HomeMy WebLinkAboutbocc.ord.015.2013�
AN ORDINANCE OF THE BOARD OF COUNTY COMMI5SIONERS
OF PITKIN COUNTY,COLORADO APPROVING THE PURCHASE OF PiTKIN
PARK PLACE UNIT 415E/GS FOR THE PITKIN COUNTY EMPLOYEE
HOUSING INVENTORY AND AUTHOR[ZING THE CHAIR TO EXECUTC
THE NECESSARY DOCUMENTS
ORllINANCE #U`/J�-2013
12ecitals
I. The Board of Counry Commissioners ol'Pitkin County("Counly") is in a posi[ion
to acquire Pitkin Park Place Unit 4156/GS located at 415 Pacitic Avenue, Aspen, CO (the
::Properh%');
2. The purpose of the acquisition is to add the Property to the County's employee
housing inventory and to make it available for deed restricted sale or rental to occupants
qualified under the Pitkin County Housing Aulhority's guidelines for occupancy of deed
restricted employee housing.
3. The Property is a 2-bedroom, I-full bath, 760 square foot condominium located at
the Aspen Airport Business Center. It is located within easy walking distance of the
amcnities offered by N�e AAQC and RFTA bus stops.
,�
4. David R. Steinhurst is the owner of thc Properq�and is a willing seller in his
desire to see the Property become an employcc housing unit and the County desires to
purchase thc Property forthat purpose;
5. The[enns and provisions of the purchase are lully set forth in the Contract eo [3uy �
and Sell Real Estate dated May 16, 2013 and Counterproposal dated May 20, 2013;
6. Thc County and Steinhurst havc ncgotiated a purchase price ot'$372,500 and it is
' in thc interest of all parties to proceed immediately with the transaction; �
7. The terms of the agrcement are set forth, and the Chairman (or Chairman's
designee) shall be authorized to sign a Contract to Buy and Sell Real Estate and lo
csccute such documents as a necessary to consummate this transaction in substantially
the lonn approved by the County Attorney.
8. The 130CC finds that adoption ofthis ordinancc is in the best interest ofthe public
health, safety and welfare oCthe citizens of Pitkin Coimty.
- NOW, THEREFORG, BE IT ORDAINED, that the Board of County
Commissioners approves the purchase of said Property and authorizes the Chairman or
Chairman's designee to execute all documents necessary to complete the transaction.
RECEPTION#: 601522, 07/19/2013 at
11:09:38 AM,
1 OF 24, R $0.00 Doc Code ORDINANCE
Janice K. Vos Caudill, Pitkin County, CO
�
,
� O�Hinaime#���1-2013
! ISigc 2
l
INTRODUCED AND APPROVED ON THE 12T�� DAY OF .IUNG 2013 AND SET FOR
PUBLIC HEARING ON THE 26��� DAY OF JUNE 2013.
NO'I'ICE OF PUBLIC HGARING AND "fITLE AND SHOR'I' SUMMARY OF 'I'FIE
ORDINANCE PUBLISH�D IN THE ASPEN TIMES WGEKLY ON ,
2013.
NO"i'ICE OF PUBLIC HGARING AND THE FULL TGXT Of' '1'I-IE ORDINANCE
POSTED ON THE OFFICIAL PITKIN COIJNTY WEBSITE ( �v��vw.aspenpitkin.com )
ON Tf-IE DAY OP 2013.
ADOPTED AFTER FINAL R6ADING AND PUBLIC I-IGARING ON THE 26��� DAY
OP JUNG 2013.
PU[3LISHGD BY TITLB AND SI IORT SUMMARY, APTLR ADOPTION, IN 'I'I-IE
ASP6N TIMES WEEKLY ON THG DAY OP 2013. '
"fl-IIS ORDINANCE IS EPPLC"I'IVB ON JUNE 26, 2013
A"I'TGST: BOARD OP COUNTY COMMISSIONGRS
I3y By:
Jcanette Jones George Newman, Chairman
Deputy County Clerk
Date:
APPROVED AS "f0 FORM:
John 61y .Ion Peacock
Coimty At�orney County Manager
Se�. �'j� X� ��� �GY
,5�� n� �U��s
. .. _. . . -
--
vl�.
INTRODUCED,FIl2ST I2CAD,AND SET FOR PUBLIC HEARING ON THE'I�. DAY OF
�,U �i,�; ` y,2013
NOTICE OF PUBLIC HEARING AND TITLE AND SHORT SUMA�ARY OF THE
RESOLUTION PUBLISFIED IN Tf�ASPEN TIMES WEEKLY ON � /! �. 2013.
NOTICE OF PUBLIC HEARING AND THE FULL TEXT OF THE RESOLUTION POSTED
ON THE OFFICIAL PITKIN COiTNTY WEBSITE (www.aspennitkin.win)ON TIIE
DAY OF �(��i-1�e 'I`{ i °}D I 3
ADOPTED AFT�R FINAL READING AND PUBLIC HEARING ON THE°���AY OF
� L �-1�013.
PUBLISHED BY TITLE AND SHORT SUMMARY, AFT�R ADOPTION, IN THE ASPEN
TIl�S WEEKLY �U I� �( � 'a-a i 3
POSTED BY TITLE AND SHORT SUMIvfARY ON THE OFFICIAL PITKIN COUNTY
WEBSITE (www.aspenpitkin.com) ON TI� /�� DAY OF v ( 2013.
ATTEST: BOARD OF COUNTY COMMISSIONERS
By gy' ��/'.�`
Jeazie Jones George New�n ii, Chair
Depu County Clerk )
Date: I l
APPROVED AS TO FORM: MANAGER APPROVAL
_ J
Jolm Ely, Coun i�ey Jon Pe c�ock, nty Maua�er
9 of 28 3/13/20]3 923 AM
HI't'HUVtU tsY � . ..._.,
ORDINANCE ���qACT# - �oi3
, # DIS -zor3
, 1
3 Aspen ' Sotheby's Aspen Snowmass Sotheby's Intemational Realty
q Snowmacs .,,.,,..�,,,.. „ Satly Shiekman-Mfiler
5 Ph: 970-925-6060 Fax: 970-920-9993
6 he pdnted portlons of Mls lorm, except Altlerentla[eE additlons, have been approved hy[he ColoraEo Reel Esta[e
� ommisslon. (CB51-9-121 (Mantletorv 1-13)
B
9
io THIS FORM HAS IMPORTANT LEGAL CONSE�UENCES AND THE PARTIES SHOULD CONSULT LEGAL
iZ, AND TAX OR OTHER COUNSEL BEFORE SIGNING. ,
13
14 CONTflACT TO BUY AND SELL REAL ESTATE
15 (RESIDENTIAL)
16
ll
le Dale: 5/lf/20T3
19
20
�i AGREEMENT
11
]3
za 1. AGREEMENT.Buyer,idenlified In§2.1,agrees to huy, and Seller,ident�ed In§2.3,egrees to sell,the
ZS Property described heiow on theterms and condltions set forih in this contrect(Contract).
26
]7
28 2. PARTIES AND PROPERTY.
29
30 2.1. Buyer.Buyer, Board of County Comm/ssianers of Pltkln County,wlll take title ta the
3 i property described below as❑ Jolnt Tenents ❑7enants In Common �Other
32
33
3a 2.2,Asalgnabiiity end fnurement.This Contrac[�Shell ❑Shall Not be assignable by Buyer �
35 wlffiout Seiler's prlor wdtten wnsent Except es So resiricted,lhis CoNracl shall inure to the beneSt of and be
36
3� binding upon the heirs,personal represen[aqves,successors and assigns of the pertles.
3a 2.3.Seller. Seller,DBV/d R. Stelnhurst,Is the curtent owner of the Property described below.
39 2.4. Pro The Pro e �s the followin le al described real estate in the Coun of
ao PertY• P hY' 9 s N ry
ni P/tkln ,Cobrado:
42 Subrllvislon:PITK/N PARK PLACE Unit:415E DESC:(G5)
a3
aa known as No.415 Pacl/fc Avenue 4YSE/GS Aspen CO 8f 611,
45 together with lhe inleresls, easemenGS,rights,benefils, improvemeMS and ettached fi�ctures appurtenent thereto,
ab and all interest of Seller in vacated streets and elle s ad acent thereto,exce t as herein excluded Pro e
n� Y 1 P ( P rtY)�
ae 2.5.Incluslons. The Purchase Price Includes the tollowing items(Inclusions):
49 2.5.1. Fixtures.If attachad to the Property on the date of fhis CoNracl,the following Items are
so Included unless excluded under Exciuslona 2.6 :li hti heatin
5� (§ ) g ng, g,plumbing,ventllefing and alr conditioning
sz fiutures,N antennas, inside telephone,network and coaxial{ca61e)wlAng and connecting biock�acks,plants,
53 mirtors,Boor cnverings,intercom systems, bulll—In kitchen apptlances,sprinkler systems and controls,built—in
sa vacuum s stems includn accessories
ss Y ( 9 ),gerege door openers including none remote controls.
s 6 Other Fixtures: aBe pBrson9l propertY
se �f eny flxtures are altached to tha Property after iha date of this ConVacl,such additlonal fixtures are also included
Sy in the Purchase Price.
eo 2.5.2. Personal Property. If on the Properry whether atteched or not on tha date of this Contract,
s1 ihe following items are Included unless ezcluded under Exclusions(§2.6):storm w(ndows,storm doors,window
63 and porch shades,awnirgs, hilnds,screens,window coverings,curtaln rOtls,drepEry rods,fireplace In5Cr15,
69 fireplace screens,fireplace gretes,headng stoves,srorage sheds entl ell keys. If checked,Ne followlrg are
66 included: ❑Water Sottaners �Smok�re Detectors �Carbon Monoxide Alarms ❑Seeurity
c� Systema ❑Satellite Systems(Including satelllte dishes).
be Other Personal Property:
o dlshwasher,mfcrowave,range,re/dgerato� wasAer, dryer, wlndow covednas
�i The Personal Property to be conveyed at Ciosing shall be conveyed by Seller hee and cleer of ali
�Z teues(except personal property taues for the year at Closing),Ilens and encumbrances,except
73
�a lor none . Conveyence shall be by blll of sele or other appiicable legal Inswment.
jb 2.5.3. Parking and Storege FeclllUas.�Use Only❑Ownership of the following parking
» one asslgned parMng
7e facilities:spece ;and�Use Only�Ownership
eo oi the following storege facllitles:
ai those appuRenant to tfie property
B2 2.5.4. Water Rights,Weter end Sewer Teps.
83
&a 2.5.4.1.Deetled Water Righta.The foilowing legally described water righffi:
CBSI-9-12. CON'CRACT TO BUY AND SELL REAL ESTAT'E- Residential � Page l of IS
Huyer(s)Initials Jp Seller(s)Iniaals
45 Na
ei Any weler righis shall be conveyed by n1a Deed Other applicable legal
ee instrument.
q� ❑ 2.5.4.2.Well RIgMs. If any waler well Is to be trensferred to Buyer, Seller agrees to
si supply required InfortnaGon about such well to Buyar. Buyer understands that It the well to be lransfeRed Is a
92 Small Capadry Well or a Domestic Enempt Water Well used tor ordinery household purposes, Buyer shall,priar
93 to or at Cbsin com lete a Chan e in Ownershi fortn Por the well.If an existi wel�has not bean r istered wNh
94 9� P 9 P �9 e9
ss the Cobrado Divislon of Water Resources In the Departrnent of NaWral Resources(Division),Buyer shall complete
96 a registretlon of existing well fortn tor ihe wel�and pay the wst of registraUon. if no person will 6e providing a
98 closing servlce in connectlon with the hensaction,Buyer shall file the form with the Divlslon witl�in sixty deys eker
99 Closing.The Well Permit#is Na
100 2.5.4.3. ❑Weter Stock Certlficatee:
ioi
ioz n/a
la3 25.4.4. Water Tep Sewer Tep
104
]OS
�oe Note:Buyer Is adviaed to obteln,from the provider,written contirmetion of the amount remeining to be
lo� peid, N eny,Nme and other reatrfctlona for tranafer and use of lhe tap.
ioa
109
tio 2.5.4.5.Other Rlghts:
ii� n/a
11x
tt3 2,6. E:efuslons.The following items are euluded(Excluslons):
iis none
L6
lla 3. DATES AND DEADLINES.
Il9
�Z� Item No. Reterence � Event � Date or Deadifne
121
iZ3 1 44.3 Alternative Earnest Money Deadline 3 bus days fo/lowing
12� MEC
izs Itle and Aaeociatfon
126 §7.1 Record Title Deadline 7de s/ollowln MEC
�n
tze 37.5 Exce tions Re uest Deadline 7 da s/ollowin MEC
129 21 days lollowing
�3o 48.7 Record Title Ob�ecOon Deadline MEC
131
i3z §82 ON-Record TNe Deadline 7da s followln MEC
i34 §82 Off•Record Title ObJectbn Deadline 21 days lolfowing
13s MEC
1�6 28 deys followJng
li� §8.3 Ttle Resolulian Deadline MEC
138
139 47.6 Association Documents Deadline 7 tla a fD!!owln MEC
l40 21 days/ollowing
iai §7.6 Association Documents Ob�eclion Deadline MEC
iaz
ias 10 §6.5 Ri ht of First Refusai Deadline n/a
14q eller's Pro e Disclosure
ias P i1`/
146 1 y §10.1 Seller's Pro e Disclosure Deadlfne 7 da s/offowln MEC
i4' Loan and Credit
14B
iav �2 35.1 Loan A lication Deadline Na
tso 13 §52 LoanObectlonDeedline n/e
151
�si 14 §5.3 8u er'S Credit Iniormfltion Defldline n/8
is3 �5 §5.3 Disa roval of Bu ers Credit Informetion Deadline n/a
isa
iss �6 §5.4 Ezistin Loan Documents Deadline n/a
156 77 §5.4 Ezistin Loan Documents Ob'ecUon�eadline Na
ls� 18 §5.4 Loan Transfer A roval Deadiine n/e
15e
iss preisal .
ib� 21 days fallowing
lbz 19 3fi.2 AppraisalDeadline MEC
363 28 days Iollowing
t6a 0 §62 Appraisai Ob�ection Deadiine MEC
165
166 �rygy
1b� 1 §BJ CuventSurve Deedline n/a
I68
CBS]-9-12. CONTRACI'TO BUY AND SE1.L REA[,ESTATE- Residen[ial Page 2 of 15
Buyer(s)Initials �� Shcer(s)Initials
169 §9,2 Gurtent Surve Ob'ection Deadline Na
l�o ns ection end Due DII� ence
i�i
i�z 21 days Jollowing
1�3 3 §10.2 Inspection Objection Deatlline MEC
i�s 2B days tollow/ng
t76 4 §�0.3 InspeCUon Resolutlon Deadline MEC
iie 5 570.5 Property Insurance Objectlon Deadline Z�days foflow/ng
i�s MEC
leo 6 410.6 Due Dili ence Documents Dallve Deadilne 7da s/ollowln MEC
iaz 28 days lollowing
ls3 7 310•7 Due Diligence Documents ObJedlon Deadllne MEC
189 8 310.8 Condttlonal Sale Deatlllne
ies
iab losin and Poasesslon
. ls� 60 days following
�ee 9 §12.3 Closing Data .
le9 MEC
iei 0 §17 PossesslonDate 60daysfollow/ng
19z MEC
is3 7 §17 PossessionTime efterc/osin
t9n p §2g Acee tence Deadline Date 5/17/2013 Frida
195
y96 3 §28 Acce tence�eadline Time 9:00 .m.
