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HomeMy WebLinkAboutbocc.con.053.1979 :� i h's�j` . /. j.s .46, i.'. . .. . � _ ��l?.''':K{1:� ? ;'�=;fi�?;=';;�� '��'� . :=------.. ....... �_ :F. � '. . .. .;2Yf�,, �n.. 33(797 ,�;,. ' ncRr•.i,riLNT ' i ' ; �'' TAIS nGR��MI:NT made and entered into this day of . , " .i , 197,, by and tietween of the �; County_of Pitkin, Stai:e of Colorado (hereinafter referred to : , :y as "Owner") and the fIOUSING 7�UTIiORITY OP TH� COUNTY OF PITKIN, ` "-t�; i z� COLORADO, A Colorado corporation organired pursuant to the Colorado j. � County Housing Authority law, C.R.S. 1973, Section 29-4-501, � n�: :i ��; et-. seq., (hereinafter called "Authority,"). �-. @' ;, - .- '�' ' - , . WITNSSSETH: i �'� . �:� � WHEREAS, the Owner has purchased Condominium Unit , �,, '� Lone Pine Apartment Condominiums, Lot 1, Lone Pine Subdivision, �� �� � �� Pitkin County, Colorado, according to the plat thereof of �ij ;��3 record in Plat Book , Page , o£ the records of the ;���`� Pitkin County Clerk and Recorder (hereinaiter "Unit"), and, `-'�� WHEREAS, it is acknowledged by the Owner that the Lone � � � � Pine Apartment Condominiums is subject to the control of the � -.Y Authority for the pvrpose of addressing the middle income housing needs of the area and ihe parties hereto wish to insure that, t on resale, the Owner's Unit is again made available to satisfy � . � _ the need for middle income housinq within Pitkin County, NOW, THEREFORE, in consideration of the sum of Ten ($10.00) � . � Dollars and other qood and valuable consideration, paid in hand �: by the Authority to the Owner, the receipt of vrhich is hereby � acknowledged, it is agreed by the parties hereto as follows: � ', :� 1. In the event that the Owner shall desire to sell � the condominium Unit hereinabove described, he shall notify � the Authority, in writing, of his intention to do so and � deposit with the Authority an amount equal to .5?; of the � • � estimated value of th� Unit. The Authority shall immediately d . a advertise the Unit for sale by competitive hid submitted by .. qualified purchasQrs (as hereinafter defined). The Owner may :. � accept the highest bid; or, in the alternative, reject all bids I � and retain o�anership of the unit. If the Owner rejects all bids � ': d,• . �� . ne shall forfeit his deposit, If the Owner sells the Unit pursuant • � .. ihereto, he shall pay the Authority an amount equal to one tlo? per�cent of the sale price less the amount of deposit previously made. � � •.;i : • . , . . . .. .. � �l , ' ._:,._...... ._ .. _. . ...... . , . � . �..r.� ,. . � . e�a'.�� - � 1' i �1rF��S;" - . . . - . ukr�ri�^ n::S��W�t`F. . ' ' . . �i .�w�µ,�'�'.. i . . ..._ .._ _ _. . . _ ..., ... . . ... . �{i� . �•�.': •�.''. 2. "Qua].itiad purchascrs" are L•hosc mee�i.ng the qualificad:ions of ""��'� �_xYS::?,.� ` Lhe Aukhor.itx, wl�ich e�uali.f.ications shall be establisiled annually by i � resolution of the Authozity, �akincf into consideration employment, length s of residency, fi�iancial stability, net worth and maximum income, and • ' any and all other criteria adopted by the Authority reasonably calculated � j. to determine e].igibility for middle income housing and ability to . • � --� finance the same. In no event shall. any qualified pur.chasers submit a d ;' bid for an amount which would result in his assuming oUligations in � � excess of any liability/income ratio established by the Authori•ty. .� �j . 3. Tn no event shall any Unit be soZd� for an amount in excess of ��( _ �i the toi:al oi-: ,� '; a. An amount (based upon the Consumer Price Index, All Items, ;� � �� U.S, City I�verage, Urban Wage Earners and Clerical S+7orkers 1 � • , (Revised), published by the U.S. Department of Labor, � Bureau of Labor Statistics) calculated as follows: '� � � - Owner's purchase price x Consumer Price Index last � published prior to the date of the notice of desire � to sell c Consumer Price Index last published prior � � to the time oi purchase by Owner. � b. Plus the present value of a1L capital improvements ma@e to the Unit(not to exceed 158 of the Owner's purchase ,�� � A ', price),the value to be determined by mntual agreement of � � the parties or by an appraiser mutually acceptable