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HomeMy WebLinkAboutbocc.ord.031.2006U .~ AN ORDINANCE OF THE COUNTY COMMISSIONERS OF PITHIN COUNTY, c ~ COLORADO, APPROVING ACQUISITION OF A CONSERVATION AND TRAIL ~, r~? EASEMENT AND FEE ACQUISITION ON GRANGE FAMILY RANCH \'~`~~ ~ ~~ ORDINANCE # 06- ~j ~'4 r •., Y ~ ~• :~ .~ RECITALS 1. The Pitkin County Open Space and Trails Board of Trustees is charged with the ~~ '~~ responsibility of acquiring open space properties within Pitkin County. 2. The Pitkin County Open Space and Trails Board of Trustees has designated certain types of properties as priority acquisitions, with scenic lands, habitat ;~ lands, and agricultural lands each as priorities. 3. The 246 acre Grange Family Ranch (hereinafter referred to as "the Property") is '~ ~ possessed of outstanding scenic, habitat, recreational and agricultural values. ~ ~ Approximately 33 acres, including the Roaring Fork River bottom, lie in Eagle a ,~ County. ~.) 4. The Property is a historic ranch that is important habitat for such species as mule deer, elk, and golden eagles. The Roaring Fork River flows through the Property `~ and provides important habitat and recreational resources. The Property is also ~'' bounded by the Emma Open Space on the west, and BLM land on the south. .~ 5. The Grange Family is willing to sell the Roaring Fork River land, comprising approximately 15 acres, and the place a conservation easement on the balance of the approximately 246 acre ranch, for $5,000,000, with a condition that we would `v ~ have until November 30, 2006 to assemble the financing. 6. The conservation of the property can be achieved while allowing one additional homesite and preservation of the two existing residences on the ranch. 7. On October 5, 2006, the Open Space and Trails Board recommended an expenditure of up to $3,000,000 for the conservation and trail easements, and authorized up to $20,000 additional expenditures for transaction costs. We are optimistic that the balance of the funding will be available through Eagle County and the Town of Basalt. 8. During the reauthorization of the County Open Space Program in the fall of 1999, the County Financial Advisory Board advised the County to use its bonding authority to secure the maximum amount of desired open space during the first few years of the reauthorized program. RECEPTION#: 541976, 09113!2007 at RECEPTION#: 5453x9, 12/28/2007 at '12:32:43 PM, 09:07:54 AM, 1 OF 4, R $0.00 Doc Code ORDER 1 1 OF 20, R $OAO Doc Code ORDINANCE Janice K. Vas Caudill, Pitkin County, CO Janice ~. Vos Caudill, Pitkin County, CO NOW THEREFORE, BE IT ORDAINED, by the Board of County Commissioners of Pitkin County, Colorado as follows: 1. The Board approves an expenditure of up to $3,000,000 on the Grange Family Conservation and Trail Easements pursuant to the terms of the attached contract, and further authorizes the Open Space Department to expend up to $20,000 on related transaction costs. 2. The Chair is authorized to execute the contract in substantially the form attached as Exhibit A, and is authorized to execute such other documents as may be necessary to finalize this transaction, included any documents needed to secure grant assistance from Great Outdoors Colorado. 3. The Board of County Commissioners hereby declares its official intent to reimburse current expenditures from a future issuance of Pitkin County general obligation bonds. The maximum amount of bonds expected to be issued for this project is $3, 070, 000. 4 That the year 2007 budget will include the following: OPEN SPACE AND TRAILS FUND Previous Revised Budget This Change Proi Budget $ $ $ Grange Family Ranch Acquisition Acquisition costs for the Grange Family Property will be reimbursed from a future issuance of county general obligation bonds: Bond proceeds(revenue) 0 3,070,000 3,070,000 Grange Family Ranch acquisition 0 3,000,000 3,000,000 Bond issuance costs 0 50,000 50,000 Transaction costs 0 20,000 20,000 Total Grange Family Ranch expenditures 0 3,070,000 3,070,000 ~~ t~. ~u~ INTRODUCED, FIRST READ, AND APPROVED ON THE . ; OF C~~',~~~ 2006. 2 ~ ~~ ~r~n~ ~t~~f -q.ez~ec~~ J ~~/C NOTICE OF I'UB ISHED IN THE WEEKEND EDITION OF THE ASPEN TIMES ON THE ?.~ DAY 0~~~;~,~`006. }~~l~/3Gd'ti-~ ~- '3 ~Lc~ ~~-E'-~L~E' i i~~ ~, ~~11%3r /C ¢,~~ cc.1~~ vc~ ~'~~- /O_~ 5`-~~:. PUBLISHED AFTER ADOPTION IN THE,~W~~KEND EDITION OF THE ASPEN TIMES ON THE _ J ~ :DAY OF ~`~,~~,~ ~,z~. 2006. APPROVED AS TO FORM: John ~" i i l~ - ~~. Dare Will, Director Open Space and Trails Program BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO Mick Ireland Chair Date: ~ ~ " ~ l ~---- Hilary I Cher County Manager 3 ATTEST: RECEPTION#: 541976, 09/13/2007 at 12:32:43 PM, 4 OF 4, Janice K. Vos Caudill, Pitkin County, CO Exhibit p3 -Map of Grange Ranch - -~.... 4~ ~ar3 4;' ~ ~, 1117 Grand Avenue ~ Phone:970-947-9300 Glenwood Springs, CO 81601 ' ~ ,` Fax: 970-947-9335 SN~a 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (CBS 1-10-06) (Mandatory 1-07) THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. CONTRACT TO BUY AND SELL REAL ESTATE (ALL TYPES OF PROPERTIES) Date: June 21, 2007 Purchase Price: $ 375,000.00 1. AGREEMENT. Buyer agrees to buy, and Seller agrees to sell, the Property defined below on the terms and conditions set forth in this contract (Contract). 2. DEFINED TERMS. a. Buyer. Buyer, Pitkin County and/or assigns Recommended for approval by: Dale Will, Director Open Space and Trails. will take title to the real property described below as ^ Joint Tenants ^ Tenants In Common ®Other b. Property. The Property is the following legally described real estate in the County of Pitkin Colorado: Attached legal known as No. Parcel 3 TBD Street Address City State Zip together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto, all interest of Seller in vacated streets and alleys adjacent thereto, except as herein excluded. c. Dates and Deadlines. Item No. Reference Event Date or Deadline 1 § 4a Alternative Earnest Money Deadline mec + 5 days 2 § Sa Loan Application Deadline n/a 3 § Sb Loan Conditions Deadline n/a 4 § Sc Buyer's Credit Information Deadline n/a 5 § Sc Disapproval of Buyer's Credit Information Deadline n/a 6 § Sd Existing Loan Documents Deadline n/a 7 § Sd Existing Loan Documents Objection Deadline n/a 8 § Sd Loan Transfer Approval Deadline n/a 9 § 6a(2) Appraisal Deadline July 20, 2007 10 § 7a Title Deadline June 29, 2007 11 § 8a Title Objection Deadline July 16, 2007 12 § 7c Survey Deadline July 30, 2007 13 § 8c(2) Survey Objection Deadline July 31, 2007 PREPARED BY; Marianne Ackerman, Broker /Owner CBS 1-10-06, Contract to Buy and Sell Real Estate (All Types of Properties). Colorado Real Estate Commission ReaIFA$T® Software, ©2007, Version 6.16. Software Registered to: Marianne Ackerman, The Property Shop, Inc. Buyer(s) 06/21 /07 14:42:18 Seller(s) Page 1 of 11 5 14 § 7b Document Request Deadline July o2 , 2007 15 § 7d(5) CIC Documents Objection Deadline n/a 16 § 8b Off-Record Matters Deadline Ju1y2 , 2007 17 § 8b Off-Record Matters Objection Deadline July o9, 2007 18 § 8f Right Of First Refusal Deadline n/a 19 § l0a Seller's Property Disclosure Deadline n/a 20 § lOb Inspection Objection Deadline August o1 , 2007 21 § lOc Resolution Deadline August 02, 2007 22 § IOd Property Insurance Objection Deadline n/a 23 § 12 Closing Date August 31, 2007 24 § 17 Possession Date August 31, 2007 25 § 17 Possession Time closing 26 § 29 Acce tance Deadline Date June 22 , 2007 27 § 29 Acceptance Deadline Time Noon 27 28 d. Attachments. The following are a part of this contract: 29 Legal description 30 Note: The following disclosure forms are attached but are not a part of this contract: 31 32 e. Applicability of Terms. A check or similar mark in a box means that such provision is applicable. The abbreviation 33 "N/A" or the word "Deleted" means not applicable and when inserted on any line in Dates and Deadlines (§ 2c), it means that 34 the corresponding provision of the Contract to which reference is made is deleted. The abbreviation "MEC" (mutual execution 35 of this Contract) means the latest date upon which both parties have signed this contract. 36 3. INCLUSIONS AND EXCLUSIONS. 