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A RESOLUTION OF THE
� BOARD OF COUNTY COMMISSIONERS •
OF PITKIN COUNTY, COIARADO� AUTHORIZING
, EXECUTION OF THE KLEIN REAL ESTATE CONTRACT
RESOLUTION NO. 91- iGL:i
WHEREAB, The Voters of Pitkin County and the Pitkin County ° '
Commissioners have established an Open Space and Trails fund and
an Open Space and Trails Board of Trustees for the purposes of
preserving and developing open space and trails resources in the
County, and
- WHEREAS, the Open Space and Trails Board of Trustees, has, on
behalf of the County Commissioners, entered into a contract with
=-�;;�; Herb and Marsha Klein for the purchase of real estate that is
appropriate for open space use, and
;;��•� AHEREAS, Attached as Exhibit A, and incorporated herein by
� .,.� reference, is that contract.
t�
��, NOW, THEREFORE, BE IT RESOLVED, by the Board of County�
Commissioners of Pitkin County, that:
�'�: Section 1. The Board of County Commissioners of Pitkin County �
:,� hereby grants approval of the purchase of the Klein Property for
Open Space purposes.
Section 2. The Board authorizes its Chairman to execute the I
' "':a=�;; Real Estate Contract attached hereto as Exhibit A.
• '.�,..`=�
�`` Section 3. The Board acknowledges and declares, subject to a
* .r3'' mutually agreeable addendum to the contract, that Paragraph # 8 of
3 the contract will be amended to read as follow:
x�
_;�:� " General taxes for the year of closing, based on the most recent
mill levy and the most recent assessment, rents, water and sewer
'`'��� charges, if any, shall be prorated to date of closing. When the
�-.;� actual taxes are known, Seller and Purchaser shall re-prorate 1991
•=>� taxes to October 11, 1991, and if any payment is required by either •
party to adjust the proration to the actual taxes as determined by
��`:�� the tax office, said party shall immediately pay such difference. s.
Any sales, use and transfer tax, including all real estate transfer
� taxes, that may accrue because of this transaction shall be paid
� by the Purchaser. "
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,� INTRODUCED AND FIRST READ ON THE 27TH bAY OF AUGUST, 1991.
' A R�AND ADOPTED UPON SECOND READING ON THE �� DAY OF
.; � , 19 91. '
�
- ( PUBLIS D AFTF)R ADOPTION IN THE ASPEN TIMES ON TzIE �C� DAY ,.
- 4 OF �, �4-rt , 1991.
�
ATTEST: BOARD OF COUNTY COMMISSIONERS
� �� OF PITK COUNTY� OLORADO ��
- . � B I B �
: � Jeane te Jones, Wayne E ri ge,
; Dep y Clerk and ecorder , Chalrm
�� �
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� : ,� APPROVED AS TO FORM: APPROVED AS TO CONTENT:
.'c:.
'f�i�'� � �
*�� Timothy E. Whi 'tt Reid Hau y
,.,� County At ey county Manager
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F mwfdg/wp/klein.ctrct
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't'�;.,; ,. y .�hairmanWayneElhridgevoting 1
- a�:' # .:ommissiarier Ross vodrg
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_::�� "'ommissroner True voting
i"' � `-' ommissio�er Tuite voting
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�mmissiorrer Crow�ey voting
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� CONTRACT TO BUY AND SELL REAL ,ESTATE .
J
THIS AGREEMENT is made this � day of August, 1991,
between HERBERT S. KLEIN and MARSIiA L. RLEIN ("Seller") and PITRIN
;
COUNTY OPEN SPACE AND TRAILS BOARD OF TRUSTEES ("Buyer").
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The parties aqree as follows:
? 1. Purchase and Sale. Buyer agrees to pu=chase from
Seller and Seller agrees to sell the following real property ("Real
Property"):
Lots 10, 11 and 12, Block 2
KISTLER SUSDIVISION
������ Town of Redstone, Pitkin County, Colorado.
