HomeMy WebLinkAboutresolution.council.068-09RESOLUTION # 68
(Series of 2009)
A RESOLUTION APPROVING A CONTRACT BETWEEN THE CITY OF
ASPEN, COLORADO, AND STEPHEN JAWORSKI SETTING FORTH THE
TERMS AND CONDITIONS REGARDING THE PURCHASE OF A DEED-
RESTRICTED HOUSING UNIT AT 910 WEST HALLAM, #11 AND
AUTHORIZING THE CITY MANAGER TO EXECUTE SAID CONTRACT
WHEREAS, there has been submitted to the City Council a contract
between the City of Aspen, Colorado, and Stephen Jaworski, 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
between the City of Aspen, Colorado, and Stephen Jaworski regarding the
purchase of aDeed-Restricted Housing unit at 910 W. Hallam, #11 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: ~ fS ~~
Mayor
9-~j~e9
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 September 14, 2009.
Ka S. Koch, City Clerk
Aspen/Pitkin County Housing Authority
530 E. Main Street
Aspen, CO 81811
Phone:970-920-5455, Fax:970-920-5580
The printed portions of [his form, except differentiated additions, have been approved by the Colorado Real Estate Commission.
(CBS1-11-08) (Mandatory 1-09)
THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL
BEFORE SIGNING.
CONTRACT TO BUY AND SELL REAL ESTATE
(ALL TYPES OF PROPERTIES)
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Date: Aucuat 24. 2009
AGREEMENT. Buyer agrees to buy, and Seller agrees to sell, the Property defined below on the terms and conditions set forth
in this contract (Contract).
DEFINED TERMS.
2.1. Buyer..8uyer,
City of Aspen, a Colorado Home Rule municipality
will take title to the real property described below as ^ Joint Tenants ^ Tenants In Common ^ Other
2.2. Property. The Property is the following legally described real estate in the County of Pitkin ,
Colorado:
Unit No. 11, THE SAGEWOOD CONDOMINIUMS, according to the Condominium Map thereof recorded December
14, 1973 in Plat Book 4 at Paqe 449, as Reception No. 164277, and as further defined and described
in the Condominium Declaration for The Sagewood Condominiums recorded December 14, 1973 in Book 282
at Page 438 as Reception No. 164279
known as No.
910 Weat Hallam. #11, Haven. Colorado 81611
Street Address City State Zip
together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto, all interest of
Seller in vacated streets and alleys adjacent [hereto, except as herein excluded.
2.3. Dates and Deadlines.
Item No. Reference Event Date or Deadline
1 § 4.2.1 Alternative Eaznest Money Deadline n/a
2 § 5.1 Loan Application Deadline n/a
3 § 5.2 Loan Conditions Deadline n/a
4 § 5.3 Buyer's Credit Information Deadline n/a
5 § 5.3 Disa royal of Buyer's Credit Information Deadline n/a
6 § 5.4 Existing Loan Documents Deadline n/a
7 § 5.4 Existing Loan Documents Objection Deadline n/a
8 § 5.4 Loan Transfer Approval Deadline n/a
9 § 6.2.2 Appraisal Deadline n/a
10 § 6.2.2 Appraisal Objection Deadline n/a
11 7.1 Title Deadline September o4, 2DO9
12 § 8.1 Title Objection Deadline september 09, 2009
13 § 7.3 Survey Deadline n/a
14 § 8.3.2 Survey Objection Deadline n/a
PREPARED 8Y: Cindy L. Christensen, OperMlons Manager
C851-i t-08, Contract ro Buy antl Sell Real Estate (All Types of PropeNes). Coloratlo Real Estate Commission
ReaIFA$T® Software, ®2009, Version 6.18. Software Registeretl to: Cintly Christensen, Aspen/Pitkin County Housing Authody
Buyer(s) 08/24/0910:53:43
Page 1 of 13
Seller(s)
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15 § 7.2 Document Request Deadline n/a
16 § 7.4.4 CIC Documents Deadline n/a
17 § 7.4.5 CIC Documents Objection Deadline n/a
18 § 8.2 Off-Record Matters Deadline n/a
19 § 8.2 Off-Record Matters Objection Deadline n/a
20 § 8.6 Right Of First Refusal Deadline n/a
21 § 10.1 Seller's Properly Disclosure Deadline n/a
22 § 10.2 Inspection Objection Deadline n/a
23 § 10.3 Inspection Resolution Deadline n/a
24 § 10.5 Property Insurance Objection Deadline n/a
25 § 12 Closing Date September 30, 2009
26 § 17 Possession Date September 30, 2009
27 §17 Possession Time 2:0o p. m.
28 § 31 Acceptance Deadline Date august 27, 2009
29 § 31 Acceptance Deadline Time 5:00 p. m.
n/a n/a n/a n/a
n/a n/a n/a n/a
2.4. Applicability of Terros. A check or similar mark in a box means that such provision is applicable. The abbreviation "N/A"
or the word "Deleted" means not applicable and when inserted on any line in Dates and Deadlines (§ 2.3), means that the
corresponding provision of the Contract to which reference is made is deleted. The abbreviation "MEC" (mutual execution of
this Contract) means the date upon which both parties have signed this contract.
2.5 Day; Computation of Period of Days, Deadline.
2.5.1. Day. As used in this Contract, the term "day" shall mean the entire day ending at 11:59 p.m., United States Mountain
Time (Standazd or Daylight Savings as applicable).
2.5.2. Computation of Period of Days, Deadline. In computing a period of days, when the ending date is not specified,
the first day is excluded and the last day is included, e.g. three days after MEC. In the event any deadline falls on a Saturday,
Sunday or federal or Colorado state holiday (Holiday), such deadline ^ Shall ^ Shall Not be extended to the next
day [hat is not a Saturday, Sunday or Holiday. Should neither box be checked, the deadline shall not be extended.
3. INCLUSIONS AND EXCLUSIONS.
3.1. Inclusions. The Purchase Price includes the following items (Inclusions):
3.1.1. Fixtures. If attached to [he Properly on [he date of this Contract, lighting, heating, plumbing, ventilating, and air
conditioning fixtures, TV antennas, inside telephone, network and coaxial (cable) wiring and connecting blocks/jacks,
plants, mirrors, floor coverings, intercom systems, built-in kitchen appliances, sprinkler systems and controls, built-in
vacuum systems (including accessories), gazage door openers including n/a remote controls; and ^
n/a
3.1.2. Personal Property. The following are included if on the Property whether attached or no[ on [he date of this
Contract: storm windows, storm doors, window and porch shades, awnings, blinds, screens, window coverings, curtain rods,
drapery rods, fireplace inserts fireplace screens, fire lace grates, heating stoves, storage sheds, and all keys. If checked,
[he following are included: ~ Water Softeners Smoke/Fire Detectors ^ Security Systems ^ Satellite Systems
(including satellite dishes).
3.1.3. Other Inclusions.
The Personal Property to be conveyed at Closing shall be conveyed by Seller free and clear of all taxes (except personal
property [axes for [he year of Closing), liens and encumbrances, except
n/a
Conveyance shall be by bill of sale or other applicable legal instrument.
3.1.4. Trade Fixtures. With respect to trade fixtures, Seller and Buyer agree as follows
The Trade Fixtures to be conveyed at Closing shall be conveyed by Seller free and clear of all [axes (except personal
property taxes for the year of Closing), liens and encumbrances, except
n/a
PREPARED BY: Clndy L. Ohrlatensen, Olxretlons Manager
C851-11-08, Contract to Buy and Sell Real Estate (All Types of Properties). Coloretlo Real Estate Commission
ReaIFA$7®SoM1ware, 02009, Version 8.18. Software Registered to: Cindy Christensen, Aspen/Pitldn County Housing Authority
Buyer(s) 08/24/0910:53:43
Page 2 of 13
Seller(s) _
61 Conveyance shall be by bill of sale or other a plicable legal instrument.
62 3.1.5. Parking and Storage Facilities. Use Only ^ Ownership of the following pazking facilities:
63 1 asaioned parkins space alono with one street permit ,
64 and ^ Use Only ^ Ownership of the following storage facilities:
65 n/a
66 3.1.6. Water Rights. The following legally described water rights:
67 n/a
68 Any water rights shall be conveyed by ^ n/a Deed ^ Other applicable legal instrument.
69 If any water well is to be transferzed to Buyer, Seller agrees to supply required information about such well to Buyer.
70 Buyer understands that if the well to be transferzed is a Small Capacity Well or a Domestic Exempt Water Well used for
71 ordinary household purposes, Buyer shall, prior to or at Closing, complete a Change in Ownership form for the well. If an
72 existing well has not been registered with the Colorado Division of Water Resouces in the Deparhnent of Natural Resources
73 (Division), Buyer shall complete a registration of existing well forth for [he well and pay the cost of registration. If no person
74 will be providing a closing service in connection with the transaction, Buyer shall file the form with the Division within sixty
75 days after Closing. The Well Permit # is n/a
76 3.1.7. Growing Crops. With respect to growing crops, Seller and Buyer agree as follows:
77 n/a
78 3.2. Exclusions. The following items are excluded:
79 n/a
80 4. PURCHASE PRICE AND TERMS.
