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Home My WebLink AboutR18-011 Miller Ranch Unit 69 Marble F129 Edwards SALE Commissioner 0-14=•-ie---1- moved adoption of the following resolution: EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY RESOLUTION NO.2018-01 RESOLUTION RATIFYING THE CONTRACT TO SELL MILLER RANCH UNIT 69 MARBLE F129,EDWARDS,COLORADO AND AUTHORIZING ANY COMMISSIONER TO SIGN CLOSING DOCUMENTS ASSOCIATED WITH THE SAME WHEREAS,on October 7, 2013,Miller Ranch Unit 69 Marble F129,Edwards,Eagle County, Colorado (the"Unit")was acquired by third parties after foreclosure by the holder of a first deed of trust encumbering the Unit;and WHEREAS,in accordance with the provisions of Eagle County Housing and Development Authority(ECHDA) Resolution 2017-087,on December 21, 2017,ECHDA purchased the Unit for purposes of reinstating the Deed Restriction Agreement for the Occupancy and Resale of Miller Ranch Housing (the"Deed Restriction")and reselling the Unit to an Eligible Buyer under the terms of the Deed Restriction; and WHEREAS,on January 4,2018, ECHDA entered into an agreement to sell the Unit to an Eligible Buyer(the "Contract"), subject to the ratification of the Contract by the ECHDA at a regularly scheduled meeting; a copy of the Contract is attached hereto and incorporated herein as Exhibit A; and WHEREAS,the ECHDA desires to ratify the Contract and to authorize any commissioner of the ECHDA to execute documents that may be required at closing to complete the sale of the Unit,subject to review and approval by the Eagle County Attorney's Office. NOW,THEREFORE,BE IT RESOLVED BY THE COMMISSIONERS OF THE EAGLE COUNTY HOUSING AND DEVELOPMENT AUTHORITY: THAT,the Contract is hereby approved and ratified. THAT,any commissioner of the ECHDA is hereby authorized to execute documents that may be required to close and complete the sale of the Unit, subject to review and approval by the Eagle County Attorney's Office. THAT this Resolution is necessary for the health, safety and welfare of the people of Eagle County, Colorado. MOVED,READ AND ADOPTED by the Commissioners of the Eagle County Housing and Development Authority, at its regular meeting held this( day ofUilwtt,`Q018. EAGLE CO TY HOUSING AND DE ELO ' I AUTH• ! TY/ By: 11,414.._ ,.r.• it ,L!_ a j, han e , C air By: /I ian H. Ryan, C+. issioner By: !/' r/� u anne McQue',Commissioner Commissioner 64C Qutx.4-411.`—‘ seconded adoption of the foregoing resolution. The roll having been called,the vote was as follows: Commissioner Chandler-Henry 444 " Commissioner Ryan 4 —H Commissioner McQueeney This Resolution passed by "U vote of the Commissioners of the Eagle County Housing and Development Authority. 2 • � The The Valley Home Store 4 Valley Home Store Kimberly B. Williams 5 Ph: 970-328-8776 Fax: 866-611-7237 6 7 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate 8 Commission. (CBS1-6-15) (Mandatory 1-16) 9 0 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL 1i 12 AND TAX OR OTHER COUNSEL BEFORE SIGNING. 13 14 CONTRACT TO BUY AND SELL REAL ESTATE 15 (RESIDENTIAL) 17 18 Date: 1/4/2018 19 20 21 AGREEMENT 22 24 1. AGREEMENT.Buyer agrees to buy and Seller agrees to sell,the Property described below on the 25 terms and conditions set forth in this contract(Contract). 26 27 28 2. PARTIES AND PROPERTY. 29 2.1. Buyer.Buyer, Michael J Beach,will take title to the Property described below as 311 3El Joint Tenants CITenants In Common ®Other n/a. 32 2.2. No Assignability.This Contract Is Not assignable by Buyer unless otherwise specified in 33 Additional Provisions. 34 35 2.3. Seller. Seller, Eagle County Housing and Development Authority, is the current owner of 36 the Property described below. 37 2.4.Property.The Property is the following legally described real estate in the County of 39 Eagle, Colorado: 40 DESC:BLDG F PHASE 5 Subdivision:MILLER RANCH MILL LOFTS Unit: 129 41 known as No. 69 Marble,F129 Edwards, CO 81632, 42 43 together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant 44 thereto, and all interest of Seller in vacated streets and alleys adjacent thereto, except as herein excluded 4 (Property). 46 47 48 2.5. Inclusions. The Purchase Price includes the following items (Inclusions): 49 2.5.1. Inclusions-Attached. If attached to the Property on the date of this Contract,the Jit followingitems are included unless excluded under Exclusions:lighting, plumbing, ventilatingand air �, heating, 52 conditioning units,TV antennas, inside telephone, network and coaxial(cable)wiring and connecting 53 blocks/jacks, plants, mirrors,floor coverings, intercom systems, built-in kitchen appliances,sprinkler systems 54 and controls,built-in vacuum systems (including accessories),garage door openers(including 0 remote 55 56 controls). If checked,the following are owned by the Seller and included(leased items should be listed under 57 Due Diligence Documents):®None El Solar Panels❑ Water Softeners El Security Systems ❑ 58 59 Satellite Systems(including satellite dishes). If any additional items are attached to the Property after the date 60 of this Contract, such additional items are also included in the Purchase Price. 61 2.5.2. Inclusions-Not Attached. If on the Property,whether attached or not,on the date of 62 this Contract, the following items are included unless excluded under Exclusions:storm windows, storm 63 64 doors, window and porch shades, awnings, blinds, screens, window coverings and treatments,curtain rods, 65 drapery rods, fireplace inserts,fireplace screens,fireplace grates, heating stoves, storage sheds, carbon 66 monoxide alarms, smoke/fire detectors and all keys. 8 68 2.5.3. Personal Property-Conveyance.Any personal property must be conveyed at Closing by 69 Seller free and clear of all taxes(except personal property taxes for the year of Closing), liens and 70 CBS1-6.15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 1 of 20 InitialsEXHIBIT A CTMeContracts.com-02018 CTM Software Corp. 71 encumbrances,except n/a. 72 Conveyance of all personal property will be by bill of sale or other applicable legal instrument. 73 74 2.5.4. Other Inclusions. The following items, whether fixtures or personal property, are also 75 included in the Purchase Price: Kitchen appliances including:refrigerator,dishwasher, range, 76 garbage disposal, microwave, washer, dryer,light fixtures in bathroom and dining area, 77 78 shelving in bathroom, shelving in entry way, curtains and blinds throughout the unit, loft 79 ladder. 80 81 2.5.5. Parking and Storage Facilities.®Use Only❑ Ownership of the following parking 82 facilities: surface parking; and ❑Use Only El Ownership of the following storage facilities: 83 n/a. 84 — 85 2.6. Exclusions.The following items are excluded(Exclusions): None. 86 87 2.7. Water Rights,Well Rights,Water and Sewer Taps. 88 89 ❑ 2.7.1. Deeded Water Rights.The following legally described water rights: 90 None 91 92 Any deeded water rights will be conveyed by a good and sufficient n/a deed at Closing. 93 ❑ 2.7.2. Other Rights Relating to Water.The following rights relating to water not included in 94 §§2.7.1,2.7.3, 2.7.4 and 2.7.5, will be transferred to Buyer at Closing: 95 96 El 2.7.3.Well Rights. Seller agrees to supply required information to Buyer about the well. 97 Buyer understands that if the well to be transferred is a"Small Capacity Well"or a"Domestic Exempt Water 9sWell,"used for ordinary household purposes, Buyer must, prior to or at Closing, complete a Change in 100 Ownership form for the well. If an existing well has not been registered with the Colorado Division of Water 1 o 1 Resources in the Department of Natural Resources (Division), Buyer must complete a registration of existing 102 well form for the well and pay the cost of registration. If no person will be providing a dosing service in 103 104 connection with the transaction, Buyer must file the form with the Division within sixty days after Closing. The 105 Well Permit#is n/a. 106 El 2.7.4.Water Stock Certificates.The water stock certificates to be transferred at Closing are 107 108 as follows: none 1 09 2.7.5. Conveyance.If Buyer is to receive any rights to water pursuant to§2.7.2 (Other lc Rights Relating to Water),§2.7.3(Well Rights), or§2.7.4(Water Stock Certificates),Seller agrees to convey I 12 such rights to Buyer by executing the applicable legal instrument at Closing. 113 1 1 4 3. DATES AND DEADLINES. 115 116 1 1 7 Item No. Reference Event Date or Deadline 1 1 8 1 §4.3 Alternative Earnest Money Deadline 119 120 Title t21 1/12/2018 at 122 2 §8.1 Record Title Deadline Friday 123 5:00PM MST 124 1/17/2018 at 125 3 §8.2 Record Title Objection Deadline 5:00PM MST Wednesday 126 127 1/12/2018 at 128 4 §8.3 Off-Record Title Deadline Friday 2 5:00PM MST 130 1/17/2018 at 131 5 §8.3 Off-Record Title Objection Deadline 5:00PM MST Wednesday 132 133 34 6 §8.4 Title Resolution Deadline 1/19/2018 at Friday 5:00PM MST 135 136 7 §8.6 Right of First Refusal Deadline n/a 137 Owners'Association 138 139 8 §7.3 Association Documents Deadline n/a 140 CBS!-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 2 of 20 Initials -EB - CTMeContracts.com-02018 CTM Software Corp. 141 9 I §7.4 Association Documents Objection Deadline n/a • 142 143 Seller's Property Disclosure 144 1/11/2018 at 145 10 _ §10.1 Seller's Property Disclosure Deadline Thursday 146 . 5:00PM MST 147 Loan and Credit 148 149 11 §5.1 Loan Application Deadline n/a 15C) 2/7/2018 at 5:00PM 151 12 §5.2 Loan Objection Deadline MT Wednesday 152 153 13 §5.3 Buyer's Credit Information Deadline n/a 154 Disapproval of Buyer's Credit Information 155 14 §5.3 n/a 156 Deadline . . 157 15 §5.4 Existing Loan Documents Deadline n/a 158 159 16 §5.4 Existing Loan Documents Objection Deadline n/a 160 17 §5.4 Loan Transfer Approval Deadline n/a 161 ' 162 18 §4.7 Seller or Private Financing Deadline n/a 163 Appraisal 164 165 19 §6.2 Appraisal Deadline n/a 166 20 §6.2 Appraisal Objection Deadline n/a 167 ' 168 21 §6.2 Appraisal Resolution Deadline 169 Survey 170 22 §9.1 New ILC or New Survey Deadline n/a 171 . 