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Home My WebLink AboutC11-134 Beck Purchase Property Contract Forbes Sotheby's International Realty • y ,�� k �_�� Chris 5cherpf Ph: 970-848-0400 Fax: 970-949-1990 • 1 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Co lesion ( CP40 - 8 - 10) ( Mandatory 1 -11 2 • 3 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING, 4 6 COUNTERPROPOSAL e Date: 4/98/2011 • 7 s I. Thls Counterproposal shall supersede and replace any previous counterproposal. This 9 Counterproposal amends the proposed contract dated 4/14/2011 (Contract), between Howard Allen Heck (Seller), and Eagle County, Colorado (Buyer), relating to the sale and purchase of the io following legally described real estate In the County of Colorado: 11 x2 known as No. 6572 Highway 6 Gypsum CO 81637 (Property). 13 14 NOTE: If any Item Is left blank or Is marked In the "No Change" column, It means no change x9 to the corresponding provision of the Contract. If any Item Is marked In, the "Deleted" column, ft 16 means that the corresponding provision of the Contract to which reference le made Is deleted. 17 is 2. §2.3. DATES AND DEADLINES. (Omitted as inapplicable) 19 20 3. tr 4. PURCHASE PRICE AND TERMS. (Omitted as Inapplicable) 21 22 4. ATTACHMENTS. The following ere a part of this Counterproposal: 23 1.)Short Sale Addendum 24 Note: The following disolosure forms are attached but are not a part of this Counterproposal: • 23 no change 26 27 5. OTHER CHANGES. • 28 a.) Addendum to Contract Items d and a shall be deleted. 6. ACCEPTANCE DEADLINE. This Counterproposal shell expire unless accepted In writing by Seller and Buyer as evidenced by their signatures below and the offering party to this document receives notice 30 of soh acceptance on or before April 20, 2011 10 :00 AM MST' Date Time 31 32 If accepted, the Contract, as amended by this Counterproposal, shall become a contract between Seller and Buyer. All other terms and conditions of the Contract shall remain the same. Date: 4.b,41),, 66 d Allen Beck 39 Address: 36 • 37 Seller :, Date: Se ::r. Eagle 40 C ± County, Colorado 41 Address: 42 CP404 COUNTERPROPOSAL Toga 1 of 2 • Initials 11CTM "uw Coy. /21" McContrailts.uo - (ri20 b 11 sro CT m P 014 41- as Buyer: Date: 44 Address: • Note: When this Counterproposal form is used, the Contract la not to be signed by the party Initiating this 45 Counterproposal, Brokers must complete and sign the Broker's Acknowledgments and Compensation Disclosure portion of the Contract. CP4O.B -10 COUNTERPROPOSAL CTM aContreCts - 02011 CTM Software Corp. II I I I I • CP40 -8 -10; COUNTERPROPOSAL Page 2 of 2 initftsld ��_�_ • c"rMeC'eausets.com -02011 CTM Software Corp. 1 2 1 orbes Forbes Sotheby's International Realty 3 Chris Scherpf 4 Sotheby's • Ph: 970 - 845 -0400 Fax: 970-949-1990 5 6 he printed portions of this form, except differentiated additions, have been approved by the s Colorado Real Estate Commission. (SSA38 -8 -10) (Mandatory 1 -11) 9 10 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD 12 CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. 13 14 SHORT SALE ADDENDUM 15 16 17 Date: 4/18/2011 18 19 20 1. ADDENDUM TO CONTRACT. This Short Sale Addendum (Addendum) is made a part of 22 the following contract that is checked: 23 24 ❑ Listing Contract (Listing Contract) dated for the Property for purposes 26 of disclosing to Seller certain matters of a Short Sale, or; 27 29 ® Contract to Buy and Sell Real Estate between Seller and Buyer (Contract) dated 30 April 14, 31 2011 , relating to the sale of the Property 33 known as: 5572 Highway 6 Gypsum CO 81637 (Property). 34 36 This Addendum shall control in the event of any conflict with the Contract. Except as 37 modified, all other terms and provisions of the Contract shall remain the same. 38 40 2 . PURPOSE AND DEFINITIONS. • 41 42 2.1 Purpose of Addendum. Seller has debts secured by one or more liens on the 44 Property. The Purchase Price may not be enough to cover payment for all the liens and costs 46 of sale. If so, for the Closing to occur, the affected Lien Holders (§ 2.2 below) must agree to a 47 Short Sale (§ 2.3 below). 48 s0 2.2. Lien; Lien Holder. A Lien is a recorded claim or lien against the Property, 51 including, but not limited to, a mortgage, deed of trust, mechanic's lien, judgment or tax lien 53 (Lien). A title insurance commitment may be used to show the Liens against the Property. A 54 Lien Holder is a creditor who has a Lien and agrees to release its Lien in a Short Sale (§ 2.3 56 below). 57 58 2.3. Short Sale. A Short Sale (Short Sale) is a transaction in which any Lien Holder 60 releases its Lien against the Property and (1) accepts an amount less than the full amount 61 Lien Holder claims is owed or (2) treats the debt secured by the Lien differently than as 63 originally provided for in the evidence of debt (such as promissory note). Before a Short Sale 64 can occur, Buyer, Seller, and each Lien Holder (except those creditors that are to be paid the 66 full amount claimed) must consent to the terms of the sale. Sometimes, a Lien is released but 67 the Lien Holder does not agree to release Seller from liability or reduce the unpaid portion of 69 the debt, and the Seller and any guarantors will remain liable after Closing for that unpaid 70 portion, despite the release of the Lien against the Property at Closing. 71 72 2.4 Short Sale Acceptance. Short Sale Acceptance (Short Sale Acceptance) is when 74 Seller receives one or more written statements, signed by each Lien Holder, that specify the 26 terms and conditions of the Short Sale. • SSA38 -8 -10. SHORT SALE ADDENDUM Page 1 of 5 Buyer(s) Initials Seller(s) Initials CTMeContracts.com - ©2011 CTM Software Corp. 77 78 3. MANDATORY DISCLOSURES TO SELLER AND BUYER. 80 Note: The disclosures to Buyer are informational only to Seller when used as an addendum to 81 Listing Contract. • 82 83 84 3.1 SELLER IS ADVISED TO CONTACT THE COLORADO FORECLOSURE 85 PR VENTION HOTLINE OPERATED IN COOPERATION WITH THE COLORADO DIVISION OF 86 87 HO SING AT.1- 877 - 601 -4673 OR THE HUD HOUSING COUNSELING AND REFERRAL LINE AT 88 1 -8 0- 569 -4287. 89 90 91 3.2. Seller acknowledges that there are alternatives to a Short Sale that may be 93 bet r for Seller. Seller acknowledges that a Short Sale transaction may result in continued 94 liab lity of Seller or other persons liable for the debt that could be extinguished through 96 for losure, bankruptcy or other loss mitigation options, including but not limited to a 9 7 neg tiated loan modification with Lien Holder. Seller acknowledges that it is the responsibility 99 of Iler to investigate these alternative methods of resolution with Seller's legal, accounting 100 or fi ancial advisors and with Lien Holder and it is not the responsibility of any real estate 1°1 bro er to undertake any investigation of other options that may be available to Seller. 103 10 3.3. Short Sales may have serious adverse legal, tax and economic consequences 106 for eller and any guarantors. Seller is advised to seek legal and tax counsel to advise Seller 1 07 of t a legal effect and meaning of any Short Sale Acceptance from Lien Holder. 108 109 110 3.4. Lien Holder is not required to agree to a Short Sale. Even if a Lien Holder iiz agr s to a Short Sale, a Lien Holder is not required to forgive repayment of the debt secured 113 by t e Lien or release Seller and any guarantors from liability unless Lien Holder's claim is 114 paid in full. Seller acknowledges that Lien Holder may or may not agree to release Seller or 116 any uarantors from liability to Lien Holder. If not released, Seller and any guarantors will 117 rem in liable to Lien Holder for any amount that remains unpaid after the Short Sale. To be 119 bind ng, any release of liability by Lien Holder must be in writing, must be executed by Lien • 120 Hold r, and must provide that Seller and all guarantors are released from liability. 121 122 123 3.5. Lien Holder may condition its agreement on Seller doing any or all of the 124 following to obtain a Short Sale Acceptance: (1) make a cash payment, (2) sign a new 126 promissory note, (3) continue to owe the Lien Holder the unpaid portion of the debt and (4) 127 agree to other requirements made by Lien Holder. 128 130 3.6. If the Lien Holder accepts less than full payment, Seller understands that Seller iiz may ncur federal and state tax liability due to a Short Sale and understands that Lien Holder 133 is re uired to file all required 1099 Forms with the Internal Revenue Service with respect to 134 this ansaction. Seller is strongly advised to seek tax advice regarding the potential adverse 136 tax c nsequences to Seller of a Short Sale. 137 13 3.7. Seller acknowledges that a Short Sale Acceptance by the Lien Holder will not 1490 nece sarily repair or rehabilitate Seller's credit rating and Lien Holder has no obligation other 1 14 2 1 than o fairly report this transaction to any credit rating agency. 