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Home My WebLink AboutECHDA14-015 Contract to Buy and Sell Real Estate10/23/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=2293E65B-D379-4701-84E8-... The The Valley Home Store Valley Home Store Kimberly B. Williams Ph: 970-328-8776 Fax: 866-611-7237 he printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. CBS1-8-13 Mandato 1-14 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) MI11�li'.�[i 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). PARTIES AND PROPERTY. 2.1. Buyer. Buyer, Adam LaVerdiere , will take title to the Property described below as ❑ Joint Tenants ❑ Tenants In Common ❑ Other n/a. 2.2. Assignability and Inurement. This ContractEris ® Is Not assignable by Buyer without Seller's prior written consent. Except as so restricted, this Contract inures to the benefit of and is binding upon the heirs, personal representatives, successors and assigns of the parties. 2.3. Seller. Seller, Eagle County Housing and Development Authority, 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: Lot M134 Mill Lofts in Miller Ranch known as No. 69 Marble G134 Edwards CO 81632, 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 0 remote controls. Other Fixtures: kitchen refrigerator, dishwasher, range, garbage disposal, microwave, washer and dryer If any fixtures are attached to the Property after the date of this Contract, such additional fixtures are also included in the Purchase Price. 2.5.2. Personal Property. If on the Property, whether attached or not, on the date of this Contract, 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 Systems ❑ Satellite Systems (including satellite dishes). Other Personal Property: nla The Personal Property to be conveyed at Closing must be conveyed by Seller free and clear of all taxes (except personal property taxes for the year of Closing), liens and encumbrances, except n/a. Conveyance will 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: condo parking area; and ❑ Use Only ❑ Ownership of the following storage facilities: https://www.ctmecontracts.com/eContracts/m_econIContracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=2293E65B-D379-4701-84E8-DB066... 1/16 L� � 10/23/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=2293E65B-D379-4701-84EB-... none. 2.6. Exclusions. The following items are excluded (Exclusions): None 2.7. Water Rights, Well Rights, Water and Sewer Taps. ❑ 2.7.1. Deeded Water Rights. The following legally described water rights: None Any deeded water rights will be conveyed by a good and sufficient n1a deed at Closing. ❑ 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: ❑ 2.7.3. Well Rights. Seller agrees to supply required information to Buyer about the well. Buyer understands that if the well to be transferred is a "Small Capacity Well" or a "Domestic Exempt Water Well" used for ordinary household purposes, Buyer must, prior 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 must complete a registration of existing well form for the well and pay the - cost of registration. If no person will be providing a closing service in connection with the transaction, Buyer must file the form with the Division within sixty days after Closing. The Well Permit # is n1a. ❑ 2.7.4. Water Stock Certificates: The water stock certificates to be transferred at Closing are as follows: none 2.7.5. Water and Sewer Taps. Note: Buyer is advised to obtain, from the provider, written confirmation of the amount remaining to be paid, if any, time and other restrictions for transfer and use of the taps. 2.7.6. Conveyance. If Buyer is to receive any rights to water pursuant to § 2.7.2 (Other Rights Relating to Water), § 2.7.3 (Well Rights), or § 2.7.4 (Water Stock Certificates), Seller agrees to convey such rights to Buyer by executing the applicable legal instrument at Closing. 3. DATES AND DEADLINES. Item No, Reference ` Event Date or Deadline 1 1 § 4.3 Alternative Earnest Money Deadline Title ` §8.1 1 Record Title Deadline 1011612014....-. ....._Thursday 2 § 8.2 Record Title Objection Deadline 10/23/2014 Thursday 4 § 8.3 Off -Record Title Deadline 1019612094 Thursday 5 § 8.3 Off -Record Title Objection Deadline 1012312014 Thursday _._ 6 § 8.4 Title Resolution Deadline 10124/2014 Friday 7 i § 8.6 Right of First Refusal Deadline n1a 1 wners' Association .._ -- _._ 8 § 7.3 Association Documents Deadline n1a 9 § 7.4 i Association Documents Objection Deadline n1a i Seller's Property Disclosure _ i 10 § 10.1 I Seller's Property Disclosure Deadline 1012212014 Wednesday! !Loan and Credit __ _..._._.. .. .. 11 § 5.1 i Loan Application Deadline n1a 13 §5.3 Credit IInfformation Deadline ......._111612014 /nla 94 __Tnursaay E 14 §5.3 Disapproval of Buyer's Credit Information n1a� ! 'Deadline 15 § 5.4 Existing Loan Documents Deadline n1a § 5.4 Existing Loan Documents Objection Deadline n1a 17 § 5.4 Loan Transfer Approval Deadline n1a 18 §4.7 Seller or Private Financing Deadline n1a i Appraisal . .._ . _ .._....__ 19 ".2 Appraisal Deadlinen/a § 6.2-1 Appraisal Objection Deadline n1a Survey https: /www.ctmecontracts-com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=2293E65B-D379-4701-84E8-DBO66... 2!16 10/23/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=2293E65B-D379.4701-84E8- 21 § 9 1 _____..___�__.� .________ -___ Current Survey Deadline n/a 22 § 9.2 Current Survey Objection Deadline n1a i § 9 3Current 23 Survey Resolution Deadline _........ .._ __ .__ .. Inspection and Due Diligence I 24 § 10.2 ...........�.m..�_ Inspection Objection Deadline _. _ 111512014 1 wednesdayl 10.3_ Inspection Resolution Deadline 111612014 Thursday 26 § 10.5 Property Insurance Objection Deadline n1a 27 § 10.6 Due Diligence Documents Delivery Deadline n1a 28§ 1 dlin DDiligence Documents Objection Deadline Due D 9 j n1a _...__ ._0.6 29 = § 10.6 _ _ .._ Due Diligence Documents Resolution Deadline _ ._ 30 l § 10.7 Conditional Sale Deadline Closing and Possession _ 31 § 12.3 Closing Date 11113/2014 1 Thursday Upon a successful 32 § 17 Possession Date 33 §17 Possession Time 9.00 AM MDT 34 § 28 Acceptance Deadline Date 1011012014 [ Friday 35 §28 [ Acceptance Deadline Time 2.00 PM MDT 36 n1a n1a E n1a _ _ .___ nla 37 ' ,n % _ __�.. _,__ i n1a Note: If FHA or VA loan boxes are checked in § 4.5.3 (Loan Limitations), the Appraisal Deadline (§ 3) does Not apply to FHA insured or VA guaranteed loans. 3.1. Applicability of Terms. Any box checked in this Contract means the corresponding provision applies. Any box, blank or line in this Contract left blank or completed with the abbreviation "N/A", or the word "Deleted" means such provision, including any deadline, is not applicable and the corresponding provision of this Contract to which reference is made is deleted. The abbreviation "MEC` (mutual execution of this Contract) means the date upon which both parties have signed this Contract. 4. PURCHASE PRICE AND TERMS. 4.1. Price and Terms. The Purchase Price set forth below is payable in U.S. Dollars by Buyer as follows: Item oN Reference Item Amount `Amount f 1 § 4.1 Purchase Price $189,000.00; _ 2 § 4.3 Earnest Money $1,890.001 [ 3 § 4.5 `New Loan 4 i $169,000 00 ( § 4.6 ,.Assumption Balance 5 § 4.7 =Private Financing !_6 � § 4.7 :Seller Financing 7 n1a 8 n1anla 9 __ § 4.4 (Cash at Closing $18,110.001 10 �ITOTAL $189,000.00 $189,000 00 E 4.2. Seller Concession. Seller, at Closing, will credit, as directed by Buyer, an amount of $ 0 to assist with any or all of the following: Buyer's closing costs, loan discount points, loan origination fees, prepaid items (including any amounts that Seller agrees to pay because Buyer is not allowed to 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, Closing Disclosure or HUD -1, at Closing. https:llwww.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1 _13.asp?EC=2293E65B-D379-4701-84E8-DB066... 3/16 10/23/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_ CBS 1_13.asp?EC=2293E65B-D379-4701-84E8-... 4.3. Earnest Money. The Earnest Money set forth in this section, in the form of good funds, will be l payable to and held by Heritage Title Company (Earnest Money Holder), in its trust account, on behalf of both Seller and Buyer. The Earnest Money deposit must be tendered, by Buyer, with this Contract unless the parties mutually agree to an Alternative Earnest Money 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 agreed to have interest on Earnest Money deposits transferred to a fund established for the purpose of providing 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 will be transferred to such fund. 4.3.1. Alternative Earnest Money Deadline. The deadline for delivering the Earnest Money, if other than at the time of tender of this Contract, is as set forth as the Alternative Earnest Money Deadline (§ 3). 4.3.2. Return of Earnest Money. If Buyer has a Right to Terminate and timely terminates, Buyer is 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, written mutual instructions (e.g., Earnest Money Release form), within three days of Seller's receipt of such form. 4.4. Form of Funds; Time of Payment; Available Funds. 