Loading...
HomeMy WebLinkAboutresolution.council.147-23RESOLUTION # 147 (Series of 2023) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, APPROVING A CONTRACT TO PURCHASE PROPERTY LOCATED AT 416 PACIFIC AVE #D, ASPEN, COLORADO AND AUTHORIZING THE CITY MANAGER TO EXECUTE SUCH DOCUMENTS AS NECESSARY TO COMPLETE THE PURCHASE WHEREAS, there has been submitted to the City Council a contract to purchase property located at 416 Pacific Avenue #D, Aspen, Colorado, a true and accurate copy of which is attached hereto as Exhibit "A"; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, That the City Council of the City of Aspen hereby approves that Contract to Buy and Sell Real Estate by and between the City of Aspen and Steven L Sand, for the property located at 416 Pacific Avenue #D, Aspen, Colorado, a copy of which is annexed hereto and incorporated herein and does hereby authorize the City Manager to execute such documents as necessary to complete the purchase. INTRODUCED, READ AND ADOPTED by the City Council of the City of Aspen on the 1 Oth day of October 2023. Torre, Mayor I, Nicole Henning, 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, October 1 Oth, 2023. Nicole Henning, City Clerk 1 Douglas Elliman Real Estate Douglas EII11Ylan 16 Kearns Road, Suite 113 Snowmass Village, CO 81615 Susan Dickinson Broker Associate Ph:970-618-4649 Fax:970-300-0200 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (CP40-6-21) (Mandatory 1-22) 2 3 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. 4 5 COUNTERPROPOSAL 6 Date: 911512023 7 8 1. This Counterproposal supersedes and replaces any previous counterproposal. This 9 Counterproposal amends the proposed contract dated 911312022 (Contract) between Steven L Sand (Seller) and City of Aspen (Buyer) relating to the sale and purchase of the following legally lc described real estate in the County of Pitkin, Colorado (insert legal description): 11 Subdivision: Alpine Grove Condo Unit 416D, Aspen, CO 81611 12 known as: 416 Pacific Avenue, UNIT D Aspen, CO 81611 (Property). 13 NOTE: If the table is omitted, or if any item is left blank or is marked in the "No Change" column, it 14 means no change to the corresponding provision of the Contract. If any item is marked in the "Deleted" column, it means that the corresponding provision of the Contract to which reference is made is deleted. 15 16 17 18 2. § 3.1. Dates and Deadlines. [Note: This table may be omitted if inapplicable.] Item No. Reference Event Date or Deadline No Change Deleted 1 § 3 Time of Day Deadline 2 § 3 Alternative Earnest Money Deadline title 3 § 8 Record Title Deadline (and Tax Certificate) 4 § 8 Record Title Objection Deadline 14 days after MEC 5 § 8 Off -Record Title Deadline 6 § 8 Off -Record Title Objection Deadline 14 days after MEC 7 § 8 Title Resolution Deadline 21 days after MEC 8 § 8 Third Party Right to Purchase/Approve Deadline Owners' Association 9 § 7 Association Documents Deadline 10 § 7 Association Documents Termination Deadline 14 days after MEC seller's Disclosures 11 § 10 Seller's Property Disclosure Deadline 12 § 10 Lead -Based Paint Disclosure Deadline 7 days after MEC ILoan and Credit 13 § 5 New Loan Application Deadline 14 § 5 New Loan Terms Deadline 15 § 5 New Loan Availability Deadline 16 § 5 Buyers Credit Information Deadline CP40-6-21. COUNTERPROPOSAL Page 1 of 4 Initials CTMeContracts.com - C2023 CTM Software Corp. 17 § 5 Disapproval of Buyer's Credit Information Deadline 18 45 Existing Loan Deadline 19 15 Existing Loan Termination Deadline 20 § 5 Loan Transfer Approval Deadline 21 § 4 Seller or Private Financing Deadline ,Appraisal 22 § 6 Appraisal Deadline 23 6 Appraisal Objection Deadline 24 § 6 Appraisal Resolution Deadline AW SUrvey 25 § 9 New ILC or New Survey Deadline 26 § 9 Now ILC or New Survey Objection Deadline 27 § 9 New ILC or New Survey Resolution Deadline Inspection and Due Diligence 28 § 2 Water Ri hts Examination Deadline 29 § 8 Mineral Rights Examination Deadline 30 § 10 Inspection Termination Deadline 14 days after MEC 31 § 10 Inspection Objection Deadline 14 days afterMEC 32 § 10 Inspection Resolution Deadline 21 days after MEC 33 § 10 Property Insurance Termination Deadline 21 days after MEC 34 §10 Due Diligence Documents Delivery Deadline 35 § 10 Due Diligence Documents Objection Deadline 14 days after MEC 36 § 10 Due Diligence Documents Resolution Deadline 21 days afterMEC 37 § 10 Environmental Inspection Objection Deadline (CBS2 3 4 38 §10 ADA Evaluation Termination Deadline CBS2, 3, 4 39 §10 Conditional Sale Deadline 40 § 10 Lead -Based Paint Termination Deadline 14 days after MEC 41 §11 Estoppel Statements Deadline CBS2.3, 4 42 511 Estoppel Statements Termination Deadline CBS2,3,4 Cigsing and Po agssion 43 412 Closing Date 44 § 17 Possession Date 45 17 Possession Time 46 47 19 20 3. § 4. PURCHASE PRICE AND TERMS. [Note: This table may be deleted if inapplicable.] 21 22 The Purchase Price set forth below is payable in U.S. Dollars by Buyer as follows: 23 24 Item No. Reference Item Amount Amount 1 § 4.1 Purchase Price $1,125,000.00 2 § 4.3 (Earnest Money $56,250.00 3 § 4.5 New Loan 4 § 4.6 4ssumption Balance CP40-6-21. COUNTERPROPOSAL Page 2 of 4 Initials CTMeContracts.com - ©2023 CTM Software Corp. 5 § 4.7 Private Financing 6 4.7 Seller Financing 7 8 9 § 4.4 Cash at Closing $1,068,750.00 10 'TOTAL $1,125,000.00 $1,125,000.00 25 26 4. ATTACHMENTS. The following are a part of this Counterproposal: 27 n/a 28 Note: The following documents have been provided but are not a part of this Counterproposal: 29 n/a 30 31 5. OTHER CHANGES. Paragraph 10.6.1.2 Leased Items Documents. The box "Will Not" is checked 32 Paragraph 10.6.1.3 Encumbered Inclusions Documents. The box "Will Not" is checked. 33 6. ACCEPTANCE DEADLINE. This Counterproposal expires unless accepted in writing by Seller 34 and Buyer as evidenced by their signatures below and the offering party to this document receives notice of such acceptance on or before Saturday September 16, 2023 @ 1PM MST. Date Time 35 36 If accepted, the Contract, as amended by this Counterproposal, will become a contract between Seller and Buyer. All other terms and conditions of the Contract remain the same. 37 38 yelelmw Z Y"w Seller: Steven L Sand 39 40 Seller: 41 42 Date: 9/15/2023 Date: 43 i�il� � Date: 911512023 Buyer: City of Aspen By: Scott Miller, Authorized Signor 44 45 Buyer: 46 Date: Note: When this Counterproposal form is used, the Contract is not to be signed by the party initiating this 47 Counterproposal. Brokers must complete and sign the Broker's Acknowledgments and Compensation Disclosure portion of the Contract. CP40-6-21. COUNTERPROPOSAL Page 3 of 4 Initials CTMeContracts.com - 02023 CTM Software Corp. CP40-6-21. COUNTERPROPOSAL CTM eContracts - ©2022 CTM Software Corp. CP40-6-21. COUNTERPROPOSAL Page 4 of 4 Initials CTMeContracts.com - 02023 CTM Software Corp. 1 4 S 0 10 tt 12 13 14 15 16 17 13 19 20 21 22 24 2 28 27 26 29 30 33 34 ,_c_ H 37 H, `19 40 41 42 d3 44 4` 4�, 47 42• 49 sa 51 52 54 cc CLS 57 Aspen Snowmass Sotheby's International Realty Aspen i Sotheby5 Lex Tarumianz Snowmass INTERNATIONAL REALTY Ph: 970-925-6060 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (CBS1-6-23) (Available 8-23, Mandatory 1-24) 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 (RESIDENTIAL) Date: 9/13/2022 AGREEMENT 1. AGREEMENT. Buyer agrees to buy and Seller agrees to sell the Property described below on the terms and conditions set forth in this contract (Contract). 2. PARTIES AND PROPERTY. 2.1. Buyer. City of Aspen (Buyer) will take title to the Property described below as ❑ Joint Tenants ❑ Tenants In Common ® Other TBD. 2.2. No Assignability. This Contract IS NOT assignable by Buyer unless otherwise specified in Additional Provisions. 2.3. Seller. Steven L Sand (Seller) is the current owner of the Property described below. 2.4. Property. The Property is the following legally described real estate in the County of Pitkin, Colorado (insert legal description): Subdivision: Alpine Grove Condo Unit 416D, Aspen, CO 81611 known as: 416 Pacific Avenue, UNIT D Aspen, CO 81611 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 (Property). 2.5. Inclusions. The Purchase Price includes the following items (Inclusions): 2.5.1. Inclusions — Attached. If attached to the Property on the date of this Contract, the following items are included unless excluded under Exclusions: lighting, heating, plumbing, ventilating and air conditioning units, 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) and garage door openers (including any remote controls). If checked, the following are owned by the Seller and included: ❑ Solar Panels ❑ Water Softeners ❑ Security Systems ❑ Satellite Systems (including satellite dishes). Leased items should be listed under § 2.5.7. (Leased Items). If any additional items are attached to the Property after the date of this Contract, such additional items are also included in the Purchase Price. 2.5.2. Inclusions — Not Attached. If on the Property, whether attached or not, on the date of this Contract, the following items are included unless excluded under Exclusions: storm windows, storm doors, window and porch shades, awnings, blinds, screens, window coverings and treatments, curtain rods, drapery rods, fireplace inserts, fireplace screens, fireplace grates, heating stoves, storage sheds, carbon monoxide alarms, smoke/fire detectors and all keys. 2.5.3. Other Inclusions. The following items, whether fixtures or personal property, are also included in the Purchase Price: CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 1�oof 23 c�"'1 p Seller(s) Initials: CTMeContracts.com - 02023 CTM Software Corp. All Furniture and Fixtures in the Property as of the date of this Contract shall be included in Hie sale. Art and personal items shall be excluded and Seller will provide a List of inclusions s0 and Exclusions within 7 days of MEC. st E,2 ❑ If the box is checked, Buyer and Seller have concurrently entered into a separate agreement for s,; additional personal property outside of this Contract. 64 2.5.4. Encumbered Inclusions. Any Inclusions owned by Seller (e.g., owned solar panels) must 's be conveyed at Closing by Seller free and clear of all taxes (except personal property and general real estate E-s, taxes for the year of Closing), liens and encumbrances, except: 67 2.5.5. Personal Property Conveyance. Conveyance of all personal property will be by bill of hs sale or other applicable legal instrument. 70 2.5.6. Parking and Storage Facilities. The use or ownership of the following parking facilities: 71 those appurtenant to said Property; and the use or ownership of the following storage facilities: 72 those appurtenant to said property ,1 Note to Buyer: If exact rights to the parking and storage facilities is a concern to Buyer, Buyer should 74 investigate. 7`' 2.5.7. Leased Items. The following personal property is currently leased to Seller which will be 7E, transferred to Buyer at Closing (Leased Items): r2 2.6. Exclusions. The following items are excluded (Exclusions): 79 2.7. Water Rights/Well Rights. s0 ❑ 2.7.1. Deeded Water Rights. The following legally described water rights: s1 none U2 Any deeded water rights will be conveyed by a good and sufficient n1a deed at Closing. s" El 2.7.2. Other Rights Relating to Water. The following rights relating to water not included in §§ s4 215 2.7.1., 2.7.3. and 2.7.4., will be transferred to Buyer at Closing: HE ❑ 2.7.3. Well Rights. Seller agrees to supply required information to Buyer about the well. Buyer E,7 understands that if the well to be transferred is a "Small Capacity Well" or a "Domestic Exempt Water Well" as used for ordinary household purposes, Buyer must, prior to or at Closing, complete a Change in Ownership s9 form for the well. If an existing well has not been registered with the Colorado Division of Water Resources in 90 the Department of Natural Resources (Division), Buyer must complete a registration of existing well form for 91 the well and pay the cost of registration. If no person will be providing a closing service in connection with the 92 transaction, Buyer must file the form with the Division within sixty days after Closing. The Well Permit # is n/a. 94 — 9_ ❑ 2.7.4. Water Stock Certificates. The water stock certificates to be transferred at Closing are as 9,E. follows: �'7 2.7.5. Conveyance. If Buyer is to receive any rights to water pursuant to § 2.7.2. (Other Rights 93 Relating to Water), § 2.7.3. (Well Rights), or § 2.7.4. (Water Stock Certificates), Seller agrees to convey such 99 rights to Buyer by executing the applicable legal instrument at Closing. 