HomeMy WebLinkAboutORDINANCE 26-95ORDINANCE NO 2 6 - 9 5
AN ORDINANCE AUTHORIZING THE PURCHASE
BY THE TOWN OF ESTES PARK OF
CERTAIN REAL PROPERTY OWNED BY
GERALD R. PALMER AND PATRICIA K. PALMER
WHEREAS, the Town of Estes Park, hereinafter referred to as
("the Town") has signed a Contract dated the 9th day of October,
1995, a copy of which is attached hereto as Exhibit "A" and
incorporated herein by reference; and
WHEREAS, pursuant to the applicable provisions of Section 31-
15-713(1)(b), C.R.S., the Board of Trustees of the Town of Estes
Park, Colorado has agreed to the purchase of said real property on
such terms and conditions as set forth in the Contract.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF TRUSTEES
OF THE TOWN OF ESTES PARK, COLORADO.
Section 1. The property shall be acquired by the Town
pursuant to the terms of the Contract set forth on Exhibit "ATM.
Section 2. The appropriate officials of the Town of Estes
Park are hereby authorized to execute all documents necessary to
close the purchase of the property.
Section 3. The adoption of this Ordinance shall take effect
and be enforced thirty (30) days after its adoption and
publication.
PASSED AND ADOPTED BY THE BOARD OF TRUSTEES OF THE TOWN OF
ESTES PARK, COLORADO THIS 14thDAY OF November , 1995.
ATTEST:
Town Clerk
BY:
TOWN OF ESTES PARK
I hereby certify that the above Ordinance was introduced and
read at a meeting of the Board of Trustees on the 14th day of
Nov. , 1995, and published in a newspaper of general circulation
in the Town of Estes Park, Colorado on the 17th ay of Nov.
1995.
Town Clerk
Becker Real Estate Co.
240 E. Elkhorn Avenue
Estes Park, Colorado 80517
The printed portions of this form, except (italicized)
(differentiated) additions, have been approved by
the Colorado Real Estate Commission, (CBS 3-9-95)
THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX
OR OTHER COUNSEL BEFORE SIGNING.
VACANT LAND/FARM AND RANCH
CONTRACT TO BUY AND SELL REAL ESTATE
OCTOBER 9 1995
1.PARTIES AND PROPERTY. TOWN OF ESTES PARK
buyer(s) [Buyer], (#,MAI A/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 LARIMER , Colorado, to wit:
A TRACT OF LAND IN THE NW 1/4 OF SECTION 30, TOWNSHIP 5 NORTH, RANGE 72
WEST OF THE 6TH P.M.MORE PARTICULARLY DESCRIBED AS FOLLOWS: SEE EXHIBIT A
ATTACHED HERETO AND MADE A PART OF THIS CONTRACT
known as No. LOT 44, LITTLE PROSPECT MOUNTAIN ADDITION TO THE TOWN OF ESTES PARK, CO 80517
Street Address City State Zip
together with all interest of Seller in vacated streets and alleys adjacent thereto, all easements and other appurtenances thereto, all improvements 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 Property on the date of this contract: lighting,
heating, plumbing, ventilating, and air 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 accessories), and garage door openers including N/A 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 stoves, storage sheds, all keys and (c) NOT APPLICABLE
(d) Water Rights. Purchase price to include the following water rights: NOT APPLICABLE
(e) Growing Crops. With respect to the growing crops Seller and buyer agree as follows: NOT APPLICABLE
The above -described included items (Inclusions) arc to be conveyed to Buyer by Seller by bill of sale, NOT APPLICABLE deed or
other applicable legal inslrument(s) at the closing, free and clear of all taxes, liens and encumbrances, except as provided in Section 12. The following
attached fixtures are excluded from this sale:
3. PURCHASE PRICE AND TERMS. The purchase price shall be $ 140,000.00 payable in U.S. dollars by Buyer as follows: (Complete the
applicable terms below,)
(a) EARNEST MONEY.
$ 1,000.00 in the form of IMMEDIATE FUNDS , as earnest money deposit and part payment of the
purchase price, payable to and held by C-21 BECKER REAL ESTATE CO . , 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 $ 139 , 000 . 00 (purchase price less earnest money) shall be paid as follows:
(b) CASH AT CLOSING.
$ 139 .000. 00 , plus closing costs, to be paid by Buyer at closing in funds which comply with all applicable Colorado Imes, 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: NOT APPLICABLE
(c) NEW LOAN.
$ N/A by Buyer obtaining a new loan.
This loan will be secured by a deed of trust.
(lsl, 2nd, etc.)
