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HomeMy WebLinkAbout1986-24 Approving a Contract for the Purchase of a Residence for a Town ManagerJ RESOLUTION NO. 24 Series of 1986 A RESOLUTION APPROVING A CONTRACT FOR THE PURCHASE OF A RESIDENCE FOR THE TOWN MANAGER. WHEREAS, the Town Council requires the Town Manager of the Town of Vail to reside within the Town limits; and WHEREAS, houses are 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 and future Town Managers to provide inducement for them to remain in their employment with the Town; and WHEREAS, by providing a residence far the Town Manager, the Town ensures stable housing conditions far the Town Manager and his family; and WHEREAS, the residence purchased by the Town far 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 for the purchase of a residence for the Town Manager, which is attached hereto as Exhibit A and made a part hereof by reference is hereby approved. INTRODUCED, READ, APPROVED AND ADOPTED this 7th day of October, 1986. Nau ATTEST: a~VYI,LGt ~~. l~ln~l Pamela A. 8randmeyer, Towd Clerk y The prirtrd porlionr of thir farm approrrd by the ~ ^ -' E'olarado Real Elate l:ommiKaiun S5G 20•Y-811 THIS IS A LEGAL INSTRUMENL IF NOT UNDERSTOOD, LEGAL, TAX OR GTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING. HESIQENTEAL CONTRACT TD BUY AND SELL REAL ESTATE Saber's remedy limited to Liquidated Damages) Y~~ !"~ September 24 ,,,, 8b I. Theundoraiy(nrdaKrnthereLyaclcnowledCeaFrrvinltrrerivcdfrvrul ~ The Town of Vail___, huaumuf4_ ~..~ ~0~ ., in the farmuf a check ~ ` ,t„ha.,,,.hl,,,.•-,.Gone _Range_Properties.-..___ _ Lrr.krr• to Lruker'a racnrw ur lruatre accnunl, as earnest nwn.•y unJ tract pnywrnt fur the fulluwiuK dearril,rd caul v>,tate rn the n/a Gouatyuf Eaele ,CuloraJu,tuwit: a l{ Lot 5, Block D, Vail dos 5chone Filing 1 r i~ tuKerher with all improrrnlenta [hercmr and all fixtures of li pernluncnl nalara• crrrrvutly un Ihi• l+r,•wiK,•x exrr•pt ax ha•rciunflrr prurnlyd, in iLuir prrsrnt runditinn, ordinary wear and tear exeeirta•J.knuwn aK Nu..._- ZSI~J_ ATDS~_D~1Ve.1_Va~I,... CO -B~E~] _~_•-__- rind hereinaltcr rullyd rice 14 uprrty. Street AddrasK, t'ity %ipl The Town pf V ~'Y. SuhjrettathrproriaiunrufparaKruph17,i1rrund.•rril~nrdperK,a;fxi ~~~.. .. .. ___-___ _ ~I y~~aiYj~~aYl~,~j}~}~tX]~~x}~j)~jy~KhereinuRrr rolEe+( 1'u rrhaKU r, hereby rly; rueK to huy~~t he )'ruperty, and thu undcrnll; ued up.ru•rtx 1, lturrinafter I1 rolled Srllrr, hrrehy uKrues to sell the I'ru prrty opus lire 'r•rmx and ruadiiiunx alrtcd hcrci u. ~ { 3. The purrhaar price shall be U.S. ~ ~~ 3 • 50a -, puy'ublc uK fulluwK; j _,_... 