HomeMy WebLinkAboutresolution.council.016-10RESOLUTION #'~
(Series of 2010)
A RESOLUTION APPROVING AN AGREEMENT BETWEEN THE CITY OF
ASPEN, COLORADO, AND RICHARD AND SUSAN CHELEC SETTING
FORTH THE TERMS AND CONDITIONS REGARDING THE SALE AND
PURCHASE OF REAL PROPERTY AND AUTHORIZING THE CITY
MANAGER TO EXECUTE SAID CONTRACT
WHEREAS, there has been submitted to the City Council a contract to buy
and sell real estate between the City of Aspen, Colorado, and Richard and Susan
Chelec, a copy of which agreement is annexed hereto and made a part thereof.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF ASPEN, COLORADO:
Section 1
That the City Council of the City of Aspen hereby approves that contract to
buy and sell real estate between the City of Aspen, Colorado, and Richard and
Susan Chelec regarding the purchase and sale of real estate, 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:
o~ o70/D
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 February 22, 2010.
~~
Kat S. Koch, City Clerk
s~ .
ArOal Revl Erna Brvten
SETiERFIELD & BRIGHT
Aspen Real Estate Brokers
Galen Bright, Broker /Owner
407 5 Hunter St. #3 ~ Aspen, Colorado 81611
phone: (970) 920-9762 ~ fax: (970) 920.1637
cell: (970) 379-3877 ~ email: galen(ryaspenreal.com
The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate
Commission. (CBS1-5-09) (Mandatory 7-09)
THLS FORM HAS IIdPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAR OR OTHER
COUNSEL BEFORE SIGNING.
CONTRACT TO BUY AND SELL REAL ESTATE
Date: February 10. 2010
10
11
12
13
14
15
16
17
18
219
21
1. 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).
2. DEFINED TERMS.
2.1. Buyer. Buyer, Richard and Susan Chelec and/or assigns, will take title to the real property described below
as ®Jgint Tenants ^Tenants In Common ^Other _
2.2 . Property. The Property is the following legally described real estate in the County of Pitkin, Colorado:
Aspen West Condominium, Unit 5
known as No.
104 W Cooper Ave #5 Aspen CO 61611,
Street Address City State Zip
together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto, and
all interest of Seller in vacated streets and alleys adjacent thereto, except as herein excluded.
2.3. Dates and Deadlines.
__-
I ~ o.
1 § 4 2.1 ~ Alternative Earnest Money Deadline -_ _mm__ ~ _ 2 business da~rs after MEC
I ~ § 5..1 ~ ___ . _, Loan Application Deadline ._ . __ : n/a
3 § 5 2 _ __ Loan Conditions Deadline ,__,_ ___ __ .~ _~a ___
~4 § ST3 _Buyer's Credit Information Deadline _ _ __ _ ___ is _n/a
~- § 5.3 _ _ Disapproval of Buyer s Credit Information Deadline n/a
~- § 5 4 _ _ Exrsnng Loan Documents Deadline _, ! n/a
§ 5 4 :, Existing Loan Documents Oblecuon Deadline n/a
~- § 5 4 _ Loan Transfer Ap rrP oval Deadline
..._ n/a
A _. ___ .
~--
I '. ..._...... . § 6 22.._.. _. _APPratsal Deadline __- _.__ _ ....,.. _. ... n/a
10 § 6.2.2 Appratsal Oblecnon Deadline n/a _
_.. _ _
11 _§,7 ] __. __ T1t1e Deadline. _ _ _ __. . _ _ __... _ _ _... _ . _5 ,days after MEC
12
~ § 7 2
~ Document R uest Deadline __ _,.._,__._
_...__._ __.__P9.___..__ 5 days after MEC._ _ ___ _ __
_13 _ . _. _§ ~ 3.______,_ .Survey Deadline .. __ , _-. ._._.__ _ _...___. . _ 5 days after,MEC _ _
_.. _.-~
14
I § 7 4 4.1
~~..~ CIC Documents Deadline
.. ___~__~____,..____.... ,-__.__ _.., _ 5 da after MEC
_. ____.YS _._.._.,_...... _ ....__.
15 __ § 7 4.5" CIC Documents ObZction Deadline __ _
" 14 da r~s after MEC
16 § 8 1 Title Oblecnon Deadline
_, , _ _ _____ ._ ; _ 14 days after MEC
17 § 8.2 Off-Record Matters Deadline 5 days after MEC ,
18 § 8.2 _ Off Record Matters 061ection Deadline _ 14 dates after MEC_ .
19 _ , _ § 8 3.2 Survey Objection Deadhne_ _ _ 14 "days after MEC
www.ezContract.rgm Copyright:
CB51-5-09 Contras to Buy and Sea Real Estate
09J1N10 at 11:x -cam-.- Paee 1 of 13
20_ . _ _ § 8 6 _rv _ Right Of First Refusal Deadline . _., _n/a_
_.. _ . _
21 _ §10,1_ Sellers PropertyDtsclosureDeadline. 5dapsafterMEC
22 § 10.2 Inspection Objection Deadline 14 days after MEC
23 § 10.3 Inspection Resolution Deadline 2 business days after Inspection
Objection Deadline
24 _ _ § 10.5, Property Insurance Objection Deadline 14,days after MEC -
25 § 12 _ _ _Closing Date..... , _. _ ..__ . _ _... 30 days after MEC . __ . _
_
26 _ _ _ § 17 _ _Possesston Date _ -_ _ _ _ _Upon Closing and DOD
_. _.
27 § 17 Possesston Time Upon Closing and DOD
28 _ § 32 _ Acceptance Deadline Date Februarp 11, 2D10 _
--
29 § 32 Acceptance Deadline Ttme
_. .. 5 OOpm
-- _
30 Addendum ' .Due Diligence Deadline , , _ __ 14,days after MEC
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
2.4. Applicability of Terms. A check or similaz 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 a date is not specified,
the fast day is excluded and the last day is included, e.g. three days after MEC. If any deadline falls on a
Saturday, Sunday or federal or Colorado state holiday (Holiday), such deadline ®Shall ^Shall Not
be extended to the next day that is not a Saturday, Sunday or Holiday. Should neither box be checked, the
deadline shall not be extended.
3. INCLUSIONS AND E%CLUSIONS.
3.1. Inclusions. The Purchase Price includes the following items (Inclusions):
none
3.1.1. Fixtures. If attached to the Property on the 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 ^ tt/a
3.1.2. Personal Property. The following aze included if on the Property whether attached or not on the 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, fireplace grates, heating stoves,
storage sheds, and all keys. If checked, the following aze included: ^Water Softeners ^Smoke/Fire
Detectors ^Security Systems ^Satellite Systems (including satellite dishes).
3.1.3. Other Inclusions.
none
The Personal Property [o be conveyed at Closing shall be conveyed by Seller free and cleaz of all taxes,
(except personal property taxes for the yeaz of Closing), liens and encumbrances, except none
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:
none
The Trade Fixtures to be conveyed at Closing shall be conveyed by Seller free and cleaz of all fazes,
(except personal property taxes for the year of Closing), liens and encumbrances, except none
Conveyance shall be by bill of sale or other applicable legal instrument
CB51-5-09 CoMac[ to Buy aM Sen Real &tate ~ 07!10/]0 at 11: --~ peRe 2 of 13
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
g84
86
87
88
89
91
92
93
94
95
96
97
98
99
100
101
102
3.1.5. Parking and Storage Facilities. ®Use Only ^Ownership of the following parking facilities: those
appurtenant to the property; and ®Use Only ^Ownership of the following storage facilities:
those appurtenant to the property.
3.1.6. Water Rights, Water Interests, Water and Sewer Taps.. The following legally described water rights:
n/a
Any water rights shall be conveyed by ^ n/a Deed ^ Other applicable legal instrument.
3.1.6.1. If any water well is to be transferred to Buyer, Seller agrees to supply required information about
such well to Buyer. Buyer understands that if the well to be transferred is a Small Capacity Well
or a Domestic Exempt Water Well used for ordinary household purposes, Buyer shall, prior m or
at Closing, complete a Change in Ownership form for the well. If an existing well has not been
registered with the Colorado Division of Water Resources in the Department of Natural
Resources (Division), Buyer shall complete a registration of existing well form for the well and
pay the cost of registration. If no person will be providing a closing service in connection with
the transaction, Buyer shall file the form with the Division within sixty days after Closing.
The Well Permit # is n/a
3.1.6.2. ^WaterStockCertificates:
n/a
3.1.6.3. ^Water Tap ^Sewer Tap
Note: Buyer is advised to obtain, from the provider, written confirmation of the amount remaining
to be paid, if any, time and other restrictions for transfer aad use of the tap.
3.1.7. Growing Crops. With respect to growing crops, Seller and Buyer agree as follows:
n/a
3.2. Exclusions. The following items are excluded:
none
4. PURCHASE PRICE AND TERMS.
4.1. Price and Terms. The Purchase Rice se[ forth below shall be payable in U. S. Dollars by Buyer as follows:
I~ -°- ' §4.2 _ I EamestMoney ____ _; $50000.00
__ _ _____
I~ -' § 4.5 __ . New Loan ------ - _ _ - _ _ _ _ _ ___
I " -( § 4.6 _._ _ _ Assumption Balance •.