81 4.1. Price and Terms. The Purchase Price set forth below shall be payable in U.S. Dollars by Buyer as follows:
82
Item No. Reference Item Amount Amount
1 § 4.1 Purchase Price $ 149,560.00
2 § 4.2 Earnest Money $ n/a
3 § 4.5 New Loan n/a
4 § 4.6 Assumption Balance n/a
5 § 4.7 Seller or Private Financing n/a
6 n/a n/a n/a n/a
7 n/a n/a n/a n/a
8 § 4.3 Cash at Closing n/a
9 TOTAL $ 149,560 $ 149,560.00
84 4.2. Earnest Money. The Eaznest Money set forth in this section, in the form of n/a ,
85 is part payment of the Purchase Price and shall be payable to and held by Land Title
86 (Eamest Money Holder), in its trust account, on behalf of both Seller and Buyer. The Earnest Money deposit shall be tendered
87 with this Contract unless the parties mutually agree to an Alternative Earnest Money Deadline (§ 2.3) for its payment. If
88 Eamest Money Holder is other than the Brokerage Firm identified in § 33 or § 34 below, Closing Instructions signed by Buyer,
89 Seller and Eamest Money Holder must be obtained on or before delivery of Eamest Money to Eamest Money Holder. The parties
90 authorize delivery of the Eamest Money deposit to the company conducting the Closing (Closing Company), if any, at or before
91 Closing. In the event Earnest Money Holder has agreed [o have interest on Earnest Money deposits transferred to a fund
92 established for the purpose of providing affordable housing to Colorado residents, Seller and Buyer acknowledge and agree that
93 any interest accruing on the Earnest Money deposited with the Earnest Money Holder in this transaction shall be transferzed to
94 such fund.
95 4.2.1. Alternative Earnest Money Deadline. The deadline for delivering the Earnest Money, if other than at the time of
96 tender of the Contract is as set forth as the Alternative Earnest Money Deadline (§ 2.3).
97 4.3. Cash at Closing. All amounts payable by the parties, a[ Closing, including Cash at Closing and closing costs, shall be
98 in funds that comply with all applicable Colorado laws, including electronic transfer funds, certified check, savings and loan
99 teller's check and cashier's check (Good Funds). All required Cash at Closing shall be paid to allow disbursement by Closing
100 Company at the time of Closing OR SUCH PARTY SHALL BE IN DEFAULT. Buyer represents that Buyer, as of the date of
101 this Contract, ^ Does ^ Does Not have funds that are immediately verifiable and available in an amount not less than the
102 amount stated as Cash at Closing in § 4.1.
103 4.4. Seller Concession. Seller, at Closing, shall pay or credit, as directed by Buyer, a total amount of $ n/a
104 to assist with Buyer's closing costs, loan discount points, loan origination fees, prepaid items (including any amounts that Seller
105 agrees to pay because Buyer is not allowed to pay due to FHA, CHFA, VA, etc.), and any other fee, cost, chazge, expense or
PREPARED BY: Cindy L. Chdstensen, Operations Manager
CBS1-f 1-e6, ContraQ to Buy and Sell Real Estate (All Types of Properties). Colorado Real Estate Commission
ReaIFA$T® Software, ®'1009, Version 8.16. Software Registered lo: Cindy Christensen, Aspen/Pitldn County Housing Authority page 3 of 73
Buyer(s) 06/24/0810:53:43 Seller(s)
106 expenditure related to Buyer's New Loan or other allowable Seller concession (collectively, Seller Concession). The Seller
107 Concession is in addition [o any sum Seller has agreed [o pay or credit Buyer elsewhere in [his Contract. If the amount of Seller
108 Concession exceeds the aggregate of what is allowed, Seller shall not pay or be charged such excess amount.
109 4.5. New Loan.
110 4.5.1. Buyer to Pay Loan Costs. Buyer, except as provided in § 4.4, if applicable, shall timely pay Buyer's loan costs, loan
111 discount points, prepaid items and loan origination fees, as required by lender.
112 4.5.2. Buyer May Select Financing. Buyer may select financing appropriate and acceptable to Buyer, including a different
113 loan than initiallly sought, except as restricted in § 4.5.3 or § 25, Additional Provisions.
114 4.5.3. Loan Limitations. Bu er may purchase the Property using any of the following types of loan: ^ Conventional
115 ^ FAA ^ VA ^ Bond Other n/a .
116 4.5.4. Good Faith Estimate -Monthly Payment and Loan Costs. Buyer is advised to review the terms, conditions and
117 costs of Buyer's New Loan carefully. If Buyer is applying for a residential loan, the lender generally must provide Buyer
118 with a good faith estimate of Buyer's closing costs within three days after Buyer completes a loan application. Buyer should
119 also obtain an estimate of the amount of Buyer's monthly mortgage payment. If the New Loan is unsatisfactory to Buyer,
120 then Buyer may terminate [his Contract pursuant to § 5.2 no later than Loan Conditions Deadline (§ 2.3).
121 4.6. Assumption. Buyer agrees to assume and pay an existing loan in the approximate amount of [he Assumption Balance set
122 forth in § 4.1, presently payable at $ n/a per n/a including principal and interest presently at
123 [he rate of n/a % per annum, and also including escrow for the following as indicated: ^ Real Estate Taxes
124 ^ Property Insurance Premium ^ Mortgage Insurance Premium and
125 ^ n/a .
126 Buyer agrees to pay a loan transfer fee not to exceed $ n/a . At the time of assumption, the new interest
127 rate shall not exceed n/a % per annum and the new payment shall no[ exceed $ n/a per n/a
128 principal and interest, plus escrow, if any. [f the actual principal balance of the existing loan at Closing is less than the Assumption
129 Balance which causes the amount of cash required from Buyer at Closing to be increased by more than $ n/a
130 then ~ Buyer May Terminate this Contract effective upon receipt by Seller of Buyer's written notice of termination or
131 ^ n/a
132 Seller ^ Shall ^ Shall Not be released from liability on said loan. If applicable, compliance with the requirements for
133 release from liability shall be evidenced by delivery ^ on or before Loan Transfer Approval Deadline ^ at Closing of an
134 appropriate letter of commitment from lender. Any cost payable for release of liability shall be paid by n/a
135 in an amount not to exceed $ n/a ,
136 4.7. Seller or Private Financing. Buyer agrees to execute a promissory note payable to:
137 n/a ,as ^ Joint Tenants ^ Tenantsin
138 Common ^ Other n/a , on [he note form as indicated:
139 ^ (Default Rate) NTD81-10-06 ^ Other n/a
140 secured by a n/a (1st, 2nd, etc.) deed of trust enumbering the Property, using the form as indicated:
141 ^ Due on Transfer-Strict (TD72-9-08) ^ Due on Transfer-Creditworthy (TD73-9-08) ^ Assumable -Not Due On
142 Transfer (TD74-9-08) ^ Other n/a .
143 The promissory note shall be amortized on the basis of n/a ^ Years ^ Months, payable at
144 $ n/a per n/a including principal and interest a[ the rate of n/a % per annum. Payments
145 shall commence n/a and shall be due on [he n/a day of each succeeding n/a
146 If not sooner paid, the balance of principal and accrued interest shall be due and payable n/a
147 after Closing. Pa ments ^ Shall ^ Shall Not be increased by n/a of estimated annual real estate taxes,
148 and ^ Shall ~ Shall Not be increased by n/a of estimated annual property insurance premium. The loan
149 shall also contain the following terms: (1) if any payment is not received within n/a days after its due date, a late
150 chazge of n/a % of such payment shall be due; (2) interest on lender disbursements under [he deed of trust shall
151 be n/a % per annum; (3) default interest rate shall be n/a % per annum; (4) Buyer may prepay without a
152 penalty except n/a ;and (5)
153 Buyer ^ Shall ^ Shall Not execute and deliver, at Closing, a Security Agreement and UCC-I Financing Statement granting
154 the holder of the promissory note a n/a (lst, 2nd, etc.) lien on the personal property included in this sale.
155 Buyer ^ Shall ^ Shall Not provide a mortgagee's title insurance policy, at Buyer's expense.
156 5. FINANCING CONDITIONS AND OBLIGATIONS.
l57 5.1. Loan Application. If Buyer is to pay all or part of the Purchase Price by obtaining one or more new loans (New Loan), or
I58 if an existing loan is not to be released at Closing, Buyer, if required by such lender, shall make a verifiable application by
159 Loan Application Deadline (§ 2.3).
160 5.2. Loao Conditions. If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is conditional upon
161 Buyer determining, in Buyer's subjective discretion, whether the New Loan is satisfactory to Buyer, including its availability,
162 payments, interest rate, terms, conditions, and cost of such New Loan. This condition is for the benefit of Buyer. If such New
163 Loan is not satisfactory to Buyer, Seller must receive written notice to terminate from Buyer, no later than Loan Conditions
164 Deadline (§ 2.3), at which time this Contract shall terminate. IF SELLER DOES NOT TIMELY RECEIVE WRITTEN
PREPARED BY: Clntly L. Christensen, Operatlans Manager
CB51-11-06, Convect to Buy antl Sell Real Estate (All Types of Pmpertiea). Colorado Real Estate Commission
ReaIFA§7® Soaware, ®2009, Verson 6.16. Software Registered to: Cintly Christensen, Aspen/Pi9cin Count' Housing Authority
Buyer(s) 08/24/09 10:53:43 SellePr(sge 4 of 13
165 NOTICE TO TERMINATE, THIS CONDITION SHALL BE DEEMED WAIVED, AND BUYER'S EARNEST
166 MONEY SHALL BE NONREFUNDABLE, EXCEPT AS OTHERWISE PROVIDED IN THIS CONTRACT.
167 (e.g., Appraisal, Title, Survey).