37 a. Inclusions. The Purchase Price includes the following items (Inclusions): ~ \ \ \ \ \ \ \ \ \ \ ~t~j\ h'hic`t~lAes~1Y'~a`ttklsh~ ~o\ ~It~e\lttb)thi't~ bh\th~ liht'e\dt\t`h`is\ ~bi~irhdt) Xi~ht`+t\~\tkk~it~~,\~l1~la~bYfY~,\J~eli'li~~tin`g\ h~f21 air ~ \ \ \ \~nYi1t'ldx~ih~ \fXx~thAe~\'v~ b>4bb~ih~\ib~il~\~ek`p'hbt1R \v?xik`n~\'~t~d ~Cbhtl~c`t11~\ hlbbAsYJabk~,\iJlbhfis\ bliki~oks~\i9dJr\ hdJ~et-tngs, ~ \ \ \ \ikt~radrla~sy~tlelr~s~ bixNt~tn\Aitdh~eb\ap~likh~\ ~)jrYr~IcVgt\~~s?Seb1s\'d~d. ~atltkdl~ \Bt~ikaila\J~abhtYrla\s\j~~ekt~s\(Ytldlh2li\t~~ab~~sas~tti'es), 4~1\\\\\~~r'etc\2ldcjrb`pbhAr~`itlc~ltY~ib~\\\\\\\\r~bb'~,adr,`ttbY~~al~kl\G7,\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ d~3\ \ \ \ \ \ \ \ \ \ \ ~,~)\ kA~sbil~~et~kkd~el-l~~\~'h~ ~'ahd~hl~\hrb\i~t~hlldba\i3~b1~\t`hb\i>rb~bt't~ ~Ik`tP-~r\~tt~a`c)aA~ bkbb`tb`n\ ~tt~e\ Y~th b~this 4v1\ \ \ \ \~aatk~c~t \ ~tbivb\~khllib~\ ~tbkda\c~c?o`r~,\~ktYibb\'arld ~i9~c`h\ ~h`ak1~~,\a\#r~i3a~s~\t~li~n~~ ~c~r§~t~s) WvA21dJv~cb~~tVl~s~ bltkthtn\ gods, 4~5\ \ \ \ \~rbj~gt'y\tbl~ \ ~it~e`pY~cb\ikt3~s) ~r~~lhisd ~dt'ehtYs'~ \fk>Q~Ikha ~k~th~\Rek~its~~s~dv~e~ ~ ~t~i<a~gb\s`hbi9~,\~,Yl\ X11 `kk~s~\1'1'bllkak>e~n the ~6\\\\\~Ylbwia~~~ev~ant~aa:\aw~~tk~`~blFt~ha~\'C1`,s~laa~r>F~\>~at~a~~~\ ~ac~u~rllt~y~~'siKek-`-~\D,~~t~e~li~tb`6~~e~s\~ib~h,Yiing 4~~\\\\sb`tdllv~e\~.i31~s)\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ ~\\\\\\\\\\~,j\b`tild~t~c`I~sla~sl\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ S(~ \ \ \ \ \ \ \ \ \ \'914A \l~eksb~t`a~ `i~d~e1-ty\ io\ bis \cob~hy\eld~'at\ fi'IdsYt~g\ ~h~~ bb\cbb~~y\~ \Hy\ ~hN~r\ ~i eb\~nM ~I~ehA b3~ ~aYl\ ~ak~~ `(hx'~cept sl\\\\\~~~~~~,~p~e~ty\t~~~\~,~~e\~e~><b;i~~Y,~g\j~kat~\~,d\~,~~,>~,~~a,~~~~~~~t\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ s,~\\\\\jai',aey~~,a~,~~l\~e\~,>,h;y~ar~~~e\ar\a~~a~~,~Y;~a~l~ya~Y~,~~,~,,~~\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ S~cl\\\\\\\\\\\~j\''I'k~~~.h'~~~~\\~~thkds~l~at\ti9`t~adi~`fi~c`t~.rb3,\~eY(tekhtl~~l~yAfl~rhA~as\bYb\~\\\\\\\\\\\\\\\\\\\\\\ \9,5\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ \3v\ \ \ \ \ \ \ \ \ \ \'Y'h1Y\1rr~a$~ ~'1,x`tdrb~ `cd bb bb~dd~e~l\a`t `CUb~ita~ ~Shall~'b~ bbi~~A~e1i\ b~ `S1eXlht~ ~fi~elz\~nld\dla~r\df\ak>\ ~akhsl ~cbh~t\~~dn~a~ \~,~,\\\\~,~~,~~~~~,,~e~~,~~,~~,~~~a~~b~~,~gy~l'~,~~~-~~eb~a,~,~~aa~,~a~,~~a~t\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ \ss,\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ \~,~,\\\\~~aa~>Qa~~-~ayr`l~\e,~byi`at~~a~,at~at~~,~,~,,y~aa-~ya~Y~f~~~ib~e~,~~\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ PREPARED BY: Marianne Ackerman, Broker I Owner CBS 1-10-06, Contract to Buy and Sell Real Estate (All Types of Properties). Colorado Real Estate Commission ReaIFA$T® Software, ©2007, Version 6.16. Software Registered to: Marianne Ackerman, The Property Shop, Inc. Buyer(s) 06/21/07 14:42:18 Seller(s) Page 2 of 11 \go, \ \ \ \ \ \ \ \ \ \ ~~>\>~>,k~~~~~~~ao~~~~ >~~ai~i~~~.\ \Q ~d ~rv~ \ \ ~ ~,~a~>,~p\ b~ ~h~e\~b~l~~~,~, ~~rk~n~\~a~~~~:\ \ \ \ \ \ \ \ \ \ \ \a,\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\;\ \~\\\\\\\\\\~a)\v~~t~k~i~t~t~~~l,~~Ha~b~g\l~~~l~~a~~ait9d~.~~e~r~r~~~\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ \$b\\\\\?obj~~\aYdr4l~t~t~~AaY1`6c~ddr`,~1~j~Ac~by\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\~lc~\dr\b{~hbhbbj~ha~byAyg~ay\ila3tkt~r)aA>~t~ 67 The Well Permit # is 189980 68 \ \ \ \ \ \ \ \ \ \ `('~)\ Y~-bWiih ~ ~rb~3.\ Wti~h\>*e~~~c`t lid ~tb\~t\ily~ bk~p`s~ Sal'1~rY~1~ki~t~y~ek k~i\e~~a~ `fdhd~k~;\ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 69\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 70 \\\\\\\~\\plc}~\`gy~~~~da,~~g\i~enls\dr~~ek~bld~21\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 71\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 72 4. PURCHASE PRICE AND TERMS. The Purchase Price set forth below shall be payable in U.S. Dollars by Buyer as 73 follows: 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 Item No. Reference Item Amount Amount 1 § 4 Purchase Price $ 375,000.00 2 § 4a Earnest Money $ 5 , 000.00 3 § 4d(1) New First Loan n/a 4 § 4d(2) New Second Loan n/a 5 § 4e Assumption Balance n/a 6 § 4f Seller or Private Financing n/a 7 8 9 § 4b Cash at Closing 370,000.00 10 TOTAL $ 375,000.00 $ 375,000.00 Note: If there is an inconsistency between the Purchase Price on the first page and this § 4, the amount in § 4 shall control. a. Earnest Money. The Earnest Money set forth in this section, in the form of good funds is part payment of the Purchase Price and shall be payable to and held by Land Title ' (Earnest Money Holder), in its trust account, on behalf of both Seller and Buyer. The Earnest Money deposit shall be tendered with this Contract unless the parties mutually agree to an Alternative Earnest Money Deadline (§ 2c) for its payment. The parties authorize delivery of the Earnest Money deposit to the closing company, if any, at or before Closing. In the event Earnest Money Holder has agreed to have interest on Earnest Money deposits transferred to a fund established for the purpose of providing affordable housing to Colorado residents, Seller and Buyer acknowledge and agree that any interest accruing on the Earnest Money deposited with the Earnest Money Holder in this transaction shall be transferred to such fund. b. Cash at Closing. All amounts paid by Buyer at Closing including cash at Closing, plus Buyer's closing costs, shall be 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). \\\\\\\~\\~b~,\1~~,~,a~~a~~~~~,a~~~,~a~~,~~~~~y~ar~~'s~a~~a~,~~arl~~t\~,\\\\\\\\\\\\\\\\\\\~b~,,y~ab\ \ \ \ \~~ ~h ~~tkt~t~jaek'§ klb~k>~ay)vt~e~il~~e'llkt\ 3t~aY (\~13d,~a's 1CldsYtl~~ckddih ~o\>Y d~~+-~thd'a~nbZxht\dt\$~ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \tb~a~~i~t\ \ \ \ \~ith `~bh'~ ~b~h,~\~~~\ ~b~ t~o\da'~cbb~l `tl~'ark~but~t\Zltl-e\i5-b>'n\>Yh~\~r\tbi~ ~dc~h\ dds`ts~ \~h1~~A'at4~b',thtY;\al-a 1'r~ k2l~iliibh `tb `alai ~S~t1n\ \\\\~-~k`h>a~h~rba~~, d~d~~~g~~~,~p,a~aa,hdr~~it1`ttli?S~Cbblrhat\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ \\\\\\\d,\\~~~~~yd,~.\\[1~1„~;tt~bL~b`tlAyjp`li>Va61~~\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ f. Seller or Private Financing. [Omitted -Not Applicable] 5. FINANCING CONDITIONS AND OBLIGATIONS. a. Loan Application. [Omitted -Not Applicable] b. Loan Conditions. [Omitted -Not Applicable] c. Credit Information and Buyer's New Senior Loan. [Omitted -Not Applicable] d. Existing Loan Review. [Omitted -Not Applicable] 6. APPRAISAL PROVISIONS. a. Appraisal Condition. ® (1) Not Applicable. This § 6a shall not apply. PREPARED BY: Marianne Ackerman, Broker /Owner CBS 1-10-06, Contract to Buy and Sell Real Estate (All Types of Properties). Colorado Real Estate Commission ReaIFA$T® Software, ©2007, Version 6.16. Software Registered to: Marianne Ackerman, The Property Shop, Inc. Buyer(s) 06/21 /07 14:42:18 Seller(s) Page 3 of 11 103 ^ (2) Conventional. Buyer shall have the sole option and election to terminate this Contract if the Purchase Price exceeds 104 the Property's valuation determined by an appraiser engaged by n/ax . 105 The Contract shall terminate by Buyer delivering to Seller written notice of termination and either a copy of such appraisal or 106 written notice from lender that confirms the Property's valuation is less than the Purchase Price, received on or before 107 Appraisal Deadline (§ 2c). If Seller does not receive such written notice of termination on or before Appraisal Deadline 108 ~~§§ 2c), Buyer waives any right to terminate under this subsection. t 0~ \ \ \ \C\7~ \ \ \ \ ~,j\ ~~A\\hl's\ h~~rk~.s`1~\'a~rbh~l kt),a`t 1ibt~~i`tRs`t~t~dirk~ ~a~1~\ bklk~`pkbai~ibkh b1l'?sti~i~ 1Cbkiir~aht~ kt~e\Ikt~r~h~s~e?~ ~>§ t1~e1'~ 3i~aY 1~ 110\ \ \ \ \tkdt~b~e\db`It~ghfiekitib~Cbhl~pk~ta 1Re\dtk~~h~s~b~'`tAd kt~o`plzt~tj~Mzkck~#e1i\llek~it~bl~`td krkLk ~hy\ pbtk~lhy\6y\ ~drl~eitltkd bh ~'at'nlz3t\lalbh~~ 111\ \ \ \ \b~pbkitis\ hA bt`hb?~~~Shliln~ke~3'tlle\1~dt'chhs'ek `(~t~~~r)'k~'a~ h+a~n\~ti~{~ ~i~ ~a~rh~rklz\~itA k-tdY>~X~Ab`r\\kA~r~i~Jik~llAt~h k\~t'it'tdn\ 112\ \ \ \ \ s~htleirt~elat~ `isY;kth~ ~b~\ ~~e\ Ic~de1~~1\ t~ibkt~il~~\~drlalsiY ~sldrkk,\ b~e~l~atYhlehh b3F \\X~t~~ax~~ 1~£1'~ii~s~ for\~ `Uik~c`t V~t~dnks~ekt~rt`t Vhrkdel~\ 113\ \ \ \ \~e`ttkrkg\ ~o1-th\t'h~`a~~st~als~eki\Ja'tt~e\afltkib ~P"ra~eY-t~\di\rk#V~s~~th~'S \ \ \ \ \ \ \ \ \ \ \ i \ \ \ \ \ ~t~\I~ttkhft~s>zi< ~1§h~\~-) ~h~1X'h~a~~ 111e\ 114\ \ \ i \~r1ai'le~g~~tat'nkl~C}p`ttbktb~p4ad~eki~rt~g\~k)v~cbia~~klltb~tdad bk'`tl~e\~hrlt`r~c'tY~t~stl~du`t l~~~a1~21 `td klk\~rhadrk~th~ k~~t'a~s~N4~kkta'~ibiv\ 115\ \ \ \ \~'A~ nd~rk~s§b b~ahhkihtY Ys\ h,~hk~ibk `cd klatlzi~rlat~n`e\tlah 11k~1't1~ktM\ h~tblrt~~~A kl~e\~ih~~rt~r)sAt~tb`~1\1`tdilskrkg\ ~arkl~ kh6~n\ b~~Al~~t'n~hi~ 116\ \ \ \ \~kl}, Vh~h-A ~ 1~-t~i~.