-I § 4.7 - Seller or Private Financing
~- _ __ ..:
I ~ ...__~ ._- ___ __ ------- ---- --.. ___ ._._
~- § 4.3__ _ _.Cash at Closing _._ .---._ _._ __ .._ _ _ 549,000.00
~~- TOTAL ~____ _ __ >. _ _ _ __$599,000.00 _ _ _ $599,000_00-
4.2. Earnest Money. The Earnest Money set forth iu this section, in the form of wire transfer or oersonal check, is
part payment of the Purchase Price and shall be payable to and held by Land Title Gaurantee Comoanv (Earnest
Money Holder), in iu trust account, on behalf of both Seller and Buyer. The Earnest Money deposit shall be
tendered with this Contract unless the parties mutually agree to an Alternative Earnest Money Deadline (§ 2.3)
for its payment. If Earnest Money Holder is other than the Brokerage Firm identified in § 34 or § 35 below,
Closing Instructions signed by Buyer, Seller and Earnest Money Holder must be obtained on or before delivery of
Earnest Money to Earnest Money Holder. The parties authorize delivery of the Earnest Money deposit [o the
company conducting the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money
Holder has agreed to have interest on Earnest Money deposits transferred to a fund established for the purpose of
providing affordable housing to Colorado residents, Seller and Buyer acknowledge and agree that any interest
accruing on the Earnest Money deposited with the Earnest Money Holder in this transaction shall be transferred to
such fund.
4.2.1. Alternative Earnest Money Deadline. The deadline for delivering the Earnest Money, if other than at
the time of tender of the Contract is as set forth as the Alternative Earnest Money Deadline (§ 2.3).
4.3. Form of Funds; Time of Payment; Funds Available. All amounts payable by the parties at Closing, including
any loan proceeds, Cash at Closing and closing costs, shall be in funds that comply w' a r ble Colorado
www ezContract.com Copyright 2002-2009 Initials:
~[zcotrr.~acr CaSl-5{y Contract m Buy and Sell Real Fsmte 01J10/ID at t I: Page 3 of 13
03
04
OS
06
07
OS
09
10
I1
12
13
14
,15
16
117
118
119
120
l21
L22
l23
124
125
L26
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
laws, including electronic transfer funds, certified check, savings and loan teller's check and cashier's check (Good
Funds). All funds required to be paid at Closing shall be timely paid to allow disbursement by Closing Company at
Closing OR SUCH PARTY SHALL BE IN DEFAULT. Buyer represenu that Buyer, as of the date of this
Contract, ^Does ®Does Not have funds that aze immediately verifiable and available in an amount not less
than the amount stated as Cash at Closing in § 4.1.
4.4. Seller Concession. Seller, at Closing, shall pay or credit, as duetted by Buyer, a total amount of $ n/a to assist
with Buyer's closing costs; loan discount points, loan origination fees, prepaid items (including any amounts that
Seller agrees to pay because Buyer is not allowed to pay due to FHA, CHFA, VA, etc.), and any other fee, cost,
chazge, expense or expenditure related to Buyer's New Loan or other allowable Seller concession (collectively,
Seller Concession). The Seller Concession is in addition to any sum Seller has ageed to pay or credit Buyer
elsewhere in this Contract If the amount of Seller Concession exceeds the aggregate of what is allowed, Seller
shall not pay or be chazged such excess amount
4.5. New Loan [Omitted as Inapplicable].
4.6. Assumption [Omitted as Inapplicable].
4.7. Seller or Private Financing. [Omitted as Inapplicable].
FINANCING CONDITIONS AND OBLIGATIONS. [Omitted as Inapplicable].
APPRAISAL PROVLSIONS.
6.1. Property Approval. If the lender imposes any requirements or repairs (Requirements) to be made to the Property
(e.g., roof repair, repainting), beyond those matters already agreed to by Seller in this Contract, Seller may
temvnate this Contract (notwithstanding § 10 of this Contract) by written notice to Buyer on or before three days
following Seller's receipt of the Requirements. Seller's right to temunate in this § 6.1 shall not apply if on or
before any termination by Seller pursuant to this § 6.1: (1) the parties enter into a written agreement regarding the
Requiements; or (2) the Requirements aze completed by Seller; or (3) the satisfaction of the Requirements is
waived in writing by Buyer.
6.2. Appraisal Condition
® 6.2.1. Not Applicable. This § 6.2 shall not apply.
[] 6.2.2. ConventionaUOther. [Omitted as Inapplicable].
^ 6.2.3. FHA. [Omitted as Inapplicable].
^ 6.2.4. VA. [Omitted as Inapplicable].
6.3. Cost of Appraisal Cost of any appraisal to be obtained after the date of this Contract shall be timely paid by
®Buyer ^Seller.
EVIDENCE OF TTTLE, SURVEY ANI) CIC DOCUMENTS.
7.1. Evidence of Title. On or before Title Deadline (§ 2.3), Seller shall cause to be furnished to Buyer, at Selleis
expense, a current commitment for owner's title insurance policy (Title Commitment) in an amount equal to the
Purchase Price, or if this box is checked, ^An Abstract of title certified to a current date. If title insurance is
furnished, Seller shall also deliver to Buyer copies of any abstracts of title covering all or any portion of the
Property (Abstract) in Sellei s possession. At Sellers expense, Seller shall cause the title insurance policy to be
issued and delivered m Buyer as soon as practicable at or after Closing. The title insurance commitment ®ShaB
^Shall Not commit to delete or insure over the standard exceptions which relate to: (1) parties in possession, f2)
unrecorded easements, (3) survey matters, (4) any unrecorded mechanic's liens, (5) gap period (effective date of
commitment to date deed is recorded), and (6) unpaid taxes, assessments and unredeemed tax sales prior to the
year of Closing. Any additional premium expense to obtain this additional coverage shall be paid by ®Buyer
^Seller.
Note: The title insurance company may not agree to delete or insure over any or al] of the standard exceptions.
Buyer shall have the right to review the Title Commitment If the Title Commitment or its provisions aze not
satisfactory to Buyer, Buyer may exercise Buyer's rights pursuant to § 8.1.
7.2. Copies of Exceptions. On or before Title Deadline (§ 2.3), Seller, at Sellers expense, shall famish to Buyer and
Setlerfield 8 Bright, (1) copies of any plats, declazations, covenants, conditions and restrictions burdening the
Property, and (2) if a Title Commitment is required to be furnished, and if this box is checked ®Copies of any
Other Documents (or, if illegible, summaries of such documents) listed in the schedule of exceptions
(Exceptions). Even if the box is not checked, Seller shall have the obligation to furnish these documents pursuant
to this section if requested by Buyer any time on or before Document Request Deadline (§ 2.3). This requirement
shall pertain only to documents as shown of record in the office of the clerk and recorder in the county where the
Property is located. The abstract or Title Commitment, together with any copies or summaries of such documents
furnished pursuant to this section, constitute the title documents (Title Documents). -
5.
6.
7.
www zr.,ntrac[.com Copyngm.
CRS1-5-09 Com,act to Buy a~ Sell Real Estate
07J10/1D at
1S8 7.3. Survey. On or before Survey Deadline (§ 2.3), ®Seller ^Buyer shall order or provide, and cause Buyer (and
lS9 the issuer of the Title Commitment or the provider of the opinion of title if an abstract) to receive, a current ^
1.6p Improvement Survey Plat ^Improvement Location Certificate ®Condominium Plat Map (the
161 description checked is known as Survey). An amount not to exceed $the cost for Survey shall be paid by ^
t62 Buyer ®Seller. If the cost exceeds this amount, ^Buyer ®Seller shall pay the excess on or before
l63 Closing. Buyer shall not be obligated to pay the excess unless Buyer is informed of the cost and delivers to Seller,
164 before Survey is ordered, Buyet's written agreement [o pay the required amount to be paid by Buyer.
L65 7.4. Common Interest Community Documents. The term CIC Documents consists of all owners' associations
166 (Association) declazations, bylaws, operating agreements, Hiles and regulations, party wall agreements, minutes of
167 most recent annual owners' meeting and minutes of any directors' or managers' meetings during the six-month
168 period immediately preceding the date of this Contract, if any (Governing Documents), most recent financial
169 documents consisting of (1) annual balance sheet, (2) annual income and expenditures statement, and (3) annual
17p budget (Financial Documents), if any (collectively CIC Documents).
l71 ^ 7.4.1. Not Applicable. This § 7.4 shall not apply.
172 7.4.2. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A COMMON
l73 INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR SUCH COMMUNITY.
174 THE OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNER'S
l75 ASSOCIATION FOR THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND
176 RULES AND REGULATIONS OF TILE ASSOCIATION. THE DECLARATION, BYLAWS, AND
177 RULES AND REGULATIONS WILL IMPOSE FINANCIAL OBLIGATIONS UPON THE OWNER
178 OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS OF THE
l79 ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION
180 COULD PLACE A L1EN ON THE PROPERTY AND POSSIBLY SELL TT TO PAY THE DEBT. THE
1'81 DECLARATION, BYLAWS, AND RULES AND REGULATIONS OF THE COMMUNITY MAY
182 PROHIBIT THE OWNER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN
183 ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A COMMITTEE OF THE
184 ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF PROPERTY
185 WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL
186 OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY
187 READ THE DECLARATION FOR TILE COMMUNITY AND TIHI BYLAWS AND RULES AND
lgg REGULATIONS OF THE ASSOCIATION.
189 ^ 7.4.3. Not Conditional on Review. Buyer acknowledges that Buyer has received a copy of the CIC Documents.
lqp Buyer has reviewed them, agrees to accept the benefits, obligations and restrictions that they impose upon
191 the Property and its owners and waives any right to terminate this Contract due to such documents,
192 notwithstanding the provisions of § 8.5.
193 7.4.4. CIC Documents to Buyer.