168 5.3. Credit [mformation and Buyer's New Senior Loan. If Buyer is to pay all or part of the Purchase Price by executing a
169 promissory note in favor of Seller, or if an existing loan is not to be released at Closing, this Contract is conditional (for the
170 benefit of Seller) upon Seller's approval of Buyer's financial ability and creditworthiness, which approval shall be at Seller's
171 subjective discretion. In such case: (1) Buyer shall supply to Seller by Buyer's Credit Information Deadline (§ 2.3), at Buyer's
172 expense, information and documents (including a current credit report) concerning Buyer's financial, employment and credit
173 condition and Buyer's New Senior Loan, defined below, if any; (2) Buyer consents that Seller may verify Buyer's financial ability
174 and creditworthiness, (3) any such information and documents received by Seller shall be held by Seller in confidence, and not
175 released to others except to protect Seller's interest in this transaction; (4) in the event Buyer is to execute a promissory note
176 secured by a deed of trust in favor of Seller, this Contrail, is conditional (for the benefit of Seller) upon Seller's approval of the
177 terms and conditions of any New Loan to be obtained by Buyer if the deed of trust to Seller is to be subordinate to Buyer's New
178 Loan (Buyer's New Senior Loan). Additionally, Seller shall have the right to terminate, at or before Closing, if the Cash at
179 Closing is less than as set forth in § 4.1 of this Contract or Buyer's New Senior Loan changes from that approved by Seller; and
180 (5) if Seller does not deliver written notice of Seller's disapproval of Buyer's financial ability and creditworthiness or of Buyer's
18] New Senior Loan to Buyer by Disapproval of Buyer's Credit Information Deadline (§ 2.3), then Seller waives the conditions
182 set forth in this section as to Buyer's New Senior Loan supplied to Seller. If Seller does deliver written notice of disapproval to
183 Buyer on or before said date, this Con[rac[ shall terminate.
184 5.4. Existing Loan Review. If an existing loan is not to be released at Closing, Seller shall deliver copies of the loan documents
185 (including note, deed of tmst, and any modifications) to Buyer by Existing Loan Documents Deadline (§ 2.3). For the benefit
186 of Buyer, this Contract is conditional upon Buyer's review and approval of the provisions of such loan documents. If written
187 notice of objection to such loan documents, signed by Buyer, is not received by Seller by the Existing Loan Documents
188 Objection Deadline (§ 2.3 ), Buyer accepts the terms and conditions of the documents. If the lender's approval of a transfer of
189 the Property is required, this Contract is conditional upon Buyer's obtaining such approval without change in the terms of such
190 loan, except as set forth in § 4.6. If lender's approval is not obtained by Loan Transfer Approval Deadline (§ 2.3), this Contract
191 shall terminate on such deadline. If Seller is to be released from liability under such existing loan and Buyer does no[ obtain such
192 compliance as set forth in § 4.6, this Contract may be terminated at Seller's option.
193 6. APPRAISAL PROVISIONS.
194 6.1. Property Approval. If the lender imposes any requirements or repairs (Requirements) to be made to the Property (e.g., roof
195 repair, repainting), beyond [hose matters already agreed to by Seller in this Contract, Seller may terminate this Contract
196 (notwithstanding § ]0 of this Contract) by written notice to Buyer on or before three days following Seller's receipt of the
197 Requirements. Seller's right to terminate in this § 6.1 shall not apply if on or before any termination by Seller pursuant to this
198 § 6.1: (1) the parties enter into a written agreement regarding the Requirements; or (2) the Requirements are completed by Seller;
199 or (3) the satisfaction of the Requirements is waived in writing by Buyer.
200 6.2. Appraisal Condition.
201 ® 6.2.1. Not Applicable. This § 6.2 shall not apply.
202 ^ 6.2.2. ConventionaUOther. Buyer shall have the sole option and election to terminate this Contract if the Purchase Price
203 exceeds the Property's valuation determined by an appraiser engaged by n/a .The appraisal
204 shall be received by Buyer or Buyer's lender on or before Appraisal Deadline (§ 2.3). This Contractshallterminateby Buyer
205 delivering to Seller written notice of termination and either a copy of such appraisal or written notice from lender that
206 confirms the Property's valuation is less than the Purchase Price, received by Seller on or before Appraisal Objection
207 Deadline (§ 2.3). If Seller does not receive such written notice of termination on or before Appraisal Objection Deadline
208 (§ 2.3), Buyer waives any right to terminate under this section.
209 ^ 6.2.3. FHA. It is expressly agreed that notwithstanding any other provisions of this Contract, the Purchaser (Buyer) shall
210 not be obligated to complete the purchase of the Property described herein or to incur any penalty by forfeiture of Earnest
211 Money deposits or otherwise unless the Purchaser (Buyer) has been given in accordance with HUD/FHA or VA requirements
212 a written statement issued by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement
213 lender, setting forth the appraised value of the Property of not less than $ n/a .The Purchaser (Buyer) shall
214 have the privilege and option of proceeding with consummation of the Contract without regard to the amount of the appraised
215 valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban
216 Development will insure. HUD does not warant the value nor the condition of the Property. The Purchaser (Buyer) should
217 satisfy himself/herselfthar [he price and condition of the Property are acceptable.
218 ^ 6.2.4. VA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the purchaser (Buyer) shall not
219 incur any penalty by forfeiture of Eaznest Money or otherwise or be obligated to complete the purchase of the Property
220 described herein, if the Contract Purchase Price or cost exceeds the reasonable value of the Property established by the
221 Department of Veterans Affairs. The purchaser (Buyer) shall, however, have the privilege and option of proceeding with the
222 consummation of this Contract without regard to [he amount of the reasonable value established by the Department of
223 Veterans Affairs.
224 6.3. Cost of Appraisal. Cost of any appraisal to be obtained after the date of this Contract shall be timely paid by
225 ® Buyer ^ Seller.
PREPARED BY: Cindy L. Chrlatenaen, Operations Manager
CBS1-11-06, Contract b Buy and Sell Real Estate (All Types of Properties). Colorado Real Estate Commission
ReaIFAST® Software, ®2009, Version 6.16. Software Registered to'. Cindy Christensen, AspeNPitkin County Housing Anthony
06/24/09 10:63:43
Buyer(s)
Page 5 of 13
Seller(s)
226 7. EVIDENCE OF TITLE, SURVEY AND CIC DOCUMENTS.
227 7.1. Evidence of Title. On or before Title Deadline (§ 2.3), Seller shall cause to be famished to Buyer, at Seller's expense, a
228 current commitment for owner's title insurance policy (Title Commitment) in an amount equal to the Purchase Price, or if this
229 box is checked, ^ An Abstract of title certified to a current date. If title insurance is furnished, Seller shall also deliver to
230 Buyer copies of any abstracts of title covering ali or any portion of the Property (Abstract) in Seller's possession. At Seller's
231 expense, Seller shall cause the title insurance polic to be issued and delivered to Buyer as soon as practicable at or after
232 Closing. The title insurance commitment ^ Shall ~ Shall Not commit to delete or insure over the standard exceptions
233 which relate to: (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) any unrecorded mechanic's liens,
234 (5) gap period (effective date of commitment to date deed is recorded), and (6) unpaid taxes, assessments and unredeemed tax
235 sales prior to the year of Closing.
236 Any additional premium expense to obtain this additional coverage shall be paid by ^ Buyer ^ Seller.
237 Note: The title insurance company may not agree to delete or insure over any or all of the standard exceptions. Buyer shall have
238 the right to review the Title Commitment. If the Title Commitment or its provisions are not satisfactory to Buyer, Buyer may
239 exercise Buyer's rights pursuant to § 8.1.
240 7.2. Copies of Exceptions. On or before Title Deadline (§ 2.3), Seller, at Seller's expense, shall furnish to Buyer and
241 ~a , (1) copies of any
242 plats, declarations, covenants, conditions and restrictions burdening the Property, and (2) if a Title Commitment is required to be
243 famished, and if this box is checked ®Copies of any Other Documents (or, if illegible, summaries of such documents) listed
244 in [he schedule of exceptions (Exceptions). Even if the box is not checked, Seller shall have the obligation to furnish these
245 documents pursuant to this section if requested by Buyer any time on or before Document Request Deadline (§ 2.3). This
246 requirement shall pertain only to documents as shown of record in the offices of the clerk and recorder in the county where [he
247 Property is located. The abstract or Title Commitment, together with any copies or summaries of such documents furnished
248 pursuant to this section, constitute the title documents (Title Documents).
