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HomeMy WebLinkAboutECHDA14-012 Contract to Buy and Sell Real Estate 9/9/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-37... 1 2 The Valley Home Store 3 4 Kimberly B. Williams 5 Ph: 970-328-8776 Fax: 866-611-7237 6 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. 9 (CBS1-8-13) (Mandatory 1-14) 10 1.1 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL 12 AND TAX OR OTHER COUNSEL BEFORE SIGNING. 13 .t 4 15 CONTRACT TO BUY AND SELL REAL ESTATE 16 (RESIDENTIAL) 17 18 19 Date: 9/4/2014 20 21 22 AGREEMENT 23 25 1. AGREEMENT. Buyer, identified in§2.1, agrees to buy, and Seller, identified in§ 2.3, agrees to sell,the 26 Property described below on the terms and conditions set forth in this contract(Contract). 27 28 29 2. PARTIES AND PROPERTY. 30 2.1. Buyer. Buyer, Eagle County Housing and Development Authority, will take title to the 31 32 Property described below as 33 ❑ Joint Tenants ❑Tenants In Common ®Other n/a. 34 2.2.Assignability and Inurement.This ContracMIs ❑ Is Not assignable by Buyer without Seller's 35 prior written consent. Except as so restricted,this Contract inures to the benefit of and is binding upon the heirs, 36 37 personal representatives, successors and assigns of the parties. 38 2.3.Seller.Seller, Miller Ranch Condominium Association , is the current owner of the Property 39 described below. 40 2.4.Property.The Property is the following legally described real estate in the County of 41 42 Eagle, Colorado: 43 Lot M134 Mill Loft condos in Miller Ranch or DESC:BLDG G PHASE 4 Subdivision:MILLER 44 RANCH MILL LOFTS Unit: 134 45 46 known as No. 69 Marble G134 Edwards CO 81632, 47 together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto, 4s and all interest of Seller in vacated streets and alleys adjacent thereto, except as herein excluded (Property). 49 50 51 2.5. Inclusions. The Purchase Price includes the following items(Inclusions): 52 2.5.1. Fixtures. If attached to the Property on the date of this Contract,the following items are 53 included unless excluded under Exclusions (§2.6): lighting, heating, plumbing, ventilating and air conditioning 54 fixtures, TV antennas, inside telephone, network and coaxial (cable)wiring and connecting blocks/jacks, plants, 5s P ( ) 9 9 j 56 mirrors,floor coverings, intercom systems, built—in kitchen appliances, sprinkler systems and controls, built—in 57 vacuum systems(including accessories), garage door openers including 0 remote controls. 513 Other Fixtures: 59 60 If any fixtures are attached to the Property after the date of this Contract, such additional fixtures are also included 61 in the Purchase Price. 62 2.5.2. Personal Property. If on the Property,whether attached or not, on the date of this Contract, 63 the following items are included unless excluded under Exclusions (§2.6): storm windows, storm doors,window 65 and porch shades, awnings, blinds, screens,window coverings, curtain rods,drapery rods,fireplace inserts, 66 fireplace screens,fireplace grates, heating stoves, storage sheds, and all keys. If checked, the following are 67 included: ❑Water Softeners ®Smoke/Fire Detectors ®Carbon Monoxide Alarms ❑Security 69 Systems❑ Satellite Systems (including satellite dishes). 70 Other Personal Property: 77. n/a 72 — 73 The Personal Property to be conveyed at Closing must be conveyed by Seller free and clear of all 74 taxes(except personal property taxes for the year of Closing), liens and encumbrances,except n/a.Conveyance 75 will be by bill of sale or other applicable legal instrument. 77 2.5.3. Parking and Storage Facilities. Use Only Ownership of the following parking 9 9 ® Y ❑ P 9 P 9 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-371 C8... 1/16 • 919/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-37... S facilities: condo parking lot; and❑ Use Only ❑ Ownership of the following storage facilities: 9 0 None. 1 2.6. Exclusions.The following items are excluded(Exclusions): Curtains 2 3 4 2.7. Water Rights,Well Rights,Water and Sewer Taps. 5 g ❑ 2.7.1. Deeded Water Rights.The following legally described water rights: 7 None 8 Any deeded water rights will be conveyed by a good and sufficient n/a deed at Closing. 0 :o ❑ 2.7.2. Other Rights Relating to Water.The following rights relating to water not included in §§ 2.7.1, 2.7.3, 2.7.4 and 2.7.5, will be transferred to Buyer at Closing: 2 ❑ 2.7.3. Well Rights. Seller agrees to supply required information to Buyer about the well. Buyer 4 understands that if the well to be transferred is a"Small Capacity Well"or a"Domestic Exempt Water Well"used 5 for ordinary household purposes, Buyer must, prior to or at Closing, complete a Change in Ownership form for the c 6 well. If an existing well has not been registered with the Colorado Division of Water Resources in the Department 7 of Natural Resources (Division), Buyer must complete a registration of existing well form for the well and pay the 8 cost of registration. If no person will be providing a closing service in connection with the transaction, Buyer must oa file the form with the Division within sixty days after Closing.The Well Permit#is n/a. 01. ❑ 2.7.4.Water Stock Certificates:The water stock certificates to be transferred at Closing are as 02 follows: none 04 2.7.5. Water and Sewer Taps. Note: Buyer is advised to obtain,from the provider,written 05 confirmation of the amount remaining to be paid, if any,time and other restrictions for transfer and use of 106 the taps. 107 2.7.6. Conveyance. If Buyer is to receive any rights to water pursuant to§2.7.2 (Other Rights 109 Relating to Water), §2.7.3(Well Rights), or§2.7.4(Water Stock Certificates), Seller agrees to convey such rights 11a to Buyer by executing the applicable legal instrument at Closing. 111 112 3. DATES AND DEADLINES. 114 115 Item No. Reference Event Date or Deadline 116 117 1 §4.3 Alternative Earnest Money Deadline 1.:t a Title 1.'.19 120 2 §8.1 Record Title Deadline 9/9/2014 Tuesday 121 3 §8.2 Record Title Objection Deadline 9/15/2014 Monday 123 123 4 §8.3 Off-Record Title Deadline n/a 124 5 §8.3 Off-Record Title Objection Deadline n/a 125 6 §8.4 Title Resolution Deadline 9/16/2014 Tuesday 126 127 7 §8.6 Right of First Refusal Deadline n/a 128 Owners'Association 129 130 8 §7.3 Association Documents Deadline n/a 131 9 §7.4 Association Documents Objection Deadline n/a 132_ 133 Seller's Property Disclosure 134 10 I §10.1 Seller's Property Disclosure Deadline 9/9/2014 I Tuesday 135 136 Loan and Credit 137 11 §5.1 Loan Application Deadline n/a 138 139 12 §5.2 Loan Objection Deadline n/a 140 13 §5.3 Buyer's Credit Information Deadline n/a 142 14 §5.3 Disapproval of Buyer's Credit Information n/a 143 Deadline 144 15 §5.4 Existing Loan Documents Deadline n/a 145 16 §5.4 Existing Loan Documents Objection Deadline n/a 146 147 17 §5.4 Loan Transfer Approval Deadline n/a 148 18 §4.7 Seller or Private Financing Deadline n/a 149 150 Appraisal isi 19 §6.2 Appraisal Deadline n/a 152 153 20 §6.2 Appraisal Objection Deadline n/a https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-371 C8... 2/16 9/9/2014 https://www.ctmecontracts.com/eContracts/m econ/Contracts/Listing_Contracts/PRINTSC_CBS1_13.asp?EC=727A025E-7431-4F15-BC6B-37... 154 Survey 156 21 §9.— Current Survey Deadline n/a 157 22 §9.2 Current Survey Objection Deadline n/a 158 159 23 _ §9.3 Current Survey Resolution Deadline 160 Inspection and Due Diligence 161 1.62 §10.2 Inspection Objection Deadline 9/11/2014 Thursday P ection Ob 163 25 §10.3 Inspection Resolution Deadline 9/16/2014 Tuesday 1.64 26 §10.5 Property Insurance Objection Deadline n/a 165 166 27 §10.6 Due Diligence Documents Delivery Deadline n/a 167 28 §10.6 Due Diligence Documents Objection Deadline n/a 168 169 29 §10.6 Due Diligence Documents Resolution Deadline 170 30 §10.7 Conditional Sale Deadline 172 $losing and Possession 1.73 31 §12.3 Closing Date 9/17/2014 Wednesday 174 Upon a successful 175 32 §17 Possession Date P 1.76 closing , 177 33 §17 Possession Time 8:00 AM MDT 179 34 §28 Acceptance Deadline Date 9/8/2014 Monday 179 P Y 180 35 §28 Acceptance Deadline Time 8:00 AM MDT 181 36 n/a n/a n/a 182 183 37 n/a n/a n/a 184 1.85 186 Note: If FHA or VA loan boxes are checked in §4.5.3(Loan Limitations), the Appraisal Deadline(§3)does Not 187 apply to FHA insured or VA guaranteed loans. 188 189 3.1. Applicability of Terms.Any box checked in this Contract means the corresponding provision 190 PP � tY Y P 9P 191 applies.Any box, blank or line in this Contract left blank or completed with the abbreviation"N/A", or the word 192 "Deleted"means such provision, including any deadline, is not applicable and the corresponding provision of this 193 Contract to which reference is made is deleted. 194 195 196 The abbreviation"MEC" (mutual execution of this Contract) means the date upon which both parties have signed 197 this Contract. 198 199 200 4. PURCHASE PRICE AND TERMS. 201 4.1. Price and Terms.The Purchase Price set forth below is payable in U.S. Dollars by Buyer as follows: 202 203 204 Item No. Reference Item Amount Amount 205 1 ?06 § 4.1 Purchase Price $166,062.00 207 2 § 4.3 Earnest Money 208 § 209 3 4.5 New Loan 210 4 § 4.6 Assumption Balance 211 212 5 § 4.7 Private Financing 213 6 214 § 4.7 Seller Financing 215 7 n/a n/a 216 8 n/a n/a 21.7 218 9 § 4.4 Cash at Closing $166,062.00 219 10 TOTAL $166,062.00 $166,062.00 220 221 222 4.2. Seller Concession. Seller, at Closing,will credit, as directed by Buyer, an amount of$ 0 to 223 assist with any or all of the following:Buyer's closing costs, loan discount points, loan origination fees, prepaid 225 items(including any amounts that Seller agrees to pay because Buyer is not allowed to pay due to FHA, CHFA, 225 (� 9 Y 9 P Y Y P Y 226 VA, etc.), and any other fee, cost, charge, expense or expenditure related to Buyer's New Loan or other allowable 227 Seller concession (collectively, Seller Concession). Seller Concession is in addition to any sum Seller has agreed 228 to pay or credit Buyer elsewhere in this Contract. Seller Concession will be reduced to the extent it exceeds the 229 aggregate of what is allowed by Buyer's lender as set forth in the Closing Statement, Closing Disclosure or HUD-1, https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-371C8... 