100 2.7.6. Water Rights Review. Buyer ❑ Does ® Does Not have a Right to Terminate if 101 examination of the Water Rights is unsatisfactory to Buyer on or before the Water Rights Examination le - Deadline. t0� 104 IC5 3. DATES, DEADLINES AND APPLICABILITY. 106 3.1. Dates and Deadlines. 107 leg 1c9 tic 111 112 113 114 Item No. Reference Event Date or Deadline 1 § 3 Time of Day Deadline 3 Business Days After 2 § 4 Alternative Earnest Money Deadline MEC Title 11 _ CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 2 of 23 Seller(s) Initials: X CTMeContracts.com - ©2023 CTM Software Corp. I11 117 118 119 120 121 122 123 124 tGS 126 127 12E. 129 1M 131 13c 133 1 �-4 135 I 137 132. 139 140 141 142 142. 144 td� 14£ 147 14c. 149 150 151 152 1c3 154 155 15£ 157 15S 159 1£il 161 1 E 22 1-ER 3 1£4 t £,5 1 £,7 1£S 1£9 170 171 172 179 1'd 3 § 8 Record Title Deadline (and Tax Certificate) 7 Days After MEC 4 § 8 Record Title Objection Deadline 30 Days After MEC 5 § 8 Off -Record Title Deadline 7 Days After MEC 6 § 8 Off -Record Title Objection Deadline 30 Days After MEC 7 § 8 Title Resolution Deadline 33 Days After MEC 8 § 8 Third Party Right to Purchase/Approve Deadline Owners' Association 9 § 7 Association Documents Deadline 7 Days After MEC 10 § 7 Association Documents Termination Deadline 30 Days After MEC Seller's Disclosures 11 § 10 Seller's Property Disclosure Deadline 7 Days After MEC 12 § 10 Lead -Based Paint Disclosure Deadline Loan and Credit 13 § 5 New Loan Application Deadline 14 § 5 New Loan Terms Deadline 15 § 5 New Loan Availability Deadline 16 § 5 Buyer's Credit Information Deadline 17 § 5 Disapproval of Buyer's Credit Information Deadline 18 § 5 Existing Loan Deadline 19 § 5 Existing Loan Termination Deadline 20 § 5 Loan Transfer Approval Deadline 21 § 4 Seller or Private Financing Deadline Appraisal 22 § 6 Appraisal Deadline 23 § 6 Appraisal Objection Deadline 24 § 6 Appraisal Resolution Deadline Survey 25 § 9 New ILC or New Survey Deadline 26 § 9 New ILC or New Survey Objection Deadline 27 § 9 New ILC or New Survey Resolution Deadline Inspection and Due diligence 28 § 2 Water Rights Examination Deadline 29 § 8 Mineral Rights Examination Deadline 30 § 10 Inspection Termination Deadline 30 Days After MEC 31 § 10 Inspection Objection Deadline 30 Days After MEC 32 § 10 Inspection Resolution Deadline 33 Days After MEC 33 § 10 Property Insurance Termination Deadline 30 Days After MEC 34 § 10 Due Diligence Documents Delivery Deadline 7 Days After MEC 35 § 10 Due Diligence Documents Objection Deadline 30 Days After MEC 36 § 10 Due Diligence Documents Resolution Deadline 33 Days After MEC CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page p3�oof 23 Seller(s) Initials: CTMeContracts.com - 02023 CTM Software Corp. 171E 176 177 179 179 180 181 192 183 184 185 1 sp,, 187 188 189 190 191 192 192, 194 195 196 '197 '198 199 200 201 202 203 204 205 206 207 208 2CG 21C 211 217 213 214 215 216 217 216 219 220 221 222 22, 224 221E 226 227 226 224 2.°. 23 212 37 § 10 Conditional Sale Deadline 38 § 10 Lead -Based Paint Termination Deadline Closing and Possession 39 § 12 Closing Date 40 Days After MEC 40 § 17 Possession Date At Delivery of Deed 41 § 17 Possession Time At Delivery of Deed 42 § 27 Acceptance Deadline Date 911512023 Friday 43 § 27 Acceptance Deadline Time 2:00 PM MDT 44 45 Note: If FHA or VA loan boxes are checked In § 4.5.3. (Loan Limitations), the Appraisal deadlines DO NOT apply to FHA Insured or VA guaranteed loans. 3.2. Applicability of Terms. If any deadline blank in § 3.1. (Dates and Deadlines) is left blank or completed with "N/A", or the word "Deleted," such deadline is not applicable and the corresponding provision containing the deadline is deleted. Any box checked in this Contract means the corresponding provision applies. If no box is checked In a provislon that contains a selection of "None", such provision means that "None" applies. The abbreviation "MEC" (mutual execution of this Contract) means the date upon which both parties have signed this Contract. The abbreviation "N/A" as used in this Contract means not applicable. 3.3. Day; Computation of Period of Days; Deadlines. 3.3.1. Day. As used in this Contract, the term "day" means the entire day ending at 11:59 p.m., United States Mountain Time (Standard or Daylight Savings, as applicable). Except however, if a Time of Day Deadline is specified in § 3.1. (Dates and Deadlines), all Objection Deadlines, Resolution Deadlines, Examination Deadlines and Termination Deadlines will end on the specified deadline date at the time of day specified in the Time of Day Deadline, United States Mountain Time. If Time of Day Deadline is left blank or "N/A" the deadlines will expire at 11:59 p.m., United States Mountain Time. 3.3.2. Computation of Period of Days. In computing a period of days (e.g., three days after MEC), when the ending date is not specified, the first day is excluded and the last day is included. 3.3.3. Deadlines. If any deadline falls on a Saturday, Sunday or federal or Colorado state holiday (Holiday), such deadline ® Will ❑ Will Not be extended to the next day that is not a Saturday, Sunday or Holiday. Should neither box be checked, the deadline will not be extended. 4. PURCHASE PRICE AND TERMS. 4.1. Price and Terms. The Purchase Price set forth below is payable in U.S. Dollars by Buyer as follows: Item No. Reference Item Amount Amount 1 § 4.1. Purchase Price $ 1,100,000.00 2 § 4.3. Earnest Money $ 55,000.00 3 § 4.5. New Loan $ 4 § 4.6. Assumption Balance $ 5 § 4.T Private Financing $ 6 § 4.7. Seller Financing $ 7 $ 8 $ CBS 1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 4 of 23 Seller(s) Initials: 9 CTMeContracts.com - ©2023 CTM Software Corp. ` 9 § 4.4. Cash at Closing $ 1,045,000.00 t _ = 10 Total $ 1,100, 000.00 $ 1,100, 000.00 2? 4.2. Seller Concession. At Closing, Seller will credit to Buyer $ (Seller Concession). The Seller K7 Concession may be used for any Buyer fee, cost, charge or expenditure to the extent the amount is allowed 2`" by the Buyer's lender and is included in the Closing Statement or Closing Disclosure at Closing. Examples of 235 allowable items to be paid for by the Seller Concession include, but are not limited to: Buyer's closing costs, 240 241 loan discount points, loan origination fees, prepaid items and any other fee, cost, charge, expense or 24= expenditure. Seller Concession is in addition to any sum Seller has agreed to pay or credit Buyer elsewhere in this Contract. 4.3. Earnest Money. The Earnest Money set forth in this Section, in the form of a Check or Wire., will be payable to and held by Land Title Guarantee Company - Aspen (Earnest Money Holder), in its trust account, on behalf of both Seller and Buyer. The Earnest Money deposit must be tendered, by Buyer, with this Contract unless the parties mutually agree to an Alternative Earnest Money Deadline for its payment. The parties authorize delivery of the Earnest Money deposit to the company conducting the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money Holder has agreed to have z50 ( g P Y), Y g Y 9 251 interest on Earnest Money deposits transferred to a fund established for the purpose of providing affordable 2e52 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 will be transferred to such fund. 254 4.3.1. Alternative Earnest Money Deadline. The deadline for delivering the Earnest Money, if H' other than at the time of tender of this Contract, is as set forth as the Alternative Earnest Money Deadline. 4.3.2. Disposition of Earnest Money. If Buyer has a Right to Terminate and timely terminates, 2`7 Buyer is entitled to the return of Earnest Money as provided in this Contract. If this Contract is terminated as 25S set forth in § 24 and, except as provided in § 23 (Earnest Money Dispute), if the Earnest Money has not 259 asp already been returned following receipt of a !Notice to Terminate, Seller agrees to execute and return to Buyer 263 or Broker working with Buyer, written mutual instructions (e.g., Earnest Money Release form), within three - - days of Seller's receipt of such form. If Seller is entitled to the Earnest Money, and, except as provided in § 23 (Earnest Money Dispute), if the Earnest Money has not already been paid to Seller, following receipt of an Earnest Money Release form, Buyer agrees to execute and return to Seller or Broker working with Seller, written mutual instructions (e.g., Earnest Money Release form), within three days of Buyer's receipt. 4.3.2.1. Seller Failure to Timely Return Earnest Money. If Seller fails to timely execute 2`' and return the Earnest Money Release Form, or other written mutual instructions, Seller is in default and 2EZ liable to Buyer as set forth in "If Seller is in Default", § 20.2. and § 21, unless Seller is entitled to the 2— Earnest Money due to a Buyer default. 2:7D 270 4.3.2.2. Buyer Failure to Timely Release Earnest Money. If Buyer fails to timely execute 272 and return the Earnest Money Release Form, or other written mutual instructions, Buyer is in default and 2i liable to Seller as set forth in "If Buyer is in Default, § 20.1. and § 21, unless Buyer is entitled to the Earnest Money due to a Seller Default. 4.4. Form of Funds; Time of Payment; Available Funds. 4.4.1. Good Funds. All amounts payable by the parties at Closing, including any loan proceeds, Cash at Closing and closing costs, must be in funds that comply with all applicable Colorado laws, including electronic transfer funds, certified check, savings and loan teller's check and cashier's check (Good Funds). 4.4.2. Time of Payment. All funds, including the Purchase Price to be paid by Buyer, must be paid before or at Closing or as otherwise agreed in writing between the parties to allow disbursement by Closing Company at Closing OR SUCH NONPAYING PARTY WILL BE IN DEFAULT. 4.4.3. Available Funds. Buyer represents that Buyer, as of the date of this Contract, ® Does ❑ Does Not have funds that are immediately verifiable and available in an amount not less than the amount stated as Cash at Closing in § 4.1. 4.5. New Loan. (Omitted as inapplicable) 4.6. Assumption. (Omitted as inapplicable) 4.7. Seller or Private Financing. (Omitted as inapplicable) 29C CBS 1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page �5Aoof 23 �YYI Seller(s) Initials: CTMeContracts.com - ©2023 CTM Software Corp. LEI 292 TRANSACTION PROVISIONS 293 294 29., 5. FINANCING CONDITIONS AND OBLIGATIONS. 296 (Omitted as inapplicable) 295.3. Credit Information. (Omitted as inapplicable) 29S 5.4. Existing Loan Review. (Omitted as inapplicable) 299 6. APPRAISAL PROVISIONS. 2,G2 6.1. Appraisal Definition. An "Appraisal" is an opinion of value prepared by a licensed or certified 3012. appraiser, engaged on behalf of Buyer or Buyer's lender, to determine the Property's market value (Appraised 304 Value). The Appraisal may also set forth certain lender requirements, replacements, removals or repairs m5 necessary on or to the Property as a condition for the Property to be valued at the Appraised Value. =06 6.2. Appraised Value. The applicable appraisal provision set forth below applies to the respective loan type set forth in § 4.5.3., or if a cash transaction (i.e., no financing), § 6.2.1. applies. ��$ 6.2.1. ConventionallOther. Buyer has the right to obtain an Appraisal. If the Appraised Value is 08 less than the Purchase Price, or if the Appraisal is not received by Buyer on or before Appraisal Deadline '10 Buyer may, on or before Appraisal Objection Deadline: 12 6.2.1.1. Notice to Terminate, Notify Seller in writing, pursuant to § 24.1., that this Contract 31 s. is terminated; or 14 6.2.1.2. Appraisal Objection. Deliver to Seller a written objection accompanied by either a 215 copy of the Appraisal or written notice from lender that confirms the Appraised Value is less than the 2"1 '' Purchase Price (Lender Verification). 2.17 6.2.1.3. Appraisal Resolution. If an Appraisal Objection is received by Seller, on or before 1 9 Appraisal Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on ,,`,r or before Appraisal Resolution Deadline, this Contract will terminate on the Appraisal Resolution 2,21 Deadline, unless Seller receives Buyer's written withdrawal of the Appraisal Objection before such �.22 termination, (i.e., on or before expiration of Appraisal Resolution Deadline). 