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HomeMy WebLinkAboutresolution.council.077-00 RESOLUTION NO. 5~ Series of 2000 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO, APPROVING A RESIDENTIAL CONTRACT TO SELL CITY OWNED REAL PROPERTY TO TIMOTHY WARE, A CITY EMPLOYEE, AND HIS SPOUSE, DEBORAH WARE SUBJECT TO CERTAIN OCCUPANCY AND RESALE DEED RESTRICTIONS FOR SAID PROPERTY, AND AUTHORIZING THE MAYOR, CITY MANAGER OR ASSISTANT CITY MANAGER TO EXECUTE SAID AGREEMENTS AND DOCUMENTS ON BEHALF OF THE CITY OF ASPEN, COLORADO. WHEREAS, the City of Aspen owns certain real properties situate in the Aspen Water Plant and Affordable Housing Subdivision in the City of Aspen, Colorado; and WHEREAS, the City of Aspen, in furtherance of its policy of assisting city employees in securing affordable housing, has indicated its willingness to have the said real property purchased by existing city employees subject to certain conditions and restrictions; and WHEREAS, the buyer of said property is a city employee and has indicated a desire to purchase said property from the City; and WHEREAS, the sale and purchase of said unit shall be subject to certa'm occupancy and resale deed restrictions. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF ASPEN, COLORADO: Section 1. That the City Council of the City of Aspen hereby approves-the sale of the following real property to Timothy Ware and Deborah Ware, as joint tenants: Lot 23 ~ Of the First Amendment to the City of Aspen Treatment Plant and Affordable Housing Project SPA and Subdivision, City of Aspen, Colorado, as shown on that certain plat recorded at book 44, Page 53, of the records of Pitldn County Clerk and Recorder's Office. For an mount not to exceed $304,000.00~ all as set forth in the Residential Contract to BUY and Sell Real Estate. Section 2. That the City Council of the City of Aspen hereby authorizes the Mayor, City Manager or an Assistant City Manager to execute all requisite documents to consummate the sale as contemplated herein. INTRODUCED, READ AND ADOPTED by the City Council of the City of Aspen on the ~ day of~ ,2000. I, Kathryn S. Koch, duly appointed and acting City Clerk do certify that the foregoing is a tree and accurate copy of that resolution adopted by the City Council of the City of Aspen, Colorado, at a meeting held on the day herein above stated. JPW-06/01/2000-G:\john\word\resos\ware-wauerplacehousing.doc RESIDENTIAL CONTRACT TO BUY A~N~I) SELL REAL ESTATE THIS AGREEMENT. made this day of .2000. by and between Timothy Bryan Ware and Deborah Jill Ware. Purchasers. and the CITY OF ASPEN. COLORADO. a Colorado home rule municipal corporauon. Seller. WlTNESSETH: WHEREAS, the Seller owns certain real property situated in the City of Aspen. Pitkin' County, Colorado: and WHEREAS, Timothy Bryan Ware is an employee of :he City of Aspen, and he and his spouse desire to purchase said real property as joint tenants: and WHEREAS, Seller, in furtherance of its policy of assisting its employees m securing affordable housing, has indicated its willingness to have the said real property purchased by City employees subject to certain conditions and restrictions: NOW. THEREFORE, in consideration of the terms, conditions, restrictions and covenants contained herein and in that certain "Occupancy and Resale Deed Restriction, Agreement and Covenant" appended hereto as Exhibit "A", the parties hereto agree as follows: 1. Subject to the terms and conditions set forth in this Agreement and the deed restrictions set forth ar Exhibit "A" appended hereto and incorporated herein as if fully set forth, Seller agrees to convey to Purchasers the following described property: Lot 23 of the First Amendment to the City of Aspen Water Treatment Plant and Affordable Housing Project SPA and Subdivision, City of Aspen. Colorado. as shown on that certain plat recorded at Book 44, Page 53. of the Pitkin County Clerk and Recorder's Office together with all improvements thereon and all f~xtures Of a permanent namm currently on the premises except as hereinafter provided, in their present condition, ordinary wear and tear excepted, hereinafter called the "Property". 2. The undersigned persons, Timothy Bryan Ware and Deborah Jill Ware, as joint tenants hereby agree to buy the Property upon the terms and conditions stated herein. 3. The purchase price shall be approximately $304,000.00 (U.S. Dollars), but inno event greater than two percent (2%) of the stated price. 4. Price to include any of the following items currently on the Property: lighting,' ,heating, plumbing, ventilating, and central air conditioning fixtures: attached TV antennas and/or water soften6r (if owned by Seller); all outdoor plants, window and porch shades, venetian blinds, storm windows, storm doors, screens, curtain reds, drapery rods, attached mirrors, linoleum, floor 1 tile, awnings, fireplace screen and grate, built-in kitchen appliahces, wall-t0-wall carpeting, all in their present condition, conveyed free and clear of all taxes, liens and encumbrances except as provided in Paragraph 11. Personal property shall be conveyed by a bill of sale. 5. If a new loan is to be obtained by Purchaser from a third party, Purchaser agrees to promptly and diligently (a) apply for such loan. Co) execute all documents and furnish all information and documents required by the lender, and (c) pay the customary costs of obtaining such loan. Then if such loan is not approved on or before , or if so approved but is not available at time of closing, this contract shall be null and void and all payments and things of value received hereunder shall be returned to Purchaser. 6. Purchaser agrees to apply for a loan and agrees to pay interest rate not to exceed 9 % per annum. 7. If a note is to be made payable to Seller as partial or full payment of the purchase price, this contract shall not be assignable by Purchaser without written consent of Seller. 8. Cost of any appraisal for loan purposes to be obtained after this date shall be paid by Purchasers. 