HomeMy WebLinkAboutresolution.council.091-97 Series of 1997
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO,
APPROVING A CERTAIN CONTRACT TO BUY AND SELL REAL ESTATE RELATING
TO THE PROPERTY COMMONLY REFERRED TO AS THE MASCOTTE AND 99 LODE
MINING CLAIMS, AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAID
DOCUMENT(S) ON BEHALF OF THE CITY OF ASPEN, COLORADO.
WHEREAS, there has been submitted to the City Council a certain Contract to Buy and
Sell Real Estate between the City of Aspen, Colorado and Pitkin County, a copy of which
contract is annexed hereto and made a part hereof.
NOW, WHEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ASPEN, COLORADO:
Section One
That the City Council of the City of Aspen hereby approves that certain Contract to Buy
and Sell Real Property between the City of Aspen, Colorado, and Pitkin County for the purchase
of that property commonly referred to as the Macotte and 99 Lode mining claims, a copy of
which is annexed hereto and incorporated herein, and does hereby authorize the City Manager of
the City of Aspen to execute said contract and all other documents necessary to consummate the
transaction on behalf of the City of Aspen.
Dated: ~ /:~"-' , 1997.
John S. Mayor
I, Kathryn S. Koch, duly appointed and acting City Clerk do certify that the foregoing is
a true and accurate copy of that resolution adopted by the City Council of the City of Aspen,
Colorado, at a meeting held ~/~ , 1997,
Kathryn S.~och, City Clerk
JPW-12/08/97-g:~john\word~resos~MASCOq-l'E.DOC
The printed portions of this form have been approved
by the Colorado Real Estate Commission. (CBS 3-7-96l I
TIllS FORM HAS IMPORTANT LEGAL CONSEQUENCES AN D THE PARTIES SHOULD CONSULT LEGAL AN D TAX OR OTHER COUNSEL BEFORE SIGNING.
VACANT LAND/FARM AND RANCH
CONTRACT TO BUY AND SELL REAL ESTATE
19__
I. PARTIES ANDPROPERT't2 --The City of Aspen
. bu?r~s) [Bu?er], las joint tenants/tenants in commonl
agrees to buy, and the undersigned sellerls) [Seller], agrees to sell. on the terms and conditions set tbrth in this contract, the lbilowing described real
estate in the County of P itkin Colorado, to wit:
That property known as the Mascotte 99, as more fully described in
Exhibit A attached hereto and incorporated by this reference.
known as No
street Addr~ Cit? State . Zip
together with ail interest of Seller in vacated streets and alleys adjacent thereto, all easements and other appurtenances thereto, all improvements
thereon and all attached fixtures thereon, except as herein exc uded (collect ye y the Propertvl.
(d) Water Rights. Purchase price to include the following water rights: N / A
(e) Growing Crops. With respect Io the growing crops Seller and Buyer agree as follows:
The above-dascribed included items (Inclusions) are to be conveyed to Buyer by Seller by bill of sale,
deed or other applicable legal instrument(s) at thc closing, free and clear of all taxes, liens and encumbrances, except as provided in Section 12. The
following attached fixtures are excluded from this sale: ~ / A
3. PURCHASE PRICE AND TERMS. The purchase price shall be $ 394,000.00// , payable in U.S. dollars by Buyer as
follows: (Complete the applicable tenn~ below.) ~$ee attached addendum.
(al Earnest Money.
$ in the form of as earnest money deposit and part payment of the purchase
price, payable to and held by broker, in its trust
account on behalf of both Seller and Buyer Broker is authorized to de iver the earnest money deposit to the c os ng agent if any. at or before closing.
The balance of $ (purchase price less earnest money) shall be paid as follows:
(b) Cash at Closing.
$ 396, ~ 000.00* , plus closing costs, to be paid by Buyer at closing in funds which comply with all applicable Colorado laws. which
include cash. electronic transfer funds, certified check, savings and loan teller's check, and cashier's check (Good Funds}. S~q-t~*l~v'~n~'~'~4'-
(el New Loan.
$ N/A by Buyer obtaining a new loan. This loan will be secured by a list. 2nd. etc.) __ deed of trust.