3/16 9/9/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp7EC=727A025E-7431-4F15-BC6B-37... 230 at Closing. 231 4.3. Earnest Money.The Earnest Money set forth in this section, in the form of n/a, will be payable 232 233 to and held by n/a(Earnest Money Holder), in its trust account,on behalf of both Seller and Buyer.The Earnest 234 Money deposit must be tendered, by Buyer,with this Contract unless the parties mutually agree to an Alternative 235 Earnest Money Deadline (§3)for its payment.The parties authorize delivery of the Earnest Money deposit to the 237 company conducting the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money P Y 9 9 ( 9 P Y)• � Y 9• Y 238 Holder has agreed to have interest on Earnest Money deposits transferred to a fund established for the purpose of 239 providing affordable housing to Colorado residents, Seller and Buyer acknowledge and agree that any interest 240 accruing on the Earnest Money deposited with the Earnest Money Holder in this transaction will be transferred to 241 such fund. 242 243 4.3.1. Alternative Earnest Money Deadline.The deadline for delivering the Earnest Money, if 244 other than at the time of tender of this Contract, is as set forth as the Alternative Earnest Money Deadline(§3). 245 4.3.2. Return of Earnest Money. If Buyer has a Right to Terminate and timely terminates, 246 Buyer is entitled to the return of Earnest Money as provided in this Contract. If this Contract is terminated as set 247 Y Y P 248 forth in §25 and, except as provided in§24, if the Earnest Money has not already been returned following receipt 249 of a Notice to Terminate, Seller agrees to execute and return to Buyer or Broker working with Buyer,written mutual 750 instructions(e.g., Earnest Money Release form),within three days of Seller's receipt of such form. 251 4.4. Form of Funds; Time of Payment; Available Funds. 252 253 4.4.1. Good Funds.All amounts payable by the parties at Closing, including any loan 254 proceeds, Cash at Closing and closing costs, must be in funds that comply with all applicable Colorado laws, 255 including electronic transfer funds, certified check, savings and loan teller's check and cashier's check(Good 56 257 Funds). 7_ 258 4.4.2. Time of Payment;Available Funds.All funds, including the Purchase Price to be paid 259 by Buyer, must be paid before or at Closing or as otherwise agreed in writing between the parties to allow 260 disbursement by Closing Company at Closing OR SUCH NONPAYING PARTY WILL BE IN DEFAULT. Buyer 261 represents that Buyer, as of the date of this Contract,®Does ❑Does Not have funds that are immediately 253 verifiable and available in an amount not less than the amount stated as Cash at Closing in § 4.1. 264 4.5. New Loan. (Omitted as inapplicable) 265 266 267 4.6. Assumption. (Omitted as inapplicable) 268 269 270 4.7. Seller or Private Financing. (Omitted as inapplicable) 271 272 273 TRANSACTION PROVISIONS 274 275 5. FINANCING CONDITIONS AND OBLIGATIONS. 276 5.1. Loan Application. If Buyer is to pay all or part of the Purchase Price by obtaining one or more new 277 loans (New Loan), or if an existing loan is not to be released at Closing, Buyer, if required by such lender, must 278 279 make an application verifiable by such lender,on or before Loan Application Deadline(§3)and exercise 280 reasonable efforts to obtain such loan or approval. 281' 5.2. Loan Objection. If Buyer is to pay all or part of the Purchase Price with a New Loan,this Contract is 287 conditional upon Buyer determining, in Buyer's sole subjective discretion,whether the New Loan is satisfactory to 283 234 Buyer, including its availability, payments, interest rate, terms, conditions, and cost of such New Loan. This 285 condition is for the sole benefit of Buyer. Buyer has the Right to Terminate under§25.1, on or before Loan 286 Objection Deadline (§ 3), if the New Loan is not satisfactory to Buyer, in Buyer's sole subjective discretion. IF 2ss SELLER IS NOT IN DEFAULT AND DOES NOT TIMELY RECEIVE BUYER'S WRITTEN NOTICE TO 289 TERMINATE, BUYER'S EARNEST MONEY WILL BE NONREFUNDABLE, except as otherwise provided in this 290 Contract(e.g.,Appraisal, Title, Survey). 291 5.3. Credit Information and Buyer's New Senior Loan. (Omitted as inapplicable) 293 294 5.4. Existing Loan Review.(Omitted as inapplicable) 295 296 297 6. APPRAISAL PROVISIONS. 298 6.1. Lender Property Requirements. If the lender imposes any requirements or repairs(Requirements)to 299 be made to the Property(e.g., roof repair, repainting), beyond those matters already agreed to by Seller in this 301 Contract, Seller has the Right to Terminate under§25.1, (notwithstanding§ 10 of this Contract), on or before three 302 days following Seller's receipt of the Requirements, based on any unsatisfactory Requirements, in Seller's sole 303 subjective discretion. Seller's Right to Terminate in this§ 6.1 does not apply if, on or before any termination by 304 Seller pursuant to this§6.1: (1)the parties enter into a written agreement regarding the Requirements;or(2)the 305 Requirements have been completed;or(3)the satisfaction of the Requirements is waived in writing by Buyer. https://www.ctmecontracts.com/eContracts/m_econ/Contracts/ListingContracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-371 C8... 4/16 • 9/9/2014 https://www.ctmecontracts.corn/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-37... 306 6.2. Appraisal Condition.The applicable Appraisal provision set forth below applies to the respective 307 loan type set forth in§4.5.3, or if a cash transaction (i.e. no financing),§6.2.1 applies. 309 6.2.1. Conventional/Other. Buyer has the sole option and election to terminate this Contract if 309 Y P 310 the Property's valuation, determined by an appraiser engaged on behalf of n/a, is less than the Purchase Price. 311 The appraisal must be received by Buyer or Buyer's lender on or before Appraisal Deadline(§3). Buyer has the 312 Right to Terminate under§25.1,on or before Appraisal Objection Deadline(§3), if the Property's valuation is 313 314 less than the Purchase Price and Seller's receipt of either a copy of such appraisal or written notice from lender 315 that confirms the Property's valuation is less than the Purchase Price. This§6.2.1 is for the sole benefit of Buyer. 317 6.2.2. FHA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the 318 Purchaser(Buyer)shall not be obligated to complete the purchase of the Property described herein or to incur any 319 penalty by forfeiture of Earnest Money deposits or otherwise unless the Purchaser(Buyer)has been given, in 320 accordance with HUD/FHA or VA requirements, a written statement issued by the Federal Housing Commissioner, 322 Department of Veterans Affairs, or a Direct Endorsement lender, setting forth the appraised value of the Property 323 of not less than$n/a.The Purchaser(Buyer)shall have the privilege and option of proceeding with the 324 consummation of the Contract without regard to the amount of the appraised valuation.The appraised valuation is 325 arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. 37.6 327 HUD does not warrant the value nor the condition of the Property.The Purchaser(Buyer)should satisfy 328 himself/herself that the price and condition of the Property are acceptable. 329 6.2.3. VA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the 330 purchaser(Buyer)shall not incur any penalty by forfeiture of Earnest Money or otherwise or be obligated to 337 complete the purchase of the Property described herein, if the Contract Purchase Price or cost exceeds the 333 reasonable value of the Property established by the Department of Veterans Affairs.The purchaser(Buyer)shall, 334 however, have the privilege and option of proceeding with the consummation of this Contract without regard to the 335 amount of the reasonable value established by the Department of Veterans Affairs. 337 6.3. Cost of Appraisal. Cost of any appraisal to be obtained after the date of this Contract must be 338 timely paid by['Buyer ['Seller. The cost of the appraisal may include any and all fees paid to the appraiser, 339 appraisal management company, lender's agent or all three. 340 341 342 7. OWNERS'ASSOCIATIONS.This Section is applicable if the Property is located within a Common 343 Interest Community and subject to such declaration. 345 7.1. Owners'Association Documents. Owners'Association Documents(Association Documents) 346 consist of the following: 347 7.1.1. All Owners'Association declarations, articles of incorporation, bylaws, articles of 348 organization, operating agreements, rules and regulations, party wall agreements; 349 7.1.2. Minutes of most recent annual owners'meeting; 351 7.1.3. Minutes of any directors'or managers' meetings during the six-month period immediately 352 preceding the date of this Contract. If none of the preceding minutes exist,then the most recent minutes, if any(§§ 353 7.1.1, 7.1.2 and 7.1.3, collectively, Governing Documents); and 354 7.1.4. The most recent financial documents which consist of: (1)annual and most recent 356 balance sheet, (2)annual and most recent income and expenditures statement, (3)annual budget, (4)reserve 357 study, and (5)notice of unpaid assessments, if any(collectively, Financial Documents). 