HomeMy WebLinkAboutbocc.res.017.1991 ���.'��� . -. � . . . ...
yw l.�
�i,,f t 3'� . . 'H 4 �. � �� . � ��t', ���Kh11� .�y l��������
' ��.r�� � g� ti.. . �
, .. _�,,,. ., ,. ,_ .. . . ._;,,«�.,�» Y..�,x����j �, � n.� �
. �*330473 0:/13/9i 1U:23 Fi�c E.�7C� bk; 641 Pr 650
Si.lva:.;i Davi-;, F'it_�;i.n Cnty Cler�ltY Do� 2.i?i, ti�:.
A RESOLIITION OF TFIE BOARD OF COUNTY COMMISSIONERS
OF PITKIN COUNTY, COIARADO
APPROVING CONTRACT FOR ACQUISITION OF
'° SMQGGLER MOUN`PAIN APAR7?IEN`PS
Resolution No. 91 - � "
WHEI2EAS, the Soard of County Commissioners of Pitkin County, �
Colorado hereby qrants approval of the contract for the
acquisition of the Smuggler Mountain Apartments located at 414 �
Park Circle, Aspen, Colorado; A�Se �K�r.R �s �rr 3`� S�.ry p,t,t �'
st��/1�/1/Iw.� C/r�' Y TIKNSirs •�I l�S�IK� L�o•�M.frO�Pi•.tiw !�i(r�w�r
WFIEREIlS, acquisition of such property will be for the
benefit of the citizens of Pitkin County; and
WHEREAS, attached as Exhibit A is the Commercial Contract to
Buy and Sell Real Estate between the County of Pitkin as
- Purchaser and Setterfield Ryan Realtors, Inc. as Seller for the
above referenced property;
NOW Tf�REFORE BE TT RE50LVED, by the Board of County
,.':;;,,? Commissioners that:
The Board of County commissioners hereby grants approval of
the cantract attached hereto as Exhibit A subject to4 the
following contingencies: •
�.,,� 1. That prior to closing, the Aspen/Pitkin County Housing
, Authority ("APCHA") shall, on behalf of Pitkin County as
� purchaser, commission an inspection by qualified independent
' structural , electrical and mechanical building professionals to
satisfy the due diligence requirement of paragraph D of the
Addendum to the Contraat;
- 2. That prior to closing, the County and APCHA shall have
negotiated a management contract pursuant to which APCHA shall
assume responsibility for all costs of operation and maintenance
� '-''? of the subject property; and
-'�''� 3. That closing of the sale of the subject property shall
be specifically contingent upon the determination of the BOCC, in
its own sole discretion, that taking title to said property does ,
`"� 3 not present an unreasonable risk af additional liability to the
County, above its current exposure, in United States of America _
�w v. Smuqc�ler-Durant Minina Corp., et. al., 90-Z-1802, involving
� q the S7nuggler Mountain Superfund Site.
+'� The Board of County Commissioners hereby authorizes its
Chairman to execute the Contract attached hereto on behalf oP the
Board of County Commissioners of Pitkin County, Colorado.
:i
,.i_•r.t . .
':t�!1 1
[`{
~x��i
�h�!� . ._. . . . . . �
- . ._ . . . . .. �' j;�-';�::
s��- ^ .r, , � ,
�zy Z fi; �.
_-.� ....r-n.k��:�t' .
'�.v'��e�V�� .
:?'�..':- '
ys� _ .
..i...:,,":':.'..'' . . .
- �;� �
••JC':�.il:. .
�.��i� :.�
�.,�::•:.:..';,�j�`,
�j-l��
♦,�,�`.F- . .
:��
"kl�t'�� , . . , G. �_. .. . . _ - � . ...
� - �� .� t��r � - �r.. � ..'3 �h�+i'-. d
���� »Jt ) � . " � ' ,+�-� '�y}.a �
- i �.rt �J�Fr' •c , �.' °� ��- , t � . . . .. . ._
. n � �...�..�`.t�.'�h. w. �G•. �:Iw , .F�+ . � . .. . ..'�"JS�.94�..�^:�.. . .,�i'.a-.. �
' ; .
#3309r3 U3/13/91 10:43 Rec b.f��� Bf:: 641 F'G 651 �"
- Si.?via Davis, Fitkin Cnty Cler};� Dac �.��0 �+'�':,
INTRODUCED, APPROVED AND ADOPTED THIS 12TH DAY OF MARCH,
1991.
.�
PUBLISHED AFTER ADOPTION IN THE ASPEN TIMES ON THE 21ST DAY
OF MARCH, 1991. '
BOARD OF COIINTY COMMISSIONERS -
ATTEST: OF PITKIxi COUNTIC, COLORADO "
L� ! ' .�2+� gy: Gt,G l / �:�
anette Jone � Wayne thrid e
' eputy Clerk Recorder Chai n
Date: ��di,-f� ��i � �i �
-;:,.,,�
;"-'�
APPROVED AS TO FORM: APPROVED:
�T=-,� � � t '�
'� � Timo h E. Whit tt Reid Hauqh
Coun y tt rney County Manager
'{��
tw3.705
' !
� .. 'y'.'..i .
t;::i
. r
. �'Y%%+'::5
. ',j
;�;s�:;.�
.:..z,
.r,:;;
i��r:Y} .
,
y'�^+,S ,
,�'� Chairman Wayne Ett�ridge voting �d+c..
Gommissioner Rflss vom�g �-�
o g
' j
' ' Commissioner True voting �tlJSt
:�'!4L
_ "'S'},�
2 :.ommis5ianer Tuite voti�g
'''� �;ommissioner Crowley voting �
. 1-:
..r:V'"=�t
::x���� .
�
'�?'-:ti .
..--,
i�•:
;� . � . ... .. ,.-. ... ... . . _ . . . . . .. . . . � .. .. . . . ..�. � . .I�y;Y:.
