HomeMy WebLinkAboutbocc.con.004.1995 Mt�,a. ..,. .a.�.. �..,.� . . .. . ti ... . � � '_ w�.r.tY:r.wSr�.caG�.:�StnRSia4X'ATVika'tas�a.,.1L:w.i„seu�:r.an•r�,; � ,r,
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378704 ^ 8-773 P-265 02/02/95 04:2@P PG 1 OF 15 REC DOC �•' ;
SILUTA DRVIS PITNIN COUNTY CLERK R RECORDER 0.00 �
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THIS IS A LEGAL INSTRUMEN'L'. IF NOT UNDERSTOOD, LEGAL, TAX OR },.'".�
;' � OTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING. I�'•�,, ,
• '�`�
; pb VACANT LAND/FARM AND RANCH ;'�.��•:..
�'< Q CONTRACT TO HIIY AND SSLL REAL BSTATE ' ' c'Z,�
(FINANCING SECTIONS OMITTED) 4 �-•� •_
;' � January 19, 1995 , �..
'; � 1. PARTIES AND PROPERTY. Pitkin County Board Of County � r
i� p� Commisaioners, [Buyer] , agrees to buy, and the undersigned seller,
� �; � Seven S tar Par tners hip (Se l ler), ag r e e s t o s e l l, o n t h e t e r m a a n d �z .
conditions set forth in this Contract and the Addendum attached _ � ,;
hereto, the following described real estate ("Property") in the '�;f:"r> .
:? � County of Pitkin, Colorado, to wit: ��i=�;�.
.i; `.
See Exhibit A, attached hereto. �
Y� �
� Inclusions: The purchase price ehall include all water rights �i
�; appurtenant to the property. �" `
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, _� � 2. PIIRCHASE PRICE AND TERMS. The total purchase price shall be i .
$1,600,000.00 payable according to the terms below: .
• � � �j
� (a) Earnest Maney. $100,000.00 as earnest money deposit and art
� . � payment of the purchase price, payable to and held by Gi�eon
_� �� Kaufman, escrow agent, in agent's interest-bearing account on
,{ behalf of both Seller and Buyer. Agent ia authorized to deliver �'
: +� the earnest money,deposit to the closing agent, if different, at
� or before closing.
' � �J (b) Cash at Closing. $ 1,500,000.00 to be paid by Buyer at
closing in cash or certified funds.
3. GOOD FIINDS. All payments required at closing shall be made �
in funds which comply with all applicable Colorado laws.
. t
4. CONTRACT ASSIGNABLE. This Contract shall inure to the
benefit of and be binding upon the heirs, personal representatives, ` �!
:�: . � successors and assigns, if any, of the parties. The Buyer may enter r ' `
� � :�_ � in partnership(s) with any other party.
�
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5. EVIDENCE OF TITLE. Seller shall furnish to Buyer, at
Seller's expense, a current commitment for owner's title inaurance �
� - policy in an amount equal to the purchase price. Said commitment
shall be furnished within 7 days of the approval of this Contract ! 1
by the Buyer. Copies of instruments (or abatracts of instruments) � �'} '
listed in the schedule of exceptions (Exceptions) in the title
insurance commitment will be furnished to Buyer at Seller's expense -
at the time of receipt of . title insurance commitment. This ;
requirement shall pertain only to instruments ahown of record in
the office of the clerk and recorder of the designated county or �+ ��M,�'
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� �85412 B-793 P-600 09/15/95 11:25F1 PG 1 OF 15 REC DOC N 1 t ;
� SILVIA DAVIS PITKIN COUNTY CLERK & RECORDER 0.00 � �
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. councies. 'ihe title insurance commitment, together with any copies i '=.:�:
or abstracts of instruments furnished pursuant to this Section 5, �;
constitute the title documents (Title Documents? . SeZler will have �' .�:
the title insurance policy delivered to Buyer as soon as ;`:�•.�
� practicable after closing and pay the premium at cloaing. 5eller '��:�z,;
�: will also provide to the Buyer title documenta pertaining to all �
`s' water rights acquired with the property. �'` ;.
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,�; 6. TITLE.
�" ,, (a) Title Raview. Buyer shall have the right to inspect the. Title -r
� Documents. Written notice by Buyer of unmerchantability of title ��
or of any other unsatiafactory title condition shown by the Title .
Documents shall be si ed b or on behalf of Su er and iven to S'''��� �
� 9n Y Y g r:_.;:
5eller on or before seven (7) calendar days after Buyer's receipt •{�� .:.
` of Title Documenta, or within five (5} calendar days after receipt v .
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by Buyer of any Title Document(s) or endorsementis) adding new
� Exception(s) to the title commitment together with a copy of the t� -,
� Title Document adding new Exception(s) to title. If Seller does "�:'
not receive Buyer's notice by the date(s) specified above, Buyer
� shall be deemed to have accepted the condition of title as
� " � disclosed by the Title Documents as satisfactory.