249 7.3. Survey. On or before Survey Deadline (§ 2.3) ^ Seller ^ Buyer shall order and cause Buyer (and the issuer of [he
250 Title Commitment or the provider of the o inion of title if an abstract) to receive a current ^ Improvement Survey Plat
251 ^ Improvement Location Certificate ~:r/a
252 (the description checked is known as Survey). An amount not to exceed $ n/a for Survey shall be paid by
253 ^ Buyer ^ Seller. If the cost exceeds this amount, ^ Buyer ^ Seller shall pay [he excess on or before Closing. Buyer
254 shall not be obligated to pay the excess unless Buyer is informed of the cost and delivers [o Seller, before Survey is ordered,
255 Buyer's written agreement to pay the required amount to be paid by Buyer.
256 7.4. Common Interest Community Documents. The term CIC Documents consists of all owners' associations (Association)
257 declarations, bylaws, operating agreement, rules and regulations, party wall agreements, minutes of most recent annual owners'
258 meeting and minutes of any directors' or managers' meetings during the six-month period immediately preceding the date of this
259 Contract, if any (Governing Documents), most recent financial documents consisting of (1) annual balance sheet, (2) annual
260 income and expenditures statement, and (3) annual budget (Financial Documents), if any (collectively CIC Documents).
261 ^ 7.4.1. Not Applicable. This § 7.4 shall not apply.
262 7.4.2. Common Iuterest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A COMMON INTEREST
263 COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR SUCH COMMUNITY. THE OWNER OF THE
264 PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNER'S ASSOCIATION FOR THE COMMUNITY
265 AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION. THE
266 DECLARATION, BYLAWS, AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL OBLIGATIONS
267 UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS OF THE
268 ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION COULD PLACE A
269 LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS, AND
270 RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING CHANGES
271 TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A COMMITTEE
272 OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF PROPERTY WITHIN
273 THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL OBLIGATIONS OF
274 MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE DECLARATION FOR
275 THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION.
276 ® 7.4.3. Not Conditional on Review. Buyer acknowledges that Buyer has received a copy of [he CIC Documents. Buyer has
277 reviewed them, agrees to accept the benefits, obligations and restrictions that they impose upon the Property and its owners
278 and waives any right to terminate this Contract due to such documents, notwithstanding the provisions of § 8.5.
279 7.4.4. CIC Documents to Buyer.
280 ^ 7.4.4.1. Seller to Provide CIC Documents. Seller shall cause the CIC Documents to be provided to Buyer, at
281 Seller's expense, on or before CIC Documents Deadline (§ 2.3).
282 ^ 7.4.4.2. Seller Authorizes Association. Seller authorizes [he Association to provide [he CIC Documents [o Buyer,
283 at Seller's expense.
284 7.4.4.3. Seller's Obligation. Seller's obligation to provide the CIC Documents shall be fulfilled upon Buyer's receipt
285 of the CIC Documents, regardless of who provides such documents.
286 7.4.5. Conditional on Buyer's Review. If the box in either § 7.4.4.1 or § 7.4.4.2 is checked, the provisions of this § 7.4.5
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287 shall apply. Written notice of any unsatisfactory provision in any of the CIC Documents, in Buyer's subjective discretion,
288 signed by Buyer, or on behalf of Buyer, and delivered to Seller on or before CIC Documents Objection Deadline (§ 2.3),
289 shall terminate this Contract.
290 Should Buyer receive the CIC Documents after CIC Documents Deadline (§ 2.3), Buyer shall have the right, at
291 Buyer's option, [o terminate this Contract by written notice delivered to Seller on or before ten days after Buyer's receipt of
292 the CIC Documents. If Buyer does not receive the CIC Documents, or if such written notice to terminate would otherwise
293 be required to be delivered after Closing Date (§ 2.3), Buyer's written notice [o terminate shall be received by Seller on or
294 before three days prior to Closing Date (§ 2.3). If Seller does not receive written notice from Buyer within such time,
295 Buyer accepts [he provisions of the CIC Documents, and Buyer's right to terminate this Contract pursuant to this section is
296 waived, notwithstandingthe provisions of § 8.5.
297 NOTE: If no box in this § 7.4 is checked, the provisions of § 7.4.4.1 shall apply.
298 8. TITLE AND SURVEY REVIEW.
299 8.1. Title Review. Buyer shall have the right to inspect the Title Documents. Written notice by Buyer of urlmerchantability of
300 title, form or content of Title Commitment or of any other unsatisfactory title condition shown by the Title Documents,
301 notwithstanding § 13, shall be signed by or on behalf of Buyer and delivered to Seller on or before Title Objection Deadline
302 (§ 2.3), or within five days after receipt by Buyer of any change to the Title Documents or endorsement to the Title Commitment
303 together with a copy of the document adding any new Exception to title. If Seller does not receive Buyer's notice by the date
304 specified above, Buyer accepts [he condition of title as disclosed by the Title Documents as satisfactory.
305 5.2. Matters not 5howB by the Public Records. Seller shall deliver to Buyer, on or before Otf-Record Matters Deadline
306 (§ 2.3) true copies of all leases and surveys in Seller's possession pertaining to the Property and shall disclose to Buyer all
307 easements, liens (including, without limitation, governmental improvements approved, but not yet installed) or other title matters
308 (including, without limitation, rights of first refusal, and options) not shown by the public records of which Seller has actual
309 knowledge. Buyer shall have the right to inspect the Property to investigate if any third party has any right in [he Property not
310 shown by the public records (such as an unrecorded easement, unrecorded lease, boundary line discrepancy or water rights).
311 Written notice of any unsatisfactory condition disclosed by Seller or revealed by such inspection, notwithstanding § 13, shall be
312 signed by or on behalf of Buyer and delivered to Seller on or before Off-Record Matters Objection Deadline (§ 2.3). If Seller
313 does not receive Buyer's notice by said deadline, Buyer accepts title subject to such rights, if any, of third parties of which Buyer
314 has actual knowledge.
315 8.3. Survey Review.
316 ® 8.3.1. Not Applicable. This § 8.3 shall not apply.
317 ~ 8.3.2. Conditional on Survey. If the box in this § 8.3.2 is checked, Buyer shall have the right to inspect Survey. If written
318 notice by or on behalf of Buyer of any unsatisfactory condition shown by Survey, notwithstanding § 8.2 or § 13, is received
319 by Seller on or before Survey Objection Deadline (§ 2.3) then such objection shall be deemed an unsatisfactory title
320 condition. If Seller does not receive Buyer's notice by Survey Objection Deadline (§ 2.3), Buyer accepts the Survey as
321 satisfactory.
322 8.4. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION
323 INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE
324 PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT
325 RISK FOR INCREASED MILL LEVIES AND EXCESSIVE TAX BURDENS TO SUPPORT THE SERVICING OF
326 SUCH DEBT WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO
327 DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYER SHOULD
328 INVESTIGATE THE DEBT FINANCING REQUIREMENTS OF THE AUTHORIZED GENERAL OBLIGATION
329 INDEBTEDNESS OF SUCH DISTRICTS, EXISTING MILL LEVIES OF SUCH DISTRICT SERVICING SUCH
330 INDEBTEDNESS, AND THE POTENTIAL FOR AN INCREASE IN SUCH MILL LEVIES.
331 In [he event the Property is located within a special taxing district and Buyer desires to terminate this Contract as a result, if
332 written notice, by or on behalf of Buyer, is received by Seller on or before Off-Record Matters Objection Deadline(§ 2.3), this
333 Contract shall terminate. If Seller does not receive Buyer's notice by such deadline, Buyer accepts the effect of the Property's
334 inclusion in such special taxing district and waives the right to terminate for that reason.
335 8.5. Right to Object, Cure. Buyer's right to object shall include, but not be limited to, those matters set forth in §§ 8 and 13. If
336 Seller receives notice of unmerchantabiliTy of title or any other unsatisfactory title condition or commitment terms as provided
337 in §§ 8.1, 8.2 and 8.3, Seller shall use reasonable efforts to correct said items and bear any nominal expense to cored the same
338 prior to Closing. If such unsatisfactory title condition is not corected to Buyer's satisfaction on or before Closing, this Contract
339 shall terminate; provided, however, Buyer may, by written notice received by Seller on or before Closing, waive objearion to such
340 items.
341 8.6. Right of First Refusal or Contract Approval. If there is a right of first refusal on the Property, or a right to approve this
342 Contract, Seller shall promptly submit this Contract according to the terms and conditions of such right. If the holder of the
343 right of first refusal exercises such right or the holder of a right [o approve disapproves this Contract, this Contract shall
344 terminate. If the right of first refusal is waived explicitly or expires, or the Contract is approved, this Contract shall remain in
345 full force and effect. Seller shall promptly notify Buyer of the foregoing. If expiration or waiver of the right of first refusal or
346 Contract approval has not occured on or before Right of First Refusal Deadline (§ 2.3), this Contract shall terminate.
347 8.7. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should be reviewed carefully.
