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HomeMy WebLinkAboutC02-201 DeLatte Subdivision Contract1
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The printed portions of this form have been approved by
the Colorado Real Estate Commission. (CBS 3 -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
(VACANT LAND - FARM - RANCH)
Date: July 23 2002
1. AGREEMENT Buyer agrees to buy and the undersigned Seller agrees to sell the Property defined below on the terms and
conditions set forth in this contract.
2. DEFINED TERMS
a. Buyer Buyer, Ea le Countv. Colorado a bodv corporate and politic will take title to the
real property described below as Joint Tenants Tenants In Common Other
b. Property The Property is the following legally described real estate:
Parcel B and Parcel C of the County - Airport - DeLatte Subdivision Exemption Plat, Town of Gypsum,
Eagle County, Colorado as more fully described on the attached Exhibit "A."
in the County of Eagle ,Colorado,
commonly known as No.
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
1
§ 5a
Loan Application Deadline
WA
2
§ 5b
Loan Commitment Deadline
N/A
3
§ 5c
Buyer's Credit Information Deadline
N/A
4
§ 5c
Disapproval of Buyer's Credit Deadline
N/A
Existing Loan Documents Deadline
N/A
6§
Objection to Existing Loan Deadline
N/A
K5d
Approval of Loan Transfer Deadline
N/A
Appraisal Deadline
N/A
Title Deadline
August 30, 2002
10
§ 7a
Survey Deadline
September 16, 2002
11
§ 7b
Document Request Deadline
August 30, 2002
12
§ 8a
Title Objection Deadline
September 23, 2002
13
§ 8b
Off - Record Matters Deadline
August 30, 2002
14
§81b
Off - Record Matters Objection Deadline
September 23, 2002
15
§10
Seller's Property Disclosure Deadline
August 30, 2002
16
§ 10a
Inspection Objection Deadline
September 23, 2002
17
§ 10b
Resolution Deadline
September 25, 2002
18
§11
Closing Date
April 30, 2003
19
§ 16
Possession Date
At Closing
20
§ 16
Possession Time
At Closing
21
§ 28
Acceptance Deadline Date
July 26, 2002
22
§ 28
Acceptance Deadline Time
5:00 p.m. MST
*or as mutually agreed
CBS 3 -9 -99 Contract to Buy and Sell Real Estate (Vacant Land - Farm - Ranch - Financing Omitted) Page 1 of 9
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Buyer Initials Seller Initials
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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 abbreviation
"N /A" means not applicable.
3. INCLUSIONS AND EXCLUSIONS.
a. The Purchase Price includes the following items (Inclusions):
(1) Fixtures. If attached to Property on the date of this contract, lighting, heating, plumbing, ventilating,
and air conditioning fixtures, inside telephone wiring and connecting blocks /jacks, plants, mirrors, floor coverings, intercom systems,
sprinkler systems and 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, storage sheds, and
all keys. Check box if included: ❑ Smoke /Fire Detectors, ❑ Security Systems; and N/A
(3) Trade Fixtures. With respect to trade fixtures, Seller and Buyer agree as follows: WA
(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."
(5) Growing Crops. With respect to the growing crops Seller and Buyer agree as follows:
N/A
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: N/A
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
$ 1,120,000
2
§ 4a
Earnest Money
$ 25,000
3
§ 4b
*eweea* Grant
1,008,000
4
§ 4c
Assumption Balance
-0-
5
§ 4d
Seller or Private Financing
-0-
6
§4e
Cash at Closing
87,000
7
TOTAL
$ 1,120,000
$ 1,120,000
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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eJv Belle at Pi Me F4"wtehiq. (OmMed as h4epplieeble)
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
r. See Exhibit "B" attached hereto and
incorporated herein by reference
!7 ..... . ............... .....�
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6. APPRAISAL PROVISIONS
a. Appraisal Condition This subsection a. ❑ Shall X Shall Not apply.
befej 0 ilie ft, else! Benelline (§ Re), Bb�ei - ei-08 8145' ight io le millete wider illia atihoeeii&q-
b
❑- "fir'
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 owner's 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 X 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 ❑ Buyer X Seller. An amount not to
exceed $ 2.500.00 for the cost of any improvement location certificate or survey shall be paid by X Buyer ❑ Seller. If
the cost exceeds this amount, Buyer shall pay the excess on or before Closing. The improvement location certificate
or survey shall be received by Buyer on or before Survey Deadline (§ 2c). Seller shall cause the title insurance policy to be delivered
to Buyer as soon as practicable at or after 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 any time on or before the Document Request Deadline (§ 2c).