10, OOO _. _ ---. ---.hereby receip[ed for; I1 approximately $34,700 payable by certified funds upon delivery of deed; j! approximately $178,800 payable via a new first loan on the property to be ~~ obtained by Purchaser. Each party agrees to pay his own customary closing !. costs. '' `' Ii is i Price to include any of the fnl{owinli items currently on the Property: IiKhtintr, hratlnK. plumhinK, Vrntilaiilr4'. i1 M1 central rir cundrtiuninK fixtun•K; altos hrd TV anlrnnua and/or water Ku ftrnrr (if owned Ly tirllrrl; rIE uu Gluur plant K, wiuduw and porch ahadex. venetian 61io.1K. storm winduwK, Ktnrm lours, ar teen x, curtain rudK, Drapery rods, attar bed aHrrufK, liunleu uy flour lilt, uwriirrKa, firrtrlure Krrea•n unJ Krut r, Lulu-iu kllrhrn ryphuurra,wall-lu-wallcuryretinK, two refrigerators, Cwo washers and two dryers, and all window coverings. 11 in their prrxrnt condition, runveyrl free anJ clear of all taxes. liens and unrunlLrunceK exec{rt aK pruvi+lud in paruy:ruph { 1: proviJcJ, Irowevrr, (hat lhr fulluwinK fixturrr of a prrnianrnt nrlurr arrexcluduJ lrom ibis sole: npne ', I 1 Ya•rnuuul property ai,all Lerunveyrri Ly l.iEl of salt. 5. 1 f a new luau is to Lc nhtainrl Ly Purchaser from a third party. Purchaser uKreeK In prurnptly acrd dtht;rutly {:U ahply fnf Kna'h EbYI1.I k,l exec utr ali durunlrnla and fu rnixh ell information nnJ durumenlK required k,y the lender, nuJ (ci pny the eu,ituurury ruKt. u(uhtYiuinK snrh Yuan. Then if xuch loan Ir nut apprurrJ un or hrWrr NOVember 1{) ltl~, nr i~su upprured hul ix nut YYallahla• at lime u! el.rxial;, Ilnx coulrurt Kliall 6e bull and ruiJ Ynd all payvnrntaanJ thingKUlvalue rereivrJ hrreunler shall be returned to I'urrhaKer. I 6, if u note and trust decd or mortl(ul(e is LY Le uKaunlcel, 1'urrhaxer uy;reex In apply for u loan usKampt iuu if rryuind and attrra•x lu pay 111 u loon tranxfrr fee lu,t lu exerrd f n/a _ and tYY un interrKt rate nut to rxreeJ _ n/a 'A per annum. if the loan to hr uK.umed haK provixiaua fur u shored e,ryity ur vurinLic inlrrrAl ruteK ur va ria h{v p:ryumnl.. ilia runtract iK conditioned upon 1'u rrh YKer 1 rvivr~nrr; rnJ rnnneutJ nK lu such pnwlaiwrK, kf tilt le nJ cr'K rwtaeni ter n loon asxu mpliun is required. this ca utrart ix a•uu.litiunrd upon uLt uinn,y; such ronaa•al without rhanKc in tilt LeruiKrnd runditlunK of aur6 loon except as Iirrein provided. 7. If a mule iK to Le made puyahlu to Seller rK partial ur hdl payuuvit of Uic pu rrh use prier, ihiK coot rua•L Khull riot !,e uaa,iKaul+lv Ly I'u rrhaxrr without written runxent of Sullcr. 8. Cull of any apyruiKYl Cur loan purposes to be obtained ullrr then date KhYI] Le paid Ly purchase r r. Au uLalracl of title to the Property, cerlifivJ lY dote, ur a rurn•ut cununilulrul fur tilkr inwrranee policy, in uu uuunr ut equal lu lhr porch axr• price, at SrElor'K opeion and ripen ar, shall br furuixh eJ to f'urchanrr an or brfare n ~Ql,p1' ~ { .- -. Ilt..