194 ® 7.4.4.1. Seller to Provide CIC Documents. Seller shall cause the CIC Documents to be provided to
195 Buyer, at Seller's expense, on or before CIC Documents Deadline (§ 2.3).
196 ® 7.4.4.2. Seller Authorizes Association. Seller authorizes the Association to provide the CIC Documents
197 to Buyer, at Seller's expense.
198 7.4.4.3. Seller's Obligation. Seller's obligation to provide the CIC Documents shall be fulfilled upon
199 Buyer's receipt of the CIC Documents, 7egazdless of who provides such documents.
200 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
201 this § 7.4.5 shall apply. Written notice of any unsatisfactory provision in any of the CIC Documents, in
L02 Buyer's subjective discretion, signed by Buyer, or on behalf of Buyer, and delivered to Seller on or before
203 CIC Documents Objection Deadline (§ 2.3), shall terminate this Contract.
204 Should Buyer receive the CIC Documents after CIC Documents Deadline (§ 2.3), Buyer shall have the
LOS right, at Buyer's option, to terminate this Contract by written notice delivered [o Seller on or before ten
206 days after Buyers receipt of the CIC Documents. If Buyer does no[ receive the CIC Documents, or if
207 such written notice to terminate would otherwise be required to be delivered after Closing Date (§ 2.3),
208 Buyei s written notice [o terminate shall be received by Seller on or before three days prior to Closing
209 Date (§ 2.3). If Seller does not receive written notice from Buyer within such time, Buyer accepts the
210 provisions of the CIC Documents, and Buyer's right to terminate this Contract pursuant to this section is
211 waived, notwithstanding the provisions of § 8.5.
212 NOTE: If no box in this § 7.4 is checked, the provisions of § 7.4.4.1 shall apply.
213 8. TITLE AND SURVEY REVIEW. (f j ,,
- www.ezContract.com Copynghr 2002-2009 Lnuals:
ascoraa~ncr CBSI-5[19 Contrau ro Buy and Sea Real Fstate 07J10/10 at 11:44 Page 5 of 13
! 14 8.1. Title Review. Buyer shall have the right to inspect the Title Documents. Buyer shall provide written notice of
15 unmerchantability of title, unsatisfactory form or content of Title Commitment, or, notwithstanding § 13, of any
! 16 other unsatisfactory title condition shown by the Title Documents (Notice of Title Objection). Such notice shall be
r17 signed by or on behalf of Buyer and delivered to Seller on or before Title Objection Deadline (§ 2.3), provided
!Ig such Title Documents are received by Buyer in a timely manner. If there is an endorsement to the Title
! 19 Commitment that adds a new Exception to title, a copy of the new Exception to title and the modified Title
!20 Commitment shall be delivered to Buyer. Buyer shall have five days to deliver the Notice of Title Objection after
>.21 receipt by Buyer of the following documents: (1) any required Title Document not timely received by Buyer, (2)
r22 any change to the Title Documents, (3) or endorsement to the Title Commitment If Seller does not receive Buyer s
>23 Notice of Title Objection by the applicable deadline specified above, Buyer accepts the condition of title as
>24 disclosed by the Title Documents as satisfactory.
!25 8.2. Matters Not Shown by the Public Records. Seller shall deliver to Buyer, on or before Off-Record Matters
!~ Deadline (§ 2.3) true copies of all leases and surveys in Seller's possession pertaining to the Property and shall
>27 disclose to Buyer all easements, liens (including, without limitation, governmental improvements approved, but not
>28 yet installed) or other title matters (including, without limitation, rights of first refusal and options) not shown by
>29 the public records of which Seller has actual knowledge. Buyer shall have the right to inspect the Property to
>.30 investigate if any thud party has any right in the Property not shown by the public records (such as an unrecorded
31 easement, unrecorded lease, boundary line discrepancy or water rights). Written notice of any unsatisfactory
>32 condition disclosed by Seller or revealed by such inspection, notwithstanding § 13, shall be signed by or on behalf
33 of Buyer and delivered to Seller on or before Off-Record Matters Objection Deadline (§ 2.3). If Seller does not
L34 receive Buyer's notice by said deadline, Buyer accepts title subject to such rights, if any, of third parties of which
?35 Buyer has actual knowledge.
L36 8.3. Survey Review.
X37 ~ 8.3.1. Not Applicable. This § 8.3 shall not apply.
Lag ® 8.3.2. Conditional on Survey. If the box in this § 8.3.2 is checked, Buyer shall have the right to inspect the
L39 Survey. If written notice by or on behalf of Buyer of any unsatisfactory condition shown by the Survey,
Lq0 notwithstanding § 8.2 or § 13, is received by Seller on or before Snrvey Objection Deadline (§ 2.3) then
L41 .such objection shall be deemed an unsatisfactory title condition. If Seller does not receive Buyer's notice
L42 by Survey Objection Deadline (§ 2.3), Buyer accepts the Survey as satisfactory.
~3 8.4. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL
2q4 OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX
L45 LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN
246 SUCH DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND TAX TO
Lq~ SUPPORT TAE SERVICING OF SUCH DEBT WHERE CIItCUMSTANCES ARLSE RESULTING IN
248 THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH
249 AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE THE SPECLAL TAXING
L50 DISTRICTS IN WHICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY
251 TREASURER, BY REVIEWING THE CERTIFICATE OF TAXES DUE FOR THE PROPERTY, AND
L52 BY OBTAINING FURTHER INFORMATION FROM THE BOARD OF COUNTY COMMLSSIONERS,
253 THE COUNTY CLERK AND RECORDER, OR THE COUNTY ASSESSOR.
254 In the event the Property is located within a special taxing district and Buyer desires to terminate this Contract as
255 a result, if written notice, by or on behalf of Buyer, is received by Seller on or before Off-Record Matters
L56 Objection Deadline (§ 2.3), this Contract shall terminate. If Seller does not receive Buyer's notice by such
257 deadline, Buyer accepts the effect of the Property's inclusion in such special taxing district and waives the right to
258 terminate for that reason
259 8.5. Right to Object, Cure. Buyer's right to object shall include, but not be limited to, [hose matters set forth in §§ 8
L6p and 13. If Seller receives notice of unmerchantability of title or any other unsatisfactory title condition or
L61 coalmlitment terms as provided in §§ 8.1, 8.2 and 8.3, Seller shall use reasonable efforts to correct said items and
262 beaz any nominal expense to correct the same prior to Closing. If such unsatisfactory title condition is not
L63 corrected to Buyer's satisfaction on or before Closing, this Contract shall terminate; provided, however, Buyer
L64 may, by written notice received by Seller on or before Closing, waive objection to such items.
L65 8.6. Right of First Refusal or Contract Approval If there is a right of first refusal on the Property, or a right to
Z66 approve this Contract, Seller shall promptly submit this Conuact according to the terms and conditions of such
L67 right If the holder of the right of first refusal exercises such right or the holder of a right to approve disapproves
L68 this Contract, this Contract shall terminate. If the right of fast refusal is waived explicitly or expires, or the
269 Contract is approved, this Contract shall remain in full force and effect. Seller shall promptly Buyer of [he
~ ~
~ay~ www.ezContract.com Copyright 2002-2009 Initials: ~
~F~azrows+ncr CB51-5-09 Com+act w Buy and SeB heel Estate OYl0/lll at 11: AM L~ Page 6 of 13
!70
!71
!72
!73
!74
!75
>.76
!77
>.78
>,79
!80
>.81
282
283
>84
>_85
286
>_87
288
289
290
291
L92
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
foregoing. If expiration or waiver of the right of first refusal or Contract approval has not occurred on or before
Right of First Refusal Deadline (§ 2.3), this Contract shall terminate.
8.7. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should be reviewed .
cazefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use
of the Property, including without limitation, boundary lines and encroachments, azea, zoning, unrecorded
easements and claims of easements, leases and other umecorded agreements, and various laws and governmental
regulations concerning land use, development and environmental matters. The surface estate may be owned
separately from the underlying mineral estate, and transfer of the surface estate does not necessarily include
transfer of the mineral rights or water rights. Third parties may hold interests to oil, gas, other minerals,
geothermal energy or water on or under the Property, which interests may give them rights to enter and use
the Property. Such matters may be excluded from or not covered by the title insurance policy. Buyer is advised to
timely consult legal counsel with respect to all such matters as there aze strict time limits provided in this Contract
[e.g., Title Objection Deadline (§ 2.3) and Off-Record Matters Objection Deadline (§ 2.3)].
LEAD-BASED PAINT. Unless exempt, if the improvements on the Property include one or more residential dwellings for
which a building permit was issued prior to January 1, 1978, this Contract shall be void unless (1) a completed Lead-Based
Paint Disclosure (Sales) form is signed by Seller, the required real estate licensees and Buyer; and (2) Seller receives the
completed and fully executed form prior to the time when the Contact is signed by all parties. Buyer acknowledges timely
receipt of a completed Lead-Based Paint Disclosure (Sales) form signed by Seller and the real estate licensees.
PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, BUYER DISCLOSURE AND
SOURCE OF WATER.
10.1. Seller's Property Disclosure Deadline. On or before Seller's Property Disclosure Deadline (§ 2.3), Seller
agrees to deliver to Buyer the most current version of the applicable Colorado Real Estate Commission's Seller's
Property Disclosure form completed by Seller to the best of Seller's actual knowledge, current as of the date of this
Contract
10.2. Inspection Objection Deadline. Buyer shall have the right to have inspections of the physical condition of both
the Property and Inclusions, at Buyers expense. If (1) the physical condition of the Property, (2) the physical
condition of the Inclusions, (3) any proposed or existing transportation project, road, street or highway, or (4) any
other activity, odor or noise (whether on or off the Property) and iu effect or expected effect on the Property or its
occupants is unsatisfactory in Buyer's subjective discretion, Buyer shall, on or before Inspection Objection
Deadline (§ 2.3):
10.2.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or
10.2.2. Notice to Correct Deliver to Seller a written description of any unsatisfactory physical condition which
Buyer requires Seller to correct
If written notice is not received by Seller on or before Inspection Objection Deadline (§ 2.3), the
physical condition of the Property and Inclusions shall be deemed to be satisfactory to Buyer.