This requirement shall pertain only to documents as shown of record in the office of the clerk and recorder(s). The abstract or title
insurance commitment, together with any copies or summaries of such documents furnished pursuant to this Section, constitute the
title documents (Title Documents).
8. TITLE.
a. Title Review. Buyer shall have the right to inspect the Title Documents. Written notice by Buyer of
unmerchantability of title or of any other unsatisfactory title condition shown by the Title Documents shall be signed by or on behalf of
Buyer and given to Seller on or before Title Objection Deadline (§ 2c), or within five (5) calendar days after receipt by Buyer of any
Title Document(s) or endorsement(s) adding new Exception(s) to the title commitment together with a copy of the Title Document
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
title as disclosed by the Title Documents as satisfactory.
CBS 3 -9 -99 Contract to Buy and Sell Real Estate (Vacant Land - Farm - Ranch - Financing Omitted) Page 4 of 9
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189 b. Matters not Shown by the Public Records. Seller shall deliver to Buyer, on or before Off - Record Matters
190 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
191 easements, liens or other title matters not shown by the public records of which Seller has actual knowledge. Buyer shall have the right
192 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
193 unrecorded easement, unrecorded lease, or boundary line discrepancy). Written notice of any unsatisfactory condition(s) disclosed by
194 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
195 Objection Deadline (§ 2c). If Seller does not receive Buyer's notice by said date, Buyer accepts title subject to such rights, if any, of
196 third parties of which Buyer has actual knowledge.
197 C. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION INDEBTEDNESS THAT
198 IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN
199 SUCH DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND EXCESSIVE TAX BURDENS TO SUPPORT THE SERVICING OF SUCH
200 DEBT WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH ADISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH
201 AN INCREASE IN MILL LEVIES. BUYER SHOULD INVESTIGATE THE DEBT FINANCING REQUIREMENTS OF THE AUTHORIZED GENERAL OBLIGATION
202 INDEBTEDNESS OF SUCH DISTRICTS, EXISTING MILL LEVIES OF SUCH DISTRICT SERVICING SUCH INDEBTEDNESS, AND THE POTENTIAL FOR
203 AN INCREASE IN SUCH MILL LEVIES.
204 In the event the Property is located within a special taxing district and Buyer desires to terminate this contract as a result, if
205 written notice is received by Seller on or before Off- Record Matters Objection Deadline (§ 2c), this contract shall then terminate.
206 If Seller does not receive Buyer's notice by such date, Buyer accepts the effect of the Property's inclusion in such special taxing
207 district(s) and waives the right to so terminate.
208 d. Right to Cure. If Seller receives notice of unmerchantability of title or any other unsatisfactory title condition(s) or
209 commitment terms as provided in § 8 a or b above, Sellershall use reasonable effortto correct said items and bear any nominal expense
210 to correct the same prior to Closing. If such unsatisfactory title condition(s) are not corrected on or before Closing, this contract shall
211 then terminate; provided, however, Buyer may, by written notice received by Seller, on or before Closing, waive objection to such items.
212 e. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should be reviewed
213 carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property,
214 including without limitation boundary lines and encroachments, area, zoning, unrecorded easements and claims of easements, leases
215 and other unrecorded agreements, and various laws and governmental regulations concerning land use, development and
216 environmental matters. THE SURFACE ESTATE MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL
217 ESTATE, AND TRANSFER OF THE SURFACE ESTATE DOES NOT NECESSARILY INCLUDE TRANSFER OF THE MINERAL
218 RIGHTS. THIRD PARTIES MAY HOLD INTERESTS IN OIL, GAS, OTHER MINERALS, GEOTHERMAL ENERGY OR
219 WATER ON OR UNDER THE PROPERTY, WHICH INTERESTS MAY GIVE THEM RIGHTS TO ENTER AND USE THE
220 PROPERTY. Such matters may be excluded from the title insurance policy. Buyer is advised to timely consult legal counsel with
221 respect to all such matters as there are strict time limits provided in this contract (e.g., Title Objection Deadline [§ 2c] and
222 Off - Record Matters Objection Deadline [§ 2c]).
223 9. LEAD -BASED PAINT. Unless exempt, if the improvements on the Property include one or more residential dwelling(s) for which
224 a building permit was issued prior to January 1, 1978, this contract shall be void unless a completed Lead -Based Paint Disclosure
225 ( Sales) form is signed by Sellerand the required real estate licensee(s), which mustoccur priorto the parties signing this contract.
226 10. PROPERTY DISCLOSURE AND INSPECTION. On or before Seller's Property Disclosure Deadline (§ 2c), Seller
227 agrees to provide Buyer with a written disclosure of adverse matters regarding the Property completed by Seller to the best of Seller's
228 current actual knowledge.
