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HomeMy WebLinkAboutbocc.packet.spec.09202005PITI(IN COUNTY COMMISSIONERS WORK SESSION AGENDA Plaza One Conference Room MONDAY~ SEPTEMBER 19~ 2005 12:30 PM SPECIAL MEETING Executive Session 4:30 PM ADJOURN SPECIAL MEETING TUESDAY~ SEPTEMBER 20~ 2005 10:00 AM SPECIAL MEETING Executive Session ADJOURN SPECIAL MEETING 12:00 NOON 1:00 PM 1. 1:30 2. LUNCH BREAK Citizen Board Interviews 1:00 Laura Pritchard - Citizen Grant Review Committee 1:15 Patrick McAllister - Board of Adjustment Memos of Interest Future Agendas/Agenda Requests BOCC Open Discussion 2:45 BREAK 3:00 ~.'45 3:45 4:00 4:15 3. Quarterly Meeting with Aspen Historical Society, Susan Berdahl SPECIAL MEETING Abatement Hearing, Carol Foote MacDonald Family Trust Charles D Marqusee ADJOURN SPECIAL MEETING 4:15 5:00 PM Amendments to Standard of Conduct and/or BOCC Policy, Debbie Quinn ADJOURN THURSDAY~ SEPTEMBER 22~ 2005 NWCCOG in Aspen at Health & Human Services FRIDAY~ SEPTEMBER 23~ 2005 10AM-Noon Second Home Study - Phase II, Eagle County Library, upstairs meeting room Commissioner Ireland will attend AGENDA ITEM SUMMARY WORK SESSION DATE: September 20, 2005 AGENDA ITEM TITLE: Abatement Hearings STAFF RESPONSIBILITY: Carol L. Foote DESCRIPTION OF ISSUE: Attached is a petition for the abatement of taxes. The abatement should be viewed as a due process procedure wherein the taxpayer is given the opportunity for tax relief if you judge that the taxes were levied "erroneously or illegally. PROCEDURE: The controlling statute, C.R.S. Section 39-10-114, provides that: "If taxes have been levied erroneously or illegally, whether due to erroneous valuation for assessment, irregularity in levying, or clerical error, the treasurer shall report the amount thereof to the board of county commissioners, which shall proceed to abate such taxes in the manner provided by law." The "manner provided by law" is set out at C.R.S. 39-1-113 and requires a hearing before the BOCC at which the assessor has an opportunity to be present. If an abatement request of $1,000 or more is approved by BOCC, it is then submitted to the state property tax administrator for further review and approval or disapproval. If the BOCC or the property tax administrator deny the abatement then the taxpayer has the fight of appeal to the state board of assessment appeals pursuant to C.R.S. 39-2-,125 (1)(b) and (0- ASSESSOR'S OPINION: The assessor may choose not to attend your meeting but has indicated his opinion in the space provided on the back of the abatement petition. McDonald Family Trust Ch~usee The year under petition is for 2004 taxes only. A full copy of each abatement petition with its supporting documentation is on file with the Pitkin County Board of County Commissioners Records Manager of the Pitkin County Clerk and Recorder's office. ALTERNATIVES: Approve or deny the request. RECOMMENDED ACTION: Your judgment based on the attached information and any presented at the hearing. agendsum.doc Pitkin County PETITION FOR ABATEMENT OR REFUND OF TAXES Please submit in duplicate copies and answer all questions. Date Received Use Assessor's or Commissioners' Date Stamp PETITIONER: Complete Section I on this side only Section I: Date: Month Da_.y Year PeUtioner's Name: Petitioner's Mailing Address: ~/~ ~ ~r~ C[~ or Town S~te PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY Petitioner states that the taxes assessed against the above property for property tax year are incorrect for the following reasons: (Briefly describe the circumstances surrounding the incorrect value or tax. Attach additional sheets if necessary. '~he petitioner's estimate of actual value must be included.) Petitioner's estimate of actual value $ /( ) - Value Year Petitioner requests an abatement or refund of the appropriate taxes associated with a reduction in value. I declare, under penalty of perjury in the second degree, that this petition, together with any accompanying exhibits ~mined by me, a~nd to the best of my knowledge, information and belief, is true, correct _ ~~---'~. Daytime Phone Number(~"~.))~'~.~'~ By Agent's Signature* Daytime Phone Number ( ) *Letter of agency must be attached when petition is submitted. Every petition for abatement or refund filed pursuant to section 39-10-114, C.R.S., shall be acted upon pursuant to the provisions of this section by the board of county commissioners or the assessor, as appropriate, within six months of the date of filing such petition. 39-1-113(1.7), C.R.S. Section I1: Assessor's Use Only Original Corrected Abate/Refund Tax Year Assessed Value Tax (FOR ASSESSORS AND COUNTY COMMISSIONERS USE ONLY) RESOLUTION OF COUNTY COMMISSIONERS Resolution No. Section I:. In accordance with 39-1-113(1.5), C.R.S., the commissioners of Pitkin County authorize the assessor to re~iew petitions for abatement or refund and to settle by written mutual agreement any such petition for abatement or refund in an amount of one thousand dollars or less per tract, parcel, or lot of land or per schedule of personal property. The assessor and petitioner mutually agree to an assessed value and tax abatement/refund of: Tax Year Value Tax Original Corrected Abate/Refund PLEASE NOTE: THE TOTAL TAX AMOUNT DOES NOT INCLUDE ACCRUED INTEREST, PENALTIES, AND FEES ASSOCIATED WiTH LATE AND/OR DELINQUENT TAX PAYMENTS, iF APPLICABLE. PLEASE CONTACT YOUR COUNTY TREASURER FOR FULL PAYMENT INFORMATION. Petitioner's Signature Date Assessor's or Deputy Assessor's Signature Date If Section I is not complete and/or if petition s for more than $1,000, Section II must be completed. Submit an or ginal petition and a copy to the Division of Property Taxation. Section I1:. Assessor's recommendation: [] Approved or [] Approved in part $ No protest filed in . (If a protest w;~ file~, please attach a copyt~of I~,D.) "~.Denied for the following reason(s): ~-..~.. Asses~ .oseee..ionr'lll:rDeI~uA, ssessor's Wj_iEtYRi~s, Th~sian~,t.~:;~/_Commissioners of Pitkin County, State of Colorado, ate duly and lawfully called regular meetin~held on __/ / , at which meeting there were present the following mo day yr members: ' with notice of such meeting and an opportunity to be present having been given to the taxpayer and the Assessor of said County and Assessor Tom Isaac (being present/not present) and Name petitioner (being present~nor present), and WHEREAS, The said Name County Commissioners have carefully considered the within petition, and are fully advised in relation thereto, NOW BE IT RESOLVED, That the Board (agrees/does not agree) with the recommendation of the assessor and the petition be (approved/denied) and an abatement/refund be (approved/denied) for property tax year · The taxes to be abated or refunded are $ which represents an assessed value of $ Cha[rperaon of the Board of County Commissioners' Signature I, , County Clerk and Ex-officio Clerk of the Board of County Commissioners in and for the aforementioned county, do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said County at , this day of , Time Date Month Year County Clerk's or Deputy County Clerk's Signature ACTION OF THE PROPERTY TAX ADMINISTRATOR Denver, Colorado Month The action of the Board of County Commissioners, relative to the within petition, is hereby []Approved; [] Approved in part $ ; [] Denied for the following reason(s): Day Year Secretary's Signature Property Tax Administrator's Signature ASSESSOR GENERATED ABATEMENT RECOMMENDATION FROM THE APPRAISER TAXPAYER GENERATED To: Torn, Isaac, Pitkin County Assessor Date (0 { 7..o~/10~' Schedule #: The appraiser has completed a review of the referenced property, as of this date, and hereby submits a recommendation as stated below: Denial Approved as Submitted Abatement/Refund Different than requested Assessment Rate: Data collection period for year#1 {__~0 0 ~ Year #1 for '~.00 q. Tax area 001 Mill Levy Assessed Value Tax Amount Orig: $ $ Corrected: $ $ Abate/refund $ Data collection period for year #2 Year #2 for Tax area Mill Levy Assessed Value Tax Amount $ $ $ $ $ THE BASIS OF THIS RECOMMENDATION IS: ~$ (~JuCc~ ~J0,5 O¢'~.~J-~, 'w - "' Chief ~praiser Apprqv~: ~ , ~ I ~ssqssor Approval: -- , - , ~ ~ r~ ~ ~ Cancel :)istrict 'Apr Dist STR Owner Name/Address MCDONALD FAMILY TRUST 320 W MAIN ST ASPEN CO 81611 Parcel Number MH Space 2735'12441005 Street No Dir Street Name Type 320 W MA N ST Location City [~Location Zip [Acct Type ASPEN /816tl 12263 BACode Owner Id Owner Location Map No Seq ILagt Business Name TYPE RESIDENTIAL COMMERCIAL Legal SUB:CITY AND TOWNSITE OF ASPEN BLK:44 LOT:N - LOT:P 11/01 listed for 2,500,000, with HPC lot split in process 8/23/03 HPC Lot Split approved see Bk 66, Pg 32 ACTUAL ASSD ACRES~ SQ FT 1,825,700 145,330 11,198 374,300 108,550 2,436 I GISMap I ValueSum I Photo Sketch TOTAL 2,200,000 253,880 Queries ISTREET Legal Correction? Correction? Current Year Prior Version Tax Trx Prior Year Ne(x)t Version Abatement Next Year Characteristics Property Card Update Clear Exit New Parcel Value Proration Worksheet Actual Value Sch# Code1 C o~Y~-eA b s t rai~ oC~ de e t Code4 Fathering parcel(.~ 2 3 Totals Sch~ ~ew accounts Code 1 Code 2 Code 3 Code 4 ~[ ~ %~5.500 ' ' ' '~ Totals I **Total value from fathering parcels must equal total value of new accounts. 