197 45 days/ollow/ng
ive BOCC Ordlnance Approva/Deadllne MEC '
l99
ioa
zoi
zoz
zo3 Note: Appllcablllty ot Terms.
aoa qny box,blenk or One in this Contract left 61ank or completed with the ebbrevietlon°N/A",or ihe word"Deteled'
zos means such provision in Dates and Deedlines(§3), Including any deadline,is not eppliceble and the
206
zo� corresponding provision of Nis Corrtract to which reference Is mede is deleted.
zae
209 The ebbreviatlon"MEC'(mutual ezecvtlon of thls Contract)meens the dete upon which both parties heve signed
zia
u i lhis Contract.
ziz
213 Note:il FHA or VA ban 6oxes are checked in§4.5.3(LOan Limitations),the Appralsel Deadiine(§3)does Not
zia
zis appry lo FHA Insu2d or VA guaranteed loans.
2t6
217
iia 4. PURCHASE PRICE AND TERMS.
2i9 q,1,prlca end Terms.The Purchase Price set forth below sheli be payable in U.S. Dollars by Buyer as
lla follows:
zz1 .—..—..-. _ _____.._._.___...... ...._....__....__ ._._.._. _._.`_...._....----'—'--_._.____..-- — --
zzz Item No. Reference item Amount Amount
223 1 § 4.1 urchase Price $372,500.00 °
224
zzs 2 § 4.3 arnest Mane "-- �<. •a;, $75,000.00
z27 3 § 4.5 New Loan '��, .'.��F �`t� ':+�� �-
$0.00
lla 4 § 4.6 ssumption Balence � "�^ $0.00
229
zso 5 4 4.7 eller or Private Fnencin �'r;�;'� $0.00
231 6
232
233 �
234 8 § 4.4 ashatClosin �.'^'!� 'x'�'���'; 9i $357,500.00
235 9 OTAL $372500.00 5372500.00
73fi
23]
23y 4.2. SellerCancesaion.Seller, ai Gosing,shall credtt,as dlrected by Buyer,an emount oi$
2ao n/a to assist wfth any or all of the following:Buyer's ciosing costs, loen discount points,loen
2a1 orlginalion fees,prepaid items(including eny amounts thet Seller agrees to pay bewuse Buyer is not elbwed to
z°Z due to FHA,CHFA,VA,etc. and an other fee,wst,char e,ex ense or e enditure related to Bu er's New
za3 PaI+ )� Y 9 P � Y
244 Loan or other allowabla Seller concession(co�lectively,Seller Concession).Seller Concession is in addition to eny
Z45 sum Seller has agreed to pay or credil Buyer elsewhere in this Contract. Seller Concession will be reduced to the
Zy� e�Aent it exceeds the aggregate of whal Is allowed by Buyer's lender es set forth in the Closing Statement,
z4e Closing Disdosure or HUD-1,et Closing.
249 4.3. Earneat Mone The Eamest Mone set forth In lhls section, in the form of
zso y 1'
zsi check or wire trans/er shall be payeble ro end held by P/tkln CountyTftle,Aspen
GB51-9-]2. CON7RACI'TO BUY AND SELL REAI.ES'CA1'E- Ruidential Page 3 of 15
Buyer(s)Initials �P Seller(s)Ini6als
zsz (Eamest Money Hoider), in its trust account,on behalf ot both Seller and Buyer.The Earnest Money deposit shali
259 be tendered,by Buyer,with ihis Contrect unless lhe parties mutually agree to an Alternative Eemest Money
zss Deadline(§3)tor Its paymenl The parties authorize deGvery of the Eamest Money deposit to the company
zse �nducting the Cbsing(Cbsing Compeny), if any, at or before Closing. In the event Eamest Money Hokier has
xseagread to heve interest on Eemest Money deposlLS transterred lo a fund establlshed for the purpose of providing
zsv allordable housing to Cobrado residenls, Seller and Buyer acknowiedga end agree that arry interest eccrulrg on
zso the Eamest Money deposited with the Eamest Money Holder in this trartsecUOn shall be transterred to such fund.
26Z 4.3.1. ANemetive Eamest Money Deadline.The deadline tor delivering the Earnest
ze3 Money,if o[her Ihan at the time ot tendar of this ConireM is es set torth as the Alternative Eernest Money
Z65 Deadllne(§3).
z66 4.3.2. Return of Eerneat Money.If Buyer has a Right to Tertninate and timely tertninates,
z6� Buyer shall be entltled to the retum of Eamest Money a5 provided in this Contrect. It thls Contrect Is terminated as �
Zee set forth in§25 and,pccept as provided in§24,if the Earnest Money hes not already bean retumed following
Zjo receipt of a Notice to Tertnlnate, Seller agrees to ezecute and retum to Buyer or Bioker working wlth Buyer,
z�i written mutual instruclions,i.e., Eamest Money Release form,within three days of Seller's receipt of such fortn.
Z�Z 4.4. Form ot Funda;Time of Peyment;Funds Available.
��3 4.4.1.Good Funds.All emounts a eble b the ahles at Closin includl an loan
z�a P Y Y P 9. �9 Y
x�s proceeds,Cash el Ciosing and Gosing costs,shail be In funds thet compy with all applicable Cobrado laws,
2�6 including electronk Vansfer funds,cenlfled check,savings and loen teller's check and cashler's check(Good
277 Funds .
z�e >
v9 4.42. AvaOable Funds.All funds required to be paid at Closing or as otherwlse agreed in
Ze� writing between the partles sha�be limely paid to allow dls6ursament by Cbsing Company at Closing OR SUCH
Zez PARTY SHALL BE IN DEFAULT.Buyer represents thet Buyer, as ot ihe date of this ConUact,�Does 0 Does
za3 Not have fimds that are immedia�ely verifiable and aveileble in en emount not less than ihe amount staled as
zes Gash at Closng in § 4.1.
zes 4.5. New Loan. (Omitted as Inapplicable)
2e7
Zey 4.6. Assumptlon. (Omitled es inapplicable)
290
z91 4.7. Seller or Privete Finencing. (Omitted as inepplicabie)
292
293
29a TRANSACTION PROVISIDNS
295
296
297
Z9B 5. FINANCING CONDITIONS AND OBLIGATIONS.(Omitted as inapplicable)
299
300
3a1 5.3. Credit IMormatlon and Buyar's New Senlor Loan.(Omittetl as Inapplicable)
302
303
30< 5.4, E�cisting Loen Revlew. (Omitted es ineppllcable)
305
306
30� 6. APPRAISAL PROVISIONS.
3ae 6.1. Lender Property Requlrements. If the lender(mposes any requirements or rapairs(Requirements)
309 lo be mada to the Pro e p p g), y y g y
3 io Pert�' ( A•�root re eir, re aintln be ond thOSe metters alread a reed to b Seller in lhis
3�i Contract,Seller has tlie Right to Terminate under§25.7,(notwithstanding§ 10 01 this Coniracq,on or before three
31z deys following Seller's receipt of the Requirements, based on any unsaUsfactory Requlrements,In Seller's sale
313 sub ective discretion.Seller's Ri ht to Tertninate In Ihls 6.1 shall rwt a if on or before an terminetlon
3ta 1 9 4 PPh'�, Y bY
3i5 Seller pursuant to ihis§6.1:(t)ihe partles enter Into a written agreemen[regarding ihe ftequirements;or(2)the
316 Requlrements have been compleled;or(3)the satisfaction of the Requirements is waived fn writing by Buyer.
317 6.2. Appraieal CondiUOn.The a licabfe A reisal rovision set forth below shall e I lo lhe
3te PP� PP P PPY
3l9 respective loan type set forth in§4.5.3,or It e cash transactlon,i.e. no flnencing,§6.2.1 shall apply.
s2o 6.2.1. ConventlonaVOther. Buyer hes the sole optfon and election to terminete this Contract
� jZZ 'rf Ihe P�operty's veWatlon, detertnined by an appraiser engaged on 6ehalf of BuYer is less than
3z3 the Purchese Price.The appreisal shall be received 6y Buyer a Buyer's lender on or before Apprelsai Deadllne
324 (§3). Buyer has the Right to Terminate under§25.1,on or betore Appratsal Objeetlon Deadllna(§3), If the
325 P� e s valuaUon Is less than the Purchase Price and Seller's recei t ot either a co of such a rflisal or
3zb P �h'� P PY PP
3i� wri[ten notica trom lender ihat confirms tfie Property's valuation is less than the Purchase Pdce.This§6.2.1 is for
3z9 the sole benefit of Buyer.
330 6.2.2. FHA. It is expressly agreed theL notwithstanding any other provislons of Ihis Contracl,
331 Ihe Purcheser(Buyer)shall not be oC9gated to complete tha purchase of the Property described herein or to incur
33z any penalty 6y(orleiNre of Earnest Money deposits or olherwise unless the Purchflser(Buyer) has heen given fn
jj4 accordance with HUD/FFIA or VA requirements a written stetement Issued by the Federal Housing Cammissioner,
3ss Deperiment of Veterens Aflalrs,or e Direct Endorsement lender,setting forth the appraised value of the Property of
CBSI-9-12. CONTRACI'TOBUYANDSELLREALESTATE- Residential Page4of15
Jp
Huyer(s)Inidals Seller(s)Initials
336 not less than$ .The Purchaser(Buyer)shall heve the privilege and option of proceedirg with lhe
jja con5ummatbn of ihe Contract without regard to the amount of the appraised valuation.The appraised valuation Is
s39 arrlved at to determine Ihe mvcimum mortgege ihe Depanrtrenl af Housing end Ur6en �evelopment will insure.
340 HUD does not werrant�he velue nor the condition of the Property.The Purchaser(Buyer)should satlsfy
;yZ himselUherself thet the prlce end contlnlon of the Property are flccepteble.
34J 62.3. VA. It is expressly agreed that,nohvithstanding any other provisions of this Contract,ihe
3a° purchaser(Buyer)shall not Incur any penalry by forfetture of Eemest Money or otherwise or be obligated lo
345
346 �mplete the purchase of the Property described herein,if the Contract Purchase Pdce or cost exceeds the
34� reesoneble value of the Property este6lished by the Depertment o1 Veterans ARalrs.The Purchaser(BUyer)shall,
34e however,have the privilege and option of proceedirg wlth the consummation of this Contract without regard to ihe
35o emount of the reesona6le value estebllshed by the Department of Veterans AHalrs.
35 t 6.3. Cost ot AppraisaL Cost ot any eppreisel to be obtelned after the date of this ConVact shall be
3s2 timely paid by�uyer OSeller.The cost af ihe eppraisal may Include any and all fees pflid lo the appreiser,
353
354 appraisal menagement company, lender's agent or alI three.
355
757 �� �IDENCE OF 7TTLE AND ASSOCIATION DOCUMENTS.
3se 7.1. �Seller Salecta Tttle Insurance Company If this box is checked, Seller shall seled the tltle
359 insurance comparry to fumish the owner's Utle insurance pollcy at Seller's expense.On or before Reeord Title
35o Deadline 3 Seiler shall fumish to Bu er a curtant commitrnent tor owner's tllle insurance oll Ttlle
7st �§ )� Y P �!'�
36z �mmitment),In an amount equal to the Purchese Price,or if this box is checked❑en Abstract ot ti0e ceAified
3b3 �o a curtent date.Seller shall cause lhe lltle Insurance policy to be issued and delivered lo Buyer as soon as
364
365 precticable at or after Closing.
366 7,p, ❑Buyer Seleets Tltle Insurance Compeny. It this box is checkad,Buyer shall select ihe tilie
jbeinsurance company to lurnlsh the owner's fitle insurance policy at Buyer's expense.On or before Record Title
369 Deadllne(§3), Buyer shall fumish lo Seller,a current commitrrrent for owner's title inwrance policy�tle,
3ii Commltmenq,in an emount equel to the Purchase Price.
3�Z It nelther box In§7.1 ar§72 is checked,§7.1 eppiies.
373 7.3. Owner's Erztended Coverage(OEC).The Title Commitrnent�Shall �Shali Not commit
374 to delete or Insure rner the stenderd axceptions which relale to:(1) pariies In possession, (2)unrecorded
376 easements,(3)survey matters, (4)unrecorded mechanlcs'Iiens,(5)gap period(eltective date of commitment to
3�� date daed Is recorded),and(6)unpeid laxes,assessments and unredeemed tas sales prbr to ihe year of Cbsing
379 (OEC).
3eo Note:The tl[le insurance company mey not egree to delete or insure over any or all of Ihe slandard excepUOns.
3a t 7.3.1. Premlum for OEC.fl ihe titie Insurenca comparry agrees to provlde an endorsement for
3ez OEC,any additional premium expense to obtein an endorsement tor OEC shall be pald Cy 0 Buyer�Seller
asa �One�Half by Buyer and One-Half by Seller ❑Other
3es 7.4. Buyer's Right to Review TIUe Comm�tment and TItIe Documents. 8uyer has the right lo
3s6 review lhe TiUe CommiMent,Ils provlsions and Tttle Documenis(defined in§7.5),and M not satisfactory b Buyer,
387
3ae Buyer may exercise Buyer's riqhts pursuant to§8.7.
3s9 7,5. Coples of Exeeptions.Uniess the bax in§721s checked(Buyer Seleds Title Insurance
390 Compairy)on or before Record Tltle Oeadline(§3J, Seller,at Seiler's expense,shell fum�sn to Buyer and
isz Selling Agent and Buyer s attomey,John Ety , (1)copies of eny plats,
393 declarellons,covenants,condltlons and restrictions burdening the Proparty,and(2J H a Title Commilment is
395 requlretl to be fumished,and if this box is checked� Coples ot any Other pocumenta(or, if illegble,
396 summaries of such documenls)listed in the schedule of exceplions(F�eeptlons).Even i(�he box is not checked,
397 Seller has the o611gatlon to lumish thesa documenls pursuant io this section H requested by Buyer any time on or
39e before Exce tlons R uest Deadline 3 This re uiremenl shall ertaln on to documents as shown ot record
399 P E'q (4 )� Q � P N
aoo in the office ot the clerk antl recorder In the county where the Property is located.The Abstraa or Title
^�� CommlMent,logether wKh any copies or summaries of such documenis fumished pursuant to Ihis section,
qpjconslitule Ihe title documents(collectively,TiNe Documenis).
noa 7.5.7. Exlsling Abstracts of Tille.Seller shall deliver to Buyer coples ot any abstrads of
aos title covering alt or any�mrtion of the Property(Abstract)in Seller's possession on or before Record Title
qOj Deadllne(§3).
aoe 7.6. Hameowners' Aasoclation Documents.Homeowners'Associetion Documents(Association
nos pocuments)consist of the following:
Qi� 7.6.1. All Homeowners'Assaciatlon declaretions,bylaws,opereling agreements, rules erxl
� aiz regulalions, party wall agreemenls;
4�3 7.6.2 Minutes af most recent annual owners'meeting;
�is 7.6.3. Minutes of any direclors'or managers'meetings duAng the six-rtronth period
�+i6 immediately preceding the dete of thls ContracL tl none ol lhe precedin9 minutes exist then the most recent
^l� minutes, if any(§§�.6.1, 7.62 and 7.6.3,collectively,Goveming Documents).