4.4,1. Good Funds. All amounts payable by the parties at Closing, including any loan proceeds, Cash at Closing and closing costs, must 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. Time of Payment; Available Funds. All funds, including the Purchase Price to be paid by Buyer, must be paid before or at Closing or as otherwise agreed in writing between the parties to allow disbursement by Closing Company at Closing OR SUCH NONPAYING PARTY WILL BE IN DEFAULT. Buyer represents that Buyer, as of the date of this Contract, ® Does ❑ Does Not have funds that are immediately verifiable and available in an amount not less than the amount stated as Cash at Closing in § 4.1. 4.5. New Loan. 4.5.1. Buyer to Pay Loan Costs. Buyer, except as provided in § 4.2, if applicable, must timely pay Buyer'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 acceptable to Buyer, including a different loan than initially sought, except as restricted in § 4.5.3 or § 30 (Additional Provisions). 4.5.3. Loan Limitations. Buyer may purchase the Property using any of the following types of loans: ® Conventional ❑ FHA ❑ VA ❑ Bond ❑ Other 4.5.4. Good Faith Estimate — Monthly Payment and Loan Costs. Buyer is advised to review the terms, conditions and costs of Buyer's New Loan carefully. If Buyer is applying for a residential loan, the lender generally must provide Buyer with a good faith estimate of Buyer's closing costs within three days after Buyer _ completes a loan application. Buyer should also obtain an estimate of the amount of Buyer's monthly mortgage payment. 4.6. Assumption. (Omitted as inapplicable) 4.7. Seller or Private Financing. (Omitted as inapplicable) TRANSACTION PROVISIONS 5. FINANCING CONDITIONS AND OBLIGATIONS. 5.1. Loan Application. If Buyer is to pay all or part of the Purchase Price by obtaining one or more new loans (New Loan), or if an existing loan is not to be released at Closing, Buyer, if required by such lender, must make an application verifiable by such lender, on or before Loan Application Deadline (§ 3) and exercise reasonable efforts to obtain such loan or approval. 5.2. Loan Objection. If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is conditional upon Buyer determining, in Buyer's sole subjective discretion, whether the New Loan is satisfactory to Buyer, including its availability, payments, interest rate, terms, conditions, and cost of such New Loan. This condition is for the sole benefit of Buyer. Buyer has the Right to Terminate under § 25.1, on or before Loan Objection Deadline (§ 3), if the New Loan is not satisfactory to Buyer, in Buyer's sole subjective discretion. IF 3 SELLER IS NOT IN DEFAULT AND DOES NOT TIMELY RECEIVE BUYER'S WRITTEN NOTICE TO TERMINATE, BUYER'S EARNEST MONEY WILL BE NONREFUNDABLE, except as otherwise provided in this Contract (e.g., Appraisal, Title, Survey). 5.3. Credit Information and Buyer's New Senior Loan. (Omitted as inapplicable) https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRlNT_SC_CBS1 _13.asp? EC=2293E65B-D379-4701-84E8-DB066... 4/16 10/2312014 https:/lwww.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT SC_CBS1_13.asp?EC=2293E65B-D379-4701-84E8-... 5.4. Existing Loan Review. (Omitted as inapplicable) 6. APPRAISAL PROVISIONS. 6.1. Lender Property Requirements. If the lender imposes any requirements or repairs (Requirements) to be made to the Property (e.g., roof repair, repainting), beyond those matters already agreed to by Seller in this Contract, Seller has the Right to Terminate under § 25.1, (notwithstanding § 10 of this Contract), on or before three days following Seller's receipt of the Requirements, based on any unsatisfactory Requirements, in Seller's sole subjective discretion. Seller"s Right to Terminate in this § 6.1 does not apply if, on or before any termination by Seller pursuant to this § 6.1: (1) the parties enter into a written agreement regarding the Requirements; or (2) the s 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 applies to the respective loan type set forth in § 4.5.3, or if a cash transaction (i.e. no financing), § 6.2.1 applies. 6.2.1. Conventional/Other. Buyer has the sole option and election to terminate this Contract if the Property's valuation, determined by an appraiser engaged on behalf of buyer's lender, is less than the Purchase Price. The appraisal must be received by Buyer or Buyer's lender on or before Appraisal Deadline (§ 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 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. 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 any penalty by forfeiture of Earnest Money deposits or otherwise unless the Purchaser (Buyer) has been given, in accordance 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 not less than $ n/a. The Purchaser (Buyer) shall have the privilege and option of proceeding with the consummation of the Contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will insure. 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 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, 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 must be 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. 7. OWNERS' ASSOCIATIONS. This Section is applicable if the Property is located within a Common Interest Community and subject to such declaration. 7.1. Owners' Association Documents. Owners' Association Documents (Association Documents) consist of the following: 7.1.1. All Owners' Association declarations, articles of incorporation, bylaws, articles of organization, operating agreements, rules and regulations, party wall agreements; 7.1.2. Minutes of most recent annual owners' meeting; 7.1.3. 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 (§§ 7.1.1, 7.1.2 and 7.1.3, collectively, Governing Documents); and 7.1.4. 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, (4) reserve study, and (5) notice of unpaid assessments, if any (collectively, Financial Documents). 7.2. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A COMMON INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR SUCH COMMUNITY. THE OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS' ASSOCIATION FOR THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION. THE DECLARATION, BYLAWS, AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS, AND RULES AND REGULATIONS OF THE https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1 _13.asp?EC=2293E65B-D379-4701-84E8-DBO66... 5/16 10/23/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=2293E65B-D379-4701-84E8-... - COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION. 7.3. Association Documents to Buyer. ❑ 7.3.1. Seller to Provide Association Documents. Seller will cause the Association Documents to be provided to Buyer, at Seller's expense, on or before Association Documents Deadline (§ 3). ® 7.3.2. Seller Authorizes Association. Seller authorizes the Association to provide the Association Documents to Buyer, at Seller's expense. 7.3.3. Seller's Obligation. Seller's obligation to provide the Association Documents is fulfilled upon Buyer's receipt of the Association Documents, regardless of who provides such documents. Note: If neither box in this § 7.3 is checked, the provisions of § 7.3.1 apply, 7.4. Conditional on Buyer's Review. Buyer has the right to review the Association Documents. Buyer has the Right to Terminate under § 25.1, on or before Association Documents Objection Deadline (§ 3), based on any unsatisfactory provision in any of the Association Documents, in Buyer's sole subjective discretion. Should Buyer receive the Association Documents after Association Documents Deadline (§ 3), Buyer, at Buyer's option, has the Right to Terminate under § 25.1 by Buyer's Notice to Terminate received by Seller on or before ten days after Buyer's receipt of the Association Documents, If Buyer does not receive the Association Documents, or if Buyer's Notice to Terminate would otherwise be required to be received by Seller after Closing Date (§ 3), Buyer's Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer's Notice to Terminate within such time, Buyer accepts the provisions of the Association Documents as satisfactory, and Buyer waives any Right to Terminate under this provision, notwithstanding the provisions of § 8.6. (Right of First Refusal or Contract Approval). 8. TITLE INSURANCE, RECORD TITLE AND OFF -RECORD TITLE. 8.1. Evidence of Record Title. ® 8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will 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 must furnish to Buyer, a current commitment for owner's title insurance policy (Title Commitment), in an amount equal to the Purchase Price, or if this box is checked, ❑ an Abstract of Title certified to a current date. Seller will cause the title insurance policy to be issued and delivered to Buyer as soon as practicable at or after Closing. ❑ 8.1.2. Buyer Selects Title Insurance Company. If this box is checked, Buyer will select the title insurance company to furnish the owner's title insurance policy at Buyer's expense, On or before Record Title Deadline (§ 3), Buyer must 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 § 8.1.1 or § 8.1.2 is checked, § 8.1.1 applies. 