143 144 3.8. Seller may terminate the Contract: (1) as provided in this Addendum, (2) if Lien 146 Hold r does not approve the Contract, or (3) if the terms and conditions from Lien Holder to 147 obtai a release of the Lien are not acceptable to Seller, in Seller's sole discretion, by written 149 notic to Buyer on or before three days after the Short Sale Acceptance Deadline (§ 8.1 150 belo ). 151 SSA38 -8 -10. HORT SALE ADDENDUM Page 2 of 5 • Buyer(s) Initia Sellers Initials CTMeContracts.corn - 02011 CTM Software Corp. I _- 152 153 3.9. Buyer may terminate the Contract: (1) as provided in this Addendum, (2) if Lien 154 154 Holder does not approve the Contract, or (3) if the terms and conditions of any Agreement to • 156 Amend /Extend Contract are not acceptable to Buyer, in Buyer's sole discretion, by written 157 notice to Seller on or before three days after the Short Sale Acceptance Deadline (§ 8.1 159 below). 160 162 3.10. Release of the Lien against the Property does not by itself release Seller or any 163 guarantors from liability for the debt. 164 166 3.11. Buyer acknowledges that the Short Sale Conditions (§ 4 below) may lead to 167 termination of the Contract. The Short Sale process may result in delays in the Closing. Buyer 168 is advised to consult with legal counsel about this Addendum and its legal effect. 170 172 3.12. Buyer and Seller acknowledge and agree that any Short Sale Acceptance by 173 Lien Holder is made on the condition that none of the terms of the sale shall differ in any 174 material respect from the terms submitted to the Lien Holder on which the Short Sale 176 Acceptance was based. For purposes of the Contract, any change in the date of Closing, 177 Purchase Price, real estate brokerage commissions, concessions or net proceeds to be paid 179 to, or other remuneration to be received by Seller in connection with the proposed Short Sale 180 shall be deemed a material change. Any material change will require that the Short Sale 182 Proposal be re- submitted to the Lien Holder for approval, which could result in delays for 183 approval or even denial of the Short Sale. 184 185 186 3.13. This Addendum should be signed by both Buyer and Seller at time of 187 contracting, as most Lien Holders will not consider a Short Sale until a signed contract Is 189 received for their review. 190 19z 4. SHORT SALE CONDITIONS. Notwithstanding anything to the contrary in this • 193 Addendum, the Contract between Seller and Buyer, for the benefit of both Seller and Buyer, is 195 conditional upon all of the following occurring: 196 198 4.1. Seller has received from each Lien Holder a Short Sale Acceptance that is 199 acceptable to Seller. 200 202 4.2. Agreement to Amend /Extend Contract signed by Buyer and Seller, so long as 203 both parties agree, in their sole subjective discretion, to the changes to the Contract required 205 by the Short Sale Acceptance. 206 207 5. SELLER DEADLINE FOR SUBMISSION TO LIEN HOLDER. Seller agrees to submit to 209 each Lien Holder a request for a Short Sale and all documents and information requested by 210 Lien Holder, including a copy of the Contract, any Counterproposal, this Addendum and 212 amendments. The initial submission by Seller to each Lien Holder shall be on or before initial 213 Submission Deadline (§ 5.1 below). Any additional information or documentation requested of 215 Seller by such Lien Holder shall be submitted within five days of such request or Buyer may 216 terminate the Contract pursuant to § 8.2 below. 217 2i9 5.1. Seller Submission Deadline. The Seller Submission Deadline shall be as set forth 220 below. 221 Event Deadline From 222 223 Initial Submission MEC plus 5 Business days days from MEC (§ 3 of Contract) 224 225 226 5.2. Seller Consents to Lien Holder's Release of Information. Seller consents that SSA38 -8 -10. SHORT SALE ADDENDUM Page 3 of 5 Buyer(s) Initials ^? Seller(s) Initials CTMeContracts.com - 02011 CTM Software Corp. i 22$ Lie Holder and its representatives may supply and communicate any loan, financial 229 inf. rmation, or other information of Seller, confidential or otherwise, with any of the following 230 inv ' Ived in the transaction and their representatives: Seller's attorney, Broker or Brokerage 231 Fir working with Seller, transaction coordinator, title insurance company, Closing Company, • 233 an• the following as checked: ® Other Lien Creditors ® Broker or Brokerage Firm 235 wo king with Buyer ❑ Buyer ❑ Buyer's attorney. 236 237 6. DATES AND DEADLINES. 239 240 6.1. Revised Dates and Deadlines and Other Terms. Buyer and Seller acknowledge 241 tha, an Agreement to Amend /Extend Contract (Amend /Extend) is required to revise the Dates 243 and Deadlines (§ 3 Contract) or other terms based on changes required by the Short Sale gas Acc- ptance. If both Buyer and Seller, in their sole subjective discretion, agree to the terms of 246 the , mend /Extend, as evidenced by their signatures on the Amend /Extend; and the offering 247 part, to the Amend /Extend receives notice of such acceptance on or before seven days after 249 the -arlier of: (1) the receipt by both Buyer and Seller of the Short Sale Acceptance; or (2) the 2513 Sho Sale Acceptance Deadline (§ 8.1 below), then the Contract shall be so amended. If 251 not of such acceptance is not timely received, the Contract shall then terminate. 253 254 7. UNCERTAINTY OF SHORT SALE. Buyer and Seller acknowledge: 256 25s 7.1. There are no promises or representations regarding: (1) whether Lien Holder will 259 agree to a Short Sale, (2) the terms of any Short Sale Acceptance, or (3) when the Lien Holder 260 will dvise of its decision to agree to a Short Sale or provide the written terms and conditions 262 oft Short Sale Acceptance. 263 264 7.2. Until Closing of the Short Sale, Short Sale Acceptance by the Lien Holder will not 266 prey nt, hinder or delay the Lien Holder from initiating or proceeding with any enforcement 26a acti n, including but not limited to a foreclosure. In the event Seller loses ownership of the III Pro erty through foreclosure, the Contract shall terminate. 1 7.3. A significant period of time may be required to determine if a Short Sale Acc ptance will be granted. Therefore, Buyer should inform Buyer's lender of this fact for stru turfing Buyer's loan, duration of "loan lock," etc. Additionally, Closing is normally requ red to be held shortly following the Short Sale Acceptance. 7.4. After a Short Sale Acceptance is given, Lien Holder will normally not agree to any dditional changes to the terms of the Contract that differ from the Short Sale Acc tance, to have repairs performed or to reduce the amount it is willing to accept due to the c ndition of the Property or results of an inspection. Buyer may want to conduct an insp ction of the Property before Seller submits its request for a Short Sale to Lien Holder. The urchase Price should reflect the condition of the Property and results of such insp ction. Buyer recognizes the risk that Lien Holder may not agree to the offer submitted by Buy . 8. 1 DEADLINE FOR ACCEPTANCE OF SHORT SALE; TERMINATION. Buyer and Seller must receive written notice of the Short Sale Acceptance on or before Short Sale Acceptance Dead ine (§ 8.1 below) or the Contract shall terminate. 8.1. Short Sale Acceptance Deadline. Event Deadline Short Sale Acceptance Deadline 1 June 15, 2011 SSA38-8-1 0. SHORT SALE ADDENDUM Page 4 of 5 Buyer(s) Initial f/ Seller(s) Initials III CTMeContracts.com - 02011 CTM Software Corp. i 8.2. Termination. If any party has a right to terminate the Contract, such termination shall be governed by § 25 of the Contract upon written notice to the other party as described • in § 31 of the Contract. 8.3. Additional Rights of Termination. 0 8.3.1. Not Applicable. This § 8.3 shall not apply. 8.3.2. Applicable. Both Buyer and Seller have the right to Terminate the Contract by written notice to the other party so long as it is received on or before Short Sale Acceptance. Additionally, Seller has the right to accept subsequent offers from other buyers prior to Short Sale Acceptance without liability to Buyer. Note: If no box in this § 8.3 is checked, the provisions of § 8.3.2 shall apply. Seller: .Date: Howard Allen Beck Seller: Date: Buyer: �. Date: Buyer: Date: (SSA38 -8 -10) SHORT SALE ADDENDUM CTM eContracts - ©2011 CTM Software Corp. 411 SSA38 -8 -10, SHORT SALE ADDENDUM Page 5 of 5 110 Buyer(s) Initials Seiler(s) Initials G CTMeContracts.com - ©2011 CTM Software Corp. • i I • i • i ) • 1 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate 2 Commission. (CBS 1 -7 -04) 3 4 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL 5 AND TAX OR OTHER COUNSEL BEFORE SIGNING. 6 7 CONTRACT TO BUY AND SELL REAL ESTATE 8 (RESIDENTIAL) 9 Date: April 14, 2011 10 11 Purchase Price: $ 299,000.00 12 1. AGREEMENT. Buyer agrees to buy and the undersigned Seller agrees to sell, the Property defined below on 13 the terms and conditions set forth in this contract. 