HomeMy WebLinkAbout1996-11 Contract to Purchase Lot 34, Buffehr Creek SubdivisionRESOLUTION NO. 7't
SERIES OF 199fi
A RESOLUTION AUTHORIZING THE TOWN MANAGER TO ENTER tNTO a coNTRacT
TO PURCHASE LOT 34, BUiFFEHR CREEK SUBDIVISION.
WHEREAS, there has been identified in the Town of Vail Comprehensive Open Lands Plan
a high priority action to acquire access to the Buffehr Creek Park from Chamonix Lane and to
increase outdoor recreation opportunities; and
WHEREAS, Lot 34 would provide such access and allow for expansion of the Buffehr Creek
Paris; and
WHEREAS, the Town has negotiated the attached contract for the purchase of Lot 34 of
the Buffehr Creek Subdivision.
NOW, THEREFORE, be it resolved by the Town Council of the Town of Vail, Colorado:
1. That the Town Manager is hereby authorized to enter into the attached contact to
purchase Lot 34 of the Buffehr Creek Subdivision and to take all other action necessary to close
on the property and acquire unrestricted title to said real estate.
2. While the present stated purpose for the purchase of the property is the expansion
of the Buffehr Creek Park this property is not restricted in any way for any use consistent with the
present or future zoning, sale or lease unless future action is taken to so restrict the property in the
future.
3. This property is being purchased for the general public good and is not intended #o
create any rights or expectations in any third parties.
4. This resolution shall take effect immediately upon its passage.
INTRODUCED, READ, APPROVED AND ADOPT this 18th da of June, 1996.
W. Armour, Mayor
ATTEST:
Holly L. McCutcheon, Town Clerk
C:IRESOLU96.11
The printed portions of this form, except (italicized)
differentiated) additions, have been approved by
the Colorado Real Estate Commission. (CBS 3-9-95)
TEAS FORM HAS IMPORTANT LEGAL CONSSQUBNCES AND THS PARTIES SHOULD CONSULT LEGAL AND')'AX
OR OTHER COUNSEL HEFORH SIGNING.
VACANTLAND/FARM AND RANCH
COIN ~ xACT TO BL7Y AND SELL REAL ESTATE
June 17 19 96
1. PARTIES AND PROPERTY. Town t7f Vail
buyer(s) ]Buyer], (as joint tenants/tenants in common) agrees to buy, and the undersigned seller(s) [Seller], agrees to sell, on the terms and conditions set
forth in this contract, the following described real estate in the County of E ad le ,Colorado, to wit:
Buffer Creek Subdivision Lot 34
known as No. 1950 Chamonix Lane. wail. Co 81b57
Street Address City Stake Zip
together with all interest of Seller in vacated streets and alleys adjacent thereto, a!i easements and other appurtenances thereto, all imptnvements thereon and
all attached fixtures thereon, except as herein excluded (collectively the Property).
2. INCLUSIONS /EXCLUSIONS. The purchase price includes the following items (a) if attached to the P,,.Y,.,,~ on the date of this contract: lighting,
heating, plumbing, ventilating, and sir conditioning fixtures, TV antennas, water softeners, smoke/fire/burglar alarms, security devices, inside telephone
wiring and connecting blocks/jacks, plants, mirrors, floor coverings, intercom systems, built-in kitchen appliances, sprinkler systems and controls, built-in
vacuum systems (including accessaties}, and garage door openers including remote controls, (b) if on the Property whether attached or not on the
date of this contract: storm windows, storm doors, window and porch shades, awnings, blinds, screens, curtain rods, drapery rods, fireplace inserts, fireplace
screens, fireplace grates, heating sto~ve5, storage sheds, all keys and (e)
d) Water Rl tc. Purchase price to include the following water rights:N / d
e) Growing Crone. With respect to the ~..• ~ '.ng crops Seller and buyer agree as follows:N / a
The above-described included items (inclusions) are to 6e conveyed to Buyer by Seller by bill of sale, deed or
other applicable legal instrument(s) at the closing, Free and clear of all taxes, hens and encumbrances, except as provided in Section 12. '!'he following
attached fixtures are excluded from this sale:
3. PURCHASE PRICE AND TI3RMS. The purchase price shall be $19 0 , 0 0 0 ,payable in U.S. do]]ars by Buyer as follows: (Cotnp[ete the
applicable terms below.)
a} EARNEST MONEY.
10 , 0 0 0 in the form of Cashiers e k . . as earnest money deposit and part payment of the
purchase price, payable to and held by Sadler Real Estate , Irio . .broker, in its trust account on behalf of both Seller and Buyer.
Broker is authorized to deliver the earnest money deposit to the closing agent, if any, at or before closing.
The balance of S (purchase price less earnest money) shah be paid as follows:
b) CASH AT CLOSINt3.