8.1.3. Owner's Extended Coverage (OEC). The Title Commitment ®WIII ❑Will Not. commit to delete or insure over the standard exceptions which relate to: (1) parties in possession, (2) unrecorded 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 (OEC). If the title insurance company agrees to provide an endorsement for OEC, any additional premium expense to obtain an endorsement for OEC will be paid by ❑Buyer ® Seller ❑ One -Half by Buyer and One -Half by Seller ❑ Other Note: The title insurance company may not agree to delete or insure over any or all of the standard exceptions. 8.1.4. Title Documents. Title Documents consist of the following: (1) copies of any plats, declarations, covenants, conditions and restrictions burdening the Property, and (2) copies of any other documents (or, if illegible, summaries of such documents) listed in the schedule of exceptions (Exceptions) in the Title Commitment furnished to Buyer (collectively, Title Documents). 8.1.5. Copies of Title Documents. Buyer must receive, on or before Record Title Deadline (§ 3), copies of all Title Documents. This requirement pertains only to documents as shown of record in the office of the clerk and recorder in the county where the Property is located. The cost of furnishing copies of the documents required in this Section will be at the expense of the party or parties obligated to pay for the owner's title insurance policy. 8.1.6. Existing Abstracts of Title. Seller must deliver to Buyer copies of any abstracts of title covering all or any portion of the Property (Abstract of Title) in Seller's possession on or before Record Title Deadline (§ 3). 8.2. Record Title. Buyer has the right to review and object to the Abstract of Title or Title Commitment and any of the Title Documents as set forth in § 8.4 (Right to Object to Title, Resolution) on or before Record Title hUps://www.ctmecontracts.com/eContracts/m econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=2293E65B-D379-4701-84EB-DBO66... 6/16 10/2312014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=2293E65B-0379-4701-84E8-... Objection Deadline (§ 3). Buyer's objection may be based on any unsatisfactory form or content of Title Commitment or Abstract of Title, notwithstanding § 13, or any other unsatisfactory title condition, in Buyer's sole subjective discretion. If the Abstract of Title, Title Commitment or Title Documents are not received by Buyer on or before the Record Title Deadline (§ 3), or if there is an endorsement to the Title Commitment that adds a new Exception to title, a copy of the new Exception to title and the modified Title Commitment will be delivered to Buyer. Buyer has until the earlier of Closing or ten days after receipt of such documents by Buyer to review and object to: (1) any required Title Document not timely received by Buyer, (2) any change to the Abstract of Title, Title Commitment or Title Documents, or (3) any endorsement to the Title Commitment. If Seller receives Buyer's - Notice to Terminate or Notice of Title Objection, pursuant to this § 8.2 (Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.4 (Right to Object to Title, Resolution). If Seller has fulfilled all Seller's obligations, if any, to deliver to Buyer all documents required by § 8.1 (Evidence of Record Title) and Seller does not receive Buyer's Notice to Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer accepts the condition of title as disclosed by the Abstract of Title, Title Commitment and Title Documents as satisfactory. 8.3. Off—Record Title. Seller must deliver to Buyer, on or before Off -Record Title Deadline (§ 3), true copies of all existing surveys in Seller's possession pertaining to the Property and must disclose to Buyer all - easements, liens (including, without limitation, governmental improvements approved, but not yet installed) or other title matters (including, without limitation, rights of first refusal and options) not shown by public records, of which Seller has actual knowledge (Off -Record Matters). Buyer has the right to inspect the Property to investigate if any third party has any right in the Property not shown by public records (e.g., unrecorded easement, 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, notwithstanding § 8.2 and § 13), in Buyer's sole subjective discretion, must be received by Seller on or before Off -Record Title Objection Deadline (§ 3). If an Off -Record Matter is received by Buyer after the Off -Record Title Deadline (§ 3), Buyer has until the earlier of Closing or ten days after receipt by Buyer to review and object to such Off -Record Matter. If Seller receives Buyer's Notice to Terminate or Notice of Title Objection pursuant to this § 8.3 (Off -Record Title), any title objection by Buyer and this Contract are governed by the provisions set forth in § 8.4 (Right to Object to Title, Resolution). If Seller does not receive Buyer's Notice to Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer accepts title subject to such rights, if any, of third parties of which Buyer has actual knowledge. 8.4. Right to Object to Title, Resolution. Buyer's right to object to any title matters includes, but is not limited to those matters set forth in §§ 8.2 (Record Title), 8.3 (Off -Record Title) and 13 (Transfer of Title), in - Buyer's sole subjective discretion. If Buyer objects to any title matter, on or before the applicable deadline, Buyer has the following options: 8.4.1. Title Objection, Resolution. If Seller receives Buyer's written notice objecting to any title matter (Notice of Title Objection) 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 will 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). If either the Record Title Deadline or the Off -Record Title Deadline, or both, are extended to the earlier of Closing or ten days after receipt of the applicable documents by Buyer, pursuant to § 8.2 (Record Title) or § 8.3 (Off -Record Title), the Title Resolution Deadline also will be automatically extended to the earlier of Closing or fifteen days after Buyer's receipt of the applicable documents; or 8.4.2. Title Objection, Right to Terminate. Buyer may exercise 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. 8.5. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON 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 WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE 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. Buyer has the Right to Terminate under § 25.1, on or before Off -Record Title Objection Deadline (§ 3), based on any unsatisfactory effect of the Property being located within a special taxing district, in Buyer's sole subjective discretion. 8.6. Right of First Refusal or Contract Approval. If there is a right of first refusal on the Property or a https:/lwww.ctmecontracts.com/eContractslm_econJContracts/Listing_Contracts/PRI NT_SC_CBS 1 _13.asp?EC=2293E65B-D379-1701-84E8-DB066... 7/16 10/23/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC CB31_13.asp?EC=2293E65B-D379-4701-84E8 right to approve this Contract, Seller must promptly submit this Contract according to the terms and conditions of 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 will terminate. If the right of first refusal is waived explicitly or expires, or the Contract is approved, this Contract will remain in full force and effect. Seller must promptly notify Buyer in writing of the foregoing, If expiration or waiver of the right of first refusal or approval of this Contract has not occurred on or before Right of First Refusal Deadline (§ 3), this Contract will then terminate. 8.7. 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 and use of the Property, including, without limitation, boundary lines and encroachments, set-back requirements, area, zoning, building code violations, unrecorded easements and claims of easements, leases and other unrecorded agreements, water on or under the Property, 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, 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, and others, may be excluded from or not covered by the owner's title 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 (§ �» 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 of Title, and n/a will receive Improvement Location Certificate, Improvement Survey Plat or other form of 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. ❑ 9.1.1. Improvement Location Certificate. If the box in this § 9.1.1 is checked, ❑Seller ❑Buyer will 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, will be an ❑ Improvement Survey Plat or ❑ n/a. The parties agree that payment of the cost of the Current Survey and obligation to order or provide the Current Survey as follows: n/a 9.2. Current Survey Objection. Buyer has the right to review and object to the Current Survey. If the Current Survey is not timely received by Buyer or is unsatisfactory to Buyer, in Buyer's sole subjective discretion, Buyer may, on or before Current Survey Objection Deadline (§ 3), notwithstanding § 8.3 or § 13: 9.2.