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Home My WebLink About25-32 Ratifying and Approving Buy and Sell Real Property Located 12623 Canoe St. Contract 03-12-2025IKOI K01 tKI IMA I V I WHEi RE AS, pursuant to the directive contained in Resolution No. 25-16, as adopted by the Board of Trustees ("Board') of the Town of Firestone ("Town") on January 22, 2025, the Town Manager has negotiated the material terms and conditions of contract to buy and sell real estate ("Purchase Contract") for certain real property located at 12623 Canoe Street ("Property"), which is owned by Roohallah Mobarez, and in a form that has been reviewed and approved "as to form" by the Town Attorney; and WHEREAS, pursuant to Resolution No. 25-32, the Town Board must ratify and approve the Purchase Contract to proceed with closing the purchase of the Property; and WHEREAS, to further the purposes and intentions of the Town Board in purchasing the Property, as stated in Resolution No 25-16, the Town's best interests, and to promote the public health, safety and welfare, the Town Board desires to ratify and approve the Purchase Contract, and to direct the Town Manager to move forward with closing the purchase of the Property, AOIQUIMFOIW, -SE IT AOLTFD OF TR41STEES OF THE TOWN OF FIRESTONE, COLORADO: I Section 1. The Purchase Contract between the Town of Firestone and Mr. Mobarez is approved in substantially the same form as the copy attached hereto and made a part of this Resolution, and the Town Manager is authorized to execute the Purchase Contract on behalf of the Town. Section 2. Amendments to the Purchase Contract that do not significantly impact the substance of the transaction, such as modifying the timelines associated with title review, survey work and other matters related to due - diligence investigations, as well as allocation of the purchase price by the Seller to components being sold, are authorized and the Town Manager is authorized to execute such amendment documents. Section 3. The Town Manager is further authorized and directed to secure such inspections, and to pursue such other due diligence items, all as may be necessary and advisable for the potential sale of the Property, as well as commence any other preliminary steps as necessary to proceed to closing. Section 4. The Town Manager is further authorized to approve, sign, execute and deliver any and all documents necessary to perfonn under the Purchase Contract, to complete the transaction on behalf of the Town at closing, and to effectuate the conveyance of the Property to the Town. PASSED AND ADOPTED this 12t" day of March, 2025. Don Cbnvac Jr EXHIBIT A Contract to Buy and Sell Real Estate Tuesday Feb 24th 2025 12623 Canoe St. Firestone CO Roohallah Mobarez 2019 2024 B. ROOF If you know of any of the following problems EVER EXISTING, check the "Yes" column: Yes Comments I Roof leak 2 Damage to roof 3 Skylight 4 Gutter or downspout 5 Other roof problems, issues or concerns 6 7 ROOF — Other Information Do you know of the following on the Property: 8 Roof under warranty until Transferable? ❑ YES []NORoof was just replaced in the winter of 2023 9 Roof work done while under current roof warranty 10 Roof material: Age: 11 C. APPLIANCES (if included in the sale) If you know of any problems NOW EXISTING with the following, check the "Yes" column: Yes Age If Known Comments 1 Built-in vacuum system & accessories 2 Clothes dryer 3 Clothes washer 4 Dishwasher 5 Disposal 6 Freezer 7 Gas grill 8 Hood 9 Microwave oven 10 Oven 11 Range 12 Refrigerator 13 T.V. antenna: ❑ Owned ❑ Leased 14 Satellite system or DSS dish: ❑ Owned ❑ Leased 15 Trash compactor 16 17 D. ELECTRICAL & TELECOMMUNICATIONS If you know of any problems NOW EXISTING with the following, check the "Yes" column: Yes Age If Known Comments I Security system: ❑ Owned ❑ Leased 2 Smoke/fire detectors: ❑ Battery 0 Hardwire 3 Carbon Monoxide Alarm: ❑ Battery K Hardwire 4 Light fixtures 5 Switches & outlets 6 Telecommunications (Tl, fiber, cable, satellite) SPD19-6-23. SELLER'S PROPERTY DISCLOSURE (RESIDENTIAL) Page 2 of 10 7 Inside telephone wiring & blocks/jacks 8 Ceiling fans 9 Garage door opener and remote control # of remote/openers: 2 10 Intercom/doorbell I 1 In -wall speakers 12 13 ELECTRICAL & TELECOMMUNICATIONS If you know of any problems EVER EXISTING with the following, check the "Yes" column: 14 Electrical Service 15 Aluminum wiring at the outlets (I 10) 16 Solar panels: ❑ Owned ❑ Leased 17 Wind generators: ❑ Owned ❑ Leased 17 Electric Wiring or Panel 18 Lj 19 ELECTRICAL & TELECOMMUNICATIONS — Other Information: Do you know of the following on the Property: 20 220 volt service 21 Electrical Service: Amps 22 Landscape lighting 23 Electric Provider: 24 Cable/TV provider 25 Seller's Internet Provider 26 E. MECHANICAL If you know of any problems NOW EXISTING with the following, check the "Yes" column: Yes Age If Known Comments 1 Overhead doors (including garage doors) 2 Entry gate system 3 Elevator 4 Sump pump(s): # of 5 Recycle pump 6 7 F. VENTILATION, AIR & HEAT If you know of any problems NOW EXISTING with the following, check the "Yes" column: Yes Age If Known Comments I Heating system 2 Evaporative cooler 3 Window air conditioning units 4 Central air conditioning SPD19-6-23. SELLER'S PROPERTY DISCLOSURE (RESIDENTIAL) Page 3 of 10 5 Attic/whole house fan 6 Vent fans 7 Humidifier 8 Air purifier 9 Fireplace 10 Fireplace insert 11 Heating Stove 12 Fuel tanks 13 14 VENTILATION, AIR & HEAT — Other Information: Do you know of the following on the Property: 15 Heating system (including furnace): Type Fuel Type Fuel 16 Fireplace: Type Fuel ❑ 17 Heating Stove: Type Fuel 18 When was fireplace/wood stove, chimney/flue last cleaned: Date: ❑ Do not know 19 Fuel tanks: ❑ Owned ❑ Leased 20 Radiant heating system: ❑ Interior ❑ Exterior Type ❑ 21 Fuel Provider: 22 G. WATER If you know of any problems NOW EXISTING with the following, check the "Yes" column: Yes Age If Known Comments 1 Water heater(s) 2 Water filter system 3 Water softener 4 Water system pump 5 Sauna 6 Hot tub or spa 7 Steam room/shower 8 Underground sprinkler system 9 Fire sprinkler system 10 Backflow prevention device I 1 Irrigation pump 12 13 WATER If you know of any problems EVER EXISTING with the following, check the "Yes" column: 14 Water system (including lines and water pressure) 15 1 Well SPD19-6-23. SELLER'S PROPERTY DISCLOSURE (RESIDENTIAL) Page 4 of 10 16 Pool 17 Irrigation system 18 19 WATER— Other Information: Do you know of the following on the Property: 20 Water heater: Number of Fuel type Capacity 21 Water filter system: ❑ Owned ❑ Leased 22 Water softener: ❑ Owned ❑ Leased 23 Master Water Shutoff Location: 24 Well metered 25 Well Pump: Date of last inspection Date of last service 26 Galvanized pipe 27 Polybutylene pipe 28 Well Pump - GPM Date: ❑ 29 Cistern water storage gallons 30 Supplemental water purchased in past 2 years? 31 H. SOURCE OF WATER & WATER SUPPLY Do you know of the following on the Property: 1 Type of water supply: 0 Public ❑ Community ❑ Well ❑ Shared Well ❑Other ❑ None If the Property is served by a Well, a copy of the Well Permit ❑ Is ❑ Is Not attached. Well Permit #: Drilling Records ❑ Are ❑ Are Not attached. Shared Well Agreement ❑ Yes ❑ No. The Water Provider for the Property can be contacted at: Name: Little Thompson Water District Address: Web Site: Phone No.: ❑ There is neither a Well nor a Water Provider for the Property. The source of potable water for the Property is [describe source]: 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. [. SEWER If you know of any problems EVER EXISTING with the following, check the "Yes" column: Yes Continents 1 Sewage system (including sewer lines) 2 Lift station (sewage ejector pump) 3 4 SEWER — Other Information: Do you know of the following on the Property: SPD19-6-23. SELLER'S PROPERTY DISCLOSURE (RESIDENTIAL) Page 5 of 10 Feb 2024 ❑ El El FM e ❑ Small red/brown stain in 2nd floor NE bedroom IN 4 Notice of zoning action related to the Property 5 Building code, city, or county violations 6 Violation of restrictive covenants or owners' association rules or regulations 7 Any building or improvements constructed within the past one year before this Date without approval by the owner's association or its designated approving body 8 Any additions or alterations made with a Building Permit 9 Any additions or non -aesthetic alterations made without a Building Permit 10 Other legal action 11 Any part of the Property leased to others (written or oral) 12 Used for short-term rentals in the past year 13 Grandfathered conditions or uses 14 15 M. ACCESS & PARKING If you know of any of the following EVER EXISTING check, the "Yes" column: Yes Comments 1 Any access problems, issues or concerns 2 Roads, trails, paths, or driveways through the Property used by others 3 Public highway or county road bordering the Property 4 Any proposed or existing transportation project that affects or is expected to affect the Property 5 Encroachments, boundary disputes, or unrecorded easements ❑ 6 Shared or conunon areas with adjoining properties 7 Requirements for curb, gravel/paving, landscaping 8 Any limitations on parking or access due to size, number of vehicles, or type of vehicles in the past year 9 10 N. ENVIRONMENTAL CONDITIONS If you know of any of the following EVER EXISTING on any part of the Property, check the "Yes" column: Yes Comments I Hazardous materials on the Property, such as radioactive, toxic, or biohazardous materials, asbestos, pesticides, herbicides, wastewater sludge methane, mill tailings, solvents, or petroleum products 2 Underground storage tanks 3 Aboveground storage tanks 4 Underground transmission lines 5 Property used as, situated on, or adjoining a dump, landfill or municipal solid waste landfill 6 Monitoring wells or test equipment 7 Sliding, settling, upheaval, movement or instability of earth, or expansive soils on the Property SPD19-6-23. SELLER'S PROPERTY DISCLOSURE (RESIDENTIAL) Page 7 of 10 8 Mine shafts, tunnels, or abandoned wells on the Property 9 Within a governmentally designated geological hazard or sensitive area ❑ 10 Within a governmentally designated floodplain or wetland area I I Dead, diseased, or infested trees or shrubs 12 Environmental assessments, studies, or reports done involving the physical condition of the Property 13 Used for any mining, graveling, or other natural resource extraction operations such as oil and gas wells 14 Smoking inside improvements (including garages, unfinished space, or detached buildings) on Property 15 Animals kept in the residence 16 Other environmental problems, issues or concerns 17 Odors 18 19 O. RADON If you know of any of the following EVER EXISTING, check the "Yes" column: Yes Comments 1 Radon test(s) conducted on the Property. Include the most Feb 2025 per City recent records and reports pertaining to radon concentrations within the Property. 2 Radon concentrations detected or mitigation or remediation performed. Provide a full description. 3 Radon mitigation system installed on Property. Provide all El information known by Seller about the radon mitigation system. 