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HomeMy WebLinkAboutC13-231 Sunridge Unit D204 Purchase and Sale Agreement Co!dwell Banker, Distinctive Properties BANIKe-'R PO Box 5006 Edwards, CO 81632 Christopher K. McDonnell Associate Broker Drs TrscatvE PROPERTIES Ph: 970-331-4617 Fax: 970-476-0102 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (CBS1-9-12) (Mandatory 1-13) 1t= THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. 14 CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Date: 8/6/2013 AGREEMENT • 1. AGREEMENT. Buyer, identified in§2.1,agrees to buy, and Seller, identified in§2.3, agrees to sell,the '• Property described below on the terms and conditions set forth in this contract(Contract). z_t 2. PARTIES AND PROPERTY. ?cr 2.1. Buyer. Buyer, Jennifer L. Davis,will take title to the Property described below as❑ Joint z Tenants ❑Tenants In Common El Severalt y 2.2.Assignability and Inurement.This Contract❑ Shall ®Shall Not be assignable by Buyer 3 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. 2.3. Seller. Seller, Eagle County By: County Commissioner, is the current owner of the Property described below. '• . 2.4. Property.The Property is the following legally described real estate in the County of • Eagle ,Colorado: • R025349;Building D;Sunridge at Avon;Phase 2; Unit 204 ,; known as No. 1060 W Beaver Creek D-204 Avon CO 81620, together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto, ') and all interest of Seller in vacated streets and alleys adjacent thereto, except as herein excluded (Property). 2.5. Inclusions. The Purchase Price includes the following items (Inclusions): 2.5.1. Fixtures. If attached to the Property on the date of this Contract,the following items are • included unless excluded under Exclusions (§2.6): lighting, heating, plumbing,ventilating and air conditioning fixtures,TV antennas, inside telephone, network and coaxial (cable)wiring and connecting blocks/jacks, plants, • mirrors,floor coverings, intercom systems, built—in kitchen appliances, sprinkler systems and controls, built—in vacuum systems (including accessories),garage door openers including any remote controls. Other Fixtures: n/a • If any fixtures are attached to the Property after the date of this Contract, such additional fixtures are also included in the Purchase Price. rS= 2.5.2. Personal Property. If on the Property whether attached or not on the date of this Contract, '7- the following items are included unless excluded under Exclusions(§2.6):storm windows,storm doors,window and porch shades,awnings, blinds,screens,window coverings, curtain rods, drapery rods,fireplace inserts, fireplace screens,fireplace grates, heating stoves, storage sheds,and all keys. If checked,the following are " included: ❑Water Softeners ®Smoke/Fire Detectors ®Carbon Monoxide Alarms ❑ Security 7 Systems❑ Satellite Systems(including satellite dishes). Other Personal Property: n/a The Personal Property to be conveyed at Closing shall be conveyed by Seller free and clear of all taxes(except personal property taxes for the year of Closing), liens and encumbrances,except r n/a . Conveyance shall be by bill of sale or other applicable legal instrument. 2.5.3. Parking and Storage Facilities.®Use Only❑ Ownership of the following parking facilities: n/a ;and ❑ Use Only®Ownership of the following storage facilities: • € any per declarations s. 2.5.4. Water Rights,Water and Sewer Taps. 2.5.4.1. Deeded Water Rights. The following legally described water rights: s<<.<£ n/a CBS1-9-12. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 1 of 15 Buyer(s)Initials Seller(s)Initials CTMeContracts.com-©2013 CTM Software Corp. 1`3 Any water rights shall be conveyed by❑ n/a Deed ❑ Other applicable legal • instrument. ❑! 2.5.4.2.Well Rights. If any water well is to be transferred to Buyer,Seller agrees to £" supply required information about such well to Buyer. Buyer understands that if the well to be transferred is a 90 PY q Y Y • Snail Capacity Well or a Domestic Exempt Water Well used for ordinary household purposes, Buyer shall, prior 9 to Or at Closing, complete a Change in Ownership form for the well. If an existing well has not been registered with the Colorado Division of Water Resources in the Department of Natural Resources(Division), Buyer shall complete („}C a registration of existing well form for the well and pay the cost of registration. If no person will be providing a 116 closing service in connection with the transaction, Buyer shall file the form with the Division within sixty days after er Closing.The Well Permit#is n/a • 119 2.5.4.3. ❑Water Stock Certificates: 100 n/1 01. �P 102 2.5.4.4. ®Water Tap ®Sewer Tap 19'3 1 r1 Note: Buyer is advised to obtain,from the provider,written confirmation of the amount remaining to be in 106 pallid, if any,time and other restrictions for transfer and use of the tap. 1 9 2.5.4.5.Other Rights: 1:1.o WO 1.`: 2.6. Exclusions.The following items are excluded (Exclusions): 1. n// 1: 3. DATES AND DEADLINES. 1 t F It m No. Reference Event Date or Deadline 1 1 §4.3 Alternative Earnest Money Deadline _ MEC+2 days 12.) Title and Association 1 Q 2 '§7.1 Record Title Deadline 8/19/2013 Monday 1,25 3 §7.5 Exceptions Request Deadline 8/23/2013 Friday 126 4 §8.1 Record Title Objection Deadline 8/26/2013 Monday 1/23 5 ' §8.2 Off-Record Title Deadline 8/16/2013 Friday 139 6 §8.2 Off-Record Title Objection Deadline 8/19/2013 Monday 1 s:€ 7 §8.3 Title Resolution Deadline 8/23/2013 Friday 1:12 8 §7.6 Association Documents Deadline 8/23/2013 Friday 17/ 9 §7.6 Association Documents Objection Deadline 8/30/2013 Friday 134 _ 131? 1, §8.5 Right of First Refusal Deadline _ n/a 1'3.6 S▪ eller's Property Disclosure 1 11 §10.1 Seller's Property Disclosure Deadline n/a 199 Loan and Credit 1 t , 1 §5.1 J Loan Application Deadline _MEC+2 days 111 ''1 §5.2 Loan Objection Deadline 9/17/2013 Tuesday 14 14 1 §5.3 Buyer's Credit Information Deadline n/a 1,46 ,_, of Buyer's Credit Information 14 19 §5.3 Deadline n/a 146 161 §5.4 Existing Loan Documents Deadline n/a 14" 17 §5.4 Existin• Loan Documents Objection Deadline n/a 150 --,----- _ 151 §5.4 Loan Transfer Approval Deadline n/a ¢1`12 ! Appraisal 151 1• §6.2 Appraisal Deadline 8/30/2013 Friday 15`1 21 §6.2 • Appraisal Objection Deadline 9/9/2013 1 Monday 1 51 Survey 16,S 211 §9.1 Current Survey Deadline n/a 15- 1 ,€ §9.2 Current Survey Objection Deadline _ n/a _.. I1:€ Inspection and Due Diligence 2 §10.2 Ins•ection Objection Deadline MEC+ 10 da s 1 rA 2, §10.3 Ins ection Resolution Deadline 8/23/2013 Friday 3 ''' AIM§10.5 Pro ert Insurance Objection Deadline 8/23/2013 Friday , 7 2; §10.6 l Due Diligence Documents Delivery Deadline 8/19/2013 Monday CBS1-9-12. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 2 of 15 Buyer(s)Initials Seller(s)Initials CTMeContracts.com-©2013 CTM Software Corp. }' 27 m §10.7 _Due Diligence Documents Objection Deadline 8/23/2013 Friday :±= 28 §10.8 Conditional Sale Deadline n/a E. losing and Possession 1 ) 29 §12.3 Closing Date 9/19/2013 Thursday 1/4 30 §17 Possession Date 9/19/2013 Thursday t ' 31 §17 Possession Time at closing 1; 32 §28 Acce•tance Deadline Date 8/9/2013 Friday < 33 §28 Acce.tance Deadline Time 5 pm mst — 17,2 1 x , 34 /a n/a n/a 1 35 aliaan/a n/a 1.84 Note: Applicability of Terms. 1'6 Any box, blank or line in this Contract left blank or completed with the abbreviation"N/A", or the word"Deleted" ti> ' means such provision in Dates and Deadlines (§3), including any deadline, is not applicable and the 1:-..06 corresponding provision of this Contract to which reference is made is deleted. 17..17 101 The abbreviation"MEC"(mutual execution of this Contract)means the date upon which both parties have signed 1,j 6 this Contract. 9 3 1a4 05 Note: If FHA or VA loan boxes are checked in§4.5.3 (Loan Limitations),the Appraisal Deadline(§3)does Not 1'16 apply to FHA insured or VA guaranteed loans. 197 198 L0'.: 4. PURCHASE PRICE AND TERMS. ; `' 4.1. Price and Terms.The Purchase Price set forth below shall be payable in U.S. Dollars by Buyer as follows: ')s Item No. Reference Item Amount Amount 3 1 § 4.1 ,,; Purchase Price $195,000.00 2:,)K 2 § 4.3 Earnest Money $5,000.00 23:', 3 § 4.5 New Loan $190,000.00 09 4 § 4.6 ssumption Balance 5 § 4.7 eller or Private Financing IIIIIIIIIIIIIIII 6 /a n/a 2: 4 7 /a /a ',, 8 § 4.4 Cash at Closing $0.00 2 1 r 9..._..__ - OTAL _._._._ a ... $195,_ ......._._...._. _______. 