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or 9.2.2. Current Survey Objection. Deliver to Seller a written description of any matter that was to be shown or is shown in the Current Survey that is unsatisfactory and that Buyer requires Seller to correct. 9.3. Current Survey Resolution. If a Current Survey Objection is received by Seller, on or before Current Survey Objection Deadline (§ 3), and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Current Survey Resolution Deadline (§ 3), this Contract will terminate on the Current Survey Resolution Deadline (§ 3), unless Seller receives Buyer's written withdrawal of the Current Survey Objection before such termination, i.e., on or before expiration of Current Survey Resolution Deadline (§ 3). DISCLOSURE, INSPECTION AND DUE DILIGENCE 10. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, DUE DILIGENCE, BUYER DISCLOSURE AND SOURCE OF WATER. 10.1. Seller's Property Disclosure. On or before Seller's Property Disclosure Deadline (§ 3), Seller agrees to deliver to Buyer the most current version of the applicable Colorado Real Estate Commission's Seller's Property Disclosure form completed by Seller to Seller's actual knowledge, current as of the date of this Contract. 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." Colorado law requires that Seller disclosure to Buyer any latent defects actually known by Seller. Disclosure of latent defects must be in writing. 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 Buyer's expense. If (1) the physical condition of the Property, including, but not limited to, the roof, walls, structural integrity of the Property, the electrical, plumbing, HVAC and other mechanical systems of the Property, (2) the physical condition of the Inclusions, (3) service to the Property (including utilities and communication services), systems and components of the Property (e.g. heating and plumbing), (4) any proposed or existing transportation project, road, street or highway, or (5) any other activity, odor or noise (whether on or off the Property) and its effect or expected effect on the Property or its occupants is unsatisfactory, in Buyer's sole subjective discretion, Buyer may, on or before Inspection Objection Deadline {§ tittps:t/www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRI NT_SC_CBS 1 _13.asp?EC=2293E65B-D379-4701-84E8-DBO66... 8/16 10/23/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=2293E65B-D379ft701-84E8-... 3): 10.2.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or 10.2.2. Inspection Objection. Deliver to Seller a written description of any unsatisfactory physical condition that Buyer requires Seller to correct. 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 Inspection Resolution Deadline (§ 3), this Contract will terminate on Inspection Resolution Deadline (§ 3) unless Seller receives Buyer's written withdrawal of the Inspection Objection before such termination, i.e., on or before expiration of Inspection Resolution Deadline (§ 3). 10.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided in this Contract or other written agreement between the parties, is responsible for payment for all inspections, tests, surveys, engineering reports, or other reports performed at Buyer's request (Work) and must pay for any damage that occurs to the Property and Inclusions as a result of such Work. Buyer must not permit claims or liens of any kind against the Property for Work performed on the Property. Buyer agrees to indemnify, protect and hold Seller harmless from and against any liability, damage, cost or expense incurred by Seller and caused by any such Work, claim, or lien. This indemnity includes Seller's right to recover all costs and expenses incurred by Seller to defend against any such liability, damage, cost or expense, or to enforce this section, including Seller's reasonable attorney fees, legal fees and expenses. The provisions of this section survive the termination of this Contract. This § 10.4 does not apply to items performed pursuant to an Inspection Resolution. 10.5. Insurability. Buyer has the right to review and object to the availability, terms and conditions of and premium for property insurance (Property Insurance), Buyer has the Right to Terminate under § 25.1, on or before Property Insurance Objection Deadline (§ 3), based on any unsatisfactory provision of the Property Insurance, in Buyer's sole subjective discretion. 10.6. Due Diligence. 10.6.1. Due Diligence Documents. If the respective box is checked, 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 Documents Delivery Deadline(§ 3): ❑ 10.6.1.1. All current leases, including any amendments or other occupancy agreements, pertaining to the Property. Those leases or other occupancy agreements pertaining to the Property that survive Closing are as follows (Leases): n/a ❑ 10.6.1.2. Other documents and information: None 10.6.2. Due Diligence Documents Review and Objection. Buyer has the right to review and object to Due Diligence Documents. If the Due Diligence Documents are not supplied to Buyer or are unsatisfactory in Buyer's sole subjective discretion, Buyer may, on or before Due Diligence Documents Objection Deadline ( § 3): 10.6.2.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or 10.6.2.2. Due Diligence Documents Objection. Deliver to Seller a written description of any unsatisfactory Due Diligence Documents that Buyer requires Seller to correct. 10.6.3. Due Diligence Documents Resolution. If a Due Diligence Documents Objection is received by Seller, on or before Due Diligence Documents Objection Deadline ( § 3), and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Due Diligence Documents Resolution Deadline § 3), this Contract will terminate on Due Diligence Documents Resolution Deadline ( § 3) unless Seller receives Buyer's written withdrawal of the Due Diligence Documents Objection before such termination, i.e., on or before expiration of Due Diligence Documents Resolution Deadline ( § 3). 10.7. 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 nla. Buyer has the Right to Terminate under § 25.1 effective upon Seller's receipt of Buyer's Notice to Terminate on or before Conditional Sale Deadline (§ 3) if such property is not sold and closed by such deadline. This § 10.7 is for the 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. 10.8. Source of Potable Water (Residential Land and Residential Improvements Only). Buyer ODoes ❑Does Not acknowledge receipt of a copy of Seller's Property Disclosure or Source of Water Addendum disclosing the source of potable water for the Property. Buyer ❑Does ®Does Not 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 CONTACT YOUR PROVIDER (OR INVESTIGATE THE DESCRIBED SOURCE) TO DETERMINE THE LONG—TERM SUFFICIENCY OF THE PROVIDER'S WATER SUPPLIES. 10.9. 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 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRI NT_SC_CBS1_13.asp?EC=2293E65B-D379-4701-84E8-DBO66... 9/16 10/23/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=2293E65B-D379-4701-84E8-... operational carbon monoxide alarm installed within fifteen feet of the entrance to each Bedroom or in a location as required by the applicable building code. 10.10. Lead—Based Paint. Unless exempt, if the improvements on the Property include one or more residential dwellings for which a building permit was issued prior to January 1, 1978, this Contract is void unless (1) a completed Lead—Based Paint Disclosure (Sales) form is signed by Seller, the required real 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. 10.11. 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 right to engage a certified hygienist or industrial hygienist to test whether the Property has ever been used as a methamphetamine laboratory. Buyer has the Right to Terminate under § 25.1, upon Seller's receipt of Buyer's 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 must promptly give written notice to Seller of the results of the test. 11. TENANT ESTOPPEL STATEMENTS. [intentionally Deleted] CLOSING PROVISIONS 12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING. 12.1. Closing Documents and Closing Information. Seller and Buyer will cooperate with the Closing 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 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 required by Closing Company that will be necessary to complete this transaction. Buyer and Seller will sign and complete all customary or reasonably required documents at or before Closing. 12.2. Closing Instructions. Colorado Real Estate Commission's Closing Instructions OAre ❑Are Not executed with this Contract. 12.3. Closing. Delivery of deed from Seller to Buyer will be at closing (Closing). Closing will be on the date specified as the Closing Date (§ 3) or by mutual agreement at an earlier date. The hour and place of Closing will be as designated by buyer & Seller w/ Title Company. 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 companies). 