.` � (b) MaCters Not Shown by the Publio Recorde. Seller ahall °�
_ deliver to Buyer, on or before the date set forth in Section 5,
. true copies of all lease(s) and survey(s) in Seller's possession '
pertaining to the Progerty and shall disclose to Buyer all �
easement, lien or other title matters not shown by the public
record of which Seller has actual knowledge. Buyer ahall have the
right _to inspect the Property to determine if any third party(s? �
has any right in the Property not ahown by the public records (such
� as an unrecorded easement, unrecorded lease, or boundaxy line
discrepancy) . Written notice of any unsatisfactory condition(s)
• disclosed by Seller or revealed by such inspection shall be signed
by or on behalf of Buyer and given to Seller within five (5} days
following receipt of the lease(s), survey(s) and other information
described in Paragraph 6(b) . If Seller does not receive Buyer�s
notice r� said date, Suyer shall be deemed to have accepted title � t •
subject to such rights, if any, of third parties of which Buyer has
' actual knowledge_ ;
'�. �:
ic) Right to Cure. If Seller receives notice of ,
unmerchantability of titile or any other unsatisfactozy title �
condition(s? as provided in subsection (a) or (b) above, Seller �j �
- shall use reasonable effort to correct said unsatiafactory title " '
condition(s) prior to the date of closing. If Seller fails to "� "'`! '
correct said unsatisfactory title condition(s) on or before the
date of closing, this contiract shall then terminate, subject to � `
Section 18; provided, however, Buyer may, by written notice
received by Seller on or before cZosing, waive objection to said
unsatisfactory title condiCion(s) . . � �'
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7. DATE 08.CLOSINC3. The date of cloaing ahall be February 11, ��:';a :��`
1995, provided, however, that. the Seller has amended his Land Use =7� �:
" Application per the Addendum to this Contract, Paragraph 5(a)- �#r�'-1',,.
Paragraph 5(e) . Should this amended Application not be in place, •..;��
this Contract may be terminated by the Buyer or the closing may be '•, ..
rescheduled to a future date at the Buyer's discretion. The hour ;;, � �yr.
and place of closing shall be as designated by the Seller. T}:e -� � �
date, time and place of closing may be changed by mutual agreemer_t ;��;"� ~�.._s..
of the arties at an time rior to cloain without enalt Seller � �}�`
P Y P 4 P Y• ;. �
shall have the right until midnight of February 13, 1995, to notiiy � '� ..^ ,
Buyer of a delay of closing until no later than March 1, 1995, }
" " without penalty. ,tA:k' r�-
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� 8. TRANSFER OF TITLE. 5ubject to tender or payment on closing '.� ,i��•.
? as required herein and compliance by Buyer with the other terms .'�,.,. ,
t� and provisions hereof, On closing, Seller ahall execute and '�''C'
'' deliver a good and sufficient General Warranty Deed to Buyer ��+`�4 .
� containing a reversionary clause as described in Paragraph 5 of the �.�`,•�
' -� Addendum hereto and conveying the Property free and clear of all �1s
. � taxes except the general taxes for the year of closing; free and �' �" '
•• ,� clear of all liens for special improvementa inatalled as of the "'''�� '
date of Buyer's signature hereon, wheCher assessed or not; except •'�`d-
distribution utility easements, including cable TV; except those �,
� matters reflected by the Title Documents accepted by Buyer in „4i;
accordance with Subsection 6(a) ; except those rights, if any, of
' . third parties in the Property not shown by the public records in
accordance with Subsection 6(b) ; and subject to building and zoning `�
" regulations. Water rights will be aonveyed by Quit Claim Deed. s
9. PAYMENT OF ENCVMSRANCES. Any encumbrance required to be paid ":+ .
' shall be paid at or before the time of settlement from the proceeds 7j�
of this transaction or from any other source.
10. CI,OSING COSTS, DOCUt�NTS AND SERVICES. Buyex and Seller
shall pay their respective closing costs at closing, except as
, " otherwise provided herein. Buyer and Seller shall aign and :k..
complete all customary or required documents at or before closing.
Fees for real estate closing and aettlement aervices shall not
exceed $300.Q0 and shall be paid at closing one-half by Seller and
,�: .� one-half by Buyer.
11. POSSESSION. Possession of the Property shall be delivered �?�
to Buyer with: delivexy of deed. , r�
, If Seller, after closing, £ails to deliver possession on the date r i
herein specified, Seller shall be subject to eviction. ' '
. . M'�` .'��.
12. CONDITION OF AND DAMAGE TO PROPERTY. The Property ahall be '
conveyed in iCs present condition, ordinary wear and tear excepted.
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13. TIME OF ESSENCE/REMEDIES. Time is of the essence hereof.