348 Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property, including
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349 without limitation, boundary lines and encroachments, area, zoning, unrecorded easements and claims of easements, leases and
350 other unrecorded agreements, and vazious laws and governmental regulations concerning land use, development and
351 environmental matters. The surface estate may be owned separately from the underlying mineral estate, and transfer of
352 the surface estate does not necessarily include transfer of the mineral rights or water rights. Third parties may hold
353 interests in oil, gas, other minerals, geothermal energy or water on or under the Property, which interests may give them
354 rights to enter and use the Properly. Such matters may be excluded from or not covered by [he title insurance policy. Buyer
355 is advised to timely consult legal counsel with respect to all such matters as there aze strict time limits provided in this Contract
356 [e.g., Title Objection Deadline (§ 2.3) and Off-Record Matters Objection Deadline (§ 2.3)].
357 9. LEAD-BASED PAINT. Unless exempt, if the improvements on the Properly include one or more residential dwellings for
358 which a building permit was issued prior to January 1, 1978, this Contract shall be void unless (1) a completed Lead-Based Paint
359 Disclosure (Sales) form is signed by Seller, the required real estate licensees and Buyer, and (2) Seller receives the completed and
360 fully executed form prior to the time when the Contract is signed by all parties. Buyer acknowledges timely receipt of a completed
361 Lead-Based Paint Disclosure (Sales) form signed by Seller and the real estate licensees.
362 10. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, BUYER DISCLOSURE AND SOURCE
363 OF WATER
364 10.1. Seller's Property Disclosure Deadline. On or before Seller's Property Disclosure Deadline (§ 2.3), Seller agrees to
365 deliver to Buyer the most current version of the applicable Colorado Real Estate Commission's Seller's Property Disclosure form
366 completed by Seller to the best of Seller's actual knowledge, current as of the date of this Contract.
367 10.2. Inspection Objection Deadline. Buyer shall have the right to have inspections of the physical condition of the Property
368 and Inclusions, at Buyer's expense. If (1) the physical condition of [he Property, (2) Inclusions, (3) any proposed or existing
369 transportation project, road, street or highway, or (4) any other activity, odor or noise (whether on or off [he Property) and its
370 effect or expected effect on the Property or its occupants is unsatisfactory in Buyer's subjective discretion, Buyer shall, on or
371 before Inspection Objection Deadline (§ 2.3):
372 10.2.1. Notice to Terminate. Notify Seller in writing that [his Contract is terminated; or
373 10.2.2. Notice to Correct. Deliver to Seller with a written description of any unsatisfactory physical condition which
374 Buyer requires Seller to correct.
375 If written notice is not received by Seller on or before Inspection Objection Deadline (§ 2.3), the physical condition of the
376 Property and Inclusions shall be deemed [o be satisfactory to Buyer.
377 10.3. Inspection Resolution Deadline. If a Notice to Correct is received by Seller and if Buyer and Seller have not agreed in
378 writing to a settlement thereof on or before Inspection Resolution Deadline (§ 2.3), [his Contract shall terminate one day
379 .following Inspection Resolution Deadline (§ 2.3), unless before such termination Seller receives Buyer's written withdrawal
380 of [he Notice to Correct.
38l 10.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided in this Contract, is responsible for payment for all
382 inspections, tests, surveys, engineering reports, or any other work performed at Buyer's request (Work) and shall pay for any
383 damage [hat occurs to the Property and Inclusions as a result of such Work. Buyer shall not permit claims or liens of any kind
384 against the Properly for Work performed on the Property at Buyer's request. Buyer agrees to indemnify, protect and hold Seller
385 harmless from and against any liability, damage, cost or expense incurred by Seller and caused by any such Work, claim, or lien.
386 This indemnity includes Seller's right [o recover all costs and expenses incurred by Seller to defend against any such liability,
387 damage, cost or expense, or to enforce this section, including Seller's reasonable attorney and legal fees. The provisions of this
388 section shall survive the termination of this Contract.
389 10.5. Insurability. This Contract is conditioned upon Buyer's satisfaction, in Buyer's subjective discretion, with the availability,
390 terms and conditions of and premium for property insurance. This Contract shall terminate upon Seller's receipt, on or before
391 Property Insurance ObjectioD Deadline (§ 2.3), of Buyer's written notice that such insurance was not satisfactory to Buyer.
392 If said notice is no[ timely received, Buyer shall have waived any right to terminate under this provision.
393 10.6. Buyer Disclosure. Buyer represents that Buyer ^Does ®Does Not need to sell and close a property to complete
394 thistransaction. Note: Any property sale contingency should appear in Additional Provisions (§ 25).
395 10.7. Source of Potable Water (Residential Land and Residential Improvements Only). Buyer ^Does ^Does Not
396 acknowledge receipt of a copy of Seller's Property Disclosure or Source of Water Addendum disclosing the source of
397 potable water for the Property. Buyer ^ Does U Does Not acknowledge receipt of a copy of the current well permit. ^ There
398 is No Well.
399 Note to Buyer: SOME WATER PROVIDERS RELY, TO VARYING DEGREES, ON NONRENEWABLE GROUND
400 WATER YOU MAY WISH TO CONTACT YOUR PROVIDER (OR INVESTIGATE THE DESCRIBED SOURCE)
401 TO DETERMINE THE LONG-TERM SUFFICIENCY OF THE PROVIDER'S WATER SUPPLIES.
402 11. METHAMPHETAMINE LABORATORY DISCLOSURE (Residential Property Only). The parties acknowledge that
403 Seller is required to disclose whether Seller knows that the Property, if residential, was previously used as a methamphetamine
404 laboratory. No disclosure is required if the Property was remediated in accordance with state standards and other requirements aze
405 fulfilled pursuant [o § 25-18.5-102, C.R.S. Buyer further acknowledges that Buyer has the right [o engage a certi£ed hygienist or
406 industrial hygienist to test whether the Property has ever been used as a methamphetamine laboratory. If Buyer's test results indicate
407 that the Property has been used as a methamphetamine laboratory, but has not been remediated to meet the standards established by
408 rules of the State Board of Health promulgated pursuant to § 25-18.5-102, C.R.S., Buyer shall promptly give written notice to Seller
409 of the results of the test, and Buyer may terminate this Contract.
410 12. CLOSING. Delivery of deed from Seller to Buyer shall be a[ closing (Closing). Closing shall be on the date specified as the
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411 Closing Date (§ 2.3) or by mutual agreement at an earlier date. The hour and place of Closing shall be as designated by
412 the contract
413 13. TRANSFER OF TITLE. Subject to tender or payment at Closing as required herein and compliance by Buyer with the other
414 terms and provisions hereof, Seller shall execute and deliver a good and sufficient avecial warranty
415 deed to Buyer, at Closing, conveying the Property free and clear of all taxes except the general [axes for the yeaz of Closing. Except
416 as provided herein, title shall be conveyed free and cleaz of all liens, including any governmental liens for special improvements
417 installed as of the date of Buyer's signature hereon, whether assessed or not. Title shall be conveyed subject to:
418 13.1. those specific Exceptions described by reference to rewrded documents as reflected in the Title Documents accepted by
4l9 Buyer in accordance with (Title Review (§ 8.1),
420 13.2. distribution utility easements (including cable TV),
421 13.3. those specifically described rights of third parties not shown by the public records of which Buyer has actual knowledge
422 and which were accepted by Buyer in accordance with Matters Not Shown by the Public Records (§ 8.2) and Survey Review
423 (§ 8.3),
424 13.4. inclusion of the Property within any special taxing district, and
425 13.5. other n/a
426 14. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid at or before Closing from the
427 proceeds of this transaction or from any other source.
428 15. CLOSING COSTS, DOCUMENTS AND SERVICES.
429 15.1. Good Funds. Buyer and Seller shall pay, in Good Funds, their respective Closing costs and all other items required to be
430 paid a[ Closing,exceptasotherwise provided herein.
431 15.2. Closing Informatiou and Documents. Buyer and Seller will famish any additional information and documents required by
432 Closing Company that will be necessary to complete this transaction. Buyer and Seller shall sign and complete all customary or
433 reasonably required documents at or before Closing.
434 15.3. Closing Services Fee. The fee for real estate Closing services shall be paid at Closing by ^Buyer ^Seller ®One-Half
435 by Buyer and One-Half by Seller ^ Other n/a
436 15.4. Closing Instructions. Buyer and Seller agree to execute the Colorado Real Estate Commission's Closing Instmctions.
437 Such Closing Instructions ®Are ^ Are Not executed with this Contract. Upon execution, ^Seller ®Buyer shall deliver
438 such Closing Instructions to the Closing Company.
439 15.5. Status Letter and Transfer Fees. Any fees incident to the issuance of Association's statement of assessments (Status
440 Letter) shall be paid by ^Buyer ^Seller ®One-Half b Buyer and One-Half by Seller. Any transfer fees assessed by the
441 Association (Association's Transfer Fee) shall be paid by Buyer ®Seller ^ One-Half by Buyer and One-Half by Seller.
442 15.6. Local Transfer Tax. ^ The Local Transfer Tax of n/a % of the Purchase Price shall be paid at Closing by
443 ^Buyer ^Seller ^ One-Half by Buyer and One-Half by Seller.