000.00 $195,000.00 4.2. Seller Concession. Seller,at Closing,shall credit,as directed by Buyer,an amount of$ 2:,1 2500 to assist with any or all of the following: Buyer's closing costs, loan discount points, loan 2 origination fees, prepaid items(including any amounts that Seller agrees to pay because Buyer is not allowed to 2: , pay due to FHA, CHFA,VA, etc.), and any other fee, cost, charge, expense or expenditure related to Buyer's New Loan or other allowable Seller concession (collectively,Seller Concession). Seller Concession is in addition to any ''`" sum Seller has agreed to pay or credit Buyer elsewhere in this Contract. Seller Concession will be reduced to the extent it exceeds the aggregate of what is allowed by Buyer's lender as set forth in the Closing Statement, :22'; Closing Disclosure or HUD-1, at Closing. 4.3. Earnest Money.The Earnest Money set forth in this section, in the form of ... ,. certified good funds , shall be payable to and held by Stewart Title of Edwards, CO. 81632 I ';3 (Earnest Money Holder), in its trust account,on behalf of both Seller and Buyer.The Earnest Money deposit shall 2',-; be tendered, by Buyer,with this Contract unless the parties mutually agree to an Alternative Earnest Money 2-' Deadline (§3)for its payment.The parties authorize delivery of the Earnest Money deposit to the company conducting the Closing(Closing Company), if any, at or before Closing. In the event Earnest Money Holder has =s agreed to have interest on Earnest Money deposits transferred to a fund established for the purpose of providing 1',y affordable housing to Colorado residents, Seller and Buyer acknowledge and agree that any interest accruing on '' , the Earnest Money deposited with the Earnest Money Holder in this transaction shall be transferred to such fund. 2,7.:. . • 4.3.1. Alternative Earnest Money Deadline.The deadline for delivering the Earnest 2.7..:1 Money, if other than at the time of tender of this Contract is as set forth as the Alternative Earnest Money '21'' Deadline (§3). <:1 2 ;; 4.3.2. Return of Earnest Money. If Buyer has a Right to Terminate and timely terminates, I=1' Buyer shall be entitled to the return of Earnest Money as provided in this Contract. If this Contract is terminated as set forth in§25 and, except as provided in§24,if the Earnest Money has not already been returned following , receipt of a Notice to Terminate, Seller agrees to execute and return to Buyer or Broker working with Buyer, CBS1-9-12. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 3 of 15 Buyer(s)Initials Seller(s)Initials CTMeContracts.com-©2013 CTM Software Corp. 952 wr en mutual instructions, i.e., Earnest Money Release form,within three days of Seller's receipt of such form. 4.4. Form of Funds;Time of Payment; Funds Available. 255 4.4.1. Good Funds.All amounts payable by the parties at Closing, including any loan 26 ; pr¢ceeds, Cash at Closing and closing costs,shall be in funds that comply with all applicable Colorado laws, including electronic transfer funds, certified check, savings and loan teller's check and cashier's check(Good Funds). '`-:? 4.4.2.Available Funds.All funds required to be paid at Closing or as otherwise agreed in 2' ; wr ing between the parties shall be timely paid to allow disbursement by Closing Company at Closing OR SUCH z2 73,3 P RTY SHALL BE IN DEFAULT. Buyer represents that Buyer, as of the date of this Contract, ❑ Does®Does F..E'? N t have funds that are immediately verifiable and available in an amount not less than the amount stated as C sh at Closing in § 4.1. 2)7 4.5. New Loan. 4.5.1. Buyer to Pay Loan Costs.Buyer, except as provided in § 4.2, if applicable, shall timely pay 2 BOyer's loan costs, loan discount points, prepaid items and loan origination fees, as required by lender. 4.5.2. Buyer May Select Financing. Buyer may pay in cash or select financing appropriate and 27? acbeptable to Buyer, including a different loan than initially sought,except as restricted in § 4.5.3 or § 30 214 (A lditional Provisions). 55 4.5.3. Loan Limitations. Buyer may purchase the Property using any of the following types of " loans:®Conventional ®FHA ❑VA ❑ Bond ❑ Other n/a. 27;t 4.5.4. Good Faith Estimate—Monthly Payment and Loan Costs. Buyer is advised to review the 2 ` terjrns, conditions and costs of Buyer's New Loan carefully. If Buyer is applying for a residential loan,the lender ;2z3 generally must provide Buyer with a good faith estimate of Buyer's closing costs within three days after Buyer 782 co pletes a loan application. Buyer should also obtain an estimate of the amount of Buyer's monthly mortgage pa ment. If the New Loan is unsatisfactory to Buyer, Buyer has the Right to Terminate under§25.1,on or before 285 Lan Objection Deadline (§ 3). 4.6. Assumption. (Omitted as inapplicable) 21'38 2 3=1 4.7. Seller or Private Financing. (Omitted as inapplicable) 790 2� 9 1 23f2 TRANSACTION PROVISIONS 2< 1 5. FINANCING CONDITIONS AND OBLIGATIONS. (Omitted as inapplicable) 5.3. Credit Information and Buyer's New Senior Loan. (Omitted as inapplicable) ?i30 231 5.4. Existing Loan Review. (Omitted as inapplicable) 32, 9 ( PP ) 03 34 6. APPRAISAL PROVISIONS. 36 6.1. Lender Property Requirements. If the lender imposes any requirements or repairs(Requirements) 3;F; to be made to the Property(e.g., roof repair, repainting), beyond those matters already agreed to by Seller in this 23 C ntract, Seller has the Right to Terminate under§25.1, (notwithstanding§ 10 of this Contract),on or before three d s following Seller's receipt of the Requirements, based on any unsatisfactory Requirements, in Seller's sole s jective discretion. Seller's Right to Terminate in this§6.1 shall not apply if,on or before any termination by S Iler pursuant to this§6.1: (1)the parties enter into a written agreement regarding the Requirements;or(2)the Requirements have been completed;or(3)the satisfaction of the Requirements is waived in writing by Buyer. 6.2. Appraisal Condition.The applicable Appraisal provision set forth below shall apply to the 315 respective loan type set forth in§4.5.3,or if a cash transaction, i.e. no financing,§6.2.1 shall apply. 3 t 6.2.1. Conventional/Other. Buyer has the sole option and election to terminate this Contract 319 if tie Property's valuation,determined by an appraiser engaged on behalf of buyer is less than 321 32o the Purchase Price.The appraisal shall be received by Buyer or Buyer's lender on or before Appraisal Deadline 322 (§3). Buyer has the Right to Terminate under§25.1, on or before Appraisal Objection Deadline (§3), if the Property's valuation is less than the Purchase Price and Seller's receipt of either a copy of such appraisal or '4 written notice from lender that confirms the Property's valuation is less than the Purchase Price. This§ 6.2.1 is for the sole benefit of Buyer. $s7 6.2.2. FHA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the Purchaser(Buyer)shall not be obligated to complete the purchase of the Property described herein or to incur 33u any penalty by forfeiture of Earnest Money deposits or otherwise unless the Purchaser(Buyer)has been given in aocordance with HUD/FHA or VA requirements a written statement issued by the Federal Housing Commissioner, Department of Veterans Affairs,or a Direct Endorsement lender,setting forth the appraised value of the Property of 333 1'34 not less than$ 195000 .The Purchaser(Buyer)shall have the privilege and option of proceeding with the CBS1-9-12. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 4 of 15 Buyer(s)Initials Seller(s)Initials CTMeContracts.com-©2013 CTM Software Corp. consummation of the Contract without regard to the amount of the appraised valuation. The appraised valuation is z; arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. ;34 HUD does not warrant the value nor the condition of the Property.The Purchaser(Buyer)should satisfy himself/herself that the price and condition of the Property are acceptable. 6.2.3. VA. It is expressly agreed that, notwithstanding any other provisions of this Contract,the 2 purchaser(Buyer)shall not incur any penalty by forfeiture of Earnest Money or otherwise or be obligated to :; ; complete the purchase of the Property described herein, if the Contract Purchase Price or cost exceeds the - reasonable value of the Property established by the Department of Veterans Affairs. The Purchaser(Buyer)shall, 4 however, have the privilege and option of proceeding with the consummation of this Contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs. 6.3. Cost of Appraisal. Cost of any appraisal to be obtained after the date of this Contract shall be w timely paid by buyer ❑Seller.The cost of the appraisal may include any and all fees paid to the appraiser, ,_, appraisal management company, lender's agent or all three. 