14 2. DEFINED TERMS. 15 a. Buyer. Buyer, Eagle County, Colorado , will take title to the real 16 property described below as ❑ Joint Tenants ❑ Tenants In Common 1 I Other 17 b. Property. The Property is the following legally described real estate: 18 See Property Legal Description attached as Exhibit "A." 19 20 in the County of Eagle ,Colorado, 21 commonly known as No. 5572 Highway 6, Gvosum Colorado 81637 22 Street Address City State Zip 23 together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto, all 24 interest of Seller in vacated streets and alleys adjacent thereto, except as herein excluded. 25 c. Dates and Deadlines. 26 Item No. Reference Event Date or Deadline 1 § 5a Loan Application Deadline N/A • 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 5 § 5d Existing Loan Documents Deadline N/A 6 § 5d Objection to Existing Loan Deadline N/A 7 § 5d Approval of Loan Transfer Deadline N/A 8 § 6a(4) Appraisal Deadline 5/27/2011 9 § 7a Title Deadline 4/29/2011 - 10 § 7c Survey Deadline 5/27/2011 11 § 8c Survey Objection Deadline 6/3/2011 12 § 7b Document Request Deadline 4/29/2011 13 § 7d(2) & § 8a Governing Documents Objection Deadline& Title 5/62011 Objection Deadline 14 § 8b Off - Record Matters Deadline 6/3/2011 15 § 8b Off - Record Matters Objection Deadline 6/10/2011 16 § 8f Right Of First Refusal Deadline N/A 17 § 10 Seller's Property Disclosure Deadline 4/29/2011 18 § 10a Inspection Objection Deadline 6/24/2011 19 § 10b Resolution Deadline 7/1/2011 20 § 10c Property Insurance Objection Deadline N/A 21 § 11 Closing Date 7/14/2011 22 § 16 Possession Date Day of Closing 23 § 16 Possession Time Immediately after Closing 24 § 27 Acceptance Deadline Date 4/15/2011 41) 25 § 27 Acceptance Deadline Time Noon /MT CBS 1 -7 -04 Contract to Buy and Sell Real Estate (Residential Financing Omitted) Page 1 of 1 i (Initials) This fam produced by: w orAr --lir 800 -336 -1027 2? 1. Attachments. The following are a part of this contract: 28 Addendum tct) Contract and Exhibit "A" attached hereto and incorporated herein by this reference. 29 30 Note: The foowing Disclosure forms are attached but are not a part of this contract: 31 • 32 33 Applicability of Terms. A check or similar mark in a box means that such provision is 34 applicable. he abbreviation "N /A" means not applicable. The abbreviation "MEC" (mutual execution of this contract) 35 means the la est date upon which both parties have signed this contract. 36 3. NCLUSIONS AND EXCLUSIONS. The Purchase Price includes the following items (Inclusions): 37 Fixtures. If attached to the Property on the date of this contract, lighting, heating, plumbing, 38 ventilating, nd air conditioning fixtures, TV antennas, inside telephone wiring and connecting blocks /jacks, plants, 39 mirrors, floo coverings, intercom built -in kitchen appliances, sprinkler systems and controls, built -in vacuum 40 systems (inc ding accessories), garage door openers including all remote controls; and N/A 41 f • 4 2 Ib Exclusions. The following attached fixtures are excluded from this sale: 43 None 44 Personal Property. If on the Property whether attached or not on the date of this contract: 45 storm windo s, storm doors, window and porch shades, awnings, blinds, screens, window coverings, curtain 46 rods, drape rods, fireplace inserts, fireplace screens, fireplace grates, heating stoves, storage sheds, and all 47 keys. If the ked, the following are included: ❑ Water Softeners X Smoke /Fire Detectors ❑ Security Systems 48 ❑ Satellite S stems (including satellite dishes) and 49 N/A 50 4, Transfer of Personal Property. The Personal Property to be conveyed at Closing shall be 51 conveyed, bi Seller, free and clear of all taxes, (except personal property taxes for the year of closing), liens and 52 encumbrances, except None 53 54 Conveyance hall be by bill of sale or other applicable legal instrument. 55 4. Parking and Storage Facilities. The ❑ Use Only ❑ Ownership of the following parking 56 facilities: N/A ; and the following storage facilities: • 57 N/A 58 f Water Rights. The following legally described water rights: 59 All water ng4s. appurtenant to the property. 60 61 Any water rigllits shall be conveyed by special warranty deed or other applicable legal instrument. 62 4. PURCHASE PRICE AND TERMS. The Purchase Price set forth below shall be payable in U. S. Dollars by 63 Buyer as follonrs: 64 Item Reference: Item Amount Amount No. 1 § 4 Purchase Price $ 299,000-00 !' 2 § 4a Earnest Money $ 5,000.00 3 § 4b(1) New First Loan fA t N/A 4 § 4b(2) New Second Loan Y „ , "; , Ai N/A 5 § 4c Assumption Balance N/A 6 § 4d Seller or Private /A 5 § 4c 74, ' ,9 N/A 7 8 9 § 4e Cash at Closing AiigArab, $294,000.00 10 TOTAL $ 299,000.00 $ 299,000.00 65 66 Note : If there is an inconsistency between the Purchase Price on the first page and this § 4, the amount in § 4 shall 67 control. 68 a Earnest Money. The Earnest Money set forth in this Section, in the form of certified check , 69 is part payment of the Purchase Price and shall be payable to and held by Stewart Title • 70 (Earnest Money Holder), in its trust account, on behalf of both Seller and Buyer. The Earnest Money deposit CBS 1 -7 -04 Contract to Buy and Sell Real Estate (Residential Financing Omitted) Page 2 of 11 (Initials) This form produced by: 800-336-1027 71 shall be tendered with this contract unless the parties mutually agree and set forth a different deadline in writing for its 72 payment. The parties authorize delivery of the Earnest Money deposit to the closing company, if any, at or before Closing, 73 In the event Earnest Money Holder has agreed to have interest on earnest money deposits transferred to a fund 74 established for the purpose of providing affordable housing to Colorado residents, Seller and Buyer acknowledge and ips 75 agree that any interest accruing on the Earnest Money deposited with the Earnest Money Holder in this transaction shall be transferred to such fund. 7 {r ) 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 0 106 107 t 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 el- 124 125 126 127 128 129 130 . / CBS 1 -7 -04 Contract to Buy and Sell Real Estate (Residential Financing Omitted) Page 3 of 11 4111 (Initials) This form produced by: LI.ktanU x-40 800 -336 -1027 ,131 132 133 134 135 136 • 137 • 138 139 140 141 142 143 144 Cash at Closing. All amounts paid by Buyer at Closing including Cash at Closing, plus Buyer's 145 closing costs}, shall be in funds which comply with all applicable Colorado laws, which include cash, electronic transfer 146 funds, certifi check, savings and loan teller's check and cashier's check (Good Funds). 147 5. INANCING CONDITIONS AND OBLIGATIONS. 148 11 .L-earrAppfieetieri—terrritteelirs-irterspileable). 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 6. APPRAISAL PROVISIONS. 185 a. Appraisal Condition. 186 ❑ (1) No Appraisal Condition. This subsection a. shall not apply. 187 CBS 1 -7 -04 Contract to Buy and Sell Real Estate (Residential Financing Omitted) Page 4 of 11 (Initials) • This form produced bb: uaetsl°o FormidatOr4 800 -336 -1027 188 189 ❑ (2) FHA. It is expressly agreed that notwithstanding any other provisions of this contract, 190 the Purchaser (Buyer) shall not be obligated to complete the purchase of the Property described herein or to incur 191 any penalty by forfeiture of Earnest Money deposits or otherwise unless the Purchaser (Buyer) has been given in 192 accordance with HUD /FHA or VA requirements a written statement by the Federal Housing Commissioner, Veterans Administration, or a Direct Endorsement lender setting forth the appraised value of the Property of not Tess 4 than $ . The Purchaser (Buyer) shall have the privilege and option of proceeding with 195 consummation of the contract without regard to the amount of the appraised valuation. The appraised valuation is arrived 196 at to determine the maximum mortgage the Department of Housing and Urban Development will insure. HUD does not 1 97 warrant the value nor the condition of the Property. The Purchaser (Buyer) should satisfy himself /herself that the price and 198 condition of the Property are acceptable. 199 ❑ (3) VA. If Buyer is to pay the Purchase Price by obtaining a new VA- guaranteed loan, it 200 is agreed that, notwithstanding any other provisions of this contract, Buyer shall not incur any penalty by forfeiture of 201 Earnest Money or otherwise be obligated to complete the purchase of the Property described herein, if the contract 202 Purchase Price or cost exceeds the reasonable value of the Property established by the Veterans Administration. Buyer 203 shall, however, have the privilege and option of proceeding with the consummation of this contract without regard to the 204 amount of the reasonable value established by the Veterans Administration. 