Loading...
HomeMy WebLinkAboutbocc.ord.012.2023RECEPTION#: 695014, R: $0.00, D: $0.00, 0511812023 at 03:18:34 PM, Pgs 1 of 29, Ingrid K. Grueter, Pitkin County, CO Contract No. 143-2023 Attached AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO, APPROVING THE PURCHASE OF 608 LAKESIDE DRIVE, LAKESIDE CONDOMINIUMS AT WILLITS FILING 2, UNIT 608, BASALT COLORADO ORDINANCE NO. 012-2023 RECITALS WHEREAS, Pursuant to 30-35-301 C.R.S., the Board of County Commissioners ("BOCC") of Home Rule Counties is authorized to make and publish ordinances for carrying into effect or discharging the powers and duties conferred upon such counties by law and as seems necessary, and; WHEREAS, Pursuant to Section 2.8.2 of the Home Rule Charter ("HRC"), the Board of County Commissioners is authorized to take official action by Ordinance for certain matters where action is prescribed pursuant to the Colorado Revised Statutes as amended, and; WHEREAS, The County collects an Employee Housing Impact Fee calculated on applicable development to defray the cost of employee housing based on the number of employees generated by the development activity that fee is used by the County to create employee housing opportunities, and; WHEREAS, The Board of County Commissioners of Pitkin County ("County") is in a position to acquire 608 Lakeside Drive, Basalt Colorado 81621, more fully described as Lakeside Condominiums at Willits Filing 2, Unit 608 Basalt, CO 81621 as advertised on the open market and; WHEREAS, The purpose of the acquisition is to add the property to the County's employee housing inventory with a unit of this size for transitional housing and short-term rental to assist with the recruitment and retention of employees, and; WHEREAS, The unit is located in Lakeside Condominiums at Willits containing 536 square feet with one bedroom, one bath, with a large (171sf) basement storage room, and two parking spaces, and; WHEREAS, The terms and provisions of the purchase are fully set forth in the Contract to Buy and Sell Real Estate dated March 9, 2023, attached hereto as Exhibit A and the Agreement to Amend/Extend Contact dated April 3, 2023 attached hereto as Exhibit B and; WHEREAS, The County is purchasing the house as per the Deed Restricted Agreement with a purchase price of $622,000, including closing costs and; RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 2 of 29, Ingrid K. Grueter, Pitkin County, CO WHEREAS, The County obtained an appraisal on the property based on the current market of $620,000 and; WHEREAS, The Seller accepted the County's offer over multiple other offers based on a cash deal and ability to close soon after the second reading and public hearing of the ordinance and, WHEREAS, The closing on the property is scheduled for June 1, 2023, and; WHEREAS, The BOCC fmds that adoption of this Ordinance is in the best interest of the citizens of Pitkin County. NOW, THEREFORE, BE IT ORDAINED by the Board of County Commissioners of Pitkin County, Colorado that it hereby adopts an Ordinance of the Board of County Commissioners of Pitkin County, Colorado, approving the purchase of 608 Lakeside Drive, Basalt Colorado, further described as Lakeside Condominiums at Willits Filing 2, Unit 608, Basalt, Colorado, and authorizes the Chair or the Chair's designee to sign the Ordinance and upon the satisfaction of the County Attorney as to form, execute any other associated documents necessary to complete this matter. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 3 of 29, Ingrid K. Grueter, Pitkin County, CO INTRODUCED, READ AND ADOPTED AS AN EMERGENCY ORDINANCE ON THE 26TH DAY OF APRIL 2023 AND SET FOR CONFIRMATORY PUBLIC HEARING ON THE 10TH DAY OF MAY, 2023. NOTICE OF CONFIRMATORY PUBLIC HEARING AND TITLE AND SHORT SUMMARY OF THE EMERGENCY ORDINANCE PUBLISHED IN THE ASPEN DAILY NEWS ON THE 27TH DAY OF APRIL 2023. NOTICE OF CONFIRMATORY PUBLIC HEARING AND THE FULL TEXT OF THE EMERGENCY ORDINANCE POSTED ON THE OFFICIAL PITKIN COUNTY WEBSITE www.pitkincounty.com ON THE 27TH DAY OF APRIL 2023. CONFIRMED AT A PUBLIC HEARING ON THE l OTH DAY OF MAY2023. POSTED BY TITLE AND SHORT SUMMARY ON THE OFFICIAL PITKIN COUNTY WEBSITE www.pitkincounty.com ON THE 11TH DAY OF MAY 2023. PUBLISHED BY TITLE AND SHORT SUMMARY, AFTER CONFIRMATORY PUBLIC HEARING, IN THE ASPEN DAILY NEWS ON THE 18TH DAY OF MAY, 2023. ATTEST: BOARD OF COUNTY COMMISSIONERS By Mix 61 By: Frtwtc t, jactkr Julia Ely Francie Jacober, Chair Deputy County Clerk Date: May-18-2023 APPROVED AS TO FORM: MANAGER APPROVAL Richard Neiley III, Asst. County Rich Englehart for Jon Peacock, County Manager Attorney RECEPTION#: 695014, 0511812023 at 03:18:34 PM, Pgs 4 of 29, Ingrid K. Grueter, Pitkin County, CO Contract No. 143-2023 AspenSI Sotheby's I owmass Ilf IEFLMATIONU REALTY Aspen Snowmass Sotheby's International Realty Sally Shiekman CRS Ph: 970-948-7530 Fax: 970-920-9993 Exhibit A The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (CBS1-6-21) (Mandatory 1-22) THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Date: 3/9/2023 AGREEMENT 1. AGREEMENT. Buyer agrees to buy and Seller agrees to sell the Property described below on the terms and conditions set forth in this contract (Contract). 2. PARTIES AND PROPERTY. 2.1. Buyer. Board of County Commissioners of Pitkin County (Buyer) will take title to the Property described below as ❑ Joint Tenants ❑ Tenants In Common ® Other . 2.2. No Assignability. This Contract IS NOT assignable by Buyer unless otherwise specified in Additional Provisions. 2.3. Seller. John C Crawford (Seller) is the current owner of the Property described below. 2.4. Property. The Property is the following legally described real estate in the County of Earle, Colorado (insert legal description): Condominium Unit 608, Lakeside Condominiums at Willits, Filing 2 known as: 608 Lakeside Drive. Basalt, CO 81621-9403 together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto and all interest of Seller in vacated streets and alleys adjacent thereto, except as herein excluded (Property). 2.5. Inclusions. The Purchase Price includes the following items (Inclusions): 2.5.1. Inclusions — Attached. If attached to the Property on the date of this Contract, the following items are included unless excluded under Exclusions: lighting, heating, plumbing, ventilating and air conditioning units, TV antennas, inside telephone, network and coaxial (cable) wiring and connecting blocks/jacks, plants, mirrors, floor coverings, intercom systems, built-in kitchen appliances, sprinkler systems and controls, built-in vacuum systems (including accessories) and garage door openers (including n/a remote 45 46 controls). If checked, the following are owned by the Seller and included: ❑ Solar Panels 47 ❑ Water Softeners ❑ Security Systems ❑ Satellite Systems (including satellite dishes). Leased items 43 should be listed under § 2.5.7. (Leased Items). If any additional items are attached to the Property after the 49 date of this Contract, such additional items are also included in the Purchase Price. 50 2.5.2. Inclusions — Not Attached. If on the Property, whether attached or not, on the date of this 51 Contract, the following items are included unless excluded under Exclusions: storm windows, storm doors, 52 window and porch shades, awnings, blinds, screens, window coverings and treatments, curtain rods, drapery 53 rods, fireplace inserts, fireplace screens, fireplace grates, heating stoves, storage sheds, carbon monoxide alarms, smoke/fire detectors and all keys. 55 56 2.5.3. Other Inclusions. The following items, whether fixtures or personal property, are also 57 included in the Purchase Price: CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 1 of 24 CTMeContracts.com - ©2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 5 of 29, Ingrid K. Grueter, Pitkin County, CO 53 refrigerator. range. dishwasher. microwave. stackable washer/dryer 59 ❑ If the box is checked, Buyer and Seller have concurrently entered into a separate agreement for so additional personal property outside of this Contract. 61 2.5.4. Encumbered Inclusions. Any Inclusions owned by Seller (e.g., owned solar panels) must 62 63 be conveyed at Closing by Seller free and clear of all taxes (except personal property and general real estate 64 taxes for the year of Closing), liens and encumbrances, except: 65 for none 66 2.5.5. Personal Property Conveyance. Conveyance of all personal property will be by bill of 67 sale or other applicable legal instrument. sa 2.5.6. Parking and Storage Facilities. The use or ownership of the following parking facilities: m assigned parking space and the use or ownership of the following storage facilities: 70 71 large storage unit 72 Note to Buyer: If exact rights to the parking and storage facilities is a concem to Buyer, Buyer should 73 investigate. 74 2.5.7. Leased Items. The following personal property is currently leased to Seller which will be 75 transferred to Buyer at Closing (Leased Items): 76 none 77 2.6. Exclusions. The following items are excluded (Exclusions): none 79 Sp 2.7. Water Rights/Well Rights. 31 ❑ 2.7.1. Deeded Water Rights. The following legally described water rights: 82 n/a 33 Any deeded water rights will be conveyed by a good and sufficient n/a deed at Closing. 34 35 ❑ 2.7.2. Other Rights Relating to Water. The following rights relating to water not included in §§ 36 2.7.1., 2.7.3. and 2.7.4., will be transferred to Buyer at Closing: n/a a3 ❑ 2.7.3. Well Rights. Seller agrees to supply required information to Buyer about the well. Buyer 39 understands that if the well to be transferred is a "Small Capacity Well" or a "Domestic Exempt Water Well" 90 used for ordinary household purposes, Buyer must, prior to or at Closing, complete a Change in Ownership 91 form for the well. If an existing well has not been registered with the Colorado Division of Water Resources in 73 92 the Department of Natural Resources (Division), Buyer must complete a registration of existing well form for 93 the well and pay the cost of registration. If no person will be providing a closing service in connection with the 94 95 transaction, Buyer must file the form with the Division within sixty days after Closing. The Well Permit # is 96 n/a. 97 ❑ 2.7.4. Water Stock Certificates. The water stock certificates to be transferred at Closing are as 93 follows: 99 n/a 100 101 102 103 104 105 106 107 103 109 110 111 112 113 114 115 2.7.5. 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. 2.7.6. Water Rights Review. Buyer ❑ Does ❑ Does Not have a Right to Terminate if examination of the Water Rights is unsatisfactory to Buyer on or before the Water Rights Examination Deadline. 3. DATES, DEADLINES AND APPLICABILITY. 3.1. Dates and Deadlines. Item No. Reference Event Date or Deadline 1 § 3 Time of Day Deadline 6:00 p.m. CBS 1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 2 of 24 CTMeContracts.com - C2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 6 of 29, Ingrid K. Grueter, Pitkin County, CO l'Ib 117 113 119 120 121 122 123 124 125 126 127 123 129 130 131 132 133 134 135 136 137 133 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 153 159 160 161 162 163 164 165 166 167 163 169 170 171 172 173 174 2 § 4 Alternative Earnest Money Deadline 3 business days after MEC Title 3 § 8 Record Title Deadline (and Tax Certificate) 7 days after MEC 4 § 8 Record Title Objection Deadline 14 days after MEC 5 § 8 Off -Record Title Deadline 7 days after MEC 6 § 8 Off -Record Title Objection Deadline 14 days after MEC 7 § 8 Title Resolution Deadline 21 days after MEC 8 § 8 Third Party Right to Purchase/Approve Deadline n/a Owners' Association 9 § 7 Association Documents Deadline 7 days after MEC 10 § 7 Association Documents Termination Deadline 14 days after MEC Seller's Disclosures 11 § 10 Seller's Property Disclosure Deadline 7 days after MEC 12 § 10 Lead -Based Paint Disclosure Deadline n/a Loan and Credit 13 § 5 New Loan Application Deadline n/a 14 § 5 New Loan Terms Deadline n/a 15 § 5 New Loan Availability Deadline n/a 16 § 5 Buyer's Credit Information Deadline n/a 17 § 5 Disapproval of Buyer's Credit Information Deadline n/a 18 § 5 Existing Loan Deadline n/a 19 § 5 Existing Loan Termination Deadline n/a 20 § 5 Loan Transfer Approval Deadline n/a 21 § 4 Seller or Private Financing Deadline n/a Appraisal 22 § 6 Appraisal Deadline 21 days after MEC 23 § 6 Appraisal Objection Deadline 24 days after MEC 24 § 6 Appraisal Resolution Deadline 27 days after MEC Survey 25 § 9 New ILC or New Survey Deadline n/a 26 § 9 New ILC or New Survey Objection Deadline n/a 27 § 9 New ILC or New Survey Resolution Deadline n/a Inspection and Due diligence 28 § 2 Water Rights Examination Deadline n/a 29 § 8 Mineral Rights Examination Deadline n/a 30 § 10 Inspection Termination Deadline 14 days after MEC 31 § 10 Inspection Objection Deadline 14 days after MEC 32 § 10 Inspection Resolution Deadline 18 days after MEC CBS 1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 3 of 24 CTMeContracts.com - C2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 7 of 29, Ingrid K. Grueter, Pitkin County, CO 175 176 177 173 179 180 181 182 183 184 185 136 187 183 139 196 191 192 193 194 195 196 Note: If FHA or VA loan boxes are checked in § 4.5.3. (Loan Limitations), the Appraisal deadlines DO NOT 197 apply to FHA insured or VA guaranteed loans. 