172 23 §9.3 New ILC or New Survey Objection Deadline n/a t--- 173 174 24 _ §9.4 New ILC or New Survey Resolution Deadline 175 Inspection and Due Diligence 178 1/24/2018 at 177 25 §10.3 Inspection Objection Deadline Wednesday 178 5:00PM MST 179 1/31/2018 at 180 26 §10.3 Inspection Resolution Deadline Wednesday 181 5:00PM MST 182 27 §10.5 Property Insurance Objection Deadline n/a 183 184 28 §10.6 Due Diligence Documents Delivery Deadline n/a 1 29 §10.6 Due Diligence Documents Objection Deadline n/a 186 187 30 §10.6 Due Diligence Documents Resolution 1813 Deadline 189 31 §10.7 Conditional Sale Deadline 190 191 Closing and Possession 192 2/14/2018 at 193 32 §12.3 Closing Date Wednesday 194 5:00PM MST 195 2/14/2018 upon a 1 33 §17 Possession Date Wednesday successful closing 197 , 198 34 §17 Possession Time 10:00AM MST 199 35 §28 Acceptance Deadline Date 1/5/2018 Friday 200 201 36 §28 Acceptance Deadline Time 5:00 PM MST 202 37 n/a n/a n/a 203 204 38 n/a n/a n/a 205 20(5 207 Note: If FHA or VA loan boxes are checked in §4.5.3(Loan Limitations), the Appraisal deadlines do MI 208 apply to FHA insured or VA guaranteed loans. 209 210 CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 3 of 20 Initials -EXHIBIT-A CTMeContracts.com-©2018 CTM Software Corp. 211 3.1. Applicability of Terms.Any box checked in this Contract means the corresponding provision 2 1'7 2 applies.Any box,blank or line in this Contract left blank or completed with the abbreviation"N/A",or the word 214 "Deleted"means such provision, including any deadline, is not applicable and the corresponding provision of 215 this Contract to which reference is made is deleted. If no box is checked in a provision that contains a selection L16 of"None", such provision means that"None"applies. 217 218 219 The abbreviation "MEC"(mutual execution of this Contract)means the date upon which both parties have 220 signed this Contract. 221 222 223 4. PURCHASE PRICE AND TERMS. 224 4.1.Price and Terms.The Purchase Price set forth below is payable in U.S. Dollars by Buyer as 225 fol lows: 226 227 228 Item No. Reference Item Amount Amount 229 1 § 4.1 Purchase Price $229000.00 230 , 231 2 § 4.3 Earnest Money $2,290.00 232 233 3 § 4.5 New Loan $183,200.00 234 4 § 4.6 Assumption Balance 235 -- - 236 5 § 4.7 Private Financing 237 6 § 4.7 Seller Financing 238 239 7 n/a n/a 240 8 n/a n/a 241 242 9 § 4.4 Cash at Closing $43,510.00 243 10 TOTAL $229,000.00 $229,000.00 244 245 246 4.2. Seller Concession. At Closing, Seller will credit to Buyer$ 0(Seller Concession). The 247Seller Concession maybe used for anyBuyer fee, cost, chargeor expenditure to the extent the amount is 248 Y Pe 249 allowed by the Buyer's lender and is included in the Closing Statement or Closing Disclosure, at Closing. 250 Examples of allowable items to be paid for by the Seller Concession include,but are not limited to:Buyer's 251 closing costs,loan discount points, loan origination fees, prepaid items and any other fee, cost, charge, 252 253 expense or expenditure. Seller Concession is in addition to any sum Seller has agreed to pay or credit Buyer 254 elsewhere in this Contract. 255 4.3. Earnest Money.The Earnest Money set forth in this section, in the form of a good funds, 257 will be payable to and held by Heritage Title Company(Earnest Money Holder), in its trust account, on 258 behalf of both Seller and Buyer. The Earnest Money deposit must be tendered,by Buyer,with this Contract 259 unless the parties mutually agree to an Alternative Earnest Money Deadline for its payment. The parties 260 261 authorize delivery of the Earnest Money deposit to the company conducting the Closing (Closing Company), if 262 any,at or before Closing. In the event Earnest Money Holder has agreed to have interest on Earnest Money 263 deposits transferred to a fund established for the purpose of providing affordable housing to Colorado 265 residents,Seller and Buyer acknowledge and agree that anyinterest accruingon the Earnest Moneydeposited 265 Y d9 9 � p 266 with the Earnest Money Holder in this transaction will be transferred to such fund. 267 4.3.1. Alternative Earnest Money Deadline.The deadline for delivering the Earnest 266 Money, if other than at the time of tender of this Contract, is as set forth as the Alternative Earnest 269 Y Money 270 Deadline. 271 4.3.2. Return of Earnest Money. If Buyer has a Right to Terminate and timely 272 terminates, Buyer is entitled to the return of Earnest Money as provided in this Contract. If this Contract is 273 274 terminated as set forth in§25 and, except as provided in§24, if the Earnest Money has not already been 275 returned following receipt of a Notice to Terminate, Seller agrees to execute and return to Buyer or Broker 276 working with Buyer, written mutual instructions(e.g., Earnest Money Release form), within three days of 277 278 Seller's receipt of such form. 279 4.4. Form of Funds;Time of Payment; Available Funds. 280 CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 4 of 20 Initials CTMeContracts.com-02018 CTM Software Corp. 281 4.4.1. Good Funds.All amounts payable by the parties at Closing, including any loan 282 proceeds, Cash at Closing and closing costs, must be in funds that comply with all applicable Colorado laws, 283 284 including electronic transfer funds, certified check, savings and loan teller's check and cashier's check(Good 285 Funds). 286 4.4.2. Time of Payment;Available Funds.All funds,including the Purchase Price to be 287 288 paid by Buyer, must be paid before or at Closing or as otherwise agreed in writing between the parties to allow 289 disbursement by Closing Company at Closing OR SUCH NONPAYING PARTY WILL BE IN DEFAULT. Buyer 290 represents that Buyer, as of the date of this Contract, 0 Does 1E1 Does Not have funds that are immediately 291 verifiable and available in an amount not less than the amount stated as Cash at Closing in § 4.1. 292 293 4.5. New Loan. 294 4.5.1. Buyer to Pay Loan Costs. Buyer, except as provided in § 4.2, if applicable, must 295 timely pay Buyer's loan costs, loan discount points, prepaid items and loan origination fees, as required by 296 297 lender. 298 4.5.2. Buyer May Select Financing.Buyer may pay in cash or select financing 299 appropriate and acceptable to Buyer, including a different loan than initially sought,except as restricted in § 300 301 4.5.3 or § 30(Additional Provisions). 302 4.5.3. Loan Limitations. Buyer may purchase the Property using any of the following 303 types of loans: Conventional 0 FHA 0 VA 0 Bond 0 Other . 304 4.5.4. Good Faith Estimate—Monthly Payment and Loan Costs. Buyer is advised to 305 306 review the terms, conditions and costs of Buyer's New Loan carefully. If Buyer is applying for a residential loan, 307 the lender generally must provide Buyer with a good faith estimate of Buyer's closing costs within three days 3°3 after Buyer completes a loan application. Buyer also should obtain an estimate of the amount of Buyer's 309 31 monthly mortgage payment. 311 4.6. Assumption. (Omitted as inapplicable) 312 313 4.7. Seller or Private Financing. (Omitted as inapplicable) 314 315 316 TRANSACTION PROVISIONS 317 31 5. FINANCING CONDITIONS AND OBLIGATIONS. 319 320 5.1. Loan Application. If Buyer is to pay all or part of the Purchase Price by obtaining one or more 321 new loans(New Loan),or if an existing loan is not to be released at Closing, Buyer, if required by such lender, 322 must make an application verifiable by such lender, on or before Loan Application Deadline and exercise 323 324 reasonable efforts to obtain such loan or approval. 325 5.2. Loan Objection. If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract 326 is conditional upon Buyer determining, in Buyer's sole subjective discretion, whether the New Loan is 327 satisfactory to Buyer, including its availability, payments, interest rate,terms,conditions, and cost of such New 328 329 Loan. This condition is for the sole benefit of Buyer. Buyer has the Right to Terminate under§25.1,on or 330 before Loan Objection Deadline, if the New Loan is not satisfactory to Buyer,in Buyer's sole subjective 331 discretion. IF SELLER IS NOT IN DEFAULT AND DOES NOT TIMELY RECEIVE BUYER'S WRITTEN 332 333 NOTICE TO TERMINATE,BUYER'S EARNEST MONEY WILL BE NONREFUNDABLE, except as otherwise 334 provided in this Contract(e.g., Appraisal, Title, Survey). 335 5.3. Credit Information and Buyer's New Senior Loan.(Omitted as inapplicable) 336 337 338 5.4. Existing Loan Review.(Omitted as inapplicable) 339 340 6. APPRAISAL PROVISIONS. 341 342 6.1.Appraisal Definition.An "Appraisal"is an opinion of value prepared by a licensed or certified 343 appraiser, engaged on behalf of Buyer or Buyer's lender,to determine the Property's market value (Appraised 344 Value).The Appraisal may also set forth certain lender requirements, replacements, removals or repairs 345 346 necessary on or to the Property as a condition for the Property to be valued at the Appraised Value. 347 6.2. Appraisal Condition.The applicable appraisal provision set forth below applies to the respective 348 loan type set forth in §4.5.3, or if a cash transaction (i.e.no financing), §6.2.1 applies. 349 350 6.2.1. Conventional/Other. Buyer has the right to obtain an Appraisal. If the Appraised Value CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 5 of 20 Initials -EXHIBIT A- CTMeContracis.corn-02018 CFM Software Corp. 351 is less than the Purchase Price, or if the Appraisal is not received by Buyer on or before Appraisal Deadline 353 Buyer may, on or before Appraisal Objection Deadline, notwithstanding§8.3 or§ 13: 354 6.2.1.1.Notice to Terminate. Notify Seller in writing that this Contract is terminated;or 355 6.2.1.2. Appraisal Objection. Deliver to Seller a written objection accompanied by 396 either a copy of the Appraisal or written notice from lender that confirms the Appraisal Value is less than the 3 5 8 Purchase Price. 359 6.2.1.3.Appraisal Resolution. If an Appraisal Objection is received by Seller,on or 360 before Appraisal Objection Deadline, and if Buyer and Seller have not agreed in writing to a settlement 361 thereof on or before Appraisal Resolution Deadline(§3), this Contract will terminate on the Appraisal 362 363 Resolution Deadline, unless Seller receives Buyer's written withdrawal of the Appraisal Objection before such 364 termination, i.e., on or before expiration of Appraisal Resolution Deadline. 