The loan shall be amortized over a period of years at approximately $ per including
principal and interest not to exceed % per annum, plus, if required by Buyer's lender, a deposit of of the estimated annual real estate
taxes, property insurance premium, and mortgage insurance premium. If the loan is an adjustable interest rate or graduated payment loan, the
payments and interest rate initially shall not exceed the figures set forth above.
Loan discount points, if any, shall be paid to 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.
$ N/A by Buyer's assuming and agreeing to pay an existing loan in this approximate amount, presently payable at $
per including principal, interest presently at % per annum, and including escrow for the following as indicated:
0 real estate taxes, ❑ property insurance premium, ❑ mortgage insurance premium, and . Buyer agrees to pay
a loan transfer fee not to exceed $ . At the time of assumption, the new interest rate shall not exceed % 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 requirements for release from
liability or reinstatement of eligibility shall be evidenced by delivery at closing of an appropriate letter from lender. Cost payable for release of liability
shall be paid by in an amount not to exceed $
(e) SELLER OR PRIVATE THIRD -PARTY FINANCING.
$ NOT APPLICABLE by Buyer executing a promissory note payable to:
CBS3 9-95 Vacant Land/Farm and Ranch Contract to Buy and Sell Real Estate
ISG-McAllister Publishing (800)336-1027 Prepared at Century 21 Becker Real Estate Co., Estes Park, CO 303-586-9551
Page 1 of 4
[The printed portions of this form, except (italicized) (differentiated) additions, have been approved by the Colorado Real Estate Commission (CDS3-9-95)1
on the note form as indicated: (Check one box only.)
❑ Right -to -Cure NTD 82-11-83 ❑ No Right -to -Cure NTD 81-11-83
0
secured bya deed of trust encumbering the Property, using the form as indicated;
(1st, 2nd, etc.) (Check one box only.)
['Strict Due -on -Sale (ID 72-11-83) 0 Creditworthy (TD 73-11-83)
['Assumable - Not due on sale (TD 74-11-83) ❑
The promissory note shall be amortized on the basis of years, payable at $ per
including principal and interest at the rate of % per annum. Payments shall commence and shall be due on the
day of each succeeding . if not sooner paid, the balance of principal and accrued interest shall be due and payable
after closing. Payments
❑shall ❑shall not be increased by of estimated annual real estate taxes, and
['shall 0 shall not be increased by of estimated annual properly 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 duc. Interest on lender disbursements under the deed of trust shall be
per annum. Default interest rate shall be % per annum.
Buyer may prepay without a penalty except
4. FINANCING CONDITIONS AND OBLIGATIONS.
(a) LOAN APPLICATTON(Sl. If Buyer is to pay all or part of the purchase price as set forth in Section 3 by obtaining a new loan or if an existing
loan Is not to be released at closing, Buyer, if required by such lender, shall make written application within calendar days from acceptance of
This contract. Buyer shall cooperate with Seller and lender to obtain loan approval, diligently and timely pursue same in good faith, execute all documents
and furnish all information and documents required by the lender, and, subject to Section 3, timely 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 by obtaining a new loan as specified in Section 3, this contract is
conditional upon lender's approval of the new loan on or before ,19 . If not so
approved by said date, this contract shall terminate.
(c) EXISTING LOAN REVIEW. If an existing loan is not to be released at closing, Scller shall provide copies of the loan documents (including
note, deed of trust, modifications) to Buyer within calendar days from acceptance of this contract. This contract is conditional upon Buyer's
review and approval of the provisions of such loan documents. Buyer consents to the provisions of such loan documents if no written objection is received by
Seller from Buyer within calendar days from Buyer's receipt 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 approval without change in the terms of such loan, except as set forth in Section 3. If
lender's approval is not obtained on or before ,19 , this contract shall be
terminated on such date, If Seller is to be released from liability 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 contract may be terminated at Seller's option.
(d) ASSUMPTION BALANCE. If Buyer is to 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 than the amount in Section 3 and the amount of cash required from Buyer at closing is increased by more than
$ N/A , then Buyer may terminate this contract effective upon receipt by Seller of Buyer's written notice of termination.
(e) CREDIT INFORMATION. If Buyer 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 contract is conditional upon Seller's approval of Buyer's financial ability and creditworthiness, which approval shall
be at Setter's sole and absolute discretion. In such case: (1) Buyer shall supply to Seller on or before NOT APPLICABLE
19 at Buyer's expense, information and documents concerning Buyer's financial, employment and credit condition; (2) Buyer consents that Seller
may verify Buyer's financial ability and creditworthiness; (3) any such information and documents received by Seller shall be held by Seller in confidence, and
not released 10 others except to protect Seller's interest in this transaction; (4) if Seller does not provide written notice of Seller's disapproval to Buyer on or
before ,19 , then Seller waives this condition. If Scller does provide written notice of disapproval to Buyer on or before
said date, this contract shall terminate.
