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resolution.council.030-08
RESOLUTION # (Series of 2008) A RESOLUTION APPROVING A CONTRACT TO BUY AND SELL REAL ESTATE BETWEEN THE CITY OF ASPEN, COLORADO, AND TWO STAGE ROAD LLC TO PURCHASE PROPERTY AND SETTING FORTH THE TERMS AND CONDITIONS AUTHORIZING THE CITY MANAGER TO EXECUTE SAID CONTRACT WHEREAS, there has been submitted to the City Council a Contract to Buy and Sell Real Estate between the City of Aspen, Colorado, and Two Stage Road LLC, a copy of which contract is annexed hereto and made a part thereof. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO: Section 1 That the City Council of the City of Aspen hereby approves that contract to buy and sell real estate between the City of Aspen, Colorado, and Two Stage Road LLC, a copy of which is annexed hereto and incorporated herein, and does hereby authorize the City Manager of the City of Aspen to execute said contract on behalf of the City of Aspen. Dated: I~Bs~~ ~T~_ ~t Michael C. Ireland, ayor I, Kathryn S. Koch, duly appointed and acting City Clerk do certify that the foregoing is a true and accurate copy of that resolution adopted by the City Council of the City of Aspen, Colorado, at a meeting held April 14, 2008. t~ ~ K S. Koch, City Clerk EXHIBIT "A" BARGAIN AND SALE DEED THIS BARGAIN AND SALE DEED is made by TWO STAGE ROAD, LLC, ("Grantor") to THE CITY OF ASPEN, a Colorado home-rule municipality ("Grantee"), whose legal address is 130 South Street, Aspen, Colorado 81611. CONSIDERATION AND CONVEYANCE NOW, THEREFORE, (i) for and in consideration often dollars and other good and valuable consideration, Grantor does hereby bargain and convey unto Grantee the following real property (the "Property"), LOT C, STAGE ROAD PLANNED UNIT DEVELOPMENT SUBDIVISION, according to the Final Plat thereof recorded October 7, 2005 under Reception No.515869 of the Pitkin County real property records. The Property includes all appurtenances, and is subject to all reservations in patents and all easements, rights of way, encumbrances, liens, covenants, conditions, restrictions, obligations and liabilities of record and/or appazent or otherwise in existence, and subject to general property taxes and assessments for the year 2007 and all prior and subsequent yeazs, all as more particularly described on the list of the Exceptions to Title listed on Exhibit "A" attached hereto and made a part hereof. FURTHERMORE, the foregoing conveyance is specifically made subject to the following conditions and restrictions: A. The Property (i) is not to be sold, encumbered or otherwise transfen•ed by Grantee, nor shall Grantee ever bring or cause to be brought eminent domain proceedings against the Property that attempt to diminish or extinguish, or result in a diminishment or an extinguishment of all or any portion of the restrictive covenants described in this Pazagraph A (ii) is to be used only as a neighborhood public pazk for the use and benefit of residents of the Burlingame Ranch Subdivision and the Stage Road Planned Unit DevelopmendSubdivision, with no public parking improvements on the Property or on adjacent public roads, (iii) to the greatest extent practicable, is to be preserved in its natural state, with no artificial lighting of any kind, (iv) is not to be used for any residential housing uses nor shall it be improved with any building improvements or structures of any kind or nature whatsoever, with the exception of playground structures as outlined on Exhibit "B-1 ", unless approved in writing by Grantor and Stage Road Homeowners Association, a Colorado non-profit corporation d.b.a. Double Bar X Ranch ("Double Bar X HOA"). Notwithstanding the foregoing, the Property shall be improved by Grantee with the landscaping, earthworks, perimeter fencing and water features in support of the Property's use as a neigbhorhood public park, all as described on Exhibit "B" attached hereto and made a part hereof (the "Permitted Improvements"). B. Grantee acknowledges that (i) title to the Property is being conveyed subject to, among other things, that certain Amended and Restated Declaration of Covenants, Easements, Conditions and Restrictions for Stage Road Planned Unit Development/Subdivision recorded January 17, 2007 as Reception No. 533454, as amended (the "Declazation"); and (ii) pursuant to section 10.21 of the Declazation, proposed uses of the Property are subject to the reasonable approval of the Owner of Lot F 1 (as those terms aze defined in the Declazation) and that structures and improvements on the Property aze also subject to the approval of the Owner of Lot F1, which shall not be unreasonably withheld. Grantor represents to Grantee that the Owner of Lot F1 has approved the Permitted Improvements, but Grantee acknowledges and agrees that the approval of the Owner of Lot F 1 must be obtained for any other uses of the Property or for the construction of any structures or improvements that aze specifically included as part of the Permitted Improvements. C. If, after acceptance of this conveyance by Grantee, it is determined by an azbitrator (or a panel or azbitrators) under the Commercial Arbitration Rules of the American Arbitration Association that any of the conditions or restrictions described in Paragraphs A or B above have not been met or have otherwise been breached, then title to the Property shall thereupon automatically and immediately pass and the same shall be deemed conveyed hereby to the Double Bar X HOA, subject to the conditions and restrictions set forth in Pazagraphs A and B above. D. If, after acceptance of this conveyance by Double Baz X HOA, its is determined by an azbitrator (or a panel of azbitrators) under the Commercial Arbitration Rules of the American Arbitration Association that any of the conditions or restrictions described in Pazagraphs A and B above have not been met or have otherwise been breached, or if the Double Bar X HOA refuses to accept this conveyance subject to such conditions and restrictions, then title to the subject Property shall thereupon automatically and immediately pass and the same shall be deemed conveyed hereby to The Aspen Valley Land Trust ("AVLT"), subject to the conditions and restrictions set forth in Pazagraphs A and B above. E. If, after acceptance of this conveyance by AVLT, it is determined by an azbitrator (or a panel of arbitrators) under the Commercial Arbitration Rules of the American Arbitration Association that any of the conditions or restrictions described in Pazagraphs A and B above have not been met or have otherwise been breached, or if AVLT refuses to accept the gift subject to such conditions and restrictions, then title to the Property shall thereupon automatically and immediately be deemed donated and conveyed hereby, subject to the conditions and restrictions set forth in Pazagraphs A and B above, to such not-for-profit- organization devoted to the study and preservation of birds, wildlife and the ecology, contributions to which qualify for federal income tax chazitable deductions, as a simple majority of all the owners of Lots 1 though 12 and Lot F-1, Stage Road PUD Subdivision, in their sole discretion, may determine. F. Any person or entity, including any member of the public, may seek to interpret and/or enforce the conditions and restrictions set forth in Paragraph A above by filing an action under the Commercial Arbitration Rules of the American Arbitration Association, which Association shall have exclusive jurisdiction to resolve such disputes. The decision of the azbitrator(s) shall be binding upon the parties to the proceeding and shall not be appealable. All fees and expenses of the Abitration shall be borne equally by the parties to the proceeding, 2 except that each party shall bear the expense of this own counsel, experts, witnesses and prepazation and presentation of proofs. G. The Owner of Lot F 1 may seek to interpret and/or enforce the conditions and restrictions set forth in the Declazation (including Pazagraph B above), as provided in the Declazation. Grantee hereby accepts the Property in an "as is" condition, subject to all title matters referred to above, and subject to the conditions and restrictions set forth in Paragraphs A-G above, and further subject to all patent or latent conditions, defects or problems of any kind or nature. EXECUTED, SIGNED AND DELIVERED, this day of , 2008. GRANTOR: TWO STAGE ROAD, LLC, a Delaware limited liability company. By: AUSTIN LAWRENCE PARTNERS, LLC, a Colorado limited liability company, its Manager By: Gregory P. Hills, Manager GRANTEE: CITY OF ASPEN, a Colorado home rule municipality By: Stephen H. Barwick, City Manager ATTEST: City Clerk STATE OF COLORADO ) ss. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this day of 2008 by Gregory P. Hills, Manager of Austin Lawrence Partners, LLC, a Colorado limited liability company, Manager of Two Stage Road LLC, a Delaware limited liability company. Witness my hand and official seal. Notazy Public My commission expires: STATE OF COLORADO ) ss. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this day of 2008 by Stephen H. Barwick, City Manager of the City of Aspen, a Colorado Home Rule Municipality. Witness my hand and official seal. Notazy Public My commission expires: EXHIBIT A List of Title Exceptions (Note: These Title Exceptions shall come from the Pitkin County Title commitment for title insurance to be provided at a future date) EXHIBIT "B" Description of Approved Landscape Plans Attached hereto as Exhibit "B-1" is a schematic design of the Landscape Plans. The general specifications for the Landscape Plans include the following: 1. No site work of any kind shall be commenced on Lot C unless and until Grantor approves the same in writing, provided that the approval shall not be unreasonably withheld. 2. Prior to commencing any work on Lot C, Grantee shall preserve and/or relocate the existing native vegetation Lot C as directed by Grantor. 3. Grantee shall install a 46" high three-strand smooth wire fence with wood posts spaced no less than 20' apart along the southern and eastern boundaries of Lot C. The fence shall match and tie into the existing perimeter wire fencing on the Double Bar X Ranch property. 4. Grantee shall provide all necessary irrigation water rights to serve Lot C. Grantor and Grantee shall coordinate on all irrigation system designs and installations necessary for delivering Grantee's water to Lot C. All such design and installation work shall be at Grantee's cost. In addition, Grantee shall be responsible for the cost and expense of re-routing or reconstructing any portion of the Double Baz X Ranch irrigation system modified or disturbed by Grantees's activities on Lot C. 3746168_I.DOC Revised 5.19.08 EXHIBIT B: Contract and Sale Deed i t. ri 9 ill 11 IZ 11 l0. t5 tF t7 IR !~~ 20 eg ~•7 :+ ~~ 26 ,; ~>i 4 la it 3? t:i 39 35 36 37 31t 3y u> al 32 ai cf, ,7 _x :9 I ~. Iu1p'.r~,~r•: ~d IL-•{:vw r..{u :IiO;~,rnuu l,I Y:, a. L Pral.i'q, a„I h, =.~i Il.r:~, t+••:!II ..,c .nr!!la.:,a,. r iL'611 lu of l.hl -I.-. I t''i __~ __.__.. PHIS 641RNI HAS 1Mp(IRtANl' LEGAL l'UN'SF!QUE'sCES ;INP'PHE P:4RTIF.S tiH(ll q.D COV?;1'Cr I.F;G aI. AND'!'gY (YR tYfHl':It ('(11"\tiF:f. BEM-ORE tiIGNINl:. C'(1N7'RAC'I"1't) BUY ANU SELL REAL ESTATE (Al.l.'1'YPEC OF PROPF.RTIF.RS Uate: March 6 2000 ____ - Pumh;r;e Privet 5..600 0(10.00_- -_..._. ____..._ I. r\t;RF.E~iEVT'. Ru;'er agree, fo buy, ana4 Srlier a~Tec; Ir> .ell, tfx• Prolwrty delined In low a,n the [ente. and u't±nditianrv set forth in thl,+r:onJruct (Cun[r:un- 2. DRF[tiEBTERR49. a. Ruyer. Buyer, Tha GitvotAsoen a Home Rule Municioalitv__ _-_.______~.__.__ _• wilt take title to the teal property described below' us O folw Tenants ^ Tenants lu Common ~ (Itker NJA ___. _._ ._~ ___,__._.------------_.---_-.---------- _--..-' b. Property. The Nmpeny is die Colicwing Ingalls described real estate In the County of _-_T_____,-,._____. Colorado: Lo[ C, Stage Road Planned Unit DevetopmentlSuhdivision, according to the Final Plat thereof recorded on October 7, 200b as RecepSion No. 61 b889, County of Firkin, State of Caiorado. properties located within the Stage Road Planned Unit DevebpmurrlfSubdivision known as Nn. .. _.. _.._ -._.._.- ..--:., - _._ _. Stint Addre.. f.Ily ~°n` ~'P Wgethc[ with the interests, easements, righjs; benefits, imprrn'ements and attached Fi ztutes apptJnauant iltzt~tu, and ull interest n(Salier in vacated streets a[ui allcya ntljtwem thrarero, ezcep[ ati herein excluded. C. Itatasa[d IleadtWes. item Vo. i ~` _ _ x J ReFw•euce ~ ~n , _ _ ~Sa _._. --- I Sb I Sc Event ~,... Altt:rautivY fiurnoaf Money Deadbne - _ _ _-_ hoan A icatinn Deadline ... _ _. [.oan C ondtatuty [kadiine 8uvar s Credit lotormaautr D~.ttlime _ ,,.___. Date or k nc --_ 5 da 8 MEQ _.,__-_ ~ ~(~, ._ _. -- NJA _.___. _ __.__. S 4 SC D7Y JtlY91 Ot Bnvcr'8 CCCd1I intUnntlllUn Dea(C (IInC NJA _-.__~-_--_ _.___ __. ? -~ .~3d.---.. __.._ S 5d Exlsttn Luanikxumet+tsUeadline ..____ Existing Lnan [>ocumentb Ob' ctitrn Deadhne .WfA______. NIA K 3 Sd - - taanTranaterA oval Deadline NfA __, ,_,.___„_-_ 9 ~_._ ~ fia(~} - . - A sal Deadline NJA -- ____ 10 _ ~ 7a Title DeadtitsE ___ Mardt20,2008 _-- - I l 8a Tide ()tr ticrn De:rcitine --------- .March 28 2008..--_ _ 12 __ _ ~7r:_ .__-.__ Surve Deadline -----_..~-- '`March 28 2008 13 -_ Id ~NcC21_-__ ~ Ih - _. Survey ~ Otr~eadgpDeadlmr March 28 2008 March 8, 008 thx:wnl7rtt Retlucst 17a.,FJlinc _ _.... _ _.. ___._._ _-_._. _ _... 15 _---_- I6 ,7 1d(il 5 Rb I CIC~Documents (lttycuipn Daadhnc i March 28, 2008 .,:: OIT•Recurd Matters !)eadline ___r-March 28, 200$ ._. _ _ 17 ~ Sts____ _Off•Recnrd Matters Obiectiun Deadlin~_`_ I March 28, 2008 _ _ ,..,- ' l4 . ~?~t____. NONE TR~ht of First Retusxl Dcaelhne , .____._,. _ __.._______ ly A IUn '- Seller's Prnperts Drscloxurn Deudlltx March 2$^2008 -.___ Jt 4 Ifit+ Ins lion Ob'tactiun Ceadline - _ - March ___ _ ., 2l fi l0. Resolution Deadline March 28, 2008 ,~ ?; - ~ t0al__ ~ Pra~erty Inwrenee(lbjecdnn I~nlGnc March 2$< 2000 - _ { 5 I? t Closin~DatF; Martfi 28 2008 Nn. H'$SI-In-I1L. [UR'rn9C t T119t 1',IYU 5t].L RBAI. ESIAl'l' 11l.t.T Ti't'S Of I'n(MF;kTICC, roR,'lar ll } ~~ lab..l IN,11+e lhr•.I,tln:.l'IrlSarnr Sl. liana rttlH n' ;4:r1 r?'>•N: uwt~In~xlllrt,Ip, d,li,lrµ'. n;ta rl,mrv. '! R ~ ., .,:.n I1.~I:' _ _- - _ -- - Al Clcnniq I ~i I, •,.i,m'1'ius ~1tCloiintf ~ _ 'n _ S 4 Arcupbolvv Ihadtiue Ihur~ March 10. zGufl ~; '~~ Acceptaua• Ih•udliur "1'6u.• >- l.0'J P.fyl i ,~, -_ - tl. :lltachntents. 'fhs: G:rJ. •a•~ng ;u: a pan of daa r',snk:erP ----_ [xhibit "A' E;aryain and Sale Deed enterer) into by fhe City otAspen and Twu St»ge Raad. LLC atladieJ hereto and ~~ incorporated herein. Exhibit "B-1" Description of Appravod landscape Plans 1'I I,.dl ;lxnti Tfic tnllUw'tll¢ JIa1415nfp iUl'i115 arC attacked (rli :Irr tlet 8ltnrl O) thiti ('tNlValt nt N.+A {,~ fir na e. Applicability n("ferrne. A ehra'k m~ similvtr trmrR -nl a hc,a mrsms that ouch provision is apptirrhle. I'hr ahbrrevtatron rs •'ReA" t+r the word "Delclcd" means n<x apphr:ahlc rurJ when nlscucd un any lice in Uu[rs and Deadlines (§ 2c f. A taetuc• thin thm ry; eurruspundittg provision uC the Contract to which mCerence is maJc is JeIMCJ. Tbc ubbreviatiuu "~11'.C"' (mutual rnrcution of Ihis fi? C'nntract) ateaas the latest data upon which both parries have signed this Cnna'act ea 3. [NCLUStONS AND F,XCLUS[QNS, n+r a. fttctaskau. The Purchase Price ituludes the 1'utlu+ving items (inclusions): rll (I) Fixtw•ets. If attached to dx Pmpeny rot dte date oY this Contntc6 lighting, heating, plumbing, ventilating. anJ uh t conditioning fixtures, TV ulttennas. inside telephone +viring wtd rvunvting bluckslja~ts, plates. mirroes, floor coverings, inrermnr 72 srstenls, bath-in kifchml uppliunces, sprinkler systems and con[rvls, built-in vacuam syuems (Including aecesanriesl, garage door ) ~ olxucrs itu:.luding NJA ._ rarnnte can[rola; and ~ (kher ~_ ______.