36 ' 6.2.2.FHA.It is expressly agreed that, notwithstanding any other provisions of this Contract, 366 367 the purchaser(Buyer) shall not be obligated to complete the purchase of the Property described herein or to 368 incur any penalty by forfeiture of Earnest Money deposits or otherwise unless the purchaser(Buyer)has been 369 given, in accordance with HUD/FHA or VA requirements, a written statement issued by the Federal Housing a371 Commissioner, Department of Veterans Affairs, or a Direct Endorsement lender,setting forth the appraised 372 value of the Property of not less than$ n/a. The purchaser(Buyer) shall have the privilege and option of 373 proceeding with the consummation of this Contract without regard to the amount of the appraised valuation. 374 Thea raised valuation is arrived at to determine the maximum mortgage the De Department of Housingand 375ppp 376 Urban Development will insure. HUD does not warrant the value nor the condition of the Property. The 377 purchaser(Buyer) should satisfy himself/herself that the price and condition of the Property are acceptable. 378 6.2.3. VA. It is expressly agreed that, notwithstanding any other provisions of this Contract, 379 380 the purchaser(Buyer) shall not incur any penalty by forfeiture of Earnest Money or otherwise or be obligated to 381 complete the purchase of the Property described herein, if the Contract Purchase Price or cost exceeds the 382 reasonable value of the Property established by the Department of Veterans Affairs. The purchaser(Buyer) 3£33 384 shall, however, have the privilege and option of proceeding with the consummation of this Contract without 385 regard to the amount of the reasonable value established by the Department of Veterans Affairs. 386 6.3. Lender Property Requirements. If the lender imposes any requirements,replacements, 387 386 removals or repairs, including any specified in the Appraisal(Lender Requirements)to be made to the Property 389 (e.g., roof repair, repainting),beyond those matters already agreed to by Seller in this Contract,Seller has the 390 Right to Terminate under§25.1, (notwithstanding§ 10 of this Contract), on or before three days following 31 Seller's receipt of the Lender Requirements, in Seller's sole subjective discretion. Seller's Right to Terminate in 392 393 this§ 6.3 does not apply if, on or before any termination by Seller pursuant to this§ 6.3: (1)the parties enter 394 into a written agreement regarding the Lender Requirements;or(2)the Lender Requirements have been :395 completed;or(3)the satisfaction of the Lender Requirements is waived in writing by Buyer. 396 397 6.4. Cost of Appraisal.Cost of the Appraisal to be obtained after the date of this Contract must be 398 timely paid by®Buyer ESeller.The cost of the Appraisal may include any and all fees paid to the appraiser, 399 appraisal management company, lender's agent or all three. 400 401 402 7. OWNERS'ASSOCIATION. This Section is applicable if the Property is located within a 403 Common Interest Community and subject to such declaration. 404 7.1. Common Interest Community Disclosure.THE PROPERTY IS LOCATED WITHIN A 405 400 COMMON INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY. 407 THE OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS' 408 ASSOCIATION FOR THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND 409 4 10 REGULATIONS OF THE ASSOCIATION.THE DECLARATION, BYLAWS,AND RULES AND 4}1 REGULATIONS WILL IMPOSE FINANCIAL OBLIGATIONS UPON THE OWNER OF THE PROPERTY, 412 INCLUDING AN OBLIGATION TO PAY ASSESSMENTS OF THE ASSOCIATION.IF THE OWNER DOES a NOT PAY THESE ASSESSMENTS,THE ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND 415 POSSIBLY SELL IT TO PAY THE DEBT.THE DECLARATION,BYLAWS,AND RULES AND REGULATIONS 416 OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING CHANGES TO THE PROPERTY 4 1 7 WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATION(OR A COMMITTEE OF THE 4',8 419 ASSOCIATION)AND THE APPROVAL OF THE ASSOCIATION.PURCHASERS OF PROPERTY WITHIN 420 CBS I-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 6 of 20 Initials___ _--E— -IB --1--A— CTMeContracts.com-©201 S CTM Software Corp. 421 THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL OBLIGATIONS OF 422 MEMBERS OF THE ASSOCIATION.PURCHASERS SHOULD CAREFULLY READ THE DECLARATION 43 4424 FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION. 425 7.2. Owners' Association Documents. Owners'Association Documents(Association 426 Documents)consist of the following: 4` 428 7.2.1. All Owners'Association declarations, articles of incorporation, bylaws,articles of 429 organization,operating agreements, rules and regulations, party wall agreements; 430 7.2.2. Minutes of most recent annual owners' meeting; 431 7.2.3. Minutes of any directors'or managers'meetings during the six-month period 432 433 immediately preceding the date of this Contract. If none of the preceding minutes exist,then the most recent 434 minutes, if any (§§7.2.1,7.2.2 and 7.2.3,collectively, Governing Documents);and 435 7.2.4. The most recent financial documents which consist of: (1) annual and most recent 436 437 balance sheet, (2)annual and most recent income and expenditures statement, (3) annual budget, (4) reserve 438 study, and(5) notice of unpaid assessments, if any(collectively, Financial Documents). 439 7.3. Association Documents to Buyer. 44 44,1 7.3.1. Seller to Provide Association Documents.Seller is obligated to provide to Buyer the 442 Association Documents, at Seller's expense, on or before Association Documents Deadline.Seller 443 authorizes the Association to provide the Association Documents to Buyer,at Seller's expense.Seller's 444 obligation to provide the Association Documents is fulfilled upon Buyer's receipt of the Association Documents, 445 446 regardless of who provides such documents. 447 7.4. Conditional on Buyer's Review. Buyer has the right to review the Association Documents. 448 Buyer has the Right to Terminate under§ 25.1,on or before Association Documents Objection Deadline, 449 450 based on any unsatisfactory provision in any of the Association Documents, in Buyer's sole subjective 451 discretion. Should Buyer receive the Association Documents after Association Documents Deadline, Buyer, 452 at Buyer's option, has the Right to Terminate under§25.1 by Buyer's Notice to Terminate received by Seller on 453 454 or before ten days after Buyer's receipt of the Association Documents. If Buyer does not receive the 455 Association Documents, or if Buyer's Notice to Terminate would otherwise be required to be received by Seller 456 after Closing Date, Buyer's Notice to Terminate must be received by Seller on or before Closing. If Seller does 457 not receive Buyer's Notice to Terminate within such time, Buyer accepts the provisions of the Association 459 Documents as satisfactory, and Buyer waives any Right to Terminate under this provision, notwithstanding the 460 provisions of§8.6(Right of First Refusal or Contract Approval). 461 462 463 8. TITLE INSURANCE, RECORD TITLE AND OFF-RECORD TITLE. 464 8.1. Evidence of Record Title. 465 ® 8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will select the 467 title insurance company to furnish the owner's title insurance policyat Seller's expense. On or before Record 467 p Y pe 468 Title Deadline, Seller must furnish to Buyer,a current commitment for an owner's title insurance policy(Title 469 Commitment), in an amount equal to the Purchase Price,or if this box is checked, ❑ an Abstract of Title 470 certified to a current date. Seller will cause the title insurance policy to be issued and delivered to Buyer as 471 472 soon as practicable at or after Closing. 473 ❑ 8.1.2. Buyer Selects Title Insurance Company. If this box is checked, Buyer will select the 4 r4 title insurance company to furnish the owner's title insurance policy at Buyer's expense.On or before Record 476 Title Deadline, Buyer must furnish to Seller,a current commitment for owner's title insurance policy(Title 477 Commitment), in an amount equal to the Purchase Price. 478 If neither box in §8.1.1 or§8.1.2 is checked, §8.1.1 applies. 47 4800 8.1.3. Owner's Extended Coverage(OEC). The Title Commitment ®Will ❑Will Not 481 contain Owner's Extended Coverage(OEC). If the Title Commitment is to contain OEC, it will commit to delete 482 or insure over the standard exceptions which relate to:(1) parties in possession,(2) unrecorded easements, 48`; 484 (3) survey matters, (4) unrecorded mechanics' liens,(5)gap period (period between the effective date and time 485 of commitment to the date and time the deed is recorded), and (6) unpaid taxes, assessments and 486 unredeemed tax sales prior to the year of Closing.Any additional premium expense to obtain OEC will be paid 487 by❑Buyer ®Seller❑ One-Half by Buyer and One-Half by Seller ❑ Other. 488 489 Regardless of whether the Contract requires OEC,the Title Insurance Commitment may not provide OEC or 490 CBS1-6.15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 7 of 20 Initials CTMeContracts.com-02018 CTM Software Corp. 491 delete or insure over any or all of the standard exceptions for OEC.The Title Insurance Company may require 492 a New Survey or New ILC,defined below,among other requirements for OEC. If the Title Insurance 493 494 Commitment is not satisfactory to Buyer, Buyer has a right to object under§8.4 (Right to Object to Title, 495 Resolution). 496 8.1.4. Title Documents.Title Documents consist of the following:(1)copies of any plats, 497 g the Property,declarations,covenants,conditions and restrictions burdening p rty, and (2)copies of any other 499 documents (or, if illegible, summaries of such documents) listed in the schedule of exceptions (Exceptions)in 500 the Title Commitment furnished to Buyer(collectively, Title Documents). 501 8.1.5. Copies of Title Documents. Buyer must receive,on or before Record Title Deadline, 502 503 copies of all Title Documents. This requirement pertains only to documents as shown of record in the office of 504 the clerk and recorder in the county where the Property is located. The cost of furnishing copies of the 505 documents required in this Section will be at the expense of the party or parties obligated to pay for the 506 507 owner's title insurance policy. 