5. APPRAISAL PROVISION.
(Check only one box.) This Section 5 0 shall 0 shall not apply.
If this Section 5 applies, as indicated above, Iluyer shall have the sole option and election to terminate this contract if the purchase price exceeds
the Property's valuation determined by an appraiser engaged by NOT APPLICABLE .'The contract shall terminate by the Buyer causing the
Seller to receive written notice of termination and a copy of such appraisal or written notice from lender which confirms the Property's valuation is less
than the purchase price, on or before NOT APPLICABLE , (Appraisal Deadline). If Seller does not
receive such written notice of termination on or before the appraisal deadline, Buyer waives any right to terminate under this section.
6. COST OF APPRAISAL. Cost of any appraisal to be obtained after the date of this contract shall be timely paid by PURCHASER •
7. NOT ASSIGNABLE. This contract shall not be assignable by Buyer without Seller's prior written consent. Except as so restricted, this contract shall inure
to the benefit of and be binding upon the heirs, personal representatives, successors and assigns of the parties.
8. EVIDENCE OF TITLE. Seller shall furnish to Buyer, at Seller's expense, ¢jl/i4 a current commitment for owner's title insurance policy in an amount equal
to the purchase price or 0,61108/N,IJgi ; gdhimim t orvim NAW l y1/01l, on or before OCTOBER 27
19 95 (Title Deadline). yrigmtv,rishimwAmimiNvsigirvoisism, 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 he 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 or counties. 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 Seller, in writing, to furnish copies or abstracts of instruments listed in the schedule of exceptions no later than 5
calendar days after Title Deadline. j(/$ )lsI///,//Jylgy'if ljil/ insurance commitment, Seller will pay the premium at closing and have„tbe title insurance policy
delivered to Buyer as soon as practical after closing.
9. TITLE.
(a) TITLE REVIEW. Buyer shall have the right to inspect the Title Documents MINN. Written notice by Buyer of unmerchanlabilityof title
or of any other unsatisfactory title condition shown by the Title Documents O//tt/jtf f/t shall be signed by or on behalf of Buyer and given to Seller on or
before 10 calendar days after Title Deadline, or within five (5) calendar days after receipt by Buyer of any Title Document(s) or endorsement(s)
adding new Exception(s) to the title commitment together with a copy of the Title Document adding new Exccplion(s) to title. If Seller does not receive
Buyer's notice by the date(s) specified above, Buyer accepts the condition of title as disclosed by the Title Documents as satisfactory.
(b) MATTERS NOT SHOWN BY THE PUBLIC RECORDS. Seller shall deliver to Buyer, on or before the Title Deadline set forth in Section 8,
true copies of all lease(s) and survey(s) in Seller's possession pertaining to the Properly and shall disclose to Buyer all 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 line 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 on or beforc
NOVEMBER 15 , 19 95 . If Seller does not receive Buyer's notice by said dale, Buycraccepts title subject to such rights, if any, of third parties
of which Buyer has actual knowledge.
(c) SPECIAL TAXING DISTRICTS. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GBNERAI.OBLIGATION INDEBTEDNESS
1'IIA'I' IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ONTIIETAXABLE PROPERTY WITHIN SUCII DISTRICTS,
PROPERTY OWNERS IN SUCH DISTRICTS MAY IIE PLACED A'I' RISK FOR INCREASED MILL LEVIES AND EXCBSSIVE'I'AX BURDENS
TO SUPPORT T IIE SERVICING OF SUCII DEBIWI-lERB CIRCUMSTANCES ARISE RESULTING IN TItIS INABILITY OF SUCII A DISTRICT
TODISCI [ARCH SUCII INDEBTEDNESS WITHOUT SUCH ANINCREASE INMILL LEVIES. BUYER SHOULD INVESTIGATE TI1EDEBT
CBS3 9-95 Vacant Land/Farm and Ranch Contract to Buy and Sell Real Estate
ISG-McAllister Publishing (800)336-1027 Prepared at Century21 Becker Real Estate Co., Estes Park, CO 303-586-9551
Page 2 of 4
(The printed portions of this form, except (italicized) (differentiated) additions, have been approved by the Colorado Real Estate Commission (CB53-9-95)]
LPI-8
FINANCING REQUIREMENTS OFTI1E AUTHORIZED GENERAL OBLIGATION INDEBTEDNESS OF SUCH DISTRICTS, EXISTING MILL
LEVIES OF SUCH DISTRICT SERVICING SUCH INDEBTEDNESS, AND THE POTENTIAL 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 Seller on or before the date set forth in subsection 9 (b), this contract shall then terminate. If Seller does not receive Buyer's notice by the date specified
above, Buyer accepts the effect of the Property's inclusion in such special taxing district(s) and waives the right to so terminate.