193 3.2. Applicability of Terms. If any deadline blank in § 3.1. (Dates and Deadlines) is left blank or 199 266 completed with "N/A", or the word "Deleted," such deadline is not applicable and the corresponding provision 201 containing the deadline is deleted. Any box checked in this Contract means the corresponding provision 202 applies. If no box is checked in a provision that contains a selection of "None", such provision means that 203 "None" applies. 204 205 206 207 203 209 210 211 212 213 214 215 216 217 213 219 220 221 222 4. PURCHASE PRICE AND TERMS. 223 4.1. Price and Terms. The Purchase Price set forth below is payable in U.S. Dollars by Buyer as 224 follows: 225 226 227 223 229 230 231 232 33 § 10 Property Insurance Termination Deadline 14 days after MEC 34 § 10 Due Diligence Documents Delivery Deadline 7 days after MEC 35 § 10 Due Diligence Documents Objection Deadline 14 days after MEC 36 § 10 Due Diligence Documents Resolution Deadline 21 days after mEC 37 § 10 Conditional Sale Deadline n/a 38 § 10 Lead -Based Paint Termination Deadline n/a Closing and Possession 39 § 12 Closing Date 6/1/2023 Thursday 40 § 17 Possession Date 6/1/2023 Thursday 41 § 17 Possession Time 42 § 27 Acceptance Deadline Date 3/11/2023 Saturday 43 § 27 Acceptance Deadline Time 5:00 p.m. 44 BOCC Ordinance Deadline 35 days after MEC 45 The abbreviation "MEC" (mutual execution of this Contract) means the date upon which both parties have signed this Contract. The abbreviation "N/A" as used in this Contract means not applicable. 3.3. Day; Computation of Period of Days; Deadlines. 3.3.1. Day. As used in this Contract, the term "day" means the entire day ending at 11:59 p.m., United States Mountain Time (Standard or Daylight Savings, as applicable). Except however, if a Time of Day Deadline is specified in § 3.1. (Dates and Deadlines), all Objection Deadlines, Resolution Deadlines, Examination Deadlines and Termination Deadlines will end on the specified deadline date at the time of day specified in the Time of Day Deadline, United States Mountain Time. If Time of Day Deadline is left blank or "N/A" the deadlines will expire at 11:59 p.m., United States Mountain Time. 3.3.2. Computation of Period of Days. In computing a period of days (e.g., three days after MEC), when the ending date is not specified, the first day is excluded and the last day is included. 3.3.3. Deadlines. If any deadline falls on a Saturday, Sunday or federal or Colorado state holiday (Holiday), such deadline ❑ Will ❑ Will Not be extended to the next day that is not a Saturday, Sunday or Holiday. Should neither box be checked, the deadline will not be extended. Item No. Reference Item Amount Amount 1 § 4.1. Purchase Price $ 620,000.00 2 § 4.3. Eamest Money $ 30,000.00 3 § 4.5. New Loan $ 0.00 4 § 4.6. Assumption Balance $ 0.00 CBS1-6 21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 4 of 24 CTMeContracts.com - ©2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 8 of 29, Ingrid K. Grueter, Pitkin County, CO 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 27T 273 279 280 281 282 283 284 285 286 287 288 289 290 5 § 4.7. Private Financing $ 0.00 6 § 4.7. Seller Financing $ 7 $ 8 $ 9 § 4.4. Cash at Closing $ 590,000.00 10 Total $ 620,000.00 $ 620,000.00 4.2. Seller Concession. At Closing, Seller will credit to Buyer $1000 (Seller Concession). The Seller Concession may be used for any Buyer fee, cost, charge or expenditure to the extent the amount is allowed by the Buyer's lender and is included in the Closing Statement or Closing Disclosure at Closing. Examples of allowable items to be paid for by the Seller Concession include, but are not limited to: Buyer's closing costs, loan discount points, loan origination fees, prepaid items and any other fee, cost, charge, expense or expenditure. Seller Concession is in addition to any sum Seller has agreed to pay or credit Buyer elsewhere in this Contract. 4.3. Earnest Money. The Earnest Money set forth in this Section, in the form of a a check or wire transfer to Land Title Guarantee, will be payable to and held by Land Title Guarantee Company (Earnest Money Holder), in its trust account, on behalf of both Seller and Buyer. The Earnest Money deposit must be tendered, by Buyer, with this Contract unless the parties mutually agree to an Alternative Earnest Money Deadline for its payment. The parties authorize delivery of the Earnest Money deposit to the company conducting the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money Holder has agreed to have interest on Earnest Money deposits transferred to a fund established for the purpose of providing affordable housing to Colorado residents, Seller and Buyer acknowledge and agree that any interest accruing on the Earnest Money deposited with the Eamest Money Holder in this transaction will be transferred to such fund. 4.3.1. Alternative Earnest Money Deadline. The deadline for delivering the Earnest Money, if other than at the time of tender of this Contract, is as set forth as the Alternative Earnest Money Deadline. 4.3.2. Disposition of Earnest Money. If Buyer has a Right to Terminate and timely terminates, Buyer is entitled to the return of Earnest Money as provided in this Contract. If this Contract is terminated as set forth in § 24 and, except as provided in § 23 (Earnest Money Dispute), if the Earnest Money has not already been returned following receipt of a Notice to Terminate, Seller agrees to execute and return to Buyer or Broker working with Buyer, written mutual instructions (e.g., Earnest Money Release form), within three days of Seller's receipt of such form. If Seller is entitled to the Earnest Money, and, except as provided in § 23 (Earnest Money Dispute), if the Eamest Money has not already been paid to Seller, following receipt of an Earnest Money Release form, Buyer agrees to execute and return to Seller or Broker working with Seller, written mutual instructions (e.g., Earnest Money Release form), within three days of Buyer's receipt. 4.3.2.1. Seller Failure to Timely Return Earnest Money. If Seller fails to timely execute and return the Earnest Money Release Form, or other written mutual instructions, Seller is in default and liable to Buyer as set forth in "If Seller is in Default", § 20.2. and § 21, unless Seller is entitled to the Earnest Money due to a Buyer default. 4.3.2.2. Buyer Failure to Timely Release Earnest Money. If Buyer fails to timely execute and return the Earnest Money Release Form, or other written mutual instructions, Buyer is in default and liable to Seller as set forth in "If Buyer is in Default, § 20.1. and § 21, unless Buyer is entitled to the Earnest Money due to a Seller Default. 4.4. Form of Funds; Time of Payment; Available Funds. 4.4.1. Good Funds. All amounts payable by the parties at Closing, including any loan proceeds, Cash at Closing and closing costs, must be in funds that comply with all applicable Colorado laws, including electronic transfer funds, certified check, savings and loan teller's check and cashier's check (Good Funds). 4.4.2. Time of Payment. All funds, including the Purchase Price to be paid by Buyer, must be paid before or at Closing or as otherwise agreed in writing between the parties to allow disbursement by Closing Company at Closing OR SUCH NONPAYING PARTY WILL BE IN DEFAULT. 4.4.3. Available Funds. Buyer represents that Buyer, as of the date of this Contract, ® Does CBS 1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 5 of 24 CTMeContracts.com - ©2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 9 of 29, Ingrid K. Grueter, Pitkin County, CO zu ❑ Does Not have funds that are immediately verifiable and available in an amount not less than the amount 292 293 stated as Cash at Closing in § 4.1. 294 295 296 297 293 299 300 301 302 5. FINANCING COND TIONS AND OBLIGATIONS. 303 (Omitted as inapplicable) 304 5.3. Credit Information. (Omitted as inapplicable) 30' 5.4. Existing Loan Review. (Omitted as inapplicable) 306 303307 a7a 6. APPRAISAL PROVISIONS. 309 6.1. Appraisal Definition. An "Appraisal" is an opinion of value prepared by a licensed or certified 310 appraiser, engaged on behalf of Buyer or Buyer's lender, to determine the Property's market value (Appraised 311 Value). The Appraisal may also set forth certain lender requirements, replacements, removals or repairs 312 necessary on or to the Property as a condition for the Property to be valued at the Appraised Value. 313 6.2. Appraised Value. The applicable appraisal provision set forth below applies to the respective 314 loan type set forth in § 4.5.3., or if a cash transaction (i.e., no financing), § 6.2.1. applies. 315 6.2.1. Conventional/Other. Buyer has the right to obtain an Appraisal. If the Appraised Value is 316 317 less than the Purchase Price, or if the Appraisal is not received by Buyer on or before Appraisal Deadline 313 Buyer may, on or before Appraisal Objection Deadline: 319 6.2.1.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1., that this Contract 320 is terminated; or 321 6.2.1.2. Appraisal Objection. Deliver to Seller a written objection accompanied by either a 322 copy of the Appraisal or written notice from lender that confirms the Appraised Value is less than the 323 Purchase Price (Lender Verification). 324 325 6.2.1.3. Appraisal Resolution. If an Appraisal Objection is received by Seller, on or before 326 Appraisal Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on 327 or before Appraisal Resolution Deadline, this Contract will terminate on the Appraisal Resolution 323 Deadline, unless Seller receives Buyer's written withdrawal of the Appraisal Objection before such 329 termination, (i.e., on or before expiration of Appraisal Resolution Deadline). 330 6.2.2. FHA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the 331 purchaser (Buyer) shall not be obligated to complete the purchase of the Property described herein or to 332 incur any penalty by forfeiture of Earnest Money deposits or otherwise unless the purchaser (Buyer) has 333 been given, in accordance with HUD/FHA or VA requirements, a written statement issued by the Federal 334 Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement lender, setting forth the 335 336 appraised value of the Property of not less than $. The purchaser (Buyer) shall have the privilege and option 337 of proceeding with the consummation of this Contract without regard to the amount of the appraised 338 valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of 330 Housing and Urban Development will insure. HUD does not warrant the value nor the condition of the 340 Property. The purchaser (Buyer) should satisfy himself/herself/themselves that the price and condition of the 341 Property are acceptable. 342 6.2.3. VA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the 343 purchaser (Buyer) shall not incur any penalty by forfeiture of Earnest Money or otherwise or be obligated to 344 complete the purchase of the Property described herein, if the Contract Purchase Price or cost exceeds the 345 reasonable value of the Property established by the Department of Veterans Affairs. The purchaser (Buyer) 346 shall, however, have the privilege and option of proceeding with the consummation of this Contract without 347 348 regard to the amount of the reasonable value established by the Department of Veterans Affairs. 4.5. New Loan. (Omitted as inapplicable) 4.6. Assumption. (Omitted as inapplicable) 4.7. Seller or Private Financing. (Omitted as inapplicable) TRANSACTION PROVISIONS 349 CBS 1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 6 of 24 CTMeContracts.com - ©2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 10 of 29, Ingrid K. Grueter, Pitkin County, CO 350 351 352 353 354 355 356 357 358 359 360 361 362 363 364 365 366 367 363 369 370. 