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If any note or check received as earnest money hereunder or any p�,
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other payment, due hereunder is not paid, honored or tendered when y '
due, or if an other obli ation hereunder is not r�' '
Y g performed or �,,, .,_,
waived as herein provided, there shall be the following remedies. ,. �,�
- ��,��.;:•:..
- (a) IF THE BUYER IS IN DEFAIILT: Tf the Buyer is in default the ;� ' ,, .cry
' ` Seller�s exclusive remedy is to retain the Earnest Money as ti; c .., .'
':; liquidated damages (as defined below) . ���� -
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' Liquidated Damagee. All payments and things of value � .r �
�; received hereunder shall be forfeited by Buyer and �`
_._� retained on behalf of Seller and both parties shall ..,�`x-
thereafter be released from all obli ations hereunder. ��''
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il It is agreed that such payments and things of value are � t� `
y LIQUIDATED DAMAGES and (except as provided in subsection
��? (c)) are SELLER'S SOLE AND ONLY REMEDY for Buyer's r'::�;"
� � failure to perform the obligations of this contract. �, y
� Seller expressly .waives the remedies of specific ''
;.� " performance and additional damages. jFT1 ry
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(b) IF SELLER IS IN DEFAULT: Buyer may elect to treat this �
9 contract as cancelled, in which case all payments and things of k;'t�' �
' �� �- value received hereunder shall be returned to Buyer or Buyer may '���
c� elect to treat this contract as being in full force and effect and �`f
¢ Buyer shall have the right to specific performance. "��
c�u (c) COSTS AND EXPENSES. Anything to the contrary herein
;.; notwithstanding, in the event of any litigation or arbitration f
�" arising out of this conCract, the court sha11 award to the j
u� prevailing party all reasonable costs and expense, including �`
°�' attorney fees. 4'�;�
. � �
� 14. EARNEST MONEY DISPUTE. Notwithstanding any Cermination of
- � this contract, Buyer and Seller agree that, in the event of any
controversy regarding the earnest money and things of value held
� M • by escrow agent unless mutual written instructions are received
.� by the holder of the earnest money and things of value, escrow �'
!a agent shall not be required to Cake any action but may await any ,
proceeding, or, aC broker's or closing agent's option and sole �
' ro discretion, may interplead all parties and deposit any moneys or
'`�_ - � � things of value into a court of competent jurisdiction and shall `•
� recover court costs and reasonable attorney fees.
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15. INSPECTION. Buyer or any designee shall have the right to .�.
-- � inspectionis) of the physical condition of the Property at Buyer's
' � expense. If written notice of any unsatisfactory condition, signed �' '�
M by Buyer, ia not received by Seller on or before February 7, 1995, �•�
the Parties shall proceed to closing as provided for elsewhere in
this Contract.
Z6_ ADDITIONAL PROVISIONS: �� ,
See Addendum attached hereto and inaorporated herein by reference. � �'-,°'
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, � 17. RECOD4+lENDATION OF LEGAL COIINSPsL. By aigning this documenC,
? Buyer and Seller acknowledge that they have obtained the advice of
a their own legal counsel regarding examination of title and thie
�:z"� contract. ` �
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� 18. TERMINATION. In the event this aontract is terminated, all gryrr
-�� payments and things of value received hereunder shall be returned
,� and, the parties shall be relieved of all obligations hereunder,
;� subject to Section 14. f;
19. NOTICE OF ACCEPTANCE/COVNTERPARTS. If this proposal is
;°•
-- -.= accepted by Seller in writing and Buyer receives notice of such -:%--
acceptance on or before January 25, 1995, this document shall
become a contract between Seller and Buyer. A copy of this
- document may be executed by each party, separately, and when each
� party has executed a copy thereof, such copies taken together shall
�. be deemed to be a full and complete contract between the parties.
� ��� f" �'Y-�i s �
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� APPROVED AS TO CONTENT: �
;� ,;� �'��s �l Zs/,� � .
¢ CHAIRPER�ON, OPEN SPACE AND TRAILS BOARD DATE �
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.,""., APPROVED AS TO FORM: �
� - _ ��� � ' 2 3 yJ- i .
ij Timothy Whit�s�;. County Attorney .DATE
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'� FOR TAE BUYER: .
� •%�� �
aCHAIRMAN, ' DA �
Pitkin County Board of County Commissioners
Pitkin County Courthouse
. � 506 East Main Street, Aspen, Colorado 81611
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cu [TO BE COMPLETED BY SELLER ]
� 20. ACCE�TANCE. Sel er accepts the .above proposal this
. �— M �5� _. day of ��. 19 9�. � ( ,
SELLER(S) : � -�`;.`.'
��. �' p� �U��S►�ir�1L'�
9Q
General ParEner� ,�T Date
Seven Star � Partnership
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7.7. ��L"COD�CENDATION OP LSGAL C SBL. Sy pigriiz�g this doaL:n�at, �c .;,.