(d) RIGHTTO CURE. If Seller receives notice of unmerchantnhility of title or any other unsatisfactory title condition(s) as provided in subsection
(a) or (b) above, Seller shall use rcasonablc effort to correct said unsatisfactory title condition(s) prior to the date of closing. If Seller fails to correct said
unsatisfactory title conditions) on or before the date of closing, this contract shall then terminate; provided, however, Buyer may, by written notice received by
Scaler, on or before closing, waive objection to said unsatisfactory title condition(s).
10. INSPECTION. Seller agrees 10 provide Buyer on or before NOT APPLICABLE ,19 with a Seller's
Property Disclosure form completed by Seller to the best of Seller's current actual knowledge. Buyer or any designee shall have the right to have inspection(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 NOVEMBER 15 ,19 95 (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 forth above, and if Buyer and
Seller have not agreed, in writing, to a settlement thereof on or before DECEMBER 10 ,19 95
(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 to the
Properly and Inclusion as a result of such inspection.
11. DATE OF CLOSING. The date of closing shall be JANUARY 10 ,19 96 , or by mutual
agreement at an earlier date. The hour and place of closing shall be as designated by LISTING BROKER, PARTIES TO CONTRACT
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 except NONE . 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 or before closing from the proceeds of this transaction or
from any other source.
14. CLOSING COSTS, DOCUMENTS AND SERVICES. Buyer and Seller 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 shalt not exceed $ 100 . 0 0 and shall be paid at closing IV
EQUALLY BY THE PARTIES . The local transfer lax of N/A % of the purchase price shall be paid at
closing by NOT APPLICABLE . Any sales and use tax that may accrue because of this transaction shall be paid when due by
NOT APPLICABLE
15. PROBATIONS. General taxes for the ycar of closing, based on the lazes for the calendar year immediately preceding closing, rents, water and sewer
charges, homeowner's association dues, and interest on continuing loan(s), if any,
shall be prorated to date of closing.
16. POSSESSION. Possession of the Property shall be delivered to Buyer as follows: ON CLOSING AND DELIVERY OF DEED
subject to the following lease(s) or tenancy(s):
NONE . If Seller, after closing,
fails to deliver possession on the date herein specified, Seller shall be subject to eviction and shall be additionally liable to Buyer for payment of
S 50.00 per day from the date of agreed possession until possession is delivered.
17. CONDITION OF AND DAMAGE TO 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, ordinary wear and tear excepted. In the event the Property shall be damaged by fire or other casualty prior to
time of closing, 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. In
the event such damage is not repaired within said time or if the damages exceed such sum, this contract may be terminated at the option of Buyer. Should
Buyer elect to carry out this contract despite such damage, Buyer shall be entitled to credit for all the insurance proceeds resulting from such damage to the
Properly and Inclusions, not exceeding, however, the total purchase price. Should any Inclusion(s) or service(s) fail or be damaged between the date of This
contract and the date of closing or the date of possession, whichever shall be earlier, then Seller shall be liable for the repair or replacement of such
Inclusion(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 such
repair or replacement. The risk of loss for any damage 10 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 OF ESSENCE / REMEDIES. Time is of the essence hereof. If any note or check received as earnest money hereunder or any other payment due
hereunder is not paid, honored or tendered when due, or if any other obligation hereunder is not performed or waived as herein provided, there shall be the
following remedies:
(a) IF BUYER IS 1N DEFAULT:
)Check one box only.)
❑ (1)SPECIFIC PERFORMANCE. Seller may elect to treat this contract as canceled, in which case all payments and things of value received
hereunder shall be forfeited and retained on behalf of Seller, and Seller may recover such damages as may be proper, or Seller may elect 10 treat this contract
as being in full force and effect and Seller shall have the right to specific performance or damages, or both.
] (2)LIQUIDATED DAMAGES. All payments and things of value received hereunder shall be forfeited by Buyer and retained on behalf of Seller
and both parties shall thereafter be released from all obligations hereunder. It is agreed that such payments and things of value arc LIQUIDATED
DAMAGES and (except as provided in subsection (c) are SELLER'S SOLE AND ONLY REMEDY for Buyer's failure to perform the obligations of this
contract. Seller expressly waives the remedies of specific performance and additional damages.
(b) IP SELLER IS IN DEFAULT:
Buyer may elect to treat This contract as canceled, in which case all payments and things of value received hereunder shall be returned and Buyer
may recover such damages as may be proper, or Buyer may elect to treat this contract as being in full force and effect and Buyer shall have the right to specific
performance or damages, or both.