229 a. Inspection Obiection Deadline. Buyer shall have the right to have inspection(s) of the physical condition of the
230 Property and Inclusions, at Buyer's expense. If the physical condition of the Property or Inclusions is unsatisfactory in Buyer's
231 subjective discretion, Buyer shall, on or before Inspection Objection Deadline (§ 2c):
232 (1) notify Seller in writing that this contract is terminated, or
233 (2) provide Seller with a written description of any unsatisfactory physical condition which Buyer requires
234 Seller to correct (Notice to Correct).
235 If written notice is not received by Seller on or before Inspection Objection Deadline (§ 2c), the physical condition of the
236 Property and Inclusions shall be deemed to be satisfactory to Buyer.
237 b. Resolution Deadline. If a Notice to Correct is received by Seller and if Buyer and Seller have not agreed in writing
238 to a settlement thereof on or before Resolution Deadline (§ 2c), this contract shall terminate one calendar day following the
239 Resolution Deadline (§ 2c), unless before such termination Seller receives Buyer's written withdrawal of the Notice to Correct.
240 C. Damage: Liens: Indemnity. Buyer is responsible for payment for all inspections, surveys, engineering reports or
241 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 of
242 such activities. Buyer shall not permit claims or liens of any kind against the Property for inspections, surveys, engineering reports and
243 for any other work performed on the Property at Buyer's request. Buyer agrees to indemnify, protect and hold Seller harmless from and
244 against any liability, damage, cost or expense incurred by Seller in connection with any such inspection, claim, or lien. This indemnity
245 includes Seller's right to recover all costs and expenses incurred by Seller to enforce this subsection, including Seller's reasonable
246 attorney fees. The provisions of this subsection shall survive the termination of this contract.
CBS 3 -9 -99 Contract to Buy and Sell Real Estate (Vacant Land - Farm - Ranch - Financing Omitted) Page 5 of 9
Buyer Initials Seller Initials _
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11. CLOSING. Delivery of deed(s) from Seller to Buyer shall be at Closing (Closing). Closing shall be on the date specified as
the Closing Date (§ 2c) or by mutual agreement at an earlier date. The hour and place of Closing shall be as designated
by mutual agreement of the parties
12. TRANSFER OF TITLE. Subject to tender or payment at Closing as required herein and compliance by Buyer with the other
terms and provisions hereof, Seller shall execute and deliver a good and sufficient general warranty deed to Buyer, at Closing,
conveying the Property free and clear of all taxes except the general taxes for the year of Closing. Except as provided herein, title shall
be conveyed free and clear of all liens, including any governmental liens for special improvements installed as of the date of Buyer's
signature hereon, whether assessed or not. Title shall be conveyed subject to:
a. those specific Exceptions described by reference to recorded documents as reflected in the Title Documents
accepted by Buyer in accordance with § 8a [Title Review],
b. distribution utility easements,
C. those specifically described rights of third parties not shown by the public records of which Buyer has actual
knowledge and which were accepted by Buyer in accordance with § 8b [Matters Not Shown by the Public Records], and
d. inclusion of the Property within any special taxing district, and
e. the benefits and burdens of any declaration and party wall agreements, if any, and
f. other none
13. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid at or before Closing from the
proceeds of this transaction or from any other source.
14. CLOSING COSTS: DOCUMENTS AND SERVICES. Buyer and Seller shall pay, in Good Funds, their respective Closing
costs and all other items required to be paid at Closing, except as otherwise provided herein. Buyer and Seller shall sign and
complete all customary or reasonably required documents at or before Closing. Fees for real estate Closing services shall be
paid at Closing by
X One -Half by Buyer and One -Half by Seller ❑ Buyer O Seller
Other WA
The local transfer tax of 1 % of the Purchase Price shall be paid at Closing by X Buyer ❑ Seller. Anq -safes -ern#
else iax lhaime� &eel tie beeatise eF I! iq is a 5806814 Shall be paid 1 011 M..._ M -Il .
15. PRORATIONS. The following shall be prorated to Closing Date (§ 2c), except as otherwise provided:
a. Taxes. Personal property taxes, if any, and general real estate taxes for the year of Closing, based on
❑ The Taxes forthe Calendar Year Immediately Preceding Closing ]$The Most Recent Mill Levy and Most Recent Assessment
El Other N/A
b.
a
C. Other Prorations. Water, sewer charges; and interest on continuing loan(s), if any; and
d. Final Settlement. Unless otherwise agreed in writing, these prorations shall be final.
