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HomeMy WebLinkAboutresolution.council.017-01 RESOLUTION NO. ~r' Series of 2001 A RESOLUTION OF THE CITY OF ASPEN, COLORADO, APPROVING AN EXCLUSIVE RIGHT-TO-SELL LISTING CONTRACT WITH THE ASPEN REAL ESTATE COMPANY, AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAID DOCUMENT(S) ON BEHALF OF THE CITY OF ASPEN, COLORADO. WHEREAS, there has been submitted to the City Council an Exclusive Right-to-Sell Listing Contract with the Aspen Real Estate Company for the sale of the City-owned Burlingame free market lot, a copy of which contract is annexed hereto and made a part thereof. NOW, WHEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO: Section One That the City Council of the City of Aspen hereby approves that Exclusive Right-to-Sell Listing Contract with the Aspen Real Estate Company for the sale of the Burlingame Ranch free market lot, and does hereby authorize the City Manager of the City of Aspen to execute said contract on behalf of the City of Aspen. Dated: ~ ~';~ ,2001. _ ~ : ' ds, Mayor ~ ~, ~ ~ :ay~r ~ q,_K~ a~thryn $ Koch, duly appointed and acting City Clerk do certify that the foregoing is a tr~e and accurate copy of that resolution adopted by the City Council of the City of Aspen, Colorado, at a meeting held ~~.~_, 2001. JPW-01/30/2001-G: \ ~ ohn\word\resos \burlingame- Er ee-mar ket. doc Aspen Real Estate Company 205 SOuth Mill Street Aspen, CO 81611 Phone: 970/920-2006, Fax: 970/925-3531 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. Compensation charged by real estate brokers is not set by law. Such aharges are established by each real estate broker. DIFFERENT BROKERAGE RELATIONSHIPS ARE AVAILABLE WHICH INCLUDE BUYER AGENCY, SELLER AGENCY, SUBAGENCY OR TRANSACTION-BROKE~. EXCLUSIVE RIGHT-TO-SELL LISTING CONTRACT (FARM AND RANCH/VACANT LAND) (SELLER AGENCY) Aspen , Colorado February 12, 2001 City of Aspen Name(s) of Owner(s) ("Seller") hereby irrevocably appoint(s) Ashen Real Estate CoroDanv 205 South Mill Street, Aspen. CO 81611 Broker's Name and Address ("Broker") as Seller's exclusive agent for the purposes and under the terms specified herein, and the parties agree: 1. PURPOSE OF AGENCY. The propose of this agency contract ("Listing Contract") is to engage the efforts of Broker to accomplish the sale of the rea! property legally described as: See Exhibit "A" attached hereto and incorDorated herein by this reference. also known as to be determined AsDen Colorado 81611 Stree~ Address City State Zip together with the following water rights: n/a the following water stock: n/a all well fights, reservoir or storage rights, if any; all pumping or well equipment, if any; the following growing crops: n/a and all items of personal property to be convoyed pursuant to Sec'al. on 8 (collectively, the "Property"). 2. BROKER'S SERVICES. Broker is a limited agant'of the Seller and will reprasant unly Seller. (a) Broker shall promote the interests of the Seller with the utmost good faith, loyalty and fidelity, including, but not limited to: (1) Seeking a price and terms which are acceptable to the Seller; except that Broker shall not be obligated to seek additional offers to purchase tho Property while the Property is subject to a contract for sale; (2) Presenting all offers to and from the Seller in a timely manner regardless of whether the Property is subject to a contract for sale; (3) Disalosing to the Seller adverse material foots actually known by the Broker; (4) Counseling the Seller as to any material benefits or risks of a transaction actually known.by the Broker (5) Advising the Seller to obtain expert advice as to material matters about which the Broker knows but the specifics of which ai'e beyond the expertise of the Broker; (6) Accounting in a timely manner for all money and property received; and (7) Informing the Seller that such Seller may be vicariously liable for the acts of such Seller's agent or any subegant when the Broker is acting within the scope of the agency relationship. (b) Broker shall not disclose the following information without the informed consent of the Seller:. (1) That the Seller is willing to accept less than the asking price for the Property; (2) What the motivating factors are for tho Seller to sell the Property; (3) That the Seller will agree to financing terms other than those offered; (4) Any material information about the Seller unless the disclosure is required by law or failure to diselose such information would constitute fraud or dishonest dealing; or (5) Any facts or suspicions regarding circumstances which may psychologically impact or stigmatize any real property pursuant to Colorado law. (c) Broker shall disclose to any prospactive buyer all adverse material facts actually known by Broker inaluding but not limited to adverse material feats pertaining to the title to the Property and the physical condition of the Property, any material defects in the ?mperty, and any environmental hazards affecting the Property which are required by law to be disclosed. 