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� CA 63 (82) �`�=�ey�"
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� PURCHASE AGREEMENT
t� THIS AGREEMENT made and entered into this 2�th day of
HiY
� July, 1982 by and between THE ESTATE OF JOHN V. SPACHNER
� and THE WALTER P. PAEPCKE LIFE INSURANCE TRUST (hereinafter 1�
� referred to as "Sellers") and the BOARD OF COUNTY COMMISSION-
P:F
"� ERS OF PITKIN COUNTY, COLORADO (hereinafter referred to as
�
� the "County"):
�d W I T N E S S E T H
�� �'.
� WHEREAS, Sellers are the owners of the following de- �
i.
� scribed real property located in Pitkin County, Colorado, to
wit:
� 6 A tract of land situate in Section 34, Township 9 .
�, South, Range 85 West of the 6th Principal Meridian,
��,, � being more particularly described as follows:
� � '
C
Beginning at a point on the Easterly Right-o£-Way line
� of Colorado State Highway No. 82, also being the North-
westerly corner of a tract of land described as an �' .
; � exception to Tract B-4 Aspen Center, whence the South- • ;
east corner of said Section 34 bears S 46°35'47" E j.
2688.35 feet, with all bearinq contained herein being y .
� relative to a bearing of N 03°29'38" W on the east line
of said Section 34; thence N 31°07'00" W 750.00 feet
�-°�( along the said Easterly Right-of-Way line of Colorado
State Highway No. 82; thence N 58°53'00" E B10.00 feet;
�� thence S 49°00'14" E 786.09 feet to the Northeasterly
� corner o£ Tract B-5 Aspen Center; thence S 58°53'00" W
1052.06 feet along the Northerly boundary line of said
Tracts B-4 and B-5 Aspen Center to the point of begin-
ning containing 16.03 acres more or less. hereinafter
. called the "property," and �
tl WHEREAS, the County wishes to purchase the same as the �'. '°
� site for the construction o£ a bus barn (and, in the future, `'
�;.
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of road & bridge maintenance facilities), and
WHEREAS, the purchase o£ this property and the construo- ^
�
tion of a bus barn require a subdivision exemption and
I Special Review approval pursuant to the provisions of Sections
� 4-2.2(a)(4) and 3-6.1, respectively, of the Pitkin County
; o �
�,and Use Code (hereinafter collectively called tkte "�rov- 'v
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WHEREAS, the County wishes to condition its obligation '
to purchase the property upon receiving such Approvals,
NOW, THEREFORE, in consideration of the mutual benefits
� �.
to be derived here£rom, it is agreed by the parties hereto ;�
� as followsc
d 1. Sellers agree to sell, and the County to buy, the
property for the purchase price of Thirty Five Thousand
�.� Dollars ($35,000) per acre oE the property, as such acreaqe
t
�'"� is established by the survey described in paragraph 3 hereof. ��
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Purchaser and Seller have estimated that the property has an '�
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area o£ approximately 16.03 acres, and, accordinqly, have ;' �.
� . .
P;.
� estimated that the purchase price will be approximately Five :',
�'� . Hundred Sixty-One Thousand Fifty Dollars ($561,050.00). The
� �11
� purchase price shall be payable as follows:
(a) EiEty Thousand Dollars ($50,000.00) upon the � •.
� - ��
execution of this Agreement ("earnest money"). r�
� �
(b) The balance by certified or cashier's check,
•'~ at closing which shall be on a date and at a time
f� arranged pursuant to paragraph 3 of this agreement, but �:
�
in no event later than October 31, 1982.
Any and all water rights appurtenant to the property or in
any way connected with or derived from the ownership thereof
� � �
are expressly reserved to Sellers and the County expressly �'�
�:. .
waives any and all rights thereto. The deed described in �
�
paragraph 5 hereoE shall expressly provide for such reser-
vation by Seller and such waiver by the County.