16. POSSESSION. Possession of the Property shall be delivered to Buyer on Possession Date and Possession Time (§ 2c),
subject to the following lease(s) or tenancy(s): None
If Seller, after Closing, fails to deliver possession as specified, Seller shall be subject to eviction and shall be additionally liable
to Buyer for payment of $ 200.00 per day from the Possession Date (§ 2c) until possession is delivered.
17. NOT ASSIGNABLE: This contract shall not be assignable by Buyer without Seller's prior written consent. Except as so
restricted, this contract shall inure to the benefit of and be binding upon the heirs, personal representatives, successors and assigns of
the parties.
18. CONDITION OF, AND DAMAGE TO PROPERTY AND INCLUSIONS Except as otherwise provided in this contract,
the Property, Inclusions or both shall be delivered in the condition existing as of the date of this contract, ordinary wear and tear
excepted.
a. Casualty: Insurance. In the event the Property or Inclusions shall be damaged by fire or other casualty prior to
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
Closing Date (§ 2c). In the event such damage is not repaired within said time or if the damages exceed such sum, this contract may
be terminated at the option of Buyer by delivering to Seller written notice of termination. Should Buyer elect to carry out this contract
despite such damage, Buyer shall be entitled to a credit, at Closing, for all the insurance proceeds resulting from such damage to the
Property and Inclusions payable to Seller but not the owners' association, if any, plus the amount of any deductible provided for in
such insurance policy, such credit not to exceed the total Purchase Price.
b. Damage: Inclusions: Services. Should any Inclusion(s) or service(s) (including systems and components of the
Property, e.g. heating, plumbing, etc.) fail or be damaged between the date of this contract and Closing or possession, whichever shall
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
CBS 3 -9 -99 Contract to Buy and Sell Real Estate (Vacant Land - Farm - Ranch - Financing Omitted) Page 6 of 9
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304 quality, or an equivalent credit, but only to the extent that the maintenance or replacement of such Inclusion(s), service(s) or fixture(s)
305 is not the responsibility of the owners' association, if any, less any insurance proceeds received by Buyer covering such repair or
306 replacement. The risk of loss for any damage to growing crops, by fire or other casualty, shall be borne by the party entitled to the
307 growing crops, if any, as provided in § 3 and such party shall be entitled to such insurance proceeds or benefits for the growing crops,
308 if any.
309 C. Walk- Through: Verification of Condition. Buyer, upon reasonable notice, shall have the right to walk through
310 the Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with this contract.
311 19. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this document, Buyer and Seller acknowledge that
312 the Selling Company or the Listing Company has advised that this document has important legal consequences and has
313 recommended the examination of title and consultation with legal and tax or other counsel before signing this contract.
314 20. TIME OF ESSENCE AND REMEDIES. Time is of the essence hereof. If any note or check received as Earnest Money
315 hereunder or any other payment due hereunder is not paid, honored or tendered when due, or if any other obligation hereunder is not
316 performed or waived as herein provided, there shall be the following remedies:
317 a. If Buyer is in Default:
318 El (1) Specific Performance. Seller may elect to treat this contract as canceled, in which case all payments and
319 things of value received hereunder shall be forfeited and retained on behalf of Seller, and Seller may recover such damages as may
320 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
321 performance or damages, or both.
322 X (2) Liquidated Damages. All payments and things of value received hereunder shall be forfeited by Buyer
323 and retained on behalf of Seller and both parties shall thereafter be released from all obligations hereunder. It is agreed that such
324 payments and things of value are LIQUIDATED DAMAGES and (except as provided in subsection c) are SELLER'S SOLE AND
325 ONLY REMEDY for Buyer's failure to perform the obligations of this contract. Seller expressly waives the remedies of specific
326 performance and additional damages.
327 b. If Seller is in Default: Buyer may elect to treat this contract as canceled, in which case all payments and things of
328 value received hereunder shall be returned and Buyer may recover such damages as may be proper, or Buyer may elect to treat this
329 contract as being in full force and effect and Buyer shall have the right to specific performance or damages, or both.
330 C. Costs and Expenses. In the event of any arbitration or litigation relating to this contract, the arbitrator or court
331 shall award to the prevailing party all reasonable costs and expenses, including attorney fees.
332 21. MEDIATION. If a dispute arises relating to this contract, prior to or after Closing, and is not resolved, the parties shall first
333 proceed in good faith to submit the matter to mediation. Mediation is a process in which the parties meet with an impartial person who
334 helps to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. The parties to the dispute must
335 agree before any settlement is binding. The parties will jointly appoint an acceptable mediator and will share equally in the cost of such
336 mediation. The mediation, unless otherwise agreed, shall terminate in the event the entire dispute is not resolved 30 calendar days
337 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
338 contract, unless otherwise agreed.