:,:.a The purchase shall include all water rights associated
="} with the Real Property including an assignment of any well
�;,;;:.� agreement or water use agreement in which Seller may have an
t.� interest and which relate to the Real Property.
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2. Purchase Price. The purchase price shall be Thirty- :
Seven Thousand Five Hundred Dollars ($37,500.00), payable as
'`� follows: (a) Three Thousand Seven Hundzed Fifty Dollars ($3,750.-
OQ) to be paid into escrow with a title company mutually acceptable
��' to the parties, which title company shall also act as closing
���> ,� agent, to be held as earnest money and part payment pending
�� � closing, which deposit shall be made within £ive (5) days of full
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� .i execution of this Contract; (b) the balance of the purcriase price
, .�';.� shall be paid at the time of closing in good funds adjusted for
customary closing costs.
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_�ij 3. Progerty Included. The following items of personal
�:;.-�� property are included in this sale at no extra cost: not applica-
a�;''3 ble.
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����'� 4. Propertv Exclnded. The following fixtures of a
`�� permanent nature are excluded from this sale and may be removed by
�:�`,-�-��� Seller prior to delivery oi possession: none. '
�+;;� 5. Title. _
(a) Title shall be merchantable in the Seller and
� .•�:;� shall be conveyed to Buyer by Special Warranty Deed free and clear
of all taxes, liens and encumhrances, except as follows:
� (i) genexal taxes foz the year o£ closing; � '
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(ii) easements for telephone, electricity,
-i�':.; water, sewer or other utilities of reaord which do not adversely �
,� affect the use of the Property, such impact to be determined by i
,r-:� Buyer in its sole discretion;
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(iii) U.S. .mineral reservations of record •
which do not interfere with or affect surface rights to the
Property;
(iv) Building and zoning regulations and `r ..
restrictive covenants of record, so long as such do not preclude
the construction of a single family residence on the Property. ��' '.'jr -
�. �2,.�.�. �',, �';. �, !�"'`
(b) Not later than August �, 1991, Seller shall �
deliver to Buyer a title commitment issued by a title company
_:u licensed in Colorado and committing to insure title to the Real j ;
Property as set forth in subparagraph (a). In the event title to
the Real Property as evidenced by this commitment is not merchant-
a able, Buyer shall give Seller written notice of such title defects
not later than ten (10j days following receipt of the title
commitment. Any defects for which such notice is not given shall ,`
be deemed waived. In the event such notice is given, Seller shall
use his best efforts to cure such defects prior to closing. If �' � •
'� such defects are not cured at closing, Buyer may terminate this
Agreement at which point all monies paid shall be returned to
� Buyer; or Buyer may extend the date of closing for an additional
thirty (30) days to allow Seller additional time to cure said
defects. In the event of such extension, Seller shall use his best
effo=ts to cure such defects. If the defects cannot be cured by
�' the end of such period, this Contract shall be of no further force
,,;; and effect and all monies paid hereunder shall be returned to
': Buyer. At closing, Seller shall deliver conforming title insurance i
_ ;;�� policy to Buyer and Buyer shall pay the premium thereon. '
�
- 6. Closincz. Closing shall take place on August 21,
� 1991 or such other date as may be mutually agreeable to the
parties, at a reasonable time and place to be designated by Seller i;
� in Pitkin County, Colorado. At closing, Seller and Buyer shall t
. � execute such documents, pay such funds and take such other actions
as are necessary or convenient to carry out this agreement. �
I
7. Pavment of Encumbrances. Any encumbrances required
to be paid may be paid at the time of settlement from the proceeds '
of this transaction or from any other source. � •
i 8. Prorations. General taxes for the year of closing, �
based on the most recent levy and the most recent assessment, �, . '
, ;� prepaid rents, water rents, sewer rents, FHA mortgage insurance ;
.� premiums and interest on encumbrances, if any, and the Homeowners
i; or Condominium Assessments, if any, shall be apportioned to date of -
;� delivery of deed. Closing costs shall be apportioned between the
parties based upon the usual and customary practices in Pitkin -
� County, Colorado, except that Suyer agrees to pay the premium for �i, i
� title insurance.