� 2. This agreement is specifically conditioned upon ",;`
s;�,;:..:,
� the County receiving the Approvals_ The County agrees that
it shall use its best efforts and all due diligence to
� obtain the Approvals as expeditiously as possible. In the ��
event the Approvals shall not have been obtained on or
i
� before October 31, 1982, then the County or the Sellers may
�
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termiaate this aqreement and declare this agreement of no '
further force and effect, in which case the County shall
recover all monies paid pursuant to paragraph 1(a) except
for the sum of Five Thousand Dollars ($5,000.00), which sum ,-�:
i
� shall be retained by Sellers as consideration for Sellers'
agreement to remove the property fram the sales market and ;
refrain from selling the property to third parties between
� the date hereof and October 31, 1982. :
� 3. Sellers� performance of their obligations hereunder �
� K
� is conditioned upon (i) Sellers' receipt, not less than �
� fifteen (15) days prior to closing, of a satisfactory ALTA � �
� : •.
survey of the property, settinq Eorth the acreage thereof, � .
fr �
�!' � prepared at the expense of the County by a certi£ied Colorado
�� =:
F� surveyor, and (ii) Sellers' determination that (a) the legal
description of the property set forth on such survey is �'
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� � identical to the legal description of the property set forth �
�
in the first paragraph of the Recitals hereto and (b) the
�'' , property depicted on the survey is the same property Sellers
i' have orally agreed to sell to the County. Sel2ers agree to
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advise the County whether or not they have made the determina- �
tions required in (ii) immediately above within £ifteen (15) �
days of Sellers' receipt of the ALTA survey from the County. �
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4. Closing shall be within forty-five (45) days of ``
� .
the County's receipt of the Approvals on a date and at a i:.
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time and place mutually agreeable to the parties; provided, �:: .
however, that, notwithstandinq the date upon which the
Approvals have been obtained, the closing shall in no event
occur after October 31, 1982. `'�-
�;.
5. At closing Sellers shall execute and deliver a
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good and sufficient general executor or trustee's deed con-
veying title to the property in fee simple, free and clear
o£ all liens and encumbrances except (i) general property ,
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taxes, (ii) special assessments not yet due and payable and i
(iii) other matters which could not be reasonably deemed to
:
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delay, prevent, hinder or impair development of the property `
as contemplated by the County.
. : ;'
'' 6. An ALTA form B title insurance policy conforming ,j
+ with the title reguirements set £orth in paragraph 5 hereof
� (and subject to the general exceptions set £orth in said
policy) shall be provided by Sellers at their expense. The
" proposed deed, title insurance commitment and other closing
� documents are to be submitted to the County Attorney, 506
East Main Street, Aspen, Colorado, at least fifteen (15)
days prior to closing.
F 7- Within thirty (30) days of the date hereof, the .
�f � County sha11 deliver to Sellers evidence satisfactory to `,
� Sellers, and an opinion o£ counsel for the County opining,
�,.� that the County has been duly authorized by all necessary
. governmental action to acguire the property pursuant to the
:�s.� terms of this agreement.
8. General taxes and assessments for the year of �
{T closing shall be prorated to the date of closing based on
the most recent levy and assessment. The County has advised
Sellers that no real estate transfer taxes shall be payable
� in connection with the County's purchase of the property. "
� All closing costs shall be paid by the party customarily
assuming the same.
9. Provided the County is not in default hereunder,
the County shall have the riqht, prior to October 31, 1982,
to submit to the appropriate governmental authorities any L.
�_�,-
applications required in connection with the efforts of the
County to obtain the Approva2s. In addition, provided the
County is not in default hereunder, the County may, prior to
October 31, 1982, enter upon the property at reasonable
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times for surveying and other purposes reasonably relatec3 to
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this transaction and the efforts of the County to obtain the
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Approvals. The County shall indemnify and hold Sellers free ;'f
. and harmless £rom and against any and all loss, cost, damage ��
and expense incurred by Sellers by reason of any damage to ;
property or injury or death to persons resulting from the
i
�' County's entry upon the property and any actions taken by
the County while on the property. The obligations of the
� County under this Paragraph 9 should survive the closing.
� 10. Sellers previously granted the Aspen Metropolitan . .
�:
� Sanitation District ("District") a right-of-way ("Access
�'' Easement") over certain real estate owned by Sellers which � �
�
is adjacent to the property in order to afford such District
'r� access to the Aspen Metropolitan Sanitation Plant. The doc-
�. .