�t `,q^s�� .. . _,_ , .
, ;r � , '
____ �.' ��. -
`;..���: . _ - .
,>-�:� .
.s=-�-;;f•�
;��::�.�. ,
;,�n,:;E�: . .
� 'r�S�K,. . � . '
.
q��''`:_'t:a .
��'TX^.._;� �� .
.Y;n%°'�+�,'�i', . . . e
�F *��A
r9[.7�� � � _
i ,
}��:i
.�
A
:Ft.a.�:
�:�_�;�,
X i . ' • . � ...��a,�i�,r.'��;;���k*�!�`!:;�.<��.;��3i� �.;��'z..:�
�
� , #3?G9r:> `?3/13;91 1!_�:,^::.3 F"1F_� ...Cn', i;F.:: 641 PG 652
5i!.vx_�.. [}-avr._'�.y F'it4:i.n C:r.'•, :'1.�,..1-� Do- .<r�_� . . (-�.
, { �
�yp`P ai q4he C�o do eoi e
� � 4'late Comminbo(CpSS6S)89)e . .
.f� il4ISI5ALLOGGALINSCRUMINf.IFNOTUNDC1LSi00D,L[.CaAL,TAXOROTIiptCOUN5BL5i1011[DBQCONSUL713DOL'PORQ9GNING. �
C�MMERCIAL
CQNTFtACT TO B[SY AND SELL REAL ESTATE
Seller`s remedy Liquidated Damages or Specific Performance -
(Section 16) -�
[FINANCZNG SECTIONS OMITTED]
<, ,
MM�,rch 12 _,19 91 '
i.PAR'fICSANDPROPCRTY. ThB Countv of Pitkin, Sta'te of Colorado
.. purthascr(s) [Purchaser).({f jE�lyt�J�lSl�(//f�,f��{S�f���i�i� ap�ees to buy�and the undecsiBned uper(s)[Selkr],agers
to sell, on the temu and mnditions set(orth in lhis mntract, the tollowing descrilxd real esiate in 16e County oT .
Pitkin Colorado,mwit Lot 5, Sunny Park Subdivision, City and
;i Townsite of Aspen, County of Pitkin • "
' icnow��r�o.Smuagler Mountain Avartments. 414 Park Circle
���y � (StteetAddressj �
Asaen, Colorado 81611
� � � (City,Slate,Zip) �
+ together with aflintens[otSeller in vamtcd streets and allcys adjaant thereto,all casements and otherappuRcnancu
' ihercto,all improvements thereon aad all attached fiztures thereon,except az 6ereia oxcluded,and calkd the Property,
t ' 2 INQ.USIONS. The purchase prioe includa the followiag items (a)i[attac6ed io the Properly on the datc ot l6is contmeC
�. ligLting,heating,plumbing,ven�Ilaung, and air mnditioning fuWres,smofcejEuefburglaz atarms,security devices, inside
' �- telcphone wirieg aad conneeting blocks/jacks,plants, tloor mverings,intermm systems,built-in Ititc6en appliaaexs,and
.i sprinkler syatems and controk;and(b)if on Ihe Properey whether altached or not on t6e da[e ot Ihis ooutracl:
Ten refrigerators, ten rangeloven units, one pullman kitchen unit,
• one washing machine and one clothes dryer. '.
.' The above-ductibed'wcluded items(lndusions)are to be mnveyed le Pucchasec by Seller by biil of sale at the c3osing,free and
etwr of all taxes,Geat aad encumbraaees,cxcept as provided in scction 10. �
;:,'„� T6e following allached Cuetures are ezcludcd trom this salc: none �
:':� 3.PURCHA5E FAICE AND TERMS. Tpe purc6ase price s6aU be j 9 0 0,0 0� .payable in US.dolla�6y �
, Purchaser as follows(complete the appGeable[erms below): �
_:'i (a)PARNES'P MONEY.
:i-j 550,000 inihefo�mo[a personal check from the account of Laura
. DOIIII21,12 V ,as taraest monc�deposit apd part paymcnt of We purchase pricc,payable to aod 6eld by •
Stewart Title of Aspen Inc
bmlcez,inbrokec'a trustacaount on behaltof both Sellcrand Purc6aser.
::j (b)CASH AT CLOSING. �
S 85�<0�0 10 be paid 6y Purchazez at closing ia rash,electronic traasiar funds,artiGed check,savings nnd .
� �� loan toller's checic,or cazhier's cheelc Subjeet to ihe provisions oE sedion 4,i[tbe existing loan balaoa at the lime o( �
dosing shall be dit(ecent from the loan balance in section 3,the adjustment shall be made in cach at dosing or paid at follows:
+ ee Addendum
���i 4. NANCTNGCOND ONSANDOBLIGATI S. � �
'
' NANCING TERMS, ONB[I70N5 AND OB GAT[ONS,PERTAt NG TO SBCftO 3 AND 4,ARE
� A ACHGDBYRFAL ATECOMMISSION PROVEDADD UMASPOLLO
� � ' (chccic applirablc)
i
' ❑ NEW OAN
�^,":� ❑ ASSUM ON I�� .
❑ SELLER PRtVATETEIf PARTY �
". i
^:��, S,GOOD FUP3D5.p11 paymcnts requircd at closing shall be made in fundt which complywi�6 all apptiwbk Colorado laws.
_.�. "='r� 6.2i9TASS[GNABLE.T6is mntrac[shatl aae be assignable by Purcheser without Seller's grior writlea m�senl.-FsKea�Raeco � .
�'7 sectrivad,Tu contrnet shall inuro ro the bencfit of and be binding upon the hei�s,peisonal¢pces�ntativet,suaastors aod
� �s��or w�p�a�.
',=;:;
'v:��
:.• �
�,.! ,
>., .