10.3. Inspection Resolution Deadline. If a Notice to Correct is received by Seller and if Buyer and Seller have not
agreed in writing to a settlement thereof on or before Inspection Resolution Deadline (§ 2.3), this Contract shall
terminate one day following Inspection Resolution Deadline (§ 2.3), unless before such termination Seller
receives Buyei s written withdrawal of the Notice to Correct
10.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided in this Contract, is responsible for payment
for all inspections, tests, surveys, engineering reports, or any other work performed at Buyers request (Work) and
shall pay for any damage that occurs to the Property and Inclusions as a result of such Work. Buyer shall not
permit claims or liens of any kind against the Property for Work performed on the Property at Buyers request
Buyer agrees to indemnify, protect and hold Seller harmless from and against any liability, damage, cost or expense
incurred by Seller and caused by any such Work, claim, or lien. This indemnity includes Seller's right to recover
all costs and expenses incurred by Seller to defend against any such liability, damage, cost or expense, or to
enforce this section, including Sellers reasonable attorney and legal fees. The provisions of this section shall
survive the termination of this Contract
10.5. Insurability. This Contract is conditional upon Buyer's satisfaction, in Buyers subjective discretion, with the
availability, terms and conditions of and premium for property insurance. This Contract shall terminate upon
Seller's receipt, on or before Property Insurance Objection Deadline (§ 2.3), of Buyer's written notice that such
insurance was not satisfactory to Buyer. If said notice is not timely received, Buyer shall have waived any right to
terminate under this provision.
10.6. Buyer Disclosure. Buyer represents that Buyer Does ®Does Not need to sell and close a property to
complete this transaction. Note: Any property sale contingency should appeaz in Additional Provisions (§ 26).
9.
10.
and Sell
..__. ~~ y` - -
0?J10/10 at 1]:44 AM Page 7 of 13
S25 10.7. Source of Potable Water (Residential Land and Residential Improvements Only). Buyer ^Does ®Does
S26 Not acknowledge receipt of a copy of Seller's Property Disclosure or Source of Water Addendum disclosing
;27 the source of potable water for the Property. Buyer ^Does ^Does Not acknowledge receipt of a copy of the
S2g current well permit ®There is No Well.
S29 Note [o Buyer: SOME WATER PROVIDERS RELY, TO VARYING DEGREES, ON NONRENEWABLE
S30 GROUND WATER YOU MAY WISH TO CONTACT YOUR PROVIDER (OR INVESTIGATE THE
S31 DESCRIBED SOURCE) TO DETERMINE THE LONG-TERM SUFFICIENCY OF THE PROVIDER'S
S32 WATER SUPPLIES.
S33 10.8. Carbon Monoldde Alarms. Note: If the improvements on the Property have afuel-fired heater or appliance, a
134 fireplace, or an attached garage and include one or more rooms lawfully used for sleeping purposes (Bedroom), the
S35 parties acknowledge that Colorado law requires that Seller assure the Property has an operational carbon monoxide
336 alarm installed within fifteen feet of the entrance to each Bedroom or in a location as required by the applicable
S37 building code.
S38 11. METHAMPHETAMIN DISCLOSURE (Residential Property Only). Tf the Property is residential, and Seller knows
339 that methamphetamine was ever manufactured, processed, cooked, disposed of, used or stored at the Property, Seller is
S40 required to disclose such fact. No,disclosure is required if the Property was remediated in accordance with state standards
S41 and other requirements aze fulfilled pursuant to § 25-18.5-102, C.R.S. Buyer further acknowledges that Buyer has the right
142 to engage a certified hygienist or'industrial hygienist to test whether the Property has ever been used as a methamphetamine
S43 laboratory. If Buyer's test resulu indicate that the Property has been contaminated with methamphetamine, but has not been
144 remediated to meet the standards established by rules of the State Board of Health promulgated pursuant to § 25-18.5-102,
S45 C.R.S., Buyer shall promptly give written notice to Seller of the resulffi of the test, and Buyer may temrinate this Contract,
i46 notwithstanding any other provision of this Contract
S47 12. CLOSING. Delivery of deed from Seller to Buyer shall be at closing (Closing). Closing shall be on the date specified as
i48 Closing Date (§ 2.3) or by mutual agreement at an earlier date. The hour and place of Closing shall be as designated by
S49 Buver Seller and Title Company.
350 13. TRANSFER OF TITLE. Subject to tender or payment at Closing as required herein and compliance by Buyer with the
I51 other terms and provisions hereof, Seller shall execute and deliver a good and sufficient General warranty deed to Buyer,
352 at Closing, conveying the Property free and cleaz of all taxes except the general taxes for the year of Closing. Except as
153 provided herein, title shall be conveyed free and clear of all liens, including any governmental liens for special
S54 improvements installed as of the date of Buyer's signature hereon, whether assessed or not. Title shall be conveyed subject
355 to:
I56 13.1. those specific Exceptions described by reference to recorded documents as reflected in the Title Documents
;57 accepted by Buyer in accordance with Title Review (§ 8.1),
158 13.2. distribution utility easements (including cable TV7,
S59 13.3. those specifically described rights of third parties not shown by the public records of which Buyer has actual
;tip knowledge and which were accepted by Buyer in accordance with Matters Not Shown by the Public Records (§
161 8.2) and Survey Review (§ 8.3),
S62 13.4. inclusion of the Property within any special taking district, and
363 13.5. other none
i64 14. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid at or before Closing from the
S65 proceeds of this transaction or from any other source.
S66 15. CLOSING COSTS, DOCUMENTS AND SERVICES.
S67 15.1. Good Funds. Buyer and Seller shall pay, in Good Funds, their respective closing costs and all other items required
S68 to be paid at Closing, except as otherwise provided herein.
S69 15.2. Closing Information and Documents. Buyer and Seller will furnish any additional information and documents
S70 required by Closing Company [ha[ will be necessary to complete this transaction. Buyer and Seller shall sign and
S71 complete all customary or reasonably required documents at or before Closing..
S72 15.3. Closing Services Fee. The fee for real estate closing services shall be paid at Closing by ^Buver ^
S73 Seller ®One-Half by Buyer and One-Half by Seller ^Other
S74 15.4. Closing Instructions. Buyer and Seller agree to execute the Colorado Real Estate Commission's Closing
S75 Instructions. Such Closing Instructions ^Are ®Are Not executed with this Contract Upon execution,
S76 Seller ^Buver shall deliver such Closing Instructions [o the Closing Company.
S77 15.5. Status Letter and Traasfer Fees. Any fees incident to the issuance of Associaflon's statement of assessments
S78 (Status Letter) shall be paid by ^Buver ®SeBer ^One-Half by Buyer and One-Half by Seller. Any
S79 transfer fees assessed by the Association (Association's Transfer Fee) shall be paid by ^Buver ®Seller ^
S80 One-Half by Buyer and One-Half by Seller.
n.w. ezr'-nntractcom Copyright 2002-2009 Initials: `-~~ i .l i
~¢coror~ncr CBS]-5-09 Conuaq m Buy antl Sea ]teal Estate 02!10/10 at 11:44 AM Page B of 13
381 15.6. Local Transfer Tax. ®The Local Transfer Tax of Addendum'% of the Purchase Price shall be paid at Closing
382 by ®Buyer ^Seller ^One-Half by Buyer and One-Half by Seller.
383 15.7. Sales and Use Tax. Any sales and use tax that may accme because of this transaction shall be paid when due by
384 ^Buyer ®Seller ^One-Half by Buyer and One-Half by Seller.
385 16. PROBATIONS. The following shall be prorated to Closing Date (§ 2.3), except as otherwise provided:
386 16.1. Taxes. Personal property taxes, if any, and general real estate taxes for the yeaz of Closing, based on ®Taxes for
3g7 the Calendar Year Immediately Preceding Closing ^Most Recent Mill Levy and Most Recent Assessed
;gg Valuation, adjusted by any applicable qualifying seniors property tart exemption, or^Otber
389 16.2. Rents. Rents based on ^Rents Actually Received ^Accrued. At Closing, Seller shall transfer or credit to
;90 Buyer the security deposits for all leases assigned, or any remainder after lawful deductions, and notify al] tenants
391 in writing of such transfer and of the transferee's name and address. Seller shall assign to Buyer all leases in effect
392 at Closing and Buyer shall assume such leases.
393 16.3. Association Assessments. Current regulaz Association assessments and dues (Association Assessments) paid in
394 .advance shall be credited to Seller at Closing. Cash reserves held out of the regulaz Association Assessments for
395 deferred maintenance by the Association shall not be credited to Seller except as may be otherwise provided by the
396 Goveming Documents. Any special assessment by the Association for improvements that have been installed as of
397 the date of Buyer's signature hereon shall be the obligation of Seller. Any other special assessment assessed prior
;gg to Closing Date (§ 2.3) by the Association shall be the obligation of ®Buyer ^Seller. Seller represents that
399 the Association Assessments aze currently payable at $tbd per tbd and that there aze no unpaid regulaz or special
1pp assessments against the Property except the current regulaz assessments and none. Such assessments aze subject
401 to change as provided in the Goveming Documents. Seller agrees to promptly request the Association to deliver
402 to Buyer before Closing Date (§ 2.3) a current Storms Letter.
