HomeMy WebLinkAboutbocc.ord.005.2015CONTRACT # 15
.is Rd)
RECEPTION#: 617712, 03/02/2015 at
12:05:53 PM,
1 OF 22, R $0.00 Doc Code ORDINANCE
Janice K. Vos Caudill, Pitkin County, CO
AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS
OF PITKIN COUNTY, COLORADO APPROVING THE PURCHASE OF PITKIN
PARK PLACE UNIT 417A FOR THE PITKIN COUNTY EMPLOYEE HOUSING
INVENTORY AND AUTHORIZING THE CHAIR TO EXECUTE THE
NECESSARY DOCUMENTS
ORDINANCE #�-2015
Recitals
1. The Board of County Commissioners of Pitkin County ("County") is in a position
to acquire Pitkin Park Place Unit 417A located�at 417 Pacific Avenue, Unit A, Aspen,
CO (the "Property") from Howell 1. Mallory.
2. The purpose of the acquisition is to add the Property to the County's employee
housing inventory and to make it available for sale or rental to occupants qualified under
the Aspen/Pitkin County Housing Authority's affordable housing guidelines;
3. The Property is a 685 square foot, two-bedroom, one -bath unit located at the
Aspen Airport Business Center. It is located within easy access to the amenities of the
AABC and to RFTA bus stops;
4. The terms and provisions of the purchase are fully set forth in the Contract to Buy
and Sell Real Estate and Addendum thereto dated January 16, 2015;
5. The County and Howell I. Mallory have negotiated a purchase price of $325,000
and it is in the interest of all parties to proceed immediately with the transaction;
6. The Chair (or Chair's designee) shall be authorized to sign a Contract to Buy and
Sell Real Estate and to execute such documents in substantially the form approved by the
County Attorney as necessary to complete this transaction;
7. The County finds that adoption of this ordinance is necessary for the immediate
preservation of the public health, safety and welfare of the citizens of Pitkin County and
therefore declares this ordinance to be effective immediately upon adoption.
NOW, THEREFORE, BE IT ORDAINED, that the Board of County
Commissioners approves the purchase of Pitkin Park Place, Unit 417A and authorizes the
Chair or Chair's designee to execute all documents necessary to complete the purchase.
INTRODUCED AND APPROVED ON FEBRUARY 11, 2015 AND SET FOR PUBLIC
HEARING ON FEBRUARY 25, 2015.
Oidinance 4 & -2015
Page 2
NOTICE OF PUBLIC HEARING AND TITLE AND SHORT SUMMARY OF THE
ORDINANCE PUBLISHED 1N THE ASPEN TIMES WEEKLY ON FEBRUARY 12,
2015.
NOTICE OF PUBLIC HEARING AND THE FULL TEXT OF THE ORDINANCE
POSTED ON THE OFFICIAVITKIN COUNTY WEBSITE ( www.aspenpitkin.com )
ON i3 2015.
ADOPTED AFTER FINAL READING AND PUBLIC HEARING ON FEBRUARY 25,
2015.
PUBLISHED BY TITLE AND SHORT SUMMARY, AFTER ADOPTION, IN THE
rt
ASPEN TIMES WEEKLY ON / k.yeL 5' 12015.
THIS ORDINANCE IS EFFECTIVE ON FEBRUARY 25, 2015.
ATTEST: BOARD OF COUNTY COMMISSIONERS
;Jones
County Clerk
APPROVED AS TO FORM:
John Ely
Coun orney
By: i l A A Aw .-7
Steven F. Child, Chair
Date: 1
l
'Jon Peacock �^
County Manager
'CONTRACT #
2 Aspen Sothebs 'Aspen Snowmass Sotheby's International Realty
3 Snowmass ...,.,...,,„., Y, Sally Shiekman-Miller
4
s Ph: 970-925-6060 Fax: 970-920-9993
6 V printed portlons of this roan, except differentiated additions, have been approved by the Colorado Real Estate
mmlasion. tCa51-8-23) (Mandatory 1-14)
9
10 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL
2
f 1 AND TAX OR OTHER COUNSEL BEFORE SIGNING.
1
13
14 CONTRACT TO BUY AND SELL REAL ESTATE
15 (RESIDENTIAL)
16
17
18 Date: 1/1612015
19
20
21 F AGREEMENT
22
23
24 1. AGREEMENT. Buyer, identified in § 2.1, agrees to buy, and Seller, identified in § 2.3, agrees to sell, the
25 Property described below on the terms and conditions set forth in this contract (Contract).
26
27
28 2. PARTIES AND PROPERTY.
29
39 2.1. Buyer. Buyer, Board of County Commissioners of Pillion County, will take title to the
31 Property described below as
12 ® Other
33 ❑ Joint Tenants ❑ Tenants In Common
34
35 2.2. Assignabillty and Inurement. This Cont
36 ract ® Is LJIs Not assignable by Buyer without Sellers
37 prior written consent. Except as so restricted, this Contract inures to the benefit of and is binding upon the heirs,
38 personal representatives, successors and assigns of the parties.
as 2.3. Seller. Seller, Mallory f Howell, is the current owner of the Property described below,
41 2.4. Property. The Property is the following legally described real estate in the County of
42 Pitkin Colorado:
43
44 Subdivision: PITKIN PARK PLACE Unit: 417A DESC: PHASE Il AKA F1
4s known as No. 417 Pacific Avenue Unit A Aspen CO 81611,
46
47 together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto,
48 and all interest of Seller in vacated sheets and alleys adjacent thereto, except as herein excluded (Property).
49
50
51 2.5. Inclusions. The Purchase Price includes the following items (Inclusions):
52 2,5.1. Fixtures. I(atfached to the Property on the date of This Contract, the following Items are
53 included unless excluded under Exclusions (§ 2.6): Ilghling, healing, plumbing, ventilating and air conditioning
$4s fixtures, TV antennas, Inside telephone, network and coaxial (cable) wiring and connecting blockslacks, plants,
5
56 mirrors, floor coverings, intercom systems, built—In kitchen appliances, sprinkler systems and controls, built—in
57 vacuum syslems (including accessories), garage door openers including none remote controls.
6B
69 Other Fixtures: see personal property be/ow
60 If any fixtures are attached to the Property after the date of this Contract, such additional fixtures are also included
61 in the Purchase Price.
63 2.5.2. Personal Property. If on the Property, whether attached or not, on the date of this
64 Contract, the following items are included unless excluded under Exclusions (§ 2.6): storm windows, storm doors,
65 window, and porch shades, awnings, blinds, screens, window coverings. curtain rods, drapery rods. fireplace
66
67 inserts, fireplace screens, fireplace grates, heating stoves, storage sheds, and all keys. If checked, the following
69 are included: ❑ Water Softeners ® Smoke/Fire Datactors ® Carbon Monoxide Alarms ❑ Security ,
G9
70 Systems ❑ Satellite Systems (including satellite dishes).
71 Other Personal Property:
12 dishwasher, microwave, range, refrigerator, window coverings
73
74 The Personal Property to be conveyed at Closing must be conveyed by Seller free and clear of all
75 taxes (except personal properly taxes for the year of Closing), liens and encumbrances, except
76 77
for none . Conveyance will be by bill of sale or other applicable legal instrument.
78 2.5.3. Parking and Storage Facilities. ® Use Only ❑ Ownership of the following parking
79 one assigned parking -
80
81 facilities: space ; and ® Use Only ❑ Ownership of the following storage facilities:
82 storage closet In basement of adjacent 419 building
83
84 2.6. Exclusions. The following Items are excluded (Exclusions):
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IS
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2.7. Water Rights, Well Rights, Water and Sewer Taps.
® 2.7.1. Deeded Water Rights. The following legally described water rights:
Any deeded water rights will be conveyed by a good and sufficient n/a deed at Closing.
❑ 2.7.2. Other Rights Relating to Water. The following rights relating to water not included in
§§ 2.7.1, 2.7.3, 2.7.4 and 2.7.5, will be transferred to Buyer at Closing:
❑ 2.7.3. Well Rights. Seller agrees to supply required information to Buyer about the well.
Buyer understands that if the well to be transferred is a'Small Capacity Well' or a "Domestic Exempt Water Well'
used for ordinary household purposes, Buyer must, prior to or at Closing, complete a Change in Ownership form
for the well. If an existing well has not been registered with the Colorado Division of Water Resources in the
Department of Natural Resources (Division), Buyer must complete a registration of existing well form for the well
and pay the cost of registration. If no person will be providing a closing service in connection with the transaction,
Buyer must file the form with the Division within sixty days after Closing. The Well Permit # is
n1a
❑ 2.7.4. Water Stock Certificates: The water stock certificates to be transferred at Closing are
as follows:
We
2.7.5. Water and Sewer Taps_ Note: Buyer Is advised to obtain, from the provider,
written confirmation of the amount remaining to be paid, if any, time and other restrictions for transfer
and use of the taps.
2.7.6. Conveyance. If Buyer is to receive any rights to water pursuant to § 2.7.2 (Other Rights
Relating to Water), § 2.7.3 (Well Rights), or § 2.7.4 (Water Stock Certificates), Seller agrees to convey such rights
to Buyer by executing the applicable legal instrument at Closing.
3. DATES AND DEADLINES.
Item No.
Reference
I Event
Date or Deadline
1
§ 4.3
Alternative Earnest Money Deadline
3 bus days
following MEC
Title
2
§8.1
Record Title Deadline
7 days following
MEC
3
§8.2
Record Title Objection Deadline
21 days following
MEC
4
§ 8.3
Ott -Record Title Deadline
7 days following
MEC
5
§ 8.3
Off -Record Title Objection Deadline
21 days following
MEC
6
§6.4
Title Resolution Deadline
28 days following
MEC
Right of First Refusal Deadline
n/a
Owners' Association
6
§T3
Association Documents DeadlJne
7 days following
MEC
14 days following
9
§7.4
Association Documents Objection Deadline
MEC
Seller's Property Disclosure
10
§10 - I
Seller's Property Disclosure Deadline
7 days following
MEC
Loan and Credit
11
§5.1
Loan Application Deadline
n/a
12
§ 5.2
Loan Objection Deadline
We
13
§ 5.3
Buyers Credit Information Deadline
n/a
14
95.3
Disapproval of Buyer's Credit Information
n/a
Deadline
15
§5.4
Existing Loan Documents Deadline
n/a
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1130
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16 1 65 4 1 Fxislinn I.nan Dncuments Ohiection Deadline I n/a
17
§5.4
Loan Transfer Approval Deadline
n/a
2
18
§4.7
Seller or Private Financing Deadline
We
§ 4.5
New Loan
$0.00
ppraisal
§ 4.6
Assumption Balance
19
§6.2
Appraisal Deadline
21 days following
MEC
$0.00
20
§6.2
Appraisal Objection Deadline
28 days following
MEC
7
Survey
21§9.1
Current SurveyDeadline
n/a
22
§ 9.2
Current Survey O6iedion Deadline
n/a
23
§ 9.3
Current Survey Resolution Deadline
Inspection and Due Diligence
24
§ 10.2
Inspection Objection Deadline
14 days following
MEC
25
§ 10.3
Inspection Resolution Deadline
21 days followingMEC
26
§ 10.5
Property Insurance Objection Deadline
We
27
§ 10.6
Due Diligence Documents Delivery Deadline
7 days followingMEC
28
§ 10.6
Due Diligence Documents Objection Deadline
14 days following
MEC
- 29
§ 10.6
Due Diligence Documents Resolution Deadline
28 days following
MEC
30
§ 10.7
Conditional Sale Deadline
Closing and Possession
31
§12.3
Closing Date
3/5/2015
Thursday
32
§17
Possession Date
3/5/2015
Thursday
33
§ 17
Possession Time
after closing
34
§28
Acceptance Deadline Date
1/26/2015
§28
Acce tante Deadline Time
5:00 .m.36
Board of County Commissioner Approval
Deadline
2125/2015
n1435
37
Note: It FHA or VA loan boxes are checked in § 4.5.3 (Loan Limitations), the Appraisal Deadline (§ 3) does Not
apply to FHA insured or VA guaranteed loans.