��,y No.COSSDS/89COMML+RCIALCONC[tACITODUYANDSPII.RFALPSCAIE(@INANCINGSP.Cf10NSOMCfiBD) P+;e1o15 �
McAUistetPu6tit1uny502Maioy.,Cuboqtl�lqCO B1623(30J)9Gl•107! Prcpercdal . .
�:j"�' . . .. . ,
:t� . '
�;�{ � �. . . .
.�'•..
i y��.,�f',..
�� . .. , ' � . � . � . � � . . ..
� .. ... .� . . . . .. . . . � • ."r,lti'�3 ._.,.., � +��,... . ,.r,u".s."Y .. -it:,
.I... .r-io�.�� �.�/3.3/91 __ ._� R�e,-. *,. u �,E=: 641 Fr 653 +i�,�,..
� . . �;]v . L.,v,�.�, F"1 I it, r-i�l y r,�r.�. p`,�`. ,r ,�,. �,.
. ,�: .
7.EVIDCNCE Of TIT1.E Sclicr shall furnish to Purchastr,al Scllcr's cryensc,�jlJyE,f a currenl mmmilmtnl for owncr's litk
insurana policy in an amount cqual to thc pucchasc pricc�(j(�'�J�F�f.��($j�}�tf.�lf�f¢d�if�j(j�f��1�S��1�al�yfdr�f}(�(�'�yF�(on
orbcfore March 15 .1991 toqether
p
t91th SeNer-41�at wpics o(inswmenu(or abstracls oC insWments)1'�sted in t6e aehedule a[exeeplions(Prtceptiona) in the litle
" �iiuuranee commitment also be furnishcd to Purchaser at SeUer's expense.T6is requirement shall peruin only lo inslrumcn�s ,
shawn ot record in the o(fia o[t6e clerk and recordcr of thc dcsignatcd coun�y or eountics.Thc tide insuranm commitment, .
together with any eopies ot abslracLS of instrumenls(urnished pursuant to this seclion 7,conzlilute the title daeumenls�tk ''
Documenis). �
��,a�, �� a.; - -- -- ---------=P - - --- - - tiN��;.,�k„�. 1V�N�!lAfrs'���ai�l� -
� jf�l�'r/�/�F/�p(yf�iJ�l��,Sciler will have the title insuranri policy delivued to Purchazer as soon as prac�iwble aLer closing and r ��
paY t4e prcmium at dosing. .
8.77TLG(a)�dc Revicw. Purchazcr shall have lhc right to inspcct ihe Tiqe Documcnls or absltecL Writtcn notice by
� �Purchascr o(unmcrchantability of titie or of any M.he�unsat���c��ry I���e mndition sbown by thc Tide DocumenLS or abstraU
shall be signed by or on behal(o(Purchasec and given to Scller or L'uting Company on oc betom 7 wknelar days after .
Purchaser's icceipl o[Tiqe Documents or abst�act,or wit6in frve(5)�alendar days a(ler reccipt by Purchazer of any Tille �
� Dacumcnt(s)or eado[semcnl(s)adding�t'v GxcepUon(s)to the titic commitmeni together wilh a mpy o!the Tidc Documcnt
adding new Exccp�ion(s)ta tiqe. ]f Scller or Listing Company docs not receive Purchazer's mlice by the date(s)specificd .
above,Purc6aser shall be dcemed to have acapted[he oondilion o[tide az disclosed by the Title Dotuments as satisfactory. �
� (b)Matters Not Shown by the Publie Records. Seller shall deliver lo Pure6ascr,oe or 6etore the date se[[octh in ,
scction 7,lrue copics o[all Icazc(s)and survey(s),ip Scller's possession pertaining to thc Property and shall disclose to Purchaur
all easemen�s,liens or olher[itle mat�crs notshuwn by lhe pub{ic records of which Scllcr has actual knowlcdge.Purchazersball
� havc the righ[to inspccl lhc Property to dctermine if any t6ird parly(s)haz any right in thc Properly not shown by thc public
remrds(such at an unremrded casement,unretorded lease,or houndary line discrepancy).Written notice of any unsatis(a4ory '
condition(s)discloscd by SeUcr or revcaled by suc}�inspcction shall bc signcd by or on behallo(Purchazcr and gven lo Scller or ,
., Lis[ing Company on or 6efore Mareh 22 19 91 .[C Sellcr or Lisling Company dou not receive
Purc6aser's eotice by said date,Purchaser ahaU be deemed to have accepled litle subject ta such rights,if any,o[Shicd patlies o(
which Parchaser has actual knowledgc.
� (c)Right ro Cura I[Selfer or Listing Compaay:eceives notice of unmerchantabiUty ot titic or any other uesatis(ac�ory
' litle mndition(s)as providcd in subsection(a)or(b)above,Seller shatl use reasonable e(fort to correct said unsatisfactory tille
� conditione(s)prio:to the datc of closing 1FSeller tails lo mrrmt aaid unsatis(actory title mndition(s)on or bcfore the da[e of
� closing,thic contrac[shall then lerminatc,subjcct to seclion 17;providcd,however,Purehaser may,bywritten notice remived 6y
Seller or Listing Company on or bcfore closing,waivc objcction to said uasatisfactory litle mndilion(s).
! 9.DATE OP CLOSING.Thc date of closing shall be _MdrC h 2 9 _1991 or by mnwa{agrecment at an
• earlierdate.Thebourandplaceo[closing shallbe azdesignaledby Stewart Title COIDDdriV
. � 10.'TRANSFLR OPTtTL&.Subject to tender or paymenl on closing az cequired heeein and eomplianrt by Purchaterwith the
other terms and provisions hcreof,Scllcr shall exewla and deliver a good and suf(icient c3eneral warrantv
;:�;,� deed to Purthaser,on elosing,meveying the Property tree and clear of all taxu except the geaerat Iaxu(or the yeac o[dosing,
and exapcnone other
:;.t free and clear of all liens for special impmvements instalkd as of the daic of Purchacer's:ignature hereon,whethu assessed or �
� not; ezeept distribution utility easements,including cable TV; except those matters rclleded by the Tiqe Documents
_ acoepted by purehaser in aaordance with subserlion 8(a);exccpt those rights,if any,o(third puGcs in the Property not shown
.,;;,� by l6e public records in axordance with subscction 8(b);and su6jcd to building and zoning regula4ons.