358 7.2. Common Interest Community Disclosure.THE PROPERTY IS LOCATED WITHIN A 359 COMMON INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR SUCH COMMUNITY. 361 THE OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS' 362 ASSOCIATION FOR THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND 363 REGULATIONS OF THE ASSOCIATION.THE DECLARATION, BYLAWS,AND RULES AND REGULATIONS 364 WILL IMPOSE FINANCIAL OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN 366 OBLIGATION TO PAY ASSESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE 367 ASSESSMENTS, THE ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT 368 TO PAY THE DEBT.THE DECLARATION, BYLAWS,AND RULES AND REGULATIONS OF THE 369 COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN 371 ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A COMMITTEE OF THE ASSOCIATION)AND THE 372 APPROVAL OF THE ASSOCIATION. PURCHASERS OF PROPERTY WITHIN THE COMMON INTEREST 373 COMMUNITY SHOULD INVESTIGATE THE FINANCIAL OBLIGATIONS OF MEMBERS OF THE 375 ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE DECLARATION FOR THE COMMUNITY 376 AND THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION. 377 7.3. Association Documents to Buyer. 378 ❑ 7.3.1. Seller to Provide Association Documents.Seller will cause the Association Documents to 379 be provided to Buyer, at Seller's expense, on or before Association Documents Deadline(§3). 380 381 7.3.2.Seller Authorizes Association. Seller authorizes the Association to provide the Association https://www.ctmecontracts.corn/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-371 C8... 5/16 9/9/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp7EC=727A025E-7431-4F15-8C6B-37... 382 Documents to Buyer, at Seller's expense. 383 7.3.3.Seller's Obligation.Seller's obligation to provide the Association Documents is fulfilled upon 385 Buyer's receipt of the Association Documents, regardless of who provides such documents. 386 Note: If neither box in this§7.3 is checked,the provisions of§7.3.1 apply. 387 7.4. Conditional on Buyer's Review. Buyer has the right to review the Association Documents. Buyer 388 has the Right to Terminate under§25.1, on or before Association Documents Objection Deadline(§3), based 389 on any unsatisfactory provision in any of the Association Documents, in Buyer's sole subjective discretion. Should 390 Y rY P Y � Y 1 391 Buyer receive the Association Documents after Association Documents Deadline (§ 3), Buyer, at Buyer's option, 392 has the Right to Terminate under§25.1 by Buyer's Notice to Terminate received by Seller on or before ten days 394 after Buyer's receipt of the Association Documents. If Buyer does not receive the Association Documents, or if 395 Buyer's Notice to Terminate would otherwise be required to be received by Seller after Closing Date(§3), Buyer's 396 Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer's Notice to 397 Terminate within such time, Buyer accepts the provisions of the Association Documents as satisfactory, and Buyer 398 waives any Right to Terminate under this provision, notwithstanding the provisions of§ 8.6. (Right of First Refusal 400 or Contract Approval). 400 AP )• 401 402 8. TITLE INSURANCE,RECORD TITLE AND OFF-RECORD TITLE. 403 404 8.1. Evidence of Record Title. 405 ❑ 8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will select the title 406 insurance company to furnish the owner's title insurance policy at Seller's expense. On or before Record Title 408 Deadline (§ 3), Seller must furnish to Buyer, a current commitment for owner's title insurance policy(Title 409 Commitment), in an amount equal to the Purchase Price, or if this box is checked, ❑an Abstract of Title certified 410 to a current date. Seller will cause the title insurance policy to be issued and delivered to Buyer as soon as 411 practicable at or after Closing. 412 413 ® 8.1.2. Buyer Selects Title Insurance Company. If this box is checked, Buyer will select the title 414 insurance company to furnish the owner's title insurance policy at Buyer's expense. On or before Record Title 415 Deadline(§ 3), Buyer must furnish to Seller, a current commitment for owner's title insurance policy(Title 416 Commitment), in an amount equal to the Purchase Price. 41.7 If neither box in§8.1.1 or§ 8.1.2 is checked, §8.1.1 applies. 419 8.1.3. Owner's Extended Coverage (OEC).The Title Commitment®Will ❑Will Not. commit to 420 delete or insure over the standard exceptions which relate to: (1)parties in possession, (2)unrecorded easements, 421 (3)survey matters, (4)unrecorded mechanics' liens, (5)gap period (effective date of commitment to date deed is 422 recorded), and (6)unpaid taxes, assessments and unredeemed tax sales prior to the year of Closing(OEC). If the 424 424 title insurance company agrees to provide an endorsement for OEC, any additional premium expense to obtain an 425 endorsement for OEC will be paid by Buyer ❑ Seller❑ One-Half by Buyer and One-Half by Seller❑Other 4?6 477 Note: The title insurance company may not agree to delete or insure over any or all of the standard exceptions. 428 429 8.1.4. Title Documents.Title Documents consist of the following: (1)copies of any plats, 430 declarations, covenants, conditions and restrictions burdening the Property,and(2)copies of any other documents 431 (or, if illegible,summaries of such documents)listed in the schedule of exceptions(Exceptions)in the Title 432 Commitment furnished to Buyer(collectively, Title Documents). 433 434 8.1.5. Copies of Title Documents. Buyer must receive, on or before Record Title Deadline(§ 435 3), copies of all Title Documents.This requirement pertains only to documents as shown of record in the office of 436 the clerk and recorder in the county where the Property is located.The cost of furnishing copies of the documents 437 required in this Section will be at the expense of the party or parties obligated to pay for the owner's title insurance 438 439 policy. 440 8.1.6. Existing Abstracts of Title. Seller must deliver to Buyer copies of any abstracts of title 441 covering all or any portion of the Property(Abstract of Title)in Seller's possession on or before Record Title 442 Deadline(§ 3). 443 444 8.2. Record Title. Buyer has the right to review and object to the Abstract of Title or Title Commitment 445 and any of the Title Documents as set forth in§8.4(Right to Object to Title, Resolution)on or before Record Title 446 Objection Deadline (§ 3). Buyer's objection may be based on any unsatisfactory form or content of Title 447 Commitment or Abstract of Title, notwithstanding§ 13, or any other unsatisfactory title condition, in Buyer's sole 449 subjective discretion. If the Abstract of Title,Title Commitment or Title Documents are not received by Buyer on or 450 before the Record Title Deadline (§3),or if there is an endorsement to the Title Commitment that adds a new 451 Exception to title, a copy of the new Exception to title and the modified Title Commitment will be delivered to 45? Buyer. Buyer has until the earlier of Closing or ten days after receipt of such documents by Buyer to review and 454 object to: (1)any required Title Document not timely received by Buyer, (2)any change to the Abstract of Title, 455 Title Commitment or Title Documents, or(3)any endorsement to the Title Commitment. If Seller receives Buyer's 456 Notice to Terminate or Notice of Title Objection, pursuant to this§8.2(Record Title),any title objection by Buyer is 457 governed by the provisions set forth in §8.4 (Right to Object to Title, Resolution). If Seller has fulfilled all Seller's hops://www.ctmecontracts.corn/eContracts/m_econ/Contracts/Listing Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-371C8... 6/16 • 9/9/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT SC_CBS1_I3.asp?EC=727A025E-7431-4F15-8C6B-37... 458 obligations, if any, to deliver to Buyer all documents required by§8.1 (Evidence of Record Title)and Seller does 459 not receive Buyer's Notice to Terminate or Notice of Title Objection by the applicable deadline specified above, 4610 Buyer accepts the condition of title as disclosed by the Abstract of Title,Title Commitment and Title Documents as 462 satisfactory. 463 8.3. Off—Record Title.Seller must deliver to Buyer, oil or before Off-Record Title Deadline(§3),true 464 copies of all existing surveys in Seller's possession pertaining to the Property and must disclose to Buyer all 466 easements, liens(including,without limitation,governmental improvements approved, but not yet installed)or 467 other title matters (including,without limitation, rights of first refusal and options)not shown by public records, of 468 which Seller has actual knowledge (Off-Record Matters). Buyer has the right to inspect the Property to investigate 469 if any third party has any right in the Property not shown by public records (e.g., unrecorded easement, boundary 470 line discrepancy or water rights). Bu er's Notice to Terminate or Notice of Title Objection of any unsatisfactory 471. P Y Y J y ry 472 condition (whether disclosed by Seller or revealed by such inspection, notwithstanding §8.2 and § 13), in Buyer's 473 sole subjective discretion, must be received by Seller on or before Off-Record Title Objection Deadline (§3). If 474 an Off-Record Matter is received by Buyer after the Off-Record Title Deadline(§3), Buyer has until the earlier of 476 Closing or ten days after receipt by Buyer to review and object to such Off-Record Matter. If Seller receives 477 Buyer's Notice to Terminate or Notice of Title Objection pursuant to this §8.3 (Off-Record Title), any title objection 478 by Buyer and this Contract are governed by the provisions set forth in § 8.4 (Right to Object to Title, Resolution). If 479 Seller does not receive Buyer's Notice to Terminate or Notice of Title Objection by the applicable deadline 480 4.81 specified above, Buyer accepts title sub j ect to such rights, if an Y.of third parties of which Buyer has actual 482 knowledge. 