18 0 , 00 Q ,plus closing costs, to be paid by Buyer ai closing in funds which wmpiy with all applicable Colorado taws, which include cash,
electronic transfer funds, certified check, savings and loan teller's check, and cashier's check, (Good Funds). Subject to the provisions of Section 4, if the
existing loan balance at the time of closing shall be different from the loan balance in Section 3, the adjustment shall be made in Good Funds at closing or
paid as follows:
c) NBW LOAN.
by Buyer obtaining a new loan.
aan will be secured by a deed of trust.
1st, 2nd, etc.)
The loan shat mortized over a period of years at approximately $ per including
principal and interest not to ex %a per annum, plus, if required by Buyer's lender, a deposit of of the estimated annual real estate
taxes, r.,.r.,rty insurance premium, an artgage insurance premium. If the loan is an adjustable interest rate or graduated paymem loan, the
payments and interest rate initially shall not ed the figures set forth above,
Loan discount points, it any, shall be pat lender at closing and shall not exceed % of the total loan amount.
Notwithstanding the loan's interest rate, the first loan discount points shall be paid by
and the balance, if any, shall be paid by ~
Buyer shall timely pay a loan origination fee not to exceed. % of the loan amount and Buyer's loan costs.
d) ASSUMPTION,
by Buyer's assuming and agreeing to pay an existing in this approximate amount, presently payable at $
per including principal, interest presently at %per annum, including escrow for the Following as indicated:
real estate taxes, ^ property insurance premium, ^ mortgage insurance premium, and . attyetr agret:i to pay
a Loan transfer fee not to exceed $ . At the time of assumption, the new interest rate !not exceed Q//o, per annum and
the new payment shall not exceed $ principal and interest, plus escrow, if any,
Seller ~ shall ~] shall not be released from liability on said loan. if applicable, compliance with the req ents for release Ptntst
liability or reinstatement of eligibility shall be evidenced by delivery at closing of an appropriate lever from lender. Cost pa le fqr ieleasc of lability
shall be paid by in an amount not to exceed $ ,
e} SELLER DR PRIVATE THIRD-PARTY FINANCING.
by Buyer executing a promissory note payable to:
GBS3 9-95 Vacant [.and/Farm and Ranch Contract to Buy and SeII heal Estate Page 1 of 4
iSG-McAllister Publishing (800)33b-1027 Prepared at Sadler Real testate, lne., Vail CQ (3Q3}476-3$11 Initialed by
The printed portiolllC this form, txcept (italicized} (differentiated) additions, have been apptrn+ed by the Colorado Real Fstate Commission (CB53-9.95) j
on the note form as indicated; (Check one box only.)
Right-to-Cure NTD 82-11-83 ^ No Right-to-Cure N'I'D 81-i1-S3
n
secured by a deed of trust encumbering the Property, using the form as indicated:
1st, 2nd, etc.) (Check one box only,)
Strict Due-an-Sale I.TD ?2-11-83) ^ Creditworthy ('TD 73.11-83)
Assumable .Not due an safe ('I'D 74-11.83) ^
The promissory note shall be amortized on the basis of years, payable at S Per
including principal and interest at the rate of %per annum. Payments shall commence a shall be due on the
day of each succeeding , If not sooner paid, the balance of principal and accrued interest shall due and payable
after closing. Payments
shat[ ^ shall not be increased by of estimated annual real estate taxes, and
shall ^ shall not be increased by of estimated annual property insurance premium.
The loan shall also contain the following terms as indicated: If any payment is not received within calendar days after its due date,
a late charge of % of such payment shall be due. Interest on lender disbursements under the d d of trust shall be %
per annum. Default interest rate shall be % per annum.
Buyer may prepay without a penalty except
4. FINANCING t^ONDI'TIONS ANU OBLIGATIONS.
a} LOAN APPLit^_ATIUN(Sl. If Buyer is to pay all ar part of the purchase price as set rth in Section 3 by obtaining a new 3oan or if an existing
loan is not to be released at closing, Buyer, if required by such lender, shall make written applicat' n within calendar days From acceptance of
this contract. Buyer shall ,,,.,,r.,rate with Seller and lender to obtain loan approval, diligently d timely pursue same in good faith, execute all documents
and furnish all infortrtation and documents required by the lender, and, subject to Section 3 tmely pay the costs of obtaining such loan or lender consent.
b) LOAN APPROVAL.. If Buyer is to pay all or part of the purchase price b obtaining a new roan as specified in Section 3, this contract is
conditional upon lender's approval of the new loan on or before , 19 . If not so
agproved by said date, this contract shall terminate.
c) EXISTING LOAN REVIEW. If an existing loan is not to be re d at closing, Seller shall provide copies of the loan documents (including
note, deed of trust, modifications) to Buyer within calendar From acceptance of this contract. This contract is conditional upon Buyer's
review and approval of the provisions of such loan documents. Buyer con nts to the provisions of such loan documents ii no written objection is received by
Seller fmm Buyer within calendar days from Buyer's ipt of such documents. IF the lender's approval of a transfer of the Property is
required, this contract is conditional upon Buyer's obtaining such a royal without change in the terms of such loan, except as set forth in Section 3. !f
lender's apprnva! is not obtained on or before ,19 ,this contract shall be
terminated on such date. ff Seller is to be released from liabil' under such existing loan or if Seller's VA eligibility is to be reinstated and Buyer does not
obtain such compliance as set forth in Section 3, this coot maybe terminated at Seller's option.