205 X (4) Other. Buyer shall have the sole option and election to terminate this contract if the 206 Purchase Price exceeds the Property's valuation determined by an appraiser engaged by Buyer 207 The contract shall terminate by Buyer giving Seller written notice of termination and either a copy of such 208 appraisal or written notice from lender that confirms the Property's valuation is less than the Purchase Price, received on 209 or before Appraisal Deadline (§ 2c). If Seller does not receive such written notice of termination on or before Appraisal 210 Deadline (§ 2c), Buyer waives any right to terminate under this subsection. 211 b. Cost of Appraisal. Cost of any appraisal to be obtained after the date of this contract shall be 212 timely paid by X Buyer ❑ Seller. 213 7. EVIDENCE OF TITLE. 214 a. Evidence of Title. On or before Title Deadline (§ 2c), Seller shall cause to be furnished to 215 Buyer, at Seller's expense, a current commitment for owner's title insurance policy (Title Commitment) in an amount equal 216 to the Purchase Price, or if this box is checked, ❑ An Abstract of title certified to a current date. At Seller's expense, 217 Seller shall cause the title insurance policy to be issued and delivered to Buyer as soon as practicable at or after Closing. If 218 a title insurance commitment is furnished, it X Shall ❑ Shall Not commit to delete or insure over the standard 219 exceptions which relate to: parties in possession, (1 ) p p ession, 223 (2) unrecorded easements, 224 (3) survey matters, 225 (4) any unrecorded mechanic's liens, 226 (5) gap period (effective date of commitment to date deed is recorded), and 227 (6) unpaid taxes, assessments and unredeemed tax sales prior to the year of Closing. 228 Any additional premium expense to obtain this additional coverage shall be paid by Seller. 229 b. Copies of Exceptions. On or before Title Deadline (§ 2c), Seller, at Seller's expense, shall 230 furnish to Buyer and , (1) a copy of any plats, 231 declarations, covenants, conditions and restrictions burdening the Property, and (2) if a title insurance commitment is 232 required to be furnished, and if this box is checked X Copies of any Other Documents (or, if illegible, summaries of 233 such documents) listed in the schedule of exceptions (Exceptions). Even if the box is not checked, Seller shall have the 234 obligation to furnish these documents pursuant to this subsection if requested by Buyer any time on or before Document 235 Request Deadline (§ 2c). This requirement shall pertain only to documents as shown of record in the offices of the clerk 236 and recorder. The abstract or title insurance commitment, together with any copies or summaries of such documents 237 furnished pursuant to this section, constitute the title documents (Title Documents). 238 c. Survey. On or before Survey Deadline (§ 2c) ❑ Seller =' Buyer shall cause Buyer and 239 the issuer of the Title Commitment or the provider of the opinion of title if an abstract, to receive a current 240 X Improvement Survey Plat ❑ Improvement Location Certificate ❑ 241 (the description checked is known as Survey). An amount not to exceed $ 1,500.00 for Survey shall be 242 paid by X Buyer ❑ Seller. If the cost exceeds this amount, Buyer shall pay the excess on or before Closing unless Buyer 243 delivers to Seller before Survey is ordered, Buyer's written notice allowing the exception for survey matters. 244 d. Common Interest Community Governing Documents. 245 X (1) Not Applicable. This subsection d. shall not apply. • CBS 1 -7 -04 Contract to Buy and Sell Real Estate (Residential Financing Omitted) Page 5 of 11 �� (Initials) mars" This form produced by. ct o itsie aFOrMUkf 800-336-1027 ) p 246 ❑ (2) Conditional on Buyer's Review. Seller shall cause to be furnished to Buyer, at 247 Seller's ex nse, on or before Title Deadline (§ 2c) a current copy of the owners' association declarations, bylaws, rules 248 and regulat ons, party wall agreements, minutes of most recent annual owners' meeting and minutes of any directors' 249 meetings d ring the 6 month period immediately preceding the Title Deadline, if any (herein collectively "Governing 250 Documents' ), most recent financial documents consisting of (a) annual balance sheet, (b) annual income and expenditures • 251 statement, nd (c) annual budget (herein collectively "Financial Documents "), if any. Written notice of any unsatisfactory 252 provision in any of these documents signed by Buyer, or on behalf of Buyer, and given to Seller on or before Governing 253 Document Objection Deadline (§ 2c), (which is the same as Title Objection Deadline [§ 2c]), shall terminate this 254 contract. If eller does not receive written notice from Buyer within such time, Buyer accepts the terms of said documents, 255 and Buyer's right to terminate this contract pursuant to this subsection is waived, notwithstanding the provisions of § 8e. 256 ❑ (3) Not Conditional on Review. Buyer acknowledges that Seller has delivered a copy 257 of the Gov rning Documents and Financial Documents. Buyer has reviewed them, agrees to accept the benefits, 258 obligations nd restrictions that they impose upon the Property and its owners and waives any right to terminate this 259 contract du to such documents, notwithstanding the provisions of § 8e. 260 8. ~TITLE AND SURVEY REVIEW. 261 • Title Review. Buyer shall have the right to inspect the Title Documents. Written notice by Buyer 262 of unmerch tability of title, form or content of Title Commitment or of any other unsatisfactory title condition shown by the 263 Title Docu nts, notwithstanding § 12, shall be signed by or on behalf of Buyer and given to Seller on or before Title 264 Objection adline (§ 2c), or within five (5) calendar days after receipt by Buyer of any change to the Title Documents or 265 endorseme to the Title Commitment together with a copy of the document adding any new Exception to title. If Seller 266 does not rec ive Buyer's notice by the date specified above, Buyer accepts the condition of title as disclosed by the Title 2 67 Documents s satisfactory. 268 Matters not Shown by the Public Records. Seller shall deliver to Buyer, on or before Off - 269 Record Mat ers Deadline (§ 2c) true copies of all leases and surveys in Seller's possession pertaining to the Property and 270 shall disclos to Buyer all easements, liens (including, without limitation, governmental improvements approved, but not yet 271 installed) or Other title matters (including, without limitation, rights of first refusal, and options) not shown by the public 272 records of w ich Seller has actual knowledge. Buyer shall have the right to inspect the Property to determine if any third 273 party has an right in the Property not shown by the public records (such as an unrecorded easement, unrecorded lease, 274 or boundary line discrepancy). Written notice of any unsatisfactory condition disclosed by Seller or revealed by such 275 inspection, otwithstanding § 12, shall be signed by or on behalf of Buyer and given to Seller on or before Off - Record 27 6 Matters Obj ction Deadline (§ 2c). If Seller does not receive Buyer's notice by said date, Buyer accepts title subject to 277 such rights, i any, of third parties of which Buyer has actual knowledge. 278 • . Survey Review. Buyer shall have the right to inspect Survey. If written notice by or on behalf of 279 Buyer of any unsatisfactory condition shown by Survey, notwithstanding § 8b or § 12, is received by Seller on or before 2 80 Survey Obje tion Deadline (§ 2c) then such objection shall be deemed an unsatisfactory title condition. If Seller does not 281 receive Buye 's notice by Survey Objection Deadline (§ 2c), Buyer accepts Survey as satisfactory. 282 • . Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL 283 OBLIGATIO INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE 2 84 TAXABLE P • OPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT 2 85 RISK FOR I CREASED MILL LEVIES AND EXCESSIVE TAX BURDENS TO SUPPORT THE SERVICING OF SUCH 286 DEBT WHE • E CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE 287 SUCH INDE ; TEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYER SHOULD INVESTIGATE THE 288 DEBT FINA CING REQUIREMENTS OF THE AUTHORIZED GENERAL OBLIGATION INDEBTEDNESS OF SUCH 289 DISTRICTS, EXISTING MILL LEVIES OF SUCH DISTRICT SERVICING SUCH INDEBTEDNESS, AND THE 290 POTENTIAL FOR AN INCREASE IN SUCH MILL LEVIES. 291 In the event the Property is located within a special taxing district and Buyer desires to terminate this contract 292 as a result, if written notice is received by Seller on or before Off- Record Matters Objection Deadline (§ 2c), this contract 293 shall then terminate. If Seller does not receive Buyer's notice by such date, Buyer accepts the effect of the Property's 294 inclusion in silch special taxing district and waives the right to terminate. 