Qiy 7.6.4. The most recent financlal documents which consist of:(1)annual end most recent
CBSl-9-12. CONTRACI'TO BUY AND SELL REAL ESTATE- Residcnual Puge 5 of I S
Buyer(s)Initials �P Seller(s)IniUals
4zo balance sheet,(2)annual and most recent inmme and expendilures statement,(3)annual budget,and(4)reserve
°zl study,if any(coflectively, Flnencial Documents).
q?j 7.6.5. Common Interest Community Dlsalosure.THE PROPER7'Y IS LOCATED WITHIN
az4 A COMMON INTEREST COMMUNfTY AND IS SUBJECT TO THE DECLARAT�ON FOR SUCH COMMUNITY.
425 THE OWNER OF THE PROPERTY WILL BE RE�UIRED TO BE A MEMBER OF THE OWNER'S ASSOCIATiON
aZb FOR THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE
aze ASSOCIATION.THE DECUlRA770N,BYLAWS,AND HULES ANO REGULATIONS WILL IMPOSE FINANCIAL
n3a OBLIGATIONS UPON THE OWNER OF THE PROPERTY,INCLUDING AN OBLIGA770N TO PAY
43� ASSESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS,TME
47z ASSOCIA110N COUID PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL fT TO PAY THE �EBT.
q3a THE DECLARATION,BYLAWS,AND RULES AND REGULATIONS OF THE COMMUNfTY MAY PHOHIBR THE
435 OWNER FROM MAKING CHANGES TO THE PROPENTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ,
a 76 ASSOCIATION(OR A COMMtTTEE OF THE ASSOCIATION)AND THE APPROVAL OF THE ASSOCIATION.
437 PURCHASERS OF PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE
439 FlNANCIAL OBLIGATONS OF MEMBERS OF TNE ASSOCIATION. PURCHASERS SHOULD CAREFULLY
aaa READ THE DECLARATON FOR TNE COMMUNITY AND THE BYLAWS AND RULES AND REGUUITIONS OF
441 THEASSOCIATION.
°42 7.6.6.Assoelatlon Doeuments to B er.
aa� �
aa4 � 7.8.6.1. Seller to Provide Assoclation Dooumente.Seller shell cause the Assodatlon
445 �ocuments to be prov(ded to Buyer, at Sellers expense,on or 6elore Assoclatlon Documenta Deadllne(43).
446
qa� � 7.8.8.2. Seller Authorizes AssociaUon. Seller aulhorizes the Assoclation to provide the
QQa Associatian Documents to Buyer, at Seiler's experee.
°49 7.6.6.3.Seller'a Obligatlon.Seller's ohf(getion to provide the Assaclalion Documents
450
q si shall be tulHlled upon Buyer's receipt of the Associatlon Documents,regardless of who provldes such documents.
45z Note: II neither boz tn lhis §7.6.6 is checketl,the provisions of§7.6.6.1 shell appty.
°s3 7,6.7. Conditfonal on Buyer's Review. Buyer has the ri9ht to revlew the AssoclaNOn
ass Documents. Buyer has the Right to Terminate under§25.1,on or before Assoeiallon �oeumenta OhJeetion
ase Deatlilne(§3),basad on any unsatisfactory provision in eny oi the Assodation Documents,In Buyefs sole
457 subjedive discretlon.Should Buyer receWe the Associatlon Documen4s after Assoelation Documents Deadline
45B
a59 (§3), Buyer,at Buyer's optlon, hes lhe Righl to Terminete under§25.1 by Buyer's Notice�a Terminale reCeived
46o by Se�er on or before ten days afler BuyeYS receipt of the Assodation Documents. tl Buyer does not receive the
461 qSSOGatlon Documenis, or ii Buyer's Nolice to Termi�ate would otherwise be required to be recelved by Seller
a62
a63 after Closing Date�{§3), Buyer's Notice!o Terminate shall be received by Seller on or before Closing(§ 12.3). If
<ea Seller does not receNe Buyer's Notice to Terminete within such time,Buyer accepts the provlslons of the
465 pssocietlon Dacuments as saUsfactory, entl Buyar welves any Right to Terminete under thls prwision,
466
q6� notwlthslanding the provlsions ot§8.5. ,
a66
469 8. RECORD TITLE AND OFF—RECORD TITLE.
�70
y�i 8.1. Record Tltle. Buyer hes the dght lo review and object to any of the TNe DocumeMS(Right ta
Q�� Object,qesalulion)as set foM In§8.3.Buyer's objectlon may 6e based on eny unsatisfactory fortn or corrtent of
477 Title Commitmen6 noMnthstending§13,or any other unsatisfactory tltle mndttlon,in 8uyefs sole subjective
a7a
q�s discretlon.It Buyer o6Jeds to eny oi the Title Documents,8uyer shali cause Seller to receiva Buyer's Notice to
<�e Terminate or Notice of Tflle Ob�ection on or before Record lltle ObJecllon Deedline(§3). If 7Ue Documenta ere
477 not received by Buyer,on or before the Record Tttls Deedllne(§3),or if there is an endorsement to ttie Title
��e
y�q Commitment Ihat adds e new Exception to tltla,a cnpy of Ihe new Exception to tipe and the modified Title
' QBo CommitmeN shell be dellvered to Buyer.Buyer shall cause Setler to receive Buyer's Notice to Tertninate or Nolice
�e� of Title Objeclion on or before ten deys aRer recelpt by Buyer of the following documents:(1)any requlred l7lle
962
aa7 �aument not timely recelved by Buyer, (2)arry change to the Title Documents,or(3)andarsement to the TiUe
48^ Commitment.It Seller receives Buyer's Notica to Terminate or Notice of Title Objection, pursuanl lo this§8.1
aes �Racord Title),eny title objectlon by Buyer and this ContraC shell be govemed by the provislons set forth In§8.3
486
ae� (Rlght to Object to TiUe, Rewlutlon).tf Saller does rwt recelve Buyer's No6ce to Tertninate or Notice ot Title
aee pCjection by the appllcable deedline specified ebove,Buyer accepts the condition ot tltle as disclosed by the Title
489 DocumeMS as satisfactory.
490
ay i 8.2. Oft—Reeord TRie.Seller shell deliver to Buyer,on or before OH—Record Tltle Deadline(§3),
49z true copies of all existing survays in Seller's possession pertaining to the Properry and sheil discbse to Buyer all
493 easements, Ilens(Including,wllhout IimitaGon,govemmentet improvemen4s epproved,but no[yet installed)or other
499
q95 tltle matters(including,wlthout limitation,rlghts ot flrst refusel and options)not shown by public records,of which
a96 Seller has acNal krawledge(ON-Record Metters). Buyer has the right to inspect the Property to Investlgffie H any
497 thircl perty has any right in the Property not shown by public records(such es en unrecorded easement,
498
qgg unracorded lease,6oundery line discrepancy or water righls). Buyer's Notice to Terminate or Notice oi Title
soo Objection of any unsaiisfactory condition(whether dlsclosed by Seller or revealed by such inspection,
so i notwlthstanding§ 73), in Buyer's sole suuJective dlscrefion,shall be received by Seller on or beMre Ofl—Record
soz
so3 Title Objection Deadline(§3). I1 Saller recelves Buyer's Nouce ta Terminete or Notice of Tille Objection �
CBSI-9-12. CON7RACTTOflUYANDSELI.REALESTAIE- Ruidcnlial Pege6of15
Buyer(s)Initials �p Seller(s)Inidais
soa pursuant to this§82(Off—Record Title Matters),any 4tle objection by Buyer and this Contract shall be gavemed
sos by lhe provls(ons set forth in§6.3(Right to Object,Resolution). If Seller does not receive Buyer's Notice to
506
50� Tertninale or Notice of Tit�e ObJactlon,on or before Off—Recortl Title 06�ectlon Deedllne(§3),Buyer accepls
soe title subJect to such rights,ii any,of thircl parties of which Buyer has actual knowledge. Unless disclosed In
soe W�ng,Seller represents and wertents that there are no OH-Record Matters.
s�a
511 8.3. Rlght to Ob�ect to Titie,Resolutlon.Buyers right to object to eny tltfe matters shall include,but
s iz not be Iimited to those matters set foAh in§§8.1 (Record Title Metters),8.2(Off—fiecord T19e Matters)and 13
5i3 �rensfer of TiUe),in Buyer's sole subjective discretion(collectively,Rlght to Object to 7tle). If Buyer ob�ects to
s is any tltle matler,on or before the applicahle deadiine, Buyer shail tiave ihe option to elther(t)o6ject to the
sie conditfon of Gtle,or(2)terminate thls ConVad.
5�� 8.3.1. Title Resolution.If Seller receives Buyer's NWce of TNe ObJecUOn,as provlded In§8.1
Sle
5�q (Record Title)or§82(Off—Record Title),on or Eetore Ihe applicable dead�ne,and if Buyer and Seiler heve not
szo agreed to a written setllemant thereot on or before TNIe Reaolutlon Deadllne(§3),this Contracl shell terminete
szi on the expiratlon of Title Reaolutlon Deadllne(§3),unless Seller receives Buyer's�written withdrawal of Buyers
szz
sz3 Notice of Title ObJaction, (i.e., Buyer's written notice to weive obJection to such items and waives the righl lo
52a terminete tor thet reason), on or betore expiratlon of Tllle Resolutlon Deadline(§3).
szs 8.3.2. Right to Terminete —71t�e OhJectlon.Buyer has�the Rlght to Tertninate uruler§25.1,on
526
SZ� or t�efore the eppticable deedii�e,besed on eny unsetisfactory tille matter, fn Buyer's sole subjective discretion.
s�s 8.4. Sp¢cfal Terzing Dletricts.SPECIAL TAUCING DISTRICTS MAY BE SUBJECT TO GENERAL
529 OBLIGATION INDEBTEDNESS THAT IS PAID BY pEVENUES PRODUCED FROM ANNUAI TAX LEVIES ON
53� 171E TAXABLE PROPERTY WITHIN SUCH DISTRICTS.PROPERTY OWNERS IN SUCH DISTRICTS MAY BE
53z pLqCED AT RISK FOR INCflEASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF SUCH DEBT
533 WHERE CIRCUMSTANCES ARISE RESULTINQ IN THE INABIIJTY OF SUCH A DISTRICT TO OISCHARGE
sis SUCH INDEBTEDNESS WRHOUT SUCH AN INCREASE IN MILL LEVIES.BUYEHS SHOULD INVESTIGATE
536 '{F�E SPEGAL TAXING DISTRICTS IN WNICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY
53� TAEASURER, BY REVIEWING THE CERTIFlCATE OF TAXES DUE FOR THE PROPERTY,AND BY
53B
s3s OBTAINING FURTHER INFORMATION FROM 7HE BOARD OF COUNT`!COMMISSIONERS,THE COUNTY
soo CLERK AND RECORDER,OR THE COUNTY ASSESSOR.
sql Buyer has ihe Right to Terminate under§25.1,on or before OM—Record Title Ob�ection Deedline(§3),
592
sa3 based on any unsetlsfactory ettect of the Property being loceted withln a speclai texing district,in Buyer's sole
5<� subJective discretlon.
sas g,5. Right ot First Retusal or Contract Approval. II there is a right of flrst refusal on Ihe PropeAy,or a
546
54� rlght to approve thls Contracl, Selier shail promptly submit this Contract accordn9 to the terms and conditions of
5a8 such right.II tlie holder of the right of flrst refusal exerclses such right or the holder of a right to epprove
sa5 tlisapproves this Contracl,this Contrad shall terminate. II the right oi first refusal is waived explicitly or explres, or
550
ssi the ConVact Is approved,thls ConVact sheii remein in lull force end effecl.Seller shall promptly nottty Buyer In
ssz writing ol lne toregolig.if explratlon or walver of the rlght of firsl refusei or Contrea epproval has not occuned on or
ssa �{ore Right of Firet Refusal Deadline(§3),this Contrect shall then tertninete.
ssa
sss 8.6. Tltle Advlsory.The TAie Documents aflect the Utle,ownership and use of ihe Property end should be
ss� rev(ewed carefully.Addillonelly,other metters not reflected in ihe Title Documen�s mey aftect the title,ownership
ss� and use ot the Property,including,without limitation,boundery lines and encroachments, area,zoNng,unrecorded
sse
sss easements and�cleims af easements,leases and other unrecorded egreements,end various laws and
. sao governme�tal reguletlons conceming land use,devebpment and anvironmental mattars.The suAace esWte mey
sb� be owned aeparetely hom the untlerlying mineral eatate,end trenster ot the nurtace eslate does not
562
s63 neeesearily Inelude trans}er of the mineral rlghta or water rights.Th�rd perties mey hold interesls In oll.
s64 ges,other minerals,geothermal energy or water on or under Ihe Property,which Intereata may give
565 �ryem rlghta to enter entl uae the Property.Such metters may be eaGuded from or rrot covered by the tille
566
sb� insurence policy. Buyer is advised to timely consult legal counsel with respec[to all such matters as there ere
sbe s61ct tlme Ilmi�s provided in this Contrect[e.g., Reeord Tltle ObJectlon Deadllne(§3)and Off—Record Tltle
565 Ob�actlon Deadlina(§3)].
570
5]t
S�Z 9. CURRENT SURVEY REVIEW.
s�3 g,1,Current Survey Conditlona.If ihe box in§9.1.1 or§9.1.2 is checked,Buyer,the issuer ol the Title
na
s�s Commllment or the provider of the opinlon ot tltle if an Absvac6 end
s�s shall receive a Curtent Survey, i.e.,Improvement Locatlon Cenificete, Improvement Suney Plat or other fortn ot
577 SUrve 5et}orth in 9.1.2 collective Current Surv
s�e Y § ( N� ey),on ar betore Cuvent Survey Deadline(§3).The Curtent
s�s Survey shall be ceNfied by the surveyor ro ell those who are to recehre the Current Survey.
sea ❑ g,7,�,�mprovement Locatlon Certificate. if the box In this§9J.1 is checked, ❑Seller �BUyer
saz shell ortleror provide,and pay,o�or betore Closing,the cost of an Improvement Locadon Certiflcate.
5a3 � 9.1.2.Other Survey.If the box In this§9.1.21s checked, a Current Survey,other then an
sea CondomJnium or
sas
sas Improvement Location Certificete,shall 6e an ❑Improvement Survey Plat� Subdlv/slon P/a .The
se� parties eqrea that pavment o(the cost of tha Curtent Survev end obllaation to order a orovide Ihe Curtent Survev
CB51-9-12. CON7RAC1'TO B[JY AND SEL1 RL�AL ESTATE- Rcsidcntial Page 7 of 15
JP
Buyer(s)Initials Setlec(s)Initials
see �all be as touows:shell accompany the NUe commltment and shall be pa(d lor by Seller
svo 9.2. Current Survey Objectlon. Buyer has the right to review and object to the Currenl Survey.Buyer has
59� the Rlght to Terminete under§25.1,on or hefore the Current Survey ObJeelion Deatlline(§3),if the Current
S9Z Survey is rat timely recelved by Buyer or based on any unsatisfactory matter with the Current Survey,
593
594 ratwilhstanding§82 or§ 73.