__._____. '•t (2) Penned Property. The following ore included if on the. Property whether atlar:fled ur nu1 on tfk tkt[e of this S Cuntruct: storm windows, afnrm Jrxm, window and potx.h sharits, awnings, blinds, screens, window coverings, wnain ralx, draprsry 7ti trots, fireplace insens, fin:piace screens, fireplace grates, heating stoves, storage sheds, surd all keys. lt' checked, the 1'ulluwing ore ?? included: O ~Vder Suftenerx ^ StnokelFire IkUxtors ^ Security Systems t7 SateNite Systems (including satcititc dishes) ;x (1} ptherlnelacimu. ^u N!A xr I a. The Pecsntal F'ruperh m tre conveyed at Chasing shalt he ernrveyed. by Seller, free uuJ aeur of alt Inxes (esrrpt peraanal t:' pn>Ereny tare. fur the year o(Clrning ). liens and ernunthrnnces.. except tt: Ra l'onveyance shalt Ix by hikl of sale or other applicable legal instnlment x~ idi Trade Fixtures. Nrith rcslriet to u'arte Iixuucs, S.Ikr anJ Flu}'er ugnu as faltows: kr~ NIA x; rix The Trade Fixtures W hr cratveyctil at Clwing Shall lx cunveycJ. hy' Seller, free and clear oC all taxes (except personal propem• sn taxes I'nr the year of Clusing7, liens and encumhrax.es. except -HlA.____.. _ .... _-...________ wl Crrnve}once shell i+c by hil§ o{ salt or rrther upplicubk legal itxstnutsent. vt ti) Parking and Sloralte Facilities, D Use Onl}' ^ pwnership ul'the fullo+ving p.lrking hr; iliClcs: ')? : mtJ O Use Ody ^ C)wnrrdtip of tla+x following aturrge facilities: -___._._.. __.__.__.. 93 (61 Water R)abts. The Following h;gally descritxvl water rights: Nt9___._ _ _.. u: ' ')5 'x, Arty water righn shall t>< crnrvcvcd h?• N/A _ ....._. _._ -.___..___.___ JerJ of uthn applicahlr Iceal insir u:uent. ~' T'hr 1Vetl Permit d is tts (7) Growing Crops. {Ville respect to growing crtgn, Seller arni kfuyer agree as follows QrI tau tut IfQ i[lt Jna n; iUF, NrA NIA b. Fsclutiinus. 'fhe following items :ue cx<'ludcJ: Nu. d'M\Ida-iM. flrYl Wlr'1'ITI kn1\a0.ti1:Id.1i 111f6R'1'S1l ~A{1. 1'S'P{H D['Pktll'l:kII1:C, 1'ak++-'~11_' ~{~~ ttlpj h,i,w t~.lt`_t~~j l:- d. P1 k(ll~1ti}''.1'I{!t'I'.:17sU'l't:k3i8. Ili F'ur,.~!c+,.r I rot ;rl G.,nl-u i.,+~ ,h.+l: h~ paydhlr m L 5. a„Il.+r;t,y Buvn.~ I tL.:':-. I ~ Itea+Nn k~r Tercnr-r Item 1nrvU[II lmauut .~_____. -_.w. - 500 ooo.ao ' __... II -.__ ~---JJ;''I_.._ \ewtithrn+llt,~,:ul _.. _.._.-. '! S 5[f 406Ctlj I;• i .lr :~ienm~ln:n, II»~ao.r -.. - --_. I la ti 5 4{ ~. Sc11er ur Priv:n~ buunrr my )Ir. ~ $ _ I I' 9 _ _ _ $ F46 _ Casa at Clo. irk _ _, 450 00(1.OG- 1 I u I u -. 'PC-TAI _ _ ~ . $ 500 000.00 I;•r \anr: If there is an incvlx+istanry trelwetn the Purnbase Price oa the fires page and khrs § J. the antnuut in ! a shall ronuul. t'ii a. [:stars[ Money. The Emnrsi htutrry xot Forth in this szctiun, in tlra kmn of named _fy_(pl.~_____._.___.._ _.. _. I! I is lrari paymrnr uF [tees Prrn^hasu Price and steal I Irr. payablo to:md held by .~lfk#1,~i05d~y Titfe _ It? Etiarrtast Money Holders, in its truss account, on behalf ui both tictlcr and Buyzr.'Che Harness Money depuxit shall he rendemd with 123 kris Couauct unless the P.mtcs mutually agtvx w an Alleruative F'.urnast ~(uney Deadline fA 2C1 fur its puymant. Tha Irar[Ezs I?~! authurite Jetivorv of the Huttlesl A(aaey depasil to the closing cumµmy, iI unp, at nr hufore Closing. In the event Harass[ Money I?5 Nnlrkr Iran agreed ro have iutrrest un Earnext hiuney' dteposits transferred t« a fund oatablished for the purprtxa of providing, t 7h afl'nnlable housing to Coitmdn residonts, Sober and Buyer acknowledge and agree that any inieeest accruing ou [he Eartxxt Money 12' depoxited with the Earnest Money Holder in this tranautiun shall ba erunafert~d to xueh fund. I:N h. Cash al Ckrsing. Ali nmaunts paid by Buyer at Closing including cash at Ct[ssing, plus Buycr'n ckesiog casts, shall be I?9 in funds which rutuply whh all applicable Coktrado laws, which 1ncluJa'cash, rlrcttunic transfer funk, eerfiFird chock, savings and I3tt loan collar's check anti caehiar's check (O+wd Ponds). 131 r. Uown Payment Assistance; SeINx Paid ('acts. Saber, at Clusiug, shall credit $ NiA to Buyer to assts[ s 3? with Buyer's dawn payment. Sutler shall also, at C'Inaing, credit m Buyer the amount of $.)Yjg..._ to assist with Bayer's E v1 closing casts, not to exrcoJ the amount dues from Bayer fur hush costs. "Phase amrsunts are in addition to any sum Selker has ngnzJ O,i4 by pay ur credit Royer elsrwhzrr in this Ctnumct. t3S U, vrw Laan. I sr. (ll Now wits[ Laan. Bu}•cr shag trhtain a new loan set forth iu this settiun us Fotlows: O Canventiuttal ^ F'HA Iii ~ YA ^ Otttrr N1A..._.._ ._. -:...._. ____ ._ ---.._ ___.-_-----. _...._ 11S 'l'lris loan will br settcrcd by a _.-...,,......____~ t l st, 2rrd, rtt. t deed of true. I}4 'Phe loan ma}' he itrerrasrd In add dte cost of mc+rtgngc insurance, ~:A funding fee mrd otiwr ikmd for a total loon amount, not 11ts iu zxczss a(5 ,which shall he amortrzcti over a Period of __.,____,_-.. ^ Yeacx D h(oathx at uppruximuU•ly I-!I ti___,.__ ._-,_.__-_ per - _-__uuiuding lrriucipal and intertsttrieuo axcaed __'~Pcr annum,plus, tf required I,' tsy 8upcr's lender, a dzprri{ of _._,__.__._...._ ul' [Le rstinratrd unnwd real extate tunes, pruirarty itwurance Irraraium, and I~t: nnMgage insuranrc Pn:mium. If tho Ivan is an adjustahle intectst rate or graduated p'»ymeht loon. the payments and interact rate to mirialty :hall nor exr[•aJ iha figures scr forth ahnvr. !~tK Luun Jiscrount point+, It :rm, shall 5r paid W sander ut C'lusing nnJ x3rall o+u rxcrcti , ._., _.`X uE the total loan amount. Ede. \orwithstanding the loan's irnerrst r»tr, the first .__.. • ,._. - loon dixaunt points steal! ter paid h}' ___.-_ ta, ,__..~ . _-and the hulanee, if»n}•. shalt br paid t+y -.__-- __--_ _ _...~.. SJS liu} er ahaH tittrzl}'psry Buyer's hwn csssls and a loan nrigmation fee not to exceed ~,___ ~ of dre hwn unraunt. if ttrr tour t•tv is au FNAi~?\ insured ur guaranteed Icmri. Seller shah ptr}• closing costs and fees, not to exceed ti__.____ __. that Buyer i t50 nW ullow•rsl by law to pay fur tux service uud _- _...... .....__._ .._ .__ ISt t21 Ntwv Second Laan. Buys shat] ubwin tt now bran set forth in chi. secti+ar ax fallows• is` "Cfiiv Ivan wiH he sccurcrl by a - ___._ i2nd. ttc.E deed of isvst. ?.i The anal loan unu>nn6 nut is excess al 5. - __.. shall ter amortized over u period oT -_ ~ Years O Months I st at alrp:vxint»tely $____ _ per .._- including principal and interact oat Us exceed `~. per annual. I?5 1 t the hxm is:m ad}ustahlr interest rate or graduated payrtrcnt loan. the paymcttls and interest rats initiall}• ahalL not exceed the figuros t~tt set Iirrdr utnrve. 19+ Lunn discount points, tf any[ shall tsr paid m lerrclcr rii Closing and churls nut exceed __.._ _. -.. 4`r of the total loam amnuut. I cx Nutw•IthstarxlinP~ ihz hum's interest raft, the brat _...... ___..___ loan discuum 1n+ints skrall br paid by ... -. ._ . _..._._-_~ 13+~ .sad the hal:mcu, it any, .hull be paid by _ .. - ._.,... __-w___-__.._..-_ __._..- iraa Royer shall time]}' pay Ituyer^s roan cosl.:nal » fuuU urikinatiult fur not w excmd 3'r of [tees kruu umowrt. Ins c. Assumption. Buyer agrees to asnsmc and Poe' art exiuiug Inau in dm 2lrpruximata amount ol'thr Assuurptiott Bulune~ a•t 16^ (mite iu [sus szcliuu, }ttrsr:ntlY loayahle a[ ti~___-.._.. _... Ear inchrdinc principal and interest presan[iy m `°r rGl \o.tC&tit-In.ali.t:rlV'I'a.11'I'IU n64 h1U C1!II NN\t.t:V'li'1'ttili.1.111'l.~UF'YROi'FIt11E~i E'nHe Sur 1_' ~J Iu.,A V. ::'. -: I.n .ru uu n-~..ur,i ;ds,. nrawirn~, r~rns,r nn ra, i. Ir.•e. ink nrJn •;.:.I. C1 Kcal Lsnftc Iaxrs U Purport} Inwf aucc ~/ '~ ~ 1'rcnrinm f7 ilhrrlt;xr;r hlsurunre Premium :purl CJ n. lia+ ~ ;~.•r rr~ rn pat :: In;m ir.rn+irr Ice nor 1. ce, i:: ;:. + :1t tIr unrr „t :r.n unri.,nua I'.r, ur ~.c inta'~r" r:uc ,:h.r 11 l a:- ^or c+r~~d _. ___`+ her :uuuuu and the nr,+ p.r: nr. ur ;hell nut r+r,:i rl n pir pnm,:I.d u, n.l "~ IuI.I C;I ph :.4 to I.:w Ii Np1. hOhl Sclhal fifllllf p'1' h:11G IrP: .11 ills Cp GI1nL li,a31 ^1 ti0.wlrl L, rti ieti:lilllrt ih•-.tba irnlil Y,n ii:,IHn, •, ii lt:;al 1 .w roan^., the sni;+urn vi sash iryuirrd Truro Buy •z at Clu,i n:! hr b:: ilrz'rc rsiJ h+ ut.ac rhos 4 ....._____. than ~ [SUmr yla, Ir"! ler(ninate ti11Y [ hnlpK't Ctt4'i:It Vf Upon IL'CClpt hV 52112r of 13uvn ~6 ++rillrn nuke: of Icfigin:elivn ,n ^ I ,r,l Seller t7 Shall p Shad NaE he rcic•usccl i'rnm rrMhn-un n.nd Iran. it app unhlc,comphan.c wrrh the rcgwreurcuu tar rr:renr I?+ from ti<rbil)ty Shull be evidenfc•J b} delivery :d Clusuty ul an appngx talc Iouu ul ponfuiinneul [ruin Ic•mk:r. Can puyafiis: li,r ri lr,nr 112 of liabilit}' .hail hr. paid b} __ _ __. _ _. _.__... in an mnuuui nut to r+c~'vd l .3? f. Seller nr Private F'inant•Ing. Buyer agreeti rn ese~urr .[ prumisslNy roar payable n!. ___-_.___. __.. _ .. i i~ _. ac p lnint'I'enugts p `tenants in Cnnugmi _.__ _. _ _ _ __ _ . t?s p Other _ _ . on the onto form as indicateri: ^ (Iletault ltpte) Ni'D SI-lu~f)(, I?M1 p Other- _ _.. __ ._____.__._. secured by a -'--~- [let. '_'nd, etc.) deed ni'tru st I?7 eortrmberiug the Pmprny, using the form as indicn[ed: p Strict Ihte-(/n-Sale i"fIt 72-10.116] ^ Cmlkworthy ['fD 73 10-oGt 1 :rs p Assuawble - Nol Due Oq 3ale (TU 7d= I Q••(16) ^ Other ---- .... t?y 1`he promi:.xory note shall hr antortiud oa the basis of _... ^ Years p Mogtha, payable ut S }Kr Ixu ____________ including principal and interest at the rrte uf -___-_~ per annum: Puynirnts Shull cummfiree _..._.____.._..__ is I _~,,,_.,,,_, _ oral shall hr dur on the __ ___ _,_-___ day of each succeeding _ _______ _. if sot srroner paid, _.. IN? the balutit;e of principal and ncx;rued interest stroll hr etas and payahla ~_. , actor Isl Clnsiug. Payments ^ Shall O Shall Not lre increased by _ _ _. ___ of estimated annual root estate taxes, and D Shull INh ^ SbWI Nut hr iucrcuscW by of estimated uxuuul proprtty insurance premium. T'he-loan shall also cnntatn the INS fullaw•ing icons: (I) if any payment is nut rceeived wi[hiu calendar days after its duo date, a tau: charge of `n I Nn aF such rm.aithty puymrnt shah br Joe, f2) inten:st on lender disbursements under the dead of oust shalt be c;vr ptK moans. 187 (3) default interest rare shall he ______P6 per annum. (91 kluyer may prepay withtxt[ a penalty except T_._.-,._.. _..~..___.__.... _. IaN _.,_.__, and (i) Buyer p Shall ^ Skfd1 .l'ot execute and deliveq at Closing, lav a Security Agrormrnl and UCC• I Finamang Statement graneing the holder of the promissory note a __.___.___ (I st, 2nd, etc.) tea tics on the pers'anul pmpnny itwluded in this sole. Ivl Boyar p Shall ^ Shag Nat pruv-ide a morigagrr:'., titi~ nisuruncc poh+'y, ur Buyer's wxixruse.. Ivi 5. FINANCINGCOVDiT10'v5,\NDOBLIGATIONS. I'7? a. Loan Application. ll' Boyer is to pay nil ur (ufn of dsr Punhase Prior by uMainiag a nrw lu:m • ur if an existing loan is out Iv~l In he rclcasecl ai Closing. Buyer. if required by such Ifnder. shall make a verifiahle applicatirm by Loan Applicatla Dea~lne f('_c). t•+5 Boyar shalt axgxratc with Seller and lender kr oha+in loan appruvah [)IIaGENTLY AND TIMELY PURSUE SANF; I\ GOOf1 Wn FAITH, execute all documnn4+unJ furnish all inforn~aii<m and ducumeMS reyuircd by lender, and, subjeM hr sttbsectiuns 4d{! 1 and 19; (~) acrd § Ae. timely pay the casks of ubtainiug such loan w lenslrr's consent, Buyer ngrces to salisty the rensunabla raquircmcnts of l+ra lender. and shelf nd withdraw the luau ur a-ssumption applicarirni, nor inrentiorwliy cause arty change in circumstances rhos would 1'r') pmjudicc lender's approval of the buq application or Funding of the faun. Buyer may ebtnin ditYrrenl t'irrancing pmvidect Scllrr itNl inorus na iitkfitlnxal delay. cu.:[ ar axpensn, mid pmvhlad Boyar i5 up(nuved fnr wch substitute hour. col h. Loan Condilioas. h"Buyer is to pay all ur part ul ore Purchase Ikice by ublamiug u new loafs as s)xy;ified in p Jd, dos ?i>-' Cunhuct is cufditiomd upon Buyer's approval of the. uvuilabilit}'• coons, conditions ofd cost fur the new lout. This runditivn is lot 'o) the henet'it of Buyer and ,hull he deemed waived unless Seiler recelues from Buyer. nn laser their Loan Coaditlons Ueadllae (i~ ?ct. too written noses of Buyrr'x election to tcgninate this Contract as mfh kxin wvs oat satisfucttrry to Buyer. Buyer shall not have Ih: -oS right tr+ tegninate wider chi'.: § Sb based ati the terms t+r conditions of any loan that is the arose as set Fe+nh in ~ 4. If Buyer so notifies ton Seller, this Contract shall termirtale. IF SELLER DOES NOT RECEIVE WRITTEN NOTICE TO TERII'UNATE AND !n r BUYER DOES NOT CLOSE, BUYER SHALL BE IN DEFAULT. 2i>H e. Credk Infor'raution eqd Buyers New Segiur Loan. If Buyer is to pay all or pan of the Purchase Prior b}• executing u '_dl<1 promissory note in favor of Seiler. m iP mi existinc loan is not rn be retraced at Closing, chic Contract is conditional (t`ar the beuefir ?i6 of Seller) uprm Sel[er's approval of Buyer's ftnunrial ubiltty sad crcd(twanhincss, which approval shall be at Seller's wle and Yt I absolute discrotiun. In such case: (t) Buyer shall suppl}• to Seller by Buyer's Credit Igformuliun Ikadkae 1# 2c), at buyer a expense.. ' 12 ioforrnation and documents (including a current credo report) fnncixning Bu}'er's financial, employment and credit ctndition: t~s ' l i 4iuyrr conacnts th:d Sc1ltr may verify Buyer's financial ahihty and crcdiiwaahincss; (i) any such intorniariun and datcaimlrnis 't a rcce)vsti by Scflur stroll tm held by Seller in runfidenc'c, wal nut rrlrused to lxliers exorpt to protv'Lt SaBer's inu:rest iu clan ' I i tr:mstr::ti+m; (A) in ttw cvcm Buyer is to rxceute a promisson• Waif secured by a decd of trust in favor nP Seller, this Cnntraei, for the '.tr, Ixnefit of Seller: is arrditinnu4 ups+n Seller's npprtrval of thr forms find conditions of any new kxin to br ubtairrcd by Bogor if mo '1 ~ dr4Yl of truss m Seller is m l+e suturrelinafe u+ Baycr`c new' Ivan tBUyer'x ~Cw' Senior lA/aq): Srlkr shall nt% hove the nghr In ' ifl n•rmiuatr under this 5 Sc for nny loan rvhen sell such sprfific ieruis cud procisiars ie.g., interact cars, principal • payments, prelxfynxut 21'% pen;tlnes. due data, arc.} are mer :is sM Ynrth in § S or elsrwherc m this Contract; and {5'Y if Seller dries nlx deliver written uoriee ul <' Scllc:r's disappn+c;d ok Ruyfr"s financial ahiluy:inr; .:n°: inv,rnhnu.a nr of fluyrr's New' Senior Luan to Bnyfr by Dixxpprorxl of ~ Nn.d'a51-ill-fNi. COAIN~\fl illnnr'd\UtiEl.l.llh::\LIi91~V E. r.i1.1. i1YrRr+L 1'aUfI+NrIF:1i 1•a4r l,riQ ~"/y~f Ind<, V• \.. ..- . i eater's fYcdit hlfm~nrttiun headline (ti '. t. drru ti;llu aisr°, d,. ; uwln ~•+ns ~•il b,,rr~ rn iiu, ,r, ilea II ti~ll_~ :b, , .I ii .,.. ' :ei lore ,c.•. p ,il dt.,; i~provul to Itarcr on nr h I, ;. .,, i-i :I er.~. Cvi, (,nW't,l ~iml Icnidnoir. ' ~ tl. F~.xistinn L+wn Rct irw, ]I ;w saran • •,:m ;:; ,r,r {„ Lr n'•..~..al ac Ci. iu Srllr. cril .lr~~cc, ,npm~, ,d d.o b-,au dnann: nc~,:uc!ndiug n„r,.JzcJ ,d hunt noel an} rn.,+h Yir;u n,n•<~ r.. fin--~i ha~ lixistink lawn purnutcnis Usadliar ~ i ? ~ ~ I ~i file __ ,i ~n,'lll .d 11113Y1. dui{'.vllue3 i9 isN ldl[iandl up n ltv raq': It ;,e V; 3n~gi~lpu,,il,d lh r]fu'.i4i u11",r nnr'li IO;NI tlarflntinA It dN i;lc9i .. rr,!~re u' ohjeairm w a;ch L.,:w J, nuu:rm+• vis;n:a hr Itua'er. c. nn1 r ci 'cd 1-n: Evlfri by P:xisfing Luau llrnwnenls tlbitxlioa 1' Ilaadliar i9 ?.•1. 8uti •r av~ceptw 1hC Irtrmr and u:nuli4 ..nn of dr.