� Buyer and 9ellar acks�owladga triat hey have obtaihed the advice of
' their own iegal coulieel regaz'din examination of title a]sd thia ' .:''�
`3 contract. � �'>•' '
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-'>7 18. TERDSYNATrCN. In the eveat his contiract is Cerminated, all • . 1.,_''`�_ .
;� payments and triaga o£ value�xece ved hereunder shall be rerurned ;,�, :-, ;;.
�; and the parties shall be relieve of al.l obligations here��:�der, � , i
� subject Lo section z4. .
s: 7�,.
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;; , 19, NOTICE OF ACC��'11lJCE/CO 8ART8. If this propcsal is "�r
F� accepeed by saller in wrlting� an auyer receives notica of auch • �,l
�q accep=ante on or be�ore January 25, 1995, this document 9ha11
� ioecoma a cor.tract between Selle aad Buyer. A Copy o� thie ,, r,: �
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docum�ne may be executad by aaah arty, �oparately, snd when esct, •r;r?.�
�r; parLy has executed a eopy thareoE, euch copies talcen togeehex sha11 _;4.. .
9 N be daemed to b� a Eu11 and ocmple a contract betweea :he garti�s.
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., � �PP1tOVED AS TO CONTENT: ?�
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a CHAITtPE;R90N, OPEN BAACE AND TRAIL 80ARB DATE ;'�
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N APPROVED AS TO FORM: j
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. m Tzmo�hy Whitsit�, County Attorr.ey T��►�'g
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''i m FOR TFiE B�J:'ER; .
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� @ �i�2RMAN, bATE .
� � Pickir County Board oi County Co esioners
i a a�ick�n Ca•snty Courthouse � •
�, � : �C6 East Maia Stxeet, Aapen, Colo ado 61611 � � •
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�m [m0 8E COa�IPL�TED 33Y SELLER ] '
20. ACCEPTENNCE. Bcller accepka �e above proposal thi.s
- N day o£ . 19�
..
In SELLS1t t 5? : . I
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` ADDENDUM 1 :
'" TO THAT VACANT LAND CONTRACT TO BUY AND SELL REAL ESTATE }�: -
;� Dated January 19, 1995 �=.'`�.. •.
�(;....�.�
ADDENDUM to that certain VACANT LAND CONTRACT TO B[JY AND SELL REAL L��;��ti`,�.
� ESTATE, Seller's remedy limiCed to Liquidated Damages (Section 13) ��-
;� dated January 19, 1995, between the Pitkin County Board of County .�,:` ''
Commissioners, Buyer, and Seven Star Partnership, Sellera, is � - Y••
,� entered into simultaneously with that Contract and is supported by %3�_:.' 't
� the same considerations, terms, conditions and covenants as set '�`"' '
y� f
forth therein and herein. In Che event of any inconsistency F
---- y between the Contract and this Addendum, the terms of thia Addendum 'x'
'� shall govern and control. � .`
� �,
�` 1. The Seller sha12 survey and field-stake the Property to show ''+:;�
� the boundaries of the Property to allow for inspection by �`i;'
Februaxy 6, 1995. `�
� � �? '
" 2. The Town of Snowmass Village is currently negotiating for the
o purchase of Tracts 1 and 1A as shown on Exhibit B, attached �`' �
�� hereto. Seller will place a permanent conservation easement,
running to the Buyer, on Tract 1 as ahown on Exhibit B (the
'rv "Snowmass Tract") . Buyer represents that the Buyer qualifies
� as a non-profit organization eligible for charitable ;�3
a donation(s) of land or interests in land pursuant to this or
• a any future donation of easements or fee simple land interests. �
N Failure to agree on the specific and final terms of the 4
• ,;; . Conservation Easement shaZl constitute grounds for terminating �
-�+ this Contract without penalty to either party. The
� conservation easement will include the following provisions: ��
ii a.) Only the Snowmass Tract will be restricted againat any
� development with the exception of that specifically allowed
' 'e by the Buyer and Seller. Such development may include
� improvements for water storage or transportation, fencing to
m wildlife standards, low-standard access roads or trails,
� recreational trails, small buildings for atorage of materials � . .
� or equipment. r �' •
a +
`�_" � b.) Access to the Snowmasa Tract will be limited to thoae .• �
- times, to be determined in conjunction with the Colorado
�� � Division of Wildlife (DOW) , when such uae will not interfere �'
with or limit wildlife access to and use of the Snowmass , j
I Tract.
_ . I N �
a c.) The Snowmass Tract will not be used .for recreational 4 ,,;
;� purposes except those compatible with wildlife use and
�M specifically approved by the Suyer and Seller. Such uses may � • '
include seasonal equestrian, pedestrian or croas-country trail �Y
use, nature study, or hunting in accordance with DOW l'.�.
regulations. At no time will recreational uses be allowed ,�..
which require major alterations of vegetation or landscape, �,
�''I� ""'�°
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' • motorized vehiclea, excessive noiae or light or year-round �;�� . :•s��
;� accesa. „ ; ;
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:; 4. At closing, Buyer and Seller shall enter into a Maintenance/ ,� -; ,
� * Leaseback Agreement relating to the Property in form and ���' �i�
substance acceptable to Seller and Buyer which wi11 be agreed {��:i._,
3 to within seven (7} days after satisfaction of the condition ;y:'�..a�i,�
;} set forth in Paragraph 9 of this Addendum. Seller will provide ^��:..�
'h' a proposed form of Maintenance/Leaseback Agreement for review
� s,: ;:.