3Se. 7. EVIDENCE OF TITLE AND ASSOCIATION DOCUMENTS. '• 7.1. ®Seller Selects Title Insurance Company If this box is checked, Seller shall select the title insurance company to furnish the owner's title insurance policy at Seller's expense. On or before Record Title `' Deadline (§3), Seller shall furnish to Buyer a current commitment for owner's title insurance policy(Title 3 Commitment), in an amount equal to the Purchase Price, or if this box is checked ❑ an Abstract of title certified i to a current date. Seller shall cause the title insurance policy to be issued and delivered to Buyer as soon as practicable at or after Closing. 7.2. ❑ Buyer Selects Title Insurance Company. If this box is checked, Buyer shall select the title 6E5 insurance company to furnish the owner's title insurance policy at Buyer's expense. On or before Record Title Deadline (§3), Buyer shall furnish to Seller, a current commitment for owner's title insurance policy(Title Commitment), in an amount equal to the Purchase Price. If neither box in§7.1 or§7.2 is checked, §7.1 applies. 7.3. Owner's Extended Coverage(OEC).The Title Commitment®Shall ❑ Shall Not commit to delete or insure over the standard exceptions which relate to: (1)parties in possession, (2)unrecorded 3 easements, (3)survey matters, (4)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 37 (OEC). s?' Note: The title insurance company may not agree to delete or insure over any or all of the standard exceptions. 7.3.1. Premium for OEC.If the title insurance company agrees to provide an endorsement for 37,3 P Y 9 P OEC, any additional premium expense to obtain an endorsement for OEC shall be paid by®Buyer❑Seller 1 ❑ One-Half by Buyer and One-Half by Seller ❑ Other n/a 7.4. Buyer's Right to Review Title Commitment and Title Documents. Buyer has the right to ? review the Title Commitment, its provisions and Title Documents(defined in §7.5), and if not satisfactory to Buyer, Buyer may exercise Buyer's rights pursuant to§8.1. v33r 7.5. Copies of Exceptions. Unless the box in§7.2 is checked (Buyer Selects Title Insurance Company)on or before Record Title Deadline (§3),Seller, at Seller's expense,shall furnish to Buyer and -=`' buyer representatives , (1)copies of any plats, ,<91 declarations, covenants, conditions and restrictions burdening the Property, and(2)if a Title Commitment is `<`-'F required to be furnished, and if this box is checked❑ 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 has the obligation to furnish these documents pursuant to this section if requested by Buyer any time on or )', before Exceptions Request Deadline(§3).This requirement shall pertain only to documents as shown of record V in the office of the clerk and recorder in the county where the Property is located. The Abstract or Title Commitment, together with any copies or summaries of such documents furnished pursuant to this section, constitute the title documents(collectively, Title Documents). 7.5.1. Existing Abstracts of Title. Seller shall deliver to Buyer copies of any abstracts of title covering all or any portion of the Property(Abstract)in Seller's possession on or before Record Title Deadline (§3). 7.6. Homeowners'Association Documents. Homeowners'Association Documents (Association 3 Documents)consist of the following: 7.6.1. All Homeowners'Association declarations, bylaws,operating agreements, rules and regulations, party wall agreements; 7.6.2. Minutes of most recent annual owners' meeting; 7.6.3. Minutes of any directors'or managers' meetings during the six-month period ° immediately preceding the date of this Contract. If none of the preceding minutes exist,then the most recent _ minutes, if any(§§7.6.1, 7.6.2 and 7.6.3,collectively, Governing Documents). 7.6.4. The most recent financial documents which consist of: (1)annual and most recent balance sheet, (2)annual and most recent income and expenditures statement, (3)annual budget, and (4)reserve CBS1-9-12. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 5 of 15 Buyer(s)Initials Seller(s)Initials CTMeContracts.com-©2013 CTM Software Corp. 41 study, if any(collectively, Financial Documents). 7.6.5. Common Interest Community Disclosure.THE PROPERTY IS LOCATED WITHIN A OMMON INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR SUCH COMMUNITY. -:2 3 TH�OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNER'S ASSOCIATION 2`.•a F THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE ``5 A OCIATION.THE DECLARATION,BYLAWS,AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL , 0 LIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY '':2'> A ESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS,THE °`-`' A OCIATION COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. 4 1 T DECLARATION, BYLAWS,AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE "32 0 NER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ; A SOCIATION(OR A COMMITTEE OF THE ASSOCIATION)AND THE APPROVAL OF THE ASSOCIATION. ,,; P RCHASERS OF PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE 436 Fl ANCIAL OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY 43 I R AD THE DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF 33_; T E ASSOCIATION. 44 u 7.6.6.Association Documents to Buyer. /,1=. ® 7.6.6.1. Seller to Provide Association Documents. Seller shall cause the Association D• ocuments to be provided to Buyer,at Seller's expense,on or before Association Documents Deadline(§3). 7.6.6.2. Seller Authorizes Association. Seller authorizes the Association to provide the ,4% Association Documents to Buyer, at Seller's expense. :0-, 7.6.6.3. Seller's Obligation.Seller's obligation to provide the Association Documents ''"' sh�ll be fulfilled upon Buyer's receipt of the Association Documents, regardless of who provides such documents. "49 N te: If neither box in this 7.6.6 is checked,the provisions of 7.6.6.1 shall apply. < ?> § P § PP Y• , 7.6.7. Conditional on Buyer's Review. Buyer has the right to review the Association ~`s% Documents. Buyer has the Right to Terminate under§25.1,on or before Association Documents Objection ,,1 Deadline (§3), based on any unsatisfactory provision in any of the Association Documents, in Buyer's sole ,▪s.s su jective discretion. Should Buyer receive the Association Documents after Association Documents Deadline (§p3), Buyer, at Buyers option, has the Right to Terminate under§25.1 by Buyer's Notice to Terminate received 4^; by Seller on or before ten days after Buyer's receipt of the Association Documents. If Buyer does not receive the 59 A sociation Documents,or if Buyer's Notice to Terminate would otherwise be required to be received by Seller ' 0 a r Closing Date(§3), Buyer's Notice to Terminate shall be received by Seller on or before Closing(§ 12.3). If •::i S Iler does not receive Buyer's Notice to Terminate within such time Buyer accepts the provisions of the <53 A sociation Documents as satisfactory, and Buyer waives any Right to Terminate under this provision, `^(' n withstanding the provisions of§8.5. 5 ='s 8. RECORD TITLE AND OFF—RECORD TITLE. o 58 8.1. Record Title. Buyer has the right to review and object to any of the Title Documents(Right to /0 Olpject, Resolution)as set forth in§8.3. Buyer's objection may be based on any unsatisfactory form or content of 4 74. Title Commitment, notwithstanding § 13, or any other unsatisfactory title condition, in Buyer's sole subjective '22 discretion. If Buyer objects to any of the Title Documents, Buyer shall cause Seller to receive Buyer's Notice to ▪ • Terminate or Notice of Title Objection on or before Record Title Objection Deadline (§3). If Title Documents are .^.f 5 not received by Buyer,on or before the Record Title Deadline(§3),or if there is an endorsement to the Title ` C mmitment that adds a new Exception to title, a copy of the new Exception to title and the modified Title % 8 Commitment shall be delivered to Buyer. Buyer shall cause Seller to receive Buyer's Notice to Terminate or Notice -79 of Title Objection on or before ten days after receipt by Buyer of the following documents: (1)any required Title 'u Document not timely received by Buyer, (2)any change to the Title Documents,or(3)endorsement to the Title A'• -F; Commitment. If Seller receives Buyer's Notice to Terminate or Notice of Title Objection, pursuant to this§8.1 6x: (Record Title), any title objection by Buyer and this Contract shall be governed by the provisions set forth in§8.3 '' '4 (eight to Object to Title, Resolution). If Seller does not receive Buyer's Notice to Terminate or Notice of Title y u5 ,,:, Objection by the applicable deadline specified above, Buyer accepts the condition of title as disclosed by the Title .7 Documents as satisfactory. , s 8.2. Off-Record Title. Seller shall deliver to Buyer, on or before Off—Record Title Deadline (§3), tr e copies of all existing surveys in Seller's possession pertaining to the Property and shall disclose to Buyer all e sements, liens (including,without limitation, governmental improvements approved, but not yet installed)or other "2 ti e matters (including,without limitation, rights of first refusal and options)not shown by public records,of which 2q 3 ;;<;,4 S Iler has actual knowledge(Off-Record Matters). Buyer has the right to inspect the Property to investigate if any . t rd party has any right in the Property not shown by public records (such as an unrecorded easement, "-'°' u recorded lease, boundary line discrepancy or water rights). Buyer's Notice to Terminate or Notice of Title „,, Objection of any unsatisfactory condition (whether disclosed by Seller or revealed by such inspection, ,99 notwithstanding§ 13), in Buyer's sole subjective discretion,shall be received by Seller on or before Off—Record 'uf-' Title Objection Deadline (§3). If Seller receives Buyer's Notice to Terminate or Notice of Title Objection pursuant to this§ 8.2(Off—Record Title Matters), any title objection by Buyer and this Contract shall be governed CBS 1-9-12. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 6 of 15 Buyer(s)Initials Seller(s)Initials CTMeContracts.com-©2013 CTM Software Corp. 503 by the provisions set forth in§8.3(Right to Object, Resolution). If Seller does not receive Buyer's Notice to `' p Terminate or Notice of Title Objection,on or before Off—Record Title Objection Deadline (§3), Buyer accepts 5,, title subject to such rights, if any, of third parties of which Buyer has actual knowledge. Unless disclosed in writing,Seller represents and warrants that there are no Off-Record Matters. 8.3. Right to Object to Title, Resolution.Buyer's right to object to any title matters shall include, but 0 not be limited to those matters set forth in§§8.1 (Record Title Matters), 8.2(Off—Record Title Matters)and 13 (Transfer of Title), in Buyer's sole subjective discretion (collectively, Right to Object to Title). If Buyer objects to is <' any title matter, on or before the applicable deadline, Buyer shall have the option to either(1)object to the '`.3 condition of title, or(2)terminate this Contract. 8.3.1. Title Resolution. If Seller receives Buyer's Notice of Title Objection, as provided in §8.1 • (Record Title)or§8.2(Off—Record Title), on or before the applicable deadline,and if Buyer and Seller have not agreed to a written settlement thereof on or before Title Resolution Deadline(§3),this Contract shall terminate on the expiration of Title Resolution Deadline (§3), unless Seller receives Buyer's written withdrawal of Buyer's Notice of Title Objection, (i.e., Buyer's written notice to waive objection to such items and waives the right to • terminate for that reason),on or before expiration of Title Resolution Deadline (§3). 8.3.2. Right to Terminate—Title Objection. Buyer has the Right to Terminate under§25.1,on >`, or before the applicable deadline, based on any unsatisfactory title matter, in Buyer's sole subjective discretion. z£; 8.4. Special Taxing Districts.SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL ')27 OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON `'38 THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF SUCH DEBT 31 WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE 52 SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE THE SPECIAL TAXING DISTRICTS IN WHICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY TREASURER, BY REVIEWING THE CERTIFICATE OF TAXES DUE FOR THE PROPERTY,AND BY OBTAINING FURTHER INFORMATION FROM THE BOARD OF COUNTY COMMISSIONERS,THE COUNTY • CLERK AND RECORDER,OR THE COUNTY ASSESSOR. 39 Buyer has the Right to Terminate under§25.1, on or before Off—Record Title Objection Deadline (§3), '-4() based on any unsatisfactory effect of the Property being located within a special taxing district, in Buyer's sole subjective discretion. 8.5. Right of First Refusal or Contract Approval. If there is a right of first refusal on the Property,or a "4 right to approve this Contract, Seller shall promptly submit this Contract according to the terms and conditions of i y, such right. If the holder of the right of first refusal exercises such right or the holder of a right to approve disapproves this Contract,this Contract shall terminate. If the right of first refusal is waived explicitly or expires,or the Contract is approved,this Contract shall remain in full force and effect.Seller shall promptly notify Buyer in 54Q writing of the foregoing. If expiration or waiver of the right of first refusal or Contract approval has not occurred on or €�, 9 9 9• P 9 PP • before Right of First Refusal Deadline(§3),this Contract shall then terminate. ''' 8.6. Title Advisory.The Title Documents affect the title,ownership and use of the Property and should be reviewed carefully.Additionally,other matters not reflected in the Title Documents may affect the title,ownership :>K s and use of the Property, including,without limitation, boundary lines and encroachments, area,zoning, unrecorded easements and claims of easements, leases and other unrecorded agreements, and various laws and governmental regulations concerning land use, development and environmental matters.The surface estate may be owned separately from the underlying mineral estate, and transfer of the surface estate does not necessarily include transfer of the mineral rights or water rights.Third parties may hold interests in oil, ')6° gas, other minerals, geothermal energy or water on or under the Property,which interests may give them rights to enter and use the Property. Such matters may be excluded from or not covered by the title 56 a insurance policy. Buyer is advised to timely consult legal counsel with respect to all such matters as there are strict time limits provided in this Contract[e.g., Record Title Objection Deadline(§3)and Off—Record Title Objection Deadline (§3)]. ` ' 9. CURRENT SURVEY REVIEW. 9.1. Current Survey Conditions. If the box in§9.1.1 or§9.1.2 is checked, Buyer,the issuer of the Title ' Commitment or the provider of the opinion of title if an Abstract, and n/a shall receive a Current Survey, i.e., Improvement Location Certificate, Improvement Survey Plat or other form of ^,y survey set forth in§9.1.2(collectively, Current Survey), on or before Current Survey Deadline (§3).The Current Survey shall be certified by the surveyor to all those who are to receive the Current Survey. ,x El 9.1.1. Improvement Location Certificate. If the box in this§9.1.1 is checked, ❑Seller ❑Buyer • shall order or provide, and pay,on or before Closing,the cost of an Improvement Location Certificate. ' ❑ 9.1.2. Other Survey. If the box in this§9.1.2 is checked,a Current Survey,other than an _.__ Improvement Location Certificate,shall be an El Improvement Survey Plat El n/a .The parties agree that payment of the cost of the Current Survey and obligation to order or provide the Current Survey shall be as follows: n/a ., 9.2. Current Survey Objection. Buyer has the right to review and object to the Current Survey. Buyer has CBS 1-9-12. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 7 of 15 Buyer(s)Initials Seller(s)Initials CTMeContracts.com-©2013 CTM Software Corp. the}Right to Terminate under§25.1,on or before the Current Survey Objection Deadline(§3), if the Current • ssSurvey is not timely received by Buyer or based on any unsatisfactory matter with the Current Survey, 5,$) notwithstanding§ 8.2 or§ 13. 9 DISCLOSURE, INSPECTION AND DUE DILIGENCE (}, 10 PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY,DUE DILIGENCE,BUYER :/ DISCLOSURE AND SOURCE OF WATER. '08 10.1. Seller's Property Disclosure.On or before Seller's Property Disclosure Deadline(§3),Seller o agrees to deliver to Buyer the most current version of the applicable Colorado Real Estate Commission's Seller's 601. Prbpertty Disclosure form completed by Seller to Seller's actual knowledge, current as of the date of this Contract. 012 10.2. Inspection Objection. Unless otherwise provided in this Contract, Buyer acknowledges that Seller is conveying the Property to Buyer in an"as is"condition, "where is"and`with all faults". Seller shall disclose to ;cox• Buyer, in writing, any latent defects actually known by Seller. Buyer, acting in good faith, has the right to have • inspections(by one or more third parties, personally or both)of the Property and Inclusions(Inspection), at `o B er's expense. If(1)the physical condition of the Property, includin but not limited to, the roof,walls,structural €>��? �Y P O P Y � including `3 integrity of the Property,the electrical, plumbing, HVAC and other mechanical systems of the Property, (2)the 6' physical condition of the Inclusions, (3)service to the Property(including utilities and communication services), c; 2 systems and components of the Property, e.g. heating and plumbing, (4)any proposed or existing transportation • pr ject, road,street or highway,or(5)any other activity,odor or noise(whether on or off the Property)and its 014 e ct or expected effect on the Property or its occupants is unsatisfactory, in Buyer's sole subjective discretion, 6 B er shall,on or before Inspection Objection Deadline (§ 3): 6 17 10.2.