222, 6.2.2. FHA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the 224 purchaser (Buyer) shall not be obligated to complete the purchase of the Property described herein or to 2, incur any penalty by forfeiture of Earnest Money deposits or -otherwise unless the purchaser (Buyer) has ```' been given, in accordance with HUD/FHA or VA requirements, a written statement issued by the Federal �c 7 Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement lender, setting forth the L Y��i `210 appraised value of the Property of not less than $. The purchaser (Buyer) shall have the privilege and option of proceeding with the consummation of this Contract without regard to the amount of the appraised valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of 2 Housing and Urban Development will insure. HUD does not warrant the value nor the condition of the Property. The purchaser (Buyer) should satisfy himself/herself/themselves that the price and condition of the 2aa Property are acceptable. 6.2.3. VA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the purchaser (Buyer) shall not incur any penalty by forfeiture of Earnest Money or otherwise or be obligated to 2.27 complete the purchase of the Property described herein, if the Contract Purchase Price or cost exceeds the reasonable value of the Property established by the Department of Veterans Affairs. The purchaser (Buyer) 0140 — shall, however, have the privilege and option of proceeding with the consummation of this Contract without '41 regard to the amount of the reasonable value established by the Department of Veterans Affairs. �42 6.3. Lender Property Requirements. If the lender imposes any written requirements, replacements, °.4°, removals or repairs, including any specified in the Appraisal (Lender Property Requirements) to be made to 44 the Property (e.g., roof repair, repainting), beyond those matters already agreed to by Seller in this Contract, 2.4` this Contract terminates on the earlier of three days following Seller's receipt of the Lender Property 246 Requirements, or Closing, unless prior to termination: (1) the parties enter into a written agreement to satisfy 347 the Lender Property Requirements; (2) the Lender Property Requirements have been completed; or (3) the '143 satisfaction of the Lender Property Requirements is waived in writing by Buyer. CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 6 of 23 Seller(s) Initials: X CTMeContracts.com - 02023 CTM Software Corp. 3=,G 6.4. Cost of Appraisal. Cost of the Appraisal to be obtained after the date of this Contract must be :scli timely paid by ® Buyer ❑ Seller. The cost of the Appraisal may include any and all fees paid to the '`2 appraiser, appraisal management company, lender's agent or all three- 2co 4 7. OWNERS' ASSOCIATIONS. This Section is applicable if the Property is located within one or more ^.4 S �« Common Interest Communities and subject to one or more declarations (Association). 3=7 7.1. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A �c.c, COMMON INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY. THE OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS' 'EG ASSOCIATION FOR THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND e REGULATIONS OF THE ASSOCIATION. THE DECLARATION, BYLAWS AND RULES AND -'F,2 REGULATIONS WILL IMPOSE FINANCIAL OBLIGATIONS UPON THE OWNER OF THE PROPERTY, 's= INCLUDING AN OBLIGATION TO PAY ASSESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF PROPERTY 2.69 :70 WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL 371 OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ 772 THE DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION. 2'14 7.2. Association Documents to Buyer. Seller is obligated to provide to Buyer the Association °75 Documents (defined below), at Seller's expense, on or before Association Documents Deadline. Seller 7C-. authorizes the Association to provide the Association Documents to Buyer, at Seller's expense. Seller's `" obligation to provide the Association Documents is fulfilled upon Buyer's receipt of the Association `'`L� Documents, regardless of who provides such documents. 21 ,"9 7.3. Association Documents. Association documents (Association Documents) consist of the ?.�g.1 following: :;92 7.3.1. All Association declarations, articles of incorporation, bylaws, articles of organization, °92' operating agreements, rules and regulations, party wall agreements and the Association's responsible ='94 governance policies adopted under § 38-33.3-209.5, C.R.S.; p�. 7.3.2. Minutes of: (1) the annual owners' or members' meeting and (2) any executive boards' or �s managers' meetings; such minutes include those provided under the most current annual disclosure required v under § 38-33.3-209.4, C.R.S. (Annual Disclosure) and minutes of meetings, if any, subsequent to the minutes disclosed in the Annual Disclosure. If none of the preceding minutes exist, then the most recent minutes, if any (§§ 7.3.1. and 7.3.2., collectively, Governing Documents); and 39� ,0191 7.3.3. List of all Association insurance policies as provided in the Association's last Annual ,192 Disclosure, including, but not limited to, property, general liability, association director and officer professional v1911 liability and fidelity policies. The list must include the company names, policy limits, policy deductibles, 94 additional named insureds and expiration dates of the policies listed (Association Insurance Documents); 3G� 7.3.4. A list by unit type of the Association's assessments, including both regular and special `,GQ assessments as disclosed in the Association's last Annual Disclosure; .,.�� 7.3.5. The Association's most recent financial documents which consist of: (1) the Association's �o9 operating budget for the current fiscal year, (2) the Association's most recent annual financial statements, 4G,; including any amounts held in reserve for the fiscal year immediately preceding the Association's last Annual 401 Disclosure, (3) the results of the Association's most recent available financial audit or review, (4) list of the 4C2 fees and charges (regardless of name or title of such fees or charges) that the Association's community 40" association manager or Association will charge in connection with the Closing including, but not limited to, 404 any fee incident to the issuance of the Association's statement of assessments (Status Letter), any rush or 40S update fee charged for the Status Letter, any record change fee or ownership record transfer fees (Record 406 Change Fee), fees to access documents, (5) list of all assessments required to be paid in advance, reserves 407 CBSt-6-23- CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page�7 of 23 Seller(s) initials: CTMeContracts.com - ©2023 CTM Software Corp. 40a or working capital due at Closing and (6) reserve study, if any (§§ 7.3.4. and 7.3.5., collectively, Financial 408 Documents); 4110 7.3.6. Any written notice from the Association to Seller of a "construction defect action" under § 411 38-33.3-303.5, C.R.S. within the past six months and the result of whether the Association approved or 413 disapproved such action (Construction Defect Documents). Nothing in this Section limits the Seller's 414 obligation to disclose adverse material facts as required under § 10.2. (Disclosure of Adverse Material Facts; 41 Subsequent Disclosure; Present Condition) including any problems or defects in the common elements or 416 limited common elements of the Association property. 417 7.4. Conditional on Buyer's Review. Buyer has the right to review the Association Documents. 416 Buyer has the Right to Terminate under § 24.1., on or before Association Documents Termination 419 Deadline, based on any unsatisfactory provision in any of the Association Documents, in Buyer's sole 420 subjective discretion. Should Buyer receive the Association Documents after Association Documents 421 Deadline, Buyer, at Buyer's option, has the Right to Terminate under § 24.1. by Buyer's Notice to Terminate 422 received by Seller on or before ten days after Buyer's receipt of the Association Documents. If Buyer does 424 not receive the Association Documents, or if Buyer's Notice to Terminate would otherwise be required to be 42E, received by Seller after Closing Date, Buyer's Notice to Terminate must be received by Seller on or before 428 Closing. If Seller does not receive Buyer's Notice to Terminate within such time, Buyer accepts the provisions 427 of the Association Documents as satisfactory and Buyer waives any Right to Terminate under this provision, 42E. notwithstanding the provisions of § 8.6. (Third Party Right to Purchase/Approve). •125 430 8. TITLE INSURANCE, RECORD TITLE AND OFF -RECORD TITLE. 431 8.1. Evidence of Record Title. 4a2 433 ® 8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will select the 42.4 title insurance company to furnish the owner's title insurance policy at Seller's expense. On or before Record 4-15 Title Deadline, Seller must furnish to Buyer, a current commitment for an owner's title insurance policy (Title 43E Commitment), in an amount equal to the Purchase Price, or if this box is checked, ❑ an Abstract of Title certified to a current date. Seller will cause the title insurance policy to be issued and delivered to Buyer as soon as practicable at or after Closing. `== ❑ 8.1.2. Buyer Selects Title Insurance Company. If this box is checked, Buyer will select the 440 title insurance company to furnish the owner's title insurance policy at Buyer's expense. On or before Record 441 Title Deadline, Buyer must furnish to Seller, a current commitment for owner's title insurance policy (Title 442 443 Commitment), in an amount equal to the Purchase Price. 444 If neither box in § 8.1.1. or § 8.1.2. is checked, § 8.1.1. applies. 445 8.1.3. Owner's Extended Coverage (OEC). The Title Commitment ® Will ❑ Will Not contain 44E Owner's Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or 447 insure over the standard exceptions which relate to: (1) parties in possession, (2) unrecorded easements, (3) 449 survey matters, (4) unrecorded mechanics' liens, (5) gap period (period between the effective date and time 449 of commitment to the date and time the deed is recorded) and (6) unpaid taxes, assessments and 450 unredeemed tax sales prior to the year of Closing. Any additional premium expense to obtain OEC will be 451 paid by ® Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ❑ Other . 45` Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or 4_53 4S4 delete or insure over any or all of the standard exceptions for OEC. The Title Insurance Company may 4�.E, require a New Survey or New ILC, defined below, among other requirements for OEC. If the Title Insurance 4SE. Commitment is not satisfactory to Buyer, Buyer has a right to object under § 8.7. (Right to Object to Title, 4E.7 Resolution). 415E, 8.1.4. Title Documents. Title Documents consist of the following: (1) copies of any plats, 4EE9 declarations, covenants, conditions and restrictions burdening the Property and (2) copies of any other 4�50 documents (or, if illegible, summaries of such documents) listed in the schedule of exceptions (Exceptions) in 4E 1 the Title Commitment furnished to Buyer (collectively, Title Documents). 4E2 8.1.5. Copies of Title Documents. Buyer must receive, on or before Record Title Deadline, 4E.3 4E4 copies of all Title Documents. This requirement pertains only to documents as shown of record in the office of the clerk and recorder in the county where the Property is located. The cost of furnishing copies of the CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 8 of 23 Seller(s) Initials: �i" I CTMeContracts.com - ©2023 CTM Software Corp. 4`.�. documents required in this Section will be at the expense of the party or parties obligated to pay for the ar.7 4_7 owner's title insurance policy. 46'" 8.1.6. Existing Abstracts of Title. Sellt:.r must deliver to Buyer copies of any abstracts of title 470 covering all or any portion of the Property (Abstract of Title) in Seller's possession on or before Record Title 471 Deadline. 