• u,?r~;n,rnt:,_ ll tLa i~ud. is appa,val of a uses&r of rite Pe+_,i~~tt!: ;. ?ss rcyuucd, thLs ('merest i. conditional uprar Buyrr'v ul#:umng such npprovas widunai chaugr in Ilx Irnn+of such lean. except .is .wr "+ ibl dt In ,Z` Vie. If Irfldel' ,ti eppnR'el i> tlr)<abldllMd b\~ Lnall IrnltaFer Appnival IleudNne {, ?C 1. IIIR (, Ulmm'l shall EeltllilCa[a'.INi SILL:h to date. !f Seller is ut Ire released teem 6abifiry water such csiuhl;; loam and Esuyer rha+s rmt obtain such cnmpliancr ac set Furth in ~ Je. '? I thi, Cunatrct may be [zrnunatad at Seller's option !r7 4. APPRAISALPRU\'IS[UNS. n. Appraisal Caadititnt. _' a R31 Ili Xtlt Applkahle. 'this # 6a shall nut apply. ?:5 ^ (2) Cunventiattal. Buyzrshnll have the sole option and elretiou to Icrminatr dtis Contract if the Purnhnsr Pdcrrxcccds tie the Properly'. vuluutiian determined 6y an appraisereuaaged h}• ._..__ , ...__.-----..'this _-. CcmtmcE shall terminate by Buyer delivering to Seller written entice uF tennin:rtiun and either u copy ul such appraisal or written 2}F notice from lendrt that t.•ouFirnts tttc Property's valuation ix less than the Purcfrase Rice, rcceivad ua or hefure Appraisal UatdUne ?w (ys _>c)- It Seller des nc+t teccivr such written lurtire of tertrtittatian tin <rr before Appraisal Ueadlina (~ 2c1. Buyer waives tin}• rigtu 240 ttr tertrainatc under this subsertiutt. 2,11 ^ (3) FHA. Ft is expressly agreed that, notwithstanding arty ofkter pruvisiuns of [his C;ontracK, the Purchaser (Buyer) shall 42 out br nbligu[rtl to eumplete the pttrchase of the Prrpxrcy dracriFrcrl herein or to lacer any penalty by Curfeittrre n( Eames[ Mottep :n+ deposits ur otherwise unless the Purchaser EBuycr) has been given in acrnrdauce with HUDtFHA or 4'A requieetltents u written 2dd statrnrrnt issued by the Federal Refusing Cmtunissionrr. 1)rpartntcnt of Veterans Affairs. nr a Direct lindursroment Irrulrr• setting _'di forth the appraised value of the Property of not less than S .The Purchaser (Buyer) shall have the priviltgr and *tn npli<m afproceedhtg with rite ronsufnntatiun of the Contract without regard ur fire umouut of the appraised valuu[iun. The appraised ?a 7 valuation is uttivcd at to determine the maximunt nwttgage the Orpartment of Housing and 1Ffiatr l~reluplttznl will inxure. HC1D 8 dues nut warrant [hr calve nor the condition of the Ihnperty.'fhr Purchaser 1Buyer) should satisfy himselfRterselffhat the price snxl ""' _ra=t condinnn of the Property are ace•zp[ahle. `5[t ^ l4) VA. Iti.s expressly agreed that, nutw'ithxtauding an}'tsher peovi.inns nt'this(;"atttract, the putehasrrfBuycr)shulirwt !5. incur any penalty by forfeiture of Earnest Money ur otherwise or he obligated to campk[e the purchase of the Property described '.S~ herein, if the Contract Pwchuur Price ur cost exrreds Ilir reuxmahlc value of fife Property established by the Department of Vettrnrn ?~? Affairs. The puta:hasrr (Buyers shnlh however, Inn•z the pnaitryr and optiua or pr<nceding with the: wmsummatinn of thin Cumntct :Sd wtithout repard to the amamn tit the reasonable valor. rstahlialtnd by l6r Drpurunent of tv'elwuus Affairs. ?~7 h. Ctxti of Appraisal. Cost of any- apprair"tl n, be nbtamed :ettbr die daft of this Cnntrart shall hr lonely paid by a,n D Buyer O Seller. zs: 7, Et'CUENCEUFTITLE. '3:~ a. F.vidrnee aP'I'itle. tyn or beFme Tillz Dzadliue ($ 2r:1• Salter shall cause nr hr funuahrd ua Buyer, at Seller's expense, a '?rV rwrerit romnnimeat ti,r owner's title insurance polity {Title S.'arrunitnteat) in mr amnunt ryual to der Purchase Prize, nr if this tn,x ]rqp i. chn~krsl. O An Abstract of title ceniEied to u current date. At Srller'x exprnu, Stllrr shall cause the title insurance pokey to he ~'?r:I issued and delivered to Buyer ns srxan ns practicable at ur after Closing. if a tide iosurattee rommitmwrt is Fumisftrd, it $l Shull 3n? ^ tiltall Nut etnrtmit In delete or insure ever the ctaltdard eareptiuns which rol;ur to: ]63 (IF purtiex iu pnsxssion, ,t.r (21 unrecorded rasentents, ^_v5 (3) survey matters. -{rl~ 141 any unrecorded nrezhanic's liens, 'Iri? f$) E*ap pcritrtl {effective daft of contminnent fn date drerE is rrcorde<(}, and :1iA I4) unpaid tuxes, assessments and urucdewrtzd tits soles prior to the year nl` Ckxsing. dr,v Any udditirmal premium expense to ohtnin this additional ruveragr staall bt: paid by ^ Buyer ®5eller. Stu 6. C:upkea of Perceptions. On nr bcture '17f1e Deadline (S 2c ). Seller. at Seller's expense, slraU furtish to Rnyrr :utd t I S3jly.Attorney .__.__, t I t n copy of any plat.. dcclurutions, cnvcnants, canditinns and resttlctinns ?77 burdening the Property and Ili if a line lusuranez rammitntent a required u, he furnished, and if this Msx is checked ^ Copies of "_t any Dlher Uucutllents (nr. if illeoihle, surtuuarirs of ,uch dr+;~umrmst 3istcd in the sclirdule of extrrptiuns (Exceptians). Esen if the ??~ 9wx ii not elierkrd, Seller ,hall hove the nbligntion to furnish these. documents puesumn to this 9rcti<xt il'rryuzstrJ by Buyer :nt}• ??5 rimy tin or before tyrrrument Reyucat DcadFina IO 2r).'I'Itis rryuirenr<nt shall iXrbiin only to dac¢mcnix as shown of record in the ^"^'t, u[ihc ref dx. clerk and reaxrtcr m the amrny wbete the Pngarrty is Incurd. Tttr ahclnrrt ar title issurxocr comntitmzut, lugrattu;r anti vtv,,. ? :erg tapirs ur :untmuies of such dcxuntents furnished purulam w thi, scati:m, cnnstiwtc the title documents S'1'itle tkxwurms). Yo.rt'a5ldtr.nr,. ttlN 1'a0.C1'ronns.a`rnsb:rruE:.uo-xcnir•i.u {.'1'514:%nvrRrWt.ancc cur._gnfP...~'~~;... u„„i V' ' r~ ,,~ . 'ti ~,; `Sh 's; ?Iix ?a4 nnl '+a I a7 t 'us .y,; !VS '4t, 247 ?4x 2'19 text .rl l Kt? iIL4 if+t t(14 .u,n ,lye rng t{i4 ?ill tli it? it? it l iIS yl{, SI? SI>; tly l$) )ZI i~{ t?l ±`i sin ,,;, i'x P_H 7!a 1i1 is~ iii i i.a il5 t. .titrr+t'+. the n b._i ul.~. tun vy Ik•Adhni: t!' .'r: ~ teller ^ liuycr sh.Jt t:n;ec Flu,-,:1 ilmJ dr,~ n~.u:r .,I lit-: lulu. f rn;hni:w.r5 .n 11'., II '. i!kl ++t llb: ~irpnllnu ,d ^I„~. n ,:u ,:h.n.u ll t.. rr•. ci c.• .I run:•ut ~ firpfuvemcltt tint've# 19at ^In+prntYmeul i.urutinu le•rlilicutt' Li _-_- ._..__ - (IIL'i,la;ir:rr;,,l"lillr,l.irl l~4.u•.•'nVl a\!1n11ep Y.:\li tla111,W1111 •I It+eltirCd~2tlp CUSt 'iU ~nf4'4 ~IYdl!h••'. ill hr L]KnyeC ® tieller Ir the rn;i c+:: e:,ls this .utlumrL Q Tearer ^ Seller :boa I+a the cc,....;; ,.n'-a belt.-, t I .,in. 'ud':. ~Ii njri :Ir6'::r. L.~ Scllal lurhrtr tim err is .~1.6•rcn. Ruyrr~s w'l rttrn rlnL~r alblsarp Slti .... rpiiuu lia .:u scr rn.dh:n. d. Cummou Interest Cnntmunily Iocuments, ^ 111 Nut Applicable. 'ills g 7d shall mn apply 27 Conumrn Interest Community Disclosure.1111: I'ROPI'Ifll' IS 1 i)C:1'1'1:f7 1VI I'IIIX a (.'OMMON [NTL-kB5T C'gliMUNI'1'Y AND fti SUHIHC°f 70 THE DECLARATION FOFt SUCH COMMUNIT'Y'. 1'H F. UW'filiR OE^ l'N11 PROPERTY' iell.l. HG REQC1REp TO RF: A MEMBBR OE TFFE OiNNER'S ASSOC'lAl'IC)N FOk T'[K': COMMCNI'CY" AN6 WILL. HF: SCBJECI' TO THE Hl'L~\W'S A!kf) ft[iLES AND REG[li.A'1'ipNti OI'THG ASSOCIATION. THE UECLARA'f10N, flYt.AWti, .Alit) RULES ANU REGUL:CCIONS WILT, IMPOSE PINANC'IA1. (IB1.1(iAC!(INS IaKIN THE' OWNER OF THE PROPER'l \. IN('l.l: DING AN OBLIGATION TO P:AY` ASSFSSM6AT5 UN TH R AS,S(7CIAT1t7,N. !E'I'HFi OWNER DOtS NU'f PAY THESE ASSEi5SA1C:N 1'S,'1'Hh -\StiOCFATiON COULD PLACE A LIEN ON'INIi PROPERTY AN[7 POSSIHt.Y SEF.L 11"I'O fP:\Y "i'I Ile. [Ni$'f.'fHE D[iC'L:4R:\'1'iC)\, BYLAWS, A\D RULES ,W C7 RF.GULAl10~~5 Of' THG COtiML!NI'CY hUIY' PRGFIIHfC ~I'l ll: O\L'5Ek PROh9 MAKItiCi CHANGES TO THE PROPERTY 4\'I'PFIOCI' AN ARC'NITEC"fl1RAl. REVIEW BY 'I'll[. A55CK'IA'CION (OR .A COMM I"t"I'Fifs OP THE ASSOCIATION) A:ND THE APF'ROVAI. ()E TW.B ASSOCtATlC7N. PURCHASERS OF' PROPERTY WITHIN 1'HCs COMMON INTBRFiST COMMUNITY SHOtiLD iNVES1IGA'CE THE fINANCtAt-. OBLIGATIONS OF MF;MBtsR5 O]' THE ASSOCfAT10K. PL'RC'HASHRS SHOULD CAREI'hLLY REAL) THE UECLARRT'ION [rOR THE COMMUNffY AND'fHE BYLAWS AND RULES AND RBG6'LAfIONS (7F 'f HR:1SSGC7IATION. ^ ia) 10l Conditional an Review. Buyer au:knnwledgrs than Buyer hax rocrWcd a copy nt' the nwcers' acsociatinn i ASSaeta[IORI E1eClaratlt111S. bylawfi, n{IeS next CC$alatiURS, par'[y wall agreenlemx, minnleS of mttxl it'Lrrl[ annual tiW nl'TS' mC£1111g am{ rninutts of arty tlrTrcuxs' mcctingx during the (i-month pednd immediattty prrereting Title [hudline. if rmy COovernin}„ Drw•uuttnta), rnnu rccem financi:d dncunacros consisting of (ai annual haumrve vhte[, (b1 annual income and expenditures nu+temsnt. and (cy annual btulget tNinancial [k>cuments?. if any, (calhxxivrly CIC ihk:umcntsl. Buyer has reviewed them. ugrtv:x to accept the hettcFits. uhiigutinnx and rcuri:Mi<ms that they impose upon the Pmpeln and ita owners :end waives uny rig}u lu tanninute this Cuuulua due lu such dsuuutrntx. notwithstanding Itx pnwixitnkv of {; Nt. tdt CIC Documents to Buyer. ff9 la) tieller to Provide CIC Dncatnents. Seller shall cause the CIC Dtrannenis ur hr pnrvidcd to Buyer, at Seller's expense, on nr restive '11t1e Deadline (?S 2cy. ^ lhl :tieller :lathtrl•ius Aiuorietlott. Seller uuthoritca the ;\asocia[ian to provide the L`l(' Ducumrut.; N, Ruy'cr, al Shclar~s rxlmnw.. ^ (e1 Seller's Ohligalion. Selitr +nbiigalrm a+pfnvlde the CIC lkrrunrtna shatl err hlltillyd upon Huycr'a rrcaipt of the CIC' Durumcros, regnnikss of who providex such docunrcata. (61 C'nndidmm- nn Buyer s Review. If tltz butt iu either +uhsrcliun 7d(>;lt ut of suhsrcliua 7+It4)ih/ is checked. the pmvivams nt thas suhstc#ion 7d(Si strall apply. Written notice ul mty wls:niafuciury provision in uny of the C:lC'. [hreuntems, m Kuper'.: suhjrctivc tbst:rrtion, signed by Buyer, nr on Ixhalt of Huyeu and drFivrrrd w 5r1lcr ml ur Estate C[C Dttcmuents Clhjectimt Deadline (A ?u), shall tctminntc this Contract. Stwuhl $uyer motive the C'IC' thrcuuttnts after Tltie Deadline i~ 3c{. I#uyer xhall have the right, ut Huytr's option. to trnninam this Contract by written native dellve[ed to Seiler tx+ uT heForr era cadetniar shrys after $uyxv'x reuipt of the C'IC Uneumrntx_ [r Huger does nor rtcrice the C'IC Dtreutntn[s, O[ ]f Such WCllletl n[rlicr W mftl7llla[2 Wtrald n[herw'iu! Fir regntn;d ttl t1t dell\'CTCd after the [lacing Ilutc. Buyer x written notice to terminate xhnll hr received by Setter un ur before three calendar duyx prior ter [hating Darr (~ 2c). 11 Seiler dtre; met teCSivr written notice h•nm Buyer whhin such rime, Buyer rurtpts the provisions u( the CIC [7ocumrnta. and Buyer's right to lrrmmutn thix Con[ruct pursuant to this wMcction is waived, notwithslalatingthe prrnvisiuas of 5 Kr. N(YI'@: it nn hnx in R+is ~ 7d is ctrtekrd, the pravisione of subsection 7dtd)(al shall apply. 8. "f1TLF AtiU ti11 R~'F.V itF:\91iW. a. Titic Review'. Titk Review. $uyer .hull have leer ri}',bl to inalnct the `fitly [Arcumrnu. Written nuticr by Buyer rrt unmeeehantahihty of title, loon or content u( Title Cummiuurnt o[ of any other unsutiaFacwvy' title condition vhnwn by Ifrr Tttlc poeumen7s, uutwithshnding ~ 13, shall he signed 6y oe nn hehalt of Huytr and driis•ered to Seller un or btl'om Title CJbje'ctian Deadline i4 2U, or within fis'e calendar days after receipt by Royer of any change in dre'I'idr Drwunaerns of entlmsentent al the Title C,'ummitmtnl togoltrcr with u eupg of cite dinuttttnl u+Ming uny now f xceptian w title. ICScllcr d:>LS not nrcwe I#uycr's nrnact M the dam speci[ICaI atxn'r. Buyer accepts cite condition of title as dixluxJ by the Title Uus•mtatnta ac sunil'uctol}'. b. MaHrrs ant Shown by the Yubkr Records. Scllcr shall deliver m fiuyrr. nn or before tN7-Record itfutters Deltdiine ti'*'t our copies of :dl ltaata uud stlntyx ill Seller's puxxrssann Imrtuininl: to the Property and attall diulasr ro Buyer ail easemrnn. bans tin.huiing, wirltmn tiuliflVinu. gnvrnvntntai imprnsernrnta .+ppruved, lilt nut yet inuulledt w other title muttrro (urauding, tV'hlkHn I171lItalIU11. It}hls tit flrsl Te't anat. Llltt trp111r1aal earl tiia)wa by Ih:- public matrds n(which Seller ha> a~[ual knowieder. 6u}ml sh;Jl h:l+r the octet in Inspect the }'repenp to invratigaro il' :wy Third panty has any n};ht ul the k'arpertt out xhuwn f,y the public .~+sa Nn. A'IbI-IU-UF,. tllVti(.+t'I fu in l.lVb ~F.LLN6~\I F.~I:3IF LU L'1'YYYa nF Pktti'F:w11ESr 1'u¢co nr l3 `~ Izi..A .. r•v.b. ~.ii n+.nr nru _•r•_I t,! e.n ruuv,; nu .. _.glb:•J 4.rc ~~i Lon a;(v, hn•.~ ,6:. 'i,.i•gi',t ti.V ritteu i,ari.~ .` aa•+ no,. ti i.u. l••c• "•n;d;p~n llcaluds.l In acll;r ur 7.r:~iiltii l,r.u,l!nnia•~Ji,nr_norn ales u,,1u:•'>!' a:dl hq 9~n, I h•. a,t .,n t~zh',i^n[liuiti: a4~1 ., • .I-ai+ti:d to ti.: ilea un ,+r h. Ism.: (l(1'•Heenrrl 1l alters (Yhjn'tiuu IIa•xtYlllu r~ . L ti CCIICr •L ias rod n•.. rv~ Huacv '~, ru,a5 I r ,., i,'. .I;w- ISu r1 ,u ccl,L; u[` ~ sr:#^I~•,7 b~ ranch eichr.. I .=sr, •-•f dni I I•nuc.. .d +,I,irh Bt±. - . LI II¢fi JCi aa$WrAN I'•t~_i t ~IIII"YU4 Rt'Yll'fi, ' F'l III kni Applic+tble. This S k:e sLeii a+a :: pp b, ~..~ ~ rb Cuntliffomd on Sane}. II ihz bas ru rlu, ..uh-;c•~rtt„s1 .SCI?i i,; chr'.-k e:[. Eiut'cr oh:dl ir.nc dte IipL1 u, Ir..pr,1 rte.' - Sw ce}. It •.+,'riuon nali:e by ,~ on hehali uC Bu}•cr ui uny wIS ni+faator s' a,nalili:m shown by dte tiwvey nohvithstrxtding J tib ni s" t +. c IM1 i. rNCCtaed b}' Sella on ur heFnre Sws•ey Ohjerlion Drndliutr (; 2ri dsru wch vhirctiun ah.rll hr deemai an uns:nislarton Lt}_- 41r, c,nlditiau, if Seller does not reccirn Buyer's nrrtice hr Survey Uirjediua Duadline ry 2cL Buyer accepts the 5urve}• an satixt:xxnrr -I: d. Sperial'1'axiirng Districts. SPECIAL 7:AXFNG C>ISTRIC`I`S MA}' BE SUIiJ£,C.'7 TO GENERA!. UBLItiA'1'IOA {-I:z INDEBTEDNESS THAT' IS PAIll BY REYF:\IIF.S PRUDCCED F'KUMI ANNUAI.'CAX L.EYI&S UN THE TAXABLE tllr PRUPEICTY HITIH\ SUCH DISTRICTS. PROPERTY UWNI?KS FN SI;CH DISTRICTS h1AY NE PLACED AT R[tiK Isi; Fl)RkVCRF'ASEDkiIC.LE.EYCESA\TDEXCESSIVETAXHURDENSTUSUPI'ORTTHE5ERb'ICIIC.OFSUCHDEH'1' ?il W'HERF; C:CRCC:MSTANCES ARISE RESL`LTll1C.INTHF,INABII,ITYC/F5UCHADIS"fRCC7'TO DISCFIdRGF, SC:C'H ts± INpEBTEDNESS WI'CHOCJT SUCH AN INCRF;ASE tN MH.L LEVIES, BUYER SHOLt1,D INVESTIGATE THE pE67 ts7 Fl"4A\CL~G REQU[RF.MF,Iti7'S OF THE AU7`HC-RIT.EU GEVER,IL OBI.HrATION INDEB7'EQNESS OF SLCII 35a ptSTRICI`S, EXLSTItX'G JIH,1. LF.YIES OF SUCH DI577CIC7' SEkVICIXC. SUGH [NpF,RTEpNE.SS, AND THl? ?55 P(}TENTIAL FOR A:V LvCRRASF. IN SUCH MILL LEVIES. i}6 [n the cvrnt the Property is located within a specie! taxing district and Bu}rer desires to terminate this Contras:[ us x result, it 3g? sarinen notice, (sy or nn krahalf uk Buyer, is received hy` Seiler un or before OR-Record M1fatters C)bjectlan DearWne (§ 3c>, this .i.~ri ('unfract shall terminate. kt Sailer drtcs oat receive Buyer's notice by such Jute, Buyer xccepts the affect of the Raperty's inclusion {~9 in sucb special taxing district and waives the right dr terminate fur tlmt reaunr. ?riti e. Ri(tltl to Object, Cure. Buyer's right to object shalt include, but tart ba limited ar, those mutters hated ink 1?. if Sallcr tr, I receives natica of unmcrchnntuhility of tills nr any ether unsatisfacmry• the amdikiun or commitment terms as pttrvidal in FI ka, ~r~ ~ h, c and d alxive, Seller shah use roxsonable effort.. ns catteci said items and bear any nominal expense to correl:t the same prior w 3r,3 Closing. if such unsatisfactory title sxmdition is nut corrected to Nuyer's safisfautinn on w before Chasing, this Coatroet shall +~: rorutinata; provided, however, Boyar ttwy, by written notice recriccd 6y Seller on nr ktefure Ctnsing, waive objection to a~}t iwnts y S C Righk of First Refttxal ar Approval. If then is a right rat"first refusal rut the Ruperty, ar a right to apprttva Ihia Contract, .