13. TRANSFER OF TITLE. Subject to tender of payment at Closing as required herein and compliance by Buyer with the other terms and provisions hereof, Seller must execute and deliver a good and sufficienteg neral 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 will be conveyed free and clear of all liens, including any governmental liens for special improvements installed as of the date of Buyer's signature hereon, whether assessed or not. Title will 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 (§ 8.2), 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 Buyer has actual knowledge and which were accepted by Buyer in accordance with Off -Record Title (§ 8.3) and Current Survey Review (§ 9), 13.4. Inclusion of the Property within any special taxing district, and 13.5. Other n/a. 14. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid will be paid at or before Closing from the proceeds of this transaction or from any other source. https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/P RINT_SC_CBS 1 _13.asp? EC=2293E65B-D379-4701-84E8-DB06... 10/16 10/23/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=2293E65B-D379-4701-84E8-.. 15. CLOSING COSTS, CLOSING FEE, ASSOCIATION FEES AND TAXES. 15.1. Closing Costs. Buyer and Seller must pay, in Good Funds, their respective closing costs and all other items required to be paid at Closing, except as otherwise provided herein. 15.2. Closing Services Fee. The fee for real estate closing services must be paid at Closing by ❑ Buyer ❑ Seller ® One -Half by Buyer and One -Half by Seller ❑ Other n/a. 15.3. Status Letter and Record Change Fees. Any fees incident to the issuance of Association's statement of assessments (Status Letter) must 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, ownership record transfer fees regardless of name or title of such fee (Association's Record Change Fee) must be paid by ❑ Buyer ® Seller ❑ One -Half by Buyer and One -Half by Seller ❑None. 15.4. Local Transfer Tax. ❑ The Local Transfer Tax of 0 % of the Purchase Price must 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, payable at Closing, such as community association fees, developer fees and foundation fees, must be paid at 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): in the total amount of % of the Purchase Price or $ . 15.6. Water Transfer Fees. The Water Transfer Fees can change. The fees, as of the date of this Contract, do not exceed $ for: ❑ Water Stock/Certificates ❑ Water District ❑ Augmentation Membership ❑ Small Domestic Water Company ❑ and must be paid at Closing by ❑ Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller® None. 15.7. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction must be paid when due by ❑ Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ® None. 16. PROBATIONS. The following will be prorated to the Closing Date (§ 3), except as otherwise provided: 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 Closing ® Most Recent Mill Levy and Most Recent Assessed Valuation, adjusted by any applicable qualifying seniors property tax exemption, qualifying disabled veteran exemption or ❑ Other n/a. 16.2. Rents. Rents based on ❑ Rents Actually Received ❑Accrued. At Closing, Seller will transfer or credit to Buyer the security deposits for all Leases assigned, or any remainder after lawful deductions, and notify all tenants in writing of such transfer and of the transferee's name and address. Seller must assign to Buyer all Leases in effect at Closing and Buyer must assume Seller's obligations under such Leases. 16.3. Association Assessments. Current regular Association assessments and dues (Association Assessments) paid in advance will be credited to Seller at Closing. Cash reserves held out of the regular Association Assessments for deferred maintenance by the Association will not be credited to Seller except as may be otherwise provided by the Governing Documents. Buyer acknowledges that Buyer may be obligated to pay the Association, at Closing, an amount for reserves or working capital. Any special assessment assessed prior to Closing Date (§ 3) by the Association will be the obligation of [-]Buyer ®Seller. Except however, any 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, will be the obligation of Seller. Seller represents that the Association Assessments are currently payable at approximately $ 262 per month and that there are no unpaid regular or special assessments against the Property except the current regular assessments and none. Such assessments are subject to change as provided in the Governing Documents. Seller agrees to promptly 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 are final. 17. POSSESSION. Possession of the Property will be delivered to Buyer on Possession Date (§ 3) at Possession Time (§ 3), subject to the Leases as set forth in § 10.6.1.1. Upon a successful closing and delivery of deed If Seller, after Closing, fails to deliver possession as specified, Seller will be subject to eviction and will be additionally liable to Buyer for payment of $ 150 per day (or any part of a day notwithstanding § 18.1) from Possession Date (§ 3) and Possession Time (§ 3) until possession is delivered. Buyer represents that Buyer will occupy the Property as Buyer's principal residence unless the following box is checked, then Buyer ❑Does Not represent that Buyer will occupy the Property as Buyer's principal residence. https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS 1 _13.asp? EC=2293E65B-D379-4701-84E8-DB06, .. 11/16 10/23/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=2293E658-D379-4701-84EB-... 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" means the entire day ending at 11:59 p.m., United 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 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 ® Will ❑ Will Not be extended to the next day that is not a Saturday, Sunday or Holiday. Should neither box be checked, the deadline will not be extended. 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 will 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 is 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 Property Damage, Buyer is 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 must 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 must assign such proceeds at Closing, plus credit Buyer the 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 communication services), system, component or fixture of the Property (collectively Service), e.g., heating or plumbing, fail or be damaged between the date of this Contract and Closing or possession, whichever is earlier, then Seller is 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 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 is earlier, Buyer has the Right to Terminate under § 25.1, on or before Closing Date ( § 3), or, at the option of Buyer, Buyer is entitled to a credit at Closing for the repair or replacement of such Inclusion or Service. Such credit must not exceed the Purchase Price. If Buyer receives such a credit, Seller's right for any claim against the Association, if any, will survive Closing. Seller and Buyer are 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 must 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 to consummate this Contract despite such diminution of value to the Property and Inclusions, Buyer is entitled to a credit at Closing for all condemnation proceeds awarded to Seller for the diminution in the value of the Property or Inclusions but such credit will not include relocation benefits or expenses, or exceed the Purchase Price. 19.4. Walk—Through and Verification of Condition. Buyer, upon reasonable notice, has the right to walk through the Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with this Contract. 20. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller acknowledge that the respective broker has advised that this Contract has important legal consequences and has recommended the examination of title and consultation with legal and tax or other counsel before signing this Contract. 21. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any note or check received as Earnest Money hereunder or any other payment due hereunder is not paid, honored or tendered when due, or if any obligation hereunder is not performed or waived as herein provided, the nondefaulting party has the following remedies: https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Pontracts/PRINT_SC_CBS1 _13.asp?EC=2293E65B-D379-4701-84E8-DBO6... 12/16 10/23/2014 https://www.ctmecontracts.com/eContracts/m econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=2293E65B-D379-4701-84E8-... 