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HomeMy WebLinkAbout1986-06 Approving a Contract for the Purchase of a Residence for the Town ManagerRESOLUTION NO. 6 Series of 198G A RESOLUTION APPROVING A CONTRACT FOR THE PURCHASE OF A RESIDENCE FOR THE TOWN MANAGER. WHEREAS, the Town Council requires the Tawn Manager of the Town of Vail to reside within the Town limits; and WHEREAS, houses are extraordinarily expensive to purchase within the Town of Vail; and WHEREAS, it is the desire of the Town Council to obtain a residence for the use of the Town Manager to provide inducement for him to remain in his employment with the Town; and WHEREAS, by providing a residence for the Town Manager, the Town ensures stable housing conditions far the Town Manager and his family; and WHEREAS, the residence purchased by the Town for the Town Manager is real property which should retain its value. NOW, THEREFORE, be it resolved by the Town Council of the Town of Vail, Colorado, that the contract far the purchase of a residence for the Tawn Manager, which is attached hereto as Exhibit A and made a part hereof by reference is hereby approved. INTRODUCED, READ, APPROVED AND ADOPTED this 21st day of January, 1985. t ~ .. Paul R. Johns V. ATTEST: Pamela A. Brandmeyer, Town Clerk r :~~t~'~ J,,:'l~2_ tdn , Mayal^ rp 4 y.. . I'hr Vrlnlyd purliop>•n(Ihi~ G,no •NAn,rrel L) Illy loradu Irrd F:.1ulr I •IM11pOkM11Hl rti{ • •:N•2•a l 1 THIS IS A LE~lil HiSiRUfrlfNi. li NOi UNDERSiOOb, LEGAI, iAlf OR OTHEN COUNSEL SHOULD BE CONSULTED BEFORE SIDNINi. RESIDENTIAL CONTRACT TO BUY AND SELL REAL ESTATE F5 , F:~, ~ {Seller's remedy limited to i.iquidated Damages} ri Janaujry 1.0 1 Ill 86 ~} I. '1'hr undrrsignrd a~;eul. hrr•ch,y arknuwlyd~;c•s hsving rorcivost I'ru„s The TOWn Of Vail a check 1n Lhr suns uf$ ~- ~ ~ ~~~ , in thr. turns of a check ,tnhc•h['Idl,y John D. Appleby--Broker , brssker, in iu•ukcr'x [•scrow ur Lrustre accuuul., ors [•urnrst nulnry uud p:u•t, paynu•ut fur the fulluwin~,~ d[•s:crihed ressl estate in the _ __... _ ... .. . ., __--- GuunLy of _, Eagl e _ _ , (7ulurudu, to wit: Parcel B, Lot 34, A Resubdivision of Lat 27, Block 2, Vail Village 13th filing, Town of Vail, Eagle County,, Colorado. IS 4ugether with all iusprovemenLss thereon surd alt fixtures of a pc~rsussnenl nature rurreutly on Llu~ promises except as hereinafter provided, in their l-resc•nt eunditiun, ur{unary ws•:u•:uld t[+:u• excepted, known sss No. ~~JrQ Bad----~ MOU11~alTl __ROad, VIi~ , _ ValY ,.._C0. .._ ~~, bS7.. ......_...._,.._- J__, and hereinafter csslled 4he Property. ltiLrrrt AddrrXx,[:i[y,%ipl 1. 5uhject to the provisions of plsrugl•is;llt t7, the underwiy;nus~~ y'~±;1~ ~'~'4Yf1__4~__y~.ll_..s'~lnd ..4r Assigns -.~. __ . ~.. -- -- --- t~~~r~1~~i~r~~~~i~~1~~~1~~~ ' i hereinafter cullad Purchaser, hereby aln•ees to buy the Pruparty, and the unds:rsigned owner(s), hereinafter called ! ~ Seller, hereby agrees to sell the Property u un the terms and conditions stated herein. I i 3. The purchase price shall be U.S. $ 9~ 0QQ ,payable as follows: $ ~r a • 000 hereby receipted for; 28~,000 payable via a new first loan on the Property to be obtained`. purchaser. Said loan shall be amortized on a 30 year basis, with monthly installments of approximately $2,191.x•0 including principal and interest of not snore than $.