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AHA Resolution 25-01 Approving a Purchase Agreement and Authorizing the Acquisition of a Town of Avon Employee Housing Unit at 3008 Wildridge Road Unit 1A
A Avon COLORADO THE HOUSING AUTHORITY OF THE TOWN OF AVON RESOLUTION 25-01 APPROVING A PURCHASE AGREEMENT AND AUTHORIZING THE ACQUISITION OF A TOWN OF AVON EMPLOYEE HOUSING UNIT AT 3008 WILDRIDGE ROAD UNIT 1A WHEREAS, the Housing Authority of the Town of Avon ("Authority") is organized under the laws of the State of Colorado and possesses the maximum powers, authority and privileges to which it is entitled under Colorado law; and WHEREAS, the Authority finds and determines that the availability of workforce housing is a crisis, which is negatively impacting employers in the Avon community, including the Town of Avon ("Town") as an employer; and WHEREAS, the Authority finds that acquiring residential property for the purpose of increasing the inventory of housing for Town employees will promote the Town's ability to recruit and retain employees for the provision of public services to the Avon community; and WHEREAS, the Town Council previously authorized the purchase of an employee housing unit as part of the approval of the 2025 Annual Budget during the December 10, 2024 Town Council meeting. NOW, THEREFORE, BE IT RESOLVED BY THE HOUSING AUTHORITY OF THE TOWN OF AVON that the Authority hereby approves that certain Contract to Buy and Sell Real Estate (Residential), dated December 20, 2024, as amended by that certain Counterproposal, dated December 22, 2024, both between the Town of Avon, as Buyer, and the Jonathan Pressman Living Trust, as Seller (collectively, the "Purchase Agreement"), which will be assigned to the Authority, as Buyer, and in connection therewith the Authority authorizes the acquisition of 3008 Wildridge Road Unit IA, Avon, CO 81620. ADOPTED January 14, 2025 by THE HOUSING AUTHORITY OF THE TOWN OF AVON BpraUndenvood, ' T Chairperson Attest: Miguel Jauregui Casan 'A OF Atrp� Authority lerd A L c6LORP6-9-11;-,11 Resolution 25-01 Purchase and Acquisition of 3008 Wildridge Rd IA January 14, 2025 Page 1 of I 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 5o 51 52 53 54 55 5s 57 Independent Broker PO Box 975 Avon, CO 81620 Patricia Liermann pattiliermann@gmail.com Ph:970-748-4091 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (CBS 1-8-24) (Mandatory 8-24) THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Date: 1212012024 AGREEMENT 1. AGREEMENT. Buyer agrees to buy and Seller agrees to sell the Property described below on the terms and conditions set forth in this contract (Contract). 2. PARTIES AND PROPERTY. 2.1. Buyer. Town of Avon, Colorado (Buyer) will take title to the Property described below as ❑ Joint Tenants ❑ Tenants In Common ® Other n1a. 2.2. No Assignability. This Contract IS NOT assignable by Buyer unless otherwise specified in Additional Provisions. 2.3. Seller. Jonathan Pressman Living Trust (Seller) is the current owner of the Property described below. 2.4. Property. The Property is the following legally described real estate in the County of Ea_q/e, Colorado (insert legal description): Subdivision: RIDGELINE CONDOMINIUMS Unit: Al known as: 3008 Wildridge Road, Al Avon, CO 81620 together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto and all interest of Seller in vacated streets and alleys adjacent thereto, except as herein excluded (Property). 2.5. Inclusions. The Purchase Price includes the following items (Inclusions): 2.5.1. Inclusions — Attached. If attached to the Property on the date of this Contract, the following items are included unless excluded under Exclusions: lighting, heating, plumbing, ventilating and air conditioning units, TV antennas, inside telephone, network and coaxial (cable) 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 any remote controls). If checked, the following are owned by the Seller and included: ❑ Solar Panels ❑ Water Softeners ❑ Security Systems ❑ Satellite Systems (including satellite dishes). Leased items should be listed under § 2.5.8. (Leased Items). If any additional items are attached to the Property after the date of this Contract, such additional items are also included in the Purchase Price. 2.5.2. Inclusions — Not Attached. If on the Property, whether attached or not, on the date of this Contract, the following items are included unless excluded under Exclusions: storm windows, storm doors, window and porch shades, awnings, blinds, screens, window coverings and treatments, curtain rods, drapery rods, fireplace inserts, fireplace screens, fireplace grates, heating stoves, storage sheds, carbon monoxide alarms, smoke/fire detectors and all keys. CBS I-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page I of 24 2.5.3. Other Inclusions. The following items, whether fixtures or personal property, are also included in the Purchase Price: Stove/Range, Dishwasher, Disposal. Range Hood, Refrigeratorr, Washer, Dryer. Ceiling fans. Furniture indicated in the Furniture Inventory List Addendum ❑ If the box is checked, Buyer and Seller have concurrently entered into a separate agreement for additional personal property outside of this Contract. 2.5.4. Home Warranty. Seller and Buyer are aware of the existence of pre -owned home warranty _ - programs that may be purchased and may cover the repair or replacement of certain Inclusions. 2.5.5. Encumbered Inclusions. Any Inclusions owned by Seller (e.g., owned solar panels) must be conveyed at Closing by Seller free and clear of all taxes (except personal property and general real estate taxes for the year of Closing), liens and encumbrances, except: None Buyer ❑ Will ® Will Not assume the debt and obligations on the Encumbered Inclusions subject to Buyer's review under §10.6. (Encumbered Inclusion Documents) and Buyer's receipt of written approval by such lender before Closing. If Buyer does not receive such approval this Contract terminates. 2.5.6. Personal Property Conveyance. Conveyance of all personal property will be by bill of sale or other applicable legal instrument. 2.5.7. Parking and Storage Facilities. The use or ownership of the following parking facilities: 1-car garage; and the use or ownership of the following storage facilities: Per HOA - Note to Buyer: If exact rights to the parking and storage facilities is a concern to Buyer, Buyer should investigate. 2.5.8. Leased Items. The following personal property is currently leased to Seller which will be transferred to Buyer at Closing (Leased Items): None Buyer ❑ Will ® Will Not assume Seller's debt and obligations under such leases for the Leased Items subject to Buyer's review under §10.6. (Leased Items Documents) and Buyer's receipt of written approval by such lender before Closing. If Buyer does not receive such approval this Contract terminates. ❑ 2.5.9. Solar Power Plan. If the box is checked, Seller has entered into a solar power purchase agreement, regardless of the name or title, to authorize a third -party to operate and maintain a photovoltaic system on the Property and provide electricity (Solar Power Plan) that will remain in effect after Closing. Buyer ❑ Will ❑ Will Not assume Seller's obligations under such Solar Power Plan subject to Buyer's review under §10.6. (Solar Power Plan) and Buyer's receipt of written approval by the third -party before Closing. If Buyer does not receive such approval this Contract terminates. 2.6. Exclusions. The following items are excluded (Exclusions): None 2.7. Water Rights/Well Rights. ❑ 2.7.1. Deeded Water Rights. The following legally described water rights: None Any deeded water rights will be conveyed by a good and sufficient n/a deed at Closing. ❑ 2.7.2. Other Rights Relating to Water. The following rights relating to water not included in §§ 2.7.1., 2.7.3. and 2.7.4., will be transferred to Buyer at Closing: None ❑ 2.7.3. Well Rights. Seller agrees to supply required information to Buyer about the well. Buyer understands that if the well to be transferred is a "Small Capacity Well" or a "Domestic Exempt Water Well" i�. used for ordinary household purposes, Buyer must, prior to or at Closing, complete a Change in Ownership I t C. form for the well. If an existing well has not been registered with the Colorado Division of Water Resources in M the Department of Natural Resources (Division), Buyer must complete a registration of existing well form for the well and pay the cost of registration. If no person will be providing a closing service in connection with the - transaction, Buyer must file the form with the Division within sixty days after Closing. The Well Permit # is n/a. CBSl-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 2 of 24 Tit 117 118 119 120 121 122 123 124 125 126 127 12E 129 130 131 132 133 134 135 136 137 138 139 14G 141 142 143 144 145 146 147 148 149 151) 151 152 153 154 155 15,6 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 ❑ 2.7.4. Water Stock. The water stock to be transferred at Closing are as follows: None 2.7.5. Conveyance. If Buyer is to receive any rights to water pursuant to § 2.7.2. (Other Rights Relating to Water), § 2.7.3. (Well Rights), or § 2.7.4. (Water Stock Certificates), Seller agrees to convey such rights to Buyer by executing the applicable legal instrument at Closing. 2.7.6. Water Rights Review. Buyer has a Right to Terminate if examination of the Water Rights is unsatisfactory to Buyer on or before the Water Rights Examination Deadline. 3. DATES, DEADLINES AND APPLICABILITY. 3.1. Dates and Deadlines. Item No. Reference Event Date or Deadline 1 § 3 Time of Day Deadline 6pm MST 2 § 4 Alternative Earnest Money Deadline 1212412024 Tuesday Title 3 § 8 Record Title Deadline (and Tax Certificate) MEC +5 4 § 8 Record Title Objection Deadline MEC +8 5 § 8 Off -Record Title Deadline MEC +5 6 § 8 Off -Record Title Objection Deadline MEC+8 7 § 8 Title Resolution Deadline MEC +11 8 § 8 Third Party Right to Purchase/Approve Deadline None Owners' Association 9 § 7 Association Documents Deadline MEC +5 10 § 7 Association Documents Termination Deadline MEC +8 Seller's Disclosures 11 § 10 Seller's Property Disclosure Deadline MEC +5 12 § 10 Lead -Based Paint Disclosure Deadline n/a Loan and Credit 13 § 5 New Loan Application Deadline None 14 § 5 New Loan Terms Deadline None 15 § 5 New Loan Availability Deadline None 16 § 5 Buyer's Credit Information Deadline None 17 § 5 Disapproval of Buyer's Credit Information Deadline None 18 § 5 Existing Loan Deadline None 19 § 5 Existing Loan Termination Deadline None 20 § 5 Loan Transfer Approval Deadline None 21 § 4 Seller or Private Financing Deadline None Appraisal 22 § 6 Appraisal Deadline 11612025 Monday 23 § 6 Appraisal Objection Deadline 11812025 Wednesday 24 § 6 Appraisal Resolution Deadline 111012025 Friday Survey 25 § 9 New ILC or New Survey Deadline None CBS I-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 3 of 24 �c} 26 § 9 New ILC or New Survey Objection Deadline None 27 § 9 New ILC or New Survey Resolution Deadline None Inspection and Due diligence 28 § 2 Water Rights Examination Deadline None 29 § 8 Mineral Rights Examination Deadline None 30 § 10 Inspection Termination Deadline MEC +11 31 § 10 Inspection Objection Deadline MEC +8 32 § 10 Inspection Resolution Deadline MEC +11 33 § 10 Property Insurance Termination Deadline None 34 § 10 Due Diligence Documents Delivery Deadline MEC +8 35 § 10 Due Diligence Documents Objection Deadline MEC +11 36 § 10 Due Diligence Documents Resolution Deadline MEC +13 37 § 10 Conditional Sale Deadline None 38 § 10 Lead -Based Paint Termination Deadline None Closing and Possession 39 § 12 Closing Date 2/6/2025 Thursday 40 § 17 Possession Date Upon closing 41 § 17 Possession Time 12:00pm MST 42 § 27 Acceptance Deadline Date 1212312024 Monday 43 § 27 Acceptance Deadline Time 5:00pm MST 44 n/a n/a n/a 45 n/a n/a n/a Note: If FHA or VA loan boxes are checked in § 4.5.3. (Loan Limitations), the Appraisal deadlines DO NOT apply to FHA insured or VA guaranteed loans. 3.2. Applicability of Terms. If any deadline blank in § 3.1. (Dates and Deadlines) is left blank or - completed with "N/A", or the word "Deleted," such deadline is not applicable and the corresponding provision containing the deadline is deleted. Any box checked in this Contract means the corresponding provision applies. If no box is checked in a provision that contains a selection of "None", such provision means that "None" applies. The abbreviation "MEC" (mutual execution of this Contract) means the date upon which both parties have signed this Contract. The abbreviation "N/A" as used in this Contract means not applicable. 3.3. Day; Computation of Period of Days; Deadlines. 3.3.1. Day. As used in this Contract, the term "day" means the entire day ending at 11:59 p.m., United States Mountain Time (Standard or Daylight Savings, as applicable). Except however, if a Time of Day Deadline is specified in § 3.1. (Dates and Deadlines), all Objection Deadlines, Resolution Deadlines, Examination Deadlines and Termination Deadlines will end on the specified deadline date at the time of day `., specified in the Time of Day Deadline, United States Mountain Time. If Time of Day Deadline is left blank or "N/A" the deadlines will expire at 11:59 p.m., United States Mountain Time. �. 