508 8.1.6. Existing Abstracts of Title. Seller must deliver to Buyer copies of any abstracts of title 509 covering all or any portion of the Property(Abstract of Title)in Seller's possession on or before Record Title 510 511 Deadline. 512 8.2. Record Title. Buyer has the right to review and object to the Abstract of Title or Title 513 Commitment and any of the Title Documents as set forth in §8.4(Right to Object to Title, Resolution)on or 514 before Record Title Objection Deadline. Buyer's objection may be based on any unsatisfactory form or 515 _,1 6 content of Title Commitment or Abstract of Title, notwithstanding§ 13, or any other unsatisfactory title 517 condition, in Buyer's sole subjective discretion. If the Abstract of Title, Title Commitment or Title Documents are 518 not received by Buyer on or before the Record Title Deadline, or if there is an endorsement to the Title 519 520 Commitment that adds a new Exception to title,a copy of the new Exception to title and the modified Title 521 Commitment will be delivered to Buyer. Buyer has until the earlier of Closing or ten days after receipt of such 522 documents by Buyer to review and object to:(1) any required Title Document not timely received by Buyer,(2) 524 any change to the Abstract of Title,Title Commitment or Title Documents,or(3) any endorsement to the Title 525 Commitment. If Seller receives Buyer's Notice to Terminate or Notice of Title Objection, pursuant to this§8.2 G76 (Record Title), any title objection by Buyer is governed by the provisions set forth in§8.4 (Right to Object to 527 Title, Resolution). If Seller has fulfilled all Seller's obligations, if any, to deliver to Buyer all documents required 528 529 by§8.1 (Evidence of Record Title)and Seller does not receive Buyer's Notice to Terminate or Notice of Title 530 Objection by the applicable deadline specified above, Buyer accepts the condition of title as disclosed by the 53' 532 Abstract of Title,Title Commitment and Title Documents as satisfactory. 533 8.3. Off-Record Title. Seller must deliver to Buyer,on or before Off-Record Title Deadline,true 534 copies of all existing surveys in Seller's possession pertaining to the Property and must disclose to Buyer all 535 easements, liens(including, without limitation, governmental improvements approved, but not yet installed)or 537 other title matters (including,without limitation, rights of first refusal and options) not shown 537 g by public records, 538 of which Seller has actual knowledge(Off-Record Matters). Buyer has the right to inspect the Property to 539 investigate if any third party has any right in the Property not shown by public records(e.g., unrecorded 5 40 easement, boundary line discrepancy or water rights). Buyers Notice to Terminate or Notice of Title Objection 541 542 of any unsatisfactory condition (whether disclosed by Seller or revealed by such inspection,notwithstanding § 543 8.2 and§ 13),in Buyer's sole subjective discretion,must be received by Seller on or before Off-Record Title 544 Objection Deadline. If an Off-Record Matter is received by Buyer after the Off-Record Title Deadline, Buyer 545 546 has until the earlier of Closing or ten days after receipt by Buyer to review and object to such Off-Record 547 Matter. If Seller receives Buyer's Notice to Terminate or Notice of Title Objection pursuant to this §8.3 545 (Off-Record Title), any title objection by Buyer and this Contract are governed by the provisions set forth in § 549 SSn 8.4(Right to Object to Title, Resolution). If Seller does not receive Buyer's Notice to Terminate or Notice of Title 551 Objection by the applicable deadline specified above, Buyer accepts title subject to such rights,if any, of third 552 parties of which Buyer has actual knowledge. 1 ' Right to Object to Title, Resolution. Buyer's right to object to 554 j Y 9any title matters includes, but is 555 not limited to those matters set forth in §§8.2 (Record Title), 8.3(Off-Record Title) and 13(Transfer of Title), in 556 Buyer's sole subjective discretion. If Buyer objects to any title matter, on or before the applicable deadline, 557 Buyer has the following options: 558 59 8.4.1. Title Objection, Resolution. If Seller receives Buyer's written notice objectingto any 1 � Y 560 CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 8 of 20 Initials_--- EXHIBIT A- CTMeContracts.com-02018 CTM Software Corp. 561 title matter(Notice of Title Objection)on or before the applicable deadline, and if Buyer and Seller have not 562 agreed to a written settlement thereof on or before Title Resolution Deadline, this Contract will terminate on 563 564 the expiration of Title Resolution Deadline, unless Seller receives Buyer's written withdrawal of Buyer's 565 Notice of Title Objection(i.e., Buyer's written notice to waive objection to such items and waives the Right to 566 Terminate for that reason),on or before expiration of Title Resolution Deadline. If either the Record Title 567 566 Deadline or the Off-Record Title Deadline, or both, are extended to the earlier of Closing or ten days after 569 receipt of the applicable documents by Buyer, pursuant to§8.2 (Record Title)or§8.3(Off-Record Title),the 570 Title Resolution Deadline also will be automatically extended to the earlier of Closing or fifteen days after J 7 1 Buyer's receipt of the applicable documents;or 573 8.4.2. Title Objection, Right to Terminate. Buyer may exercise the Right to Terminate under 574 §25.1, on or before the applicable deadline, based on any unsatisfactory title matter,in Buyer's sole subjective 575 discretion. 576 577 8.5. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL 578 OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES 579 ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS j58 MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF 582 SUCH DEBT WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO 583 DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS 584 SHOULD INVESTIGATE THE SPECIAL TAXING DISTRICTS IN WHICH THE PROPERTY IS LOCATED BY 535 586 CONTACTING THE COUNTY TREASURER, BY REVIEWING THE CERTIFICATE OF TAXES DUE FOR THE 587 PROPERTY,AND BY OBTAINING FURTHER INFORMATION FROM THE BOARD OF COUNTY 566 COMMISSIONERS,THE COUNTY CLERK AND RECORDER,OR THE COUNTY ASSESSOR. }90 Buyer has the Right to Terminate under§25.1, on or before Off-Record Title Objection Deadline, based 591 on any unsatisfactory effect of the Property being located within a special taxing district, in Buyer's sole 592 subjective discretion. 6sa 8.6. Right of First Refusal or Contract Approval. If there is a right of first refusal on the Property 595 or a right to approve this Contract, Seller must promptly submit this Contract according to the terms and 595 conditions of such right. If the holder of the right of first refusal exercises such right or the holder of a right to 597 approve disapproves this Contract, this Contract will terminate. If the right of first refusal is waived explicitly or 598 599 expires, or the Contract is approved, this Contract will remain in full force and effect. Seller must promptly 600 notify Buyer in writing of the foregoing. If expiration or waiver of the right of first refusal or approval of this 609 Contract has not occurred on or before Right of First Refusal Deadline,this Contract will then terminate. 602 603 8.7. Title Advisory.The Title Documents affect the title,ownership and use of the Property and 604 should be reviewed carefully. Additionally, other matters not reflected in the Title Documents may affect the 60:i title, ownership and use of the Property, including,without limitation, boundary lines and encroachments, 606 607 set-back requirements, area, zoning, building code violations, unrecorded easements and claims of 608 easements, leases and other unrecorded agreements, water on or under the Property,and various laws and 608 governmental regulations concerning land use,development and environmental matters. 610 8.7.1. OIL, GAS, WATER AND MINERAL DISCLOSURE.THE SURFACE ESTATE OF THE 611 512 PROPERTY MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE, AND 6 t 3 TRANSFER OF THE SURFACE ESTATE MAY NOT NECESSARILY INCLUDE TRANSFER OF THE 614 MINERAL ESTATE OR WATER RIGHTS.THIRD PARTIES MAY OWN OR LEASE INTERESTS IN OIL,GAS, 6 1 6 OTHER MINERALS,GEOTHERMAL ENERGY OR WATER ON OR UNDER THE SURFACE OF THE 617 PROPERTY,WHICH INTERESTS MAY GIVE THEM RIGHTS TO ENTER AND USE THE SURFACE OF THE 618 PROPERTY TO ACCESS THE MINERAL ESTATE,OIL,GAS OR WATER. 619 0 8.7.2. SURFACE USE AGREEMENT.THE USE OF THE SURFACE ESTATE OF THE 620 621 PROPERTY TO ACCESS THE OIL,GAS OR MINERALS MAY BE GOVERNED BY A SURFACE USE 622 AGREEMENT,A MEMORANDUM OR OTHER NOTICE OF WHICH MAY BE RECORDED WITH THE 623 COUNTY CLERK AND RECORDER. 624 625 8.7.3. OIL AND GAS ACTIVITY. OIL AND GAS ACTIVITY THAT MAY OCCUR ON OR 626 ADJACENT TO THE PROPERTY MAY INCLUDE,BUT IS NOT LIMITED TO,SURVEYING,DRILLING, 627 WELL COMPLETION OPERATIONS,STORAGE,OIL AND GAS,OR PRODUCTION FACILITIES, 62€3 623 PRODUCING WELLS,REWORKING OF CURRENT WELLS,AND GAS GATHERING AND PROCESSING 630 CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 9 of 20 Initials CCMeContracts.com-02018 CTM Software Corp. 631 FACILITIES. 632 8.7.4. ADDITIONAL INFORMATION. BUYER IS ENCOURAGED TO SEEK ADDITIONAL 633 634 INFORMATION REGARDING OIL AND GAS ACTIVITY ON OR ADJACENT TO THE PROPERTY, 635 INCLUDING DRILLING PERMIT APPLICATIONS.THIS INFORMATION MAY BE AVAILABLE FROM THE 636 COLORADO OIL AND GAS CONSERVATION COMMISSION. 638 8.7.5. Title Insurance Exclusions.Matters set forth in this Section,and others, may be 639 excepted, excluded from,or not covered by the owner's title insurance policy. 640 8.8. Consult an Attorney. Buyer is advised to timely consult legal counsel with respect to all such 641 matters as there are strict time limits provided in this Contract(e.g., Record Title Objection Deadline and 642 643 Off-Record Title Objection Deadline). 