~f per annum. Each party agrees to pay his own customary closing costs. by 4. Price to include any sYf the following items currently on the Property: lighting, heating, plumbing, ventilating, ' and central air conditioning fixtures; attached TV antennas andlor water softener (if owned by Seiler); all outdoor ~!4 plants, window and porch shades, venetian blinds, storm windows, storm doors, screens, curtain rods, drapery rods, ` attached mirrors, linoleum, fluor tile, awnings, fireplace screen and 'rate, built-in kitchen appliances, wall-to-wall carpeting, refrigerator, stove, washer and dryer, window coverings, 'i. all in their present condition, conveyed free ssnd clessr of all taxes, liens and encumbrances except as provided In paragraph 11; provided, however, that the following; fixtures of ss permanent nature are exctuded from this sale: _ ~_. NONE Personal property shall be conveyed by bill of sale. 5. If si new loan is to be obtained by Purchaser fl•om ss third party, Purrhas;rr agrees to prol::ptly and diligently (,i) apply fur such loon, (b) exce•ute all documents and furnish all infurnssstinn and documents required by tlic lender, and c) ~In.,sy~ the rustomsu•y casts of obtaining such hlan• Then if such loan is nut approved un or before.~i~~~s3~'V 1 0 l9 Qom, or if so approved but is not available at time of closinkr, this contract shall be null and void and all payments and thsnga of values received hereunder shssll be returned to Purchaset•. R. If a note ssntl trust deecl or mortgage is to be assumed, Purchaser ag,•rees to apply fur a loan assumption if required and ugn•eca t/o pay (i) :- loan transfer fee nut to oxceesE $ N~A_ and (Z) un interest rate not to exceed N! !~ % per annum. If the Inan to be assumed hsss provisions for a shared equity or variable interest rates or vsu•issble payment::, C}~`' rrontruct is cnnclitioned upon Purchaser reviewing and consenting to such provisions. lithe lendet•'s consent to a lasso assumption is required, this contract is conditioned [spun ubtaininy; such consent without chan};e in the tersns and calulitiuns of such loan ex[•epL us herein provided. 7. If a note is to be mode payable to Seller as partial or full payment of the purchase price, tlsis contract shat! not be assi};nable by Purchaser without ws•itten consent of Salles•. No. SC-20-2-ek. Ibntrurr In IIu)' xnJ Nrll lirul F:rrrlrlHrnldenligll.- HraJl'IIrJ Puhli~hing, }X:3 W. Rib Ave., L,kewuoJ, Ccl XIh I S •--13U31 :1~-M14U11- a~M? y ,~ R. Cast of any appraisal far loan ptu•pusex Lo Ise obtained after this flute xlttlll lie IIEt}d lsv purchaser S• ~ r ~ L t o ~' f f . current commitment for title insurance policy in anl~i~i~l~i~~~1'~/E~Y~~~~i~~f~i~Y~l~~l~ A amount equal to the purchuxe pt•ICe, stt 5elle}•'x u f } : t ~/x/lsr/,n~xe~,/xh/u/li be, /f~U~l•nlahl'fI to f't-rrhaxer on ar hafareeTc~.l'Lll~~'y~~ ._ _.1:1._$6 f 1 cf•'inY'I"1'Y'•7^'/'~~1^S"t1'~1'~~l'!F'~~J'rl"Is'f'~`)"'f•SellirwilldeliverthetitleinsurancepolicytoPurchaserafterclosingantiI-tty the premitun thereon. 10. The date of closing shall be the slate for delivery of flecd as provided in psu•al.•ruph I1. The hour and place of closing shall be asciesignated6yJOhn D. An,olebv--Broker and th.e Town Of Va~.~, I1, Title shall be merchantable in Seller, except as stnted in this psu•al,-ruph and in paragraphs 12 and 13. Subject to payment or tender as above provided and compliance by Purrd}user with the other terms and provisions hereof, Seller shall execute and deliver a good ssncl sufficient ~ex~s~>~a~ warranty cleed to Purchaser onFebruary111• 19 $6 , or, by mutual agreement, ut an earlier date, conveying the Property free anti clear of all taxes, except the general taxes for the year of clnsing, and except NONE free and clear of all liens for special imps•uvements installed as of the date of Purchaser's signature hereon, whether assessed or eat; free and clear of all liens and encumbrances except recorded party Wa~.l agreement ~ except recorded and/or apparent euscntents for telephone, clectt•icity, water, sanitary sewer, and eusentents ~~ that will not unreasonably restrict Purchaser's intended use of the property. except the following restrictive covenants which do not captain st right of reverter: NONE and subject to building