11,PAYM8N1'Of ENCUMBRANCES.My encumbcancs required lo be paid shall bc paid at or be[ore �ho time of
�� setqement fmm the pfoceeds of this[ransaetion ar from any oQuc warce, '
1Z CLOSING COSfS,pOCUMENfS tWD SERV[CLS.Purchaser and Seller shall pay thcu respective closing costs at
dosing except az othawise ptovided hercin.Futchuer and Seller shall sign and complete alt customary or rcquired documenLS .
� - at or 6e(ore closing Fees[or real estate closing and se[tlemen[urvices s6a1�not ex«ed S 500.00 and �
shatlbepaidacclosingbyPurchaser and Seller in accordance with local custom
13.PRORA170NS.General lazes(or the ynr of clasing,bazed on the most reeeat kvy and the most cecent assessment,rents, .
walcr and sewer charges,owner's aswciation duu,and intercst om m�tinuing loaa(s),if any,anJ dlly OthEt .LtE7115
; which are customariiy prorated
� shall be prora�ed to datc o(dosing. purchaser shall be credited with all security deposiYs held by
My sales,use and trenster taz tha[may accrue beeeusc ot�his transaction shall be paid by P�1SC hds @Z'� SE11Er.
,j including the Aspen Real Estate Transfer Tax o£ $4,500. .
�.;� 14.POSSFSSION. Possusion oC the Property ahall be delivered to Purchuer as follows: UpOII elos ing and
delivery of the Deed.
:'4
i
>'<� I
subjecttothefoliowingtease(:)orienanry(s): Eleven residential leases, all expirinq
��j October 31, 1991 or sooner. '
:ta j
`�';.� lf Seller,altor cbsing,fails to deliver possasion on the date hemin specifed,Solla shall be subjcct to eviction and shall be
.r�( additionally liablc lo Purchaser for payment o[S 5�0.0 0 per day from Ihe datc otagreed posscssion uatil
posscssion is delivered.
.•':...::._ -
,e,:j .
._-_� No.CUSSDS/H9COMMIIRCIALCOKfRACTTOUl1YQSELLR17AL6TA1'0(17NANCINGSL+L'1'IONSOMIITPD) P�ae]oI5 .
� MrAlluierPubluhing,502Msin5�.,6rbond�k,co e��n��n7vas•�an r��.�cdu
.>;>:a„ . . .
;X�
,t:..
��::�.
�-° .i, •. . ,
y,�.� " ' :.. •,
. . . _ ,�.1
j _ �ci�� . i�:i/7-ti�1 1C ._:3 Fr` x.0i� Ltk:: 641 � L; 654 tw�{.,� ,
� ��i.lvi.= P.�.�vi.s. Pitk:in l.rty ('].nrl , Do,- .,.c-�[7 f
_ �
' . . . ` - i�':�i
� ' t;'� .
15.CONDI'PION OFAND DAMAGETO PROPERTY.The Property eod lodusions shall be comcyed io Iheir prescnt � -
condition,o[dinary wcar and tear exceplcd.In the event the PropeAy shall be damaged by Gre or ot6er casualty prior lo time o( '
dosing,in an amounl of not morc than tcn perceM of ihe total purchasc pria,Scller sba�l bc obli��ed to ccpair thc same � .
befom,the date of closing.In tho event suc6 damage is not repa'ued wilhin said lime ot if the damages excced sach sum,tLis �.
,� �contred may be tesminated at lhc optioa a[Pucchaser.Should Purchazoc deet to cury out this conUact dupite such .
' damage,Purchaur ahaH be entittad to aedit(or afl thc iosuranr�proceeds resuiting lrom sueh damage to�be PropcAy and
Inclusions,�wt eacudiag,howcver,the to�al purcbace pria.Should any Indusion(s)or seevix(s)fail or be damaged between • ��
the date o[this mntrad and the date ot clacing or the dale of possrssion,whichcvcr shaU be eadiey thcn Scllcr s6u11 bc Iiabic �
Ior thc repait w replaccmcnt ot such[ndusion(s)or scrvia(s)wiih a unit o(similar siu,ago and quality,or aa equivalaat '
credit,less any insuranx proreeds remived by Purchaser covering such cepair or replamment ;�r !��
� 16.11ME OF ESSENCG/REMED[ES.Time a ot the essence heceof.It any note or eheck�ece'rved as earnest money � � .
hcceuader ur an7 other payment due Ixrco�er ss�rot paid,honored or tcndcred wheu due,or i[any ot6cr obGgalioa hcreundcr `
is aot performcd or waivcd as hcnin provided,thcre sfiall be lhe follawing remediez; � �,i��
(a)I[%PURC[iASER lS IN DCFpULT:
n r - �"s
SELLP1t5
RLMCDI6SSfLU,L BEAS SLTfORTH INSUHSEGTION(2)�LiQU1DATED DAMAGPS].