3.3.2. Computation of Period of Days. In computing a period of days (e.g., three days after MEC), when the ending date is not specified, the first day is excluded and the last day is included. 3.3.3. Deadlines. If any deadline falls on a Saturday, Sunday or federal or Colorado state holiday (Holiday), such deadline ® Will ❑ Will Not be extended to the next day that is not a Saturday, Sunday or ` Holiday. Should neither box be checked, the deadline will not be extended. CBS1-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 4 of 24 233 234 4. PURCHASE PRICE AND TERMS. 235 235 4.1. Price and Terms. The Purchase Price set forth below is payable in U.S. Dollars by Buyer as 237 follows: 238 239 240 241 242 243 244 245 246 247 248 245 250 251 252 243 254 255 2%- 257 258 259 260 26-1 Item No. Reference Item Amount Amount 1 § 4.1. Purchase Price $ 816,000.00 2 § 4.3. Earnest Money $ 25,000.00 3 § 4.5. New Loan $ 4 § 4.6. Assumption Balance $ 5 § 4.7. Private Financing $ 6 § 4.7. Seller Financing $ 7 n/a n/a $ 8 n/a n/a $ 9 § 4.4. Cash at Closing $ 791,000.00 10 Total $ 816, 000.00 $ 816, 000.00 4.2. Seller Concession. At Closing, Seller will credit to Buyer $None (Seller Concession). The Seller Concession may be used for any Buyer fee, cost, charge or expenditure to the extent the amount is allowed by the Buyer's lender and is included in the Closing Statement or Closing Disclosure at Closing. Examples of allowable items to be paid for by the Seller Concession include, but are not limited to: Buyer's closing costs, loan discount points, loan origination fees, prepaid items and any other fee, cost, charge, expense or expenditure. Seller Concession is in addition to any sum Seller has agreed to pay or credit Buyer elsewhere in this Contract. 262 4.3. Earnest Money. The Earnest Money set forth in this Section, in the form of a good funds. 263 wire, or check, will be payable to and held by Title Company (Earnest Money Holder), in its trust 264 account, on behalf of both Seller and Buyer. The Earnest Money deposit must be tendered, by Buyer, with 265 this Contract unless the parties mutually agree to an Alternative Earnest Money Deadline for its payment. 266 The parties authorize delivery of the Earnest Money deposit to the company conducting the Closing (Closing 267 Company), if any, at or before Closing. In the event Earnest Money Holder has agreed to have interest on 268 Earnest Money deposits transferred to a fund established for the purpose of providing affordable housing to 269 Colorado residents, Seller and Buyer acknowledge and agree that any interest accruing on the Earnest 270 271 Money deposited with the Earnest Money Holder in this transaction will be transferred to such fund. 272 4.3.1. Alternative Earnest Money Deadline. The deadline for delivering the Earnest Money, if 273 other than at the time of tender of this Contract, is as set forth as the Alternative Earnest Money Deadline. 274 4.3.2. Disposition of Earnest Money. If Buyer has a Right to Terminate and timely terminates, 275 Buyer is entitled to the return of Earnest Money as provided in this Contract. If this Contract is terminated as 276 set forth in § 24 and, except as provided in § 23 (Earnest Money Dispute), if the Earnest Money has not 277 already been returned following receipt of a Notice to Terminate, Seller agrees to execute and return to Buyer 278 or Broker working with Buyer, written mutual instructions (e.g., Earnest Money Release form), within three 279 days of Seller's receipt of such form. If Seller is entitled to the Earnest Money, and, except as provided in § zsa 289 23 (Earnest Money Dispute), if the Earnest Money has not already been paid to Seller, following receipt of an 282 Earnest Money Release form, Buyer agrees to execute and return to Seller or Broker working with Seller, 283 written mutual instructions (e.g., Earnest Money Release form), within three days of Buyer's receipt. 284 4.3.2.1. Seller Failure to Timely Return Earnest Money. If Seller fails to timely execute 285 and return the Earnest Money Release Form, or other written mutual instructions, Seller is in default and 286 liable to Buyer as set forth in "If Seller is in Default", § 20.2. and § 21, unless Seller is entitled to the 287 Earnest Money due to a Buyer default. 288 4.3.2.2. Buyer Failure to Timely Release Earnest Money. If Buyer fails to timely execute 239 and return the Earnest Money Release Form, or other written mutual instructions, Buyer is in default and 290 CBS 1-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 5 of 24 liable to Seller as set forth in "If Buyer is in Default, § 20.1. and § 21, unless Buyer is entitled to the Earnest Money due to a Seller Default. 4.4. Form of Funds; Time of Payment; Available Funds. 4.4.1. Good Funds. All amounts payable by the parties at Closing, including any loan proceeds, Cash at Closing and closing costs, must be in funds that comply with all applicable Colorado laws, including electronic transfer funds, certified check, savings and loan teller's check and cashier's check (Good Funds). 4.4.2. Time of Payment. All funds, including the Purchase Price to be paid by Buyer, must be paid before or at Closing or as otherwise agreed in writing between the parties to allow disbursement by Closing Company at Closing OR SUCH NONPAYING PARTY WILL BE IN DEFAULT. 4.4.3. Available Funds. Buyer represents that Buyer, as of the date of this Contract, ® Does ❑ Does Not have funds that are immediately verifiable and available in an amount not less than the amount stated as Cash at Closing in § 4.1. 4.5. New Loan. (Omitted as inapplicable) 4.6. Assumption. (Omitted as inapplicable) 4.7. Seller or Private Financing. (Omitted as inapplicable) F7TRANSACTION PROVISIONS 5. FINANCING CONDITIONS AND OBLIGATIONS. - (Omitted as inapplicable) 5.3. Credit Information. (Omitted as inapplicable) 5.4. Existing Loan Review. (Omitted as inapplicable) 5.5. Buyer Representation of Principal Residence. Buyer represents that Buyer will occupy the Property as Buyer's principal residence unless the following box is checked, then Buyer ❑ represents that Buyer will NOT occupy the Property as Buyer's principal residence. <_ 1 6. APPRAISAL PROVISIONS. 6.1. Appraisal Definition. An "Appraisal" is an opinion of value prepared by a licensed or certified appraiser, engaged on behalf of Buyer or Buyer's lender, to determine the Property's market value (Appraised Value). The Appraisal may also set forth certain lender requirements, replacements, removals or repairs necessary on or to the Property as a condition for the Property to be valued at the Appraised Value. 6.2. Appraised Value. The applicable appraisal provision set forth below applies to the respective loan type set forth in § 4.5.3., or if a cash transaction (i.e., no financing), § 6.2.1. applies. 6.2.1. Conventional/Other. Buyer has the right to obtain an Appraisal. If the Appraised Value is less than the Purchase Price, or if the Appraisal is not received by Buyer on or before Appraisal Deadline Buyer may, on or before Appraisal Objection Deadline: 6.2.1.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1., that this Contract is terminated; or 6.2.1.2. Appraisal Objection. Deliver to Seller a written objection accompanied by either a copy of the Appraisal or written notice from lender that confirms the Appraised Value is less than the Purchase Price (Lender Verification). 6.2.1.3. Appraisal Resolution. If an Appraisal Objection is received by Seller, on or before Appraisal Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Appraisal Resolution Deadline, this Contract will terminate on the Appraisal Resolution Deadline, unless Seller receives Buyer's written withdrawal of the Appraisal Objection before such termination, (i.e., on or before expiration of Appraisal Resolution Deadline). 6.2.2. FHA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the purchaser (Buyer) shall not be obligated to complete the purchase of the Property described herein or to incur any penalty by forfeiture of Earnest Money deposits or otherwise unless the purchaser (Buyer) has been given, in accordance with HUD/FHA or VA requirements, a written statement issued by the Federal CBS I -8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 6 of 24 350 Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement lender, setting forth the 351 appraised value of the Property of not less than $n/a. The purchaser (Buyer) shall have the privilege and 352 option of proceeding with the consummation of this Contract without regard to the amount of the appraised 353 valuation. The appraised valuation is arrived at to determine the maximum mortgage the Department of 354 Housing and Urban Development will insure. HUD does not warrant the value nor the condition of the 355 Property. The purchaser (Buyer) should satisfy himself/herself/themselves that the price and condition of the 356 Property are acceptable. 357 358 6.2.3. VA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the 359 purchaser (Buyer) shall not incur any penalty by forfeiture of Earnest Money or otherwise or be obligated to 360 complete the purchase of the Property described herein, if the Contract Purchase Price or cost exceeds the 361 reasonable value of the Property established by the Department of Veterans Affairs. The purchaser (Buyer) 362 shall, however, have the privilege and option of proceeding with the consummation of this Contract without 363 regard to the amount of the reasonable value established by the Department of Veterans Affairs. 364 6.3. Lender Property Requirements. If the lender imposes any written requirements, replacements, 365 removals or repairs, including any specified in the Appraisal (Lender Property Requirements) to be made to 366 the Property e. roof repair, repainting),be and those matters already agreed to b Seller in this Contract, 367 P Y( 9�� P Y Y 9 Y 7 this Contract terminates on the earlier of three days following Seller's receipt of the Lender Property 36 36Requirements, or Closing, unless prior to termination: (1) the parties enter into a written agreement to satisfy 370 the Lender Property Requirements; (2) the Lender Property Requirements have been completed; or (3) the 371 satisfaction of the Lender Property Requirements is waived in writing by Buyer. 372 6.4. Cost of Appraisal. Cost of the Appraisal to be obtained after the date of this Contract must be 373 timely paid by ® Buyer ❑ Seller. The cost of the Appraisal may include any and all fees paid to the 374 appraiser, appraisal management company, lender's agent or all three. 375 376 7 OWNERS' ASSOCIATIONS. This Section is applicable if the Property is located within one or more 377 373 Common Interest Communities and subject to one or more declarations (Association). 379 7.1. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A 380 COMMON INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY. 381 THE OWNER OF THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS' 382 ASSOCIATION FOR THE COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND 383 REGULATIONS OF THE ASSOCIATION. THE DECLARATION, BYLAWS AND RULES AND 394 REGULATIONS WILL IMPOSE FINANCIAL OBLIGATIONS UPON THE OWNER OF THE PROPERTY, 385 INCLUDING AN OBLIGATION TO PAY ASSESSMENTS OF THE ASSOCIATION. IF THE OWNER DOES 386 NOT PAY THESE ASSESSMENTS, THE ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY assAND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING CHANGES TO THE 388 399 PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A COMMITTEE OF 39.1 THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF PROPERTY 392 WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL 393 OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ 394 THE DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF 395 THE ASSOCIATION. 396 7.2. Association Documents to Buyer. Seller is obligated to provide to Buyer the Association 397 Documents (defined below), at Seller's expense, on or before Association Documents Deadline. Seller 398 authorizes the Association to provide the Association Documents to Buyer, at Seller's expense. Seller's 399 obligation to provide the Association Documents is fulfilled upon Buyer's receipt of the Association 400 409 Documents, regardless of who provides such documents. 