371 372 373 374 375 376 377 373 379 380 381 382 383 334 385 136 387 383 389 390 391 392 393 394 395 396 397 393 399 400 401 402 403 404 405 406 407 6.3. Lender Property Requirements. If the lender imposes any written requirements, replacements, removals or repairs, including any specified in the Appraisal (Lender Property Requirements) to be made to the Property (e.g., roof repair, repainting), beyond those matters already agreed to by Seller in this Contract, this Contract terminates on the earlier of three days following Seller's receipt of the Lender Property Requirements, or Closing, unless prior to termination: (1) the parties enter into a written agreement to satisfy the Lender Property Requirements; (2) the Lender Property Requirements have been completed; or (3) the satisfaction of the Lender Property Requirements is waived in writing by Buyer. 6.4. Cost of Appraisal. Cost of the Appraisal to be obtained after the date of this Contract must be timely paid by ® Buyer ❑ Seller. The cost of the Appraisal may include any and all fees paid to the appraiser, appraisal management company, lender's agent or all three. 7. OWNERS' ASSOCIATIONS. This Section is applicable if the Property is located within one or more Common Interest Communities and subject to one or more declarations (Association). 7.1. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A COMMON INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY. THE OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS' ASSOCIATION FOR THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION. THE DECLARATION, BYLAWS AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE ASSOCIATION. 7.2. Association Documents to Buyer. Seller is obligated to provide to Buyer the Association Documents (defined below), at Seller's expense, on or before Association Documents Deadline. Seller authorizes the Association to provide the Association Documents to Buyer, at Sellers expense. Seller's obligation to provide the Association Documents is fulfilled upon Buyer's receipt of the Association Documents, regardless of who provides such documents. 7.3. Association Documents. Association documents (Association Documents) consist of the following: 7.3.1. All Association declarations, articles of incorporation, bylaws, articles of organization, operating agreements, rules and regulations, party wall agreements and the Association's responsible governance policies adopted under § 38-33.3-209.5, C.R.S.; 7.3.2. Minutes of: (1) the annual owners' or members' meeting and (2) any executive boards' or managers' meetings; such minutes include those provided under the most current annual disclosure required under § 38-33.3-209.4, C.R.S. (Annual Disclosure) and minutes of meetings, if any, subsequent to the minutes disclosed in the Annual Disclosure. If none of the preceding minutes exist, then the most recent minutes, if any (§§ 7.3.1. and 7.3.2., collectively, Governing Documents); and 7.3.3. List of all Association insurance policies as provided in the Association's last Annual Disclosure, including, but not limited to, property, general liability, association director and officer professional liability and fidelity policies. The list must include the company names, policy limits, policy deductibles, additional named insureds and expiration dates of the policies listed (Association Insurance Documents); 7.3.4. A list by unit type of the Association's assessments, including both regular and special assessments as disclosed in the Association's last Annual Disclosure; 7.3.5. The Association's most recent financial documents which consist of: (1) the Association's operating budget for the current fiscal year, (2) the Association's most recent annual financial statements, CBS 1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 7 of 24 CTMeContracts.com - ©2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 11 of 29, Ingrid K. Grueter, Pitkin County, CO 403 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 428 429 430 431 432 433 434 435 436 437 433 439 440 441 442 443 444 445 446 447 448 449 450 451 452 453 454 455 456 457 453 459 460 461 462 463 464 465 including any amounts held in reserve for the fiscal year immediately preceding the Association's last Annual Disclosure, (3) the results of the Association's most recent available financial audit or review, (4) list of the fees and charges (regardless of name or title of such fees or charges) that the Association's community association manager or Association will charge in connection with the Closing including, but not limited to, any fee incident to the issuance of the Association's statement of assessments (Status Letter), any rush or update fee charged for the Status Letter, any record change fee or ownership record transfer fees (Record Change Fee), fees to access documents, (5) list of all assessments required to be paid in advance, reserves or working capital due at Closing and (6) reserve study, if any (§§ 7.3.4. and 7.3.5., collectively, Financial Documents); 7.3.6. Any written notice from the Association to Seller of a "construction defect action" under § 38-33.3-303.5, C.R.S. within the past six months and the result of whether the Association approved or disapproved such action (Construction Defect Documents). Nothing in this Section limits the Seller's obligation to disclose adverse material facts as required under § 10.2. (Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition) including any problems or defects in the common elements or limited common elements of the Association property. 7.4. Conditional on Buyer's Review. Buyer has the right to review the Association Documents. Buyer has the Right to Terminate under § 24.1., on or before Association Documents Termination Deadline, based on any unsatisfactory provision in any of the Association Documents, in Buyer's sole subjective discretion. Should Buyer receive the Association Documents after Association Documents Deadline, Buyer, at Buyer's option, has the Right to Terminate under § 24.1. by Buyer's Notice to Terminate received by Seller on or before ten days after Buyer's receipt of the Association Documents. If Buyer does not receive the Association Documents, or if Buyer's Notice to Terminate would otherwise be required to be received by Seller after Closing Date, Buyer's Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer's Notice to Terminate within such time, Buyer accepts the provisions of the Association Documents as satisfactory and Buyer waives any Right to Terminate under this provision, notwithstanding the provisions of § 8.6. (Third Party Right to Purchase/Approve). 8. TITLE INSURANCE, RECORD TITLE AND OFF -RECORD TITLE. 8.1. Evidence of Record Title. ® 8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will select the title insurance company to furnish the owner's title insurance policy at Sellers expense. On or before Record Title Deadline, Seller must furnish to Buyer, a current commitment for an owner's title insurance policy (Title Commitment), in an amount equal to the Purchase Price, or if this box is checked, ❑ an Abstract of Title certified to a current date. Seller will cause the title insurance policy to be issued and delivered to Buyer as soon as practicable at or after Closing. ❑ 8.1.2. Buyer Selects Title Insurance Company. If this box is checked, Buyer will select the title insurance company to furnish the owner's title insurance policy at Buyer's expense. On or before Record Title Deadline, Buyer must fumish to Seller, a current commitment for owner's title insurance policy (Title Commitment), in an amount equal to the Purchase Price. If neither box in § 8.1.1. or § 8.1.2. is checked, § 8.1.1. applies. 8.1.3. Owner's Extended Coverage (OEC). The Title Commitment ® Will ❑ Will Not contain Owner's Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or insure over the standard exceptions which relate to: (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) unrecorded mechanics' liens, (5) gap period (period between the effective date and time of commitment to the date and time the deed is recorded) and (6) unpaid taxes, assessments and unredeemed tax sales prior to the year of Closing. Any additional premium expense to obtain OEC will be paid by ❑ Buyer ® Seller ❑ One -Half by Buyer and One -Half by Seller ❑ Other . Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or delete or insure over any or all of the standard exceptions for OEC. The Title Insurance Company may require a New Survey or New ILC, defined below, among other requirements for OEC. If the Title Insurance Commitment is not satisfactory to Buyer, Buyer has a right to object under § 8.7. (Right to Object to Title, Resolution). CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 8 of 24 CTMeContracts.com - ©2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 12 of 29, Ingrid K. Grueter, Pitkin County, CO 4nn 467 468 469 470 471 472 473 474 475 476 4TT 478 479 480 4-31 482 4-33 434 4-35 486 487 488 489 490 491 492 493 494 495 496 497 493 499 500 501 502 503 504 505 506 507 503 509 510. 511 512 513 514 515 516 517 513 519 520 S21 522 523 524 8.1.4. Title Documents. Title Documents consist of the following: (1) copies of any plats, declarations, covenants, conditions and restrictions burdening the Property and (2) copies of any other documents (or, if illegible, summaries of such documents) listed in the schedule of exceptions (Exceptions) in the Title Commitment furnished to Buyer (collectively, Title Documents). 8.1.5. Copies of Title Documents. Buyer must receive, on or before Record Title Deadline, copies of all Title Documents. This requirement pertains only to documents as shown of record in the office of the clerk and recorder in the county where the Property is located. The cost of furnishing copies of the documents required in this Section will be at the expense of the party or parties obligated to pay for the owner's title insurance policy. 8.1.6. Existing Abstracts of Title. Seller must deliver to Buyer copies of any abstracts of title covering all or any portion of the Property (Abstract of Title) in Seller's possession on or before Record Title Deadline. 8.2. Record Title. Buyer has the right to review and object to the Abstract of Title or Title Commitment and any of the Title Documents as set forth in § 8.7. (Right to Object to Title, Resolution) on or before Record Title Objection Deadline. Buyer's objection may be based on any unsatisfactory form or content of Title Commitment or Abstract of Title, notwithstanding § 13, or any other unsatisfactory title condition, in Buyer's sole subjective discretion. If the Abstract of Title, Title Commitment or Title Documents are not received by Buyer on or before the Record Title Deadline, or if there is an endorsement to the Title Commitment that adds a new Exception to title, a copy of the new Exception to title and the modified Title Commitment will be delivered to Buyer. Buyer has until the earlier of Closing or ten days after receipt of such documents by Buyer to review and object to: (1) any required Title Document not timely received by Buyer, (2) any change to the Abstract of Title, Title Commitment or Title Documents, or (3) any endorsement to the Title Commitment. If Seller receives Buyer's Notice to Terminate or Notice of Title Objection, pursuant to this § 8.2. (Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.7. (Right to Object to Title, Resolution). If Seller has fulfilled all Seller's obligations, if any, to deliver to Buyer all documents required by § 8.1. (Evidence of Record Title) and Seller does not receive Buyer's Notice to Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer accepts the condition of title as disclosed by the Abstract of Title, Title Commitment and Title Documents as satisfactory. 8.3. Off -Record Title. Seller must deliver to Buyer, on or before Off -Record Title Deadline, true copies of all existing surveys in Seller's possession pertaining to the Property and must disclose to Buyer all easements, liens (including, without limitation, govemmental improvements approved, but not yet installed) or other title matters not shown by public records, of which Seller has actual knowledge (Off -Record Matters). This Section excludes any New ILC or New Survey governed under § 9 (New ILC, New Survey). Buyer has the right to inspect the Property to investigate if any third party has any right in the Property not shown by public records (e.g., unrecorded easement, boundary line discrepancy or water rights). Buyer's Notice to Terminate or Notice of Title Objection of any unsatisfactory condition (whether disclosed by Seller or revealed by such inspection, notwithstanding § 8.2. (Record Title) and § 13 (Transfer of Title), in Buyer's sole subjective discretion, must be received by Seller on or before Off -Record Title Objection Deadline. If an Off -Record Matter is received by Buyer after the Off -Record Title Deadline, Buyer has until the earlier of Closing or ten days after receipt by Buyer to review and object to such Off -Record Matter. If Seller receives Buyers Notice to Terminate or Notice of Title Objection pursuant to this § 8.3. (Off -Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.7. (Right to Object to Title, Resolution). If Seller does not receive Buyer's Notice to Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer accepts title subject to such Off -Record Matters and rights, if any, of third parties not shown by public records of which Buyer has actual knowledge. 