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or '=s 10.2.2. Inspection Objection. Deliver to Seller a written description of any unsatisfactory physical ,;20 co dition that Buyer requires Seller to correct. 021 Buyer has the Right to Terminate under§25.1,on or before Inspection Objection Deadline(§3)if the 6°72 Pr perty or Inclusions are unsatisfactory, in Buyer's sole subjective discretion. 62 3� ; < 10.3. Inspection Resolution. If an Inspection Objection is received by Seller,on or before Inspection )) Objection Deadline (§3),and if Buyer and Seller have not agreed in writing to a settlement thereof on or before b26' Inspection Resolution Deadline(§3),this Contract shall terminate on Inspection Resolution Deadline (§3) r;,,, unless Seller receives Buyer's written withdrawal of the Inspection Objection before such termination, i.e., on or 6 before expiration of Inspection Resolution Deadline(§3). r''`' 10.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided in this Contract or other x ;. written agreement between the parties, is responsible for payment for all inspections,tests,surveys, engineering 6V:, reports, or other reports performed at Buyer's request(Work)and shall pay for any damage that occurs to the 63' Property and Inclusions as a result of such Work. Buyer shall not permit claims or liens of any kind against the ;,yry Property for Work performed on the Property at Buyer's request. Buyer agrees to indemnify, protect and hold 37 Stiller harmless from and against any liability, damage, cost or expense incurred by Seller and caused by any 6389 sut h Work, claim, or lien. This indemnity includes Seller's right to recover all costs and expenses incurred by x;,:,,, Sher to defend against any such liability,damage, cost or expense, or to enforce this section, including Seller's 34. re sonable attorney fees, legal fees and expenses.The provisions of this section shall survive the termination of "2 this Contract.This§ 10.4 does not apply to items performed pursuant to an Inspection Resolution. tA a 10.5. Insurability. Buyer has the right to review and object to the availability,terms and conditions of 6.15 anti premium for property insurance(Property Insurance). Buyer has the Right to Terminate under§25.1,on or i,'`i` before Property Insurance Objection Deadline (§3), based on any unsatisfactory provision of the Property 04 r Insurance, in Buyer's sole subjective discretion. 4,-) 10.6. Due Diligence Documents. Seller agrees to deliver copies of the following documents and • `" information pertaining to the Property(Due Diligence Documents)to Buyer on or before Due Diligence 6=2 Documents Delivery Deadline(§ 3): 10.6.1. All current leases, including any amendments or other occupancy agreements, pertaining • to the Property, if any(Leases). sos 10.6.2. Other documents and information: • nip 6 Ss 653 10.7. Due Diligence Documents Conditions. Buyer has the right to review and object to Due 660 Diligence Documents, in Buyer's sole subjective discretion, and has the right to object if Seller fails to deliver to "( Beyer all Due Diligence Documents. Buyer shall also have the unilateral right to waive any condition herein. 10.7.1. Due Diligence Documents Objection. Buyer has the Right to Terminate under§25.1 ';" on or before Due Diligence Documents Objection Deadline (§3), based on any unsatisfactory matter with the D e Diligence Documents, in Buyer's sole subjective discretion. If all Due Diligence Documents under 10.6 are 9 Y 1 9 § 007 n received by Buyer on or before Due Diligence Documents Delivery Deadline(§3),then Buyer has the >c-< Ri ht to Terminate under§25.1,on or before the earlier of ten days after Due Diligence Documents Objection t'`'e' Deadline (§3)or Closing. CBS1-9-12. COPE TRACT TO BUY AND SELL REAL ESTATE- Residential Page 8 of 15 Buyer(s)Initials Seller(s)Initials CTMeContracts.com-©2013 CTM Software Corp. 10.8. Conditional Upon Sale of Property. This Contract is conditional upon the sale and closing of • "' that certain property owned by Buyer and commonly known as n/a ✓; Buyer, has the Right to Terminate under§25.1 by Buyer's Notice to Terminate received by Seller on or before Conditional Sale Deadline(§3)if such property is not sold and closed by such deadline.This§ 10.8 is for the c'c sole benefit of Buyer,. If Seller does not receive Buyer's Notice to Terminate on or before Conditional Sale Deadline(§3), Buyer waives any Right to Terminate under this provision. 6'9 10.9. Source of Potable Water(Residential Land and Residential Improvements Only). Buyer �c ❑Does woes Not acknowledge receipt of a copy of Seller's Property Disclosure or Source of f; ;: Water Addendum disclosing the source of potable water for the Property. Buyer❑Does woes Not f-'. acknowledge receipt of a copy of the current well permit.®There is No Well. Note to Buyer: SOME WATER ' PROVIDERS RELY,TO VARYING DEGREES, ON NONRENEWABLE GROUND WATER.YOU MAY WISH TO zzf: CONTACT YOUR PROVIDER(OR INVESTIGATE THE DESCRIBED SOURCE)TO DETERMINE THE LONG— ')E7 TERM SUFFICIENCY OF THE PROVIDER'S WATER SUPPLIES. ;z< 10.10. Carbon Monoxide Alarms. Note: If the improvements on the Property have a fuel—fired heater or appliance, a fireplace, or an attached garage and include one or more rooms lawfully used for sleeping • purposes(Bedroom), the parties acknowledge that Colorado law requires that Seller assure the Property has an operational carbon monoxide alarm installed within fifteen feet of the entrance to each Bedroom or in a location as >=a required by the applicable building code. tai 5 10.11. Lead—Based Paint. Unless exempt, if the improvements on the Property include one or s more residential dwellings for which a building permit was issued prior to January 1, 1978,this Contract shall be <;4 void unless(1)a completed Lead—Based Paint Disclosure(Sales)form is signed by Seller,the required real 695' estate licensees and Buyer, and (2)Seller receives the completed and fully executed form prior to the time when this Contract is signed by all parties. Buyer acknowledges timely receipt of a completed Lead—Based Paint Disclosure (Sales)form signed by Seller and the real estate licensees. 10.12. Methamphetamine Disclosure. If Seller knows that methamphetamine was ever • manufactured, processed, cooked, disposed of, used or stored at the Property, Seller is required to disclose such ; , fact. No disclosure is required if the Property was remediated in accordance with state standards and other requirements are fulfilled pursuant to§25-18.5-102, C.R.S. Buyer further acknowledges that Buyer has the 73,3 right to engage a certified hygienist or industrial hygienist to test whether the Property has ever been used as a ;,;�y 9 Y9� Y9� P rtY methamphetamine laboratory. Buyer has the Right to Terminate under§25.1, upon Seller's receipt of Buyer's 1 written Notice to Terminate, notwithstanding any other provision of this Contract, based on Buyer's test results that indicate the Property has been contaminated with methamphetamine, but has not been remediated to meet the standards established by rules of the State Board of Health promulgated pursuant to§25-18.5-102, C.R.S. Buyer shall promptly give written notice to Seller of the results of the test. 11. COLORADO FORECLOSURE PROTECTION ACT.The Colorado Foreclosure Protection Act(Act) • generally applies if: (1)the Property is residential, (2)Seller resides in the Property as Seller's principal residence, (3)Buyer's purpose in purchase of the Property is not to use the Property as Buyer's personal residence, and (4) 2 the Property is in foreclosure or Buyer has notice that any loan secured by the Property is at least thirty days delinquent or in default. If the transaction is a Short Sale transaction and a Short Sale Addendum is part of this Contract,the Act does not apply. Each party is further advised to consult an attorney. .; CLOSING PROVISIONS 12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING. 32 12.1. Closing Documents and Closing Information. Seller and Buyer shall cooperate with the Closing n Company to enable the Closing Company to prepare and deliver documents required for Closing to Buyer and • Seller and their designees. If Buyer is obtaining a new loan to purchase the Property, Buyer acknowledges Buyer's lender shall be required to provide the Closing Company in a timely manner all required loan documents and financial information concerning Buyer's new loan. Buyer and Seller will furnish any additional information and documents required by Closing Company that will be necessary to complete this transaction. Buyer and Seller 1 shall sign and complete all customary or reasonably required documents at or before Closing. = 12.2.Closing Instructions.Colorado Real Estate Commission's Closing Instructions DAre Are Not 14 2 executed with this Contract. Upon mutual execution, • > p ®Seller ❑Buyer shall deliver such Closing Instructions to 4,4 the Closing Company. `' 12.3.Closing. Delivery of deed from Seller to Buyer shall be at closing (Closing). Closing shall be on the `"' date specified as the Closing Date 3)or mutual agreement at an earlier date. The hour and place of Closing P 9 (§ ) by 9 P 9 "4; shall be as designated by Stewart Title ?lc; 12.4. Disclosure of Settlement Costs.Buyer and Seller acknowledge that costs, quality, and extent of service vary between different settlement service providers(e.g., attorneys, lenders, inspectors and title ;'''2 companies). CBS1-9-12. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 9 of 15 Buyer(s)Initials Seller(s)Initials CTMeContracts.com-©2013 CTM Software Corp. Jy=, 130 TRANSFER OF TITLE. Subject to tender of payment at Closing as required herein and compliance by ?556 Buyer with the other terms and provisions hereof, Seller shall execute and deliver a good and sufficient `''` special 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 lierhs, including any governmental liens for special improvements installed as of the date of Buyer's signature "1 hereon,whether assessed or not.Title shall be conveyed subject to: „.. 13.1. Those specific Exceptions described by reference to recorded documents as reflected in the Title Documents accepted by Buyer in accordance with Record Title(§8.1), 13.2. Distribution utility easements(including cable TV), 13.3. Those specifically described rights of third parties not shown by the public records of which ,'" Bufrer has actual knowledge and which were accepted by Buyer in accordance with Off-Record Title T70 0'18.2)and Current Survey Review(§ 9), 13.4. Inclusion of the Property within any special taxing district,and 13.5. Other n/a • 1d‘ 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. u„ 15 CLOSING COSTS, CLOSING FEE,ASSOCIATION FEES AND TAXES. 15.1. Closing Costs. Buyer and Seller shall pay, in Good Funds,their respective closing costs and 78 all other items required to be paid at Closing, except as otherwise provided herein. 8 r 84 15.2. Closin Services Fee. The fee for real estate closing services shall be paid at Closing by ❑;Buyer CI Seller One-Half by Buyer and One-Half by Seller ❑ Other n/a .7'33 15.3. Status Letter and Record Change Fees. Any fees incident to the issuance of Association's <9 statement of assessments(Status Letter)shall be paid by❑Buyer Seller ❑One-Half by Buyer and One-Half by Seller. ❑None. Any record change fee assessed by the Association including, but not limited to, ovynership record transfer fees regardless of name or title of such fee(Association's Record Change Fee)shall be ;,:,,, pad by CI Buyer ®Seller ❑ One-Half by Buyer and One-Half by Seller ❑None. See§ 15.5 for n5 Private Transfer Fees. 15.4. Local Transfer Tax. ®The Local Transfer Tax of 2 % of the Purchase Price .9 shall be paid at Closing by❑ Buyer ❑ Seller ®One-Half by Buyer and One-Half by Seller. ❑None. 15.5. Private Transfer Fee. Private transfer fees and other fees due to a transfer of the Property, • paable at Closing, such as community association fees,developer fees and foundation fees,shall be paid at S.2 Closing by❑Buyer Seller ❑One-Half by Buyer and One-Half by Seller❑None.The Private Transfer fee, whether one or more, is for the following association(s): n/a in the total SO amount of n/a % of the Purchase Price or$ 8o6 15.6. Water Transfer Fees. The Water Transfer Fees can change.The fees,as of the date of this r''.`' C ntract,do not exceed: 8)9 $ /a for❑Water Stock/Certificates❑ Water District • $ for❑Augmentation Membership❑Small Domestic Water Company❑ n/a z�z >32 and must be paid at Closing by❑ Buyer ®Seller ❑ One-Half by Buyer and One-Half by Seller❑ None. 6.? 15.7. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction `} • shall be paid when due by❑ Buyer ❑ Seller ❑ One-Half by Buyer and One-Half by Seller El None. ; 161. PROBATIONS.The following shall be prorated to Closing Date(§3), except as otherwise provided: 6'9 16.1. Taxes. Personal property taxes, if any,special taxing district assessments, if any, and general real estate taxes for the year of Closing, based on ❑ Taxes for the Calendar Year Immediately Preceding sz Cliosing Most Recent Mill Levy and Most Recent Assessed Valuation, adjusted by any applicable 62 qualifying seniors property tax exemption, qualifying disabled veteran exemption or❑ Other w;z.l n#a 2.6 16.2. Rents. Rents based on ❑ Rents Actually Received ❑Accrued. At Closing, Seller shall 71'1 transfer or credit to Buyer the security deposits for all Leases assigned,or any remainder after lawful deductions, • acrd notify all tenants in writing of such transfer and of the transferee's name and address.Seller shall assign to • Bayer all Leases in effect at Closing and Buyer shall assume Seller's obligations under such Leases. s3 16.3. Association Assessments. Current regular Association assessments and dues(Association • Assessments)paid in advance shall be credited to Seller at Closing. Cash reserves held out of the regular Association Assessments for deferred maintenance by the Association shall not be credited to Seller except as may be otherwise provided by the Governing Documents. Buyer acknowledges that Buyer may be obligated to pay 8"),) the Association, at Closing, an amount for reserves or working capital.Any s•ecial assessment assessed prior to s3;% • 8 Closing Date(§3)by the Association shall be the obligation of❑Buyer '=',-eller . Except however,any CBS1-9-12. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 10 of 15 Buyer(s)Initials Seller(s)Initials CTMeContracts.com-©2013 CTM Software Corp. special assessment by the Association for improvements that have been installed as of the date of Buyer's • • signature hereon,whether assessed prior to or after Closing,shall be the obligation of Seller. Seller represents 4 : that the Association Assessments are currently payable at$ 245.00 per month and that there are no `><E 3 unpaid regular or special assessments against the Property except the current regular assessments and n/a. 844 Such assessments are subject to change as provided in the Governing Documents. Seller agrees to promptly rst�� 1 9 P 9 9 P P Y 1-6 request the Association to deliver to Buyer before Closing Date(§3)a current Status Letter. 16.4. Other Prorations.Water and sewer charges, propane, interest on continuing loan,and n/a. 16.5. Final Settlement. Unless otherwise agreed in writing,these prorations shall be final. '`':. 17. POSSESSION. Possession of the Property shall be delivered to Buyer on Possession Date(§3)at '„ Possession Time(§3),subject to the following Leases or tenancies: _. n/a "K=K If Seller, after Closing,fails to deliver possession as specified, Seller shall be subject to eviction and shall be s51 additionally liable to Buyer for payment of$ 100 per day(or any part of a day notwithstanding § 18.1)from Possession Date(§3)and Possession Time(§3)until possession is delivered. • Buyer®Does ❑ Does Not represent that Buyer will occupy the Property as Buyer's principal residence. Note: If the parties agree to execute a Post-Closing Occupancy Agreement,the document should appear in Attachments(§31). GENERAL PROVISIONS 18. DAY; COMPUTATION OF PERIOD OF DAYS,DEADLINE. 18.1. Day.As used in this Contract,the term"day"shall mean the entire day ending at 11:59 p.m., United s`/2. States Mountain Time(Standard or Daylight Savings as applicable). 18.2. Computation of Period of Days, Deadline. In computing a period of days,when the ending date 5 is not specified,the first day is excluded and the last day is included, e.g.,three days after MEC. If any deadline falls on a Saturday, Sunday or federal or Colorado state holiday(Holiday),such deadline®Shall ❑ Shall Not • be extended to the next day that is not a Saturday, Sunday or Holiday. Should neither box be checked,the deadline shall not be extended. J., 19. CAUSES OF LOSS, INSURANCE; DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION; AND WALK—THROUGH. 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. 