402 7.3. Association Documents. Association documents (Association Documents) consist of the 403 following: 404 7.3.1. All Association declarations, articles of incorporation, bylaws, articles of organization, 405 operating agreements, rules and regulations, party wall agreements and the Association's responsible 406 governance policies adopted under § 38-33.3-209.5, C.R.S.; 407 CBS 1-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 7 of 24 7.3.2. Minutes of: (1) the annual owners' or members' meeting and (2) any executive boards' or -' managers' meetings; such minutes include those provided under the most current annual disclosure required under § 38-33.3-209.4, C.R.S. (Annual Disclosure) and minutes of meetings, if any, subsequent to the minutes disclosed in the Annual Disclosure. If none of the preceding minutes exist, then the most recent minutes, if any (§§ 7.3.1. and 7.3.2., collectively, Governing Documents); and 7.3.3. List of all Association insurance policies as provided in the Association's last Annual Disclosure, including, but not limited to, property, general liability, association director and officer professional liability and fidelity policies. The list must include the company names, policy limits, policy deductibles, additional named insureds and expiration dates of the policies listed (Association Insurance Documents); 7.3.4. A list by unit type of the Association's assessments, including both regular and special assessments as disclosed in the Association's last Annual Disclosure; 7.3.5. The Association's most recent financial documents which consist of: (1) the Association's operating budget for the current fiscal year, (2) the Association's most recent annual financial statements, including any amounts held in reserve for the fiscal year immediately preceding the Association's last Annual Disclosure, (3) the results of the Association's most recent available financial audit or review, (4) list of the fees and charges (regardless of name or title of such fees or charges) that the Association's community association manager or Association will charge in connection with the Closing including, but not limited to, any fee incident to the issuance of the Association's statement of assessments (Status Letter), any rush or _= update fee charged for the Status Letter, any record change fee or ownership record transfer fees (Record -= Change Fee), fees to access documents, (5) list of all assessments required to be paid in advance, reserves or working capital due at Closing and (6) reserve study, if any (§§ 7.3.4. and 7.3.5., collectively, Financial Documents); 7.3.6. Any written notice from the Association to Seller of a "construction defect action" under § 38-33.3-303.5, C.R.S. within the past six months and the result of whether the Association approved or disapproved such action (Construction Defect Documents). Nothing in this Section limits the Seller's obligation to disclose adverse material facts as required under § 10.2. (Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition) including any problems or defects in the common elements or limited common elements of the Association property. 7.4. Conditional on Buyer's Review. Buyer has the right to review the Association Documents. Buyer has the Right to Terminate under § 24.1., on or before Association Documents Termination Deadline, based on any unsatisfactory provision in any of the Association Documents, in Buyer's sole subjective discretion. Should Buyer receive the Association Documents after Association Documents Deadline, Buyer, at Buyer's option, has the Right to Terminate under § 24.1. by Buyer's Notice to Terminate received by Seller on or before ten days after Buyer's receipt of the Association Documents. If Buyer does not receive the Association Documents, or if Buyer's Notice to Terminate would otherwise be required to be received by Seller after Closing Date, Buyer's Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer's Notice to Terminate within such time, Buyer accepts the provisions of the Association Documents as satisfactory and Buyer waives any Right to Terminate under this provision, notwithstanding the provisions of § 8.6. (Third Party Right to Purchase/Approve). 8. TITLE INSURANCE, RECORD TITLE AND OFF -RECORD TITLE. 8.1. Evidence of Record Title. ® 8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will select the title insurance company to furnish the owner's title insurance policy at Seller's expense. On or before Record Title Deadline, Seller must furnish to Buyer, a current commitment for an owner's title insurance policy (Title Commitment), in an amount equal to the Purchase Price, or if this box is checked, ❑ an Abstract of Title certified to a current date. Seller will cause the title insurance policy to be issued and delivered to Buyer as soon as practicable at or after Closing. ❑ 8.1.2. Buyer Selects Title Insurance Company. If this box is checked, Buyer will select the title insurance company to furnish the owner's title insurance policy at Buyer's expense. On or before Record Title Deadline, Buyer must furnish to Seller, a current commitment for owner's title insurance policy (Title Commitment) in an amount a ual to the Purchase Price - q CBS I -8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 8 of 24 4M If neither box in § 8.1.1. or § 8.1.2. is checked, § 8.1.1. applies. 467 468 8.1.3. Owner's Extended Coverage (OEC). The Title Commitment ® Will ❑ Will Not contain 4,65 Owner's Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or 470 insure over the standard exceptions which relate to: (1) parties in possession, (2) unrecorded easements, (3) 471 survey matters, (4) unrecorded mechanics' liens, (5) gap period (period between the effective date and time 472 of commitment to the date and time the deed is recorded) and (6) unpaid taxes, assessments and 473 unredeemed tax sales prior to the year of Closing. Any additional premium expense to obtain OEC will be 474 paid by ❑ Buyer ® Seller ❑ One -Half by Buyer and One -Half by Seller ❑ Other n/a. 475 Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or 476 delete or insure over any or all of the standard exceptions for OEC. The Title Insurance Company may 477 require a New Survey or New ILC, defined below, among other requirements for OEC. If the Title Insurance 47E 479 Commitment is not satisfactory to Buyer, Buyer has a right to object under § 8.7. (Right to Object to Title, 480 Resolution). 481 8.1.4. Title Documents. Title Documents consist of the following: (1) copies of any plats, 482 declarations, covenants, conditions and restrictions burdening the Property and (2) copies of any other 4831 documents (or, if illegible, summaries of such documents) listed in the schedule of exceptions (Exceptions) in 484 the Title Commitment furnished to Buyer (collectively, Title Documents). 485 8.1.5. Copies of Title Documents. Buyer must receive, on or before Record Title Deadline, 4&6 copies of all Title Documents. This requirement pertains only to documents as shown of record in the office of 467 the clerk and recorder in the county where the Property is located. The cost of furnishing copies of the 4 4W documents required in this Section will be at the expense of the party or parties obligated to pay for the 490 owner's title insurance policy. 491 8.1.6. Existing Abstracts of Title. Seller must deliver to Buyer copies of any abstracts of title 492 covering all or any portion of the Property (Abstract of Title) in Seller's possession on or before Record Title 493 Deadline. 494 8.2. Record Title. Buyer has the right to review and object to the Abstract of Title or Title Commitment 495 and any of the Title Documents as set forth in § 8.7. (Right to Object to Title, Resolution) on or before 496 Record Title Objection Deadline. Buyer's objection may be based on any unsatisfactory form or content of 497 Title Commitment or Abstract of Title, notwithstanding § 13, or any other unsatisfactory title condition, in 498 496 Buyer's sole subjective discretion. If the Abstract of Title, Title Commitment or Title Documents are not .00 received by Buyer on or before the Record Title Deadline, or if there is an endorsement to the Title 501 Commitment that adds a new Exception to title, a copy of the new Exception to title and the modified Title 502 Commitment will be delivered to Buyer. Buyer has until the earlier of Closing or ten days after receipt of such 5,n documents by Buyer to review and object to: (1) any required Title Document not timely received by Buyer, 504 (2) any change to the Abstract of Title, Title Commitment or Title Documents, or (3) any endorsement to the 505 Title Commitment. If Seller receives Buyer's Notice to Terminate or Notice of Title Objection, pursuant to this 506 § 8.2. (Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.7. (Right to 507 Object to Title, Resolution). If Seller has fulfilled all Seller's obligations, if any, to deliver to Buyer all 508 documents required by § 8.1. (Evidence of Record Title) and Seller does not receive Buyer's Notice to 509 Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer accepts the condition I 10 411 of title as disclosed by the Abstract of Title, Title Commitment and Title Documents as satisfactory. 512 8.3. Off -Record Title. Seller must deliver to Buyer, on or before Off -Record Title Deadline, true 513 copies of all existing surveys in Seller's possession pertaining to the Property and must disclose to Buyer all 514 easements, liens (including, without limitation, governmental improvements approved, but not yet installed) or 515 other title matters not shown by public records, of which Seller has actual knowledge (Off -Record Matters). 516 This Section excludes any New ILC or New Survey governed under § 9 (New ILC, New Survey). Buyer has 517 the right to inspect the Property to investigate if any third party has any right in the Property not shown by 518 public records (e.g., unrecorded easement, boundary line discrepancy or water rights). Buyer's Notice to 519 Terminate or Notice of Title Objection of any unsatisfactory condition (whether disclosed by Seller or revealed 520 by such inspection, notwithstanding § 8.2. (Record Title) and § 13 (Transfer of Title)), in Buyer's sole 521 subjective discretion, must be received by Seller on or before Off -Record Title Objection Deadline. If an 522 523 Off -Record Matter is received by Buyer after the Off -Record Title Deadline, Buyer has until the earlier of 524 Closing or ten days after receipt by Buyer to review and object to such Off -Record Matter. If Seller receives CBS 1-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 9 of 24 Buyer's Notice to Terminate or Notice of Title Objection pursuant to this § 8.3. (Off -Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.7. (Right to Object to Title, Resolution). If Seller does not receive Buyer's Notice to Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer accepts title subject to such Off -Record Matters and rights, if any, of third parties not shown by public records of which Buyer has actual knowledge. 8.4. Special Taxing and Metropolitan Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF SUCH DEBT WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE THE SPECIAL TAXING DISTRICTS IN WHICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY TREASURER, BY REVIEWING THE CERTIFICATE OF TAXES DUE FOR THE PROPERTY AND BY OBTAINING FURTHER INFORMATION FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY CLERK AND RECORDER, OR THE COUNTY ASSESSOR. The official website for the Metropolitan District, if any, is: n/a. 8.5. Tax Certificate. A tax certificate paid for by ® Seller ❑ Buyer, for the Property listing any special taxing or metropolitan districts that affect the Property (Tax Certificate) must be delivered to Buyer on or before Record Title Deadline. If the content of the Tax Certificate is unsatisfactory to Buyer, in Buyer's sole subjective discretion, Buyer may terminate, on or before Record Title Objection Deadline. Should Buyer receive the Tax Certificate after Record Title Deadline, Buyer, at Buyer's option, has the Right to Terminate under § 24.1. by Buyer's Notice to Terminate received by Seller on or before ten days after Buyer's receipt of the Tax Certificate. If Buyer does not receive the Tax Certificate, or if Buyer's Notice to Terminate would otherwise be required to be received by Seller after Closing Date, Buyer's Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer's Notice to Terminate within such time, Buyer accepts the content of the Tax Certificate as satisfactory and Buyer waives any Right to Terminate under this provision. If Buyer's loan specified in §4.5.3. (Loan Limitations) prohibits Buyer from paying for the Tax Certificate, the Tax Certificate will be paid for by Seller. 8.6. Third Party Right to Purchase/Approve. If any third party has a right to purchase the Property (e.g., right of first refusal on the Property, right to purchase the Property under a lease or an option held by a third party to purchase the Property) or a right of a third party to approve this Contract, Seller must promptly submit this Contract according to the terms and conditions of such right. If the third -party holder of such right exercises its right this Contract will terminate. If the third party's right to purchase is waived explicitly or expires, or the Contract is approved, this Contract will remain in full force and effect. Seller must promptly notify Buyer in writing of the foregoing. If the third party right to purchase is exercised or approval of this Contract has not occurred on or before Third Party Right to Purchase/Approve Deadline, this Contract will then terminate. Seller will supply to Buyer, in writing, details of any Third Party Right to Purchase the Property on or before the Record Title Deadline. 