3. SALE. "Sale of the Property" or "Sale" means the voluntary transfer or exchange of any interest in the lh'operty or the voluntary The Printed portions of thla form have been approved by the Colorado Real E~tata Commission. (LC12-9-95) LC12-9-95 EXCLUSIVE RIGHT-TO-SELL LISTING CONTRACT (Farm and RanehNaennt Land) ReaIFAST~ Forms, BOX 4700, Frisco, CO 80443, Version 6.06 Completed by- Michael Cooper, Associate Broker, Aspen Real Estate Company 01/26/01 09:58:30 Seller(Ps, ge 1-- of 5 creation of the right to acquire any interest in the Prophecy (including a contract or Icese). 4. EFFECT OF THIS LISTING CONTRACT. By this appointment, Seller agrees to conduct ail negotiations for the sale of the Property ouiy through Broker, and to refer to Broker all inquires received in any form from real e~tate bmknrs, salespersons, prospective buyers, tenants or any offer source during the time this Listing Contract is in effect. Seller authorizes Broker to d sc ese any facts about, the Pmporcy, In addition, Seller agrees that any Broker compensation which is conditioned upon the Sale of the Property shall be earned by Broker es set forth herein without any discount or allowance for any efforts made by Seller or by any representative of Seller m connection with the Sale of the Prepay. 5. THELISTINGPERIOD. Broker's authority shall begin February 12, 2001 , and shall continue though February 12, 2002 ("Listing Period"). 6. PR/CEANDTERMS. Prico:U.S.$ 1,495,000.00 .T~rms: cash, new loan or terms acceptable co Seller Mflnimum amount of earnest money deposit U.S. $ _ - -o~ ~ ble in the form of collected funds 7. DEPOSITS. Broker is authorized to accepl earnest money deposits pursuant to a proposed Sage conwact. Broker is authorized to deliver the earnest money deposit to the closing agent, if any, at or before the closing of the Sale contract. 8. PRICE TO INCLUDE. The purchase price includes the fellowmg items if owned by Seller (a) if attached m the Pmperq~ on th? date of the agreement for. Sale: lighting, heating plumbing, ventilating and air condtionng fixtures, TV antennas water sofiene~, smoke/fire/burglar alarms, security davices, nside telephone wiring end connecting b ocks/jecks, plants, mirrors, floor covetings, interec~ systems, built-in kitchen appliances, sprinkler systems and controls, built-in vacuum systems (including accessories), and garage door openem including n/a ~rnnta controls; (b) if on the Property whether attached or not on the date of this Listing Contract: storm windows, storm doors, window and porch shades, awnings, blinds, screens, curtain rods, drapery rods, fireplace inserts, fireplace screens, fireplace grates, h~ating stoves, smmga sheds, all keys; and (c) n/a The above described items ("lnalusions") shall be conveyed by Selles to buyer by hill of sale at closing, all in their present conditiorl, ordinary wear and tear excepted, conveyed free and clear of all taxes, liens and encumbrances unless assumed by buyer. The following attached fixtures are excluded from the Sale: 9. TITLE ANDENCUMBRANCES. Seller represems m Broker that title m the Property is solely in Seller's name, Seller shall deliver to Broker true copies of all relevant title materials, lease(s) and survey(s) in Seller's possession and shall disclose m Broker ail easamants, liens and other encumbrances, if any, on the Property, of which Seller has knowledge. Seller authorizes the holder of any obligation secured by an encumbrance on the Property m disclose to Broker the amount owing on said encumbrance and the terms thereof. In case of Sale, Seller agrees to convey, by a qeneral warranc¥ deed. only that title Seller has in the Properw. All monetary encumbrances (such as mortgages, deeds of was~ liens, financing statements) shall be paid by Seller and ruieased except as Seller and buyer may otherwise agree. Existing monetary encumbrances are as follows: those of record The Property is subject to the following leases and tanuncies: If the Property has been or will be assessed for local improvements installed at the time of signing a Sale contract, Seller will be responsible for payment of. same unless otherwise agreed. Broker may terminate this Listing Contract upon written notice to Seller that title is not satisfactory to Broker. 