d) ASSUMPTION 13AI ONCE. If 8vyer' o pay all or part of the purchase price by assuming an existing loan and if the actual principal balance
of the existing loan at the date of closing is less titan t amount in Section 3 and the amount of cash required from Buyer at closing is increased by more than
then Buyer may termin this contract effective upon receipt by Seller of Buyer's written notice of termination.
e) CREDIT' INFORMATION, If uyer is to pay all or part of the purchase price by executing a promissory note in favor of Seller or if an existing
loan is not to be released at Closing, this con ct is conditional upon Seller's approval of Buyer's financial ability and creditworthiness, which approval shall
beat Seller's sole and absolute discretion n such case: (1) Buyer shall supply to Seller an or be#ore ,
14 , at Buyer's expense, inf ation and documents concerning Buyer's financial, employment and credit condition; (2) Buyer consents that Seller
may verify Buyer's financial ability d creditworthiness; {3) any such information and documents received by Seller shaft be held by Seller in confidence, and
not released to others except to teet Seller's interest in this transaction; (4) if Se]]er does oat provide written notice of Seller's disapproval tc Buyer on or
before ,19 ,then Seller waives this condition. If Seller does provide written notice of disapproval to Buyer on or before
said date, this contract steal erminate.
S. APPRAISAL PRO ION.
Check on one box.) This Section 5 ^ shall ^ shall not apply.
If this ction 5 applies, as indicated above, Buyer steal] have the sole option and election to terminate this contract if the purchase price exceeds
the Property's cation determined by an appraiser engaged by .The contract shall terninate by the Buyer causing the
Seller to rec ' written. notice of termination and a copy of such appraisal or written notice from lender which confirms the Property's valuation is less
titan the tease price, an ar before (Appraisal Deadline), If Setter does not
receive ch written notice of termination on or before the appraisal deadline, Buyer waives any right to terminate under this section.
b. ~ ~~ OFAPPRAISAL, Ca~st.et:anv appraisal to be obtained after the date pf Chia c~ntraE(shall be time y nail by
7. NOT ASSIGNABLE. This contract shall not be assignable by Buyerwithout Seller's prior written consent. Except as so restricted, this contract steal[ inure
to the benefit of and be binding upon the heirs, personal representatives, successors and assigns of the parties.
8. EVIDENCE OP TTI'LE. Seller shall furnish to Buyer, at Seller's expense, either a current commitment for owner's title insurance policy in an amount equal
to the purchase price or #fT'jS~J~ji'j'~~}[¢~'q~l, ffliffp[~~p~~tfyf¢ certiFted to a current date, on or before Jtstle 2 4
19 96 (7itte Deadline). If a title insurance commitment is furnished, Buyer may require of Seller that copies of instruments (or abstracts of instruments)
listed in the schedule of exceptions (Exceptions) in the title insurance commitment also be furnished to Buyer at Seller's expense. This requirement shall
pertain only to instruments shown of record in the office of the clerk and recorder of the designated county ar Bounties. The title insurance commitment,
together with any copies or abstracts of instruments furnished pursuant to This Section 8, constitute the title documents (Title Documents). Buyer, or Buyer's
designee, must request Seiler, in writing, to furnish copies or abstracts of instruments listed in the schedule of exceptions no later than 5
calendar days afterTitle Deadline. If Seller furnishes a title insurance commitment, Setter will pay the premium at closing and have the title insurance policy
delivered to Buyer as soon as practical after closing.
9. TI7'I,E.
a) TITLE REVIEW. Buyer shall have the right to inspect the Title Documents ~~ f~~t. Written notice by Buyer of unmetrhantability of title
or of any other unsatisfactory title condition shown by the'Title Documents or abstract shall be signed by or on behalf of Buyer and given to Seller on ar
before 5 calendar days after Title Deadline, orwithin five {5) calendar days after receipt by Buyer of any Title Documen;(t;) or endarscmt:nt(s}
adding new Exceptions} to the title Commitment together with a copy of the Title Document adding new Exceptian(s} to title. Tf Seller does not t~cceivQ
Buyer's notice by the datc(s}specified above, Buyer accepts the Bondition of title as disclpsed by the Title Documents as satisfactory,
bl MATT'ERS NOT SHOWN AY THE PUBLIC RECORDS. Seller shall deliver to Buyer, nn or before the Title Deadllnc cet forth in Section 8,
true copies of all tease(s) and survey(s) in Seller's possession pertaining to the Properly and shall disclose to Buyer al! easements, liens or other title matters
not shown by the public records of which Seller has actual knowledge. Buyer shall have the right to inspect the Property to determine iF any third Party{s) has
any right in the Property not shown by the public records (such as an unrecorded easement, unrecorded lease, or boundary fine discrepancy). Written notice
of any unsatisfactory condition{s) disclosed by Seller or revealed by such inspection shall be signed by or on behalf of Buyer and given to Seller an or before
June 2 4 ,19 9 6 , If Seiler does not receive Buyer's notice by said date, Buyer accepts title subject to such rights, if any, Of II#lyd parlles
of which Buyer has actual knowledge.