3.1. Applicability of Terms- Any box checked In this Contract means the corresponding provision
applies. Any box, blank or line in this Contract left blank or completed with the abbreviation 'NIA'. or the word
'Deleted' means such provision, including any deadline, is not applicable and the corresponding provision of this
Contract to which reference is made is deleted.
The abbraviallon'MEC" (mutual execution of this Contract) means the date upon which both parties have signed
this Contract.
4. PURCHASE PRICE AND TERMS.
4.1. Price and Terms. The Purchase Price set forth below is payable in U.S. Dollars by Buyer as follows:
1
§ 4.1
JPurchase Price
$325,000.00
2
§ 4.3
Earnest More
$15,000.00
3
§ 4.5
New Loan
$0.00
4
§ 4.6
Assumption Balance
$0.00
5
§ 4.7
Private Financing
$0.00
6
§ 4.7
Seller Financing
7
9 1 § 4.4 Cash at Closing $310,000.00
CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 3 of 15
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252 10 rOTAL $325,000.00 $325,000.00
2S3
254
255 4,2, Seller Concession. Seller, at Closing, will credit, as directed by Buyer, an amount of S
256 nya to assist with an or all of the following: Buyer's closin costs, loan discount points, loan
257 Y 99
258 origination fees, prepaid items (including any amounts that Seller agrees to pay because Buyer is not allowed to
259 pay due to FHA, CHFA, VA, etc.), and any other fee, cost, charge, expense or expenditure related to Buyers New
260 Loan or other allowable Seller concession (collectively, Seller Concession). Seller Concession is in addition to any
262 sum Seller has agreed to pay or credit Buyer elsewhere in this Contract. Seller Concession will be reduced to the
253 extent it exceeds the aggregate of what is allowed by Buyer's lender as set forth in the Closing Statement,
264
265 Closing Disclosure or HUD -1, at Closing.
266 4.3. Earnest Money. The Earnest Money set forth in this section, in the form of
26c check or wire transfer , will be payable to and held by Land Title Guarantee Company
269 (Earnest Money Holder), in its trust account, on behalf of both Seller and Buyer. The Earnest Money deposit must
270 be tendered, by Buyer, with this Contract unless the parties mutually agree to an Alternative Earnest Money
271
27z Deadline (§3) for its payment. The parties authorize delivery of the Earnest Money deposit to the company
Y
273 conducting the Closing (Closing Company), if any, at or before Closing. In the event Eames[ Money Holder has
274 agreed to have interest on Eames[ Money deposits Ifansfened to a fund established for the purpose of providing
2J6affordable housing to Colorado residents, Seller and Buyer acknowledge and agree that any interest accruing on
277 the Earnest Money deposited with the Earnest Money Halder In this transaction will be transferred to such fund.
278 4.3.1. Alternative Earnest Money Deadline. The deadline for delivering the Earnest
279 one
280 Money, if other than at the time of lender of this Contract, is as set forth as the Alternative Earnest Money
281 Deadline (§ 3).
282 4,3.2. Return of Earnest Money. If Buyer has a Right to Terminale and timely terminates,
293
204 Y Y as er Bu is entitled to the return of Eames[ Mone provided in this Contract. If this Contract is terminated as set
les forth in § 25 and, except as provided in § 24, if the Eames[ Money has not already been returned following receipt
266 of a Notice to Terminate, Seller agrees to execute and return to Buyer or Broker working with Buyer, written
287 mutual instructions (e. Earnest Mone Release form within three days of Sellers receipt of such form.
las 9• Y )• Y P
289 4.4. Form of Funds; Time of Payment; Available Funds.
291 4.4.1. Good Funds. All amounts payable by the parties at Closing, including any loan
292 proceeds, Cash at Closing and closing costs, must be in funds that comply with all applicable Colorado laws,
293 including electronic transfer funds, certified check, savings and loan teller's check and cashiers check (Good
294
294 Funds).
296 4.4.2. Time of Payment; Available Funds. All funds, including the Purchase Price lobe
297 paid by Buyer, must be paid before or at Closing or as otherwise agreed in writing between the parties to allow
298 disbursement by Closing Company at Closing OR SUCH NONPAYING PARTY WILL BE IN DEFAULT. Buyer
299
300 represents that Buyer, as of the dale of (his Contract, ® Does ❑ Does Not have funds that are immediately
301 verifiable and available in an amount not less than the amount stated as Cash at Closing in § 4.1.
302 4.5. New Loan. (Omitted as inapplicable)
303
304
305 4.6. Assumption. (Omitted as Inapplicable)
306
307
308 4.7. Seller or Private Financing. (Omitted as inapplicable)
309
310
311 TRANSACTION PROVISIONS
312
313
314
31s 5. FINANCING CONDITIONS AND OBLIGATIONS. (Omitted as inapplicable)
316
317
ate 5.3. Credit Information and Buyer's New Senior Loan. (Omitted as inapplicable)
319
320
321 5.4. Existing Loan Review. (Omitted as inapplicable)
322
323 6. APPRAISAL PROVISIONS.
324
325 6.1. Lender Property Requirements. If the lender imposes any requirements or repairs (Requirements) to
326 be made to the Property (e.g., roof repair, repainting), beyond those matters already agreed to by Seller in this
327
328 Contract, Seller has the Right to Terminate under § 25.1, (notwithstanding § 10 of this Contract), on or before three
329 days following Sellers receipt of the Requirements, based on any unsatisfactory Requirements, In Seller's sole
330 subjective discretion. Seller"s Right to Terminale in this § 6.1 does not apply if, on or before any lamination by
331
332 Seller pursuant to this § 6.1: (1) the parties enter into a written agreement regarding the Requirements; or (2) the
333 Requirements have been completed; or (3) the satisfaction of the Requirements is waived in witting by Buyer
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334 6.2. Appraisal Condition. The applicable Appraisal provision set forth below applies to the respective
335
336 loan type set forth in § 4.5.3, or if a cash transaction (i.e. no financing), § 6.2.1 applies.
337 6.2.1. Conventional/Other. Buyer has the sole option and election to terminale this Contract
338 if the Propertys valuation, determined by an appraiser engaged on behalf of Buyer , is less
qao than the Purchase Price. The appraisal must be received by Buyer or Buyer's lender on or before Appraisal
341 Deadline (§ 3). Buyer has the Right to Terminate under § 25.1, on or before Appraisal Objection Deadline (§
342 3), if the Propertyes valuation is less than the Purchase Price and Seller's receipt of either a copy of such appraisal
343 or written notice from lender that confirns the Property's valuation is less than the Purchase Price. This 6.2.1 Is
San§
345 for the sole benefit of Buyer.
346 6.2.2. FHA. It is expressly agreed that, notwithstanding any other provisions of this Contract,
347 the Purchaser (Buyer) shall not be obligated to complete the purchase of the Property described herein or to incur
34 s ( Y) 9 P P P nY
349 any penalty by forfeiture of Earnest Money deposits or otherwise unless the Purchaser (Buyer) has been given, in
350 accordance with HUDIFHA or VA requirements, a written statement issued by the Federal Housing
351
352 Commissioner, Department of Veterans Affairs. or a Direct Endorsement lender, setting forth the appraised value
353 0l the Property of not less Than $ .The Purchaser (Buyer) shall have the privilege and option of
354 proceeding with the consummation of the Contract without regard to the amount of the appraised valuation. The
156 appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban
357 Development will insure. HUD does not warrant the value nor the condition of the Property. The Purchaser (Buyer)
ase should satisfy himself/herself that the price and condition of the Property are acceptable.
359
360 6.2.3. VA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the
363 .purchaser (Buyer) shall not incur any penalty by forfeiture of Earnest Money or otherwise or be obligated to
362 complete the purchase of the Property described herein, if the Contract Purchase Price or cost exceeds the
363 reasonable value of the Property established b the Department of Veterans Affairs. The purchaser (Buyer) shall,
363 D rty Y p P ( Y)
365 however, have the privilege and option of proceeding with the consummation of this Contract without regard Io the
366 amount of the reasonable value established by the Department of Veterans Affairs.
367
368 6.3. Cost of Appraisal. Cost of any appraisal to be obtained after the date of this Contract must be
369 timely paid by ®Buyer OSeller. The cost of the appraisal may include any and all fees paid to the appraiser,
370 appraisal management company, lenders agent or all three.
371
372
373 7. OWNERS' ASSOCIATIONS. This Section Is applicable if the Property Is located within a
374
375 Common Interest Community 1 and subject to such declaration.
3l6 7.1. Owners' Association Documents. Owners' Association Documents (Association Documents)
3 n censist or the following:
370 7.1.1. - All Owners' Association declarations, articles of Incorporation, bylaws, articles of
379
Seo organization, operating agreements, rules and regulations, parry wall agreements;
351 7.1.2. Minutes of most recent annual owners' meeting;
382 7.1.3. Minutes of any directors' or managers' meetings during the six-month period
383
384 immediately preceding the date of this Contract. If none of the preceding minutes exist, then the most recent
385 minutes, if any (§§ 7.1.1. 7.1.2 and 7.1.3, collectively, Governing Documents); and
386 71.4. The most recent financial documents which consist of: (1) annual and most recent
387
See balance sheet, (2) annual and most recent income and expenditures statement, (3) annual budget, (4) reserve
389 study, and (5) notice of unpaid assessments, if any (collectively, Financial Documents).
390 7.2 Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A
391
392 COMMON INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR SUCH COMMUNITY. THE
393 OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS' ASSOCIATION FOR
394 THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE
395
396 ASSOCIATION. THE DECLARATION, BYLAWS, AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL
397 OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY
396 ASSESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE
39g
Ono ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT.
401 THE DECLARATION, BYLAWS, AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE
102 OWNER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE
103
404 ASSOCIATION (OR A COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION.
its PURCHASERS OF PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE
406 FINANCIAL OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY
407
408 READ THE DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF
409 THE ASSOCIATION.
Oro
411 7.3. Association Documents to Buyer.
41z ® 7.3.1. Seller to Provide Association Documents. Seller will cause the Association Documents
413 to be provided to Buyer, at Sellers expense, on or before Association Documents Deadline (§3).
414
415 ® 7.3,2. Seller Authorizes Association. Seller authorizes the Association to provide the
416 Association Documents to Buyer, at Seller's expense.
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417 7.3.3. Seller's Obligation. Seller's obligation to provide the Association Documents is fulfilled
19
419 upon Buyers receipt of the Associalfon Documents, regardless of who provides such documents.
ago Note: If neither box in this § 7.3 is checked, the provisions of § 7.3.1 apply.
421 7.4. Conditional on Buyer's Review. Buyer has the right to review the Association Documents.
422
423 Buyer has the Right to Terminate under § 25.1, on or before Association Documents Objection Deadline (§ 3),
424 based on any unsatisfactory provision In any of the Association Documents, in Buyers sole subjective discretion.
425 Should Buyer receive the Association Documents after Association Documents Deadline (§ 3), Buyer, at
426
427 Buyer's option, has the Right to Terminate under § 25.1 by Buyers Notice to Temrinate received by Seller on or
426 before ten days after Buyers receipt of the Association Documents. If Buyer does not receive the Association
a29 Documents, or if Buyer's Notice to Terminate would otherwise be required to be received by Seller after Closing
,]o Date
431 (§ 3), Buyers Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive
432 Buyers Notice to Terminate within such time, Buyer accepts the provisions of the Association Documents as
433 satisfactory, and Buyer waives any Right to Terminate under this provision, notwithstanding the provisions of § 8.6.