>q\ 2id~s\ t~at\ \~akt\a11k \tkh \aa`id~ ~rtbk \t'hh\ddl~tldr~ b`f\ tYt~\ ktb~pbktj~\ \l~hb\ k~ttb`h'a~er\ ~a~ek~ `sha~tk(\ ~ac~STj\ 11~\\\\Rikt~s~t~fYlt~eks'e'1t\t'k>,hint'h~~p`ri!c~`aki~~cbh2litiblab`f`tA~ktb~~i~tj~~ak~~ar~e~l~a`bk~,\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 1 t $~ \ \ \ \Q~ \ \ \ \ ~#,j\ Vkt1 \I`t Ys\ bx\13r~~s'ly1 h~rizh~l `tAa't\ ddtW~it`hkt>~ktM~n~g\~t1~y\ c1tY1~~ ~t+dJ~i~ia-ls\ bh t11Ys\ ~blai~'eat\ ~1~e\~t?r~A~s~3~ ~>§tY~e`r~ 3t1aYI~ 119\ \ \ \ \~\iklhdA htk~ pb~-~ltry\ by\ ~,\tbadr~\dt\i5.h~,1Q~t\Mbkth~ bkb`th~i~e\ ht1'b~b~bYi~g'ai~ekl\tb\cob't~l~~e\t'tt~\ijtlratla~shb~tlnh ~rh~~~ 120\ \ \ \ \$~sh~ih~d `h~i~itk,\ 1,1\ ~hlz\ ~Cbhtk~c~t\>Ytkr~lv~s+e\ Atdad bk\do~sa ~ekh~\ tY,~\ t~e~~dn~abk\ ~'dRtk\ di\ 11k\ ~kd)3ekty\ hstt~a6l~s`h~a \lkj\ kA~ 121\ \ \ \ \Il~h~~rh~rk\dl\ \\\e`t~rhh~ k1~#3Fa`it~s\ ~1ky-htkal4a~At\ (~tk~ek~ ~RaYI~ `hbkJ~e~ht1 V1`akA tAd bt~iL~l~~e\ ~rkX bj~rtidrk b;<)tkdc~e~2111~\,~,th `tAc\ 122\ \ \ \ \ddv>~~td~kr~a`tbk~k#\tk~s\~clrkhab't Wv~ttb'ut~ t~e~g~i~ ~o\ i91b\ab'kkhl`t b`f`tlkc\ t~ebkarla`b`I~ ~~lkh b3tkblys~l~ek1\t3y\ty1~V~~3aktb~edc bk''aJ~e`t~r~atls\ 123\\\\\Akt~h•~\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 124\ \ \ \ \ \ \\r,~\~~>ra~a~~~~i~~l~ \~a~t\al\ ~~,\~a~~~aY~aY\tb\h~ b~b~ia~a ~~t~~ ~th~ ~~e\ b~\thr~\ ~~h~r~~\~h~~l\ ~~ \thr~ly\~~ia\a,~ 125\\\\\C~\~,y~k\~`~}I~~,\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\i\\\i\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 126 7. EVIDENCE OF TITLE. 127 a. Evidence of Title. On or before Title Deadline (§ 2c), Seller shall cause to be furnished to Buyer, at Seller's expense, 128 a current commitment for owner's title insurance policy (Title Commitment) in an amount equal to the Purchase Price, or if 129 this box is checked, ^ An Abstract of title certified to a current date. At Seller's expense, Seller shall cause the title insurance 130 polic to be issued and delivered to Buyer as soon as practicable at or after Closing. If a title insurance commitment is furnished, 131 it ~ Shall ^ Shall Not commit to delete or insure over the standard exceptions which relate to: 132 (I) parties in possession, 133 (2) unrecorded easements, 134 (3) survey matters, 135 (4) any unrecorded mechanic's liens, 136 (5) gap period (effective date of commitment to date deed is recorded), and 137 (6) unpaid taxes, assessments and unredeemed tax sales prior to the year of Closing. 138 Any additional premium expense to obtain this additional coverage shall be paid by ^ Buyer ®Seller. 139 b. Copies of Exceptions. On or before Title Deadline (§ 2c), Seller, at Seller's expense, shall furnish to Buyer and 140 Realtor , (1) a copy of any 141 plats, declarations, covenants, conditions and restrictions burdening the Property, and (2) if a title insurance commitment is 142 required to be furnished, and if this box is checked ®Copies of any Other Documents (or, if illegible, summaries of such 143 documents) listed in the schedule of exceptions (Exceptions). Even if the box is not checked, Seller shall have the obligation 144 to furnish these documents pursuant to this section if requested by Buyer any time on or before Document Request Deadline 145 (§ 2c). This requirement shall pertain only to documents as shown of record in the offices of the clerk and recorder in the county I46 where the Property is located. The abstract or title insurance commitment, together with any copies or summaries of such 147 documents furnished pursuant to this section, constitute the title documents (Title Documents). 148 c. Survey. On or before Survey Deadline (§ 2c) ®Seller ^ Buyer shall cause Buyer (and the issuer of the Title 149 Commitment or the provider of the opinion of title if an abstract) to receive a current ®Improvement Survey Plat 150 ^Improvement Location Certificate ^ 151 the description checked is known as Survey). An amount not to exceed $ \ for Survey shall be paid by 152 ~ Buyer ®Seller. If the cost exceeds this amount, ^ Buyer ®Seller shall pay the excess on or before Closing unless 153 Buyer delivers to Seller before Survey is ordered, Buyer's written notice allowing the exception for survey matters. 154 d. Common Interest Community Documents. 155 ® (I} Not Applicable. This § 7d shall not apply. 156 \ \ \ \ \ \ \ \ \ ~~,>\ ~~-aa ~a~e~~~t~aa~nti~Y~\>~~~~~a~e~ \~lY>~ \>~m~>~~~ ~s ~.~A~>"b\ r~l~ ~lr~\A\~m~l~l~. ~tvY~l\ 157 \ \ \~b~11~lI~l\~ \At~I~ \i~\ J'~C\~ \~fim\ \>9~~X.~`I~A'ki~d1V\ ~b`i~ \~U` ~hl\ `c.`d11~1kVl~ilN`l~'1~\ \~fiiy>"\ Y1,V~kJ~~ \bfi\ "rl~\ 158 \\\~>~b~~~`c~~~~)L\~~\l~~kJ~ti~~'d~'~b\>3>Y~i\ivk>31~`~b`~\~>~1~\(9~Y>Y>~'t;\AS~~~IAY~km1u\1\c-f~\~C~Y~'~1~f~Y>J1l~I~'Y\Al~'ti~ 159 \ \ \ ivY1;.~\ ~>~ \ ~~ \~m\ \~$ \ ~\~,A W5\ \At~ \ R~Y,`1/\5\ \At~ \ k~Y~i7,flA~'k-~v`~\ `dl~ \'~l~\ \ASS~i1C1AY'~m1~ \'~l~ly~\ 160 \ \ \>b}/~.k\\1~A'~1~6~r~ 1~~I.\40tIrS11a~>~Y~>y~,~s\~IVb\Ii~~~N.\~~fi>`dl~l~ \V~~\>~ X1~fPYis~\ 1r i~At~CY~ik,\m1~kkL~a`~Yb~~bfiX'rl~-1~\ 161 \\\mWcI~i~k\~h'9Y~kkY'h~\1Y~X~>1~k71INY;`?~k1~m~Y,Yuki\1~1bY`XY'b\>YAY\ASS~SSM~'h~~\~AI~,\AS~mLc'~A'r~m1~11X1~'Y"k~\ 162 \ \ \mWtI\I~k\>~b`~S\N~'I\ 1~k1\Y~'q'> t~5~ ~A~~~~'6"1VI>~NY'~~ ~l't 1;$1A~1S`O~~t~t\~t'dI~Y `C~>J~kb\ Ni~aA~\ k\\ 1~1~$I~IaiV\~I~I~~bfi~kY'~'~ PREPARED BY: Marianne Ackerman, Broker /Owner CBS 1-10-06, Contract to Buy and Sell Real Estate (All Types of Properties). Colorado Real Estate Commission ReaIFA$T® Software, ©2007, Version 6.16. Software Registered to: Marianne Ackerman, The Property Shop, Inc. Buyer(s) 06/21107 14:42:18 Page 4 of 11 Seller(s) 163 \ \ \A1~U ~b`s`Sk>~~,Y\~$>1~Y~'\~b`I~\~'ciY~$ ~'fi ~~tY~\>~>vs~isk~`I~~'I`dN1~~Yk,1A\Vv'c~ k,`I~`I~IYfl>~~ ~\rY>~\l~$~~`L~\~I~l~ YN~\ 164 \\\'~AI~\~b~JifvfiXlyfi><I'tV~A\Y~Y~R`dit1~N\~'1~1~\b\~ir1•>~\~ItY~\lbl~°\I~IR~~\$1\Ik1`i~$S\'1\b\~IY~\l~I?i~k~lt'4M~KIV~~bJ~l\aA~ t 65 \ \ \?~1z~C+Ik1~c\'i\LY1~o.~,\ Yt~\kPl/\W\ $\1'~ \~>?I~,\ ~`S`SY~iIk~,\7tlb~ ~ \A\ ~~kivltq'1 `dl~ \~i'I~\ k~'~'~1k~\1~Ibfi~X)\ k~~>q\'T~\ 166 \ \ \1~kkkll~\kAd\ ~b~ \ \IY~$ \ 1A~S\~~M-\'1~1`~11 \ \(~~rk1C,Y~~>~f~S\ \~~ \ Y'I~O>~$1~~'Y\ \~VY"fk1~IN\ \'fit~I~\ \~ml~l~l\\1171~. \ ~]~IY'~~~`6~I\ 167 \ \ \~~~,V11~XI~YKI\1\ \~mX11.`l~. ~Il~l\V~.4'1cIY~l~$ \'filY>/\ 1r t~YA1~lY+lk,1.\ Y~I\lY~"~I'dI~1S \mfi\M`>/+I~k$)/1~`6\ 1i~F\'~`Il~ \4SS~L~XA~'kk1~1\ 168 \\\i~>yk~A~${~5~1.6~J~,~~~A~I~Lfl~Y\IZ~?\~~'~)~1~~'I.~A\1ZA'T~b1V\1X61\'1\I-Y$ACC'011~I'1Vi~)It~l`I'1'Y\A~'T'k-l~\~1'`L~1\VV'S\A1~7~ 169 \\\j~Tj~,~`s\A1~iz~1C~$A~'k-tv'Sd>fi'4~[~~1`5`S~Ik~.`alb`I~\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 170 \ \ \C\7~ \ \ \ \ ~,j\ Nbk lirbktkllt`ldda`1bh\1k~di~Jv\ \>~a~ek\~c`klab~'Ie~dg~~ ~tR~t\ $kij~ar\ la~as~ ~rAckkJ~e1-I~ k\dc?P~\ ~~ `tAa b\~c~eks~ \~skadi~tkdn\ 171 \ \ \~i~aai~~;aa>\a~~tr~t~at~~ ~~>~~~~~ty~\~~nt~~ar~~i~a~,~p~><ty\,~aa ~~,~~a,~~~~ ~tiaa~t~~ ~~ ~b~a~e~aat\~n~t~t~naa~aar~~t~aat~ 172 \\\~1n`i~1>1t~~b'f`aktj~\dit~ebk)rk'\rki~At~.r1~g`s\~Itkk?g\kh~e\~lrldr?~thy~ekbkl\ilrkr~Adi~ai~eXy\pk~cbkiit~~g\fi~tt~e\~>z'~dlla~e~`ii~~sily\`(fiJbi~arkll~rig\ 173 \\\>~mdikt,>9Aatk~\ri~a~t\~e~atkt\~ii~~r)c`i~l\aac~ibl~n`ts\bbt~~i3tkt~g\b'f~(~a~.kk~d~l\6~1'ark'e\?~}~e~e~\(`by\~,~t~t1~'ankrkb~e\hA$~ekcb~rkc~a~r~s\ 174 \\\~~t~~,~>q~,~kt~~(a~ar~tW~X>9aa~e~~(~a,~~ai~~~~aar~at~t~~,~~~t~,~~b~l~atxa~~\~c~I~\>~aat~~t~~)~~aUyaan~\r~i~ew~e~\t>gar~~~~r~a~ 17s \ \ \~\ac~~~t\~,~\aeb~~~~ bblv~~t}drt~\a~rili\r~e~t4~C'~ib~~ ltka`t ~tna~ ~,~a~e\t~,~~n\>y,~\~-b;~a~t,~ ~~~ v>~\a,~a~~ ~>ga\,~ai~a~ aa,~ ki~>9a ~a 176 \\\~~r~~,~~,~,~~,~~a~a~~d,,~ra~aan\aa~ib~„~t~~nb~,~~n~ta,~aya~~>~e\~rbi~6~an~g~,\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 177 \\\\\\\\\~,j\~~\~a~,~„~~t~~a~,y~~.\\\\\\\\\\\\\\\\ \\\ \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 178 \ \ \~, \ \ \ \ \ \ \ ~y\ \S~ell~i~ ltd ~kaai~k `c\IY,\ bb~rkrhbi~~sk \s+eXl~t\ ~l)ay n aa~t~a ~k1?e\ ~X$ Y~dC~il~ekil~s\tb\I)e\~rbL~Z~i~a ~uylz~,\a~t ~Uai~s\ 179 \\\~2plzla~e,blab~r~b>z~Ora\1\iikl~~~'Iihle\(~\~y~\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 180 \ \ \G7~ \ \ \ \ \ \ \ ~, \ \Seyl~k 1A~tl~b~i'~As\A~sb~Ciw`tiolrl \9e`l l>vk ~~it'hbki~as\ ~h1e\A~sb~)aa`tibi~\ta `pl~adikla `tfk~ ~~~dcukr~n`ts\ ~o\ 13~~ ~r\ ~~ ]sl \\~~,a,~~a~,~~~\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 182 \ \ \ \ \ \ \ \ \ \ \ ~(~)\ ~9eYitek~s`0~19 ~t}dn\ \9eYl~ek'3 bbti~~t1~o11\tb~p~radikik`tt~c~ L~X~ `Uo~C1tl~~ektk\s`hhN~blz\fkit~tl~tt~eld\r)pbkr\$>.k~ek'k k~ce~.~tb`f 183 \\`tI~L~X$'Uo`cktis~\ek~~s~k~kaaas~s}ka~ibbkl~e~`sktalkblaat3nlAr?~t~.\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 184 \ \ \ \ \ \ \ \ ~('s~ `c~d~di~ia~~l\tk~ }3~yAr\'~ ~ebiew~\ Mt'h~\Hok\ tn\ aitA~r\s't,`b~Actb1~\'Xd(~1k~~ bk `sktb~ebki~tl \~'df ~)`(6)\ is\ dflebk~c'1,\t`h~ 185 \ \ `pkav\i~ibA~ b?