4 5 p. COMMON INTEREST COMMUNITY — ASSOCIATION PROPERTY If you know of any of the following NOW EXISTING, check the "Yes" column: Yes Comments 1 Property is part of an owners' association 2 Special assessments or increases in regular assessments ❑ approved by owners' association but not yet implemented 3 Problems or defects in the Common Elements or Limited Common Elements of the Association Property COMMON INTEREST COMMUNITY — ASSOCIATION PROPERTY If you know of an), of the following EVER EXISTED, check the "Yes" column: 4 Has the Association made demand or commenced a lawsuit against a builder or contractor alleging defective construction of improvements of the Association Property (common area or property owned or controlled by the Association but outside the Seller's Property or unit) 5 6 SPD19-6-23. SELLER'S PROPERTY DISCLOSURE (RESIDENTIAL) Page 8 of 10 COMMON INTEREST COMMUNITY — ASSOCIATION PROPERTY — Other Information: Name of the Owner's Associations governing the Property: Contact Information: 7 Owner's Association #1: 8 Owner's Association #2: ❑ 9 Owner's Association 43: 10 Owner's Association 44: ❑ Q. GENERAL DISCLOSURES If you know of any of the following EVER EXISTING, check the "Yes" column: Yes Comments I Written reports of any building, site, roofing, soils, water, ❑ sewer, or engineering investigations or studies of the Property 2 Any property insurance claim submitted (whether paid or not) 3 Structural, architectural, and engineering plans and/or specifications for any existing improvements 4 Property was previously used as a methaniphctamine laboratory and not remediated to state standards $ Government special improvements approved, but not yet installed, that may become a lien against the Property 6 Pending: (1) litigation or (2) other dispute resolution proceeding regarding the Property 7 Property is subject to Deed Restrictions, other recorded document restrictions, or Affordable Housing Restrictions 8 Property is located in a historic district 9 10 GENERAL — Other Information: 1 I Location of Mailbox and No. LJ 12 Seller and Buyer understand that the real estate brokers do not warrant or guarantee the above information on the Property. Property inspection services may be purchased and are advisable. This SPD is not intended as a substitute for an inspection of the Property. ADVISORY TO SELLER: Seller acknowledges that Broker will disclose to any prospective buyer all adverse material facts actually known by Broker, including but not limited to adverse material facts pertaining to the physical condition of the Property, any material defects in the Property, and any environmental hazards affecting the Property. These types of disclosures may include such matters as structural defects, soil conditions, violations of health, zoning or building laws, and nonconforming uses and zoning variances. In the event Seller discovers a new adverse material fact after completing this SPD, Seller must disclose any such new adverse material fact to Buyer. SPD19-6-23. SELLER'S PROPERTY DISCLOSURE (RESIDENTIAL) Page 9 of 10 The information contained in this SPD has been furnished by Seller, who certifies it was answered truthfully, based on Seller's CURRENT ACTUAL KNOWLEDGE. Seller Feb 24 2025 Date Seller Date ADVISORY TO BUYER: 1. Even though Seller has answered the above questions to Seller's current actual knowledge, Buyer should thoroughly inspect the Property and obtain expert assistance to accurately and fully evaluate the Property to confirm the status of the following matters are satisfactory to Buyer: a. the physical condition of the Property; b. the presence of mold or other biological hazards; c. the presence of rodents, insects, and vermin including termites; d. the legal use of the Property, including zoning and legal access to the Property; e. the availability and source of water, sewer, and utilities; f. the environmental and geological condition of the Property; g. the presence of noxious weeds; and h. any other matters that may affect Buyer's use and ownership of the Property that are important to Buyer as Buyer decides whether to purchase the Property. 2. Seller states that the information is correct to "Seller's current actual knowledge" as of the date of this form. The term "current actual knowledge" is intended to limit Seller's disclosure only to facts actually known by the Seller and does not include "constructive knowledge" or "common knowledge" or what Seller "should have known" about the Property. The Seller has no duty to investigate or inspect the Property or inclusions when this SPD is filled in and signed. I Valuable information may be obtained from various local/state/federal agencies, and other experts may assist Buyer by performing more specific evaluations and inspections of the Property. 4. Boundaries, location and ownership of fences, driveways, hedges, and similar features of the Property may become the subjects of a dispute between a property owner and a neighbor. A survey may be used to determine the likelihood of such problems. 5. Whether any item is included or excluded is determined by the Contract between Buyer and Seller and not this SPD. 6. Seller does not warrant that the Property or inclusions are fit for Buyer's intended purposes or use of the Property. Disclosure of the condition of an item is not to be construed as a warranty of its continued operability or as a representation or warranty that such item is fit for Buyer's intended purposes. 7. Buyer receip1sfor a copy of this SPD. Buyer Date Buyer Date SPD19-6-23. SELLER'S PROPERTY DISCLOSURE (RESIDENTIAL) Page 10 of 10 The printed portions of this form except differentiated additions, have been approved by the Colorado Real Estate Commission. (LP45-6-21) (Mandatory 1-22) THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. LEAD -BASED PAINT DISCLOSURE (Sales) Attachment to Contract to Buy and Sell Real Estate for the Property known as: 12623 Canoe St. FIRESTONE COLORADO 80504 Street Address City State Zip WARNING! LEAD FROM PAINT, DUST, AND SOIL CAN BE DANGEROUS IF NOT MANAGED PROPERLY. Penalties for failure to comply with Federal Lead -Based Paint Disclosure Laws include treble (3 times) damages, attorney fees, costs, and a base penalty adjusted for inflation for each violation. Disclosure of Information on Lead -Based Paint and/or Lead -Based Paint Hazards Lead Warning Statement Every purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that such property may present exposure to lead from lead -based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence quotient, behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The Seller of any interest in residential real property is required to provide the buyer with any information on lead -based paint hazards from risk assessments or inspections in the Seller's possession and notify the buyer of any known lead -based paint hazards. A risk assessment or inspection for possible lead -based paint hazards is recommended prior to purchase. Seller's Disclosure to Buyer and Real Estate Licensee(s) and Acknowledgment 1. Seller acknowledges that Seller has been informed of Seller's obligations. Seller is aware that Seller must retain a copy of this disclosure for not less than three years from the completion date of the sale. 2. Presence of lead -based paint and/or lead -based paint hazards (check one box below): ® Seller has no knowledge of any lead -based paint and/or lead -based paint hazards present in the housing. ❑ Seller has knowledge of lead -based paint and/or lead -based paint hazards present in the housing (explain): 3. Records and reports available to Seller (check one box below): ® Seller has no reports or records pertaining to lead -based paint and/or lead -based paint hazards in the housing. ❑ Seller has provided Buyer with all available records and reports pertaining to lead -based paint and/or lead -based paint hazards in the housing (list documents below): Buyer's Acknowledgment 4. Buyer has read the Lead Warning Statement above and understands its contents. 5. Buyer has received copies of all information, including any records and reports listed by Seller above. 6. Buyer has received the pamphlet "Protect Your Family From Lead in Your Home". 7. Buyer acknowledges federal law requires that before a buyer is obligated under any contract to buy and sell real estate, Seller shall permit Buyer a 10-day period (unless the parties mutually agree, in writing, upon a different period of time) to conduct a risk assessment or inspection for the presence of lead -based paint and/or lead -based paint hazards. 8. Buyer, after- having reviewed the contents of this form, and any records and reports listed by Seller, has elected to (check one box below): ❑ Obtain a risk assessment or an inspection of the Property for the presence of lead -based paint and/or lead -based paint hazards, within the time limit and under the terms of § 10 of the Contract to Buy and Sell Real Estate; or ❑ Waive the opportunity to conduct a risk assessment or inspection for the presence of lead -based paint and/or lead -based paint hazards. Real Estate Licensee's Acknowledgment LP 45-6-21. LEAD -BASED PAINT DISCLOSURE (SALES) Page 1 of 2 Each real estate licensee signing below acknowledges receipt of the above Seller's Disclosure, has informed Seller of Seller's obligations and is aware of licensee's responsibility to ensure compliance. Certification of Accuracy I certify thatthe statements I have made are accurate to the bes Feb 24 Seller Date Date I Seller F_ Date Real Estate Licensee (Listing) Buyer Date Real Estate Licensee (Selling) Date 2(P3 LP 45-6-21. LEAD -BASED PAINT DISCLOSURE (SALES) Page 2 of 2 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (CBSI-8-24) (Mandatory 8-24) THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING. 7 CONTRACT TO BUY AND SELL REAL ESTATE 8 (RESIDENTIAL) 9 10 Date: 2/21/25 11 1 AGREEMENT I 12 1. AGREEMENT. Buyer agrees to buy and Seller agrees to sell the Property described below on the terms and conditions set 13 forth in this contract (Contract). 14 2. PARTIES AND PROPERTY. 15 2.1. Buyer. THE TOWN OF FIRESTONE, COLORADO (Buyer) will take title 16 to the Property described below as ❑ Joint Tenants ❑ Tenants In Common © Other IN SEVERALTY 17 2.2. No Assignability. This Contract IS NOT assignable by Buyer unless otherwise specified in Additional Provisions. 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 50 51 52 2.3. Seller. ROOHALLAH MOBAREZ owner of the Property described below. 2.4. Property. The Property is the following legally described real estate in the County of WELD (insert legal description): (Seller) is the current Colorado LOT 13, BLOCK 5, BAREFOOT LAKES FILING #2, TOWN OF FIRESTONE, ACCORDING TO THE PLAT RECORDED FEBRUARY 15, 2018 UNDER RECEPTION NO. 4375619, COUNTY OF WELD, STATE OF COLORADO known as: 12623 CANOE STREET Street Address FIRESTONE CO 80504-5324 City State Zip 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 NSA 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. 