c) SPECIAL TA7tING DISTRICTS. SPECIAL TAXING DISTRICT'S MAY BE SUBJECT TO GENERAL OBLIGATION INpEBT>/pNES5
THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH PISTR;ICTS.
PROPERTY OWNERS IN SUCH DISTRICTS MAY I3E PLACED AT RISK FOR INCREASED MILL LEVIES AND EXCESSIV~'1'gX RIJIiDENS
TO SUPPORT THE SERVICING OF SUCH DEBT WHERE CIRCUMSTANCES ARISE RESULTING 1N THE INABIL£TY AF SUCH ~ AISTRICT
TO DISCHARGE SUCH IND>rrsi nDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. SUPER SHOULD INVES~7t:iAT><TI IE DElil'T
CBS3 4-95 Vacant Land/Farm and Ranch Contract to Buy and Sell heat Estate Page 2 of 4
ISG-McAllister Publishing (80D)336-1027 Prepared at Sadler Real Estate, Inc., Vail CO (3D3~176-3811 Initialed by
Tire printed portiotlsLSi this form, ....:,,,, t (italicized) (differentiated) additions, have been approved by the Colorado Real Estate Commission (CBS3-9-95)]
LPI-8
FINANCING REQUIREMEN'T'S OF THE AUTHORIZED GENERAL OBLIGATION INDEBTEDNESS OF SUCH DISTRICTS, EXISTING MILL
LEVIES OF SUCH DISTRICT SERVICING SUCH INDEnt>/uNESS, AND THE POTENTIIt#L FOR AN INCREASE IN SUCH MILL LEVIES.
In the event the Property is located within a special taxing district and Buyer desires to terminate this contract as a result, if written notice is given
to Seiler on or before the date set forth in subsection 9 (b), this contract shat! Ehen terminate. If Seller does not receive Buyer's notice by the date specified
above, Bllye!' BCCCptS the CFfett of the PrUperfy'S inclusion in such specie! taxing district(s) and waives the right to so terminate.
d) RIGIIT TO CURS. If Seller receives notice of unmerehantability of title or any other unsatisfactory title condition(s) as provided in subsection
a) or {b}above, Seller shall use reasonabfe effort to correct said unsatisfactory title condition(s) prior to the date of closing. If Seller fails to correct said
unsatisfactory title condition(s) on or before the data of closing, this contract shall then terminate; provided, however, Buyer may, by written notice received by
Seller, on or before closing, waive objection to said unsatisfactory title wndition(s).
10. INSPECTION. Seller agrees to provide Buyer on or beforeJtllte 19 ,19 9 6 with a Seller's
Property Disclosure form completed by Seller to the best of Seller's current actual knowledge. Buyer or any designee shalt have the :right tv have inspertion(s}
of the physical condition of the Property and Inclusions at Buyer's expense. If written notice of any unsatisfactory condition, signed by or on behalf of Buyer, is
not received by Seller on or before June 2 0 , i9 9 6 (Objection Deadline), the physical
condition of the Property and Inclusions shall be deemed to be satisfactory to Buyer. If such notice is received by Seller as set Earth above, and if Buyer and
Seller have not agreed, in writing, to a settlement thereof on or before June 21 ,19 9 6
Resolution Deadline}, this contract shall terminate three calendar days following the Resolution Deadline unless, within the three calendar days, Seller
receives written notice from Buyer waiving objection to any unsatisfactory condition. Buyer is responsible for and shall pay for any damage which occurs tv the
Property and Inclusion as a result of such inspection.
li. DATH OF CLOSING. The date of closing shall be June 26 , 19 9 6 , or by mutual
agreement at an earlier date. The hour and place of closing shall be as designated by purchaser and seller
12. TRANSFER OF TITLE, Subject to tender or payment at closing as required herein and compliance by Buyer with the other terms and provisions hereof,
Seller shall execute and deliver a good and sufficient General warranty deed to Buyer, on closing, conveying the Property
free and clear of all taxes except the general taxes for the year of closing, and p<lE~jd~ .Title shall be conveyed
free and clear of all liens for special improvements installed as of the date of Buyer's signature hereon, whether assessed or not; except {i}distribution utility
easements (including cable TV), (ii) those matters reflected by the Title Documents accepted by Buyer in accordance with subsection 9(a), (iii) those rights, if
any, of third parties in the Property not shown by the public records in accordance with subsection 9(b), (iv) inclusion of the Property within any special taxing
district, and (v)subject to building and zoning regulations.