<,6 Seller shall prvnupdy submit this Cuntrart according to the terms and conditions of such rigid. If the holder of the right of first refusal in'? exercises such right nr the holder of a right to xpprus•e disapproves this ('nnrcact. this Contract shall Cerminak. If the right of f`isl 3v::~ refusai is waived explicitly or expires, ar the C'uni r;ict is nppnsved. this (:ontruct shall remain in Full torce and ett`ect. Seltcr shall th't promptly notify Buyee e!f Are faregning. If expiration or waiver of the right of test refusai ter C'oniraut approval has not rxcurrrA uu t?t or before Right of First Refusal Deadline (>l :c}, this Cnruraci shall tcrmia:uc. - 771 g. Titre AdvCsttry. 'f he'Citla Dsxx~ments atferr the title, ownership and use u(the 1'mperty aril should be reviewed caret'uily. +" Addili!nttdly, other mutters trot retletted in the Tiila Dncumcots may affect dre title, erwnership mtd use of the Property, iucludirtg .. , wuhoul limimrinu lwunchlry litscs and aacroaehments, urea. 7wring, unrecorded casements and ctaimc of aasemeots, leases and other a-;a uorcenrtlyd agreements, and vattious laws and governtnrntui rcgulalials umcerning land use, development and environmental ?? nudters• The surface estate may 6e owned separately from the underlying utineral estate, and Iransftr at the surface eslaic i t, dtrts sot necessarily include transfer of the mtnerol rights ar water rights. Third parries may hold interests {n ail, gas, other rte minerals, geothermal atargy ur water as err under the Property, ahirh intensls may give !hem tights In enter and use the 17A 1'rnperty. Such mutters may be excluded !troll or not cuvcmi by the tide insurance tartiry. Buyer is advised to timety cvnsull legal z+'7 counsel with respect in alt such matters a> thatti arc strict [hue limits pun ides.! i1 this Gmtract (c.};., Title Objection l>eadUne l' slur 3cl oral Off-Record A'tatters C)bjeetian DeadBae lC zcp. lA I 9. LEA[}-BASED PAINT. E:nless exempt, if the impmvcrnents on the Rnp,-rty include rnte nr tnara rosidential dwellings for whsuh tri+, a huildinn permit was issued prior to Jmiuar}r 1.1975, This C'antrtty[ shall ks: void unless a completed l.aad-Bared Paint Disctmaure {Sale:: i Ix¢ form is signed by Seller oral she required real esta[,x licensers, which moat nrcur prior to lire prudes signing this Ckmtnect. Buyer t;r t acknaw'ledges timely rerxipt u£ a cumpletlcd Leud-Based F'uitt Disclosu[c tSxks! form signed by Seller and the real estate licensees. !s, 16, {'KUPERTY DISCLOSURE, IXSPF.C TIUX, IN5URABH.I7'Y AW B[IYF.R 1)ISCI.OSItRE. rsr, n. Seller's Property Uischawra flcadline. On nr before Seller's Property Disclosure DeadBoe (§ 3c), Boller agrees to iS ; deliver to Buyer the ttxrst current version of the Seller"c properly Uischssurr. fnmt rnnrplated by Ballet to die best of Seller's acme! txs knowledge, current as nF [he doer of this Cwnract. ;x+i h. Inspeetiun (}hjerthm Deadline. Buyer slt:di have the right lu have utsp.ctions rat the physical cnnditinn at the Rnixay 7ptr and Inclusions, at Eu}'er's expense. It' the: physie:d s;nndninn of the Property nr Inclusions is onsatisfisetury in Bu}'er's suhjeutice tvl discratinn. Buyer shalt, nn nr before tnspertion Objection lltmdline t4 c l: ,;+°+= (U notify' SeI1t7 in w•riiing that Phis C;nntrark is terminated, ur - ~ 1 131 ricliver to Seller a written description ni any umnrisfas;trn}' [drysical snail#iun which Buvcr uyuires Ss',Ik1 to entree! xa. el'lttil del-IIL• CnYta.U"r Ti HN:Y.1 VIi 9I'.ll-REAI"li;'I•ti"G: U.I Irl•r~n1+1'Nnrh kl'IPn r.xex„f It "" hnG. ;!. 1- :v into Ir~m, I. r• a ln'et I r ~rllr; nu ul L,'I~~r'. IttspctliuU OIrjue'tiun Daaxllinc F~ '~ I Ihr 171c : „I , Ilw h~. ..,-1 d I:L ' I'L ~I'JIIA :Ind hu'IL~;Inu. ~i cal h,• d;; at: el 1<[ he snri~+ack,-s L. liutr„I .' c, Re>oluliuu Headline. I~ :I N[,U. Y• la ('.urR'rl +.: r 1l+ca ht' ~rll•.I an+l 'I IStnm do,l ti:'llcr h:r~.i u•n uelr+.: a ..Iidnt• b.: id ~: ..'nl ~u «•ul 1L; n: ul ~m :rz bclnm Ftusululiou lkxdlutc l ,a 1. U,I, 1'nnrrl,•t ch,dl 1nmili:~,tr ~•ur .,l; nJ,n ,I:r, t di~ra me kesulutilnr „'.1 I,eaAlioa .i '. Lmal..:. hcl~ne such Ie rwinalinn SIn•t rre.a, .~ Itp p:: r~•. u'nC:n wVhJrt'r-',rf rat [hc NnLr. I,r(1.'lla.! !lu d. ln5tlf:'114111} 11r.:+C~IIlg1J.I1'•~Illidli larl~J npall ltu\tl'T '.:III'.Iiu11I 111 III ISIRif\~llhl~,:+tltC:il4ili lbla.«IIII SiI['.P:,,I~,Itlihtl ill rr r•uti ,url cundlrr,ms of and prrurua+ Iilr pruµcn;,~ luau+aurz I In, C, nnlu+a .hall t..lunna l; upon Scl kr'. tree-Ipa. olr IrI flcinla• ;n l I'rvgrrrly Insurance t lhjrction Headline t# ''-~ i. of 6uya'~ wriunl uutim drul +neh :mwancr ++a, ass ..ItiaL.r;~nlry' In INI~..al. 1! .;.;ic. a!t' u~.n ire ro ntu timely r:rtrircd, Buyu shall hour waived .nly rit;hr aI trrminnt.• uuJrl tlu. pluclsunl. dn1 e. Damage, Liens and Indemnity. Buyer is responslhlz fur payment tar all iusprcliuns, tas[s, uu+•cye,cugiaceruli! ralnan, ul or:ury other wodt p:rhumed at Buyer's rcyuest and shell par far any damage which uccun fu tfu• Properq teal Inclusions ns a result dhn oY such uctivitias. Buyer shall trot permie elairns ur liens of any kind agximt the Ikaperty far insprc[ions, a.xts, surreys. rugincerina In! reports, nr any ether work peefonned an the Propcny al Buyer's request. Buyer agrez.a lu indemnity, protect and fiold Scikr harmlrs. Joe hum and against »n}' hahility, damage, cast or expense incurred by Seller in :onnection whit any such inspeaiun, rlaitn, or lien. xw Thi.> indemnity olchtdes Bailer's right u+ recover all cost+and rxpcnsts irxurn-cl by Seller to anfnror chi. seniml. in;.ludiny; Scllel's . U+ rx a.nnahle ammtry aad Izgal fees, The prorisians of thts section shall survn'r the term inatian of this Contract. 111 L Buyer Uisdosure. Buyer rrprrsenls Ihul Buyer 17 Dues ~ Dces Not aced ur sell unA ei<ua a prnpcny to rs+mpkir• this JI? Iranaac'[luti. d l t tole: Any property sate coufingrncy shnulrl appear in Additional Prnvisinns (# 251. a1d 11. hiF.THAMPBF.T,tIMINF. LABORA't'URY DtSCL()SLtRt:•. The Iwties aakuowlydga that Salter is reyuirad to disclose ~tw whether Seller knows that the Property was previously trsed ac a methumphetumine laburutory. No disclosuro i reyuirad if llre dta Ntop.:rty' was remrdfuted m uccorttance with state xtandurds and other requirements are fulfilled puraututt tug 25-I$5-102, C.R.S. all 8u}'ar further aclurowiadges that Buyer hae the right to engage a eertiticd hygienist ar industrial hygienist [u test whether the -r t s Fwperty bus ever been used as u methrmphetamine lulwruuxy. In the event that the Property has been used as a metfnmphrtaminr ~I19 IaMn'utury, Buyer may dclirrr written notice to Seller, nn or before Chrsing, hl irnnintrte this Contract. din t 2. CLOSING. Helivery of deed fwm Seller to Buyer shall ba at closing ICoosing). t'losing shell br +ar t#re data slxcila:d as the d'I Ckming Date (# '2cl ar by mntuxl agreamera a[ an earlier dare. Thr brute and elect of Closing stroll ba as dz•signatcd by d?1 Pilkin Cnr my Tltla ..._._..___. ...__.--__ _._ ._ ___..._ _._ _. ____... --_ __.._ __..... d'.+ 1 ~. TRAN3FF.R OF T(TLE. Subject to tender ur payrrxut ut C'losin~ as reyuirad bream and cnmpiislncr by Buyer with the +Nher 1'_''I Irrrnx and prorisinns heree,f. SclMr shall exectrte and deliver a gcn,d and sullicient ~araain and Sale _.__... . _:. ~_- i.; deed to 8u}•er, ul Cllustng, conveying rile Property fttc and clear of ell txxrs except the general taxes far the year of ('tasirty, fixtrpt ~1'_o as plvvi+kd herein. title shell ba coureyed free nltd clear of all liens, including any' governmenttll lien:; for spcclal imprnvemanrx ~I?' wstallyd as of the date of Buyer's signwurc hettxln. whedtar assessed ur nut. Tide shall hr conveyed suhirct to: ?'N a. loose specific t'.xceptirnls described by referrncr lu reeurde.•J dacumaos us reflected in ttra'1'i[te IJtnwnznn uzcepted ht :v Butcr rn acrordxncr with # Ru (Title Review'1. i3(I h. dktributinu wilily rrsemulls (inchxling cahte'tY). lest c. those speciiieatly described tights of thin) panics out shown by the ]wblic. records u£ which Royer hae aenral knowked~,r ~t32 and which weer accepted by Buyer in ac,c+xdunce with # $b (blotters Nut Shawn by the 1'ublie Rcronlsl mlul g tic (4un•er Review), Jh d. inclusion nt the Proprlty within any sprcial taxing disu~it•.t. ~t b4 e. the henctus arxl burdens of any recorded derlaratian arul parlay wall agrermeuls. i€ any, and d3> f. other j~+ ____._,......_ ...... -.------ d?t, li. PAYM1iENT OF F.NCM•1BRANCPS. Any encumhrtmcr reyuirad to he paid shall tJC patd at ar before Closing Berm dre ~I 1 i proceeds of this inuuacKiun +x from uuy other source. d3x 15. L'Lt)SENG COTS, DOCU:OIEVTS AND SERVICES. d W a. Good Fends, Buyer and Seller stroll pay, in Ciexxt Rend,, their respective Closing costs and utl other items royuireJ to ,].ia hr paid at CkTSing. except as otherwise prav'ated herein. all h. Closintt Durutnenls. buyer and Seller shall sign mod r+srnplclr ell customary +x rcasonatdy reyuirad docunx m.< ur nr J4:. before Closing. aJS c. Closing Services t'er. Nees far real astute Clnxing services sh;d9 hr. paid nt Closing by (7 Buyer L"i Seiler ~ (Inc-tla8' •Wd by Ituyer and tine-Half by Srtlrr. .rd5 d. Status Letter and Transfer Fees. Any fees ineidzirt to rhr iuuaner of Ast>Li+rtiun's st:nemont of assessments (Cwius ddb 1.cuerl .hall lu: paid by Q Buyer O Seller D One•NalFby Buyer and (hte-Half by Seller. Aay lees incident to dra Iraazfar From 11'1 Srilrr ba Buyer asszsaad by lha Ass+x•iatiun lAssrniation's Tratsfer lief shall hr paid fiy' ^ Buyer ^ Seller ^ One•Ilalf ley -t~ln Buyer and Utw-lftdf by Seiler. ad's r. Lntal Transfer 'l'ax. •I"ha local nancfer tax of _..NIA.. `'~ ul Urr Pom'h.lar Pric-r slcdl bz paid :u C'losint; by J d I ^ Buyer ^ Seller Q thu•-ilalf by Buyer and One-Half by Selicr. ~t~t G tialas and Lisr Tnz. :1ng .ales untl use tux Ihut uriy accluc t,ra:lu;.• ul this nansacuun shall hr p;Jd erhen Joe h'r 't ~" ©liuyrr ^ Seller ^ /ine•Huk' by Buyer nett floc-liulf h}' Sr]Icr. \u, lv.'Hsl-III-iM.COV'ra lf'1"nr RfY.tVrrrirlt ar4l.H:\L1TC441.1 I1rP1,UP I'N+N'tnTlra; 1'u;;esw L:. " ki•i!i .w' +~.-- ~+"" la_ PRQRa"f7U~ib. 17,c:J.h~.,.ui;.,h:J is in~r.,lc,l~~~f'i+i sin{; (lair i-_., ... pl r„=hc,. i_la~•v,k~l J ~ 1 n. ~t:rtl'~. 1•.I ^ ~ I¢; :` Ill 1J \•:.;, tl ar.. ;un.i -ua cJ i+.:6 1+ r, :.. ~ I ,: ILr >;:n- nl t'.b,irn h sJ :nl F>d fnsea t°' lire rhr i'atrndat ~rar IIIIIItP({:M14'14 Ih'+'a'din1: Chasing la Vast kn:cul Mill Lrlt ;uul llusl Krrtert A.rr.areP t:du•.+l i+m ~lir, ~ (Ilhcr 4i ~ b. Rruts. IE: uls I~.ncrl .m fa Henri Anuallr liecritavl fJ Aecrnrrl. Sc;m uE ;lelx~.:r+ rIJ Irv Sr`~.I i '.r..I! 1,; rl, ~.'itsa a. t>~. Bu}cr. S~I'.rr shall u.: i a :dl Icscs In IfUSCI aril's Ito F•••. s'!:dl a•slgrls' ors tl Fs-.C~.. . 15.1 r, Assltcinkiou Asecsgarnly. {'utrcni r,.gtIlu Ass~a•I:aam.txrorn.ius_maAti.+xiannu dur;l~lsa,i r.¢rnt:b.:a•~srr.^b?pai~.l ::nt! lu adt-an.r ihult he cr~allsnl in ~cIICr al C'f+ntnp- {'atih esscrb c•. hC1il out ni sltP Ie~uim' Assoi'±sumi :1ssr4sfurnla fur tl[f,.•tu^rl -tnl rnuintrnanre by thz Assuciatiuu shell ntn fx: crrdhe:a to Scilrr racepl Ls ma}' he nih:;rwisr provided by rhr i inv'eruar_ IAn,uaruls -tat Am• sprcittl assessment by dtr Asst,tii:ainu Gas in~p«rvem,: u!s th:n 6ttvc+been installed ux of the duaa of Buyer ~s srgnature 6ereun :uh:rtl da3 hr the obllga[ion of Sellrc Aoy label special s+ssrssment asacdsed priest to CMsing Uate {~ 2c1 by the •4ssttet:uual shill I+r. the 1b4 /tt+ligattun of ~ tierce C7 Seller. SalEer rrpreseurs that rhr anurum of der Assarieltiun Assessotents is cune4tly Ira}•ubh W 1t>5 S none per NIA ----_..-..... and th:u there air nn unpaid regular nr special assessrnnris against tlu- Proprrt} f+P rxrrpt Ihr current rcgrdur assrssntenu and csrept ..__ -.. -. an7 . _ . Suetr assrsmnrma :ere subject to change us provided m the (iavernhig 17ormnents. artx Seller agrees to promptly rrclukst the.4ssta•inuuu todeiivcr to fiuycr hrii)re Closing Dale i3'ul a wrmnt Stains I ever. d6y d. Other Pt»ratinns. K'ater and srw•rr charges, interest un continuing lonn.:uul __ ...__..-_-___.-_._. -. _.~___. ~__-.-__~._. .,.. .-.__..v ~1'll _______.._..........._._.___.._-_ J?t e. Fiaal Settlement. L'nlcss axherw•isc tgrced in KI tong these p«~atians shall bt final. ~7? 17. PUSSESSION. Possession of the Ptrtperly shat! M: ttclivvred ar Buy'cron Poxsexsinn Uate at Possess{nn 'l'ime {r} 2c{, suhlrst -173 to the fo]low•fng bases nr tenanciex; ---. _..-... . __...---.-------'---------._---- ,78 If Selttq after Closing, foils to deriver possession us slx;ci£ied, Seller shall be subject to eviction and shall be adttitiunally liable 17G to Buyer feu payment of Y_S.pQ.I]D_._..._._.,,-... per day (ur eery part of a day) from the Pratveseion Uate and Par~ves+,ism Time fss'e{ -77 until possession is delivered. ~i? s Buyer ~ Doffs ~ Drees \nt reprc;scnt that Huyer wilt occupy the 1'raperey as Buyer's principal rrsWence. a?u 18. AS91G\ABIL[TY. 't'his Cnnkruct Ct Shall ~ Shall \al fk assignable by Bu}•cr wifhottt Seller i prior written mncant. ,+""`2<I [sxerpt. us scr [estrictcd, this Contract shalt inure to the benefit of wail M: binding upon rile hems. prtxanul rcpaseniauvc•, succexsurs ~; a and assigns of the panic+. .:R? tY. INSURANCE; CUVU['I'IOV UI; DAht ACa;'1'O PR(.YPP.R'tY ANU INCILUSIUNS. Except +ta uiherwix provided in this =s t Cnntnu .the Propcrt}•, Inclusions or Ivrth shall be rklivcmd in the condition existing rtt of the date of this C'nuuart, ordiualry' wear 1%1 and teat excepted. 135 a. Casualty Insurnncr. In tree event dlr F'rupeny ur htchtsiuus shalt br d-antaged by lira ex elites casualty prex to Closing. 1st ul an antauut of riot mcvr than ten percent of the loud Purrhaac Price. Seller shall 6r abliguted to repair the same hefare Clawing tx' lYate (1 2c {. In the event such damage is not repaired within said time nr if the damages rxrred such sum, this Cantravt may b,' txw terminated at the option of Buyer by delivering to Seller written notice of rerminatinn nn nr before Closing. Should Buyer steer tr. 18+) erury earl this ('onarar[ despite such duruage, al 4lasing, FSnyrr shell hr en[idetl to a credit for ell insurance prcscceds that were 1d=Kt rrrrivctl by Srllcr (hut cwt the Association, it anyt resulting &am such damage ur tl>c Araperty and Inclusions, plus the anxswu of -:H -an}• deductibir prvvit[cd fur in arch iustu'ance policy. Such ctadit shall not exread rhr Purchase Prier. In the event Seller bus nut 143 received sued insurance proreetts prior to Closing, then Seller sh+rll asxign such proceeds, at Closing, plus credit Buyer tfiu :auount !v ; of nny dcductibfc provided for in xuch Insurance priliry. but nor to exceed the mmi Purchase i4icr. try; h. batnage. [nclusiuns wad Services. Should any inclusion ur sen•ice (including systrnts and rmnpnncnts of the Ptxrpern•. 1+y5 r.g.treating,plumbing,ANC.lfailurM:dsutia}a6v9ttr[w'zutdtrdateofthisCou[rattandC'losingorptusessicm.whichevcrshsilbraarlicr. 49u then Srllcr shall bz liable (or the repair nr rrpiacemvni rd' sutFl prelusion ar service with n trots of similar sine, age and quality, nr an .IYT rquivulrnt credit, but only to the extent that rhr inaintan:rrk•c ur replacanu:nt of such hxlusian. service ix' fixture is nut dxt responsibility 14s1 nt` [he Association, if any, Inns any insuranrc prcx..cds nceis•ed by Buyer covering serch repair ar replarrmetd. Seller and Buyer un ~19V uw:rre of the exis[errre nt pre-nx•ned home v.•arrunty proltramx thaz nrnv t+r pumhaecd and may cover the repair nr rrplacentcur of ouch srxr Inclusions. 7`hc risk of toes for damage to grnw'ing crops by tier .'u' ndxr cxntralt}• shnH 6e txjrue by the {mrty entitled co rhr gruwiup Sol aropc as provided in stlbsrctiu[t 3u!?