472 8.2. Record Title. Buyer has the right to review and object to the Abstract of Title or Title Commitment 47, and any of the Title Documents as set forth in § 8.7. (Right to Object to Title, Resolution) on or before 474 Record Title Objection Deadline. Buyer's objection may be based on any unsatisfactory form or content of '' Title Commitment or Abstract of Title, notwithstanding § 13, or any other unsatisfactory title condition, in 476 Buyer's sole subjective discretion. If the Abstract of Title, Title Commitment or Title Documents are not 477 47 received by Buyer on or before the Record Title Deadline, or if there is an endorsement to the Title 479 Commitment that adds a new Exception to title, a copy of the new Exception to title and the modified Title 49,; Commitment will be delivered to Buyer. Buyer has until the earlier of Closing or ten days after receipt of such 4,31 documents by Buyer to review and object to: (1) any required Title Document not timely received by Buyer, 4s2 (2) any change to the Abstract of Title, Title Commitment or Title Documents, or (3) any endorsement to the 49- Title Commitment. If Seller receives Buyer's Notice to Terminate or Notice of Title Objection, pursuant to this 4S4 § 8.2. (Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.7. (Right to 4ou` Object to Title, Resolution). If Seller has fulfilled all Seller's obligations, if any, to deliver to Buyer all 4G , documents required by § 8.1. (Evidence of Record Title) and Seller does not receive Buyer's Notice to 4c'7 Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer accepts the condition 42,2� of title as disclosed by the Abstract of Title, Title Commitment and Title Documents as satisfactory. 42.9 411 8.3. Off -Record Title. Seller must deliver to Buyer, on or before Off -Record Title Deadline, true 491 copies of all existing surveys in Seller's possession pertaining to the Property and must disclose to Buyer all 492 easements, liens (including, without limitation, governmental improvements approved, but not yet installed) or 493 other title matters not shown by public records, of which Seller has actual knowledge (Off -Record Matters). 494 This Section excludes any New ILC or New Survey governed under § 9 (New ILC, New Survey). Buyer has 49—c the right to inspect the Property to investigate if any third party has any right in the Property not shown by 49c public records (e.g., unrecorded easement, boundary line discrepancy or water rights). Buyer's Notice to 497 Terminate or Notice of Title Objection of any unsatisfactory condition (whether disclosed by Seller or revealed ""g by such inspection, notwithstanding § 8.2. (Record Title) and § 13 (Transfer of Title), in Buyer's sole 'G" subjective discretion, must be received by Seller on or before Off -Record Title Objection Deadline. If an "oc Off -Record Matter is received by Buyer after the Off -Record Title Deadline, Buyer has until the earlier of $0t $01 Closing or ten days after receipt by Buyer to review and object to such Off -Record Matter. If Seller receives 02 GC- Buyer's Notice to Terminate or Notice of Title Objection pursuant to this § 8.3. (Off -Record Title), any title CEO objection by Buyer is governed by the provisions set forth in § 8.7. (Right to Object to Title, Resolution). If �.�_. Seller does not receive Buyer's Notice to Terminate or Notice of Title Objection by the applicable deadline oe specified above, Buyer accepts title subject to such Off -Record Matters and rights, if any, of third parties not �07 shown by public records of which Buyer has actual knowledge. SUR 8.4. Special Taxing and Metropolitan Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT `-'19 TO GENERAL OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM 51 Q ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS `'11 IN SUCH DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND TAX TO c12 SUPPORT THE SERVICING OF SUCH DEBT WHERE CIRCUMSTANCES ARISE RESULTING IN THE 1. INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN 514 �..1� INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE THE SPECIAL TAXING DISTRICTS IN �.1�. WHICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY TREASURER, BY REVIEWING 517 THE CERTIFICATE OF TAXES DUE FOR THE PROPERTY AND BY OBTAINING FURTHER 1 INFORMATION FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY CLERK AND 19 RECORDER, OR THE COUNTY ASSESSOR. The official website for the Metropolitan District, if any, is: 8.5. Tax Certificate. A tax certificate paid for by ® Seller ❑ Buyer, for the Property listing any 522 �2` special taxing or metropolitan districts that affect the Property (Tax Certificate) must be delivered to Buyer on = or before Record Title Deadline. If the content of the Tax Certificate is unsatisfactory to Buyer, in Buyer's CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 9 of 23 cYrl Seller(s) Initials: CTMeContracts.com - ©2023 CTM Software Corp. 1 1 sole subjective discretion, Buyer may terminate, on or before Record Title Objection Deadline. Should s2E, Buyer receive the Tax Certificate after Record Title Deadline, Buyer, at Buyer's option, has the Right to 5'7 Terminate under § 24.1. by Buyer's Notice to Terminate received by Seller on or before ten days after Buyer's 528 receipt of the Tax Certificate. If Buyer does not receive the Tax Certificate, or if Buyer's Notice to Terminate W�5 would otherwise be required to be received by Seller after Closing Date, Buyer's Notice to Terminate must 530 be received by Seiler an or before Closing. If Seller does not receive Buyer's Notice to Terminate within such 531 time, Buyer accepts the content of the Tax Certificate as satisfactory and Buyer waives any Right to 532 Terminate under this provision. If Buyer's loan specified in §4.5.3. (Loan Limitations) prohibits Buyer from 53 534 paying for the Tax Certificate, the Tax Certificate will be paid for by Seller. cQcl 8.6. Third Party Right to Purchase/Approve. If any third party has a right to purchase the Property 5, E (e.g., right of first refusal on the Property, right to purchase the Property under a lease or an option held by a S37 third party to purchase the Property) or a right of a third party to approve this Contract, Seller must promptly 5 6 submit this Contract according to the terms and conditions of such right. If the third -party holder of such right 5'_�° exercises its right this Contract will terminate. If the third party's right to purchase is waived explicitly or 54c expires, or the Contract is approved, this Contract will remain in full force and effect. Seller must promptly t4 i notify Buyer in writing of the foregoing. If the third party right to purchase is exercised or approval of this 542 Contract has not occurred on or before Third Party Right to Purchase/Approve Deadline, this Contract will :•43 then terminate. Seller will supply to Buyer, in writing, details of any Third Party Right to Purchase the Property on or before the Record Title Deadline. 546 8.7. Right to Object to Title, Resolution. Buyer has a right to object or terminate, in Buyer's sole 547 subjective discretion, based on any title matters including those matters set forth in § 8.2. (Record Title), § 54s 8.3. (Off -Record Title), § 8.5,. (Tax Certificate) and § 13 (Transfer of Title). If Buyer exercises Buyer's rights to 549 object or terminate based on any such title matter, on or before the applicable deadline, Buyer has the 55c following options: 551 8.7.1. Title Objection, Resolution. If Seller receives Buyer's written notice objecting to any title CC^. matter (Notice of Title Objection) on or before the applicable deadline and if Buyer and Seller have not 4v; agreed to a written settlement thereof on or before Title Resolution Deadline, this Contract will terminate on FF� the expiration of Title Resolution Deadline, unless Seller receives Buyer's written withdrawal of Buyer's «� Notice of Title Objection (i.e., Buyer's written notice to waive objection to such items and waives the Right to H7 Terminate for that reason), on or before expiration of Title Resolution Deadline. If either the Record Title cs Deadline or the Off -Record Title Deadline, or both, are extended pursuant to § 8.2. (Record Title) or § 8.3. s. g (Off -Record Title) the Title Resolution Deadline also will be automatically extended to the earlier of Closing or 5Ec fifteen days after Buyer's receipt of the applicable documents; or 5£1 8.7.2. Title Objection, Right to Terminate. Buyer may exercise the Right to Terminate under § 24.1., on or before the applicable deadline, based on any title matter unsatisfactory to Buyer, in Buyer's sole subjective discretion. 5i,4 5 c 8.8. Title Advisory. The Title Documents affect the title, ownership and use of the Property and 61. C'E" should be reviewed carefully. Additionally, other matters not reflected in the Title Documents may affect the E.67 title, ownership and use of the Property, including, without limitation, boundary lines and encroachments, set -back requirements, area, zoning, building code violations, unrecorded easements and claims of c.sg easements, leases and other unrecorded agreements, water on or under the Property and various laws and 57c governmental regulations concerning land use, development and environmental matters. 5f1 8.8.1. OIL, GAS, WATER AND MINERAL DISCLOSURE. THE SURFACE ESTATE OF THE G72 PROPERTY MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE AND TRANSFER OF THE SURFACE ESTATE MAY NOT NECESSARILY INCLUDE TRANSFER OF THE MINERAL ESTATE OR WATER RIGHTS. THIRD PARTIES MAY OWN OR LEASE INTERESTS IN OIL, GAS, OTHER MINERALS, GEOTHERMAL ENERGY OR WATER ON OR UNDER THE SURFACE OF THE PROPERTY, WHICH INTERESTS MAY GIVE THEM RIGHTS TO ENTER AND USE THE SURFACE OF 73 THE PROPERTY TO ACCESS THE MINERAL ESTATE, OIL, GAS OR WATER. S79 8.8.2. SURFACE USE AGREEMENT. THE USE OF THE SURFACE ESTATE OF THE sso PROPERTY TO ACCESS THE OIL, GAS OR MINERALS MAY BE GOVERNED BY A SURFACE USE S81 AGREEMENT, A MEMORANDUM OR OTHER NOTICE OF WHICH MAY BE RECORDED WITH THE COUNTY CLERK AND RECORDER. CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 10 of 23 Seller(s) Initials: 19ff CTMeContracts.com - ©2023 CTM Software Corp. 583 8.8.3. OIL AND GAS ACTIVITY. OIL AND GAS ACTIVITY THAT MAY OCCUR ON OR 1. 4 ADJACENT TO THE PROPERTY MAY INCLUDE, BUT IS NOT LIMITED TO, SURVEYING, DRILLING, WELL COMPLETION OPERATIONS, STORAGE, OIL AND GAS, OR PRODUCTION FACILITIES, E,sE PRODUCING WELLS, REWORKING OF CURRENT WELLS AND GAS GATHERING AND PROCESSING `88 FACILITIES. 8.8.4. ADDITIONAL INFORMATION. BUYER IS ENCOURAGED TO SEEK ADDITIONAL =,gG INFORMATION REGARDING OIL AND GAS ACTIVITY ON OR ADJACENT TO THE PROPERTY, sgi INCLUDING DRILLING PERMIT APPLICATIONS. THIS INFORMATION MAY BE AVAILABLE FROM THE s92 COLORADO OIL AND GAS CONSERVATION COMMISSION. E 9 3 8.8.5. Title Insurance Exclusions. Matters set forth in this Section and others, may be `-'94 excepted, excluded from, or not covered by the owner's title insurance policy. =gr =gF, 8.9. Mineral Rights Review. Buyer ❑ Does El Does Not have a Right to Terminate if examination of — the Mineral Rights is unsatisfactory to Buyer on or before the Mineral Rights Examination Deadline. E99 Egg 9. NEW ILC, NEW SURVEY. sGG 9.1. New ILC or New Survey. If the box is checked, (1) ❑ New Improvement Location Certificate sGi (New ILC); or, (2) ® New Survey in the form of Current Condominium Ma ; is required and the following will apply: cCs 9-1.1. Ordering of New ILC or New Survey. ®Seller El Buyer will order the New ILC or New Survey. The New iLC or New Survey may also be a previous ILC or survey that is in the above -required form, certified and updated as of a date after the date of this Contract. E-07 9.1.2. Payment for New ILC or New Survey. The cost of the New ILC or New Survey will be paid, on 608 or before Closing, by: ❑ Seller ❑ Buyer or: EGg 9.1.3. Delivery of New ILC or New Survey. Buyer, Seller, the issuer of the Title Commitment (or 10 the provider of the opinion of title if an Abstract of Title) and Buyer's attorney will receive a New ILC or 611 New Survey on or before New ILC or New Survey Deadline. _i7 L1` 9.1.4. Certification of New ILC or New Survey. The New ILC or New Survey will be certified by E14 the surveyor to all those who are to receive the New ILC or New Survey. 