to the � ' . � parties. {The cost of such appraisal shall be born by � the Owner.) S . � c. Plus the present value of the Owner's pro rata share of � capital improvements made to the common elements and � asseased to the Owner by the home owner's association; t � the value to be determined by mutual agreement of the � parties or by an appraiser mutually acceptable to the i " parfies. (The cost of such appraisaZ shaZl be born by the Owner.) d. Plus the cost of any public improvements for which assess- � ments were imposed by any governmental or quasi-governmental � agency'which have been paid during the period of ownership. ' i In the event that a bid is received equal to or in excess of the � ` � maximum resale price herein established, the Unit shall be awarded to 'such bidder at said maximum rice; and in t•he event t�+ro or more. � � ' P � ` c such bicis zre received, the winninR bidder shall be selected by lottezy and, again, i:he Unit sold to him at no more than i:he maximum } s resalc: p�-ice. Not:t�i.ng hcrein sha11 be construed to prevent the Owner � � • 'Z �, r , 1 i� ( 'i.� . ./ :a•'::�!:i�i7: . . . . . ;�y�a�l�::s'nR � . ;'s9'+�a':�y�( � . .;Xi � A�.�` ��: t fsom rejr.cting all bid� and retaa.ning owner.s}iip of the Unit. � � � 4. No owner shall ermit an � p y purchaser i:o assume any or all q ; of Lhe Owner's customary ^closing co.^>is nor accept any�oL•ner � consideration such as to inerease the purchase price above the ! �; bid pr.ice or maximum sale price or so as to otherwise induce the � '� �3 Owner to sell to said purchaser. � i i l � 5. The following transfers of interests in the Unit shall ' y (unless designed to avoicl this right of first refusal) be exempt •� £rom i:he right of first refusal hereinabove granted: �� � a. A transfer by operation of law of a deceased � person's interest to the surviving joint tenant. � b. A transfer of an interest by will or inheritance c. A transfer by genuine gift without any consideraiion + therefore. f � d. A transfer of an interest to a trustee for the benefit of the Otoner or the Owner's spouse or issue. e. A transfer or conveyance by operation of law or otherwise of an interest of an Owner to any other co-oc,mers where such co-owners hold title on the date of such transfer as tenants-in-common or • � � • as joint tenants. f. A transfer of an interest by Treasurer'S deed 1 . � pursuant to a sale for delinquent taxes; or by a � sheriff's or public or private trustee's deed pursuant to a judgment execution or foreclosure sale, but only for debts constituting a purchase - money mortgag.e or incurred for those reimbursa2ale capital improvements described in Sections 3b and c. Provided, however, anything above to the contrary notwitnstanding, in the event that the Unit shall be trans£erred in any manner ! described in paragraphs (a) trirough (f), the transferee, his grantees � or successors in intezest, shall be bound by the t�rms and conditions of this ngreement. in the same manner and degree as if no exempt� [ • 4• , transfer had occurred. i T' , . � -: 6. In the event that any Unit burdene'd hereunder be sold an�i ? .conveyed without compliance herewith, such sale shall be wholly � Y null and void and shali conLcr no iii:le what�oever upott the intended � � ; � -3- R . y t,;;- l.�.•�.,.�..��... .;.F::::::9.:.�:�-.. .� �.,J_'::"��_:{.':!:'l',' . . � 7f�'.'�f . . � a .��..��x�a , � � ;:s�'il'{'it;"-�% �:�rata�r�-.. - - .i�s„. f . . . . . ... ., ._ _ a.. . ._ �..... .._. ... . .... .. . . . . . � 4t+���.� • . .��*U s � � 4�::' ;;wi- purchaser.. Each and every convcyance of the Unit sha.l.l be, for all purposes, decmed to include anc3 i.ncorpor.ate by, reference in . such instrumeni: oi convey'auce, even without reference herEto, the covenants herein contained. 