39- I-103 Taxation 'title 39 - page 18 (8) In any case in which sales prices of comparable properties within any class or subclass are utilized when considering the market approach to appraisal in the determina- tion of actual value of any taxable property, the following limitations and conditions shall apply: (a) (I) Use of the market approach shall require a representative body of sales, including sales by a lender or government, sufficient to set a pattern, and appraisals shall reflect due consideration of the degree of comparability of sales, including the extent of similarities and dissimilarities among properties that are compared for assessment purposes. In order to obtain a reasonable sample and to reduce sudden price changes or fluctuations, all sales shall be included in the sample that reasonably reflect a tree or typical sales price during the period specified in section 39-1-104 (10.2). Sales of personal property exempt pursuant to the provisions of sections 39-3-102, 39-3-103, and 39-3-119 to 39-3-122 shall not be included in any such sample. (H) Because of the unique characteristics and limited number of oil shale mineral interests, a minimum of five arm's-length sales of reasonably comparable oil shale mineral interests shall be required to constitute a market for purposes of utilization of the market approach to appraisal in determining the actual value of nonproducing oil shale mineral interests. (b) Each such sale included in the sample shall be coded to indicate a typical, negotiated sale, as screened and verified by the assessor. (c) All such coded, typical sales samples shah be supplied to the administrator for the performance of his duties. (d) In no event shall a sales ratio be established or utilized for any class or subclass of property unless and until them have been at least thirty such coded, typical sales or at least five percent of all properties in such class or subclass within the county have been sold and verified by the assessor as coded, typical sales, whichever amount is greater. When such minimum requirement has not been met but typical sales within any such class or subclass indicate that valuations in the class or subclass are too high or too low, such fact shall be reported to the state board of equalization, which board may order an independent appraisal study in such county. (e) Repealed. (f) Such true and typical sales shall include only those sales which have been deter- mined on an individual basis to reflect the selling price of the real property only or which have been adjusted on an individual basis to reflect the selling price of the real property only. (9) (a) In the case of an improvement which is used as a residential dwelling unit and is also used for any other puipose, the actual value and valuation for assessment of such improvement shall be determined as provided in this paragraph (a). The actual value of each portion of the improvement shall be determined by application of the appropriate ap- proaches to apprmsal specified in subsection ¢5) of this section. The actual value of the lanqt ~;ontaininl~ such an improvement shall be determined by application of the appropriate ,approaches to appraisal specified in subsection (5) of this section. The land containing such an. ~mprovement slaall be allocated to the appropriate classes based upon ~e proportson tha. t th.~e actual value of each of the claa~qes to which me LmDrovement is allocated bears to th~ · total actual value of the improvement~ The appropriate valuation for assessment ratio shall then be applied to the actual value of each portion of the land and of the improvement. (b) In the case of land containing more than one improvement, one of which is a residential dwelling unit, the determination of which class the land shall be allocated to shall be based upon the predominant or primary use to which the land is put in compliance with land use regulations. If multiuse is permitted by land use regulations, the land shall be allocated to the appropriate classes based upon the proportion that the actual value of each of the classes to which the improvements are allocated bears to the combined actual value of the improvements; the appropriate valuation for assessment ratio shall then be applied to the actual value of each portion of the land. (10) Common property or common elements within a common interest community as defined in the "Colorado Common Interest Ownership Act", article 33.3 of title 38, C.R.S., shall be appraised and valued pursuant to the provisions of section 38-33.3-105, C.R.S. (5) (a) All real ana personal property siaall t)e appralsect ano me actua~ value mereor for o property tax purposes determined by the assessor of the county wherein such property is located. The actual value of such property, other than agricultural lands exclusive of building improvements thereon and other than residential real property and other than producing mines and lands or leaseholds producing oil or gas, shall be that value determined by appropriate consideration of the cost approach, the market approach, and the income approach to appraisal. The assessor shall consider and document all elements of such approaches that are applicable prior to a determination of actual value. Despite any. orders · of the state board of equalization, no assessor shall arbitrarily increase the valuations for assessment of all parcels represented within the abstract of a county or within a class or subclass of parcels on that abstract by a common multiple in response to the order of said board. If an assessor is required, pursuant to the order of said board, to increase or decrease valuations for assessment, such changes shall be made only upon individual valuations for assessment of each and every parcel, using each of the approaches to appraisal specified in this paragraph (a), if applicable. The actual value of agricultural lands, exclusive of building improvements thereon, shall be determined by consideration of the earning or productive capacity of such lands during a reasonable period of time, capitalized at a rate of thirteen percent. Land that is valued as agricultural and that becomes subject to a perpetual conservation easement shall continue to be valued as agricultural notwithstanding its dedication for conservation purposes; except that, if any portion of such land is actually used for nonagricultural commercial or residential purposes, that portion shall be valued according tO such use. The actual value of residential real property shall be determined solely by consideration of the market approach to appraisal. A gross rent multiplier may be considered as a unit of comparison within the market approach to appraisal. The valuation for assessment of producing mines and of lands or leaseholds producing oil or gas shall be detennined pursuant to articles 6 'and 7 of this rifle. (b) If, having considered the three approaches prescribed in paragraph (a) of this subsection (5), at the sole discretion of the assessor the use of the three approaches to value cannot accurately determine the actual value of any parcel of taxable property, or in the opinion of the assessor the application of the three approaches to value does not result in uniform, just, and equalized valuation, then the actual value thereof shall be determined by comparison of the surface use of such property with a similar surface use. (c) Once any property is classified for property tax purposes, it shah remain so classified until such time as its actual use changes or the assessor discovers that the classification is erroneous. The property owner shall endeavor to comply with the reason- able requests of the assessor to supply information which cannot be ascertained indepen- dently but which is necessary to determine actual use and properly classify the property when the assessor has evidence that there has been a change in the use of the property. Failure to supply such information shall not be the sole reason for reclassifying the property. Any such request for such information shall be accompanied by a notice that states that failure on the part of the property owner to supply such information will not be used as the sole reason for reclassifying the property in question. Subject to the availability of funds under the assessor's budget for such purpose, no later than May 1 of each year, the assessor shall inform each person whose property has been reclassified from agricultural land to any other classification of property of the reasons for such reclassification including, but not limited to, the basis for the determination that the actual use of the property has changed or that the classification of such property is erroneous. (d) If a parcel of land is classified as agricultural land as defined in section 39-1-102 (1.6) (a) (III) and the perpetual conservation easement is terminated, violated, or substan- tially modified so that the easement is no longer granted exclusively for conservation purposes, the assessor may reassess the land retroactively for a period of seven years and the additional taxes, if any, that would have been levied on the land during the seven year period prior to the termination, violation, or modification shall become due. (6) and (7) Repealed. HISTOIlC LANDMARK LOT SPLIT AT )20 W, MAIN STREET LOT A / ~,, ? LOT B 1o ® 487835 COMMUN I TY DEVELOPMENT LNG I NEER ' S APPROVAL CO~L:N~-~Y DEVELOPMENT APPROVAL CLERK AND RECORDER'$ ACCEPTANCE Pitkln County PETITION FOR ABATEMENT OR REFUND OF TAXES Please submit in duplicate copies and answer all questions. Date Received Use Assessor's or Commissionem' Date Stamp PETITIONER: Complete Section I on thla aide only Section I: Date: 2 11 2005 Month Day Year Petitioner's Name: Charles B. Marqusee Petitioner's Mailing Address: ?.0. Drawer X Boca Raton FL 33429 City or Town SCHEDULE OR PARCEL NUMBER(S) R0t8905 State Zip Code FEB f 2 2005 PROPERTY ADDRESS OR LEGAL DESCRIPTION OF PROPERTY Anthon¥/Marqusee Lot Line Adi Lot 1 Petitioner states that the taxes assessed aga nst the above property for property tax year,. are incorrect for the following reasons: (Briefly descdbe the circumstances surrounding the incorrect value or tax. Attach additional sheets if necessary. The Detitioner's estimate of actual value'mus[ be included ) PLEASE SEE ATTACHED Petitioner's estimate of actual value $... 