� 1 S ec c Performan Scller ma M to trea[th�contraU az noelled,inwlu ease all a enfs and thi o[ � �
( lueppceiv hereund�s l6e Cu[eit nd:etainedb,n�g. ha!(of 5 et,and Seller y reco er su damages az� ay �`.`
�� he er,or a ma eke o treat this ntrad as 6c� in full Eor and efkct an ller shall c lhe ri t
, spea perform or dama , r both. �
. {
(2)Liquidated Damages.All paymentt and lhiag;c oE valuc rcmived hueuncict shall be forfeited by Purc6aser and �
.retaincd oa behaLf o[Seper and bnlh pactiu shall t6ecea[iei be ielcascd from aU obligations hcreunder.It u agrecd ihat
� such payments a�thing o[valoe are LIQUfDATLD DAMAGES and(exmpt at provided in subsection(c))are
•; SELLER'S SOLB AND ONLY REMEDY for Purchaser's failure to per(orm t6e obiigations o(this contrae4 Sellcr �,
expressly waives thc rcmedies of specite per(ormana and additional damagcs. �
[
(b)IF SELLER IS IN DEFAULT: �
Purrhasar may ekct to uwt t6is contraM az rencelled,in whieh case all payments and things of value reaived
' � hereu�er shall be returncd and Purchaser may rcaovcr such damages az may 6e propeq or Purchaser may eled to trcat, �
this contraM as being in Iull[ora and e(CeC and Purehaser shall 6ave tho right to apeciGe per(ormance or damages,or
both.
. �
F
� (c)CQSfS AN'Q G}CPENSES.Mything to the conirary hcrein notwit6staoding,iu the event of any Gti�tion or �
' arbilration arising out ot lhis contract,the eour[shall award lo the prevailing party all rcasonable costs and expense, p
induding at[omey(ees.
i 12 FARNESC MONEY DISPUTE Notwithstandi�g any terminalion of ihis contraG�Purcha5etand SelFet agree tha[,in lhe .
, , event of any mntmvecsy reprding the camesi moncy and ifiing o(value hdd by broker or closing ageat,unless matual written �
instruclions ere reeeived by l6c holder of the eamest money and�hings of value,brokcr or closing egent shall not be -
, rcquircd to take any action but may awai[any proaeding,or at bmker's or closing agent'a oplion and solc discretion,may �l
interptead all parties and deposil any moncys or thing o[value into a wurl of competent jurisdiction aad shall cemver cou�t
costs aad reasonable attomey(eu. � .. _
18.[NSPEC170N.Purchaser or aoy dcsignee shall have Uu right to have iasptction(s)o[t6a phpsical mnditioa o[thc Properly
� and inelusions,at Purebaset:expense.If wcittea notiet ot any unsatisCadory mndition,signed by Purchacey is no[reaived by �, �
SeUer ur Listiog Company on or before Mareh 2 2 .iv 91 .mo physical condition of the Property and '.
. Ioclusions shaU be deemed to be satisiactory to Purehuec If writun aotice o(any uasalis(aMOry coadiGon,signed by Purchaser, ,;{
, is given to Seller or Listing Company as set fort6 above in this seMion,andtif Pur�haser and Seller have not reac6ed a written �
agreemeat inseltlement thereof onot be[ore Mareh 22 1991 ,this contcaet s1�aR then tecmieate, •.
- subject to aection 1T. Puteheser is responsible and shal!pay[n[any damagc wttich or,cu�lo U�e Property and Inclusion�as a �
result ot sueh inspec[ion. i I
+ 19.AGENCYp(SCLOSURE
1
Thel'tstingbroker, VieellZi d71d CoIDPdnV _ _ . .
, .and its salcs agenls(Listing Company) cepruea[ ScUar. The LLsting . � .
� Company owes duties o[trust,loyalty and mefidena to SeLLer unly. Whik t6c Listing Company ims a duty Io
-"' treat Purchaterhonrsdy,lhe Lisling Compeny is 1he Selkt's agcnl and is aeting on behalf oE SeUer and
not Pucc6aur. BY SIGNING BGLOW,PURCIIASBRACKNOWLLDGES PRIORT(MCGY Np17CE BY
L{STING OR SELLINCi COMPANY 11IAT LI5I7NG COMPANY I5 SELLER'S AGENT. .
+
� , '
Mci111C��Po61�'uhCnySM02M�a�'w�S1.,C4uro�onaie,rn 61623(3Q3)963�t07!Picpercdp�I7NANCINGSBCIIONSOMITTM) e,a�ors � . �
�,�"y i^�.. �
Li e'`T
+r.-
�J�
��� �• .i. " � ' � -.�. �-., .
�-#ri �.Y�.t+. ..:..� '. . ... . ,� :.. .. 4 :�' ...:�.� .�� .��'X��.G�.�i�ti.s¢�..ir�ae.�+;-�.J.Dr�1�;a�Ybi.�ir.iaru.��t��}
�rj 3#33��9r� .�-�`�/1_/41 ±�>.2� F;�c � ���� FY 641 P6 655 �ii3 :.
��� Sz.].v9.a Davis F'itki.n Cnt� Clerl.; l�oc �.UO �°S•'
� I
. e 4;1',,.,
• , • �•.,�;:,
Thesel(iag6roker, Setterfield Rvan — REALTORS Tnc _
' .and i1s sales agenls (SellingCompaoy)represenl: (IF 7'E(E BOX IN ,
SUBS8C1'tON(b)IS CEtECKLD,SELLING COMPANY REPRESENiS PURCFL4SGR ONLY,AS SCC
FORTH IN SUBSHCPION(b). IF THE BOX IN SUBSECTION(b)IS NOT CEIECKL'D,SELLING
'� . • COMPANY REPRFSL�M'S SBLLER ONLY,AS SET FOR1T{IN SUBSEG110N(a).J
� (a)ScUer.The Setling Compaay owes dotiu o(tnut,loyalty and mnfidena lo Seller only.While the Selling Company
� . 64s s duty lo treat Purchascr honestly,the Setliog Company is Se11ePs agcnt aad is acting on 6clwlf oESellcr and not .
Purchasea BY SiGNING BL•LOW,PURCIIASER ACKNOWLEDGPS PRIOR T1MEI,Y NOTICE BY S8[,LINO •
COMPANY TIlAT SELLING COMPANY IS 5H[.LER'S AGENT.
! - .