21.1. If Buyer is in Default: ❑ 21.1.1. Specific Performance. Seller may elect to treat this Contract as canceled, in which case all Earnest Money (whether or not paid by Buyer) will) be paid to Seller and retained by Seller; and Seller may recover such damages as may be proper; or Seller may elect to treat this Contract as being in full force and effect and Seller has the right to specific performance or damages, or both. 21.1.2. Liquidated Damages, Applicable. This § 21.1.2 applies unless the box in b 21.1.1. is checked. All Earnest Money (whether or not paid by Buyer) will be paid to Seller, and retained by Seller. Both parties will thereafter be released from all obligations hereunder. It is agreed that the Earnest Money specified in § 4.1 is LIQUIDATED DAMAGES, and not a penalty, which amount the parties agree is fair and reasonable and (except as provided in §§ 10.4, 22, 23 and 24), said payment of Earnest Money is SELLER'S ONLY REMEDY for Buyer's failure to perform the obligations of this Contract. Seller expressly waives the 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 Earnest Money received hereunder Will be returned and Buyer may recover such damages as may be proper, or 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. 22. LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of any arbitration or litigation relating to this Contract, prior to or after Closing Date (§ 3), the arbitrator or court must award to the prevailing party all reasonable costs and expenses, including attorney fees, legal fees and expenses. 23. MEDIATION. If a dispute arises relating to this Contract, prior to or after Closing, and is not resolved, the 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 cannot impose binding decisions. The parties to the dispute must agree, in writing, before any settlement is binding. The parties will jointly appoint an acceptable mediator and will share equally in the cost of such mediation. The mediation, unless otherwise agreed, will terminate in the event the entire dispute is not resolved within thirty days of the date written notice requesting mediation is delivered by one party to the other at the party's last known address. This section will not alter any date in this Contract, unless otherwise agreed. 24. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Halder must release the Earnest Money following receipt of written mutual instructions, signed by both Buyer and Seller. In the event of any controversy regarding the Earnest Money, Earnest Money Holder is not required to release the Earnest Money. Earnest Money Holder, in its sole subjective discretion, has several options: (1) wait for any proceeding between Buyer and Seller; (2) interplead all parties and deposit Earnest Money into a court of competent jurisdiction, (Earnest Money Holder is entitled to recover court costs and reasonable attorney and legal fees incurred with such action); or (3) provide notice to Buyer and Seller that unless Earnest Money Halder receives a copy of the Summons and Complaint or Claim (between Buyer and Seller) containing the case number of the lawsuit (Lawsuit) within one hundred twenty days of Earnest Money Holder's notice to the parties, Earnest Money Holder is authorized to return the Earnest Money to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit, and has not interpled the monies at the time of any Order, Earnest Money Holder must disburse the Earnest Money pursuant to the Order of the Court. The parties reaffirm the obligation of Mediation (§ 23). This Section will survive cancellation or termination of this Contract. 25. TERMINATION. 25.1. Right to Terminate. If a party has a right to terminate, as provided in this Contract (Right to Terminate), the termination is effective upon the other party's receipt of a written notice to terminate (Notice to Terminate), provided such written notice was received on or before the applicable deadline specified in this Contract. If the Notice to Terminate is not received on or before the specified deadline, the party with the Right to Terminate accepts the specified matter, document or condition as satisfactory and waives the Right to Terminate under such provision. 25.2. Effect of Termination. In the event this Contract is terminated, all Earnest Money received hereunder will be returned and the parties are relieved of all obligations hereunder, subject to §§ 10.4, 22, 23 and 24. 26. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL. This Contract, its exhibits and specified addenda, constitute the entire agreement between the parties relating to the subject hereof, and any prior agreements pertaining thereto, whether oral or written, have been merged and integrated into this Contract. No subsequent modification of any of the terms of this Contract is 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 intended to be performed after termination or Closing survives the same. hUps://www.ctmecontracts.conVeContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1 _l 3.asp?EC=2293E65B-D379-4701-84E8-DB06... 13/16 10/23/2014 https://www.ctmecontracts.corgi/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SC_CBS1_13.asp?EC=2293E65B-D379-4701-84EB-... 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, including a signed document or notice, from or on behalf of Seller, and delivered to Buyer is effective when 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 is effective when physically received 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). 27.2. Electronic Delivery. As an alternative to physical delivery, any document, including a signed document or written notice, may be delivered in electronic form only by the following indicated methods: ❑ Facsimile ® E-mail ❑ Internet. if no box is checked, this § 27.2 is not applicable and § 27.1 governs notice and delivery. Documents with original signatures will be provided upon request of any party. 27.3. Choice of Law. This Contract and all disputes arising hereunder are 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 will expire unless accepted in writing, by Buyer and Seller, as evidenced by their signatures below, and the offering party receives notice of such m' acceptance pursuant to § 27 on or before Acceptance Deadline Date (§ 3) and Acceptance Deadline Time (§ 3). If accepted, this document will 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 together are deemed to be a full and complete contract between the parties. 29. GOOD FAITH. Buyer and Seller acknowledge that each party has an obligation to act in good faith including, „. "$ but not limited to, exercising the rights and obligations set forth in the provisions of Financing Conditions and Obligations (§ 5), Title Insurance, Record Title and Off—Record Title (§ 8), Current Survey Review (§ 9) and Property Disclosure, Inspection, Indemnity, Insurability, Due Diligence, Buyer Disclosure and Source of Water (§ 10). ADDITIONAL PROVISIONS AND ATTACHMENTS 30. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real Estate Commission.) If Buyer terminates the contract after last contingency date, November 6, 2094, Buyer will forfeit earnest monies to Seller if contract fails to close. Buyer will read and initial the Deed Restriction Agreement for the Occupancy and Resale of Miller Ranch Housing and the Miller Ranch Housing Guidelines dated October 26, 2010, which regulate the property to be purchased. If the presence of a registered sex offender is a matter of concern to the Buyer, Buyer understands that Buyer must contact local law enforcement officials regarding obtaining such information. The lender for the Buyer will hire a local appraisal company that has extensive experience and knowledge in the Eagle County deed restricted real estate market, specifically in Miller Ranch. Seller will have a working carbon monoxide detector with a new battery and operational electrical outlet within 15 feet of all bedrooms at the time of possession. APPROVAL BY BOARD OF COUNTY COMMISSIONERS. Buyer understands that this Agreement must be approved and ratified by the Board of County Commissioners at a regularly scheduled and public meeting. Upon acceptance by Buyer, Seller shall immediately schedule said public meeting and this Agreement will become effective upon Board of County Commissioner affirmative motion on the same. In accordance with applicable public finance law and notwithstanding anything to the contrary contained in this Agreement, Seller shall have no obligations under this Agreement nor shall any payment be made to Buyer without an appropriation thereof in https://www.ctmecontracts.com/eContracts/m_econIContractsiListing_Contracts/PRlNT_SC_CBS1_l 3.asp?EC=2293E65B-D379-4701-84E8-DBO6... 14/16 10/2312014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing Contracts/PRINT_SC_CBS1_13.asp?EC=2293E65B-D379-4701-84E8-... accordance with a budget adopted by the Board of County Commissioners. All obligations payable beyond the current fiscal year are subject to funds being available and appropriated prior to Closing. 31. ATTACHMENTS. 31.1. The following attachments are a part of this Contract: Source of Water Addendum to Contract to Buy and Sell Real Estate, Square Footage Disclosure, Closing Instructions n/a 31.2. The following disclosure forms are attached but are not a part of this Contract: SIGNATURES 74cia,Yr Za Ve�e�e Buyer: Adam LaVerdiere Address: P.D. Box 317 Edwards CO 81632 Phone: (970)376-7187 Fax: Electronic Address: ajiaverd@yahoo.com Date: 1019/2014 [NOTE: If this offer is being countered or rejected, do not sign this document. Refer to § 32] Xa tfLGf• Date: 10/9/2014 Seller: Eagle County Housing and Development Authority By: Kathy Chandler -Henry, Commissioner Address:25 Mill Loft, Suite 200 Edwards CO 81632 Phone: (970)328-8776 Fax: Electronic Address: kim.williams@eaglecounty.us 32. COUNTER; REJECTION. This offer is ❑ Countered ❑ Rejected. Initials only of party (Buyer or Seller) who countered or rejected offer END OF CONTRACT TO BUY AND SELL REAL ESTATE 33. BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. (To be completed by Broker working with Buyer) Broker ® Does ❑ Does Not acknowledge receipt of Earnest Money deposit and, while not a parry 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 Halder 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. https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRI NT—SC—CBS 113. 