644 646 9. NEW ILC, NEW SURVEY. 646 647 9.1. New ILC or New Survey. If the box is checked, a ❑ New Improvement Location Certificate 648 (New ILC) 0 New Survey in the form of n/a is required and the following will apply: 649 9.1.1.Ordering of New ILC or New Survey. ❑Seller ❑Buyer will order the New ILC or New 630 651 Survey. The New ILC or New Survey may also be a previous ILC or survey that is in the above-required form, 652 certified and updated as of a date after the date of this Contract. 653 9.1.2. Payment for New ILC or New Survey.The cost of the New ILC or New Survey will be 654 655 paid, on or before Closing, by: ESeller ❑Buyer or: n/a 656 9.1.3. Delivery of New ILC or New Survey. Buyer,Seller,the issuer of the Title Commitment(or 657 the provider of the opinion of title if an Abstract of Title), and n/a will receive a New ILC or New Survey on or 658 659 before New ILC or New Survey Deadline. 660 9.1.4. Certification of New ILC or New Survey.The New ILC or New Survey will be certified by 661 the surveyor to all those who are to receive the New ILC or New Survey. 663 9.2. Buyer's Right to Waive or Change New ILC or New Survey Selection. Buyer may select a 664 New ILC or New Survey different than initially specified in this Contract if there is no additional cost to Seller or 565 change to the New ILC or New Survey Objection Deadline. Buyer may,in Buyer's sole subjective discretion, 666 waive a New ILC or New Survey if done prior to Seller incurring any cost for the same. 667 668 9.3. New ILC or New Survey Objection. Buyer has the right to review and object to the New ILC or 669 New Survey. If the New ILC or New Survey is not timely received by Buyer or is unsatisfactory to Buyer, in 675 Buyer's sole subjective discretion, Buyer may,on or before New ILC or New Survey Objection Deadline, 671 672 notwithstanding§8.3 or§ 13: 673 9.3.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated;or 674 9.3.2. New ILC or New Survey Objection. Deliver to Seller a written description of any matter that 616 was to be shown or is shown in the New ILC or New Survey that is unsatisfactory and that Buyer requires 677 Seller to correct. 678 9.3.3. New ILC or New Survey Resolution. If a New ILC or New Survey Objection is received 679 by Seller, on or before New ILC or New Survey Objection Deadline,and if Buyer and Seller have not agreed 680 681 in writing to a settlement thereof on or before New ILC or New Survey Resolution Deadline,this Contract will 682 terminate on expiration of the New ILC or New Survey Resolution Deadline,unless Seller receives Buyer's 683 written withdrawal of the New ILC or New Survey Objection before such termination, i.e., on or before 684 685 expiration of New ILC or New Survey Resolution Deadline. 686 687 DISCLOSURE,INSPECTION AND DUE DILIGENCE 688 689 690 10. PROPERTY DISCLOSURE,INSPECTION,INDEMNITY, INSURABILITY, DUE DILIGENCE,BUYER 691 DISCLOSURE AND SOURCE OF WATER. 692 693 10.1. Seller's Property Disclosure. On or before Seller's Property Disclosure Deadline, Seller 694 agrees to deliver to Buyer the most current version of the applicable Colorado Real Estate Commission's 695 Seller's Property Disclosure form completed by Seller to Seller's actual knowledge,current as of the date of 696 this Contract. 697 698 10.2. Disclosure of Latent Defects; Present Condition. Seller must disclose to Buyer any latent 699 defects actually known by Seller. Seller agrees that disclosure of latent defects will be in writing. Except as lou CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 10 of 20 Initials CTMeContracts.com-©2018 CTM Software Corp. 701 otherwise provided in this Contract, Buyer acknowledges that Seller is conveying the Property to Buyer in an 702 "As Is"condition,"Where Is"and"With All Faults." 703 704 10.3. Inspection. Unless otherwise provided in this Contract, Buyer, acting in good faith, has the right 705 to have inspections(by one or more third parties, personally or both)of the Property and Inclusions 706 (Inspection), at Buyer's expense. If(1)the physical condition of the Property,including, but not limited to,the 70' 708 roof,walls, structural integrity of the Property, the electrical,plumbing, HVAC and other mechanical systems of 709 the Property, (2)the physical condition of the Inclusions, (3)service to the Property (including utilities and 71° communication services), systems and components of the Property (e.g., heating and plumbing), (4) any 711 proposed or existing transportation project, road,street or highway, or(5) any other activity, odor or noise 712 713 (whether on or off the Property) and its effect or expected effect on the Property or its occupants is 714 unsatisfactory,in Buyer's sole subjective discretion, Buyer may, on or before Inspection Objection Deadline: 715 10.3.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated;or 716 717 10.3.2. Inspection Objection. Deliver to Seller a written description of any unsatisfactory 718 physical condition that Buyer requires Seller to correct. 719 10.3.3. Inspection Resolution. If an Inspection Objection is received by Seller, on or before 721 Inspection Objection Deadline, and if Buyer and Seller have not agreed in writing to a settlement thereof on 722 or before Inspection Resolution Deadline, this Contract will terminate on Inspection Resolution Deadline 72'3 unless Seller receives Buyer's written withdrawal of the Inspection Objection before such termination,i.e., on or 724 before expiration of inspection Resolution Deadline. 725 726 10.4. Damage,Liens and Indemnity. Buyer, except as otherwise provided in this Contractor other 727 written agreement between the parties, is responsible for payment for all inspections, tests, surveys, 728 engineering reports, or other reports performed at Buyer's request(Work)and must pay for any damage that 729 730 occurs to the Property and Inclusions as a result of such Work. Buyer must not permit claims or liens of any 731 kind against the Property for Work performed on the Property. Buyer agrees to indemnify, protect and hold 732 Seller harmless from and against any liability, damage,cost or expense incurred by Seller and caused by any 733 such Work, claim, or lien. This indemnityincludes Seller's right to recover all costs and expenses incurred 734 9 P by 735 Seller to defend against any such liability, damage,cost or expense,or to enforce this section, including 736 Seller's reasonable attorney fees, legal fees and expenses.The provisions of this section survive the 737 termination of this Contract.This§ 10.4 does not apply to items performed pursuant to an Inspection 738 739 Resolution. 740 10.5. Insurability. Buyer has the right to review and object to the availability, terms and conditions of 741 and premium for property insurance (Property Insurance). Buyer has the Right to Terminate under§25.1, on or 742 743 before Property Insurance Objection Deadline,based on any unsatisfactory provision of the Property 744 Insurance,in Buyer's sole subjective discretion. 745 10.6. Due Diligence. 74 747 to deliver 10.6.1. Due Diligence Documents. If the respective box is checked, Seller g pagrees 748 copies of the following documents and information pertaining to the Property(Due Diligence Documents)to 749 Buyer on or before Due Diligence Documents Delivery Deadline: 750 ❑ 10.6.1.1. All current leases, including any amendments or other occupancy 751 752 agreements, pertaining to the Property. Those leases or other occupancy agreements pertaining to the 753 Property that survive Closing are as follows (Leases): n/a 754 ❑ 10.6.1.2. Other documents and information: 755 756 None 757 10.6.2. Due Diligence Documents Review and Objection.Buyer has the right to review and 153 b oect to Due Diligence Documents. If the Due Diligence Documents are not supplied to Buyer or are 759 j g g pP Y 760 unsatisfactory in Buyer's sole subjective discretion, Buyer may, on or before Due Diligence Documents 761 Objection Deadline: 762 10.6.2.1. Notice to Terminate.Notify Seller in writing that this Contract is terminated; 763 764 or 765 10.6.2.2. Due Diligence Documents Objection. Deliver to Seller a written description 766 of any unsatisfactory Due Diligence Documents that Buyer requires Seller to correct. 79 10.6.3. Due Diligence Documents Resolution. If a Due Diligence Documents Objection is 7668 g fie le 769 received by Seller, on or before Due Diligence Documents Objection Deadline, and if Buyer and Seller have 770 CBS 1$15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 11 of 20 Initials -EXHIBIT A CTMeContracts.com-x©2018 CTM Software Corp. 771 not agreed in writing to a settlement thereof on or before Due Diligence Documents Resolution Deadline, 772 this Contract will terminate on Due Diligence Documents Resolution Deadline unless Seller receives 773 774 Buyer's written withdrawal of the Due Diligence Documents Objection before such termination,i.e., on or 775 before expiration of Due Diligence Documents Resolution Deadline. 776 10.7. Conditional Upon Sale of Property.This Contract is conditional upon the sale and closing of 777 78 that certain property owned by Buyer and commonly known as n/a. Buyer has the Right to Terminate under§ 779 25.1 effective upon Seller's receipt of Buyer's Notice to Terminate on or before Conditional Sale Deadline if '8'-' such property is not sold and closed by such deadline. This§ 10.7 is for the sole benefit of Buyer. If Seller 782 does not receive Buyer's Notice to Terminate on or before Conditional Sale Deadline, Buyer waives any Right 783 to Terminate under this provision. 784 10.8. Source of Potable Water(Residential Land and Residential Improvements Only). Buyer 785 ®Does ❑Does Not acknowledge receipt of a copy of Seller's Property Disclosure or Source of 786 787 Water Addendum disclosing the source of potable water for the Property. ®There is No Well. Buyer ❑Does 788 ®Does Not acknowledge receipt of a copy of the current well permit. 789 Note to Buyer:SOME WATER PROVIDERS RELY,TO VARYING DEGREES,ON NONRENEWABLE 790 791 GROUND WATER. YOU MAY WISH TO CONTACT YOUR PROVIDER(OR INVESTIGATE THE DESCRIBED 792 SOURCE)TO DETERMINE THE LONG-TERM SUFFICIENCY OF THE PROVIDER'S WATER SUPPLIES. 