8.4. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF SUCH DEBT WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE THE SPECIAL TAXING DISTRICTS IN WHICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY TREASURER, BY REVIEWING THE CERTIFICATE OF CBS 1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 9 of 24 CTMeContracts.com - C2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 13 of 29, Ingrid K. Grueter, Pitkin County, CO 525 526 527 523 529 530 531 532 533 534 535 536 537 538 539 540 541 542 543 544 545 546 547 543 549 5513 551 552 553 554 sss 556 557 sss 559 560 561 562 563 564 565 566 567 568 569 570 571 572 573 574 575 576 577 578 579 580 581 582 TAXES DUE FOR THE PROPERTY AND BY OBTAINING FURTHER INFORMATION FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY CLERK AND RECORDER, OR THE COUNTY ASSESSOR. 8.5. Tax Certificate. A tax certificate paid for by ® Seller ❑ Buyer, for the Property listing any special taxing districts that affect the Property (Tax Certificate) must be delivered to Buyer on or before Record Title Deadline. If the Property is located within a special taxing district and such inclusion is unsatisfactory to Buyer, in Buyer's sole subjective discretion, Buyer may terminate, on or before Record Title Objection Deadline. Should Buyer receive the Tax Certificate after Record Title Deadline, Buyer, at Buyer's option, has the Right to Terminate under § 24.1. by Buyer's Notice to Terminate received by Seller on or before ten days after Buyer's receipt of the Tax Certificate. If Buyer does not receive the Tax Certificate, or if Buyer's Notice to Terminate would otherwise be required to be received by Seller after Closing Date, Buyer's Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer's Notice to Terminate within such time, Buyer accepts the provisions of the Tax Certificate and the inclusion of the Property in a special taxing district, if applicable, as satisfactory and Buyer waives any Right to Terminate under this provision. If Buyer's loan specified in §4.5.3. (Loan Limitations) prohibits Buyer from paying for the Tax Certificate, the Tax Certificate will be paid for by Seller. 8.6. Third Party Right to Purchase/Approve. If any third party has a right to purchase the Property (e.g., right of first refusal on the Property, right to purchase the Property under a lease or an option held by a third party to purchase the Property) or a right of a third party to approve this Contract, Seller must promptly submit this Contract according to the terms and conditions of such right. If the third -party holder of such right exercises its right this Contract will terminate. If the third party's right to purchase is waived explicitly or expires, or the Contract is approved, this Contract will remain in full force and effect. Seller must promptly notify Buyer in writing of the foregoing. If the third party right to purchase is exercised or approval of this Contract has not occurred on or before Third Party Right to Purchase/Approve Deadline, this Contract will then terminate. Seller will supply to Buyer, in writing, details of any Third Party Right to Purchase the Property on or before the Record Title Deadline. 8.7. Right to Object to Title, Resolution. Buyer has a right to object or terminate, in Buyer's sole subjective discretion, based on any title matters including those matters set forth in § 8.2. (Record Title), § 8.3. (Off -Record Title), § 8.5. (Special Taxing District) and § 13 (Transfer of Title). If Buyer exercises Buyer's rights to object or terminate based on any such title matter, on or before the applicable deadline, Buyer has the following options: 8.7.1. Title Objection, Resolution. If Seller receives Buyer's written notice objecting to any title matter (Notice of Title Objection) on or before the applicable deadline and if Buyer and Seller have not agreed to a written settlement thereof on or before Title Resolution Deadline, this Contract will terminate on the expiration of Title Resolution Deadline, unless Seller receives Buyer's written withdrawal of Buyer's Notice of Title Objection (i.e., Buyer's written notice to waive objection to such items and waives the Right to Terminate for that reason), on or before expiration of Title Resolution Deadline. If either the Record Title Deadline or the Off -Record Title Deadline, or both, are extended pursuant to § 8.2. (Record Title) or § 8.3. (Off -Record Title) the Title Resolution Deadline also will be automatically extended to the earlier of Closing or fifteen days after Buyer's receipt of the applicable documents; or 8.7.2. Title Objection, Right to Terminate. Buyer may exercise the Right to Terminate under § 24.1., on or before the applicable deadline, based on any title matter unsatisfactory to Buyer, in Buyer's sole subjective discretion. 8.8. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should be reviewed carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property, including, without limitation, boundary lines and encroachments, set -back requirements, area, zoning, building code violations, unrecorded easements and claims of easements, leases and other unrecorded agreements, water on or under the Property and various laws and governmental regulations concerning land use, development and environmental matters. 8.8.1. OIL, GAS, WATER AND MINERAL DISCLOSURE. THE SURFACE ESTATE OF THE PROPERTY MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE AND TRANSFER OF THE SURFACE ESTATE MAY NOT NECESSARILY INCLUDE TRANSFER OF THE MINERAL ESTATE OR WATER RIGHTS. THIRD PARTIES MAY OWN OR LEASE INTERESTS IN OIL, CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 10 of 24 CTMeContracts.com - C2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 14 of 29, Ingrid K. Grueter, Pitkin County, CO 583 534 585 586 587 583 589 590 591 592 593 594 595 596 597 593 599 600 601 602 603 604 605 606 607 608 609 610 611 612 613 614 615 616 617 613 619 620 621 622 623 624 625 626 627 623 629 630 631 632 633 634 635 636 637 633 639 640 GAS, OTHER MINERALS, GEOTHERMAL ENERGY OR WATER ON OR UNDER THE SURFACE OF THE PROPERTY, WHICH INTERESTS MAY GIVE THEM RIGHTS TO ENTER AND USE THE SURFACE OF THE PROPERTY TO ACCESS THE MINERAL ESTATE, OIL, GAS OR WATER. 8.8.2. SURFACE USE AGREEMENT. THE USE OF THE SURFACE ESTATE OF THE PROPERTY TO ACCESS THE OIL, GAS OR MINERALS MAY BE GOVERNED BY A SURFACE USE AGREEMENT, A MEMORANDUM OR OTHER NOTICE OF WHICH MAY BE RECORDED WITH THE COUNTY CLERK AND RECORDER. 8.8.3. OIL AND GAS ACTIVITY. OIL AND GAS ACTIVITY THAT MAY OCCUR ON OR ADJACENT TO THE PROPERTY MAY INCLUDE, BUT IS NOT LIMITED TO, SURVEYING, DRILLING, WELL COMPLETION OPERATIONS, STORAGE, OIL AND GAS, OR PRODUCTION FACILITIES, PRODUCING WELLS, REWORKING OF CURRENT WELLS AND GAS GATHERING AND PROCESSING FACILITIES. 8.8.4. ADDITIONAL INFORMATION. BUYER IS ENCOURAGED TO SEEK ADDITIONAL INFORMATION REGARDING OIL AND GAS ACTIVITY ON OR ADJACENT TO THE PROPERTY, INCLUDING DRILLING PERMIT APPLICATIONS. THIS INFORMATION MAY BE AVAILABLE FROM THE COLORADO OIL AND GAS CONSERVATION COMMISSION. 8.8.5. Title Insurance Exclusions. Matters set forth in this Section and others, may be excepted, excluded from, or not covered by the owner's title insurance policy. 8.9. Mineral Rights Review. Buyer ❑ Does ❑ Does Not have a Right to Terminate if examination of the Mineral Rights is unsatisfactory to Buyer on or before the Mineral Rights Examination Deadline. 9. NEW ILC, NEW SURVEY. 9.1. New ILC or New Survey. If the box is checked, (1) ❑ New Improvement Location Certificate (New ILC); or, (2) ❑ New Survey in the form of ; is required and the following will apply: 9.1.1. Ordering of New ILC or New Survey. ❑ Seller ❑ Buyer will order the New ILC or New Survey. The New ILC or New Survey may also be a previous ILC or survey that is in the above -required form, certified and updated as of a date after the date of this Contract. 9.1.2. Payment for New ILC or New Survey. The cost of the New ILC or New Survey will be paid, on or before Closing, by: ❑ Seller ❑ Buyer or: 9.1.3. Delivery of New ILC or New Survey. Buyer, Seller, the issuer of the Title Commitment (or the provider of the opinion of title if an Abstract of Title) and will receive a New ILC or New Survey on or before New ILC or New Survey Deadline. 9.1.4. Certification of New ILC or New Survey. The New ILC or New Survey will be certified by the surveyor to all those who are to receive the New ILC or New Survey. 9.2. Buyer's Right to Waive or Change New ILC or New Survey Selection. Buyer may select a New ILC or New Survey different than initially specified in this Contract if there is no additional cost to Seller or change to the New ILC or New Survey Objection Deadline. Buyer may, in Buyer's sole subjective discretion, waive a New ILC or New Survey if done prior to Seller incurring any cost for the same. 9.3. New ILC or New Survey Objection. Buyer has the right to review and object based on the New ILC or New Survey. If the New ILC or New Survey is not timely received by Buyer or is unsatisfactory to Buyer, in Buyer's sole subjective discretion, Buyer may, on or before New ILC or New Survey Objection Deadline, notwithstanding § 8.3. or § 13: 9.3.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1, that this Contract is terminated; or 9.3.2. New ILC or New Survey Objection. Deliver to Seller a written description of any matter that was to be shown or is shown in the New ILC or New Survey that is unsatisfactory and that Buyer requires Seller to correct. 9.3.3. New ILC or New Survey Resolution. If a New ILC or New Survey Objection is received by Seller, on or before New ILC or New Survey Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before New ILC or New Survey Resolution Deadline, this Contract will terminate on expiration of the New ILC or New Survey Resolution Deadline, unless Seller CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 11 of 24 CTMeContracts.com - ©2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 15 of 29, Ingrid K. Grueter, Pitkin County, CO D4'1 642 643 644 645 646 647 643 649 650 651 652 653 654 655 656 657 658 659 660 661 662 663 664 665 666 667 668 669 670 671 672 673 674 675 676 677 673 679 680 681 682 683 684 685 686 687 688 689 690 691 692 693 694 695 696 697 698 699 receives Buyer's written withdrawal of the New ILC or New Survey Objection before such termination (i.e., on or before expiration of New ILC or New Survey Resolution Deadline). DISCLOSURE, INSPECTION AND DUE DILIGENCE 10. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, DUE DILIGENCE AND SOURCE OF WATER. 10.1. Seller's Property Disclosure. On or before Seller's Property Disclosure Deadline , Seller agrees to deliver to Buyer the most current version of the applicable Colorado Real Estate Commission's Seller's Property Disclosure form completed by Seller to Seller's actual knowledge and current as of the date of this Contract. 10.2. Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition. Seller must disclose to Buyer any adverse material facts actually known by Seller as of the date of this Contract. Seller agrees that disclosure of adverse material facts will be in writing. In the event Seller discovers an adverse material fact after the date of this Contract, Seller must timely disclose such adverse fact to Buyer. Buyer has the Right to Terminate based on the Seller's new disclosure on the earlier of Closing or five days after Buyer's receipt of the new disclosure. Except as otherwise provided in this Contract, Buyer acknowledges that Seller is conveying the Property to Buyer in an "As Is" condition, " Where Is" and " With All Faults? 