595
ssc DISCLOSURE INSPECTION AND�UE UIUGENCE
597
598
sv9 �0. PROPERTY DISCLOSURE,INSPECTION,INDEMNfTY,INSURABILtTY, DUE DILIGENCE, BUYER
600
6a i OISCLOSUHE ANU SOURCE OF WATER.
coz 10.1. Seller's Property Disclosure.On a before Seller's Property Disclosure Deadllne(§3),Seller
so3 &9�aes to deliver to Buyer ihe most cur2nt version of ihe appiceble Colorado Real Eslate Commisslon's Seller's
60�
eos Property Disclosure form completed by Seller to Seller's acNal knowledge,current as oi the date of Ihis ConVact.
bob 10.2. Inapection Objectlon.Unless otherwise proNded in this Contrec4 Buyer acknowledges thet Seller
� 60� Is conveying the Property to Buyer In an•as is"corWitlon,Yahere is"entl lvith all feults". Seller shall disclose to
608
soe Buyer,in writing, eny latent defecls ectuelty k�own by Seller.Buyer,actirg in good fatih, has fhe right lo have
5to inspections(by one or more third partles, personally or both)of ihe Proparry and Inclusions(Inspection),at
611 Buyer's expense. It(7)the physicel candition of the Property,induding but not limited to,the roof,walls,sWCtural
G12
6t3 integrity al the Property,the elecfrbal,plumbing, HVAC and other mechanical systems ot the Property, (2)the
614 physical condttlon of the Inclusions, (3)service to the Properry(including utilitles and communication services),
bls stems end com nenLS of the Pro e
616 �' Po p rtY.e.g.heating and plumbing, (4)any proposed ar existing Uansportatlon
e n project,road, sVeet or highway,or(5)any other ectivity, ador or rwise(whether on or oft the Property)and Its
sia eMect or expected efled on the PropeAy or Ils occupanGS is unsatisfactory,in Buyer's sole subjecNve discretlon,
619 Buyer shall,on or before Inapectlon ObJectlon Deadlirre(§3):
610
sz� 10.2.1. Notice to 7erminate. Notify Seller in writing that this Gontract is terminated;or
6z2 10.2.2. Inspectlon Ob�ectlon. Deliver to Seller e written descriptian of any unsetlsfac[ory physical
623 conditlon that Buyer requires Seller to covect.
624
ezs Buyer has the Right to Terminete under§25.1,on or bafore Inspectlon Ob�eetion Deadline(§3)if the
6z6 properry ar Inclusions are unsatisiactory, In Buyer's sole subJeclive discretion.
6Z� 10.3. Ine ectlon Resolutlon.If an Ins ectlon 06ectlon is received Seller,on ar before Ina ectlon
t,ia P P J bY P
ez5 Ob�eetlon Deedline(§3),end it Buyer and Seller heve rot agreed In writing to a seltlemenl thereof on or before
63o Inspection Resoiutlon Deadline(§3),this Conhact shall terminate on Inspectlon Resolutlon Deedllne(§3)
63t unless Seller receives Bu er's written wilhdrewal ol tha Ins ectlon Ob'ecllon 6efore such termination,i.e.,on or
c3i Y P I
637 before expiration of Inspectlon Reaolutlon oeadline(§3).
634 10.4. Demage, Liens and Indemnity. Buyer,excepl as olherwise provided in this Contract or other
63s written agreement between the adles,is re onsible For a
6g6 P sp p yment tor all Inspecdons,tests,surveys,englneering
637 reports,or othar reports perfortned at Buyer's request(Workj and shall pay for any damage that occurs to the
e3e properry and Inclusions as a result of such Work Buyer shall nol permil claims or liens of any kind ageinst the
bqo Property for Work peAormed on the Property a�Buyets request. Buyer egrees to indemn'dy,protect and hold
sa i Seliar harmless hom and against eny Iiability,demage,cost or expense incurced by Saller and caused by any
6QZ such Work,claim,or lien.This indemnity includes Seller's right to recover ell costs and expenses Inarted by
6a3 Seller to detend a ainst an such liabili dama a,cost or e nse,or to enforce this sectlon, includln Sellers
caa 9 Y ty� 9 xPe 9
ens reasonable attorney fees, legel tees and expenses.The provisions ot�his sectbn shall survive the termination ot
s4s thls Contract.This§10.4 does not eppiy to items peAormed pursuant to an Inspection ResoluUon.
647 10.5. Insureblilty. Buyer has ihe right to review and obJect lo the availabllKy;tertns arni condltlons of
648
sa5 and premium for property insurence(Properry Insurance).Buyer has the liight to Tertninete under§25.7,on or
eso �{o�e properry Insurance Objectlon Deadllne(§3),6ased an any unsatistaclory provision of the Property
bsi Insurance,In Buyers sde subjecllve discretion.
652
6s3 10.6. Due Dillgence Documents. Seller agrees to deliver capies ot the tolbwing documen4s and
654 Intormellon pertelning to the Property(Due Dlligence Documents)to Buyer on or before Due Dfligenae
sss Documenta Delivery Deadline(§3):
es� �0.8.1. All wrrent leases, Including any amendmenis or other occupancy egreements,partaining
sse to the Property,if any(Leases).
fis9 y0.8.2. Olher dxuments and inlormation:
660
661 q�y bu!!d)ng perm/ts,a copy ol the Cartlficete of Occupancy, house p/ans,landscap/ng plans,
bbx any approva/a/rom govemment entlt/es, Inspection reports and radon tests, utlllty hlstory for
eba the last 12 months, warrsnties and any and all documents that relete to the Property and are ln
bcs Se//er's poasesalon.
666 �0.7. Due Dlilgenee Documents Conditions.Buyer has the right to review and ob�ect to Due
667
6ee Diligence Doeuments, in BuyePS sola subjective discretion,and has the nght to o6ject If Seller fails to deliver to
669 guyer all Due Diligence Documents.Buyer shall aiso have the unlleteral right to waive any condition herein.
67° 10.7.1. Due Diligence Documents Objection.Buyer hes the Right to Terminate under§25.1
CBSl-9-12. CONTRACI'TOB[IYANDSELS,REALESTATE- Residentiel Puge8of15
Buyer(s)Initials �p Seller(s)Inivals
c�z on or before Due Dlllgence Documanta Ob�ection Deadline(§3),based on any unsatisfactory maner with Ihe
6�3 Due Dlligence Documents,in Buyer's sole subjective discration. It ail Due Dillgence Documents under§ 10.6 are
679 not received hy Buyer on or before Due Oillgence Documents Delivery Deedline(§3),then Buyer has the
675
676 Right to Terminete under§25.7,on or betore the earlier ot ten days after Due Diligence Doeuments ObJectlon
67� Deadllne(§3)or Closing.
67B �0-8. Conditianel U on Sale of Pro e
679 P p rty This Contract is conditlanal upon the sale end closing of
seo thal certaln proparty owned by Buyer and commonly known as n/8
6ei g�yer,hes the Right to Tertninate under§25.1 by Buyers Notice to Tertninate received by Seller on or before
5ez Condltlonel Saie�eadline 3 if such ro is noi sold end Gosed b such deadline.This 10.8 is for the
aea (4 )� P Pe«Y� Y 4
6ea sole beneft ol Buyer,.if Seller doea not recelve BuyeYs Notice to Temdnate on or hefore Condlilonal Sale
eas Deedline(g 3), Buyer waives any Right to Terminate under this provision.
se� 10.9. Source of Potable Water(Hesidential Land and Residentlei improvements Only).Buyer
� vee �poea �oes Not ecknowled9e receipt ot a copy of Setler's Property Disclosure�or Source of
be9 Water Atltlendum dlscbsing the source ot poleble water for ihe Properly. Buyer�DOes �Does Not
690
691 acknowledge receipt of a copy of the current well permlL�There is No Well. Note to Buyer:SOME WATER
�9Z PROVIDERS RELY,TO VARYING DEGREES,ON NONRENEWABLE GROUND WATER YOU MAY WISH TO
694 CONTACT YOUR PROVIDER.(OR INVES7IGATE THE DESCRIBED SOURCE�TO DETERMINE THE IONG—
ees TERM SUFFICIENCY OF 7HE PROVIDER'S WATER SUPPLIES.
svs 10.10. Carhon Monoxlde Alerms.Note: if ihe improvements on the Pmperiy have a fuel—fired
697 heater or appiiance, a fireplece,or an atteched garage end include one or more rooms lawfu�y used for sleeping
696
699 purposes(Badroom),the par6es acknowledge that Cobredo law requires that Seller assure the Property has an
�01 operetional cerbon monozide alarm installed wilhi�fitteen feet of the entrence to each Bedroom or in a location es
�oZ required by the appllcable building wde.
�01 10.11. Lead—Based Pelnl. Unless exemp;it the improvements on the Property include one or
��4 more residentlal dwellings for whlch e buliding permlt was Issued prior to Jenuery 1, 1978,this Conlract shall be
�os �ad unless(1)a completed leatl—Based Palnt Disclosure (Sales)fortn Is slgned by Seller,the required real
�06
�m estate Iicensees and Buyer,antl(2)Seller receives the completed and fully ezecuted fortn prior to the tlme when
�os this Contract is slgned by all parties. Buyer acknowledges dmely receipt of a completed Lead—Based Paint
��o Disclosure(Sales)form signed by Seller and the real esiale I(censees.
�i� 70.12. Methamphetemine Diaclosure. If Seiler imows thet methamphetaMne was ever
�lZ manufactured,processed, cooked,dlsposed of,used or stored at the Property,Seller is requlred to disclose such
�13 fact. No discbsure is re Wred if the Pro e was remedlated In eccordance with state standards and other
�ia Q P rtY
�is requiremenLS are tulfilletl pursuant to§25-18.5-102,C.R.S.Buyer fuMer acknowledges that Buyer hes the �
�ib right to engege a certified hygienist or industrlel hyglenlst to test whether tt�e Properry has ever been used as a
�ia �thamphetamine laboratory. Buyer has the Right to Termioate under§25.1,upon Seller's recelpt of Buyer's
ny writlen Nolice to Terminete,notwithstending any oNer provislon of lhis Contract,based on Buyer's tesl results
�ZO thetlndicale lhe PropeKy has been coNaminated with mathamphelamine,but hes not been remediated to meet
�iZ the stenderds established by rules ot the Stete BoaM ot Health promulgated pursuartt to§25-18.5-102,C.R.S.
�x3 Buyer shall prompUy give writlen notice to Seller of the results of the test.
�zn
�Z6 11. COLORADO FORECLOSURE PROTECTION ACT.The Cobrado Foreclosure Proteclion Act(Act)
�z� generally applias ii:(1)the Property Is residerrtial, (2)Seller resides in the Property as Seller's principai residence,
��8 (3)Buyers purpose In purchase of the Roperty Is not to use the Praperty as Buyer's personai residence,end(4)
729 the Pro e is in foredosure or B er has notice lhat a loan secured 6 the Pro e
�3o P m'� N' �Y Y p nY�s at least thiAy deys
�3r dellnquent or In defauR.N the trensaclion is e Short Sele transaction and a Short Sale Addendum is pert of thls
�3z Contract,the Acl does rrot apply. Eech party is further advised to consult an atlomey.
733
73a
�35 CLOSING PROVISIONS
736
737 �
�38 12. CLOSING DOCUMENTS,INSTRUCTIONS AND CLOSING.
739 12.1.Closing Documents and Closing Inlormatlon.Seller and Buyer shall cooperate with the Closing
740
�ai Comparry lo eneble the Ciosing Compeny to prepare and deliver doaments required for Cbsing to Buyer end
�<Z Seller end lhely designees. If Buyer is oblaining e new laan to purchese ihe Property,Buyer ackrrowledges
�a3 guyer's lender shall be required to provide the Cbsing Compen in e timel manner all re wred ban documents
744 Y Y Q
�ns and finandal Intormetion conceming BuyeYS new loen.Buyer and Seller wili tumish any additional Iniormatlon and
�Qe documents requ(red by Closing Compeny that will be necessary to complete thls transectlon. Buyer end Seller
747 shell sign and complete all customary or reasonably reyuired documents at or before Closing.
746
� �av 122.Closing Inatructlons.Colorado Real Estate Commission's Closing Inslructions ❑Are �Are Not
�so executed with this Contract. Upon mutual execution,�Seller ❑Buyar shall deliver such Closing Inshuclions to
�sl the Closln Com an
�sz 9 P Y�
�ss 12.3.Closing. Delivery of deed Irvm Seller to Buyer shell be at cbslrg(Closng).Closirg shall be on the
CBSl-9-12. CONTRACI'TO BUY AND SELL REAL ESTA1'E- RcsidcnGel Pagc 9 of 15
Buyer(s)Initials �p Seller(s)Initials
75'0 date specified as ihe Closing Date(§3)or by mutual agreement at an eaAier date.The hour and place of Closing
�sb shell be as designated by Pitkin County TItle,Aspen
�s� 72.4. Ulaclosure ot Settlement�Costs. Buyer end Seller adcnowladge that Cosls,qualiry,and exlent Of
�Se service vary beMreen diNerent serilemen�service providers(e.g.,flttorneys,lenders, Inspecto�s and tltle
- i o companlesj. .
761
�62 13. TRANSFER OF 7f71E Su6ject to tender of payment at Closing as required herein end compliance by
i5i Buyer with the other tertns end provislons hereot,Seller shall execute and delNer a good and sufficlent
�es Aenere/wenanry tleed to Buyer,at Closing,eonveying the Property free and clear of all taxes except
76� the generel laxes for the year af Cbsfng.Except as provlded hereln,tttle shall be corrvayed hae and dear of ail
�6e liens,Including any govemmentel Ilens tor speclal improvemeMS iostalled as of the date of Buyer's signeture
��o hereon,whether assessed or noL Title shali be conveyed subject to:
�71 13.1. Those spec�c Exceptions described by referance to recorded documents as reflected In the
nz Ttle Documents accepted by Buyar in accordance with Record Tkle(48.1j,
� 773 13.2. Distrbutlon utlliry easemenls(Including cable ll�,
�js 13.3. Ttwse speaficalry described rights of ihird partles not shown by the public records of whlch
��s Buyer has actual krrowledge and which were accepted by Buyer in accordanca with OH-R¢cord Title
n�
77e (4 8.2)and Current Survey Review(3 9).
n9 13.4. Inclusion ol the Property wfthin any special tazing disldct,and
�B� 135. Other no other
�ei
�ez
�e3 74. PAYMENT OF ENCUMBRANCES.Any encumbrence requlred to be peid shall be paid at or before
iesClosing irom the proceeds of this irensadlon ar hom eny other source.