~ kt)i~ kdI)slz~t`iark ~~~y~skt'ah b~~Iy~ t10(t'it`t~ ~at~de\at\ ~rk}\ ~rks'~ati~~a~to`r~ ~kaJd~ibi~V1 `ala~ b`f~th+~ ~C`l~\>9ac~i'n'r~n`t§,Vt~ 186 \ \ ~uy~~'~ ~aaj~at~ae\ bi~atbt5ba,\ ~~~~ ~~ \$ik~ek,\ar1 ~tl V~`eb'al`1'b~>3d~e`r~'atka 11~Ird~r§b `ta \S,eXl~t\ bh b`r\Ije~'at~e\ ~'`iL~>1ac~krlArktk 187 \\~>~,~a>tiaa~e~~>pia,a~~~,~s`hhN`tgt~rrkila'~tk;\thi's\$arkt~ab'i~\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 188 \ \ \ \ \ \ \ \ ~lrblr'lcb ~kt~Ar\r~adii~~ kRe\~Kk bbkht'n~tlt~s~aa41bi~'~ItiN~ Y)e~allllikr~\(~\2~cy~ l~kt~dr\s`h~N~h~a~~ `tAd i~i~hi~ yak k3by~~'~ i9~st`iark,\t~ 189 \\`t~dt~~t~\tlvi~\~adtk~c`t~\~kf'ttbia\r#o`t~~\cklt~~t~ekl\tb\~~il~e`r~dr,\>,it\'b~~o`ra`tgrklc~R.tr~l~r\8~s\~er\l3d~e~'~\r~a~i~t\S~1Re\~9~ 190 \\`i~dcltM~ek~i~s1'lt\~~t~dr\do~e>s`nb~k~c~t~k\tlv~`C~I~\>9adilr~l~r3t~,b~rVkkddh\Jvkibt~tll~b~iad~~ektkf~al~?AVbktld~at'hb>~i~Ab~l~~it~eki\tb 191 \\`b~~e~.iti~-~ekl\a~iek`tA~1G9as`irl~~al~~iky~ek3Wv-Xtken\tldtkl~\tb\t~tb`r1~h~e\~h`a11\t~l~elc~t~bN~by\~dll~e`rbl~\ar\6~i~e\~1rkAc~~~l~rlda`r t 92 \ \ ~~s\ iVat\tb\L~lo`s ~~~e\ ~~ ~~ ~tY~Sc~lli'ek ~fi~~ bbk ~bc~e~ae\!Jr-ht~ely\r~dt~C~\ikark~\>~rly\~r\~vkhi`n\ ~it~ckt\tlrbk~ k3ltyAt\'adc~ej~~s\i`h~ t 93 \ \ ~kav\i~ibiv~ ~ t~h`e\ 1~L~\ bb~drb~~it~~ ~aak~M\ ~~t~r'~\ t~'~At\ lla \t~tarrltlr~~e\ ltkik \~drktk~c`t \~r~tka~n`t\tb\ ~i~ ~slrb3cc`tib)a\ ~s\ W~akJ~eld~ 194 \\1~b~vi~itR`ter)chtl~l~h\e\~rb~`si-ob~sb`f~§\$~e1\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 195 \ \ ~~~\ bl\rib\l~dx\ t1t\tlai~s\§\'X~ 1,s\ah\e~tt~`t11c~ ~t\o\~'I.s`iar~s\df~sbb~~c`tibla\~~,)~~)~s`hkN `ap~SPy1 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ 196 8. TITLE AND SURVEY REVIEW. 197 a. Title Review. Buyer shall have the right to inspect the Title Documents. Written notice by Buyer of unmerchantability 198 of title, form or content of Title Commitment or of any other unsatisfactory title condition shown by the Title Documents, 199 notwithstanding § 13, shall be signed by or on behalf of Buyer and delivered to Seller on or before Title Objection Deadline 200 (§ 2c), or within five calendar days after receipt by Buyer of any change to the Title Documents or endorsement to the Title 201 Commitment together with a copy of the document adding any new Exception to title. If Seller does not receive Buyer's notice 202 by the date specified above, Buyer accepts the condition of title as disclosed by the Title Documents as satisfactory. 203 b. Matters not Shown by the Public Records. Seller shall deliver to Buyer, on or before Off-Record Matters Deadline 204 (§ 2c) true copies of all leases and surveys in Seller's possession pertaining to the Property and shall disclose to Buyer all 205 easements, liens (including, without limitation, governmental improvements approved, but not yet installed) or other title 206 matters (including, without limitation, rights of first refusal, and options) not shown by the public records of which Seller has 207 actual knowledge. Buyer shall have the right to inspect the Property to investigate if any third party has any right in the Property 208 not shown by the public records (such as an unrecorded easement, unrecorded lease, or boundary line discrepancy). Written 209 notice of any unsatisfactory condition disclosed by Seller or revealed by such inspection, notwithstanding § 13, shall be signed 210 by or on behalf of Buyer and given to Seller on or before Off-Record Matters Objection Deadline (§ 2c). If Seller does not 211 receive Buyer's notice by said date, Buyer accepts title subject to such rights, if any, of third parties of which Buyer has actual 212 knowledge. 213 c. Survey Review. 214 ~ (1) Not Applicable. This § 8c shall not apply. 215 ® (2) Conditional on Survey. If the box in this subsection 8c(2) is checked, Buyer shall have the right to inspect Survey. 216 If written notice by or on behalf of Buyer of any unsatisfactory condition shown by Survey, notwithstanding § 8b or § 13, is 217 received by Seller on or before Survey Objection Deadline (§ 2c) then such objection shall be deemed an unsatisfactory title 218 condition. If Seller does not receive Buyer's notice by Survey Objection Deadline (§ 2c), Buyer accepts the Survey as 219 satisfactory. 220 d. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION 221 INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE 222 PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT 223 RISK FOR INCREASED MILL LEVIES AND EXCESSIVE TAX BURDENS TO SUPPORT THE SERVICING OF PREPARED BY: Marianne Ackerman, Broker /Owner CBS 1-t0-06, Contract to Buy and Sell Real Estate (All Types of Properties). Colorado Real Estate Commission ReaIFA$T® Software, ©2007, Version 6.16. Software Registered to: Marianne Ackerman, The Property Shop, Inc. Buyer(s) 06/21/07 14:42:18 Seller(s) Page 5 of 11 I 224 SUCH DEBT WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO 225 DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYER SHOULD 226 INVESTIGATE THE DEBT FINANCING REQUIREMENTS OF THE AUTHORIZED GENERAL OBLIGATION 227 INDEBTEDNESS OF SUCH DISTRICTS, EXISTING MILL LEVIES OF SUCH DISTRICT SERVICING SUCH 228 INDEBTEDNESS, AND THE POTENTIAL FOR AN INCREASE IN SUCH MILL LEVIES. 229 In the event the Property is located within a special taxing district and Buyer desires to terminate this Contract as a result, if 230 written notice, by or on behalf of Buyer, is received by Seller on or before Off-Record Matters Objection Deadline (§ 2c), this 231 contract shall terminate. If Seller does not receive Buyer's notice by such date, Buyer accepts the effect of the Property's 232 inclusion in such special taxing district and waives the right to terminate for that reason. 233 e. Right to Object, Cure. Buyer's right to object shall include, but not be limited to those matters listed in § 13. If Seller 234 receives notice of unmerchantability of title or any other unsatisfactory title condition or commitment terms as provided in 235 §§ 8a, b, c and d above, Seller shall use reasonable efforts to correct said items and bear any nominal expense to correct 236 the same prior to Closing. If such unsatisfactory title condition is not corrected to Buyer's satisfaction on or before Closing, this 237 Contract shall terminate; provided, however, Buyer may, by written notice received by Seller on or before Closing, waive 238 objection to such items. 239 f. Right of First Refusal or Approval. If there is a right of first refusal on the Property, or a right to approve this 240 Contract, Seller shall promptly submit this Contract according to the terms and conditions of such right. If the holder of the 241 right of first refusal exercises such right or the holder of a right to approve disapproves this Contract, this Contract shall 242 terminate. If the right of first refusal is waived explicitly or expires, or the Contract is approved, this Contract shall remain in 243 full force and effect. Seller shall promptly notify Buyer of the foregoing. If expiration or waiver of the right of first refusal or 244 Contract approval has not occurred on or before Right of First Refusal Deadline (§ 2c), this Contract shall terminate. 245 g. Title Advisory, The Title Documents affect the title, ownership and use of the Property and should be reviewed 246 carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the 247 Property, including without limitation boundary lines and encroachments, area, zoning, unrecorded easements and claims 248 of easements, leases and other unrecorded agreements, and various laws and governmental regulations concerning land use, 249 development and environmental matters. The surface estate may be owned separately from the underlying mineral estate, 250 and transfer of the surface estate does not necessarily include transfer of the mineral rights or water rights. Third parties 25I may hold interests in oil, gas, other minerals, geothermal energy or water on or under the Property, which interests may 252 give them rights to enter and use the Property. Such matters may be excluded from or not covered by the title insurance 253 policy. Buyer is advised to timely consult legal counsel with respect to all such matters as there are strict time limits provided in 254 this Contract (e.g., Title Objection Deadline [§ 2c] and Off-Record Matters Objection Deadline [§ 2c]). 2ss 9.\\>b~~~-~~.>fi>>9~t~.~~~t,~~~~at~~~v~~,~\i~,~p~aa~„~-~„t~b~~t~~~~o~pp~ktyv~,al~a~bt~~b~~~~~~s~~„~~kaa~~N~n~g~~eat~ 256 wh~b\a\6~.i'6di?t~~~?~1bb#~s\i~~t~el1\~r'ldr\tb~Aibtl~ry\~\f~'S~klt~i~~Cb~brkat\stlt~nXl\lje\~aikl4ktY~s`s\a\adris 11zfieM~~~~as~eM>k~i~tt\ 257 Di'Sbb~a-~e\(`~l~e~}'farkrk'ts\~i~tl~b~sah~r\a`n~i\tkiis`r~~.tl~i~eMt~e'at`Asat~t~vi~c~i~~ek~~b?~c'h\r~atr~t~dclcktt\~Ai~~~o\ihli•~a1-~+~s\~i~tlik~~\ 2ss this\~a~t~~.\>3aae~~~~aa,~1,~~~~\t~~~ti\r~a~i~~a~~~at~~~e~~t~a~i~~~e~>~~ia,~>~~~b~~~e\(~~e~~~ar~\~i~t~~dby\`c~N~t\~nM 259 the real estate licensees. 260 10. PROPERTY DISCLOSURE, INSPECTION, INSURABILITY AND BUYER DISCLOSURE. 