10.3. Inspection. Unless otherwise provided in this Contract, Buyer, acting in good faith, has the right to have inspections (by one or more third parties, personally or both) of the Property, Leased Items, and Inclusions (Inspection), at Buyer's expense. If (1) the physical condition of the Property, including, but not limited to, the roof, walls, structural integrity of the Property, the electrical, plumbing, HVAC and other mechanical systems of the Property, (2) the physical condition of the Inclusions and Leased Items, (3) service to the Property (including utilities and communication services) systems and components of the Property (e.g., heating and plumbing), (4) any proposed or existing transportation project, road, street or highway, or (5) any other activity, odor or noise (whether on or off the Property) and its effect or expected effect on the Property or its occupants is unsatisfactory, in Buyer's sole subjective discretion, Buyer may: 10.3.1. Inspection Termination. On or before the Inspection Termination Deadline, notify Seller in writing, pursuant to § 24.1., that this Contract is terminated due to any unsatisfactory condition, provided the Buyer did not previously deliver an Inspection Objection. Buyer's Right to Terminate under this provision expires upon delivery of an Inspection Objection to Seller pursuant to § 10.3.2.; or 10.3.2. Inspection Objection. On or before the Inspection Objection Deadline, deliver to Seller a written description of any unsatisfactory condition that Buyer requires Seller to correct. 10.3.3. Inspection Resolution. If an Inspection Objection is received by Seller, on or before Inspection Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Inspection Resolution Deadline, this Contract will terminate on Inspection Resolution Deadline unless Seller receives Buyer's written withdrawal of the Inspection Objection before such termination (i.e., on or before expiration of Inspection Resolution Deadline). Nothing in this provision prohibits the Buyer and the Seller from mutually terminating this Contract before the Inspection Resolution Deadline passes by executing an Earnest Money Release. 10.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided in this Contract or other written agreement between the parties, is responsible for payment for all inspections, tests, surveys, engineering reports, or other reports performed at Buyer's request (Work) and must pay for any damage that occurs to the Property and Inclusions as a result of such Work. Buyer must not permit claims or liens of any kind against the Property for Work performed on the Property. Buyer agrees to indemnify, protect and hold Seller harmless from and against any liability, damage, cost or expense incurred by Seller and caused by any such Work, claim, or lien. This indemnity includes Seller's right to recover all costs and expenses incurred by Seller to defend against any such liability, damage, cost or expense, or to enforce this Section, including Seller's reasonable attorney fees, legal fees and expenses. The provisions of this Section survive the termination of this Contract. This § 10.4. does not apply to items performed pursuant to an Inspection CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 12 of 24 CTMeContracts.com - ©2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 16 of 29, Ingrid K. Grueter, Pitkin County, CO 70o- 701 702 703 704 7o-s 706 707 703 709 710 711 712 713 714 715 716 717 713 719 720 721 722 723 724 725 726 727 723 729 730 731 732 733 734 735 736 737 733 739 740 741 742 743 744 745 746 747 743 749 750 751 752 7S3 754 755 756 757 Resolution. 10.5. Insurability. Buyer has the Right to Terminate under § 24.1., on or before Property Insurance Termination Deadline, based on any unsatisfactory provision of the availability, terms and conditions and premium for property insurance (Property Insurance) on the Property, in Buyer's sole subjective discretion. 10.6. Due Diligence. 10.6.1. Due Diligence Documents. Seller agrees to deliver copies of the following documents and information pertaining to the Property and Leased Items (Due Diligence Documents) to Buyer on or before Due Diligence Documents Delivery Deadline: 10.6.1.1. Occupancy Agreements. All current leases, including any amendments or other occupancy agreements, pertaining to the Property. Those leases or other occupancy agreements pertaining to the Property that survive Closing are as follows (Leases): none 10.6.1.2. Leased Items Documents. If any lease of personal property (§ 2.5.7., Leased Items) will be transferred to Buyer at Closing, Seller agrees to deliver copies of the leases and information pertaining to the personal property to Buyer on or before Due Diligence Documents Delivery Deadline. Buyer ❑ Will ❑ Will Not assume the Seller's obligations under such leases for the Leased Items (§ 2.5.7., Leased Items). 10.6.1.3. Encumbered Inclusions Documents. If any Inclusions owned by Seller are encumbered pursuant to § 2.5.4. (Encumbered Inclusions) above, Seller agrees to deliver copies of the evidence of debt, security and any other documents creating the encumbrance to Buyer on or before Due Diligence Documents Delivery Deadline. Buyer ❑ Will ❑ Will Not assume the debt on the Encumbered Inclusions (§ 2.5.4., Encumbered Inclusions). 10.6.1.4. Other Documents. Other documents and information: Any and all documents in Seller's possession pertaining to the property including: utility bilis relating to the Property for the last 12 months; any architectural drawings, blueprints or other plans or specifications regarding anv 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; anv property tax statements relating to the Property for the last 2 years: any insurance claims made during the Seller's ownership: and any inspection engineering. environmental (including but not limited to radon or mold), or similar reports, studies or test results relating to the Property. 10.6.2. Due Diligence Documents Review and Objection. Buyer has the right to review and object based on the Due Diligence Documents. If the Due Diligence Documents are not supplied to Buyer or are unsatisfactory, in Buyer's sole subjective discretion, Buyer may, on or before Due Diligence Documents Objection Deadline: 10.6.2.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1., that this Contract is terminated; or 10.6.2.2. Due Diligence Documents Objection. Deliver to Seller a written description of any unsatisfactory Due Diligence Documents that Buyer requires Seller to correct. 10.6.2.3. Due Diligence Documents Resolution. If a Due Diligence Documents Objection is received by Seller, on or before Due Diligence Documents Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Due Diligence Documents Resolution Deadline, this Contract will terminate on Due Diligence Documents Resolution Deadline unless Seller receives Buyer's written withdrawal of the Due Diligence Documents Objection before such termination (i.e., on or before expiration of Due Diligence Documents Resolution Deadline). 10.7. Conditional Upon Sale of Property. This Contract is conditional upon the sale and closing of that certain property owned by Buyer and commonly known as n/a. Buyer has the Right to Terminate under § 24.1. effective upon Seller's receipt of Buyer's Notice to Terminate on or before Conditional Sale Deadline if such property is not sold and closed by such deadline. This Section is for the sole benefit of Buyer. If Seller CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 13 of 24 CTMeContracts.com - C2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 17 of 29, Ingrid K. Grueter, Pitkin County, CO 758 759 760 761 762 763 764 765 766 767 768 769 770 T71 772 773 774 775 776 777 778 779 780 781 782 783 784 785 786 787 788 789 790 791 792 793 794 795 796 797 798 799 800 801 802 303 804 305 806 807 803 309 810 811 812 313 814 815 does not receive Buyer's Notice to Terminate on or before Conditional Sale Deadline, Buyer waives any Right to Terminate under this provision. 10.8. Source of Potable Water (Residential Land and Residential Improvements Only). Buyer ❑ Does ❑ Does Not acknowledge receipt of a copy of Seller's Property Disclosure or Source of Water Addendum disclosing the source of potable water for the Property. ® There is No Well. Buyer ❑ Does ❑ Does Not acknowledge receipt of a copy of the current well permit. Note to Buyer: SOME WATER PROVIDERS RELY, TO VARYING DEGREES, ON NONRENEWABLE GROUND WATER. YOU MAY WISH TO CONTACT YOUR PROVIDER (OR INVESTIGATE THE DESCRIBED SOURCE) TO DETERMINE THE LONG-TERM SUFFICIENCY OF THE PROVIDER'S WATER SUPPLIES. 10.9. Existing Leases; Modification of Existing Leases; New Leases. [Intentionally Deleted] 10.10. Lead -Based Paint. 10.10.1. Lead -Based Paint Disclosure. Unless exempt, if the Property includes one or more residential dwellings constructed or a building permit was issued prior to January 1, 1978, for the benefit of Buyer, Seller and all required real estate licensees must sign and deliver to Buyer a completed Lead -Based Paint Disclosure (Sales) form on or before the Lead -Based Paint Disclosure Deadline. If Buyer does not timely receive the Lead -Based Paint Disclosure, Buyer may waive the failure to timely receive the Lead -Based Paint Disclosure, or Buyer may exercise Buyer's Right to Terminate under § 24.1. by Seller's receipt of Buyer's Notice to Terminate on or before the expiration of the Lead -Based Paint Termination Deadline. 10.10.2. Lead -Based Paint Assessment. If Buyer elects to conduct or obtain a risk assessment or inspection of the Property for the presence of Lead -Based Paint or Lead -Based Paint hazards, Buyer has a Right to Terminate under § 24.1. by Sellers receipt of Buyer's Notice to Terminate on or before the expiration of the Lead -Based Paint Termination Deadline. Buyer may elect to waive Buyer's right to conduct or obtain a risk assessment or inspection of the Property for the presence of Lead -Based Paint or Lead -Based Paint hazards. If Seller does not receive Buyer's Notice to Terminate within such time, Buyer accepts the condition of the Property relative to any Lead -Based Paint as satisfactory and Buyer waives any Right to Terminate under this provision. 10.11. Carbon Monoxide Alarms. Note: If the improvements on the Property have a fuel -fired heater or appliance, a fireplace, or an attached garage and include one or more rooms lawfully used for sleeping purposes (Bedroom), the parties acknowledge that Colorado law requires that Seller assure the Property has an operational carbon monoxide alarm installed within fifteen feet of the entrance to each Bedroom or in a location as required by the applicable building code. 10.12. Methamphetamine Disclosure. If Seller knows that methamphetamine was ever manufactured, processed, cooked, disposed of, used or stored at the Property, Seller is required to disclose such fact. No disclosure is required if the Property was remediated in accordance with state standards and other requirements are fulfilled pursuant to § 25-18.5-102, C.R.S., Buyer further acknowledges that Buyer has the right to engage a certified hygienist or industrial hygienist to test whether the Property has ever been used as a methamphetamine laboratory. Buyer has the Right to Terminate under § 24.1., upon Sellers receipt of Buyer's written Notice to Terminate, notwithstanding any other provision of this Contract, based on Buyer's test results that indicate the Property has been contaminated with methamphetamine, but has not been remediated to meet the standards established by rules of the State Board of Health promulgated pursuant to § 25-18.5-102, C.R.S. Buyer must promptly give written notice to Seller of the results of the test. 11. TENANT ESTOPPEL STATEMENTS. [Intentionally Deleted] Closing Provisions 12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING. 12.1. Closing Documents and Closing Information. Seller and Buyer will cooperate with the Closing Company to enable the Closing Company to prepare and deliver documents required for Closing to CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 14 of 24 CTMeContracts.com - ©2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 18 of 29, Ingrid K. Grueter, Pitkin County, CO alb Buyer and Seller and their designees. If Buyer is obtaining a loan to purchase the Property, Buyer 317 S1$ acknowledges Buyer's lender is required to provide the Closing Company, in a timely manner, all required 319 loan documents and financial information concerning Buyer's loan. Buyer and Seller will furnish any ago additional information and documents required by Closing Company that will be necessary to complete this 321 transaction. Buyer and Seller will sign and complete all customary or reasonably required documents at or an before Closing. 323 12.2. Closing Instructions. Colorado Real Estate Commission's Closing Instructions ❑ Are 324 ® Are Not executed with this Contract. 325 12.3. Closing. Delivery of deed from Seller to Buyer will be at closing (Closing). Closing will be on the 326 date specified as the Closing Date or by mutual agreement at an earlier date. At Closing, Seller agrees to 327 deliver a set of keys for the Property to Buyer. The hour and place of Closing will be as designated by Land 323 329 Title Guarantee Company. 330 12.4. Disclosure of Settlement Costs. Buyer and Seller acknowledge that costs, quality and extent 331 of service vary between different settlement service providers (e.g., attorneys, lenders, inspectors and title 332 companies). 