444 15.7. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction shall be paid when due by
445 ^Buyer ^Seller ^ One-Half by Buyer and One-Half by Seller.
446 16. PROBATIONS. The following shall be prorated to Closing Date (§ 2.3), except as otherwise provided:
447 16.1. Taxes. Personal property taxes, if any, and eneral real estate taxes for the year of Closing, based on ®Taxes for the
448 Calendar Year Immediately Preceding Closing ~ Most Recent Mill Levy and Most Recent Assessed Valuation, adjusted
449 by any applicable qualifying seniors property tax exemption, or ^ Other n/a
450 16.2. Rents. Rents based on ^ Rents Actually Received ^ Accrued. At Closing, Seller shall transfer or credit to Buyer the
451 security deposits for all leases assigned, or any remainder after lawful deductions, and notify all tenants in writing of such
452 transfer and of the transferee's name and address. Seller shall assign all leases in effect at Closing to Buyer and Buyer shall
453 assume such leases.
454 16.3. Association Assessments. Curren[ regular Association assessments and Association dues (Association Assessments) paid
455 in advance shall be credited [o Seller at Closing. Cash reserves held out of the regulaz Association Assessments for deferred
456 maintenance by the Association shall not be credited to Seller except as may be otherwise provided by the Governing Documents.
457 Any special assessment by the Association for improvements that have been installed as of the date of Buyer's signature hereon
458 shall be the obligation of Seller. Any other special assessment assessed prior to Closing Date (§ 2.3) by [he Association shall be
459 the obligation of ^Buyer ^Seller. Seller represents that the Association Assessments aze currently payable at $ n/a
460 per n/a and that [here are no unpaid regular or special assessments against the Property except the current
461 regular assessments and
462 the regular assessment up to the date of closing shall be pro rated and paid by the Seller; any
special asaeasment shall be paid by the Huyer
463 Such assessments are subject to change as provided in the Governing Documents. Seller agrees to promptly request the
464 Association to deliver to Buyer before Closing Date (§ 2.3) a cureent Status Letter.
465 16.4. Other Prorations. Water and sewer charges; interest on any continuing loan, and
466 n/a
467 16.5. Final Settlement. Unless otherwise agreed in writing, these prorations shall be final
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468 t7. POSSESSION. Possession of the Property shall be delivered to Buyer on Possession Dale at Possession Time (§ 2.3), subject
469 to the following leases or tenancies:
470 upon delivery of deed
471 If Seller, after Closing, fails to deliver possession as specified, Seller shall be subject [o eviction and shall be additionally liable
472 to Buyer for payment of $ n/a per day (or any part of a day notwithstanding § 2.5.1) from the Possession Date and
473 Possession Time (§ 2.3) until possession is delivered.
474 Buyer ^ Does ^ Does Not represent that Buyer will occupy the Property as Buyer's principal residence.
475 18. ASSIGNABILITY AND INUREMENT. This Contract ^ Shall ^ Shall Not be assignable by Buyer without Seller's prior
476 written consent. Except as so restricted, this Contract shall inure to the benefit of and be binding upon [he heirs, personal
477 representatives, successors and assigns of the parties.
478 19. INSURANCE; CONDITION OF, DAMAGE TO PROPERTY AND INCLUSIONS AND WALK-THROUGH. Except as
479 otherwise provided in this Contract, the Property, Inclusions or both shall be delivered in the condition existing as of the date of this
480 Contract, ordinary wear and teaz excepted.
481 19.1. Casualty Insurance. In the event the Property or Inclusions are damaged by fire or other casualty prior to Closing in an
482 amount of not more than ten percent of the total Purchase Price, Seller shall be obligated to repair the same before Closing Date
483 (§ 2.3). In the event such damage is not repaired within said time or if the damages exceed such sum, this Contract may be
484 terminated at the option of Buyer by delivering to Seller written notice of termination on or before Closing. Should Buyer elect to
485 carry out this Contract despite such damage, Buyer shall be entitled to a credit at Closing for all insurance proceeds that were
486 received by Seller (but not the Association, if any) resulting from such damage to the Property and Inclusions, plus [he amount of
487 any deductible provided for in such insurance policy. Such credit not to exceed the Purchase Price. In the event Seller has not
488 received such insurance proceeds prior to Closing, then Seller shall assign such proceeds at Closing, plus credit Buyer the amount
489 of any deductible provided for in such insurance policy, but not to exceed [he total Purchase Price.
490 19.2. Damage, Inclusions and Services. Should any Inclusion or service (including systems and components of the Property,
491 e.g. heating, plumbing) fail or be damaged between the date of this Contract and Closing or possession, whichever shall be
492 earlier, then Seller shall be liable for the repair or replacement of such Inclusion or service with a unit of similar size, age and
493 quality, or an equivalent credit, but only [o the extent that the maintenance or replacement of such Inclusion, service or fixture is
494 not the responsibility of [he Association, if any, less any insurance proceeds received by Buyer covering such repair or
495 replacement. Seller and Buyer are awaze of the existence of pre-owned home warranty programs that may be purchased and may
496 cover the repair or replacement of some Inclusions. The risk of loss for damage to growing crops by fire of other casualty shall
497 be borne by the party entitled to the growing crops as provided in § 3.1.7 and such party shall be entitled to such insurance
498 proceeds or benefits for the growing crops.
499 19.3. Walk-Through and Verification of Condition. Buyer, upon reasonable notice, shall have the right to walk through the
500 Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with [his Contract.
501 20. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this document, Buyer and Seller acknowledge [hat
502 the respective broker has advised that this document has important legal consequences and has recommended the examination of title
503 and consultation with legal and tax or other counsel before signing this Contract.
504 21. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any note or check received as Eamest
505 Money hereunder or any other payment due hereunder is not paid, honored or tendered when due, or if any obligation hereunder is not
506 performed or waived as herein provided, there shall be the following remedies:
507 21.1. If Buyer is in Default:
508 ^ 21.1.1. Specific Performance. Seller may elect to treat [his Contract as canceled, in which case all Earnest Money
509 (whether or not paid by Buyer) shall be forfeited by Buyer, paid to Seller and retained by Seller; and Seller may recover such
510 damages as may be proper; or Seller may elect [o treat this Contract as being in full force and effect and Seller shall have the
511 right [o specific performance or damages, or both. -
512 ^ 21.1.2. Liquidated Damages. All Earnest Money (whether or not paid by Buyer) shall be forfeited by Buyer, paid to
513 Seller, and retained by Seller. Both parties shall thereafter be released from all obligations hereunder. It is agreed that the
514 Earnest Money specified in § 4.1 is LIQUIDATED DAMAGES, and not a penalty, which amount the parties agree is fair
515 and reasonable and (except as provided in §§ 10.4, 19, 21.3, 22, 23), said forfeiture shall be SELLER'S SOLE AND ONLY
516 REMEDY for Buyer's failure to perform the obligations of this Contract. Seller expressly waives the remedies of specific
517 performance and additional damages.
518 21.2. If Seller is in Default: Buyer may elect to treat this Contract as canceled, in which case all Eamest Money received
519 hereunder shall be returned and Buyer may recover such damages as may be proper, or Buyer may elect to treat this Contract as
520 being in full force and effect and Buyer shall have the right to specific performance or damages, or both.
521 21.3. Costs and Expenses. In the event of anyarbitration or litigation relating to this Contract, the arbitrator or court shall award
522 to the prevailing party all reasonable costs and expenses, including attorney and legal fees.
523 22. MEDIATION. If a dispute arises relating to this Contract, prior to or after Closing, and is not resolved, the parties shall first
524 proceed in good faith to submit the matter to mediation. Mediation is a process in which the parties meet with an impartial person who
525 helps to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. The parties to [he dispute must
526 agree before any settlement is binding. The parties will jointly appoint an acceptable mediator and will share equally in the cost of such
527 mediation. The mediation, unless otherwise agreed, shall terminate in the event the entire dispute is not resolved within thirty days
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$28 of the date written notice requesting mediation is delivered by one party to the other at the party's last known address. This section
$29 shall not alter any date in this Contract, unless otherwise agreed.
$30 23. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder shall release the Eaznest Money
$31 as directed by written mutual instructions, signed by both Buyer and Seller. In the event of any controversy regazding the Earnest
532 Money (notwithstanding any termination of [his Contract), Earnest Money Holder shall not be required to take any action. Earnest
$33 Money Holder, at its option and sole discretion, may (1) await any proceeding, (2) interplead all parties and deposit Eamest Money into
$34 a court of competent jurisdiction and shall recover court costs and reasonable attorney and legal fees, or (3) provide notice to Buyer
$3$ and Seller that unless Eaznest Money Holder receives a copy of the Summons and Complaint or Claim (between Buyer and Seller),
$36 containing the case number of the lawsuit (Lawsuit) within one hundred twenty days of Earnest Money Holder's notice to the
$37 parties, Eaznest Money Holder shall be authorized to return the Earnest Money to Buyer. In the event Eamest Money Holder does
$38 receive a copy of the Lawsuit, and has not interpled the monies at the time of any Order, Earnest Money Holder shall disburse the
$39 Eamest Money pursuant to the Order of the Court. The parties reaffirm the obligation of Mediation (§ 22). The provisions of this
$40 § 23 apply only if the Earnest Money Holder is one of the Brokerage Firms named in § 33 or § 34.