786
7e� 15. CLOSING COSTS,CLOSING FEE,ASSOCIATION FEES AND TAXES.
7es
�s9 75.1. Closing Coeta. Buyer and Seiler shell pey,in Good Funds,thelr respective cbsing costs and
�90 all other items required to be pald et Closing,excepl as otherwise provided hereln.
791 - 152. Cloain SeMCes Fee. The tee for real estate closing servlces shall be paid at Closing by
79]
793 ❑ Buyer ❑Seller OnaHelf by Buyer end One�Half by Seller
799 ❑�th8f
795
�qb 15.3. Status Letter end Record Chenge Fees. Any fees incident to the issuance ot Assxletion's
79� stetement of assessments(Status Leqer)shal�be paid by❑Buyer �Seller �One-Hal}by Buyar and
798
�qq One-HeIT by Seller. �None. Any record chenge fee assessed by the Association inciuding,but not Iimited to,
eoo ownership record trensfer lees regerdless of neme or title of such fee(Associatlon's Record Chenge Fee)ahall be
eo i Paid by 0 Buyer �Seller ❑OnaHall by Buyer and OnaNalf by Seller ❑None. See§15.5 for
soz
eo3 Prtvele Transter Fees.
eoa 15.4. Local Trensfer Taz. �The Local Trenater Tax of n/a % of the Purchase Price
eoe shall be paid at Ciosing by ❑Buyer ❑Seller ❑One-HeM by Buyer end One-Hai1 by Seller. �None.
eo� 15.5. Private Transfer Pee. Priveta transfer fees and oihar fees due to a hansfer of the Property,
eos Peyable at Cbsing,such es community essociation fees,devabper fees and foundatlon fees,shall be peid at
Bo9 Cbsing by�BU er❑Seller DOnc�Halt b Bu er and One�Helf b Seller
s�o Y Y y y �None.The Private Transfer fee,
e 11 whether one or more, Is for the following essociatbn(s):�✓a in the total
ei x amaunt of °h of the Purchese Price or$n/e
B13
e ia 15.6. Water Transter Feea. The Water Transter Fees can change.The fees,as of the date ot thls
B16 ContfaM,tlo not ezceed:
B�� $n/a for 0 Water StocW CeAificates❑Water Disfict
e�s $n/a for❑Augmentetion Membership❑Small Domestic Water Compeny❑Na
a�9 and must be pald et Closing by❑Buyer ❑Sailer ❑One•Half by Buyer and One-Helf by S�None.
ezo
ezi 75.7. Salea and Uae Taz. Any sa�es and use tax thaz may accrue because of this transection
Bzz shall be paid when due by �Buyer ❑Seller O One-HaH by Buyer end One�Half by Seller�None.
Bzs
exn
ezs 18. PRORATIONS.The foibwing shall be proraled to Clasing�ate(43),except es otherwise provided:
e16 �6.1. TaYes. Personal ro
82� p perty ta�ces,if any,special taxing disirict essessmenis,it any,and general
. e ze real estete taxes for the year of Closing,based on ❑Texes for the Celendar Year Immedletely Preceding
ez9 Cbsing �Most Recenl MIII Levy and Most Recent Assessed Veluffilon,adJusted by any applicable
830
83t qualifying seniors property fex exemption,qualifying disabled vetaran exemp�on or❑Other
832
a33 162. Rents. Rents based on❑Rents Aotuelly Recelved Acerued. At Closing,Seller shall
83q
s3s trensfer or credit to Buyer lhe security deposlts for all Leases asslgned,or any remainder atter lawtul deductions,
CBSl-9-12. CONTRACI'SO 9UY AND SELL REA[.ESTATE- Rrsidential Page!D af 15
Buyer(s)Inifials �p Selier(s)Initials
e36 and notity all tenants in wr'�Ong of such Vansfer and of ihe transferee's name and address.Seller shall assign to
e3� guyer all Leases in eNed at Closing and Buyer shall assume Seller's obligations under such Leases.
B38
eav 16.3. Aasoeletlon Aasessmenb.Current regular Association assessments end dues(Associatlon
eao ,e,,ysessments)pald In advance shall be credited to Seller at Closing.Cash reserves held out of the regular
842 Association AssessmeMS for deferred maintenance by the Association shall not be credited to Seiler except as
eas may be otherwtse provided by the Goveming Documents Buyer acknowledges thaf Buyer may be obligated to pay
844 the Assocletion, at Closing,an amauM tor reserves or working capttal.Any,s,p,ecial assessmenl assessed prior to
eqb Ciosing Dale(§3)by the Associallon shali be the obllgation of❑BUyer QSLSeller . F�ccept however,any
ea7 special assessmenl by the Associetion for improvements that heve been installed as of the date of Buyer's
Bqg siqnature hereon,whether assessed prior to or atter Closing,shall be the obligelion of Se�ler.Seller represents
eso that the Assoclatlon Assessments are currently payable at$ 368.00 per month and that thare ere rw
est unpald regular or speclel assessmenls against the Property except the curtent raguler essessmenls and no
asn other.Such assessmeMS are subject to charge as provided In the Goveming Documents.Seller egrees ro
ssa P�mptly request the Associadon to deliver to Buyer before Closing Date(�3)a current Status Lettec �
ess 18.4. Other ProraIIone.Water and sewer charges,propane,interest on contlnuing loan,and no
esb other.
ese 16.5. Flnal Settlement.Unless otherwise agreed in writlng,these prorations shall be flnal.
859
eso ��, pOSSES510N.Possession of the P�operty sha0 6e delivered to Buyer on Possession�ate(§3)at
e6z Possesslon Tima(§3), subject to the following Leases or tenancies:
e63 none
eb� If Seller,etter Closin feils to deliver ssession as s ecified,Saller shall be sub ect to eviction and shall be
ees 9� P� P 1
s6s additionally 1ie61e lo Buyer for payment of$ 500:00 per day(or any part of e day nohvNhstanding
sb� § 18_1)hom Possesslon Dete(§3)end Posaeaslon Tlme(§3)until passession Is delivered.
868
afiq Buyer�Does �Doea Not represent that Buyer will occupy the Property es Buyer's principal resldence.
e�o
87 t Note: Ii the perties egree m execute a Post-Closing Occupancy Agreement, lhe document should appear in
an
s�a Attaehments(§31).
e�a
876 GENERAL PROVISIONS
87�
Bjy 18. DAY;COMPUTATION OF PERIOD OF DAYS, DEADLINE.
seo 18.1.Day.As used in this Conhact,ihe tertn"da�'shail mean the entlre day ending at 11:59 p.m., United
eei States Mountain Time(Standerd or Daylight Savings as epplicable).
esz �g,p,Com utfltlon ot Perfod of Da a, Deadllne. In com utin a riod of da s when the endin date
se3 P Y P 9 PB Y . 9
eaa is not specified,the first day is exduded and the lasl day is InGuded,e.g.,three days after MEC. If any deadline
aes �alls on a Saturday,Sunday or federal or Colorado state houday(HOliday),such deedllne�Shali ❑Shall Not
seibe extended to the neM day Ihat is not a Satwday,Sunday or Holiday.SFwultl neither box be checked,the
eee deadline shall not be axtended. '
B89
gg� 19. CAUSES OF LOSS,INSURANCE;DAMAGE TO INCLUSIONS AND SERVICES;CONDEMNATION;
s9x AND WALK—THROUGH. Except as olheiwise provided in this Contract,ihe Properry, Incluslons or both shall be
e53 delivered in the condttion exisling as of the date of this CoM2c[,ordinary wear and tear excepted.
e9s �9•�- Causea of Loss,Insu2nce. In the evenl the Property or Inclusbns are damaged by fira,other
e9e perils or causes of loss pdor lo qosing�in an amount of rrot more than ten percent of the total Purchese Price �
s9� (Property Damage), Seller shall be obligated to repair the seme before Closing Date(§3). Buyer has Ihe Right to
898 Tertnlnate under 25.1,on or belore Ciosin Data 3 If the P
qqq § g (§ j, roperly Damage is not repaired betore Ciosfng
eoo Date(§3)or if lhe damage exceeds sueh sum.Should Buyer elect to prry oul this Contracl despde such
90� PropeRy Damage,Buyer shall be entitled to a credil et Closing for all insurance pfoceeds that were received by
9aZ Seller ut not the Assoclation, N an resultin trom such dama e to the Pro
vo3 (b Y) 9 9 perty and Indusions, plus the amount
504 of any deductib�e provided Por in such insurance policy.Such aedit will not exceed lhe Purohese Price. In Iha
vos event Seller hes not received such insurar�ce proceeds prior to Closing,the parties may agree to eMend the
906 Closln Dete 3 or, et the o tion ot Bu er,Seller shall assi n such roceeds at Closin lus credit Bu er the
so� 9 (4 ) P� Y 9 P 9.P Y
9a8 emount of eny deductible provided for In such insurence policy,but not to exceed the total Purchase Price.
509 �g,2, Demege,Inciuslone end Servlcea.Should any Inclusion or servica(including utilities and
9�� communleation servlces s stem,com onent or fixture ot the Pro e collectivel Service e. heatin or
su ), Y P P nY� Y ). 9�, 9
9�z plum6ing,fail or be dameged between the date of this Contract and Closirg or possession,whichever shall be
913 ea�iier,then Seller shell be Ilable for the repair or replacament of such Inclusion or Service with a unit of similar
9�5 size,age and qualiry,or an equivalent credlt,but onty to the eztent that the meintenance or replacement of such
9�6 Inclusion or Servlce Is not the responsidliry of the Associatlon,if any, less any insurance proceeds recelved by
9�� Buyer covering such repair or replacement. If the failed or damaged Inclusion or Service is not repaired or repiaced
q iq on or before Closing or possession,whichever shall be ear�ier,Buyer hes the Right to Tertninate under§25.1, on
CBSl-9-12. CONIRACT TO BUY AND SELL REAL ESTA1'E- Residcntial Page ll of IS
�P
Bvyer(s)Initials Sellei{s)Initials
9zo or belore Clos(ng Data(§3),or,at the option of 8uyer,Buyer will be entitled to a dedit at Closing for the repair or
921 replacement ot such Inclusion or Service.Such credit shall not exceed the Purchase Price.if Buyer receives such
qZy a credil, Seller's right lor any claim agelnst ihe Associatlon,if any,shall survive Closing. Seller and Buyer are
9�a aware of the existence of pre—owned home warrenry progrems lhat may be pwchased and mey cover the repair
9z5 or replacemerrt of such Inclusions.
gZ� �9.3. Condemnatlon. In the event Seller receives actual noUce priof to Gosing thal a perxling
eza condemnatlon actlon may resuit in a taMng of all or part of the Property or Indusions, Selier shall prompty rwtiry
929 Buyer,in writing,of such wndemnatlon actbn. Buyer has Ihe Right to Tertninete under§25.1,on or before
93o Closln Date 3 based on sucM1 condemnation action,in Bu er's sole sub'ectivedlscretian.Should Bu er elect
931 9 (§ )� Y I Y
ssz to consummale thls Contract despile such diminutlon of value to tFre Properry and Inclusions, Buyer shall be
937 entiUed to a cred'rt at Closing 1or a!I condemna�lon proceeds awerded to Seller for the dlminution in the value of the
gjs Property or Inclusions bul such credlt shafl not Include ralocatlon benefits or expenses,or exceed ihe Purchase
936 Pfice. �
937 19.4. Walk—Through end Verifleatlon o}CondiBon.Buyer,upon reasonable notice, has Ihe nght to
. 939 W�k through the Property prior to Closirg to venty thet the physical condltion ot the Property and Inclusions
9ao complies with this Contract.
901
qy� 20. RECOMMENDATION OF LEGAL AND TAX COUNSEL.By slgning this Contrac[, Buyer arW Seller
9<4 acknowledge that the respective broker has advised that th3s Contract has important legal consequences and has
945 recommended the examinafion of title and consultaqon with legei end ta�c or other counsel before signing this
q4� Contract.
94B
950 27. TIME OF ESSENCE,DEFAULT AND REMEDIES.Time is of the essence hereol. It any nole or check
qs 1 recelved es Eamesl Money hereurMer or eny other payment due hereunder Is not paid,honwetl or tendered when
95z due,or if any obllgation hereunder is not peAormed or waived as herein provided,the nondefaultlng party has the
954 }O��owirg remedies:
955 2�-�• �+Buyer Is In Default:
�ss ❑ 21,1,7, Speclfic Pertormance. Seller may elect ro ireat this Contract as canceled,In which
957 case all Eamest Nbney(whether or not paid by Buyer)shall be peid to Seller and retained by Seller,and Seller
sss may recover such damages es may be proper,or Seller may elect to treat ihls Contrect as being in full force and
96o effect and Seller has the right to speclflc performanee or damages,or both.
9s� 21,7,2, Llquldated �amegea,Appilceble.Thls§21.1.2 shall epply unless the boz in 6
962
963 21•1.1•is checked.All Earnest Money(whether or not paid by Buyer)shall be paid 6'�Seller,and retalned by
sea Seller. Both parties shall thereatler 6e releesed from all obligations hereunder. tt is agreed that the Eemest Money
965 specified in§4.1 is liOUIDATED DAMAGES,end not e penalry,wFJch amount the partles agree is lelr snd
9fiG
967 reasonable and(ezcep[es provided in§§70.4,22,23 and 24),said payment of Eemest Money shall be
ese SELLER'S ONLY REMEDY for Buyer's failure to pertorm the obilga8ons of this Contract. Seller expressly walvea
969 the remedies of specific perfortnance and additionfll damages.
q�� 21.2. If Seiler Is in Default: 6uyer may elect to treet this COntract as canceletl,In which case all
9�z Eamest Money received hereunder shall be reWrned and Buyer may recover such damages as mey he proper,or
9�3 Buyer may elect to treal thls Contract as being In full force end effect and Buyer has the right to specific
v�s Perfortnance or demages,or boN.
9l6
97� 22. LEGAL FEES,COST AND EXPENSES.Anything to lhe conirary herein notwithstanding,In the event of
979 arry arbitraNOn or Iitigation relaung fo thls Contrad,prior to or after Cloaing Date(§3),the arbiVaWr or court shall
seo award to the preval�ing pany all reasanable costs end expenses,including attomey fees, legal fees and expenses.
981
982
9B3 23. MEDIATION. If a dlspute arises relating to thls Cantract, pdor to or aNer Cfosing,and is rwt resolved,the
sea pertles shall first proceed in good taith to submit the matter to medlation. Mediation is e process in which the
vas parlles meet with an impartial perwn who helps to resolve the dispute informelty antl confideMielly. Mediatore
9B6
gg� cannot impose blMing declslons.The parties to the dispute must agree,in writing,before any settlement is
5es binding.The parties will�ointly eppaint an acceptable mediator and will share equalty in the cost ot such
9B9 mediation.The mediation,uniess otherwise agreed,shall terminate In the event Ihe enUre dispute Is not resolved
990
q91 withln thirty days of the date written notice requesting mediation is delivered by one perty to the other at the
' . 99� party's last known address.This section shall not alter any date in thls Contraet,unless otherwise agreed.