8.7. Right to Object to Title, Resolution. Buyer has a right to object or terminate, in Buyer's sole subjective discretion, based on any title matters including those matters set forth in § 8.2. (Record Title), § 8.3. (Off -Record Title), § 8.5. (Tax Certificate) and § 13 (Transfer of Title). If Buyer exercises Buyer's rights to object or terminate based on any such title matter, on or before the applicable deadline, Buyer has the following options: 8.7.1. Title Objection, Resolution. If Seller receives Buyer's written notice objecting to any title matter (Notice of Title Objection) on or before the applicable deadline and if Buyer and Seller have not agreed to a written settlement thereof on or before Title Resolution Deadline, this Contract will terminate on the expiration of Title Resolution Deadline, unless Seller receives Buyer's written withdrawal of Buyer's Notice of Title Objection (i.e., Buyer's written notice to waive objection to such items and waives the Right to Terminate for that reason), on or before expiration of Title Resolution Deadline. If either the Record Title Deadline or the Off -Record Title Deadline, or both, are extended pursuant to § 8.2. (Record Title) or § 8.3. (Off -Record Title) the Title Resolution Deadline also will be automatically extended to the earlier of Closing or w fifteen days after Buyer's receipt of the applicable documents; or CBSl-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 10 of24 583 8.7.2. Title Objection, Right to Terminate. Buyer may exercise the Right to Terminate under § 584 24.1., on or before the applicable deadline, based on any title matter unsatisfactory to Buyer, in Buyer's sole 585 subjective discretion. 586 8.8. Title Advisory. The Title Documents affect the title, ownership and use of the Property and 88 586 587 should be reviewed carefully. Additionally, other matters not reflected in the Title Documents may affect the 589 title, ownership and use of the Property, including, without limitation, boundary lines and encroachments, 590 set -back requirements, area, zoning, building code violations, unrecorded easements and claims of 591 easements, leases and other unrecorded agreements, water on or under the Property and various laws and 592 governmental regulations concerning land use, development and environmental matters. 593 8.8.1. OIL, GAS, WATER AND MINERAL DISCLOSURE. THE SURFACE ESTATE OF THE 594 PROPERTY MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE AND 595 TRANSFER OF THE SURFACE ESTATE MAY NOT NECESSARILY INCLUDE TRANSFER OF THE 596 MINERAL ESTATE OR WATER RIGHTS. THIRD PARTIES MAY OWN OR LEASE INTERESTS IN OIL, 597 GAS, OTHER MINERALS, GEOTHERMAL ENERGY OR WATER ON OR UNDER THE SURFACE OF THE 598 PROPERTY, WHICH INTERESTS MAY GIVE THEM RIGHTS TO ENTER AND USE THE SURFACE OF 599 600 THE PROPERTY TO ACCESS THE MINERAL ESTATE, OIL, GAS OR WATER. 601 8.8.2. SURFACE USE AGREEMENT. THE USE OF THE SURFACE ESTATE OF THE 602 PROPERTY TO ACCESS THE OIL, GAS OR MINERALS MAY BE GOVERNED BY A SURFACE USE 603 AGREEMENT, A MEMORANDUM OR OTHER NOTICE OF WHICH MAY BE RECORDED WITH THE 604 COUNTY CLERK AND RECORDER. 605 8.8.3. OIL AND GAS ACTIVITY. OIL AND GAS ACTIVITY THAT MAY OCCUR ON OR 60 ADJACENT TO THE PROPERTY MAY INCLUDE, BUT IS NOT LIMITED TO, SURVEYING, DRILLING, 607 WELL COMPLETION OPERATIONS, STORAGE, OIL AND GAS, OR PRODUCTION FACILITIES, 608 PRODUCING WELLS, REWORKING OF CURRENT WELLS AND GAS GATHERING AND PROCESSING 610 FACILITIES. 611 8.8.4. ADDITIONAL INFORMATION. BUYER IS ENCOURAGED TO SEEK ADDITIONAL 612 INFORMATION REGARDING OIL AND GAS ACTIVITY ON OR ADJACENT TO THE PROPERTY, 613 INCLUDING DRILLING PERMIT APPLICATIONS. THIS INFORMATION MAY BE AVAILABLE FROM THE 614 COLORADO OIL AND GAS CONSERVATION COMMISSION. 615 8.8.5. Title Insurance Exclusions. Matters set forth in this Section and others, may be 616 excepted, excluded from, or not covered by the owner's title insurance policy. 617 618 8.9. Mineral Rights Review. Buyer has a Right to Terminate if examination of the Mineral Rights is 619 unsatisfactory to Buyer on or before the Mineral Rights Examination Deadline. 620 621 9. NEW ILC, NEW SURVEY. 622 9.1. New ILC or New Survey. If the box is checked, (1) ❑ New Improvement Location Certificate 623 (New ILC); or, (2) ❑ New Survey in the form of n/a; is required and the following will apply: 624 625 9.1.1. Ordering of New ILC or New Survey. ElSeller ElBuyer will order the New ILC or New 626 Survey. The New ILC or New Survey may also be a previous ILC or survey that is in the above -required form, 627 certified and updated as of a date after the date of this Contract. 628 9.1.2. Payment for New ILC or New Survey. The cost of the New ILC or New Survey will be paid, on 629 or before Closing, by: ❑ Seller ❑ Buyer or: 630 n/a 631 9.1.3. Delivery of New ILC or New Survey. Buyer, Seller, the issuer of the Title Commitment (or 632 the provider of the opinion of title if an Abstract of Title) and n/a will receive a New ILC or New Survey on or 633 634 before New ILC or New Survey Deadline. 635 9.1.4. Certification of New ILC or New Survey. The New ILC or New Survey will be certified by 6?6 the surveyor to all those who are to receive the New ILC or New Survey. 637 9.2. Buyer's Right to Waive or Change New ILC or New Survey Selection. Buyer may select a 638 New ILC or New Survey different than initially specified in this Contract if there is no additional cost to Seller 639 or change to the New ILC or New Survey Objection Deadline. Buyer may, in Buyer's sole subjective 640 discretion, waive a New ILC or New Survey if done prior to Seller incurring any cost for the same. CBS I-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page I I of 24 9.3. New ILC or New Survey Objection. Buyer has the right to review and object based on the New ILC or New Survey. If the New ILC or New Survey is not timely received by Buyer or is unsatisfactory to Buyer, in Buyer's sole subjective discretion, Buyer may, on or before New ILC or New Survey Objection Deadline, notwithstanding § 8.3. or § 13: 9.3.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1, that this Contract is terminated; or 9.3.2. New ILC or New Survey Objection. Deliver to Seller a written description of any matter that was to be shown or is shown in the New ILC or New Survey that is unsatisfactory and that Buyer requires Seller to correct. 9.3.3. New ILC or New Survey Resolution. If a New ILC or New Survey Objection is received by Seller, on or before New ILC or New Survey Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before New ILC or New Survey Resolution Deadline, this Contract will terminate on expiration of the New ILC or New Survey Resolution Deadline, unless Seller receives Buyer's written withdrawal of the New ILC or New Survey Objection before such termination (i.e., on or before expiration of New ILC or New Survey Resolution Deadline). DISCLOSURE, INSPECTION AND DUE DILIGENCE 10. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, DUE DILIGENCE AND SOURCE OF WATER. 10.1. Seller's Property Disclosure. On or before Seller's Property Disclosure Deadline , Seller agrees to deliver to Buyer the most current version of the applicable Colorado Real Estate Commission's Seller's Property Disclosure form completed by Seller to Seller's actual knowledge and current as of the date of this Contract. 10.2. Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition. Seller must disclose to Buyer any adverse material facts actually known by Seller as of the date of this Contract. Seller agrees that disclosure of adverse material facts will be in writing. In the event Seller discovers an adverse material fact after the date of this Contract, Seller must timely disclose such adverse fact to Buyer. Buyer has the Right to Terminate based on the Seller's new disclosure on the earlier of Closing or five days after Buyer's receipt of the new disclosure. Except as otherwise provided in this Contract, Buyer acknowledges that Seller is conveying the Property and Inclusions to Buyer in an "As W' condition, " Where Is" and " With All Faults" 10.3. Inspection. Unless otherwise provided in this Contract, Buyer, acting in good faith, has the right to have inspections (by one or more third parties, personally or both) of the Property, Leased Items, and Inclusions (Inspection), at Buyer's expense. If (1) the physical condition of the Property, including, but not - limited to, the roof, walls, structural integrity of the Property, the electrical, plumbing, HVAC and other mechanical systems of the Property, (2) the physical condition of the Inclusions and Leased Items, (3) service to the Property (including utilities and communication services), systems and components of the Property (e.g., heating and plumbing), (4) any proposed or existing transportation project, road, street or highway, or (5) any other activity, odor or noise (whether on or off the Property) and its effect or expected effect on the Property or its occupants is unsatisfactory, in Buyer's sole subjective discretion, Buyer may: 10.3.1. Inspection Termination. On or before the Inspection Termination Deadline, notify Seller in writing, pursuant to § 24.1., that this Contract is terminated due to any unsatisfactory condition, provided the Buyer did not previously deliver an Inspection Objection. Buyer's Right to Terminate under this provision expires upon delivery of an Inspection Objection to Seller pursuant to § 10.3.2.; or 10.3.2. Inspection Objection. On or before the Inspection Objection Deadline, deliver to Seller a written description of any unsatisfactory condition that Buyer requires Seller to correct. 10.3.3. Inspection Resolution. If an Inspection Objection is received by Seller, on or before Inspection Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Inspection Resolution Deadline, this Contract will terminate on Inspection Resolution Deadline unless Seller receives Buyer's written withdrawal of the Inspection Objection before such termination (i.e., on CBSI-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 12 of 24 700 or before expiration of Inspection Resolution Deadline). Nothing in this provision prohibits the Buyer and 701 the Seller from mutually terminating this Contract before the Inspection Resolution Deadline passes by 702 executing an Earnest Money Release. 703 10.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided in this Contract or other 704 written agreement between the parties, is responsible for payment for all inspections, tests, surveys, 705 engineering reports, or other reports performed at Buyer's request (Work) and must pay for any damage that 706 occurs to the Property and Inclusions as a result of such Work. Buyer must not permit claims or liens of any 7@7 706 kind against the Property for Work performed on the Property. Buyer agrees to indemnify, protect and hold 709 Seller harmless from and against any liability, damage, cost or expense incurred by Seller and caused by any 710 such Work, claim, or lien. This indemnity includes Seller's right to recover all costs and expenses incurred by 711 Seller to defend against any such liability, damage, cost or expense, or to enforce this Section, including 712 Seller's reasonable attorney fees, legal fees and expenses. The provisions of this Section survive the 713 termination of this Contract. This § 10.4. does not apply to items performed pursuant to an Inspection 714 Resolution. 71`. 10.5. Insurability. Buyer has the Right to Terminate under § 24.1., on or before Property Insurance 716 Termination Deadline, based on any unsatisfactory provision of the availability, terms and conditions and 717 premium for property insurance (Property Insurance on the Property, in Buyer's sole subjective discretion. 716 p p P Y ( P Y ) P Y Y 1 719 10.6. Due Diligence. 724 10.6.1. Due Diligence Documents. Seller agrees to deliver copies of the following documents 721 and information pertaining to the Property and Leased Items (Due Diligence Documents) to Buyer on or 722 before Due Diligence Documents Delivery Deadline: 723 10.6.1.1. Occupancy Agreements. All current leases, including any amendments or other 724 occupancy agreements, pertaining to the Property. Those leases or other occupancy agreements pertaining 725 to the Property that survive Closing are as follows (Leases): 726 None 727 728 10.6.1.2. Leased Items Documents. If any lease of personal property (§ 2.5.8., Leased 72-9 Items) will be transferred to Buyer at Closing, Seller agrees to deliver copies of the leases and information 730 pertaining to the personal property to Buyer on or before Due Diligence Documents Delivery Deadline. 731 732 10.6.1.3. Encumbered Inclusions Documents. If any Inclusions owned by Seller are 733 encumbered pursuant to § 2.5.5. (Encumbered Inclusions) above, Seller agrees to deliver copies of the 734 evidence of debt, security and any other documents creating the encumbrance to Buyer on or before Due 735 Diligence Documents Delivery Deadline. 