The loan shall be amortized over a period of years at approximately $ per
including principal and interest not to exceed % per annum, plus, if reqdired by Buyer's lender, a deposit of
of the estimated annual real estate taxes, property insurance premium, and mortgage insurance premium. If the loan is an adjustable interest rate or
graduated payment loan. the payments and interest rate initially shall not exceed the figures set forth above.
Loan discount points, if any, shall be paid to lender at closing and shall not exceed % of the total loan amount. Notwithstand-
ing the loan's interest rate, the first loan discount points shall be paid by
and the balance, if any, shall be paid by
$ N/A __ h5 Buyer's assuming and agreeing to pay an existing loan in this approximate amount, presentl? pa'~able at
$ per __ including principal, interest presendy at % per
and the new payment shall not exceed S pnncipal and interest, p us escro,x~ if any.
Seller ~ shall ~ shall not Be released from liabild5 on saki loan. If applicable, compliance with the re~mrements tbr release from liaBiiit) shall be e~idenced
bv deliver~ at closing of an appropriate letter from lender Cost pa~able for re ease of liabilit~ shall be paid b~
(e) Seller or ~ivate Third-Par~ Financing.
$ ~/~ b~ Buyer executing a p omissor~ ~ote pasablc to:
~ (UCCC - No Del~ult Rate) NTD 82-3-95 ~ NTD 81-11-83
secured by a (Isl. 2nd. etc.) deed of trust encumbering the PropertN using the I~rm as indicated: {Check one box
E Strict Due on Sale (TD 72-?-96) ~ Cred ~orthy (TD ~3-7-06) ~ Assumable - Not Due on Sale ~TD 74-7-96)
The promissory note shall be amortized on the basis of~ years, payable at $ per ~
including phncipal and interest at the rule of % ~r annum. Pasments shall commence
and shall be due on the ~ day of each succeeding If not sooner eaid, the batance of principal and
accrued interest shall ~ due and payable atler c os ng. Payments T shall ~ shall not be
incm~ed by of estimated annual real estate tax~, and 2 shall G shall not be increased by of eslimated annual property
insurance premium.
The loan shall aim contmn the following terns ~ indicated: If any paymem is not received within calendar days after its due date, a late charge of
, % of such payment shall be due. Interest on lee 3er disbursements under the deed of trust shall be % per annum. Default interest
rote sh~l ~ % ~r annum.
Buyer may prepay without a ~nalty except
4. FINANCING CONDITIONS AND OBLIGATIONS.
~~~ ..........................
5. APPRAISAL PROVISION. {Check only one Box3 This Section 5 ~ shall ~ shall not appl>.
If this Section 5 aeplies, as indicated above. Buxer shall ha~e the sole option and election to !em~inate this contract if the purchase price exceeds the Properl?s
valuation detemmed by an appraiser engaged b~ _ . The comract shall resinate by the
less than the uurchase phce, on or betbre ~ 5p~raisal DeadlineL
6. COST OF ~P?RA[SAL. C,~st of all5 apt~raisal to $~ oOt:uncd a~er dxe date of this con: tact shall be timeb paid B5
equaltothepurchasepnce~mm~.~~~~onorhetbreOOCamho~ ltl, lqq7
potic5 de ~ercd to Buyer as soon as practicable after closing.
9. I1TLE.
(a} lille Re*ica. Bu)er shall ha~e the ri~t to inspect Ibc Fide Documents or abstract. Written notice b5 Bu?r of unmcrchantaNlit} of title or of an5 other
which Seller has actual knowledge. Bu~,er shall have the right to inspect the Propert~ to determine it'an~ bird partxls) has an> rlaht n the Propert% not ~i~ov, n b5 thc
public records Isuch as an unrecorded easement, unrecorded lease, or boundary line discrepancy).. Writ{eh not ce of any. unsat'sfa~tor¥, conditlon(s) d sclosed b~. Seller
or revealed b.~ such inst ection shall be signed by or on behalf of Bu>er and given to Seller on or betbre D O C Omb ~ ? 1 Ct i99~--
If Seller does not receive Buyer's not ce by said date, Buyer accepts title subject to such rights, if any, of third part es of v, hich Bu?er has actual knowledge.