993
994
qgg 24. EARNEST MONEY DISPUTE.Except es otherwise provided herein, Eamest Money Holder shell release
996 the Eamest Money as directed by written mutual Instrucllons,slgned by both Buyer and Seller. In the event oT any
997 controversy regajding the Eamest Money(notwithstanding any tertnination of this Contract), Eamest Money
998
qgg Holder shall not be requlred to take any action. Eames[Money Holder, al its sole subjective discretion, has
i000 several options:(1)await any proceeding, (2)interplead all parties and deposit Eamest Money into a court ot
looi �mpetent jurisdiction end shall recover court costs end reawnable attomey end legal fees,ar(3)provide rwtice to
3002
iooa Buyer antl Seller Ihat unless Eamest Money Holder receives a copy oi the Summons and Complaint or Ciaim
CBS t-9-12. CONTRACT 1'O BUY AND SEI.L REAL ESTATE- Residential Pagc 12 of 15
Buyer(s)Initiels �p Sellet(s)Initiels
taoa (between Buyer aM Seller)conteining the case number of the lawsuii(Lawsuil)within one hundred lwenty days of
ioos �est Money Holder's�otice to the parties,Eamest Money Holder shall be authorized lo retum the Eamest
I006
iom Money to Buyec In the event Eemesi Money Holder does receive a copy oi the Lawsuit,and has not interplead the
iooe monies et the time of any Order, Eamest Money Holder shall disburse the Eamest Money pursuant to the Order of
toov �he Court.The parlles reaKrm the obligation af Medlallon(§23).
ioio
ioti
. �otx 25. TERMINATION.
10 t3 25.1.Rlght to Terminate. If a party has aright to tertninate,as provided in this ConVact(Right to
1019
io is Terminate),the tertninatlon shall be effeclive upon the other pary's recelpt of a written notice b terminate(Notice
�0�6 to Terminate),provided such written notice waa recelvatl on or before ihe applicable deadline speciBed in this
���� CaMract�i the Notics to Terminate is rat received on or before the specified deadline,the parry wilh ihe Right W
�oi5 Terminate shall have eccepted fhe specHled matter,document or condition as saNsfactory arW waived the Rlghl to
io20 Terminale under such provision.
Io21 25.2 Ettect o}Terminetion. In the evant thls CanUact Is tertninatad,eil Eamest Monay receNed
ioxz
1013 hereunder shall ba retumed and the partles shell be relieved of all obligations hereunder,subjed to§§10.4,22,23
io2a and 24.
�ozs
1026
�oZ� 26. ENTRE AGREEMENT,MODIFICATION,5URVIVAL.This Contracl,Its exhibits and specified addende,
ioze ��stiNte the entire agreement between the parties reieling to the sub�ect hereof,and any prior agreements
1029 pertaining thareto,whether oral or written,have been marged end integrated into thls Contract.No subsequent
1030
l03 i modification of any ot the terms ol thls Contract shall be valid,binding upon ihe peAies,or enforceable unless
io3z made in wrfting and signed by the parties.Any right or obllgation in lhis Contract that,by its lertns,exists or is
1033 �ntended to be pertortned afler termination or Cbsing shall suMve the seme.
1034
1035
1036 p7, NOi10E,DELIVERY,AND CHOICE OF LAW.
103� 27,y.pnyslcel Uelivery.All notices must be in writing,except as provided in§27.2.Any document,
1038
1039 including e sfgned document or notice,hom or on behalf of Seller,and delivered to 8uyer shall be eHective when
ioao physicelly received by Buyer,any slgnatory on behafl of Buyer,any named individuai of Buyer,any representative
lo°1 of 8vyer,or Brdcerage Firm aF Bmker working with Buyer(except for delivery,atter Closing,of Ihe notice
3042
to�a requesting medlation described in§23)and ezcept as provlded in§272.Any document,including a signed
�o4Q document or notice,hom or on behalf of Buyer,and deilvered to Seller shail be ettective when physicaly recelved
3045 by Seller,any signatory on behell ot Seller,any nemed irWlvldual of Seller,any representative of Seller,or
l096
io4� Brokerege Flrm of Broker working with Seller(except for delivery,efter Closing,of the notice requestlng mediatlon
ioae d¢scri6ed in§23)and except as provided in§272.
1049 2T.2. Electronlc Delivery.As an eltemative to physical delivery,any document,Including any signed
ioso
iosi dxument or wrinen notice,mey be delivered in elechonic fortn only by the folbwing i�dicated melFads:
iosz ❑Facsfmlle �Emall �Internet ❑No Electronle Dellvery. R the box°NO Electronlc Dellvery"is
ias3 �BCked,this 272 shall�wt be e licable and 27.1 shall ovem notice and delive Documents with ori inal
i05a § PP� � 9 �Y� 9�
ioss signatures shatl be providatl upon request of eny party.
iosa 2].3.Cholce of Lew.This Conlracl end all disputes arising hereunder shall be govemed by and construed
ios� �n accnrdance wilh the laws of the State of Cobredo that would be hcable to Cobrado residenis who s n a
iose �P� �
iosv contraq in Cobredo for property located in Cobredo.
1060
io6t 28. NOTICE OF ACCEPTANCE,COUNTERPAHTS.This proposal shali expire unless accapted in wriling, by
1062
3063 Buyer and Seller, as evldenced by ihelr s�gna[ures below,end ihe ofiering party receives rmtice of such
iosa acceptance pursuant to§27 on or betore Aceeptance Deadiine Date(§3)and Acceptance Deadline Time(§
loGS 3). Ii accepted,this tlocumenl shall become a contract betwean Seiler and Buyer.A copy ol ihis ConVact may be
1066
io6� axecuted by each party,seperetely, and when each party has executed a copy lhereof, such copies taken
ioes �pye�her shall be deemed to be a full and complete contract belween ihe parties.
1069
1070
io�t 29. GOOD FAITH.Buyer and Seller acknowletlge ihat each parry has an obligation to act in good ftith including,
J�o�2 but not Iimlted to,exercising the rlghffi and obllgetlons set forth in ihe provlsions of Financing Condltlons and
to�3 Obligatlone (§5),Record TRIe end Ofl—Record Tide(§8),Current Survey Revlew(§9)and Property
ta�a
io�s Diaclosure,Inapecqon,Indemnity, InsuraC(Iity, Due Dillgenee, Buyer Disclosure and Source ot Waler(§
io�s tp),
ian
io�e
io�� ADDITIONAL PROVISIONS AND A7TACHMENTS
ioso
]OBI
ioez 30. A�DITIONAL PROVISIONS.(fhe fdlowing additlonel provisions have not been approved by the Colorado
ioe� Real Estate Commission)
ioes PBragraph 6.1 above shall be deleted/n its enti�ety.
3086
CBSl-9-12. CON'IRACTTOBUYANDSE[,LREALPSTAT'E- Resideneial Page73afIS
Buyer(s)Initials JP Seller(s)[nitia(s
ion� paragraph 6.2 above shali apply and the following shal!be added:
ioea
1089
io90 6uyer s Appra/ael Contlngency. The appreise/contingertcy se!/orth in Paragraph 6.2 of the
1a91 Conhact shall app/y as fol/ows !t Buyer/s not eb/e to su6stantiate on o�before the Apprelsel
lo9z Dead/ine that the value of the ro e /s e ual to or more than the urchase rlce,Huyer ma ,
1093 P P rtY 4 P P Y
1094 upon wrltten notice to the Seller, terminate th/s Contrect whereupon Buyer shall be entttted to a
ioes prompt return ot alf Eamest Money pa/d.
1096
1097
io9s Board ol County Commtasloner Approval. Notwtthstand/ng the slgnature hereto by the County
1099 Meneger, the obllgatlon o/Buyer to perlorm hereunder(s expressly condltloned upon the edopGon
i io� by Buyer of a Pltkln County Board ol County Commlasioners'ordlnence("BOCC Approval°)
i ioz author/zing Buyer's purohase o/the Properfy pursuant to thls Contract.In the event such
1 io3 ordlnance!s nof du/y adepted by Buyer on or balore lvrty-ftve(45)days folfowing MEC or any
'lo° extensian thereo/as the artles ma ln wrltln e ree,eltber Sel/er or Bu er ma u on written
iios P Y, 9, 9 Y R P
i i oe notice to the other, term/nate thls Con7act. Buyer shall dellver the Eernest Money Deposlt to
11a� Eamesf Money Ho/der wlth/n 3 business days o)BOCC Approvel. InYhe event such ord/nanca Is
i i oe t/me/ edo ted Bu er ahall formall rati th/s Contrect b fha s/ nature ol the Chalrman or
iio� Y P , Y Y �l' Y 9
i i io designee of the P/tk/n County Boart/o/County Commiss(oners.
t t�t 31. ATTACHMENTS.
. i i ij 31.1.The lollovnng etlachments ere a pert of this Contract:
i i ia Addertdum A to Contrec[to Buy end Sefl Rea!Eslate
iiis
1116 31.2.The Ioibwin disclosure forms ere atlaehed but are not a art of lhis Contract:
ti]7 9 P
ii�s None
1139
1170
i i�i SIGNATURES
iizz
1123
li�a on PeQCoC Date: s�l(o�7QI3
l lzs Buyer:8oard of County Commisslnners of Pltkln County
ilzb B Jon Peacock,Coun Mana er
1��� Y� �Y 9
iue Address:
tlz9 Phone: Fax:
u3o Electronic Address:
1131
1132
1133
1134
' 113s (NOTE:If thls ofter Ia being eountered or rejeeled,do not sign thls doeument.Reter to §32]
I136
I137
1138
1139 �BiB:
l lqo Seiler.Davld R.Stelnhurst
i ta i Address: PO Box 1335 Aspen CO 8161
11°Z phone: Fax:
iia3 EleMronlcAddress:
1194
1145
I196
1197 32. COUNTER;REJECTION.This oNer is❑COUnlered ❑Rejected.
ll4tl Initlals onl of a Bu er or Seller who eountered or re ected ofle�
7 ta9 Y P rtY( Y ) I
iiso
i i s i Davld R. Stelnhurst �
iisi
iis3 END OF CONTRACT TO BUY AND SELL REAL ESTATE
tisa
�iss
1156
i 157 3g, BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE
i ise o be com
1�s9 (f Pleted by Bmker working with Buyer)
I1fi0
1 i6x Broker � Does � Does Not acknowledge receipt of Earnest Money deposN and,whila not a party to the
i i6a ConUact,agrees to cooperate upon request with any mediatlon conduded under§23. Broker egrees thet It
Brokerege Flrtn is Ihe Eames[Money Hdder and,except as provided in§24, if the Earnest Money has rat
already been retumed follawing receipt of a Notice to Tertninale or other written nollce of termination,Earnest
Money Holder shall release the Eamest Money as direcled by tha written mutuel insWCtlons. Such release of
Earnest Money shall 6e made within frve days of Eamest Money Holder's recelpt of the executed written mutual
. instructions,provided the Earnest Money check has cleared.
CBS I-9-12. CONTRAGT'f0 BUY AND SELL[2EAL FSTATE- Residentinl Pege 14 of 15
Buyer(s)Initial5 �p Selkr(s)Initials
Broker is working with Buyer as a� Buyer's Agent ❑ Seller's Agent ❑ 7tansactlon-Broker in ihis
trensaction. ❑This Is a Chenge of Stetua.
Brokerege Frm's compensatlon or commission Is to be pald by� Liating Brokerage Flrm
❑Buyer❑Other ,
Brokerage Flrtn's Name: Aspen Snowmasa Sothaby's IntemaUonal Rea(ty
u��_ _ _ �r'�►' r1,u�-
Date: 5/1 fi/2013
Broker's Name: Selly Sh/ekman-M!llei
Address:4Y5 Eest Hyman Avenue Aspen, CO 8161 i
Ph:970-925-6060 Fax: 970-920-9993 Email:salty(9sallyshlekman.com
34. BROKER'5 ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE.
(fo be completed by Broker working with Seller) .
Broker �Does �Does Not acknowledge receipt of Eamest Money deposR and,while not a parry to the
Contract, agrees to cooperate upon request with any medlation concluded under§23.Broke�egrees Ihat if
Bmkerege Flrm is the Eemest Money Holder and, except as provided In §24,if the Eernest Money hes not
aiready been retumed tolbwing recelpt ot e Notice to Terminete or other written notice of termination,Eamest
Money Holder shall release Ihe Eamesl Money es directed by the writlen mutual insVuctions. Such release of
Earnest Money shall be made within five days of Earnest Money Holder's receipt of the executed wrltten mutual
ins�ructions,provided the Eemest Money check has Cleared.
Broker is working wlth the Seller es a�Seller•s Agent �Buyer's Agent ❑Trensactlon-Braker in thts
transaction. ❑This is a Change af Sfatus.
Brokerage Frtn's compensation or commisslon Is to be pald by�Seller�Buyer❑Other
Brokerage Frm's Name: Aspan Snowmass Soihebyls/ntematlonal Realty
Date:
Broker's Name:Ral1lel Bass
Address:415 East Hyman Avanue Aspen, CO 816f 1
Ph: 970-925-6060 Fax:970-920-6890 Email: raifie.bass@sothebysrealty.com
CB51-9-12.CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)
CTM eCOn[racls- �7012 CTM Sof[ware Corp.
CBSl-9-12. CONTRACI'TOBUYANDSEI.LREHI.ESTATE- Rceidcn6el Pagc15of15
Buyer(s)Ini�als �p Seller(s)Initials
Aspcn ( Sotheb s Aspen Snowmass Sotheby's Internatlonal Realty
Snowmass >.«w,�,..Y.. Sally Shiekman-Miller
Ph: 970-925-60fi0 Fax: 970-920-9993
ADDENDUM"A^
TO CONTRACT TO BUY AND SELL REAL ESTATE(RESIDENTIAL)
RE:Cantwct dated 05/16/2013 , between David R. Stelnhurst ,as Seller
Bosrd o/Caunty Commisaioners o/Pitkin County ,as Buyer,relatirg to the sale and
purchase of the Property known as:
415 Pacl/Ic Avenue 415E/G5 Aspen CO 8f6f 1.
This Addendum(°Addendum'�is herehy made a part of lhis Contred. In the event of a conflict between this
Addendum and ihe Contracl, this Addendum shall prevail.
1. § 21.BUVER. Buyer may designate or redesignate the form of tenancy In the Clwing Instructions. Fallure
to deslgnate shall not constitute a default and euthorizes the Closing Compeny to utiilze the selectian In§ 2.1,
or iF none is selected,to Indicate Tenants In Common in equal propurtbns.
2. §2.5.INCLUSIONS.The deed to be delivered at Ciosing shall be deemed to essign to Buyer ail asslgneble
warranties regarding the Pmperty ar�ncluslons.
3. § 4.3.EARNEST MONEY. Earnest Money Holder Is hareby authorized and instructed to place the Earnest
Money into an interesl-beadng accounl et a federelty insured bank or financial institution. It lhe purchase and
sale contemplated by lhis Contract closes,then all interest shell be tor tl�e beneflt of Buyer. If Buye�bacomes
, entiUed to a relurn ol the Eemest Money under the provfslons of this Contract,then all Interesl shell bebrg and
be paid to Buyer concurrenUy with the relurn of the Eamest Money. If Seller becomes antltled to retaln the
Eemest Money under fhe provisions of this Conirect, then all fnterest shall belong end be paid to Seller
concurrently with the delivery of�he Earnesl Money.