(c) COSTS AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of any arbitration or litigation arising out of this
contract, the arbitrator or court shall award to the prevailing party all rcasonablc costs and expenses, including attorney fees.
19. EARNEST MONEY DISPUTE. Notwithstanding any termination of this contract, Buyer and Seller agree that, in the event of any controversy regarding
the earnest money and Things of value held by broker or closing agent, unless mutual written instructions arc received by the holder of the earnest money and
things of value, broker or closing agent shall not be required to lake any action but may await any proceeding, or al broker's or closing agent's option and sole
discretion, may interplead all parties and deposit any moneys or things of value into a court of competent jurisdiction and shall recover court costs and
rcasonablc attorney fees.
20. ALTERNATIVE DISPUTE RESOLUTION: MEDIATION. If a dispute arises relating 10 this contract, and is not resolved, the parties and broker(s)
involved in such dispute (Disputants) shall first proceed in good faith to submit the matter to mediation. The Disputants wilt jointly appoint an acceptable
mediator and will share equally in the cost of such mediation. In the event the entire dispute is not resolved within thirty (30) calendar days from the date
written notice requesting mediation is sent by one Disputant to the olhcr(s), the mediation, unless otherwise agreed, shall terminate. This section shall not
alter any date in this contract, unless otherwise agreed.
CBS3 9-95 Vacant Land/Farm and Ranch contract to Buy and Sell Real Estate
1SG-McAllister Publishing (800)336-1027 Prepared at Century 21 Becker Real Estate Co., Estes Park, CO 303-586-9551
Page 3 of 4
[The printed portions of this form except (italicized) (differentiated) additions, have been approved by the Colorado Real Esate Commission (CBS3 9-95)].
21. ADDITIONAL PROVISIONS: (The language of these additional provisions has not been been approved by the Colorado Real Estate Commission).
1. PURCHASE IS CONTINGENT UPON APPROVAL BY THE BOARD OF TRUSTEES.
2. TRANSFER OF EXISTING WATER TAP TO FUTURE RESIDENTIAL CONSTRUCTION
SITE WILL BE GRANTED BY THE TOWN OF ESTES PARK TO SELLERS.
22. RECOMMENDATION OF LEGAL COUNSEL. By signing this document, Buyer and Seller acknowledge that the Selling Company or the Listing
Company has advised that this document has important legal consequences and has recommended the examination of title and consultation with legal and 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. SELLING COMPANY BROKER RELATIONSHIP. The selling broker, CENTURY 21 BECKER REAL ESTATE CO. , and its
salespersons have been engaged as TRANSACTION BROKER . 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. NOTICE 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, NOTICETO SELLER. Any notice to Seller shall 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. ENTIRE AGREEMENT. This contract constitutes the entire contract between the parties relating 10 the subject hereof, and any prior agreements
pertaining thereto, whether oral or written, have been merged and integrated into this contract.
29. NOTICE OF ACCEPTANCE: COUNTERPARTS. This proposal shall expire unless accepted in writing, by Buyer and Seller, as evidenced by their
signatures below, and the offering party receives notice of such acceptance on or before OCT BER 11 ,19 95
(Acceptance Deadline). If accepted, this document shall become a contract between Seller a 6 nu er. A copy of this document may be executed by each party,
separately, and when each party has executed a copy thereof, such copies taken together sh be em d to be full a comp 9 con et tween the parties.
Q4 �'P - 7Zet
Buyer TOWN OF ESTES PARK
Date of Buyer's signature /2— ' - ,19 95
Buyer's tfdd -ss P •,g BOX 1,,00_ ESTES PARK CO 80517
Sel GERALD PALMER
Date of Seller's signatur6,F/, /a- // ,19 95
Seller's Address P. 0//.�� BOX 893 ESTES PARK, CO 80517
Date of Buyer's signature , 6' 7 " 9,4 ,19
Date of Seller's signature /O — // ,19 95
The undersigned Broker(s) acknowledges receipt of the earnest money deposit specified in Section 3, and Selling Company
confirms its Broker Relationship as set forth in Section 24.