295 e ' Right to Object, Cure. Buyer's right to object shall include, but not be limited to those matters 296 listed in § 12. f Seller receives notice of unmerchantability of title or any other unsatisfactory title condition or commitment 297 terms as prov ded in subsections 8 a, b, c and d above, Seller shall use reasonable efforts to correct said items and bear 298 any nominal xpense to correct the same prior to Closing. If such unsatisfactory title condition is not corrected to Buyer's 299 satisfaction o or before Closing, this contract shall then terminate; provided, however, Buyer may, by written notice 300 received by Seller on or before Closing, waive objection to such items. CBS 1 -7 -04 Contract to Buy and Sell Real Estate (Residential Financing Omitted) Page 6 of 11 (Initials) III This form produced by: lrirtoi"sFonnula 800-336 -1027 .301 4? -- • - . . . . - -__ ' 303 - _ - • • _ - - •_- - •_- - - 304 _ - - ' : _ : : 305 : _ - - _ _ : . _ -- : :: • . : : _ : _ _ _ a 7 ehttil-termi4retft 308 g. Title Advisory. The Title Documents affect the title, ownership and use of the Property and 309 should be reviewed carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership 310 and use of the Property, including without limitation boundary lines and encroachments, area, zoning, unrecorded 311 easements and claims of easements, leases and other unrecorded agreements, and various laws and governmental 312 regulations concerning land use, development and environmental matters. The surface estate may be owned separately 313 from the underlying mineral estate, and transfer of the surface estate does not necessarily include transfer of the 314 mineral rights. Third parties may hold interests in oil, gas, other minerals, geothermal energy or water on or under 315 the Property, which interests may give them rights to enter and use the Property. Such matters may be excluded 316 from the title insurance policy. Buyer is advised to timely consult legal counsel with respect to all such matters as there are 317 strict time limits provided in this contract (e.g., Title Objection Deadline [§ 2c] and Off - Record Matters Objection 318 Deadline [§ 2c]). 319 9. LEAD -BASED PAINT. Unless exempt, if the improvements on the Property include one or more residential 320 dwellings for which a building permit was issued prior to January 1, 1978, this contract shall be void unless a completed 321 Lead -Based Paint Disclosure (Sales) form is signed by Seller and the required real estate licensees, which must occur 322 prior to the parties signing this contract. 323 10. PROPERTY DISCLOSURE, INSPECTION AND INSURABILITY; BUYER DISCLOSURE. On or before 324 Seller's Property Disclosure Deadline (§ 2c), Seller agrees to provide Buyer with a Seller's Property Disclosure form 325 completed by Seller to the best of Seller's current actual knowledge. 326 a. Inspection Objection Deadline. Buyer shall have the right to have inspections of the physical 327 condition of the Property and Inclusions, at Buyer's expense. If the physical condition of the Property or Inclusions is 328 unsatisfactory in Buyer's subjective discretion, Buyer shall, on or before Inspection Objection Deadline (§ 2c): 329 (1) notify Seller in writing that this contract is terminated, or 330 (2) provide Seller with a written description of any unsatisfactory physical condition which 331 Buyer requires Seiler to correct (Notice to Correct). 332 If written notice is not received by Seller on or before Inspection Objection Deadline (§ 2c), the physical 3 i li condition of the Property and Inclusions shall be deemed to be satisfactory to Buyer. b. Resolution Deadline. If a Notice to Correct is received by Seller and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Resolution Deadline (§ 2c), this contract shall terminate 336 one calendar day following the Resolution Deadline (§ 2c), unless before such termination Seller receives Buyer's written 337 withdrawal of the Notice to Correct. 338 c. Insurability. This contract is conditioned upon Buyer's satisfaction, in Buyer's subjective 339 discretion, with the availability, terms, conditions and premium for property insurance. This contract shall terminate upon 340 Seller's receipt, on or before Property Insurance Objection Deadline (§ 2c) of Buyer's written notice that such insurance 341 was not satisfactory to Buyer. If said notice is not timely received, Buyer shall have waived any right to terminate under this 342 provision. 343 d. Damage, Liens and Indemnity. Buyer is responsible for payment for all inspections, surveys, 344 engineering reports or for any other work performed at Buyer's request and shall pay for any damage which occurs to the 345 Property and Inclusions as a result of such activities. Buyer shall not permit claims or liens of any kind against the Property 346 for inspections, surveys, engineering reports and for any other work performed on the Property at Buyer's request. Buyer 347 agrees to indemnify, protect and hold Seller harmless from and against any liability, damage, cost or expense incurred by 348 Seller in connection with any such inspection, claim, or lien. This indemnity includes Seller's right to recover all costs and 349 expenses incurred by Seller to enforce this subsection, including Seller's reasonable attorney and legal fees. The 350 provisions of this subsection shall survive the termination of this contract. 351 e. Buyer Disclosure. Buyer represents that Buyer ❑ Does ❑ Does Not need to sell and 352 close a property to complete this transaction. 353 Note: Any property sale contingency should appear in Additional Provisions (§ 24). 354 f. Megan's Law. If the presence of a registered sex offender is a matter of concern to Buyer, Buyer 355 understands that Buyer must contact local law enforcement officials regarding obtaining such information. 356 11. CLOSING. Delivery of deed from Seller to Buyer shall be at closing (Closing). Closing shall be on the date 357 specified as Closing Date (§ 2c) or by mutual agreement at an earlier date. The hour and place of Closing shall be as 358 designated by Stewart Title Company . AO 0 CBS 1 -7 -04 Contract to Buy and Sell Real Estate (Residential Financing Omitted) Page 7 of 1 t. (Initials) � r9ersrae This form produced by: FQ/'/tl(latQ/ — 800 -336 -1027 t ,359 12. TRANSFER OF TITLE. Subject to tender or payment at Closing as required herein and compliance 360 by Buyer ith the other terms and provisions hereof, Seller shall execute and deliver a good and sufficient 361 •eneral arrant deed to Buyer, at Closing, conveying the Property free and clear of all taxes except the general 362 taxes for the year of Closing. Except as provided herein, title shall be conveyed free and clear of all liens, including any 363 government :1 liens for special improvements installed as of the date of Buyer's signature hereon, whether assessed or not. 364 Title shall b: conveyed subject to: 1111 365 366 . those specific Exceptions described by reference to recorded documents as reflected in the Title 367 Documents ccepted by Buyer in accordance with § 8a (Title Review), 368 .. distribution utility easements (including cable TV), 369 . those specifically described rights of third parties not shown by the public records of which Buyer 370 has actual nowledge and which were accepted by Buyer in accordance with § 8b (Matters not Shown by the Public 371 Records) an • § 8c (Survey Review). 372 .. inclusion of the Property within any special taxing district, 373 . the benefits and burdens of any declaration and party wall agreements, if any, and 374 . other none 375 13. •AYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid at or before Closing 376 from the pros eeds of this transaction or from any other source. 377 14. LOSING COSTS, DOCUMENTS AND SERVICES. Buyer and Seller shall pay, in Good Funds, their 378 respective 1 losing costs and all other items required to be paid at Closing, except as otherwise provided herein. 379 Buyer and S-Iler shall sign and complete all customary or reasonably required documents at or before Closing. Fees for 380 real estate C osing services shall be paid at Closing by X One -half by Buyer and One -half by Seller ❑ Buyer 381 ❑ Seller 'I ❑ Other 382 383 384 - - = • _ . ! - _ - - _ 385 . : - - _ - ' • - - : - - - - - - : : . - : . ! :.. , �freHe,. T level trarofcr tax of 386 1 .. - : - . = - • . • - . - - IN - = - - 387 388 Any sales an use tax that may accrue because of this transaction shall be paid when due by ❑ Buyer ❑ Seller. 389 15. RORATIONS. The following shall be prorated to Closing Date (§ 2c), except as otherwise provided: 390 Taxes. Personal property taxes, if any, and general real estate taxes for the year of Closing, 391 based on ❑ Taxes for the Calendar Year Immediately Preceding Closing X Most Recent Mill Levy and 3 Most Recen0 Assessment ❑ Other 1111 393 • 394 . - - ! - ! - - = _ _ . . 396 . - . - - -- - - - . . - - - = - . - - 397 :.