736 737 10.6.1.4. Solar Power Plan. Copy of any Solar Power Plan not included in Leased Items 7W (regardless of its name or title). 739 10.6.1.5. Septic Use Permit. If required by the local health department or other applicable 740 government entity, on or before the local health department's applicable deadline, Seller must pay for and 741 furnish to Buyer a Septic Use Permit. 742 10.6.1.6. Other Documents. Other documents and information: 74� Furniture Inventory List 7" 745 10.6.2. Due Diligence Documents Review and Objection. Buyer has the right to review and 746 object based on the Due Diligence Documents. If the Due Diligence Documents are not supplied to Buyer or 747 are unsatisfactory, in Buyer's sole subjective discretion, Buyer may, on or before Due Diligence Documents 748 Objection Deadline: 749 10.6.2.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1., that this Contract 75-13 is terminated; or 751 10.6.2.2. Due Diligence Documents Objection. Deliver to Seller a written description of 752 752 any unsatisfactory Due Diligence Documents that Buyer requires Seller to correct. 754 10.6.2.3. Due Diligence Documents Resolution. If a Due Diligence Documents Objection 755 is received by Seller, on or before Due Diligence Documents Objection Deadline and if Buyer and Seller 756 have not agreed in writing to a settlement thereof on or before Due Diligence Documents Resolution 757 Deadline, this Contract will terminate on Due Diligence Documents Resolution Deadline unless Seller CBS 1-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 13 of 24 receives Buyer's written withdrawal of the Due Diligence Documents Objection before such termination (i.e., on or before expiration of Due Diligence Documents Resolution Deadline). 10.6.2.4. Automatic Due Diligence Extension. If a Due Diligence Document is not delivered on or before the Due Diligence Documents Deadline, Buyer has until the earlier of Closing or ten days after receipt by Buyer to review and object to such Due Diligence Document. If Buyer's right to review and object to such Due Diligence Document is extended due to such Due Diligence Document not being delivered on or before the Due Diligence Documents Deadline, the Due Diligence Document Resolution Deadline will also be extended to the earlier of Closing or fifteen days after Buyer's receipt of such Due Diligence Document. 10.7. Conditional Upon Sale of Property. This Contract is conditional upon the sale and closing of that certain property owned by Buyer and commonly known as None. Buyer has the Right to Terminate under § 24.1. effective upon Seller's receipt of Buyer's Notice to Terminate on or before Conditional Sale Deadline if such property is not sold and closed by such deadline. This Section is for the sole benefit of Buyer. If Seller does not receive Buyer's Notice to Terminate on or before Conditional Sale Deadline, Buyer waives any Right to Terminate under this provision. 10.8. Source of Potable Water (Residential Land and Residential Improvements Only). Buyer ❑ Does ® Does Not acknowledge receipt of a copy of Seller's Property Disclosure or Source of Water Addendum disclosing the source of potable water for the Property. ❑ There is No Well. Buyer ❑ Does ❑ Does Not acknowledge receipt of a copy of the current well permit. Note to Buyer: SOME WATER PROVIDERS RELY, TO VARYING DEGREES, ON NONRENEWABLE GROUND WATER. YOU MAY WISH TO CONTACT YOUR PROVIDER (OR INVESTIGATE THE DESCRIBED SOURCE) TO DETERMINE THE LONG-TERM SUFFICIENCY OF THE PROVIDER'S WATER SUPPLIES. 10.9. Existing Leases; Modification of Existing Leases; New Leases. [Intentionally Deleted] 10.10. Lead -Based Paint. 10.10.1. Lead -Based Paint Disclosure. Unless exempt, if the Property includes one or more residential dwellings constructed or a building permit was issued prior to January 1, 1978, for the benefit of Buyer, Seller and all required real estate licensees must sign and deliver to Buyer a completed Lead -Based Paint Disclosure (Sales) form on or before the Lead -Based Paint Disclosure Deadline. If Buyer does not timely receive the Lead -Based Paint Disclosure, Buyer may waive the failure to timely receive the Lead -Based Paint Disclosure, or Buyer may exercise Buyer's Right to Terminate under § 24.1. by Seller's receipt of Buyer's Notice to Terminate on or before the expiration of the Lead -Based Paint Termination Deadline. v= 10.10.2. Lead -Based Paint Assessment. If Buyer elects to conduct or obtain a risk assessment or inspection of the Property for the presence of Lead -Based Paint or Lead -Based Paint hazards, Buyer has a Right to Terminate under § 24.1. by Seller's receipt of Buyer's Notice to Terminate on or before the expiration of the Lead -Based Paint Termination Deadline. Buyer may elect to waive Buyer's right to conduct or obtain a risk assessment or inspection of the Property for the presence of Lead -Based Paint or Lead -Based Paint hazards. If Seller does not receive Buyer's Notice to Terminate within such time, Buyer accepts the condition of the Property relative to any Lead -Based Paint as satisfactory and Buyer waives any Right to Terminate under this provision. 10.11. Carbon Monoxide Alarms. Note: If the improvements on the Property have a fuel -fired heater or appliance, a fireplace, or an attached garage and include one or more rooms lawfully used for sleeping purposes (Bedroom), the parties acknowledge that Colorado law requires that Seller assure the Property has an operational carbon monoxide alarm installed within fifteen feet of the entrance to each Bedroom or in a _!?r location as required by the applicable building code. 10.12. Methamphetamine Disclosure. If Seller knows that methamphetamine was ever manufactured, processed, cooked, disposed of, used or stored at the Property, Seller is required to disclose such fact. No disclosure is required if the Property was remediated in accordance with state standards and other requirements are fulfilled pursuant to § 25-18.5-102, C.R.S., Buyer further acknowledges that Buyer has the right to engage a certified hygienist or industrial hygienist to test whether the Property has ever been used as a methamphetamine laboratory. Buyer has the Right to Terminate under § 24.1., upon Seller's CBS I-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 14 of 24 0 1O receipt of Buyer's written Notice to Terminate, notwithstanding any other provision of this Contract, based on 817 817 Buyer's test results that indicate the Property has been contaminated with methampheta mine, but has not 818 819 been remediated to meet the standards established by rules of the State Board of Health promulgated 820 pursuant to § 25-18.5-102, C.R.S. Buyer must promptly give written notice to Seller of the results of the test. 821 10.13. Radon Disclosure. THE COLORADO DEPARTMENT OF PUBLIC HEALTH AND 822 ENVIRONMENT STRONGLY RECOMMENDS THAT ALL HOME BUYERS HAVE AN INDOOR RADON 823 TEST PERFORMED BEFORE PURCHASING RESIDENTIAL REAL PROPERTY AND RECOMMENDS 824 -HAVING THE RADON LEVELS MITIGATED IF ELEVATED RADON CONCENTRATIONS ARE FOUND. 825 ELEVATED RADON CONCENTRATIONS CAN BE REDUCED BY A RADON MITIGATION 826 PROFESSIONAL. 9,27 RESIDENTIAL REAL PROPERTY MAY PRESENT EXPOSURE TO DANGEROUS LEVELS OF 826 829 INDOOR RADON GAS THAT MAY PLACE THE OCCUPANTS AT RISK OF DEVELOPING RADON- 830 INDUCED LUNG CANCER. RADON, A CLASS A HUMAN CARCINOGEN, IS THE LEADING CAUSE OF 831 LUNG CANCER IN NONSMOKERS AND THE SECOND LEADING CAUSE OF LUNG CANCER 832 OVERALL. THE SELLER OF RESIDENTIAL REAL PROPERTY IS REQUIRED TO PROVIDE THE BUYER 833 WITH ANY KNOWN INFORMATION ON RADON TEST RESULTS OF THE RESIDENTIAL REAL 834 PROPERTY. 835 AN ELECTRONIC COPY OF THE MOST RECENT BROCHURE PUBLISHED BY THE DEPARTMENT 836 OF PUBLIC HEALTH AND ENVIRONMENT IN ACCORDANCE WITH C.R.S. §25-11-114(2)(A) THAT 0 PROVIDES ADVICE ABOUT "RADON AND REAL ESTATE TRANSACTIONS IN COLORADO" IS 338 AVAILABLE AT: HTTPS://CDPHE.COLORADO.GOV/RADON-AND-REAL-ESTATE. 84Q 841 11. TENANT ESTOPPEL STATEMENTS. [Intentionally Deleted] 842 8432 ClosingProvisions 844 84t 846 12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING. 847 847 12.1. Closing Documents and Closing Information. Seller and Buyer will cooperate with the 849 Closing Company to enable the Closing Company to prepare and deliver documents required for Closing to 850 Buyer and Seller and their designees. If Buyer is obtaining a loan to purchase the Property, Buyer 8� 1 acknowledges Buyer's lender is required to provide the Closing Company, in a timely manner, all required 85t loan documents and financial information concerning Buyer's loan. Buyer and Seller will furnish any 853 additional information and documents required by Closing Company that will be necessary to complete this 854 transaction. Buyer and Seller will sign and complete all customary or reasonably required documents at or 855 before Closing. 856 12.2. Closing Instructions. Colorado Real Estate Commission's Closing Instructions ❑ Are 857 857 ® Are Not executed with this Contract. 859 12.3. Closing. Delivery of deed from Seller to Buyer will be at closing (Closing). Closing will be on the 860 date specified as the Closing Date or by mutual agreement at an earlier date. At Closing, Seller must M., provide Buyer with the ability to access the Property (e.g. keys, access code, garage door opener). The hour 8132 and place of Closing will be as designated by Title Company with Buyer and Seller. 863 12.4. Disclosure of Settlement Costs. Buyer and Seller acknowledge that costs, quality and extent 864 of service vary between different settlement service providers (e.g., attorneys, lenders, inspectors and title &65 companies). W16 867 12.5. Assignment of Leases. Seller must assign to Buyer all Leases at Closing that will continue 868 after Closing and Buyer must assume Seller's obligations under such Leases. Further, Seller must transfer to 8E9 Buyer all Leased Items and assign to Buyer such leases for the Leased Items accepted by Buyer pursuant to $70 § 2.5.8. (Leased Items). 871 872 13. TRANSFER OF TITLE. Subject to Buyer's compliance with the terms and provisions of this Contract, 873 including the tender of any payment due at Closing, Seller must execute and deliver the following good and 874 CBS 1-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 15 of 24 sufficient deed to Buyer, at Closing: ❑ special warranty deed ❑ general warranty deed ❑ bargain and sale deed ❑ quit claim deed ❑ personal representative's deed ® General Warranty Deed deed. Seller, provided another deed is not selected, must execute and deliver a good and sufficient special warranty deed to Buyer, at Closing. Unless otherwise specified in § 30 (Additional Provisions), if title will be conveyed using a special warranty deed or a general warranty deed, title will be conveyed "subject to statutory exceptions" as defined in §38-30-113(5)(a), C.R.S. 14. PAYMENT OF LIENS AND ENCUMBRANCES. Unless agreed to by Buyer in writing, any amounts owed on any liens or encumbrances securing a monetary sum against the Property and Inclusions, including any governmental liens for special improvements installed as of the date of Buyer's signature hereon, whether assessed or not, and previous years' taxes, will be paid at or before Closing by Seller from the proceeds of this transaction or from any other source. 15. CLOSING COSTS, FEES, ASSOCIATION STATUS LETTER AND DISBURSEMENTS, TAXES AND WITHHOLDING. 15.1. Closing Costs. Buyer and Seller must pay, in Good Funds, their respective closing costs and all other items required to be paid at Closing, except as otherwise provided herein. However, if Buyer's loan specified in §4.5.3. (Loan Limitations) prohibits Buyer from paying for any of the fees contained in this Section, the fees will be paid for by Seller. 15.2. Closing Services Fee. The fee for real estate closing services must be paid at Closing by ❑ Buyer ❑ Seller ® One -Half by Buyer and One -Half by Seller ❑ Other n/a. 15.3. Association Fees and Required Disbursements. At least fourteen days prior to Closing Date, Seller agrees to promptly request that the Closing Company or the Association deliver to Buyer a current Status Letter, if applicable. Any fees associated with or specified in the Status Letter will be paid as follows: 15.3.1. Status Letter Fee. Any fee incident to the issuance of Association's Status Letter must be paid by Seller. 15.3.2. Record Change Fee. Any Record Change Fee must be paid by ❑ Buyer ® Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 15.3.3. Reserves or Working Capital. Unless agreed to otherwise, all reserves or working capital due (or other similar cost not addressed in § 16.2. (Association Assessments)) at Closing must be paid by ® Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 15.3.4. Other Fees. Any other fee listed in the Status Letter as required to be paid at Closing will be paid by ❑ Buyer ® Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 15.4. Local Transfer Tax. Any Local Transfer Tax must be paid at Closing by ® Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 15.5. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction must be paid when due by ❑ Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ® N/A. 15.6. Private Transfer Fee. Any private transfer fees and other fees due to a transfer of the Property, payable at Closing, such as community association fees, developer fees and foundation fees, must be paid at Closing by ❑ Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ® N/A. 15.7. Water Transfer Fees. Water Transfer Fees can change. The fees, as of the date of this Contract, do not exceed $n/a for: ❑ Water District/Municipality ❑ Water Stock ❑ Augmentation Membership ❑ Small Domestic Water Company ❑ n/a and must be paid at Closing by ❑ Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 15.8. Utility Transfer Fees. Utility transfer fees can change. Any fees to transfer utilities from Seller to Buyer must be paid by ® Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ❑ N/A. 15.9. FIRPTA and Colorado Withholding. 15.9.1. FIRPTA. The Internal Revenue Service (IRS) may require a substantial portion of the Seller's proceeds be withheld after Closing when Seller is a foreign person. If required withholding does not occur, the Buyer could be held liable for the amount of the Seller's tax, interest and penalties. If the box in CBS 1-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 16 of 24 933 this Section is checked, Seller represents that Seller ❑ IS a foreign person for purposes of U.S. income 934 taxation. If the box in this Section is not checked, Seller represents that Seller is not a foreign person for 935 purposes of U.S. income taxation. Seller agrees to cooperate with Buyer and Closing Company to provide 93% any reasonably requested documents to verify Seller's foreign person status. If withholding is required, Seller 937 authorizes Closing Company to withhold such amount from Seller's proceeds. Seller should inquire with 938 939 Seller's tax advisor to determine if withholding applies or if an exemption exists. 940 15.9.2. Colorado Withholding. The Colorado Department of Revenue may require a portion of 941 the Seller's proceeds be withheld after Closing when Seller will not be a Colorado resident after Closing, if 942 not otherwise exempt. Seller agrees to cooperate with Buyer and Closing Company to provide any 943 reasonably requested documents to verify Seller's status. If withholding is required, Seller authorizes Closing 944 Company to withhold such amount from Seller's proceeds. Seller should inquire with Seller's tax advisor to 945 determine if withholding applies or if an exemption exists. 946 947 16. PRORATIONS AND ASSOCIATION ASSESSMENTS. 948 949 16.1. Prorations. The following will be prorated to the Closing Date, except as otherwise provided: 950 16.1.1. Taxes. Personal property taxes, if any, special taxing district assessments, if any, and 9.51 general real estate taxes for the year of Closing, based on 952 ❑ Taxes for the Calendar Year Immediately Preceding Closing 953 ® Most Recent Mill Levy and Most Recent Assessed Valuation, adjusted by any applicable qualifying 9~44 seniors property tax exemption, qualifying disabled veteran exemption or ❑ Other 945 None 956 957 16.1.2. Rents. Rents based on ® Rents Actually Received ElAccrued. At Closing, Seller will 949 transfer or credit to Buyer the security deposits for all Leases assigned to Buyer, or any remainder after 959 lawful deductions, and notify all tenants in writing of such transfer and of the transferee's name and address. 960 16.1.3. Other Prorations. Water and sewer charges, propane, interest on continuing loan and 96-1 None 962 16.1.4. Final Settlement. Unless otherwise specified in Additional Provisions, these prorations 963 are final. 964 965 16.2. Association Assessments. Current regular Association assessments and dues (Association 966 Assessments) paid in advance will be credited to Seller at Closing. All Association Assessments accrued 967 before Closing must be paid by Seller and all Association Assessments accrued after Closing must be paid 961; by Buyer. Cash reserves held out of the regular Association Assessments for deferred maintenance by the 969 Association will not be credited to Seller except as may be otherwise provided by the Governing Documents. 970 Any special assessment assessed prior to Closing Date by the Association will be the obligation of ❑ Buyer 97-1 ® Seller. Except however, any special assessment by the Association for improvements that have been 972 installed as of the date of Buyer's signature hereon, whether assessed prior to or after Closing, will be the 973 obligation of Seller unless otherwise specified in Additional Provisions. Seller represents there are no unpaid 974 regular or special assessments against the Property except the current regular assessments and 975 Any continuing encumbrances 977 Association Assessments are subject to change as provided in the Governing Documents. 978 979 17. POSSESSION. Possession of the Property and Inclusions will be delivered to Buyer on Possession 980 Date at Possession Time, subject to the Leases as set forth in § 10.6.1.1. If the parties have executed a 981 Post -Closing Occupancy Agreement, such agreement will control Possession Date and Possession Time. 982 If Seller, after Closing occurs, fails to deliver possession as specified, Seller will be subject to eviction 983 and will be additionally liable to Buyer, notwithstanding § 20.2. (If Seller is in Default), for payment of $ 934 100.00 per day (or any part of a day notwithstanding § 3.3., Day) from Possession Date and Possession 9&5 Time until possession is delivered. Additionally, Buyer may pursue a claim against Seller for any of Buyer's 9W 987 actual additional damages incurred by Buyer in excess of such amount. 988 939 General Provisions 990 CBS I -8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 17 of 24 18. CAUSES OF LOSS, INSURANCE; DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION; AND WALK-THROUGH. Except as otherwise provided in this Contract, the Property and Inclusions will be delivered in the condition existing as of the date of this Contract, ordinary wear and tear excepted. 18.1. Causes of Loss, Insurance. In the event the Property or Inclusions are damaged by fire, other perils or causes of loss prior to Closing (Property Damage) in an amount of not more than ten percent of the total Purchase Price and if the repair of the damage will be paid by insurance (other than the deductible to be paid by Seller), then Seller, upon receipt of the insurance proceeds, will use Seller's reasonable efforts to repair the Property before Closing Date. Buyer has the Right to Terminate under § 24.1., on or before Closing Date, if the Property is not repaired before Closing Date, or if the damage exceeds such sum. Should Buyer elect to carry out this Contract despite such Property Damage, Buyer is entitled to a credit at Closing for all insurance proceeds that were received by Seller (but not the Association, if any) resulting from damage to the Property and Inclusions, plus the amount of any deductible provided for in the insurance policy. This credit may not exceed the Purchase Price. In the event Seller has not received the insurance proceeds prior to Closing, the parties may agree to extend the Closing Date to have the Property repaired prior to Closing or, at the option of Buyer, (1) Seller must assign to Buyer the right to the proceeds at Closing, if acceptable to Seller's insurance company and Buyer's lender; or (2) the parties may enter into a written agreement prepared by the parties or their attorney requiring the Seller to escrow at Closing from Seller's sale proceeds the amount Seller has received and will receive due to such damage, not exceeding the total Purchase Price, plus the amount of any deductible that applies to the insurance claim. 18.2. Damage, Inclusions and Services. Should any Inclusion or service (including utilities and communication services), system, component or fixture of the Property (collectively Service) (e.g., heating or plumbing), fail or be damaged between the date of this Contract and Closing or possession, whichever is earlier, then Seller is liable for the repair or replacement of such Inclusion or Service with a unit of similar size, age and quality, or an equivalent credit, but only to the extent that the maintenance or replacement of such Inclusion or Service is not the responsibility of the Association, if any, less any insurance proceeds received by Buyer covering such repair or replacement. If the failed or damaged Inclusion or Service is not repaired or replaced on or before Closing or possession, whichever is earlier, Buyer has the Right to Terminate under § 24.1., on or before Closing Date, or, at the option of Buyer, Buyer is entitled to a credit at Closing for the repair or replacement of such Inclusion or Service. Such credit must not exceed the Purchase Price. If Buyer receives such a credit, Seller's right for any claim against the Association, if any, will survive Closing. 18.3. Condemnation. In the event Seller receives actual notice prior to Closing that a pending condemnation action may result in a taking of all or part of the Property or Inclusions, Seller must promptly notify Buyer, in writing, of such condemnation action. Buyer has the Right to Terminate under § 24.1., on or before Closing Date, based on such condemnation action, in Buyer's sole subjective discretion. Should Buyer elect to consummate this Contract despite such diminution of value to the Property and Inclusions, Buyer is entitled to a credit at Closing for all condemnation proceeds awarded to Seller for the diminution in the value of the Property or Inclusions, but such credit will not include relocation benefits or expenses or exceed the Purchase Price. �'- 18.4. Walk -Through and Verification of Condition. Buyer, upon reasonable notice, has the right to walk through the Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with this Contract. 19. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this Contract, Buyer and Seller j;_ , acknowledge that their respective broker has advised that this Contract has important legal consequences w4i and has recommended: (1) legal examination of title; (2) consultation with legal and tax or other counsel 1042 before signing this Contract as this Contract may have important legal and tax implications; (3) to consult with �V their own attorney if Water Rights, Mineral Rights or Leased Items are included or excluded in the sale; and '= (4) to consult with legal counsel if there are other matters in this transaction for which legal counsel should be engaged and consulted. Such consultations must be done timely as this Contract has strict time limits, including deadlines, that must be complied with. 20. TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence for all dates and deadlines CBS 1-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 18 of 24 1066 in this Contract. This means that all dates and deadlines are strict and absolute. If any payment due, 1o51 including Earnest Money, is not paid, honored or tendered when due, or if any obligation is not performed 1052 timely as provided in this Contract or waived, the non -defaulting party has the following remedies: 1053 20.1. If Buyer is in Default: IOEA ❑ 20.1.1. Specific Performance. Seller may elect to cancel this Contract and all Earnest Money 1055 (whether or not paid by Buyer) will be paid to Seller and retained by Seller. It is agreed that the Earnest 1056 1057 Money is not a penalty, and the parties agree the amount is fair and reasonable. Seller may recover such loss additional damages as may be proper. Alternatively, Seller may elect to treat this Contract as being in full 1059 force and effect and Seller has the right to specific performance or damages, or both. 1ob0 20.1.2. Liquidated Damages, Applicable. This § 20.1.2. applies unless the box in S 20.1.1. is 1061 checked. Seller may cancel this Contract. All Earnest Money (whether or not paid by Buyer) will be paid to 1062 Seller and retained by Seller. It is agreed that the Earnest Money amount specified in § 4.1. is LIQUIDATED 1063 DAMAGES and not a penalty, which amount the parties agree is fair and reasonable and (except as provided 10`1-44 in §§ 10.4. and 21), such amount is SELLER'S ONLY REMEDY for Buyer's failure to perform the obligations 1065 of this Contract. Seller expressly waives the remedies of specific performance and additional damages. 1066 1067 20.2. If Seller is in Default: 10,58 20.2.1. Specific Performance, Damages or Both. Buyer may elect to treat this Contract as 1a6G canceled, in which case all Earnest Money received hereunder will be returned to Buyer and Buyer may 1070 recover such damages as may be proper. Alternatively, in addition to the per diem in § 17 (Possession) for 1071 failure of Seller to timely deliver possession of the Property after Closing occurs, Buyer may elect to treat this 1072 Contract as being in full force and effect and Buyer has the right to specific performance or damages, or 1073 both. 1074 20.2.2. Seller's Failure to Perform. In the event Seller fails to perform Seller's obligations under 1075 this Contract, to include, but not limited to, failure to timely disclose Association violations known by Seller, 1075 1077 failure to perform any replacements or repairs required under this Contract or failure to timely disclose any 1078 known adverse material facts, Seller remains liable for any such failures to perform under this Contract after 1079 Closing. Buyer's rights to pursue the Seller for Seller's failure to perform under this Contract are reserved and logo survive Closing. 