2.5.3. Other Inclusions. The following items, whether fixtures or personal property, are also included in the Purchase Price: N/A ❑ If the box is checked, Buyer and Seller have concurrently entered into a separate agreement for additional personal property outside of this Contract. CBSI--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 1 of 20 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 III 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: N/A 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: ANY OF RECORD AND ON SITE ; and the use or ownership of the following storage facilities: ANY OF RECORD AND ON SITE 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): NO LEASED ITEMS SHALL BE CONVEYED OR TRANSFERRED TO BUYER AT CLOSING. 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): ALL ITEMS OF SELLER'S OR TENANT(S)', IF ANY, PERSONAL PROPERTY, WHETHER OWNED OR LEASED LOCATED UPON THE PROPERTY NOT OTHERWISE INCLUDED. 2.7. Water Rights/Well Rights. ❑ 2.7.1. Deeded Water Rights. The following legally described water rights: N/A 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: N/A ❑ 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" used for ordinary household purposes, Buyer must, prior to or at Closing, complete a Change in Ownership form for the well. If an existing well has not been registered with the Colorado Division of Water Resources in 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 CBSI--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 2 of 20 112 ❑ 2.7.4. Water Stock. The water stock to be transferred at Closing are as follows: 113 N/A 114 115 116 2.7.5. Conveyance. If Buyer is to receive any rights to water pursuant to § 2.7.2. (Other Rights Relating to Water), 117 § 2.7.3. (Well Rights), or § 2.7.4. (Water Stock Certificates), Seller agrees to convey such rights to Buyer by executing the applicable 118 legal instrument at Closing. 119 2.7.6. Water Rights Review. Buyer has a Right to Terminate if examination of the Water Rights is unsatisfactory 120 to Buyer on or before the Water Rights Examination Deadline. 121 3. DATES, DEADLINES AND APPLICABILITY. 122 3.1. Dates and Deadlines. Item No. Reference Event Date or Deadline 1 § 3 Time of Day Deadline 6:00 PM MT 2 § 4 Alternative Earnest Money Deadline N/A Title 3 § 8 Record Title Deadline and Tax Certificate 15 DAYS AFTER MEG 4 § 8 Record Title Objection Deadline 20 DAYS AFTER MEG 5 § 8 Off -Record Title Deadline 25 DAYS AFTER MEG 6 § 8 Off -Record Title Ob•ectioIl Deadline 30 DAYS AFTER MEG 7 § 8 Title Resolution Deadline 35 DAYS AFTER MEG 8 § 8 Third Party Right to Purchase/Approve Deadline N/A Owners' Association 9 § 7 Association Documents Deadline 15 DAYS AFTER MEG 10 § 7 Association Documents Termination Deadline 35 DAYS AFTER MEG Seller's Disclosures I 1 § 10 Seller's Property Disclosure Deadline 10 DAYS AFTER MEG 12 § 10 Lead -Based Paint Disclosure Deadline 10 DAYS AFTER MEG Loan and Credit 13 § 5 New Loan Application Deadline N/A 14 § 5 New Loan Terms Deadline N/A 15 § 5 New Loan Availability Deadline N/A 16 § 5 Buyer's Credit Information Deadline N/A 17 § 5 Disapproval of Buyer's Credit Information Deadline N/A 18 § 5 Existing Loan Deadline N/A 19 § 5 Existing Loan Termination Deadline N/A 20 § 5 Loan Transfer Approval Deadline N/A 21 § 4 Seller or Private Financing Deadline N/A Appraisal 22 § 6 Appraisal Deadline 25 DAYS AFTER MEG 23 § 6 Appraisal Objection Deadline 30 DAYS AFTER MEG 24 § 6 Appraisal Resolution Deadline 35 DAYS AFTER MEG Sul -Vey 25 § 9 New ILC or New Survey Deadline 15 DAYS AFTER MEG 26 § 9 New ILC or New Survey Objection Deadline 25 DAYS AFTER MEG 27 § 9 New ILC or New Survey Resolution Deadline 35 DAYS AFTER MEG Inspection and Due Diligence 28 § 2 Water Rights Examination Deadline N/A 29 § 8 Mineral Rights Examination Deadline N/A 30 § 10 Inspection Termination Deadline 35 DAYS AFTER MEC 31 § 10 Inspection Objection Deadline 25 DAYS AFTER MEG 32 § 10 Inspection Resolution Deadline 30 DAYS AFTER MEG 33 § 10 Property Insurance Termination Deadline 35 DAYS AFTER MEG 34 § 10 Due Diligence Documents Delivery Deadline 15 DAYS AFTER MEG 35 § 10 Due Diligence Documents Objection Deadline 25 DAYS AFTER MEG 36 § 10 Due Diligence Documents Resolution Deadline 35 DAYS AFTER MEG CBS1--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 3 of 20 37 § 10 Conditional Sale Deadline N/A 38 § 10 Lead -Based Paint Termination Deadline 35 DAYS AFTER MEC Closing and Possession 39 12 Closing Date APRIL 1, 2025 40 § 17 Possession Date AT CLOSING 41 § 17 Possession Time AT CLOSING 42 § 27 Acceptance Deadline Date FEBRUARY 24, 2025 43 § 27 Acceptance Deadline Time 15:00 PM 123 Note: If FHA or VA loan boxes are checked in § 4.5.3. (Loan Limitations), the Appraisal deadlines DO NOT apply to FHA 124 insured or VA guaranteed loans. 125 3.2. Applicability of Terms. If any deadline blank in § 3.1. (Dates and Deadlines) is left blank or completed with "N/A", 126 or the word "Deleted," such deadline is not applicable and the corresponding provision containing the deadline is deleted. Any box 127 checked in this Contract means the cot -responding provision applies. If no box is checked in a provision that contains a selection of 128 "None", such provision means that "None" applies. 129 The abbreviation "MEC" (inutual execution of this Contract) means the date upon which both parties have signed this Contract. The 130 abbreviation "N/A" as used in this Contract means not applicable. 131 3.3. Day; Computation of Period of Days; Deadlines. 132 3.3.1. Day. As used in this Contract, the term "day" means the entire day ending at 11:59 p.m., United States 133 Mountain Time (Standard or Daylight Savings, as applicable). Except however, if a Time of Day Deadline is specified in § 3.1. 134 (Dates and Deadlines), all Objection Deadlines, Resolution Deadlines, Examination Deadlines and Termination Deadlines will end 135 on the specified deadline date at the time of day specified in the Time of Day Deadline, United States Mountain Time. If Time of 136 Day Deadline is left blank or "N/A" the deadlines will expire at 11:59 p.m., United States Mountain Time. 137 3.3.2. Computation of Period of Days. In computing a period of days (e.g., three days after MEC), when the 138 ending date is not specified, the first day is excluded and the last day is included. 139 3.3.3. Deadlines. If any deadline falls on a Saturday, Sunday or federal or Colorado state holiday (Holiday), such 140 deadline [Z Will n Will Not be extended to the next day that is not a Saturday, Sunday or Holiday. Should neither box be checked, 141 the deadline will not be extended, 142 4. PURCHASE PRICE AND TERMS. 143 4.1. Price and Terms. The Purchase Price set forth below is payable in U.S. Dollars by Buyer as follows: Item No. Reference Item Amount Amount I § 4.L Purchase Price $ 800,000,00 2 § 4.3. Earnest Money $20,000.00 3 § 4.5. New Loan $ 4 § 4.6, Assumption Balance $ 5 § 4.T Private Financing 6 § 4.7. Seller Financing $ 7 8 9 4.4. Cash at Closing $780,000.00 10 _J TOTAL $800,000.00 $800,000,00 144 4.2. Seller Concession. At Closing, Seller will credit to Buyer $NIA (Seller Concession). The Seller 145 Concession may be used for any Buyer fee, cost, charge or expenditure to the extent the amount is allowed by the Buyer's lender 146 and is included in the Closing Statement or Closing Disclosure at Closing. Examples of allowable items to be paid for by the Seller 147 Concession include, but are not limited to: Buyer's closing costs, loan discount points, loan origination fees, prepaid items and any 148 other fee, cost, charge, expense or expenditure. Seller Concession is in addition to any sum Seller has agreed to pay or credit Buyer 149 elsewhere in this Contract, 150 4.3. Earnest Money. The Earnest Money set forth in this Section, in the form of a A-eASHIERS CHEC6, will be 151 payable to and held by LAND TITLE GUARANTEE COMPANY (Earnest Money Holder), in its trust account, on behalf of 152 both Seller and Buyer. The Earnest Money deposit must be tendered, by Buyer, with this Contract unless the Parties mutually agree 153 to an Alternative Earnest Money Deadline for its payment. The parties authorize delivery of the Earnest Money deposit to the 154 company conducting the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money Holder has agreed to CBS]--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 4 of 20 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 have interest on Earnest Money deposits transferred to a fund established for the purpose of providing affordable housing to Colorado residents, Seller and Buyer acknowledge and agree that any interest accruing on the Earnest Money deposited with the Earnest Money Holder in this transaction will be transferred to such fund. 4.3.1. Alternative Eat -nest Money Deadline. The deadline for delivering the Earnest Money, if other than at the time of tender of this Contract, is as set forth as the Alternative Earnest Money Deadline. 4.3.2. Disposition of Earnest Money. If Buyer has a Right to Terminate and timely terminates, Buyer is entitled to the return of Earnest Money as provided in this Contract. If this Contract is terminated as set forth in § 24 and, except as provided in § 23 (Earnest Money Dispute), if the Earnest Money has not already been returned following receipt of a Notice to Terminate, Seller agrees to execute and return to Buyer or Broker working with Buyer, written mutual instructions (e.g., Earnest Money Release form), within three days of Seller's receipt of such form. If Seller is entitled to the Earnest Money, and, except as provided in § 23 (Earnest Money Dispute), if the Earnest Money has not already been paid to Seller, following receipt of an Earnest Money Release form, Buyer agrees to execute and return to Seller or Broker working with Seller, written mutual instructions (e.g., Earnest Money Release form), within three days of Buyer's receipt. 4.3.2.1. Seller Failure to Timely Return Earnest Money. If Seller fails to timely execute and return the Earnest Money Release Form, or other written mutual instructions, Seller is in default and liable to Buyer as set forth in "if Seller is in Default", § 20.2. and § 21, unless Seller is entitled to the Earnest Money due to a Buyer default, 4.3.2.2. Buyer Failure to Timely Release Earnest Money. If Buyer fails to timely execute and return the Earnest Money Release Form, or other written mutual instructions, Buyer is in default and 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, V Does [I 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 4.1 Ntw-Loan. Prorisio*. --tftc--Proprrty--using-aiT—of -ther--faflowing--typrr-uf-foans: 4.5-. riditkins-md CBSI--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 5 of2O 213 230 CBSI--6-24, CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 6 of 20 268 269 270 271 6. APPRAISAL PROVISIONS. 