339 22. EARNEST MONEY DISPUTE. Notwithstanding any termination of this contract, Buyer and Seller agree that, in the event
340 of any controversy regarding the Earnest Money and things of value held by broker or Closing Company (unless mutual written
341 instructions are recieved by the holder of the Earnest Money and things of value), broker or Closing Company shall not be required to
342 take any action but may await any proceeding, or at broker's or Closing Company's option and sole discretion, may interplead all
343 parties and deposit any moneys or things of value into a court of competent jurisdiction and shall recover court costs and reasonable
344 attorney fees.
345 23. TERMINATION. In the event this contract is terminated, all payments and things of value received hereunder shall be
346 returned and the parties shall be relieved of all obligations hereunder, subject to §§ 10c, 21 and 22.
347 24. ADDITIONAL PROVISIONS. (The language of these additional provisions has not been approved by the Colorado Real
348 Estate Commission.)
349 See Exhibits "A," "B," and "C" attached hereto and incorporated herein by reference
350
351
352
353
354
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25. ENTIRE AGREEMENT: SUBSEQUENT MODIFICATION: SURVIVAL. This contract constitutes the entire contract
between the parties relating to the subject hereof, and any prior agreements pertaining thereto, whether oral or written, have been
merged and integrated into this contract. No subsequent modification of any of the terms of this contract shall be valid, binding upon
the parties, or enforceable unless made in writing and signed by the parties. Any obligation in this contract which, by its terms, is
intended to be performed after termination or Closing shall survive the same.
26. FACSIMILE. Signatures X May ❑ May Not be evidenced by facsimile. Documents with original signatures shall be
provided to the other party at Closing, or earlier upon request of any party.
27. NOTICE. Except for the notice requesting mediation described in § 21, any notice to Buyer shall be effective when received
by Buyer or by Selling Company and any notice to Seller shall be effective when received by Seller or Listing Company.
28. NOTICE OF ACCEPTANCE: COUNTERPARTS. This proposal shall expire unless accepted in writing, by Buyer and
Seller, as evidenced by their signatures below, and the offering party receives notice of acceptance pursuant to
§ 27 on or before Acceptance Deadline Date and Acceptance Deadline Time (§ 2c). If accepted, this document shall become a
contract between Seller and Buyer. A copy of this document may be executed by each party, separately, and when each party has
executed a copy thereof, such copies taken together shall be deemed to be a full and complete contract between the parties.
EAGLE COUNTY, STATE OF COLORADO
BY AND THROUGH ITS BAQRD OF COUNTY COMMISSIONERS
Buyer Aft "81
Date of Buyer's Signature:
Buyer's Address: C/o Ea I
Buyer's Telephone No: 97
of Buyer's Signature:
Fax No: 970- 328 -8699
[NOTE: If this offer is being countered or rejected, do not sign this document. Refer to § 29]
MOUNTAIN HIGH AVIATION, LLC.
Seller S. Robert Levine
Date of Seller's Signature:
Seller
Date of Seller's Signature:
Seller's Address: /o John W. Dunn. Dunn & Causey, LLC, P.O Box 7717 Avon CO 81620
Seller's Telephone No: 970- 748 -6400 Seller's Fax No: 970- 748 -8881
29. COUNTER: REJECTION. This offer is ❑ Countered ❑ Rejected.
Initials only of party (Buyer or Seller) who countered or rejected offer
388
389 END OF CONTRACT
390 Note: Closing Instructions should be signed on or before Title Deadline.
391
392
393
394
395 §Q4-
396
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LEGAL DESCRIPTION
A parcel of land being a portion of Tract 60, Tract 61, Sectic:n 3, Section 4,
Section 9 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 at Reception
No. '785448 to Mountain High Aviation, L.L.C., more particularly described as follows:
Beginning at a survey monument found marking the witness corner to Angle
Point 3 of Tract 57, Township 5.South, Range 85 West, being a 2 %Z" diameter
U.S.G.L.O. brass cap on YV 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, from which an aluminum cap on rebar stamped L.S. 11204 bears
South 00 1 20'53" West, 0.16 feet.
Thence, South 88 °54'21" West, along said fence line, a distance of 295.38 feet, to the
true point of beginning, from which an aluminum cap on rebar stamped L.S. 11204 bears
North 00 1 21'22" East, 0.70 feet.
Thence, South 89 0 02'47" West, along said fence line, a distance of 183.69 feet, to a
point.
Thence, South 88 °48'38" West, along said fence line, a distance of 153.32 feet, to a
point.
Thence, South 88 °24'15" West, along said fence line, a distance of 139.42 feet, to a
point.