13. PAYMENT OF ENCUMBRANCES, Any encumbrance required to be paid shall be paid at ar before closing from the proceeds of this transaction or
From any outer source.
14. CLOSING COSTS. DOCIJMHNTS AND ST3RVICHS. Buyer and Seiler shall pay, in Good Funds, their respective closing costs and all other
items required to be paid at closing, except as otherwise provided herein. Buyer and Seller shall sign and complete all customary or required documents at or
before closing. Fees for real estate closing services shall not exceed S 2 t) 0 and shall be paid at closing by
Purchaser and Se 11er .The local transfer tax of N /A % of the purchase price shall be paid at
closing by N /A .Any sales and use tax that may accrue because of this transaction shall be paid when due byseller
15. PROBATIONS. General taxes for the year of closing, based on the (axes for the calendar year immediately preceding closing, rents, water and sewer
charges, homeowner's association dues, and interest on continuing loan{s), if any, and
shall be prorated to data of closing. '
16. POSSESSION. Possession of the Property shall be delivered to Buyer as follows:DaV of C.)..~sinq delivery of Qeneral
warranty deed "'
subject to the following lease{s) or tenancy(s):
N /A .
If Seller, after closing,fails to deliver possession on the date herein specified, Seller shall be subject to eviction and shaft be additionally liable to Buyer for payment of
S per day from the date of agreed possession until possession is delivered.
17. CONDITION OF AND DAMAGETO PROPERTY. Except as otherwise provided in this contract, the Property and Inclusions shall be delivered in the
condition existing as of the date of this contract, ordinarywear and tear excepted. In the event the Property shall be damaged by fire or other casualty prior totimeofclosing, in an amount of not more than ten percent of the total purchase price, Seller shall be obligated to repair the same before the date of closing. Fntheeventsuchdamageisnotrepairedwithinsaidtimeorifthedamagesexceedsuchsum, this contract maybe terminated at the option of Buyer. Should
Buyer elect to carry out this contract despite such damage, Buyer shat! be entitted to credit for all the insurance proceeds resulting from such damage [o the
Property and Inclusions, not exceeding, however, the total purchase price. Should any Inctusion(s) or service(s) fail or be damaged between the date of this
contract and the date of closing yr the date of possession, whichever shall be earlier, then Seller shall be liable for the repair or replacement of such
Inckusion(s) or service(s) with a unit of similar size, age and quality, or an equivalent credit, less any insurance proceeds received by Buyer covering suchrepairarreplacement. The risk of loss for any damage to growing crops, by fire or other casualty, shall be borne by the party entitled to the growing crops, if
any, as provided in Section 2 and such party shall be entitled to such insurance proceeds or benefits for the growing crops, if any.
18. TIME OFESSENCE /REMEDIES. Time is of the essence hereof If any note or check received as earnest money hereunder or any other payment duehereunderisnotpaid, honored or tendered when due, or if any other obligation hereunder is not p.:.:......ed ar waived as herein provided, there shall be thefollowingremedies:
a) IF BUYHR IS IN DEFAULT:
Check one box only.)
SPECIFIC PHRFORMANC~, Seller may elect to treat this contract as canceled, in which case all payments and things of value receivedhereundershallbeforfeitedandretainedonbehalfofSeller, and Seller may recover such damages as maybe proper, or Seller may elect to treat this contractasbeinginfullforceandeffectandSellershallhavetherighttospecificperformanceordamages, or both.
2)LI[}UIDATED DAMAGES. Ali payments and things of value received hereunder shall be forfeited by Buyer and retained on behalf of Scherandbothpartiesshallthereafterbereleasedfromallobligationshereunder. It is agreed that such payments and things of value are LIQUIpA'j'j~~DAMAGES and (except as provided in subsection (c)are SELLER'S SOLE AND ONLY REMEDY for Buyer's failure to perform the obligations of thiscontract. Seller expressly waives the remedies of specific performance and additional damages.b) IF SHLLER IS IN DEiFAULT:
Buyer may elect Io treat this contract as canceled, in which case all payments and things of value received hereunder shall be returned and Buyermayrecoversuchdamagesasmaybeproper, or Buyer may elect to treat this contract as being in full force and effect and Buyer shall have the right to speriftcperformanceordamages, or both.
c} COSTS AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of any arbitration or litigation arising out of Ibiscontract, the arbitrator or court shall award to the prevailing party all reasonable costs and expenses, including attorney fees.I9. HARNEST MONEY DISPUTE, Notwithstanding any termination of this contract, Buyer and Seller agree that, in the event of arty pontroversy regardingtheearnestmoneyandthingsofvalueheldbybrokerorclosingagent, unless mutual written instructions are received by the holder of rho eamest money andthingsofvalue, broker or closing agent shall not be required to take any action but may await any proceeding, or at broker's or closing agent's option and Bolediscretion, may interplead all parties and deposit any moneys or things of value into a court of mmpetent jurisdiction and ahatl recover evtrrt costs andreasonableattorneyfees. .