272 6.1. Appraisal Definition. An "Appraisal" is an opinion of value prepared by a licensed or certified appraiser, engaged on 273 behalf of Buyer or Buyer's lender, to determine the Property's market value (Appraised Value). The Appraisal may also set forth 274 certain lender requirements, replacements, removals or repairs necessary on or to the Property as a condition for the Property to be 275 valued at the Appraised Value, 276 6.2. Appraised Value. The applicable appraisal provision set forth below applies to the respective loan type set forth in 277 § 4.5.3., or if a cash transaction (i.e., no financing), § 6.2.1. applies. 278 6.2.1. Conventional/Other. Buyer has the right to obtain an Appraisal. If the Appraised Value is less than the 279 Put -chase Price, or if the Appraisal is not received by Buyer on or before Appraisal Deadline Buyer may, on or before Appraisal 280 Objection Deadline: 281 6.2.1.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1., that this Contract is terminated; 282 or 283 6.2.1.2. Appraisal Objection. Deliver to Seller a written objection accompanied by either a copy of the 284 Appraisal or written notice from lender that confirms the Appraised Value is less than the Purchase Price (Lender Verification). 285 6.2.1.3. Appraisal Resolution. If an Appraisal Objection is received by Seller, on or before Appraisal 286 Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Appraisal Resolution 287 Deadline, this Contract will terminate on the Appraisal Resolution Deadline, unless Seller receives Buyer's written withdrawal of 288 the Appraisal Objection before such termination, (i.e., on or before expiration of Appraisal Resolution Deadline). 289 6.2.2. FHA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the purchaser (Buyer) 290 shall not be obligated to complete the purchase of the Property described herein or to incur any penalty by forfeiture of Earnest 291 Money deposits or otherwise unless the purchaser (Buyer) has been given, in accordance with HUD/FHA or VA requirements, a 292 written statement issued by the Federal Housing Commissioner, Department of Veterans Affairs, or a Direct Endorsement lender, 293 setting forth the appraised value of the Property of not less than $N/A . The purchaser (Buyer) shall have the privilege 294 and option of proceeding with the consummation of this Contract without regard to the amount of the appraised valuation. The 295 appraised valuation is arrived at to determine the maximum mortgage the Department of Housing and Urban Development will 296 insure. ITUD does not warrant the value nor the condition of the Property. The purchaser (Buyer) should satisfy 297 himself/lierself/themselves that the price and condition of the Property are acceptable. 298 6.2.1 VA. It is expressly agreed that, notwithstanding any other provisions of this Contract, the purchaser (Buyer) 299 shall not incur any penalty by forfeiture of Earnest Money or otherwise or be obligated to complete the purchase of the Property 300 described herein, if the Contract Purchase Price oncost exceeds the reasonable value of the Property established by the Department 301 of Veterans Affairs. The purchaser (Buyer) shall, however, have the privilege and option of proceeding with the consummation of 302 this Contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs. 303 6.3. Lender Property Requirements. If the lender imposes any written requirements, replacements, removals or repairs, 304 including any specified in the Appraisal (Lender Property Requirements) to be made to the Property (e.g., roof repair, repainting), 305 beyond those matters already agreed to by Seller in this Contract, this Contract terminates on the earlier of three days following 306 Seller's receipt of the Lender Property Requirements, or Closing, unless prior to termination: (1) the parties enter into a written 307 agreement to satisfy the Lender Property Requirements; (2) the Lender Property Requirements have been completed; or (3) the 308 satisfaction of the Lender Property Requirements is waived in writing by Buyer. 309 6.4. Cost of Appraisal. Cost of the Appraisal to be obtained after the date of this Contract must be timely paid by V Buyer 310 ❑ Seller. The cost of the Appraisal may include any and all fees paid to the appraiser, appraisal management company, lender's 311 agent or all three. 312 7, OWNERS' ASSOCIATIONS. This Section is applicable if the Property is located within one or more Common Interest 313 Communities and subject to one or more declarations (Association). 314 7.1. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A COMMON 315 INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY. THE OWNER OF 316 THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS' ASSOCIATION FOR THE 317 COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE 318 ASSOCIATION. THE DECLARATION, BYLAWS AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL 319 OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS 320 OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION COULD 321 PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS 322 AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING 323 CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A 324 COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF CBSI--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 7 of 20 325 PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL 326 OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE 327 DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE 328 ASSOCIATION. 329 7.2. Association Documents to Buyer. Seller is obligated to provide to Buyer the Association Documents (defined below), 330 at Seller's expense, on or before Association Documents Deadline. Seller authorizes the Association to provide the Association 331 Documents to Buyer, at Seller's expense. Seller's obligation to provide the Association Documents is fulfilled upon Buyer's receipt 332 of the Association Documents, regardless of who provides such documents. 333 7.3. Association Documents. Association documents (Association Documents) consist of the following: 334 7.3.1. All Association declarations, articles of incorporation, bylaws, articles of organization, operating agreements, 335 rules and regulations, party wall agreements and the Association's responsible governance policies adopted under § 38-33.3-209.5, 336 C.R.S.; 337 7.3.2. Minutes of. (1) the annual owners' or members' meeting and (2) any executive boards' or managers' meetings; 338 such minutes include those provided under the most current annual disclosure required under § 38-33.3-209.4, C.R.S. (Annual 339 Disclosure) and minutes of meetings, if any, subsequent to the minutes disclosed in the Annual Disclosure. If none of the preceding 340 minutes exist, then the most recent minutes, if any (§§ 7.3.1. and 7.3.2., collectively, Governing Documents); and 341 7.3.3. List of all Association insurance policies as provided in the Association's last Annual Disclosure, including, 342 but not limited to, property, general liability, association director and officer professional liability and fidelity policies. The list must 343 include the company names, policy limits, policy deductibles, additional named insureds and expiration dates of the policies listed 344 (Association Insurance Documents); 345 7.3.4. A list by unit type of the Association's assessments, including both regular and special assessments as 346 disclosed in the Association's last Annual Disclosure; 347 7.3.5. The Association's most recent financial documents which consist of: (1) the Association's operating budget 348 for the current fiscal year, (2) the Association's most recent annual financial statements, including any amounts held in reserve for 349 the fiscal year immediately preceding the Association's last Annual Disclosure, (3) the results of the Association's most recent 350 available financial audit or review, (4) list of the fees and charges (regardless of name or title of such fees or charges) that the 351 Association's community association manager or Association will charge in connection with the Closing including, but not limited 352 to, any fee incident to the issuance of the Association's statement of assessments (Status Letter), any rush or update fee charged for 353 the Status Letter, any record change fee or ownership record transfer fees (Record Change Fee), fees to access documents, (5) list of 354 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 355 7.3.5., collectively, Financial Documents); 356 7.3.6. Any written notice from the Association to Seller of a "construction defect action" under § 38-33.3-303.5, 357 C.R.S. within the past six months and the result of whether the Association approved or disapproved such action (Construction 358 Defect Documents). Nothing in this Section limits the Seller's obligation to disclose adverse material facts as required under § 10.2. 359 (Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition) including any problems or defects in the common 360 elements or limited common elements of the Association property. 361 7.4. Conditional on Buyer's Review. Buyer has the right to review the Association Documents. Buyer has the Right to 362 Terminate under § 24.1., on or before Association Documents Termination Deadline, based on any unsatisfactory provision in 363 any of the Association Documents, in Buyer's sole subjective discretion. Should Buyer receive the Association Documents after 364 Association Documents Deadline, Buyer, at Buyer's option, has the Right to Terminate under § 24. L by Buyer's Notice to 365 Terminate received by Seller on or before ten days after Buyer's receipt of the Association Documents. If Buyer does not receive 366 the Association Documents, or if Buyer's Notice to Terminate would otherwise be required to be received by Seller after Closing 367 Date, Buyer's Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer's Notice to 368 Terminate within such time, Buyer accepts the provisions of the Association Documents as satisfactory and Buyer waives any Right 369 to Terminate under this provision, notwithstanding the provisions of § 8.6. (Third Party Right to Purchase/Approve). 370 8. TITLE INSURANCE, RECORD TITLE AND OFF -RECORD TITLE. 371 8.1. Evidence of Record Title. 372 ❑ 8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will select the title insurance 373 company to furnish the owner's title insurance policy at Seller's expense. On or before Record Title Deadline, Seller must furnish 374 to Buyer, a current commitment for an owner's title insurance policy (Title Commitment), in an amount equal to the Purchase Price, 375 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 376 and delivered to Buyer as soon as practicable at or after Closing. 377 ® 8.1.2. Buyer Selects Title Insurance Company. If this box is checked, Buyer will select the title insurance 378 company to furnish the owner's title insurance policy at Buyer's expense. On or before Record Title Deadline, Buyer must furnish to 379 Seller, a current commitment for owner's title insurance policy (Title Commitment), in an amount equal to the Purchase Price. 380 If neither box in § 8.1.1. or § 8.1.2. is checked, § 8.1.1. applies. 