675~000. ( 2004 ) Value Year Petitioner requests an abatement or refund of the appropriate taxes associated with a reduction in value. I declare, under penalty of perjury in the second degree, that this petition, together with any accompanying exhibits or statements, has been examined by me, and to the best of my knowledge, information and belief, is true, correct and complete. J~L~_~ -~. ~:).~z~, ~ Daytime Phone Number ( 561) 392-5586 Petitioner's Slgnat/ure By Agent's Signature* Daytime Phone Number { ) *Letter of agency must be attached when petition Is submitted. Every petition for abatement or refund filed pursuant to section 39-10-114, C.R.S., shall be acted upon pursuant to the provisions of this section by the board of county commissioners or the assessor, as appropriate, within six months of the date of filing such petition. 39-1-113(1.7), C.R.S. ' Section I1: Assessor's Use Only Original Corrected Abate/Refund Tax Year Assessed Value Tax /I (FOR ASSESSORS AND COUNTY COMI~IiSSIOI<IERS USE ONLY) RESOLUTION OF COUNTY COMMISSIONERS Resolution No. · : nce w th 3g-1-113(1.5), C.R.S., the commissioners of Pitkin County authorize the assessor to Section I[..!n a ,c~__r_d~a_,_m,~nt nr rnfHnd and to sett e bv written mutual agreement any such p .etiti.on. for. abate_m_e, nt review petitions [or aua~u ...... 7 ....... ; - ,, , __'..~. ,.~..~ ,~o.,-ol nr ot of and or Der scneaule or persona~ or refund in an amount of one tnousana oouars or ~e~ p~. ~o,..., p~ ..... - ...... property. The assessor and petitioner mutually agree to an assessed value and tax abatementJrefund of: Tax Year Tax Year Value Tax Value Ta.~x Original Corrected Abate/Refund PLF_ASE NOTE: THE TOTAL TAX AMOUNT DOES NOT INCLUDE ACCRUED iNTEREST, PENALTIES, AND FEES ASSOCIATED WITH LATE AND/OR DELINQUENT TAX PAYMENTS, IF APPLICABLE. PLEASE CONTACT YOUR COUNTY TREASURER FOR FULL PAYMENT INFORMATION. Petitioner's Signature Date ~_~_~o~'s or Deputy Assessor's Signature Date If Section s not complete and/or f petition is for more than $1,000, Section II must be completed. Submit an or g nal petition and a copy to the D v s on of Property Taxation. Section I1: Assessor's recommendation: g Approved or g Approved in part $ No protest filed in or . ~.lf a protest was filed, please attach a copy of NOD.) , Denied~f~ rea~ ~C ~ ~s SI 'urn ~so~s or Depu~ ~ g~r ~ection I1: WHEREAS, The Coun~ommissioners of Pitkin County, State of Colorado, at a duly and la~ully ~lled regular meeting held on / / , at which meeting there were present the fo owing mo day yr members: with notice of such meeting and an opportunity to be present having been given to the taxpayer and the Assessor of said County and Assessor Tom Isaac (being present/not present) and Name petitioner (being present/not present), and WHEREAS, The said Name County Commissioners have carefully considered the within petition, and are fully advised in relation thereto, NOW BE IT RESOLVED, That the Board (agrees/does not agree) with the recommendation of the assessor and the petition be (approved/denied) and an abatementJrefund be (approved/denied) for property taX year(s) and . The taxes to be abated/refunded for property tax year are $ which represents an assessed value of $ and the taxes to be abated/refunded for property tax year ' are $ which represents an assessed value of $. Chairperson of the Board of County Commissioners' Signature County Clerk and Ex-officio Clerk of the Board of County Commissioners I~ and for the aforementioned county, do hereby certify that the above and foregoing order is truly copied from the record of the proceedings of the Board of County Commissioners. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of said County at , this day of Time Date Month Year County Clerk's or Deputy County Clerk's Signature ACTION OF THE PROPERTY TAX ADMINISTRATOR Denver, Colorado, Month The action of the Board of County Commissioners, relative to the within petition, is hereby [] Approved; [] Approved in part $ ; [] Denied for the following reason(s): Day Year Secretary's Signature Property Tax Administrator's Signature J% ASSESSOR GENERATED ABATEMENT RECOMMENDATION ,FROM THE APPRAISER TAXPAYER GENERATED To: Tom Isaac, Pitkin County Assessor From: Johanna Saiz.3n Payne Date: 5/24/05 Petitioner: Charles Marou.~e~ Schedule #: 18905 Parcel #: 27.3R-121_34.on1 The appraiser has completed a review of the referenced property, as of this date, and hereby submits a recommendation as stated below: Denial yy Approved as Submitt~-d Abatement/Refund Different than requested Assessment Rate: 7.96 Data collection period for year #1__6/2000-6/2002_. Data collection period for year #2 Year #1 for 2004 Year #2 for 20 Tax area 001__ Mill Levy __30.387_ Tax area. Mill Levy .. Assessed Value Tax Amount Assessed Value Tax Amount Orig: $ $ $ $ Corrected: $ $ $ $ Abate/refund $ $ $ $ THE BASIS OF THIS RECOMMENDATION IS: Sales from 6/30/2000 to 6/30/2~02 support a value of $1,200,000 for this restricted lot. The cost to cure. and.relocate problem utihty easements and driveway across the lot are estimated by a.n engineering company and by the water dept at maximum $100,000. Therefore $1,200,000 m~nus $100,000 or $1,100,000 also supportss the Assessor 2004 value of $1,100,000. See sales of schedules 13687, 1165, 136, 11819, 15680. Denialis Recommended. ~,hiAf AnnrRi~Ar AnnrnvRI. PITKIN COUNTY ASSESSORS OFFICE I I I I I I I Marqusee Abatement for 2003 Value iTEM ~ ~ SUBJECT COMP 1 COMP 2 COMP 3 ~ ~ 18905 13(' 15680 ~ Address Anthony/Marqusee 720 W Smuggler 129 W Francis ~40 Meadows Rd Proximity to Subj. Lot Line Adj, Lot 1 2 Blocks SE E~ Blocks SE ~,cross Street from Subject Sales Price $1,975,000 $1,650,000 $3,000,000 Price/SF/Abv. Grade $ 105.00 $ 329.00 #REF! $ 314.00 #REF! $ 250.00 #REF! I/ALUE ADJUSTMENTS DESCRIPTION r)ESCRIPTION ADJ. DESCRIPTION ADJ. DESCRIPTION ADJ. ::)ATE OF SALE 8/29/20~'~ ~ ~ ~ ~ ~ ~ ~ ~ 8/2/2000 12/28/2000 LOCATION West End-Meadow= West End West End West End-Meadows Rd SITE/VIEW 10390sf/Very Good 6000sf/Similar 5250sf/Similar 12000sf/Exceller ~ DESIGN/APPEAL Vacant Vacant - ~ ~ ~ ---------------- ~ ~ ~ Vacant Vacant OTH_ER Utility Encumbran~ ~ ~ ~ ~ ~ ~ NET ADJ. (TOTAL) ~ .-------------.~- ~ ~ ~ ESTIMATED MAR~s~~0-~00 ~ --.--..__...____ ~ Page 1 CAMA SELECTED PARCELS PARCELS ROADS WAT_LIN WAT_POLY Scale 1: 6,805 N DISCLAIMER: CHARLES B. MARQUSEE P.O, DRAWER X BOCA RATON, FL February 11, 2005 CERTIFIED MAIL/RETURN RECEIPT ~7003 3110 001 77~ 8701 Mr. Tom Issac Pitkin County Assessor 506 E. Main Street Suite 202 Aspen, CO 81611 RE: RO18905 Dear Mr. Issac: Per your letter of 2/2/05, we have enclosed your completed 'Petition for Abatement' form protesting the real estate taxes for 2004 on the above property. We did not receive the 'Notice of Value' in May 2004, please make sure your office has the correct mailing address of P.O. Drawer X, Boca Raton, FL 33429 If you have any questions regarding the completed form or the enclosed materials please let us know. (561) 392-5586 Thank you for your assistance in this matter. Respectfully submitted, Charles Marqusee Encls. :cbmpitkinassessor Charles Marqusee RE: RO18905 Please find the attached: 1) Our letter of 6-2-03 2) Copy of engineering plans on the lot As we stated in our letter of 6/2/03 this property is severely restricted with regard to development potential. In addition to those items stated in 2003, we would like to point out as evidenced by the plans there are numerous utilities and a driveway that services the lot to the east crossing over our lot. We have been working for over 4 years to get these utilities relocated, now on our second engineer. Until we have some success the value of this lot will remain depressed. CHARLES B. MARQUSEE P.O. DRAWER X BOCA RATON, FL 33429 June 2, 2003 VIA FAX (970) 920-5174 CERTIFIED MAIL 7002-2410-000-0196-6132 Pitkin County Assessor 506 E. Main, Ste 202 Aspen, CO 81611 RE: Schedule Number: R018905 We recently received our 2003 Real Property Notice of Valuation valuing our vacant lot at $1,430,000.00. The 2002 valuation for the same exact property was $40,000.00 (see attached copies of 2002 tax bills). We would like, to make you aware of the special circumstances surrounding this property: 1) Unlike what would be considered the comparables which are zoned R-6, our lot is zoned R-15, which comes with much more restrictive, set back requirements. 2) Our lot is larger than the comparab!e 6000 square foot lots: It totals 10,390 square feet. The western portion, Outlot B, Aspen Meadows SPA/Sub (3322 square feet) is Deed Restricted to Open Space. Two (2) vacated road rights of way of 4415 square feet. Since none of the above 3322 + 4415 = 7737 square feet can be used for FAR calculations, our lot is significantly smaller in size/FAR than the comparables. For FAR calculation the total size of our lot is 2653 square feet. Total square footage: Less Deed Restricted to open space: Less vacated rights of way not eligible for calculating FAR: Total size of our lot: · 10,390 - 3,322 4,415 2,653 Page 2 Pitkin Coun~A~sessor June 2,2003 .3) Whatisleffis smalland anirregulartriangle shape made even smallerby setbacks. 