19.1. Causes of Loss, Insurance. In the event the Property or Inclusions are damaged by fire,other • perils or causes of loss prior to Closing in an amount of not more than ten percent of the total Purchase Price • (Property Damage), Seller shall be obligated to repair the same before Closing Date(§3). Buyer has the Right to Terminate under§25.1,on or before Closing Date(§3), if the Property Damage is not repaired before Closing <. ? Date (§3)or if the damage exceeds such sum. Should Buyer elect to carry out this Contract despite such 2 Property Damage, Buyer shall be entitled to a credit at Closing for all insurance proceeds that were received by Seller(but not the Association, if any)resulting from such damage to the Property and Inclusions, plus the amount • of any deductible provided for in such insurance policy. Such credit will not exceed the Purchase Price. In the • event Seller has not received such insurance proceeds prior to Closing,the parties may agree to extend the , Closing Date(§3)or,at the option of Buyer, Seller shall assign such proceeds at Closing, plus credit Buyer the £s <? amount of any deductible provided for in such insurance policy, but not to exceed the total Purchase Price. ` 19.2. Damage, Inclusions and Services.Should any Inclusion or service(including utilities and v x communication services), system, component or fixture of the Property(collectively Service), e. heating or �� ) Y P P rtY( Y ) e.g., 9 • 3 plumbing,fail or be damaged between the date of this Contract and Closing or possession,whichever shall be '`;=4 earlier,then Seller shall be liable for the repair or replacement of such Inclusion or Service with a unit of similar • size, age and quality,or an equivalent credit, but only to the extent that the maintenance or replacement of such Inclusion or Service is not the responsibility of the Association, if any, less any insurance proceeds received by ':'98 Buyer covering such repair or replacement. If the failed or damaged Inclusion or Service is not repaired or replaced • on or before Closing or possession,whichever shall be earlier, Buyer has the Right to Terminate under§25.1,on • or before Closing Date(§3),or,at the option of Buyer, Buyer will be entitled to a credit at Closing for the repair or replacement of such Inclusion or Service. Such credit shall not exceed the Purchase Price. If Buyer receives such • a credit, Seller's right for any claim against the Association, if any,shall survive Closing. Seller and Buyer are 91', aware of the existence of pre—owned home warranty programs that may be purchased and may cover the repair • or replacement of such Inclusions. 19.3. Condemnation. In the event Seller receives actual notice prior to Closing that a pending condemnation action may result in a taking of all or part of the Property or Inclusions, Seller shall promptly notify • Buyer, in writing,of such condemnation action. Buyer has the Right to Terminate under§25.1,on or before • Closing Date(§3), based on such condemnation action, in Buyer's sole subjective discretion. Should Buyer elect CBS1-9-12. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 11 of 15 Buyer(s)Initials Seller(s)Initials CTMeContracts.com-©2013 CTM Software Corp. 923 to consummate this Contract despite such diminution of value to the Property and Inclusions, Buyer shall be 924 enl tied to a credit at Closing for all condemnation proceeds awarded to Seller for the diminution in the value of the 26 835 Property or Inclusions but such credit shall not include relocation benefits or expenses,or exceed the Purchase 927 Priee. 928 19.4. Walk—Through and Verification of Condition. Buyer, upon reasonable notice, has the right to 9-30 walk through the Property prior to Closing to verify that the physical condition of the Property and Inclusions 9'31. complies with this Contract. 932 • 201 RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller 935 ac nowledge that the respective broker has advised that this Contract has important legal consequences and has • re ommended the examination of title and consultation with legal and tax or other counsel before signing this ;."' C ntract. 838= .F, 21 TIME OF ESSENCE, DEFAULT AND REMEDIES.Time is of the essence hereof. If any note or check `;4q2 re eived as Earnest Money hereunder or any other payment due hereunder is not paid, honored,or tendered when .'"£' du ,or if any obligation hereunder is not performed or waived as herein provided,the non-defaulting party has the 944 fol wing remedies: 4, ; 21.1. If Buyer is in Default: 9,17 ❑, 21.1.1. Specific Performance. Seller may elect to treat this Contract as canceled, in which 9-<P9 case all Earnest Money(whether or not paid by Buyer)shall be paid to Seller and retained by Seller; and Seller 888 may recover such damages as may be proper; or Seller may elect to treat this Contract as being in full force and 9'91 effbct and Seller has the right to specific performance or damages,or both. 952 21.1.2. Liquidated Damages,Applicable.This§21.1.2 shall apply unless the box in§ • 210.1. is checked.All Earnest Money(whether or not paid by Buyer)shall be paid to Seller, and retained by 955 5 Seller. Both parties shall thereafter be released from all obligations hereunder. It is agreed that the Earnest Money sp cified in§4.1 is LIQUIDATED DAMAGES, and not a penalty,which amount the parties agree is fair and t,x re sonable and (except as provided in§§ 10.4,22,23 and 24),said payment of Earnest Money shall be 959 S LLER'S ONLY REMEDY for Buyer's failure to perform the obligations of this Contract. Seller expressly waives k• th remedies of specific performance and additional damages. 21.2. If Seller is in Default: Buyer may elect to treat this Contract as canceled, in which case all s°s"s Earnest Money received hereunder shall be returned and Buyer may recover such damages as may be proper,or fin" Buyer may elect to treat this Contract as being in full force and effect and Buyer has the right to specific , ; performance or damages,or both. "."fa 22. LEGAL FEES,COST AND EXPENSES.Anything to the contrary herein notwithstanding, in the event of 970 any arbitration or litigation relating to this Contract, prior to or after Closing Date(§3),the arbitrator or court shall 971 award to the prevailing party all reasonable costs and expenses, including attorney fees, legal fees and expenses. (,;;3. 23. MEDIATION. If a dispute arises relating to this Contract, prior to or after Closing,and is not resolved,the 975 p rties shall first proceed in good faith to submit the matter to mediation. Mediation is a process in which the p rties meet with an impartial person who helps to resolve the dispute informally and confidentially. Mediators • c nnot impose binding decisions.The parties to the dispute must agree, in writing, before any settlement is 979 binding.The parties will jointly appoint an acceptable mediator and will share equally in the cost of such rl` mediation.The mediation, unless otherwise agreed,shall terminate in the event the entire dispute is not resolved ' ;82 within thirty days of the date written notice requesting mediation is delivered by one party to the other at the 993 party's last known address.This section shall not alter any date in this Contract, unless otherwise agreed. 24. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder shall release 997 the Earnest Money as directed by written mutual instructions,signed by both Buyer and Seller. In the event of any "8 controversy regarding the Earnest Money(notwithstanding any termination of this Contract), Earnest Money 989 990 Helder shall not be required to take any action. Earnest Money Holder, at its sole subjective discretion, has • °•.. several options: (1)await any proceeding, (2)interplead all parties and deposit Earnest Money into a court of ``'''' competent jurisdiction and shall recover court costs and reasonable attorney and legal fees,or(3)provide notice to 984 B yer and Seller that unless Earnest Money Holder receives a copy of the Summons and Complaint or Claim 99% ( tween Buyer and Seller)containing the case number of the lawsuit(Lawsuit)within one hundred twenty days of 996 Ernest Money Holder's notice to the parties, Earnest Money Holder shall be authorized to return the Earnest f;<;, M ney to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit,and has not interplead the 9'39 m nies at the time of any Order, Earnest Money Holder shall disburse the Earnest Money pursuant to the Order of ``" th Court.The parties reaffirm the obligation of Mediation (§23). 1001 1002 i 10003 25. TERMINATION. "` 1 25.1. Right to Terminate. If a party has a right to terminate,as provided in this Contract(Right to loos .101;)(; Terminate),the termination shall be effective upon the other party's receipt of a written notice to terminate(Notice CBS1-9-12. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 12 of 15 Buyer(s)Initials Seller(s)Initials CTMeContracts.com-©2013 CTM Software Corp. 1. •:=7 to Terminate), provided such written notice was received on or before the applicable deadline specified in this ,;;r Contract. If the Notice to Terminate is not received on or before the specified deadline,the party with the Right to Terminate shall have accepted the specified matter,document or condition as satisfactory and waived the Right to �r i r.; P P rY 9 r:11 Terminate under such provision. 25.2. Effect of Termination. In the event this Contract is terminated, all Earnest Money received hereunder shall be returned and the parties shall be relieved of all obligations hereunder, subject to§§ 10.4,22,23 1C?' and 24. 26. ENTIRE AGREEMENT, MODIFICATION,SURVIVAL.This Contract, its exhibits and specified addenda, l i: i constitute the entire agreement between the parties relating to the subject hereof,and any prior agreements 1' '6' pertaining thereto,whether oral or written, have been merged and integrated into this Contract. No subsequent • 1 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 right or obligation in this Contract that, by its terms, exists or is '1' intended to be performed after termination or Closing shall survive the same. lc 27 27. NOTICE, DELIVERY,AND CHOICE OF LAW. 27.1. Physical Delivery.All notices must be in writing, except as provided in §27.2.Any document, <, 9 a Buyer shall be effective when :,t; including signed document or notice,from or on behalf of Seller, and delivered to Bu 9 Y 1v31 physically received by Buyer,any signatory on behalf of Buyer,any named individual of Buyer,any representative of Buyer,or Brokerage Firm of Broker working with Buyer(except for delivery,after Closing,of the notice requesting mediation described in§23)and except as provided in§27.2.Any document, including a signed document or notice,from or on behalf of Buyer, and delivered to Seller shall be effective when physically received 1ti'' by Seller,any signatory on behalf of Seller, any named individual of Seller,any representative of Seller,or Brokerage Firm of Broker working with Seller(except for delivery, after Closing,of the notice requesting mediation _.� described in§23)and except as provided in §27.2. 1(2;6 27.2. Electronic Delivery.As an alternative to physical delivery, any document, including any signed. document or written notice, may be delivered in electronic form only by the following indicated methods: ®Facsimile ®E-mail ®Internet ❑ No Electronic Delivery. If the box"No Electronic Delivery" is '; checked,this§27.2 shall not be applicable and§27.1 shall govern notice and delivery. Documents with original signatures shall be provided upon request of any party. 27.3. Choice of Law.This Contract and all disputes arising hereunder shall be governed by and construed in accordance with the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract in Colorado for property located in Colorado. - 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 such acceptance pursuant to§27 on or before Acceptance Deadline Date (§3)and Acceptance Deadline Time(§ 3). If accepted,this document shall become a contract between Seller and Buyer.A copy of this Contract may be executed by each party, separately, and when each party has executed a copy thereof, such copies taken •`_5'- together shall be deemed to be a full and complete contract between the parties. 1c,,2 29. GOOD FAITH.Buyer and Seller acknowledge that each party has an obligation to act in good faith including, 10'32 but not limited to, exercising the rights and obligations set forth in the provisions of Financing Conditions and "° Obligations(§5), Record Title and Off—Record Title(§8), Current Survey Review(§9)and Property c6(., Disclosure, Inspection, Indemnity, Insurability, Due Diligence, Buyer Disclosure and Source of Water(§ 10). ADDITIONAL PROVISIONS AND ATTACHMENTS 7? 1i.._ 30. ADDITIONAL PROVISIONS.(The following additional provisions have not been approved by the Colorado '=�'' Real Estate Commission.) 1 ' "MEC"stands for Mutual Execution of Contract t�. Not withstanding anything to the contrary herein, buyer understands that this Agreement must be approved and ratified by the Board of County Commissioners at a regularly scheduled and public pp Y Y 9 Y p 1 ;, meeting. Seller 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 the contract as defined in section_3. dates and deadlines )shall be the date approved by the Board of County Commissioners at a public meeting. 31. ATTACHMENTS. CBS1-9-12. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 13 of 15 Buyer(s)Initials Seller(s)Initials CTMeContracts.com-©2013 CTM Software Corp. 1-(9f. 31.1. The following attachments are a part of this Contract: € n/1" 31.2. The following disclosure forms are attached but are not a part of this Contract: 1i%f Fy n 1``'d`' SIGNATURES 4 110'1 3 1 1.F 6. I Date: 8/7/2013 1 1' Buyer:Jennifer L. Davis 11ofs 110 0, Aldress:4923 Lake Creek Village Dr. Edwards CO 81632 tlio Phone: Fax: Electronic Address: 1.1 t.11 i' [NOTE: If this offer is being countered or rejected,do not sign this document. Refer to §32] t.114 t 1 :; Date: 1 _; 1 2 1 Slier: Eagle County By: County Commissioner 117:"' By:Eagle County A'dress:PO Box 850 Eagle CO 81631 P one: 970-328-8776 Fax: E ectronic Address: -.2 7 1128 3-. COUNTER; REJECTION.This offer is❑ Countered ❑Rejected. L131 In tials only of party(Buyer or Seller)who countered or rejected offer 1 .13 Eagle County By: County Commissioner By:Eagle County END OF CONTRACT TO BUY AND SELL REAL ESTATE 113S t 1140 11.x11. 33. BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. 1 '42 (Tp be completed by Broker working with Buyer) 114 114 4. Broker ❑ Does ® Does Not acknowledge receipt of Earnest Money deposit and,while not a party to the 1146 Contract, agrees to cooperate upon request with any mediation concluded under§23. Broker agrees that if 11,t Brokerage Firm is the Earnest Money Holder and,except as provided in§24, if the Earnest Money has not alleady been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest - Money Holder shall release the Earnest Money as directed by the written mutual instructions. Such release of ;'2 Earnest Money shall be made within five days of Earnest Money Holder's receipt of the executed written mutual 1 t=z Y Y Y P 1t,3 instructions, provided the Earnest Money check has cleared. 1°3a Brjoker is working with Buyer as a® Buyer's Agent ❑ Seller's Agent ❑ Transaction-Broker in this ' transaction. ❑ This is a Change of Status. 11.. B kerage Firm's compensation or commission is to be paid by® Listing Brokerage Firm “,1 Buyer❑ Other n/a 13 63 11r, B kerage Firm's Name: Coldwell Banker, Distinctive Properties t;�ts 1167 , 11 :Y 1FF t;,t? ^- i.1.i'0 'I Date: 8/6/2013 Boker's Name: Christopher K. McDonnell CBS1-9-12. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 14 of 15 •Buyer(s)Initials Seller(s)Initials CTMeContracts.com-©2013 CTM Software Corp. • Address: PO Box 5006 Edwards, CO 81632 Ph: 970-331-4617 Fax: 970-476-0102 Email: chris.mcdonnell @coldwellbanker.com 34. BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. (To be completed by Broker working with Seller) Broker ❑ Does ®Does Not acknowledge receipt of Earnest Money deposit and,while not a party to the Contract, agrees to cooperate upon request with any mediation concluded under§23. Broker agrees that if Brokerage Firm is the Earnest Money Holder and, except as provided in§24, if the Earnest Money has not already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest Money Holder shall release the Earnest Money as directed by the written mutual instructions. Such release of Earnest Money shall be made within five days of Earnest Money Holder's receipt of the executed written mutual instructions, provided the Earnest Money check has cleared. Broker is working with the Seller as a®Seller's Agent ❑ Buyer's Agent ❑Transaction-Broker in this transaction. ❑ This is a Change of Status. Brokerage Firm's compensation or commission is to be paid by®Seller❑ Buyer❑ Other n/a Brokerage Firm's Name: The Home Store Broker's i lrifiik, ly WA ! Name t(7I Date: 8/7/2013 Kimberly Williams Address: 25 Mill Loft Suite 200 Edwards, CO 81632 Ph: 970-328-8776 Fax: 866-611-7237 Email: kwilliams @valleyhomestore.org CBS1-9-12. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) C...I h'I t(,.,.':t %.'P:5 :22 201.2. Cl`.° CBS1-9-12. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 15 of 15 Buyer(s)Initials Seller(s)Initials CTMeContracts.com-©2013 CTM Software Corp.