. .i::
❑ (b)Purchaser.if the botis chuke4 The SellingCompany owcs duticsoflrust,loyairy and mnGdenato Purchazer , •
only. Whila lhe Selling Company hat a duty io tsat Sdiet Tonutly,�he Sclling Companr u acling on behal!of
- Purchazcrand notShcea SELLER.4ND LISIING COMPANY ACKNOWl.EDGLPRIOR TIMELYN07TCE HY
SLLLING COMPANY TEIAT Tf IS PURCHASER'S AGC67I'.
- �� 20.ADDIT[ONALPROVIS[ONS:
;_'.� 5ee attached Addendum to this Contract, incorporated herein by
''i this =eference. ,
::� ��
. a
,�
;
.�,�
J.�
Y• .;
��,�
. A
:.�±
T(:H~� - w . .
'-j'�
� ":� � •
•'::�:.� . ..
� .:�
..F
;��
�..` ' 1
_ j
.',�
::'� ..
,`�
•N`�� ��
'(1q ��
.�:.�V`tG°{, •I .
'�I '
;� �.
���''�
_� ��.j 21.RGCOMMENDA'PION OF LLGAL COUNSEL.By si�ing this document,Purchaser and Seller acicnowledge that[he
� SNling Company or the Listing Company hes r�mmmcndcd that Purchaser and Shcer abtain the advice o[their own kgal
counsel regardingeueminalion o[litle and lhis mntcxL
-?�'„� 22.4TRM(NATION.[n Uu evaat this contraet is lecminated,alf paymenu and thingf otvatue received hcrcunder shall be •
�*��.�j mturned md the parties s6a1f be relieved ot all obligations Lereundet,subjed[o seclion 17. - -
.IT ��
,y{ .
a�YX� . , ..'..
fr'vr . _ . .
;Y� �
� � NaC[iSSflSJ89COMMPRCW.COMRACf OOUYp�iDS@U.RFeU.BSCATB(FINANCIP1C350Ct104lSOMi1TID) Paae�ot5 _
MrAlluier Pu61L4in`307 Mdo Si.Cuboedel0.�si623(30fi�Ri-10Y/Prepsrcd at
``:5 .
t+�
%i�1� .
a.•
:�s+%:.
;��'�f?v,, ,
��.�� `�=# + ,.;; ?F ' '.. �
... '�..R��.� . . _ . . _ '
t, a+3�r9�3 ��� J3/91 1��;^3 f:ec a.C��� RF: 641 f-'G 656 --_rt". ly
J) • S+lvi.a D�visr F•,t!::in Cnty CJ.,=rk:, Duc :�.ii�� c;;;;
' �'�-
, . ' (#;'i`
23.N011CG OPACCCPTANCG/COUNTCRPARTS,if this ptoposal is ae(xptcd by Scllcr in wriiing and Purchaser rcceives
, ootice o(such acuptanre onur bc[aro_MdrCh 15 .1991 ,this documen[ s6a11 bewme a mn�ract �
behveert Setkr and Purc6aser.A copy of this doeumrnt may be executed 6y nch party,separalelg and when cach party 6ac -
. � exewted a copy t6ereof,such wpics taken togelt�er shal!be decmed to 6c a full and completc contrad bctwecn the partiu.
.r
r��ch�ser The County of Pitkin, State of Colorado na�� -
r
� Purc6ascr BY: Date '
Purchasec'sAddress 506 East Main Street . �
Aspen.-Colorado 81612
-� Purchazer's Addreu .
. . �
i
jT0 BE COMPLEI'ED BY SELLLR AND LISfING COMPANYj
� 7A.ACCEPTANCE/COMhiISSION.Se(ler accepls the abwc proposal ihis day of _ MdZ'Ch
� 1� 91 . , Seller shall pay to the Listing Company a mmmission o[ 6 %'o of the gross purchase price or
, as agrced upon behvecn Setler and Lisdng Compxny for servieea ia lhis Lansac[ioa In the event of
forfeiWm o(payments and thing oF value received hereunder,such payments and t6in�,c o(va(ue sdaU be divideA between
� Listing Company and Seller,ono-4alf thcteoF[o Listing Company,but not to uceed the eommission�and the balance to Seller. ,
.i
Seller Dato :
. ��
Selicr Date
�`� . Seller's Addreu ° '
,j,�
`� Seller's Address �.
:
i
1 I ,
, (
.� '
t
- The uadusigned Sclling Company acknowledges rccoipt o(ffie eamest money deposit specified in section 3 and both SeUing
Compaoy amI Litting Company wnlicm the rcspective agenry disclosure set(otlh in sccdon 19. `
.i ScllingCompany � �
Setterfield Rvan - REALTORS Inc
� ' Adarus 201 North Mill Street �
"� Aspen, Colorado 8I611 •
By ;�:
Karen Jo Setterfield .� pe�e
� Lisling Company , ..
J
____ a^ Vicenzi and ComDany i
Addreu P.O. Box 2238
Asnen, Colorado 81612
� .
';' BY
� George Vicenzi Date
� . ..
� NaCIISSUSJB9COMM HRClAI.CON7'RACfTODUYdS[iLI,R�iV,LfiTA'I7!([7NMICtNGSpCi7pNSOMf'CI6D) e.a�sas
../ McAlWtetPubl4hi�,362MainS,CVbonO�le,CO B1fi23(3U3)957•l027 Preparcdu . '
��
.,�
y '
;.���
�*.
n..'
�=��:,-
�,-_�
�`� . _. : . �. . � .._.
,..�...::
�.?r''-�.7q;,-' �'t;;�7,3/9t J.�i:^3 Fec 9;,0�> ;3k.'. 641 F'G 657 "��c•
! �;i.l.vi�. Lavis, Pit4:in Cntcy r].arl::, Dr�-_ t:t.� -
?;, ,-
;ti;,
. `
• . ra.