4) In addition we have two existing 8" main'water lines that go right through the buildable portion of our lot. One running N-S and one running E-W. In summary based on the irregular shape and Iow FAR we feel a more realistic value on this property is about 1/3 of the comparable 6000 square foot lot or $675,000.00. Respectfully submitted, Charles B. Marqusee .SEWER LINE CONNECTION AT SEWER MAIN GRAPHIC SCALE ;'---~--'~" T DEAD END SECT/ON GA?E VALVE' 90; 45; 22.5; OR 11.25' CONCRETE THRUST RESTRAINT DETAILS WA TER MAIN TRENCH CROSS SECT/ON LEGEND CALL BEFORE YOU DIG Charles B. Marqusee Drawer X Boca Raton, FL 33429 May28,2005 Pitkin County Assessor Attn: Johanna 506 E. Main St. #202 Aspen, CO 81611 2004 APPEAL BACKUP Re: Back up data for "Current Year Actual Value" 2004 Appeal R018905 Dear Johanna, Thank you for your time on the phone the other day with my agent Jeff Snow. The following is a list of factors with attached documentation which have contributed to depressing the value of our lot in Aspen. We agree that someday this lot will sell in the $1.5 million dollar range, but we have been marketing it for several years and as of yet it has not sold. Restrictive Cimumstances: 1. Adjoining lot has a driveway and utility easement over our lot. (Exhibit A) 2. 16" Water main runs north and south through the properties buildable footprint. (Exhibit A) 3. The buildable portion of the lot is irregular in shape with significant portions of the north and south ends less than 30' wide. (Exhibit A) 4. The FAR allowed on this lot is only 2,122 sq. ft. as compared to 3,240 sq. ft. for the typical 60x135 ft. lot in Aspen. (Exhibit B) All of the above can be cured. Unfortunately the cost to cure is immeasurable when you consider the time and effort required. We began trying to cure the above in September of 2002, (Exhibit C), and it is still not complete. Further evidence of how difficult the process to cure is, we have not received a single offer to purchase the lot that is not contingent on the seller curing the above. Attached (Exhibit D) is the highest offer we received around January 1, 2004. The offer is for $800,000 and contingent on our curing the above. We believe the above and attached shows that on January I, 2004 the lot was only worth $800,000 and only a gambler would buy it at that price. Thank you for your consideration. Should you have any additional needs or questions I can be reached through Jeff Snow at (561) 843-6661 or by fax at (561) 392-2896 or e-mail JSNOWREALTY(~_~AOL.COM Respectively Submitted, Charles B. Marqusee 7867.68' INV= SMH ME-B1 RIM=7877.77' INV, OUT N,W.=7868,23' R& (TYP.) 9.17' 2O SMH ME-B1 ~IV. OUT N,W.--786 CONTRACTOR TO SAWCUT REMOVE AND REPLACE EXISTING ASPHALT IN KIND OR MIN OF 5' OF A~SPHALT OVER 12' OF CLASS 6 ABC.. PER ASPEN SANITA33ON EXISTING- SEWER TO BE ~ERVE LOT 1. CON3RACTOR TO LOCATE EXISTING SEWER MAIN, AND VERIFY SiZE AND LOCATION PRIOR TO CONSTRUCTION. CONTRACTOR TO COORDINATE LOCATION OF IMAIN WITH ACSD TWO DAYS IN ADVANCE AND PAY ACSD $125 RE-TAP FEE. ACSO WILL PERFORM ACl!JAL TAP ON MAIN SEWER MNE. CONTRACTOR TO INSTALL 4' SDR-26 SEWER SERV1CE. 16 JT (I CONN 25. ~WATERLINE EASEMENT CONTRACTOR TO LOCA'I~ EXIS'I1NG UTIu'nEs AND/OR CONDUITS AND VERIFY AU. UTIUTIES ARE IN CONDUITS, CONTRACTOR TO TIE ONTO EXISTING U31U31E$ '"-.~.~THIS LOCATION. REFER TO SHALLOW BURY UTILITY NOTES. CONTRACTOR TO IN~TALL AND THRUST BL'GC~ COLDWELL BANKER ASPEN ID=9?~920437S Joseph Wells Land Planning 60~ Mi4la~t park P]a~e Aspen, Colorado 81611 Phong 970.925.8080 Facsimile:. 970.920.4378 (l'emporatT) e-mag Address: wellsAspen~aol.com Jeff Snow Snow Realty & Construction, Inc. P. O. Box 1208 Boca Raton, Florida 33429 Re: Tree Removal/Relocation Delivered by Fa_~.'mile to ~61.3922896 Dear Ie~. I am mailing a copy of the recorded plat which finalizes the lot line adjustment to Charlie for his records. Letme know if you would like me to mail acopy to you, as well I am also responding to your/our questions included with your fax dated 9127102: 1. The allowable floor area on Charlie's lot has been unaffected by all of the work that we have done over the years to improve the two parcels, since vacated areas and the land in Out. lot B cannot be included in lot area for the purpose of determing allowable building square/oolite. The allowable floor area is calculated based only on the amount of land within the Townsite lots, or 2,653 scI. it. of land_ For lot area between 0 and 3,000 sq. fL in the R-15 zone, 80 scl-are/eet of floor area is permitted for each 100 scr,~,e feet of lot area, or 2,1 ~sq. fL for Chadie's parcel, i/the/faction (53/100) is allowed to be included in the calculation- 2_ My prior sketch of the lot slill reflect~ what I believe to be the currently relevant building limits. The lot will be considered a corner lot, which applies to lots with/rontage on two sheets. It is technically a five-sided lot, but I don't think that the City will let us designate the short leg as one of the boundaries from which to measure a seback. I think that that short leg willbe considered as part of one of the two primary street frontages. 18-~2-~m18:29 00LDWELL BANKER ASPEN ID=9709284~78 PBS/SS O~ober 22, 2002 Jeff Snow Page two of three There is a setback penalty for comer lots, but the owner gets to designate which side will be designat~i as the front yard. In this _~__se, we would likely designate the yard fronting on New Meadows Road as the front yard, since this seems to have the least impact on the building envelope. a. The front yard setb~_ck for residential dwellings is 25 feet (30 feet for accessory buildings, which I wouldn't think would apply, in this case). The depth of Outlot B exceeds 25 feet for a portion of the frontage, so the setback does not gov~i-~ there. The boundary of Outlot B will be the limit. b. The other street frontage (Old Meadows Road/Eighth Stree0 is required to have a setback equal to two-thirds of the front yard requirement, or 16.67 feet. c. The rear yard setback, which is meastwed from the boundary which would be considered the rear yard for neighboring parcels (in this case, the southboundary), is 10 feet (5 feet for accessory buildings), but the building limit on that side is going to be set by the easement for the existing east/west water line. I don't believe that the existing east/west line affects the building envelope sufficiently to warrant paying to shift that line. Julie's driveway needs to be relocated over the water line, anyway. d. The side yard setback (in this case, the east side), is 10 feet, but the building limit on that side may be set by the new easement for the relocated north/south water line. At the time the vacation was approved, we agreed to a 25 foot easement for the water lines. The head of the water department doesn't recall that and Jay may be able to reduce the easements to 20 feet, which would coincide with the side yard setback requirement. 3. In theory, an owner could do multiple subgrade levels, since space which is totally subgrade is exempt from FAR calculations. The space needs to be totally subgrade with the exception of light wells/areas required for egress. If a level is not totally subgrade or if there is too much exposed wall surface, then there is a htaction of that level which will count in FAR calo,~tions. The local architects are familiar with how to avoid having subgrade space coullt because of egree, s requirements. COLDWELL BANKER ASPEN ID:9789284378 P84/85 October Z2, 200~ Snow Pa~e three o~ three (d.e~i. veted by ~acsimile to 561.482.1053) ~ ~RI 10:$0 FAX i 970 945 5948 SCHMUESER GORDON MEYER Glenwood Springa Office: (970) 945-1004 FAX; (970) 94§-5948 SCHMUESER GORDON MEYER, INC llB West 6~ Street, Suite 200 Glenwood Springs CO hffD://www, sam.inc, com Aspen Office: (970) 925-6727 FAX: (970) 925-4157 Crested Butte Office: (970) 349-5355 F~X: (970) 3~.9-§358 IMI$$10N STATEMENT,. We exist to make ourcflents successful. We do this by unde=tandin8 their development and infrastructure needs, and the unique environment of the valley communit/es whom we five.. We provide responsive, appropriate en£1needng, surveying and consulting services to achieve our clients' goals while protecting the health safety, quafity of fife and mountain environment of our neighbo/~. To: To: TO; TO: To: Date: Fax: Fax: Fax: Fax: Fax:, [ ] Original mailed. [v~Original not mailed. ~LI~ NOTICE ~ This facsimile transmission (a~/or documen~ ac~m~nylng itJ may ~ntein ~nfi~iial info~agon ~longin8 ~ ~e =~der, whi~ is p~tected by the engi~r/cfi~t ~flvfieEe. ~e lnformation is lntended only for the use of the indlviduM or en~ named a~ve. If you am not the inten~ ~/plent, you am hereby notified ~at any dis~osum, ~pying, distribution, or the ~kin~ of any action in mfia~ on the conten~ of this i~fo~a~on Is s~lcfiy pmhibf~ed. If you he~ re~ed this transmission in ermc please immediately notify us by telephone to armnge for mtum of the ~cUmen~. Thank you. Total pages (including this page): Please call if this amount of pages was not received. [~001 .! SCHMUESER GORDON MEYER, INC. 118 W. 6th St. Suite 200 P.O. Box 2155 Glenwood Springs, CO 81601 Aspen, CO 81612 (970) 9454004 (970) 925-6727 FAX (970) 945-5948 FAX (970) 925-4157 TO WE ARE SENDING YOU ~AA~ached [] Under separate cover via [] Shop drawings {2~Prints [] Plans [] Copy of letter [] Change order E~ [] Samples the following items: [] Specifications COPIES DATE NO. DESCRIPTION THESE ARE TRANSMITTED as checked below: C] For approval ~For your use As requested YFor review and comment FOR BIDS DUE [] Approved as submitted [] Resubmit [] Approved as noted [] Submit [] Returned for corrections [] Return [] copies for approval copies for distribution corrected prints [] PRINTS RETURNED AFTER LOAN TO US REMARKS COPY TO Coldwell Banker The Aspen Brokers, Ltd, 720 East Durant Avenue Aepen, CO 816'11 Phone: (970) 925-6750, Fax: (970) 920-4378 {The printed pottle,ns of this form have been.approved by the Colorado Real Estate Commission. (CBS 3-9-99)1 TI-IlS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX oR OTHER COUNSEL BEFoaE $,GmNG. CONTACT TO B~ AND SELL ~AL ESTATE (VACANT LA~ - FA~ - ~NC~ (CASH AT ~OSING) D~e: Ao~il 23, 2004 1, AGREEMENT. Buyer agrees to buy and the undersigned Seller agrees to soil the ProPerty defined below on the terms and conditions set fo;th in this contract, 2. DEFINED TERMS. a. ~ Buyer, a[even Waldeck And/or Aasigns will take fi~]a to the real prope~ described below as {~] Joint Tenants [] Tenants In Common [] Other b. Property, The Property is the following legally described mai estate; to be attached aa Exhibit A in tho County of Pitk~ n , Colorado, commonly known as NO. TBD NeW Heado~e Road or TBD Eighth Avenue, Aspen, CO 81611 Street Address. City State Zip togezhci: with the interests, easemenm, rights, benefits, improvements and attached fixtures appurtenant thereto, all interest of Seller in vacated arrears and alleys adjacent thereto, except as heroin excluded. c. Dates and Deadlines. Item No. Refercttce Event Date or Deadline §5a Loan Application Deadline n/a '~ § Sb Loan Commitment Deadline 3 ' § 5c Buyer's Credit Information Deadline n/a 4 § $c 'D sappmva of Buyer's Credit Deadline n/a 5 ~ 5d Existing Loan Documen~ Deadline n/a 6 ~ 5d ~Objection to Existing Loan Deadline n/a .... 7 , ~ 5d i Approval of Loan Transfer Deadline n/a 8 ~ 6a Apprai~al De.line 30 ~ays after* 9 ~ 7a ;Title Deadline, z week alta:* ~lO ~ 7a Sumey Deadline 30 days Il '~Tb :Document Request Deadline 1 week after' j:23 ~8a I Title Ob)ection Deadline 3 weeks ~ 8b Off-Reco~ Matters Deadline 1 week after' 14 ~ 8b Off-Record Matron Objection Deadline 2 wee~s 15 ~ 10 Setle(s Property DlsclosureDcadline 1 w~e~ ]16 1~ 10a Inspection Ob)cction De~fine 35 days IT { 10b Resolution Deadline 3e days at:er* ,., ~ {ll CIosingDate 6 wee~a a~:e~ i9 ~ [6 Passe, ion Da~ upon delivery of deed 20 ~ 16 Possession Time a~ter closing 21 { 28 Acceptance Deadline D~te 2 days after'' 'REPARED ~Y AGI[NT: Jane May, Owner B mi~er B$ 3-9-99. C0nlract to Buy and 3ell Real ~sL~te (Vacar~ Land - Farm - Ranch). Colorado Rea~ Estale Commission RestFAST® Sol[ware. ©2004. Vemion 6.14, Software Registered to: Ja~e W. May. Col~'w ell Banker The As~n Brokers, Ltd. Buyer(s) __-- Page 1 of 7 Seller(s) d. Attachme,nts. The follo'.vlng exhibits, attachments and addenda are a pan of this contract: e, /%pp!icabilit¥ of Terms. A check or slmJJar mark in a box means that such preY[Sion is applicabJe. The abb~eviatJolt "N/A' means not apphcable. 4. PU C - s~ P :tee AND TER -. s. ~e Purchase Price s~ forth below shall be payable In U.S. Doll.s by Buyer as ~J ows: Item N o, Reference Item __~ urches~ ~4a ~ New Loan 3 ~4b - ell~r or PHvat~ Financing 4e Cas~ at ~lostn~ 8o0, ooo. oo 7 TOTA~ ~. ~ The Earnest Money set fo~h in thi~ Section. in the for~ of ~o~d eun~a _, is p~t payment or,he Purchase Price and shall be pa~ble to and held by ~st ~.n~ br~ker , m ~ tru~ accounL on behalfofbo:~ ' Seller and Buyor. ~e ~des authm~ze delivery of the ~rne~t Money deposit ~ ~he Closing Company, if any, a~ or b~fo~ Closing. b. ~ [Om Itted - ~ot Applicabl~] c. A~sum~tiOh. [Omitted - Not Applicabl~] d. ~ler or Private ~inaneing.. [emOted- Not App icable~ e. Cash a~ C~ All amoun~ paid by Buyer at Closing ino~uding Cash at Closing, plus Buyegs dosing coa~, shall b~ in funds whioh comply with all applicable Colo~do laws, whioh include cash, el~onic transfer f~ds, certified ch~c~, savings ~nd loan teller's check ~nd ~a~h~r% ch~k (Good ~unds). S. FINANCING CONDITIONS AND OBLIGATIONS. a. Loan Application. [Omitt~d - No[ Applicable] b. bean ~ommJtment, [Omitt~d - ~ot Applicable] e. ~r~dit Information. [Omitted - ~ot Applioabl~] d. ~ [Omitted - Not Applloabl~] 6. APPRAISAL PROVI ~ION~. ~ AppraiaalCondltlon.. This subsection a. ~ ghall ~ Shall Not apply. PREPARED BY AGENT: Jane Moy, Owner amker C~$ 3.9-~9, Con[mc[ to Bb~' and Sell Resl Esta[e [veoant L~nd · Ferm - Ranch). Color,do Reel Estate Commls~a[on qealFAST® $o[twate. ©2004 Vets}on 8.14. Software Registere~ to: Jane W. Moy, Cotdwe{I Bani~er The Aspen Broke~, Lid. page 2 of' Seller(s) ~ Buyer shall have the sole option and election to terminate this contract if the Purchase Price exceeds the Property's valuation · The contract shall terminate by Buyer giving Seller written notice of terrains(ion and either a copy of such appraisal or written notice from lender which confirms the Property's valuation is less than the Purchase Price, received on or before the Appraisal Deadline (§ 20). If.Seller does not receive each WrRtcn notice, of termination on or before the Appraisal Deadline (§ 2c), Buyer waives any right to terminate under this subsection· [] Buyer b. ~aisaL Coot of any appraisal to be obtained a~er the date of this contract shall be timely paid by [] Seller· 7. EVIDEN CE OF TITLE. - -, ...... earl" e r~ 2cn Seller sba cause re be furnished to Buyer at Seller's a~ Evidence of Tit 'au v.e .. un. or o~:i'ore {!tie ~a ~ln ~s expense, a current c0mmlU'aent for owner's title ~nsurance pohey in an amount equal to the Purchase Pric~l~'~'is\bbx~ ~s\~t~e~ck~d~\ \ ~,xn\A'b~,t¥~b g~ ~i~,l~ ~kr~Y~e~tb~a\odr~'~ 'd~t~'X if a title insurance commitment is furnished, it ~] Shall [] Shall Not commit to delete or insure ov~r ~he staod~rd exceptions whi.ch relate to: (I) parties in posseSS[DO, (~) un~'~corded easements, '? (3) survey matters, any udrocorded mechanics' liens, ' (4) gap period (effective dat~ Of commitment to date deed s recorded) and (5) un a d taxes assessments and unredeemed tax sales prior to the year of Closing. (6) cP~]urn expense to 0b~in this add tonal coverage shall be paid by ~ Bayer ~ Seller. An al~OUat not to Any ~ddkional pr for lhe cos{ of any improvement Iocaba c¢rdficam or suwey shall be paid by ~ Buyer Ifd3e cos~ exceeds this amounL ~ shall pay the excess on or before Cl°sln~· ~e [mpmvel~eOt location cer[ificam or survey shall be received by Buyer on or before Su~wey Deadline (~ 2c). Seller shaU cause the lille insurance policy to be delDered to Buyer as soon as p~acdcable ator ~fterCIosi~. ~ ~ ~ ~., neadlin~ (s 2c~, Seller. a Seller's expense, shah furnish m Buy~r, b. Copies of Exceptions. un or,~mre ~.,,e ~. _- '.~cn~- thc Pro~¢r~ and (2) f a title i~surance commirm~nC ii'ed in the schedule of exceptions (Except{one). Even If the box , documents pursuant to this shbsecdon if requested by Buyer any time on or before the DocumentReq.ues~Deadiine r~qoh~men~ shall pertain only [o documents as show~ of mco~ tn the office of [he clerk and recorder(e), l~e abstract or rite commRmenq teac{her wRh any copies or summ~ies of such documents furnished pu~ua~[ to this Sec{iDa, consti~t~ ~e ti{lc documen~ (Tide Document). 8. TITHE. a. Title Re~iew, 5uysr sh~ll have th~ rilht t0 inspec[ the Tkle Documents. Wriaen no~lce by Buyer of unm~rchantabiiiw of title or of any o~h~r ansatls~cto~ title condition shown by[he Title Documents shall be signed by or on behalf of Buyer and given to S~U~r on or before Title Objection Deadllue (~ 2c), or within fi~ (~) calendar days afar receipt by Buyer of any Title Document(s) ' itle commltment to ether with a copy of thc'Tit ~ Document adaing new Exception(s) nr ~ndorsemcnt(s) addin new Exception(s) to the t ..... g ~ a ........o~t~ t c ndition of title as disclosed by the Title to cilia, if Seller does no~mc~V¢ B~yer's notice by the da[eCs) sp¢cmeo auOVe, ~.~ ...... r-- he o Docuntn:s as sadsfac:o~. .. ~ ~,, ~**..a~ Se er shall d~liver~oBuyer on orbefore Off. RecordMaRers Dead{ina b. ~~~~f~. ' ' ~ - ** the pr~-ertv and shall disclose to Buyer all easements, 2c) tree coplos~~~s~ ic II~r h~ ac,ual ~owl,dge. Buyer shall have the right to mspec~ ~ens or other title matters not shown by the pdbhc reco~s of wh h So ht in the p~neRy not shown by the public r[cords (such as an unmco~ed Pro,~e ~v to determine f any thl~ party(le~) ha~ ~ny rig .... ~--- ~g'~ce of an~ unsatisf~tory condition(s) disclosed by Seller. or - r ~t ,,n~ecorded lease, or boundary line d~sorepancy]. ~ffa;;, - ~, , *~%-ue~ ~n or he,re Off-Record Matters Objectmn casein..., ...... , , ~_,, L.. -;~ncd b~ or on behalf et ~uyer anu given .~ o. Deadline (~ 2~), ~fSe[ler do~ not receive Buyer's notice bN said date, Buyer accepts title subject to such rl~ts, if a~y, of third par~es of which Buyer has actual ~ow[edge. - ......... .~ nISTR1CTS MAY BE SUBJECT TO GENERAL OBLIGATION · c. ~ecialTaxingDistr~. ~IA~-L~'~ vonM ANNUAL TAX LEVIES ON THE TAXABLE DEBTEDNESS THAT IS PAID By_3~ENU~.y~yff~gi~'~CH DISTRICTS MAY BE PLACED AT RISK FOR ~OPERTY WITHIN SUCH DISTRICT~. rROPE~s~ ~ ............ THE SERVICING OF SUC~ DEBT INCREASED MILL LEVI~ AND EXCESSIVE TAX BURDENS TO SUPPORT WHERE CIRCUMSTANCES ARISE RESULTING IN T~ INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYER SHOULD INVESTIGATE THE DEBT . ORIgED GENERAb OBLIGATION IND~BTEDNE~ OF SUCH FINANCING REQUIREMENTS OF THE AUTH D THE POTENTIAL DISTRICTS, EXISTING MILL LEVIES OF sUClt DISTRICT SERVICING sUCH INDEBTEDNESS, AN AN INCREASE1N suCH MILLLEVIES. ' - ' Buyer des[res to terminate this contract as a result, if FOR In the event the Pmpeay is located within a special taxing dtstnct and tters Ob'ection Deadline (~ 2c), this con,act shall th~n l~inate. If w,;-en notice is rec.eived by Seller ?~ or before Off-~ecord Ma ...... ~=ct of the Pronertv's inclusion in such special taxin, district(s) S;;;;1' does not tee,ire Buyer's notice by such date, ~.y~r acc,pta m, and waives th; ri~lt to so terminate, - .... ehantability of title or any o~er unsatisfactory title condition(s) or Buyer(s) · re- rovided however Buyer nay, by wr tten notice roce Yed ~y Seller, on or before Closing, waive ohjectJontto such items. then termlnn , p , ' ,~.~ ,~..,_ r, ...... .~ ~t~-~t the fiflc ownershin and use of the Property and should be revmwed carefully, Additionally, other ~att~m not reflexed In the T~tle Documents may affe~ me tree, ownemmp an~ u,o u. m .... ~ ,a~ inciudins without l imit~tlon boanda~ lines and encroachments, ama, zonin~ unrecorded e~emonts and claims of easements, other unrecorded a~rcements and various laws and ~overnme~tal re~lafions concernlns land use, development and environmental ma~ers. THE SURFACE ESTATE MAY BE OWNED SEPA~TELY FROM THE UNDERLYING MINERAL ESTATE, AND TRANSFER OF THE SURFACE ESTATE DOES NOT NECESSARILY INCLUDE TRANSFER OF THE MINERAL RIGHTS. THIRD PARTIES MAY HOLD INTERESTS IN OIL, GAS, OTHER MINERALS, GEOTHERMAL ENERGY OR WATER ON OR U~DER THE PROFERTY, WHICH INTERESTS MAY GiVE THEM RIGHTS TO ENTER AND USE THE PROPERTY. Sucl~ ma~ers m~y de ¢xcluded from ~he tide [nsurance po[[cy, Buyer is advised m timely consult legm counsel with mspec[ to a[[ suc~ ma~ers as there arc sn'[gr time limit~ provided in tb~$ contract (e.g,, Title Objection Deadline [~ 2c] and Off-Record Matters Objection Dcadthte [~ ~c]). 9. L · AD-~ -SED PAINT Un ess ~xemp~, f the improvements on the Proper~ nc ude o~e or more resident/al dwelling(s) for which a building permit w~s issued prior to January 1, 1978~ this con[fac: snai~ b~ void unless a completed Lead-Based Pain~ Disclosure (Sales) from is s/~ed by Seller and ~he mquked real estate licensee(s), which must occur prior re the part/cs si~ing this contract. t0 PROPERTY DISCLOSURE AND INSPECT[ON~ On or before Seller's Proper~y Disclosure Deadline (~ ~c), Seller ~' .g-: ......... ncaa"ne. Burr shall hays the risht to have Inspection(s) of ~he ph~ic~l tend riCh, o~ ~c ~rpro~%~]%~S, ~[ Buyer s expense. IT mc pnys?al conu,~)on o. m~. ~v-,,] dis~=:~tion. Buyer sM]l, on or before l~s pectbn OHeet,on Deadline (~ 2c). - (1) noti~ Seller [n wrRing mat this contract is ten~inated, or (~) provide Seller with a wretch d~cnption of any unsatis~cto~ physical condition which Buyer requires Scrim' (o cermet (Notice ~o Coffect). If wri[(en notice is no( rcceivsd by Seller on or b¢for~ In~pectlon Objection Daadline (~ 2c), thc physlcai condition of Prooe~y and Inclusions shall bc deemed ~ be sa[is~cto~ ~ Buyer. b. ~esolntioo De~dlin~_ If a Notice to Cor~ct is mceNed b~ Seller and Jf Buyer and Seller have not agreed in writing a se(0m~en~ thereof on or b~fore Resolution Dtadline (~ 2c), this contract shall terminate one calend~r da~ ~ollow[~g ~e ~e~olution Deadline. unless before such ~[n~tion Seller receives ~uyer's written withdrawal of the Notice to Correc~ c. Damage; Liens; lndemol~. Buyer ~s responsib e for pa~ent for all inspections, su~cys, engineering mpo~s or for o0~er ~ork performed a~ Bwcr's request '~n'd shall p~ ~or ~ny d~maSe which occurs to (he Pmpe~ and inclusions as a result of such m~y and for any ac~wmcs. Buyer shell n'ot permit chime or li~ns of any kind ~ains~ the Proper~ for inspect{one, s~rveys, en~ineerin~ repots othm' wor~ ~c~%rmed on the Propcr~y ~t Buyer's mques~. Buyer ~ees ~o Indemnl~, prot~t end hold S¢ller h~rm~ess f~m and any [i~bility~ damage, cos~ or ~xpense lnc~rmd by Seller in connection w~th ~ny such inspection, c~aim, or [{en. This ~ndemnity includes Sellers ri~ to r~cover ali cos~ and expenses incurred b7 Seller ~o enfo~e ~{s subsection= includin8 Se~ler's reasonable ~omc7 ~ees. ~e m.ovisions of this subsection sh~lt survive ~c ~e~inadon o~ this ~ I. C~O5 [Hq~.. Delive~ of deed(s) from Se[lcr ~o Buyer ~hag be a~ Closin~ (Closins).'Closin~ sba be o~ me date speci~ed as me Closh~ Da~ ({ 2c) or ~y mutual esreemcn~ a~ an earlier da~e. ~e hour and place o~ C~osinS sh~l be as desisnated TRANSFER O~ T]T~E. Subject m ~endcr or p~en~ a~ Closln~ es requ~ed hemi~ ~nd ~omplianco b~ Buyer w~h me other ~erms and provisions hereof. Seller sh~ll execu~ and d¢lNer a ~ood and sufficien~ ~na~) ~a ~an~ .- d~d m Buyer, ~ CIBsln~, conveyln~ thc Propc~y free and c le~r o~ aH ~xes except the ~eneral t~es ~or ~e year o~ Closins. ~xcep[ as provided herein, title sbel~ be convcyeo fi'ee and cl~ar of all liens, including any ~vernmental liens ~or special im~rovemen~ ~nsm~ed ~s of me dale of Buyer's si~nmn'c hereon, whefl~er a~sessed or noL Tide shah be con~ycd sub~,ec~ ~o: a. ~hos¢ specific Exceptions described by reference to receded documents as reflected in ~he T~tle Documents accepted by - d~cd righm of third panics not sl~own by th~ public records of which Buyer has ~cm~l knowledge - ,. ~' a ~,, nnw.. accordance with { 8b [Ma~ers Not Shown by ~e Public Records], and f. other 13, PAYMENT O~ENCUMBRANCE$. Any encumbrance required to be paid shall bo paid at or before ClosinS ~om the ' proceeds oftllis transaction or from any ethel source. 14. CLOSING COSTS DOCUMENTS AND 5ERVICgS. Buyer and Sdler shall pay in Oood Funds, ~elr respective costs and all other items t~quired to be paid at Closln~ except a~ otherwise provided herein. Buyer and Seller shall sign and complete al customary or reasonably r,qulred documems at or before Closing. Fees for real estate Cloli~g services shall be paid at Closing by ~ One;Half by ~uyer and One-Halfby Seller ~ Buyer ~ Seller ~ Other Thelocm~ansfertexof~%ofthe~rcnasePrlceshallbe~aidatCl°~g~ ~Buyer ~Seller. Any sale~ and use tax tl~a~ may accrue because of this transaction shall be prod when due by ~ Buyer m Sm~er. pREPAR~O BY AGENT: Jane IVloy, Owner CBS 3-S-gg, Con[ram to Buy and Sell Real Esale (Vacan~ Land - Farm. Rancid) Colorado Reel Es~am Comm~sion RaalFAST® Software, ©2004. Verston 6.14. Software Registered Buyer(s) ............................................. for the Calendar Year Immcdiately Preceding Closing [] The Most Recent Mill Levy and Most Recent Assessment [] Other c. Othcr Proration~ Water, sower charges; and interest on continuing ]oan(a)~ if any; and d. Final Settlement; Unless otherwise agreed in writing, these prorations shall be final. 16. POSSESSI- ON. Possession of' the Property shall be delivered to Buyer on Possession Data andPossesslon Time (§ 2c), subject to the following lease(s) or tenonc)~s): If Seller, after Closing, fails to deliver possession as spec fled, Seller shall be subject to eviction end s~all be additionally liable · oo, 09 D~ , Per day fi'om the Possession Date (§ 2c) until possession is d~llvered. to Buye[ ~[[~y,~ ~ ............ ~- I ~t bc assignable bv Buyer wi~out Seller's prior written consent~ ~x~x ~o .~....Np? A ,_ ,, , ...... "~ "-~efi+ offend be b ndin~ teen the heirs personal representatives, successom and assigns parties. - ...... ~ m~ ~o~v~v AND INCLUSION~ Except ~ otherwise provided in th~ contract, the 18. COND?ION p~ A~,~A~!~ ~[~o~ oxiain~ as ortho dale of this contract, ordlnau wear and ~ear excepted. Property, Inclusmns or ooU~ snau o~ ue,~,~ ,... ~,, . -. -~h~ ~k~ he dam ~ v fire or oth~r c~ualty prior to Closing, in an amount of not mom ~an mn percent of die total Purchase Pdcc, Seller shall be obligat~ to repair the Same before Closing Date (~ 2c), tn th~ event such damage is not mpair~ within said time or if the damages exceed such sum, this contract may be terminated at ~e option of Buyer by delivering to Seller written notice of termination. Should Burr elect to ca~y out this contract despite such dama~, Buyer shall be entitl~ t0 a cr~Jt, at Closln~ for all the insurance proceeds resulting from such damage to the P~pe~y m~d Inclusions payable ~o Seller but not the owners' associstion, if ~ny, plus the am0un[ of any deductibl~ provided for in such to exceed the total Push.se Price. c. wMk-Throu~bl VeriO¢at on of ConditIon. Buyer, upon reasonabl~,notic¢, s~ll h~¢ ~e r~gh~ to wale through Prope~y prior to Closing~o wri~ (hat ~e physical condition of~¢ Property ~ ~]6s~o~ compues wgn tnt\ contract. l ~. RECQM M~NDATION OF U~GA~ AND TAX cOUNSEb; By signing ~is docum~n~ Buyer and SelJer acknowledge d~e Scllinff Company or the Listing Company has advised that this document has importan~ legal c0ns¢~uenc~s and has recommended the examination of dtle and consukadon with legal and tax or other ~ounsel before signing thj~ ~0. TIME OF ESSENCE AND REMEDIEs. Time is of thC ~sence hereof. If any no[c or ch~ck received as Earnest Money hereunder or any o(ber pa~mont due hereunder is not paid, honored or tendered when due, or if any o~her obJig~don hereunder is not pe~fon~ed or w~ived a~ herein rovM¢d, ~hem shall be the followin~ remedies: ...... ' -d I d D~ma es. AIl paymenls and things of value r~c~ivcd hereunder shall b~ ~orfeit~d by Buyer and ~ (~) ~qu~ ~ ~ , R..,~ ...... a.. ~ ..