381 8.1.3. Owner's Extended Coverage (OEC). The Title Commitment ® Will ❑ Will Not contain Owner's 382 Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or insure over the standard exceptions CBSI--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 8 of 20 383 which relate to: (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) unrecorded mechanics' liens, (5) gap 384 period (period between the effective date and time of commitment to the date and time the deed is recorded) and (6) unpaid taxes, 385 assessments and unredeemed tax sales prior to the year of Closing. Any additional premium expense to obtain OEC will be paid by 386 ® Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ❑ Other 387 Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or delete or insure over 388 any or all of the standard exceptions for OEC. The Title Insurance Company may require a New Survey or New ILC, defined below, 389 among other requirements for OEC. If the Title Insurance Commitment is not satisfactory to Buyer, Buyer has a right to object under 390 § 8.7. (Right to Object to Title, Resolution). 391 8.1.4. Title Documents. Title Documents consist of the following: (1) copies of any plats, declarations, covenants, 392 conditions and restrictions burdening the Property and (2) copies of any other documents (or, if illegible, summaries of such 393 documents) listed in the schedule of exceptions (Exceptions) in the Title Commitment furnished to Buyer (collectively, Title 394 Documents). 395 8.1.5. Copies of Title Documents. Buyer must receive, on or before Record Title Deadline, copies of all Title 396 Documents. This requirement pertains only to documents as shown of record in the office of the clerk and recorder in the county 397 where the Property is located. The cost of furnishing copies of the documents required in this Section will be at the expense of the 398 party or parties obligated to pay for the owner's title insurance policy. 399 8.1.6. Existing Abstracts of Title. Seller must deliver to Buyer copies of any abstracts of title covering all or any 400 portion of the Property (Abstract of Title) in Seller's possession on or before Record Title Deadline. 401 8.2. Record Title. Buyer has the right to review and object to the Abstract of Title or Title Commitment and any of the 402 Title Documents as set forth in § 8.7. (Right to Object to Title, Resolution) on or before Record Title Objection Deadline. Buyer's 403 objection may be based on any unsatisfactory form or content of Title Commitment or Abstract of Title, notwithstanding § 13, or 404 any other unsatisfactory title condition, in Buyer's sole subjective discretion. If the Abstract of Title, Title Commitment or Title 405 Documents are not received by Buyer on or before the Record Title Deadline, or if there is an endorsement to the Title Commitment 406 that adds a new Exception to title, a copy of the new Exception to title and the modified Title Commitment will be delivered to 407 Buyer. Buyer has until the earlier of Closing or ten days after receipt of such documents by Buyer to review and object to: (1) any 408 required Title Document not timely received by Buyer, (2) any change to the Abstract of Title, Title Commitment or Title Documents, 409 or (3) any endorsement to the Title Commitment. If Seller receives Buyer's Notice to Terminate or Notice of Title Objection, 410 pursuant to this § 8.2. (Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.7. (Right to Object 411 to Title, Resolution). If Seller has fulfilled all Seller's obligations, if any, to deliver to Buyer all documents required by § 8.1. 412 (Evidence of Record Title) and Seller does not receive Buyer's Notice to Terminate or Notice of Title Objection by the applicable 413 deadline specified above, Buyer accepts the condition of title as disclosed by the Abstract of Title, Title Commitment and Title 414 Documents as satisfactory. 415 8.3. Off -Record Title. Seller must deliver to Buyer, on or before Off -Record Title Deadline, true copies of all existing 416 surveys in Seller's possession pertaining to the Property and must disclose to Buyer all easements, liens (including, without 417 limitation, governmental improvements approved, but not yet installed) or other title matters not shown by public records, of which 418 Seller has actual knowledge (Off -Record Matters). This Section excludes any New ILC or New Survey governed under § 9 (New 419 ILC, New Survey). Buyer has the right to inspect the Property to investigate if any third party has any right in the Property not shown 420 by public records (e.g., unrecorded easement, boundary line discrepancy or water rights). Buyer's Notice to Terminate or Notice of 421 Title Objection of any unsatisfactory condition (whether disclosed by Seller or revealed by such inspection, notwithstanding § 8.2. 422 (Record Title) and § 13 (Transfer of Title)), in Buyer's sole subjective discretion, must be received by Seller on or before Off- 423 Record Title Objection Deadline. If an Off -Record Matter is received by Buyer after the Off -Record Title Deadline, Buyer has 424 until the earlier of Closing or ten days after receipt by Buyer to review and object to such Off -Record Matter. If Seller receives 425 Buyer's Notice to Terminate or Notice of Title Objection pursuant to this § 8.3. (Off -Record Title), any title objection by Buyer is 426 governed by the provisions set forth in § 8.7. (Right to Object to Title, Resolution). If Seller does not receive Buyer's Notice to 427 Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer accepts title subject to such Off -Record 428 Matters and rights, if any, of third parties not shown by public records of which Buyer has actual knowledge. 429 8.4. Special Taxing and Metropolitan Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO 430 GENERAL OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES 431 ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE 432 PLACED AT RISK FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF SUCH DEBT 433 WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH 434 INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE THE 435 SPECIAL TAXING DISTRICTS IN WHICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY 436 TREASURER, BY REVIEWING THE CERTIFICATE OF TAXES DUE FOR THE PROPERTY AND BY OBTAINING 437 FURTHER INFORMATION FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY CLERIC AND 438 RECORDER, OR THE COUNTY ASSESSOR. The official website for the Metropolitan District, if any, is: 439 8.5. Tax Certificate. A tax certificate paid for by ❑ Seller ❑ Buyer, for the Property listing any special taxing or 440 metropolitan districts that affect the Property (Tax Certificate) must be delivered to Buyer on or before Record Title Deadline. If 441 the content of the Tax Certificate is unsatisfactory to Buyer, in Buyer's sole subjective discretion, Buyer may terminate, on or before CBSI--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 9 of 20 442 Record Title Objection Deadline. Should Buyer receive the Tax Certificate after Record Title Deadline, Buyer, at Buyer's option, 443 has the Right to Terminate under § 24.L by Buyer's Notice to Terminate received by Seller on or before ten days after Buyer's 444 receipt of the Tax Certificate. If Buyer does not receive the Tax Certificate, or if Buyer's Notice to Terminate would otherwise be 445 required to be received by Seller after Closing Date, Buyer's Notice to Terminate must be received by Seller on or before Closing. 446 If Seller does not receive Buyer's Notice to Terminate within such time, Buyer accepts the content of the Tax Certificate as 447 satisfactory and Buyer waives any Right to Terminate under this provision. If Buyer's loan specified in §4.5.3. (Loan Limitations) 448 prohibits Buyer from paying for the Tax Certificate, the Tax Certificate will be paid for by Seller. 449 8.6. Third Party Right to Purchase/Approve. If any third party has a right to purchase the Property (e.g., right of first 450 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 451 right of a third party to approve this Contract, Seller must promptly submit this Contract according to the terms and conditions of 452 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 453 is waived explicitly or expires, or the Contract is approved, this Contract will remain in full force and effect. Seller must promptly 454 notify Buyer in writing of the foregoing. If the third party right to purchase is exercised or approval of this Contract has not occurred 455 on or before Third Party Right to Purchase/Approve Deadline, this Contract will then terminate. Seller will supply to Buyer, in 456 writing, details of any Third Party Right to Purchase the Property on or before the Record Title Deadline. 457 8.7. Right to Object to Title, Resolution. Buyer has a right to object or terminate, in Buyer's sole subjective discretion, 458 based on any title matters including those matters set forth in § 8.2. (Record Title), § 8.3. (Off -Record Title), § 8.5. (Tax Certificate) 459 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 460 applicable deadline, Buyer has the following options: 461 8.7.1. Title Objection, Resolution. If Seller receives Buyer's written notice objecting to any title matter (Notice of 462 Title Objection) on or before the applicable deadline and if Buyer and Seller have not agreed to a written settlement thereof on or 463 before Title Resolution Deadline, this Contract will terminate on the expiration of Title Resolution Deadline, unless Seller receives 464 Buyer's written withdrawal of Buyer's Notice of Title Objection (i.e., Buyer's written notice to waive objection to such items and 465 waives the Right to Terminate for that reason), on or before expiration of Title Resolution Deadline. If either the Record Title 466 Deadline or the Off -Record Title Deadline, or both, are extended pursuant to § 8.2. (Record Title) or § 8.3. (Off -Record Title) the 467 Title Resolution Deadline also will be automatically extended to the earlier of Closing or fifteen days after Buyer's receipt of the 468 applicable documents; or 469 8.7.2. Title Objection, Right to Terminate. Buyer may exercise the Right to Terminate under § 24.1., on or before 470 the applicable deadline, based on any title matter unsatisfactory to Buyer, in Buyer's sole subjective discretion. 471 8.8. Title Advisory. The Title Documents affect the title, ownership and use of the Property and should be reviewed 472 carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property, 473 including, without limitation, boundary lines and encroachments, set -back requirements, area, zoning, building code violations, 474 unrecorded easements and claims of easements, leases and other unrecorded agreements, water on or under the Property and various 475 laws and governmental regulations concerning land use, development and environmental matters. 476 8.8.1. OIL, GAS, WATER AND MINERAL DISCLOSURE. THE SURFACE ESTATE OF THE 477 PROPERTY MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE AND TRANSFER OF 478 THE SURFACE ESTATE MAY NOT NECESSARILY INCLUDE TRANSFER OF THE MINERAL ESTATE OR WATER 479 RIGHTS. THIRD PARTIES MAY OWN OR LEASE INTERESTS IN OIL, GAS, OTHER MINERALS, GEOTHERMAL 480 ENERGY OR WATER ON OR UNDER THE SURFACE OF THE PROPERTY, WHICH INTERESTS MAY GIVE THEM 481 RIGHTS TO ENTER AND USE THE SURFACE OF THE PROPERTY TO ACCESS THE MINERAL ESTATE, OIL, 482 GAS OR WATER. 