61 9.2. Buyer's Right to Waive or Change New ILC or New Survey Selection. Buyer may select a E.1E New ILC or New Survey different than initially specified in this Contract if there is no additional cost to Seller 817 or change to the New ILC or New Survey Objection Deadline. Buyer may, in Buyer's sole subjective 1 discretion, waive a New ILC or New Survey if done prior to Seller incurring any cost for the same. E,15 9.3. New ILC or New Survey Objection. Buyer has the right to review and object based on the New E`G ILC or New Survey. If the New ILC or New Survey is not timely received by Buyer or is unsatisfactory to E, -1 F,` Buyer, in Buyer's sole subjective discretion, Buyer may, on or before New ILC or New Survey Objection ,,, Deadline, notwithstanding § 8,3. or § 13: E24 9.3.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1, that this Contract is E25 terminated; or 826 9.3.2. New ILC or New Survey Objection. Deliver to Seller a written description of any matter E,27 that was to be shown or is shown in the New ILC or New Survey that is unsatisfactory and that Buyer 62Z requires Seller to correct. egg 9.3.3. New ILC or New Survey Resolution. If a New ILC or New Survey Objection is received e,,C. e31 by Seller, on or before New ILC or New Survey Objection Deadline and if Buyer and Seller have not f12 agreed in writing to a settlement thereof on or before New ILC or New Survey Resolution Deadline, this f" Contract will terminate on expiration of the New ILC or New Survey Resolution Deadline, unless Seller °.4 receives Buyer's written withdrawal of the New ILC or New Survey Objection before such termination (i.e., on E,Is or before expiration of New ILC or New Survey Resolution Deadline). r�E, 61 DISCLOSURE, INSPECTION AND DUE DILIGENCE E, �, G 640 CBS 1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page p1�1�of 23 ca'r/ Seller(s) Initials: CTMeContracts.com - 02023 CTM Software Corp. E4 10. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, DUE DILIGENCE AND i 4° SOURCE OF WATER. e.44 10.1. Seller's Property Disclosure. On or before Seller's Property Disclosure Deadline, Seller E•45 agrees to deliver to Buyer the most current version of the applicable Colorado Real Estate Commission's E4e. Seller's Property Disclosure form completed by Seller to Seller's actual knowledge and current as of the date E4� of this Contract. E'49 10.2. Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition. Seller E49 must disclose to Buyer any adverse material facts actually known by Seller as of the date of this Contract. ssc Seller agrees that disclosure of adverse material facts will be in writing. In the event Seller discovers an E51 _` adverse material fact after the date of this Contract, Seller must timely disclose such adverse fact to Buyer. F53 Buyer has the Right to Terminate based on the Seller's new disclosure on the earlier of Closing or five days E,54 after Buyer's receipt of the new disclosure. Except as otherwise provided in this Contract, Buyer acknowledges that Seller is conveying the Property to Buyer in an "As Is' condition, " Where Is' and " With All Faults:' E.`' 10.3. Inspection. Unless otherwise provided in this Contract, Buyer, acting in good faith, has the right to have inspections (by one or more third parties, personally or both) of the Property, Leased Items, and F`9 Inclusions(inspection),at Bu er's ex expense. If 1 the physical condition of the Property,includin but not Y P () P Y 9� e'c limited to, the roof, walls, structural integrity of the Property, the electrical, plumbing, HVAC and other E-E.1 mechanical systems of the Property, (2) the physical condition of the Inclusions and Leased Items, (3) service to the Property (Including utilities and communication services), systems and components of the Property ,4 (e.g., heating and plumbing), (4) any proposed or existing transportation project, road, street or highway, or (5) any other activity, odor or noise (whether on or off the Property) and its effect or expected effect on the E E, Property or its occupants is unsatisfactory, in Buyer's sole subjective discretion, Buyer may: 667 10.3.1. Inspection Termination. On or before the Inspection Termination Deadline, notify E.E,s Seller in writing, pursuant to § 24.1., that this Contract is terminated due to any unsatisfactory condition, E.E9 provided the Buyer did not previously deliver an Inspection Objection. Buyer's Right to Terminate under this E.70 provision expires upon delivery of an Inspection Objection to Seller pursuant to § 10.3.2.; or E-' 1 10.3.2. Inspection Objection. On or before the Inspection Objection Deadline, deliver to E.r C+,, Seller a written description of any unsatisfactory condition that Buyer requires Seller to correct. i,i4 10.3.3. Inspection Resolution. If an Inspection Objection is received by Seller, on or before 675 Inspection Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on E,E or before Inspection Resolution Deadline, this Contract will terminate on Inspection Resolution Deadline E 77 unless Seller receives Buyer's written withdrawal of the Inspection Objection before such termination (i.e., on E. 7 a or before expiration of Inspection Resolution Deadline). Nothing in this provision prohibits the Buyer and -E-79 the Seller from mutually terminating this Contract before the Inspection Resolution Deadline passes by e•sa executing an Earnest Money Release. 691 10.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided in this Contract or other HIZ written agreement between the parties, is responsible for payment for all inspections, tests, surveys, a engineering reports, or other reports performed at Buyer's request (Work) and must pay for any damage that occurs to the Property and Inclusions as a result of such Work. Buyer must not permit claims or liens of any }, kind against the Property for Work performed on the Property. Buyer agrees to indemnify, protect and hold H7 Seller harmless from and against any liability, damage, cost or expense incurred by Seller and caused by any E,ss such Work, claim, or lien. This indemnity includes Seller's right to recover all costs and expenses incurred by Sss, Seller to defend against any such liability, damage, cost or expense, or to enforce this Section, including E-90 Seller's reasonable attorney fees, legal fees and expenses. The provisions of this Section survive the e61 termination of this Contract. This § 10.4. does not apply to items performed pursuant to an Inspection 6-92 Resolution. S94 10.5. Insurability. Buyer has the Right to Terminate under § 24.1., on or before Property Insurance �= Termination Deadline, based on any unsatisfactory provision of the availability, terms and conditions and Ge premium for property insurance (Property Insurance) on the Property, in Buyer's sole subjective discretion. E,97 10.6. Due Diligence. 10.6.1. Due Diligence Documents. Seller agrees to deliver copies of the following documents E-99 CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 12 of 23 Seller(s) Initials: IN CTMeContracts.com - 02023 CTM Software Corp. 7013 and information pertaining to the Property and Leased Items (Due Diligence Documents) to Buyer on or 701 before Due Diligence Documents Delivery Deadline: 702 10.6.1.1. Occupancy Agreements. All current leases, including any amendments or other 10' occupancy agreements, pertaining to the Property. Those leases or other occupancy agreements pertaining C.-' to the Property that survive Closing are as follows (Leases): r - 10.6.1.2. Leased Items Documents. If any lease of personal property (§ 2.5.7., Leased 7c: 7E7 Items) will be transferred to Buyer at Closing, Seiler agrees to deliver copies of the leases and information 70& pertaining to the personal property to Buyer on or before Due Diligence Documents Delivery Deadline. 709 Buyer ❑ Will ❑ Will Not assume the Seller's obligations under such leases for the Leased Items (§ 2.5.7., 71 r, Leased Items). 711 712 10.6.1.3. Encumbered Inclusions Documents. If any Inclusions owned by Seller are 7 1 " encumbered pursuant to § 2.5.4. (Encumbered Inclusions) above, Seller agrees to deliver copies of the 714 evidence of debt, security and any other documents creating the encumbrance to Buyer on or before Due r 1S Diligence Documents Delivery Deadline. Buyer ❑ Will ❑ Will Not assume the debt on the Encumbered 71 717 Inclusions (§ 2.5.4., Encumbered Inclusions). 7.18 10.6.1.4. Other Documents. Other documents and information: 719 10.6.2. Due Diligence Documents Review and Objection. Buyer has the right to review and 7 2c object based on the Due Diligence Documents. If the Due Diligence Documents are not supplied to Buyer or 721 are unsatisfactory, in Buyer's sole subjective discretion, Buyer may, on or before Due Diligence Documents 7-` Objection Deadline: 72210.6.2.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1., that this Contract 24 is terminated; or 725 7210.6.2.2. Due Diligence Documents Objection. Deliver to Seller a written description of 727 any unsatisfactory Due Diligence Documents that Buyer requires Seller to correct. 7H 10.6.2.3. Due Diligence Documents Resolution. If a Due Diligence Documents Objection 7229 is received by Seller, on or before Due Diligence Documents Objection Deadline and if Buyer and Seller 7210 have not agreed in writing to a settlement thereof on or before Due Diligence Documents Resolution 172 1 Deadline, this Contract will terminate on Due Diligence Documents Resolution Deadline unless Seller 7 2 receives Buyer's written withdrawal of the Due Diligence Documents Objection before such termination (i.e., 7 ` V on or before expiration of Due Diligence Documents Resolution Deadline). 10.7. Conditional Upon Sale of Property. This Contract is conditional upon the sale and closing of F. that certain property owned by Buyer and commonly known as . Buyer has the Right to Terminate under § 72- 2_7 24.1. effective upon Seller's receipt of Buyer's Notice to Terminate on or before Conditional Sale Deadline if 7H such property is not sold and closed by such deadline. This Section is for the sole benefit of Buyer. If Seller 72.9 does not receive Buyer's Notice to Terminate on or before Conditional Sale Deadline, Buyer waives any 74C Right to Terminate under this provision. 741 10.8. Source of Potable Water (Residential Land and Residential Improvements Only). Buyer 74Z ❑ Does ® Does Not acknowledge receipt of a copy of Seller's Property Disclosure or Source of Water 744 4'_. Addendum disclosing the source of potable water for the Property. ® There is No Well. Buyer ElDoes 741 of the current well permit. ❑ Does Not acknowledge receipt of a copy 7eF, Note to Buyer: SOME WATER PROVIDERS RELY, TO VARYING DEGREES, ON NONRENEWABLE ;e� 71 GROUND WATER. YOU MAY WISH TO CONTACT YOUR PROVIDER (OR INVESTIGATE THE 742. DESCRIBED SOURCE) TO DETERMINE THE LONG-TERM SUFFICIENCY OF THE PROVIDER'S WATER 749 SUPPLIES. 7-EC 10.9. Existing Leases; Modification of Existing Leases; New Leases. [Intentionally Deleted] 7E1 10.10. Lead -Based Paint. `_` 10.10.1. Lead -Based Paint Disclosure. Unless exempt, if the Property includes one or more 7c. 0• 7 �d residential dwellings constructed or a building permit was issued prior to January 1, 1978, for the benefit of 7 5,.. Buyer, Seller and all required real estate licensees must sign and deliver to Buyer a completed Lead -Based 7-.E, Paint Disclosure (Sales) form on or before the Lead -Based Paint Disclosure Deadline. If Buyer does not 7E17 timely receive the Lead -Based Paint Disclosure, Buyer may waive the failure to timely receive the CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page p1�3�of 23 cY''I Seller(s) Initials: CTMeContracts.com - 02023 CTM Software Corp. +`s Lead -Based Paint Disclosure, or Buyer may exercise Buyer's Right to Terminate under § 24.1. by Seller's 759 receipt of Buyer's Notice to Terminate on or before the expiration of the Lead -Based Paint Termination 71'0 Deadline. 761 762 10.10.2. Lead -Based Paint Assessment. If Buyer elects to conduct or obtain a risk assessment 7Es or inspection of the Property for the presence of Lead -Based Paint or Lead -Based Paint hazards, Buyer has 7£.4 a Right to Terminate under § 24.1. by Seller's receipt of Buyer's Notice to Terminate on or before the 7E.E, expiration of the Lead -Based Paint Termination Deadline. Buyer may elect to waive Buyer's right to 768 conduct or obtain a risk assessment or inspection of the Property for the presence of Lead -Based Paint or 7c7 Lead -Based Paint hazards. If Seller does not receive Buyer's Notice to Terminate within such time, Buyer 769 accepts the condition of the Property relative to any Lead -Based Paint as satisfactory and Buyer waives any 7',9 Right to Terminate under this provision. 