43q
435 (Right of First Refusal or Contract Approval).
436
437
439 8. MILE INSURANCE, RECORD TITLE AND OFF -RECORD TITLE.
439 8.1. Evidence of Record Tittle.
440 ❑ 8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will select the
441 title insurance company to furnish the owner's title insurance policy at Sellers expense. On or before Record
442 P Y Po c'1 P
443 Title Deadline (§ 3), Seller must famish to Buyer, a current Commitment for owner's title insurance policy (Title
494 Commitment), In an amount equal to the Purchase Price, or if this box is checked, ❑ an Abstract of Title
445
446 certified to a current date. Seller will cause the title insurance policy to be issued and delivered to Buyer as soon
447 as practicable at or after Closing.
448 El 8.1.2. Buyer Selects Title Insurance Company. If this box is Checked, Buyer will select the
449
Oso title insurance company to furnish the owners life insurance policy at Buyer's expense. On or before Record Title
451 Deadline (§ 3), Buyer must furnish to Seller, a current commitment for owner's title Insurance policy (Title
452 Commitment), in an amount equal to the Purchase Price.
453
454 If neither box in § 8.1.1 or § 8.1.2 is checked, § 8.1.1 applies.
455 8.1,3. Owner's Extended Coverage (OEC). The Title Commitment Oi 1Nin ❑WIII Not.
456 commit to delete or insure over the standard exceptions which relate to: 1
457 p O parties in possession, (2) unrecorded
458 easements, (3) survey matters, (4) unrecorded mechanics' liens, (5) gap period (effective date of commitment to
459 date deed is recorded), and (6) unpaid taxes, assessments and unredeemed tax sales prior to the year of Closing
460
461 (DEC). If the title insurance company agrees to provide an endorsement for OEC, any additional premium expense
462 to obtain an endorsement for OEC will be paid by ❑Buyer ®Seiler ❑One -Half by Buyer and One -Half 6y
463Seller ElOther
465 Note: The title insurance company may not agree to delete or insure over any or all of the standard exceptions.
466 8.1.4. Title Documents. Title Documents consist of the following: (1) copies of any plats,
n67 declarations. covenants, conditions and restrictions burdening the Property, and (2) Copies of any other
465 documents or, If illegible, summaries of such documents listed In the schedule of exceptions Exceptions in the
469 ( 9 ) P (Exceptions)
470 Tide Commitment furnished to Buyer (collectively, Title Documents).
471 8.1.5. Copies of Title Documents. Buyer must receive, on or before Record Title Deadline (§
472
423 3), copies of all Title Documents. This requirement pertains only to documents as shown of record in the office of
474 the clerk and recorder in the county where the Property is located. The cost of furnishing copies of the documents
475 required in this Section will be at the expense of the parry or parties obligated to pay for the owners title insurance
477 policy.
478 8.1.6. Existing Abstracts of Title. Seller must deliver to Buyer copies of any abstracts of tdle
479 covering all or any portion of the Property (Abstract of Title) in Sellers possession on or before Record Title
480
481 Deadline
482 82. Record Title. Buyer has the right to review and object to the Abstract of Title or Title Commitment
333 and any of the Title Documents as set forth In § 8.4 (Right to Object to Title, Resolution) on or before Record Title
4e4
4es Objection Deadline (§ 3). Buyer's objection may be based on any unsatisfactory form or content of Title
486 Commitment or Abstract of Title, notwithstanding § 13, or any other unsatisfactory tide condition, in Buyers sole
497 subjective discretion. If the Abstract of Title, Title Commitment or Title Documents are not received by Buyer on or
459 before the Record Title Deadline (§ 3), or if there is an endorsement to the Title Commitment that adds a new
490 Exception to title, a copy of the new Exception to fide and the modified Title Commitment will be delivered to
491 Buyer. Buyer has until the earlier of Closing or ten days after receipt of such documents by Buyer to review and
492
493 object to: (1) any required Title Document not flrnely received by Buyer, (2) any change to the Abstract of Title,
4e4 Title Commitment or Tide Documents, or (3) any endorsement to the Title Commitment, If Seller receives Buyers
495 Notice to Terminate or Notice of Title Objection, pursuant to this § 8.2 (Record Title), any title objection by Buyer
496
497 is governed by the provisions set forth in § 8.4 (Right to Object to Title, Resolution). If Seller has fulfilled all Sellers
499 obllgations, if any, to deliver to Buyer all documents required by § 8.1 (Evidence of Record Title) and Seller does
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959 not receive Buyer's Notice to Terminate or Notice of Title Objection by the applicable deadline specified above,
500
501 Buyer accepts the condition of title as disclosed by the Abstract of Tiffe, Title Commitment and Title Documents
502 as satisfactory.
503 8,3. Off—Record Title. Seller must deliver to Buyer, on or before Off -Record Title Deadline (§ 3),
soa
505 true copies of all existing surveys in Seller's possession pertaining to the Property and must disclose to Buyer all -
506 easements, liens (including. without limitation. governmental improvements approved, but not yet installed) or other
507 title matters (including, without limitation, rights of first refusal and options) not shown by public records, of which
soa Seller has actual knowledge Off -Record Matters Buyer has the right to inspect the Property to investigate i( an
509 9( ) uYP P nY 9 Y
510 third parry has any right in the Property not shown by public records (e.g., unrecorded easement, boundary line
511 discrepancy or water rights). Buyers Notice to Terminate or Notice of Tille Objection of any unsatisfactory
512 condition whether disclosed b Seller or revealed b such inspection, notwithstanding 6.2 and 13 n Buyer's
51.3 ( Y Y 9§ § )•i
514 sole subjective discretion, must be received by Seller on or before Off -Record Title Objection Deadline (§ 3). If
515 an Off -Record Matter is received by Buyer after the Off -Record Title Deadline (§ 3), Buyer has until the earlier of
516
517 Closing or ten days after receipt by Buyer to review and object to such Off -Record Matter. If Seller receives
51B Buyers Notice to Terminate or Notice of Title Objection pursuant to this § 8.3 (Off -Record Title), any title objection
519 by Buyer and this Contract are governed by the provisions set forth in § 8.4 (Right to Object to Title, Resolution), If
52070
Seller does not receive Buyer's Notice to Terminate or Notice of Title Objection b theapplicable deadline
5 Y Y PP
522 specified above, Buyer accepts title subject to such rights, if any, of third parties of which Buyer has actual
523 knowledge.
524 8.4. RI ht to Object to Title, Resolution. Buyers right to object to an title matters includes, but Is
525 9 1 Y 9 1 Y
526 not limited to those matters set forth in §§ 8.2 (Record Title), 8.3 (Off -Record Title) and 13 (Transfer of Title). In
527 Buyer's sole subjective discretion. If Buyer objects to any liffe matter, on or before the applicable deadline, Buyer
528
529 has the following options,
530 8.4.1. Title Objection, Resolution. If Seller receives Buyers written notice objecting to any
53153 2 title matter (Notice of Title Objection) on or before the applicable deadline, and if Buyer and Seller have not.agreed
533 to a written settlement thereof on or before Title Resolution Deadline (§ 3), this Contract will terminate on the
534 expimtion of Title Resolution Deadline (§ 3), unless Seller receives Buyer's written withdrawal of Buyers Notice
53s of Title Objection (i.e., Buyers written notice to waive objection to such items and waives the Right to Terminate
536
sn for that reason), on or before expiration of Title Resolution Deadline (§ 3), If either the Record Title Deadline or
538 the Ott -Record TBe Deadline, or both, are extended to the earlier of Closing or ten days after receipt of the
535 applicable documents by Buyer, pursuant to § 8.2 (Record Title) or § 8.3 (Off -Record Title), the Title Resolution
540
5 40 Deadline also will be automatically extended to the earlier of Closing or fifteen days after Buyers receipt of the
542 applicable documents; or
543 8.42. Title Objection, Right to Terminate. Buyer may exercise the Right to Terminate under
544 25.1, on or before the applicable deadline, based on an unsatisfactory title matter, in Buyers sole subjective
545 § PP Y fY Y 1
546 discretion.
547 8-5. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAYBE SUBJECT TO GENERAL
S,4jq OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON
550 THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE
552 PLACED AT RISK FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF SUCH DEBT
553 WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE
554 SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE
555 THE SPECIAL TAXING DISTRICTS W WHICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY
55
556 TREASURER, BY REVIEWING THE CERTIFICATE OF TAXES DUE FOR THE PROPERTY, AND BY
556 OBTAINING FURTHER INFORMATION FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY
555 CLERK AND RECORDER, OR THE COUNTY ASSESSOR.
560
561 Buyer has the Right to Terminate under § 25.1, on or before Off -Record Title Objection Deadline (§ 3),
562 based on any unsatisfactory effect of the Property being located within a special taxing district, in Buyers sole
563 subjective discretion.
564
565 8.6. Right of First Refusal or Contract Approval. If there is a right of first refusal on the Property or a
566 right to approve this Contract. Seller must promptly submit this Contract according to the terms and conditions of
567 such right. If the holder of the right of first refusal exercises such right or the holder of a fight to approve
566
she disapproves this Conbact, this Contract will terminale. If the right of first refusal is waived explicitly or expires, or
570 the Contract is approved, this Contract will remain in full force and effect. Seller must promptly nofify Buyer in
571 writing of the foregoing. If expiration or waiver of the right of first refusal or approval of this Contract has not
572
573 occurred on or before Right of First Refusal Deadline (§ 3), this Contract will then terminate.
574 8.7. Title Advisory. The Ttle Documents affect the Me, ownership and use of the Property and should
575 be reviewed carefully. Additionally, other matters not reflected in the Title Documents may affect the fitie,
576
577 ownership and use of the Property, including, without limiladon, boundary Ilnes and encroachments, set -back
578 requirements, area, zoning, building code violations, unrecorded easements and claims of easements, leases and
579 other unrecorded water on or under the Pro agreements,
580 g petty, and various laws and govemmenfal regulations
Set concerning land use, development and environmental matters. The surface estate may be owned separately
582 from the underlying mineral estate, and transfer of the surface estate does not necessarily include
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583 transfer of the mineral rights or water rights. Third parties may hold interests in oil, gas, other minerals,
564
585 geothermal energy or water on or under the Property, which interests may give them rights to anter and
586 use the Property. Such matters, and others, may be excluded from or not covered by the owners title insurance
587 policy. Buyer is advised to timely consult legal counsel with respect to all such matters as there are strict time
588 limits provided in this Contract e.g., Record Title Objection Deadline 3 and Off -Record Title Objection
569 p [ i § 1 1
590 Deadline (§ 3)j.
591
593 9. CURRENT SURVEY REVIEW.
594 9.1. Current Survey Conditions. If the box in § 9.1,1 or § 9.1.2 is checked, Buyer, the issuer of the Title
595 Commitment or the provider of the opinion of title if an Abstract of Tille, and
596
597 will receive Improvement Location Certificate, Improvement Surrey Plat
590 or other form of survey set forth in § 9.1.2 (collectively, Current Survey), on or before Current Survey Deadline (§
599 3). The Current Survey shall be certified by the surveyor to all those who are to receive the Current Survey.
600
601 ❑ 9.1.1. Improvement Location Certificate. If the box in this § 9.1.1 is checked, ❑Sellar ❑Buyar
602 will order or provide, and pay, on or before Closing, the cost of an Improvement Location Certificate.