7. Tn the �event L•hat the Owncr desires to lease the above described Property, Owner shall give written notice of such intention to the Authority which shall have, for a period . of thirty (30) days subsequeni: to receipt,of such notice, an ' option to undertake the rental of the Unit for the term described ; ` by the Owner and at a xental not to exceed the Ownez's monthly 0 ,,,{ expenses for the costs of principal and interest payments, taxes, _ . property insurance, condominium assessments, utilities, plus an y , additional Twenty ($20.00) Dollars and a reasonable (refundable) � . . security deposit. All rental proceeds shall be payable to the Owner. I Nothing herein shall be construed to require the Authority to • � i indemnify the Owner against any losses attributable to the rentaZ including (not by way of limitation) non-payment of rent or damage to the premises; nor to require the Authority to provide for the � rental of the premises under the provisions of this paragraph. . 8. The Owner agrees that, in the event he changes his 'domicile or ceases to utilize the Unit as his permanent reszdence, � ' he will offer the same for sale pursuant to the provisions of � . � this Agreement. The Owner shall be deemed to have changed his � domicile by becoming a legal resident or accepting permanent employment s ; . a elsewhere, or residing in the Unit for £ewer than nine (9) months � per year. � 9. Any notice which is required to be given hereund�,r shall be � given by mailing the same, certified mail, to any address provided � _ herein or given as the current mailing address of the party. � . � • 10. The provisions of this Agreement shall be coveaants running ; with the land, be binding upon the Owner and the Authority, his or i � its heirs, successors, and assigns (and .enforceable by any o£ them) and shall run for ttie period of the life of the survivor of the present . . � -Board of Commissioners of the Authority plus twenty-one (21) years. � ',- 11. The tenn "Owner" as used herein shall refer Co any and� � i i all persons, male or female, having 1n ownership interest in the I I condominium unit which is the subject of this Agreement, � i • � -4- i � ,, r? .; i a *x. 6� • �,r��,��'�.. � . .. . � . ,�,,��fk:� r� '�' . ... :, ..,:. ,_ ��, ,', , �,R, �., ; �';; �`�r; � s e%�;..:.. r � 12. At the time of any sale of the Unit pursuant to the terrns of L-his agreement, the Owner shall provide (ai: his cost) title insurance j ' ' � i (or othcr evidence of title); and any tar,es, assessments, utility :i I ,� bills, etc., shall be pror.ated to the date of closing. Each party to 'i �1 the transaction shall assumc his customary closing costs. � � 13. There is hereby reserved to the parties hereto any and a1Z ' remedies provided by law for breach of this Agreement or any of its �i terms. . 'I_. � � 14. The Owner acknowledges that he has read and fully under- stands and accepts the terms and conditions of this Agreement limiting ' the resale and rental o£ the Unit; and further acknowledges that he is _ '� relying upon no oral representaeions aualifying or limiting the terras ; , i herebf. � � . IN WTTNESS WHEREOF, the parties hereto have executed this � instrument on the day and year above first written. . ' ? . Owner Owner .�: - � Mailing Address) STATE OF COLORADO ) : ss CaUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this day of , 1979, by � WITNESS MY HAND AND OEFICI�IL SEAL. Notary Public My commission expires: = '? , ACCEPTANCE BY }JOUSING 11UTHORITY I ':x i _ � The foreqoing grant and its terms are accepted by tkie HOUSING • AUTIiORITY OF THE COIINTY OP PITKIN, COLORADO. -5, • � �1 ' __. . � '.{, iA�4'.�w<'V�� . ' ' ' �K[ u , ,- .. .... �. -: ,�:,�• . �� r :,:.... ,.. . .. . ::;r .� ....... .� ...,. ..� .:�. . ..... .� ,. . �.,.. .. ...._. .. �. - . i. :'.. ���::.. , ..e.• . �-..c.ij'..i w..._��..�r4' ... . F."� , � � , . . . . .. . . . . ` . i ATTEST: }IOU5ING AUTIIORITY OP' TIIP s � CODI�'1'Y OP PITY.IN, COLORI�DO 3 a: . . - t By ..�� Secretary , Joseph E. �dwards, Jr., Chairman ,Y . Board of Commissioners :,{ 506 East Main Street • . � Aspen, CO 81611 ,� (Mailing Address) ;� �. :�r STATE OF COLORADO ) ����'� � � � : S5 � . �. . � . � . .� � . . COUNTY OP PITKIN ) . � The foregoing instrument was acknowledged before me this � . � day of , 1979, by Joseph E. Edwards, Jr., Chairman of the Board of Commissioners and , Secretary of the HOUSING AUTHORITY OF TH� COUNTY OF PITKIN, COLORADO. ' WITNESS MY HAND AND OFI'ICIAL SEAL. t' :, . . , Notary Public ; ` i ' My Commission expires: � ? �: 1 � ' . . . (i : i � -6- . � , ., �<..----_..____.---�_..._...�.. �_,_ _..__..._.�_...... _ .. .... _.___ _... ... ya<.�:,..��ri,,,-.-._._ :..�.1•.... :. _ %..