- . t -- - - - :: _ • ::.: - - - : _ _ . -: - -- 398 -- - ' - -- -' -' : • . 399 - . . - - - - - - -- . - - . ' . . - - 400 . '. . . - - . .. - - -. . -.. _ . . . . -- -- - - 401 _- - . -. - - . . _ _ - _ - : - _ _ - _ 402 -- -. : • ! _ - - - -__. - -- - - - - 403 - per - - - - - - - = - .. . . . 404 ..: - - - : - - - -- 405 406 • 407 _ . -- - • - - - _ - : - - :: 408 - - - - - - - -•. - - - - -. : - - ::- 409 grreporty. • 410 tl: - - - - ' - - - . ' - - ' = _ =_ . - _ - - - - - - :- : - - - - - - : - _ - 412 • 413 a Other Prorations. Water and sewer charges; interest on any continuing loan, and N/A 414 415 f. f Final Settlement. Unless otherwise agreed in writing, these prorations shall be final. 416 III CBS 1 -7 -04 Contract to Buy and Sell Real Estate (Residential Financing Omitted) Page 8 of 1 (Initials) This form produced by: erprrsr.oFormulator- 800 -336 -1027 I , 417 16. POSSESSION. Possession of the Property shall be delivered to Buyer on Possession Date and 418 Possession Time (§ 2c), subject to the following leases or tenancies: None 419 420 If Seller, after Closing, fails to deliver possession as specified, Seller shall be subject to eviction and shall be 1 additionally liable to Buyer for payment of $ $250.00 per day from the Possession Date (§ 2c) until possession is delivered. 3 0 2 2 3 Buyer ❑ Does X Does Not represent that Buyer will occupy the Property as Buyer's principal residence. 424 17. NOT ASSIGNABLE. This contract shall not be assignable by Buyer without Seller's prior written consent. 425 Except as so restricted, this contract shall inure to the benefit of and be binding upon the heirs, personal representatives, 426 successors and assigns of the parties. 427 18. INSURANCE; CONDITION OF, DAMAGE TO PROPERTY AND INCLUSIONS. Except as otherwise provided 428 in this contract, the Property, Inclusions or both shall be delivered in the condition existing as of the date of this contract, 429 ordinary wear and tear excepted. 430 a. Casualty Insurance. In the event the Property or Inclusions shall be damaged by fire or other 431 casualty prior to Closing, in an amount of not more than ten percent of the total Purchase Price, Seller shall be obligated to 432 repair the same before the Closing Date (§ 2c). In the event such damage is not repaired within said time or if the 433 damages exceed such sum, this contract may be terminated at the option of Buyer by delivering to Seller written notice of 434 termination. Should Buyer elect to carry out this contract despite such damage, Buyer shall be entitled to a credit, at 435 Closing, for all the insurance proceeds resulting from such damage to the Property and Inclusions payable to Seller but not 436 the owners' association, if any, plus the amount of any deductible provided for in such insurance policy, such credit not to 437 exceed the total Purchase Price. 438 b. Damage, Inclusions and Services. Should any Inclusion or service (including systems and 439 components of the Property, e.g. heating, plumbing, etc.) fail or be damaged between the date of this contract and Closing 440 or possession, whichever shall be earlier, then Seller shall be liable for the repair or replacement of such Inclusion or 441 service with a unit of similar size, age and quality, or an equivalent credit, but only to the extent that the maintenance or 442 replacement of such Inclusion, service or fixture is not the responsibility of the owners' association, if any, less any 443 insurance proceeds received by Buyer covering such repair or replacement. Seller and Buyer are aware of the existence of 444 pre -owned home warranty programs that may be purchased and may cover the repair or replacement of some Inclusions. 445 c. Walk- Through and Verification of Condition. Buyer, upon reasonable notice, shall have the 446 right to walk through the Property prior to Closing to verify that the physical condition of the Property and Inclusions 447 complies with this contract. 448 19. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this document, Buyer and Seller 0 acknowledge that the respective broker has advised that this document has important legal consequences and has recommended the examination of title and consultation with legal and tax or other counsel before signing this contract. 451 20. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any note or check 452 received as Earnest Money hereunder or any other payment due hereunder is not paid, honored or tendered when due, or 453 if any other obligation hereunder is not performed or waived as herein provided, there shall be the following remedies: 454 a. If Buyer is in Default: 455 ❑ (1) Specific Performance. Seller may elect to treat this contract as canceled, in which 456 case all payments and things of value received hereunder shall be forfeited and retained on behalf of Seller, and Seller 457 may recover such damages as may be proper, or Seller may elect to treat this contract as being in full force and effect and 458 Seller shall have the right to specific performance or damages, or both. 459 X (2) Liquidated Damages. All payments and things of value received hereunder shall 460 be forfeited by Buyer and retained on behalf of Seller and both parties shall thereafter be released from all obligations 461 hereunder. It is agreed that such payments and things of value are LIQUIDATED DAMAGES and (except as provided in 462 subsection c) are SELLER'S SOLE AND ONLY REMEDY for Buyer's failure to perform the obligations of this contract. 463 Seller expressly waives the remedies of specific performance and additional damages. 464 b. If Seller is in Default: Buyer may elect to treat this contract as canceled, in which case all 465 payments and things of value received hereunder shall be returned and Buyer may recover such damages as may be 466 proper, or Buyer may elect to treat this contract as being in full force and effect and Buyer shall have the right to specific 467 performance or damages, or both. 468 c. Costs and Expenses. In the event of any arbitration or litigation relating to this contract, the 469 arbitrator or -court shall award to the prevailing party all reasonable costs and expenses, including attorney and legal fees. 470 21. MEDIATION. If a dispute arises relating to this contract, prior to or after closing, and is not resolved, the 471 parties shall first proceed in good faith to submit the matter to mediation. Mediation is a process in which I CBS 1 -7 -04 Contract to Buy and Sell Real Estate (Residential Financing Omitted) Page 9 of 1 4, (Initials) III This form produced by: Lr g' t ' l., Fo /t pr-. 800-336-1027 472 the parties eet with an impartial person who helps to resolve the dispute informally and confidentially. Mediators cannot 473 impose bind g decisions. The parties to the dispute must agree before any settlement is binding. The parties will jointly 474 appoint an - ceptable mediator and will share equally in the cost of such mediation. The mediation, unless otherwise 475 agreed, shal terminate in the event the entire dispute is not resolved within 30 calendar days of the date written notice 476 requesting ediation is sent by one party to the other at the party's last known address. This section shall not alter any • 477 date in this c . ntract, unless otherwise agreed. 478 22. ARNEST MONEY DISPUTE. In the event of any controversy regarding the Earnest Money and things of 479 value (notwit standing any termination of this contract or mutual written instructions), Earnest Money Holder shall not be 480 required to take any action. Earnest Money Holder may await any proceeding, or at its option and sole discretion, 481 interplead all parties and deposit any money or things of value into a court of competent jurisdiction and shall recover court 482 costs and re- sonable attorney and legal fees. 483 23. ERMINATION. In the event this contract is terminated, all payments and things of value received hereunder 484 shall be retur ed and the parties shall be relieved of all obligations hereunder, subject to §§ 10d, 21 and 22. 485 24. ADDITIO AL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real 486 Estate Com ission.) See Addendum to Contract and Exhibit "A" attached hereto and incorporated herein by reference. 487 488 489 490 491 25. NTIRE AGREEMENT, MODIFICATION, SURVIVAL. This agreement constitutes the entire contract between 492 the parties r ating to the subject hereof, and any prior agreements pertaining thereto, whether oral or written, have been 493 merged and i tegrated into this contract. No subsequent modification of any of the terms of this contract shall be valid, 494 binding upon he parties, or enforceable unless made in writing and signed by the parties. Any obligation in this contract 495 that, by its to s, is intended to be performed after termination or Closing shall survive the same. 496 26. OTICE, DELIVERY AND CHOICE OF LAW. 497 Physical Delivery. Except for the notice requesting mediation described in § 21, and except as 498 provided in § • 6b below, all notices must be in writing. Any notice to Buyer shall be effective when received by Buyer or by 499 Selling Broke age Firm, and any notice to Seller shall be effective when received by Seller or Listing Brokerage Firm. 500 Electronic Delivery. As an alternative to physical delivery, any signed document and written notice may be 501 delivered in e ectronic form by the following indicated methods only: X Facsimile X E -mail ❑ None. Documents with. 502 original signa res shall be provided upon request of any party. 