�� 9. Possession of the Propertv. Possession of the �'
Property shall be delivered to Buyer at closing. In the event the
~ Property is not delivered as required hereunder, Buyer shall be .� ,
4
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entitled to recover a dail rental of Fi#t Dollars •'�'�
y y ($50.00), and
Buyer shall be entitled to evict Seller from the Property. '
10. Damaae, in the event the Pzoperty shall be damaged �
by fire or other casualty prior to closing, in an amount of not :'r ,�
; more than 10� of the total purchase price, Seller shall be obli-
gated to repair the same before the date herein provided for ,_ �:,
de2ivery of deed. In the event such damage is not or cannot be � ��'`•+(
repaired within said time or if the damages exceed such sum, this �.. •
Contract may be terminated at the option of Buyer and all payments �
and thi.ngs of value received hereunder sha11 be returned to Buyer. I
Should Buyer elect to carry out this Contract despite such damage, �
Buyer shall be entitled to all the credit for the insurance •
{ proceeds resulting from such damage, not exceeding, however, the
total purchase price. Should any fixtures or services fail between I .i.�
_ the dafie of this Contract and the date of possession or the date of
delivery of deed, whichever shall be earliez, then Seller shall be �-;��
liable for the repair or replacement o£ such fixtures oz services
� with a unit of svnilar size, age and quality, or an equivalent
credit.
� 11. Default. Time is of the essence hereof. In the
event o£ any default, there shall be the following remedies: r.
(a) Sf Bnyer is in default, then all payments and i�
''? things of value received hereunder shall be forEeited by Buyer and �
. sn retained on behalf of Seller and both parties shall thereafter be
released from all obligations hezeunder. It is agreed that such
� payments and things of value are liquidated damages and (except as
' provided in subparagraph [cJ) are the Seller's sole and only remedy
� for the Buyer's failure to perform the obligations of this Con-
! tract. SeZler expressly waives the remedies of specific perfor- r
. � mance and additional damages. �
� (b) I£ Seller is in default, (i} Suyer may elect to )
,� treat this Contract as terminated, in which case all payments and �
things of value received hereunder shall be returned to Buyer and i
� 9uyer may recover such damages as may be proper, or (ii) Buyer may
; elect to treat this Contract as be.ing in full force and effect and �
y Buyer shall have the ri ht to an action for s ecitic � '
g p performance or
� damages, or both.
� `y (c) Anything to the contrary herein notwithstand-
ing, in the event of any litigation arising out of this Contract,
the Court may award to the prevailing party all reasonable costs
and expenses, including attorneys' fees. Any monies required to 1
be retnrned to Buyer hereunder but wrongfully withheld shall bear � .,�
� interest at the rate of twenty-four (24�) percent.
a ' �
� 12. Continaencies. Buyer's obligation to close the
,� purchase transaction contemplated herein is contingent upon the �
- following:
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(aj Review and acceptance of condition of title; �
and
(b) Approval and acceptance of this agreement by �
the Pitkin County Attorney's Office and the Board of County
f Commissioners.
� .
13. Miscellaneous. This agreement may not be modified
except in a writing signed by the parties. This agreement shall be s•,:,
construed under the laws of the State of Colorado. Any notice ��
under this agreement shall be in writing and shall be effective
� t upon actual delivery, The parties designate the £ollowing agents ;
for delivery of notice. !
::i'e � r...r�-.
�':� For Seller: Herbert S. Klein, Esq. !":
201 North Mill Street
- �`�=�� Suite 203 �
F,�
:� Aspen, CO 81611
.:..;r� i .