1081 1032 21. LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding, in the event 1083 of any arbitration or litigation relating to this Contract, prior to or after Closing Date, the arbitrator or court 1094 must award to the prevailing party all reasonable costs and expenses, including attorney fees, legal fees and 1085 expenses. 1086 1087 14$8 22. MEDIATION. If a dispute arises relating to this Contract (whether prior to or after Closing) and is not 1089 resolved, the parties must first proceed, in good faith, to mediation. Mediation is a process in which the logo parties meet with an impartial person who helps to resolve the dispute informally and confidentially. Mediators 1og-1 cannot impose binding decisions. Before any mediated settlement is binding, the parties to the dispute must 1092 agree to the settlement, in writing. The parties will jointly appoint an acceptable mediator and will share 1093 equally in the cost of such mediation. The obligation to mediate, unless otherwise agreed, will terminate if the 1094 entire dispute is not resolved within thirty days of the date written notice requesting mediation is delivered by 1095 one party to the other at that party's last known address (physical or electronic as provided in § 26). Nothing 1096 in this Section prohibits either party from filing a lawsuit and recording a lis pendens affecting the Property, 1097 before or after the date of written notice requesting mediation. This Section will not alter any date in this 1098 109Contract, unless otherwise agreed. 1100 11ol 23. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder must 1102 release the Earnest Money following receipt of written mutual instructions, signed by both Buyer and Seller. 1103 In the event of any controversy regarding the Earnest Money, Earnest Money Holder is not required to 1104 release the Earnest Money. Earnest Money Holder, in its sole subjective discretion, has several options: (1) 1105 wait for any proceeding between Buyer and Seller; (2) interplead all parties and deposit Earnest Money into a 1106 court of competent jurisdiction (Earnest Money Holder is entitled to recover court costs and reasonable 1107 CBS 1-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 19 of 24 attorney and legal fees incurred with such action); or (3) provide notice to Buyer and Seller that unless Earnest Money Holder receives a copy of the Summons and Complaint or Claim (between Buyer and Seller) containing the case number of the lawsuit (Lawsuit) within one hundred twenty days of Earnest Money "i Holder's notice to the parties, Earnest Money Holder is authorized to return the Earnest Money to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit and has not interpled the monies at the i� time of any Order, Earnest Money Holder must disburse the Earnest Money pursuant to the Order of the Court. The parties reaffirm the obligation of § 22 (Mediation). This Section will survive cancellation or termination of this Contract. 24. TERMINATION. 24.1. Right to Terminate. If a party has a right to terminate, as provided in this Contract (Right to -' Terminate), the termination is effective upon the other party's receipt of a written notice to terminate (Notice to ' 1- 1 Terminate), provided such written notice was received on or before the applicable deadline specified in this i;_,. Contract. If the Notice to Terminate is not received on or before the specified deadline, the party with the Right to Terminate accepts the specified matter, document or condition as satisfactory and waives the Right to Terminate under such provision. Any Notice to Terminate delivered after the applicable deadline specified in the Contract is ineffective and does not terminate this Contract. i i_; 24.2. Effect of Termination. In the event this Contract is terminated, all Earnest Money received _= hereunder must be timely returned to Buyer and the parties are then relieved of all obligations hereunder, subject to §§ 10.4. and 21. i 25. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL; SUCCESSORS. This Contract, its exhibits and specified addenda, constitute the entire agreement between the parties relating to the subject hereof and any prior agreements pertaining thereto, whether oral or written, have been merged and integrated into this Contract. No subsequent modification of any of the terms of this Contract is valid, binding upon the parties, or i a enforceable unless made in writing and signed by the parties. Any right or obligation in this Contract that, by its terms, exists or is intended to be performed after termination or Closing survives the same. Any successor to a party receives the predecessor's benefits and obligations of this Contract. 26. NOTICE, DELIVERY AND CHOICE OF LAW. 26.1. Physical Delivery and Notice. Any document or notice to Buyer or Seller must be in writing, except as provided in § 26.2. and is effective when physically received by such party, any individual named in this Contract to receive documents or notices for such party, Broker, or Brokerage Firm of Broker working _ with such party (except any notice or delivery after Closing must be received by the party, not Broker or Brokerage Firm). i 26.2. Electronic Notice. As an alternative to physical delivery, any notice may be delivered in 11 4r electronic form to Buyer or Seller, any individual named in this Contract to receive documents or notices for such party, Broker or Brokerage Firm of Broker working with such party (except any notice or delivery after Closing, cancellation or Termination must be received by the party, not Broker or Brokerage Firm) at the electronic address of the recipient by facsimile, email or electronic signature. 26.3. Electronic Delivery. Electronic Delivery of documents and notice may be delivered by: (1) email at the email address of the recipient, (2) a link or access to a website or server provided the recipient i receives the information necessary to access the documents, or (3) facsimile at the facsimile number (Fax No.) of the recipient. 26.4. Choice of Law. This Contract and all disputes arising hereunder are governed by and construed in accordance with the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract in Colorado for real property located in Colorado. if 27. NOTICE OF ACCEPTANCE, COUNTERPARTS. This proposal will expire unless accepted in writing, by Buyer and Seller, as evidenced by their signatures below and the offering party receives notice of such acceptance pursuant to § 26 on or before Acceptance Deadline Date and Acceptance Deadline Time. If accepted, this document will become a contract between Seller and Buyer. A copy of this Contract may be CBS 1-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 20 of 24 F ibb executed b each party, separately and when each art has executed a co thereof, such copies taken 1167 Y P Y P Y party copy P� 116E together are deemed to be a full and complete contract between the parties. 1169 1170 28. GOOD FAITH. Buyer and Seller acknowledge that each party has an obligation to act in good faith im including, but not limited to, exercising the rights and obligations set forth in the provisions of Financing 1172 Conditions and Obligations; Title Insurance, Record Title and Off -Record Title; New ILC, New Survey; 1173 and Property Disclosure, Inspection, Indemnity, Insurability Due Diligence and Source of Water. 1174 1175 29 BUYER'S BROKERAGE FIRM COMPENSATION. Buyer's brokerage firm's compensation will be paid, 1176 at Closing, as follows: 1177 117E 0129.1. 0% of the Purchase Price or $1.00 by Seller. Buyer's brokerage firm is an intended 1179 third -party beneficiary under this provision only. The amount paid by Seller under this provision is in addition 118o to any other amounts Seller is paying on behalf of Buyer elsewhere in this Contract. 11E1 ❑ 29.2. n/a% of the Purchase Price or $n1a by Buyer pursuant to a separate agreement between 1182 Buyer and Buyer's brokerage firm. This amount may be modified between Buyer and Buyer's brokerage firm 1183 outside of this Contract. 1184 1185 1186 1187 117E 1189 1190 ❑ 29.3. n/a% of the Purchase Price or $n1a by a separate agreement between Buyer's brokerage firm and Seller's brokerage firm. ADDITIONAL PROVISIONS AND ATTACHMENTS t181 30. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the 1192 Colorado Real Estate Commission.) 1193 a. Seller understands that this Agreement is conditioned upon the approval of the Avon 1194 1195 Town Council at a reqularly scheduled and public meeting. The next regularly scheduled 119E Avon Town Council public meeting is January 14, 2025. Upon acceptance of this Agreement 1197 by Seller by January 6, 2025, Buyer shall schedule the consideration of this Aqreement at 11% said January 14, 2025 Town Council public meeting, and this Agreement will become 1199 effective upon Town Council motion and affirmative majority vote on the same. If Town 1200 Council does not approve this Agreement by an affirmative majority vote at such public 1201 meeting. Buyer shall terminate this Agreement and Seller shall be obligated to return Earnest 1202 Money to Buyer. 1263 1204 1205 b. Seller agrees that it shall terminate all leases and/or verbal agreements with third parties 1206 relating in whole or in part to the Property, such termination effective as of the date of 1207 Closing. Any personal property located on or stored on the Property in accordance with such 120E leases or verbal agreements shall be removed from the Property as of the date of Closing. 1209 unless otherwise agreed to by both Buyer and Seller. 1210 1211 121c. Seller agrees to pay Patti Liermann, Licensed Colorado Broker. a $1.00 Transaction Fee at 1213 closing for providing brokera_pe services in connection with the sale of the Property to the 1214 Town of Avon. 1215 12115 d. Furniture Inventory List will be provided by Due Diligence Document Deadline. 1217 121E e. Seller agrees to have the home and carpets professionally cleaned within 48 hours of 1219 12closing or possession. Cleaninq will include: 1221 a.) kitchen cabinets and drawers will be wiped down and free of debris, kitchen appliances im will be cleaned inside and outside in a manner consistent with immediate use, free of debris 1223 and spots; 1-_ CBS I-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 21 of 24 b.) bathrooms and their fixtures will be cleaned and free of water spots, soap scum, and lime/calcium deposits: c.) all floors will be swept and mopped or vacuumed, all carpets will be professionally cleaned with a steam cleaner: d.) the home will have all personal possessions removed, except as provided in the furniture list 31. OTHER DOCUMENTS. 31.1. Documents Part of Contract. The following documents are a part of this Contract: ❑ 31.1.1. Post -Closing Occupancy Agreement. If the box is checked, the Post -Closing Occupancy Agreement is a part of this Contract. 31.2. Documents Not Part of Contract. The following documents have been provided but are not a part of this Contract: Furniture Inventory List, Square Footage Disclosure. Source of Water Addendum Signatures lleif, 7o—zi, Nowayiewe, Date: 12/22/2024 Buyer: Town of Avon, Colorado By: Eric Heil, Town Manager [NOTE: If this offer is being countered or rejected, do not sign this document.] Date: Seller: Jonathan Pressman Living Trust By: Jonathan Pressman END OF CONTRACT TO BUY AND SELL REAL ESTATE BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE. A. Broker Working With Buyer CBS 1-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 22 of 24 1283 Broker ❑ Does ® Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if 1284 Brokerage Firm is the Earnest Money Holder and, except as provided in § 23, if the Earnest Money has not 1285 already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest 1286 Money Holder will release the Earnest Money as directed by the written mutual instructions. Such release of 1287 Earnest Money will be made within five days of Earnest Money Holder's receipt of the executed written 1288 1269 mutual instructions, provided the Earnest Money check has cleared. 1290 1291 Broker is working with Buyer as a ® Buyer's Agent ❑ Transaction -Broker in this transaction. 1292 1293 ❑ Customer. Broker has no brokerage relationship with Buyer. See § B for Broker's brokerage relationship 1294 with Seller. 1295 1296 Brokerage Firm's compensation or commission is to be paid as specified in §29 above. 1297 1298 This Broker's Acknowledgments and Compensation Disclosure is for disclosure purposes only and does NOT 1299 create any claim for compensation. Any compensation agreement between the brokerage firms must be t300 entered into separately and apart from this provision. 