503 c Choice of Law. This contract and all disputes arising hereunder shall be governed by and construed in • 504 accord. nce with the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract 505 in this s ate for property located in Colorado. 506 27. OTICE OF ACCEPTANCE, COUNTERPARTS. This proposal shall expire unless accepted in writing, by 507 Buyer and Se ler, as evidenced by their signatures below, and the offering party receives notice of acceptance pursuant to 508 § 26 on or be ore Acceptance Deadline Date (§ 2c) and Acceptance Deadline Time (§ 2c). If accepted, this document 509 shall become a contract between Seller and Buyer. A copy of this document may be executed by each party, separately, 510 and when ea•h party has executed a copy thereof, such copies taken together shall be deemed to be a full and complete 511 contract betw: en the parties. 512 513 514 Date: 4/5/ 111 Date: 515 ,/ 516 .WFA _AU 517 Buyer Eagle County, Colorado Buyer 518 519 Address: .10 Eagle County Attorney's Office Address: 520 PO +B 850, Eagle, CO 81631 521 Phone No.: 970 - 328 -8685 Phone No.: 522 Fax No.: 970 - 328 -8699 Fax No.: 523 524 [NOTE: If this offer is being countered or rejected, do not sign this document. Refer to § 28] 525 526 527 Date: j 4/15/2011 Date: 528 529 530 Seller Howard Allen Beck Seller ■ , • CBS 1 - 7 - 04 Contract to Buy and Sell Real Estate (Residential Financing Omitted) Page 10 of Ali (Initials) This form produced " B00 -336.1027 • 531 Address: Address: 532 533 Phone No.: Phone No.: � 4 Fax No.: Fax No.: 5 536 28. COUNTER; REJECTION. This offer is ❑ Countered ❑ Rejected. 537 Initials only of party (Buyer or Seller) who countered or rejected offer 538 539 END OF CONTRACT 540 Note: Closing Instructions and Earnest Money Receipt should be signed n or before Title Deadlines (§ 2c). 541 542 - - - _ = -- - _ _ - _ _ _ _ - 543 - - -- _ - - --- --- -- - - - -- - . 544 §.2.} 545 546 ❑ -- 547 111 Agee! - n --- - --- -- - . 548 549 - = - - =- - = - -- =- - 550 _ . _ . .. - - - - - - _ - ❑ 551 ❑ Dryer ❑ etI.cr 552 553 554 - - _ - _ - - - • . - • _ - - _ _ _ _ _ . • 555 ❑ Setter ❑ -Beryer ❑ ether 556 557 1 ,59 •Bette!- 560 Effer}er 561 ` 562 •hene -Nee— — 563 564 565 566 567 •Bate 568 $ro} 569 :- 570 - No-- • CBS 1 -7 -04 Contract to Buy and Sell Real Estate (Residential Financing Omitted) Page 11 of 1 4! (Initials) This form oduced b : uortouw Pr Y �—� 800 -336 -1027 571 24. ADDITIONAL PROVISIONS (continued) 572 (The languge of these additional provisions has not been approved by the Colorado Real Estate Commission.) 573 574 Concerning property known as: See Addendum to Contract and Exhibit "A" attached hereto and incorporated herein by 575 reference 576 577 578 579 580 581 582 583 584 585 586 587 588 589 590 591 592 593 594 595 596 597 598 599 . 600 601 602 • 603 604 605 606 607 608 609 610 Buyer Buyer 611 Date of Buye's Signature: Date of Buyer's Signature: 612 613 614 615 Seller Seller 616 Date of Sellers Signature: Date of Seller's Signature: • • CBS 1 -7 -04 Contract to Buy and Sell Real Estate (Residential Financing Omitted) (Initials) This form produced y: LI u btata .FOrMidat,. 800-336-1027 ADDENDUM TO CONTRACT 111 a. Seller understands that this Agreement must be approved and ratified by the Board of County Commissioners at a regularly scheduled and public meeting. Upon acceptance by Seller, Buyer shall immediately schedule said public meeting and this Agreement will become effective upon Board of County Commissioner affirmative motion on the same. For purposes of this Agreement, MEC (date of mutual execution of this contract as defined in Section 2(e) shall be the date approved by the Board of County Commissioners at a public meeting. In accordance with applicable public finance law and notwithstanding anything to the contrary contained in this Agreement, Buyer shall have no obligations under this Agreement nor shall any payment be made to Seller without an appropriation thereof in accordance with a budget adopted by the Board of County Commissioners. All obligations payable beyond the current fiscal year are subject to funds being available and appropriated prior to closing. b. Buyer shall have through the Off - Record Matters Objection Deadline in which to obtain funding through the County Open Space Program using Open Space Funds for a portion or all of the purchase price. This Agreement is conditioned upon approval by the Eagle County Board of County Commissioners at a regularly scheduled public meeting following a funding recommendation by the Eagle County Open Space Advisory Committee ( "OSAC ") and nothing herein shall be deemed a pre - approval of such funding by the Board of County Commissioners. Upon acceptance by Seller, Buyer shall schedule a meeting before OSAC for the committee's evaluation and recommendation. • Within twenty (20) days of OSAC recommendation, Buyer shall schedule a public meeting before the Board of County Commissioners. This condition will be satisfied upon the Board of County Commissioners affirmative motion approving the use of Open Space Funds towards the purchase of the Property 411 c. The Earnest Money shall be held by Stewart Title Company in its trust account on behalf of both Seller and Buyer. The Earnest Money deposit shall be tendered within ten (10) business days after the MEC. The parties authorize delivery of the Earnest Money deposit to the closing company at or before closing. All interest earned on the Earnest Money shall be the sole property of Buyer. In the event this Agreement is terminated by Buyer pursuant to the provisions of this Agreement, the Earnest Money, together with interest thereon, shall be returned immediately to the Buyer and this Agreement shall terminate. d. Except as expressly set forth herein, Seller shall remove all trade fixtures, buildings, sheds, cars, vehicles, trash, debris, equipment, parts, inventory, landfills, disposal sites, and any and all other items stored on the property prior to the Inspection Objection Deadline. The property should be left in a condition similar to vacant land with no buried, hidden, or latent materials left on site. If the Property is not left in such a condition, the Buyer may elect to terminate this contract by the Inspection Objection Deadline in which event the Parties shall be released from their respective obligations under this agreement and the Earnest Money shall be returned to Buyer. Notwithstanding the foregoing, Seller may leave on the Property the two (2) story home. t initials • 1 r e. eller shall terminate any and all leases with third party tenants and shall have vacated all tenants om the Property prior to the Inspection Objection Deadline. No later than ten (10) business III days pri r to the Inspection Objection Deadline, Seller shall provide to Buyer evidence of lease termina ions with copies of current leases indicating the Seller's Authority for such termination. Alterna 'vely, Seller may provide releases from the current tenants. If any outstanding tenant issues have no been resolved, the Buyer may elect to terminate this contract by the Inspection Objection Deadlin in which event the Parties shall be released from their respective obligations under this agreem nt and the Earnest Money shall be returned to Buyer. f. $f, prior to Closing, all or part of the Property shall be subjected to a threat of condemnation from an 4entity other than the Buyer, or shall be subjected to an environmental claim, administrative action, regulatory action, judicial action, demand, claim, notice of non - compliance or violation or otherwiye relating to any environmental or other issues, Seller shall notify Buyer thereof within three (3) busi ess days after Seller becomes aware of the same, but in no event later than the Closing. Buyer may ele t within ten (10) business days after receipt of Seller's notice to terminate this contract in which e ent the Parties shall be released from their respective obligations under this agreement and the Earnest oney shall be returned to Buyer. g. During the period of the MEC to Closing, Seller will not store, use, handle and dispose of any hazardous material on the site. h. U uring the period of the MEC to Closing, Seller shall not grant or convey any easement, lease, encumb . nce, license, pen nit or any other legal or beneficial interest in or to the Property