) (including systems and components of the
349 Property, e.g. heating, plumbing, etc.) fail or be damaged between the date of this contract and Closing or possession, whichever shall
350 be earlier, then Seller shall be liable for the repair or replacement of such Inclusion(s) or service(s) with a unit of similar size, age and
351 quality, or an equivalent credit, but only to the extent that the maintenance or replacement of such Inclusion(s), service(s) or fixture(s)
352 is not the responsibility of the owners' association, if any, less any insurance proceeds received by Buyer covering such repair or
353 replacement. Seller and Buyer are aware of the existence of pre -owned home warranty programs which may be purchased and may
354 cover the repair or replacement of some Inclusion(s).
355 C. W alk- Through: Verification of Condition. Buyer, upon reasonable notice, shall have the right to walk through
356 the Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with this contract.
357 19. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this document, Buyer and Seller acknowledge that
358 the Selling Company or the Listing Company has advised that this document has important legal consequences and has
359 recommended the examination of title and consultation with legal and tax or other counsel before signing this contract.
360 20. TIME OF ESSENCE AND REMEDIES. Time is of the essence hereof. If any note or check received as Earnest Money
361 hereunder or any other payment due hereunder is not paid, honored or tendered when due, or if any other obligation hereunder is not
362 performed or waived as herein provided, there shall be the following remedies:
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363 a. If Buver is in Der ult:
364 0'(1) Specific Performance. Seller may elect to treat this contract as canceled, in which case all payments and
365 things of value received hereunder shall be forfeited and retained on behalf of Seller, and Seller may recover such damages as may
366 be proper, or Seller may elect to treat this contract as being in full force and effect and Seller shall have the right to specific
367 : performance or damages, or both.
368 19 (2) Liquidated Damages. All payments and things of value received hereunder shall be forfeited by Buyer
369 and retained on behalf of Seller and both parties shall thereafter be released from all obligations hereunder. It is agreed that such
370 payments and things of value are LIQUIDATED DAMAGES and (except as provided in subsection c) are SELLER'S SOLE AND
371 ONLY REMEDY for Buyer's failure to perform,the obligations of this contract. Seller expressly waives the remedies of specific
372 performance and additional damages.
373 b. If Seller is in Default: Buyer may elect to treat this contract as canceled, in which case all payments and things of
374 `value received hereunder shall be returned and Buyer may recover such damages as may be proper, or Buyer may elect to treat this
375 contract as being in full force and effect and Buyer shall have the right to specific performance or damages, or both.
376 C. Costs and Expenses. In the event of any arbitration or litigation relating to this contract, the arbitrator or court
377 shall award to the prevailing party all reasonable costs and expenses, including attorney fees.
378 21. MEDIATION. If a dispute arises relating to this contract, prior to or after Closing, and is not resolved, the parties shall first
379 proceed in good faith to submit the matter to mediation. Mediation is a process in which the parties meet with an impartial person who
380 helps to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. The parties to the dispute must
381 agree before any settlement is binding. The parties will jointly appoint an acceptable mediator and will share equally in the cost of such
382 mediation. The mediation, unless otherwise agreed, shall terminate in the event the entire dispute is not resolved 30 calendar days
383 from the date written notice requesting mediation is sent by one party to the other(s). This Section shall not alter any date in this
384 contract, unless otherwise agreed.
385 22. EARNEST MONEY DISPUTE. Notwithstanding any termination of this contract, Buyer and Seller agree that, in the event
386 of any controversy regarding the Earnest Money and things of value held by broker or Closing Company (unless mutual written
387 instructions are receeved by the holder of the Earnest Money and things of value), broker or Closing Company shall not be required to
388 take any action but may await any proceeding, or at broker's or Closing Company's option and sole discretion, may interplead all
389 parties and deposit any moneys or things of value into a court of competent jurisdiction and shall recover court costs and reasonable
390 attorney fees.
391 23. TERMINATION. In the event this contract is terminated, all payments and things of value received hereunder shall be
392 returned and the parties shall be relieved of all obligations hereunder, subject to §§ 10c, 21 and 22.
393 24. ADDITIONAL PROVISIONS. (The language of these additional provisions has not been approved by the Colorado Real
394 Estate Commission.)
395 See Exhibits A," "B," and "C" attached hereto and incorporated herein by reference.
396
397
398
399 25. ENTIRE AGREEMENT: SUBSEQUENT MODIFICATION: SURVIVAL. This contract constitutes the entire contract
400 between the parties relating to the subject hereof, and any prior agreements pertaining thereto, whether oral or written, have been
401 merged and integrated into this contract. No subsequent modification of any of the terms of this contract shall be valid, binding upon
402 the parties, or enforceable unless made in writing and signed by the parties. Any obligation in this contract which, by its terms, is
403 intended to be performed after termination or Closing shall survive the same.
404 26. FACSIMILE. Signatures X May El May Not be evidenced by facsimile. Documents with original signatures shall be
405 provided to the other party at Closing, or earlier upon request of any party.
406 27. NOTICE. Except for the notice requesting mediation described in § 21, any notice to Buyer shall be effective when received
407 by Buyer or by Selling Company and any notice to Seller shall be effective when received by Seller or Listing Company.