� and comment by Buyer on or before February 3, 1995. If the ; �
parties fail to agree on the final form within the seven (7) "'�
da eriod, the �':�:-'
� y p parties may agree to extend the date for ;;�f;r ��
reaching said Agreement or either party may terminate this ;��.rr;`:';�,,
- � Contract without penalty. .� :
The Maintenance/Leaseback Agreement will generally include the � ,..'� �
following elements: ��'%:``'
�.. ,.
;a.
a.) 5eller will be responsible for maintaining property
tn through adequate fencing, irrigation oE pasture land, control T?
" " of erosion, wildfire, control of unauthorized or•inappropriate �T �
�- public access and use, and maintenance of facilities such as ^;'�
� ,� irrigation ditches, fences and drainage sCructures. Capital
costs oE improvements to the Property may be shared between
- � the parties depending on an equitable basis, according to a ��
, A mutually agreeable cost-sharing formula to be included in the ,
final Agreement documents.
.¢
va
a b.) The Property will be made available to the Seller for
.+ grazing of domestic livestock according to prudent grazing
" practices and to the extent that such use doea not �,.
� substantially interfere with or diminish the use of the �
°,a � property by wildlife or otherwise cause signi£icant
� environmental damage. Suyer hereby acknowledges that well- .
� � managed grazing of domestic stock is not inherently
� o incompatible with wildlife usage.
j
' e c.) No strucCures on, or modifications to the property for
�o grazing purposes shall be permitted unlesa such activities are
_"� _J a specifically reviewed and approved by the Buyer and Seller ( '
`,' prior to being undertaken.
M
n d.) Low-impact recreational opportunities and activities which
� do not unreasonably interfere with the Seller�s use of the . �
Property may be allowed on the Property by mutuaZ agreement ;
N of the parties. Such activities may include hiking, cross- f '�
. ,., country skiing or horseback riding. �
, ,� �,i
� w� e.) Term of the Agreement shaZl be for five years, following ' i
�� M which the Agreement shall be renewed automatically for ?.
�� successive five-year terms unless amended by mutuaZ agreement
of the parties ar terminated for cause. Buyer may Cerminate
J^ �-
:� �'
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`! the Agreement only upon a finding that the Seller is nct � !' �,
"� fulfilling his responsibilities under the Agreement. � �: �
:; ��s•.,.
;;; �--.
5. Seller shall be entitled to re-enter the Pro ert and title � ��'��
P Y I'.',,�.
� shall revert to Seller upon the occurrence of the following �c'��:yr;
conditions subsequent: (a) final approval from Pitkin County ��;;_.':
'F or Town of Snowmass Village for the Land Uae Application as <;.•
A' described below is not granted or is granted with conditions ,y".�., � �
", unacceptable to the applicant-Seller, in its sole and absolute .;`s�.+.';;;,- �
discretion; and (b) notice of intent to re-enter is given to #
t Buyer within one hundred and twenty (120) days of the , s''
--- � disapproved final action taken by Pitkin County or Town of " "�='
� Snowmass Village or within eighteen (18) rtonths of closing if �� ''
� no final action is taken; and (c) within one hundred and , ,
� twenty (120) days of the disapproved final action taken bv ��`' °
� Pitkin County or Town of Snowmasa Village, or if no final ����
action is taken within eighteen montha, payment is made to
Pitkin County of $1,600,000.00 plus interest at the prime rate '�`
established by Chase Manhattan Bank, New York, NY, from the �ti �
� date of this Closing to the date of delivery of the Deed to ;;:..
.. ' � the Seller.
�
0
In order to facilitate the exercise of this right of
reversion, as a condition of this purchase, an Eacrow Agent i`�
°� shall hold a fully executed General Warranty Deed conveying
• � the Property from the Buyer to the Seller, subject only to the
� a eame exceptions contained in the Deed delivered at this
,� Closing. The Escrow Agent shall deliver the General Warranty �
N Deed to Seller upon the occurrence of the above conditions. "
-+ The right of reversion above described shall appear in the ��
• ' � '" General Warranty Deed from the Seller to the Buyer. ���
u�
'� The Land Use Application referred to herein is described as
.. follows:
�
m
a a.) The Application will request approval of two (2) ��
; building sites, both of them to the south of Brush Creek '
m Road, as generally located as ahown on Exhibit "B", �
! � attached hereto. The building sites will be for single-
� � q. family residences, not to exceed 12,500 aquare feet of ,�
�==-= enclosed building area together with accessory buildings �
' �"� and road access to those sitea. The land use application .'�
; ti � shall specifically, and in perpetuity, limit property �.