793 10.9. Carbon Monoxide Alarms. Note: If the improvements on the Property have a fuel-fired 7 9 4 heater or appliance, a fireplace, or an attached garage and include one or more rooms lawfullyused for �79� PP� P 796 sleeping purposes (Bedroom),the parties acknowledge that Colorado law requires that Seller assure the 797 Property has an operational carbon monoxide alarm installed within fifteen feet of the entrance to each 798 Bedroom or in a location as required by the applicable building code. 799 800 10.10. Lead-Based Paint. Unless exempt, if the improvements on the Property include one or 801 more residential dwellings for which a building permit was issued prior to January 1, 1978, this Contract is void 802 unless(1)a completed Lead-Based Paint Disclosure(Sales)form is signed by Seller, the required real estate 80'3 804 licensees and Buyer, and (2) Seller receives the completed and fully executed form prior to the time when this 805 Contract is signed by all parties. Buyer acknowledges timely receipt of a completed Lead-Based Paint 806 Disclosure(Sales) form signed by Seller and the real estate licensees. 807 10.11. Methamphetamine Disclosure. If Seller knows that methamphetamine was ever bo0a8 P P 809 manufactured,processed, cooked, disposed of, used or stored at the Property, Seller is required to disclose 81° such fact. No disclosure is required if the Property was remediated in accordance with state standards and 811 other requirements are fulfilled pursuant to§25-18.5-102, C.R.S. Buyer further acknowledges that Buyer has 812 813 the right to engage a certified hygienist or industrial hygienist to test whether the Property has ever been used 814 as a methamphetamine laboratory.Buyer has the Right to Terminate under§25.1, upon Seller's receipt of 815 Buyer's written Notice to Terminate, notwithstanding any other provision of this Contract, based on Buyer's test 816 817 results that indicate the Property has been contaminated with methamphetamine,but has not been remediated 818 to meet the standards established by rules of the State Board of Health promulgated pursuant to§ 819 25-18.5-102, C.R.S. Buyer must promptly give written notice to Seller of the results of the test. 820 821 822 11. TENANT ESTOPPEL STATEMENTS. [Intentionally Deleted] 823 824 CLOSING PROVISIONS £325 826 82/ 12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING. 828 829 12.1. Closing Documents and Closing Information.Seller and Buyer will cooperate with the Closing 830 Company to enable the Closing Company to prepare and deliver documents required for Closing to Buyer and 831 Seller and their designees. If Buyer is obtaining a new loan to purchase the Property, Buyer acknowledges 833 833 Buyer's lender is required to provide the Closing Company,in a timely manner, all required loan documents 834 and financial information concerning Buyer's new loan. Buyer and Seller will furnish any additional information 835 and documents required by Closing Company that will be necessary to complete this transaction. Buyer and 836 Seller will sign and complete all customary or reasonably required documents at or before Closing. 1337 838 12.2. Closing Instructions. Colorado Real Estate Commission's Closing Instructions ®Are DAre 839 Not executed with this Contract. 840 CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 12 of 20 Initials CTMeContracts.com-©2018 CTM Software Corp. 841 12.3. Closing.Delivery of deed from Seller to Buyer will be at closing (Closing). Closing will be on the 842 date specified as the Closing Date or by mutual agreement at an earlier date. The hour and place of Closing 64 4 will be as designated by buyer&seller w/Heritage Title Co. 845 12.4. Disclosure of Settlement Costs.Buyer and Seller acknowledge that costs, quality, and extent 846 of service vary between different settlement service providers (e.g.,attorneys, lenders, inspectors and title 847 848 companies). 849 88° 13. TRANSFER OF TITLE. Subject to tender of payment at Closing as required herein and compliance by 851 Buyer with the other terms andprovisions hereof, Seller must execute and deliver a good and sufficient 852 Y 853 general warranty deed to Buyer,at Closing, conveying the Property free and clear of all taxes except the 854 general taxes for the year of Closing. Except as provided herein,title will be conveyed free and clear of all 656 liens, including any governmental liens for special improvements installed as of the date of Buyer's signature r 857 hereon, whether assessed or not. Title will be conveyed subject to: 858 13.1. Those specific Exceptions described by reference to recorded documents as reflected in the 859 Title Documents accepted by Buyer in accordance with Record Title, 860 861 13.2. Distribution utility easements(including cable TV), 862 13.3. Those specifically described rights of third parties not shown by the public records of which 863 Buyer has actual knowledge and which were accepted by Buyer in accordance with Off-Record Title and New 865 ILC or New Survey, Y' 866 13.4. Inclusion of the Property within any special taxing district, and 867 13.5. Any special assessment if the improvements were not installed as of the date of Buyer's 869 signature hereon, whether assessed prior to or after Closing, and 870 13.6. Other n/a. 871 872 14. PAYMENT OF ENCUMBRANCES.Anyencumbrance required to be paid will be paid at or before 873 q 874 Closing from the proceeds of this transaction or from any other source. 875 876 15. CLOSING COSTS, CLOSING FEE,ASSOCIATION FEES AND TAXES. 877 878 15.1. Closing Costs. Buyer and Seller must pay,in Good Funds, their respective closing costs 879 and all other items required to be paid at Closing,except as otherwise provided herein. 880 15.2. Closing Services Fee. The fee for real estate closing services must be paid at Closing 881 882 by ❑ Buyer ❑ Seller ®One-Hatf by Buyer and One-Half by Seller 883 ❑ Other n/a. 884 15.3. Status Letter and Record Change Fees. Any fees incident to the issuance of 885 886 Association's statement of assessments(Status Letter) must be paid by ❑None ❑Buyer ®Seller 887 DOne-Half by Buyer and One-Half by Seller. Any record change fee assessed by the Association including, 888 but not limited to,ownership record transfer fees regardless of name or title of such fee (Association's Record 889 890 Change Fee) must be paid by❑None ❑ Buyer ii Seller ❑One-Half by Buyer and One-Half by 801 Seller. 892 15.4. Local Transfer Tax. 0 The Local Transfer Tax of 0%of the Purchase Price must be paid 893 894 at Closing by®None ❑ Buyer ❑ Seller ❑ One-Half by Buyer and One-Haff by Seller. 895 15.5. Private Transfer Fee. Private transfer fees and other fees due to a transfer of the Property, 896 payable at Closing, such as community association fees, developer fees and foundation fees, must be paid at 897 Closing by®None ❑Buyer❑Seller ❑One-Haff by Buyer and One-Half by Seller.The Private Transfer 898 895 fee,whether one or more, is for the following association(s): in the total amount of%of the Purchase Price or 900 $ 301 902 15.6. Water Transfer Fees. The Water Transfer Fees can change. The fees, as of the date of 903 this Contract,do not exceed$ n/a for: 904 ❑Water Stock/Certificates ❑Water District 30ElAugmentation 9066 Membership El Domestic Water Company 0 and must be paid at Closing by El 907 None 0 Buyer 0 Seller ❑ One-Half by Buyer and One-Half by Seller 908 15.7. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction 903 must bepaid when due by® None ❑ Buyer ❑ Seller ❑One-Half byBuyer and One-Half bySeller. y,° Y Y CBS l-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 13 of 20 Initials -EXHIBIT A CTMeContracts.com-02018 CTM Software Corp. 911 912 16. PRORATIONS.The following will be prorated to the Closing Date, except as otherwise provided: 913 914 16.1. Taxes. Personal property taxes, if any, special taxing district assessments,if any, and 915 general real estate taxes for the year of Closing, based on ❑ Taxes for the Calendar Year Immediately 916 Preceding Closing ®Most Recent Mill Levy and Most Recent Assessed Valuation, adjusted by any 19 8 applicable qualifying seniors property tax exemption,qualifying disabled veteran exemption or ❑Other n/a. 91 16.2. Rents. Rents based on ❑ Rents Actually Received ❑Accrued. At Closing, Seller will 92° transfer or credit to Buyer the security deposits for all Leases assigned, or any remainder after lawful 921 deductions,and notifyall tenants in writingof such transfer and of the transferee's name and address. Seller 922 923 must assign to Buyer all Leases in effect at Closing and Buyer must assume Seller's obligations under such 924 Leases. 925 16.3. Association Assessments. Current regular Association assessments and dues 926 g 927 (Association Assessments)paid in advance will be credited to Seller at Closing. Cash reserves held out of the 928 regular Association Assessments for deferred maintenance by the Association will not be credited to Seller 929 except as may be otherwise provided by the Governing Documents. Buyer acknowledges that Buyer may be 930 931 obligated to pay the Association, at Closing, an amount for reserves or working capital.Any special 932 assessment assessed prior to Closing Date by the Association will be the obligation of ❑Buyer ®Seller. 933 Except however, any special assessment by the Association for improvements that have been installed as of 935 the date of Buyer's signature hereon,whether assessed prior to or after Closing,will be the obligation of Seller. 936 Seller represents that the Association Assessments are currently payable at approximately$280.69 per 937 month and that there are no unpaid regular or special assessments against the Property except the current 933 939 regular assessments and none.. Such assessments are subject to change as provided in the Governing 940 Documents. Seller agrees to promptly request the Association to deliver to Buyer before Closing Date a 941 current Status Letter. 942 943 16.4. Other Prorations.Water and sewer charges, propane,interest on continuing loan, and n/a. 944 16.5. Final Settlement. Unless otherwise agreed in writing,these prorations are final. 