770 10.11. Carbon Monoxide Alarms. Note: If the improvements on the Property have a fuel -fired heater 771 or appliance, a fireplace, or an attached garage and include one or more rooms lawfully used for sleeping 772 purposes (Bedroom), the parties acknowledge that Colorado law requires that 5elter assure the Property has 77 ¢ an operational carbon monoxide alarm installed within fifteen feet of the entrance to each Bedroom or in a 7 7-5 location as required by the applicable building code. 77E. 10.12. Methamphetamine Disclosure. If Seller knows that methamphetamine was ever 777 manufactured, processed, cooked, disposed of, used or stored at the Property, Seller is required to disclose 772, such fact. No disclosure is required if the Property was remediated in accordance with state standards and 779 other requirements are rulfilled pursuant to § 25-18.5-102, C.R.S., Buyer further acknowledges that Buyer 780 has the right to engage a certified hygienist or industrial hygienist to test whether the Property has ever been 781 used as a methamphetamine laboratory. Buyer has the Right to Terminate under § 24.1., upon Seller's `s` receipt of Buyer's written Notice to Terminate, notwithstanding any other provision of this Contract, based on rob, Buyer's test results that indicate the Property has been contaminated with methamphetamine, but has not 7Z4 ' been remediated to meet the standards established by rules of the State Board of Health promulgated GE 72E pursuant to § 25-18.5-102, C.R.S. Buyer must promptly give written notice to Seller of the results of the test. 71— 10.13. Radon Disclosure. THE COLORADO DEPARTMENT OF PUBLIC HEALTH AND 782 ENVIRONMENT STRONGLY RECOMMENDS THAT ALL HOME BUYERS HAVE AN INDOOR RADON 7s9 TEST PERFORMED BEFORE PURCHASING RESIDENTIAL REAL PROPERTY AND RECOMMENDS 790, HAVING THE RADON LEVELS MITIGATED IF ELEVATED RADON CONCENTRATIONS ARE FOUND. 791 ELEVATED RADON CONCENTRATIONS CAN BE REDUCED BY A RADON MITIGATION 792 PROFESSIONAL. r G.< RESIDENTIAL REAL PROPERTY MAY PRESENT EXPOSURE TO DANGEROUS LEVELS OF 794 79, INDOOR RADON GAS THAT MAY PLACE THE OCCUPANTS AT RISK OF DEVELOPING RADON- 79E, INDUCED LUNG CANCER. RADON, A CLASS A HUMAN CARCINOGEN, IS THE LEADING CAUSE OF 797 LUNG CANCER IN NONSMOKERS AND THE SECOND LEADING CAUSE OF LUNG CANCER 7 H OVERALL. THE SELLER OF RESIDENTIAL REAL PROPERTY IS REQUIRED TO PROVIDE THE BUYER 799 WITH ANY KNOWN INFORMATION ON RADON TEST RESULTS OF THE RESIDENTIAL REAL soc PROPERTY. 1 AN ELECTRONIC COPY OF THE MOST RECENT BROCHURE PUBLISHED BY THE DEPARTMENT 2L� OF PUBLIC HEALTH AND ENVIRONMENT IN ACCORDANCE WITH C.R.S. §25-11-114(2)(A) THAT S0 PROVIDES ADVICE ABOUT "RADON AND REAL ESTATE TRANSACTIONS IN COLORADO" IS 904 AVAILABLE AT: HTTPS://CDPHE.COLORADO.GOV/RADON. sell SO E• 2.07 11. TENANT ESTOPPEL STATEMENTS. [Intentionally Deleted] 22 2.110 Closing Provisions E-11 112 12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING. "1 12.1. Closing Documents and Closing Information. Seller and Buyer will cooperate with the 814 s1s Closing Company to enable the Closing Company to prepare and deliver documents required for Closing to CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 14 of 23 Seller(s) Initials: 9 CTMeContracts.com - 02023 CTM Software Corp. °' Buyer and Seller and their designees. If Buyer is obtaining a loan to purchase the Property, Buyer +, acknowledges Buyer's lender is required to provide the Closing Company, in a timely manner, all required $+ loan documents and financial information concerning Buyer's loan. Buyer and Seller will furnish any €`; additional information and documents required by Closing Company that will be necessary to complete this Sz transaction. Buyer and Seller will sign and complete all customary or reasonably required documents at or &u before Closing. 62? 12.2. Closing Instructions. Colorado Real Estate Commission's Closing Instructions ❑ Are &.7 _ ® Are Not executed with this Contract. szt 12.3. Closing. Delivery of deed from Seller to Buyer will be at closing (Closing). Closing will be on the E2` date specified as the Closing Date or by mutual agreement at an earlier date. At Closing, Seller agrees to Ee 8: _ deliver a set of keys for the Property to Buyer. The hour and place of Closing will be as designated by Land s2s Title Guarani man - Aspen. &30 12.4. Disclosure of Settlement Costs. Buyer and Seller acknowledge that costs, quality and extent V 1 of service vary between different settlement service providers (e.g., attorneys, lenders, inspectors and title companies). 12.5. Assignment of Leases. Seller must assign to Buyer all Leases at Closing that will continue after Closing and Buyer must assume Seller's obligations under such Leases. Further, Seller must transfer to Buyer all Leased Items and assign to Buyer such leases for the Leased Items accepted by Buyer pursuant to 8.� 537 § 2.5.7. (Leased Items). 2111 �. -K9 13. TRANSFER OF TITLE. Subject to Buyer's compliance with the terms and provisions of this Contract, including the tender of any payment due at Closing, Seller must execute and deliver the following good and sufficient deed to Buyer, at Closing: ® special warranty deed ❑ general warranty deed ❑ bargain and sale deed ❑ quit claim deed ❑ personal representative's deed ❑ deed. Seller, provided another deed is not selected, must execute and deliver a good and sufficient special warranty deed to Buyer, $" at Closing. Unless otherwise specified in § 29 (Additional Provisions), if title will be conveyed using a special 84 warranty deed or a general warranty deed, title will be conveyed "subject to statutory exceptions" as defined S,z in §38-30-113(5)(a), C.R.S. 14. PAYMENT OF LIENS AND ENCUMBRANCES. Unless agreed to by Buyer in writing, -any amounts owed on any liens or encumbrances securing a monetary sum against the Property and Inclusions, including any governmental liens for special improvements installed as of the date of Buyer's signature hereon, whether assessed or not, and previous years' taxes, will be paid at or before Closing by Seller from the proceeds of this transaction or from any other source. 15. CLOSING COSTS, FEES, ASSOCIATION STATUS LETTER AND DISBURSEMENTS, TAXES AND WITHHOLDING. 15.1. Closing Costs. Buyer and Seller must pay, in Good Funds, their respective closing costs and all other items required to be paid at Closing, except as otherwise provided herein. However, if Buyer's loan specified in §4.5.3. (Loan Limitations) prohibits Buyer from paying for any of the fees contained in this Section, the fees will be paid for by Seller. 15.2. Closing Services Fee. The fee for real estate closing services must be paid at Closing by ® Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ❑ Other. 15.3. Association Fees and Required Disbursements. At least fourteen days prior to Closing Date, Seller agrees to promptly request that the Closing Company or the Association deliver to Buyer a current Status Letter, if applicable. Any fees associated with or specified in the Status Letter will be paid as follows: 15.3.1. Status Letter Fee. Any fee incident to the issuance of Association's Status Letter must be paid by ® Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 15.3.2. Record Change Fee. Any Record Change Fee must be paid by ® Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 15.3.3. Assessments, Reserves or Working Capital. All assessments required to be paid in advance (other than Association Assessments as defined in § 16.2. (Association Assessments), reserves or CBS 1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page p1�5�of 23 �Y7 Seller(s) Initials: CTMeContracts.com - 02023 CTM Software Corp. 97S working capital due at Closing must be paid by ® Buyer ❑ Seller 6 ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. S77 15.3.4. Other Fees. Any other fee listed in the Status Letter as required to be paid at Closing will 876 be paid by ❑ Buyer ❑ Seller © One -Half by Buyer and One -Half by Seller ❑ N/A. �r g 15.4. Local Transfer Tax. Any Local Transfer Tax must be paid at Closing by ® Buyer ❑ Seller SSG Elss1 One -Half by Buyer and One -Half by Seiler ❑ N/A. a22 15.5. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction must be Sas paid when due by ® Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. M4 15.6. Private Transfer Fee. Any private transfer fees and other fees due to a transfer of the Property, ESE payable at Closing, such as community association fees, developer fees and foundation fees, must be paid at 666 Closing by ® Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 66 15.7. Water Transfer Fees. Water Transfer Fees can change. The fees, as of the date of this 9�6 Contract, do not exceed $ for: Sag 85C ❑ Water Stock/Certificates ❑ Water District go 1 ❑ Augmentation Membership ❑ Small Domestic Water Company ❑ 2,92 and must be paid at Closing by ® Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 2-93 15.8. Utility Transfer Fees. Utility transfer fees can change. Any fees to transfer utilities from Seller to °g" Buyer must be paid by ® Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. g' 15.9. FIRPTA and Colorado Withholding. g. S97 15.9.1. FIRPTA. The Internal Revenue Service (IRS) may require a substantial portion of the SgF Seller's proceeds be withheld after Closing when Seller is a foreign person. If required withholding does not Ggg occur, the Buyer could be held liable for the amount of the Seller's tax, interest and penalties. If the box in goo, this Section is checked, Seller represents that Seller ❑ IS a foreign person for purposes of U.S. income go i taxation. If the box in this Section is not checked, Seller represents that Seller is not a foreign person for 902 purposes of U.S. income taxation. Seller agrees to cooperate with Buyer and Closing Company to provide 9 G 33 any reasonably requested documents to verify Seller's foreign person status. If withholding is required, Seller 904 authorizes Closing Company to withhold such amount from Seller's proceeds. Seller should inquire with 905 Seller's tax advisor to determine if withholding applies or if an exemption exists. 9Gr-, o7 15.9.2. Colorado Withholding. The Colorado Department of Revenue may require a portion of 909 the Seller's proceeds be withheld after Closing when Seller will not be a Colorado resident after Closing, if 909 not otherwise exempt. Seller agrees to cooperate with Buyer and Closing Company to provide any 910 reasonably requested documents to verify Seller's status. If withholding is required, Seller authorizes Closing 911 Company to withhold such amount from Seller's proceeds. Seller should inquire with Seller's tax advisor to 912 determine if withholding applies or if an exemption exists. 913 914 16. PRORATIONS AND ASSOCIATION ASSESSMENTS. 91E, 16.1. Prorations. The following will be prorated to the Closing Date, except as otherwise provided: 91 917 16.1.1. Taxes. Personal property taxes, if any, special taxing district assessments, if any, and 918 general real estate taxes for the year of Closing, based on 919 ❑ Taxes for the Calendar Year Immediately Preceding Closing 92C ® Most Recent Mill Levy and Most Recent Assessed Valuation, adjusted by any applicable qualifying KI seniors property tax exemption, qualifying disabled veteran exemption or ❑ Other 9-7= 16.1.2. Rents. Rents based on ❑ Rents Actually Received ❑ Accrued. At Closing, Seller will 92 transfer or credit to Buyer the security deposits for all Leases assigned to Buyer, or any remainder after 924 lawful deductions, and notify all tenants in writing of such transfer and of the transferee's name and address. 92 16.1.3. Other Prorations. Water and sewer charges, propane, interest on continuing loan and 92; 16.1.4. Final Settlement. Unless otherwise specified in Additional Provisions, these prorations 92S are final. 