Selling Company
Rif 21 BECKER REAL ESTATE CO. 240 EAST ELKHORN AVE. ESTES PARK, CO 80517
CENTU
e and Address ./
By: G . (/ OCTOBER 9 , 19 95
VIVIAN E. BECKER
Date
Listing Company
CENTt)RY)21 BECKER REAL ESTATE CO. 240 EAST ELKHORN AVE. ESTES PARK, CO 80517
/ Name and Address
By: Lt c-u, ` CC • OCTOBER 9 ,19 95
VIVIAN E. BECKER,/ Date
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
ISG-McAllister Publishing (800)336-1027 Prepared at Century 21 Becker Real Estate Co., Estes Park, CO 303-586-9551
Page 4 of 4
SUMMARY DATE WORKSHEET
CBS3 Vacant Land —Farm and Ranch Contract to Buy and Sell Real Estate
Purchaser: TOWN OF ESTES PARK
Seller: GERALD R. PALMER
Date of Contract OCTOBER 9 ,19 95
Section 29. Acceptance Deadline OCTOBER 11 ,19 95
Section 11. Closing JANUARY 10 ,19 96
Section 4. Financing Conditions and Obligations
New 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
Section 4(d). Notice of papers unacceptable within
Section 4(d). Loan Approval by Lender
days of acceptance
days of receipt
Owner Carry or Assumption
Section 4(f). Credit Information to Seller NOT APPLICABLE ,19
Section 4(f). Disapproval of Credit ,19
19
Section 8. Evidence of Title
Section 8. Title commitment or abstract OCTOBER 27 ,19 95
Section 8. Copies of scheduled exceptions within 5 days of receipt of title
Section 9. Title
Section 9(a). Notice of Unmerchantibility of Title within
Section 9(b). Notice of unsatisfactory conditions
Section 10. Inspection
Section 10. Notice of unsatisfactory conditions
Section 10. Agreement for corrections
10 days of receipt of title
NOVEMBER 15 ,19 95
NOVEMBER 15 ,19 95
DECEMBER 10 19 95
r.
e33
ffiwf or" �z:y
Covering the Land in the State of Colorado, County of Larimer
Described as:
A tract of. land in the NWT of Section 30, Township 5 North, Range
72 West of the 6th P.M., Larimer County, Colorado, more particularly
described a:, follows:
BEGINNING r.,t a point on the Northerly right of way of the North Saint
Vr.ain Highway (Colorado State Highway No. 36), said point being marked,:
with an official U. S. Bureau of Land Management brass camped pipe
stamped A. P. 50 and also being Corner No. 7 - U. S. Bureau of
ownershipReclamation
corner
Continental OilComlalso
panypropertyand bofnLot Southeastg. the
44, LITTLE PROSPECT of the
MOUNTAIN ADDITION;
thence N31°47'08"W 252.83 feet to the U. S. Bureau of Land Management
brass cap pipe stamped A. P. 51, also being a corner of Continental
Oil Company property . r:d Corner No. 8 - Reclamation plat and the
North corner of said Lot 44;
thence N33°36'34"W 412.12 feet to the official brass cap marker
;,tamped A. P. 52 and also being on the Northerly right ofOil�an� yCom
of
State Highway No. 36 and the West corner of Continental I y
land Lot 44 and Corner No. 9 - Reclamation;
thence Southeasterly along the Highway right of way curve to the right'
whose radius is 1959.9 feet a distance of. 604.63 feet (the resultant
c.;or.d being S64°20'04"E a distance of 602.24 feet) to the POINT OF
BEGINNING.
Also known as
Lot 44,
LITTLE PROSPECT MOUNTAIN ADDITION to the TOWN OF ESTES PARK.
7-
EieNlBiT
ComFin
Becker Real Estate Co.
240 E. Elkhorn Avenue
Estes Park, Colorado 80517
The printed portions of this form, except (italicized)
(differentiated) additions, have been approved by
the Colorado Real Estate Commission (TDD261.1-94)
NOTE; DIFFERENT' BROKERAGE RELATIONSI ZIPS ARE AVAILABLE W IIICH INCLUDE SELLER AGENCY, SUBAGENCY,
BUYER AGENCY, OR TRANSACTION -BROKER
TRANSACTION -BROKER DISCLOSURE
(BUYER)
CENTURY 21 BECKER REAL ESTATE CO. and its sales persons arc working with you as a transaction -broker.
(Company Name)
We assist you throughout the real estate transaction with communication, advice, negotiation, contracting and closing without
being an agent or advocate for you or the seller. You are not vicariously liable (legally responsible) for our actions and a
written contract with us is not required. For purposes of this disclosure, buyer also means "tenant" and seller also means
"landlord".
As a transaction -broker we will:
* Disclose to you any adverse material facts which we actually know about the property;
• Perform any oral or written agreement made with you;
* Exercise reasonable skill and care;
* Present all offers in a timely manner;
• Advise you regarding the transaction, including suggesting that you obtain expert advice on material matters
about which we know but the specifics of which arc beyond our expertise;
• Account to you promptly for all money or property we receive;
• Assist you in complying with the terms and conditions of any contract and with the closing of the transaction;
* Assist you and the seller without regard to race, creed, sex, religion, national origin, familial status, marital status,
or handicap.