Thence, South 89 °15'36" West, along said fence line, a distance of 182.47 feet, to a
point.
Thence, South 89 °07'30" West, along said fence line, a distance of 263.89 feet, to a
point.
Thence, South 89 ° 12'22" West; along said fence line, a distance of 99.83 feet, to a point,
from which an aluminum' cap on rebar stamped L.S. 15710, bears South 21 °10'58" West,
0.49 feet. .
Thence, North 87 °02'49" West, a distance of 7.75 feet, to a point.
Thence, South 88 °58'54" West, a distance of 20.20 feet, to an aluminum cap on rebar
stamped L.S. 33428, from which the witness corner to Angle Point 3 of said Tract 60
bears South 39 °05'55" East, 76.42.
f G / I-' es BR P,
Thence, North 09 0 30'57" West, a distance of 46.27 feet, to an aluminum cap on rebar
stamped L.S. 11204.
Thence, North 14 0 45'42" West, a distance of 165.50 feet, to an aluminum cap on rebar
stamped L.S. 11204.
Thence, North 89 °21'11 "East, a distance of 21.02 feet, to an aluminum cap on - ebar
stamped L.S. 11204.
Thence, North 89'00'17" East, a distance of 1080.65 feet, to a point on the west line of a
parcel of land described in Book 278, at Page 800, in the Office of the Eagle County
Clerk and Recorder, from which an aluminum cap on rebar stamped L.S. 11204, bears
South 89 0 00'17" East, 0.26 feet.
Thence, South 00 °21'22" West, along said west line, distance of 206.84 feet, to said true
point of beginning, and containing 222,811 square feet or 5.1150 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.
z
EXHIBIT `B"
ADDENDUM OF TERMS AND CONDITIONS TO THE
CONTRACT TO BUY AND SELL REAL ESTATE DATED
JULY 23, 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 I
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. Buyer may apply to the Town of Gypsum for a zoning change to "Airport PUD ".
Seller shall cooperate with Buyer to assist Buyer in obtaining "Airport PUD" zoning through the
Town of Gypsum, Colorado.
6. Closing 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 will occur on April 30, 2003 or may be extended
further by mutual agreement of the parties.
7. 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.
8. 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.
3
9. 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. Seller represents to the best of Seller's knowledge and belief and without
investigation that 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.
10. 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.
11. 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.
M _
t
12. 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.
In the event that any title or off record matters are modified, revised or altered after Buyer's
objection deadlines and in advance of closing, Seller shall provide Buyer with notice and copies
of the documents and Buyer shall have five calendar days after receipt to review and object to
any documents which in Buyer's sole discretion are objectionable.
13. 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
this contract.
14. 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.
15. 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.
, STATE OF COLORADO
iF COUNTY COMMISSIONERS
EM /.[.� .•� �s�
ATTEST:
Clerk to the Board of County
Commissioners
MOUNTAIN HIGH AVIATION, LLC
By:
S. Robert Levine
Wdhm\levineexhibitb
Key a;: .x!lt "n� '::✓r. ,', .�..t3 t'�+§�ry 4; t i!' : ` +v.t } ?.4 _ ; r {f { Yi r � ; .'. x jt�:'' CF3 x i xix; U' 1-f f. , 4 .y�sY} + ✓c 5
All of Grantor's right title and interest in and to all water rights,
ditches and ditch rights, 3 wells'appurtenant to and used in conjunction
with the property described on exhibit "A='I attached hereto, and including,
but not limited to all of grantors right, title and interest in and to the
following water rights:
100% of the water in the Fritz Wells Nos. 1, 2, and 3. The water
rights in the Fritz Wells, their case number, source, and decreed right of F. diversion in cubic feet per second are described as follows:
Fritz Well No. 1 Eagle River Alluvium 0.44, W -3705 (now
96CW386) District Court, Water Division 5, Colorado.
Fritz Well No. 2 Eagle River Alluvium 0.44, W -3705 (now
96CW386) District Court, Water Division 5, Colorado.
Fritz Well No. 3 Eagle River Alluvium 0.44, W -3705 (now
96CW386) District Court, Water Division 5, Colorado.
PARCEL .B
EXHIBIT A —�
tifMiike 4 [P t Zl t Afr - ref
j�,ygypp�'{np [ jT�a gyp( t'f. �.v4
A PARCEL OF LAND LOCATED IN TRACTS 60 AND 61 AND SECTIONS 3 AND 4 ALL IN
TOWNSHIP 5 SOUTH, RANGE 85 WEST OF THE 6TH PRINCIPAL MERIDIAN ACCORDING TO
THE
INDEPENDENT RESURVEY OF SAID TOWNSHIP AND RANGE AS APPROVED BY THE U.S.