Z0. ALT$RNATTVE DISPUTH R>3SOLUTION: MEDIATION. If a dispute arises relating to this contract, and is not resolved, the pgrtics anQ broker{s)involved in such dispute (Disputants) shalt first proceed in good faith to submit the matter to mediation. The Disputants will jointly appoint an acceptablemediatorandwitlshareequallyinthecostofsuchmediation. In the event the entire dispute is not resolved within thirty (30) calendar days from the datCwrittennoticerequestingmediationissentbyoneDisputanttotheother{s), the mediation, unless otherwise agreed, shall terminate, 't'his section 6ha11 notAteranydateinthiscontract, unless otherwise agreed.
CBS3 9-95 Vacant Land/Farm and Ranch contract to Buy and Sell Real Estate ~
Page 3 of 4ISG-McAllister Publishing (800}33ti-1027 Prepared at Sadler Reaf Estate, inc., Vail CO (303)`176-3811 Initialed by
tlte printed portio~this form except (italicized) (differentiated) additions, tia~ cn approvcd by tht Colorado Rea[ Elate Commiss~(CBS3 9-95)x.
21. ADUIifYONAI, PEtOVISIOIVS: (The language of these additional provisions has not been been approved by the Colorado Real Estate Commission).
1. see attached Addendum A on access agreement between owner of Lot 34 and
owner of Lot 35 Suffer Creek Subdivision.
2. The parties understand and agree that this transaction is intended to be
part of atax--deferred exchange under Section 1031 of the united states
Internal Revenue Code, as amended. Purchaser shall not be involved in such
exchange, but shall permit the direction of the proceeds of the purchase and
sale into a qualified escrow established by the seller with the closing
agent or some other entity or person chosen by the Seller. The involvement
of this transaction in atax-deferred exchange shall not in any way delay or
affect the obligations of the parties under this contract or the dates
provided in this contract, including but not limited to the date of closing.
3. Prior, to the negotiations for the sale of this propery, the seller had
entered into an oral agreement with the Town of Vail to contribute up to 40$
which included Lot 34 and 35~ for improvements to culverts an Buffer Creek
and Circle Drive. By the sale of this property to the Tawn of Vail, seller
is relieved of all such obligation.
22. RHCOMMSNDATION OF LEl3AL COUNSEL. By signing this document, Buyer and Seller acknowledge that the Selling Company or the ListingCompanyhasadvisedthatthisdocumenthasimportantlegalconsequencesandhasrecommendedtheexaminationoftitleandconsultationwithlegaland tax
or other counsel before signing this contract.
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
relieved of all obligations hereunder, subject to Section 19.
24. SELLINt3 COMPANY BROKER RELATIONSHIP. The selling broker, N /A ,and its
salespersons have been engaged as .Selling Company has previously disclosed in
writing to the (Buyer that different relationships are available which include buyer agency, seller agency, subagency, or transaction-broker.
25. Nt]TICH TO BUYER Any notice to Buyer shall be effective when received by Buyer, or, if this box is checked[] when received by Selling Company.26. NOTIt~ TO 5Fr r pR Any notice to Setter shatT be effective when received by Seller or Listing Company.
27. MODIFICATION OF THIS CONTRACT. No subsequent modification of any of the terms of This contract shall be valid, binding upon the parties, or
enforceable unless made in writing and signed by the parties.
28. HNTIRS Al3REEMENT. This contract constitutes the entire contract between the parties relating to the subject hereof, and any prior agreementspertainingthereto, whether oral or written, have been merged and integrated into this contract.
29. NOTICE OF ACCEPTANCE: COUNTERPARTS. This r...Y...,al shall expire unless accepted in writing, by Buyer and Selley as evidenced by their
signatures below, and the offering party receives notice of such acceptance on or before June 19 at 9 t 0 0 a , m . ,19 9 6
Acceptance Deadline}. If accepted, this document shall become a contract between Seller and Buyer. A copy of this document maybe executed by each party,separately, and when each party has executed a copy thereof, such copies taken together shalE be deemed to be a full and complete contract between the parties.
Buyer Town aT Vall ny Robert W . McLaur~n Buyer
Date of Buyer's signature ,19 Date of Buyer's signature , ig
Buyer's Address
Seller .Tune Sadler Seller
Date of Seller's signature ,19 Date of Seller's signature ~ 19
Seller'sAddresc2077 N. Frontage Rd. West Vail, Co 81657
The undersigned Broker(s) acknowledges receipt of the earnest money deposit specified in Section 3, and Selling CompanyconfirmsitsBrokerRelationshipassetforthinSection24.
Setting Company
Name and Address
By.
Listing Company
Name and Address
Sy:
Date '~ ~~
Date ,
19
Note: Closing Instructions should be signed at the time this contract is signed.