945 946 947 17- POSSESSION. Possession of the Property will be delivered to Buyer on Possession Date at 948 Possession Time, subject to the Leases as set forth in § 10.6.1.1. 949 951 If Seller, after Closing,fails to deliver possession as specified, Seller will be subject to eviction and r 952 will be additionally liable to Buyer for payment of$ 100 per day(or any part of a day notwithstanding § 18.1) 953 from Possession Date and Possession Time until possession is delivered. 955 Buyer represents that Buyer will occupy the Property as Buyer's principal residence unless the 956 following box is checked,then Buyer ElDoes Not represent that Buyer will occupy the Property as Buyer's 957 principal residence. 958 959 960 0 If the box is checked, Buyer and Seller agree to execute a Post-Closing Occupancy Agreement. 961 962 GENERAL PROVISIONS 863 964 965 18. DAY;COMPUTATION OF PERIOD OF DAYS, DEADLINE. 966 18.1. Day.As used in this Contract,the term"day"means the entire day ending at 11:59 p.m., United 967 968 States Mountain Time(Standard or Daylight Savings as applicable). 969 18.2.Computation of Period of Days, Deadline. In computing a period of days,when the ending 97C date is not specified,the first day is excluded and the last day is included (e.g.,three days after MEC). If any 971 972 deadline falls on a Saturday, Sunday or federal or Colorado state holiday(Holiday), such deadline®Will ❑ 973 Will Not be extended to the next day that is not a Saturday, Sunday or Holiday. Should neither box be 974 checked,the deadline will not be extended. 975 976 977 19. CAUSES OF LOSS, INSURANCE; DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION; 978 AND WALK-THROUGH. Except as otherwise provided in this Contract, the Property, Inclusions or both will be 97 delivered in the condition existing as of the date of this Contract, ordinary wear and tear excepted. 980 CBS 1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 14 of 20 Initials EX IBIT-A- CTMeContracts.com-02015 CTM Software Corp. 981 19.1. Causes of Loss, Insurance. In the event the Property or Inclusions are damaged by fire,other 982 perils or causes of loss prior to Closing in an amount of not more than ten percent of the total Purchase Price 983 984 (Property Damage), and if the repair of the damage will be paid by insurance (other than the deductible to be 985 paid by Seller),then Seller, upon receipt of the insurance proceeds, will use Seller's reasonable efforts to 986 repair the Property before Closing Date. Buyer has the Right to Terminate under§ 25.1,on or before Closing 988 Date if the Property is not repaired before Closing Date or if the damage exceeds such sum. Should Buyer 989 elect to carry out this Contract despite such Property Damage, Buyer is entitled to a credit at Closing for all 999 insurance proceeds that were received by Seller(but not the Association, if any) resulting from damage to the 991 Property and Inclusions, plus the amount of any deductible provided for in the insurance policy. This credit may 993 not exceed the Purchase Price. In the event Seller has not received the insurance proceeds prior to Closing, 994 the parties may agree to extend the Closing Date to have the Property repaired prior to Closing or, at the 995 option of Buyer, (1) Seller must assign to Buyer the right to the proceeds at Closing, if acceptable to Seller's 996 997 insurance company and Buyer's lender;or(2)the parties may enter into a written agreement prepared by the 998 parties or their attorney requiring the Seller to escrow at Closing from Seller's sale proceeds the amount Seller a f9i90 has received and will receive due to such damage, not exceeding the total Purchase Price,plus the amount of 001 any deductible that applies to the insurance claim. 1 002 19.2. Damage, Inclusions and Services. Should any Inclusion or service(including utilities and 1993 communication services), system, component or fixture of the Property(collectively Service) (e.g., heating or 004 plumbing), fail or be damaged between the date of this Contract and Closing or possession,whichever is 1005 1006 earlier, then Seller is liable for the repair or replacement of such Inclusion or Service with a unit of similar size, 1 007 age and quality, or an equivalent credit, but only to the extent that the maintenance or replacement of such 1908 Inclusion or Service is not the responsibility of the Association,if any, less any insurance proceeds received by 1009 1010 Buyer covering such repair or replacement. If the failed or damaged Inclusion or Service is not repaired or 1011 replaced on or before Closing or possession, whichever is earlier, Buyer has the Right to Terminate under§ 1912 25.1,on or before Closing Date,or, at the option of Buyer, Buyer is entitled to a credit at Closing for the repair 1013 1014 or replacement of such Inclusion or Service. Such credit must not exceed the Purchase Price. If Buyer receives 1015 such a credit, Seller's right for any claim against the Association, if any, will survive Closing. Seller and Buyer 1016 are aware of the existence of pre-owned home warranty programs that may be purchased and may cover the 1017 repair or replacement of such Inclusions. 1018 p p 1019 19.3. Condemnation. In the event Seller receives actual notice prior to Closing that a pending 1 020 condemnation action may result in a taking of all or part of the Property or Inclusions, Seller must promptly 1021 notify Buyer, in writing,of such condemnation action. Buyer has the Right to Terminate under§25.1, on or 1022 1023 before Closing Date,based on such condemnation action,in Buyer's sole subjective discretion. Should Buyer 1 024 elect to consummate this Contract despite such diminution of value to the Property and Inclusions, Buyer is 102x' entitled to a credit at Closing for all condemnation proceeds awarded to Seller for the diminution in the value of 1025 1027 the Propertyor Inclusions but such credit will not include relocation benefits or expenses, or exceed the 1028 Purchase Price. 1 029 19.4. Walk-Through and Verification of Condition. Buyer, upon reasonable notice, has the right to 1030 walk through the Property prior to Closing to verify that the physical condition of the Property and Inclusions 1031 1032 complies with this Contract. 1033 10:14 20. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller 1035 1036 acknowledge that the respective broker has advised that this Contract has important legal consequences and 1037 has recommended the examination of title and consultation with legal and tax or other counsel before signing 1038 this Contract. 1039 1040 1041 21. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence for all dates and deadlines 1042 in this Contract. This means that all dates and deadlines are strict and absolute. If any payment due, including 1043 Earnest Money, is not paid, honored or tendered when due, or if any obligation is not performed timely as 1044 1045 provided in this Contract or waived, the non-defaulting party has the following remedies: 1046 21.1. If Buyer is in Default: n47 ❑ 21.1.1. Specific Performance. Seller may elect to cancel this Contract and all Earnest 1048 1049 Money(whether or not paid by Buyer)will be paid to Seller and retained by Seller. It is agreed that the Earnest 1050 CBS1-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 15 of 20 Initials EXHIBIT A CTMeContracts.com-02018 CTM Software Corp. 1 051 Money is not a penalty, and the Parties agree the amount is fair and reasonable.Seller may recover such 1 052 additional damages as may be proper. Alternatively, Seller may elect to treat this Contract as being in full force 1053 1054 and effect and Seller has the right to specific performance or damages, or both. 1055 21.1.2. Liquidated Damages,Applicable.This§21.1.2 applies unless the box in§21.1.1. 1°56 is checked.Seller may cancel this Contract. All Earnest Money(whether or not paid by Buyer)will be paid to 1057 Seller, and retained bySeller. It is agreed that the Earnest Moneyspecified in 4.1 is LIQUIDATED 1°58 9 P § 1059 DAMAGES, and not a penalty,which amount the parties agree is fair and reasonable and (except as provided 1060 in §§ 10.4, 22, 23 and 24), said payment of Earnest Money is SELLER'S ONLY REMEDY for Buyer's failure to 145 perform the obligations of this Contract. Seller expressly waives the remedies of specific performance and 062 1063 additional damages. 1064 21.2. If Seller is in Default: Buyer may elect to treat this Contract as canceled,in which case all t465 Earnest Money received hereunder will be returned and Buyer may recover such damages as may be proper. 1066 1067 Alternatively, Buyer may elect to treat this Contract as being in full force and effect and Buyer has the right to 1068 specific performance or damages, or both. 1069 1 071 22. LEGAL FEES,COST AND EXPENSES.Anything to the contrary herein notwithstanding, in the event 1072 of any arbitration or litigation relating to this Contract, prior to or after Closing Date,the arbitrator or court must 1073 award to the prevailing party all reasonable costs and expenses, including attorney fees, legal fees and 1078 1075 expenses. 1076 1077 23. MEDIATION. If a dispute arises relating to this Contract, (whether prior to or after Closing) and is not 1 078 resolved,the parties must first proceed, in good faith,to mediation. Mediation is a process in which the parties 079 1080 meet with an impartial person who helps to resolve the dispute informally and confidentially. Mediators cannot 1081 impose binding decisions. Before any mediated settlement is binding, the parties to the dispute must agree to 1°82 the settlement, in writing. The parties will jointly appoint an acceptable mediator and will share equally in the 1083 1084 cost of such mediation. The obligation to mediate,unless otherwise agreed,will terminate if the entire dispute 1085 iS not resolved within thirty days of the date written notice requesting mediation is delivered by one party to the 1 086 other at that party's last known address (physical or electronic as provided in §27). Nothing in this Section 1487 prohibits either party from filing a lawsuit and recording a lis pendens affecting the Property, before or after the 10813 1 089 date of written notice requesting mediation. This section will not alter any date in this Contract, unless 1090 otherwise agreed. 