403 16.4. Other Prorations. Water and sewer chazges; interest on continuing loan, and any other similar charges
404 16.5. Final Settlement. Unless otherwise agreed in writing, these prorations shall be final.
405 17. POSSESSION. Possession of the Property shall be delivered to Buyer on Possession Date at Possession Time (§ 2.3),
406 subject to the following ]eases or tenancies: none
107 If Seller, after Closing, fails to deliver possession as specified, Seller shall be subject to eviction and shall be additionally
408 liable to Buyer for payment of $300.00 per day (or any part of a day notwithstanding §2.5.1) from Possession Date and
409 Possession Time (§ 2.3) until possession is delivered.
110 Buyer ®Does ^Does Not represent that Buyer will occupy the Property as Buyei s principal residence.
111 18. ASSIGNABILITY AND INUREMENT. This Contract ®Shall ^Shall Not be assignable by Buyer without Seller's
412 prior written consent. Except as so restricted, this Contract shall inure to the benefit of and be binding upon the heirs,
413 persona] representatives, successors and assigns of the parties.
414 19. CAUSES OF LOSS, INSURANCE; CONDITION OF, DAMAGE TO PROPERTY AND INCLUSIONS AND
415 WALK-THROUGH. Except as otherwise provided in this Contract, the Property, Inclusions or both shall be delivered in
416 the condition existing as of the date of this Contract, ordinary weaz and teaz excepted.
417 19.1. Causes of Loss, Insurance. In the event the Property or Inclusions aze damaged by fire, other perils or causes of
41g loss prior to Closing in an amount of not more than ten percent of the total Purchase Price, Seller shall be
419 obligated to repair the same before Closing Date (§ 2.3). In the event such damage is not repaired within said
420 time or if the damage exceeds such sum, this Contract may be terminated at the option of Buyer by delivering to
421 Seller written notice of termination on or before Closing. Should Buyer elect to carry out this Contract despite
422 such damage, Buyer shall be entitled to a credit at Closing for all the insurance proceeds that were received by
423 Seller (but not the Association, if any) resulting from such damage to the Property and Inclusions, plus the amount
424 of any deductible provided for in such insurance policy. Such credit shall not exceed the Purchase Price. In the
425 event Seller has not received such insurance proceeds prior to Closing, then Seller shall assign such proceeds at
426 Closing, plus credit Buyer the amount of any deductible provided for in such insurance policy, but not to exceed
427 the total Purchase Price.
42g 19.2. Damage, Inclusions and Services. Should any Inclusion or service (including systems and components of the
429 Property, e.g. heating, plumbing) fail or be damaged between the date of this Contract and Closing or possession,
430 whichever shall be eazlier, then Seller shall be liable for the repair or replacement of such Inclusion or service with
431 a unit of similar size, age and quality, or an equivalent credit, but only to the extent that the maintenance or
432 replacement of such Inclusion, service or fixture is not the responsibility of the Association, if any, less any
433 insurance proceeds received by Buyer covering such repair or replacement. Seller and Buyer aze awaze of the
434 existence of pre-owned home warranty programs that may be purchased and may cover the repair or replacement
435 of such Inclusions. The risk of loss for damage to growing crops by fire or other casualty shall be borne by the
~~+ www ezContrac[.wm Copyright 2002-2009 Initials:
lCx'~EZCOwsancr CBS!-5-09 Contract m Buy and Sell Real Fstate 07!10/10 at 11:4 AM Page 9 of 13
336 party entitled to the growing crops as provided in § 3.1.7 and such party shall be entitled to such insurance
337 ~ proceeds or benefits for the growing crops.
338 19.3. Walk-Through and Verification of Condition. Buyer, upon reasonable notice, shall have the right to walk
339 through the Property prior to Closing to verify that the physical condition of the Property and Inclusions complies
340 with this Contract
341 20. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this document, Buyer and Seller acknowledge
342 that the respective broker has advised that this document has important legal consequences and has recommended the
343 examination of title and consultation with legal and tax or other counsel before signing this Contract.
344 21. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any note or check received as
345 Earnest Money hereunder or any other payment due hereunder is not paid, honored or tendered when due, or if any
346 obligation hereunder is no[ performed or waived as herein provided, there shall be the following remedies:
347 21.1. If Buyer is in Default:
}4g ^ 21.1.1. Specific Performance. Seller may elect to treat this Contract as canceled, in which case all Earnest
}49 Money (whether or not paid by Buyer) shall be forfeited by Buyer, paid to Seller and retained by Seller;
350 and Seller may recover such damages as may be proper; or Seller may elect to treat this Contract as being
351 in full force and effect and Seller shall have the right to specific performance or damages, oz both.
}52 ® 21.1.2. Liquidated Damages. All Earnest Money (whether or not paid by Buyer) shall be forfeited by Buyer,
353 paid to Seller, and retained by Seller. Both parties shall thereafter be released from all obligations
}54 hereunder. It is agreed that the Earnest Money specified in § 4.1 is LIQUIDATED DAMAGES, and not
355 a penalty, which amount the parties agee is fair and reasonable and (except as provided in § §10.4, 19,
356 22, 23 and 24), said forfeiture shall be SELLER'S SOLE AND ONLY REMEDY for Buyer's failure to
}57 perform the obligations of this Contract Seller expressly waives the remedies of specific performance
}58 and additions] damages.
359 21.2. If Seger is in Default: Buyer may elect to treat this Contract as canceled, in which case all Earnest Money
360 received hereunder shall be returned and Buyer may recover such damages as may be proper, or Buyer may elect
361 to treat this Contract as being in full force and effect and Buyer shall have the right to specific performance or
}62 damages, or both.
363 22. LEGAL FEES, COST AND EXPENSES. In the event of any azbitration or litigation relating to this Contract, prior to or
}64 after Closing Date (§ 2.3), the azbitrator or court shall awazd to the prevailing party all reasonable costs and expenses,
365 including attorney and legal fees.
}66 23. MEDIATION. If a dispute arises relating to this Contract, prior to or after closing, and is not resolved, the parties shall
367 first proceed in good faith to submit the matter to mediation. Mediation is a process in which the parties meet with an
368 impartial person who helps to resolve the dispute informally and confidentially. Mediators cannot impose binding
369 decisions. The parties to the dispute must agree, in writing, before any settlement is binding. The parties will jointly
370 appoint an acceptable mediator and will shaze equally in the cost of such mediation. The mediation, unless otherwise
371 agreed, shall terminate in the event the entire dispute is not resolved within thirty days of the date written notice requesting
372 mediation is delivered by one party to the other at the parry's last known address. This section shall no[ alter any date in
373 this Contract, unless otherwise agreed.
374 24. EARNEST MONEY DISPUTE. Except as otherwise provided herein; Earnest Money Holder shall release the Earnest
375 Money as directed by written mutual instructions, signed by both Buyer and Seller. In the event of any controversy
376 regazding the Earnest Money (notwithstanding any termination of this Contract), Earnest Money Holder shall not be
377 required to take any action. Earnest Money Holder, at its option and sole discretion, may (1) await any proceeding, (2)
378 interplead all parties and deposit Earnest Money into a court of competent jurisdiction and shag recover court costs and
379 reasonable attorney and legal fees, or (3) provide notice to Buyer and Seller that unless Earnest Money Holder receives a
380 copy of the Summons grid Complaint or Claim (between Buyer and Seller) containing the case number of the lawsuit
381 (Lawsuit) within one hundred twenty days of Earnest Money Holder's notice to the parties, Earnest Money Holder shall be
382 authorized to return the Earnest Money to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit,
383 and has not interpled the monies at the time of any Order, Earnest Money Holder shall disburse the Earnest Money pursuant
384 to the Order of the Court. The parties reaffirm the obligation of Mediation (§ 23). The provisions of this § 24 apply only if
385 the Earnest Money Holder is one of the Brokerage Firrns named in § 34 or § 35.
386 25. TERMINATION. In the event this Contract is terminated, all Earnest Money received hereunder shall be returned and the
387 parties shall be relieved of all obligations hereunder, subject to §§ 10.4, 23 and 24.
388 26. ADDTI'IONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real
i89 Estate Commission.)