$41 24. TERMINATION. In the event this Contract is terminated, all Earnest Money received hereunder shall be returned and the
$42 parties shall be relieved of all obligations hereunder, subject to §§ 10.4, 22 and 23.
$43 25. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real Estate
$44 Commission.)
$Q$ a. This Contract is apecifical ly conditioned upon the approval of the Aspen City Council evidenced by
the adoption of a resolution approving the purchase as set forth in this Contract. Said approval
shall ba provided to Seller no later than September 29, 2009.
b. Upon cloainq, the Seller owes to APCHA $3,615.00 for a prior payment that was made to the Sagewood
Condominium Homeovmera Association on behalf of the Seller. Said check shall be made out to APCHA and
processed through the Aspen/Pitkin County Housing Authority.
546 26. ATTACHMENTS. The following aze a part of this Contract:
$47 n/a
$48 Note: The following disclosure forms are attached but are not a part of this Contract:
$49 ^/a
$$0 27. GOOD FAITH. Buyer and Seller acknowledge that each party has an obligation to actin good faith, including but not limited to
$$1 exercising the rights and obligations set forth in the provisions of Financing Conditions and Obligations (§ $) and Property
$$2 Disclosure, Inspection, Indemnity, Insurability, Buyer Disclosure and Source of Water (§ 10).
$$3 28. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL. This Contract, its exhibits and specified addenda, constitute the
$$4 entire agreement between the parties relating to [he subject hereof, and any prior agreements pertaining thereto, whether oral or
$$$ written, have been merged and integrated into this Contract. No subsequent modification of any of the terms of this Contract shall be
$$6 valid, binding upon the parties, or enforceable unless made in writing and signed by the parties. Any obligation in this Contract that,
$$7 by its terms, is intended to be performed after termination or Closing shall survive the same.
$$8 29. FORECLOSURE DISCLOSURE AND PROTECTION. Seller acknowledges that, to Seller's current actual knowledge, the
$$9 Property ^ IS ^ [S NOT in foreclosure. Buyer ^ Will ^ Will Not occupy the Property as Buyer's personal residence for at
$60 least one year. In the even[ this transaction is subject to the provisions of the Colorado Foreclosure Protection Act (the Act)
$61 (i.e., generally the Act requires that the Property is residential, in foreclosure, and Buyer does not reside in it for at leas[ one year), a
$62 different contract that complies with the provisions of the Act is required, and this Contract shall be void and of no effect unless the
$63 Foreclosure Properly Addendum is executed by all parties concurrent with the signing of this Contract. Each party is further advised
$64 to consult with their own attorney.
$6$ 30. NOTICE, DELIVERY AND CHOICE OF LAW.
$66 30.1. Physical Delivery. Except for the notice requesting mediation described in § 22, delivered after Closing, and except as
$67 provided in § 30.2, all notices must be in writing. Any notice or document to Buyer shall be effective when physically received
$68 by Buyer, any individual buyer, any representative of Buyer, or Brokerage Firm of Broker working with Buyer. Any notice or
$69 document to Seller shall be effective when physically received by Seller, any individual seller, any representative of Seller, or
$70 Brokerage Firm of Broker working with Seller.
$71 30.2. Electronic Delivery. As an alternative to physical delivery, any document, including any signed document and any written
$72 notice may be delivered in electronic form by [he following indicated methods only: ® Facsimile ® E-mail ^ Internet
$73 ^ No Electronic Delivery. Documents with original signatures shall be provided upon request of any party.
$74 30.3 Choice of Law. This Contract and all disputes arising hereunder shall be governed by and constrned in accordance with
$7$ [he laws of the Slate of Colorado that would be applicable to Colorado residents who sign a contract in this state for property
576 located in Colorado.
$77 31. NOTICE OF ACCEPTANCE, COUNTERPARTS. This proposal shall expire unless accepted in writing, by Buyer and Seller,
$78 as evidenced by their signatures below, and the offering party receives notice of such acceptance pursuant to § 30 on or before
$79 Acceptance Deadline Date (§ 2.3) and Acceptance Deadline Time (§ 2.3). If accepted, this document shall become a contract
$80 between Seller and Buyer. A copy of this document may be executed by each party, sepazately, and when each party has executed a
$8l copy thereof, such copies taken together shall be deemed to be a full and complete contract between the parties.
PREPARED BV: Cindy L. Christensen, Operations Manager
CBS7-7 7-0a, Centred to Buy and Sell Real Estate (All Types or Properties). Colorado Real Estate Commission
ReaIFA$T®Software, ®2008, Version 8.18. Software Registered to: Cindy Christensen, Aspen/Pitkin County Housing AuMoriry
08/24/09 70:53:43 Page 11 of 73
Buyer(s) Seller(s)
582
HUYER / /l{~' u"~ (/Y ~ /'ti^"W DATE
City of Aapan, a Colorado Home Rula municipality
130 South Galena, Aepan, CO 81611
Bus.#: 970-920-5212 Fax #: 970-920-5119
583 Email Address:
584
585 (NOTE: If this offer is being countered or rejected, do not sign this document. Refer to § 32J
586
SELLER DATE
~-is'-~ p
Stephen Jaworaki
910 Weat Hallam #11, Aspen, CO 81611
Home #: 970-379-5568 Bus.#: 970-920-5120
587 Email Address: ajawzv@omail. corn
588
589 32. COUNTER; REJECTION. This offer is ^ Countered ^ Rejected.
590 Initials only of party (Buyer or Seller) who countered or rejected offer
591
592 END OF CONTRACT TO BUY AND SELL REAL ESTATE
593
594 33. BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE.
595 (To be completed by Broker working with Buyer)
596
597 Broker ^ Does ^ Does Not acknowledge receipt of Eames[ Money deposit specified in § 4 and, while not a party to the Contract,
598 agrees to cooperate upon request with any mediation concluded under § 22. Broker agrees that if Earnest Money Holder is other
599 than the Brokerage Firm identified in § 33 or § 34, Closing Instructions signed by Buyer, Seller, and Earnest Money Holder must be
600 obtained on or before delivery of Earnest Money to Earnest Money Holder.
601
602 Broker is working with Buyer as a ^ Buyer's Agent ^ Seller's Agent ^Trensaction-Broker in this transaction.
603 ^ This is a Change of Status.
604
605 Brokerage Firm's compensation or commission is to be paid by ^ Listing Brokerage Firm ^ Buyer
606 ^ Other n/a
607 Brokerage Firm's Name:
Aspen/Pi tkin County Housing Authority
530 E. Main Street
Aspen, CO 81611
Phone: 970-920-5455, Fax: 970-920-5580
ey:
Signature Cindy L. Christensen Date
608 Email Address: cindv. chriatenaen@ci. amen. co.ua
609
610 34. BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE.
PREPARED BY: Cindy L Chriafnnsen, OperaBona Manager
CBS147-08, Contract to Buy and Sell Real Estate (All Types of Propetlies). Coloredo Reel Estate Commission
ReaIFAST® Software, ®2009, Version 8.16. Software Registered to: Cindy Christensen, Aspen/Pitkin County Housing Authority
08/24/09 70:53:43
Page 12 of 13
611 (To be completed by Broker working with Seller)
612
613 Broker ^ Does ^ Does Not acknowledge receipt of Earnest Money deposit specified in § 4 and, while not a party to [he Contract,
614 agrees to cooperate upon request with any mediation concluded under § 22. Broker agrees that if Earnest Money Holder is other
615 than the Brokerage Firm identified in § 33 or § 34, Closing Instructions signed by Buyer, Seller, and Earnest Money Holder must be
616 obtained on or before delivery of Earnest Money to Earnest Money Holder.
617
618 Broker is working with Seller as a ^ Seller's Agent ^ Buyer's Agent ^Tmnsaction-Broker in this transaction. ^ This is a
619 Change of Status.
620
621 Brokerage Firm's compensation or commission is to be paid by ^ Seller ^ Buyer ^ Other n/a
622
623 Date: n/a
624 Brokerage Firm's Name: n/a
625 Broker's Name: n/a
626
627 Broker's Signature
628 Address: n/a
629 n/a
630 Phone No.: n/a
631 Fax No.: n/a
632 Email Address: n/a
PREPARED BY: Cintly L Christensen, Operetlons Manager
CBS7-11-OB, Contract to Buy end Sell Real Estate (All Types of Properties). Colorado Real Estate Commission
ReaIFA$T® Software, ®2008, Version 6.18. Software Registered lo: Cindy Christensen, AspeNPitkin County Housing AuNOrily
08/24/09 10:63:43
Buyer(s)
Page 11 of 13
Seller(s)
Aspen/Pitkin County Housing Authority
530 E. Main Street
Aspen, CO 81611
Phone:970-920-5455, Fax:970-920-5580
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The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission.