333 12.5. Assignment of Leases. Seller must assign to Buyer all Leases at Closing that will continue 334 after Closing and Buyer must assume Seller's obligations under such Leases. Further, Seller must transfer to s36 Buyer all Leased Items and assign to Buyer such leases for the Leased Items accepted by Buyer pursuant to 33 337 § 2.5.7. (Leased Items). 333 339 13. TRANSFER OF TITLE. Subject to Buyer's compliance with the terms and provisions of this Contract, 340 including the tender of any payment due at Closing, Seller must execute and deliver the following good and 341 sufficient deed to Buyer, at Closing: ® special warranty deed ❑ general warranty deed a42 ❑ bargain and sale deed ❑ quit claim deed ❑ personal representative's deed ❑ deed. Seller, provided 343 another deed is not selected, must execute and deliver a good and sufficient special warranty deed to Buyer, 9.44 at Closing. 345 Unless otherwise specified in § 29 (Additional Provisions), if title will be conveyed using a special 046 347 warranty deed or a general warranty deed, title will be conveyed "subject to statutory exceptions" as defined 343 in §38-30-113(5)(a), C.R.S. 349 14. PAYMENT OF LIENS AND ENCUMBRANCES. Unless agreed to by Buyer in writing, any amounts 350 owed on any liens or encumbrances securing a monetary sum against the Property and Inclusions, including 351 any governmental liens for special improvements installed as of the date of Buyer's signature hereon, 352 whether assessed or not, and previous years' taxes, will be paid at or before Closing by Seller from the 353 proceeds of this transaction or from any other source. 354 355 15. CLOSING COSTS, FEES, ASSOCIATION STATUS LETTER AND DISBURSEMENTS, TAXES AND 356 857 WITHHOLDING. 353 15.1. Closing Costs. Buyer and Seller must pay, in Good Funds, their respective closing costs and all 359 other items required to be paid at Closing, except as otherwise provided herein. However, if Buyer's loan Ssu specified in §4.5.3. (Loan Limitations) prohibits Buyer from paying for any of the fees contained in this 361 Section, the fees will be paid for by Seller. 362 15.2. Closing Services Fee. The fee for real estate closing services must be paid at Closing by 363 ❑ Buyer ❑ Seller ® One -Half by Buyer and One -Half by Seller ❑ Other . 364 ass 15.3. Association Fees and Required Disbursements. At least fourteen days prior to Closing Date, 366 Seller agrees to promptly request that the Closing Company or the Association deliver to Buyer a current 367 Status Letter, if applicable. Any fees associated with or specified in the Status Letter will be paid as follows: 363 15.3.1. Status Letter Fee. Any fee incident to the issuance of Association's Status Letter must 388 be paid by ❑ Buyer ® Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 370 15.3.2. Record Change Fee. Any Record Change Fee must be paid by ❑ Buyer ® Seller 371 ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 372 373 15.3.3. Assessments, Reserves or Working Capital. All assessments required to be paid in 324 advance (other than Association Assessments as defined in § 16.2. (Association Assessments), reserves or CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 15 of 24 CTMeContracts.com - ©2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 19 of 29, Ingrid K. Grueter, Pitkin County, CO 375 working capital due at Closing must be paid by ® Buyer ❑ Seller 376 ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 877 15.3.4. Other Fees. Any other fee listed in the Status Letter as required to be paid at Closing will 373 be paid by ❑ Buyer ® Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 379 15.4. Local Transfer Tax. Any Local Transfer Tax must be paid at Closing by ❑ Buyer ❑ Seller 830 0.31 ❑ One -Half by Buyer and One -Half by Seller El N/A. 0432 15.5. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction must be a,33 paid when due by ❑ Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ® N/A. 334 15.6. Private Transfer Fee. Any private transfer fees and other fees due to a transfer of the Property, 385 payable at Closing, such as community association fees, developer fees and foundation fees, must be paid at " Closing by ❑ Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ® N/A. 337 15.7. Water Transfer Fees. Water Transfer Fees can change. The fees, as of the date of this 333 ass Contract, do not exceed $ for: 396 ❑ Water Stock/Certificates ❑ Water District 3291 ❑ Augmentation Membership ❑ Small Domestic Water Company ❑ 392 and must be paid at Closing by ❑ Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 393 15.8. Utility Transfer Fees. Utility transfer fees can change. Any fees to transfer utilities from Seller to 394 Buyer must be paid by ® Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 395 15.9. FIRPTA and Colorado Withholding. 396 3297 15.9.1. FIRPTA. The Internal Revenue Service (IRS) may require a substantial portion of the 393 Seller's proceeds be withheld after Closing when Seller is a foreign person. If required withholding does not ggg occur, the Buyer could be held liable for the amount of the Seller's tax, interest and penalties. If the box in 900 this Section is checked, Seller represents that Seller ❑ IS a foreign person for purposes of U.S. income 901 taxation. If the box in this Section is not checked, Seller represents that Seller is not a foreign person for 902 purposes of U.S. income taxation. Seller agrees to cooperate with Buyer and Closing Company to provide 903 any reasonably requested documents to verify Seller's foreign person status. If withholding is required, Seller 9n4 authorizes Closing Company to withhold such amount from Seller's proceeds. Seller should inquire with so' Seller's tax advisor to determine if withholding applies or if an exemption exists. 906 15.9.2. Colorado Withholding. The Colorado Department of Revenue may require a portion of 907 903 the Seller's proceeds be withheld after Closing when Seller will not be a Colorado resident after Closing, if y0y not otherwise exempt. Seller agrees to cooperate with Buyer and Closing Company to provide any 910 reasonably requested documents to verify Seller's status. If withholding is required, Seller authorizes Closing 911 Company to withhold such amount from Seller's proceeds. Seller should inquire with Seller's tax advisor to 912 determine if withholding applies or if an exemption exists. 913 914 16. PRORATIONS AND ASSOCIATION ASSESSMENTS. 915 16.1. Prorations. The following will be prorated to the Closing Date, except as otherwise provided: 916 917 16.1.1. Taxes. Personal property taxes, if any, special taxing district assessments, if any, and 913 general real estate taxes for the year of Closing, based on 919 ❑ Taxes for the Calendar Year Immediately Preceding Closing 920 ® Most Recent Mill Levy and Most Recent Assessed Valuation, adjusted by any applicable qualifying 921 seniors property tax exemption, qualifying disabled veteran exemption or ❑ Other 922 16.1.2. Rents. Rents based on ❑ Rents Actually Received ❑ Accrued. At Closing, Seller will 923 transfer or credit to Buyer the security deposits for all Leases assigned to Buyer, or any remainder after 924 lawful deductions, and notify all tenants in writing of such transfer and of the transferee's name and address 925 16.1.3. Other Prorations. Water and sewer charges, propane, interest on continuing loan and 926 no other 927 923 16.1.4. Final Settlement. Unless otherwise specified in Additional Provisions, these prorations 929 are final. 930 16.2. Association Assessments. Current regular Association assessments and dues (Association 931 Assessments) paid in advance will be credited to Seller at Closing. Cash reserves held out of the regular 932 CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 16 of 24 CTMeContracts.com - ©2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 20 of 29, Ingrid K. Grueter, Pitkin County, CO 933 934 935 936 937 933 939 940 941 942 943 944 945 946 947 943 949 950 951 952 953 954 955 956 957 958 959 960 961 962 963 964 965 966 967 963 969 970 971 972 973 974 975 976 97T 973 979 980 981 982 983 934 985 986 987 988 989 990 Association Assessments for deferred maintenance by the Association will not be credited to Seller except as may be otherwise provided by the Governing Documents. Buyer acknowledges that Buyer may be obligated to pay the Association, at Closing, an amount for reserves or working capital. Any special assessment assessed prior to Closing Date by the Association will be the obligation of ❑ Buyer ® Seller. Except however, any special assessment by the Association for improvements that have been installed as of the date of Buyer's signature hereon, whether assessed prior to or after Closing, will be the obligation of Seller unless otherwise specified in Additional Provisions. Seller represents there are no unpaid regular or special assessments against the Property except the current regular assessments and none known Association Assessments are subject to change as provided in the Governing Documents. 17. POSSESSION. Possession of the Property and Inclusions will be delivered to Buyer on Possession Date at Possession Time, subject to the Leases as set forth in § 10.6.1.1. and, if applicable, any Post -Closing Occupancy Agreement. If Seller, after Closing occurs, fails to deliver possession as specified, Seller will be subject to eviction and will be additionally liable to Buyer, notwithstanding § 20.2. (If Seller is in Default), for payment of $ 250.00 per day (or any part of a day notwithstanding § 3.3., Day) from Possession Date and Possession Time until possession is delivered. Buyer represents that Buyer will occupy the Property as Buyer's principal residence unless the following box is checked, then Buyer ® Does Not represent that Buyer will occupy the Property as Buyer's principal residence. ❑ If the box is checked, Buyer and Seller agree to execute a Post -Closing Occupancy Agreement. General Provisions 18. CAUSES OF LOSS, INSURANCE; DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION; AND WALK-THROUGH. Except as otherwise provided in this Contract, the Property, Inclusions or both will be delivered in the condition existing as of the date of this Contract, ordinary wear and tear excepted. 18.1. Causes of Loss, Insurance. In the event the Property or Inclusions are damaged by fire, other perils or causes of loss prior to Closing (Property Damage) in an amount of not more than ten percent of the total Purchase Price and if the repair of the damage will be paid by insurance (other than the deductible to be paid by Seller), then Seller, upon receipt of the insurance proceeds, will use Seller's reasonable efforts to repair the Property before Closing Date. Buyer has the Right to Terminate under § 24.1., on or before Closing Date, if the Property is not repaired before Closing Date, or if the damage exceeds such sum. Should Buyer elect to carry out this Contract despite such Property Damage, Buyer is entitled to a credit at Closing for all insurance proceeds that were received by Seller (but not the Association, if any) resulting from damage to the Property and Inclusions, plus the amount of any deductible provided for in the insurance policy. This credit may not exceed the Purchase Price. In the event Seller has not received the insurance proceeds prior to Closing, the parties may agree to extend the Closing Date to have the Property repaired prior to Closing or, at the option of Buyer, (1) Seller must assign to Buyer the right to the proceeds at Closing, if acceptable to Seller's insurance company and Buyer's lender; or (2) the parties may enter into a written agreement prepared by the parties or their attorney requiring the Seller to escrow at Closing from Seller's sale proceeds the amount Seller has received and will receive due to such damage, not exceeding the total Purchase Price, plus the amount of any deductible that applies to the insurance claim. 