'� development to those buildings and accesaory structures � '
" - within the designated build'ing envelopes. The Application }. I
' ' ' N may also request one (1) building aite on Tract lA as .•' %':�,
.., designated on Exhibit B. The application may further +
� request approval of an agricultural outbuilding near the �'
m Highline Road - Brush Creek Road intersection, or in the
"� proposed building sitea. Said outbuilding will be �'',
designed and built so as to preserve the aesthetic and , �w'
rural quality of the area and its use will be limited to -_;; �;
� .;::�.�: ; �s
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�'� • storage of equipment and materiala and for animal �:,�n'4�`
aheltering only. ""
. ,•� .�•.
;a c.) Seller will diligently pursue accesa to the building �. :��`
_. � . sites by way of a driveway which doea not intersect Brush !'•'
� Creek Road. Should Seller not be able to aecure such ���'�--y
� access, Seller shall demonstrate to the Buyer's � ;� ,'.''
�'� satisfaction that such access is not feasible. Should
,•j ' access from Brush Creek Road be necessary, it will be _� �'
� along the alignment ahown in Exhibit B or such other - '
N' alignment as may be mutually acceptable to the parties. `"� `
_ r, ;::`':.
� d.) Seller ahall restrict activities and development of 5� .
� the Property to preserve and enhance existing wildlife ;'�,<:;'
habitat. Such restrictions may include, but not be ':
'� . limited to, prohibition of significant vegetation removal .�:'�.
� � '� or alteration; restriction of fencing design, maximum m';
height of 42 inches with 30 inch kickspace below top
� o rail) to asaure wildlife passage; and other possible �
� restrictions of access and activities, to be agreed upon `c �
a between Buyer and Seller on or before February 7, 1995.
• ..
� e.) To the extent that Exhibit B and other elements of
a the Seller's Land Use Application are not available for ��
� review by the Buyer in amended form, the amended
. N application shall be made available for the Buyer's
- � � _ review by February 5, 1995. Buyer shall have a period of
six (6) days after receipt to review and either accept
� or reject the Application. Failure to respond within such
, !� six (6) day period shall be deemed acknowledgement that � .
, .-. the revised application complies with the requirementa
,� of this Contract and Addendum. If Buyer deems the
'9 Application not in compliance with this Contract and
• Addendum, all objections thereto shall be set forth with
a specificity in writing and Seller shall have a reasonable
� time period to amend the application to address Buyer's
'a objections. A finding by the Buyer that the Land Use
i ' Application does not conform with these requirements, and •
� � a finding that the Seller has not made commitmenta i: •
� satisfactory to the Buyer to amend that Application, may, �
1�' __i ' �m at the option of Buyer, be grounds for terminating this
'c Contract as provided in Paragraphs 18 of the Contract and
N 7 of the addendum.
...
a
M6. Parties agree that telefaxed, aigned copies of both the offer v '�
'and acceptance and other contractual agreements pursuant to � ;�u
the Contract are deemed effective.
7. All earnest money shall be placed in an interest bearing
account with interest accruing to the benefit of the Buyer as
per Contract Paragraph 2(a) , above. Earnest money and interest '�'
�t :��.
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thereon will be fully refundable to the Buyer if the actions • �gt'
deacribed in Paragraph 9, below, are not carried out by the � .��:i�=,;,
Pitkin County Commisaioners prior to the cloaing date. � ;��y. �+�
8. This Contract shall be binding on and inure to the benefit of i `�;':-��
the heirs, executors, legal repreaentative, successora and ' 'r''i-'""'
v�t .
asaigne of the parties. � :_,��„ ;-,-
; I �, ,
� 9. This Contract is e�cpressly contingent upon its official i { .,.." .s•
: approval by the Pitkin County Board of County Commissioners � ,� - �
'' at or before their meeting of January 24, 1995, unless the � f
� time period for approval is extended by the Seller. Parties � ,,,r
understand and agree that the Contract will be presented for *" � :
� approval at two regular and official meetings of the County � .k..;�,;;,`
_� Commiasioners, the aecond of thoae to include a Pub].ic �•:',-�� '
j Hearing. Buyer agrees to use diligent good faith efforta to '` ,
`� meet this schedule. In the event approval has not been � M
� u� obtained by January 24, 1995, this Contract will terminate ` �
.� '" unlesa Seller extends the time for approval in which event the `�"��
� o Cloaing Date will be ten (10) days after such approval ie �',�j,,' „
obtained.
.. ��:i,:
� �i�:' '
10. General taxes for the year of cloaing, based on the most ;, "
a recent levy and the most recent asseasments, rents, water and j. ��
sewer charges, if any, shall be prorated to the date of •' ?