483 8.4. Right to Object to Title, Resolution. Buyer's right to object to any title matters includes, but is not 4$5 limited to those matters set forth in§§8.2(Record Title), 8.3 (Off-Record Title)and 13(Transfer of Title), in 486 Buyer's sole subjective discretion. If Buyer objects to any title matter, on or before the applicable deadline, Buyer 487 has the following options: 488 8.4.1. Title Objection, Resolution. If Seller receives Buyer's written notice objecting to any title 489 matter(Notice of Title Objection)on or before the applicable deadline, and if Buyer and Seller have not agreed to a 491 written settlement thereof on or before Title Resolution Deadline (§3),this Contract will terminate on the 492 expiration of Title Resolution Deadline (§3), unless Seller receives Buyer's written withdrawal of Buyer's Notice 493 of Title Objection (i.e., Buyer's written notice to waive objection to such items and waives the Right to Terminate 454 for that reason), on or before expiration of Title Resolution Deadline(§3). If either the Record Title Deadline or 496 the Off-Record Title Deadline, or both,are extended to the earlier of Closing or ten days after receipt of the 497 applicable documents by Buyer, pursuant to§8.2 (Record Title)or§8.3(Off-Record Title),the Title Resolution 498 Deadline also will be automatically extended to the earlier of Closing or fifteen days after Buyer's receipt of the 499 applicable documents; or 501 8.4.2. Title Objection, Right to Terminate. Buyer may exercise the Right to Terminate under§ 502 25.1, on or before the applicable deadline, based on any unsatisfactory title matter, in Buyer's sole subjective 503 discretion. 504 8.5. Special Taxing Districts.SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL 506 OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON 507 THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE 508 PLACED AT RISK FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF SUCH DEBT 5°a WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE 517 SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE 512 THE SPECIAL TAXING DISTRICTS IN WHICH THE PROPERTY IS LOCATED BY CONTACTING THE 513 COUNTY TREASURER, BY REVIEWING THE CERTIFICATE OF TAXES DUE FOR THE PROPERTY,AND BY 514 OBTAINING FURTHER INFORMATION FROM THE BOARD OF COUNTY COMMISSIONERS,THE COUNTY 515 571CLERK AND RECORDER, OR THE COUNTY ASSESSOR. 6 6 517 Buyer has the Right to Terminate under§25.1, on or before Off-Record Title Objection Deadline(§3), based 518 on any unsatisfactory effect of the Property being located within a special taxing district, in Buyer's sole subjective 519 discretion. 521 8.6. Right of First Refusal or Contract Approval. If there is a right of first refusal on the Property or a 522 right to approve this Contract, Seller must promptly submit this Contract according to the terms and conditions of 523 such right. If the holder of the right of first refusal exercises such right or the holder of a right to approve 524 disapproves this Contract,this Contract will terminate. If the right of first refusal is waived explicitly or expires, or 526 the Contract is approved, this Contract will remain in full force and effect.Seller must promptly notify Buyer in 527 writing of the foregoing. If expiration or waiver of the right of first refusal or approval of this Contract has not 528 occurred on or before Right of First Refusal Deadline(§3),this Contract will then terminate. 529 8.7. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should 5301 be reviewed carefully.Additionally, other matters not reflected in the Title Documents may affect the title, 532 ownership and use of the Property, including,without limitation, boundary lines and encroachments, set-back 533 requirements, area, zoning, building code violations, unrecorded easements and claims of easements, leases and https://www.ctmecontracts.com/eContracts/m econ/Contracts/Listing_Contracts/PRINT SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-37108... 7/16 9/9/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8068-37... 534 other unrecorded agreements,water on or under the Property, and various laws and governmental regulations 535 concerning land use, development and environmental matters.The surface estate may be owned separately 537 from the underlying mineral estate,and transfer of the surface estate does not necessarily include transfer 538 of the mineral rights or water rights.Third parties may hold interests in oil, gas, other minerals, 539 geothermal energy or water on or under the Property,which interests may give them rights to enter and 541 use the Property.Such matters, and others, may be excluded from or not covered by the owner's title insurance 542 policy. Buyer is advised to timely consult legal counsel with respect to all such matters as there are strict time limits 543 provided in this Contract[e.g., Record Title Objection Deadline (§3)and Off-Record Title Objection Deadline 544 545 (§3)]. 546 9. CURRENT SURVEY REVIEW. 54s 9.1. Current Survey Conditions. If the box in §9.1.1 or§ 9.1.2 is checked, Buyer, the issuer of the Title 549 Commitment or the provider of the opinion of title if an Abstract of Title,and n/a will receive Improvement Location 551 Certificate, Improvement Survey Plat or other form of survey set forth in §9.1.2 (collectively, Current Survey), on 552 or before Current Survey Deadline (§ 3). The Current Survey shall be certified by the surveyor to all those who 553 are to receive the Current Survey. 554 ❑ 9.1.1.Improvement Location Certificate. If the box in this §9.1.1 is checked, ['Seller Buyer will 555 order or provide, and pay, on or before Closing,the cost of an Improvement Location Certificate. 556 9.1.2. Survey. If the box in this 9.1.2 is checked,a Current Survey, other than an Improvement 557 ❑ Y• § Y. P 558 Location Certificate,will be an❑ Improvement Survey Plat or❑n/a.The parties agree that payment of the cost 559 of the Current Survey and obligation to order or provide the Current Survey as follows: n/a 561 9.2. Current Survey Objection. Buyer has the right to review and object to the Current Survey. If the 56� Y 1 Y 9 1 Y• 562 Current Survey is not timely received by Buyer or is unsatisfactory to Buyer, in Buyer's sole subjective discretion, 563 Buyer may, on or before Current Survey Objection Deadline (§3), notwithstanding§8.3 or§ 13: 564 9.2.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or 566 9.2.2.Current Survey Objection. Deliver to Seller a written description of any matter that was to be 567 shown or is shown in the Current Survey that is unsatisfactory and that Buyer requires Seller to correct. 568 9.3. Current Survey Resolution. If a Current Survey Objection is received by Seller, on or before Current 569 Survey Objection Deadline (§ 3), and if Buyer and Seller have not agreed in writing to a settlement thereof on or 571 before Current Survey Resolution Deadline(§ 3),this Contract will terminate on the Current Survey 572 Resolution Deadline(§ 3), unless Seller receives Buyer's written withdrawal of the Current Survey Objection 573 before such termination, i.e., on or before expiration of Current Survey Resolution Deadline (§3). 574 575 576 DISCLOSURE, INSPECTION AND DUE DILIGENCE 577 578 10. PROPERTY DISCLOSURE, INSPECTION,INDEMNITY, INSURABILITY, DUE DILIGENCE, BUYER 580 DISCLOSURE AND SOURCE OF WATER. 581 10.1. Seller's Property Disclosure. On or before Seller's Property Disclosure Deadline(§3), Seller 582 agrees to deliver to Buyer the most current version of the applicable Colorado Real Estate Commission's Seller's 583 Property Disclosure form completed by Seller to Seller's actual knowledge, current as of the date of this Contract. 585 10.2. Inspection Objection.Unless otherwise provided in this Contract, Buyer acknowledges that Seller 586 is conveying the Property to Buyer in an"as is"condition, "where is"and "with all faults."Colorado law requires that 587 Seller disclosure to Buyer any latent defects actually known by Seller. Disclosure of latent defects must be in 488 writing. Buyer, acting in good faith, has the right to have inspections (by one or more third parties, personally or 5590 both)of the Property and Inclusions (Inspection), at Buyer's expense. If(1)the physical condition of the Property, 591 including, but not limited to, the roof,walls, structural integrity of the Property, the electrical, plumbing, HVAC and 592 other mechanical systems of the Property, (2)the physical condition of the Inclusions, (3) service to the Property 593 (including utilities and communication services), systems and components of the Property(e.g. heating and 594 595 plumbing), (4)any proposed or existing transportation project, road, street or highway, or(5)any other activity, 596 odor or noise(whether on or off the Property)and its effect or expected effect on the Property or its occupants is 597 unsatisfactory, in Buyer's sole subjective discretion, Buyer may,on or before Inspection Objection Deadline (§ 596 3): 599 600 10.2.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or 601 10.2.2. Inspection Objection. Deliver to Seller a written description of any unsatisfactory physical 602 condition that Buyer requires Seller to correct. 