lc) Special Taxing Districts. SPECIAL/AXING DISTRIC*rS MAY BE SUB,JEC'I' TO GENEILq, L OBLIGAI~tON INDEBTEDNESS IHt[ IS PMD B~ RE~,ENLES PRODUCED
FROM ANNUAL TAX LEVIES ON IHE TAXABLE PROPERI'Y WIIHIN $tCll DISTRICTS. PROPERTY OWNERS IN SUCH DISrRIC5S SlA'I BE PLACED AI RISK FOR
INCREASED ~,IILL LEVIES 4,ND EXCESS VE T~N Bt RDENS TO SUPPOBT THE SERVICING OE SUCtl DEBT WtlERE CIRCUMSTa-NCES ARISE RESCLrlNG IN lite INABILITY
OF SUCH A DISTRIC~ I'O DISCHARGE SUCH INDERIrEDNESS WITHOUrr SUCH AN INCREASE IN ~,IILL LEVIES. BU'IER SHOULD INVESI'IGATE THE DEBT FINANCING
REQLIREMENIS OF IHE AUIHORIZED GENERAl, OBLIGATION INDEBTEDNESS OF SUCIt DISTRICIS, EXISIING MILL LEVIES OF SUCH DISrRI£ Y SERVICING SUCH
INDEBTEDNESS, a-ND THE POTENTIAL FOR AN INCREASE IN SUCH MILL £EVlES.
In the e~ent the Property is located within a special taxing district and Buyer desires to Ierminatc this contract as a result, if v, ritten notice is given to Seller on or
bet'ore the date set forth in subsection 9 (bi. this contract shall then terminate, if Seller does not receive Bu?er's nolice h? ~he date specified abo~e. Bu,,er accepts the
effect of thc Property's inclusion in such special taxing district(s) and waives the right to so terminate.
~,d) Right to Cure. If Seller receives notice of unmerchamability of title or an) other unsatisfactor~r title conditiom s) as provided in subsection ~al or lb) abo~c.
Seller shall usc reasonable effort to correct said unsatisfactory title conditionl s l prior to the date of closing. If Seller fails m correcl said unsatisfactor~ title condltioms)
on or belbre the date of closing, this contract shall then terminate: provided, roy, ever Buyer may. by written notice received b~ Seller. on or beiore closing, waive
objection to said unsatisfactory title condltionls).
10. INSPECTION. Seller agrees to provide Buyer on or before ~ith 'a Seller's Property
Disclosure form completed by Seller to the best of Seller's current actual knowledge. Buser or any designee, shall have the right to b. ase mspection s~ of the phssical
condition of the Property and Inclusions. at Bu) er's expense. If written not ce of any' unsat sfactorv condition, s gned bv or on beba for Buyer, is not rece ~ed by Seller
on or before 19 {Objection Deadlinel. the physical condition of the Property and Inclusions shall be deemed
to be satisfactory to Buyer. If such notice is received by Seller as set forth above, a~d if Buyer and Seller have not agreed, in writing, to a settlement thereof on or before
19 {Resolution Deadline), this contract shall terminate three calendar days following the Re~olution Deadline:
unless, within the three calendar days, Seller receives written notice from Buyer waiving objection to any unsatisfactory condition. Buyer is responsible for and shall
pay for any damage which occurs to the Property and Inclusions as a result of such inspection.
11. DATE OF CLOSING. The date of closing shall be ,lnnrmry 2 19 9~ . or by x:utual agreement at an earlier date. The hour
and place of closing shall be as designated bY ~t!] lar
12. TRANSFER OF TITLE. Subject to tender of payment at closing as required herein and comp ance by Buyer with the other terms and pro~;isions hereof,
Seller shall execute and deliver a good and sufficient B ? o c q a l ~.qr r ,q n I~ y deed to Buyer, on closing, conveying the Property free and
clear of all taxes except the general taxes for the year of closing, and except ,,:lin p ~ cld on d ~tm
Title shall be conveyed free and clear of all liens for special improvements
installed as of the date of Buyer's signature hereon, whether assessed or not; except ti) distribution utility easements (including cable TV), (ii) those matters reflected
by the Title Documents accepted by Buyer in accordance with subsection 9(al, (iii) those rights, if any, of third parties in the Property not shown by the public records
in accordance with subsection 9(bi, (iv) inclusion of the Properly within any special taxing district, and (vi subject to building and zoning regulations.
13. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid at or before closing from the proceeds of this transaction or
from any other source.
14. CLOSING COSTS~ DOCUMENTS AND SERVICES. Buyer and Seller shall pay, in Good Funds~ their respective closing c sts and all other items
required to be paid at closing, except as otherwise provided herein. Buyer and Seller shall sign and complete all customary or required documeuts at or before closing.
Fees for real e~tate closing services shall not exceed $ and shall be paid at c osing by
. The local transfer tax of N / A % of the purchase price shall be paid at closing
by Any sales and use tax that may accrue because of this transaction shall
be paid when due by
IS. PRORATIONS. General taxes for the year of closing, based on the taxes for the calendar )'ear immediately preceding closing, rents, water and sewer
charges, owner's association dues. and interest on continuing loan(s), if any, and N [ A
shall be prorated to date of closing.
16. POSSESSION. Possession of the Property shall be delivered to Buyer as follows: al; 12'1os
, subject to the following lease(s) or tenancy(s):
If Seller, after closing, fails to deliver possession on the date herein specified, Seller shall be subject to
eviction and shall be additionally liable to Buyer for payment of $ ~] / 3~ per day from the date of agreed possession until possession is delivered.
17. CONDITION OF AND DAMAGE TO PROPERTY. ExcePt as otherwise provided in this contract, the Property and Inclusions shall be delivered in the
condition existing as of the date of this contract, ordinary wear and tear excepted. In the event the Property shall be damaged by fire or other casualty prior to time of
closing in an amount of not more than ten percent of the total purchase price. Seller shall be obligated to repair the same before the date of closing. In the event such
damage is not repaired within said time or if the damages exceed such sum, this contract may be terminated at the option of Buyen Should Buyer elect to carry out
this contract despite such damage, Buyer shall be entitled to credit for all the insurance proceeds resulting from such damage to the Property and Inclusions, not
exceeding, howeven the total purchase price. Should any Inclusionls) or service{s) fail or be damaged between the date of this contract and the date of closing or the
date of possession, whichever shall be earlien then Seller shall be liable for the repair or replacement of such Inclusion(s) or service(s) with a unit of similar size, age
and quality, or an equivalent credit, less any insurance proceeds received by Buyer covering such repair or replacement. The risk of loss for any damage to growing
crops, by fire or other casualty, shall be borne by the party entitled to the growing crops, if any, as provided in Section 2 and such party shall be entitled to such
insurance proceeds or benefits for the growing crops, if any.
18. TIME OF ESSENCE/REMEDIES. Time is of the essence hereof. If any note or check received as earnest money hereunder or any other payment due
hereunder is not paid. honored or tendered when due, or if any other obligation hereunder is not performed or waived as herein provided, there shall be the following
remedies:
la}IF BUYER IS IN DEFAULI:
(Check one box only.)
[] (!) Specific Performance,
Seller may elect to treat this contract as cancelled, in which case all payments ahd things of value received hereunder shall be forfeited and retained on behalf
of Seller, and Seller may recover such damages as may be proper, or Seller may elect to treat this contract as being in full force and effect and Seller shall have
the right to specific performance or damages, or both.
[] (2) Liquidated Damages.
~II pa.sments and tbing~ of value received hereunder shall be for ~ited by Buyer and retained on behaff or Seller and both par~ies shall thereafter be released
from all ohllgetions hereunder. It is agreed that such payments and things of value are LIQUIDa. TED DAMAGES and lexcepi as provided m subsection lc))
are SELLER'S SOLE AND ONLY REMEDY for Buyer's failure ~o perform the obhgations of this contract. Seller expressly waives the remedies Of specific
performance and additional damages.