10. EVIDENCE OF TITLE. Seller agrees to furnish buyer, at S¢ll~s expanse, Seller's choice of a commitment for, and a policy of, title insurance or an abstract of tire to the Property certified to a current date in the amount specified by any Sale contract. 11. PRORATIONS. General taxes for the year of closing, based on the taxes for the calender year immediately preceding closing, rants water and sewer chergas, ownes's association dues, and interest on continuing loan(s), if uny, and shall be pmreted to the date of closing. 12. POSSESSION. Possession of the Property shall be delivered to buyer as follows: upon delivery of deed subject to the leases and tenancies as described in Section 9. 13. MATERIAL DEFECTS-BROKERDISCLOSURES, INSPECTION. Seller agrees that any defects ora material nature (inaluding,, but not limited to, structural defects; soil conditions; violations of health, zoning or building laws; nonconforming uses and zoning variances) actuallyl known by Broker must be disclosed by Broker to any prospective buyer. Seller agrees that any buyer may have the Property and Inclusions inspected. Seller agrees to provide buyer with a SeIfer's Property Disclosure form completed to the best of Sollefs current, actual knowledge. The primed portions of thla form have been approved by the Colorado Real Estate Commission. (LC12-9-95) LC12-2-96 EXCLUSIVE RIGHT-TO-SELL LISTING CONTRACT (Farm and RanelVVacant Land) RealFA$'F~ Forms, BOX 4700, Frisco, CO 80443, Version 6.06 A, ©ReaIFAST~, 2001; Rog# TCOCOL223207 Completed by- Michael Cooper, Associate Broker, Aspen Real Estate Company 01/26/01 10:07:39 Seller(Ps, ge 2 of $ 14. COMMISSION TO BROKER. (a) Commission. In consideration of the services to be performed by Broker, Seller agrees to pay Broker as follows: ~ (1) Sale Commission. (i) 6 (%) of the gross sales price in U.S. dollars, or (ii) n/~ (2) Lease Commission. (i) 0 (%) of the gross rental under the lease in U.g. dollars, or (ii) n/a (b) Whun Earaed. Such eommissi0n shall be earned upon the happening of any o f the following: (1) AnY Sale of the Property within the Listing Period by Saller, by Broker or by any other persun; (2) Broker finding a buyer who is reedY, willing end able to complete the transaedon as specified herein by Sailer, or (3) Any Sale of the Proper~y within 120 calendar days subsequent to the expiration of the Listing Period ("Holdover Period") to anyone with whom Broker negotiated and whose name wes submitted, in writing, to Seller by Broker during the Listing Period (including afiy extensions thereof); provided, however, that Seller shail owe no commission to Broker under this subsection (3) if a commission is eern~d by another licensed real estate broker acting pursuant to an exclusive right-to-sell listing contract or an exclusive agency listing contract entered'into during the Holdover Period. (c) When Applicable and Payable. The commission obligation shall apply to a Sale mede during the Listings Period or made during any extension of such original or extended tenn. The commission described in subsection (a)(l) shall be payable at the time of the closing of the Sale as contemplated by subsection (b)(l) or (b)(3), or upon fulfillment of subsection (b)(2) where either the off~r made by such buyer is defeated by Seller or by the refusal or neglect of geller to consummate the Sale as agreed upon. (d) Lease and Lease Option Commissions. If the transaction consists of a lease or a lease and right to purchase the Property, the commiasio~ relating to the lease shall be as provided in subsection (a)(2), payable as follows: 15. LIMITATIONONBROKER'SCOMPENSATION. Broker shall not accept compensation liom the buyer, the bayer's agen't, or any entity participating in or providing services for the Sale without the written consent o~ Seller. 