261 \ \ \ \ \ ~~ \ `51eNa~\'~'P~b ~~ Yl~i~cVb~e\11~a)cN1n~e~ `drk at\ 6~1~e\ SAt~e~rts\l~i~d~el~ily\ bYsac~dsLl-A'fie`a~ki~~ \(~§\ $ d)\ `61eX1b1\ ~~>'e~~ `ta 262 \ \ i~~lkv~el-~th~J~ek~tA~ ~~'~ts-k-lt\ ~~-~ibkt\dl\t'h~\9eY[~ek'~ `lira bls~cldsltkc\ ~'drkrk ~a~t~k`tAd b~ ~e11~k 1d `tAe\ b~s'tb~l'\Sell~ek'3 263 \\>~adtk~l\12v~o\~\I~$~e~1citt~rbt~t\~ss~th~~l~t~b~f"`tf~~~Cdn`ti1a~~\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 264 b. Inspection Objection Deadline. Buyer shall have the right to have inspections of the physical condition of the 265 Property and Inclusions, at Buyer's expense. If the physical condition of the Property or Inclusions is unsatisfactory in Buyer's 266 subjective discretion, Buyer shall, on or before Inspection Objection Deadline (§ 2c): 267 (1) notify Seller in writing that this contract is terminated, or 268 (2) deliver to Seller with a written description of any unsatisfactory physical condition which Buyer requires Seller 269 to correct (Notice to Correct). 270 If written notice is not received by Seller on or before Inspection Objection Deadline (§ 2c), the physical condition of the 271 Property and Inclusions shall be deemed to be satisfactory to Buyer. 272 c. Resolution Deadline. If a Notice to Correct is received by Seller and if Buyer and Seller have not agreed in writing to a 273 settlement thereof on or before Resolution Deadline (§ 2c), this Contract shall terminate one calendar day following 274 Resolution Deadline (§ 2c), unless before such termination Seller receives Buyer's written withdrawal of the Notice to Correct. 275 d. Insurability. This Contract is conditioned upon Buyer's satisfaction, in Buyer's subjective discretion, with the 276 availability, terms, conditions of and premium for property insurance. This Contract shall terminate upon Seller's receipt, on or 277 before Property Insurance Objection Deadline (§ 2c) of Buyer's written notice that such insurance was not satisfactory to 278 Buyer. If said notice is not timely received, Buyer shall have waived any right to terminate under this provision. 279 e. Damage, Liens and Indemnity. Buyer is responsible for payment for all inspections, tests, surveys, engineering 280 reports or for any other work performed at Buyer's request and shall pay for any damage which occurs to the Property and 281 Inclusions as a result of such activities. Buyer shall not permit claims or liens of any kind against the Property for inspections, 282 tests, surveys, engineering reports and for any other work performed on the Property at Buyer's request. Buyer agrees to 283 indemnify, protect and hold Seller harmless from and against any liability, damage, cost or expense incurred by Seller in 284 connection with any such inspection, claim, or lien. This indemnity includes Seller's right to recover al] costs and expenses 285 incurred by Seller to enforce this section, including Seller's reasonable attorney and legal fees. The provisions of this section PREPARED BY: Marianne Ackerman, Broker /Owner CBS 1-10-06, Contract to Buy and Sell Real Estate (Ail Types of Properties). Colorado Real Estate Commission ReaIFA$T® Software, ©2007, Version 6,16. Software Registered to: Marianne Ackerman, The Property Shop, Inc. 06/21/07 14:42:18 Page 6 of 11 Buyer(s) Seller(s) /~ 286 shall survive the termination of this Contract. 287 f. Buyer Disclosure. Buyer represents that Buyer ^ Does ^ Does Not need to sell and close a property to complete 288 this transaction. 289 Note: Any property sale contingency should appear in Additional Provisions (§ 25). 290 ll. METHAMPHETAMINE LABORATORY DISCLOSURE. The parties acknowledge that Seller is required to disclose 291 whether Seller knows that the Property was previously used as a methamphetamine laboratory. No disclosure is required if the 292 Property was remediated in accordance with state standards and other requirements are fulfilled pursuant to § 25-18.5-102, 293 C.R.S. Buyer further acknowledges that Buyer has the right to engage a certified hygienist or industrial hygienist to test whether 294 the Property has ever been used as a methamphetamine laboratory. In the event that the Property has been used as a 295 methamphetamine laboratory, Buyer may deliver written notice to Seller, on or before Closing, to terminate this Contract. 296 12. CLOSING. Delivery of deed from Seller to Buyer shall be at closing (Closing). Closing shall be on the date specified as the 297 Closing Date (§ 2c) or by mutual agreement at an earlier date. The hour and place of Closing shall be as designated by 29$ mutual agreement 299 13. TRANSFER OF TITLE. Subject to tender or payment at Closing as required herein and compliance by Buyer with the 300 other terms and provisions hereof, Seller shall execute and deliver a good and sufficient general warranty 301 deed to Buyer, at Closing, conveying the Property free and clear of all taxes except the general taxes for the year of Closing. 302 Except as provided herein, title shall be conveyed free and clear of all liens, including any governmental liens for special 303 improvements installed as of the date of Buyer's signature hereon, whether assessed or not. Title shall be conveyed subject to: 304 a. those specific Exceptions described by reference to recorded documents as reflected in the Title Documents accepted by 305 Buyer in accordance with § 8a (Title Review), 306 b. distribution utility easements (including cable TV), 307 c. those specifically described rights of third parties not shown by the public records of which Buyer has actual knowledge 308 and which were accepted by Buyer in accordance with § 8b (Matters not Shown by the Public Records) and § 8c (Survey 309 Review). 310 d. inclusion of the Property within any special taxing district, 311 e. the benefits and burdens of any declaration and party wall agreements, if any, and 312 f. other ~a 313 14. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid at or before Closing from the 314 proceeds of this transaction or from any other source. 315 15. CLOSING COSTS, DOCUMENTS AND SERVICES. 316 a. Good Funds. Buyer and Seller shall pay, in Good Funds, their respective Closing costs and all other items required to 317 be paid at Closing, except as otherwise provided herein. 318 b. Closing Documents. Buyer and Seller shall sign and complete all customary or reasonably required documents at or 319 before Closing. 320 c. Closing Services Fee. Fees for real estate Closing services shall be paid at Closing by ^ Buyer ^ Seller 321 ® One-half by Buyer and One-half by Seller 322 d.i~6~t~tt>\s\>~~t~el~\~'Tk~as~fAr\1F~~s1\4r~~'f~e~vtlai~i~rk\tb\t)aa`is~slt'aclc~e\at\b,~sbb~a`tb~i'~~s`t~tbt'n~i~t\at\~sas~s~s~eb'ks\~~t1~s 323 Letter)~s1a~)`1b~~Aid~B~\`Gl\~~yl~k\\~^\\`C~NA~\\~..\1\Y~~e\t~~~'f`b~\~d~\ak~d~bbleat~.a~I~b~`b~ell~A\1~ia~~~s\ikt~~?~t\tb\t~e 324 transfeti~-i9~n\~c~l~ek`td~l~j~~i'~~,spas`s~~b~`tf~c~~,~s~o~CXatb~i~A`s~dci~t'idn`~s\~~l~~~ek'F~~)\s'h~~l~b~e~a~db}\\\~\$~~~,\\G7~`6+e11~r 325 ^ On~~ay~~~$'>u~~i~~~~~Oti?t~-~~}lid,~~Alleb\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 326 e. Local Transfer Tax. The local transfer tax of % of the Purchase Price shall be paid at Closing by ^ Buyer 327 ^ Seller ®One-half by Buyer and One-half by Seller. 328 f. Sales and use Tax. Any sales and use tax that may accrue because of this transaction shall be paid when due by 329 ^ Buyer ^ Seller ®One-half by Buyer and One-half by Seller. 330 16. PROBATIONS. The following shall be prorated to Closing Date (§ 2c), except as otherwise provided: 331 a. Taxes. Personal property taxes, if any, and general real estate taxes for the year of Closing, based on ^ Taxes for the 332 Calendar Year Immediately Preceding Closing ® Most Recent Mill Levy and Most Recent Assessment ^ Other 333 334 \ \ \ \ ~1 \ ~~n`t~.i lz~,~t~ `b~a~eld\dn\ \ ill \~~~>!s\Aat1;t~~1 \IZ~c~el~e~d\ \~ ~-~C~~de~1 ~eb~~i~y\b~pb~it~)S~l~i~b~y\~d11~ek~1~~1X bA ~~e~t~~l 335 \\~i~a~~-~sa>~~r~~~H~~~~~~Ny~a~a~~\>~iy,\~,~~~,~y~i<~n~a~~~a,~,~~~~n~~~~~\\\\\\ 336 \ \ \ ~~ \ ~,~~a~i~>tiaa ~~~~~~~'t;,~s~ i~tl~ra,~tit'ee~~il~k ~~~ai~~iaa ~a~~e~~t~aat~\a~,~\~~~~~a~b>n\~e~\(>A~~a~i~t~d~ ~i~~~~~~~~~ 337 ~i~i~iV?~~Mi~~rkle\s~i~aN`b~bk~dii~e~t~ta`6'1zbl~tl~t\~Ib~i`n~~~~a~h\~e~~-'v~~laaM~u`tb~'ltl~e\~e~~tt~ak~A~s~adi~tldr3~al~~e`s~>jib>~t~~c\21~>'rad 338 )vt~aXr?•tigtlab~~\l~~ `tAA \Asas~aik~iar~ ~S`h'aN\tldt\ 19A ~c1-~di~eeld\ ~o\ `slz~l~~ ~eka~ti~\ kr),ay\ ba \dthi3rWd3d ~pka~\i~(gcl ~by\ kl?e\ Y~oW~M~itl~ 339 bb~~lrli~~lt~~~1`ny\~e~i~a'l~a~§e`s~rla~rlt\6y\`tAc~~A`s~dc'i~t~dn\'fdr\inl~rbLArl.i~tlt~\tla~t\A~J~e\~~eb\i~n~~aYl~N\a`s\dt\t`h~\dat~b`f\13Jy~ek'~ 340 ~i~3v'~tlikd ~ia>~ebAts'h'aN ~b`e\tY~ls!\dbY~g`a~ia~l b`I'~Se`1(>zl~.\At~y\ b`ttler\s`p~aikl~ ~~s~e~s~,l~r~\as>S~.s~Ac~ ~kib~ `td ~i~o~ln~g\>)~>'le\(~\2cy`by\tlvA 341 k1~3dcti~t?o`n\soh`a~l~b~e\t1vAb>91r~~ti~ob\df\\[~~bj~~\~~Al1e~r-1~S+e~1~Ak~p`r~s~ekt~s\tai'at\t`h~~bld~in`tb~'`t~h~§dcY~tt~ol~\A§s'~e~s~ri,~rkV3 34z aat~~t~>,~\~~~~re\\~t~i\\\\\\\\\\\\\\\\,~k\\\\\\\\\\\\\\\~~~~r~~~~~a~~~~a~t~~~i~~-a~t~l~>aai~~~~~~~~~~~~~~ 343 ~~~i;•,~r~h~~t~e><ty~~~~t\t~aa~~~-~~t\t~~~t~~~~~~~~„t~~>~~a~~e~>;\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\ 344 \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\~ 345 'S~af~ ~a~~e~3rla~rlt~\~r~\s'db}~cl \tm\dhb~i>~a \a`s\ ~-bVk)eli\ ~n\ `t}l~e\ Y?o~ei~r~it~~ \>~adth~l~n~t~.