(bi IF SELLER IS IN DEFAULT:
BuYer may elect to treat this contract as cancelled, in wfiich case all payments and things ~f 7clue received hereunder shall be returned and Buyer may
rec~er such damages as ma5 be pr~ per, or Buyer, may elect to treat this contract as being in full force ar, d effect and Buver~ shall have the right to specific
perf,:rmance or damage:~ or both.
(c) COST.~ AND EXPENSE~. ·
I I lion lrlSlfl outofmscontract thearbttrator rcour shflllaward
~.nvthing to the con rar¥' herein notwitEstanding in the event of any arbitration or .it'ga ' : · ' g . ,; ' t
val~e} b[ok~r or closing agent shall not be required to take any action hut may await an5 proceeding, or at broker's or closing agent's ophon and sole discretion, may
inle~tead all parties and deDosit an5 moncss or things o1' ~ alue into a court o(compctcnt ~ur~sdiclion and shall recover court cosls and reasonable atlorncy l~cs.
2IL ~LTERNATIVE DISPUTE RESOLUIION: MEDIXI'ION. If a dispute arises rc~ating to this contract, and is not resol~ed, the parties and brokerls~
re, ob. ed in such dispute (Disputams) shall first proceed in good ~aith to ~ubmit lhe matter to mediation, the Disputamq x~ill jointl5 appoint an acceptable mediator
,,; t ~i~' share eqaall5 in the cost of such mediam)n. In the evrnt thc entire dispute ~s mit rcsob, ed ~ithtn thirt~ ,50) calendar dass from t~c date x~rlttcn notice.
requestmg mediation is sent by one Disputant to the olhcrlsL tbe mediation, unless otherwise agreed, shall terminate. This section shall i~ot alter an5 date in this
contract, unless othe~ise agreed.
21. ADDITIONAL PROVISIONS: (The language of these additional provisions has not been approved b> the Co[orado Real Estate Commission.)
See attached addendum.
22. RECOMMENDATION OF LEGAL COUNSEL. B~' signing this document, Buyer and Seller acknowledge that the Selling Company or the Listing
Company has advised that this document has importam legal consequences and has recommended the examination of title and consultation with legal and tax or
other counsel before signing this contract.
23. TERMINATION. In the event this contract is terminated, all payments and things of value received hereunder shall be returned and the parties shall be
relieved of all obligations hereunder, subject to Section 19.
24. SELLING COMPANY BROKER RELATIONSHIP. The selling broker. N/A ·
· and its salespersons have been engaged as
Selling Company has previously disclosed in writing to the Buyer that different relationships are available which include buyer agency, seller agency, subagency, or
transaction-broker,
25. NOTICE TO BUYER. Any notice to Buyer shall be effective when received by Buyer. or~ if this box is checked ~ when received by Selling Company.
2,6. NOTICE TO SELLER. Any notice to Seller shall be effective when received by Seller
27. MODIFICATION OF THIS CONTRACT. No subsequent modification of any of the terms of this comract shall be valid, binding upon the parties, or
enforceable unless made in writing and signed by the parties.
28. ENTIRE AGREEMENT. This contract constitutes the entire contract between the parties relating to the subject hereof, and any prior agreements
pertaining thereto, whether oral or written, have been merged and integrated into this contract.
29. NOTICE OF ACCEPTANCE: COUNTERPARTS. This proposal shall expire unless accepted in writing, by Buyer and Seller· as evidenced by their
signatures below, and the offering party receives notice of such acceptance oh or before Do c~ ~mho _w 1 9 , 19 9 ~ (Acceptance Deadline). If
accepted, this document shall become a contract between Seller and Buyer. A copy of this document may be executed by each party, separately, and when each party
has executed a copy thereot; such copies taken together, shall be deemed to be a_full and complete contract between the parties.
Buyer Bu)er
Date of Buyer's signature 19 __ Date of Buser's signature 19 __
Buyer's Address
Seller Seller
Date of Seller's signature [ 9 __ Date of Seilcffs signature 19 --
Seller's Ai3dress
lhe undersigned Broker{s) ackno~ledges receipt of the earnest mone.', deposit specified in Section 3, and Selling Company confirms its Broker Relationship as set
forth in Section 24,
Selling Company,
Name and \ddress
By: 19 __
Signature Date
Listing Company
Name and Address