483 8.8.2. SURFACE USE AGREEMENT. THE USE OF THE SURFACE ESTATE OF THE PROPERTY TO 484 ACCESS THE OIL, GAS OR MINERALS MAY BE GOVERNED BY A SURFACE USE AGREEMENT, A 485 MEMORANDUM OR OTHER NOTICE OF WHICH MAY BE RECORDED WITH THE COUNTY CLERK AND 486 RECORDER. 487 8.8.3. OIL AND GAS ACTIVITY. OIL AND GAS ACTIVITY THAT MAY OCCUR ON OR ADJACENT 488 TO THE PROPERTY MAY INCLUDE, BUT IS NOT LIMITED TO, SURVEYING, DRILLING, WELL COMPLETION 489 OPERATIONS, STORAGE, OIL AND GAS, OR PRODUCTION FACILITIES, PRODUCING WELLS, REWORKING 490 OF CURRENT WELLS AND GAS GATHERING AND PROCESSING FACILITIES. 491 8.8.4. ADDITIONAL INFORMATION. BUYER IS ENCOURAGED TO SEEK ADDITIONAL 492 INFORMATION REGARDING OIL AND GAS ACTIVITY ON OR ADJACENT TO THE PROPERTY, INCLUDING 493 DRILLING PERMIT APPLICATIONS. THIS INFORMATION MAY BE AVAILABLE FROM THE COLORADO OIL 494 AND GAS CONSERVATION COMMISSION. 495 8.8.5. Title Insurance Exclusions. Matters set forth in this Section and others, may be excepted, excluded from, or 496 not covered by the owner's title insurance policy. 497 8.9. Mineral Rights Review. Buyer has a Right to Terminate if examination of the Mineral Rights is unsatisfactory to 498 Buyer on or before the Mineral Rights Examination Deadline. 499 9. NEW ILC, NEW SURVEY. CBSI--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 10 of 20 500 9.1. New ILC or New Survey. If the box is checked, (1) V NeNv Improvement Location Certificate (NewTLC); or,(2-) 501 [Q_NQA"UVVey4R4he_f0rf"f MAY BE required and the following will apply: 502 9.1.1. Ordering ofNew ILC oi,New Survey. OSeller V Buyer will order the New ILC or New Survey. The 503 New ILC or New Survey may also be a previous ILC or survey that is in the above -required form, certified and updated as of a date 504 after the date of this Contract. 505 9.1.2. Payment for New ILC or New Survey. The cost of the New ILC or New Survey will be paid, on or before 506 Closing, by: E] Seller V Buyer or: 507 508 509 9.1.3. Delivery of New ILC or New Survey. Buyer, Seller, the issuer of the Title Commitment (or the provider of 510 the opinion of title if an Abstract of Title) and TOWN ATTORNEYS OFFICE will receive a New ILC or New Survey on or before New 511 ILC or New Survey Deadline. 512 9.1.4. Certification of New ILC or New Survey. The New ILC or New Survey will be certified by the surveyor to 513 all those who are to receive the New ILC or New Survey. 514 9.2. Buyer's Right to Waive or Change New ILC or New Survey Selection. Buyer may select a New ILC or New 515 Survey different than initially specified in this Contract if there is no additional cost to Seller or change to the New ILC or New 516 Survey Objection Deadline, Buyer may, in Buyer's sole subjective discretion, waive a New ILC or New Survey if done prior to 517 Seller incurring any cost for the same. 518 9.3. New ILC or New Survey Objection. Buyer has the right to review and object based on the New ILC or New Survey. 519 If the New ILC or New Survey is not timely received by Buyer or is unsatisfactory to Buyer, in Buyer's sole subjective discretion, 520 Buyer may, on or before New ILC or New Survey Objection Deadline, notwithstanding § 8.3. or § 13: 521 9.3.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24. 1, that this Contract is terminated; or 522 9.3.2. New ILC or New Survey Objection. Deliver to Seller a written description of any matter that was to be 523 shown or is shown in the New ILC or New Survey that is unsatisfactory and that Buyer requires Seller to correct. 524 9.3.3. New ILC or New Survey Resolution. If a New ILC or New Survey Objection is received by Seller, on or 525 before New ILC or New Survey Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on 526 or before New ILC or New Survey Resolution Deadline, this Contract will terminate on expiration of the New ILC or New Survey 527 Resolution Deadline, unless Seller receives Buyer's written withdrawal of the New ILC or New Survey Objection before such 528 termination (i.e., on or before expiration of New ILC or New Survey Resolution Deadline), 529 DISCLOSURE, INSPECTION AND DUE DILIGENCE 530 10. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, DUE DILIGENCE AND SOURCE OF 531 WATER. 532 10.1. Sellers Property Disclosure. On or before Seller's Property Disclosure Deadline, Seller agrees to deliver to Buyer 533 the most current version of the applicable Colorado Real Estate Commission's Seller's Property Disclosure form completed by Seller 534 to Seller's actual knowledge and current as of the date of this Contract. 535 101. Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition. Seller must disclose to Buyer 536 any adverse material facts actually known by Seller as of the date of this Conti -act. Seller agrees that disclosure of adverse material 537 facts will be in writing, In the event Seller discovers an adverse material fact after the date of this Contract, Seller must timely 538 disclose such adverse fact to Buyer. Buyer has the Right to Terminate based on the Seller's new disclosure on the earlier of Closing 539 or five days after Buyer's receipt of the new disclosure. Except as otherwise provided in this Conti -act, Buyer acknowledges that 540 Seller is conveying the Property and Inclusions to Buyer in an "As Is" condition, "Where Is" and "With All Faults." 541 10.3. Inspection. Unless otherwise provided in this Contract, Buyer, acting in good faith, has the right to have inspections 542 (by one or more third parties, personally or both) of the Property, Leased Items, and Inclusions (Inspection), at Buyer's expense. If 543 (1) the physical condition of the Property, including, but not limited to, the roof, walls, structural integrity of the Property, the 544 electrical, plumbing, HVAC and other mechanical systems of the Property, (2) the physical condition of the Inclusions and Leased 545 Items, (3) service to the Property (including utilities and communication services), systems and components of the Property (e.g., 546 heating and plumbing), (4) any proposed or existing transportation project, road, street or highway, or (5) any other activity, odor or 547 noise (whether on or off the Property) and its effect or expected effect on the Property or its occupants is unsatisfactory, in Buyer's 548 sole subjective discretion, Buyer may: 549 10.3.1. Inspection Termination. On or before the Inspection Termination Deadline, notify Seller in writing, 550 pursuant to § 24. L, that this Conti -act is terminated due to any unsatisfactory condition, provided the Buyer did not previously deliver 551 an Inspection Objection, Buyer's Right to Terminate under this provision expires upon delivery of an Inspection Objection to Seller 552 pursuant to § 10 .3.2.; or 553 10.3.2. Inspection Objection. On or before the Inspection Objection Deadline, deliver to Seller a written 554 description of any unsatisfactory condition that Buyer requires Seller to correct. 555 10.3.3. Inspection Resolution. If an Inspection Objection is received by Seller, on or before Inspection Objection CBSI--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 11 0f20 556 557 558 559 560 561 562 563 564 565 566 567 568 569 570 571 572 573 574 575 576 577 578 579 580 581 582 583 584 585 586 587 588 589 590 591 592 593 594 595 596 597 598 599 600 601 602 603 604 605 606 607 608 609 610 611 612 613 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 or before expiration of Inspection Resolution Deadline). Nothing in this provision prohibits the Buyer and the Seller from mutually terminating this Contract before the Inspection Resolution Deadline passes by executing an Earnest Money Release. 10.4. Damage, Liens and Indemnity. Buyer, except as otherwise provided in this Contract or other written agreement between the parties, is responsible for payment for all inspections, tests, surveys, engineering reports, or other reports performed at Buyer's request (Work) and must pay for any damage that occurs to the Property and Inclusions as a result of such Work. Buyer must not permit claims or liens of any kind against the Property for Work performed on the Property. Buyer agrees to indemnify, protect and hold Seller harmless from and against any liability, damage, cost or expense incurred by Seller and caused by any such Work, claim, or lien. This indemnity includes Seller's right to recover all costs and expenses incurred by Seller to defend against any such liability, damage, cost or expense, or to enforce this Section, including Seller's reasonable attorney fees, legal fees and expenses. The provisions of this Section survive the termination of this Contract. This § 10.4. does not apply to items performed pursuant to an Inspection Resolution. 10.5. Insurability. Buyer has the Right to Terminate under § 24. L, on or before Property Insurance Termination Deadline, based on any unsatisfactory provision of the availability, terms and conditions and premium for property insurance (Property Insurance) on the Property, in Buyer's sole subjective discretion. 10.6. Due Diligence. 10.6.1. Due Diligence Documents. Seller agrees to deliver copies of the following documents and information pertaining to the Property and Leased Items (Due Diligence Documents) to Buyer on or before Due Diligence Documents Delivery Deadline: 10.6.1.1. Occupancy Agreements. All current leases, including any amendments or other occupancy agreements, pertaining to the Property. Those leases or other occupancy agreements pertaining to the Property that survive Closing are as follows (Leases): NONE. 10.6.1.2. Leased Items Documents. If any lease of personal property (§ 2.5.8., Leased Items) will be transferred to Buyer at Closing, Seller agrees to deliver copies of the leases and information pertaining to the personal property to Buyer on or before Due Diligence Documents Delivery Deadline. 10.6.1.3. Encumbered Inclusions Documents. If any Inclusions owned by Seller are encumbered pursuant to § 2.5.5. (Encumbered Inclusions) above, Seller agrees to deliver copies of the evidence of debt, security and any other documents creating the encumbrance to Buyer on or before Due Diligence Documents Delivery Deadline. 10.6.1.4. Solar Power Plan. Copy of any Solar Power Plan not included in Leased Items (regardless of its name or title). 10.6.1.5. Septic Use Permit. If required by the local health department or other applicable government entity, on or before the local health department's applicable deadline, Seller must pay for and furnish to Buyer a Septic Use Permit. 10.6.1.6. Other Documents. Other documents and information: 10.6.2. Due Diligence Documents Review and Objection. Buyer has the right to review and object based on the Due Diligence Documents. If the Due Diligence Documents are not supplied to Buyer or are unsatisfactory, in Buyer's sole subjective discretion, Buyer may, on or before Due Diligence Documents Objection Deadline: 10.6.2.