}and such party situil br rutdlud lu suc•h insurance prtx'rrds or 6enrtits for the gu+wnrg nu1?z. ?n' v. Valk-Through and VeriBcatton of Condition. ftuyvr, upon rrxsnnaDle unriee. chap Save rhr right to walk thn,u h rhr 5r?? Fkuperty prior to Closing to verify that tha physical canditi++n of [he Fkupeny ansl Inclusions cnntptirs with this Gmrmct. ,ud :tl. RECUM1IhIEVAAT[UN OF LEGAL AW TAX COUNSEL. By signing dtis ducwnrnt, Bu}•ur uud Seller ucAuuwiedgr Char ivy rite res{u:ctivr broker has advised that this darunsrnt has impatlaat Irgal eonsrqururrs alert has rerotnnttatlyd the esawin:niun ul =.Ix, idle and cunsultatn?n with Icgal and tax ar other counsel betbrc signiae rhr, Contract. ~n7 21. '!7h)t: UF' ESSi:NCh:. Ot>M'AUGf A\'I) REVtEtYIh;K. Time is ut dtc rs rocs hereof. If any nrnc ur rhtsk rrccivcxl as ,,,,~,?US C,rnrost htoncy hareunder o[ any ultras payment du;; to-reundc: is Ira[ Iraad, honarad or tendered wilco der. of it' arw ntiipat?uu 'xr hrrrundrr ix oat prrFivnsrd cN waived as herein tone a[rd, there shall l.u dlr fol k.u'irtg «cmrdirs: ~.v.. \u.rCiAti-la-IIA,1'aClR.ti`r'IIr M3'ANtti!"11fti•:af.CPr4TI'.id1.1. T1[•L•'ti ur PRUPF!aTn?ti Pnx,-vas lS -'y` lua.,i I rl. ilv 'll 5<1 :,, ,t 5~5 4'(t Gs~ py~; i'?U 5}q i:t i i? iii ?i+ Sit i.tli i;7 ii} i `J iJr) ~-t; Si' ;:: i i~c i.:i 5 'd+ ;.:1 S+!I ;~r, Sit, 551 55 i5 3 ii S $ji r•4h Tji 45r1 1i~It {ill ,A. ii;+ RA 1 tier, tihry 9rr i 1 iS u. v9".lr 1. 1 i , r. _ i r D i u ~ _r i r e r .. .~ _ ~ .. .. ,. . 1~ ~ r 1 1. I ~. .. i Ir. ~ r .. I ~.. II .. i 1 i i.. ~''. 1. 1 i i ..~., ~ u . r ..v.:, .•..Lnn.r L,: is ~J J i:i VithLL, .l 11 ur:r tp- 'ra b.._c .t '••1.,1:= r Il. i rl nl r ~ n L!p 1., iiN rill .I`-'I• L.. I . I. ,. • I.. l''~ i.... .• 11 r +' I r; 11r1 .1 ix ,:II:1 K +ii'~ }',aloe , 1 r I [Itrt~-,r :.:1 Ir..:•I .r .I . ~r a. •rl I'I~,tllar. II••I rl.u,6 ~r li I r ~I'L ,n ~ f ~,. I i. l _ y n::_irl:':I my 1 ,l htt ills if l'.l)IYq 11.•debti nu; rca a.,.~u Yd ~. ui,i,h:u WUUll the it .cur,. .,y3ir r. I:ur ,u+~l it r,l Ld~.ri r+~,__(, ',n ptv+idcvl a+S~ Il)r 1a. !Ir, ?_' ij, ~.a 1,1 tie lrnn,r .1i 111 la tiJJJ IJ?A 5f 11 i` :W I1 tiNLF Ith.]IL11S 1 a 'a :cr _p. pr u. prlfanu the elrl5ratiuu.. ut tht. t'onnnet. Sr~J lee exprawty u;urc. lJla• rs: n+r:rlir.+ W +Inr+fid prrila'n ,n ~ arnl as btl nnl a.rlhl; ..:: b. If Sefkr is in Cyefault: payer may ekcl lu tre;u du+ ('uuuact a~ cxualyd, la whxh case all I~.:enesl Sioue:} ra:ri v:~:l Ixn:under shrill ha temrrlert and quyzt nlay reav~-er .,urh dantuguw u~l may tn; prvlxr, +,e Bugrr uluy elect to treat rbi> ('~rltt,la .1:r Yang in full farce cold effecx acrd Bn}er shalt have the right to .pezifie perfannmice or damugus. ul M.rth. c. Casts end Ktprnsra. hl it,r evdn of :uly arhiuati.ul or litiganrxl relating to rids (}rntracr, fir .xhin:n.a .a c•anl .hall :n<ard to the prtr:•tiling party atl reasonahle rnus and expense., Inclttdmg attorney utxl legal recs. 32. M1TRDIATCON. If a dispute arises relating to thi. ('olNract, prior to or ;Ifter Closing, arxl is nrn rcwrlcat;, dte p;n ur>. ',hill =uM1 pmrerd in grand fait}! to suhnnt [hz mutter nr mediation. Media inn is a pn,zess in which tflr panics meet with uu iulpurtiu7 p.•nau why ltelpstu rewlve dot tSspuu. inforltwliy oral canfideutiully. Media#ors cannot intpuse hirtding dreisiarr.. 1"he partir: to the di.grute must agrac hefcxe any aetrlelllem is lrirldiug. The parries will joitniy appoint an acczprable mediator and will Whore ryually is the cost of such ate(liatir?11.'l'he nttdiadan. unkas otherwise agreed, shall terminate in the event the entire diapum is rxx t><sutved wghia ?tJ calendar bays of the date written notim rcyuesting mrrl'Iatirm is delivered by tote party to dre other a€ elk; party's Gst kuow•n address. This atcaicxt shat{ tkd alter any [late in this Curdracl, unless atterwise agreed. 2;t, T:ARNCsST MONEY gTSF'Tl'['6, t3accpt w }rtherwise pnn tried fiereirl. F.umust Malley kloldcr shall re;luase Ulr Gntcst §tonzp as directed by written mutual itishuctiona, signed by troth Buyer uncl Sella. In the event oP any raneravasy regnrdiug the Namzst Aloliey (natwlthstanding arty termination of this Cuntractl. [:artiest Monty Holder shall not lie rewired to take any anion. Is:lnlrst Homy Ffukkr. at its optivrl and sale diszretial, may (a1 [oval[ uuy pnx:teding, (hJ inttrplead all parties sold deposit kSarnest t7 xx~}• iota a svurt of cvmprteln jurisdicticln and shall recover rnun costs and reastkta6k atwrncy artd legal fees. nr K'1 dcliacr rvrlucv raxice m Bayer and Seller that untzas E:arnzst Money ItulAcr resets-es u copy' of the Sunmuuls and Crmtplaiut m' Claim Ibetwaa lJa}'Ci' slid SCgI`I'J. 4rnllaitllR} the L'ati4 Ilanlb2f nr dIC lac4dtnl (Law'SLLit t w'hltlit 12fJ ~alCndin da}'S V 11:.',rnCd1 \'f VOC4 FtUJ;lrr' ~~ 'n't roe„ rnaic'e is dzliv;:nd to the purtx:, E:urr.st Motrey Hal3cr ahatl bey tluthnrired lu return the lilrlles[ M1Lmey [u payer. In rite esrnt Earnest M1iate}• Huffier dues receive :r atillty of tku: Lawsuit, and has sot inrarpled the monies at the time of any (lister, liarncst Yhmr.3• Bolder shall Aislrunr the lie:nee kMnry prlrsuant m the (ynlcr n! thz ('sort The garues reaffirm the uhli!•anun of f*i:vliadam r.~ ?_i. 2•i. 'CEHMISATTON. In the event this Ctatlrtct is terminal;vi, ;dl Conks[ Maley received Ik:.reurulrr nhlal be rutue nee at«t +lat~ trantrc shah tee rr)ievzd of uJl ahligatiuos hzreundrr. wb,jcu[ to y$ Irk. 22 and ?}~ 2.4 r•Tyb[TIO~AI. PRS)V I$1(ytY!3. (The foliow•infi add itinnut pmvisinns have not kx cn upprnwd by tree t'1,1„rxJn [tra'I D:oal, ('nmmscion 7 This contract is contingent upon apprgvel by the Cily of Aspen City Council aviraencah by n dWy approved Resolution of the Clty Council na later (hen t, 2008. Nn. rf N? t• In-91r, t uti Ue,lr r lI r at + ~NU Ohl l 1;1 tl i T 1 ~U r nl r'rf rfs nl' P6a,t•Ck I'litii Ir.p ~... ~~ ^1, "`Ka!rs ?o. I~. V'1'Ittt .11;Itf .if.t16:.\1". 1N.tU1Pll~il'IUN: tit. 121'11,11_ I u i, ••.; •; n:•;m r..n~s!ttlrtc. 16: c1ni~~ (lmr cast hrr~.•ccr: dr ,. ;a rlln+ ,u laIIIIL' In 121. +Ublr,'.CI Ih T. irt.:Ilat :41 Y' Ire ;-4 +~:: dYlllr'; i •4 II iii :II nr1,; l•-• hi rh:. VI:I .. +I lth'n. 1.1 hdtiil Ill"["Cti :Ul,i .~~ mlCrrtlul nd,l hls l'~nraa~l N~r;nh+~'ap4sll nirr,L'o: .ainn id a:;k o; thrr ,~lc-ur rhi~-t :na_i~.;:nll hr=,_,H~.In,,,liu~ale„ir,. lr.-ih:~. a tnlls.r:uhlr w,lc" nulcle :a wuuur sod :,gyucr: hr Ni.: I:.uu •~. `toy ,::+h~.l<c<,r~ u,:h: t'ani~: ct Irirl. hr, rs<Ll o~: •. r~ innru.l.~,: :,• 1-~•• x•uirnnrJ .:Orr r.rtuiuariuu nr 1'bisluv shall auu :'.c r'l:.:ruc ,~~ ~.7. M'4RP:CLtttil.Rt+:lrl4t'Lt1tiL121?:1Ni11'l2UTI?f."Il(1\. ti;lb•cast,uu'.,i.d;;rstlnd.t,+lJY:\,[;r ltra.rr.a..l ioi:.l~•.~ s:., du fnrpcrrc Q IS ~ IS \i YI' in 1:,.ecin.;u[~:. In the event r.iia tnursa,.n•w i. •.ubi<ct to the pnwe•i!nr. ol'thc C+.dur, du Gl ril. ,mrne ,. , From lion :'4et i [ho rT n ti.r.. generall} tlx ,1d reyunss char the. Paryrrn} is r; crrL_mnd. m nrrrMnrrc, ant] tiuYer dvxs oar rrnlJar w 5"e, n tree :u ]tax I }ran, a different cuntrat't thst c6nyrlie. [rhh [hr pruvO;inns nl'[h~ Art is rerluirtal,:md ~hi.v Cennra:r sh,rl] he enid :nut 5?', of nn effect unless the Forrcluwrc PrupeAy AddenJunr is carrufed by all pastas anlrurrenr with iha vignin~ of chic Contr.u•t Ih; 5; x parries are further advised to consult with their awu utturnew•. S;v 2it. NOT[CF., bELIL'ERY ANU CHUICE OF L AFi'. sxu a. Physical llelivety. Exrzpt fur the notice requcstiok mrdiatiuu dr,;rilx;d iu ~ _`?, d,aivrr.d utter i'.lusnr_;, au:I cs:c•}n ;:+ set pnrvided in # :Rh briow, all nntb:es must be in writiug.:'1u}~ nuticr to Buyer .hall be etTcctivc. when received by Buyer ur ]w ti..•Ilm;: ~5. Bn><:etxge F'itm, and any nuticr to Seller shall he cYtcclivc whin physically receivrrl by Seller ur L.isiint; Brcrheragr Finn. ~a? b. F.kctyanic Uelfcery. Assn sltrrnstive hr physical delivers. anp signed drkuntent neat writrzu nutica rna}' br deliv. red in ,xt elzrtronie form by the fnllosving indioa[ed rttetturds only: f7 F'acsimfle p F.•mail ^ No b:Metronk (lelisery'. Ocuuwems w•Bh `•;ai rxiginal signatures shall Ne provided upon request at u6y puety. San c. CFttdcz of I,aw. 'Chic f'nnnact acrd alt disputes arising hereunder shut] ire governed h}• any! caxisttuud in rucurdanec with 5ti z the tows of the Stutr of Colorulu thst would ire spphcutlle to Cohg-ado tesidcnts w•ho sign a cornrect in this state inr pmpert}' located say in Colursda. 584 Z9, NU'CIGE OF ACCF.P'CAM1CE, COUNTERPAR'CS. 'this proposal shall expiry unless nccrpted in writing, by Buyer alul 5~rit Seller, ss evidenced by (heir signsturcv below, cost the ,altering p:my receive. nnticz at such accelxaar:z pursuuut to ¢ 28 mr ur before 3vl Acceptance [)eadlinz Dale t~'ri and Acceptance Ckattline Time (~ 2c1. If accepted, this drxunrzm aliull trecume a cuntrtr:t s'r3 between 5zller snd Buyer A copy of thi4 ducutlrent may he rsecutnd by each party, srparakay. and when each pates Iws exeentad a s'ii cup}'thereof, sucfi copies taken together shall be deemr:d ter he a full and cnu[plete CuntiY7M Ixlween the. parties. - -.... ._..-,, - .. _. bare -_. _ _,~ t' r. f~ pen. Stephen N. BerwlrJc, Clty hlaoagar - - ni,v~r -~ --- 547 Address: 1~9..~.4iittS~L~na _ __._ ___ Address: svs Ashen. Colerade BlSj 1 _ _ _ __ _ _ 5'w! Phone Ko.: (9701-920-52{15....- - _ - ___ €"luorr No.: tam f`ae \u.: S9T0~920~5919, , h'sa Nu- --__ _ and limailAddresr stavab~ci.esuen.cous ___..__... -_.-. Email:lddress: mot i~t1TF:a if this oCCer is being countered or rejected, do not sign this dnrnntenl. ReCn• to ?} ,lUl •~ M1J t7ate: __._~_.___~ ..-. _~ Uute. 71GVyi ~S Ix1.c Via! ~ ~'• ~j . rata <at=. tax, foci racy {at~Y h ltP _ .__.~~ _._ _ Phanc Nu.: __._. Fux No.: Firnail Address: _.. __ --- ;.- s~~i.~~ r~ I _ - _-- _____ .__._._____. _.._ phone Nu.: __.___^ ---..._ Pax Mr.: )•.[11:61 AddrrpV: nt I 311. C(YU\'I'ER; RE,IEC'TIQV. Ttlia utl'rr is q CounlcrtKl C7 Rejcck'd. r.l? [niliafa only uC party 16uyer nr Srtlrrf who cosntrrcd or rcJecicd niTrr . . ^1:1 t;\D l1F CUN"fRAC7. w- - Vnle: Closing Instrucliolrs snd Gamest b8nney Receipt should be signed ao or before Title Deadline (~ 2r{. \r.> Nn. ,'p ISXI-111.06, CUNT aAC'r 141 aVti .1SD SN.I.I. k1iXt. 1:41:51 P. iALI.'1'1'yyb cry yapr'r:af IN.%, 11n;,~ 11 ut 4. _.`_ ~ I, n ,.I 1J tiliLl.INfi I4Ktlh l:•K'ti;\('h V11\l'1.I.t Iti Llk~:'L 15 1NI11'f )111'11\:\IhIN III tir'1,1141.K1!. i.ii. ;1'nl'r ~.•nnlrir;~"I ',~,tirl',in._ 14u'{. eiS +~i' `i.:ihrr. Rlr,kcr ^ ILK'a ^ ihn•s Vui ..r6 nneclu ..' r. a.l:4 0 Lar W_~I Nnur., J~pn:-ii I r.. is i.'.I u I .ra•.1 •,~~-1 I- n..: ;. I.v i'. r•, ria ,. !'.aMnr.a -~rc:. I•.r c~ I•rrnb: upr.~u r+.p.u: ~4 d. itlr in• u?c,liW i-. ~ run lud,~d uu I. , ,. _ ._. S:'il:ne ltr.,l;,•ruv:,ri4.we +,. rih lSrq+:r.r,;i QKUter'n Akrnl O'ir:al.aetion~Rrnhrrin lhi~li ~. n'. n. N~nr Qllu. ,. ..!'luu:.a„I Stn'. -. t~?n Seilez ^Iti ^Iti N(?"1' a nshnuul v:.~rk:u~~ oath .tiahn,~ I$okrr a+a 1g1}.:r':. +\gcul- rr,'I ticlling flnikerrge Firm nvup~naauon nr r,ruuuiasiou i~ r+. be paid 67 ^ Listin$ Nrokcrngr Finn ^ Huycr n.'_ ^ Other -- - ri' SrlligK lin'kcrlge I~ilul'•. Name. _. -.. - - -_. C,2d D:uc: f~j5 ..__._. __- . _ _~__..,__ __. _ _ __. _. 6_'R -_.___. - .~._- _._._____.-_.__.. _...___.._-._.____. 629 Phunc \u.: __.. _. _- __-_-_ .. __._..___.-_---- --- r.•3u Fax Nu. -_--___ _ _. n:` Llti'(IN(':NKCIKF:N:;tiA('KN'OWt.EDt:NF.NTSANDCOJ[PENSA'l'!U\UI5CLOSGKF:. y; a `'lee Fx: romp'.ctnd hu Lrst9ng Btakeq bit Listing 13tnkar ^ 1111es ^ Ullen Not ar~knowlcdge Ixecipl of h:arnult A'tlxky +Iepsrsd +.pecitinl iu S •{ uud, adult Ixn a party Iw thr r, tt <"frnlruel. agrtroa ul awlxtl514` upon requasl with :uly nluhatiou colktuded under ~ 22. f:}h Lixling tirnker is a<nrkiug wish dre Sc11ar as u O tieller's:lKent O'I'runsaclion-Iirnker in rttis tr:msacunla. ^ "Phi.; is n C'hnngc Gi? a Stulus. n=% ISUyxm Q Iti ^ 1ti N(1"I a custunlcl acarking n•Iih Luting bnrkcl ni' a Seller's Agent. f, to Lisliug 6mkeragr Firm :. compensatmn or avnmicsum is ul he paid by D Scllcr D Hnycr a:n ^ Other _ _ __ _ ___ hi I Listing Rmkn-age lsirn!'x Nanle. -_- G ll. Uatc: r.l t h4a R+nkcr Srla Addrrsti _..._ _. G.16 aJi Pln!ne No: _.. _. _ . ---~ al'i hmad Atldres. _-- --~ Nu. vC'nti L nl.lw- frrBTn xe'T Tf I nl l 1NI1 YF.I 1 Krxl L\ I`fl t r 11 Ll'YI'Rx f 11' 1'IIUI'Y.H f IFtii ~, .~.' rµr 4: of lIn/').Vn~/ V ~~ e, or n~` n~ ~, ~~fl ~. a^ .,, c. 0~ e~ ~t: c~ ~~~_ ~~~c- u h~~ R t gel ., ~oY ~' ~~ FJi ~µ %3 ~:. 0 s ~ ~ ~ q,f i a r ~,= I „ ~~ _ I ~ ~+, w~ ~i iM 2 Z Z~ W~ ~~ Z z 5 J ~® Z~ ~-. s ~ ~~ ~~ ~ a Q CC ... a ca e u U w EXHIBIT E: Opinion of Value Client Stephen Ellsperman City of Aspen Parks Department 585 Cemetery Lane Aspen, CO 81611 .,,.,. Appraiser Dave Ritter, MSA The Appraisal Office -Aspen, Ltd 210 South Galena St, Suite 29 Aspen, Colorado 81611 Subject Property Stage Road PUD Lot C Aspen, CO 81611 Date of Report May 1, 2008 Purpose of Report The purpose of this Restricted Use Appraisal Report is to estimate Market Value of the subject property. Intended Use The sole use of this Restricted Use Appraisal Report is related to potential acquisition of the subject property by the City of Aspen. This Restricted Use Appraisal report contains 17 pages. The addendum to this Restricted Use Appraisal Report contains 16 pages. This Restricted Use Appraisal report should not be considered complete without all of them. This is a restricted use report, which is intended to comply with the reporting requirements set forth under Standards 1 and 2 of the Uniform Standards of Professional Appraisal Practice for a restricted use appraisal report. A restricted report does not present all discussions of the data, reasoning, and analyses that were used in the appraisal report process to develop the appraiser's opinion. The supporting documentation concerning the data, reasoting, and analyses will be retained in the appraiser's file. The depth of discussion in this report is specific to the needs of the client and is for the intended use stated in the purpose of the appraisal below. The appraiser is not responsible for the unauthorized use of the report. Furthermore, in accordance with prior agreement between the client and the appraiser, this report is the result of a limited appraisal process, in that certain allowable departures from specific guidelines of Uniform Standards of Professional Appraisal Practice were invoked. The intended user of [his report is wazned that the reliability of the value conclusion provided may be impacted to the degree that there is departure from specific guidelines of Uniform Standards of Professional Appraisal Practice. ~,. Conclusion of Report After considering all of the information, analyses, and extent of this report, and based upon a limited number of comparable sales, I determined that the final estimate of market value for the subject as of the effective date of appraisal, as is, was: One Million Two Hundred Seventy-Flue Thousand Dollars ($1,275,000.00) Subject to the Certification, to the Contingent and Limiting Conditions, and to the Extent of Assignment contained herein. Due to the subject property's zoning there is not sufficient current market data on which to base an estimate of marketing time for the subject. However, at the appraised value, it is my opinion that the subject would be likely to sell within asix- to-twelve-month period, assuming no change in market conditions. Respectfully submitted, ~_~~ Dave Ritt r. MSA '~1 .,../ Table of Contents ~.., ................ 4 ................................. PURPOSE OF APPRAISAL REPORT .................. ............................ 4 ....... IN'PENllED USE OF THE APPRAISAL REPORT ....................... ............................................ ........................ 4 .................................. CLCENT RELATIONSHIP .................................... .................... . .................... 