18.2. Damage, Inclusions and Services. Should any Inclusion or service (including utilities and communication services), system, component or fixture of the Property (collectively Service) (e.g., heating or plumbing), fail or be damaged between the date of this Contract and Closing or possession, whichever is earlier, then Seller is liable for the repair or replacement of such Inclusion or Service with a unit of similar size age and quality, or an equivalent credit, but only to the extent that the maintenance or replacement of such Inclusion or Service is not the responsibility of the Association, if any, less any insurance proceeds received by Buyer covering such repair or replacement. If the failed or damaged Inclusion or Service is not repaired or replaced on or before Closing or possession, whichever is earlier, Buyer has the Right to CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 17 of 24 CTMeContracts.com - ©2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 21 of 29, Ingrid K. Grueter, Pitkin County, CO uul 992 993 994 995 996 997 998 999 1000 1001 1002 1003 1004 1005 1006 1007 1003 1009 1010 1011 1012 1013 1014 1015 1016 1017 1013 1019 1020 1021 1022 1023 1024 1025 1026 1027 1023 1029 1030 1031 1032 1033 1034 1035 1036 1037 1033 1039 1040 1041 1042 1043 1044 1045 1046 1047 1048 1049 Terminate under § 24.1., on or before Closing Date, or, at the option of Buyer, Buyer is entitled to a credit at Closing for the repair or replacement of such Inclusion or Service. Such credit must not exceed the Purchase Price. If Buyer receives such a credit, Seller's right for any claim against the Association, if any, will survive Closing. 18.3. Condemnation. In the event Seller receives actual notice prior to Closing that a pending condemnation action may result in a taking of all or part of the Property or Inclusions, Seller must promptly notify Buyer, in writing, of such condemnation action. Buyer has the Right to Terminate under § 24.1., on or before Closing Date, based on such condemnation action, in Buyer's sole subjective discretion. Should Buyer elect to consummate this Contract despite such diminution of value to the Property and Inclusions, Buyer is entitled to a credit at Closing for all condemnation proceeds awarded to Seller for the diminution in the value of the Property or Inclusions, but such credit will not include relocation benefits or expenses or exceed the Purchase Price. 18.4. Walk -Through and Verification of Condition. Buyer, upon reasonable notice, has the right to walk through the Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with this Contract. 18.5. Home Warranty. Seller and Buyer are aware of the existence of pre -owned home warranty programs that may be purchased and may cover the repair or replacement of such Inclusions. 19. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller acknowledge that their respective broker has advised that this Contract has important legal consequences and has recommended: (1) legal examination of title; (2) consultation with legal and tax or other counsel before signing this Contract as this Contract may have important legal and tax implications; (3) to consult with their own attorney if Water Rights, Mineral Rights or Leased Items are included or excluded in the sale; and (4) to consult with legal counsel if there are other matters in this transaction for which legal counsel should be engaged and consulted. Such consultations must be done timely as this Contract has strict time limits, including deadlines, that must be complied with. 20. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence for all dates and deadlines in this Contract. This means that all dates and deadlines are strict and absolute. If any payment due, including Eamest Money, is not paid, honored or tendered when due, or if any obligation is not performed timely as provided in this Contract or waived, the non -defaulting party has the following remedies: 20.1. If Buyer is in Default: ❑ 20.1.1. Specific Performance. Seller may elect to cancel this Contract and all Earnest Money (whether or not paid by Buyer) will be paid to Seller and retained by Seller. It is agreed that the Earnest Money is not a penalty, and the Parties agree the amount is fair and reasonable. Seller may recover such additional damages as may be proper. Alternatively, Seller may elect to treat this Contract as being in full force and effect and Seller has the right to specific performance or damages, or both. 20.1.2. Liquidated Damages, Applicable. This § 20.1.2. applies unless the box in § 20.1.1. is checked. Seller may cancel this Contract. All Eamest Money (whether or not paid by Buyer) will be paid to Seller and retained by Seller. It is agreed that the Earnest Money amount specified in § 4.1. is LIQUIDATED DAMAGES and not a penalty, which amount the parties agree is fair and reasonable and (except as provided in §§ 10.4. and 21), such amount is SELLER'S ONLY REMEDY for Buyer's failure to perform the obligations of this Contract. Seller expressly waives the remedies of specific performance and additional damages. 20.2. If Seller is in Default: 20.2.1. Specific Performance, Damages or Both. Buyer may elect to treat this Contract as canceled, in which case all Earnest Money received hereunder will be returned to Buyer and Buyer may recover such damages as may be proper. Alternatively, in addition to the per diem in § 17 (Possession) for failure of Seller to timely deliver possession of the Property after Closing occurs, Buyer may elect to treat this Contract as being in full force and effect and Buyer has the right to specific performance or damages, or both. 20.2.2. Seller's Failure to Perform. In the event Seller fails to perform Seller's obligations under this Contract, to include, but not limited to, failure to timely disclose Association violations known by Seller, CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 18 of 24 CTMeContracts.com - ©2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 22 of 29, Ingrid K. Grueter, Pitkin County, CO 1050 1 051 1052 1053 1054 1055 1056 1057 1053 1059 1660 1061 1062 1063 1064 1665 1066 1067 1068 1069 1070 1071 1072 1073 1074 1075 1076 1077 1078 1079 1080 1*81 1082 1083 1084 1085 1086 1087 1083 1039 1096 1091 1092 1093 1094 1095 1096 1097 1093 1099 1100 1101 1102 1103 1104 1105 1106 1107 failure to perform any replacements or repairs required under this Contract or failure to timely disclose any known adverse material facts, Seller remains liable for any such failures to perform under this Contract after Closing. Buyer's rights to pursue the Seller for Sellers failure to perform under this Contract are reserved and survive Closing. 21. LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of any arbitration or litigation relating to this Contract, prior to or after Closing Date, the arbitrator or court must award to the prevailing party all reasonable costs and expenses, including attorney fees, legal fees and expenses. 22. MEDIATION. If a dispute arises relating to this Contract (whether prior to or after Closing) and is not resolved, the parties must first proceed, in good faith, to mediation. Mediation is a process in which the parties meet with an impartial person who helps to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. Before any mediated settlement is binding, the parties to the dispute must agree to the settlement, in writing. The parties will jointly appoint an acceptable mediator and will share equally in the cost of such mediation. The obligation to mediate, unless otherwise agreed, will terminate if the entire dispute is not resolved within thirty days of the date written notice requesting mediation is delivered by one party to the other at that party's last known address (physical or electronic as provided in § 26). Nothing in this Section prohibits either party from filing a lawsuit and recording a lis pendens affecting the Property, before or after the date of written notice requesting mediation. This Section will not alter any date in this Contract, unless otherwise agreed. 23. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder must release the Earnest Money following receipt of written mutual instructions, signed by both Buyer and Seller. In the event of any controversy regarding the Earnest Money, Eamest Money Holder is not required to release the Earnest Money. Earnest Money Holder, in its sole subjective discretion, has several options: (1) wait for any proceeding between Buyer and Seller; (2) interplead all parties and deposit Earnest Money into a court of competent jurisdiction (Earnest Money Holder is entitled to recover court costs and reasonable attorney and legal fees incurred with such action); or (3) provide notice to Buyer and Seller that unless Earnest Money Holder receives a copy of the Summons and Complaint or Claim (between Buyer and Seller) containing the case number of the lawsuit (Lawsuit) within one hundred twenty days of Earnest Money Holder's notice to the parties, Eamest Money Holder is authorized to retum the Eamest Money to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit and has not interpled the monies at the time of any Order, Earnest Money Holder must disburse the Earnest Money pursuant to the Order of the Court. The parties reaffirm the obligation of § 22 (Mediation). This Section will survive cancellation or termination of this Contract. 24. TERMINATION. 24.1. Right to Terminate. If a party has a right to terminate, as provided in this Contract (Right to Terminate), the termination is effective upon the other party's receipt of a written notice to terminate (Notice to Terminate), provided such written notice was received on or before the applicable deadline specified in this Contract. If the Notice to Terminate is not received on or before the specified deadline, the party with the Right to Terminate accepts the specified matter, document or condition as satisfactory and waives the Right to Terminate under such provision. 24.2. Effect of Termination. In the event this Contract is terminated, and all Eamest Money received hereunder is timely returned to Buyer, the parties are relieved of all obligations hereunder, subject to §§ 10.4. and 21. 25. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL; SUCCESSORS. This Contract, its exhibits and specified addenda, constitute the entire agreement between the parties relating to the subject hereof and any prior agreements pertaining thereto, whether oral or written, have been merged and integrated into this Contract. No subsequent modification of any of the terms of this Contract is valid, binding upon the parties, or enforceable unless made in writing and signed by the parties. Any right or obligation in this Contract that, by CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 19 of 24 CTMeContracts.com - C2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 23 of 29, Ingrid K. Grueter, Pitkin County, CO 1108 1109 1110 1111 1112 1113 1114 1115 1116 1117 1113 1119 1120 1121 1122 1123 1124 1125 1126 1127 1128 1129 1130 1131 1132 1133 1134 1135 1136 1137 1138 1139 1140 1141 1142 1143 1144 1145 1146 1147 1148 1149 1150 1151 1152 1153 1154 1155 1156 1157 1153 1159 1160 1161 1162 1163 1164 1165 its terms, exists or is intended to be performed after termination or Closing survives the same. Any successor to a party receives the predecessor's benefits and obligations of this Contract. 26. NOTICE, DELIVERY AND CHOICE OF LAW. 26.1. Physical Delivery and Notice. Any document or notice to Buyer or Seller must be in writing, except as provided in § 26.2. and is effective when physically received by such party, any individual named in this Contract to receive documents or notices for such party, Broker, or Brokerage Firm of Broker working with such party (except any notice or delivery after Closing must be received by the party, not Broker or Brokerage Firm). 26.2. Electronic Notice. As an alternative to physical delivery, any notice may be delivered in electronic form to Buyer or Seller, any individual named in this Contract to receive documents or notices for such party, Broker or Brokerage Firm of Broker working with such party (except any notice or delivery after Closing, cancellation or Termination must be received by the party, not Broker or Brokerage Firm) at the electronic address of the recipient by facsimile, email or ctmecontracts. 26.3. Electronic Delivery. Electronic Delivery of documents and notice may be delivered by: (1) email at the email address of the recipient, (2) a link or access to a website or server provided the recipient receives the information necessary to access the documents, or (3) facsimile at the facsimile number (Fax No.) of the recipient. 26.4. Choice of Law. This Contract and all disputes arising hereunder are governed by and construed in accordance with the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract in Colorado for real property located in Colorado. 27. NOTICE OF ACCEPTANCE, COUNTERPARTS. This proposal will expire unless accepted in writing, by Buyer and Seller, as evidenced by their signatures below and the offering party receives notice of such acceptance pursuant to § 26 on or before Acceptance Deadline Date and Acceptance Deadline Time. If accepted, this document will become a contract between Seller and Buyer. A copy of this Contract may be executed by each party, separately and when each party has executed a copy thereof, such copies taken together are deemed to be a full and complete contract between the parties. 