$(j. IL'a•Iler rleelK 1U u clash aa1J title iu su ranee commitment, Seller will Jrliver lhr title nrsu rants p..licy U. 1'u rchaaer after rluKlnr; unJ pay the prouuum the n•un. 1J. The date of cia,:ing Khali 4e Lhr Jale fur delivery of Jea•d as proridad iu parauruph 11. '1'Lo funlr unJ place of rl„aiult Khali be a,r dcKl,;ua[r.lLy Gore. ,Range _PS4pert~e~s,._ ~nC./Be.t*ter Home s_ and hardens 1 k. Title shut! be merrh untable in Seller, except ux Ktuted in IhIK pa raKruph and nr puraltra pi,a f ~ uud lA. ?u Ljrcl lv. pay nrrut ur ta•udrr a:.il~..vr provide) YnJ cunrldiuare by i'un'Itasrr whir the other term,. ;cud provisions hereof, Scaler shaft eserulr uud dchecr Y ,;uu.l auJ auffirlrnt general November•1,5 _•~ 86warrantylrrdlu1'urclrusrr un __ ___ __ ...- -, IJ , uG Ly alulual . l;reemrnt, a! an ruche, d.de• runceyinK 1 h.r 1'r uln•rly free and clear of all tuxcx, riccpt the r;euerul tatrd fur nc~ Srur of rlu.i„K. uud exacpl . •, TlOne .. free cud clear of all lienK forapeeiul Improrrmenlx installed uK of the dote of k'urrh:,KCr'x Kir;u;iture hrreun,+rLetl,rr rKar.,KrJ ur nut; free sad ckur of Yll lien. and enrumbrahne^ except Y none hu. 5[~ 2U/S-2-dl. CUN'rRACTI'lJ BUl' AN11 tiF:1.L REAL ESTATE Ike>idcmiaq IIr.iJGrJ ILLliahing, 511:5 W fill AaY , lrlcw,xd. ('fl Xt12(S --(llrtl :~3 O'xltl 12'1li rzrrpt rrrr~rdrd and ur nl,p:+rvntrn.r•mrnlsfur b'Irphunr•, rlrrlru il}••watrr,luml~rry ~rx~rr, nnd rnr •n+rnlx fur those Of record. rvrrpl the fuUrrw•i r+r; rr+t rirtivr ern rnnntx whir h du nut rnnlnin n ri~hl of re•rrrtrr: none and wthjrri in Luildinrr And err+ine rreuLrliuux. f'_', F;,rapt n+ „Urtrd in pnrnL•rrtphs I t and 1:S• if 1i11r ix +rnt mrrrhnnt obis and w•ritlen n+dirr of drfrrtixY Ix Rlvrn h}• 1'a reh nsrr nr 1'u rrhnnrr'r nert+t 1r, S.•Ilrr nr Srllrr'x nyrr+t nn nr hrfnrr dolt of rluninx, ~rHrr .hell nxe rrnxunnLlr rffnrt In Carrrrl xnid elefe•rttxl prior to dolt of rlnxine. f f tirllrr i. vnahlr in enterer said drfrrtlxl nn nr hrfnrr dolt of rln„ins, nl Srllrr'x uplir+n nnd upon written eerier !u I'vrrhaxrr nr 1'urrhnerr'x ester nn nr hrfnrr dot r of clnsiue, t hr dolt of rlnsirtg xhAll hr rxtrnde•d thirty day„ fur the purpuxr of rnrrrTtin~ xnid drfrctlxl. F:xcrpt rrx x1 ntr+f in pnrnernplr IA. if title ix nut rrndrrr•d mf•rrlrani nldr ns prueidrrl itt this pars+l: r:rpL I'L, ul I'u rrh ACrr'„ upl inn. ILi„ run L'nrt xhnll hr void nnd of nn rffnrt :end rarh party hrn•ln ah:,ll hr rrlrA„rd teen ell ul+hFntinux hrrrundrrand :ell pu}•mrntx and ihini[x of valor rrt•rivrd ht•rrrrndet „hail hr returned to f'nrrhnxrr. 13. .In}' r•m•umin~ance rrepsirrrl l+. hr pnid mny !r.• paid nt thr• time of arlllr meet hvm the prurrrd„ of this Irnnxnclinn err 1rv~m an}• other .ru err,. I'rr,v+drd, hnµcrrr, nl lhr option of tither port}•, if lht• tntnl indrhlydnrcx „rested L}• tiros nn the fYnprrly' exrr rdx the pn rrltAn~ prier, this ruulrnrl nhsrll hr void And of nn rffrrl nnd rnrh perry hrrrln shell Inc rrlrnxed h•nm ull uhliyntianx hrrettndrr noel ell papmrntx nnd thinKx of vnh+e rrrri+rd hrrrundrr shell hr n'turnrrl ter f'urrhaser. 1 L (irna•ral lnsrx for the yenr n! rluxln¢, hxxeel uh the must terser levy nnd the maxi terser axxesxment, prrpnirl rrntx, wntrr rrr+t~, xrwrr rent.. F•!1.