1091 1092 1093 24. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder must 1094 release the Earnest Money following receipt of written mutual instructions,signed by both Buyer and Seller. In 1°95 the event of any controversy regarding the Earnest Money, Earnest Money Holder is not required to release the 1096 1097 Earnest Money. Earnest Money Holder, in its sole subjective discretion, has several options: (1)wait for any 1 098 proceeding between Buyer and Seller;(2) interplead all parties and deposit Earnest Money into a court of 1099 competent jurisdiction, (Earnest Money Holder is entitled to recover court costs and reasonable attorney and 1144 legal fees incurred with such action);or(3) provide notice to Buyer and Seller that unless Earnest Money 1101 1 1 02 Holder receives a copy of the Summons and Complaint or Claim (between Buyer and Seller) containing the 1 103 case number of the lawsuit(Lawsuit)within one hundred twenty days of Earnest Money Holder's notice to the 1104 parties, Earnest Money Holder is authorized to return the Earnest Money to Buyer. In the event Earnest Money 1 1 o6 Holder does receive a copy of the Lawsuit, and has not interpled the monies at the time of any Order, Earnest 1107 Money Holder must disburse the Earnest Money pursuant to the Order of the Court. The parties reaffirm the 1 1°8 obligation of Mediation. This Section will survive cancellation or termination of this Contract. 1109 1110 t 1 11 25. TERMINATION. 1 1 t 2 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 1114 1115 Terminate), provided such written notice was received on or before the applicable deadline specified in this 1116 Contract. If the Notice to Terminate is not received on or before the specified deadline, the party with the Right 1117 to Terminate accepts the specified matter,document or condition as satisfactory and waives the Right to 1113 1119 Terminate under such provision. 1120 CBSI-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 16 of 20 Initials CTMeContracts.com-02018 CTM Software Corp. • 1 1 21 25.2.Effect of Termination. In the event this Contract is terminated, all Earnest Money received 1 1 22 hereunder will be returned and the parties are relieved of all obligations hereunder, subject to§§ 10.4, 22, 23 1123 1124 and 24. 1125 1 126 26. ENTIRE AGREEMENT, MODIFICATION,SURVIVAL;SUCCESSORS.This Contract, its exhibits and 1127 1 1 28 specified addenda, constitute the entire agreement between the parties relating to the subject hereof, and any 1129 prior agreements pertaining thereto,whether oral or written, have been merged and integrated into this 1130 Contract. No subsequent modification of any of the terms of this Contract is valid, binding upon the parties,or 1131 enforceable unless made in writing and signed by the parties.Any right or obligation in this Contract that, by its 1132 1133 terms, exists or is intended to be performed after termination or Closing survives the same.Any successor to a 1134 Party receives the predecessor's benefits and obligations of this Contract. 1135 1 1 36 1137 27. NOTICE, DELIVERY, AND CHOICE OF LAW. 1 138 27.1. Physical Delivery and Notice.Any document, or notice to Buyer or Seller must be in writing, 1130 except as provided in §27.2, and is effective when physically received by such party, any individual named in 1 11 this Contract to receive documents or notices for such party, the Broker, or Brokerage Firm of Broker working P Y 9 1 142 with such party (except any notice or delivery after Closing must be received by the party, not Broker or 1 143 Brokerage Firm). 1 1 44 27.2. Electronic Notice.As an alternative to physical delivery, any notice, may be delivered in 1145 1 1 46 electronic form to Buyer or Seller, any individual named in this Contract to receive documents or notices for 1147 such party,the Broker or Brokerage Firm of Broker working with such party(except any notice or delivery after 1 143 Closing must be received by the party; not Broker or Brokerage Firm) at the electronic address of the recipient 1149 1150 by facsimile,email or n/a. 1 1 51 27.3. Electronic Delivery. Electronic Delivery of documents and notice may be delivered by: (1)email 1152 at the email address of the recipient, (2) a link or access to a website or server provided the recipient receives 1153 1154 the information necessary to access the documents, or(3)facsimile at the Fax No. of the recipient. 1 1 55 27.4. Choice of Law.This Contract and all disputes arising hereunder are governed by and construed 1156 in accordance with the laws of the State of Colorado that would be applicable to Colorado residents who sign a 1 157 1 8 contract in Colorado for real property located in Colorado. 1 u f3 1159 1 160 28. NOTICE OF ACCEPTANCE,COUNTERPARTS.This proposal will expire unless accepted in writing, 116t by Buyer and Seller,as evidenced by their signatures below, and the offering party receives notice of such 1162 1 1 63 acceptance pursuant to §27 on or before Acceptance Deadline Date and Acceptance Deadline Time. If 1164 accepted,this document will become a contract between Seller and Buyer.A copy of this Contract may be 1 1 63 executed by each party, separately, and when each party has executed a copy thereof, such copies taken 1166 1167 together are deemed to be a full and complete contract between the parties. 1168 1 169 29. GOOD FAITH.Buyer and Seller acknowledge that each party has an obligation to act in good faith 1170 1 including,but not limited to, exercisingthe rights and obligations set forth in theprovisions of Financing 9 9 9 1 172 Conditions and Obligations,Title insurance, Record Title and Off-Record Title, New ILC, New Survey 1173 and Property Disclosure,Inspection,Indemnity, Insurability, Due Diligence,Buyer Disclosure and 1174 Source of Water. 1175 1176 1177 ADDITIONAL PROVISIONS AND ATTACHMENTS 1178 1179 1 180 30. ADDITIONAL PROVISIONS.(The following additional provisions have not been approved by the 1 1 81 Colorado Real Estate Commission.) 1162 Buyer understands that this Agreement for this Property will not be effective until it is 1163 1184 approved and ratified by the Eagle County Housing and Development Authority at a regularly 1185 scheduled and public meeting. Upon acceptance of offer by Buyer and Seller, Seller shall 1106 117 schedule said public meeting and this Agreement will become effective upon Eagle County 1188 Housing and Development Authority affirmative motion on the same. 1189 1190 CBSI-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 17 of 20 Initials EXHIBIT A CTMeContracts.com-02018 CTM Software Corp. 1 191 If Buyer terminates the contract after last contingency date, February 7,2018, Buyer will forfeit 1192 earnest monies to Seller if contract fails to close. 1193 1194 1195 Buyer will read and initial the Deed Restriction Agreement for the Occupancy and Resale of 11 97 Miller Ranch Housing and the Miller Ranch Housing Guidelines dated October 26,2010, which 1198 regulate the property to be purchased. 1199 1200 1201 if the presence of a registered sex offender is a matter of concern to the Buyer, Buyer 1202 understands that Buyer must contact local law enforcement officials regarding obtaining such 1203 1204 information. 1205 1206 Bu er lender shall hire a local appraiser that has extensive knowledge of the local deed 120; Y pp 9 1208 restricted market. 1209 12€0 1211 Seller will have a working carbon monoxide detector with a new battery and operational 1212 electrical outlet within 15 feet of all bedrooms at the time of possession. 1213 31. ATTACHMENTS. 1214 1215 31.1.The following attachments are a part of this Contract: 1216 Source of Water Addendum to Contract to Buy and Sell Real Estate, Square Footage 1217 Disclosure 1"218 1219 31.1.1.Post-Closing Occupancy Agreement. If the Post-Closing Occupancy Agreement box is 12" checked in § 17 the Post-Closing Occupancy Agreement is attached. 1221 1222 1223 31.2.The following disclosure forms are attached but are not a part of this Contract: 1224 n/a 1225 1226 1227 SIGNATURES 1228 1229 1230 1231 1232 �p 1233 r9r'�/ geaes4 1234 Date: 1/4/2018 Buyer: Michael J. Beach Address:85 Marble J248 Edwards CO 81632 Phone: 215-820-3093 Fax: Email Address: mbeach527@yahoo.com [NOTE: If this offer is being countered or rejected,do not sign this document. Refer to §32] kaag ra�ir.( e4 , 'a1Ar i e'e' Date: 1/4/2018 Seller: Eagle County Housing and Development Authority By:Kathy Chandler-Henry, Commissioner Address:500 Broadway Eagle CO 81631 Phone: 970-328-8773 Fax: Email Address: kim.williams(4?eaglecounty.us CBS!-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 18 of 20 Initials CTMeContracts.com-02018 CCM Software Corp. Seller: Date: Address: Phone: Fax: Email Address: 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 El 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 Buyer as a El Buyer's Agent ❑ Seller's Agent ® Transaction-Broker in this transaction. El 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: 1/29/2018 44 80. tate. Broker's Name: Kimberly B. Williams Address:25 Mill Lott Suite 200 Edwards, CO 81632 Ph: 970-328-8776 Fax: 866-611-7237 Email Address: kwilliams@valleyhomestore.org Oireei Patoih Date: 1/4/2018 Brokers Name: Genesis Davila 34. BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. (To be completed by Broker working with Seller) CBS]-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 19 of 20 Initials CTMeContracts.com-02018 CTM Software Corp. 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 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 ees* 9aw Date: 1/4/2018 Broker's Name: Genesis Davila Address:25 Mill Loft Suite 200 Edwards, CO 81632 Ph: 970-328-8778 Fax:866-611-7237 Email Address: genesis.davila@eaglecounty.us CBS1-6-1 5. CONTRACT TO BUY AND SELL REAL ESTATE(RESIDENTIAL) GTPA° eContrac€s - 2016 CTM Software Corp CBSI-6-15. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 20 of 20 Initials CCMeContracts.corn-02018 CTM Software Corp,