603 10.3. Inspection Resolution. If an Inspection Objection is received by Seller, on or before Inspection 605 Objection Deadline(§3), and if Buyer and Seller have not agreed in writing to a settlement thereof on or before 606 Inspection Resolution Deadline (§3),this Contract will terminate on Inspection Resolution Deadline(§3) 607 unless Seller receives Buyer's written withdrawal of the Inspection Objection before such termination, i.e.,on or 608 before expiration of Inspection Resolution Deadline (§ 3). 609 10.4. Damage, Liens and Indemnity.Buyer, except as otherwise provided in this Contract or other https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-371 C8... 8/16 9/9/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT SC_CBS1_13.asp7tC=727AU2bt-7431-41-15-13C6ti-3/... 610 written agreement between the parties, is responsible for payment for all inspections,tests, surveys, engineering 611 reports, or other reports performed at Buyer's request(Work)and must pay for any damage that occurs to the 613 Property and Inclusions as a result of such Work. Buyer must not permit claims or liens of any kind against the 614 Property for Work performed on the Property. Buyer agrees to indemnify, protect and hold Seller harmless from 615 and against any liability,damage, cost or expense incurred by Seller and caused by any such Work,claim, or lien. 616 This indemnity includes Seller's right to recover all costs and expenses incurred by Seller to defend against any 618 such liability, damage, cost or expense, or to enforce this section, including Seller's reasonable attorney fees, legal 619 fees and expenses.The provisions of this section survive the termination of this Contract. This§ 10.4 does not 620 apply to items performed pursuant to an Inspection Resolution. 621 10.5. Insurability. Buyer has the right to review and object to the availability, terms and conditions of and 622 623 premium for property Y insurance (Property Insurance). Buyer has the Right to Terminate under§ on or before 624 Property Insurance Objection Deadline(§3), based on any unsatisfactory provision of the Property Insurance, 625 in Buyer's sole subjective discretion. 626 10.6. Due Diligence. 628 agrees to deliver 10.6.1. Due Diligence Documents. If the respective box is checked, Seller a 628 9 P 9 679 copies of the following documents and information pertaining to the Property(Due Diligence Documents)to Buyer 630 on or before Due Diligence Documents Delivery Deadline(§3): 631 ❑ 10.6.1.1. All current leases, including any amendments or other occupancy agreements, 632 633 pertaining to the Property.Those leases or other occupancy agreements pertaining to the Property Y that survive 634 Closing are as follows(Leases): n/a 635 ❑ 10.6.1.2. Other documents and information: 636 None 637 638 10.6.2. Due Diligence Documents Review and Objection. Buyer has the right to review and object 639 to Due Diligence Documents. If the Due Diligence Documents are not supplied to Buyer or are unsatisfactory in 640 Buyer's sole subjective discretion, Buyer may, on or before Due Diligence Documents Objection Deadline(§ 641 642 3): 643 10.6.2.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated;or 644 10.6.2.2. Due Diligence Documents Objection. Deliver to Seller a written description of any 645 unsatisfactory Due Diligence Documents that Buyer requires Seller to correct. 646 10.6.3. Due Diligence Documents Resolution. If a Due Diligence Documents Objection is 647 648 received by Seller, on or before Due Diligence Documents Objection Deadline (§3),and if Buyer and Seller 649 have not agreed in writing to a settlement thereof on or before Due Diligence Documents Resolution Deadline( 650 §3), this Contract will terminate on Due Diligence Documents Resolution Deadline(§3)unless Seller receives 651 Buyer's written withdrawal of the Due Diligence Documents Objection before such termination, i.e., on or before 652 653 expiration of Due Diligence Documents Resolution Deadline(§3). 654 10.7. Conditional Upon Sale of Property. This Contract is conditional upon the sale and closing of that 655 certain property owned by Buyer and commonly known as n/a. Buyer has the Right to Terminate under§25.1 656 effective upon Seller's receipt of Buyer's Notice to Terminate on or before Conditional Sale Deadline(§3) if such 658 property is not sold and closed by such deadline.This§ 10.7 is for the sole benefit of Buyer. If Seller does not 659 receive Buyer's Notice to Terminate on or before Conditional Sale Deadline(§ 3), Buyer waives any Right to 660 Terminate under this provision. 662 10.8. Source of Potable Water(Residential Land and Residential Improvements Only). Buyer 663 ®Does ❑Does Not acknowledge receipt of a copy of Seller's Property Disclosure or Source of 664 Water Addendum disclosing the source of potable water for the Property. Buyer DDoes Does Not 665 acknowledge receipt of a copy of the current well permit.®There is No Well. 667 Note to Buyer: SOME WATER PROVIDERS RELY,TO VARYING DEGREES, ON NONRENEWABLE 667 6 GROUND WATER.YOU MAY WISH TO CONTACT YOUR PROVIDER(OR INVESTIGATE THE DESCRIBED 669 SOURCE)TO DETERMINE THE LONG—TERM SUFFICIENCY OF THE PROVIDER'S WATER SUPPLIES. 670 10.9. Carbon Monoxide Alarms. Note: If the improvements on the Property have a fuel—fired heater 672 or appliance, a fireplace, or an attached garage and include one or more rooms lawfully used for sleeping 672 PP� P 9 9 Y P� 9 673 purposes(Bedroom), the parties acknowledge that Colorado law requires that Seller assure the Property has an 674 operational carbon monoxide alarm installed within fifteen feet of the entrance to each Bedroom or in a location as 675 required by the applicable building code. 677 t 10.10. Lead—Based Paint. Unless exempt, if the improvements on the Property include one or more 677 P � P P rtY i 678 residential dwellings for which a building permit was issued prior to January 1, 1978, this Contract is void unless 679 (1)a completed Lead—Based Paint Disclosure(Sales)form is signed by Seller,the required real estate licensees 680 and Buyer, and (2)Seller receives the completed and fully executed form prior to the time when this Contract is 68 682 signed by all parties. Buyer acknowledges timely receipt of a completed Lead—Based Paint Disclosure(Sales) 683 form signed by Seller and the real estate licensees. 684 10.11. Methamphetamine Disclosure. If Seller knows that methamphetamine was ever 685 manufactured, processed, cooked, disposed of, used or stored at the Property, Seller is required to disclose such https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-371C8... 9/16 9/9/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-37... 686 fact. No disclosure is required if the Property was remediated in accordance with state standards and other 687 requirements are fulfilled pursuant to§25-18.5-102, C.R.S. Buyer further acknowledges that Buyer has the 689 right to engage a certified hygienist or industrial hygienist to test whether the Property has ever been used as a 689 Y9� Y9� P rtY 690 methamphetamine laboratory. Buyer has the Right to Terminate under§25.1, upon Seller's receipt of Buyer's 691 written Notice to Terminate, notwithstanding any other provision of this Contract, based on Buyer's test results that 692 indicate the Property has been contaminated with methamphetamine, but has not been remediated to meet the 694 standards established by rules of the State Board of Health promulgated pursuant to§25-18.5-102, C.R.S. 695 Buyer must promptly give written notice to Seller of the results of the test. 696 691 11. TENANT ESTOPPEL STATEMENTS. [Intentionally Deleted] 698 699 700 CLOSING PROVISIONS 701 702 703 12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING. 704 12.1. Closing Documents and Closing Information.Seller and Buyer will cooperate with the Closing 706 706 Company to enable the Closing Company to prepare and deliver documents required for Closing to Buyer and 707 Seller and their designees. If Buyer is obtaining a new loan to purchase the Property, Buyer acknowledges Buyer's 77000 8 lender is 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 711 required by Closing Company that will be necessary to complete this transaction. Buyer and Seller will sign and 712 complete all customary or reasonably required documents at or before Closing. 713 12.2. Closing Instructions. Colorado Real Estate Commission's Closing Instructions®Are ['Are Not 73.4 executed with this Contract. 716 12.3. Closing. Delivery of deed from Seller to Buyer will be at closing(Closing). Closing will be on the date 716 9• rY Y 9( 9)• 9 717 specified as the Closing Date(§3)or by mutual agreement at an earlier date.The hour and place of Closing will 718 be as designated by buyer&Seller w/Title Company. 719 12.4. Disclosure of Settlement Costs. Buyer and Seller acknowledge that costs, quality, and extent of 720 Y 9 tY 721 service vary between different settlement service providers(e.g., attorneys, lenders, inspectors and title 722 companies). 723 7?_4 725 13. TRANSFER OF TITLE. Subject to tender of payment at Closing as required herein and compliance by 725 Buyer with the other terms and provisions hereof, Seller must execute and deliver a good and sufficient general 727 warranty deed to Buyer, at Closing, conveying the Property free and clear of all taxes except the general taxes 29 for the year of Closing. Except as provided herein, title will be conveyed free and clear of all liens, including any Y 9• P P Y 9 Y 730 governmental liens for special improvements installed as of the date of Buyer's signature hereon,whether 731 assessed or not.Title will be conveyed subject to: 732 13.1. Those specific Exceptions described by reference to recorded documents as reflected in the Title 734 Documents accepted by Buyer in accordance with Record Title (§8.2), 735 13.2. Distribution utility easements (including cable TV), 736 13.3. Those specifically described rights of third parties not shown by the public records of which 737 738 Buyer has actual knowledge and which were accepted by Buyer in accordance with Off-Record Title 739 (§ 8.3)and Current Survey Review(§ 9), 71 13.4. Inclusion of the Property within any special taxing district, and 742 13.5. Other n/a. 743 — 744 745 14. PAYMENT OF ENCUMBRANCES.Any encumbrance required to be paid will be paid at or before 745 Closing from the proceeds of this transaction or from any other source. 