60:
6D4 ® 9.1.2. other Survey. If the box in this § 9.1.2 is checked, a Current Survey, other than an
605 Condominium or
6606
07 Improvement Location Certificate, will be an ❑ Improvement Survey Plat or® Subdivision Plat . The
608 parties agree that payment of the cost of the Current Survey and obligation to order or provide the Current Survey
609 as follows: shall accompany the title commitment and shall be paid for by Seller
610 9.2. Current Survey Objection. Buyer has the right to review and object to the Current Survey. If the
611
612 Current Survey is not timely received by Buyer or is unsatisfactory to Buyer, in Buyers sole subjective discretion,
613 Buyer may, on or before Current Survey Objection Deadline (§ 3), notwithstanding § 8.3 or § 13:
6149.2.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or
515
916 92.2. Current Survey Objection. Deliver to Stiller a written description of any matter that was to be
617 shown or is shown in the Current Survey that is unsatisfactory and that Buyer requires Seller to correct.
610 9.3. Current Survey Resolution. If a Current Survey Objection is received by Seiler, on or before Current
620 Survey Objection Deadline (§ 3), and if Buyer and Seller have not agreed in writing to a settlement thereof on or
621 before Current Survey Resolution Deadline (§ 3), this Contract will terminate on the Current Survey
622 Resolution Deadline (§ 3), unless Seller receives Buyers written withdrawal of the Current Survey Objection
623
624 before such termination, i.e.. on or before expiration of Current Survey Resolution Deadline (§ 3).
625
626
627 DISCLOSURE, INSPECTION AND DUE DILIGENCE
62e
629 10. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, DUE DILIGENCE, BUYER
630
671 DISCLOSURE AND SOURCE OF WATER.
632 10,1. Seller's Property Disclosure. On or before Seller's Property Disclosure Deadline (§ 3), Seller
633 agrees to deliver to Buyer the most current version of the applicable Colorado Real Estate Commission's Sellers
634
635 Property Disclosure form completed by Seller to Seller's actual knowledge, current as of the date of this Contract.
635 10.2. Inspection Objection. Unless otherwise provided in this Contract, Buyer acknowledges that Seller
637 is conveying the Property to Buyer in an "as is" condition, 'where is" and "with all faults." Colorado law requires
636
639 that Seller disclosure to Buyer any latent defects actually known by Seller. Disclosure of latent defects must be in
640 writing. Buyer, acting in good faith, has the right to have inspections (by one or more third parties, personally or
641 both) of the Property and Inclusions (Inspection), at Buyers expense. If (1) the physical condition of the Property,
642
643 including, but not limited to, the roof, wails, structural integrity of the Property, the electrical, plumbing, HVAC and
644 other mechanical systems of the Property, (2) the physical condition of the Inclusions, (3) service to the Property
645 (including utilities and communication services), systems and components of the Property leg. heating and
646
647 plumbing), (4) any proposed or existing transportation project, road, street or highway, or (5) any other activity,
648 odor or noise (whether on or off the Property) and Its effect or expected effect on the Properly or Its occupants is
6y
6550 unsatisfactory. In Buyer's sole subjective discretion, Buyer may, on or before Inspection Objection Deadline (§
65; 3)
652 10.2.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or
653 1D.2.2. Inspection Objection. Deliver to Seller a written description of any unsatisfactory physical
654
655 condition that Buyer requires Seller to correct.
656 10.3. Inspection Resolution. tt an Inspection Objection is received by Seller, on or before Inspection
657 Objection Deadline (§ 3), and if Buyer and Seller have not agreed in writing to a settlement thereof on or before
658
659 inspection Resolution Deadline (§ 3), this Contract will temlinate on Inspection Resolution Deadline (§ 3)
660 unless Seller receives Buyers written withdrawal of the Inspection Objection before such termination. i.e., on or
561 before expiration of inspection Resolution Deadline (§ 3).
662
663 10.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided In this Contract or other
66q written agreement between theparties, is responsible for payment for all inspections, tests, surveys, engineering
665
66 5 reports, or other reports performed at Buyer's request (Work) and must pay for any damage that occurs to the
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667 Property and Inclusions as a result of such Work. Buyer must not permit claims or liens of any kind against the
663 Property for Work performed on the Properly. Buyer agrees to Indemnify, protect and hold Seller harmless from
6fi9 and against any liability, damage. cost or expense incurred by Seller and caused by any such Work, claim, or'
670
67I lien. This indemnity includes Seller's right to recover all costs and expenses incurred by Seller to defend against
672 any such liability, damage, cost or expense, or to enforce this section, including Seller's reasonable attorney fees,
673
674 legal fees and expenses. The provisions of this section survive the termination of this Contract. This § 10.4 does
675 not appy to items performed pursuant to an Inspection Resolution.
676 10.5. Insurability. Buyer has the right to review and object to the availability, terms and conditions of
677
670 and premium for property insurance (Property Insurance). Buyer has the Right to Terminate under § 25.1, on or
679 before Property Insurance Objection Deadline (§ 3), based on any unsatisfactory provision of the Property
600 Insurance, in Buyer's sole subjective discretion.
682
682 10.6. Due Diligence.
6e1 10.6.1. Due Diligence Documents. If the respective box is checked, Seller agrees to deliver
684 copies of the following documents and information pertaining to the Property (Due Diligence Documents) to Buyer
685 on or before Due Diligence Documents Delivery Deadllne(§ 3):
686
687 ® 10.6.1.1. All current leases, including any amendments or other occupancy agreements,
668 pertaining to the Property. Those leases or other occupancy agreements pertaining to the Property that survive
bas
690 Closing are as follows (Leases):
691
692 10.6.1.2. Other documents and information:
10
94 Any building permits, a copy of the Certificate of Occupancy, house plans, fandscaping plans, any
695 approvals from government entities, inspection reports and radon tests, utility history for the last
696 12 months, warranties and any and all documents that relate to the Property and are in Sellers
697
boa possession.
699
700 10.6.2. Due Diligence Documents Review and Objection. Buyer has the right to review and
702 object to Due Diligence Documents. If the Due Diligence Documents are not supplied to Buyer or are
703 unsatisfactory in Buyer's sole subjective discreton, Buyer may, on or before Duo Diligence Documents
700 Objection Deadline ( § 3):
705
706 10.6.2.1. Notice to Terminate. Notify Seller in writing that this Contract is terminated; or
707 10.622. Due Diligence Documents Objection. Deliver to Seller a written description of any
708 unsatisfactory Due Diligence Documents that Buyer requires Seller to correct.
X1010.6.3. Due Diligence Documents Resolution. If a Due Diligence Documents Objection is
711 received by Seiler, on or before Due Diligence Documents Objection Deadline ( § 3), and if Buyer and Seller
713 have not agreed in writing to a settlement thereof on or before Due Diligence Documents Resolution Deadline
714 ( § 3), this Contract will terminate on Due Diligence Documents Resolution Deadline ( § 3) unless Seller
715 receives Buyer's written withdrawal of the Due Diligence Documents Objection before such termination, i.e.. on or
116 before expiration of Due Diligence Documents Resolution Deadline ( § 3).
7l7
718 10.7. Conditional Upon Sale of Property. This Contract Is conditional upon the sale and closing of that
719 certain property owned by Buyer and commonly known as n/a . Buyer has
720 the Right to Terminate under § 25.1 effective upon Seller's receipt of Buyer's Notice to Terminale on or before
722
722 Conditional Sale Deadline (§ 3) if such property is not sold and closed by such deadline. This § 10.7 is for the
723 sole benefit of Buyer. If Seller does not receive Buyer's Notice to Terminale on or before Conditional Sale
725
725 Deadline (§ 3), Buyer waives any Right to Terminate under this provision.
726 In10.6. Source of Potable Water (Residential land and Residential Improvements Only). Buyer
727 ❑Does ODoas Not acknowledge receipt of a copy of Seller's Property Disclosure or Source of
720
729 Water Addendum disclosing the source of potable water for the Property. Buyer ❑Does ®Does Not
730 acknowledge receipt of a copy of the current well permit. ® There is No Well.
731 Noce to Buyer: SOME WATER PROVIDERS RELY, TO VARYING DEGREES, ON NONRENEWABLE GROUND
72
13S WATER. YOU MAY WISH TO CONTACT YOUR PROVIDER (OR INVESTIGATE THE DESCRIBED SOURCE) TO
734 DETERMINE THE LONG—TERM SUFFICIENCY OF THE PROVIDER'S WATER SUPPLIES.
735 10.9. Carbon Monoxide Alarms. Note: If the improvements on the Property have a fuel—fired
736
73) heater or appliance, a fireplace, or an attached garage and include one or more rooms lawfully used for sleeping
738 purposes (Bedroom), the parties acknowledge that Colorado law requires that Seller assure the Property has an
J39 operational carbon monoxide alarm installed within fifteen feet of the entrance to each Bedroom or in a location as
741 required by the applicable building code.
742 10.10, Lead --Based Paint. Unless exempt, if the improvements on the Property include one or
743 more residential dwellings for which a building permit was issued prior to January 1, 1978, this Contract is void
744
745 unless (1) a completed Lead—Based Paint Disclosure (Sales) form is signed by Seller, the required real estate
746 licensees and Buyer, and (2) Seller receives the completed and fully executed form prior to the time when this
747 Contract is signed by all partes. Buyer acknowledges timely receipt of a completed Lead—Based Paint
748
749 Disclosure (Sales) form signed by Seller and the real estate licensees.
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750 10-11. Methamphetamine Disclosure. If Seller knows that melhamphelamine was ever
751 manufactured. processed, cooked, disposed of, used or stored at the Property, Seller is required to disclose such
75c
753 o q
fact. Ndisclosure is required if the Property was remedialed in accordance with state standards and other
754 requirements are fulfilled pursuant to § 25-18.5-102, C.R.S. Buyer further acknowledges that Buyer has the
755 right to engage a certified hygienist or industrial hygienist to lest whether the Property has ever been used as a
756
757 methamphetamine laboratory. Buyer has the Right to Terminate under § 25.1, upon Seller's receipt of Buyers
758 written Notice to Terminate, notwithstanding any other provision of this Contract, based on Buyers test results
755 that indicate the Property has been contaminated with methamphetamine, but has not been remedialed to meet
261 the standards established by rules of the State Board of Health promulgated pursuant to § 25-18.5-102, C.R.S.
762 Buyer must promptly give written notice to Seller of the results of the test,
763
764
755 11. TENANT ESTOPPEL STATEMENTS. [Intentionally Deleted]
166
167 CLOSING PROVISIONS
768
769
270 12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING.
772 12.1. Closing Documents and Closing Information. Seller and Buyer will cooperate with the Closing
713 Company to enable the Closing Company to prepare and deliver documents required for Closing to Buyer and
774
775 Seller and their designees. II Buyer is obtaining a new loan to purchase the Property, Buyer acknowledges
776 Buyers lender is required to provide the Closing Company, in a timely manner, all required loan documents and
777 financial Information concerning Buyer's new loan. Buyer and Seller will furnish any additional information and
779
779 documents required by Closing Company that will be necessaryto complete this transaction. Buyer and Seiler will
790 sign and complete all customary or reasonably required documents at or before Closing. pr
781 12.2. Closing Instructions. Colorado Real Estate Commission's Closing Instructions (Are MAre Not
782
783 executed with this Contract.
784 12.3. Closing. Delivery of deed from Seller to Buyer will be at closing (Closing), Closing will be on the
785 date specified as the Closing Date (§ 3) or by mutual agreement at an earlier date. The hour and place of Closing
706
787 will be as designated by Land Title Guarantee Company
768 12.4. Disclosure of Settlement Costs. Buyer and Seller acknowledge that costs, quality, and extent of
las service vary between different settlement service providers (e.g., attorneys, lenders, inspectors and title
790
791 companies).