9. An abstract of tire to the Property, certified to date. or a current commitment for title insurance~policy in an mount equal to the purchase price, at Seller's option and expense, shall be furnished to Purchaser on or before . If Seller elects to furnish said title insurance commitment, Seller will deliver, the title insurance policy to Purchaser after closing and pay the premium thereon. 10. The date of closing shall be the date for delivery of deed as provided in Paragraph 11. The hour and place of closing shall be as designated by mutual consent of the parties. 11. At the Closing, title to the Property shall be tuarketable by Seller. Subject to payment of the purchase price as provided in Paragraph 3 and compliance by Purchasers with all of · the other terms and conditions to be complied with by Purchasers under this Agreement, Seller shall execute and deliver to Purchasers at the closing a good and sufficient General Warranty Deed .conveying the Property free and clear of all liens and encumbrances, except recorded and/or apparent easements for telephone, cable, electricity, water, or sanitary sewer, and subject to building and zoning regulations. The parties hereto further agree to execute at the time of conveyance and have recorded, at Purchaser's expense, an "Occupancy and Resale Deed, Restriction Agreement. and Covenant" for the property on a form idenfmal to that appended hereto as Exlfibit "A' and incorporated herein by this reference. 12. Except as stated in Paragraphs Il and 13, if title is not merchantable and written notice of defect(s) is given by Purchaser or Purchaser's agent to Seller or Seller's agent on or before date of closing, Seller shall use reasonable effort to correct said defect(s) prior to date of closing. If Seller is unable to correct said defect(s) on or before date of closing, at Seller's option and upon written notice to Purchaser or Purchaser's agent on or hero,re date of closing, the date of closing 2 shall be extended thirty days for the purpose of correcting said defect(s). Except as stated in Paragraph 13, if title is not rendered merchantable as provided in this Paragraph 12, at Purchaser's option, this contract shall be void and of no effect and each party hereto shall be released from all obligations hereunder and all payments and things of value received thereunder shall be returned to Purchaser. 13. Any encumbrance required to be paid may be paid at the time of settlement from the proceeds of this transaction or from any other source. Provided. however, at the option of either party, if the total indebtedness secured by liens on the Property exceeds the purchase price, this contract shall be void and of no effect and each party hereto shall be released from all obligations hereunder and all payments and things of value received hereunder shall be returned to Purchaser, 14. The parties hereto acknowledge that the property is not subject to general taxes up to the date of closing. Purchasers shall be responsible for the paymem of all property taxes and assessments levied following the date of closing. 15. In the evem the Property shall be damaged by fire or other casualty prior to time of closing, in an amount of not more than ten per cent of the total purchase price, Seller shall be obligated to repair the same before the date herein provided for delivery of deed. In the event such damage is not or cannot be repaired within said time or if the damages exceed such sum, this contract may be terminated at the option of Purchaser and all payments and things of value received hereunder shall be returned to Purchaser. Should Purchaser elect to carry out this contract despite such damage, Purchaser shall be entitled to all the credit for the insurance proceeds resulting from such damage, not exceeding, however, the total purchase price. Should any fixtures or services fail between the date of this contract and the date of possession or the date of delivery of deed, whichever shall be earlier, then Seller shall be liable for the repair or replacement of such fixtures or services with a ur.:t of similar size. age and quality, or an equivalent credit. 16. 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 as herein provided, there shall be the following remedies: (a) IF SELLER IS IN DEFAULT, (1) Purchaser may elect to treat this contract as terminated, in which case all payments and things of value received hereunder shall be returned to Purchaser and Purchaser may recover such damages as may be proper; or (2) Purchaser may elect to treat this contract as being in full force and effect and Purchaser shall have the right to an action for specific performance or damages, or both. (b) IF PURCHASER IS IN DEFAULT, (1) Seller may elect to treat this contract as terminated, in which case all payments and 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 (2) Seller may elect to treat this contract as being m full force and effect and Seller shall have the right to an action for specific performance or damages, or .both. (c) Anything to the contrary herein notwithstanding, in the event of any litigation arising out of this contract, the court may award to the prevailing party all reasonable costs and expense, including anorney's fees. 17. Seller represents and warrants to Purchasers that it is not a foreign person as defined in Section 1445(f) (3) of the Internal Revenue Code of 1954, as amended, and agrees to execute and deliver to Purchasers at closing an affidavit of such fact. 18. The terms and provisions of this Agreement shall be binding upon and shall inure to the benefit of the heirs, executors, administrators, personal representatives, successors and assigns of the Seller and Purchasers; provided that the Purchasers may not assign or modify this Agreement without prior written consent of the Seller as contained hereto. IN WITNESS WHEREOF, the parties have set their hands and seals on the date first set forth above. SELLER: CITY OF ASPEN, COLORADO ATTEST: ty Clerk PURCHASERS: 4