747 748 749 15. CLOSING COSTS, CLOSING FEE,ASSOCIATION FEES AND TAXES. 750 15.1. Closing Costs. Buyer and Seller must pay, in Good Funds,their respective dosing costs and 751. 752 all other items required to be paid at Closing,except as otherwise provided herein. 753 15.2. Closing Services Fee. The fee for real estate closing services must be paid at Closing by 754 ®Buyer ❑Seller ❑ One-Half by Buyer and One-Half by Seller 755 756 ❑Other n/a. 757 758 15.3. Status Letter and Record Change Fees. Any fees incident to the issuance of Association's 759 statement of assessments (Status Letter)must be paid by❑Buyer ®Seller ❑One-Half by Buyer and One- 761 Half by Seller. [None. Any record change fee assessed by the Association including, but not limited to, ownership record transfer fees regardless of name or title of such fee (Association's Record Change Fee)must be https://www.ctmecontracts.corn/eContracts/m_econ/Contracts/Listing Contracts/PRINT_SC CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-371C... 10/16 • 9/9/2014 hops://www.ctmecontracts.corn/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-37... 762 paid by ❑Buyer ®Seller ❑ One-Half by Buyer and One-Half by Seller ❑None. 763 764 15.4. Local Transfer Tax. ❑The Local Transfer Tax of 0%of the Purchase Price 65 766 must be paid at Closing by ❑ Buyer ❑Seller ❑ One-Half by Buyer and One-Half by Seller. ®None. 7 767 15.5. Private Transfer Fee. Private transfer fees and other fees due to a transfer of the Property, 768 payable at Closing, such as community association fees, developer fees and foundation fees, must be paid at 769 Closing by❑Buyer❑Seller ❑One-Half by Buyer and One-Half by Seller®None.The Private Transfer fee, 771 771 whether one or more, following assoc is for the follin association(s): in the total amount of% of the Purchase Price or$ . O. i 772 15.6. Water Transfer Fees. The Water Transfer Fees can change.The fees, as of the date of this 773 Contract, do not exceed $for: 774 ❑Water Stock/Certificates ❑ Water District 775 76 ❑Augmentation Membership ❑ Small Domestic Water Company❑and must be paid at Closing by❑ 777 Buyer ❑Seller ❑One-Half by Buyer and One-Half by Seller® None. 778 15.7. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction 779 780 must be paid when due by❑ Buyer ❑Seller ❑ One-Half by Buyer and One-Half by Seller 0 None. 781 782 16. PRORATIONS.The following will be prorated to the Closing Date(§3), except as otherwise provided: 783 784 16.1. Taxes. Personal property taxes, if any,special taxing district assessments, if any, and general 785 real estate taxes for the year of Closing, based on ❑Taxes for the Calendar Year Immediately Preceding 785 Closing ®Most Recent Mill Levy and Most Recent Assessed Valuation, adjusted by any applicable 787 788 qualifying seniors property tax exemption, qualifying disabled veteran exemption or❑Other n/a. 789 16.2. Rents. Rents based on ❑ Rents Actually Received ❑Accrued.At Closing,Seller will 790 transfer or credit to Buyer the security deposits for all Leases assigned, or any remainder after lawful deductions, 791 and notify all tenants in writing of such transfer and of the transferee's name and address. Seller must assign to 743 Buyer all Leases in effect at Closing and Buyer must assume Seller's obligations under such Leases. 794 16.3. Association Assessments. Current regular Association assessments and dues (Association 795 Assessments)paid in advance will be credited to Seller at Closing. Cash reserves held out of the regular 796 Association Assessments for deferred maintenance by the Association will not be credited to Seller except as may 798 be otherwise provided by the Governing Documents. Buyer acknowledges that Buyer may be obligated to pay the 798 P Y 9 Y 9 Y Y 9 P Y 759 Association, at Closing, an amount for reserves or working capital.Any special assessment assessed prior to 800 Closing Date(§3) by the Association will be the obligation of['Buyer ®Seller. Except however,any special 801 assessment by the Association for improvements that have been installed as of the date of Buyer's signature 803 hereon,whether assessed prior to or after Closing, will be the obligation of Seller.Seller represents that the 804 Association Assessments are currently payable at approximately$ 262.07 per month and that there are no 805 unpaid regular or special assessments against the Property except the current regular assessments and none. 816 Such assessments are subject to change as provided in the Governing Documents. Seller agrees to promptly 807 808 request the Association to deliver to Buyer before Closing Date (§3)a current Status Letter. 809 16.4. Other Prorations.Water and sewer charges, propane, interest on continuing loan,and n/a. 811 16.5. Final Settlement. Unless otherwise agreed in writing, these prorations are final. 811 812 813 17. POSSESSION. Possession of the Property will be delivered to Buyer on Possession Date(§ 3)at 814 Possession Time (§3), subject to the Leases as set forth in § 10.6.1.1. g15 Upon a successful closing and delivery of deed 816 817 If Seller,after Closing, fails to deliver possession as specified, Seller will be subject to eviction and will be 818 additionally liable to Buyer for payment of$ 100 per day(or any part of a day notwithstanding§ 18.1)from 81.9 Possession Date(§3)and Possession Time (§3)until possession is delivered. 821 821 Buyer represents that Buyer will occupy the Property as Buyer's principal residence unless the following 822 box is checked,then Buyer Woes Not represent that Buyer will occupy the Property as Buyer's principal 823 residence. 824 8?5 826 Note: If the parties agree to execute a Post-Closing Occupancy Agreement,the document should appear in 827 Attachments (§31). 828 820 830 GENERAL PROVISIONS 831 832 833 18. DAY; COMPUTATION OF PERIOD OF DAYS, DEADLINE. 834 18.1. Day.As used in this Contract,the term"day"means the entire day ending at 11:59 p.m., United 836 836 States Mountain Time(Standard or Daylight Savings as applicable). 837 18.2. Computation of Period of Days, Deadline. In computing a period of days,when the ending date is not specified, the first day is excluded and the last day is included, (e.g., three days after MEC). If any deadline https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-371C... 11/16 9/9/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-37... 838 falls on a Saturday,Sunday or federal or Colorado state holiday(Holiday), such deadline®Will ❑Will Not be 839 extended to the next day that is not a Saturday, Sunday or Holiday. Should neither box be checked,the deadline 841 841 will not be extended. 842 843 19. CAUSES OF LOSS, INSURANCE; DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION; 844 AND WALK—THROUGH. Except as otherwise provided in this Contract, the Property, Inclusions or both will be 845 • delivered in the condition existing as of the date of this Contract, ordinary wear and tear excepted. 847 19.1. Causes of Loss,Insurance. In the event the Property or Inclusions are damaged by fire, other 848 perils or causes of loss prior to Closing in an amount of not more than ten percent of the total Purchase Price 849 (Property Damage), Seller is obligated to repair the same before Closing Date (§3). Buyer has the Right to 851 Terminate under 25.1, on or before Closing Date 3), if the Property Damage is not repaired before Closing § g (§ )� P Y 9 P � g 852 Date(§3)or if the damage exceeds such sum. Should Buyer elect to carry out this Contract despite such Property 883 Damage, Buyer is entitled to a credit at Closing for all insurance proceeds that were received by Seller(but not the 854 Association, if any)resulting from such damage to the Property and Inclusions, plus the amount of any deductible 856 provided for in such insurance policy. Such credit must not exceed the Purchase Price. In the event Seller has not 857 received such insurance proceeds prior to Closing, the parties may agree to extend the Closing Date(§3)or, at 858 the option of Buyer, Seller must assign such proceeds at Closing, plus credit Buyer the amount of any deductible 859 provided for in such insurance.policy, but not to exceed the total Purchase Price. 861 19.2. Damage,Inclusions and Services. Should any Inclusion or service(including utilities and 862 communication services), system, component or fixture of the Property(collectively Service), e.g., heating or 863 plumbing,fail or be damaged between the date of this Contract and Closing or possession,whichever is earlier, 864 then Seller is liable for the repair or replacement of such Inclusion or Service with a unit of similar size, age and 865 866 quality, or an equivalent credit, but only to the extent that the maintenance or replacement of such Inclusion or 867 Service is not the responsibility of the Association, if any, less any insurance proceeds received by Buyer covering 868 such repair or replacement. If the failed or damaged Inclusion or Service is not repaired or replaced on or before 869 Closing or possession,whichever is earlier, Buyer has the Right to Terminate under§25.1, on or before Closing '71 87.1 Date(§3), or, at the option of Buyer, Buyer is entitled to a credit at Closing for the repair or replacement of such 872 Inclusion or Service.Such credit must not exceed the Purchase Price. If Buyer receives such a credit, Seller's right 73 for any claim against the Association, if any, will survive Closing.Seller and Buyer are aware of the existence of 874 pre—owned home warranty programs that may be purchased and may cover the repair or replacement of such 875 876 Inclusions. 