390 --
391 See Additional Provisions Addendum hereto attached and hereby incorporated by this reference.
392
~gi~ www.ezContractcom Copyright 2002-2009 Initials: _
iFii~¢corat~ecr CBSl-5-09 Contract to Buy and Sea Rea] Ectnte 0?l10/10 of 11: Page ] 0 of 13
393 27. ATTACHMENTS. The following are a part of this Contract:
394 none
395 Note: The following disclosure forms are attached but aze not a part of this Contract:
396 Lead-Based Paint Disclosure
397 28. GOOD FAITH. Buyer and Seller acknowledge that each party has an obligation to act in good faith, including but not
398 limited to exercising the rights and obligations set forth in the provisions of Financing Conditions and Obligations (§ 5)
399 and Property Disdosure, Inspection, Indemnity, Insurability, Buyer Disclosure and Source of Water (§ 10).
i00 29. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL. This Contrac4 its exhibits and specified addenda, constitute
i01 the entire agreement between the parties relating to the subject hereof, and any prior agreements pertaining thereto, whether
i02 oral or written, have been merged and integrated into this Contract. No subsequent modification of any of the terms of this
i03 Contract shall be valid, binding upon the parties, or enforceable unless made in writing and signed by the parties. Any
S04 obligation in this Contract that, by its terms, is intended to be performed after termination or Closing shall survive the same.
i05 30. COLORADO FORECLOSURE PROTECTION ACT. )f the Colorado Foreclosure Protection Act (Act) applies, then a
i06 different contract that complies with the provisions of the Act is required, and this Contract shall be void and of no effect.
i07 The Act generally requires that (1) the Property is residential, (2) any loan secured by the Property is at least thirty days
i08 delinquent of in default, (3) Buyer does not reside in the Property for at ]east one yeaz and (4) Buyer is subject to the Act.
i09 Buyer ^Will ^Will Not occupy the Property as Buyer's personal residence for at least one yeaz. The parties aze
S 10 further advised to consult with their own attorney.
ill 31. NOTICE, DELIVERY, AND CHOICE OF LAW.
i 12 31.1. Physical Delivery. All notices must be in writing, except as provided in § 31.2. Any document, including a signed
S13 document or notice, delivered to Buyer shall be effective when physically received by Buyer, any signator on
i14 behalf of Buyer, any named individual of Buyer, any representative of Buyer, or Brokerage Firm of Broker
i15 working with Buyer (except for delivery, after Closing, of the notice requesting mediation described in § 23) and
i16 except as provided in § 31.2 below. Any document, including a signed document or notice, delivered to Seller
>17 shall be effective when physically received by Seller, any signator on behalf of Seller, any named individual of
>lg Seller, any representative of Seller, or Brokerage Firm of Broker working with Seller (except for delivery, after
i 19 Closing, of the notice requesting mediation described in § 23) and except as provided in § 31.2 below.
i20 31.2. Electronic Delivery. As an alternative to physical delivery, any document, including any signed document or
i11 written notice may be delivered in electronic form only by the following indicated methods:
i22 ®Facsimile ®Email ®Internet ^No Electronic Delivery.
>23 Documents with original signatures shall be provided upon request of any party.
i24 31.3. Choice of Law. This Contract and all disputes arising hereunder shall be governed by and construed in accordance
>25 with the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract in
i26 Colorado for property located in Colorado.
i27 32. NOTICE OF ACCEPTANCE, COUNTERPARTS. This proposal shall expire unless accepted in writing, by Buyer and
i28 Seller, as evidenced by their signatures below, and the offering party receives notice of such acceptance pursuant to § 31 on
i29 or before Acceptance Deadline Date (§2.3) and Acceptance Deadline Time (§ 2.3). If accepted, this document shall
S30 become a contract between Seller and Buyer. A copy of this document may be executed by each party, sepaza[ely, and
i31 when each party bas executed a copy thereof, such copies taken together shall be deemed to be a full and complete contract
i32 between the p ~ r
Date: y / "' Date:
Buyer's N e: Ric r helec a d/or assigns Buyer's Name Susan Chelec and/ r assigns
i33 /~ _
Signature
Address: 181 Lower Bullwinkle Address:
Aspen CO 81611
Phone No.:
Fax No.:
Email Address:
[NOTE: It this offer is being countered or rejected, do not sign this document. Refer to § 33]
i34
www.ezcontractcom Copynghr:
ezeo~rzeer cast-5-09 Comma m Buy and Sea Real Estate
Phone No.:
Fax No.:
Email Address:
01/10/10 at ] ]:4~ l.~ Page 11 of 13
Date:
535
Seller's Name: City of Aspen
Seller's Signature
Address:
Phone No.:
Fax No.:
Email Address:
Phone No.:
Fax No.:
Email Address:
536
537 33. COUNTER; REJECTION. This offer is ^Countered
538
539
i40
i41
i42
i43
i44
i45
i46
i47
i48
i49
i50
i51
i52
i53
^Rejected.
Initials only of party (Buyer or Seller) who countered or rejected offer
Date: ~ /~~
Seller's Name: By:/Ste hen Ba ick, City Manager
~'~ ~ -`~-' G ~~
~~ Seller's Signature
t S 3 Address:
~T ~I~y
END OF CONTRACTTO BUY AND SELL REAL ESTATE
34. BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE.
(To be completed by Broker working with Buyer)
Broker ^Does ®Does Not acknowledge receipt of Earnest Money deposit specified in § 4.1 and, while not a party to the
Contract, agrees to cooperate upon request with any mediation concluded under § 23. Broker agrees that if Earnest Money
Holder is other than the Brokerage Firm identified in § 34 or § 35, Closing Instructions signed by Buyer, Seller, and Earnest
Money Holder must be obtained on or before delivery of Eamest Money to Earnest Money Holder.
Broker is working with Buyer as a ^Buyer's Agent ^Seller's Agent ®Transaction-Broker in this transaction.
^This is a Change of Status.
Brokerage Firm s compensation or commission is to be paid by ®Listing Brokerage Firm ^Buyer ^Other .
Date:
Brokerage Firm's Name:
Broker's Name:
i54
X55
Address:
Phone No.:
Fax No.:
Email Address:
56
Broker's Signature
57
58 35. BROKER'S ACKNOWLEDGEMENTS AND COMPENSATION DISCLOSURE.
59 (To be completed by Broker working with Seller)
60
www.ezLontract.com
CHSl-5-09 Convect m Huy and Sell
~- '/o-/o
tmums:
02/10/10 at 11: Page 12 of 13
970-920-1837
galen~aspenreal.com
i61 Broker ^Does ^Does Not acknowledge receipt of Earnest Money deposit specified in § 4.1 and, while not a party to the
i62 Contract, agrees to cooperate upon request with any mediation concluded under § 23. Broker agrees that if Eames[ Money
i63 Holder is other than the Brokerage Firm identified in § 34 or § 35, Closing Instructions signed by Buyer, Seller, and Earnest
i64 Money Holder must be obtained on or before delivery of Earnest Money to Earnest Money Holder.
i65
i66 Broker is working with Seller as a ^Seller's Agent ^Buyer's Agent ^Transaction-Broker in this transaction.
i67 ^This is a Change of Status.
i68
i69 Brokerage Firm's compensation or commission is to be paid by ^Seller ^Btiyer ^Other
i70
Date:
Brokerage Firm's Name: Morris & Fyrwald
Broker's Name: Greq Hunter
i71
Address:
Phone No.:
Fax No.:
Emai] Address:
i72
Broker's Signature
415 E Hyman Ave
Aspen, CO 81611
www ezContractwm Copyright
EZCONStAtT CBSl-5-09 Cowact m Buy and Sell Real Estate
ovlalo all
13 of 13
ADDITIONAL PROVISIONS ADDENDUM
TO CONTRACT TO BUY AND SELL REAL ESTATE
DATED February 10, 2010 BETWEEN
Richard and Susan Chelec and/or assi¢ns, AS BUYER AND
City of Aspen, AS SELLER
The language of these additional provisions has not been approved by the Colorado
Real Estate Commission.
1. Addendum Controls; Definitions. In the event of any conflict or inconsistency
between the provisions of this Addendum and the preprinted contract to which it is
attached, the provisions of this Addendum shall govern and control. As used herein, the
"Contract" shall mean the preprinted contract, this Addendum and any amendments,
modifications or extensions thereof.
2. Earnest Money: Interest. Buyer shall deliver the earnest money deposit of
$30,000.00 to the Title Company, in the form of a personal check or wire transfer, on
or before two business days after MEC. All earnest money paid by Buyer in accordance
with this Contract shall be placed in the Title Company's interest bearing money
market-type escrow account with a local commercial bank with all interest accruing
thereon to accrue to the benefit of Buyer, unless such deposit is forfeited to Seller in
accordance with the terms of this Contract.
3. Seller's Non-Foreign Transferor Warranty. Seller represents and warrants to
Buyer that Seller is not subject to withholding as defined under Internal Revenue Code
Section 897 (Foreign Person Transferor). Seller agrees to execute an affidavit at
closing stating that Seller is not a Foreign Person Transferor.
4. Transfer Tax. Buyer agrees that, pursuant to City ordinances enacted in 1990
and 1979, Buyer will pay at closing, the City of Aspen Housing Real Estate Transfer
Tax and the .Wheeler Real Estate Transfer Tax (IIRETT and WRETT) which are
calculated as follows: HRETT = (purchase price less $100,000). X .01; WRETT = .005
of the total purchase price.
5. Due Diligence. Buyer shall have a Due Diligence Period, expiring 14 days after
MEC (the "Due Diligence Deadline") in which to conduct such inspections and
evaluations of the Property as Buyer may deem necessary or appropriate. Buyer may,
in its sole and absolute discretion, and without providing any reason therefore, give
written notice of dissatisfaction to Seller or Listing Company at any time between the
MEC Date and 5:00 pm on the Due Diligence Deadline. If such notice of
dissatisfaction is timely given, this Contract shall automatically terminate and be of no
further force or effect, Buyer shall receive an immediate refund of its $30.000.00
earnest money deposit and accrued interest, and the parties shall have no further rights
or responsibilities hereunder. Seller hereby authorizes and directs Land Title Guarantee
Company to deliver such refund to Buyer without further consent or approval of the
Seller being required, and Seller agrees to indemnify, defend and hold harmless Land
Title Guarantee Company for any claims, liabilities or expenses arising from the
., 'l./
company's compliance with this provision. If no such notice of dissatisfaction is timely
given, Buyer shall be deemed to have waived its right to terminate the Contract under
this Addendum Paragraph.