792
793
794 13- TRANSFER OF TITLE. Subject to tender of payment at Closing as required herein and compliance by
79s Buyer with the other terms and provisions hereof, Seller must execute and deliver a good and sufficient
796 general warranty deed to Buyer, at Closing, conveying the Property free and clear of all taxes except
7,6 the general taxes for the year of Closing. Except as provided herein, title will be conveyed free and clear of all
799 liens, including any governmental liens for special improvements installed as of the date of Buyer's signature
800 hereon, whether assessed cr not. Title will be conveyed subject lo:
007 13.1. Those specific Exceptions described by reference to recorded documents as reflected in the
8o3 Title Documents accepted by Buyer in accordance with Record Title (§8.2),
904 13.2_ Distribution utility easements (including cable TV),
805
806 13.3. Those specifically described rights of third parties not shown by the public records of which
807 Buyer has actual knowledge and which were accepted by Buyer in accordance with Off -Record Title
SOB
809 (§ 8.3) and Current Survey Review (§ 9),
610 13.4. Inclusion of the Property within any special taxing district, and
811 13.5. Other no other
812
8t3
914 14. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid will be paid at or before
a15
8 r 6 Closing from the proceeds of this transaction or from any other source.
617
818 15. CLOSING COSTS, CLOSING FEE, ASSOCIATION FEES AND TAXES.
019
820 15.1. Closing Costs. Buyer and Seller must pay, in Good Funds, their respective closing costs and
821 all other Items required to be paid at Closing, except as otherwise provided herein.
823 15.2. ClosingServices Fee. The fee for real estate closing services must be paid at Closing by
824 Cl Buyer , C3 Seller One -Half by Buyer and One -Half by Seller
825 )] Other
826
627 15.3. Status Letter and Record Change Fees. Any fees incident to the issuance of Association's
928 statement of assessments (Status Letter) must be paid by (Buyer ®Seller (One -Half by Buyer and
829
830 One -Half by Seller- (None. Any record change fee assessed by the Association including, but not limited to,
931 ownership record transfer fees regardless of name or tills of such fee (Association's Record Change Fee) must be
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832 paid by ❑ Buyer ® Seller ❑ One -Half by Buyer and One -Half by Seller ❑None.
633
634 15.4. Local Transfer Tax. ❑ The Local Transfer Tax of We % of the Purchase Price
��
835 must be paid at Closing by C1 Buyer El Seller ❑ One -Half by Buyer and One -Half by Seller. ONone.
637 15.5. Private Transfer Fee. Private transfer fees and other fees due to a transfer of the Property,
838 payable at Closing, such as community association fees, developer fees and foundation fees, must be paid at
839 Closing by ❑Buyer ❑Seller ❑One -Half by Buyer and One -Half by Seller More. The Private Transfer fee,
Dao
as 1 whether one or more. Is for the following associadon(s): We in the total
542 amount of _% of the Purchase Price or $ n/a
843
Baa 15.6. Water Transfer Fees. The Water Transfer Fees can change. The fees, as of the date of this
845 Contract, de not exceed $ n/a for.
846 ❑ Water StocklCertincatess Water District
947
a4e ❑ Augmentation Membership ❑ Small Domestic Water Company ❑ n/a and must be pald
849 at Closing by ❑ Buyer ❑ Seller ❑ One -Haff by Buyer and One -Half by Seller7N.ne.
850
651 15.7. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction
853 must be paid when clue by El Buyer 11 Seller El One -Half by Buyer and One -Halt by Seller ®None.
853
854
855 16. PROBATIONS. The following will be prorated to the Closing Date (§3), except as otherwise provided:
856 16.1. Taxes. Personal property taxes, if any, special taxing district assessments. If any, and general
657 real estate taxes for the year of Closing, based on
05a Y 9. ®Taxes for the Calendar Year Immediately Preceding
859 Closing ❑ Most Recent Mill Levy and Most Recent Assessed Valuation, adjusted by any applicable
Seo qualifying seniors property tax exemption, qualifying disabled veteran exemption or ❑ Other
861
862
663 16.2. Rents. Rents based on ❑ Rents Actually Received ❑Accrued. At Closing, Seller will
064
865 transfer or credit to Buyer the security deposits for all Leases assigned, or any remainder after lawful deductlons,
666 and notify all tenants in writing of such transfer and of the transferee's name and address. Seller must assign to
667 Buyer all Leases in effect at Closing and Buyer must assume Seller's obligations under such Leases.
368 16.3. Association Assessments. Current regular Association assessments and dues Association
869 9
670 Assessments) paid in advance will be credited to Seller at Closing. Cash reserves held out of the regular
871 Association Assessments for deferred maintenance by the Association will not be credited to Seller except as
872
B73 may be otherwise provided by the Governing Documents. Buyer acknowledges that Buyer may be obligated to pay
974 the Association, at Closing, an amount for reserves or working capital. An special assessment assessed prior to
875 Closing Date (§ 3) by the Association will be the obligation of ❑Buyer 2SISaller. Except however, any special
877 assessment by the Association for improvements that have been installed as of the date of Buyer's. signature
828 hereon, whether assessed prior to or after Closing, will be the obligation of Seller. Seller represents that the
825 Association Assessments are currently payable at approximately $ 275.97 per month and that there
180
est are no unpaid regular or special assessments against the Properly except the current regular assessments and
082 no other. Such assessments are subject to change as provided in the Governing Documents. Seller agrees to
eaa
884 promptly request the Assoclatfon to deliver to Buyer before Closing Date (§3) a current Status Letter.
Bas 16.4. Other Prorallens. Water and sewer charges, propane, interest on continuing loan, and no
086 other.
697 16.5. Final Settlement. Unless otherwise agreed in writing, these prorations are final.
886
869
090 17. POSSESSION. Possession of the Property will be delivered to Buyer on Possession Date (§ 3) at
09' Possession Time (§ 3), subject to the Leases as set forth in § 10.6.1.1.
892
693 The lease currently in place shalt be assigned to Buyer at Closing and any current months
894 rent, last month's rent and/or security deposits held by Seller shall be assigned to Buyer at
895 Closing, On or before the Off Record Matters Objection Deadline, Seller shall provide a Tenant
696
892 Estoppel Certificate signed by Seller and Tenant to Buyer for Buyer's review and approval. On
898 or before seven (7) calendar days prior to Closing, Seller shall provide a Lease Assignment for
899
900 Buyer's review and approval.
901 If Seller, atter Closing, fails to deliver possession as specified, Seller will be subject to eviction and will
902 be additionally liable to Buyer for payment of S 500.00 per day (or any part of a day notwithstanding §
903
90a 16.1) from Possession Date (§ 3) and Possession Time (§ 3) until possession is delivered.
905 Buyer represents that Buyer will occupy the Property as Buyer's principal residence unless the following
906 box is checked, then Buyer ®Does Not represent that Buyer will occupy the Property as Buyer's principal
907
sos residence.
9D9
110 Note: If the parties agree to execute a Post -Closing Occupancy Agreement, the document should appear in
911
912 Attachments (§ 31).
913
919
915 GENERAL PROVISIONS
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916
912 18. DAY; COMPUTATION OF PERIOD OF DAYS, DEADLINE.
918
919 18.1. Day. As used in this Contract, the term "day' means the entire day ending at 11:59 p m., United
920 States Mountain Time (Standard or Daylight Savings as applicable).
921
922 18.2. Computation of Period of Days, Deadline. In computing a period of days, when the ending date
923
is not specified, the first day is excluded and the last day is included, (e.g., three days after MEC). If any deadline
924 falls on a Saturday, Sunday or federal or Colorado slate holiday (Holiday), such deadline ® Will ❑ Will Not be
926 extended to the next day that is not a Saturday, Sunday or Holiday. Should neither box be checked, the deadline
922 will not be extended.
926
929
930 19. CAUSES OF LOSS, INSURANCE; DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION;
931 AND WALK—THROUGH. Except as otherwise provided in this Contract, the Property, Inclusions or both will be
93z dellvered in the condition existing as of the dale of this Contract, ordinary wear and tear excepted.
934 19.1, Causes of Loss, Insurance. In the event the Property or Inclusions are damaged by fire, other
935 perils or causes of loss prior to Closing in an amount of not more than ten percent of the total Purchase Price
936 (Property Damage). Seller is obligated to repair the same before Closing Date (§ 3). Buyer has the Right to
932 Terminale under 25.1, on or before Closing Data 3 If the Property Damage is not repaired before Closing
938 § 9 (§ )• P rtY 9 P 9
939 Date (§ 3) or if the damage exceeds such sum. Should Buyer elect to carry out this Contract despite such
940 Property Damage, Buyer is entified to a credit at Closing for all insurance proceeds that were received by Seller
941
42 (but not the Association, if any) resulting from such damage to the Property and Inclusions, plus the amount of
993 any deductible provided for in such insurance policy. Such credit must not exceed the Purchase Price. In the
944 event Seller has not received such insurance proceeds prior to Closing, the parties may agree to extend the
995 Closing Date 3 or, at the option of Buyer, Seller must assign such proceeds at Closing, 996 g (§ ) p y g p g, plus credit Buyer the
942 amount of any deductible p..rovided for in such insurance policy, but not to exceed the total Purchase Price,
948 19.2. Damage, Inclusions and Services. Should any Inclusion or service (including utilities and
949 communication services system, component or fixture of the Property collective) Service e. healing or
949 )• Y P P rtY ( Y )• 9, 9
951 plumbing, fall or be damaged between the date of this Contract and Closing or possession, whichever is earlier,
952 then Seller is liable for the repair or replacement of such Inclusion or Service with a unit of similar size, age and
953
954 quality. or an equivalent credit, but only to the extent that the maintenance or replacement of such Inclusion or
955 Service Is not the responsibility of the Association, If any, less any insurance proceeds received by Buyer covering
956 such repair or replacement If the failed or damaged Inclusion or Service Is not repaired or replaced on or before
957
956 Closing or possession, whichever is earlier, Buyer has the Right to Terminate under § 25.1, on or before Closing
959 Date ( § 3), or, at the option of Buyer, Buyer is entitled to a credit at Closing for the repair or replacement of such
960 Inclusion or Service. Such credit must not exceed the Purchase Price. If Buyer receives such a credit, Seller's
962 right for any claim against the Association, If any, will survive Closing. Seller and Buyer are aware of the existence
963 of pre—owned home warranty programs that may be purchased and may cover the repair or replacement of such
964 Inclusions.
65
9 19.3. Condemnation. in the event Seller receives actual notice prior to Closing that a pending
965 P 9
967 condemnation action may result in a taking of all or part of the Property or Inclusions, Seller must promptly notify
968 Buyer, in writing, of such Condemnation action. Buyer has the Right to Terminate under § 25.1, on or before
969 Closing Data 3 based on such condemnation action, in Buyer's sole subjective discretion. Should Buyer elect
920 9 (§ ). Y 1 Y
971 to consummate this Contract despite such diminution of value to the Property and Inclusions, Buyer Is entitled to
922 a credit at Closing for all Condemnation proceeds awarded to Seller for the diminution in the value of the Property
923
974 or Inclusions but such credit will not include relocation benefits orexpenses. or exceed the Purchase Price.
925 19.4. Walk—Through and Verification of Condition. Buyer, upon reasonable notice, has the right to
926 walk through the Properly prior to Closing to verify that the physical condition of the Property and Inclusions
977
92763 P com Iles with this Contract.
929
990 20. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller
981
882 acknowledge that the respective broker has advised that this Contract has important legal consequences and has
983 recommended the examination of title and consultation with legal and tax or other counsel before signing this
964 Contract.
965
966
967 21. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any note or check
988 received as Eamest Money hereunder or any other payment due hereunder is not paid, honored or tendered when
969
990 due, or if any obligation hereunder is not performed or waived as herein provided, the nondefaulting party has the
991 following remedies:
992 21.1. If Buyer is in Deraull:
994
993 El 21.1,1. Specific Performance. Seller may elect to treat this Contract as canceled, in which
995 case all Earnest Money (whether or not paid by Buyer) willl be paid to Seller and retained by Seller; and Seller
996 may recover such damages as may be proper, or Seller may elect to treat this Contract as being in full force and
99]
998 effect and Seller has the right to specific performance or damages, or both.