\ S~II~r\ ~~r~As\ ld ~pkat~i~~1~ \~e)yt~ds`t \tlvb PREPARED BY: Marianne Ackerman, Broker /Owner CBS 1-10-06, Contract to Buy and Sell Real Estate (All Types of Properties). Colorado Real Estate Commission ReaIFA$T® Software, ©2007, Version 6.16. Software Registered to: Marianne Ackerman, The Property Shop, Inc. Buyer(s) 06!21/07 14:42:18 Sellers Page 7 of 11 O /~ 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 368 369 370 371 372 373 374 375 376 377 378 379 380 381 382 383 384 385 386 387 388 389 390 391 392 393 394 395 396 397 398 399 400 401 402 403 404 aA~s3dcl~t?nli\tb~)i~~r\tb~~y~ek bAfbkd ~CUb~ii~~ ~Ualt~ ~('§ \ ~d)\a\ dtkkdn`t `h~t~tb~ L,bi!tAr1 \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ \ d. Other Prorations. Water and sewer charges; interest on any continuing loan, and any applicable e. Final Settlement. Unless otherwise agreed in writing, these prorations shall be final. 17. POSSESSION. Possession of the Property shall be delivered to Buyer on Possession Date at Possession Time (§ 2c), subject to the following leases or tenancies: If Seller, a8er Closing, fails to deliver possession as specified, Seller shall be subject to eviction and shall be additionally liable to Buyer for payment of $ loo . oo per day (or any part of a day) from the Possession Date and Possession Time (§ 2c) until possession is delivered. Buyer ~ Does ®Does Not represent that Buyer will occupy the Property as Buyer's principal residence. 18. ASSIGNABILITY. This Contract ®Shall ~ Shall Not be assignable by Buyer without Seller's prior written consent. Except as so restricted, this Contract shall inure to the benefit of and be binding upon the heirs, personal representatives, successors and assigns of the parties. 19. INSURANCE; CONDITION OF, DAMAGE TO PROPERTY AND INCLUSIONS. Except as otherwise provided in this Contract, the Property, Inclusions or both shall be delivered in the condition existing as of the date of this Contract, ordinary wear and tear excepted. a. Casualty Insurance. In the event the Property or Inclusions shall be damaged by fire or other casualty prior to Closing, in an amount of not more than ten percent of the total Purchase Price, Seller shall be obligated to repair the same before Closing Date (§ 2c). 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 Buyer by delivering to Seller written notice of termination on or before Closing. Should Buyer elect to carry out this Contract despite such damage, at Closing, Buyer shall be entitled to a credit for all insurance proceeds that were received by Seller (but not the Association, if any) resulting from such damage to the Property and Inclusions, plus the amount of any deductible provided for in such insurance policy. Such credit not to exceed the Purchase Price. In the event Seller has not received such insurance proceeds prior to Closing, then Seller shall assign such proceeds, at Closing, plus credit Buyer the amount of any deductible provided for in such insurance policy, but not to exceed the total Purchase Price. b. Damage, Inclusions and Services. Should any Inclusion or service (including systems and components of the Property, e.g. heating, plumbing, etc.) fail or be damaged between the date of this Contract and Closing or possession, whichever shall be earlier, then Seller shall be liable for the repair or replacement of such Inclusion or service with a unit of similar size, age and quality, or an equivalent credit, but only to the extent that the maintenance or replacement of such Inclusion, service or fixture is not the responsibility of the Association, if any, less any insurance proceeds received by Buyer covering such repair or replacement. Seller and Buyer are aware of the existence of pre-owned home warranty programs that may be purchased and may cover the repair or replacement of some Inclusions. The risk of loss for damage to growing crops by fire or other casualty shall be borne by the party entitled to the growing crops as provided in subsection 3a(7) and such party shall be entitled to such insurance proceeds or benefits for the growing crops. c. Walk-Through and Verification of Condition. Buyer, upon reasonable notice, shall have the right to walk through the Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with this Contract. 20. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this document, Buyer and Seller acknowledge that the respective broker has advised that this document has important legal consequences and has recommended the examination of title and consultation with legal and tax or other counsel before signing this Contract. 21. TIME OF ESSENCE, DEFAULT AND 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 obligation hereunder is not performed or waived as herein provided, there shall be the following remedies: a. If Buyer is in Default: ~ (1) Specific Performance. Seller may elect to treat this Contract as canceled, in which case all Earnest Money (whether or not paid by Buyer) shall be forfeited by Buyer, paid to Seller and retained by 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 r~ht to specific performance or damages, or both. I?~I (2) Liquidated Damages. All Earnest Money (whether or not paid by Buyer) shall be forfeited by Buyer, paid to Seller, and retained by Seller. Both parties shall thereafter be released from all obligations hereunder. It is agreed that the Earnest Money specified in § 4 is LIQUIDATED DAMAGES, and not a penalty, which amount the parties agree is fair and reasonable and (except as provided in §§ 10e, 19, 21c, 22, 23), said forfeiture shall be SELLER'S SOLE AND ONLY REMEDY for Buyer's failure to perform the obligations of this Contract. Seller expressly waives the remedies of specific performance and additional damages. b. If Seller is in Default: Buyer may elect to treat this Contract as canceled, in which case all Earnest Money received hereunder shall be returned and Buyer may recover such damages as may be proper, or Buyer may elect to treat this Contract as being in full force and effect and Buyer shall have the right to specific performance or damages, or both. c. Costs and Expenses. In the event of any arbitration or litigation relating to this Contract, the arbitrator or court shall PREPARED BY: Marianne Ackerman, Broker /Owner CBS 1-10-06, Contract to Buy and Sell Real Estate (All Types of Properties). Colorado Real Estate Commission ReaIFA$T® Software, ©2007, Version 6.16. Software Registered to: Marianne Ackerman, The Property Shop, Inc. 06/21 /07 14.42:18 Buyer(s) Seller(s) Page 8 of 11 !~ 405 award to the prevailing party all reasonable costs and expenses, including attorney and legal fees. 406 22. MEDIATION. If a dispute arises relating to this Contract, prior to or after Closing, and is not resolved, the parties shall 40? first proceed in good faith to submit the matter to mediation. Mediation is a process in which the parties meet with an impartial 408 person who helps to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. The parties 409 to the dispute must agree before any settlement is binding. The parties will jointly appoint an acceptable mediator and will share 410 equally in the cost of such mediation. The mediation, unless otherwise agreed, shall terminate in the event the entire dispute 411 is not resolved within 30 calendar days of the date written notice requesting mediation is delivered by one party to the other at 412 the party's last known address. This section shall not alter any date in this Contract, unless otherwise agreed. 413 23. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder shall release the Earnest 414 Money as directed by written mutual instructions, signed by both Buyer and Seller. In the event of any controversy regarding the 415 Earnest Money (notwithstanding any termination of this Contract), Earnest Money Holder shall not be required to take any 416 action. Earnest Money Holder, at its option and sole discretion, may (a) await any proceeding, (b} interplead all parties and 417 deposit Earnest Money into a court of competent jurisdiction and shall recover court costs and reasonable attorney and legal 418 fees, or (c) deliver written notice to Buyer and Seller that unless Earnest Money Holder receives a copy of the Summons and 419 Complaint or Claim (between Buyer and Seller), containing the case number of the lawsuit (Lawsuit) within 120 calendar days 420 of Earnest Money Holder's written notice is delivered to the parties, Earnest Money Holder shat] be authorized to return the 421 Earnest Money to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit, and has not interpled the 422 monies at the time of any Order, Earnest Money Holder shall disburse the Earnest Money pursuant to the Order of the Court. 