and zoning relrulations. i2. Except as stated in paragraphs 11 and 13, if title is not merchantab]e and written notice of defect(s) is given by Purchaser or Purchaser's agent to Seller or Seller's agent on or before date of closing, Selier shad use reasonable effort to correct said defect(s) prior to date of closing. If Selier is unable to correct said defect(s) on or before date of closing, at Seller's option and upon written notice to Purchaser ar Purchaser's agent an or before date of closing, the date of closing shall be extended thirty days for the purpose of correcting said defect(s). Except as stated in paragraph 13, if title is not rendered merchantable sss provided in this parai;raph 12, at Purchaser's option, this contract shat! be void and of no effect and each party hereto shall be released from all obligations hereunder and all payments and things of value received hereunder shall be returned to Purchaser. 13, Any encumbrance required to be paifl may be paid at the time of settlement from the proceeds of this transaction or from any other source. Provided, however, at the aption of either party, if the total indebtedness secured by liens on the Property exceeds the purchase price, this contract shall be voicl and oC no effect and each party hereto shall be released from all ubligsttions hereunder and all payments and things of value received hereunder shall be returned to Purchaser, 14. General taxes for the year of closing;, bared on the most recent levy and the mast recent assessment, prepaid rents, water rents, sewer rents, F A mortgragre insur nee premiums and interest on encumbrances, if any, and property insurance ~1#' as sumed ~ shall be apportioned to date of delivery of deed. 15. Possession of the Property shag! be delivered to I'urchssseron date Off' delivery of deed subject to the fallowing leases ar tenancies: NONE If Seller fails to deliver possession on the date herein specified, Seller shall be subject to eviction and shall Ise liable for a daily rental of $ ~ ~fl until possession is deliveredl. 1G. In the event the Praperty shall be damaged by fire or other cstsualty prior to limo of closing, in an amount of eat more than ten percent of the total ptn•rhase prise, Seiler shall he obligated La repair the sumo ltefure the Elstte herein provided for delivery of deed. 1 n the event such dama(~e is nut or cannot be repssired within said time or if the damages exceed surfs sum, this contr:u•t stay IEe ter minuted uL the option of 1'turhsxer and all payments and things of VEkEIAC received hereon<Ier xhnll be rrturncfl Gs l'urchasser. tihould 1'urch;saer otoct Lo carry aut this rontruct despite such damug;e, Purchaser xhstlt he entitled to all the credit fw• the insw•ance proceeds resultinlr from such danuEge, nut ext•ceding, lutweve-•, the Lotul purchase price. Should any fixtures ur sorvicex foil brLwcen tltc dstte of this contr:ECL and Lhe daLr of pnssession ar the daLr of dclivu-•y of clued, whichrvcr shall be earlior, then Seller shall 6e IiuLle fur the repair or rcpluronu•-stuf such rxttErrtf ur~eE-vi4•rs with rt uniLafxintil:u'sizr, ago:uul fluidity,uran cquivalrrtt c•rediL. 17. Tinu+ ix of rho esxrnee hc•r•ouf. I f :uty pate ur cho<•k roroivrd as osu•nosL ntunoy hereunder ur an•V other puynu~nLCluehereunderisnaLpaid, hanorad ur tendrr•od when duce, ot• if any ulher oblig;uLion herL'UndL•T' la nut perfcu•med sss herein provided, there shall be the Fallowing; remedies: tl) lF PL1RC1iA51';R IS IN 111•;1•`AUi.T, then stll payments and things of value E•ec•cived hereunder shall he furfeitefl by Ihn'rhuxor and rrLainod utt bt•hsElf of Snllf•-• :End bulb p;u•Licx shall Lite-•oufler bo r•cloasefl from all uhllg,•atluns hrroundor. IL iK ag~rrod Lhut such pst,yn-ostts :End thing~ti of vuluo pro I.1 (llll IlA'E'b:ll