408 28. NOTICE OF ACCEPTANCE: COUNTERPARTS. This proposal shall expire unless accepted in writing, by Buyer and
409 Seller, as evidenced by their signatures below, and the offering party receives notice of acceptance pursuant to
410 § 27 on or before Acceptance Deadline Date and Acceptance Deadline Time (s 2c). If accepted, this document shall become a
411 contract between Seller and Buyer. A copy of this document may be executed by each party, separately, and when each party has
412 executed a copy thereof, such copies taken together shall be deemed to be a full and complete contract between the parties.
CBS 1 -9 -99 Contract to Buy and Sell Real Estate (Residential - Financing Omitted) Page 8 of 9
Buyer Initials Seller Initials
This farm produced by: FL1rmu1arf3e ,ir„w "",• 800- 336 -1027
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EAGLE COUNTY, STATE C - OLORADO
BY AND THROUGH ITS BOARD OF COUNTY
Buyer Michael L. Gallagher, Chairman
COMMISSIONE -'�
Bu er
Date of Buyer's Signature: Date of Buyer's Signature:
Buyer's Address: c/o Eagle County Attorney's Office, P.O. Box 850. Eagle CO 81631
Buyer's Telephone No: 970- 328.8685 Buyer's Fax No: 970 -328 -8699
[NOTE: If this offer is being countered or rejected, do not sign this document. Refer to § 29].
Seller Norman L. Nunn Seller Yvonne Jean Nunn
Date of Seller's Signature:
Seller's Address:
Seller's Telephone No:
Date of Seller's Signature:
Seller's Fax No:
29. COUNTER: REJECTION. This offer is ❑ Countered ❑ Rejected.
Initials only of party (Buyer or Seller) who countered or rejected offer.
END OF CONTRACT
Note: Closing Instructions should be signed on or before Title Deadline.
• � - acnuruu
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CBS 1 -9 -99 Contract to Buy and Sell Real Estate (Residential - Financing Omitted) Page 9 of 9
Buyer Initials _ Seller Initials
This tam produced by: FOITlI[I /atnP " /rw�,u.�.• 0W336 -7027
PORTION OF TRACT 60, SECTION 3 & 10, T 5 S, R 85 W.
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REC. No. 785448 YVONNE JEAN NUNN
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LIJ 87,182 SQ. FT.
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REBAR STAMPED
L.S. 11204
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legal action based upon any defect in this survey
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N 89 °05'45" E 295.31'
TRACT 60
SURVEYOR'S CERTIFICATE
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BENCHMARK ENGINEERING SERVICES
SHEET 1 NUNN PARCEL PO BOX 4619
422 MCINTIRE STREET #4
OF 1 EAGLE COUNTY, COLORADO EAGLE COLORADO 81631
970- 328 -2111 FAX 970- 328 -2113
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LEGAL DESCRIPTION
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A parcel of land being a portion of Tract 60, Section 3 and Section 10, Township
5 South, Range 85 West, of the 6` Principal Meridian, County of Eagle, State of
Colorado, being those same lands conveyed in the instrument recorded in the Office of
the Eagle County Clerk and Recorder in Book 278, at Page 800 to Norman L. Nunn and
Yvonne Jean Nunn, more particularly described as follows:
Beginning at a survey monument found marking the witness comer to Angle
Point 3 of Tract 57, Township 5 South, Range 85 West, being a 2 %_" diameter
U.S.G.L.O. brass cap on V diameter iron pipe from which Angle Point 2 of Tract 56,
Township 5 South, Range 85 West bears North 00 °21' 00" East, 2634.54 feet.
Thence, South 89 °29'56" West, a distance of 30.07 feet, to a point in the north fence line
of Cooley Mesa Road, being the true point of beginning, from which an aluminum cap on
rebar stamped L.S. 11204 bears South 00 °20'53" West, 0.16 feet.
Thence, South 88 °54'21" West, along said fence line, a distance of 295.38 feet, to a point
from which an aluminum cap on rebar stamped L.S. 11204 bears North 00 °21'22" East,
0.70 feet.
Thence, North 00 °21'22" East, departing said fence line, a distance of 295.76 feet, to an
aluminum cap on rebar stamped L.S. 11204.
Thence, North 89 °05'45" East, a distance of 295.31 feet, to an aluminum cap on rebar
stamped L.S. 11204.
Thence, South 00 °20' 53" West, a distance of 294.78 feet, to said true point of beginning,
and containing 87,182 square feet or 2.0014 acres of land, more or less, as surveyed by
Benchmark Engineering Services in April of 2002, and subject to all legal highways and
easements of record, if any.
EXHIBIT "B"
ADDENDUM OF TERMS AND CONDITIONS TO THE
CONTRACT TO BUY AND SELL REAL ESTATE DATED
JULY 9, 2002
1. This contract is contingent upon Buyer receiving a grant toward the purchase of the
property from the Federal Aviation Administration ( "FAA ") Airport Improvement Program.
Buyer has applied to the FAA for the grant which will fund ninety percent of the purchase price.