999 21.1.2. Liquidated Damages, Applicable. This § 21.1.2 applies unless the box in § 21,1.1.
CBSI-8-13. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 12 of 16
Buyer(s) Initials /-2� Seller(s) Initials
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1000 is checked. All Earnest Money (whether or not paid by Buyer) will be paid to Seller, and retained by Seller. Both
loci
1002 Parties will thereafter be released from all obligations hereunder. It is agreed that the Earnest Money specified in §
1003 4.1 is LIQUIDATED DAMAGES, and not a penalty, which amount the parties agree is fair and reasonable and
1001 (except as provided In §§ 10.4, 22, 23 and 24), said payment of Earnest Money Is SELLER'S ONLY REMEDY for
was
1006 Buyers failure to perform the obligations of this Contract. Seller expressly waives the remedies of specific
1007 performance and additional damages.
leas 212. If Seller Is In Default: Buyer may elect to treat this Contract as canceled, in which case all
209 Earnest Mone received hereunder will) be returned and Buyer may recover such damages as may be proper. or
Iol9 Y Y Y 9 Y P P
loll Buyer may elect to treat this Contract as being in full force and effect and Buyer has the right to specific
1012 performance or damages, or both.
1013 P g
1014
1o15 22, LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding• in the event of
1016 any arbitration m litigation relating to this Contract, prior to or after Closing Date (§ 3), the arbitrator or court must
017
rola award to the prevailing parry all reasonable costs and expenses, including attorney fees, legal fees and expenses.
1019
1020 23. MEDIATION. If a dispute arises relating to this Contract, prior to or after Closing, and is not resolved, the
1021
1022 parties must first proceed in good faith to submit the matter to mediation. Mediation Is a process in which the
1023 parties meet with an impartial person who helps to resolve the dispute informally and confidentially. Mediators
1024102 , cannot impose binding decisions. The parties to the dispute must agree, in writing, before any settlement is
lois binding. The parties will jointly appoint an acceptable mediator and will share equally In the cost of such
1027 mediation. The mediation, unless otherwise agreed, will terminate in the event the entire dispute is not resolved
1020 within thirty days of the date written notice requesting mediation is delivered by one parry to the other at the
1039
1030 Party's last known address. This section will not alter any dale in this Contract, unless otherwise agreed.
1031
1032 24. EARNEST MONEY DISPUTE. Except as otherwise provided herein. Earnest Money Holder must release
10
ie,a the Earnest Money following receipt of written mutual instructions, signed by both Buyer and Seller. In the event of
1035 any controversy regarding the Earnest Money, Earnest Money Holder is not required to release the Earnest
1036 Money. Earnest Money Holder, in its sole subjective discretion, has several opfions: (1) wait for any proceeding
1037 between Buyer and Seller; 2 interplead all parties and deposit Earnest Mone Into a court of competent
1037 Y O P Pa P Y P
1039 jurisdiction. (Earnest Money Holder is entitled to recover court costs and reasonable attorney and legal fees
1040 incurred with such action); or (3) provide notice to Buyer and Seller that unless Earnest Money Holder receives a
1041 co of the Summons and Complaint or Clalm between Buyer and Seller containing the case number of the
1041 PY P ( Y ) 9
1043 lawsuit (Lawsuit) within one hundred twenty days of Earnest Money Holders notice to the parties, Earnest Money
104410 Halder is authorized to return the Earnest Money to Buyer. In the event Earnest Money Holder does receive a copy
1046 of the Lawsuit, and has not interpled the monies at the time of any Order, Earnest Money Holder must disburse
1047 the Earnest Money pursuant to the Order or the Court. The parties reaffirm the obligation of Mediation (§ 23). This
1048 Section will survive cancellation or termination of this Contract.
1049
1050
lost 25. TERMINATION.
1052 25.1. Right to Terminate. If a parry has a right to terminate, as provided in this Contract (Rgh(to
1053
105, Terminate), the lamination is effective upon the other partys receipt of a written notice to terminate (Notice to
1055 Terminate), provided such whiten notice was received on or before the applicable deadline specified in this
1056 Contract. If the Notice to Terminate is not received on or before the specified deadline. the pant with the Right to
257
1057 Terminate accepts the specified matter, document or condition as satisfactory and waives the Right to Terminate
1059 under such prevision.
1060 25.2. Effect of Termination. In the event this Contract is terminated, all Earnest Money received
1061
1062 hereunder will be returned and the parties are relieved of all obligations hereunder, subject to §§ 10.4. 22. 23 and
1061 24.
1064
1065 26. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL. This Contract, its exhibits and s ecified addenda,
1065 P
1067 consUtute the entire agreement between the parties relating to the subject hereof, and any prior agreements
1067 pertaining thereto, whether oral or written, have been merged and integrated Into this Contract. No subsequent
1069
1070 modification of any of the terms of this Contract is valid, binding upon the parties, or enforceable unless made in
1071 writing and signed by the parties. Any right or obligation in this Contract that, by its terms, exists or is intended to
1072 be performed atter termination or Closing survives the same.
1073
1074
1075 27. NOTICE, DELIVERY, AND CHOICE OF LAW.
1076 27.1. Physical Delivery. All notices must be in writing, except.as provided in § 27.2. Any document,
077
1078 Including a signed document or notice, from or on behalf of Seller, and delivered to Buyer is effective when
1079 physically received by Buyer, any signatory on behalf of Buyer, any named individual of Buyer, any representative
1080 of Buyer, or Brokerage Firm of Broker working with Buyer (except for delivery, after Closing, of the notice
LOBI requesting mediation described in 23 and except as provided in 27.2 An document, including a signed
1082 9 9 § P P § ) Y 9 9
1073 document or notice, from or on behalf of Buyer, and delivered to Seller is effective when physically received by
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1084 Seller, any signatory on behalf of Seller, any named individual of Seller, any representative of Seller, a Brokerage
1005 Finn of Broker working with Seller (except for delivery, _ 006 9 ( P after Closing, of the notice requesting mediation described
1087 in § 23 and except as provided in § 27.2).
1088 27,2. Electronic Delivery. As an alternative to physical delivery, any document, including a signed
1089
logo document or written notice, may be delivered in electronic farm only by the following indicated methods:
109t ❑ Facsimile ® E-mail ® Internet. If no box is checked, this § 27.2 is not applicable and § 27.1 governs
1092
1093 notice and delivery. Documents with original signatures will be provided upon request of any party.
1094 27.3. Choice of Law. This Contract and all disputes arising hereunder are governed by and construed in
1095 accordance with the laws of the State of Colorado that would be applicable to Colorado residents who sign a
1096
097 contract in Colorado for property located in Colorado.
1
1094
1099 28. NOTICE OF ACCEPTANCE, COUNTERPARTS. This proposal will expire unless accepted in writing, by
1100 Buyer and Seller, as evidenced by their signatures below, and the offering party receives notice of such
1101
1102 acceptance pursuant to § 27 on or before Acceptance Deadline Date (§ 3) and Acceptance Deadline Time (§
1103 3). If accepted, this document will become a contract between Seller and Buyer. A copy of this Contract may be
11 o4 executed by each party, separately, and when each party has executed a copy thereof, such copies taken
os
1106 together are deemed to be a full and complete contract between the parties.
1107
1100 29. GOOD FAITH. Buyer and Seller acknowledge that each party has an obligation to act in good faith
09
1110 including, but not limited to, exercising the rights and obligations set forth in the provisions of Financing
1111 Conditions and Obligations (§ 5), Title Insurance, Record Title and Off—Record Title (§ 8), Current
1112 Survey Review (§ 9) and Property Disclosure, Inspection, Indemnity, Insurability, Due Diligence, Buyer
1113
t I la Disclosure and Source of Water (§ 10).
1115
1116 ADDITIONAL PROVISIONS AND ATTACHMENTS
1117
1118
1119 30. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado
1 120
1121 Real Estate Commission.)
1122 Board of County Commissioner Approval. Notwithstanding the signature hereto by the County
11123
123Manager, the obligation of Buyer to perform hereunder is expressly conditioned upon the adoption
111e by Buyer of a Pitkin County Board of County Commissioners' ordinance ("BOCC Approval")
1126 authorizing Buyer's purchase of the Property pursuant to this Contract. in the event such
1127 ordinance Is not duly adopted by Buyer on or before February 25, 2015 or any extension thereof
u
1129 28 as the parties may, in writing, agree, etcher Seiler or Buyer may, upon written notice to the other,
1130 terminate this Contract. In the event such ordinance is timely adopted, Buyer shall formally ratify
1131 this Contract by the signature of the Chairman or designee of the Pitkin County Board of County
32
1133 Commissioners.
1134 31. ATTACHMENTS.
1135 31.1. The following attachments are a part of this Contract:
1136
1137 Addendum A to Contract to Buy and Sell Real Estate
1138
1135
1 1 40 31.2. The following disclosure forms are attached but are not a part of this Contract:
1141 None
1142
1143
1144 SIGNATURES
1145
1146 _
1116 —�-1 Date:
049 Buyer: Boa�of County Commissioners of Pitkin County
±1511
u 51 By: Jon Peacock, County Manager
use Address:
1153 phone: Fax:
1154
1155 Electronic Address:
1156
1157
]156
1159
t lfi0 [NOTE: If this offer Is being countered or rejected, do not sign this document Refer to §321
1161
1162
1163 '7 f�'_*---li— Date:
1164
1 r ss seller: Mallory i Howell
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Buyer(s) Initials S`-_frr
Reaidemial Page 14 of 16
Seller(s) Initials
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1156 Address:1230 Snowbunny Lane Aspen CO 81611
116_1
1168 Phone: Fax:
1169 Electronic Address:
1170
1L71
1
172 32. COUNTER; REJECTION. This offer is ❑ Countered ❑ Re ected.
173 J
i174 Initials only of party (Buyer or Seller) who countered or rejected offer
1175
1176
!177
117E Mallory I Howell
1179
neo END OF CONTRACT TO BUY AND SELL REAL ESTATE
1181
33. BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE
(To be completed by Broker working with Buyer)
Broker ❑ Does ® Does Not acknowledge receipt of Earnest Money deposit and, while not a party to the
Contract, agrees to cooperate upon request with any mediation concluded under § 23. Broker agrees that if
Brokerage Firm is the Earnest Money Holder and, except as provided in § 24, if the Earnest Money has not
already been refilmed following receipt of a Notice to Terminate or other written notice of termination, Earnest
Money Holder will release the Earnest Money as directed by the written mutual instructions. Such release of
Earnest Money will be made within five days of Earnest Money Holder's receipt of the executed written mutual
Instructions, provided the Earnest Money check has cleared.
Broker is working with Buyer as a ® Buyer's Agent ❑ Seller's Agent ❑ Transaction -Broker in this
transaction. ❑ This is a Change o1 Status. '
Brokerage Firm's compensation or commission is to be paid by is Listing Brokerage Firm
❑ Buyer ❑ Other.