4 ................. ................. ESTATE INTEREST VALUED ............................ ........................ ........................ 4 E%TENT OF APPRAISAL ..................................................................... ..................... . 5 REAI, ESTATE APPRAISED ................................................................. ................................... ......... ,$ ............................ SITE AN.AI,YSIS ...................................................................................... ................ .................. 7 ................................. UNITS OF COMPARISON .................................... ........................... .............. 7 IMPROVEMENT' ANALYSIS ................................................................ ............................... ... 7 HIGHEST AND BEST USE ANALYSIS ............................................... .......................................... ~JALUATION PROCESS ............................................................... ............................................. 7 THE .................... 7 Cosr APPROACH .................................................................................... ......................... 8 Conclusiono Market Value~ostA roach .................................. ............................................. _ .................. 8 INCOME APPROACH ............................................................................... ............................ 8 Conclusiono Market Value-brcomeA roach ............................. ............................................. ........... 8 'I_HC MARKPT APPROAOH ...................................................................... ................................... Ca~clusioia of Market Value -The Market An roach ...................... ............................................ 13 FINAL, F:ST[MATE OF MARKET VALUE ........................................ ............................................13 ..14 CERTIF'ICA1'ION ................................................................................... .......................................... CONTINGENT AND LIMITING CONDITIONS AND GENERAL UNDERLYING ASSUMPTIONS ..................................................................................................................................15 JUL naa.a aawar ~ ., - ~ - 1 POIN'T.gERTiNENTDEFINITION S ................................................ ............................................... ................. ONS ................................................ 17 ............................................ PERTINENT DEFINITI ~.Ns Purpose of Appraisal Report The purpose of this Restricted Use Appraisal Report is to estimate Market Value of the subject property. Intended Use of the Appraisal Report The sale use of this Restricted Use Appraisal Report is related to the potential acquisition of the subject property by the client. Client Relationship This appraisal report has been prepared for the exclusive and sole benefit of Stephen Ellsperman, Director of Parks and Open Space for the City of Aspen. It may not be used or relied upon by any other party. Any party who uses or relies upon any inforniation in this report without the preparer's written consent does so in direct violation of The Uniform Standazds of Professional Appraisal Practice. Estate Interest Valued The estate interest valued is Fee Simple Estate Interest. Extent of Appraisal The extent of the appraisal is typically described in detail in the body of a Self- Contained appraisal report. This Restricted Use Appraisal Report sets forth only the appraiser's conclusion. Supporting documentation is retained in the appraiser's files. ,.~~, A brief summary of how the problem was analyzed and approached is provided ~.,,,~' below. Most appraisals include three techniques for estimating value: the Cost Approach, the Market Approach, and the Income Approach. Each of the three is based on the principle of substitution, which states that a prudent and knowledgeable buyer will not pay more fa• ane property than the pri~;e of acquiring a comparable substitute. Since the purpose of this Restricted Use Appraisal Report is to estimate market value of the subject property's development potential based upon certain hypothetical conditions, assumptions and extraordinary assumptions, only the Market Approach was deemed applicable. The ilniform Standards for Professional Appraisal Practice require that, before accepting an assigmnent, the appraiser carefully consider the knowledge and experience needed to complete the job. He or she must then either have such knowledge and experience, or disclose the lack of knowledge and experience and immediately take all steps necessary or appropriate to complete the appraisal service competently. My appraisal background and education include properties similar to the subject, so I have the knowledge and experience necessary to complete this assignment. ~. Veal astate Appraised Legal Description Stage Road PUD Lot C Parcel 2735 4)23 03 013 Account Number 8019667 ©wner of Record Two Stage Road LLC Sales lIistory According to Pitkin County public records, the subject property has not sold over the past five (5) years. Site Analysis Locatiou The subject property is located approximately 2 miles west of the City ofAspen in the Stage Road PUD subdivision adjacent to the Burlingame Ranch Affordable Housing Subdivision and in the neighborhood of the Aspen Business Center (formerly known as the A.4BC -Aspen Airport Business Center) and the Pitkin County Regional Airport - Sardy Field. Access Access to the subject property is from Harmony Road. View The subject site has unobstructed views of the surrounding mountain ranges which include both Aspen Highlands Ski area and Buttermilk Ski area. Topography Generally, the subject site's topography is gently sloping. Size According to Ordinance No. 6, Series of 2005, page 5, the subject site is 87,158 square feet or approximately 2.001 +/- acres. ZO111Np4, According to Ordinance No. 6, Series of 2005, page 11, the subject site zoning is PUB -Public. According to the PUD Control Document for the Stage Road PUD Subdivision, page 11, the subject property is also zoned with a Specially Planned Area (SPA) overlay so that the uses shall be specifically established along with asite- specific development plan. However no site-specific development plan has been approved through the Ordinance. According to the PUD Control Document for the Stage Road PUD Subdivision, page 11, the intended use of the subject site is for cultural /educational multi-use complex. Under the general uses of the PUB zone district, 87,158 square feet or approximately 2.001 +,'- acres and can be subdivided into multiple internal parcels. Sec 26.X0.250 Public (PUB) The purpose of the Public (PUB) Zone District is to provide for the development of governmental, quasi-governmental and nonprofit facilities for cultural, educational, civic and other nonprofit purposes. Permeated Uses by Right • Library • Museum • Post Office e Hospital • Essential governmental and public utility uses, facilities, service and buildings (excluding maintenance shops) • Public transportation stop • 't'erminal building and transportation-related facilities • Public surface and underground parking areas • Fire station • Public and private schools • Public park • Arts, cultural and recreational activities, buildings and uses • Public and private nonprofit uses providing a community service • Child Care Center Condeti©nal Uses Maintenance shop Affordable Housing Iyenrensional requirements The dimensional requirements that apply to all permitted and conditional uses in the Public Zone District shall be set by the adoption of a conceptual development plan and final development plan, pursuant to Chapter 26.445, Planned Unit Development (Ord. No 42-2000). Soil, SuFasoil Condetions/Drainage & Flood Hazards According to FEMA Flood Hazard Maps, the subject property is not in a Flood Haza d '?one. Ilazaa ds and/or Nuisances To the best knowledge of the Appraiser at time of appraisal there are no known hazards or nuisances that would negatively affect [he market value of the subject property. E.asenaents Since I was not provided with a recent survey, I cannot determine if there are any adverse easements. This appraisal is based upon the assumption that there are no adverse easements encumbering the subject property. C~tilities and Services It is my understanding the all public utilities and services are available to the subject property. Units of Comparison After reviewing land sales it is clear that the typical Unit of Comparison is Buildable Floor Area however since the Public Zone District does not have a specified Floor Area Ratio this appraisal will be based upon site size rather than allowable floor area. Improvement Analysis Since the subject property is vacant land an analysis of its improvements is moot. Highest and Best Use Analysis Based upon this subject property's zoning and PUD Control Document for the Stage Road PUD Subdivision development it is my conclusion that the highest and best of the subject property is development of a multi-use governmental /cultural / educational complex. The Valuation Process Mast appraisals include three techniques for estimating value: the Cost Approach, the Income Approach and the Market Approach. Each of the three is based on the principle of substitution, which states that a prudent and knowledgeable buyer will not pay more for a property than the price of acquiring a comparable substitute. Since the subject property is vacant land only the Market Approach was deemed applicable. Cast Approach Based upon the subject property being vacant land the Cost Approach is not „», applicable in estimating the market value of the subject property. tygyM Conclusion of 1blarket Value-Cost Approach ~"' Based upon the forgoing, it is my opinion that the Cost Approach is not applicable in estimating the market value of the subject property. dncome Approach Rased upon the subject property being vacant land the Income Approach is not applicable in estimating the market value of the subject property. Conclusion of IMarket Value -Income Approach Based upon the forgoing, it is my opinion that the Income Approach is not applicable in estimating the market value of the subject property. The lYlarket Approach 'The traditional Ivlazket Approach to Value estimates the subject's value by direct comparison with similar properties, which have been purchased or are offered for sale. It is based upon the principle of substitution by recognizing the availability of substitute properties in the market. That is, it addresses the question of what awell- informedpurchaser would pay for the subject property after comparing it specifically both ~.vith other properties like it that had sold recently and with existing properties currently offered for sale. This approach to valuation, then, attempts to simulate the thought process of the prospective buyer who looks at a number of like properties in contemplation of purchase, and who on the basis of experience and judgment obtained in the marketplace, arrives at a conclusion as to what each property is worth based on a feature by feature comparison of them. Accordingly, the basis of this approach is the direct comparison of properties as similar to the subject as possible which have recently sold. After a search of the public record for sales that have recently occurred in the subject's neighborhood and that are similar to the subject in location, quality, utility, and other features, those most similar to the subject are selected for further analysis and use as Comparable Sales, Each of these compatables is then compared directly with the subject with each item of similarity and dissimilarity being noted and items of dissimilarity being assigned a dollar value, or percentage adjustment, based on data derived from the market. Having gone through this process of analysis, it is then possible to adjust the sale price of each comparable sale to indicate what each would have sold for it had exactly the same. features as the subject. It is important tc~ recognize that in this process, the subject serves as the norm or standard and all comparable sales aze adjusted to this norm. If a comparable is superior to the subject in any respect, the adjushnent for this difference will be negative and, if it is inferior, the adjustment will be positive, thereby indicating that the comparable would have sold for less or more (depending on the situation) had it been exactly like the subject. The net adjustment of a comparable, which is the sum of alt the adjustrnents made (positive and negative), is applied to the actual sales price of that comparable to arrive at an indication of the subject's market value. Comparable Sales Due to the subject property's zoning there are no known truly comparable sales in the recent past in the subject property's economic neighborhood or in a directly competing economic neighborhood. However, two of the three comparable sales were purchased by governmental of quasi-governmental bodies with the motivation of developing the sites with civic minded complexes. Name BMC West Lumberyard Location 38005 Hi wa 82, As en, Colorado L,e a1 Ai ort Business Center Filin i, Lots 1 & 2 Existin Use Retail Lumbe and Future Use Affordable Housin Land Size 4.64 +/- Acres or 202,118 +/- s uare feet Zonin Pitkin Count B-2 Date of Sale December 17, 2007 Sales Price $18 250 000 Grantor BMC West Co oration Grantee Cit of As en Recordin Rece lion No 544960 - 544966 $/SF hand $90.29 Allowable Floor Area Ratio 0.36 ' Allowable Floor Area 72,762sf $/SF Floor Area $250.82 Ad'usted Sales Price N/A Ad'usted $/SF Land N/A Ad'usted $/SF Floor Area N/A Location Fronta e Road Access Good Litilities In lace - ublic Verification City of Aspen Director of Finance & Administrative Services T'he ('ity of Aspen purchased this comparable sale on December 17, 2007 for $18,210 000. It is my understanding that The City of Aspen intends on combining this property with approximately 5 acres (which was land-locked) already owned by tiie City of Aspen, and build an affordable housing complex in the area of 100 units on the combined site. As a result, this sale falls under the umbrella of an assemblage °^ transaction. 9 Name ~ Aspen Business Center Location ! 409 ABC Le al ; AABC Block 5, Lot 9-A-I Existing Use I Mixed Use Office -Residential Future Use N/A Land Size 13,688 +/- s uare feet Zoning Pitkin Count ; B-2 Sale Land Onl Date of Sale ~ Se tember 14, 2007 ' Sales Price f $420,000 Grantor I John P McBride Grantee Lezott LLC Recordin Rece lion No 542029 $/SF Land ~ $30.68 Allowable Floor Area Ratio ! 0.36 Allowable Floor Area 4,927 $/SF Floor Area i $85.24 Location ;Back Row Access i Good Utilities Verification In lace - ublic r Seller-A raisal The subject property was improved with amixed-use commercial residential building built in 1980. This sales transaction was land only since the Grantee already owned tiie improvement and was leasing the land from the Grantor. The base purchase price of the land was established in an appraisal that I completed (in late summer/early fall of 20~"l7) plus closing costs incurred in the sales transaction. 