SURVEYOR GENERAL'S OFFICE IN DENVER, COLORADO ON JUNE 20, 1922. ALL BEARINGS
BEING RELATIVE TO A BEARING OF NORTH 00 DEGREES 21 MINUTES 00 SECONDS EAST
FROM A BRASS CAP SET AS A WITNESS CORNER FOR ANGLE POINT 3 OF TRACT 57 TO A
'
BRASS CAP SET FOR ANGLE POINT 2 OF TRACT 57. SAID PARCEL BEING MORE
'. PARTICULARLY:.DESCRIBED AS FOLLOWS:
BEGINNING AT'A POINT ON THE WEST BOUNDARY OF A PARCEL OF -LAM DESCRIBED BY
RECEPTION NO. 172262 OF THE EAGLE COUNTY, COLORADO RECORDS ALSO BEING THE
NORTHEASTERLY CORNER -OF A PORTION OF PARCEL mESCRZBED'BY RECEPTION NO. 256102
OF THE EAGLE COUNTY, COLORADO RECORDS, ,WHENCE A BRASS CAP SET FOR ANGLE POINT
1
OF SAID TRACT 60, ANGLE POINT 2 OF'TRACT 57, ANGLE POINT 3 OF TRACT $6 AND
ANGLE POINT 4 OF TRACT 59 BEARS NORTH 16 DEGREES 09 MINUTES 26 SECONDS EAST,
1193.69 BEET; '
THIMCE OD DEGREES 21 MINUTES 00 SECONDS EAST, 45.57 FEET ON THE WEST
.BOt,=_'ARY AS DESCRIBED 3N SAID ;RECEPTION NO. 172262;
R
T#TENCE'SOVTH 89 DEG
DEGREES 00 MINUTES 15 SECONDS WEST, 1080.98 FEET TO THE EAST
POUNPARY OF A ROAD AS DESCRIBED IN SAID RECEPTION NO. 256102;
lffFi �, SOUTH IS DNGREES O1 MINUTES 00 SECONDS EAST, 36.53 FEET ON THE EAST
BOUNi51l;1#.Y..OF' SAID'ROAD AS- DESCRIBED IN SAID RECEPTION NO. 256102;
- 'THENCE "rzORTH 8.9 'DEGREES 32 MINUTES 44 SECONDS EAST, 1071.10 FEET ON THE NORTH:
.. BOUNDARY OF A PORTION OF LAND AS DESCRIBED IN SAID RECEPTION NO. 256102 TO THE
POINT pF BEGINNING, COUNTY OF EAGLE, -S:TXtg OF COLORADO-
PARCEL C
"...
..
A PARCEB IOP 'LAND LOCATED IN TRACTS 6A, AND•.,61 ANO..SEG2;LON5 3, 4., 9'_ AND 10 ALL IN
"
TOT4Ny^HIP 5'SCUTH, ;R7(NGE 85 *9S Z OF THE 6TH ?�R -' GC072ISfG.
INDEP NDENT RESURVEY OF SAID TOW.pI'SHIP AND RANGE -A,S APPROVED BY T* tr.$.
.
SURVEYOR. GEN,ERAL'S OFFICE IN D NTtk`$, COLORADO ON JUNE - 20, 1922 A-+L -SSEARING
BEING RELAT]SVE TO A BE2)RI;7/., Qk'£N2��TH 00 DEGREE 21 MII�{= DO SECoon'l'.iiAST'PRom
.
A BRASS CAP SET AS A w 3*t SS. C}'QRN0. ,'.FOR ANGLE POINT "� OF .TRACT 59: TO A HIFAS5
CAP $ET FOR ,A"�tGLE PO IN T 2 08 TitA' �Y 57; SAID .1?ARCEL MORE PART,Y�.".UtAIMY
.BEING
DESCRIBED AS ,VQLLOWS ." '•" .
' BEGTN3;NNING AT A -POINT ON THE 'WEST BOUNDARY OF A. PARCEL OF LAND DESCRIBED BY
RECEPTION ND. 172262 OF THE EAGLE COTINTY, COLORADO RECORDS ALSO BEING'
NORTHEASTERLY CORNER .(7P 71 PORTION OF A PARCEL 01 LAND DESCRIBED BY RECEPTION'S
N0. 256104 OF THE EAGLE CUNTY, COLORADO RECORDS WHENCE A BRASS CAP SET FOR
ANGLE POINT 1 OF SAID TRACT 60, ANGLE POINT 2 OF TRACT 57., ANGLE POINT 3 OF
TRACT 56 AND ANGLE POINT 4 08 TRACT 59 BEARS NORTH 16 DEGREES .09 MINUTES 26
�•�
SECONDS EAST, 1193 , 69 PEET;
THENCE ON THE BO U2ZDARY OF SAID PARCEL AS DESCRIBED BY RECEPTION NO. 25610.2 8V
?�
THE EAGLE COUNTY RECORDS THE FOLLOWING SEVEN (71 COURSES:.