16. OTHER BROKERS, ASSISTANCE - MULTIPLE LISTING SERVICE. (a) Broker shall seek assistance from and offer compensation to the following brokers outside of the listing company: (Cheek all that apply.) [] (1) Other Brokers representing Seller ("sabagants"). (Subegents representing geller owe duties of utmost good faith, loyalty and fidelity to Seller only. geller may be vicariously li~ible for th~ acts of Subegents when acting in the scope of the agency relationship.) Broker will offer compensation to Subagents as follows: (i) g/a (%) of the gross sales price in U.S. dollars or (ii) [] (2) Brokers representing the buyer ("Buyer Agents"). (Buyer Agents representing buyer owe duties of uanost good faith, loyalty and fidelity to buyer only. Seller is not viearionsly liable for the acts of Buyer Agents.) ' Broker will offer compensation to Buyer Agents as follows: (i) 3 (%) of the gross sales price in U.S. dollars, or (ii) [] (3) Brokers assisting the buyer in the transaction but not acting as agents ("Transactiun-Brokers"). (Transactinn-Brokers must exercise reasonable skill and aero for the parties, geller is not vicariously liable for the acts of Transaction-Broker.¢ Broker will offer compensation to Transactlun-Brokers as follows: (i) 3 (%) of the gross sales price in U.S. dollars, or (ii) (b)Broker []will [--[ will not submit the Property to a multiple listing service. 17. IN-COMPANYDUALAGENCYANDTRANSACTION-BROI,~R. If a written Dual Agency Addendum or Transaction-Broker Addendum is signed by Seller, Broker may show Property to buyers represented or assisted by Broker. 18. FORFEITURE OF PAYM]ENTS. In the event of a forfeiture of payments mede by a buyer, foe sums received shall be divided between Broker and geller, one-half thereof to Broker, but not to exceed foe commission agreed upon herein, and the balance to Seller 19. COST OF SERVICES; REIMBURSEMENT. Unless othendse specified in Section 28, Broker shall bear all expenses incorred Broker, if any, to market the Property and to compensate cooperating brokers, if any. Broker will not obtain or order any other products or services unless Seller agrees in writing to pay for them promptly when due. Unless otherwise agreed, Broker shall not be obligated to advance funds for the benefit of Seller in order to complete a closing. (Examples: surveys, radon tests, soil tests, title reportsi engineering studies.) geller shall reimburse Broker for payments made by Broker for such other products or services authorized by geller. 20. lVlAI~ITENANCEOFTI-IEPROPERTY. Saller agress that Broker shall not be responsible for malntenence of the Proporty nor shall Broke~ be liable for damage of any kind occurring to the Property, unless such damage shall be caused by the negligence of Broker. 21. OTHER SELLERS. Seller acknowledges that Broker may have agreements with other sellers to market and sell their properties. 22. NONDISCRIMINATION. The parties agree not to discriminate unlawfully against any prospective buyer because of the race, creed, color, sex, marital status, national origin~ familial status, physical or mental hand/cap, religion or aneestxy of such person. The printed portlona of thia form have been approved by the Colorado Real Estate Commlaalon. (LC12-g-96) LC12-9-g6 EXCLUSIVE RIGHT-TO-SELL LISTING CONTRACT (Farm an=l Ranch/Vacant Lan;I) RealFAST® Forms, Box 4700, Frisco, CO 80443, Version 6.06 A, ~FlealFAST®, 2001; Reg# TCOCOL223207 Completed by- Michael Cooper, Associate Broker, .~spen Real Estate Company 01/26/01 09;58:30 Page 3 of 6 Seller(s)~ __ 23. RECOMMENDATION OF LEGAL COUNSEL By signing this document, Seller acknowledges that the Broker has advised t~at this document has important legal annsequences and has recommended consultation with legal end tax or other counsel, before signing this contreet. 24. ALTERNATIVEDISPUTERESOLUTION:MEDIATION. If a dispute erises relating to this centraet, and is not resolved, the perties involved in such dispute (Disputants) shall first proceed in good faith to submit the matter to mediation. The Disputants will jointly appoint an acceptable mediator and will share equally in the cost of such mediation. In the even the entire dispute is not resolved within thirty (30) calendar days fr6m the date written notice requesting mediation is sent by one Disputant to the other(s), the mediation, unless otherwise agreed, shall terminate. This section shall not alter any date in this conUaet, unless otherwise agreed. 25. ATTORNEYFEES. In case of arbitration or litigation between Seller and Broker in their respeetlve capacities, the ponies agree that costs and reasonable attorney fees shall be awarded to the prevailing pa~. 