, ument creating the foregoing grant is of record at Book 235, �
:��:
Page 237 of the Records of the Pitkin County Clerk and
Recorder.
i'
� As additional consideration for the conveyance of the
property, the County agrees that (i) within 180 days after
closing it wili construct an access road on the property �
� '�Relocated Road" p quality to the
( ) of �com arable size and
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roadway previously constructed upon the right-of-way granted �'
� . .
pursuant to the Access Easement, and (ii) within fifteen
(15) days of the completion of construction of the Relocated
Road, it Will cause the District to execute and record a
release (in form and substance satisfactory to Sellers) of
that portion of the Access Easement which the District no
longer requires as a result of the construction o£ the
� Relocated Road. Upon completion of the Relocated Road, the
#� County further agrees to execute and record a non-exclusive
easement (in form and substance satisfactory to Sellers) .
grantinq Sellers the non-exclusive right to use the
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Relocated Road in order to provide Sellers, their successors,
heirs, assigns, guests and invitees, the unrestricted right
of access to and from other real estate owned by Sellers and
their successors, heirs and assigns, which is adjacent to
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- the property. Prior to the date of closing, the County will
provide Sellers with a survey showing the proposed location �1
a
of the Relocated Road. The County agrees that it shall pay
all costs and expenses associated with the construction of
� the Relocated Road, drafting of the aforedescribed easement, '
�:`:
� recording o£ such easement, surveying of such easement and �
4.
preparation and recording o£ the release of the appropriate �
portion of the Access Easement. The obligations o£ the a
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County under this Paragraph 10 shall survive the closing and
�,�. �� `
may be memorialized as covenants of the grantee in the deed -��
conveyinq the property from Sellers to the County. �
;�� 11. Nothing herein shall be construed as creating a �
5
long term obligation or debt (in excess of one year in � ,
� duration) of the County of Pitkin, Colorado, which may be �
, _ prohibited by the State constitution or statutes or the
'7
Pitkin County Home Rule Charter.
12_ If title to the property does not conform to the �':
�
requirements of paragraph 5 hereof and written notice of a �
defect is qiven by the County to the Sellers or Sellers' �
�
agents within the time herein provided for delivery of deed �:,
�� and such title shall not be rendered in conformity to such �_,
requirements within thirty (30) days a£ter such written
notice, then this Agreement, at County's option, sha11 be
terminated and o£ no further £orce and effect, each party
:'r„
shall be released £rom all obligations hereunder and the
payments made hereunder shall be returned forthwith to the '
County; provided, however, that in lieu of correcting such
defect, Sellers may, within thirty (30) days, obtain a
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�,oK434 �:�,�_�0�
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f� � commitment for an Owner's Title Insurance Policy in the
amount of the purchase price reflecting title insurance
• protection in regard to such de£ect, in which case this sale ��
�'' transaction shall close pursuant to the terms of this agree- �/
�.
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ment.
13. The County hereby agrees and represents and war-
rants to Sellers that a£ter closing the County will cause
a
' the property to be developed in accordance with all appli-
�."
cable laws, ordinances, rules and regulations (including,
but not limited to, laws and ordinances establishing setback
, ry.
� requirements. The obligations of the County under this =
:<� 9
�: � paragraph 13 sha11 survive the closing.
t'' �
ti 14. In the event of a default by the County hereunder, §
.:�� Sellers shall be entitled to retain the earnest money and, r
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in addition, shall have the right to pursue against the r
_ �
County all rights and remedies available at law or equity. �
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� �'�.E: 15. The County hereby agrees (and the deed described
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' in paragraph 5 hereof shall include a covenant by the County, �°
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e
� in form and substance satisfactory to Seller, providing ,
�� that) the natural berm existing on the propert �
y, which is ±`
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:�- located within 200 £eet of the highway right of way, wi11
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not be cut, altered, revegetated, recontoured or irrigated �
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(except £or any cutting necessary in connection with the a'
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�, construction o£ the Relocated Road described in paragraph 10 �.
hereof) without the prior approval of Seller. �'
�, 16_ This Agreement contains the entire agreement
between the parties relating to the transactions contem-
plated hereby, and all prior or contemporaneous agreements,
understandings, representations and statements, oral or
written, are merged herein.
17. All notices, demands, requests and other communi-
cations under this Agreement shall be in writing and shall
be de�med properly served if delivered by hand to the party '
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to whose attention it is directed or if sent, postage pre- i'
paid, by registered or certified mail, return receipt re-
quested, addressed as follows: !����
k°;:-,;.
- �'`: .