10 Name North Forty Fire Station Location 43 Sa e Wa Le al North Fort PUD Block 2, Lot 2 Existin Use Vacant Land Future Use j Fire Station & Housin for Fireman Land Size 64,904 +/- s uaze feet Zonin Pitkin Count i B-2 Purchase Price Established Aril of 2001 Date of Sale June 30, 2006 Sale Price ; $1,700,000 Grantor ~ SAGE LLC Grantee i As en Fire Protection District ~ Reco~din ~ Rece lion No 525948 $/SF Land i $26.19 Allowable Floot Area Ratio i 0.36 Allowable Floor Area ` 23,365 $/SF Floor Area I $72.76 Ad'usted S/P 12'/z % -June 2006 i $3,232,000 rounded to $1000 Ad'usted $/SF Land i $50.00 rounded to $1 Ad'usted $/SF Floor Area ' $138.00 rounded to $1 ~ Location . Fronta a Road Access Ver Good Utilities ; In lace - ublic Verification j A raisal ~5.+ The subject property was vacant land at time of purchase. The motivation of the sale was to develop the site with a regional fire station and build housing for volunteer firemen sometime irl the near future. The purchase price of the property was based upon an appraisal completed by me in April of 2001. Since the purchase price was pre-established, it does not represent the market value of the subject property on date of closing. Based upon paired sales of vacant land in the local market place, a 12'/z% annual increase in value is reasonable for the period between the time that the purchase price was established and the closing date. Acct P'o. Resale Sele Date Resale Origina9 Original % of # of Anausl Sale Price Sale Price Ssles Chaage Years of Chaage Dale R01569i Aug-06 $4,000,000 $2,150,000 Feb-02 46.25% 4.53 10.2]% R018867 Mar-OS $6,900,000 $5,000,000 Oct-02 2"7.54%a 2.44 11.29%a R013628 Apr-06 $2,000,000 $1,050,000 Nov-02 4250% 3.43 13.85% R006989 A1ay-06 $950,000 $395,000 Oct-02 58.42% 3.62 16.14% Median 12..57% Mean 44.93% 3.4'7 12.87% ~- Wtd Mean 62.06% 12.82% 11 Sales Analysis It rev;ewing these sales it is my opinion that since their underlying zoning district (B- 2)allows for a multitude of uses that are not allowed in the PUB zone district, it is my conclusion that an adjustment must be made based upon the limited uses the subject property's zone district has. This adjustment will be based upon the following sales whose allowable uses were restricted by various kinds of either deed restrictions or conservation easements. Location Sale Sales Acres $/Acre % Loss Significant Characteristics Date Price Due to of Restriction Easement Pinc Cliff Ranch Development restricted to 4 Douglas County. 6199 $3.16M 3,398 $930 63%o Homesites Colorado Sanctuary Ranch Development restricted to 5 San Miguel County 9/97 $4.SM 976 $4,611 62% Homesites Colorado Eagle Meadows Development restricted to 9 Eagle Counh~ 10/98 $4M 1,610 $24/84 56%o Homesites on 200 acres , Colorado South of Parshall Development restricted to 1 Grand County, 8199 $220K 400 $550 45% Homesite Colorado :.ewer Tenn Parcel Development restricted to 5 Summit County, 12199 $1.SM 298 $8,809 46% Homesites -Blue River Frontage ' Colorado 8u11 Creek Development restricted to 1 San 'Yliguel 6/00 $4M 439.22 $9,107 49% Homesite and 1Guest Cabin. County, Cok•rado Property has Public Trail and Climbin Wall oan Luis Valley Purchased in April of 2001 for Rio Grande County 5/Ol $263K 220.6 $1,192 43% $460K; Restricted to 1 Homesite Colorado onl ;Resold in Ma 2001 Barr Lake Development Restricted to 3 Adams County, 12100 $300K 139.15 $2,156 46% Homesites Colorado ~ Deer Creek Development Restricted to 3 Carbon County, 1/04 $1.SM 1,345 $1,115 30% Homesites; No Outfitting or Wyumin Hun[in Allowed Squires Ranch Development Restricted to 5 Albany County, 9/05 $2,600 2.279 $1,141 30% Homesites; No Outfitting or Wyoming Huntin Allowed Based upon the information above, it is my conclusion the subject property's mazket value has been diminished by 50% due to its zoning and allowable uses. Time Ar2justment Uue to the Aspen marketplace being in a period of stabilizing prices since mid- summer 2007, only the North Forty Firestation sales transaction required an adjustment for time. ,,.,,~ 12 Comparable Sales -Summary Subject Site Size Sq Iii $/SF Allowable Uses Assemblage ~ Location Sale j Lump Sum Adj Net $ Adj/SF Indicated Value/SF Indicated Value BMC iVes[ Lumber and 87,758 $90.29 Superior Yes I Superior -85% -$76.75 $13.54 $1,180,000 P.ABC Block 5 Lot 9,4-1 i ',, 87,1`8 $30.68 Superior No ~ Similar -509'0 -$15.34 $15.34 $1,337,000 North Forty Fire Station i i j ' 87,755 $59.96 Superior No ! Superior -75°x'0 -$44.23 $74.74 $],285,000 Mean $58.98 $14.54 $1,267,333 -ledian I - - $55.96 ~ $14.74 $1,285,000 Conclusion of Market Value -The Market Approach Based upon the comparable sales analyses, it is my opinion that the Market Value of the subject property as of the effective date of appraisal ranged from $1,180,000 to $1,337,000. "" Final Estimate of Market Value After considering all of the information, analyses, and extent of this report, and based upon a limited number of comparable sales, I determined that the final estimate of market value for the subject as of the effective date of appraisal, as is, was: One Million Two Hundred Seventy-Five Thousand Dollars ($1,275,000.00) Subject to the Certification, to the Contingent and Limiting Conditions, and to the Extent of Assignment contained herein. Due to the subject property's zoning there is not sufficient current market data on whicl; to base an estimate of marketing time for the subject. However, at the appraised value, it is my opinion that the subject would be likely to sell within asix- to-twelve-month period, assuming no change in market conditions. +...~ 13 Certification I hereby certify that: 1. The statements of fact contained in this report are assumed to be true and correct. 2. Tile reported analyses, opinions, and cr~nclusions are limited only by the assumptions and limiting conditions contained herein and are my personal, unbiased, professional analyses, opinions, and conclusions. 3. I have no present or prospective interest in the property that is the subject of this report and I have no personal interest or bias with respect to the parties involved. 4. My engagement has not been contingent upon an action or event resulting from the analyses, opinions, or conclusions in, or the use of, this report. 5. My compensation has not been contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. 6. Nty analyses, opinions, and conclusions were developed and this report has been prepared in conformity with the requirements of the Code of Professional Ethics or the IA, the IAAO, the IRWA, the NAMA and the Uniform Standards of Professional Appraisal Practice. 7. This appraisal assignment was not based on a requested minimum valuation, a specific valuation, or the approval of a loan. 8. I have made a personal inspection of the property that is the subject of this report. 9. The use of this report is subject to the requirements of the IA, the IAAO, the IRWA and the NAMA relating to review by its duly authorized representatives. 10. Bave Ritter is experienced in the appraisal of this type of property and in this market, thereby meeting USPAP competency tequirernents. 11. No one provide significant professional assistance to the appraiser signing this report. `/ Dave Ritter "",, 14 .,y Contingent and Limiting Conditions, and General Underlying Assumptions The appraiser has made no survey of the property, and no responsibility is assumed in connection with such matters. Sketches in this report are included only to assist the reader in visualizing the property. 2. No responsibility is assumed for matters of a legal nature affecting title to the property nor is an opinion of title rendered. The title is assumed to be good and marketable. Information furnished by others is assumed to be true, correct, and reliable. A reasonable effort has been made to verify such information; however, the appraiser assumes no responsibility for its accuracy. 4. All mortgages, liens, encumbrances, leases, and servitudes have been disregarded unless so specified within the report. The property is appraised as though under responsible ownership and competent management. It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. No responsibility is assumed for such conditions due to the appraiser's acknowledged lack of the engineering expertise, which may be required to discover such factors. 6. Full compliance with all applicable federal, state, and local environmental regulations and laws is assumed unless noncompliance is stated, defined, and considered in the appraisal report. 7. Full compliance with all applicable zoning and use regulations and restrictions is assumed unless nonconformity has been stated, defined and considered in the appraisal report. 8. It is assumed that all required licenses, consents, or other legislative or administrative authority from any local, state, or national governmental or private entity or organization have been or can be obtained or renewed for any use on which the value estimate contained in this report is based. 9. It is assumed that the utilization of the land and improvements is within the boundaries of the property lines of the property described and that there is no encroachment or trespass unless noted within the report. 10. The appraiser will not be required to give testimony or appear in court because of having made this appraisal, with reference to the property in question, unless arrangements have been previously made. ~^+ ~w 15 ] .Possession of this report, or a wpy thereof, does not carry with it the right of publication. It may not be used for any purpose by any person other than the party to whom it is addressed without the written consent of the appraiser, and in the case of any such event only with proper written qualification and only in its entirety. 12. The distribution of the total valuation in this report between land and improvements applies only under the reported Highest and Best Use of the property. The allocations of value for land and improvements must not be used in conjunction with any other appraisal and are invalid if so used. 13. Neither all nor any part of the contents of this report, or a copy thereof, shall be conveyed to the public through advertising, public relations, news, sales, or any other media without the written consent and approval of the appraiser. Nor shall the appraiser, firm, or any professional organization of which the appraiser is a member be identified without the written consent of the appraiser. ld. Environmental Disclaimer: The value estimated in this report is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. R~hi1e the appraiser's routine inspection of and inquiries about the subject property did no[ develop any information that indicated any apparent vr/ significant hazardous substances or detrimental environmental conditions which would affect the property negatively, it is possible that tests and inspections made by a yualified hazardous substance and environmental expert would reveal the existence of hazardous materials and environmental conditions on or around the property that would negatively affect its value. Thus, if the client wishes to be certain as to the condition of the subject property with respect to environmental hazards, he should have an expert in the field inspect the property. It should thus be noted that this appraisal does not constitute an expert inspection of the property with regard to hazardous substances or detrimental environmental conditions and it should not be relied upon as to whether or not environmental hazards actually exist on the subject property. 15. ADA Disclaimer as property exists at the time of appraisal: Since the subject property is vacant land an analysis of ADA compliancy is not warranted. ^'~. 16 Pertinent Definitions Fee Simple Estate `'An interest in land that, being the broadest property interest allowed by law, endures until the current owner dies without heirs. An estate of infinite or potentially infinite duration" (souroe: Black's Law Dictionary, Abridged Seventh Edition, West Group, 2000, pp. 499-500). Floor Area Ratio The relationship between the above-ground floor area of a building, as described by the building code and the area of the plot on which it stands; in planning and zoning, often expressed as a decimal, e.g. a ratio of 2.0 indicates that the permissible floor area of a building is twice the total land area (source: The Dictionary of Real Estate Appraisal, Fourth Edition, Appraisal Institute, 2002, page 117). Highest and Best Use Highest and Best Use is defined as that reasonable and probable use which will support the highest present value, as defined, as of the effective date of the appraisal. Alternately, it is that use, from among reasonable, probable, and C legal alternative uses, found to be physically possible, appropriately supported, financially feasible, and which results in the highest value. Market Valae The most probable price, as of a specified date, in cash, or in terms equivalent to cash, ar in other precisely revealed terms, for which the specified property right should sell after reasonable exposure in a competitive market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently, knowledgeably and for self-interest, and assuming that neither is under undue duress. (Source: The Dictionary of Real Estate Appraisal, Fourth Edition, Appraisal Institute, 2002, page 177) Zonir3g The public regulation of the character and extent of real estate use through police power; accomplished by establishing districts or areas with uniform restrictions relating to improvements; structural height, area and bulk; density of population; and other aspects of the use and development of private property (source: The Dictionary of Real Estate Appraisal, Fourth Edition, Appraisal Institute, 2002, page 36). V 17 ,,, ,~. ~~ dMw+ The Apprakal Offce -Aspen Lttl. Sutyeet Photo File NO. Case No. Page 7 at i6 tTe App2isal Oftke -Aspen LN. Subject Photo File No. Case No. ... _ ..y+i Pape 2 of 18 The Appraisal Office -Aspen Ltd. Plat Map File No. Case No. `=r tlOROWer Prope~~ Address Stace Road PUD Lot C rah Aspen County Pitkin State CO Zip Code 81611 Lender/Client Stephen Elisperman City of Aspen Parks DepartmerAddress 585 Cemetery Lane Aspen CO 81611 I 'V i 7 ~ ~'~i ~ i ii ~ ~ !~~ ~ , a i ii'•I 3 • ! i ; ~" lie ~ :'!ii!i!!!!! ! ~ i~~ ~3 , d_#. i i~ '!!!i!!!i!! ! ! 4 - ! !' I4 ._ .. i ii ~. . ~il, ~'~.. _. ' ~! ~ 9 1i aN ~ it , ` ;!'i;i!;!i!i i #e ~ it !!`si!!#3!I!I!'r'.iii ~~ 14.. jai ~t~1 ~ _ at I € ~_ 9 :iii ,r : s i ( ~ i li ~ i ~ '~'~ ~ ~~l ~ ~.f ci ' 'rli i fi t 3 ~ , 4 1 +~1 Eliii 3~~ I a ~~; ~i y it ~ +E: fl '.+.~ ~ti' it ~r ~~ g < ii i h !~i e { , i ill! !I ( iiS ii!!fl I :Sla! ~, ! 1 ` ' ~ ; 1` w$ ! IElill ~ ii iii ;!!Elillil : ~~~~~~~ !iil ; .!! _ , it ._i° ~!~ ii i •i I i 1 i' i r `` 'FrIE ~ ~! i ! f ~ ! it i'iil€1!!il'~ri` f!! c 1Fiii` °i s. tis i i illiiilglji~wl(iil~~lil ' i . ' 'i I I g9 , ' t ii • i!liit i li f i~f tl ~ !~ ! ~ 4 ! ~ !iiil 1! ~!€iiFi~fg566f~~°~l lEiii(!iit! e [• ~ i iiiii i' i i ;i .....,n! :~ .. . . - ii i!i .,:Il S i ! r ilf ! jl ~ i ! g!i ' i~i Pi ? Il ~ ~~~ a l i ~~ ~°jj iig ! ~ { i ' l 6 ! ii ! il 6 lli!ii!ii 1i11!li!!!Il „ F ~ ~ ii7i ¢IIIi l~l llil i i 111!ii!~ t i!i~jf~lii, I lj ~ i ~i (: of ¢(F`i 'il !~i Ili ti' I~ i EEli {(! tEi4 " ° i~! [€ii:~~E~ii~~i%Eiiii¢iiEllliiii~~ `A'` . I 1, ~, I! !t ' i! ,i4 1 i I{{ f 9 !{ l ~ 1 , , It ~ , : , l I r. : ~ : ti ClickFORMS Appraisal Software 800.622-8727 Page 3 of 16 The Appraisal Office -Aspen Ltd. Comparable Sales Map File No. Case No. Property Address Stage Road PUD Lot C City Aspen Count' Pitkin State CO Zip Code 81611 Lender/Client Stephen Ellsperman Cily of Aspen Parks DeparfinerAddress 585 Cemetery Lane Aspen CO 81611 ~_ Q 4~ ,; ~~ `~w -.~ _ , ~, ~ ~ _~~ ~ ' ry( I r S + -~..:. y+~. \ ~ `. ' ~y~p ~ ~~., ~ ~' ~,a ~ '~~~, COMP 2 ~', 4 `, •.~~ ti t COMP1 _~~" ~ C,. ' ~ ~-`mss 1 ..T~~- ^ '`' 'a+ ~, y, , -~_ . ~~ '~ ,~ ` ,. ' ~ c,`_,. ~., ~~~ fir. a~ t' ~. " ' ~ y >~~ , ``~~ ~l,~ ! ~.