6. 1031 Exchan¢e. Buyer and Seller agree to cooperate in any manner reasonably
necessazy to assist each other in achieving an 1031 exchange transaction. However, in
no event shall the cooperating party be obligated: (i) to take title to any replacement
property, (ii) to incur any obligation, indebtedness, liability, cost or expense as a result
of cooperation to effect that exchange; (iii) to act as a qualified intermediazy for any
deferred like-kind exchange; or (iv) to agree to any extension of the Closing Date. The
exchanging party agrees to indemnify and hold harmless the cooperating party from and
against any and all claims, suits, proceedings, liabilities, damages, losses, costs and
expenses, including without limitation reasonable, attorneys' fees and disbursements in
any way connected with the cooperation with the effort to effect such an exchange.
8. Buyer's right to object shall include, but no be limited to, those matters listed in
Paragraph 13. If Seller receives notice of unmerchantability of title or any other
unsatisfactory title condition or commitment terms as provided in Paragraph 8.1, 8.2
and 8.3, Seller shall use reasonable efforts to correct said items and bear any nominal
expense to correct the same. If such unsatisfactory title condition or commitment term
is not corrected to Buyer's satisfaction on or before the seventh (7th) calendar day after
the last to occur of the Title Objection Deadline, the Survey Objection Deadline and the
Off-Record Matters Objection Deadline, or on or before the Closing Date if it occurs
earlier, or with respect to an objection made after the Title Objection Deadline to a new
Exception as contemplated by paragraph 8.1, within seven (7) calendar days after
Seller's receipt of such objection or on or before the Closing Date if it occurs earlier,
then this contract shall terminate one calendar day after the end of such time period
unless before such termination Seller receives Buyer's written withdrawal of the subject
objection(s).
9. Seller hereby agrees that the Property shall comply with City of Aspen
Ordinance 41 (Series 2008) and that all carbon monoxide detectors shall be installed
and operational at Closing.
10. Interior is being sold AS-IS and is to be finished by buyer. Total of 1,OOOsf
and/or assigns
Date• ' l o - 10
SELLER:
BU R: /
Susan a ec and/or assigns
Date: ~d ~~
City of Aspen, y: Stephen Barwick, City Manager
Date: ~ ~-
2
SETTERFIELD & BRIGHT
Aspen Real Estate Brokers
Galen Bright, Broker /Owner
407 S H un[er St. #3 ~ Aspen, Colorado 81611
~r phone: (970) 920.9762 ~ fax: (970) 920.1837
Ages 8nl s.r.r. n..r.r. cell: (970) 379-3877 ~ email: galen@aspenreal.com
The printed portions of this form, except differentiated additions, have been approved by the Colorado'Real Estate Commission.
(LP45 504)
Lead-Based Paint Disclosure (Sales)
Attachment to Contract to Buy and Sell Real Estate for the Property known as:
104 W Cooper Ave #5 Aspen CO 81611
Street Address City State Zrp
WARNING! LEAD FROM PAINT, DUST, AND SOIL CAN BE DANGEROUS IF NOT MANAGED PROPERLY
Penalties for failure to comply with Federal Lead-Based Paint Disclosure Laws include treble (3 times) damages,
attorney fees, costs, and a penalty up to $10,000 (plus adjustment for inflation) for each violation.
Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
Lead Warning Statement
Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such
property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead
poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence
quotient, behavioral, problems, and impaired memory. Lead poisoning also poses a particulaz risk to pregnant women. The Seller of
any interest in residential real property is required to provide the buyer with any information on lead-based paint hazazds from risk
assessments or inspections in the Sellei s possession and notify the buyer of any known lead-based paint hazazds. A risk assessment or
inspection for possible lead-based paint hazazds is recommended prior to purchase.
Seller's Disclosure to Buyer and Real Estate Licensee(s) and Acknowledgment
(a) Seller acknowledges that Seller has been informed of Seller's obligations. Seller is awaze that Seller must retain a copy of this
disclosure for not less than three yeazs from the completion date of the sale.
(b) Presence of lead-based paint and/or lead-based paint hazazds (check one box below):
^ Seller has no knowledge of any lead-based paint and/or lead-based paint hazards present in the housing.
^ Seller has knowledge of lead-based paint and/or lead-based paint hazazds present in the housing (explain):
(c) Records and reports avai}able to Seller (check one box below):
^ Seller has no reports or records pertaining to lead-based pain[ and/or lead-based paint hazazds in the housing.
^ Seller has provided Buyer with all available records and reports pertaining to lead-based paint and/or lead-based paint hazards
in the housing (list documents below):
Buyer's Acknowledgment
(d) Buyer has read the Lead Warning Statement above and understands its contents.
(e) Buyer has received copies of all information, including any records and reports listed by Seller above.
(f) Buyer has received the pamphlet "Protect Your Family From Lead in Your Home".
(g) Buyer acknowledges federal law requires that before a buyer is obligated under any contract to buy and sell real estate, Seller shall
permit Buyer a 10-day period (unless the parties mutually agree, in writing, upon a different period of time) to conduct a risk.
assessment or inspection for the presence of lead-based paint and/or lead-based paint hazards.
(h) Buyer, after having reviewed [he contents of this form, and any records and reports listed by Seller, has elected to (check one box
below):
www ezContractcom i
I345-5-04 Lead-Basal Paint INsclosure
uunvs:
07!10/10 at 1123
Page 1 of 2
^ Obtain a risk assessment or au inspection of the Property for the presence of lead-based paint and/or lead-based paint hazards,
within the time limit and under the arms of Section 10 of the Con7act to Buy and Sell Real Estau; or
^ Waive the opportunity to conduct a risk assessment or inspection for the presence of lead-based paint and/or lead-based paint
hazards.
Real Estate Licensee's Acknowledgment
Each real estau licensee signing below acknowledges receipt of the above Seller's Disclosure, has informed Seller of Seller's
obligations and is awaze of licensee's responsibility to ensure compliance.
Cert>rication of Accuracy
I certify that the stauments I have made aze accurau to the best of my knowledge.
Date:
~.,-, e_
Dau:
Real Estau Licensee (Listing)
Date:
Seller /
Date: ~~ //
Buyer Susan Chelec
Dau: Z -~~ -/ ~
Real Estate Licensee (Selling) Galen Bright
Pain[ Disclosure (Sales) 02/I(NIO at 11:23 Page 2 of 2
Morris & Fyrwald Real Estate
Sotheby's International Realty
415 East Hyman Avenue
Aspen, CO 81611
Phone:970-925-6060, Fax:970-925-3138
1
2
3
4
5
6
7
8
10
11
12
13
14
15
The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission.
i(CP40-5 09) (Mandatary 7-09)
THIS FORM HAS IMPORTANT LEGAL CONSEQUINCES AND TIIE PARTIES SHOULD CONSULT LEGAL AND TAX
OR OTHER COUNSEL BEFORE SIGNING.
COUNTERPROPOSAL
Dale: °- - ~-~, ~n1n
1. This Counterproposal shall supersede and replace any previous counterproposal. This Counterproposal amends the proposed
contrail dated ^ ~ ~- '0' n (Contract) between
City o£ Aspen
(Seller), and
Richard Chelec and/or Assigns
16 Susan Chelec and/or Assigns
17 (Buyer), relating to the sale and purchase of the following legally descrrbed real estate in the County of n' *k ~ Colorado:
1$ Aspen West Condominiums #5
known as No. , (Property).
Street Address City State Zip
[NOTE: If any item is left blank or the term "No Change" is inserted, it means no change. The abbreviation "N/A" or
the word "Deleted" means not applicable and when inserted oB any line in Dates and Deadlines (§ 23) means that the
corresponding provision of the Contract to which reference is made is deleted.]
2. § 23c DATES AND DEADLINES [OMITTED AS INAPPLICABLE]
[NOTE: This table may be deleted if inapplicable.]
3. § 4 PURCHASE PRICE AND TERMS.
[Note: This table may be deleted d' inapplicable.]
Item No. Reference Item Amount Amount
1 4.1 Purchase Price $ 599 aoo
2 4.2 Eames[Mone $ so,ooo
3 45 New Loan ` n/a
4 4.6 Assum lion Balance n/a
$ 4.7 Seller or Private Financin I'
~::.:;:R
~ n/a
6 n/a n/a /a n/a
'] n/a n/a
~ n/a
~
~ n/a
g
43
Cash at Closin ` ~~
~~
, .....:::.:. : ~:
' 599,000
9 TOTAL $ 599, 000 $ 599, 000
The Purchase Price set forth below shall be payable in U. S. Dollazs by Buyet as follows:
35
36 4. ATTACHMENTS. The following are a part of this Counterproposal:
37 n/a
38
PREPARED BY: Greg Hunter, Broker
;P40-5-09 COUNTERPROPOSAL. Colorado Real Estate Commission
iealFA$T®Software, ®2010, Version 6.16. Software Registered to: Craig Morris, Morris & Fynvald Real Estate Sothabys Intamadonal Realty
02111/10 13:25:18
Page t of 2
Seller(s)
39 Note: The following disclosure forms am attached but aze Dot apart of this Counterproposal:
40
41
42 5. OTHER CHANGES
43 RE ADDITIONAL PROVISIONS ADDENDDM:
1) #'S 2 S 5: Both refer to a $30,000 Earnest Money deposit. Per Section 4.1 #2, the Earnest
Mosey shall be $50,000.
2) Re #9: Deleted
3) The square footage is represented as approximately 999 sq. feet. If the exact sq. footage o£
the Property is important to the Buyer then the Buyer s hereby advised to measure the Property as a
part o£ their Due Diligence.