Brokerage Finn's Name: Aspen Snowmass Sotheby's International Really
Dale: 111612015
Broker's Name: Sally Shiekman-Miller
Address: 415 East Hyman Avenue Aspen, CO 81611
Ph: 970.925-6060 Fax: 970-920-9993 Email: sally@sallyshiekman.com
34. BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE.
(To be completed by Broker working with Seller)
Broker ❑ Does ® Does Not acknowledge receipt of Earnest Money deposit and, while not a party to the
Contract, agrees to cooperate upon request with any mediation concluded under § 23. Broker agrees that if
Brokerage Firm is the Earnest Money Holder and, except as provided in § 24, if the Earnest Money has not
already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest
Money Halder will release the Earnest Money as directed by the written mutual instructions. Such release of
Earnest Money will be made within five days of Eamest Money Holders receipt of the executed written mutual
instructions, provided the Earnest Money check has cleared.
Broker Is working with the Seller as a ® Seller's Agent Cl Buyers Agent ❑ Transaction -Broker in this
transaction. ❑ This is a Change of Status.
Brokerage Firm's compensation or commission is to be paid by ® Seller ❑ Buyer ❑ Other .
Brokerage )m)'s'f ;,y ?yberf J. Snyder Realty Services Inc. l
Brokers Namt?:,RObert J Snyder
CBSI-8-13. CONTRACT TO BUY AND SELL REAL. ESTATE - Residential Page 15 of 16
Buyer(s) initials C Seller(s) Initials
LTMcConaacU.com -®2014 CTM Sohwam Cap.
Address: 303E Aspen Business Center Aspen, CO 81611
Ph: Fax: Email: risrsinc@comcast.net
CBS1-8-13. CONTRACT TO BUY AND!
CTM eContracm - ®2015 CTM Software Corp.
CBSI-8-13. CONTRACT TO BUY AND SELL REAL ESTATE- Residential Page 16 of 16 ^ - --
Buyer(s) Initials Seller(s) Initials
cTmcconusa.,.eon,-C201a CTM son.-, Corp.
Aspen Aspen Snowmass Sotheby's International Realty
Snow ass Sothebys Sally Shiekman-Miller
Ph: 970-925-6060 Fax: 970-920-9993
ADDENDUM"A"
TO CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL)
RE: Contract dated 01/22/2015 , between Mallory I Howell ,as Seller
Board of County Commissioners of Pitkin County ,as Buyer, relating to the sale and
purchase of the Property known as:
417 Pacific Avenue Unit A Aspen CO 61611 . This
Addendum ('Addendum") is hereby made a part of this Contract. In the event of a conflict between this
Addendum and the Contract, this Addendum prevails.
1. § 2.1. BUYER- Buyer may designate or redesignate the form of tenancy in the Closing Instructions. Failure
to designate will not constitute a default and authorizes the Closing Company to utilize the selection in § 2.1, or
if none is selected, to indicate Tenants In Common in equal proportions.
2. § 2.5. INCLUSIONS. The deed to be delivered at Closing will be deemed to assign to Buyer all assignable
warranties regarding the Property or Inclusions.
3. § 4.3. EARNEST MONEY. Earnest Money Holder is hereby authorized and instructed to place the Earnest
Money into an interest-bearing account at a federally insured bank or financial institution. If the purchase and
sale contemplated by this Contract closes, then all interest will be for the benefit of Buyer. If Buyer becomes
entitled to a return of the Earnest Money under the provisions of this Contract, then all interest will belong and
be paid to Buyer concurrently with the return of the Earnest Money. If Seller becomes entdled to retain the
Earnest Money under the provisions of this Contract, then all interest will belong and be paid to Seller
concurrently with the delivery of the Earnest Money.
4. § 6.1. LENDER PROPERTY REQUIREMENTS. § 6.1 of the Contract is hereby deleted.
5. § 7.3. ASSOCIATION DOCUMENTS TO BUYER. If the box in § 7.3.2 is checked, Seller remains obligated
to cause the Association Documents to be delivered to Buyer on or before the Association Documents
Deadline.
6. § 8.3. OFF -RECORD TITLE, The documents to be delivered by Seller to Buyer on or before the Off -Record
Title Deadline pursuant to § 8.3 include copies of any improvement location certificate(s) in Seller's
possession pertaining to the Property.
7. § 8.6. RIGHT OF FIRST REFUSAL OR CONTRACT APPROVAL If the provisions of § 8.6 are applicable
because of the existence of a right of first refusal on the Property or a right to approve this Contract. Buyer will
have the right to extend the Right of First Refusal Deadline by five (5) calendar days in order to obtain
expiration or waiver of the right of first refusal or approval of this Contract. To exercise such right, Buyer must
deliver written notice of such extension on or before the Right of First Refusal Deadline, as initially
established. If Seller does not receive Buyer's notice of extension by such dale, the Right of Flnst Refusal
Deadline will not be extended.
6. 10.6. DUE DILIGENCE — DOCUMENTS. The Due Diligence Documents contemplated by § 10.6.1.2, if this
Addendum is attached to a Contract to Buy and Sell Real Estate on form CBSt-8-13, or by § 10.6.1.14 if this
Addendum is attached to a Contract to Buy and Sell Real Estate on form CBS2.8-13, CBS3-8-13 or CBS48-13,
which are to be delivered by Seller to Buyer on or before the Due Diligence Documents Delivery Deadline,
include copies of any of the following, to the extent the following exist and are in Sellers possession: utility bills
relating to the Property for the Iasi 12 months; any architectural drawings, bluepnnm or other plans or
specifications .regarding any improvements on or to the Property (including but not limited to any as -built
construction plans therefor); any warranties, manuals, instructional brochures or similar materials relating to the
Property or Inclusions, or their use, operation or maintenance; and, if a well exists on the Property, a CREC-
approved Listing Firm's Well Checklist completed by Seller, and current as of the date of the Contract. If this
Contract is attached to a Contract to Buy and Sell Real Estate on form CBSI-8-13, the Due Diligence
Documents to be delivered by Seller also Include copies of the following, to the extent the following exist and
Addendum "A" to Contract to Buy and Sell Real Estate (CBS I-8-13, CBS2-8-13, CBS3-8-13 or CBS4-8-13). This addendum has not
been approved by the Colorado Real Estate Commission (CREC). It was prepared and 02014 by Frascona, Joiner, Goodman and
Greenstein, P.C. (303-494-3000) legal counsel, for the exclusive use of Aspen Snowmass Sodteby. All rights reserved. Page I of
CTMeConuecu.<om - 02014 CTM Soawam Corp.
are in Sellers possession: any property tax statements relating to the Property for the last 2 years; any
certificate(s) of occupancy or other govemmental approvai(s) regarding any improvements on or to the Property;
and any inspection, engineering, environmental (including but not limited to radon or mold), sell, drainage.
percolation or similar reports. studies or test results relating to the Property.
9. § 10. PROPERTY DISCLOSURE INSPECTION INDEMNITY INSURABILITY DUE DILIGENCE BUYER
DISCLOSURE AND SOURCE OF WATER. Buyers right to object and/or terminate under § 10.2 and/or §
10.6.2 is not limited to Buyers satisfaction with the physical condition of the Property and Inclusions or the Due
Diligence Documents, or any other matters specified in clauses (1) through (5) of § 10,2; rather, Buyers right to
object and/or lerminate under each of §§ 10.2 and 10.6.2 includes Buyer investigating, reviewing and becoming
satisfied with ANY feature of or matter relating to the Property, the Inclusions or the Due Diligence Documents
and ANY other factor deemed by Buyer to be relevant to Buyers acquisition of the Property and Inclusions.
including, without limitation, the actual lot size, location and square footage of improvements, building, zoning
and allowed use regulations, well (fiow rate, capacity, depth, recovery rate, suitability for Buyers needs, exempt
status such as household, domestic. etc.. water quality, potability, location 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, percolation, etc.), environmental (such as presence on the Property of mold,
radon gas, asbestos, petroleum products, methamphetamine and/or byproducts from the production of
methamphetamine — and the Buyer's right to object and terminate under this Contract provision applies, inter
a/ia, even if methamphetamine contamination has been remediated to meet the standards established by rules
of the State Board of Health promulgated pursuant to § 25-18.5102, C.R.S. — or other hazardous substances or
materials) or soils matters, the presence or absence on or about the Property of radiant heating systems (e.g.
Entran II), electromagnetic fields (proximity to power lines), termites or other infestations, exterior insulation and
finish systems (e.g. artificial stucco), polybutylene plumbing materials, roofing materials (e.g. Woodrof
shingles), proximity to a flood plain or hazardous waste site, the presence and location on the Property of
carbon monoxide alarms, the availability and quality of schools. the Impact of air traffic, the dues, fees, taxes or
similar charges that are or may be assessed or levied by any applicable association or taxing authority, crime
statistics (such as `Megan's LaW which provides that information concerning the location of known sex
offenders be available from local law enforcement), and other similar matters. The phrase, -in Buyers sole
subjective discretion' is hereby amended in each place it exists in §§ 10.2, 10.5 and 10.6 to instead read. 'in
Buyer's subjective and absolute sole discretion,- and such amended standard (Buyers subjective and absolute
sole discretion) will apply not only with respect to the physical condition of the Property and Inclusions or the
Due Diligence Documents, or other matters specified in clauses (1) through (5) of § 10.2, but also, as indicated
above, with respect to ANY feature of or matter relating to the Property, the Inclusions or the Due Diligence
Documents and ANY other factor deemed by Buyer to be relevant to Buyer's acquisition of the Property and
Inclusions. Seller must promptly disclose, as they occur, any changes in the condition of the Property or
Inclusions, or changes relating to the Property, Inclusions, Due Diligence Documents or other items listed or
described above of which Seller has actual knowledge.
10.§ 10. CARBON MONOXIDE ALARMS. If the Property is in Aspen or elsewhere within Pitkin County, the
following applies and supplements (i) the Note in § 10.9 of the Contract, if this Addendum is attached to a
Contract to Buy and Sell Real Estate on form CBS1-8-13 or form CB82-6-13, or (i i) If the Contract includes the
CREC-approved Residential Addendum on form RA33.10.12, the Note in § 2.6 of such Residential Addendum:
Both the Pitkin County Code and Aspen Municipal Code include provisions which, among other things, impose
a responsibility on the owner of a "residential occupancy' to install and maintain required carbon monoxide
detectors in accordance with the requirements of the applicable Code, and the requirements of the Pilkin
County Code or Aspen Municipal Code, as applicable, should be considered in conjunction with the state law
described in the above -referenced Note.
11. § 17. POSSESSION. If the Possess Ion Date is other than the Closing Date, each party will be responsible
to insure their respective real and personal property interests and to enter into a lease, or Post Closing
Occupancy Agreement, with the other party for the period between the Possession Date and Closing Date.
12.§ 19. CAUSES OF LOSS, INSURANCE' DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION:
AND WALK-THROUGH. Seller will maintain any yard and Iandscaping on the Property and deliver the same in
the condition existing on the date of this Contract. If a dwelling or other structure exists on the Property, Seller
will deliver the Property in 'Maid Clean' condition. "Maid Clean' is defined as! all carpets professionally cleaned;
all appliances professionally cleaned; all floors mopped and/or vacuumed; all bathroom fixtures, tubs and
showers professionally cleaned; all windows professionally cleaned; and all trash and personal property
removed (except Inclusions to be transferred with the Property). Buyers rights under § 19.4 include, without
limitation, the right to inspect the Property and Inclusions to insure Sellers compliance with this provision.
Addendum "A" to Contract to Buy and Sell Real Estate (CBS I-8-13, CBS2-8-13, CBS3-8-13 or CBS4-8-13). This addendum has not
been approved by the Colorado Rea) Estate Commission (CREC). It was prepared and 02014 by Frascona, Joiner, Goodman and
Greenstein, P.C. (303-494-3000) legal counsel, for the exclusive use of Aspen Snowlnass Sotheby. All rights reserved. Page 2 of 4
CIM,, or.as.com-®'_014 CTM S.11—Corp.