+ rA a _ +ne aafect&~Mense. ®~ ° 201150e1[mm. Sireet Pitas L'S'?Pl2ae6. ~ o BOR 1aD ~ 7.iC^ ~LeG .rlewmm„ccm sn+i~ra~' E{ [tartaTasm i-stl ClickFORMS Appraisal Software 800.622-8727 Page 4 of 16 ~""! w... The Appraisal Office -Aspen Ltd. Google Satellite Map File No. Case No. Prope~~ Address Stage Road PUD Lot C City Aspen County Pitkin State CO Z~pCode 81611 LenderlClient Stephen Ellsperman Cily of Aspen Parks DepartmerAddress 585 Cemetery Lane Aspen CO 81611 ClickFORMS Appraisal Software 800-622-8727 Page 5 of 16 The Appraisal Office -Aspen Ltd. COA - GIS Map File No. Case No. Property Address Stage Road PUD Lot C City Aspen Counly Pitkin State CO Zip Code 81611 LendedClient Stephen Ellsperman City of Aspen Parks Departmerrtddress 585 Cemetery Lane Aspen CO 81611 ClickFORMS Appraisal Software 800-622-8727 Page 6 of 16 ~. The Appraisal Office -Aspen LM. Roaring Fork Valley Map File No. Case No. Bamwa Propmly Oddreee Stage Roatl PUD Lol C CiH Aspen Cwitr Pitldn Slale CO Zp Cale 81611 Lender/Clent Stephan Dlspennan CilY Of ASpen Parks DeparimerRrMress 565 Cemetery Lane ASpen.C081611 1 I 1 1 1 1 1 I nara~ } (n 4 rl` f ,~ .. OAa uia ableUWlkenu ~ ~ Er 206d"Delame StrereAllas llSh'926gB. ~ 2~ ~rnxrdekarrre_mn MN trn x=. F1 Qa2 ZaanigA flirkF(1RMS Aggraisal Pace ] M i6 ' The AppmLSal Office -Aspen Lttl. M(eabm Sbpe dTha Sbh d Colomtlo - Moudab Regbn Map Fle No. Case No. ^ f ~ yy I 5 ~ {' r ~ _.. i 1 , Ja : - ~ \. i _ _.__._. _.._.. ~.. _.. _.~. --_...1... _._..~. I i , I . - , 1 1 i 1 ~ ~ i f ~.• j ~~ 1 ~ i ~i ~_._. ~. ___~1 M { 1 ~ ' , ~ ap _.q. _._J l 1 ~ ~ r lpMyc f ~ j 1; I ' 4. _ ._._._.~-- - - - r _tt.. _,..F.~ ,r ~F s ~ ~~`~ _.y i i5 l + +. tH(MIN~ a r ~~' ~~FWrr. F R ~ t ~r. ` I ~ t ,. 1 t ' 1 OiKS I.. i r ~i- 1•"1 l ~ li ( I t / + 1 N ~ ._ 1 f _ i r___._. .. i ~ j _ -- f ~_ i s t M l --~ry +~~ ~ - -' • - aNe _.. ~~~ _.i _._ _ _ ~ { ° S ~„ ~ - r`Qa s 3 t r ~ i ~ r 1 ;, --- Y ~ nn0~ iMN q~ys ; ~ 4 i } ®MI Cub o~suEJactaltense. ~ 0 $ 16 24 12 40 ' DOS Oelafine 6beaPnhs US/@I~JB. : rowrdelotrm.rnm MN (10.5° EI Osb Zoom 1~0 CIkkFORMS Appraisal SOrtware 800622A72] Page 8 d i6 7 ~.~ The Approaal Offxa -Aspen Lttl. North America Nap File No. Case No. ~~. ~.r ~~ hyy The Appraaal Offwe -Aspen Ltd. UuallBratlons of Appraiser File NO. Case No. eve Ritter, MSA The Appraisal Office -Aspen, Ltd 210 Sou[h Galena St Suite 29 spen, CO 81611 Federal Tax ID Number: 841459914 hone: (970) 920-1002 Fax: (970)925-3603 -mail: appraisaloffice@sopris.net rofession: Real Estate Appraiser since 1978 Real Estate Appraisal Licensing: State of Colorado Certified General Appraiser - 0001315907 xpintion Date: 12/31/2010 Real Estate & Appraisal Experience: 1994- Fee Appraisal and Consultation, Aspen, CO 1991-93 Chief Appraiser Pitkin County Assessors Office, Aspen, CO 1986-90 Appraiser III Pitkin County Assessors Office, Aspen, CO 1984-86 Appraiser II Eagle County Assessors Office, Eagle, CO 1982-84 Fee Appraiser, Grand Junction, CO 1978-82 Fee Appraiser, Cedar Falls, IA 1976-78 Norman W. Ritter Realtors, Marketing Real Estate, Cedaz Falls, IA Real Estate Appraisal Experience: Single-Family, Townhouses, Condominiums, Income Properties, Vacant Land, Development Properties, Hotel and Motels, Commercial Industrial, Office, Wazehouse, Retail Properties, Conservation Easements, Condemnation & Eminent Domain, Estate & Tax Planning, Percent Complete Inspections and General Consultation Regarding Real state matters xpert Witness: State Boazd of Equalization (Colorado) State Boazd of Assessment (Colorado) ounty Board of Equalization (Eagle, San Miguel & Pitkin Counties, Colorado) State District Court -Varies Districts in Colorado nited States District Court -District of Colorado Fedeml Bankruptcy Court - District of Colorado aluation Trial to Jury Commission - CDOT -State of Colorado Superior Court ofCalifornia -San Obispo & Venture Counties Past and Present Appointments: Panel of Binding Arbitrators -Eagle, Pitkin & Summit Counties, Colorado Condemnation of Right of Way -Colorado Department of Transportation Hearing Officer, County Board of Equalization -Eagle & Pitkin Counties, Colorado ClickFORMS Appraisal SOflware 800.822-e]2] pape 1D of 18 ~../ The Appraisal Office -Aspen Lttl. ...,„.. Pmteulonal EEUCalion & Aillications File No. Case No. an Institute of Real Estate Appraisers Course VIII -Single Family Residential Appraisal 1-4 ;al Institute ~.,., Seminars Update -Uniform Standards of Professional Appraisal Practice Update - Uniform Residential Appraisal Report The Real Estate Appraiser as a Consultant Residential Appraisal Review Course 520 -Highest & Best Use and Market Analysis Course 700 -Condemnation Appraisal Principles & Applications Course 720 -Condemnation Appraising: Advanced Topics & Applications Course 705 -Litigation Appraising: Specialized Topics & Applications Course 710 -The Appmiser as an Expert Witness: Preparation & Testimony Uniform Appraisal Staadazds for Federal Land Acquisitions International (Continuing Legal Education) Eminent Domain Conference Conservation Easements Seminaz rational Association of Assessing Officers Course 619 Professional Standazds & Ethics Course 004 Assessment Administration Course 202 Advance Income Approach to Value Course 302 Mass Appraisal of Income Producing Property Coutse 305 CAM Modeling Building Residential national Right of Way Association Course 401 Appraisal of Partial Acquisitions II - CCIM -DIVISION Courses Introduction, 101, 102, 103 ;ty of Real Estate Appraisers Appraisal of Condo Conversion of Colorado, Division of Property Taxation Cost Approach to Value Real Estate Court Decisions Introduction to Assessments ~ersity of Colorado USPAP -Update Commercial Case Study :ral Seminars Conservation Easements, Condemnation, Estate Planning and The Like Estate Affiliations: Member -National Association of Master Appraisers Associate Member - International Association of Assessing Officers Member - International Right of Way Association General Associate Member -Appraisal Institute Member -Aspen Boazd of Realtors -Aspen, Colorado raisal Designation: Master Senior Appraiser -National Association of Master Appraisers CIICkFOf;M11$ Appraisal Software BOQ622E727 Fags 11 of 16 ma nvv~aisal orrea - nepe~ Lm. Partial List of CIIaMS File No. Case Na. Non Lenders Allstate Insurnnce Company Aspen Consolidated Sanitation District Aspen Educational Research Foundation, Inc Aspen Valley Hospital District Brush Creek Water District Buttemdlk Metropolitan District CentryTel City of Aspen, Colorado City ofAspen / Pitkin County Housing Office, Aspen Colorado Eagle County, Colorado Eagle County Regional Trail System Federal Aviation Administration (FAA) Federal Deposit Lrsurance Corporation (FDIC) Gazfield County, Colorado Holy Cross Electric Association Internal Revenue Service (IRS} Music Associates ofAspen, Ina (MAA) Pitkin County, Colorado Pitkin County Tile Company Rocky Mountain Institute Roaring Fork Railroad Holding Authority Roaring Fark School District Roaring Fork Transportation Authority (RFTA) State of Colorado Board of the Great Outdoors Trust Fund (GOCO) Sumnrit County, Colorado The Tenth Mountain Division Hut Association, Inc Town of Snowmass Village, Colorado Town of Basalt, Colorndo Town of Cafiondale, Colorado Yamaph Alternative High School, Glenwood Springs Colorado Lenders Alpine Banks of Colorado -Various Locations in Colorado American National Bank -Aspen, Co Bank of America Bank of Colorado - Western Slope Bank of New York Boston Safe Deposit & Trust Co City National Bank -Los Angeles, CA Citicorp / Citibank / Citigroup Private Bank Colorado Federal Savings Banks Colorado National Banks Community Banks of Colorado -Various Locations in Colorado Gibraltar Private Banking IndyMac Affiliates- Independent National Mortgage Corporation, Pasadena CA Mazket Intelligence, Inc Mellon Private Bank Merin Lynch Nations Bank Realink U.S. Property Bc Appraisal Service Vectra Banks ofColorado -Various Locations in Colorado Washington Mutual Bank Western Banks. Los Angeles. CA Pain ''~\ ,/ .~ The Appraisal Office -Aspen LVI. "a'+s..r References ~. 4pv~ Kvrt E. Adam, Regional President Jeff Bowman, Vice President Community Banks of Colorado Timberline Bank - Aspen 210 North Mill Street 311 East Hopkins Avenue Aspen, CO 81611. Aspen, CO 81611 (970.) 544-8282 (970) 920-0112 Jonathan S. Lengel,~ MAI t93chael R. Nash,. MAS J, S. Lengel & Associates -.Nash - ,7ohnson : Associates; Eagle, C4 '.81631 9045 South Broadway, Suit (470) 328-7331 -~04 :Englewood; CD 8011Q (303} 761-6103 Ted Ga rdenswartz, E Squire Gary Wright,ESquire Oates, Knezevich. 6 Gardenswartzy Wright & LaSalle, LLP- p~ 715 .West Main Street. SUite 533 East Hopkins Avenue 201 Aspen, CO 81611 Aspen,CO 81612 {970).. 920-1700 - (970) 925-5625 -1r.Le7 29:8-1279 . ' -~( ) :. ~ ~.. Eva Gordon Bob Ballinger, Right of Way Gibraltar Hank Private Hank Technician 220 Alhambra Circle 5°n Floor Holy Cross Electric Assoc Coral Gables, FL 33134 Inc. (305) 476-5636 P. O. Drawer 2150 Glenwocd Springs, CO 81602 (970) 945-5491 Vince Bigens, President -Tom Newland, Pr3neipal Pitkin County TitLe,~~inc. ,Newland PrgjecY Resources, 501 East Hopkins 'venue Inc. -~ ~ Aspen, C0~81611 :417 Drignal ROadr BasaltCO (97b} 925°2765 -1970} 92?-9645 ' - _ - :Directoi of -. ; Eortner. Executive .Roaring Fork Railroad Holding _ [Authority _ Scott Harper, E Squire Dan Kerst, Esquire 1280 Ute Avenue Suite 10 Schenk, Ke rst & deWinter, LLP Aspen, CO 81611 302 8th Street, Suite 310 (970) 594-5000 Glenwood Springs, CO 81601 (970) 945-2447 -a Linga, Robert D. Stevens; MAI :oup -P~ivate~ ~afik 5tev~ns ~dteal EstaEe Services art ,:Square, : ~~,loor '2U, 7.oxre 115 North'' 5th ,Street <SVit qY}i . Island Ca,ty NY 1112A . _' . -Grand ,Sanction, Cf3 815p1 " ' -~ 411} 243-4688 File No. Case No. Page 73 d i6 me ApVaisat orrice -Aspen Ltd. License File No. Case No. -w+a.._~... __... ~ __ .. __.. Rt+e~sUnBVRTI~~~scR;.'v~psncte.. E ~`JWisMJ1i rr44fi~1 c3t6i6 •`.. ~ 6+Ut?vc+ PxwtE Gs~BEf:utr:r§:tH a~.:~h? R"R[0. r #~ ~ "^.' ?.a.. i . ~../~Y~~ ....a.. ..u ....~ .. __~ l VnN The Appraisal Office -Aspen Ltd. Expert WMness File NO. Cam No. ,,.... w» Case No Piaintiff Defendant Court Report Depositic Petitioner Respondent - Court Appearanc FDI-OG76O929 Vidan Gupta ~ Arjuo Gupta -Sah Fraamaco - Appca(eal.Reposi ' : '- County. Superi~ . ' Court 07CV 57 Keane[h Wright Jack Hamm, Nicol Routt County Appraisal Rep on Hamm and District Court Steamboat Treehoc LLC O7"AR 46 ~. Patti Z84tn ' 9radley.Zaain DlatYlat Court- Appraisal &epan pixkn County ' ' Coiorado 07 CV 20 Joseph E. Healy Carmen J. Brennen Dis(fidt Court Appraisal Repor+ Pitkin County Colorado O6CV16O _ Steamboat Tlaahoc A<fendaIIts.Mayna Rautt County ~ lappraisat RapOn ~ '- LLC.' '~,- S, Inc - '~ _Disnfct-Court - 1. ,.:. 06 DR 5 Michael Soott Or[i: Gretchen Ten Hag< Dishic( Court Appraisal Ropoi+ Greenwood Pitkin County - Colorado ' 06;DR49 ~ Donns`Seiitor Mic6aet Sailor ~ Diauict Court AppraisaF Repi}i~ - PitkLR Coutrty.. _ Coiorado 06 DR 42 Molly M.B. t}oesu+ Jeffery S. Gorsuch District Coutt 4 Appraisal Yi[kin County Aeports Colorado - 06CV t8O - Erich ~!';~ Sara V . Ya ffery 5 Qnicanba Dieirict Court' :Concultattda Barry - Be Darryl6: G.affiald Counl :Rapart ~ ' Groajeao- '~ ¢oarada CV 100. ~06 Jacques & Michele Minio & Asso< District Court Appraisal Report Stoerr Inc etal Pitkin County Colorado CV 140 06 Iaaqultp~ ~t4pFf & 9tocn v. M,inia & I)ietziat Court Apprays}~ Itapoir . Micltalf::SWatx - Assaciatea.Fina, et Pifkia County ~ ~ COIOtadO O6~OV l00 ffi Michele 7acqucs Minio &'ASSOC Inc District Court Appr¢isal Repan Stoerr etal Pitkin County Colorado O53AG 25(631 tsaul 7{.abtdton IRC_ -tacono Pemtly Arbitration ~ --ABpraiEalRoposi - -~avestmenC-Trust 136tion Rbbuttgt RRpoit' i .LLC, '= - Arbitration; . ' TaetimonY'. OS DR 73 Janet L Lareon Eiik 7. Larson bistrict Court 2 AppraSSat Pitkin County Reports Colorado OS>p3O8467 -- ElizslrgYtYLipit -:Daniel W'Ram say 3upar[or Cbun Appraisal Aepoi+ of California " County of V enxure ~ -.. OSOV 33A ~ 165 Mid1alnAVenue Town of Basalt, bistrict CUn[t, Itebutml Report, Comm Blding Con Colorado, slat Eagle County Consultation Assoc Colorado - Report O3C-V GeargaLTbopiWaky John T.M aCormipY District Cauxti.~ Consuliafion` - - - - -e[al - slat Pitkin County. , RePOr[ .Colorado 04 77 Igo 255 Bradley Hook & Robert Barm ore District Court Consultation 037RJ Michael Lucian Pitkin County Report Depo Colorado 04 DR-l Dorthea B Huber Leandro C.R. Hubt District Court Appraisal Re Pitkin County Colorado 03 DR Dir. I Aoa E 6ldberg Michael A Goldb es District Court 3 Appraisal Pitkin County Aeports Colorado Deposition 03 DR 82 D 3 George Coulter Michelle Bright District Court Appraisal Rs Bright Angelene Tsou Pitkin County Colorado ClickFORMS Appraisal Software 800-622A727 Page 16 M 16 The Appraisal Office -Aspen Ltd. Expert Witness File No. Case No. Property Address Stage Road PUD Lot C - City Aspen County Pitkin State CO Zip Code 81611 Lender/Client Stephen Ellsperman City of Aspen Parks DepartmerAddress 585 Cemetery Lane Aspen CO 81611 C ass No Plaintiff Defendant Court Rep ort Depos Petitioner Respondent Court Appear: 03. D-R 2' : Carolyn M<e teal' ~ Fra rikMeadM a D}strict Co to I'2-Appra}sal- - - --: - P-itkin C-outit ,R by orts "~~ - ~ _ C.o to redo - 03 CV 205 Shapkin Tadd une District Cou 3 R eview P itK is Count Appraisal Rep Colo redo 03CV 144. HuEterm ilk. Susan eElizab-et Dis ttict Gou tl pptais al Rqp Metro polite it Ti3 P fin to r'e tal ~ Pitk}n Count Reli oriel Rep:a - Colorado Depositio n-:. 02FL -0841 Janet A. Sm ith Patrick N'. Smitl Superior Co Appraisal Rep Of C8lifo ra it Consultation Coun[y of S: Report Obispo Deposition - Court Appear: 00 CV 67 2: GoIim au.~. Hy~W eet Dis Erict't,^ov Cott s_u patio n. -'.~ Goadotnin ium' Pitkin Couni Rep o rt H Om eow mgrs ~' Colorado , Cotirt App ea. r; _ -. - Aasocs:;ion - 00 G V 307 D oaald Ru ssell Shadow M punts Dis trict Cou C onsulta tiom ' ~ Lodge Fraction Pitk inC ouni Report. Owmrs Asso cis ti Colorado 60 C-V' 137' Auii~tar /'JU'>SYt'ger 8~ill Pons ~ Ass-s - Dis tsic.t Cain Appa isaI R.~p Y Oda~r engineer Pitkin Couzi.t - Cansu,lrants Colorado' 00 CV 021 3 Blue Ridge Cap Jill Ann Tulasi Dis triet Cou C onsultation~ Corp ore do n W ilk in son 8c Ja- Pitkin COUnt Rop ort Wilkinson Colorado Court App oar: 99 C,'~ 21.30 D;o field Ro~kt,e rES' -P-au kn J.:B arc lay Dis tt%ict C-o u. Rav}ew Appss< Pitk}a Coixai App ra isal R.ep C ono"rack D gpo$t~io a': 98 CV`106 Gadn Smith Co to redo Dep ar District Cou Appraisal Rap of Tran sp orra do Pitkin Count Deposition Colorado 'Valuation Tra - Jury Com miss 4f1 1282 RJ:$ W eldoa ~ S-eeb ohar Federal. Agpra isal Rep ~aa kfiuptc y. Court'A ppcef-: C Oarf Da'a trig C ota redo 97 CV 100 S ilv er M onata in San Miguel Cou District Cou Appraisal Rep Industries Board of Equali San Miguel Deposition. - County Colo redo 96 ~.. 1607'. D. $aoae y #,759 xt LJn}tad'States-di ~- 1UnitEiH Stse Appraisal Rep - ~.', -~ Amer}c s, Pitkin Distil}CbifYt''- Deposition- . ~auatp(C olo rgd Dfser~rc t,of ~- ~ C oio redo 96 CV 216 2,Dirk B.ro ek ema - W ildcat Ranch 1 District Cou Appraisal Rep Doris Bro ekems LP~4c S ch moo se Pitk is Count Deposition - Gordon, Meyer, Colorado ' 96 CV 112: Raven ' W GaeChter ,.$:3 District C~o lr App re.isal R:.iep Black 8c-~Sp orti Pitkin Count CourYAgp ea r: Inc. Colorado -.. 94 C V 46:1 Draper Bank Jam ie J3 all District Cou Appraisal Rep Pitkin Count Deposition Colorado Court Appear: 94 C.V 214 ACBS Stouffav.' Dis;rict COU Rgdiew App rs - Pititli-C oti is ty Dapositio u" -.. C Olo rad0 93 CV 236 1 Sez Anne Termer Brush Creek W Dis trict Cou Appraisal Rep District Pitkin Count Colorado ~i'~1 ~. ~' ClickFORMS Appraisal Software 800-622-8727 Page 16 of 16