877 19.3. Condemnation. In the event Seller receives actual notice prior to Closing that a pending 878 condemnation action may result in a taking of all or part of the Property or Inclusions, Seller must promptly notify 879 Buyer, in writing, of such condemnation action. Buyer has the Right to Terminate under§ 25.1, on or before 881 g Date (§3), . Buyer's, based on suchcondemnation action, in Bu ers sole subjective discretion.Should Buyer elect 881 ) Y 1 Y 882 to consummate this'Contract despite such diminution of value to the Property and Inclusions, Buyer is entitled to a 883 credit at Closing for all condemnation proceeds awarded to Seller for the diminution in the value of the Property or 885 Inclusions but such credit will not include relocation benefits or expenses, or exceed the Purchase Price. 886 19.4. Walk—Through and Verification of Condition.Buyer, upon reasonable notice, has the right to 887 walk through the Property prior to Closing to verify that the physical condition of the Property and Inclusions 888 complies with this Contract. 889 891 20. RECOMMENDATION OF LEGAL AND TAX COUNSEL.By signing this Contract, Buyer and Seller 892 acknowledge that the respective broker has advised that this Contract has important legal consequences and has 893 recommended the examination of title and consultation with legal and tax or other counsel before signing this S94 Contract. 895 896 897 21. TIME OF ESSENCE, DEFAULT AND REMEDIES.Time is of the essence hereof. If any note or check 898 received as Earnest Money hereunder or any other payment due hereunder is not paid, honored or tendered when 899 due, or if any obligation hereunder is not performed or waived as herein provided, the nondefaulting party has the 901 following remedies: 907. 9 902 21.1. If Buyer is in Default: 9U3 ❑ 21.1.1. Specific Performance. Seller may elect to treat this Contract as canceled, in which case 914 all Earnest Money(whether or not paid by Buyer)will! be paid to Seller and retained by Seller;and Seller may 906 recover such damages as may be proper; or Seller may elect to treat this Contract as being in full force and effect 906 p 9 Y P P Y 9 907 and Seller has the right to specific performance or damages,or both. 908 21.1.2. Liquidated Damages,Applicable.This§21.1.2 applies unless the box in S 21.1.1.is 909 checked.All Earnest Money(whether or not paid by Buyer)will be paid to Seller,and retained by Seller. Both 911 parties will thereafter be released from all obligations hereunder. It is agreed that the Earnest Money specified in § 912 4.1 is LIQUIDATED DAMAGES,and not a penalty,which amount the parties agree is fair and reasonable and 913 (except as provided in§§ 10.4, 22, 23 and 24), said payment of Earnest Money is SELLER'S ONLY REMEDY for https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS 1_13.asp?EC=727A025E-7431-4F15-8C6B-371 C... 12/16 9/9/2014 https://www.ctmecontracts.com/eContracts/m econ/Contracts/Listing_Contracts/PRINT SC_C851_13.asp7EC=727AU25E-7431-41-15-t3C66-37... 914 Buyer's failure to perform the obligations of this Contract.Seller expressly waives the remedies of specific 91.5 performance and additional damages. 91.6 P 9 917 21.2. If Seller is in Default: Buyer may elect to treat this Contract as canceled, in which case all Earnest 918 Money received hereunder willl be returned and Buyer may recover such damages as may be proper, or Buyer 919 may elect to treat this Contract as being in full force and effect and Buyer has the right to specific performance or 970 damages, or both. 921 922 923 22. LEGAL FEES, COST AND EXPENSES.Anything to the contrary herein notwithstanding, in the event of 924 any arbitration or litigation relating to this Contract, prior to or after Closing Date(§3),the arbitrator or court must 425 award to the prevailing party all reasonable costs and expenses, including attorney fees, legal fees and expenses. 926 927 928 23. MEDIATION. If a dispute arises relating to this Contract, prior to or after Closing,and is not resolved, the 929 parties must first proceed in good faith to submit the matter to mediation. Mediation is a process in which the ��° parties meet with an impartial person who helps to resolve the dispute informally and confidentially. Mediators 932 cannot impose binding decisions.The parties to the dispute must agree, in writing, before any settlement is 933 binding.The parties will jointly appoint an acceptable mediator and will share equally in the cost of such mediation. 934 The mediation, unless otherwise agreed, will terminate in the event the entire dispute is not resolved within thirty 935 days of the date written notice requesting mediation is delivered by one party to the other at the party's last known 937 address.This section will not alter any date in this Contract, unless otherwise agreed. 938 439 24. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder must release 940 the Earnest Money following receipt of written mutual instructions, signed by both Buyer and Seller. In the event of 941. 942 any controversy regarding the Earnest Money, Earnest Money Holder is not required to release the Earnest 943 Money. Earnest Money Holder, in its sole subjective discretion, has several options: (1)wait for any proceeding 944 between Buyer and Seller; (2)interplead all parties and deposit Earnest Money into a court of competent 945 jurisdiction, (Earnest Money Holder is entitled to recover court costs and reasonable attorney and legal fees 994476 4 946 7 incurred such action);id with h action or(3)provide notice to Buyer and Seller that unless Earnest Money Holder receives a 948 copy of the Summons and Complaint or Claim (between Buyer and Seller)containing the case number of the 949 lawsuit(Lawsuit)within one hundred twenty days of Earnest Money Holder's notice to the parties, Earnest Money 95° Holder is authorized to return the Earnest Money to Buyer. In the event Earnest Money Holder does receive a copy 952 of the Lawsuit, and has not interpled the monies at the time of any Order, Earnest Money Holder must disburse the 953 Earnest Money pursuant to the Order of the Court.The parties reaffirm the obligation of Mediation (§23).This 954 Section will survive cancellation or termination of this Contract. 955 957 25. TERMINATION. 958 25.1. Right to Terminate.If a party has a right to terminate, as provided in this Contract(Right to 959 Terminate), the termination is effective upon the other party's receipt of a written notice to terminate(Notice to 960 Terminate), provided such written notice was received on or before the applicable deadline specified in this 9b2 Contract. If the Notice to Terminate is not received on or before the specified deadline, the party with the Right to 962 P P '�' 9 963 Terminate accepts the specified matter, document or condition as satisfactory and waives the Right to Terminate 964 under such provision. 965 25.2. Effect of Termination. In the event this Contract is terminated, all Earnest Money received 967 hereunder will be returned and the parties are relieved of all obligations hereunder, subject to 10.4, 22,23 and 967 P 9 1 §§ 968 24. 969 97i 26. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL.This Contract, its exhibits and specified addenda, 972 constitute the entire agreement between the parties relating to the subject hereof, and any prior agreements 973 pertaining thereto,whether oral or written, have been merged and integrated into this Contract. No subsequent 974 modification of any of the terms of this Contract is valid, binding upon the parties, or enforceable unless made in 975 writing and signed by the parties.Any right or obligation in this Contract that, by its terms, exists or is intended to 976 be performed after termination or Closing survives the same. s77 P 9 978 979 27. NOTICE, DELIVERY,AND CHOICE OF LAW. 980 27.1. Physical Delivery.All notices must be in writing, except as provided in § 27.2.Any document, 981 including signed document or notice,from or on behalf of Seller, and delivered to Buyer is effective when 982 2 9 a 9 Y 983 physically received by Buyer, any signatory on behalf of Buyer, any named individual of Buyer,any representative 984 of Buyer, or Brokerage Firm of Broker working with Buyer(except for delivery, after Closing, of the notice 985 requesting mediation described in §23 and except as provided in§27.2).Any document, including a signed 986 document or notice,from or on behalf of Buyer, and delivered to Seller is effective when physically received b 9s7 Y P Y � Y by 988 Seller, any signatory on behalf of Seller, any named individual of Seller, any representative of Seller, or Brokerage 989 Firm of Broker working with Seller(except for delivery, after Closing,of the notice requesting mediation described https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-371 C... 13/16 9/9/2014 https://www.ctmecontracts.com/eContracts/m econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-37... 990 in §23 and except as provided in§27.2). 991. 