13.§ 21. TIME OF ESSENCE, DEFAULT AND REMEDIES.. If (a) performance Is delayed by Buyer's lender, (b)
the required ban documents concerning this transaction are not received by the Closing Date. or (c) the
passage of documents by courier is not complete by the Closing Dale, the applicable dates for (check all that
apply) ❑ Loan Objection Deadline, ❑ Loan Transfer Approval Deadline, ❑ Appraisal Objection Deadline. ❑
Closing Date, and ❑ Possession Date will automatically be extended once for a period of two (2) business
days.
14. MEASUREMENTS.. Neither Seller nor Broker working with Seller, Brokerage Firm of Broker working with
Seller, or other representative warrants the square footage, area or size of the land being purchased hereunder
or any improvements thereon. Any statements, representations, claims, drawings or estimates made or
provided by Seller or Broker working with Seller, Brokerage Finn of Broker wonting with Seller, or other
representative referencing the square footage, area or size of the land or any improvements thereon, whether in
a marketing brochure, MLS ad or otherwise, are not being and will not be relied upon by Buyer: and Buyer
agrees and represents that if the square footage, size or area of the land or any improvements thereon is a
matter of concern to Buyer, then Buyer will satisfy itself in that regard through, and rely solely upon, its own
investigations and measurements made prior to expiration of the Inspection Objection Deadline.
15.1031 EXCHANGE Each party must cooperate to effectuate an I.R.C. § 1031 tax deferred exchange
undertaken by the other party that Involves the Property, Including consenting to and acknowledging
assignments of this Contract to a Qualified Intermediary, so long as such cooperation is not to the detriment of
the cooperating parry.
16. FEDERAL AND COLORADO WITHHOLDING. Buyer and Seller must comply with the requirements of the
Foreign Investment in Real Property Tax Act (FIRPTA) and the Withholding on Transfers of Colorado Real
Property law, which may entail withholding of a percentage of the sales price on nonexempt transactions,
A check or X In any of the boxes numbered 17 through 21 below means that the particular paragraph
Is applicable and Is a part of the Contract. Any paragraph below that is not so marked is not a part of
the Contract.
17.13 SELECTION OF TITLE INSURANCE COMPANY AND PAYMENT OF PREMIUMS FOR OWNER
TITLE INSURANCE. Buyer hereby selects (check one box and complete as nee fedl Earnest Money
Holder , as the title insurance company who will issue the Title
Commitment and owners liffe insurance policy and conduct the Closing, at the hour and place designated by
such title Insurance company, Seller, not Buyer, will pay the expense for such Title Commitment and owners
title insurance policy.
18. ❑ ADDITIONAL EARNEST MONEY. Buyer must deposit the sum of $ with Earnest Money
Holder on or before the first business day following the (check one box]
❑ Loan Objection Deadline ❑ Inspection Resolution Deadline, as Earnest Money in addition to the
amount of Earnest Money specified in the § 4.1 chart. The amount of "Cash at Closing" specified in said § 4.1
chart will be reduced by the amount of additional Earnest Money so paid.
19. ❑ LOAN OBJECTION. The New Loan will (a) be in the amount specified in the § 4.1 chah, (b) have an
Initial interest rate of _% per annum, and (c) have a tern of no less than 30 years. Notwithstanding any
contrary provision of the Contract, Buyer may terminate this Contract pursuant to §§ 5.2 and 25.1 only if (d)
Buyer timely applies for, pays required costs and uses reasonable efforts in good faith to obtain the New Loan
contemplated by this paragraph, (e) Buyer is unable to obtain a commitment for such New Loan on or before the
Loan Objection Deadline, and (f) Seller receives wrinen Notice to Terminate under §§ 5.2 and 25.1 no later
than the Loan Objection Deadline. If Buyer exercises such Right to Terminate under §§ 5.2 and 25.1, Buyer
must cooperate to allow Seller to verify that (g) Buyer satisfied Buyer's obligations regarding the application and
pursuit of the New Loan, and (h) Buyer was unable to obtain a commitment for such New Loan by the Loan
Objection Deadline.
20. ❑ LOAN COMMITMENT NECESSARY. Buyer must obtain a written loan commitment for each new loan
contemplated by § 4.1 or § 4.5, and deliver a copy thereof to Seller on or before the Loan Objection Deadline.
If Buyer fails to deliver a copy of such a written loan commitment or commitments to Seller on or before the
Loan Objection Deadline, this Contract will terminate on the expiration of the Loan Objection Deadline.
Addendum "A" to Contract to Buy and Sell Reat Estate (CBS 1-8-13, CBS2-8-13, CBS3-8-13 or CBS4-8-13). This addendum has not
been approved by the Colorado Real Estate Commission (CREC). It was prepared and 02014 by Frascona, Joiner, Goodman and
Greenstein, P.C. (303-494-3000) legal counsel, for the exclusive use of Aspen Snowmass Sotheby. All rights reserved. Page 3 of 4
CTWCenr clsxarn-02014 CTM Sonwam Cory.
21.0 EARNEST MONEY DISPUTE. The reference to 120 days contained in § 24 of the Contract is hereby
changed to 45 days.
��i
r✓ /�-'.---�--" Date: �lc�L��.�
Buyer: Board of County Commissioners of Pitkin County
By: Jon Peacock, County Manager
Date:
Date: ae is
..... <_ .:
Seller: Mallory I Howell
Seller:
CTM eContrects •i:2015 CTM Software Corp.
Date:
Addendum "A" to Contract to Buy and Sell Real Estate (CBS 1-8-13, CBS2-8-13, CBS3-8-13 or CBS4-8-13). This addendum has not
been approved by the Colorado Real Estate Commission (CRE -C). Jt was prepared and 02014 by Frascona, Joiner, Goodman and
Greenstein, P.C. (303-494-3000) legal counsel, for the exclusive use of Aspen Snc"Tmass Sotheby. All rights reserved. Page 4 of 4
CTM,Contransx.ro - Z2014 CTM Software Corp.
RECEPTION#: 617925, 03/06/2015 at 01:45:44 PH, 1 OF 2, R $16.00 o o.y _ p!'i
OF $0.00 Janice K. Vos Caudill, Pitkin County, CO GI %2i1� —
III I IIII III I VIII II II'lll' VIII III State Documentary Fee
Wa1T-anry Deed Date: March O5, 2015
(Pursuant to 38-30-113 C.R.S.) 5 0.00
THIS DEED, made on March 05, 2015 by HOWELL MALLORY Grantor(s), of the County of PITKIN and State of
COLORADO for the consideration of ($325,000.00) e•• Tbree Hundred Twenty Five Thousand and 00/100 •ee dollars in hand
paid, hereby sells and conveys m BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY Grantee(s), whose street
address is 530 E. MAIN, 3RD FLOOR ASPEN, CO 81611, County of PITKIN, and State of COLORADO, the fallowing real
property in the County of Pitkin, and State of Colorado, to wit:
CONDOMINIUM UNIT 437.A (F-1), BUILDING F, P111UN PARK PLACE CONDOMINIUMS (PHASE 11), ACCORDING TO THE
MAP FILED JUNE 4, 1987 IN PLAT BOOK 19 AT PAGE 73, AND ACCORDING TO THE CONDOMINIUM DECLARATION
RECORDED DECEMBER 30, 1986 IN BOOK 526 AT PAGE 539, COUNTY OF PITKIN, STATE OF COLORADO.
also known by street and number as: 417 PACIFIC AVE 8 F1 ASPEN CO 81611
with all its appurtenances and warrants the title to the same, subject to EXIUBIT A Norte
vv7-
HOWELL MALLORY
Stare of COLORADO )
ss.
County Of PITKIN )
The foregoing instrument was acknowledged before me on this day of March 05, 2015
by HOWELL MAL XPAAR J. (Pubh �NOTARY 1
My commission expires J,1[o12 0/Le MY commlsenozjxpouis aHxl
When Recalled Return to: BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY
530 E. MAIN, 3RD FLOOR ASPEN, CO 81611
KIMBERLY J. FARHAM
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 20124022396
MY COMMISSION E%FIRES MI2FI2616
/0��
Farm 13082 0912008 wd.open.odt Warranty Deed Open (Photographic) Q62006455 121198896)
RECEPTION#: 617925, 03/06/2015 at 01:45:44 PH, 2 OF 2,
Janice K. Vos Caudill, Pitkin County, CO
EXHIBITA
Property Address: 417 PACIFIC AVE 0 FI ASPEN CO 81611
RIGHT OF WAY FOR DITCHES OR CANALS CONSTRUCTED BY THE AUTHORITY OF THE UNITED STATES AS
RESERVED IN UNITED STATES PATENT RECORDED JUNE 02,1944, IN BOOK 167 AT PAGE 561.
AVIGATION EASEMENT AS SET FORTH IN INSTRUMENT RECORDED AUGUST 20,1974 IN BOOK 290 AT PAGE
373.
RESTRICTIVE COVENANTS, WHICH DO NOT CONTAIN A FORFEITURE OR REVERTER CLAUSE, AS
CONTAINED IN INSTRUMENT RECORDED JUNE 17, 1971, IN BOOK 255 AT PACE 916 AND EXTENSION
THEREOF RECORDED OCTOBER 23, 19741N BOOK 292 AT PAGE 502
RESTRICTIVE COVENANTS, WHICH DO NOT CONTAIN A FORFEITURE OR REVERTER CLAUSE, AS
CONTAINED IN INSTRUMENT RECORDED DECEMBER 30, 1986, IN BOOK 526 AT PAGE 575.
THOSE PROVISIONS, COVENANTS AND CONDITIONS, EASEMENTS AND RESTRICTIONS, WHICH ARE A
BURDEN TO THE CONDOMINIUM UNIT DESCRIBED IN SCHEDULE A. AS CONTAINED W INSTRUMENT
RECORDED DECEMBER 30, 1986, IN BOOK 526 AT PAGE 539 AND AMENDMENT TO DECLARATION
RECORDED JULY 21, 2006 UNDER RECEPTION NO. 526724.
TERMS, CONDITIONSAND PROVISIONS OF RESOLUTION NO. 85-49 RECORDED MAY 30, 19115 IN BOOK 486
AT PAGE 839.
EASEMENTS, RIGHTS OF WAY AND OTHER MATTERS AS SET FORTH ON THE PLAT OF SUBJECT
PROPERTY RECORDED APRIL I6, 1979 IN PIAT BOOK 7 A PAGE 79 AND RECORDED DECEMBER 30, 1986 IN
PLAT BOOK 19 AT PAGE 24 AND JUNE 4,19M IN PLAT BOOK 19 AT PAGE 73.
EASEMENTS, RIGHTS OF WAY AND OTHER MATTERS ASSET FORTH ON THE CONDOMINIUM MAPOF
SUBJECT PROPERTY RECORDED DECEMBER 30, 1986 IN PLAT BOOK 19 AT PAGE 25.
(ITEM INTENTIONALLY DELETED)
TERMS, CONDITIONS AND PROVISIONS OF EASEMENT RECORDED MAY 22, 2006 AT RECEPTION NO.
524386.
TERMS, CONDITIONS AND PROVISIONS OF CONTROLAND MONUMENT RECORDED SEPTEMBER 20, 2004
AT RECEPTION NO. 502124.
TERMS, CONDITIONS AND PROVISIONS OF DEED RESTRICTION AGREEMENT RECORDED APRIL 1, 2002 AT
RECEPTION NO. 465753.
TERMS, CONDITIONS, PROVISIONS AND OBLIGATIONS OF PITKIN COUNTY BOARD OF COUNTY
COMMISSIONERS ORDINANCE NO. 005, SERIES OF2015 RECORDED MARCH 2, 2015 AS RECEPTION NO.
617712.
Form 13100 062009 62enhibit.mcrowo0i Q62006455 (21198895)