TC Res. No. 1999-52RESOLUTION NO. 52
SERIES OF 1999
A RESOLUTION AUTHORIZING THE TOWN OF AVON TO ENTER INTO A
CONTRACT WITH AVON RANCH CO. TO PURCHASE LOT 2, EAGLEWOOD
SUBDIVISION, AVON, COLORADO.
WHEREAS Avon Ranch Co. is the owner of Lot 2, Eaglewood Subdivision, Avon,
Colorado, and
WHEREAS the Council desires the Town of Avon to, purchase said lot for a purchase
price not to exceed Two Hundred and Twenty Five Thousand Dollars ($225,000.00)
(incidental charges related to due diligence investigation, closing fees and taxes not to be
counted toward the purchase price.
NOW, THEREFORE, BE IT RESOLVED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO:
Section 1. The Mayor is hereby authorized to execute a contract between the Town;
of Avon and Avon Ranch Co., for the purchase of Lot 2, Eaglewood Subdivision, according
to the terms set forth in the above recitals, and in a form the same or substantially similar to
the unexecuted contract attached hereto.
ADOPTED this q day of NnvPmhP r , 1999.
TOWN OF AVON, COLORADO
j"y Yod or
CONTRACT OF SALE
This agreement is made this ~ day of November, 1999, by Avon Ranch Co., in this
agreement referred to as seller, whose business address is P.O. Box 480, Gypsum, CO 81637,
and Town of Avon, in this agreement referred to as purchaser, a municipal corporation organized
under the laws of the State of Colorado, with its principal office at P.O. Box 975, 400
Benchmark Rd., Avon, CO 81620.
Recitals
In consideration of the covenants and agreements of the respective parties, as set forth in this
agreement, seller agrees to sell and convey to purchaser, and purchaser agrees to purchase and
take from seller, the real property situated at 37,100 Highways 6 & 24, Avon, Colorado, and
particularly described as follows: Lot 2, Eaglewood Subdivision, Avon, Colorado. The real
property above described is referred to as the property in this agreement.
Transfer to purchaser shall include all right, title and interest of seller in and to all streets,
alleys, roads and avenues adjoining the property, and shall further include any award for
damaging or taking by eminent domain by public or quasi-public authority, of the property or
any part of it.
The following terms, provisions, and conditions are further agreed to:
Section I. - Price
The purchase price for the property is Two Hundred and Twenty Five Thousand Dollars
($225,000.00), payable at closing.
Section II. - Title
(a). Conveyance of title to the property shall be by warranty deed with full covenants,
executed by seller to purchaser. Title to be conveyed shall be good and marketable, subject only
to easements recorded in the land records of Eagle County, Colorado.
(b). Conveyance of title shall be made and sale closed within thirty (30) days after the date of
this contract. Title shall be evidenced by a standard form title insurance policy issued by a title
company doing business in Avon, insuring title to the property to be in the purchaser, subject
only to the matters set forth in this agreement.
(c): It is the responsibility of the seller to deliver a commitment for title insurance within ten
(10) days after signing of the contract and to deliver a policy of title insurance after closing in the
amount of the purchase price; seller to pay the premium.
Section 111. - Assessments
If, at the time of transfer of title, the property or any part of the property is subject to an
assessment or assessments payable in installments, all such installments not due or delinquent at
the time of transfer shall nevertheless be deemed to be due and payable at such time and as liens
on the real property described in this agreement, and all such assessments shall be paid and
discharged by seller.
Section IV. - Proration
The following item shall be prorated as of the closing: real estate taxes due but not delinquent.
Section V. - Risk of Loss; Transfer of Possession
(a). Risk of loss or damage by fire or other casualty to the property or any part of the property
prior to the closing, shall be the risk of seller. In the event of such loss or damage prior to
closing, this contract shall not be affected but seller shall assign to purchaser all rights under any
insurance policy or policies applicable to such loss. If action is necessary to recover under any
casualty policy, seller shall grant permission to bring such action in seller's name.
(b). Possession of the property shall be transferred at closing.
Section VI. - Environmental Matters
Seller warrants that seller has not used, nor authorized, nor allowed the use of the property,
and, to seller's knowledge, the property has not been used, for the handling, treatment, storage,
disposal or release of any hazardous or toxic substance as defined under any applicable state or
federal law or regulation including, without limitation, the Comprehensive Environmental
Response, Compensation and Liability Act ("CERCLA"), in amounts that would reasonably
necessitate any response or corrective action, including any such action under CERCLA as
amended, the Resource Conservation and Recovery Act, as amended, or any other applicable law
or regulation.
Prior to closing, and as part of its due diligence, purchaser may order and pay for an
environmental report, for the purpose of ascertaining that purchaser will not incur any,
environmental liability by acquiring title to the property. If the environmental report discloses a
reasonable likelihood that purchaser would be subject to environmental liability upon taking title
to the property, purchaser shall have the option of canceling this contract of sale.
Section VII. - Appraisal
Seller may order and pay for an appraisal of the property, which appraisal shall be completed
prior to closing. Transfer of the property is contingent on the seller and purchaser approving the
appraisal. Approval of the appraisal shall not be withheld unreasonably by either party to this
contract.
Section VIII. - Closing Fees
Closing fees shall be paid by the seller.
Section IX. _ Binding Effect of Contract
This contract and the covenants and agreements of this contract shall bind and inure to the
benefit of parties, and their respective successors and assigns.
In witness, the parties have executed this instrument on the date first above specified. Two
duplicate originals of the contract have been signed.
TOWN OF AVON, COLORADO
Judy Yoder, Mayor
ATTEST:
AVON RANCH CO.
Dave Garton, President
ATTEST:
Kris Nash