26. MODIFICATION OF THIS LISTING CONTRACT. No subsequent modification of any of the terms of this Listing Con~xaet shall be valid, binding upon the panics, or enforceable unless made in writing and signed by the pan/es. 27. ENTIREAGREEMENT. This Listing ConU'act annstitutes the entire agreement between the parties relating to the subject hencol, and any prior agreements pertaining thereto, whether oral or written, have been merged and integrated into this Listing Contract. 28. ADDITIONAL PROVISIONS. (The langnage of these additional provisions has not been epproved by the Colorado Real Esmte Commission). a) Seller authorizes Broker to advertise the Property, including placing information designated by the Broker concerning the Property in newspapers, flyers, any Multiple Listing Services of which Broker is a member, and postings on the internet, including asenexperts.com, Realtor.com, and the Aspen Board of REALTORS website. b) Seller(s) represents and warrants that he/she is not subject to witkholding as defined under Internal Revenue Code Section 897 (Foreign Person Transferor). Seller(s) agrees to execute an affidavit at closing stating that he/she is not a Foreign Person Transferor. c) "n/a", when used in this oontract should be interpreted as not applicable. d) Sellers of Colorado real estate may be liable for withholding for Capital Gains Tax. Under requirements of Colorado HB-1270 an amount equal to two percent (2%) of the sales price must be withheld at closing, by the closing agent, to be transmitted to the Colorado Department of Revenue. A Sale may be exempted from this requirement if the Seller(s) sl~s an affidavit stating that The Seller(s) is a resident of the state of Colorado, or the Seller(s) is a corporation with a place of business in Colorado,or that the property is the Seller's principal residence, or that the Seller(s) will not owe tax reasonably estimated to be due under the law. Transactions not exceeding $100,000.00 are exempt. e) The facsimile transmission of a si~ed copy hereof or any counter offer to the other party or his/her agent, shall constitute delivery of said signed document. 29. COPIES OF AGREEMENT. This Listing Contract is executed in multiple copies and Sailer ackaowledges receipt of a copy of this Listing Contract signed by Broker. 30. COUNTERPARTS. If more than one person is named as a Seller herein, this Listing Contract may be executed by each Seller, individually, and when each Seller has executed a copy of this Listing Contract, such copies taken together shall be deemed [o be a full end complete contract between the perfies. Accepted: SELLER ~ ~~ DATE ~/~f City of Aspe/n The printed podiona of this form have been approved by the Colorado Real Estete Commission. (LC12-9-96) LC12-g-95 EXCLUSIVE RIGHT-TO-SELL LISTING CONTRACT (Farm and Ranch/Venent L~nd) RealFAST~ Forms, BOX 4700, Fr~sco, CO 80443, Version 6,06 A, ©RanlFAST®, 2001; Rog# TCOCOL223207 Completed by - Michael Cooper, Associate Broker, Aspen Real Estate Company 01/26/01 09:58:30 Page 4 of 6 Bmker Aspen Real Estate Company 205 South Mill Street Aspen, CO 81611 Phone: 970/920-2006, Fax: 970/92~-3531 Signamre Michael Cooper Da~ The printed portions of this form have b~en approved by the Colorado Real Estate Commission. (LC12.9-96) LC12-9-96 EXCLUSIVE RIGHT-TO-SELL LISTING CONTRACT (Farm and Ranch/Vacant Land) ReaIFAST® Forms, Box 4700, Frisco, CO 80443, Version 6.06 A, ~Rea[FAST®, 2001; Reg# TCOCO L223207 Completed by- Michael Cooper, Associate Broker, Aspen Real Estate Company 01/26/01 09:58:30 Seller(P~age~j __5 of 5 Aspen Real Estate Company 205 South Mill Street Aspen, CO 81611 Phone: 970/920-2006, Fax: 970/925-3531 IT he ~,h~[~d portions of this form have been approved by the Colorado Real Estate Cnmm~,sion (TBA 29-9-99) ] THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. TRANSACTION-BROKER ADDENDUM (for In-Company Transactions) 1. AMENDMENT TO AGENCY CONTRACT. This Transaction-Broker Addendum is part of' an [] EXCLUSIVE RIGHT-TO-BUY CONTRACT (BUYER AGENCY) dated n/a , or a [] RIGHT-TO-SELL LISTING CONTRACT (SELLER AGENCY) dated February ~2, 200~ between the broker named below and its sales agents ("Broker")and the undersigned Buyer or Seller. If th~ addendum is used with a lease or rental transaction, the'word "Seller" shall mean "Landlord", and the word "Buyer!' shall mean "Tenant". This Addendum will control in the event of any conflict with the contract to which it is attached. 