423 The parties reaffirm the obligation of Mediation (§ 22). 424 24. TERMINATION. In the event this Contract is terminated, all Earnest Money received hereunder shall be returned and the 425 parties shall be relieved of all obligations hereunder, subject to §§ 10e, 22 and 23. 426 25. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real Estate 427 Commission.) 42$ 1. Inspection period shall be a due diligence period for Buyer to obtain approvals satisfactory to Buyer. 429 26. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL. This agreement constitutes the entire Contract between 430 the parties relating to the subject hereof, and any prior agreements pertaining thereto, whether oral or written, have been merged 431 and integrated into this Contract. No subsequent modification of any of the terms of this Contract shall be valid, binding upon 432 the parties, or enforceable unless made in writing and signed by the parties. Any obligation in this Contract that, by its terms, 433 is intended to be performed after termination or Closing shall survive the same. 434 27. FORECLOSURE DISCLOSURE AND PROTECTION. Seller acknowledges that, to Seller's current actual knowledge, 435 the Property ~ IS ®IS NOT in foreclosure. In the event this transaction is subject to the provisions of the Colorado 436 Foreclosure Protection Act (the Act) (i.e., generally the Act requires that the Property is residential, in foreclosure, and Buyer 437 does not reside in it for at least 1 year), a different contract that complies with the provisions of the Act is required, and this 438 Contract shall be void and of no effect unless the Foreclosure Property Addendum is executed by all parties concurrent with the 439 signing of this Contract. The parties are further advised to consult with their own attorney. 440 28. NOTICE, DELIVERY AND CHOICE OF LAW. 441 a. Physical Delivery. Except for the notice requesting mediation described in § 22, delivered after Closing, and except as 442 provided in § 28b below, all notices must be in writing. Any notice to Buyer shall be effective when received by Buyer or by 443 Selling Brokerage Firm, and any notice to Seller shall be effective when physically received by Seller or Listing Brokerage Firm. 444 b. Electronic Delivery. As an alternative to physical delivery, any si ned document and written notice may be delivered 445 in electronic form by the following indicated methods only: ®Facsimile ~ E-mail ~ No Electronic Delivery. Documents 446 with original signatures shall be provided upon request of any party. 447 c. Choice of Law. This Contract and all disputes arising hereunder shall be governed by and construed in accordance 448 with the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract in this state for property 449 located in Colorado. 450 29. NOTICE OF ACCEPTANCE, COUNTERPARTS. This proposal shall expire unless accepted in writing, by Buyer and 451 Seller, as evidenced by their signatures below, and the offering party receives notice of such acceptance pursuant to § 28 on or 452 before Acceptance Deadline Date (§ 2c) and Acceptance Deadline Time (§ 2c). If accepted, this document shall become a 453 contract between Seller and Buyer. A copy of this document may be executed by each party, separately, and when each party has 454 executed a copy thereof, such copies taken together shall be deemed to be a full and complete contract between the parties. 455 456 PREPARED BY: Marianne Ackerman, Broker /Owner CBS 1-10-08, Contract to Buy and Sell Real Estate (All Types of Properties). Colorado Real Estate Commission ReaIFA$T® Software, ©2007, Version 8.18. Software Registered to. Marianne Ackerman, The Property Shop, Inc. Buyer(s) 06!21 /07 14.42:18 Seller(s) Page 9 of 11 /3 a ~ j^1 Ir (( BUYER ? L 4 ~ e ~ ~~ 1 r Pitkin County and/or assigns , 530 E. Main St., Aspen, CO 81611 20 5203 Bus . # : 9 __ t/~ BUYER ~~ ,/]/J~irlt___ ~ ! 6 /~~ /~ (~ 4',(lY~ ~ ~~ ~, for approval by 457 458 459 460 Email Address: Director Open Space and Trails. DATE DATE NOTE: If this offer is being countered or rejected, do not sign this document. Refer to § 30~ SELLER Catherine A. Jensen 12152 Califa St., North Hollywood, Ca. 91Ca. 91607 SELLER John R. Jensen DATE DATE 461 Email Address: 462 463 30. COUNTER; REJECTION. This offer is ~ Countered ~ Rejected. 464 Initials only of party (Buyer or Seller) who countered or rejected offer 465 END OF CONTRACT Note: Closing Instructions and Earnest Money Receipt should be signed on or before Title Deadline (§ 2c). SELLING BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. (To be completed by Selling Broker) Selling Broker ~ Does ~ Does Not acknowledge receipt of Earnest Money deposit specified in § 4 and, while not a party to the Contract, agrees to cooperate upon request with any mediation concluded under § 22. Selling Broker is working with Buyer as a ~ Buyer's Agent ~ Transaction-Broker in this transaction. ~ This is a Change of Status. Seller ~ IS ~ IS NOT a customer working with Selling Broker as a Buyer's Agent Selling Brokerage Firm's compensation or commission is to be paid by ~ Listing Brokerage Firm ~ Buyer Other Selling Brokerage Firm's Name: PREPARED BY: Marianne Ackerman, Broker I Owner CBS 1-10-06, Contract to Buy and Sell Real Estate (All Types of Properties). Colorado Real Estate Commission ReaIFA$T® Software, ©2007, Version 8.16. Software Registered to: Marianne Ackerman, The Property Shop, Inc. 06/21 /07 14:42:18 Page 10 of 11 I `~ ~(/3 /t The Property Shop, Inc. 1117 Grand Ave. Glenwood Springs, CO 81601 Phone: 970.947.9300, Fax By: 970.947.9335 Signature Marianne Ackerman Email Address: Date LISTING BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. (To be completed by Listing Broker) Listing Broker ~ Does ~ Does Not acknowledge receipt of Earnest Money deposit specified in § 4 and, while not a party to the Contract, agrees to cooperate upon request with any mediation concluded under § 22. Listing Broker is working with the Seller as a ~ Seller's Agent ~ Transaction-Broker in this transaction. ~ This is a Change of Status. Buyer ~ IS ~ IS NOT a customer working with Listing Broker as a Seller's Agent. Listing Brokerage Firm's compensation or commission is to be paid by ~ Seller ~ Buyer ~ Other Listing Brokerage Firm's Name: Date: Broker Address: Phone No.: Fax No.: Email Address: PREPARED BY: Marianne Ackerman, Broker /Owner CBS 1-10-06, Contract to Buy and Sell Real Estate (All Types of Properties). Colorado Real Estate Commission ReaIFA$T® Software, ©2007, Version 6.16. Software Registered to: Marianne Ackerman, The Property Shop, Inc. Buyer(s) 06121!07 14:42:18 Seller(s) Page 11 of 11 /5 6/25/2007 ADDENDUM NO. 1 TO VACANT LAND/FARM AND RANCH CONTRACT TO BUY AND SELL REAL ESTATE BETWEEN BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO AS BUYER AND CATHERINE AND JOHN JENSEN AS SELLER, DATED 6-21, 2007 This Addendum is made a part of that certain Contract to Buy and Sell Real Estate (Vacant Land) dated 6-21, 2007 ("Contract") between Pitkin County Board of County Commissioners as buyer ("Buyer") and Catherine and John Jensen as seller ("Seller"}, with respect to property known as the "the Drool" (See Exhibit A), 35 acres, more or less, in the County of Pitkin ("Property"). In the event of any conflict or inconsistency between the provisions of this Addendum and the Contract, the provisions of this Addendum shall govern and control. 1. IMPROVEMENT SURVEY. On or before the Off-Record Matters Deadline, Seller shall deliver to Buyer a current Improvement Survey of the of the Property certified by a licensed Colorado surveyor for the express benefit of Seller, Buyer and the Title Company, depicting all property corners, improvements, easements and rights of way, driveways, parking areas, walls, fences, encroachments on or off the Property, utility lines and utility installations, and restrictions of record. Cost of the survey shall be borne equally by Seller and Buyer. The Improvement Survey shall be in form and content sufficient to cause the title company to issue an endorsement to its title commitment agreeing to delete from Schedule B (Section Z) of its to-be-issued title policy standard printed exception Nos. 1, 2, and 3 at no cost to Buyer. In the event the Improvement Survey discloses matters which in the Buyer's opinion constitute defects in the merchantability of Seller's title, Buyer must give Seller written notice of such unsatisfactory title condition(s) no later than the Title Objection Deadline. If Buyer in fact gives such notice to Seller in a timely manner, the provisions of Paragraph 7d) of the Contract shall apply thereto. If no such notice is timely given, buyer shall be deemed to have waived any objections to matters shown on the Improvement Survey. 