~.~ from all obli~at~ns beret ndcr. It is agreed tha~ such payments re~ained on behalf of Seller an~ ~ot~ parties sn~n m~a~s uo .~,~- and d~in~ of v~[ue are LIQUIDATED DAMAOBS and (except as pmv ded n ~ubsection c) arc SELLER'S SOL~ AND ONLY RBMEDY for Buye~s failure [o pe~orm the obligations of this con~ract. S~ller expressly waives ~he remedies of SpeCific p~r[or=ance :nd additlon~l damages. . b. If Seller is in Default: Buyer may elec~ [o t~t thh contract as canceled, in which c~e all payments and ~bings ' ~ :ereund~r shall b~ ~turned and Bu~L~_L~q~Z.~.g~h .damagc~s.~P~. 0r Buyer may elect to ~rcat this value ~c~w~ i ..... ,~.a~.~hdl have~cri[htto~pecificperformmaceor damages,°rbmh' . . . ,, s0nablc ~o~s and expenses, including a~orncy fees. CBS ~9.99, Control lo Buy a~ Sell Re~l Es~te {Va~ ~nd - Farm - Rash), Col~ado Re~ Est~e Commlssi~ RealFAST~ soawere, ~2OOa, Vernon 6.14, S~tw~e Registered to: Jane W. Moy, Coldw~l Banker The As~n Bf~, L~, ~age ~ of 7 auy~(s) ......................... but raay await any proceeding, or et baker's or Closing Company's option and sole discretion, may interplead all parties and deposit i~ny moneys or things of'value into a court of competent jurisdiction and shall recover court costs and reasonable attorney fees. 23. TERMINATION. In the event This contract is terminated, all payments and things of value received hereunder shall, be returned and the parties shall be r~lleved of all obligations hereunder, subject to §§ ]0c, 21 and :22. 24. ADDITIONAL,PROVISIONS. (The language of these additional provisions has not be~n approved by'the Colorado Real EsTate Commission.) WATER LINE AND OTLITY EASEMENT! Before clo~ing, S~ller shall have the north/south water line and underground utilities relocated to the commo~ property li~e with 655 M~ad~ws Road. ACCESS: Before closing, s~ller shall have the access for 655 Meadows Road relocated from EiDhch street to Neu Meadows Road and ~he a6ce~ easement across the property from EiDhth Street removed. ~.ZONING: seller represents that the present zoning for ch~ Property is R-15. ........ o~l~r~T ~I]I~EOUENTMODIFICATION; SURVIVAL This cotRract constitutes the cndre centrac~ ge. ENTIK~ AOs.~,o,,,..:.--~ UT ~-,--'-. ~ --; ......... ,~ -ertaininn ~-,¢reto, whether oral or written, have been mergeo between the parties reladng to trio subject horneT, anu any pnu~ a~m~, ..... y m and integrated into this contract. No subsequent modification of any of the terms of this contract shall be va]id, binding upon the parties, or enforceabte untess made in writing and signed by the parties, Any obligation in this contract which, by its terms, is Intended to be perforated after termination or Closing shall survive the same, 26. FACSII~IILE. Signatures [~1 May I"IMay Not be evidenced by facsimile, Documents with original signatures shall be · he other an at Closing, or earlier upon request of'any party . ~P~°vided~°nt.ctt.., ~c~o{ ¥6r\t%,e~n~o,t~¥~c~0e~si. ih~n~e~)a~%~b~ ~\~ ~, a.ny .n,otic~c t,,o Buy?r. ,,hall2e effec~ve when teen:ired ~,'BuyeF'~r~ng C~)~pany and any notiJe To Seller shall be effective when fete,yea oy ~eller or r.,stmg ~.ompan~,. 28. NOTICE OF ACCI~PTANCEi COUNTIg, RPARTS. This proposal shall expire unless accepted in writing, by Buyer:and Seller, as evidenced by the r signatures below, and the ofte~ing' pa~y receives notice of acceptance pursuant to § 27 on or before Acceptance Deadline Date and Acceptance Deadline Time (§ 20). If accepted, this document shall become a contract between Seller and Buyer. A copy of this document may be executed by each party, separately, and when each par~y has executed a copy thereof, such cooies taken toge!her sh~ll be deemed to be a full and complete contract between the parties. Sloven Waldeck And/or Aae-4, gns N E DISPUTE. Notw ~hstand ng any terminal on of this contract, Buyer and Seller agr~ that, in th= ove~t of 22. . EARNEST ~.O .~Y ....... ~e., ~d chinos of va ue held by broker or Closing Company (unless mutual written instruct~bns are received by the holder of the Earnest Money and ~ings of value), broker or Closing Company shall not be required ~ take any action . If this offer is being countered or rejected, do not sign this document. Refer to § 29] DATE INOTE; 29. COUNTER; REJECTION.. This offer is [] Countered [] Rejected. Initiub o~Ty of'party (Buyer or Seller) who countered or rejected offer END OF CONTRACT No~e: Closing Instructions should be signed on or before Title Deadline. OK:ER ACKNOWLEDGMENTS. The undersigned Broker(s) acknowledges receipt of ~ha Earnest Money deposit specified end w ~i e not a pm~y to the contract, agra,s to cooperate upon request with any mediation conducted under ~ 21. ~c Listing Broker (or, in the case of a one peach firm, the Listing Fi~ is a ~ Seller's Agent ~ Transact~n-Broker pR~ARED BY AGENT: Jane Moy, Owner Broker CBS ~9.g9. Contract to BW and Sell Reel Es~e (V~ant Land- Fa~- Rash). Color~o Rea[ Es(ate Commissl~ ~ ~ RoalFAST~ Sd~wate, ~0~, Version 6,14. S~wme Registered [o: Jane W. ~y, Cot~ell B~ker The As~n B~s, L~. th ie __ ..lage ~ of 7 tra nsLqc[[on. The Selling Broker (or, in [he case of a one person finn, the Selling Finn i$ a [] Buyer's Agent [] Seller's Agent [] TranSactton-BroRer in this w&nsaction, BROKe, RS' cOMPENSATION DISCLOSURE. Selling Srokar or Selling FinWs compensation or commission is to be paid by: [] Buyer [] Seller [] Listing Firm [] Other go be completed by bisting Firm) Lis~ing Firm's compensation or commission is to be paid by: [] Buyer C'i Seller edger D/~ Selling BrolcedFinn: By: Signature Jena W. Moy Date Listing Broker/Fin'n: coldwell Banker The As~en BroKere, ltd. (Name of Broker/Finn) By: SignalU~'e bJsting BrokeWFinWsAddress: 720 g, nurant Ave.. ArDen, CO 816't1 Listing 8 roker/Fim~'s Telephope No: Listing ~rok~r/Fimfs Fax No: PREPARED aY AGENT: Jane Mo:/, Owner Broker CBS 3-~-g9, ComCac[ 1o Buy and $ell Real Esta(e (Vaca n[ Land. Farm - Ragh). Colorado Real Ealate Commission RealFA$ T~) So,%wate. O20C~. Version 6.14. software Registered to: Jane W. Moy, Coldwell laenker The Aspen Brokers. Ltd. i~uyer(a) Page Sedler(s) ~ Coldwell Banker The Aspen Brokers, Ltd. 720 East Durant Avenue Aspen, CO 81611 Phone: (970) 925-67,50, Fax: (970) 920-4378 ADDENDU~ A ' [] (Listing Contract or Exclusive Right to Buy Contract) This Addendum has not been approved by the Colorado Keal Estate Commission. Ir w~s prepared by ~/~ [](Contrnct to Buy nnd Sell) This Addendum has not been approved by the Colorado Real Estate Commission, It was ~repm'cd by legal counsel for usc by O'ane ~. uov ADDENDUM: 'NDUM ?O CONTROL~ TO %he extent the provision~ con%ained in thi~ ~ec~io~ Conflict with the provisions xes and acknowledge that Colorado Revised Statute Section MON-RESIDBNT WITHHOLDING; Seller and 8~yer ag .... e of a Colorado real property interest, the pe~on. e=oven Waldeck And/or Assigns sBLLER · DATE ~REPARED eY AGENT: Jane Moy, Owner Bake Open Addendum. Col~' ad 0 Real E${a[e Co remission Rea[FAST® $ollwere, ~2004, Version 6.1~. So([ware Rsg[$iered to; Jane W. Moy, Col(~,vsll 8snket The Aspen ADDENDUM TO CONTRACT TO BUY AND SELL REAL ESTATE (V^C^NT L^ND-F^RM-P,A?~CFI) (CASI~ AT C~.OSINO) BETWEEN STEVEN WALDECK AND/OR ASSIGNS, AS BUYER, AND , AS SELLER D^TED APRIL 23, 2004 THIS ADDENDUM is entered into simultaneously with the attached Contract to Buy and Sell Real Estate (Vacant Land-Farm-Ranch) (Cash at Closing) (the "Contract") between the above-taamed parties. This Addendum is supported by the same considerations as expressed in such Contract and the mutual terms, conditions and covenants set forth below. I. Addendum Controls. In the event of any conflict or inconsistency between the provisions of this Addendum and '~he Contract to which it is attached, the provisions of this Addendum shall govern and control. 2. Earnest Mone'v. The earnest money deposit shall be deposited within three (3) business days fro-~ execution of the Contract by both parties. Upon receipt by the title company (the "Escrow Agent"), the earnest money shall be deposited in an interest-bearing trust or escrow account with a local commercial bank. Interest earned on the deposit shall inure to the benefit of the Buyer upon Closing. Buyer's Federal Tax ID Number is 224-80-6448. If the Buyer, for any reason described in this Agreement, validly terminates this Agreement which termination results i~a the Buyer being entitled to the return of the deposit, then interest thereon shall also be returned to Buyer. If Buyer for any reason forfeits the earnest money, interest earned on the earnest money shall also be forfeited. 3. Di.