2. In the event that the FAA fails to award Buyer grant funds as identified in paragraph
of this Exhibit B, Buyer shall have the right to determine whether in its sole discretion the
purchase price can be paid from other airport or county funds on the same terms and conditions
as set forth herein. If Buyer determines that other airport or county funds are available, the
parties will proceed with the purchase and sale of the Property as set forth in this contract. If
Buyer determines that alternative funds are not available, this contract shall terminate and all
earnest money paid shall be returned to Buyer with interest.
3. This contract is contingent upon Buyer's review and acceptance of the grant terms and
conditions from the FAA. Buyer shall review the terms and conditions of the grant within ten
days of its receipt of the grant agreement. If unacceptable in Buyer's sole discretion, Buyer may
terminate this contract and all earnest money shall be returned to Buyer with interest.
4. Seller shall cooperate with Buyer and FAA to assist Buyer in obtaining grant approval
and shall diligently and timely pursue the same in good faith, execute all documents and furnish
all information and documents required by them. Buyer agrees that it shall not intentionally
cause any change in circumstances which would prejudice approval.
5. Closine The parties understand that the precise timing of an award of grant monies
from the FAA is unknown. While Buyer anticipates that any grant award may be made by
September 30, 2002, it is agreed that the closing date may be extended to March 30, 2003.
6. Seller shall pay, if applicable, the two percent withholding tax required by the State of
Colorado for foreign or out of state sellers, and any other tax attributable to it by virtue of the
sale.
7. Seller and Buyer shall each pay one -half of any escrow fees or similar charges and
one -half of closing costs and costs for preparation and recordation of any documents.
8. Seller's Warranties Seller hereby warrants and represents to the best of Seller's actual
knowledge and except as otherwise disclosed, for the benefit of Buyer and its assigns, the
following, both as of the date hereof as of the date of closing:
A. All documents delivered to Buyer are originals or true and correct copies thereof. The
information provided by Seller to Buyer hereunder does not contain any untrue statement of
material fact and does not omit to state any material fact necessary in order to make the
information provided hereunder not misleading.
B. There are not presently pending any special assessments or condemnation actions
against the property or any part thereof, nor has Seller received any notice of any special
assessments or condemnation action being contemplated. There is no litigation or other
proceeding pending, or threatened which would affect the property or its operation.
C. The property does not contain any hazardous or toxic materials, including but not
limited to, any chemicals or materials regulated as hazardous or toxic under any federal, state or
local law, including without limitation, petroleum, lead paint, asbestos, PCB's and does not have
located under it any underground storage tanks. In addition, no such hazardous or toxic materials
have ever migrated from the Property to other property. There is no pending or threatened
proceeding or action regarding clean up relating to the Property.
D. Subject to the satisfaction of the conditions identified herein, all documents delivered
by Seller to Buyer, now or at closing, have been or will be duly authorized and executed and
delivered by Seller, and are legal, valid, and binding obligations of Seller, sufficient to convey
title, and are enforceable.
E. The parties executing this contract represent and warrant that they are fully authorized
to execute it, subject to the conditions identified in the contract and any exhibits thereto.
9. Buyer's Warranties Buyer hereby warrants and represents to the best of Buyer's
actual knowledge, for the benefit of Seller and its assigns, the following, except as set forth
below, both as of the date hereof and as of the date of closing:
A. This agreement and all documents delivered by Buyer to Seller, now or at closing,
have been or will be duly authorized and executed and delivered by Buyer are legal, valid and
binding obligations of Buyer and are enforceable. The parties executing this contract represent
and warrant that they are fully authorized to execute it subject to any conditions identified in the
contact or any exhibits attached hereto.
10. All representations and warranties and indemnities contained in this agreement or
implied by law shall be deemed to survive closing and shall not merge with the deed, provided
that, all such representations, warranties and indemnities shall terminate and be of no further
force and effect after three (3) years from the date of closing.
11. Seller and Buyer agree to promptly provide each other with any and all new
documents or other items affecting or regarding the Property on an ongoing basis until closing.
12. Until possession is delivered to Buyer, Seller agrees at its sole cost and expense to
manage and maintain and keep the property in not less than the same manner and in the same
order and condition as they are managed and maintained and kept as of the date of execution of
f
this contract.
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13. Should any act or notice required hereunder fall on a weekend or holiday, the time for
performance shall be extended to the next business day.
14. Notwithstanding anything to the contrary contained in this contract, the Buyer shall
have no obligations under this Agreement, nor shall any payment be made to Seller without any
appropriation therefore by Buyer in accordance with a budget adopted by the Board of County
Commissioners. Further, Seller understands that this contract must be approved by the Board of
County Commissioners at a regularly scheduled public meeting. All obligations payable beyond
the current fiscal year are subject to funds being available and appropriated.
EAGLE COUNTY, STATE OF COLORADO
BY ITS BOACP OF COUNTY CO /IMISSIONERS
By: 003, 40—'0. —
Michael L. Gallagher, C rman
VA xx
Clerk to the BoarJ of County ro
Commissioners °°` .
BY:
Norman L. Nunn, Seller
By:
Yvonne Jean Nunn, Seller
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