CBS3 9-95 Vacant Land/Farm and Ranch Contract to buy and Sell Real Estate
Page Q of 4ISG-McAllister Publishing (800)336-iQ27 prepared at Sadler Real Estate, Inc., Vail CO (343376-3811 Initialed by
r'
SUbIItt11RY DATE WQ1[tKSHEET
CBS3 vacant Land-Farm and Ranch contract tta Buy and Sell Real Estate
E'urchaser. Town pf Vail
Setkr. June Sadler
Date of Contract June 17 19 9 6
5ection29.AcceptanccDcadline June 19 at 9:00 a:m.19 46
Section 11. Closing June 26 19 95
Section 4. Financing Conditions and Obligations
i
Ncw Loan or Assumption
Section 4(a). Loan Application within days of acceptance
New Loan
Section 4{b}. Loan Approval 19
Loan Assumption
Section 4{d}. Assumption papers to Purchaser within days of acceptance
Section 4(d). Notice of papers unaeceptable within days of receipt
Section 4(d). Loan Approval by Lender 1g
Owner Carry or Assumption
Section 4(~. Credit Information to Seller 19
Section 4(f). Disapproval of Credit 19
Section 8. Evidence of Title
Section 8. Title commitment ar abstract June 24 19 9 $
Section 8. Copies of scheduled ,,,,.r lions within 5 days of receipt of title
Section 9. Title
Section 9(a). Notice of Unmetchantibility of Title within 5 days of receipt of title
Section 9(b}. Notice of unsatisfactory conditions June 2 4 19 9 6
Section 10. Inspection
Section 1l}. Notice of unsatisfactory conditions June 2 E}19 95
Section lt}. Agreement for corrections June 21 1g 9 g
COMMON AC'C88S BAS~~~ A4ItESiILB~T
yr~iS ~.~~~-~+~~~~y dated , 196, is between
aUNE SADLER ("Sadler"~ and wtLLrA~r v, x~m~xsrnv and PATRICIA W.
ANDERSON (co~.leet~.vely, "Anderson" } .
R$CITXLS
1. Anderson ie the record and beneficial owner of that
certain real property {the "Lot 35 Property"} known as Lot 35,
Buffer Greek, Towsx of Vail, County of Eagle, State of Colorado.
2. Sadler is the recr~rd and laeneficial owner of that certain
real property (the "Lot 34 Property") known as Lot 34, Suffer
Creek, Town of Vail, County of Eagle, State of Colorado. The Lot
35 Property and the I,ot 34 Property are hereinafter collectively.
xeferred to as the "Late".
3. ~ In order to provide a twenty foot wide access from
Chamonix Lane, a publa.c road maintained by the Town of Vail
Chamonix" } to the Lot 35 Pz~oparty and the Lot 34 Property, Sadler
and Anderson desire to grant reeipraca3. easements for access ~.~:r,
across acid through a twenty fQVt wide strip of land located on the
I~ot 34 Property and the Lot 35 Property, with such twenty toot vride
strip of land as generaZ~.y depicted in the attached maps such
twenty foot wide strip is hereinafter referred to as the "Ccsrnmon
Access".
ITN8SS8TH
Sadlex and Anderson, for and in consideration of the recitals,
the conveyances and covenants contained hereinbelow and other good
and valuable consideration, the receipt and sufficiency of which
are ka,ereby acknowledged, do hereby agxee ae follows:
1. Sadler does hereby sell and convey to Anderson and a~,].
future owners of the Lot 35 Property a non-exclusive, perpetual
easement and right of way under, over, upon, acraas and through
that portion of the Camman Access which crosses the Lat 34 Property
for the pv.rpose of using, constructing, maintaining, repairing,
enlarg~.ng and reconstructing roadways thereupon providing
vehicular, bicycle and pedestrian ingress and egress between the
Lat 35 Property and Chamonix.
2. Anderson does hereby cell and convey to Sadler and all
future owners of the Lot 34 Property a non-exclusive, perpetual
eapement and right of way under, over, upon, across and through
that portion of the Common Aceesa which craases the Lot 35 Property
for the purpose Qf uea.ng, constructi,ng,~ maintaining, repairing,
enlarging and reconstructing roadways thereupon providing
vehicular, bicycle and pedestrian ingreps and egrgss betweem the
Lot 34 Property and Chamonix.
The easements granted herein through the Common Access
are hereinafter referred to as the "Common recess Easement". The
Common Access Easement shall run with the land and sha11 be
appurtenant to the Lot 35 Property sued that a transfer of legal
title to all or any ports:on of the Lot 3~ Property sha~.l
automat~.caZly transfer a proportionate interest in the C~......on
AGCess Easement . The Common Access Easement sha~.l run w3.th the
and and sha1Z be appurtenant to the Lot 34 Property such that a
transfer of legal title to aT.Z or any portion of the lot 34
Property shall sutomatiaally transfer a proportionate interest in
the Common Access Easement.