\ mnrtyeltr inxurnnrr prcmiumx xnd interext un rnrumlrrnnrrx, ifnny,nnd none xh~ll hr nppnreinnrd to rMt r of drlirer}• of deed. 1~. I',text„nnruafthrPruperly„L:+IlhedrlivrrrdNrl'urrhnxrrun time of closing and delivery of deed. au!!irrt tr.the fnllnwiulr lrnxrx ur tenunrit•x; l~one• The property is currently being leased to Mike and Sue Hibbs. This contract is expressly conditional upon termination of lease no later than the day of closing. Seller will present evidence satisfactory to Purchaser that lease has been terminated. _ If Cr~llrrCfSfl„ In elrlirrr jrrisiwaraq an the stole herein sprrifirrl. Seiler xlt ell br xuhjrE•t ter rvirt inn nnd shall he liuLk• fur n dnil}• rrntnl of f ---..__1-JD •- ~~--~- - -until pns„r•x„ion is drli.'rrr,l. U~ In lhr• rural lhr I'nrprrt}' 4ha11 hr dnm:tWrv! by fire rn' other rnsuAlly prior lu linu• of rluaine, in nn nnurunt of nut mr•rr thnh ten prtrrn[ of Ihr t~rl of l~u rrh n.+r prier, tirllrr „h All Lr uhkil~ntt•d to repair the xun,e hr fort the rlntr hrrrln provided fur delivery of deed. 1 n the runt sorb dente Cr i! nut ur rnnnr~l Lr repaired wil~in !:url finu• nr if the elumns;rs rxrrrd xnrh yarn. this rnntnu•L mny hr lrr orient rd n! the nptiu+t of 1'n rrhnnrr nnd all 1+~rrnu•nlx nnd lhine~ of rotor rrrrit•rJ hrrrundrr nlfnll Lr returns+f to I'urrha!rr. Should I'urrhanrr rlr•r! lu rutty mrl lhix ennirnrt rlrxl+itr curb dmm~Cr. E'urrha.rr shall Lr entitled r.r ;ell 1Lr reedit fur the incuruurr pn~rrrd„ rrsultinsr from „urh ehtnlnKr, nut ezrrrdiltK• huwrerr. the lnlr+l purrhn„o plies. Kh.n+]J am fizturrn err „++rrirrx tail hrln•rrn the dolt of this ennlrnet nnd lhr Jafr of pox sexxiun nr the dote of delivery of JrrrE, whirhrvrr „hall hr tar tier. then Srllrr „hrdl Lr linhlr for tier rrp,rir nr rrlrlAre n+rnl of xueh fiztu re„ nt „rreia•x with a emit of ximiknr nixt•, net rend quuht}'. ur nn egencnlrnt r'r r•d lt. 1 .. Tina in of the rssrner hereof. 1f un}' nett ur rhrrk rrrrivrrl nx rrn•nr„l nu,ury hrrrundrr ar An}' other pn }'error due hrrrundrr ix not paid. hnnurf•d ar trndr•rv"l when dur•, err if nn}• other r~hlisrnliun hrrrundrr in hui prefer nn•d Ax hrrrln prnvidrd•ihrrr xhnll la• the fu llawint: re mrdir e: fart IY i'f'!it'II:LSF:ft 15 I\ 11 F:F'.Illl:l', then ell pnyrnrnlx and thirt>•x of seine rrn•ivrd hrrrundrr xhAll hr Toririlyd by i'urrhACer nnd n•tninrd un LrLa]! of tirllrr:uni both pnrrir. nhu11 LLrrrerlter Lr rrlrvrsrd front nil uUlieatiunx hrrrundrr. It ix n¢rrrd the! xueh paynn•nt.nnd thinen ref unlur arr~ l.lyf'I h.IT Far h.1 ~1 .IG F:S And lezre pl nn pruvidr.i in „u lgrnrnRrnph fell err the SF:LLF. R'S S[I f. F. ANU ONLY ft F:Af l':Ity fur the I'urrhnxrr'x folio rr to prrf„rm the nhlir;ntinu! of t hi. rnuU'rrrt. tirllrr rzprresly wnicrs the rrnu•rlirs of „prrifir prrfntmnnrr anJ nddiriun:rl dAm:rgr„. fhi I}' ~F:[,I,F:It IS I \ hF;F',Ila:f, rl t I'urrhncrr tnny+durt lu tn'nl lhic rnutrnct Ax lrrminalr<I, in which rnur ell pnyturnln and thinsr+ of rtrhsr rrrrirrd hrrrundrr „hall hr rr Grrnrd to I'n rrh a~~rr nnd 1'u rrh aver mny reenter xueh tin mueex ns n+ny Lr proper, ur f21 I'u rrhasrr ma}• tire! to trrnt ibis root tort a. Lr•iulr in full toter and rffnrt ~uul I'u rrha~rr slr.