• N closing. Said proration ahall be deemed to be a final
" N settlement of taxes due, with any further tax charges or
� .. credits, upon determination of final 1995 taxes, to be �'
'" provided by or to the Buyer. Any sales, use and tranafer tax,
� including all real estate transfer taxes, that may accrue `
. � because of this transaction shall be paid by the Seller. � �;,�
� 11. If Buyer approves of condition of title, or any objection made � � ~ .
• a ia cured or subsequently waived by Buyer, then upon closing, f
title to the real property subject only to the lien far
° current taxes, and approved or waived exceptions shall be +
` � ineured by a standard owner's policy of title insurance at the `'•.
n cost of the Seller. Such title policy ahall protect Buyer
from any claim arising from any mechanic�s liens asserted , •
M against the property for work which occurred prior to closing
�!----J � (excluding work performed at the direction of the Buyer) , and
� � shall delete the standard exceptions 1 through 6 on Schedule ��,
i B of the standard tztle insurance commitments. Said title
policy shall also provide full survey protection for the � i
� Buyer. Seller shall carry out an updated survey of the �
� property and make the resulta of that survey available for < ;
m � Buyer's review no later than February 6, 1995 and shall pay .•`
M for that survey at or before cloaing. ' '
12. Survival of Representations, Warranties and Covenanta:
All representations and warranties made by Seller "�'�
herein, including, agreements and rights of both Seller � �,��?�:
10 - ""+i :l��;
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' and Buyer ahall survive at closing and not merge at •��•�a • �
cloeing. _'t'.'�-•�c
. ��r:. �; .
%_� Seller warrants and represents that Seller ia not now -'��
''; a party to any li•tigation, and Seller knows of no litigation I�;,, -•
' or threatened litigation affecting the property or inclusions, ,. z>:
%; and Seller shall give to Buyer prompt notice of the `���=•'
^ institution of any such litigation. i
�4�:.'..:".��si•
;�=z Seller warrants and represents that, as of the date of ' ��'��'-' f
r� closing, there will be no delinquent billa for work, labor or �"��? .
�� materials done, performed or furnished that would give rise
___r to a mechanic's lien against the property. � `'�'
, .�z� .
f� 13. The purchase price of this Contract shall not constitute a
+! stipulation or agreement regarding the fair market value of •,.`t�-=r.-
this Property and shall not be admissable in any eminent `d '
� domain or other proceeding as evidence of the fair market q '
`'• value of the Property. �r.i,.��..
'� �
� 14. The Seller hereby represents and warrants that no commission �� � �
o is being paid to any real estate Broker or Realtor in this '"
' transaction. No Realtor or licensed real estate agent has been •'�'�"
tu engaged by either party, and no claim for procuring cause for '
" commission in the sale or in listing the Property can by made . ;�)
� by any erson or brokerage office. �
a /�r.�n�l-�1-`l�
- � Approved as to Content: � #�
N � /� /
� L�/.�.`� ( -.G✓C�.� //-3 `:i ,
CHAIRP SON Date I ,r•
� OPEN SPACE AND TRAILS BOARD �
� t�.
� APProved as to Form: I;
�
m �/ � z3 S'
Timothy Wh' itt Date
; PITKIN Q TY ATTORNEY ; .
�o `.'
a For the Buyer: • .
�:. � i� � f � �
�
�` CHAIRMAN DA �:
w Pitkin County Board of County Commissioners , ,�
506 East Main Street
- N Aspen, Colorado 81611 I
.. "• ;
.. . .� . . i,• .p�:,,; �.
� SELLER: � �:
:m +/ � �
���- pw. 1 , 2< .
• General Partne'r " ' � � -T Date : -� ` .
Seven Star� Partnership �-,
n .�,`
_ a ,'''+.' ,;
= '! ` -
. 11 H �..';,
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' an@ Buyer ahalZ survive at a2o�ir►g and no� tnerge at ��t�����,
,,.
,' alcsing. _,:
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sellex waxrattbs assd re eaents that sel7.er is :aot now .'`�
� a party to any ].itigation, d Seller knawe ef no litlgation �,, •'-
r� or tbYeatened 11ti5ation aff cting the �Sroperty or inclueions, , :�'i,s
;� ' aad Selier ehali give to 8uyer prompt notica af the ! � ., ':
� �t -
izzetitu�:ion c� aay such liti atioa. !�'`% _- ;-
�� Seller warrante and re seeents thaC, as of t�e data ot ii : r
closing, t:.ere wi11 b� no de fnqetent bi11a for work, labor or � .�. ,:
--- � m a t e r i a l e do a e, p e xfo x med o furn±shed that would give xisa ��,.: .�;:;..
� ;:xv:.:.,-
to a mechani.c�s lidn agaiaat khe property� ;r�-.•::`.