IlAMA{ila .End e+xropt nx pruvidrtl in sublruE•agruirh (f•11 su•o thfz tiE?I.I,A:It'S S(ll,lti ANI- {}Nd,Y Ill+:M1:11Y fur Lhf• I'urchaxrr'r fullurr to perful'-n the fldElig(:II,Ifglx uI• L111K PUIEIrEII'L. tiPllrl' oxlnrxtil•v wssivos Lhe rosnodirx of xproil'Ir pc•rffu•utuuc•r sold addilianssl duntngrx, bl I1~' tih:I.LE':IL 1 ti I iV Ell+:l+'A I} I:I', I I1 I'urf•hsttirr uuEy olocl. Le Lrr:El. i.his runl,rart ux torm•EnuLod, in which rust. ul1 paymonLs and Lhiugs of vstlur r•rrrivrfl hrroundor slinll hf• rolan•nod to I'urf•lutxrr and Purchaser may rocuver such dnnusg;rx 71x inay bo lfr•npor•• uE' i'.'.? E'urchaxor m:f•y elort ku Lroat ibiti runtruE•t. sEx boiuy; in full furro ;uul offort surd I'urc•has4or xlutll hour rho riglsl. 1.u nts action fur Apr+•ifir lu•rfurmunro ur d:usESEg;rx, ur bath. rl Anything Lu Lhr cunir•arY I-f'E'si-1 natwillswt:ut+ling, isr rho ovrnL of nn,v litigutdun :u•i~ing out of this c•onirart, rho rnurl nsay awssrd to ihr prevailing psu•Ly stll ro:E4un:ELlo rutitx:-nd ox pf•t-sc• inrludiny~ aLturnoyx' foox, 1K• Put•rhaxor and Sellrr•:Eg,~rro thst, in Lho ovcnl of an,y runtruvortiy rc•garflin}! the. earnest tnunoy holfl by Iq•uker. unless mutustd writtf•rt InxLr•urLion is rerolvrd by broker, broker shall nut be requircrl to L:Ekc any action but play await any eruct+etliny;, ur at broker's opLiuu and discretion, may intorpload any nunu'yx or LlEing:x of value into court soot may n+ruvrr court e•uxLs sutll reasunablo utturoeyx' Fora. la. Additional provisions: 1. Because the Purchaser in this agreement is the Tawn of Vail, both Purchaser and Seller acknowledge that the customary 1~ Town of Vain. Real Estate Transfer Tax is not applicable in this transaction. 2. Seller certifies that all appliances, plumbing, heating and electrical facilities will be in good working condition on the date of delivery of the deed. ` 3. According to the Debris-Flow and Debris-Avalanche Hazard Analysis prepared for the Town of Vail by Arthus Mears, November 1,9$4, the structure of 250 Bald Mountain Road does not fall within any geologically sensitive area. '~ 4 This contractural agreement is subject to approval by the Town of Vail.in a regularly scheduled Town Council meeting. If for any reason this agreement is disapproved by the Vail Town Council all earnest , monies will be returned to purchaser, and this agreement will be deemed null and void. 5. In the event all lender paperwork is• not completed by the contract closing date Buyer, Seller or Broker will extend the closing date up to ten (14} business days. 1 20, if this proposal is accepted by Seller in writing and Purchaser receives notice nP such acceptance on or before Tan 0 , 19 86, this instrument shall Lecome a contru~t between Seller and Purchaser and shall inure to benef• oft ~ he' •s, •es .and assigns of such parties, except ua stated in paragraph 7. ~; Purchare r 11n1e Broker :' own of Vail Jq~ln D. Appleb'~--Broker ,~ for Dimension Investments, Inc. ` k' k; H Y• Porch°aer h°L~ „ I" ,i Purchaser's Address t The following section to be completed by Seller and Elating Agent) ~ 21. Seller accepts the aLove proposal this.r~ day of f~r~f 19 a ~-,and agrees to pay a commission of 3~ % of the purchase ice fa• serv~c •a in this transaction, and agrees that, in the event of forfeituro of payments and things of value received hereunder, such payments and things of value shall be divided between listing broker and Seller, one-half thereof to said broker, but not to exc~eu the con~mi~~iu.:, _:na the it balance to Seller. ~ i ydbVU~135d ~CV~~-~~'/~I1=N1 Cvi i{ Seller Amer demon ~ Seller Seller's Address 54"i2 E. Skelly Dr. Tulsa. Okla. 74,'35 Dimension Investments, Inc. , Listing Broker's Name and Add:•esa JDhrl D. A1p~11 PY~}r-- $~'Qk~r' P • Q • Box 2 ~ ~n i. Avon, Co. $1620 is