•.`K;t
' ,
'SOUTH 89 DEGREES 32 MINUTES 44 1071.1.0 FEET;
-'.� '! "•
2. NORTH 15 DEGREES 01 MINUTES 00 SECONDS WEST 36.53 ..FEET; '
'
3- SOUTH 89 DEGREES .00 MINUTES 15 SECONDS -WEST 21..40 FEET;
'
4. SOUTH 15 DEGREES 01 MINUTES 00 SECONDS EAST, 165.49. FEET;
S. SOUTH 09 DEGREES 12 MINUTES 08 SECONDS EAST, 47.13 FEET;
_
6. NORTH 89 DEGREES 00 MINUTES 15 SECONDS EAST, 20.20 FEET;
.
7. NORTH 88 MINUTES 56 MINUTES 31 SECONDS - EAST, 1030.72 FEET (RECORD CALL IS
NORTH 89 DEGREES 00 MINUTES IS SECONDS EAST, 1030.39 FEET) TO THE SOUTHWEST
CORNER, OF A PARCEL OF LAND DESCRIBED BY PARCEL NUMBER 172262;
THENCE NORTH 00 DEGREES 21 MINUTES -00 SECONDS EAST, 1b0. 58 FEET ON THE WEST
"
BOUNDARY OF SAID PARCEL DESCRIBED BY- RECEPTION NO. 172262, COUNTY OF EAGLE,
STATE OF COLORADO.
�r L' AS PARCELS 13 AND C,, COUNTY AIRPORT.-
DELATTE SUBDIVISION,
EAGLE COUNTY BOARD OF COUNTY COMMISSIONERS
AGENDA REQUEST & STAFF RECOMMENDATION l+'ORM
TITLE: CONTRACT TO BUY AND SELL REAL ESTATE BETWEEN EAGLE
COUNTY AND MOUNTAIN HIGH AVIATION, LLC
LOCATION: Eagle County Room
STAFF C')NTACT /PRESENTER: County Attorney Representative
DEPARTMENT: George Roussos /County Attorney
REQUESTED HEARING DATE: 7 -23 -02 (1stChoice)
CHECK ONE:
CONSENT CALENDAR X ON THE RECORD
LENGTH OF TIME REQUESTED/REQUIRED:
(2nd Choice)
WORK SESSION
5 minutes
HAVE THE DOCUMENTS TO BE SIGNED BEEN REVIEWED AND APPROVED BY
THE COUNTY ATTORNEY OFFICE?
�r
ATTO EY
J
IF THIS IS A CONTRACT OR OTHER ITEM REQUIRING AN EXPENDITURE, IS
THE FULL AMOUNT TO COVER THIS REQUEST IN THE CURRENT APPROVED
BUDGET?
PROJECT /CONTRACT DESCRIPTION:
STAFF RECOMMENDATION:
BASIS FOR RECOMMENDATION:
PROPOSED MOTION:
ATTACH ALL BACK UP DOCUMENTS TO THIS FORM)
Jack Ingstad, County Administrator
FAX TRANSMISSION
EAGLE COUNTY ATTORNEY'S OFFICE
P.O. Box 850
Eagle, Colorado 81631
970 - 328 -8685
From:
Subject
Original documents will:
Follow by regular mail
Follow by Federal Express
_, Not be sent
Confidentiality Notice
This message is intended only for the use of the individual or entity to which it is addressed and may contain information that is
privileged, confidential and exempt from disclosure under applicable law. If the reader of this message is not intended recipient,
or the employee or agent responsible for delivering the message solely to the intended recipient, you are hereby notified that any
dissemination, distribution or copying of this communication is strictly prohibited. If you have received this communication in
error, please notify us immediately by telephone and return the original message to us at the above address via the U.S. Postal
Service. Thank you.
IV ilk �i'
t
Confirmation Report— Memory Send
Time Jul -23 -2002 03:47pm
Tel line 9703288699
Name EAGLE COUNTY ATTORNEY OFFICE
Jab number
Date
To
Document pages
Start time
End time
Pages sent
Status
Job number
To:
Pax tk:
From:
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790
Jul -23 03:41pm
97488881
018
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Jul-23 03:47pm
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790
Dato: 7
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