1301 1302 1303 Brokerage Firm's Name: Independent Broker 1304 Brokerage Firm's License #: 100028992 1305 1306 1307 1308 12aeow-1i1Q Lam/ xw 1309 Date: 11812025 1310 1311 Broker's Name: Patricia Liermann 131 131 2 Broker's License #: 100028805 1314 Address: PO Box 975 Avon, CO 81620 1315 t316 Phone No.: 970-748-4091 t317 Fax No.: 1318 1319 Email Address: pattiliermann@gmail.com 1320 t321 1322 1323 1324 B. Broker Working with Seller t325 1326 Broker ❑ Does ® Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if 1327 Brokerage Firm is the Earnest Money Holder and, except as provided in § 23, if the Earnest Money has not 1328 already been returned following receipt of a Notice to Terminate or other written notice of termination, Earnest 1329 Money Holder will release the Earnest Money as directed by the written mutual instructions. Such release of t330 Earnest Money will be made within five days of Earnest Money Holder's receipt of the executed written 1332 332 mutual instructions, provided the Earnest Money check has cleared. t333 t334 Broker is working with Seller as a ® Seller's Agent ❑ Transaction -Broker in this transaction. t335 1336 ® Customer. Broker has no brokerage relationship with Seller. See § A for Broker's brokerage relationship 1337 with Buyer. 1338 t339 Brokerage Firm's compensation or commission is to be paid by ® Seller ❑ Buyer ❑ Other. t340 CBS I-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 23 of 24 This Broker's Acknowledgments and Compensation Disclosure is for disclosure purposes only and does NOT create any claim for compensation. Any agreement to pay compensation must be entered into separately and apart from this provision. Brokerage Firm's Name: Slifer Smith & Frampton Real Estate Brokerage Firm's License #: EC 83020 (7a� Pe,&1,vo1r Broker's Name: Jay Peterson Broker's License #: FA.100038594 Address: P.O. Drawer 2820 Avon, CO 81620 Phone No.: (970)845-8053 Fax No.: (970)845-7118 Email Address: livinvail@slifer.net CBS1-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Date: 12/22/2024 CBS[-8-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 24 of 24 Slifer Smith & Frampton Real Estate Jay Peterson livinvail@slifer.net Ph:970-333-3398 1 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. CP40-8-24(Mandatory 8-24 2 3 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. 4 5 COUNTERPROPOSAL 6 Date: 1212212024 7 8 1. This Counterproposal supersedes and replaces any previous counterproposal. This 9 Counterproposal amends the proposed contract dated 1212012024 (Contract) between to Jonathan Pressman Living Trust (Seller) and Town of Avon, Colorado (Buyer) relating to the sale and purchase of the following legally described real estate in the County of Eagle, Colorado (insert legal description): 11 Subdivision: RIDGELINE CONDOMINIUMS Unit: Al 12 known as: 3008 Wildridge Road, Al Avon, CO 81620 (Property). 13 NOTE: If the table is omitted, or if any item is left blank or is marked in the "No Change" column, it means no 14 change to the corresponding provision of the Contract. If any item is marked in the "Deleted" column, it means that the corresponding provision of the Contract to which reference is made is deleted. 15 16 2. 17 18 § 3.1. Dates and Deadlines. [Note: This table may be omitted if inapplicable.] It m No.1 Reference Event Date or Deadline No Chan a Deleted § 3 Time of Day Deadline ARemative Earnest Money Deadline Title no change 2 § 3 no change 3 § 8 _ Record Title Deadline (and Tax Certificate) 1212712024 12/31/2024 Friday Tuesday 4 § 8 Record Title Objection Deadline 5 § 8 Off -Record Title Deadline 12/27/2024 Friday 6 § 8 Off -Record Title Objection Deadline 12/31/2024 Tuesday 7 § 8 Title Resolution Deadline 1/3/2025 Friday 8 § 8 Third Party Right to Purchase/Approve Deadline no change Owners'Association 9 § 7 Association Documents Deadline 1=712024 Friday 10 § 7 Association Documents Termination Deadline 12/31/2024 Tuesday Seller's Disclosures 11 § 10 Seller's Property Disclosure Deadline 12/27/2024 Friday 12 § 10 Lead -Based Paint Disclosure Deadline no change Loan and Credit 13 § 5 New Loan Application Deadline no change 14 § 5 New Loan Terms Deadline no change 15 § 5 New Loan Availability Deadline no change 16 § 5 Buyer's Credit Information Deadline no change 17 § 5 Disapproval of Buyer's Credit Information Deadline no change 18 § 5 Existing Loan Deadline no change 19 § 5 Existing Loan Termination Deadline no change 20 § 5 Loan Transfer Approval Deadline no change 21 § 4 Seller or Private Financing Deadline no change Appraisal 22 § 6 Appraisal Deadline 11612025 Monday 23 § 6 Appraisal Objection Deadline 1/8/2025 Wednesday 24 § 6 Appraisal Resolution Deadline 111012025 Friday Survey 25 § 9 New ILC or New Survey Deadline no change 26 § 9 New ILC or New Survey Objection Deadline no change 27 § 9 New ILC or New Survey Resolution Deadline no change Inspection and Due Diligence 28 § 2 Water Rights Examination Deadline no change 29 § 8 Mineral Rights Examination Deadline no change 30 § 10 Inspection Termination Deadline 11212025 Thursday 31 § 10 Inspection Objection Deadline 1 11=025 Thursday 32 § 10 Inspection Resolution Deadline 1 1/7/2025 1 Tuesday 33 § 10 Property Insurance Termination Deadline no change 34 § 10 Due Diligence Documents Delivery Deadline 1212712024 Friday 35 § 10 Due Diligence Documents Objection Deadline 1213112024 Tuesday 36 § 10 Due Diligence Documents Resolution Deadline 1/3/2025 Friday 37 § 10 (CBS2n3 n al Inspection Termination Deadline no change 38 § 10 ADA Evaluation Termination Deadline (CBS2, 3, 4) no chap e 39 § 10 Conditional Sale Deadline y no change 40 § 10 Lead -Based Paint Termination Deadline no change no change 41 § 11 Estoppel Statements Deadline (CBS2, 3, 4) 42 : § 11 _ Estoppel Statements Termination Deadline CBS2 3 4� _ no change g Closing and Possession no change 43 § 12 1 Closing Date 44 § 17 Possession Date _ no change 45 § 17 Possession Time no change 4� n/a n/a no change 47 1 n/a n/a no change 19 20 3. § 4. PURCHASE PRICE AND TERMS. [Omitted as inapplicable] 21 22 4. ATTACHMENTS. The following are a part of this Counterproposal: 23 no change 24 Note: The following documents have been provided but are not a part of this Counterproposal: 25 no change 26 27 5. OTHER CHANGES. 1. Paragraph 13. - The "General Warranty Deed" box will be unchecked. The "special warranty deed" box will be checked. 28 2. Buyer is aware fireplace is not operational and the firebox needs replacement. Buyer is taking possession with fireplace in as -is condition. 29 6. ACCEPTANCE DEADLINE. This Counterproposal expires unless accepted in writing by Seller 30 and Buyer as evidenced by their signatures below and the offering party to this document receives notice of such acceptance on or before 1212312024 at S:OOPM. Date Time 31 32 If accepted, the Contract, as amended by this Counterproposal, will become a contract between Seller and Buyer. All other terms and conditions of the Contract remain the same. 33 34 V offadalr Pfwswaff Seller: Jonathan Pressman Living Trust By: Jonathan Pressman 35 36 Seller: 37 38 Date: 1212312024 Date: 39 f`/G #e/e �Ww /'1 a%iaVi, Date: 1212312024 Buyer: Town of Avon, Colorado By: Eric Heil, Town Manager 40 41 Buyer: 42 Date: 43 Note: When this Counterproposal form is used, the Contract is not to be signed by the party initiating this Counterproposal. Brokers must complete and sign the Broker's Acknowledgments and Compensation Disclosure portion of the Contract. CP40-8-24. COUNTERPROPOSAL CTM eContracts - ©2025 CTM Software Corp. ATTACHMENT B - PROEPRTY INFORMATION The Appraisal Camp PO Box 6466 Vail, CO 81658 (970)471-1438 01 /01 /2025 Patti Liermann Town of Avon Housing 100 Mikaela Way Avon, CO 81620 Re: Property: 3008 Wildridge Rd Unit Al Avon, CO 81620 Borrower: Town Of Avon File No.: 24-12-19 Opinion of Value $ 640,000 Effective Date 12/30/2024 In accordance with your request, I have appraised the above referenced property. The report of that appraisal is attached. The purpose of the appraisal is to develop an opinion of market value for the property described in this appraisal report, as improved, in unencumbered fee simple title of ownership. This report is based on a physical analysis of the site and improvements, a locational analysis of the neighborhood and city, and an economic analysis of the market for properties such as the subject. The appraisal was developed and the report was prepared in accordance with the Uniform Standards of Professional Appraisal Practice. The opinion of value reported above is as of the stated effective date and is contingent upon the certification and limiting conditions attached. It has been a pleasure to assist you. Sincerely, , xo , ?,e � k W Michael V. Campanale License or Certification #: CR100000023 State: CO Expires: 12/31/2025 mike@appraisalcamp.com Residential Pending - Continue to Show 3008 Wildridge Al, Avon, CO, 81620 Client Summary MLS# 1010790 County: Eagle $875,000 ADOM/CDOM: 11/11 PROPERTY INFORMATION Area: Wildridge Wildwood Bedrooms: 2 Complex/Subdivision: Ridgeline Condo Total Baths: 2 Property Subtype: Condominium Full Baths: 1 Year Built: 1993 3/4 Baths: 1 Unit #: Al Half Baths: 0 # Of Levels in Unit: 1 Den/Loft: No Entry Location: 2 Finished Square Feet: 810 Lockoff: No Total SgFt: 810 Additional Rooms: Dining Area List Price/SgFt: 1,080.25 Furnished: Unfurnished Sq Ft Source: County/Gov't Stories: 1 Entry Level Primary Bed: Yes Parking: Garage # of Garage Stalls: 1 ASSOCIATION/TAX INFORMATION Current Tax Amount: $2,188.84 Association: Yes $300 Monthly Transfer Tax %: 2 Current Tax Year: 2023 Transfer Fee: 0 LAND AND SITE INFORMATION Lot Size Acres: 0.12 Zoning Code: Multi Family Schedule #: R040306 Lot Size SgFt: 5,183 Ground Lease: No Legal Parcel: Yes Lot Size Source: County/Gov't Parcel Number: 194335415001 Water Source: District Water Legal Description: Subdivision: RIDGELINE CONDOMINIUMS Unit: At BK-0604 PG-0384 DEC 03-18-93 BK-0615 PG-0270 MAP 07-30-93 BK-0627 PG-0016 M Remarks: Discover a rare gem in the heart of Wildridge! This stunning 2-bedroom, 2-bathroom condo has been thoughtfully remodeled to blend modern urban aesthetics with cozy mountain charm. The exposed brick wall, rustic wood floors, and inviting finishes create a warm, loft -inspired ambiance, perfect for relaxing after a day on the slopes or trails. Step out onto your private patio and take in the breathtaking, unobstructed views of Beaver Creek and the Valley floor —a daily reminder of why you call the Rockies home. Convenience meets practicality with a coveted 1-car garage and additional covered carport, offering ample parking and storage for your mountain lifestyle gear. Nestled in the vibrant Wildridge community, you'll enjoy year-round access to hiking and biking trails right out your front door. In the winter months you can hop on the newly added Town of Avon bus service, connecting you to Avon Station and Beaver Creek, making your ski days seamless. Low HOA costs add to the appeal of this gem, making it an excellent investment for both full-time living or a seasonal getaway. LISTING DETAIL Interior Features: Balcony Neighborhood Features: Near Public Transit; Trail(s) Appliances Included: Cooktop; Dishwasher; Disposal; Range; Range Hood; Assessments: None Refrigerator; Washer/Dryer Construction: Frame Association/HOA Fee Includes: Common Area Maintenance, Insurance; Sewer; Exterior: Stucco; Wood Siding Snow Removal; Trash; Water Foundation: Concrete Perimeter Floor Coverings: Carpet; Simulated Wood; Tile Roof: Asphalt Utilities Available: Cable Available; Electricity Available; Internet, Satellite, Sewer Patio and Porch Features: Deck Available; Snow Removal; Trash; WaterAvailable View: Mountain(s); Ski Slopes; South Facing; Trees/Woods; Valley Heating: Forced Air; Natural Gas Geological Info: None Known Cooling: Ceiling Fan(s) Laundry: See Remarks Water Source: District Water LISTING INFORMATION Original List Price: $875,000 Status Change Date: 12/25/2024 Listing Date: 12/05/2024 Deed Restrictions: No Under Contract Date: 12/23/2024 Possession: Delivery of Deed + Rental Agreement: No Short Term Rentals Permitted: No Right of Refusal: No Listing courtesy of: Patricia Liermann License: 100028805 Patricia Liermann 970-748-4091 970-748-4091 pliermann@avon.org ------- _LL.-_ -- - - - T r.. ------- - Copyright © 2025 Vail Multi List, Inc. (VMLS) and FBS. The information displayed herein was derived from sources believed to be accurate but has not been verified by VMLS. Buyers are cautioned to verify all information to their own satisfaction. This information is exclusively for viewers' personal, non- commercial use. Any republication or reproduction of the information herein without the express permission of the VMLS is strictly prohibited. rnotos ror mw f iu-iuisu auuo miurioge A-i, mvon, o u o iozu ;P0r7,uuu templmageVDTjjP templmageiX6GJ3 templmageYoT7nc templmageTrCDFt templmage35Mxjx templmageBc3kzL templmageowl3oG templmage5YvXaL Aig- __, yF.s� ,. l _- _fir• �?" �• .�s,e MIA