S
3) Thie contract shall be contingent upon the City o£ Aspen's City Coun a.l approval as shall
be evidenced by a duly adopted resolution dated no later than February= 2010. Should City S!/14
council fail to approve this Contract by this date then Seller shall have the right to terminate ~j
this Contract by giving xritten notice to Buyer, which must be received on or before February ~i.'ft„~j2
2010. If no such notice is received by the Buyer on or before February ~/ 2010 then it shall be
assumed that this contingency is satisfied. 51~+
44
45 6. ACCEPTANCE DEADLINE. This Counterproposal shall expire unless accepted in writing by Seller and Buyer as
46 evidenced by their signatures below and the offering parry to this document receives notice of such acceptance on or before
48 Date Time
49
50
51 If accepted, the Contract, as amended by this Counterproposal, shall become a contract between Seller and Buyer. All other terms
52 and conditions of the Contract shall remain the same.
BUYER
Richard Chelec and/or Assigns
BUYER
Susan Chelec and/or Assigns
Email Address:
City of Aspen
SELLER /
DATE
DATE
DATE
Z -I/- /o
By: Steve Barwick, City Manager
Email Address:
53
54 Note: When this Counterproposal form is used, the Contract is not to be signed by the patty initiating [his Counterproposal.
'REPARED BV: Greg Hunter, Broker
:P40.6-09 COUNTERPROPOSAL. Coloratlo Real Estate Commission
iealFA$T® Software, ®2010, Version 6.16. Software Registered to: Craig Morris, Moms & Fyrwald Real Estate Sotheby's International Realty
02/11/10 13:26:16
Page 2 012
Morris 8< Fyrwald
Sotheby's International Realty
415 East Hyman Avenue
Aspen, CO 81611
Phone:970-925-6060, Fax:970-920-9993
The printed portions of this form, except differerRiated additions, have been approved Iry the Colorado Real Estate Commission.
(CLS-9-08) (Mandatory 1-09)
THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX
OR OTHER COUNSEL BEFORE SIGNING.
CLOSING INSTRUCTIONS
Date: ° * ~ ~ ~, ~ m n
9 1. PARTIES, PROPERTY.
10 City of Aspen
11 ,Seller, and
Richard Chelec
12 Susan Chelec
] 3 ,Buyer, engage, --° m • rr r r r r, 3r Closing Company,
14 who agrees to provide closing and settlement services in connection with dre Closing of the transaction for the sale and purchase
15 ofthe Property
16 known as No. ~ r a *5,~-~~, r ai ~i i
17 Street Address City State Zip
18 and more fully described in the Contact to Buy and Sell Real Estate, dated ce>,^'~ ~i, 'n' n ,including any
19 counterproposals and amendments (Contract).
20
21 2. INFORMATION, PREPARATION. Closing Company is authorized to obtain any information necessary for the Closing
22 Closing Company agrees to prepaze, deliver, and record those documents (excluding legal documents) that are necessary to
23 carry out the terms and conditions of the Contract.
24
25 3. CLOSING FEE. Closing Company will receive a fee not to exceed $ asn nn for providing these closing
26 and settlement services.
27
28 4. RELEASE, DISBURSEMENT. Closing Company is not authorized to release any signed documents or things of
29 value prior to receipt and disbursement of Good Funds, except as provided in §§ 8 and 9.
30
31 5. DISBURSER. Closing Company shall disburse all funds, including real estate corrmrissions, except those funds as may
32 be separately disclosed in writing to Buyer and Seller by Closing Company or Buyer's lender on or before Closing. All parties
33 agree drat no one other than the disburser can assure that payoff of loans and other disbursements will actually be made.
34
35 6. SELLER'S NET PROCEEDS. Seller will n;ceive the net proceeds of Closing as indicated:
36 0 Cashier's Check at Seller's expense ~ Funds Electronically Transferred (wire tansfer) to an account specified by Seller,
37 at Seller's expense ~ Closing Company's trust account check.
38
39 7. CLOSING STATEMENT. Closing Company will prepare and deliver an accurate, complete and detailed closing
40 statement to Buyer and Seller at time of Closing.
41
42 8. FAILURE OF CLOSING. If Closing or disbursement does not occur on or before Closing Date set forth in the Contract,
43 Closing Company, except as provided herein, is authorized and agrees to return all documents, monies, and things of value to
44 the depositing party, upon which Closing Company will be relieved from any further duty, responsibility or liability in
45 connection with these Closing Instructions. In addition, any promissory note, deed of trust or other evidence of indebtedness
46 signed by Buyer shall be voided by Closing Company, with the originals returned to Buyer and a copy to Buyer's lender.
47
48 9. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Eamest Money Holder shalt release the Earnest
49 Money as directed by written mutual instructions, signed by both Buyer and SeIler. In the event of any controversy regazding the
50 Earnest Money (notwithstanding any termination of the Conaact), Earnest Money Holder shall not be required to take any action.
PREPARED BY: Greg Hunter, Broker Associate
CLB-9-OB Cbsing Instructions. Colorado Real Estate Commission
ReaIFA$T® Sollware, ®2010, Version 6.18. Software Registered lo: Creig Moms, Moms 8 Fyrwald Sothehys Inlematronal Realty
02/12/70 13:33:18
Buyer(s)
Page 1 of 3
Seller(s)
51 Earnest Money Holder, at its opt»n and sole discretion, may (1) await any proceeding, (2) inmrplead all parties and deposit
52 Earnest Money into a court of competent jurisdiction and shall recover court vests and reasonable attorney and legal fees, or (3)
53 provide notice to Buyer and Seller that unless Earnest Money Holder receives a copy of the Summons and Complaint 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 to the parties, Earnest Money Holder shall be authorized to return the Earnest Money to Buyer. In the
56 event Earnest Money Holder does receive a copy of the Lawsuit, and has not interplead the monies at the time of any Order,
57 Earnest Money Holder shall disburse the Earnest Money pursuant to the Order of the Court.
58
59 10. SUBSEQUENT AMENDMENTS. Any amendments to, or terminal»n of, tltese C»sing Instructions must be ut 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 requited Change in Ownership form or registration of existing well form to the Division of Water Resources in the Department
63 of Naturnl Resources (Division), with as much information as is available, and the Division shall be responsible for obtaining the
64 necessary well registration information direilty 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 Serv»e and the Colorado Deparment of Revenue may require Closing
68 Company to withhold a substantial portion of the 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 inquee of Seller's tax advisor to determine if withholding applies or if an
70 exemption exists.
71
72 13. ADDTfIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real Estate
73 Commission.)
14. COUNTERPARTS. This document maybe executed by each party, separntety, and when each party has executed a copy,
such copies taken together shall be deemed to be a full and complete conhact between the parties.
15. BROKER'S COPIES. Closing Company shall provide, to each broker in this transaction, copies of all signed documents
that such brokers aze required to mainta» pursuant [o the roles of the Colorado Real Es[ate Commission.
16. NOTICE, DELIVERY AND CHOICE OF LAW.
16.1 Physical Delivery. Except as provided in § 16.2 below, all notices must be in writing. Any notice or document to
Buyer shall be effective when physically received by Buyer, any individual buyer, any representative of Buyer, of Brokerage
Firm of Broker working with Buyer. Any notice or document to SeOer shall be effective when physically received by Seller,
any individual seller, any representative of Seller, or Brokernge Fitm of Broker wodcing with Seller. Any notice or document
to Closing Company shall be effective when physically received by Closing Company, any individual of C»sing Company,
or any representative of Closing Company.
16.2 Electronic Delivery. As an alternative to physical delivery, any signed documents and written notice may be
delivered in electronic fomt by the following indicated methods only: DSI Facsimile ®E-mail ~ Internet ~ No Electronic
Delivery. Documents with original signatures shall be provided upon request of any party.
16.3 Choice of Law. This contrnct and all disputes arising hereunder shall be governed by and wnstmed in accordance
with the laws of the State of Colorado that would be applicable to Colorado residents who sign a contrail m this state for
property bcated in Colorado.
City of Aspan
SELLER i
Hy: Stave Bar
DATE Z-/~ ~l7
Email Address:
PREPARED BY: Greg Hunter, Broker Associate
CLB-9-09 Closing Instructions. Cobrado Real Estale Commission
ReaIFA$T® Software, ®2010, Version 8.16. Software Registeretl ta: Craig Moms, Moms 8 Fyrwald SoNeby's International Reaay
02/1217013:33:18
Buyer(s) _
Page 2 of 3
stm.R nATa
Richard Chelec
SIIYER DATE
Susan Chelec
Emai] Address:
96 Date:
97 Closing Company Name: * ~+ m • t, r r r
98
99 Authorized Signature Title
100 Address:
101
102 Phone No.:
103 Fax No.:
104 Email Address:
105
106 (TO BE COMPLETED ONLY BY BROKER AND CLOSING COMPANY)
107
108 *+^~^= n *~•~_~~+ Antheh~ (Broker) ®WorkingwithSeller ~ WorkingwithBuyer engages
109 Closing Company as Broker's scrivener to complete, for a fee not to exceed $ F n^ 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 Comm'ssion 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
1 ] 6 responsible for the accuracy of the above documents.
117
118 Date: 7z * ~~, ~ n, n
119 Brokerage Firm's Name: M^- _ ~ ~~~_~ ^ c^' *~hi'
120 Broker's Name:
121
122 ~
123 oker's Signature
124
125 Date:
126
127 Closing Company Name: ' --' m ~ *, r - - r r ~ Y
128
129
130 Authorized Signature Title
PREPARED BY: Greg Hunter, Broker AssocWle
ALB-&86 Closing InsWCBons. Colorado Reat Estate Commission
7eaIFAST® Software, ®2oto, Version 6.76. Software Registered M: Craig Moms, Mortis & Fyrwald Sothebys Intema8onal Realty
02/17J70 13:33:18
Page 3 of 3
Seller(s) _