4. Sadler and Anderson further agree and covenant as
fo~.lows
a) Either party may construct a paved roadway {the
Roadway") upon the Common Acees$. The Roadway shall be
constructed with a minimum surface width of feet,
shall have direct access to Chamonix, shall be otherwise
sufficient to allow two wheel drive vehicles to traverse
the Roadway and shall be constx~cted Xn compliance with
the applicab~.e rules, regulations and requirements of the
Town of Vail. Notwithstanding anything contaa.ned
hereinabove to the contrary, upon c„--,~letian of the
toad+a~ay as provided hereinabove, the cost and expense of
Roadway (but not inc~,udix~.g individual dr~,vewaya) sha~,l be
shared in equal proportions between the respective owners
of the Lots.
b) Once the Roadway has been constructed, the
o~-ner raf the hot 35 Froperty sad the owner of Lot 34
Property shall each be responsible to pay 1/2 of all
casts associated with the repair and maintenance of the
Roadway.
e) The C~~~~~.,on Access Easement may be used for the
purposes stated herein by Sadler and Anderson and their
respective tenants, guests and inv~.tees.
d) Each party shall indemnify, defend and hold
harmless the other from, against and wYth respect to any
claim, Loss, damage, assessment, judgment, cast or
expense {inc],udxng, without limitation, reasonable
attorney's fees and cots and expenses reasonably
incurred in a.nvestigating, preparing or defend~.ng against
any litigation ar c~.aim, action, suit, prviceed3ng ar
demand, of any kind or character) , of or in any mar~uer
relating or attributable to or arising out of the use of
2
Y
i •
the itoadway or the Commom Access by any person by,
through or under the indemnifying party,
5. Each prevision of this Common Access Easement Agreement
shall be enforeeabl,e by 3adl.er and Anderson by a proceeding fdr a
i proha.bitive or mandatory ~.njunction ar by a suit or action to
recover damageQ. If court proceeding$ are instituted in connection
w~.th the rights v#' ~ enfox'aement and remedies provided in this
instrument, the prevai.l.ing party shall be entitled to recover its
costs and expenses zn connection therewith including, without
limitation, reasonable attorneys' fees.
6. xhis Common Access Easement Ayy~~;ement shall. be binding
upon and inure to the benefit of the paxties hereto and their
heirs, personal. r~r.~esentatives, successors and ase~igns and sha11
be construed under and governed by the laws of the State of
Colorado. The singular number shall include the plum]., the pluralthesingular, and the use of any gender ehail be applicable to all
gendexs.
IN WI~~~r,9S ~8Yt80F, this Instrument is executed effective as
of the date first set forth above.
June Sadler
William V. Anderson
Patricia W. Anderson
sTATS aF COLQRADO )
ss:
COUNTY Q~' EAGILE )
The foregoing instrument was acknowledged before me this
day of December'Z5, 1995, blr June Sadler, William V. Anderson and
Patricia W. Andersen,
Witn®se mY hand and official seal.,
Notary Publi.G
My c..~....,.iasion expires
isle\eaaewlCat\LOC73rr35.sad Yila No. 2405-Y ~E~o 1/a~/96
3
i
I
Q ~' Q Q y O ~ Q Q. ~ N ° ~, ~ ~ ~e
y ~ ~ Q W ~- mg..«w
a ~ ~ C ~~(D ~ Q ~ ~- ~' CD y (D n (D C
o a ,C}, G a z
nn,,..;; a9 ~*•~ ''~'r~~^ o ' m Q Q ° ~ ~ n ~ m Q ~ rn o ~ XO
Q y ~ Q ~ Q ~ ~~ ~ ~ ~ O ~, ~ ~ a
Q ~ x N Q O f~ Q ~ p
Q Q~mmro~mm~~Q~ocr ~ -~~°~~a oocQ~~
no - ~~ ~~.~~om3~Xo~QF~
o ,c~~ ~ a~~O.~ ~ ~Q``'cam~ o``
o ~ aac~~m~~~.~QQnmmn ~ ~ Q
c =~ d Q ~ ~ ° ~
1 ~Q Q. Q O ~ ~ ~ ~ ° ~ ~ ~ Q ° Q ~Q G~ (~ ~~ o N o 0 0~°°~ Q
O ~ ~ ~ ~ ~ ~ ~ ~ n ~ ~_ ~ ~ ~
I
q~-~ ~ a m ° ~ ~ N ~ ~ ~ ~ m m
a ~ ° o ~ ~ ~ m ~ ~ ~ °
f`9~Q°aQQm~~@~~o~m - _
C'} n ro~ S a o ° Q~~ C ~ j m
Sao ~Q~y~~°~~~~~-°~
m Q m ~ ~ ~ ~ ~ c Q
Qo ~ ~ ~ ~ ~ ~ ~ n ~ Q ~~ ~o ~m~romma~~fl:o~~Qo
n ~
z
o
O Om ,.._
O
m
0
v ~.
0
0
C
1
0
Z