(CL8 9 08) (Mandatory 109)
THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX
OR OTHER COUNSEL BEFORE SIGNING.
CLOSING INSTRUCTIONS
Date: Aug'ent 26 2009
1. PARTIES, PROPERTY.
Stephen Jaworski
,Seller, and
City of Aapen, a Colorado Home Rule municipality
,Buyer, engage, Lana 'title Guarantee com an Closing Company,
who agrees to provide closing and settlement services in connection with the Closing of the transaction for the sale and purchase
of the Property
known as No. 910 Weat Hallam till As en Colorado 81611 Ct State Zip
Street Address tY
and more fully described in [he Contract to Buy and Sell Real Estate, dated Auguat 26 2009 ,including any
counterproposals and amendments (Contract).
2. INFORMATION, PREPARATION. Closing Company is authorized to obtain any information necessary for the Closing.
Closing Company agrees to prepaze, deliver, and record [hose documents (excluding legal documents) that aze necessary to
carry out the terms and conditions of [he Contract.
3. CLOSING FEE. Closing Company will receive a fee not to exceed $ n/a for providing these closing
and settlement services.
4. RELEASE, DISBURSEMENT. Closing Company is not authorized to release any signed documents or things of
value prior [o receipt and disbursement of Good Funds, except as provided in §§ 8 and 9.
5. DISBURSER. Closing Company shall disburse all funds, including real estate commissions, except those funds as may
be separately disclosed in writing [o Buyer and Seller by Closing Company or Buyer's lender on or before Closing. All parties
agree that no one other than the disburser can assure that pay off of loans and other disbursements will actually be made.
6. SELLER'S NET PROCEEDS. Seller will receive [he net proceeds of Closing as indicated:
^ Cashier's Check, at Seller's expense ^ Funds Electronically Transferred (wire transfer) to an account specif ed by Seller,
at Seller's expense ^ Closing Company's tmst account check.
7. CLOSING STATEMENT. Closing Company will prepare and deliver an accurate, complete and detailed closing
statement to Buyer and Seller at time of Closing.
8. FAILURE OF CLOSING. If Closing or disbursement does not occur on or before Closing Date set forth in the Contract,
Closing Company, except as provided herein, is authorized and agrees to return all documents, monies, and things of value to
the depositing party, upon which Closing Company will be relieved from any further duty, responsibility or liability in
connection with these Closing Instructions. In addition, any promissory note, deed of trust or other evidence of indebtedness
signed by Buyer shall be voided by Closing Company, with the originals returned [o Buyer and a copy to Buyer's lender.
9. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Eamest Money Holder shall release the Earnest
Money as directed by written mutual instructions, signed by both Buyer and Seller. In the event of any controversy regazding the
Eamest Money (notwithstanding any termination of the Contract), Earnest Money Holder shall not be required to take any action.
Earnest Money Holder, a[ its option and sole discretion, may (1) await any proceeding, (2) interplead all parties and deposit
PREPARED BY: Cindy L. Chnstensen, Operations Manager
CL6-8-08 Closing Instmdions. Coloratlo Reel Estate Commission
ReaIFA$T®Software, ®2009, Version 6.16. Sotlware Registered to~. Cindy Christensen, Aspen/Pitkin County Housing Authority
06/24/09 10:55:42
Page t of 3
Seller(s)
Buyer(s)
52 Earnest Money into a court of competent jurisdiction and shall recover court costs and reasonable attorney and legal fees, or (3)
53 provide notice to Buyer and Seller that unless Eamest Money Holder receives a copy of [he Summons and Complain[ or Claim
54 (between Buyer and Seller) containing the case number of the lawsuit (Lawsuit) within one hundred twenty days of Earnest
55 Money Holder's notice [o the parties, Eamest Money Holder shall be authorized [o return the Earnest Money [o Buyer. In [he
56 event Eames[ Money Holder does receive a copy of the Lawsuit, and has not in[erplead the monies a[ the time of any Order,
57 Eamest Money Holder shall disburse the Eamest Money pursuant to the Order of the Court.
58
59 10. SUBSEQUENT AMENDMENTS. Any amendments to, or termination of, these Closing Instructions must be in writing
60 and signed by Buyer, Seller and Closing Company.
61 11. CHANGE IN OWNERSHIP OF WATER WELL. Within sixty days after Closing, Closing Company shall submit any
62 required Change in Ownership form or registration of existing well form to the Division of Water Resources in the Department
63 of Natural Resources (Division), with as much information as is available, and the Division shall be responsible for obtaining the
64 necessary well registration information directly from Buyer. Closing Company shall not be liable for delaying Closing to ensure
65 Buyer completes any required form.
66
67 12. WITHHOLDING. The Internal Revenue Service and the Colorado Department of Revenue may require Closing
68 Company to withhold a substantial portion of [he proceeds of this sale when Seller either (a) is a foreign person or (b) will not
69 be a Colorado resident after Closing. Seller should inquire of Seller's tax advisor to determine if withholding applies or if an
70 exemption exists.
71
72 13. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real Estate
73 Commission.)
74 a. Huyer will owe to APCHA $3,615 for a previous special assessment paid to the Sagewood
Condominium HOA by APCHA on behalf of the Seller. Said amount shall be paid by separate Title
Comopany check to APCHA and provided to APCHA for depositing.
75
76 14. COUNTERPARTS. This document may be executed by each party, separately, and when each party has executed a copy,
77 such copies taken together shall be deemed to be a full and complete contract between the parties.
78
79 15. BROKER'S COPIES. Closing Company shall provide, to each broker in this transaction, copies of all signed documents
80 that such brokers are required to maintain pursuant [o the rules of the Colorado Real Estate Commission.
81
82 16. NOTICE, DELIVERY AND CHOICE OF LAW.
83 16.1 Physical Delivery. Except as provided in § 16.2 below, all notices must be in writing. Any notice or document to
84 Buyer shall be effective when physically received by Buyer, any individual buyer, any representative of Buyer, or Brokerage
85 Firm of Broker working with Buyer. Any notice or document to Seller shall be effective when physically received by Seller,
86 any individual seller, any representative of Seller, or Brokerage Firm of Broker working with Seller. Any notice or document
87 to Closing Company shall be effective when physically received by Closing Company, any individual of Closing Company,
88 or any representative of Closing Company.
89 16.2 Electronic Delivery. As an alternative to physical deliveryl any signed documents and written notice may be
90 delivered in electronic form by the following indicated methods only: LJ Facsimile ^ E-mail ^ Internet ^ NoElectronic
91 Delivery. Documents with original signatures shall be provided upon request of any party.
92 16.3 Choice of Law. This contract and all disputes arising hereunder shall be governed by and construed in accordance
93 with the laws of [he State of Colorado that would be applicable [o Colorado residents who sign a contract in this state for
94 property located in Colorado.
95
SELLER
DATE
Stephen Jaworaki
911 Weat Hallam #11, Aspen, CO 81611
Home #: 970-379-5568 eua.#: 970-920-5120
Email Address:
PREPARED 8y: Cindy L. Chrlatensen, Operotlona Manager
CLe-e-08 Closing InsWCtions. Colorado Real Estate Commission
ReaIFAST®Software, ®2009, Version 8.16. Software Registered to: Cindy Christensen, Aspen/Pitkin County Housing Authority
Buyer(s) 08/24/0910:55:42
Page 2 of 7
BUYER DATE
City of Aspen, a Colorado Home Rule municipality
130 South Galena, Aspen, CO 81611
Email Address: n'-
96 Date: /a
97 Closing Company Name: /a
98 ^/a
99 Authorized Signature Title
100 Address: /a
101 ^/a
102 Phone No.: /a
103 Fax No.: n'-
104 Email Address: /a
105
106 (TO BE COMPLETED ONLY BY BROKER AND CLOSING COMPANY)
107
108 Aspen/P'tkin county Bous'na Authority (Broker) ® Working with Seller ® Working with Buyer engages
109 Closing Company as Broker's scrivener to complete, for a fee not to exceed $ n/a at the sole expense of Broker,
110 the followin legal documents:
111 ~ Deed ~ Bill of Sale ~ Colorado Real Estate Commission approved Promissory Note ~ Colorado Real Estate
112 Commission approved Deed of Trust. Closing Company agrees to prepare, on behalf of Broker, the indicated legal documents
113 pursuant to the terms and conditions of the Contract.
114
115 The documents stated above shall be subject to Broker's review and approval and Broker acknowledges that Broker is
116 responsible for the accuracy of the above documents.
117
118 Date: °'-
119 Brokerage Firm's Name: Ashen'°" '^`" °^"°'"^ Authority
120 Broker's Name: cindy chriatensem -
l21
122
123 Broker's Signature
124
125 Date: /a
126
127 Closing Company Name: n'^
128
129 n a
130 Authorized Signature Title
PREPARED BV: Cindy L. Christensen, Operations Manager
CL&8-06 Closing InsWdions. Colorado Real Estate Commission
ReaIFA$T® Software, ®2009, Version 6.18. Software Registered lo: Cindy Christensen, Aspen/Pitkin County Housing AuNOrily
08/24/09 10:55:42
Page 3 of 3
Seller(s)