without the prior wr tten consent of Buyer, nor shall Seller knowingly violate any law, ordinance, rule or regulati • n affecting the Property. Seller shall do or cause to be done all things reasonably within its III control t s preserve intact and unimpaired any and all rights of way, easements, grants, appurtenances, privileg:s and licenses in favor of or constituting any portion of the Property. Further, Seller agrees to pay, as . d when due, any and all encumbrances on and taxes, assessments and levies in respect of the Propert through the Closing Date except as may be provided for herein. In the event of any default s y Seller under the terms of any encumbrance on the Property, or any part thereof, or in the event of any failure by Seller to secure any necessary release or to pay any tax, assessment or levy on the P operty, Buyer shall have the right, but not the obligation, to cure such breach, secure such release c r make such payments, as the case may be, and the costs of so doing (including the costs of paying principal, interest, late charges, default interest, release fees, trustee's fees, reasonable attorney fees, taxes, and assessments) shall be deducted from the Purchase Price at Closing. i. From and after the MEC, Buyer or its designated agents and/or employees shall have access to the Prop: rty for purposes of performing surveys, engineering studies and soils tests, environmental assessm:1 ts, or any other investigations or inspections as Buyer shall desire. Buyer hereby agrees to hold Sell -r harmless from any mechanic's liens which might be filed against the Property by reason of the perfo mance of any of the acts herein mentioned, and to hold harmless Seller against any claims brought . gainst Seller or the Property as a result of any act of Buyer, its agents, employees or invitees affecting the Property from such access. • 6 ' Initial 2 411 j. The transfer shall include all development rights and approvals, zoning rights and approvals, • minerals, rights of way, easements, water and other property rights appurtenant thereto and owned by Seller (all of the foregoing property interests are included within the definition of the Property as used in this Agreement). k. Seller hereby represents and warrants to Buyer that, to the best of Seller's information and belief, as of the date hereof: (1) Litigation. There is no litigation, claim or proceeding, pending or threatened, which in any manner affects the Property. The entering into and consummation of the transaction contemplated hereunder will not conflict with, result in the breach of, or constitute a default under or violation of any of the terms and provisions of any contract, lease, or other contract to which the Seller is a party or by which Seller may be bound or, to the best knowledge and belief of Seller, of any law, rule, license, regulation, judgment, order or decree governing or affecting Seller or the Property; (2) Law. There are no violations of any federal, state or local law, code, ordinance, rule, regulation, or requirement affecting the Property; (3) Access. The property has full and free access to and from a public highway, street and/or road adjacent to the Property and Seller has no knowledge of any fact or condition which would result in the termination of such access; (4) Demands. At execution of this Agreement and up through the time of closing, Seller has not received any notices, demands or deficiency comments from any mortgagee of the Property or • from any state, municipal or county government or any agency thereof with regard to the Property. If Seller has received any such notice, Seller will provide evidence at closing that all underlying encumbrances can be discharged of record or as the case may be, the Property can be released therefrom, upon the payment of a sum or sums which in the aggregate shall not exceed Sellers cash proceeds from this transaction; (5) Change in Condition. Seller has not received any notice of, and has no other knowledge or information of, any pending contemplated change in any applicable law, ordinance, or restriction; or of any pending or threatened judicial or administrative action; or of any action, pending or threatened, by adjacent landowners; or of any natural or artificial condition upon the Property, or any part thereof, any of which would result in any material change in the condition of the Property, or any part thereof, or in any way limit or impede the operation of the Property, or any part thereof, for any purpose; (6) Authority. Seller has the full right, power, and authority to sell and convey the Property to Buyer as provided in this Agreement and Seller has the full right, power and authority to carry out Seller's obligations hereunder; t' /, Initials • 3 I e I . i 7) Documents. Each and every document, schedule, item and other information prepared by Sell P , or to which Seller is a party, delivered by Seller to Buyer hereunder, shall be true and not II) materia 1y misleading; 8) Soils, Hazardous Materials. Seller is not aware of any landfills, disposal sites or contami ation on the Property. Seller has not received any notice that the Property will be the subject of inves igation by any governmental or other entity; and 9) Mechanic's Liens. Seller has incurred no delinquent bills for work, labor, or materials done, p rformed, or furnished that would give rise to a mechanic's lien against the Property, and Seller will execute and deliver to the Title Company at closing the usual mechanic's lien affidavit to obtain deletion of the standard preprinted exception for mechanic's liens from Buyer's final owner's policy. 1. �11 notices or deliveries required under the Contract (including this Addendum) shall either be (i) handidelivered, (ii) given by certified mail, (iii) given by overnight courier, or (iv) by facsimile transmi ion. All notices so given shall be considered effective, (i) if hand delivered, when received, (ii) if by certified mail, three (3) days after deposit, certified mail postage prepaid, with the United States P stal Service, (iii) if by overnight courier one (1) business day after deposit with overnight courier ompany, or (iv) if by facsimile transmission, upon receipt of a machine - generated confirmation of a complete transmission of all pages followed by mail delivery of the original docume *t. Either party may change the address or facsimile number to which future notices shall be _ sent by r)otice given in accordance with this Section. Notices shall be given to the parties at the followin0 addresses and facsimile numbers: TO SELLER: Howard Allen Beck ill c/o Christopher Scherpf Forbes Sotheby's International Realty 26 Avondale Lane, Suite #119 Beaver Creek, CO 81620 Fax: (970) 949 -1990 TO BUYER: Eagle County, Colorado c/o Eagle County Attorney's Office PO Box 850 Eagle, CO 81631 Fax: (970) 328 -8669 . m. I the Closing Date is to occur on a holiday or other non - business day, or if any date or deadline set forth in this agreement expires on a holiday or other non - business day, then such Closing Date or they date or deadline shall be extended to the next business day; i �► / IF initials 4 III • n. Agreements, indemnities, representations, covenants and warranties on the part of Seller and Buyer contained in this Agreement or any amendment or supplement hereto shall survive the Closing and delivery of deed hereunder and shall not be merged thereby, and in addition to the effect any of same have in law or in equity, all of same will be deemed to be conditions precedent to the Buyer's and Seller's obligations hereunder, whether so expressed or not. Any of the conditions to this Agreement that are for the sole benefit of Buyer or Seller may accordingly be waived by Buyer or by Seller. o. Each party to this Agreement has had the opportunity to consult with independent legal counsel of their own choice or have voluntarily declined to seek such counsel. This Agreement shall not be construed more strictly against one party than against the other merely by virtue of the fact that it may have been prepared by counsel for one of the parties. p. Listing broker is Chris Scherpf of Forbes Sotheby's International Realty and Brad Tjossem of Slifer, Smith and Frampton Real Estate is acting as a transaction broker. Seller acknowledges and agrees that he shall be solely responsible for any and all broker compensation or commissions as a result of this transaction and Buyer shall have no responsibility therefore. q. In addition to the purchase price set forth in this Agreement; Buyer shall, at or before closing, pay to Scott Green the amount of five thousand dollars ($5,000.00) for the full and complete release of the third lien on the Property. Failure of Scott Green to release said lien at or before closing shall be grounds for termination of this Agreement by either Party with all earnest money returned to Buyer. • 41/1 initials • 5 • • •