~sciosure. On or before the Documents Request Deadline, Seller ~hall deliver to Buyer copies of (~.) anY and all soils, geological and engineering studies and reports relating to the Property;; and (ii) all other studies, reports, maps, surveys, appraisals, prior land use app~,ications and related approvals, permits, and other documentation in Seller's possession or control that are not of public record and that relate to the Property. /~ 4. ~. On or before the Survey Deadline (see Item lqo. 10 in Paragxaph 2(c) of Contract), Seller shall deliver to Buyer, at Seller's expense, an Improvement Survey of the Property no more than six (6) months old certified by a licensed Colorado surveyor for the express benefit o:~' Seller, Buyer and the Escrow Agent. The surveyor shall locate and set ali boandary corners of the Property and shall monumem all boundary corners with stakes and flags for visual inspection. The survey shall be certified as cfa date nc eaxlier than the date of ~his Contract, and shall depict the following: (a) The correct metes sad bounds legal description of the Property; (b) The location and' identification of each boundary corner of'~he Proper~y; (e) The acreage of the Property; (d) The location of any and all casements, encroachments and rights-of-way (including utility easements benefiting or burdening thc Property) which are revealed by a physical inspection of thc Property or by thc Title Commitment, together with the recording information of any easement or right-of-way created by a recorded instrument; and (e) The location of any and all improvements located on, over, under, or encroaching onto or off of thc Property, including without limitation any and all buildings, roads, driveways, parking areas, walls, ditches, wells, overhead and underground utility lines, utility poles and other utility installations, fences on or near the perimeter boundaries of the. Property, all interior fences, any approved building envelope, and other setbacks existing upon the Property. The Improvemem Survey shall be in form and content sufficient to cause the title company to issue an endorsement to its Title Commitment agreeing to delete from Schedule B (Section 2) of its to-be-issued title policy standard printed exception nos. 1, 2 and 3, without further title exceptions, at no cost to Seller. If the Itnprovement Survey discloses any matter which in Buyer's opinion constitutes a defect in thc merchantability of Seller's title, Buyer must give Seller written notice of such unsatisfactory title condition no later than ten (I0) days from the Survey Deadline. If no such notice is timely given, Buyer shall be deemed to have accepted title subject to all matters shown on thc Improvement Survey. If Buyer in fact gives such notice to Seller in a timely manner, the provisions of Paragraph 8(d) of the Contract shall apply thereto. 5. Due Diligence/Right to Develoo. Buyer shall have until the Inspection Deadline in which to conduct such inspections, due diligence and evaluations of the Property as Buyer may deem necessary or appropriate, including but not limited to condition of soils, drainage and other physical characteristics of the Property, the location and availability of utilities, the adequacy of access, the acceptability of pertinent land use, building and zoning laws. regulations and approvals, availability of domestic water, and all other matters that Buyer may consider significant relating to the ownership, development and enjoyment of the Property. Seller agrees to cooperate with Buyer in connection with the foregoing matters, and to furnish to Buyer upon request any documentation or information in Seller's possession or control pertaining to the Property. Should the Buyer terminate the Contract under this promsion at its sole discretion, the Contract shall automatically terminate and be. of no further force or effect. In such case, Buyer shall receive a prompt refund of its earnest money deposit and accrued interest, and the parties shall have no further rights or responsibilities hereunder. The Escrow Agent is hereby authorized and directed to deliver any refund of the earnest money and accrued interest thereon. 6. Buyer's Right of Entry.. Commencing on the date of this Contract and continuing for the entire term hereof, Buyer and Buyer's designated agents shall have the right mad privilege to enter upon the Property at any reasonable time or times for the purpose of conducting such inspections, evaluations, planning, soil testing and other similar activities as Buyer shall dccm necessary in order to conduct its due diligence. Buyer shall conduct such activities at its own cost, risk and expense and shall indemnify and save Seller harmless from any loss, damage or liability connected with or arising out of Buyer's entry or conduct of activities upon the Property, including but not limited to any mechanics' liens that may encumber the same, which indemnity shall include without limitation any claim for attorneys' fees necessary to defend any action brought against Seller or necessary to enforce the provisions of this indemnity. Any damage to the Property resulting from such due diligence activities shall be immediately repaired and restored by Buyer to the original condition thereof, at Buyer's cost. 7. Kepresentations and Warranties of Sell~. Seller hereby makes the following additional representations and warranties to Buyer as o~ the date of this Contract, continuing throughou~ the term of this Contract, and as of the date and time of closing hereunder, with the I(now[edge that Buyer is acting in full reliance thereon: (a) Seller possesses full power and authority to enter into and perform this Contract and none of the execution, delivery, or performance of this Contract will conflict with or violate the terms or provisions of any loan agreement, contract, other agreement, court order, decree, statute, rule or regulation by which it or the Property or any part thereof are bound or affected; (b) Seller is not a party to or bound by any agreements, contracts, leases, or commitments relating to the Property or any part or portion thereof which will extend beyond ~r survive the closing thereunder; (c) There are no outstanding judgments against Seller attachable or otherwise related to the Property, and there is no suit, action, claim, demand, arbitration, or legal, administrative or other proceeding pending or, to the best of Seller's knowledge, threatened against or affecting Seller or the Property, and Seller does not know or have reasonable grounds to know of any basis for such action or claim; (d) To the best of Seller's actual knowledge, without the duty of inquiry, there are no patent or latent defects, soils defects, or hazardous materials (including asbestos) or toxic wastes or radon gas or other environmental problems upon or otherwise affecting the Property', (e) All bills for work done or materials furnished with respect to the Property, which work ~ud/or materials has been ordered or completed by Seller or Seller's agents, have been paid in full or will be paid in full and discharged by Seller at or prior to closing, and no assessments will be outstanding ar closing for any improvements or services. Seller will execute and deliver to the title company at closing a Mechanic's Lien Affidavit and Indemnity and such other documents and information as may be required by the title company to obtain the deletion of standard printed exception No. 4 from the Buyer's owner's policy of title insurance, at no cost to Buyer; (f) Between the date of this Contract and the closing hereunder, Seller and Seller's agents shall not cause, or knowingly allow to be made, any material physical alterations or changes to ~he Property, unless in emergency situations where Such changes are necessary to protect and/or preserve the Property; (g) Seller has not received any notice, written or othe~vise, from any governmental or quasi-governmental agency requiring the correction of any condition with respect to the Property or any part thereof', and (h) If during the term of this Contract any of Seller's representations or warranties are or become untrue or incapable of performance, it shall be a default by Seller under Paragraph 20 of the Contract. 8. Notice~ All notices hereunder shall be in writing and shall be either pers°nally delivered or sent by facsimile transmission, by Federal Express, or by certified mail, return receipt requested, addressed as follows: To Seller: To Buyer: StevenWaldeck 0124 TouerdownRoad Aspen, CO 81611 Fax No: (970)920-3263 With Copy To: Shane J. Harvey, Esq. Holland & Hart LLP 600 East Main Street Aspen, CO 81611 Fax No.: (970) 925-9367 c such notice shall be deemed given on the date and at the time personally delivered or faxedE, a~i~the date following the date of delivery to Federal Express, or2 days after malhng by certified mail, return receipt requested. · $~. The representations, warranties and agreements made in this Contra~ b? Se~ respectively, shall survtve the closing of this transact,on fo, a period of one year· party") the other party (the Cooperating Y ) Requesting Party in effecting a real property exchange by the Requesting Party pursuant to Internal Revenue Code Section 1031 (the "Exchange"). An Exchange may be effected through conveyance of the Property or payment of the proceeds of sale through or to a '~'qualified intermediary." In all events, to effect the Exchange, (a) the Cooperating Party will not be required to take title to property other than the Proper~y which the Cooperating party has agreed to purchase pursuant to this Agreement, (b) all of the costs and expenses relating to the Exchange (other than compensation for time expended by the Cooperating Party) will be paid by the Requesting Party and Purchaser will not be required to incur any expense, liability or obligations because of any Exchange requested by Seller, (c) the Cooperating Party will have no liability to the Requesting Party for tax t~eatment of the Exchange or otherwise, (d) the Requesting Party will indemnify and hold harmless the Cooperating party with respect to any action requested by the Requesting Party to be taken by the Cooperating party to effect the Exchange, and (e) the Exchange must not change or affect this Agreement or delay the Closing. BUYER: S'~ven Waldeck and/or Assigns Date: SELLER: By: Date; ~121107_1 .OOC