ADDENDUM TO
p COHIRERCIAL CONTRACT
' • TO BIIY AND SELL REAL ESTATE
DATED M�I2CH � 1991
This Addendum is entesed into simultaneously with the Commercial
Contract to Buy and Sell Real Estate ("Contract") between The County of �
Pitkin, State of Colorado as Purchaser, and Alan Goldstein and Richard
Osur as Seller, and is supported by the same considerations as expressed
in suc;. �o,:tiact and the mutual terms, condition; and covPnants �et �• �
• forth below. In the event of any conflict between the Cont=act and this
Addendum, the provisions of this Addendum shall govern and control.
A. Earnest Monev All earnest monies paid by Purchaser shall be placed
in an interest bearinq money market type account with a local
- commercial bank with all interest accruinq to the benefit of
Purchaser (Tax I.D.#: ). In the event that the check
given for earnest money herein is not honored when first presented
for payment, at Seller's option, this Contract may be declared null
- and void and the parties released from all liability hereunder.
B. Title Review The current Commitment £or Title Insurance referred to
in Paraqraph 7 of the Contract shall be obtained from Stewast Title
of Aspen, Inc.; and toqether with legible copies of all documents of
� record mentioned in such Commitment, shall, within the time
� provided, be delivered to Purchaser's attorney, Thomas Fenton Smith,
Esq., 320 West Main Street, Aspen, Colorado, 81611. Purchaser's
attorney shall have until March 22, 1991, to review and approve or
disapprove, in his sole discretion, any exceptions or objections to
the title. In the event title is not acceptable to Puxchaser,
". - Purchaser shall so notify Seller in writing on or before March 22,
-� 1991. Failure to so notify Seller in writing shall be deemed�to be
� acceptance of the title and this contingency shall be deemed to be
waived.
In the event of any disapproval by Purchaser's attorney, Seller
.; � shall have until closing to cure such title objections. In the
event Seller does not cure such objections, Purchaser may, at it"s
- sole discretion, (1) terminate this contract by written notice
delivered to Seller or Seller's agent on or prior to the scheduled
closing date, or as may be deferred by any extension; or (2) may
waive such defects. If this Contract is terminated by Purchaser •
pursuant to the provisions hereof, all amounts previously paid by
Purchaser as earnest money and any interest earned thereon shall be
- promptly refunded to Purchaser and the parties shall have no further
� obligations or liabilities hereunder.
_--l
C. Title Insurance In addition to all title insurance requirements
contained in the Contract and in this Addendum, Seller shall provide
endorsements to Purchaser's benefit for the deletion of standard
exceptions 1-4 of Schedule B, Section 2 of the Title Commitment, at
� ! Seller's sole expense.
D. Due Diliaence Purchaser shall have until March 22, 1991 to have one .
or more representatives of Purchaser's choice, including any
- ' zepresentatives of the City of Aspen and/ar the Pitkin County
Housing Authority, inspect the Property as to 5uitability to satisfy
_ .;`',i affordable housing requirements, structural condition, soils, radon
gas, other hazardous toxic materials, plumbing, heating, air
_ conditioninq, electrical, other mechanical systems, termite or other
__ ;L..��,;`'� infestation, common areas, foundation and roof. If such inspection
�:F; does not meet with Purchaser's approval, in Purchaser's sole
":r,:��.:, discretion, then Purchaser shall have the right to give Seller or
Seller's agent written notice on or before March 22, 1991, that such
- inspection or inspections were unsatisfactory, wnereupon this
._'.-?; Contract shall be terminated and both partiea shall be relieved from
all further obligations hereunder. Purchaser shall then be entitled
to a prompt refund of all earnest monies paid hereunder (plus all
accrued interest thereon). Should Purchaser fail to give such
notice on or before March 22, 1991, Purchaser shall conclusively be .
- :"',^
::J
'¢
,1"`
.:.,;s
��`'���� .. . � . . . . . . . . .
�.-�{ �.♦ ' . . .... . . , �� . _ . .' . . - Y
�-/�: ._.. . . . . . . : � x i-r . �....�..t...: . .. . r ..... . . .�.__rm•Q M�.��I')
.. ' . .... .._ . -.. . .
, t�:a �.�r? �i3f1.,i9] ?..).;`_ f1r�._ tJ�_ �.F. 641 F'r' 65B ��� `
.f�� � 5:i.?�,'.7 i,��rv-� , F'itl:i.n CrrL-y C.''_r;;a �}r-„- t.r��; ...
deemed to have waived this contingency. It Purchaser does not close
' this Contzact for any reason, Purchaser agrees to deliver to 5eller
copies of all written reports resulting from the foregoing
g . inspections.
In addition, Seller shall deliver to Purchaser on or before March
15, 1991, copies of all tenant leases currently in effect as to the
Property. If the tenant leases are unacceptable to the Purchaser,
Purchaser shall have the right to give Seller or Seller's agent '
written notice on or before March 22, 1991, that said documents are
unaccegtable, whereupon this Contract shall be terminated and both �
parties shall be relieved from al] f.urther obligations hereunder. ,
Puschaser shall then be entitled to a prompt refund of all earnest
monies paid hereunder (plus all accrued interest thereon). &hould
Purchaser fail to• qive such notice on or be£o=e March 22, 1991,
Purchaser shall conclusively be deemed to ha�e waived this
contingency. -
' --! E. Express Continaencies The Puzchaser's obligations under this
Contract are expressly contingent upon the occurrence oE the
followinq events on or be£ore 12:00 noon Qn March 29, 1991, to wit:
- (i) Acceptance of the Property by the Aspen City Council and the
- AspenlPitkin County Housing Authority ("APCIiA") ia full
satisfaction of the affordable housing requirement (for 20.42
employees) for the 409 East Hopkins Commercial Project,
without conditions, or upon conditions acceptable to Purchaser
in its sole discretion.