� , ., .
y Z3. The purahase price ot thim onzract shail not coustituze a �-: �
ac±�ulation or agreement xe ardin� thv �air maricet valus of � '
� �his Fraperty and �hail na ba admisasble in any eminanc ';� =�
u� damain or othor proceeding a� evidenca o£ the £air mark�t � �%'
� -� valua oF tha Pzopnrey. �4
� �e?::
° 1A. The Sell�r heraby xapres�nts arid warrante that no commissioa ,
� , .:�;
ia being paifl to any rzal e tata Broker or Reaite�r in thie
� rransnction. No Raaltor or Ii eneed real estate agent has been '; �
� engaged by aithe_ party, and no claim £or procur�rag cause fox �
a carrtmission in the �ale or ix► listing the Proparty can by mada •,,
;¢� by any pnrson or brokerage o fa.ce. ;��
' N Ap�roved as to Coatent: ,
_ ..
- ,.,
m CFiAT+'iP�TtSQ1�7 Date
.. � OPEN S.P.�CE ALJA 'TRASLS !lOARD
_. •
� A��roved ae to Porcn: . � ' _
_ � •
N Timothy Whit6itt • Date .
- � PZTK�D7 COUNTY ATTORNEY
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' 'P° Bi�kin Connty Soard o� County Co issioners - •
so6 East Mai:� StY2et �
: N Asner_, Colorado 8161:.
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945-10p4 . � �'I 110 West 61h,SuNe 200 +. "s
(3U3)9455948 ' �� Glenwood Sp�uiys.CO 8t601 �-'.��.�;;
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` A tract og laad sikuate in 3ections 29,30,31 and. 32 TownsIv.p 9 6outh, -
Range 85 West oE the 6th Pri,acipal Meridian being more particularly � "'�
::� described aa foilaws: ' . a�:, ,�. ±
) .eegina3ng at the mest i/4 corner e£ said Section 29; tbesiae N 89 ]4�25� �= ` r
:_._ � E 2342_zL feet along the east-west ceaterliae of said Sectioa 29: thance ��.:�::
! N 89 14'ZS^ & 7322.22 faet e.Ioag said east-p+est centerline to che ��:Y�.`.
'3 aartheast coraer of a tract of laad described in Sook 295 at Page lol of `�`�
v� the racords of the Clark and Recorder of Pitkia Cotutty, Colorado; thence t',' f,,;',
'' S 1 2@•49" & 233.39 L-eet aloag the east line of sai.d tract of laad F,�=
u. de�cri,bod i.n Book 295 at Page 101; theace s 00 45'48^ E 203.36 feet aiang ; =
� said east IiaB; theiice S 11 45'ae" W 627.76 teet alang said east lina; �"
thence S 7 OS'46" W 630.66 £eat aloag said east line to the aortherly th
, � right of rray lina dascribed �a Book 227. at Pagee 315 and 571; thenCe
� aloag sa.id aortherly right-of-way line the lollowiag courses: �
; [� ,
" �' S 87 51'27" W 3I.31 feet; thenes 3a5_39 feet al.ong the arc of a aurve to
X � cl�e le£t, havzng a radius of 1185.92 feet, a ceatra]. angle o£ Sa 47•oa",
� 2.nd subteadS.ng a chord beazing S BO 27'S7" W 305_in feet; theuca S 73
,:; OQ'27" A'S73.12 feet; theace 242.09 £eet along the arc of a ca�rvP ro the �
-+ left, having a radius ok I192.52 feet, a central aagle of.il 35'00", and �
� subtending a r_hosd bP�*'*�g S 67 16'57" W 240.68 Eeeti thence S 61 29'27"
" a' W 297_86 feet; Y.heace S 51 29'27° W 41.�9 feet; thenCe a34.6a feet .
� aloag che arc o� a curve to the left, having a zadius of 1515_35 feet, �
-+ a cea�ral angle of 16 26'02°, aad subtendiag a chord bearing 3 53 i6'26"
� W 433_i.5 feet; thence S a5 03'27" W 3i6.U0 feet; Chence 280_23 £eet aloug �
@ the arc of a cuzve to the =ight, 2�aving a radi.us og 1410.46 feet, a '
' central angle oP 1.i z3'oo^, and subtendiag a chord bearing 5 50 44•58" �
�"� W 279.77 £eet; thence 890.84 £enC aloag Che arc of a cu1.�►e Co the left,
. , I � hav'*+� a radius of 890.89 feet, a central angl.e ot 3i 2Q'03" , and
a subteadia�a choYd baaring $ 49 46'27° W 491.ifi feet; thenc� S 25 06'27^
W 57_82 feet; theace leavi.ng said aorth righc-o£-way line N 56 I7'06'
! W 505.83 feet; theaca N 0 00•a0" E 1210.00 feeti theaca N 41 09''07" S
� � . 730.0a feet to the vtest line of said 9ectioa 29; thence N 0 02'19° �
� ZiSO_�0 feet aloag said west li.ne to the point ef begianiag, said parcel
cq contai.ns�144.736 ac=es more or Iess.
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