27.2. Electronic Delivery.As an alternative to physical delivery, any document, including a signed 993 document or written notice, may be delivered in electronic form only by the following indicated methods: 994 ❑ Facsimile ®E-mail ❑ Internet. If no box is checked,this §27.2 is not applicable and§27.1 governs 995 notice and delivery. Documents with original signatures will be provided upon request of any party. 996 27.3. Choice of Law.This Contract and all disputes arising hereunder are governed by and construed in 998 accordance with the laws of the State of Colorado that would be applicable to Colorado residents who sign a 999 contract in Colorado for property located in Colorado. 1000 1001 28. NOTICE OF ACCEPTANCE, COUNTERPARTS.This proposal will expire unless accepted in writing, by 1003 Buyer and Seller, as evidenced by their signatures below, and the offering Y Y 9 g party receives notice of such 1004 acceptance pursuant to§27 on or before Acceptance Deadline Date (§3)and Acceptance Deadline Time (§ loos 3). If accepted, this document will become a contract between Seller and Buyer.A copy of this Contract may be 1006 executed b 1007 Y each p a rty, separately, and when each party has executed a copy thereof, such copies taken together 1008 are deemed to be a full and complete contract between the parties. 1009 1010 29. GOOD FAITH. Buyer and Seller acknowledge that each party has an obligation to act in good faith including, 1.011. but not limited to, exercising the rights and obligations set forth in the provisions of Financing Conditions and 1013 Obligations 5),Title Insurance, Record Title and Off—Record Title 8 , Current Survey Review 9)and 1013 g (§ ) (§ ) y (§ ) 1014 Property Disclosure, Inspection,Indemnity, Insurability, Due Diligence, Buyer Disclosure and Source of 1015 Water(§ 10). 1016 101.7 1018 ADDITIONAL PROVISIONS AND ATTACHMENTS 1019 1021 30. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado 1.n21 ( 9 P PP Y 1022 Real Estate Commission.) 1023 APPROVAL BY BOARD OF COUNTY COMMISSIONERS. Seller understands that this Agreement 1024 must be approved and ratified by the Board of County Commissioners at a regularly scheduled 1.125 PP Y tY 9 Y 1026 and public meeting. Upon acceptance by Seller, Buyer shall immediately schedule said public 1027 meeting and this Agreement will become effective upon Board of County Commissioner affirmative 1028 motion on the same. In accordance with applicable public finance law and notwithstanding PP P 9 1030 anything to the contrary contained in this Agreement, Buyer shall have no obligations under this 1031 Agreement nor shall any payment be made to Seller without an appropriation thereof In 1032 accordance with a budget adopted by the Board of County Commissioners.All obligations payable 1033 9 P Y Y 9 P Y 1034 beyond the current fiscal year are subject to funds being available and appropriated prior to 1.035 Closing. 1.036 31. ATTACHMENTS. 1038 31.1.The following attachments are a part of this Contract: 1039 Source of Water Addendum to Contract to Buy and Sell Real Estate 1040 114' 31.2.The following disclosure forms are attached but are not a part of this Contract: 1042 g P 1043 n/a 1044 1043 SIGNATURES 1.046 1.047 1048 1049 1050 1051 1052 1 C1 I " "" et-g , a '" "-aQl 1053 Date: 9/4/2014 1054 Buyer: Eagle County Housing and Development Authority 1056 By: Kathy Chandler-Henry, Commissioner 1057 1059 Address:25 Mill Loft, Suite 200 Edwards CO 81632 1060 Phone: (970)328-8776 Fax: 1061. Electronic Address: kim.williams @eaglecounty.us 1062 1063 1064 1065 https:/Iwww.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS 1_13.asp?EC=727A025E-7431.4F15-8C6B-371 C... 14/16 • 9/9/2014 https://www.ctmecontracts.com/eContracts/m econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-6C6B-37... 1066 [NOTE: If this offer is being countered or rejected, do not sign this document. Refer to §32] .1067 1068 1069 1070 1071 /� 1072 l + _ f /f ' f '� � /i�vL tat g1"4444 1073 WN(� W 1 VV Date: 9/9/2014 1074 1075 Seller: Miller Ranch Condominium Association 1076 By: Linda Williams, President of the Board 10/I 1078 Address: P.O. Box 2264 Edwards CO 81632 1079 Phone: (970)926-7911 Fax: 1080 Electronic Address: sstaffordea slifermgmt.com 1081 1082 1083 1084 32. COUNTER; REJECTION.This offer is ❑Countered ❑ Rejected. 1085 • Initials only of party(Buyer or Seller)who countered or rejected offer 1.086 1087 1088 1089 1090 1091 END OF CONTRACT TO BUY AND SELL REAL ESTATE .1092 1093 1094 1095 33. BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. 1096 (To be completed by Broker working with Buyer) 1.197 ( P Y 9 Y ) 1098 1099 Broker ❑ Does ❑ Does Not acknowledge receipt of Earnest Money deposit and, while not a party to the 1101 .11 Contract, agrees to cooperate upon request with any mediation concluded under§ Broker agrees rees that if 1112 Brokerage Firm is the Earnest Money Holder and, except as provided in §24, if the Earnest Money has not 1103 already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest 11.14 Money Holder will release the Earnest Money as directed by the written mutual instructions. Such release of 11.05 Earnest Money will be made within five days of Earnest Money Holder's receipt of the executed written mutual 11.06 1107 instructions, provided the Earnest Money check has cleared. 1108 11109 Broker is working with Buyer as a ❑ Buyer's Agent ® Seller's Agent ❑ Transaction-Broker in this io 1111 transaction. ❑This is a Change of Status. ' 1.112 1113 Brokerage Firm's compensation or commission is to be paid by ❑ Listing Brokerage Firm 1114 1115 ❑ Buyer®Other n/a. 1116 11.17 1 i Brokerage Firm's Name: The Valley Home Store 1119 1120 1'121 1.1.23 A.4 g Witafirs 1124 Date: 9/4/2014 1125 Broker's Name: Kimberly B. Williams 1126 1127 Address: 25 Mill Loft Suite 200 Edwards, CO 81632 1128 Ph: 970-328-8776 Fax: 866-611-7237 Email: kwilliams@valleyhomestore.org .11.29 1130 1131 1132 1133 5tei 1134 fi 1135 Date: • 9/4/2014 1136 1137 1138 1139 1140 1141 https://www.ctmecontracts.com/eContracts/m_econlContracts/Listing Contracts/PRINT_SC_CBS1_13.asp?EC=727A025E-7431-4F15-8C6B-371C... 15/16 9/9/2014 https://www.ctmecontracts.com/eContracts/m econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp7 EC=727A025E-7431.4F15-8C6B-37... 1142 Broker's Name: Tori Franks 1.1.43 11.44 1145 1146 34. BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. 1147 1148 (To be completed by Broker working with Seller) 1149 1150 1.151. Broker 0 Does O Does Not O acknowledge receipt of Earnest Money deposit and,while not a party to 1152 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 will release the Earnest Money as directed by the written mutual instructions. Such release of Earnest Money will 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 0 Seller's Agent 0 Buyer's Agent 0 Transaction-Broker O in this transaction. This is a Change of Status. Brokerage Firm's compensation or commission is to be paid by ! Seller Buyer 0 Other n/a ave Brokerage Firm's Name: Broker Date: Address: , Ph: Fax: Email: CBS1-8-13. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) CTM eCont:racts- "R 2014 CTM Software Corp. https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp7 EC=727A025E-7431-4F15-BC6B-371 C... 16/16 9/9/2014 https://www.ctmecontracts.com/econtracts/m econ/Contracts/Listing Contracts/PRINT_SwA35 ULasp'?he=411:i343tti-utur-4441--B1-U13-U4r... The Valley Home Store Kimberly B. Williams Ph: 970-328-8776 Fax: 866-611-7237 1 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission (SWA35-8-10) (Mandatory 1-11) 2 3 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT 4 LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. 5 6 SOURCE OF WATER ADDENDUM TO CONTRACT TO BUY AND SELL REAL ESTATE 7 8 Date: 9/4/2014 • 9 10 1. ADDENDUM TO CONTRACT TO BUY AND SELL REAL ESTATE. This Source of Water 11 Addendum (Addendum)is made a part of that Contract to Buy and Sell Real Estate between Seller 12 and Buyer dated 9/4/2014(Contract),for the purchase and sale of the Property known as No. 13 69 Marble G134 Edwards CO 81632 14 15 2. SOURCE OF POTABLE WATER. Seller discloses the following information for the source of 16 potable water for the Property: 17 18 [Select and complete 1,2 or 3 as applicable.] 19 20 ❑ 2.1 The Property's source of water is a Well. Well Permit#: 21 If a well is the source of water for the Property, a copy of the current Well Permit 22 ❑ Is ❑ Is Not attached. 23 24 ® 2.2 The Water Provider for the Property can be contacted at: 25 Name:Eagle River Water and Sanitation District 26 Address:846 Forest Road/PO Box 712245 Vail, CO 81657 27 Web Site:http://www.erwsd.org 28 Phone No.:970-477-5451 29 30 ❑ 2.3 There is neither a Well nor a Water Provider for the Property.The source of water 31 for the Property is [describe source]: 32 33 NOTE TO BUYER: SOME WATER PROVIDERS RELY,TO VARYING DEGREES ON 34 NONRENEWABLE GROUND WATER.YOU MAY WISH TO CONTACT YOUR PROVIDER(OR 35 INVESTIGATE THE DESCRIBED SOURCE)TO DETERMINE THE LONG-TERM SUFFICIENCY OF 36 THE PROVIDER'S WATER SUPPLIES. 37 38 //Wel katQAYe ReeAr de,a e at t" goad Date: 9/9/2014 Seller: Miller Ranch Condominium Association By:Linda Williams, President of the Board 39 40 Seller: Date: 41 42 htips://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing Contracts/PRINT_SWA35_07.asp?EC=47B343E6-CEOF-444F-8FDB-D4FC2FF... 1/2 5/9/2014 hops://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT SWA35 07.asp?EC=47B343E6-CEOF-444F-8FDB-D4F... Date: 9/4/2014 43 I G,Ee4 'ems q. eofifmadthge4 Buyer: Eagle County Housing and Development Authority By:Kathy Chandler-Henry, Commissioner 44 45 Buyer: Date: 46 SWA35-8-10. SOURCE OF WATER ADDENDUM TO CONTRACT TO BUY AND SELL REAL ESTATE. CTM eContracts - i2014 CTM Software Corp. https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRI NT_SWA35_07.asp?EC=47B343E6-CEOF-444F-8FDB-D4FC2FF... 2/2