+l1 hnvr 1 he right to an nrt7enr for xprcific prr(urmnnrr nr Err rn a~rx, ur fret L. frl auyt hi nv: tr, the rrntrnry hrr+•in nMwilhxinneline. in the runt of nny hli~utiun nrixin~ uv! of thix runtrnrt, the court may award lu Ihr prrvailine potty :ell rrns„n:r Llr ,~u+l„rout rxprncr, inrhnling :+I lnrnrp x' fern. IH I'nn'han rr rend tirllrr at; 1'rr Ihat, I11 1Lr runt of nny r,~nl rurrr•y rrl;:u-rlinl; 41tr rnr nest mnnry hrl+E icy hrv+kr r, noires mutual wri[h•n inrt nertirrn ix r+•rrivrd U}• hrnk rr, Lrnkrr nhnl] not hr rrrluirrd to tnkr nny nrliun Imt may nwnil nny pnlrrrdinyt, nr nt Lrnkrr'x npluat nnd +lixrretiun, mn}' intrrplrnd :w,y nt•urry• nr lhinytx of +',tlur int~raur! and may rrcnerr t•nurt text„ nod rranunekrlr ettutnryx' frrx. Ill. Adddiunnl pruvixinnn: A} Purchaser agrees to pay the 1~ Town of Vail Real Estate Transfer Tax, if applicable. B} This contract is expressly conditional upon Purchaser receiving financing in the approximate amount of $178,800 from Town o ytil sources, fora period of 25 years at an interest rate not to exceed f,~ ~ ~rannum. ~t' ~~', C) This contract is expressly conditional upon approval'-'hy the Vast Town Council. If notice of approval is not received by Gore Range Properties on or before October 10, 1986, then this contract is deemed to be null and void. D} This contract is expressly conditional upon Seller re-oiling the decking, steps, and where sprinklers hit the siding before closing. E) It is the policy of Gore Range Properties, Inc./better Homes and Gardens to adhere to Commission Rule E-35 set forth by the Colorado Real Estate Commission. Purchaser acknowledges that Gore Range Properties, Inc./Better Homes and Gardens and its agent are agents of the Seller and are not representing Purchaser as Purchaser's Agent in this transaction. The Real Estate Commission fee is being paid by the Seller. F} Seller warrants that no urea-formaldehyde insulation is located within the house. This representation shall survive the closing. September 27 Yn. Ifthixpn.pn„nl irnrrrptc•dhySrllrrinwrtlinenull urrhsrxrrn•rrivra nulirruf~urhnE•reptnueronnrh~rfore L`r_ 86, thix inntrnmr nl „h:dl Urrnnrr n runtrnrt belt+•rrn Seller :,nd I'urrhnxrr nnd xhAli inure to Lhr Lene[it of the hrirx, xurrexsarx nnd nsxiYUS of urh pnr+ir•.. rzn•p! as nlntrd in per ul:rnph 7. Gore Range Properties, Inc./ The Town of Vail Ilrnkrr - B domes.. n _ dens-.._ .. __ frrrhaxrr Pain.hnS Dn, yon Erntr F'nrrhrrrrr u r Il}•: gnebergLa 7 outh Frontage Road West.,Vail, CO 81.G5]__________ -_. - _ .- _ .. Arhlr,.,,rnrrhn.rr ti t -+ lThr.f~ui~ln~.wt,inx >trrlfern to Le tom pitted by Seller xnd Lixtirt~ ARrnly Qp l'.1- aril+-r nrrrptr the nhurr prnpu/„ul tlrix 27th day nf~ Se~s?mber .1:~?6 ,and uerr..x t,. pee rt rurlrtni.xiuu of . S_e3I-AIL. 3..1~..