2. STANDARD SCHEDULE B-2 EXCEPTIONS. Seller shall furnish to the Buyer at Seller's expense an endorsement to delete standard exceptions 1-6 on Schedule B-2 of the Title Insurance Commitment. 3. COUNTY APPROVAL. Notwithstanding the signature hereto by the Open Space Director on behalf of Buyer, the obligation of Buyer to perform hereunder is expressly conditioned upon the adoption by Buyer of an ordinance authorizing the sale of the Property to Buyer pursuant to this Contract. In the event such ordinance is not duly adopted by Buyer within forty-five (45) days following the date of this Contract or any extension thereof as the parties may, in writing, agree, either Seller or Buyer may, upon written notice to the other, terminate this Contract whereupon Buyer shall be entitled to a prompt return of all Earnest Money paid. In the event such ordinance is timely adopted. Buyer shall, at the request of Seller, re-execute this Contract by the signature of the Chairman or Vice-Chairman of the Pitkin County Board of County Commissioners. ~G 6/25/2007 4. ADDITIONAL DOCUMENTS. At Closing, Seller shall execute and deliver such documents as shall be necessary to transfer and convey the Property to Buyer, free and clear of all liens and encumbrances, all right, title and interest of Seller. 5. INTEREST ON EARNEST MONEY. Any and all monies paid by Buyer prior to closing shall be placed in an insured, interest bearing money market-type account with a local commercial bank with all interest thereon to accrue for the benefit of Buyer. Whether or not Buyer shall ever be in default under this Contract resulting in a forfeiture of its earnest money, Buyer shall nevertheless be entitled to retain, as its sole and separate property, all interest earned on said earnest money. 6. NOTICES. Any notice, demand or document which either party is required or may desire to give, deliver or make to the other party shall be in writing and shall be personally delivered or given by facsimile transmission or given by United States certified mail, return receipt requested, addressed as follows: To Buyer: Pitkin County, Colorado 530 East Main Street, 3`d Floor Aspen, CO 81611 Facsimile No.: (970) 920-5198 With copy to: John Ely, County Attorney Pitkin County, Colorado 530 East Main Street Aspen, CO 81611 Facsimile No.: (970) 920-5198 To Seller: Catherine and John Jensen Facsimile No.: With copy to: Any notice, demand or document so given, delivered or made by United States mail shall be deemed to have been given three (3) days after the same is deposited in the United States mail as certified matter, addressed as above provided, with postage thereon fully prepaid. Notice by facsimile transmission shall be deemed given upon receipt of a confirmation by sender and notice by personal delivery shall be deemed given when received. 7. MISCELLANEOUS. /7 6/25/2007 (a) Saturday. Sunday or Holiday, If any time period referred to in this Contract shall end on a Saturday, Sunday or legal holiday, such time period shall automatically be extended to the first regular business day thereafter. (b) Controlling Law. This Contract shall be construed in accordance with and governed by the laws of the State of Colorado. The parties hereto agree and intend that the proper and exclusive forum for any litigation of any disputes or controversies arising out of or related to this Contract shall be the District Court for Pitkin County, Colorado. For purposes of any litigation, the parties consent to the chosen forum for purposes of jurisdiction and venue. (c) Counterparts. This Contract (or any amendments, modifications or extensions hereof) may be executed in several counterparts and, after execution and as executed, shall constitute an agreement binding on all of the parties, notwithstanding that all of the parties are not signatories to the original or the same counterpart. (d) Further Assurances. Each of the parties agree to execute, acknowledge, deliver, file and record, or cause to be executed, acknowledged, delivered, filed and recorded such further instruments and documents and such certificates, and to do all things and acts as the other party may reasonably require in order to carry out the intentions of this Contract and the transaction contemplated hereby. (e) Survival. All of the warranties and representations contained in this Contract of an ongoing nature or intended to survive shall survive the actual closing of the transaction contemplated thereby. (f) Construction. No provision of this Contract shall be construed against or interpreted to the disadvantage of any party by reason of such party having or being deemed to have requested, drafted, required or structured such provision. It is the intention of the parties that the party who employed the scrivener to prepare this Contract not be prejudiced by virtue of such act, nor shall tilts Contract be construed against such party by virtue of its actions in retaining the scrivener. (g) Attorneys' Fees. In the event of any action for breach of, to enforce the provisions of, or otherwise involving this Contract, the court in such action shall award a reasonable sum as attorneys' fees to the party who, in light of the issues litigated and the court's decision on those issues, was the prevailing party in the action. If a party voluntarily dismisses an action, a reasonable sum as attorneys' fees shall be awarded to the other party. 8. ASSIGNMENT As provided in paragraph 18 of the Contract, Buyer and Seller agree that this Agreement may be partially assigned to facilitate agreements necessary to finance the restoration of the historic hydro-power house. 3 ^~/ ~D Our Order No: Q62000611 LEGAL DESCRIPTION COMMENCING AT THE SOUTHWEST CORNER OF SAID SECTION 20, TOWNSHIP 10 SOUTH, RANGE 88 WEST OF THE SIXTH PRINCIPAL MERIDIAN, A B.L.M. ALUMINUM CAP IN PLACE; THENCE N O1 DEGREES 04' 20" E ALONG THE WESTERLY LWE OF SAID SECTION 20, 1046.99 FEET TO THE TRUE POINT OF BEGINNING; THENCE CONTINUING ALONG THE WESTERLY LINE OF SAID SECTION 20, N O1 DEGREES 04' 20" E 642.75 FEET; THENCE LEAVING SAID WESTERLY LINES 83 DEGREES 13' 04" E 1606.45 FEET; THENCE N 68 DEGREES 37' 11" E 434.72 FEET TO A POINT ON THE ORIGINAL WESTERLY RIGHT OF WAY OF COLORADO STATE HIGHWAY N0. 133; THENCE THE FOLLOWING FOUR (4) COURSES ALONG SAID WESTERLY RIGHT OF WAY: 1) S 25 DEGREES 27' 04" W 38.65 FEET 2) ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 1492.50 FEET AND A CENTRAL ANGLE OF 12 DEGREES 37' 02", A DISTANCE OF 328.66 FEET (CHORD BEARS S 15 DEGREES 09' 34" W 328.00 FEET) 3) S 04 DEGREES 52' 04" W 306.10 FEET; 4) S 02 DEGREES 51' 04" W 442.99 FEET; THENCE LEAVING SAID WESTERLY RIGHT OF WAY N 89 DEGREES 47' 56" W 206.81 FEET TO THE TRUE POINT OF BEGINNING; COUNTY OF PITKIN, STATE OF COLORADO EXCEPTING, HOWEVER, FROM ANY WARRANTY, THE FOLLOWING DESCRIBED PROPERTY WHICH IS HEREBY CONVEYED BY QUIT CLAIM: A PARCEL OF LAND SITUATED IN THE SWl/4 OF SECTION 20, TOWNSHIP 10 SOUTH, RANGE 88 WEST OF THE SIXTH PRINCIPAL MERIDIAN, COUNTY OF PITKIN, STATE OF COLORADO; SAID PARCEL BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT THE SOUTHWEST CORNER OF SAID SECTION 20, A B.L.M. ALUMINUM CAP IN PLACE; THENCE N O1 DEGREES 04' 20" E ALONG THE WESTERLY LINE OF SAID SECTION 20, 1046.99 FEET; THENCE CONTINUING ALONG THE WESTERLY LINE OF SAID SECTION 20, N Ol DEGREES 04' 20" E 642.75 FEET; THENCE LEAVING SAID WESTERLY LINES 83 DEGREES 13' 04" E 1606.45 FEET; THENCE N 68 DEGREES 37' 11" E 434.72 FEET TO A POINT ON THE ORIGINAL WESTERLY RIGHT OF WAY OF COLORADO STATE HIGHWAY NO. 133, THE TRUE POINT OF BEGINNING; THENCE THE FOLLOWING FOUR (4) COURSES ALONG SAID WESTERLY RIGHT OF WAY: 1) S 25 27' 04" W 38.65 FEET; 2) ALONG THE ARC OF A CURVE TO THE LEFT HAVING A RADIUS OF 1492.50 FEET AND A CENTRAL ANGLE OF 12 DEGREES 37' 02" A DISTANCE OF 328.66 FEET (CHORD BEARS S 15 DEGREES 09' 34" W 328.00 FEET); 3) S 04 DEGREES 52' 04" W 306.10 FEET; 4) S 02 DEGREES 51' 04" W 442.99 FEET; THENCE LEAVING SAID WESTERLY RIGHT OF WAY LINEN 89 DEGREES 47' S6" W 19.99 FEET TO A POINT ON THE WESTERLY RIGHT OF WAY LINE OF THE CRYSTAL RIVER RAILROAD; THENCE THE FOLLOWING TWO (2) COURSES ALONG SAID WESTERLY RIGHT OF WAY: A) N 02 DEGREES 57' 04" E 647.65 FEET; B) ALONG THE ARC OF A CURVE TO THE RIGHT HAVING A RADIUS OF 1532.30 FEET AND A CENTRAL ANGLE OF 16 DEGREES 31' 20"> A DISTANCE OF 441.87 FEET (CHORD BEARING N 11 DEGREES 12' 44" E 440.34 FEET) THENCE LEAVING SAID WESTERLY RIGHT OF WAY LINEN 25 DEGREES 27' 04" E 38.65 FEET TO A POINT ON THE ORIGINAL WESTERLY RIGHT OF WAY LINE OF SAID COLORADO STATE Our Order No: Q62000611 LEGAL DESCRIPTION HIGHWAY NO. 133, THE TRUE POINT OF BEGINNING. COUNTY OF PITKIN STATE OF COLORADO