15116 10/23/2014 https://www.ctmecontracts.com/eContracts/m econ/Contracts/Listing Contracts/PRINT_SC_CBS1_13.asp?EC=2293E65B-D379-4701-84E8-... Broker is working with Buyer as a ❑ Buyer's Agent ❑ Seller's Agent ® Transaction -Broker in this transaction. ❑ This is a Change of Status. Brokerage Firm's compensation or commission is to be paid by ® Listing Brokerage Firm ❑ Buyer ❑ Other n/a. Brokerage Firm's Name: The Valley Home Store Date: 10/9/2014 Broker's Name: Kimberly B. Williams Address: 25 Mill Loft Suite 200 Edwards, CO 81632 Ph: 970-328-8776 Fax: 866-611-7237 Email: kwilliams@valleyhomestore.org. rotcl 15paii'k Date: 101912014 Broker's Name: Tori Franks 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 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 ❑ 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 Valley Home Store �r6e/,f-/a0 W11&Nt? Date: 101912014 Broker's Name: Kimberly Williams Address: 25 Mill Loft Suite 200 Edwards, CO 81632 Ph: 970-328-8776 Fax: 866-611-7237 Email: kwilliams@valleyhomestore.org CBS1-8-13. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) 20 14 CTM oftvar't #::;,P, https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRI NT—SC—CBS 1 _13. asp? EC=2293E65B-D379-4701-84E8-DB06... 16/16 10/23/2014 https://www,ctmecontracts.com/eContracts/m econ/Contracts/Listing_Contracts/PRINT_SWA35_07.asp?EC=AF42E2A5-7575-4CC9-8FA2-0... The Valley Holme Store Valley Home Stare Kimberly B. Williams Ph: 970-328-8776 Fax: 866-611-7237 1 he printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate ommission SWA35-8-10 Mandato 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: 10/912014 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 10/9/2014 (Contract), for the purchase and sale of the Property known as No. 13 69 Marble G134 Edwards CO 81632 14 1s 16 17 18 19 20 21 22 23 24 25 2. SOURCE OF POTABLE WATER. Seller discloses the following information for the source of potable water for the Property: [Select and complete 1, 2 or 3 as applicable.] ❑ 2.1 The Property's source of water is a Well. Well Permit #: If a well is the source of water for the Property, a copy of the current Well Permit ❑ Is ❑ Is Not attached. >l4 26 27 28 29 30 ❑ 31 32 33 34 35 36 37 2.2 The Water Provider for the Property can be contacted at: Name:Eagle River Water and Sanitation District Address:846 Forest Road/PO Box 712245 Vail, CO 81657 Web Site:http://www.erwsd.org Phone No.:970-477-5451 2.3 There is neither a Well nor a Water Provider for the Property. The source of water for the Property is [describe source]: NOTE TO BUYER: SOME WATER PROVIDERS RELY, TO VARYING DEGREES ON NONRENEWABLE GROUND WATER. YOU MAY WISH TO CONTACT YOUR PROVIDER (OR INVESTIGATE THE DESCRIBED SOURCE) TO DETERMINE THE LONG-TERM SUFFICIENCY OF THE PROVIDER'S WATER SUPPLIES. 38 f t a_ tk 1N�/i GE'% Fil(%�%G� �!(%/Y(lY�{/t�t�l'%�1(�if Date: 10/912014 Seller: Eagle County Housing and Development[/ Authority By: Kathy Chandler -Henry, Commissioner 39 40 Seller: Date: 41 42 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRI NT_SWA35_07.asp?EC=AF42E2A5-7575-4CC9-8FA2-01 A2B07... 1/2 10123/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SWA35_07.asp?EC=AF42E2A5-7575-4CC9-BFA2-0... 43 A& Za Ve4it-,e Buyer: Adam LaVerdiere 44 45 Buyer: 46 Date: Date: 901912014 SWA35-8-10. SOURCE OF WATER ADDENDUM TO CONTRACT TO BUY AND SELL REAL ESTATE. https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRlNT_SWA35_07.asp?EC=AF42 E2A5-7575-4CC9-8FA2-01 A2BO7... 2r2 10/23/2014 https://www. ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SF_94_RES.asp?EC=5C561270-1A34-40CF-BE37-4... ripe The Valley Home Store Valley Horxte Store Kimberly B. Williams Ph: 970-328-8776 Fax: 866-611-7237 he printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate ommission. SF 94-5-04 SQUARE FOOTAGE DISCLOSURE This disclosure is made to Buyer and Seller pursuant to the requirements of Colorado Real Estate Commission and applies to improved residential real estate. Property Address: 69 Marble G134 Edwards CO 81632 1. Licensee Measurement Listing Licensee ❑ Has ® Has Not measured the square footage of the residence according to the following standard, methodology or manner: Standard/Methodology/Manner Date Measured Square Footage ❑ Exterior measurement ❑ FHA ❑ ANSI ❑ Local standard n/a ❑ Other n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 2. Other Source of Measurement: Listing Licensee ® is ❑ is Not providing information on square footage of the residence from another source(s) as indicated below: Source of Souare Footage Information Date Square Footage ❑ Prior appraisal (Date of document) n/a nla ❑ Building plans (Date of document) ® Assessor's office (Date of document) ❑ Other n/a n/a n/a September 2014 759 n/a n/a Measurement is for the purpose of marketing, may not be exact and is not for loan, valuation or other purpose. If exact square footage is a concern, the property should be independently measured. Buyer and Seller are advised to verify this information. Any independent measurement or investigation should be completed on or before the Inspection Objection Deadline of the contract. Date: 101912014 Listing Licensee: Kimberly Williams The undersigned acknowledge receipt of this disclosure. ta-dy e�GPif—rTEj(f`0* eOhYXISel4WCII(, Date: 101912014 Seller: Eagle County Housing and Development Authority By: Kathy Chandler -Henry, Commissioner Seller: Date: https://www.ctmecontracts.com/eContractslm_econ/Contracts/Listing_Contracts/PR1NT_SF_94_RES.asp?EC=50561270-1 A34 -40C F-BE37-4A9C9A1... 112 10/23/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SF_94_RES.asp?EC=5C561270-lA34-40CF-BE37-4... A& Za Ve,14 '% i Date: 701912014 Buyer: Adam LaVerdiere Buyer: Date: SF 94-5-04 SQUARE FOOTAGE DISCLOSURE https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_SF_94_RES.asp?EC=5C561270-1 A34-40CF-BE37-4A9C9Al... 212 10/23/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_C1-8_12.asp? EC=CBEOBBC E-DE61-4149-B5BE-666... The The Valley Home Store i Vattey Home Store Kimberly B. Williams Ph: 970-328-8776 Fax: 866-611-7237 2 he printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate ommission (CL8-9-12) (Mandatory 1-13) 3 4 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT 5 LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. 7 CLOSING INSTRUCTIONS 9 Date: 10/9/2014 10 1. PARTIES, PROPERTY. Eagle County Housing and Development Authority, Seller, and 11 Adam LaVerdiere , Buyer, engage Heritage Title Company, Closing Company, who agrees to provide 12 closing and settlement services in connection with the Closing of the transaction for the sale and 13 purchase of the Property 14 known as No.69 Marble G134 Edwards CO 81632, 15 and more fully described in the Contract to Buy and Sell Real Estate, dated 10/09/2014, including 16 any counterproposals and amendments (Contract). All terms of the Contract are incorporated herein 17 by reference. In the event of any conflict between this Agreement and the Contract, this Agreement is shall control, subject to subsequent amendments to the Contract or this Agreement. 19 20 2. TITLE COMMITMENT, EXCEPTIONS AND POLICY. Closing Company ® Agrees ❑ Does Not agree that: upon completion of a satisfactory title search and examination, it will furnish a Title 21 Insurance Commitment; and it will issue a Title Insurance Policy provided that all requirements have 22 been fulfilled. Closing Company ® Agrees ❑ Does Not agree to furnish copies of Exceptions. 23 24 3. INFORMATION, PREPARATION, CLOSING, RECORDING. Closing Company is authorized to 25 obtain any information necessary for the Closing. Closing Company agrees to prepare (excluding legal 26 documents), deliver and record all documents required or customarily recorded, and disburse all funds 27 pursuant to the Contract that are necessary to carry out the terms and conditions of the Contract. 28 29 4. CLOSING FEE. Closing Company will receive a fee of $ 365 for providing closing and 30 settlement services (Closing Fee). 31 32 5. RELEASE, DISBURSEMENT. Closing Company is not authorized to release any signed documents 33 or things of value prior to receipt and disbursement of Good Funds, except as provided in § § 9,10 anc 11. 