__M-'7 a{the I+urrhn„r price far xen'icrx in t}ix irnnxnrlinn, and a[rrrx lhet, in the runt of lnrfritn rv• of p ny w.•nn uvd thine„ of +uhrr rrrr•icrd hr rr•undrr, xna•It pnyu+rntx noel thln~x of velar xhall Lr divided between IixUnK broker sou! Sa•Iler, unr~half Uu'rrnf Ir. xaid;rrnker. h!It Hut to E•1I1'P!'rl U4!(ruru lnlOlM~inR, nnd 1 hr l.nlanrr iu Frllr r. rlb•r3 a/ F. Geiser w•nrt ofla2.3 R. Gea.ser rurr•+:~aelrr.x 1510. E.. Layton Ave. -Englewood, .CO-_. 8.011A-----------------.- -- -- ~- -- - -.-- Li„tins•ISrnkr-• lamrandaddre„x___Gore Range PropertieG,__-Inc.JBetter Homes _and G_a__rdens_ - 511 ' ~onshead Mall, "I, C0~$1657 ~~ J The prmlcd pur;iuu~ ~~ fhi. form nhpru+ed h} Ihrl'nlur;~du kr:;l F:~I;rh• Cunnni~~ion~Al:Jl-x-x1+ j E, i II AGREEMENT T4 AIbIEND(EXTEND CONTRACT ', October 8 , ly $b I RF.: Contract dated September 24 , 19 ~~ between !; The Town of Vail. . (Purchascrl and I Joan F. GQi.ser end Dnnal d. R. C:ai stiPr . (Scflery. n/a Count of ~,relating to the sale and purrha;c oi' the folluwin~* desrribcd real estate in the }' ' E a>;1 e , Colorado: i! I.o,t 5, Block D, Vail dos Schane Filing 1 I also l<nuwn as [Vu. 2507 Arosa Drive Vail . Colorado 81657 fPrupcrt}'1. Purchaser and Seller hereby agree to amend the afi~resaid cctintract as follows: I 1. The date for closing and delivery of deed is changed to . 19 ~ I 2. The date fur furnishiltg ahstract of title or c(nnmitment fix title insurance policy is changed to i9 ~~ 3. The date liar delivering possession of Property is changed to . 19 4. The date fitr approval (af new loan is changed to . 19 I' 5. The date for lender's consent h) loan assumption ur transfer of I'rup(:rty iti changed k~ 19 6. OthCr dates set furtlt in said contract shaE[ be than=cd as ft)Iluws: 7. Additi(mal amendments: A) Seller agrees to furnish at his expense all items necessary in order to delete standard exceptions 1 through 5 of Schedule B, Section 2 of Stewart Title Companies Title Commitment Number 2614-V. All other to d c n(titians of said contract shall remain the same. ~ ~ V lD ~/ !iV yrt2~- ~r f /~y~JJ/~~.~~~2 f Q~~~~~ Paul Johns '';`Mayor oa F, Gexs~ ~ J,~~ U:+;. I / re ILnh~rr Donald lt. G~`3~er Nn. e~t',•tt-R-Ra, :\(~RF.k:.\iF:tiT T(1 1.\SF:~U11.'1'rk:NU ('fiY~R.1('T BraJf+tJ I'uhh.hin~. !x_'i W h;fi Atic., l~kcµ+x„t. CO 80?]4 - 1331 ~3a-f+90U x Xa r ADDENDiM to contract dated September 24. 1986, between Che Town of Vail and Donald R. Geiser and John F. Geiser. This real property and/or structure is located within an area that the Town of Vail has designated as an area of geologic sensitivity by Town of Vail Ordinance No. 5 {Series of 1985) and that this ordinance and the studies and maps referrzd to in this ordinance are available for public inspection at the Office of Community Development Department of the Town of Vail and said maps, studies and this Ordinance should be reviewed prior to any party entering into any agreement or contract with regard thereto." 9fia~i6urc.ha~Pr Date Purchaser Date