929 16.2. Association Assessments. Current regular Association assessments and dues (Association KG Assessments) paid in advance will be credited to Seller at Closing. Cash reserves held out of the regular 92-1 Association Assessments for deferred maintenance by the Association will not be credited to Seller except as 932 CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page�16 of 23 s� Seller(s) Initials: °1 CTMeContracts.com - 02023 CTM Software Corp. 973 may be otherwise provided by the Governing Documents. Buyer acknowledges that Buyer may be obligated 9-14 to pay the Association, at Closing, an amount for reserves or worsting capital. Any special assessment s_,r, assessed prior to Closing Date by the Association will be the obligation of El Buyer 0 Seller. Except G?` however, any special assessment by the Association for improvements that have been installed as of the 9,21.7 9,,s date of Buyer's signature hereon, whether assessed prior to or after Closing, will be the Obligation of Seller 929 unless otherwise specified in Additional Provisions. Seiler represents there are no unpaid regular or special 9019 940 assessments against the Property except the current regular assessments and 94, Association Assessments are subject to change as provided in the Governing Documents. 942 942 17. POSSESSION. Possession of the Property and Inclusions will be delivered to Buyer on Possession 944 Date at Possession Time, subject to the Leases as set forth in § 10.6.1.1. and, if applicable, any 94-cl Post -Closing Occupancy Agreement. 94E If Seller, after Closing occurs, fails to deliver possession as specified, Seller will be subject to eviction 9- and will be additionally liable to Buyer, notwithstanding § 20.2. (If Seller is in Default), for payment of 9.1- 94� per day (or any part of a day notwithstanding § 3.3., Day) from Possession Date and Possession Time until 9SO possession is delivered. ge I Buyer represents that Buyer will occupy the Property as Buyer's principal residence unless the following box is checked, then Buyer ® Does Not represent that Buyer will occupy the Property as Buyer's principal residence. 954 ❑ If the box is checked, Buyer and Seller agree to execute a Post -Closing Occupancy Agreement. y« General Provisions 9v.s G �,U 9� C 18. CAUSES OF LOSS, INSURANCE; DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION; 9E AND WALK-THROUGH. Except as otherwise provided in this Contract, the Property, Inclusions or both will � �n be delivered in the condition existing as of the date of this Contract, ordinary wear and tear excepted- 9 t_1 018.1. Causes of Loss, Insurance. In the event the Property or Inclusions are damaged by fire, other 964 perils or causes of loss prior to Closing (Property Damage) in an amount of not more than ten percent of the 965 total Purchase Price and if the repair of the damage will be paid by insurance (other than the deductible to be °C.F, paid by Seller), then Seller, upon receipt of the insurance proceeds, will use Seller's reasonable efforts to 9E7 repair the Property before Closing Date. Buyer has the Right to Terminate under § 24.1., on or before GF Closing Date, if the Property is not repaired before Closing Date, or if the damage exceeds such sum. w: Should Buyer elect to carry out this Contract despite such Property Damage, Buyer is entitled to a credit at 970 Closing for all insurance proceeds that were received by Seller (but not the Association, if any) resulting from 971 damage to the Property and Inclusions, plus the amount of any deductible provided for in the insurance 977 policy. This credit may not exceed the Purchase Price. In the event Seller has not received the insurance 974 proceeds prior to Closing, the parties may agree to extend the Closing Date to have the Property repaired 97 prior to Closing or, at the option of Buyer, (1) Seller must assign to Buyer the right to the proceeds at Closing, 97 if acceptable to Seller's insurance company and Buyer's lender; or (2) the parties may enter into a written 977 agreement prepared by the parties or their attorney requiring the Seller to escrow at Closing from Seller's 978 sale proceeds the amount Seller has received and will receive due to such damage, not exceeding the total 979 Purchase Price, plus the amount of any deductible that applies to the insurance claim. 980 18.2. Damage, Inclusions and Services. Should any Inclusion or service (including utilities and 991 982 communication services), system, component or fixture of the Property collective) Service e. heating or ) Y P P Y( Y )( 9•� 9 ssv plumbing), fail or be damaged between the date of this Contract and Closing or possession, whichever is 963 earlier, then Seller is liable for the repair or replacement of such Inclusion or Service with a unit of similar sgs size, age and quality, or an equivalent credit, but only to the extent that the maintenance or replacement of yE such Inclusion or Service is not the responsibility of the Association, if any, less any insurance proceeds received by Buyer covering such repair or replacement. If the failed or damaged Inclusion or Service is not 9aa repaired or replaced on or before Closing or possession, whichever is earlier, Buyer has the Right to 9S9 Terminate under § 24.1., on or before Closing Date, or, at the option of Buyer, Buyer is entitled to a credit at 99C Closing for the repair or replacement of such Inclusion or Service. Such credit must not exceed the Purchase CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page{17 of23 Seller(s) Initials: CTMeContracts.com - C2023 CTM Software Corp. t�G^ Price. If Buyer receives such a credit, Seller's right for any claim against the Association, if any, will survive 99, Closing. 994 18.3. Condemnation. In the event Seller receives actual notice prior to Closing that a pending sss condemnation action may result in a taking of all or part of the Property or Inclusions, Seller must promptly G6a notify Buyer, in writing, of such condemnation action. Buyer has the Right to Terminate under § 24.1., on or 997 before Closing Date, based on such condemnation action, in Buyer's sole subjective discretion. Should 998 Buyer elect to consummate this Contract despite such diminution of value to the Property and Inclusions, 999 Buyer is entitled to a credit at Closing for all condemnation proceeds awarded to Seller for the diminution in 1GGG the value of the Property or Inclusions, but such credit will not include relocation benefits or expenses or 1 G01 exceed the Purchase Price. 1002 1003 18.4. Walk -Through and Verification of Condition. Buyer, upon reasonable notice, has the right to 1004 walk through the Property prior to Closing to verify that the physical condition of the Property and Inclusions ,Go., complies with this Contract. 1 GG6 18.5. Home Warranty. Seller and Buyer are aware of the existence of pre -owned home warranty 1007 programs that may be purchased and may cover the repair or replacement of such Inclusions. 1006 100E 19. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller 1C-10 acknowledge that their respective broker has advised that this Contract has important legal consequences loll and has recommended: (1) legal examination of title; (2) consultation with legal and tax or other counsel 1G12 1 r11 3 before signing thls Contract as this Contract may have important legal and tax implications; (3) to consult with .i 0,14 their own attorney if Water Rights, Mineral Rights or Loasod Items are included or excluded in the sale; and (4) to consult with legal counsel if there are other matters in this transaction for which legal counsel should be engaged and consulted. Such consultations must be done timely as this Contract has strict time limits, 1017 including deadlines, that must be complied with. 1013 1019 20. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence for all dates and deadlines 1 c2o in this Contract. This means that all dates and deadlines are strict and absolute. If any payment due, 1 G` 1 including Earnest Money, is not paid, honored or tendered when due, or if any obligation is not performed 1022 -timel as provided in this Contract or waived, the non -defaulting 102? Y P g party has the following remedies: 1024 20.1. If Buyer is in Default: i G2�, ❑ 20.1.1. Specific Performance. Seller may elect to cancel this Contract and all Earnest Money 10H (whether or not paid by Buyer) will be paid to Seller and retained by Seller. It is agreed that the Earnest 1027 Money is not a penalty, and the Parties agree the amount is fair and reasonable. Seller may recover such 1026 additional damages as may be proper. Alternatively, Seller may elect to treat this Contract as being in full 1029 force and effect and Seller has the right to specific performance or damages, or both. 1020 20.1.2. Liquidated Damages, Applicable. This § 20.1.2. applies unless the box in § 20.1.1. is 10011 102� checked. Seller may cancel this Contract. All Earnest Money (whether or not paid by Buyer) will be paid to 10 ,. Seller and retained by Seller. It is agreed that the Earnest Money amount specified in § 4.1. is LIQUIDATED 1 131'4 DAMAGES and not a penalty, which amount the parties agree is fair and reasonable and (except as provided in §§ 10.4. and 21), such amount is SELLER'S ONLY REMEDY for Buyer's failure to perform the obligations 1 G� of this Contract. Seller expressly waives the remedies of specific performance and additional damages. 1057 20.2. If Seller is in Default: 10M 20.2.1. Specific Performance, Damages or Both. Buyer may elect to treat this Contract as 1 0`9 canceled, in which case all Earnest Money received hereunder will be returned to Buyer and Buyer may 1040 recover such damages as may be proper. Alternatively, in addition to the per diem in § 17 (Possession) for 1041 failure of Seller to timely deliver possession of the Property after Closing occurs, Buyer may elect to treat this 1C42 104, Contract as being in full force and effect and Buyer has the right to specific performance or damages, or 1044 both. 1 r,45 20.2.2. Seller's Failure to Perform. In the event Seller fails to perform Seller's obligations under 1046 this Contract, to include, but not limited to, failure to timely disclose Association violations known by Seller, 1047 failure to perform any replacements or repairs required under this Contract or failure to timely disclose any 1043 known adverse material facts, Seller remains liable for any such failures to perform under this Contract after 1049 CBS 1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page p18 of 23 Seller(s) Initials: ci °! CTMeContracts.com - 02023 CTM Software Corp. 1050 Closing. Buyer's rights to pursue the Seller for Seller's failure to perform under this Contract are reserved and 105.1 survive Closing. 1G52 1 C 21. LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding, in the event 1 a5a of any arbitration or litigation relating to this Contract, prior to or after Closing Date, the arbitrator or court 1 acc' must award to the prevailing party all reasonable costs and expenses, including attorney fees, legal fees and 1 C5f• 1G57 expenses. 1 G 58 1059 22. MEDIATION. If a dispute arises relating to this Contract (whether prior to or after Closing) and is not 11;60 resolved, the parties must first proceed, in good faith, to mediation. Mediation is a process in which the 1 G61 parties meet with an impartial person who helps to resolve the dispute informally and confidentially. Mediators 1062 cannot impose binding decisions. Before any mediated settlement is binding, the parties to the dispute must 1 H' agree to the settlement, in writing. The parties will jointly appoint an acceptable mediator and will share 1064 equally in the cost of such mediation. The obligation to mediate, unless otherwise agreed, will terminate if the 1 G65 entire dispute is not resolved within thirty days of the date written notice requesting mediation is delivered by 10one party to the other at that party's last known address (physical or electronic as provided in § 26). Nothing 11 ` in this Section prohibits either party from filing a lawsuit and recording a lis pendens affecting the Property, 1U� before or after the date of written notice requesting mediation. This Section will not alter any date in this Contract, unless otherwise agreed. 1071 1 C72 23. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder must 1 C 7 -3, release the Earnest Money following receipt of written mutual instructions, signed by both Buyer and Seller. 