As a transaction -broker we will not disclose the following information without your informed consent:
• That you are willing to pay more than what you offer;
* What the motivating factors arc for you in buying or leasing the property;
• That you will agree to financing terms other than those offered;
* Any material information about you unless disclosure is required by law or if lack of disclosure would constitute
dishonest dealing or fraud, except that we arc required to disclose all adverse material facts pertaining to your
financial ability to perform the terms of the transaction and whether you intend to occupy the property as a
principal residence.
THIS IS NOT A CONTRACT.
We have been given a copy of this Transaction -Broker Disclosure or1`(il�te) SEPTEMBER 29, L995
Buyer TOWN Or ESTES PARK
Buy
On(date) SEPTEMBER 29, 1995
kept a copy for our records.
CENTURY 21 BECKER REAL ESTATE CO.
Company
I provided the buycj(s)- ,ith a copy of this Disclosure and have
Licensee VIVIAN E. BECKE
No,T7ID261.94 TRANSACTION -BROKER DISCLOSURE (BUYER)
ISG-McAllister Publishing (800)336-1027 Prepared at Century21 Becker Real Estate Co., Estes Park, CO 303-586.9551
Gniun,
Becker Real Estate
240 E. Elkhornk`kAvenuend
THIS FORAY giAlCarfA
BEFORE SIGNING.
Co.
1L.GAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL
The printed portions of this form, except (italicized)
(differentiated) additions, have been approved by
the Colorado Real Estate Commission. (CL8-9-95)
CLOSING INSTRUCTIONS
OCTOBER 9 19 95
1. GERALD K. PALMER AND PATRICIA K.PALMER (Seller)and TOWN OF ESTES PARK
(Buyer) engage TRANSAMERICA TITLE INSURANCE CO . (Closing Company), who agrees to provide closing and settlement services
in connection with the closing of the following described real estate in the County of LARIMER
Colorado, to wit:
also known as:
Street Address
LOT 44, LITTLE PROSPECT MOUNTAIN ADD'N,
TOWN OF ESTES PARK
City ESTES PARK State COLORADO Zip 80517
2. Closing Company is authorized to obtain information, and agrees to prepare, obtain, deliver and record all documents, excluding preparation of legal
documents, necessary to carry out the terms and conditions of the Contract to Buy and Sell Real Estate, dated OCTOBER 9 ,19 95 with any
counterproposals and amendments attached (Contract).
3. Closing Company will receive a fee not to exceed $ 100 . 00 for providing these closing and settlement services to be the expense of
EQUALLY BY THE PARTIES .
4. Closing Company is authorized to receive funds and to disburse when all funds received are either: available for immediate withdrawal as a matter of right from
the financial institution in which the funds have been deposited or are available for immediate withdrawal as a consequence of an agreement of a financial
institutional in which the funds are to be deposited or a financial institution upon which the funds are to be drawn 'Good Funds'.
5. Closing Company is not authorized to release any documents or things of value prior to receipt and disbursement of Good Funds, except as provided in
Sections 10 and 11.
6. Closing Company shall disburse all funds, including real estate commissions, except those funds as may be separately disclosed in writing to Buyer and Seller by
Closing Company or Buyer's lender on or before closing. All parties agree that no one other than the disburser can assure that payoff of loans and other
disbursements will actually be made.
7. Seller will receive the net proceeds of closing as indicated:
ID cashier's check at seller's expense. ❑ funds electronically transferred (wire transfer) to an account specified by the Seller, at Seller's expense; or
❑ Closing Company's trust account check.
8. Buyer and Seller will furnish any additional information and documents required by Closing Company which will be necessary to complete this transaction.
9. Closing Company will prepare and deliver an accurate, complete and detailed closing statement to Buyer and Seller at time of closing.
10. If closing does not occur. Closing Company, except as provided herein, is authorized and agrees to return all documents, monies, and things of value to the
depositing party and Closing Company will be relieved from any further duty, responsibility or liability in connection with these instructions. In addition, any
promissory note, deed of trust, or other evidence of indebtedness signed by Buyer, shall be voided by Closing Company, with the original(s) returned to Buyer and
a copy to Buyer's tender.
11. If any conflicting demands are made on the Closing Company, at its sole discretion, Closing Company may hold any monies, documents, and things of value
received from any party except Buyer's lender. Closing Company shall retain such items until (1) receipt of mutual written instruction from Buyer and Seller; or
(2) until a civil action between Buyer and Seller shall have been resolved in a Court of competent jurisdiction; or (3) in the alternative, Closing Company may, in its
sole discretion, commence a civil action to interplead, or, interplead in any existing civil action, any documents monies or other things of value received by Closing
Company. Such deposit with the Court shall relieve Closing Company of all further liability and responsibility and Closing Company shall be entitled to all court
costs and reasonable attorneys' fees.