34 35 6. DISBURSER. Closing Company shall disburse all funds, including real estate commissions, 36 except those funds as may be separately disclosed in writing to Buyer and Seller by Closing 37 Company or Buyers lender on or before Closing. All parties agree that no one other than the 38 disburser can assure that payoff of loans and other disbursements will actually be made. 39 40 7. SELLERS NET PROCEEDS. Seller will receive the net proceeds of Closing as indicated: 41 ❑ Cashier,s Check, at Sellers expense ® Funds Electronically Transferred (wire transfer) 42 to an account specified by Seller, at Sellers expense ❑ Closing Company,s trust account check. 43 44 8. CLOSING STATEMENT. Closing Company will prepare and deliver an accurate, complete and 45 detailed closing statement to Buyer and Seller at time of Closing. 46 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Lisiing_Contracts/PRINT_CL8_12.asp?EC=C B EOBBCE-DE61-4149-B5BE-6664542590... 1/5 10/23/2014 https:l/www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Conlracts/PRINT_CL8_12.asp?EC=CBEOBBCE-DE61-4149-B5BE-666... 47 9. FAILURE OF CLOSING. If Closing or disbursement does not occur on or before Closing Date 48 set forth in the Contract, Closing Company, except as provided herein, is authorized and agrees to 49 return all documents, monies, and things of value to the depositing party, upon which Closing 50 Company will be relieved from any further duty, responsibility or liability in connection with these 51 Closing Instructions. In addition, any promissory note, deed of trust or other evidence of indebtedness 52 signed by Buyer will be voided by Closing Company, with the originals returned to Buyer and a copy 53 to Buyers lender. 54 55 10. RETURN OF EARNEST MONEY. Except as otherwise provided in § 11, Earnest Money Dispute, if 56 the Earnest Money has not already been returned following receipt of a Notice to Terminate or other 57 written notice of termination, Earnest Money Holder shall release the Earnest Money as directed by 58 the written mutual instructions. Such release of Earnest Money shall be made within five days of 59 Earnest Money Holders receipt of the written mutual instructions signed by both Buyer and Seller, 60 provided the Earnest Money check has cleared. 61 62 11. EARNEST MONEY DISPUTE. In the event of any controversy regarding the Earnest Money (notwithstanding any termination of the Contract), Earnest Money Holder shall not be required to take 63 any action. Earnest Money Holder, at its option and sole subjective discretion, has several options (1) 64 await any proceeding, (2) interplead all parties and deposit Earnest Money into a court of competent 65 jurisdiction and shall recover court costs and reasonable attorney and legal fees, or (3) provide 66 notice to Buyer and Seller that unless Earnest Money Holder receives a copy of the Summons and 67 Complaint or Claim (between Buyer and Seller) containing the case number of the lawsuit (Lawsuit) 68 within one hundred twenty days of Earnest Money Holder's notice to the parties, Earnest Money 69 Holder shall be authorized to return the Earnest Money to Buyer. In the event Earnest Money Holder 70 does receive a copy of the Lawsuit, and has not interpled the monies at the time of any Order, Earnest 71 Money Holder shall disburse the Earnest Money pursuant to the Order of the Court. 72 73 12. SUBSEQUENT AMENDMENTS. Any amendments to, or termination of, these Closing Instructions 74 must be in writing and signed by Buyer, Seller and Closing Company. 75 76 13. CHANGE IN OWNERSHIP OF WATER WELL. Within sixty days after Closing, Closing Company 77 shall submit any required Change in Ownership form or registration of existing well form to the Division 78 of Water Resources in the Department of Natural Resources (Division), with as much information as is 79 available, and the Division shall be responsible for obtaining the necessary well registration information 80 directly from Buyer. Closing Company shall not be liable for delaying Closing to ensure Buyer 81 completes any required form. 82 83 14. WITHHOLDING. The Internal Revenue Service and the Colorado Department of Revenue 84 may require Closing Company to withhold a substantial portion of the proceeds of this sale when Seller is either of the following (a) is a foreign person or (b) will not be a Colorado resident after 85 Closing. Seller should inquire of Sellers tax advisor to determine if withholding applies or if an exemption exists. 86 87 15. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the 88 Colorado Real Estate Commission.) 89 n/a 90 91 16. COUNTERPARTS. This document may be executed by each party, separately, and when 92 each party has executed a copy, such copies taken together shall be deemed to be a full and 93 complete contract between the parties. 94 95 17. BROKERS COPIES. Closing Company shall provide, to each broker in this transaction, copies 96 of all signed documents that such brokers are required to maintain pursuant to the rules of the 97 Colorado Real Estate Commission. https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_CL8_12.asp?EC=CBEOB BCE-DE61-4149-B5BE-6664542590... 2/5 10/23/2014 https://www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_CL8_12.asp?EC=CBEOBBCE-DE614149-B5BE-666... 98 99 18. NOTICE, DELIVERY, CHOICE OF LAW. 18.1 Physical Delivery. Except as provided in § 18.2, all notices must be in writing. 100 Any notice or document to Buyer is effective when physically received by Buyer, any individual 101 buyer, any representative of Buyer, or Brokerage Firm of Broker working with Buyer. Any notice or 102 document to Seller shall be effective when physically received by Seller, any individual seller, any 103 representative of Seller, or Brokerage Firm of Broker working with Seller. Any notice or document to 104 Closing Company shall be effective when physically received by Closing Company, any individual of 105 Closing Company, or any representative of Closing Company. 106 18.2 Electronic Delivery. As an alternative to physical delivery, any signed document and 107 written notice may be delivered in electronic form by the following indicated methods only: 108 [] Facsimile ® E-mail ❑ Internet ❑ No Electronic Delivery.. Documents with original 109 original signatures shall be provided upon request of any party. 110 18.3. Choice of Law. This contract and all disputes arising hereunder shall be governed 111 by and construed in accordance with the laws of the State of Colorado that would be applicable to 112 Colorado residents who sign a contract in this state for property located in Colorado. 113 114 115 �f"f& Za AeWW� � 1 Date: 10/9/2014 Buyer: Adam LaVerdiere 116 Address: P.O. Box 317 117 Address: Edwards CO 81632 118 Phone No.: (970)376-7187 119 Fax No.: 120 Electronic Address: ajlaverd@yahoo.com 121 122 Buyer: Date: 123 124 Address: 125 Address: 126 Phone No.: 127 Fax No.: 128 Electronic Address: 129 130 4 j fi10/9Yl�f/tPS'/OKP�fy Date: 10/9/2014 Seller: Eagle County Housing and Development Authority By: Kathy Chandler -Henry, Commissioner 131 Address: 25 Mill Loft, Suite 200 132 Address: Edwards CO 81632 133 Phone No.: (970)328-8776 134 Fax No.: 135 Electronic Address: kim.williams@eaglecounty.us 136 137 Seller: 138 Date: https://www.ctmecontracts.com/eContractslm econ/Contracts/Listing Contracts/PRlNT_CLB_12.asp?EC=CBEOBBCE-DE61-4149-B5BE-6664542590... 3/5 10/23/2014 https://www.ctmecontracts.com/eContraclstm_econ/Contracts/Listing_Contracts/PRINT_CL8_12.asp?EC=CBEOBBCE-DE61-4149-B5BE-666... 139 Address: 140 Address: 141 Phone No.: 142 Fax No.: 143 Electronic Address: 144 145 146 Closing Company: Heritage Title Company 147 148 Date: 101912014 By: Tracie Portice 149 Authorized Signature Title: 150 Address: 0050 Chambers Ave., Suite I 151 City: Eagle, CO 81631 152 Phone No.: 970-328-5211 153 Fax No.: 866-828-9541 154 Electronic Address: tportice@iheritagetco.com 155 156 (TO BE COMPLETED ONLY BY BROKER AND CLOSING COMPANY) 157 158 Kimberly Williams (Broker) ® Working with Seller J@ Working with Buyer 159 engages Closing Company as Broker.s scrivener to complete, for a fee not to exceed $ 5 160 at the sole expense of Broker, the following legal documents: 161 162 ® Deed ® Bill of Sale ® Colorado Real Estate Commission approved Promissory 163 Note ® Colorado Real Estate Commission approved Deed of Trust. Closing Company agrees 164 to prepare, on behalf of Broker, the indicated legal documents pursuant to the terms and conditions 165 of the Contract. 166 167 The documents stated above shall be subject to Brokers review and approval and Broker 168 acknowledges that Broker is responsible for the accuracy of the above documents. 169 170 Brokerage Broker Firm,s Name: The Valley Home Store 171 / tt XPi! -v �ARv Broker: Kimberly Williams 172 173 Closing Company: Heritage Title Company 174 175 7vv.* J,Z, "&�,9 By: Tracie Portice 176 Authorized Signature Title: 177 Date: 101912014 Hate: 101912014 178 CLS -9-12. CLOSING INSTRUCTIONS https:/twww.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_CL8_12.asp?EC=CBEOBBCE-DE61-4149-B5BE-6664542590.... 4;5 10123/2014 https:/'www.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_CL8_12.asp?EC=CBEOBBCE-DE61-4149-B5BE-666... https:llwww.ctmecontracts.com/eContracts/m_econ/Contracts/Listing_Contracts/PRINT_CL8_12.asp?EC=CBEOBBC E-DE61-4149-B5BE-6664542590... 515