A. If intended for Sellers: ���_
t
� Sonnenschein Carlin Nath & Rosenthal �
8000 Sears Tower
Chicago, Illinois 60606
.,
Attention: Mark F. Mehlman
B. If intended for County: `'
Board of County Commissioners of
Pitkin County, Colorado
506 East Main Street
Aspen, Colorado �
18_ Neither this Agreement nor any of the County's
�,,: � :
i rights hereunder shall be assignable.
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19. Neither Purchaser nor Seller shall have any right ,
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to record this Agreement or any memorandum hereof. '�
° IN WITNESS WHEREOF, the parties have executed this �
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Agreement the day and year above first written. ''
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THE ESTATE OF JOHN V. SPACHNER �
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By: American National Bank and Trust
� Company of Chicago, as Executor
o£ t te of V. Spachner
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r� �U o � ��,'�1n� � , THE WALTER P. PAEPCKE LIFE r �
�1• � . :,,+�'d, h,,..�.. .1��� ,�J INSURANCE TRUST
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` ,�'h���f� 0��4 l<. ���I�l tt /�f'X`•��'
.,� ��h'������`!� �� Eliz�beth H_ Paepcke, as Trustee
F ,���"������ o e Wal P. Paepcke Life
_ Insur nce T s
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Peter Nitze, as Truste of The
K�� Wal . ife Insurance
Trust ��
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Stephen McK. DuBru1, Jr., as
Trustee of The Walter P. Paepcke
Li£e Insurance Trust
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COtJNTY: k
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BOARD OF COUNTY COMMISSIONERS OF i
,�PI-T�KIN/C NT�y COLORADO �._ '
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STATE OF ILLINOIS )
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COUNTY OF COOK ) ;
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�aN�he foregoing instrument was acknoW�e�dged�b�o me.this
day of �„�d�, , 1982 by �p1�E(Z�1 L' ��LLII� 1 . '.:�'
the yIPE �QE{II�Ff.P16=<wmerican National Bank and Trust Company o£ �
9 Chicaqo, as Executor of THE ESTATE OF JOHN V. SPACHNER.. •
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My commission expires. ;�'`���1 J���•.,�"'•`.;�:. 's
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WITNESS my hand and o ci�y) ��3:..;::
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' Notary Public -•,,;°4J;1�"'', �
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STATE OE COLdRADO ' ) � .
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Y COUNTY OF PI•TRIN ) } '� .
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The foregoing instrument was acknowledged before me this
�.� day of �����r}- , 1982 by ELIZABETA H. PAEPCKE, as
, Trustee of THE WALTER P. PAEPCKE LIFE INSURANCE TRU$�:'�
•� My commission expires � O�OJJO�
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WITNESS my hand and of�ic'i, � ��a?� .
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STATE OF NEW YORK ) - � "
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� COUNTY OF NEW YORK )
The foregoing instrument was acknowledged be£ore mE•'t2X��%...
99+-fi day of TrTrv 1982 by PETER NITZE ay�'T.ry`���' �r . �
of THE WALTER P. PAEPCKE LIFE INSURANCE SRUST. `�J �,� ���r,�
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My commission expires: �'�'"
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� WITNESS my hand and o££ic�a1 �,�`� �`
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Notary Public
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STATE OE NEW YORK �
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COUNTY OE NEW YORK � '�
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The foregoing instrument was acknowledged before me this �
2Rth day of ,7rTrv 1982 by STEPHEN McK DUBRUL, JR., ,=/� ..
-- as Trustee of THE WALTER P. PAEPCKE LIFE INSURANC E�A�R;��T9►IR�W�nf Ne+•pvork �
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�� � My commission expires: ^"'"`�°!� �n Kinqs County ;, �
C�_`."°�.^Ff!^d f�New Va�!•CooNv �
Commis�lan Explres Mgt�j!:30,19:;3
WITNESS my hand and o£ficial sea1�:' , ,
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� STATE OF COLORADO ) � .'
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� COUNTY OF PITKIN )
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.� The £oregoing instrument was acknowledged before me this
19 day of AUGUST i , 1982 by HELEN KALIN KLANDERim
� . and LEWIS S�— , Chairwoman and Secretary to
�'�, the Board of County Commissioners of Pitkin County, Colorado, 3
respectively. -
�r � ," My commission expires: 5.14.83
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7�' ` �},`0.���R 4�fp,: WITNESS my hand and official seal.
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