28. GOOD FAITH. Buyer and Seller acknowledge that each party has an obligation to act in good faith including, but not limited to, exercising the rights and obligations set forth in the provisions of Financing Conditions and Obligations; Title Insurance, Record Title and Off -Record Title; New ILC, New Survey; and Property Disclosure, Inspection, Indemnity, Insurability Due Diligence and Source of Water. ADDITIONAL PROVISIONS AND ATTACHMENTS 29. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real Estate Commission.) The language contained in this section has not been approved by the Colorado Real Estate Commission. It was prepared by Aspen Snowmass Sotheby's International Realty. a) § 2.1. BUYER. Buyer may designate or re -designate 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. b. § 2.2. NO ASSIGNABILITY This paragraph is hereby deleted. This Contract shall be assignable by Buyer without prior agreement of Seller to an entity that is owned or controlled by Buver. c) § 2.5. INCLUSIONS. The last sentence of § 10.2 of the Contract. regarding the conveyance CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 20 of 24 CTMeContracts.com - C2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 24 of 29, Ingrid K. Grueter, Pitkin County, CO i.i ar, 1167 1168 1169 1170 1171 1172 1173 1174 1175 1176 117T 1178 1179 1180. 1181 1182 1183 1184 1185 1186 1187 1188 1189 1190. 1191 1192 1193 1194 1195 1196 1197 1193 1199 1200 1201 1202 1203 1204 1205 1206 1207 1208 1209 1210. 1211 1212 1213 1214 1215 1216 1217 1218 1219 1220 1221 1777 1223 1224 of the Property in "As Is" condition. "Where Is" and "With All Faults." also applies to the conveyance of the Inclusions. The deed to be delivered at Closing will be deemed to assign to Buyer all assignable warranties regarding the Property or Inclusions. d) § 10. PROPERTY DISCLOSURE. INSPECTION. INDEMNITY. INSURABILITY. DUE DILIGENCE AND SOURCE OF WATER. Buyer's right to object and/or terminate under § 10.3 and/or §10.6.2 is not limited to Buyer's satisfaction with the condition of the Property and Inclusions or the Due Diligence Documents. or any other matters specified in clauses (1) through (5) of § 10.3; rather, Buyer's right to object and/or terminate under each of §§ 10.3 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 Buyer's acauisition 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 (flow rate, capacity, depth, recovery rate, suitability for Buyer's 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 alia. even if methamphetamine contamination has been remediated to meet the standards established by rules of the State Board of Health promulgated pursuant to § 25-18.5-102, 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. Woodruff 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 Buyer's sole subjective discretion" is hereby amended in each place it exists in §§ 10.3, 10.5 and 10.6 to instead read, "in Buyer's subjective and absolute sole discretion." and such amended standard (Buyer's subjective and absolute sole discretion) will apply not only with respect to the condition of the Property and Inclusions or the Due Diligence Documents, or other matters specified in clauses (1) through (5) of § 10.3. 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. e) Regarding Paragraph 15.3, Association Fees and Required Disbursements: The first sentence of this paragraph is hereby deleted and replaced with the following: "Seller agrees to promptly request that the Closing Company or the Association deliver to Buyer a current Status Letter, if applicable, which shall be delivered to the Buyer with the Association Documents on or before the Association Documents Deadline." t) MAID CLEAN CONDITION. Seller, at Sellers expense, shall leave the Property and its inclusions in Malt! Clean condition. All rooms of the Property shall be "maid clean" and all trash and debris shall be removed. All appliances and bathrooms including tubs, showers, CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 21 of 24 CTMeContracts.com - ©2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 25 of 29, Ingrid K. Grueter, Pitkin County, CO 1225 1226 1227 1223 1229 1230 1231 1712 1233 1234 1235 1236 1237 1233 1239 1240 1241 1242 1243 1244 1245 1246 1247 1248 1249 1250 1251 1252 1253 1254 1255 1256 1257 1253 1259 1260 1261 1262 1263 1264 1265 1266 1267 1263 1269 1270 1271 1272 1273 1274 1275 1276 1277 1273 1279 1280 1281 1282 sinks and toilets shall be cleaned. q) EARNEST MONEY DISPUTE. The reference to 120 days contained in 4 23 of the Contract is hereby changed to 45 days. h) COUNTY APPROVAL . Notwithstanding the signature hereto by the County Manager/Assistant County Manager recommending approval. the obligation of Buyer to perform hereunder is expressly conditioned upon the adoption by the Pitkin County Board of County Commissioners of an ordinance authorizing the acquisition of the Property by Buyer pursuant to this Contract. In the event such ordinance is not duly adopted by the BOCC within thirty-five (35) days following the date of signature of Seller or any extension thereof as the parties may. in writing. agree. either Seller or Buyer may. upon written notice to the other, terminate the offer to Contract whereupon Buyer shall be entitled to a prompt return of all Earnest Money paid. If an approved ordinance contains terms different than this Contract, Seller shall have the right to terminate this Contract within 7 days of BOCC ordinance adoption and shall promptly return all Earnest Money paid by Buyer; if Seller does not terminate this Contract based upon adopted ordinance terms differing from the terms of this Contract, the terms of the ordinance shall control and become incorporated into this Contract. 30. OTHER DOCUMENTS. 30.1. Documents Part of Contract. The following documents are a part of this Contract: 30.1.1. Post -Closing Occupancy Agreement. If the Post -Closing Occupancy Agreement box is checked in § 17 the Post -Closing Occupancy Agreement is a part of this Contract. none 30.2. Documents Not Part of Contract. The following documents have been provided but are not a part of this Contract: none Signatures 2234 & e & R' A/afa Date: 3/9/2023 Buyer: Board of County Commissioners of Pitkin County By: Rich Englehart, Deputy County Manager [NOTE: If this offer is being countered or rejected, do not sign this document.] CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 22 of 24 CTMeContracts.com - C2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 26 of 29, Ingrid K. Grueter, Pitkin County, CO 1233 1284 1235 1236 1287 1288 1239 1296 1291 1292 1293 1294 1295 1296 1297 1293 1299 1306 1301 1302 1303 1304 1305 1306 1307 1303 1309 1310 1311 1312 1313 1314 1315 1316 1317 1318 1319 1320 1321 1322 1323 1324 1325 1326 1327 1323 1329 1330 1331 1332 1333 1334 1335 1336 1337 1333 1339 1340 (T94 0Goafejsd Seller: John C Crawford Date: 3/9/2023 END OF CONTRACT TO BUY AND SELL REAL ESTATE BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. A. Broker Working With Buyer Broker ❑ Does ® Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if Brokerage Firm is the Earnest Money Holder and, except as provided in § 23, if the Earnest Money has not already been retumed following receipt of a Notice to Terminate or other written notice of termination, Earnest Money Holder will release the Eamest Money as directed by the written mutual instructions. Such release of Eamest 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 ❑ Transaction -Broker in this transaction. ❑ Customer. Broker has no brokerage relationship with Buyer. See § B for Broker's brokerage relationship with Seller. Brokerage Firm's compensation or commission is to be paid by ® Listing Brokerage Firm ❑ Buyer ❑ Other. This Broker's Acknowledgements and Compensation Disclosure is for disclosure purposes only and does NOT create any claim for compensation. Any compensation agreement between the brokerage firms must be entered into separately and apart from this provision. Brokerage Firm's Name: Aspen Snowmass Sotheby's International Realty Brokerage Firm's License #: EC 100038598 Date: 3/9/2023 Broker's Name: Sally Shiekman CRS Broker's License #: FA1317921 Address: 415 East Hyman Avenue Aspen, CO 81611 Ph:970-948-7530 Fax: 970-920-9993 Email Address: sally.shiekman@aspensnowmasssir.com;maria.hoffman@sothebysrealty. com CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 23 of 24 CTMeContracts.com - C2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 27 of 29, Ingrid K. Grueter, Pitkin County, CO Tsai 1342 1343 B. Broker Working with Seller 1344 1345 Broker ❑ Does ® Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if 1346 Brokerage Firm is the Eamest Money Holder and, except as provided in § 23, if the Earnest Money has not 1347 already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest 1348 Money Holder will release the Eamest Money as directed by the written mutual instructions. Such release of 1349 Eamest Money will be made within five days of Earnest Money Holder's receipt of the executed written 135i0 mutual instructions, provided the Earnest Money check has cleared. 1351 1352 1353 Broker is working with Seller as a ® Seller's Agent ❑ Transaction -Broker in this transaction. 1354 1355 ❑ Customer. Broker has no brokerage relationship with Seller. See § A for Broker's brokerage relationship 1355 with Buyer. 1357 1358 Brokerage Firm's compensation or commission is to be paid by ® Seller ❑ Buyer ❑ Other . 1359 1360 This Broker's Acknowledgements and Compensation Disclosure is for disclosure purposes only and does 1361 NOT create any claim for compensation. Any compensation agreement between the brokerage firms must be 1362 entered into separately and apart from this provision. 1363 1364 1365 Brokerage Firm's Name: Coldwell Banker Mason Morse 1366 Brokerage Firm's License #: EC 100043279 1367 1368 1369 1370 i fact' 1371 Date: 3/9/2023 1372 1373 Broker's Name: Nancy Emerson 1374 Broker's License #: EA222701 1375 1376 Address: 0290 Highway 133 Carbondale, CO 81623 1377 Ph: 970-963-3300 Fax: 970-963-0879 Email Address: nemerson@masonmorse.com; 1378 1379 tfink@masonmorse.com 1380 1381 1382 CBSI-6-21. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) 1383 CTM eContracts - ©2022 MRI Software LLC - All Rights Reserved CBS1-6-21. CONTRACT TO BUY AND SELL REAL ESTATE - Residential Page 24 of 24 CTMeContracts.com - ©2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 28 of 29, Ingrid K. Grueter, Pitkin County, CO Aspen I SOEhebY % SllyAspen Snowmass Sotheby- s International Realty EXHIBIT B Snowmass � "aShiekman CRS Ph: 970-948-7530 Fax: 970-920-9993 1 2 3 4 5 6 7 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (AE41-6-21) (Mandatory 1-22) THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. AGREEMENT TO AMEND/EXTEND CONTRACT Date: 4/3/2023 1. This agreement amends the contract dated 3/9/2023 (Contract) between John C Crawford (Seller) 8 and Board of County Commissioners of Pitkin County (Buyer) relating to the sale and purchase of the following legally described real estate in the County of Eagle, Colorado (insert legal description): 9 10 Condominium Unit 608, Lakeside Condominiums at Willits, Filing 2 11 known as: 608 Lakeside Drive, Basalt, CO 81621-9403 (Property). 12 NOTE: If the table is omitted, or if any item is left blank or is marked in the "No Change" column, it 13 means no change to the corresponding provision of the Contract. If any item is marked in the "Deleted" column, it means that the corresponding provision of the Contract to which reference is made is deleted. 14 15 2. § 3.1. Dates and Deadlines. [Omitted as inapplicable] 16 3. Other dates or deadlines set forth in the Contract are changed as follows: County Approval. The date for County Approval pursuant to the Contract shall be 17 changed to May 15, 2023. 18 19 4. Additional amendments: 20 None 21 All other terms and conditions of the Contract remain the same. 22 This proposal expires unless accepted in writing by Seller and Buyer as evidenced by their signatures below and 23 the offering party to this document receives notice of such acceptance on or before April 7, 2023 by 5pm . Date Time 24 25 c h 0 &waived Seller: John C Crawford Date: 4/6/2023 26 27 Seller: Date: 28 29 30 Address: AE41-6-21. AGREEMENT TO AMEND -EXTEND CONTRACT Page 1 of 2 CTMeContracts.com - C2023 CTM Software Corp. RECEPTION#: 695014, 05/18/2023 at 03:18:34 PM, Pgs 29 of 29, Ingrid K. Grueter, Pitkin County, CO 31 Efffreeke4aeat /far Date: 4/4/2023 Buyer: Board of County Commissioners of Pitkin County By: Rich Englehart, Deputy County Manager 32 33 Buyer: Date: 34 Address. 35 AE41-6-21. AGREEMENT TO AMEND/EXTEND CONTRACT CTM eContracts - ©2022 CTM Software Corp. AE41-6-21 AGREEMENT TO AMEND -EXTEND CONTRACT Page 2 of 2 CTMeContracts.com - ©2023 CTM Software Corp.