"' =' For Buyer: Pitkin County Open Space and
• Tzails Board of Trustees
�v� c/o Richard Y. Neiley, Jr., Esq., Chairman
;. � 201 North Mill Street, Suite 102
� °?� Aspen, CO 8I611
, #
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- :,.P;,..� with copy to: Pitkin County Attorney
" 530 East Main Street
.:�=.:;a.v
' ,`� Third Floor
;,, ,. Aspen, CO 81b11 .
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,�.<�,-� 14. Additional Provisions.
. �,,,,
''��� a All earnest mone shall be laced in an inter-
:;�•.".;� t 1 Y P �
est bearing account for the benefit of Buyer. Buyer s social
'��,� security numbez or tax identification number is 138-40-7082
`'?°'� (b) Seller warrants that this sale is not subject
'' to withholding as defi.ned under §697 of the Internal Revenue Code
, '"-:�;'� of 1986 (Disposition of investment in United States Real Property)
" "�'.�-� and Seller will execute an affidavit at closing to that effect; or
� that he will compZy with the requirements of §1445 (Withholding of
�"3'�� Tax on Dispositions of United States Real Property Interests}.
;��
" `' � (c) This agreement may be executed in countezparts
r ,�� which taken together shall constitute one and the same docwttent. _
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�;'"'�''v''�� (d) Acceptance of this Contract and any notices to
:;;Fa��t be given hereunder may be provided by facsimile signature. In the '
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�t event of such execution, Seller agrees to promptly provide an
original executed copy of the document to Buyez. , ,
(e) Buyer may withdraw this offer to pnrchase at '`�;_
. any time grior to their receipt of written acaeptance of the terms :.
and conditions of this document by Seller. �r
� (f) The parties agree and mutually select a title
� company to act as closing agent for this transaction and shall :"•i� ,
� share equally closing costs. �
_;; (g} No real estate agent or broker is involved in �:
this transaction and no real estate commission is payable as a ' �
consequence of the sale contemplated herein. Seller sha21
_� indemnify and hold Suyer harmless from any claim for real estate
commission and shall be solelg responsible for the payment thereof '
,.:z should a commission be determined to be due. G
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" � (h) Purchaser agrees to cooperate with Seller in an ,_
'3 Internal Revenue Code Section 1031 exchange of like kind property
��' so long as Purchaser does not incur any additional costs or any
'"� liability in connection therewith. Seller agrees to reimburse
Purchaser for actual attorneys fees or other costs that may be
incurred in a 1031 exchanqe in a maximum amount of Two Hundred
a Fifty Dollars ($250.00) for review of documentation and shall
indemnify and hold Purchaser harmless from any losses, damages or
liabilities including taxes, penalties, interest and attorneys'
`'y fees which may arise, be assessed or asserted in connection with
- , •� the transaction.
° � i5. Acceptance. If this proposal is accepted by Seller �
.,;; in writing, wire telegram or facsimile transmission and Huyer
receives notice of such acceptance on or before August 6, 1991 this
� instrument shall become a contract between Seller and Buyer.
,�
'� Buyer:
PITKI OUNTY OPEN SP{,CE AND
TRAI S OARD OF TR T ES
� � � � ,
':� $y
chard Y. Neil y, .Tr., Chairman
..,
; � � t
Seller accepts the above proposal this S day of % .
August, 1991.
� Seller: �
�'-� � �",1�-�1.,,�, /�-'(�.-� � �
_� //�-'
HERBE'T�tT%S. KLEIN MARSHA L. KLEIN
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i ;l 2 day of /�u(r. �
j Approved as to form this _____
5
1991. �
PITICIN COUNTY ATTORNEY �„�_,
I.
, � .
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By `
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� o f :ii . �: .:.::,
'.; Approved and accepted thiS .v� dag L
` � 1991. OF COUNTY ,j
PITRIN COUNTY aOAR� i
���� COMNiTSSIONERS
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, 77` $y � 1 ��� {
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..�:� voting � ;
.:; ChairmanWayneEtn�d9� -f
. `,y�� Comttiisswner Ross vot�ng � : .
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:°�~' .- ioner Crowfey voting —��s"
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