.:a
� (ii) The closing of the sale by Laura Donnelley to IC and Y, Inc. of
Lots A, E and F (excepting the southerly 20 feet of Lots D and
E), Block 88, City and Townsite of Aspen, pursuant to the
;'; terms of a Commercial Contract to Suy and Sell Real Estate
• dated October 6, 199p, and the delivery by K and Y, Iric. to
Stewart Title of Aspen, Inc. of the sum of $929,500 in the
form of wired or locally certified funds together with
irrevacable instructions to apply and deliver the funds as
follows: $50,000 to reimburse Laura Donnelley for her earnest
� •��-`; money deposit hereunder; $850,OQU (subject to normal closing
,:;::� - adjustments) to pay to Seller the balance of the purchase
price required hereunder; $4,500 to pay the related transfer
" � tax; and the remaining $25,000 to be paid to the APCHA
_- i.mmediately following the closing hereunder to defray some of
�� � the costs of the upgrading the Property to APCHA and UBC '
standards. The interest accrued on the earnest money deposit
shall also be delivered to Laura Donnelley.
� `i (iii) Execution by Purchaser and APCHA of an Tntergoveznmental
' '� Agreement, whereby APCHA assumes responsibility for the costs
of operation and maintenance of the Property, including
without limitation, taxes (if any), assessments, insurance,
,� utilities, operating costs, repairs, maintenance, remodeling,
renovations, alterations, xeplacement of fixtures or
:� appliances, and improvements.
`ij (iv) The parties recognize that Purchaser is attempting to
negotiate a settlement with the IInited States of America in
Civil Action No. 90-Z-1802, United SCates of America v.
, ,,� Smugvler-Durant Mininq Corp., et al..' The Purchaser must be
satisfied in its sole and unfettered discretion with the
-� progress of negotiations prior to closing.
:-:�
If some or all of the foreqoing conditions have not been performed '
:r:.:.y and satisfied by 12:�U noon on March 29, 1991, Purchaser shall have
--- the option of {i) terminating this Contract by written notice
delivered to vicenzi and Company or Setterfield Ryan - REALTORS,
;�� Tna. on or before 5:00 p.m. on March 29, 1991, in which event ,
Purchasez shall receive an a prompt refund of the $50,�00 deposit
: i plus the interest accrued thereon and the parties shall be relieved
'�;?.� of any further rights or responsibilities hereunder, or (ii)
proceeding to close this Contract during the afternoon of March 29,
4,;� 1991 in accordance with the other terms and provisions hereof. .
`.:.a
:.v4
,�:,
.,�.::��
,'�.
e�,+,1��L-r:t. .
"�sa'r.� ��.,. .,..., _ . . . . .� ._. . ' . . . . . . . . . .
.._. .
_. .�-. � . .. �.-p .. . :. .
- .�.�� .. ... ".- .. �
��rir',,.. = ' ,. , . .
,t� �t�qT3 �i3/1-C/='1 71� '. Rt-r * 659 �..+t..��N}r
-- �:a<� t.f. 641 F'r
.��, it ;i.a �t�,•.i� F'�.t'._i Cn{ �� r;.r};, Duc �,:��,; �{?�p*
. . ' . , , . �ry�`i
' �ti^..
F. 1031 Tax Deferred Exchanve If Seller so requests, Purchaser agrees
to cooperate with Seller to complete a 1031 Tax Deferred Exchanqe of
the Property as defined by the Internal Revenue Service Code and to
y execute all documents required in compliance with said exchanqe, at
� no cost to Purchaser, and Seller agrees to indemnify Purchaser
against any and all liability in connection with said exchange
transaction. '
G. Foreign Person Transferror Seller warrants that he is not subject
to withholding as defined under Internal Revenue Code Section 897 �
(Foreign Person Transferror) and will execute an Affidavit at
closing to that effect �s .pr�vided.by Stuart Title Company.
�, ,
H. CounterUarts; Facsimile Sianatures This Contract may be executed in
one instrument, signed by all parties, or in counterparts, in which
case all such counterparts together shall constitute one and the
same instrument and Contract, binding on all of the parties thereto,
t notwithstanding that all of the parties are not signatory to the
original or the same counterpart. Facsimile signatures shall be
.� treated as original signatures on this Contract, and on other
documents provided for herein, but not on closing documents.
I. Attorney's Fees If this Contract becomes the subject of litigation
to resolve a claim of breach of contract or default in performance
by either party, the party who is determined to be in default or in
any other way in breach of this Contract shall pay reasonable
' attorney's fees, expenses, and court costs of the non-defaulting
.:j party.
J. Survival To the exten± necessary to carry out the intentions of the
parties and all terms, covenants, conditions, and provisions hereof;
the terms, covenants, conditions, and provisions set forth herein
and in the Contract shall survive the closing and shall be deemed
' not to terminate at the time of closing or be merged into any
documents executed by and between the parties.
. K. Time Time is of the essence for all acts required pursuant to this
Agreement. in the event the last day permitted for the performance
;;:�, of any act required or permitted under this Agreement falls on a
4' Saturday, Sunday, or holiday, the time for such performance shall be
extended to the next succeeding business day.
_ L. Suoerfund Site Liability Purchaser agrees not to hold Seller
responsible for any costs, expenses, or liabilities that Purchaser
_, may incur or suffer as a consequence of the fact that the Property
is located within the Smuggler Mountain Superfund Site. However,
� ---I Purchaser is not assuming and shall not be responsible for any
Superfund Site liabilities of Seller or of any other person arising,
accruing or attaching prior to the closing hereunder.
?;� M. Return of Deoosit to Donnellev If under any provision of this ,
Contract, Purchaser receives a refund of the $50,000 earnest money
deposit and the interest accrued thereon, Purchaser agrees to return
;! all such funds promptly to Laura Donnelley.
';;I
}.i_I Purchaser: The County of Pitkin, State of Colorado
�<c�� BY• Date '
�r::i
-��� �y�
��F�
''�.�� Seller: Alan Goldstein Date
7-
"�.r:�4CIl . •
•.(,+
Seller: Richard Osur Date
t:::''�
.ry� ,
,;:�k�
�,^