4. §fi.t.LENDER PROPERTY RE�UIREMENTS.§6.1 01 the Contrec[is hereby deleted.
5. § 7.6. HOMEOWNERS' ASSOCIATION DOCUMENTS If the box In § 7.6.6.2 is checked, Seller remeins
obligated to cause the Assodation Documems to be delivared to Buyer on or before the Assocletion
Doeumenta Deadllne.
6. §§ 8.1 end 8.3.1. RECORD TITLE AND TITLE RESOLUTION The phrase in the fifth sentence of § 8.1
rear5ng,"on or hefore ten days after receipt by Buye�"is hereby changed to read, °on a 6afore the earller of the
Closing Date or the tenth day alter receipt by Buyer. In addition, ff under Ihet fiflh sentence oi § B.t (as
modfied) Buyer 6mely delivers a Nolice ol Title ObJectlon, then, with respect to thal Notke ot Tttle ObJeclion
and the operation of§8.3.1,the TIUe Resolution Deadline shall be Ne eerlier of ihe Closing Date or the fifth day
after Sellers receipt of thet Notice of Title ObJection.
' 7. §8.2.OFF-RECORD TITLE.The dwuments to be delivered by Seiler to Buyer on or before lhe 011-Reeord
Tltle Deadllne pursuant to § B.2 shall Include copies of any Improvement location certlflrate(s) in Seller's
possession penainiM7 to the Properry. The last sentence of § 82 of the Contract (whkh states, °Unless
dtscbsed in writing,Seller represents and wartants thet there are no Ofl-Recorcl Matters.'�is hereby deleted.
8. § 8.5. RIGHT OF FIRST REFUSA� OR CONTRACT APPROVAL. If the ptovisions of § 8.5 are applicable
because of ihe exlstence of a rlght of first refusal on the Property or a right m epprove this Contrac4 Buyer shell
have the rlght to eatend the Rlght of First Retusal Deedline by five (5) calender days In order to obtain
expiretlon or weiver of the right ot Brst relusal or ConVact approval. To exercise such riqhL Buyer must deliver
written nolice of such extension an or before the Right ot First Refusal Oeadllne, es initlaily established. If
Seller does not receive Buyers notice of extension by such dele, the Rlght of Flrs! Refusal Deedline shall
not be exlended. .
9. 10.6. DUE DIIJGENCE— DOCUMENTS. The Due Diligence Documents contemplated by § 10.62, if lhis
Addendum is at[eched to a Contracl to Buy and Sell Real Eslate on form CBS1•9•12, or by § 10.6.74 if this
Addendum Is ettached to a Contract W Buy end Sell Real Eslate on form CBS2-9•12,CBS3•9•12 or CBS4-9-12,
whtch are to be delivered by Seller to Buyer on or betore the Due Dlllgence Documents Oellvery Deadllne,
Addendum°A"to Convazt to Buy and Sell Real Eatate(CBS 1-9-12,CBS2-9-12,CB53-9-12 or CBS49-12).This addendum has mt
been approved by the Colorado Real Estate Commission(CREC).It was piepared and m2013 by Frescona,Joiner,Goodman and
Greenstein,P.C.(303-4943000)legal counsel,for the ezclusive use of Aspen Snowmass Sotheby.All rights reserved. Page 1 of 4
Buyer(s)Initiais Jp Seller(s)Initials
shail irxiude copies of any of the following, to Ihe ex�ent the lolbwing exist and are in Seiler's possession:
u5lity bills rela6ng to the Properry tor the last 12 monihs;any archltecWrel drawings,blueprints or other plans or
speaficelions regarding eny Improvemenis on or to the Property (including bul nol IlmRed to any as-built
construction plans therefor); eny wartanties, manuals,instrudfonal brochures or similar materiais relating to tha
Property or Indusions, or their use, operafion or maintenance. In adtlition, if a well exists on the Properry, the
Due Diligence Documents to be delivered by Seller shall include a CREGepproved Listing Frm's Well Checklisl
completed by Seller,and current as of the date of the Contract. If this Contract ls attached to a CanVac[to Buy
and Sell Real Estate on form CBS1-&12, tlie Due Diligence Documents to be delivered by Seiler shall also
include coples of the following,to the extent the following erzist and ere in Sellers possession:any property tax
stetements relaqng to the Pmperty for the last 2 years; any certificate(s) of occupancy or other govemmental
approval(5) regerding any improvements on or to the Properry; and any Inspection, engineering, environmentei
(inciuding hut rrot limited to radon or mold), soll,dralnage,percolation or slmilar reparts, sNdies or test results
relating to the Pmperty.
10.§ 10. PROPERTY DISCLOSURE, INSPECTION. INDEMNIIY, INSURABILI'iY, DUE DILIGENCE. BUYER
DISCLOSURE AND SOURCE OF WATER. Buyer's right fo obJec[ anNOr terminate under § 102 and/or §
10.7.7 shall not be Iimlted to 8uyer's satisfaction with the physical corWition of Ihe Properry and Inclusions or
the Due Diligence DocumeMs, or any other matters specifled in clauses (7) through (5) of § 102; rather,
Buyer's right to object andlor terminale under each of§§ 10.2 and 10.7.7 shall Include investigatlng, reviewing
and becaning saUsfied with ANY teature of or matter relating to Ihe Property, the Incluslons or Ihe Due
Dlligenca Documents and ANY olhar factor deemed by Buyer to Ee relevant io Buyers acquisiGon of the
Property and Inclusions, inGuding, without Ilmltation, the actual lot size, loption and square lootage of
improvements, bullding, zoning end elbwed use reguletlons, weil (tlow rate, capaclry, depth, recovery rate,
suitability for Buyers needs, exempt stetus such as household, Oomestic, etc., water quality, patability,
IocaCwn on Property, etc.), septic(useful life of the system,capacity and suitability for size of house, pumping
needs, location on Property, etc.), leach field (adequacy, location on Property, percolaBon, etc.), environmental
(such as presence on the Property of mold, radon gas, esbestos, petroleum producLS, methamphalamine
end/or byproducts hom the production ol methamphelamine— and the Buyer's rigM to object and terminate
uMer this Contracl provision applies, inter elia, even H methamphetamine contaminadon has been remediated
to meet the stentlerds established by rules ot ihe State Board ot Heatth promulgated pursuant to§25•18.5-702,
C.R.S.—or other hazardous substances or materiais)or solls matters,the presence or absence on or about the
Property of redient heating systems(e.g. Entren II),electromagnetic fields(proximiry to power lines),tertnlles or
other infestalions, exterior Insulation and finish systems(e.g.artificial stucco), polyburylene plumbing meterlals,
roofing materials (e.g. Woodruf sningles), proxlmiry to a flood plain or hazardous weste site, the presence and
locatlon on the Properry of carbon rtanoxlde alerms, ihe availability and quality of schools, the Impect of alr
iraN�, the dues, tees, texes or simlar charges ihat are or may be assessed or levled by any applipble
assoclatlon or taxl�g authodry, crime statistics (such as "Megan's La+n+' which provides that Information
conceming the locatlon of known sex oflenders be evallable from bcal law eMorcement), and other simiWr
matlers. The phrase, °In Buyefs sole subjective dlsaetion" Is here6y amended in each place It exists in §§
, 10.2, 10.5 end 10.7 lo instead read, 'S� Buyer's subjactive and absolute sole discretion," and such amended
standard (Buyer's subJective and absolute sole disc2tion) shall appiy not only with resped to the physical
condttion of the Property and Inclusions or the �ue Dillgence Documents, or other matters speafied fn clauses
(1) through (5) of§ 10.2, bul also, as indicated above, wilh respeci to ANV feature of or matter relating fo ihe
Property,the inclusions or the Due Dillgence Documents and ANY other factor deemed by Buyer to be relevant
to Buyer's acquisitian of the Properry and Inclusions. Seller shall promptiy disclose, as they occur, any
changes in the condition ol the Property or Induslons, or changes relatlng to the Proparty, Inclusions, Due
Diligence Documenis or othet items listed or described ebove ol which Seller has aclual knowletlge.
i1.§ 70. CAReON MONOXIDE ALARMS, tt the Property is in Aspen or elsewhera wlthin Pitkin County, the
lollowing applies and�supplements (i) �he Note In § 70.10 of the Conhaet, A ihis Addendum is atlached to a
Contract to Buy and Sell Real Estate on form CBS7-9-12, or (ii) ihe Nola in § 10.11 of the Coniract, if this
Addendum is atteched to a Contract to Buy snd Sell Real Estete an torm CBS2�9-12, or (iii) i1 the Contract
includes the CREGapprovetl Residenlial Addendum on fortn RA33-10.12, the Note In §2.6 of such Residential
Addendum: Both ihe Pitkin County Code and Aspen Munlclpei Code include pmvisions which, emong other
ihings, impose a responsibiliry on the owner of a 7esidentlal occupancf to instali and maintain required carbon
monoxide detectors in accordance with the requirements of the appliceble Code, and the requi2ments of the
Pitkin County Code or Aspen Munidpal Code,as applicable,sMuld be wnsidered In conjunction with the state
law described In Ihe abov�referenced Note.
12.§ 17. POSSESSION. IF the Possesalon Dele ls other than lhe Closing De[e, each party shall be
responsfble to Insure their respedive real end personal property Interests end to enter into e lease, or Post
Addendum"A"to Convact to Buy and Sell Real Estate(CBS 1-9-12,CBS2-9-12,CBS3-9-12 or CBS49d2).This addendum has not
been approved by the Colorado Real Estate Commission(CREC).It was prepared and m?A13 by Frnscona,]oiner,Goodman and
Greenstein,P.C.(303-494-3000)legal counsel,for the exclusive use of Aspen Snowmaas Sotheby.All rights reserved. Page 2 of 4
Buyer(s)Initials �p Seller(s)Initials
Closing Occupancy Agreement,wlth the other party tor the period between ihe Possesslon Date and Closing
Date.
13.§ 18. DAY: COMPUTATION OF PERIOD OF DAYS. �EADLINE. Regardless of which boz in § 18.2 is
checked,or In Ma event neither such box is checked, Buyer and Seller agree as follows: (a) in the event any
date descrl6ed herein for payment or peRormance of this Conhact falls on a Seturdey, Sunday or legal hollday
recognized by the Steta of Coloredo or the United States of America, then, except as s[ated bebw in this
paragraph, the time for such payment or perfortnance shall be extended to the nex[ business day; (b) no
extension under this paragruph anNOr§ 18.2 sheil apply to a date or deadline specifled for the givirg of notice;
(c) no extension under this paragraph endlor§ 182 shall apply to ihe Poeaession Dete, it the Closing occurs
on a date not exlended by this paragreph and/or§ 18.2; (d) 'rf the Closing Date is exlended by this paragraph
andlor § 182, the Posseaslon Date shail be extended by the same number of deys; and (ej nothing In ihis
paragraph or § 182 shell operate or be construed to operete to e�ctend the Acceptenee Deadllne Deie or
Acceptance Deadline Time specifiad in the Contracl. All references to time in the Contract mean Colorado
� "Slendard'or'Deylight Savings"time as may be applica6le on the paNCUlar date.
14.§ 19.CAUSES OF LOSS INSURANCE• DAMAGE TO INCLUSIONS AND SERVICES•CONDEMNATION•
� AND WAIK-THROUGH. Seller Shall maintain any yard end lendscapirg on the Proparty end deliver the same In
the cond'N'on existing on the date of lhis Contract. if a dwelling or other structure exisLS on Ihe Property,Seller
shall deliver the Property in 'Mald Clean" conditlon. "Meld Cleen" is defined as: all cerpets professlonalty
cleanad; all appliances professlonally cleaned; all floors mopped and/or vacuumed; all bathroom fixtures, tubs
end shawers professbnaliy deened; all windows professionally cleaned; and all hash and personal property
rertaved (except Inclus'rons io be transferred with the Property). Buyefs n9hts under § 19.4 include, wilhout
Iimltatbn,the right to Inspect the Properry and Inciuslons lo insure Seller's compliance wlth thls provlslon,
15.§21.TIME OP ESSENCE DEFAULT AND REMEDIES.. It(a)perlortnence is delayed by Buyer's lender,(b)
the required ban documents conceming this Iransactlon are not received by the Closing Date, or (c) the
passage of documents by courier Is not complete by the Closing Date, the appiicable dates ior(check ali that
apply) ❑ Loan Condltions Deadline, ❑ Loen Trensfer Approval Deadllne, ❑Appreisal Ob�ectbn Deadline, �
Closing Date, and � Possesslon Date shall automaticalty be extended once for a period of two (2) business
days.
76.MEASUREMENTS. . Neither Seller nor Broker working wilh Seller, Brokerage Frm ol Broker working with
Seller, or other representative warcants the square toatage, area or slze of the land being purchased hereunder
or any Improvements thereon. My siatemenis, representations, claims, drawings or estimates made or
provided by Seller or Broker woAcing with Seller, Brokerage Firm of Broker working wlth Seller, or other
representadve reterencing the square footage, area or size of the land or any improvements thereon,whether in
a marketing bruchure, MLS ad or otherwise, ere not being and shall not be relied upon by Buyer; and Buyer
agrees arW represents that if the square footage, size or aree of the land or any Improvemen4s thereon is a
matter of concem to Buyer, then Buyer shall satlsry itselt In that regard throu9h, end rely solely upon, its own
investigafions and measurements made prior to expiratlon oi the Inspectlon ObJectlon Deadllne.
17.1031 EXCHANGE Each perty shall cooperate to eHeduete en I.R.C. § 1031 tex deferred exchange
undertaken try the othe� party that involves �he Property, including conse�Ung ta wid acknowledging
assignments of Ihis Conlract to a Qualified Inlermediary, so long as such cooperation is not to the detrimenl of
ihe cooperating party. .
18.FEDERAL AND COLORADO WRHHOLDIN6. Buyer and Seller shell comply wlth the requirements of ihe
Forelgn Investmeot in Reai Properry Tax Act (FIRPTA) and the WRhholding on Transfers of Colorado Real
Property lew,which may entail withholding of a percentage of the sales price on non-exempt transactlons.
A check or X In eny of the bozes numbered 19 through 23 betow means that the perticular paregraph
Is epplicable and Is e part of the Contraet.Any paragreph below ihet Is�ot so marked ia not a part of
the Contrad.
19.�SELECTION OF TRLE INSURANCE COMPANY AND PAVMENT OF PREMIUM S FOR OWNER
TITLE�NSURANCE. Buyer hereby selects(check one box and compiete es needed] Eernest Money
Holder � ,as the tille insurance company who shall issue the
71t1e Commitment and owner's title Insurance pollcy and conduct the Closing,at the hour end place designated
by such title insurance company. Seller,not Buyer, shall pay the expense for such Title Commihnent and
owner's litle insurance policy.