2. LIMITATION ON BROKER'S AGENCY ORI,IGATIONS, When acting as the agent for one party (either Buyer or Seller), Broker has duties and obligations which include utmost good faith, loyalty and fidelity to that one party, and that one party may be vicariously liable for acts of Broker. When acting as a Transaction, Broker, Broker assists the parties throughout a contemplated real estate transaction with communication3 interposition, advisement, negotiation, contract terms, and the closing of the transaction without being an agent or advocate for the interest of any party to the transaction. Seller and Buyer shall not be vicariously liable for acts of a Transaction-Broker. a. Other Licensed Real Estate Companv(ies). (1) ~ If this Addendum ~s signed by Buyer, Broker will act as the exclusive agent for Buyer when showing Buyer properties listed by other licensed real estate company(les). (2) ~ If this Addendum is signed by Seller, Broker will act as the exclusive agent for Seller when the Property is shown to prospective buyers who have working relationships with other !icensed real estate company(les). b. In-Comoanv Transaction(s), When the same Broker represems or assists both parties to a transaction, it is called an In- Company Transaction. It is necessary that both parties agree how Broker should handle such a situation and avoid any conflict of interest. In this Addendum, you and your Broker agree how Broker is to act in an In-Company 'Trensaction. (1) Transac 'on-Broker. In an In-Company transaction Broker shall act as a Transaction-Broker, unless the box in b(2) is checked. [] (2) A~ent. IF THIS BOX IS CHECKED, Broker shall act as an agent of only the, undersigned Buyer or Seller (and shall treat the other party as a customer, not as a client), unless Broker has a written Transaction-Broker agreement or addendum with the other party. THE REMAINING PROVISIONS OF THIS ADDENDUM DESCRIBE SIGNIFICANT CHANGES TO THE OBLIGATIONS OF BROKER WHEN ACTING AS A TRANSACTION.BROKER IN AN IN-COMPANY TRANSACTION. TBA 29-9-99, Transaction-Broker Addendum RealFAST® Forms, BOX 4700, Frisco. CO 80443, Version 6.06 A. ©ReaiFA$'I~, 2001; Reg# TCOCOL223207 Completed by * Michael Cooper, Associate Broker~ Aspen Real Estate Comoany Buyer(s) 01/26/01 10:03:57 Page I orr2 Seller(s) __ 3. MATTERS THAT CAN BE DISCLOSED BY A TRANSACTION-BROKER. Except as' s~t forth in Section 4, Broker, when acting as a Transaction-Broker, may disclose any information toone party that Broker gains from the other party if the information is relevant to the transaction or party. 4. MATTERS THAT CANNOT BE DISCLOSED BY A TRANSACTION-BROKER. Broker, when acting as a Transaction-Broker, shall not disclose the following information without the prior consent of Seller and Buyer: a. That Buyer is willing to pay more than the purchase price offered for the property; b. That Seller is willing to accept less than the asking price for the proPerty; e. What the motivating factors are for any party buying or selling the property; d. That Seller or Buyer will agree to financing terms other than those offered; e. Any material information about the other party unless either: (1) the diselosure is required by law, (2) the disclosure pertains to adverse material facts about Buyer's financial ability tp perform the terms of the transaction, (3) the disclosure pertains to Buyer's intent to occupy the property as a princip~[1 residence, or (4) failure to disclose such information would constitute fraud or dishonest dealing. 5. NO DUTY FOR TRANSACTION-BROKER TO INVESTIGATE, Broker, when acting as Transaction-Broker, has no duty to conduct an independent inspection of the property for the benefit of Buyer and has no duty to independently verify the accuracy or completeness of statements made by Seller or independefft inspectors. Broker, when acting as a Transaction-Broker, has no duty to conduct an independent investigation oF uyer s finanmal condition or to venfy the accuracy or completeness of any statement made by Buyer. 6, ADDITIONAL PROVISIONS. n/a Accepted: City of AslDen BUYER DATE Aspen Real Estate Company 205 South Mill Street ( Aspen, CO 81611 Phone: 970/920-2006, Fax: 970/925-3531 Signature ~ichael Cooper D~e TBA 29-9-99, Transaction-Broker Addendum ReaIFAST~ Fon~s, Box 4700, Frisco, CO 80443, Version 6.06 A, ~ReaIFAST~, 2001; Reg# TCOCOL223207 CompJeted by- Michael Cooper, Associate Broker, Aspen Real Estate Company 01/26/01 10:03:57 Page 2 of 2