1074 In the event of any controversy regarding the Earnest Money, Earnest Money Holder is not required to 107E release the Earnest Money. Earnest Money Holder, in its sole subjective discretion, has several options: (1) 1071, wait for any proceeding between Buyer and Seller; (2) interplead all parties and deposit Earnest Money into a 10 court of competent jurisdiction (Earnest Money Holder is entitled to recover court costs and reasonable 107E- attorney and legal fees incurred with such action); or (3) provide notice to Buyer and Seller that unless 1C, Earnest Money Holder receives a copy of the Summons and Complaint or Claim (between Buyer and Seller) 1Cc': 10 containing the case number of the lawsuit (Lawsuit) within one hundred twenty days of Earnest Money ice„ Holder's notice to the parties, Earnest Money Holder is authorized to return the Earnest Money to Buyer. In 1 CS, the event Earnest Money Holder does receive a copy of the Lawsuit and has not interpled the monies at the 1 G,;4 time of any Order, Earnest Money Holder must disburse the Earnest Money pursuant to the Order of the 10s5 Court. The parties reaffirm the obligation of § 22 (Mediation). This Section will survive cancellation or 108f termination of this Contract. 111 2.7 1G6s 24. TERMINATION. 1069 24.1. Right to Terminate. If a party has a right to terminate, as provided in this Contract (Right to 1G9C 11391 Terminate), the termination is effective upon the other party's receipt of a written notice to terminate (Notice to 1092 Terminate), provided such written notice was received on or before the applicable deadline specified in this 109, Contract. If the Notice to Terminate is not received on or before the specified deadline, the party with the 1094 Right to Terminate accepts the specified matter, document or condition as satisfactory and waives the Right 1o95 to Terminate under such provision. 1 r,96 24.2. Effect of Termination. In the event this Contract is terminated, and all Earnest Money received 1097 hereunder is timely returned to Buyer, the parties are relieved of all obligations hereunder, subject to §§ 10.4. 1 r,9c• and 21. 1099 11613 1101 25. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL; SUCCESSORS. This Contract, its exhibits and 1102 specified addenda, constitute the entire agreement between the parties relating to the subject hereof and any 11 Cs prior agreements pertaining thereto, whether oral or written, have been merged and integrated into this 1104 Contract. No subsequent modification of any of the terms of this Contract is valid, binding upon the parties, or 1105 enforceable unless made in writing and signed by the parties. Any right or obligation in this Contract that, by 1106 its terms, exists or is intended to be performed after termination or Closing survives the same. Any successor 11 C 7 to a party receives the predecessor's benefits and obligations of this Contract. CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page p199�of 23 Seller(s) Initials: CTMeContracts.com - 02023 CTM Software Corp. 1103 1109 26. NOTICE, DELIVERY AND CHOICE OF LAW. 1110 1111 26.1. Physical Delivery and Notice. Any document or notice to Buyer or Seller must be in writing, 1112 except as provided in § 26.2. and is effective when physically received by such party, any individual named in 1 i1 1, this Contract to receive documents or notices for such party, Broker, or Brokerage Firm of Broker working 1114 with such party (except any notice or delivery after Closing must be received by the party, not Broker or ills Brokerage Firm). 111 26.2. Electronic Notice. As an alternative to physical delivery, any notice may be delivered in 111i electronic form to Buyer or Seller, any individual named in this Contract to receive documents or notices for 1t1e such party, Broker or Brokerage Firm of Broker working with such a 1 I1 Q p Y S 9 party (except any notice or delivery after 112o Closing, cancellation or Termination must be received by the party, not Broker or Brokerage Firm) at the ft 1121 electronic address of the recipient by facsimile, email or CTME Sowar . 1122 26.3. Electronic Delivery. Electronic Delivery of documents and notice may be delivered by: (1) email 11 2a at the email address of the recipient, (2) a link or access to a website or server provided the recipient 1124 receives the information necessary to access the documents, or (3) facsimile at the facsimile number (Fax 11 2S No.) of the recipient. 11='r 26.4. Choice of Law. This Contract and all disputes arising hereunder are governed by and construed 1127 in accordance with the laws of the State of Colorado that would be applicable to Colorado residents who sign 112S a contract in Colorado for real property located in Colorado. 11 G 113i] 1121 27. NOTICE OF ACCEPTANCE, COUNTERPARTS. This proposal will expire unless accepted in writing, 11, by Buyer and Seller, as evidenced by their signatures below and the offering party receives notice of such 11 acceptance pursuant to § 26 on or before Acceptance Deadline Date and Acceptance Deadline Time. If 1124 accepted, this document will become a contract between Seller and Buyer. A copy of this Contract may be 11:5 executed by each party, separately and when each party has executed a copy thereof, such copies taken 11 together are deemed to be a full and complete contract between the parties. 11'7 11 H. 28. GOOD FAITH. Buyer and Seller acknowledge that each party has an obligation to act in good faith 11`91 including, but not limited to, exercising the rights and obligations set forth in the provisions of Financing 0 114 111 Conditions and Obligations; Title Insurance, Record Title and Off -Record Title: New ILC, New Survey; 1142 and Property Disclosure, Inspection, Indemnity, Insurability Due Diligence and Source of Water. 114° 11,14 ADDITIONAL PROVISIONS AND ATTACHMENTS 114-E 114E. 1147 29. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the 114S Colorado Real Estate Commission.) 1149 The lan ua a contained in this section has not been approved by the Colorado Real Estate 11`.r Commission. it was prepared bV Aspen Snowmass Sotheby's International Realt . 1151 11E_ 11=s 29,1 - Regarding Section 2.2., This Contract is assignable. Bu Zgr shall deliver to Seller written 11s4 notice of Buyer's assi nment of the Contract no later than seven 7 business da s Prior to 11 ss Closing. 11`c 11 s7 29.2 The Contract is contin ent upon City Council al2proval of the Contract. The Buyer shall 11 s`' have until thirty 30 a s after MEC o obtain Aspen i it a royal. Jn h v , 11 � 11 _' Contract is approved bv the Aspen City Council then Bu er shah! provide written notice to 11r.1 Seller on or before thirty 3li days after MEC. If the Contract is not approved by Aspen Cif 11E2 Council or Buyer does not i2rovide Seller written notice of the approval on or before thirt 11E1, 09j da s after MEC then the Contract shall be considered terminated and all earnest move 11E-4 shall be returned to the Buyer. 11 £.`. CBS 1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 20 of 23 Seller(s) Initials: `�Vr p CTMeContracts.com - ©2023 CTM Software Corp. II_" 1167 11e8 11 r__9 1170 1171 1172 11'r 3 1174 117E 1178 1177 1178 1179 1180 1181 1182 1183 1194 1185 118£ 1187 11 "c,8 1189 1190 1191 1192 1190, 1194 1195 1196 1197 1199 1199 1200 1201 1202 1203 1204 120E 1206 1207 120E 12r,9 1210 1211 1212 121, 1214 121E 121£ 1217 1218 1219 1220 1221 1222 1223 30. OTHER DOCUMENTS. 30.1. Documents Part of Contract. The following documents are a part of this Contract: 30.1.1. Post -Closing Occupancy Agreement. If the Post -Closing Occupancy Agreement box is checked in § 17 the Post -Closing Occupancy Agreement is a part of this Contract. 30.2. Documents Not Part of Contract. The following documents have been provided but are not a part of this Contract: Signatures Ycate �w� Axe�011111ia Ygrow Date; 911312023 Buyer: City of Aspen By: Scott Miller, Authorized Signor [NOTE: If this offer is being countered or rejected, do not sign this document.] Date: Seller: Steven L Sand END OF CONTRACT TO BUY AND SELL REAL ESTATE I BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. A. Broker Working With Buyer Broker ❑ Does ® Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if Brokerage Firm is the Earnest Money Holder and, except as provided in § 23, if the Earnest Money has not already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest Money Holder will release the Earnest Money as directed by the written mutual instructions. Such release of Earnest Money will be made within five days of Earnest Money Holder's receipt of the executed written mutual instructions, provided the Earnest Money check has cleared. Broker is working with Buyer as a ® Buyer's Agent ❑ Transaction -Broker in this transaction. CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page �211�of 23 �YYI Seller(s) Initials: CTMeContracts.com - 02023 CTM Software Corp. 1225 1226 1227 1228 1229 123C 1231 1232 1233 1234 1235 12"'E. 12. r 1 -8 1239 1240 1241 1242 1243 1244 124E 1246 1247 1249 1249 12SO 1251 1252 125'. 1254 1255 12SE. 12S 12c,9 1259 121E 0 1261 1262 126° 12h4 1265 126= 1267 I HS 1269 12'70 1272 127" 1274 127E 1279 1277 1279 1279 126C 1291 12S2 ❑ Customer. Broker has no brokerage relationship with Buyer. See § B for Broker's brokerage relationship with Seller. Brokerage Firm's compensation or commission is to be paid by ® Listing Brokerage Firm ❑ Buyer ❑ Other. This Broker's Acknowledgements and Compensation Disclosure is for disclosure purposes only and does NOT create any claim for compensation. Any compensation agreement between the brokerage firms must be entered into separately and apart from this provision. Brokerage Firm's Name: Aspen Snowmass Sotheby's International Realty Brokerage Firm's License #: EC100038598 Date: 911312022 Broker's Name: Lex Tarumianz Broker's License #: FA 100014565 Address: 415 East Hyman Avenue Aspen, CO 81611 Ph:970-925-6060 Fax: Email Address: lex.tarumianz@aspensnowmasssir.com Yat,a� /L Broker's Name: Sarah Pegler Broker's License #: Brokerage Firm's Name: Brokerage Firm's License #: Address: Ph: Fax: Email: B. Broker Working with Seller Date: 911512023 Broker ❑ Does ® Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if Brokerage Firm is the Earnest Money Holder and, except as provided in § 23, if the Earnest Money has not already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest Money Holder will release the Earnest Money as directed by the written mutual instructions. Such release of Earnest Money will be made within five days of Earnest Money Holder's receipt of the executed written mutual instructions, provided the Earnest Money check has cleared. Broker is working with Seller as a ® Seller's Agent ❑ Transaction -Broker in this transaction. ❑ Customer. Broker has no brokerage relationship with Seller. See § A for Broker's brokerage relationship with Buyer. CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 22 of 23 Seller(s) Initials: X CTMeContracts.com - 02023 CTM Software Corp. 1222 Brokerage Firm's compensation or commission is to be paid by ® Seller ❑ Buyer ❑ Other . 12U4 12s5 This Broker's Acknowledgements and Compensation Disclosure is for disclosure purposes only and does 1 L9r, NOT create any claim for compensation. Any compensation agreement between the brokerage firms must be 12$7 12F entered into separately and apart from this provision. 1299 1290 1291 '1292 Brokerage Firm's Name: Douglas Elliman Real Estate t293 1294 Brokerage Firm's License M EC 100053892 129E 1-GE 1297 Y �� ' 1299 �ti+'� I� �`sdjr Date: 9/15/2023 1299 1^Tc Broker's Name: Susan Dickinson 12.c1 1202 Broker's License #: FA.100094099 1 1, 02 Address: 16 Kearns Road, Suite 113 Snowmass Village, CO 81615 1304 13c5 Ph: 970-923-4700 Fax: 970-300-0200 Email Address: susan.dickinson@elliman.com 1 HE, 12.07 INs IN9 glwlel (704eol( t 31 c Date: 9/15/2023 1311 t 312 Broker's Name: Bruce Johnson 1? 13 Broker's License M FA-100029224 1314 1,,1 S Brokerage Firm's Name: Douglas Elliman Real Estate 131 E Brokerage Firm's License #: 1217 131 s Address: 16 Kerns Rd. Snowmass Village, CO 81615 1 a19 Ph: 970-923-4700 Fax: 970-923-4700 Email Address: bruce.johnson@eliiman.com 1320 1321 1322 1022 1224 102E 1212E. 1327 CBS1-6-23. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) 1 `O CTM eContracts - ©2022 MRI Software LLC - All Rights Reserved CBSl-6-23. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page �233Aof 23 �Y( Seller(s) Initials: CTMeContracts.com - 02023 CTM Software Corp.