Addendum"A"to Contract ro Buy and Seit Real Estate(CB5]-9-12,CBS2-9-(2,CBS3-9-12 or CBS4-9-I2).This addcndum has not
been approved by the Colorado Real Estate Commission(CREC).It was prepared and m7A13 by Frascona,loincr,Goodman and
Creenstein,P.C.(303494-3000)legal counsel,for ihe ezclusive use of Aspen Snowmass Sotheby.All righes reserved. Page 3 of 4
Buyer(s)Initials � �P Seller(s)Initials
20.❑ADOITIONAL EARNEST MONEY. Buyer shall deposit the sum of$ wlth Earnast Money
Holder on or bafore the first buslness day following Ihe[check ona box]
❑Loen Objection Deadline ❑inap�tion Resolutlon Deadilne,as Eamest Money in addilion to the
amount of Eamest Money specifled in the§4.1 chart The artwunt of`Cash at Cbsing"specified in said§4.1
chart shall be reduced by the amount of addltlonal Earnest Money so paid.
21.0 LOAN OBJECTION.The New Laan wiil(a)be in lhe amount apedfied in the§4.1 chart, (b)have an
iNtial interest rete oi_%per annum,and(c)have a term of no less then 30 years. NoRViihstending any
contrary provisbn of tha Contracl,Buyer may terminate thls Contract pursuant to§§52 and 25.1 only il(d)
Buyer Ilmely applies for,pays required costs ard uses reesonade efiorts in good felth to obtain the New Loan
contemplated by this paragreph,(e) Buyer is unable to obtain a commitment tor such New Loan on or before the
Loan Objectlon Deadline, and(�Seller receives wririen NoGce lo Terminate undar§§5.2 and 25.1 no later
than the Loan ObJection Deadllne. If.Buyerexerdses such Right to Terminate under§§5.2 and 25.1,Buyer
shell cooperate to ellow Selier to verify that(g)Buyer satisfied Buyer's o6ligations regarding the application and
pursuit of fhe New Loan,and(h) Buyer was unable to obtain a commttment tor such New Loan by the Loan
Ob�ectlon Deedllne.
. 22.�LOAN COMMRMENT NECESSARY.Buyer must obtaln a written loan commitment for each new loan
contemplated by§4.1 or§4.5,and deGVer a copy thereof to Seller on or beiore the Loen ObJectlon Deadiine.
if Buyer teils to deliver a copy of such a written loan commitment ar commitrnents to Seller on or before the
Laan Objecllon Deadllne, �his Contract shal�terminete.
23.❑EARNEST MONEY DISPUTE.The reference to 120 days cantained in§24 of the Contract is hereby
changed to be 45 deys.
.Ton Pe4CoC�
Dete: 5 I(o 7 13
Buyer:Board o/Counry Commissloners of Plfk/n Counry
By:Jon Peacock, County Manager
Buyer: Date:
Date:
Seller:Oavid R.Steinhurst
Seller. Date:
CTM eCantracts -A�2012 CTM Software Corp.
Addendum"A"ro Contract to Buy and Sell Real Fstete(CB51-9-12,CBS2-9-12,CBS3-9-12 or CBS4-9-12).This addendum has not
been epproved by ffie Colorado Real&tate Commission(CREC).It was prepared and S20I3 by Frascona,Joiner,Goodman and
Gmensmin,P.C.(303-494-3000)legal counsel,for the ezdusive use of Aspen Snowmass Sotheby.All rights reserved. Page 4 of 4
Duyer(s)Initials �P Se11eKs)Iniaals '
� Aepen Snowmess Sotheby's Intemational Realty
Aspen ' Sothebys 415 East Hyman Avenue /�spen, CO 8L611
Snowmass � m�....ew....�. Raifiel Bass Broker Assoclate
Ph: 970-948-7424 Fax: 970-920-6890
1 e printed poAMrre of thla fortn,excepl dlflerentlated addPoons,have been epproved by the Colorado Real Estete
mmlaslon CP40.9-12 Mantlato 1-13
x
3 THIS�FORM�HAS pNPORTANT LEGAL CONSE�UENCES AND THE PARTIEB SHOULD CON9UL7 LEGAL AND
TAX OR OTHER COUNSEL BEFOHE SIGNING.
e
5 COUNTERPROPOSAL
� 6 Dala: 5/29/2013
� '
e 1, fits Counte�proposal sha�supersede end replece any previous counleryroposal.Thls
� s Counterpropoeal amenda the proposed contract daled 5H6/2013 (Contract),beriveen
Davld R. S[e/nhurst(Seller),end BoaN olCoun(y CommissJoners of Pltltln�County(Buyer), relating to
+ Io fhe safe end purchase of the following lepelly described real eatate In the County of Pltk(n, Colorado:
$ i i SubdNlslon:.PClKIN PARK PLACE Unit 415E DESC:(G5)
f! ix known as No.4f5 PaclAe Avenue 415E/GSAspen CO 816l1(Property).
1 13
� NOTE:H the table le omitted,or If�any kem ie leR htenk ot la marked In the"No Chenga"column,It meens
j ia no change to the corresponding provlalon of the CoMract.H any Item la meFked In tho"Deleted"column, .
It meena that the�eorresponding provlelon of the�Contract to which refersnee le mada la deleted.
'� is
ie 2. §3. DATES�AND�DEADLINES. [Omktedasinappilcable]
ia 3. §4.PURCHASE PRICE AND 7'ERMB. [Om�tted ae Inapplleeble]
� 19
! ao 4. ATTACHMEN75.The following are a paA of Ihls Counterproposal:
1
j zi no cnange
� ' �x Nofe:The filbwing disdosure fortns ere atteehed but ere not a part of ihla Counteryroposal:
4 �3 no change
2a
zs 5. OTHER CHANCaE3.
E xe 1 L Possess/on:-shall be changed ro read...peyment o/5250 per day...
� n
8. ACCEPTANCE DEADLINE Thls Counlerproposal shell explre unleas accepted in wdtlng by Seller
i and Buyer as evidenced by thelr signalures beiow and the oftering party to thls document recelves noBce
( ZB of such�acceplence on or before 5✓31113 5:00 PM A9DT
���� Date Tlme
29
3o If eccepted,the Contrect,ae.amended by thls Co�nlerproposal,shall become e wntract between Seller and Buyer.
Atl other terms end condltlons of the Contracl ahell remaln the same.
31
� 32 VI .__I� V
� � �"`�� ` Date: 5/30/2013 �
'+ 33 Seller.Davfd R.Steinhurst
Address:
� 34
ss Seller. Dete:
�
? 36 Addresa:
37
�I CP 40-9-12. COUNTflRPROPOSAI. Page 1 of2 5l3M013 2:09:42 PM
Seller(s)Initials: (l�• J Buyer(s)Initials:
38
.� Date: 5/30/2013
Buyer:Board o/C nty missioners of Pitkln County
39 8y:Jon Peacock, County Manager
Address:
ao
a� Buyer: Date:
42 Address:
Note:When thls Caunterproposal fortn Is used,Ihe ConVact is not to be signad by the parfy Iniiiating this
as Counterproposal.Brokers must complete and sign the Brokefs Acknowledgments and Compensetlon Disdosure
poNon of Ma Contrad.
CP40A-12. COUNTERPROPOSAL
CTM eContrac[5-p2012 RM SoRware Corp.
I
I
(
I
•' CP 40.9-12. COUNTERPROPOSAL Page 2 of 2 5/30/2013 2:09:42 PM
i
� Selle�(s)Initials: /1.� Buyer(s)Initials: �
'f ...
RECEPTIONM: 601948, 07/29/2013 at 04:10:11 PM, 1 OF 3, R $0.00
DF 50.00 Janice K. Voe Caudill, Pitkin County, CO
APPROVED BY _
ORDIiVANCE � ���,������ �aq, �o �3
# 615�aoi3
Documentary Fee$37.25
e%c�,p-}
WARRANTY DEED
THIS DEED, made July 29, 2013,
Between DAVID R. STEINHURST
oftheCounryof B¢Owe,rd ,Stateo(FLORIDA,GRANTOR,
nN�BOARD OF COUNTY COMb11SSIONERS OF PITKIN COUNTY,Gw+N7eE
� whose legal adtlress is:: 530 EAST MAIN STREET, ASPEN,CO 81611
of the Counry of PITKIN,State of COLORADO
WITNESSETH,That for and in wnsideration of Ihe sum of ten tlollars and other gootl and valuable
consideration,the receipt and sufliciency of which is hereby acknowletlged,the granbr has granteq
bargaineq soltl and conveyed,and by these presents does grent,bargain,sell and convey and confirm
unto the grantee,HIS heirs antl assigns forever,all the real property together wi[h improvements,if any,
situate and lying and being in the Counry of PITKIN,State of COLORADO,tlescnbed as follows:
� CONDOMINIUM UNIT 415 E(AKA CONDOMINIUM UNIT G-5),
BUILDING G,
PITKIN PARK PLACE CONDOMINIUM,
According to the Condominium Map recortletl December 30, 1986 in Plat Book 19 a�Page 25 as
Reception No.284641 and according to the Condominium Declaretion recorded December 30, 1988 in
Book 526 at Page 539.
TOGETHER with all antl singular the heretlitaments and appurtenances thereto belonging,or in anywise
appertaining,and the reversion antl reversions,remainders,rents,issues and pmfts thereof,and all the
estate,nght,[itle,interest,claim and demand whatsoever of Me gren�or either in law or equiry,of,in antl to
ihe above bargainetl premises,with the hereditamen�s and appurtenances.TO HAVE AND TO HOLD the
said premises above 6argained and tlescribetl,with lhe appurtenances,unto the grentee,HIS heirs and
assigns Forever.And the Grantor,for ITSELF,ITS heirs and assigns,does covenant,grant,bargain,and
agree ro and with the Grantee,HIS heirs and assigns,that at the time of the ensealing and delivery of
these presents,ITS is well seized of the premises above conveyed,�as good,sure,pertect a6soWte and
intlefeasible esta�e of inheritance,in law,in fee simple,,and has good right full power an0 lawful authonty
to grent,bargain,sell and convey the same in manner and form as aforesaid,antl that the same are tree
and clear from all former and other grents,6argains,sales,liens,tazes,assessments,encumhrances and
res[rictions of whatever kin0 or nature scever,except Ihose matters as set forth on Exhibit"A"attached
hereto and incorporated herein by reference.The grantor shall and will WARRANT AND FOREVER
DEFEND the above Darqainea premises in ihe quiet and peaceable possession of the grantee,HIS heirs
antl assigns,against all and every person or Dersons lawfully claiming[he whole or any part thereoL The
singular number s�all include Ihe plural,the plural Ihe singular,anOlhe use ot gender shall be applicable
to all genders.
IN WITNESS WHEREOF the grantor has executed this tleed.
SIGNATURES ON PAGE 2
,
.
RECEPTIONN: 601948, 07/29/2013 at 04:10:11 PM, 2 OF 3,
Janice K. Voe Caudill, Pitkin County, CO
� SIGNATURE PAGE TO WARRANTY DEED
PAGE 2
��"c7�.�.�/"
DAVIO R.STEINHURST
�
STATE OF �Lo(L��O P 1
ss
COUN7YOF '0�1►.'RD )
The foregoing instrument was acknowledged before me[hi�day of��^�-� ,2073,
by DAVID R.STEINHURST.
WITNESS my hand and oKCial seal �c_ �
my commission expires: N tary Public
��03 -�g8-o9a�
nvu,momnnEv
W CdMA44WN1 R011I?
E%PIPEffiIp17Y.201]
PCT23751 W `��"�"w`�
� , ,
RECEPTIONM: 601948, 07/29/2013 at 04:10:11 PM, 3 OF 3,
Janice K. Voa Caudill, Pitkin County, CO
EXHIBIT"A"
1. Tazes for the year 2013,antl subsequent years,not yet due or payable.
2. Right of Me proprieror of a vem or IoOe to eutract and remove his ore therehom,should the same be fountl ro
peneVafe or intersect Ne Oremises hereby granled and nght of way(or tli[ches or canals construcletl by Ne
authonry of[he Unitetl States as reservetl in Uni[ed Sta[es Patent recortled Mamh i6, 7923 in Book 55 at Page
570.
3. Reservations as containetl in United States Patent recordetl in Book 167 at Page 561.
4. Terms,conditions,provisions and obligations as set forth in Contrect for Contribution rowartl Water Main
Construction recorded December B, 1969 in Book 244 at Page 883.
5. Easemen[and right of way for Sewer Line as set forth in Grant ol Easement recorded January 11, 1971 in Book
253 at Page 50.
6. Restrictions which tlo no[contain a forteiNre or reverter clause but omitling resMctions,if any,based on rece,
wlor,religion or national origin,as wntained in insWmen�rewrtled June 17, 7971 in Book 255 at Page 916 and
as set forth in EMension ol ProtecUve Covenants recortled October 23, 1974 in Book 292 at Page 502.
7. Easement and right of way tor Avigalion Easement as set forih in instrument recortled Augus�20, 1974 in Book
290 at Paqe 373.
8. Terms,wntlitions,provisions antl obligations as sel forih in Resolu[ion recordetl August 26, 197A in Book 290 al
Page 510.
9. Terms,conditions,provisions,obligations and all matlers as set forth in ResoNtion of the Pi&in Counry recorded
July 22, 1976 in Book 314 at Page 583 as Resolution No.76-86.
10. Easements,nghts of way and all matters as disclosetl on Plat o�Aspen Airpotl Business Center Filing No. 1
recortletl In Plat Book 4 at Page 188 an0 on Pla[recortled in PIat.BOOk 7 at Page 79 and on lhe Plat for Pacific
Subdivision recortletl in Pla�Book 19 at Pa9e 24.
11. Easements,nghts of way and all matters as disdosed on Plat of subject property recorded December 30,1986 in
Plat Book 19 at Page 25.
12. Terms,conaitions,provisions and obligations as set forth in Drainage Agreement recordetl May 18, 1981 in Book
40B a[Page 662.
13. Tertns,contlitions,provisions,obligations antl all matters as set forth in Resolution of the Boartl of County
Commissionere rewrded May 30, 1985 in Book 486 al Page 839 as Resolution No.85-49.
14. Terms,conditions,provisions,obligations,easements,restnctions and assessments as set torth in ihe
ConGOminium Decla2tion for Pitkin Park Place Contlominiums recorded December 30, 7986 in Book 526 at Page
539,and Amendment Iherero recordetl July 21,2006 as Reception No.526724,tleleting therefrom any resMctions
indica6ng preference,limitation or discnmination based on rece,color,religion,sex,hantlicap,familial status or
national ongin.
15. Terms,wnditions,provisions,obligations,easemenis,restrictions and assessments as set forth in Ihe Declaretion
of Covenants for Pi&in Park Place Contlominiums rewrded December 30, 1986 in Book 526 a!Page 575,
tleleting therehom any restrictions indiwting any preference,limitation or tliscrimination basetl on rece,color,
religioq sea,handicap,familial status or na[ional ongin.
76. Easement and right of way for access as set forth in Deditation and Declaretion of Aaess Easement recomed
June 28, 7988 in Book 567 at Page 582.
17. Easement and right of way for Comcast of Colorado/Florida Inc.as set fotlh in Grant of Easement recortlea May
22,2006 as Recep[ion No.524386.