12. These closing instructions may be only amended or terminated by written instructions signed by Buyer, Seller and Closing Company.
13. The Internal Revenue Service and the Colorado Department of Revenue may require Closing Company to withhold a substantial portion of the proceeds of
this sale when either seller (a) is a foreign person or (b) will not be a Colorado resident after closing. Seller should inquire of Seller's tax advisor to determine if
witholding applies or if an exemption exists.
14. Special instructions:
15. These Closing Instructions may be executed by each Buyer, Seller and Closing Company individually and when each Buyer, Seller and Closing Company has
executed a copy of these Closing Instructions, such copies taken together shall be deemed to be a full and complete contract between the parties.
APPROV
Seller l 0711 v l
Social Se urity Number ! 2`t�—cF A-f f"(J
Buyer TOWN OF ESTES PARK
Social Security Number FED I . D.
Date /0 //— y 7 Setter
Social Secure
Date 10-9-95 Buyer.
Social Secu ty
Closing Company: TRANSAMERICA TITLE INSURANCE CO.
By:
Title
TO BE COMPLETED ONLY BY BROKER AND CLOSING COMPANY
Broker engages Closing Company as Broker's Scrivener to complete, for a fee not to exceed
S at the sole expense of Broker the following legal documents: Deed ['Bill of Sale ❑ Colorado Real Estate Commission
Approved Promissory Note and ❑ Colorado Real Estate Commission Approved Deed of Trust.
The documents stated above shall be subject to Broker's review and approval and Broker acknowledges that Broker is responsible for the accuracy of the above
documents.
Closing Company shall pay real estate commissions at disbursement as follows:
Listing Company, paid by
Selling Company, paid by
Other:
By:
Date
Date
Broker
By
Closing Company
Date
CL8-9-95 Closing Instructions
ISG-McAllister Publishing (800)336-1027 Prepared at Century 21 Becker Real Estate Co., Estes Park, CO 303-586-9551
Cull
Becker Real Estate Co.
240 E Elkhorn Avenue
Estes Park, Colorado 80517
The printed portions of this form have been approved
by the Colorado Real Estate Commission (DD 25-1-94)
DEFINITIONS OF REAL ESTATE BROKERAGE RELATIONSHIPS
STATE OFCOLORADO (date) SEPTEMBER 29, 1995
Seller's Agent*: A seller's agent works solely on behalf of the seller and owes duties to the seller which
include the utmost good faith, loyalty and fidelity. The agent wilt negotiate on behalf of and act as an
advocate for the seller. The seller is legally responsible for the actions of the agent when that agent is
acting within the scope of the agency. The agent must disclose to potential buyers or tenants all adverse
material facts about the property actually known by the broker. A separate written listing
agreement is required which sets forth the duties and obligations of the parties.
Seller's Subagent: A subagent owes the same duties of utmost good faith, loyalty and fidelity to a seller
as the seller's agent and must make the same disclosures to buyers concerning adverse material facts
about the property. A subagent will negotiate and act as an advocate for the seller, who is legally
responsible for the acts of the subagent when acting within the scope of the subagency. Seller must give
written permission for the listing agent to employ subagents.
Buyer's Agent*: A buyer's agent works solely on behalf of the buyer and owes duties to the buyer which
include the utmost good faith, loyalty and fidelity. The agent will negotiate on behalf of and act as an
advocate for the buyer. The buyer is legally responsible for the actions of the agent when that agent is
acting within the scope of the agency. The agent must disclose to potential sellers all adverse material
facts concerning the buyer's financial ability to perform the terms of the transaction and whether the
buyer intends to occupy the property. A separate written buyer agency agreement is required which sets
forth the duties and obligations of the parties.
Transaction -Broker: A transaction -broker assists the buyer or seller or both throughout a real estate
transaction with communication, advice, negotiation, contracting and closing without being an agent or
advocate for any of the parties. The parties to a transaction are not legally responsible for the actions of
a transaction -broker and a transaction -broker does not owe those parties the duties of an agent.,_.
However, a transaction broker does owe the parties a number of statutory obligations and responsibilities,
including using reasonable skill and care in the performance of any oral or written agreement. A
transaction- broker must also make the same disclosures as agents about adverse material facts
concerning a property or a buyer's financial ability to perform the terms of a transaction and whether
the buyer intends to occupy the property. No written agreement is required.
* For purposes of these Definitions, buyer also means "tenant" and seller also means "landlord".
No.DD25 1-94 DEFINITIONS OF REAL ESTATE BROKERAGE RELATIONSHIPS
ISO -McAllister Publishing (800)336-1027 Prepared at Century 21 Becker Real Estate Co., Estes Park, CO 303-586-9551