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1., that this Contract is terminated; or 10.6.2.2. Due Diligence Documents Objection. Deliver to Seller a written description of any unsatisfactory Due Diligence Documents that Buyer requires Seller to correct. 10.6.2.3. Due Diligence Documents Resolution. If a Due Diligence Documents Objection is received by Seller, on or before Due Diligence Documents Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Due Diligence Documents Resolution Deadline, this Contract will terminate on Due Diligence Documents Resolution Deadline unless Seller 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 CBSi--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 12 of 20 614 Document Resolution Deadline will also be extended to the earlier of Closing or fifteen days after Buyer's receipt of such Due 615 Diligence Document. 616 IV7---C-oii-diTio-n-aTUp-o-ii-S-ale—oTIP —io-p -eijy--T bi TsCo—n fiffiet -isco condi i-on-ar d-poWn Iffee-s-al-e-a-n W-ctos Ming o ace am property JR—operty 617 crmTe&byBuyemid-corrmurrn wtras=Buyetha,,s-- 618 the-Rightto-Turninat�uodep+24-1n. 619 620 i*e, 621 pmvWon- 622 10.8. Source of Potable Water (Residential Land and Residential Improvements Only). Buyer [:] Does E] Does Not 623 acknowledge receipt of a copy of Seller's Property Disclosure or Source of Water Addendum disclosing the source of potable water for 624 the Property. JZ There is No Well. Buyer E] Does E] Does Not acknowledge receipt of a copy of the current well permit. 625 Note to Buyer: SOME WATER PROVIDERS RELY, TO VARYING DEGREES, ON NONRENEWABLE GROUND 626 WATER. YOU MAY WISH TO CONTACT YOUR PROVIDER (OR INVESTIGATE THE DESCRIBED SOURCE) TO 627 DETERMINE THE LONG-TERM SUFFICIENCY OF THE PROVIDER'S WATER SUPPLIES. 628 10.9. Existing Leases; Modification of Existing Leases; New Leases. [Intentionally Deleted] 629 10.10. Lead -Based Paint. 630 10.10.1. Lead -Based Paint Disclosure. Unless exempt, if the Property includes one or more residential dwellings 631 constructed or a building permit was issued prior to January 1, 1978, for the benefit of Buyer, Seller and all required real estate 632 licensees must sign and deliver to Buyer a completed Lead -Based Paint Disclosure (Sales) form on or before the Lead -Based Paint 633 Disclosure Deadline, If Buyer does not timely receive the Lead -Based Paint Disclosure, Buyer may waive the failure to timely 634 receive the Lead -Based Paint Disclosure, or Buyer may exercise Buyer's Right to Terminate under § 24.L by Seller's receipt of 635 Buyer's Notice to Terminate on or before the expiration of the Lead -Based Paint Termination Deadline. 636 10.10.2. Lead -Based Paint Assessment. If Buyer elects to conduct or obtain a risk assessment or inspection of the 637 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 638 receipt of Buyer's Notice to Terminate on or before the expiration of the Lead -Based Paint Termination Deadline. Buyer may 639 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 640 or Lead -Based Paint hazards, If Seller does not receive Buyer's Notice to Terminate within such time, Buyer accepts the condition 641 of the Property relative to any Lead -Based Paint as satisfactory and Buyer waives any Right to Terminate under this provision. 642 10.11. Carbon Monoxide Alarms. Note: If the improvements on the Property have a fuel -fired heater or appliance, a 643 fireplace, or an attached garage and include one or more rooms lawfully used for sleeping purposes (Bedroom), the parties 644 acknowledge that Colorado law requires that Seller assure the Property has an operational carbon monoxide alarm installed within 645 fifteen feet of the entrance to each Bedroom or in a location as required by the applicable building code. 646 10.12. Methamphetamine Disclosure. If Seller knows that metbamplietaniine was ever manufactured, processed, cooked, 647 disposed of, used or stored at the Property, Seller is required to disclose such fact, No disclosure is required if the Property was 648 remediated in accordance with state standards and other requirements are fulfilled pursuant to § 25-18.5-102, C.R.S., Buyer further 649 acknowledges that Buyer has the right to engage a certified hygienist or industrial hygienist to test whether the Property has ever 650 been used as amethamplietainine laboratory, Buyer has the Right to Terminate under § 24.1., upon Seller's receipt ofBuyer's written 651 Notice to Terminate, notwithstanding any other provision of this Contract, based on Buyer's test results that indicate the Property 652 has been contaminated with methamphetamine, but has not been remediated to meet the standards established by rules of the State 653 Board of Health promulgated pursuant to § 25-18.5-102, C.R.S. Buyer must promptly give written notice to Seller of the results of 654 the test. 655 10.13. Radon Disclosure. THE COLORADO DEPARTMENT OF PUBLIC HEALTH AND ENVIRONMENT 656 STRONGLY RECOMMENDS THAT ALL HOME BUYERS HAVE AN INDOOR RADON TEST PERFORMED 657 BEFORE PURCHASING RESIDENTIAL REAL PROPERTY AND RECOMMENDS HAVING THE RADON LEVELS 658 MITIGATED IF ELEVATED RADON CONCENTRATIONS ARE FOUND. ELEVATED RADON CONCENTRATIONS 659 CAN BE REDUCED BY A RADON MITIGATION PROFESSIONAL. 660 RE SIDENTAL REAL PROPERTY MAY PRESENT EXPOSURE TO DANGEROUS LEVELS OF INDOOR RADON 661 GAS THAT MAY PLACE THE OCCUPANTS AT RISK OF DEVELOPING RADON -INDUCED LUNG CANCER. 662 RADON, A CLASS A HUMAN CARCINOGEN, IS THE LEADING CAUSE OF LUNG CANCER IN NONSMOKERS 663 AND THE SECOND LEADING CAUSE OF LUNG CANCER OVERALL. THE SELLER OF RESIDENTAL REAL 664 PROPERTY IS REQUIRED TO PROVIDE THE BUYER WITH ANY KNOWN INFORMATION ON RADON TEST 665 RESULTS OF THE RESIDENTIAL REAL PROPERTY. 666 AN ELECTRONIC COPY OF THE MOST RECENT BROCHURE PUBLISHED BY THE DEPARTMENT OF 667 PUBLIC HEALTH AND ENVIRONMENT IN ACCORDANCE WITH C.R.S. §25-11-114(2)(A) THAT PROVIDES 668 ADVICE ABOUT "RADON AND REAL ESTATE TRANSACTIONS IN COLORADO" IS AVAILABLE AT: 669 HTTPS:HCDPHE.COLORADO.GOV/RADON-AND-REAL-ESTATE. 670 11. TENANT ESTOPPEL STATEMENTS. [Intentionally Deleted] CBSI--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 13 o1`20 671 CLOSING PROVISIONS 672 12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING. 673 12.1. Closing Documents and Closing Information. Seller and Buyer will cooperate with the Closing Company to enable 674 the Closing Company to prepare and deliver documents required for Closing to Buyer and Seller and their designees. If Buyer is 675 obtaining a loan to purchase the Property, Buyer acknowledges Buyer's lender is required to provide the Closing Company, in a 676 timely manner, all required loan documents and financial information concerning Buyer's loan. Buyer and Seller will furnish any 677 additional information and documents required by Closing Company that will be necessary to complete this transaction. Buyer and 678 Seller will sign and complete all customary or reasonably required documents at or before Closing. 679 12.2. Closing Instructions. Colorado Real Estate Commission's Closing Instructions ❑ Are ® Are Not executed with 680 this Contract. 681 12.3. Closing. Delivery of deed from Seller to Buyer will be at closing (Closing). Closing will be on the date specified as 682 the Closing Date or by mutual agreement at an earlier date. At Closing, Seller must provide Buyer with the ability to access the 683 Property (e.g. keys, access code, garage door opener). The hour and place of Closing will be as designated by 684 MUTUAL AGREEMENT OF THE PARTIES AND SCHEDULE, 685 12.4. Disclosure of Settlement Costs. Buyer and Seller acknowledge that costs, quality and extent of service vary between 686 different settlement service providers (e.g., attorneys, lenders, inspectors and title companies). 687 12.5. Assignment of Leases. Seller must assign to Buyer all Leases at Closing that will continue after Closing and Buyer 688 must assume Seller's obligations under such Leases. Further, Seller must transfer to Buyer all Leased Items and assign to Buyer such 689 leases for the Leased Items accepted by Buyer pursuant to § 2.5.8. (Leased Items). 690 13. TRANSFER OF TITLE. Subject to Buyer's compliance with the terms and provisions of this Contract, including the tender 691 of any payment due at Closing, Seller must execute and deliver the following good and sufficient deed to Buyer, at Closing: 692 special warranty deed ❑ general warranty deed ❑ bargain and sale deed ❑ quit claim deed ❑ personal representative's deed 693 ❑ deed. Seller, provided another deed is not selected, must execute and deliver a good and 694 sufficient special warranty deed to Buyer, at Closing. 695 Unless otherwise specified in § 30 (Additional Provisions), if title will be conveyed using a special warranty deed or a general 696 warranty deed, title will be conveyed "subject to statutory exceptions" as defined in §38-30-113(5)(a), C.R.S. 697 14. PAYMENT OF LIENS AND ENCUMBRANCES. Unless agreed to by Buyer in writing, any amounts owed on any liens 698 or encumbrances securing a monetary sum against the Property and Inclusions, including any governmental liens for special 699 improvements installed as of the date of Buyer's signature hereon, whether assessed or not, and previous years' taxes, will be paid 700 at or before Closing by Seller from the proceeds of this transaction or from any other source. 701 15. CLOSING COSTS, FEES, ASSOCIATION STATUS LETTER AND DISBURSEMENTS, TAXES AND 702 WITHHOLDING. 703 15.1. Closing Costs. Buyer and Seller must pay, in Good Funds, their respective closing costs and all other items required 704 to be paid at Closing, except as otherwise provided herein. However, if Buyer's loan specified in §4.5.3. (Loan Limitations) prohibits 705 Buyer from paying for any of the fees contained in this Section, the fees will be paid for by Seller. 706 15.2. Closing Services Fee. The fee for real estate closing services must be paid at Closing by ❑ Buyer ❑ Seller 707 ® One -Half by Buyer and One -Half by Seller ❑ Other 708 15.3. Association Fees and Required Disbursements. At least fourteen days prior to Closing Date, Seller agrees to 709 promptly request that the Closing Company or the Association deliver to Buyer a current Status Letter, if applicable. Any fees 710 associated with or specified in the Status Letter will be paid as follows: 711 15.3.1. Status Letter Fee. Any fee incident to the issuance of Association's Status Letter must be paid by Seller. 712 15.3.2. Record Change Fee. Any Record Change Fee must be paid by ❑ Buyer ❑ Seller ❑ One -Half by Buyer 713 and One -Half by Seller ® N/A. 714 15.3.3. Reserves or Working Capital. Unless agreed to otherwise, all reserves or working capital due (or other 715 similar cost not addressed in § 16.2. (Association Assessments)) at Closing must be paid by ❑ Buyer ❑ Seller ❑ One -Half by 716 Buyer and One -Half by Seller ® N/A. 717 15.3.4. Other Fees. Any other fee listed in the Status Letter as required to be paid at Closing will be paid by ❑ 718 Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ® N/A. 719 15.4. Local Transfer Tax. Any Local Transfer Tax must be paid at Closing by ❑ Buyer ❑ Seller ❑ One -Half by 720 Buyer and One -Half by Seller ® N/A. 721 15.5. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction must be paid when due by 722 ❑ Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ® N/A. CBS1--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 14 of 20 723 15.6. Private Transfer Fee. Any private transfer fees and other fees due to a transfer of the Property, payable at Closing, 724 such as community association fees, developer fees and foundation fees, must be paid at Closing by ❑ Buyer ❑ Seller 725 ❑ One -Half by Buyer and One -Half by Seller ® N/A. 726 15.7. Water Transfer Fees. Water Transfer Fees can change. The fees, as of the date of this Contract, do not exceed 727 $ for: 728 ❑ Water District/Municipality ❑ Water Stock 729 ❑ Augmentation Membership ❑ Small Domestic Water Company ❑ 730 and must be paid at Closing by ❑ Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ® N/A. 731 15.8. Utility Transfer Fees. Utility transfer fees can change. Any fees to transfer utilities from Seller to Buyer must be 732 paid by ❑ Buyer ❑ Seller ❑ One -Half by Buyer and One -Half by Seller ® N/A. 733 15.9. FIRPTA and Colorado Withholding. 734 15.9.1. FIRPTA. The Internal Revenue Service (IRS) may require a substantial portion of the Seller's proceeds be 735 withheld after Closing when Seller is a foreign person. If required withholding does not occur, the Buyer could be held liable for the 736 amount of the Seller's tax, interest and penalties. If the box in this Section is checked, Seller represents that Seller ❑ IS a foreign 737 person for purposes of U.S. income taxation. If the box in this Section is not checked, Seller represents that Seller is not a foreign 738 person for purposes of U.S. income taxation. Seller agrees to cooperate with Buyer and Closing Company to provide any reasonably 739 requested documents to verify Seller's foreign person status. If withholding is required, Seller authorizes Closing Company to 740 withhold such amount from Seller's proceeds. Seller should inquire with Seller's tax advisor to determine if withholding applies or 741 if an exemption exists. 742 15.9.2. Colorado Withholding. The Colorado Department of Revenue may require a portion of the Seller's proceeds 743 be withheld after Closing when Seller will not be a Colorado resident after Closing, if not otherwise exempt. Seller agrees to 744 cooperate with Buyer and Closing Company to provide any reasonably requested documents to verify Seller's status. If withholding 745 is required, Seller authorizes Closing Company to withhold such amount from Seller's proceeds. Seller should inquire with Seller's 746 tax advisor to determine if withholding applies or if an exemption exists. 747 16. PRORATIONS AND ASSOCIATION ASSESSMENTS. 748 16.1. Prorations. The following will be prorated to the Closing Date, except as otherwise provided: 749 16.1.1. Taxes. Personal property taxes, if any, special taxing district assessments, if any, and general real estate taxes 750 for the year of Closing, based on ® Taxes for the Calendar Year Immediately Preceding Closing ❑ Most Recent Mill Levy 751 and Most Recent Assessed Valuation, adjusted by any applicable qualifying seniors property tax exemption, qualifying disabled 752 veteran exemption or ❑ Other 753 16.1.2. Rents. Rents based on ❑ Rents Actually Received ❑ Accrued. At Closing, Seller will transfer or credit 754 to Buyer the security deposits for all Leases assigned to Buyer, or any remainder after lawful deductions, and notify all tenants in 755 writing of such transfer and of the transferee's name and address. 756 16.1.3. Other Prorations. Water and sewer charges, propane, interest on continuing loan and NONE 757 16.1.4. Final Settlement. Unless otherwise specified in Additional Provisions, these prorations are final. 758 16.2. Association Assessments. Current regular Association assessments and dues (Association Assessments) paid in 759 advance will be credited to Seller at Closing. All Association Assessments accrued before Closing must be paid by Seller and all 760 Association Assessments accrued after Closing must be paid by Buyer. Cash reserves held out of the regular Association Assessments 761 for deferred maintenance by the Association will not be credited to Seller except as may be otherwise provided by the Governing 762 Documents. Any special assessment assessed prior to Closing Date by the Association will be the obligation of ❑ Buyer 763 Seller. Except however, any special assessment by the Association for improvements that have been installed as of the date of 764 Buyer's signature hereon, whether assessed prior to or after Closing, will be the obligation of Seller unless otherwise specified in 765 Additional Provisions. Seller represents there are no unpaid regular or special assessments against the Property except the current 766 regular assessments and NONE . Association Assessments are subject to change as provided in the 767 Governing Documents. 768 17. POSSESSION. Possession of the Property and Inclusions will be delivered to Buyer on Possession Date at Possession Time, 769 subject to the Leases as set forth in § 10.6.1.1. If the parties have executed a Post -Closing Occupancy Agreement, such agreement 770 will control Possession Date and Possession Time. 771 If Seller, after Closing occurs, fails to deliver possession as specified, Seller will be subject to eviction and will be additionally 772 liable to Buyer, notwithstanding § 20.2. (If Seller is in Default), for payment of $ 250.00 per day (or any part of a day 773 notwithstanding § 3.3., Day) from Possession Date and Possession Time until possession is delivered. Additionally, Buyer may 774 pursue a claim against Seller for any of Buyer's actual additional damages incurred by Buyer in excess of such amount. 775 1 GENERAL PROVISIONS CBSI--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 15 of 20 776 777 778 779 780 781 782 783 784 785 786 787 788 789 790 791 792 793 794 795 796 797 798 799 800 801 802 803 804 805 806 807 808 809 810 811 812 813 814 815 816 817 818 819 820 821 822 823 824 825 826 827 828 829 830 831 832 833 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 cant' 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 acknowledge that their respective broker has advised that this Contract has important legal consequences and has recommended: (1) legal examination of title; (2) consultation with legal and tax or other counsel before signing this Contract as this Contract may have important legal and tax implications; (3) to consult with 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 in this Contract. This means that all dates and deadlines are strict and absolute. If any payment due, including Earnest Money, is not paid, honored or tendered when due, or if any obligation is not performed timely as provided in this Contract or waived, the non -defaulting party has the following remedies: 20.1. If Buyer is in Default: ❑ 20.1.1. Specific Performance. Seller may elect to cancel this Contract and all Earnest Money (whether or not paid by Buyer) will be paid to Seiler and retained by Seller. It is agreed that the Earnest Money is not a penalty, and the parties agree the amount is fair and reasonable. Seller may recover such additional damages as may be proper. Alternatively, Seller may elect to treat this Contract as being in full force and effect and Seller has the right to specific performance or damages, or both. 20.1.2. Liquidated Damages, Applicable. This § 20.1.2. applies unless the box in § 20.1.1. is checked. Seller may cancel this Contract. All Earnest Money (whether or not paid by Buyer) will be paid to Seller and retained by Seller. It is agreed that the Earnest Money amount specified in § 4.1. is LIQUIDATED DAMAGES and not a penalty, which amount the parties agree is fair and reasonable and (except as provided in §§ 10.4. and 21), such amount is SELLER'S ONLY REMEDY for Buyer's failure to perform the obligations of this Contract. Seller expressly waives the remedies of specific performance and additional damages. 20.2. If Seller is in Default: CBS1--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 16 of 20 834 20.2.1. Specific Performance, Damages or Both. Buyer may elect to treat this Contract as canceled, in which case 835 all Earnest Money received hereunder will be returned to Buyer and Buyer may recover such damages as may be proper. 836 Alternatively, in addition to the per diem in § 17 (Possession) for failure of Seller to timely deliver possession of the Property after 837 Closing occurs, Buyer may elect to treat this Contract as being in full force and effect and Buyer has the right to specific performance 838 or damages, or both. 839 20.2.2. Seller's Failure to Perform. In the event Seller fails to perform Seller's obligations under this Contract, to 840 include, but not limited to, failure to timely disclose Association violations known by Seller, failure to perform any replacements or 841 repairs required under this Contract or failure to timely disclose any known adverse material facts, Seller remains liable for any such 842 failures to perform under this Contract after Closing. Buyer's rights to pursue the Seller for Seller's failure to perform under this 843 Contract are reserved and survive Closing. 844 21. LEGAL FEES, COST AND EXPENSES. Anything to the contrary herein notwithstanding, in the event of any arbitration 845 or litigation relating to this Contract, prior to or after Closing Date, the arbitrator or court must award to the prevailing party all 846 reasonable costs and expenses, including attorney fees, legal fees and expenses. 847 22. MEDIATION. If a dispute arises relating to this Contract (whether prior to or after Closing) and is not resolved, the parties 848 must first proceed, in good faith, to mediation. Mediation is a process in which the parties meet with an impartial person who helps 849 to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. Before any mediated settlement is 850 binding, the parties to the dispute must agree to the settlement, in writing. The parties will jointly appoint an acceptable mediator 851 and will share equally in the cost of such mediation. The obligation to mediate, unless otherwise agreed, will terminate if the entire 852 dispute is not resolved within thirty days of the date written notice requesting mediation is delivered by one party to the other at that 853 party's last known address (physical or electronic as provided in § 26). Nothing in this Section prohibits either party from filing a 854 lawsuit and recording a lis pendens affecting the Property, before or after the date of written notice requesting mediation. This 855 Section will not alter any date in this Contract, unless otherwise agreed. 856 23. EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder must release the Earnest 857 Money following receipt of written mutual instructions, signed by both Buyer and Seller. In the event of any controversy regarding 858 the Earnest Money, Earnest Money Holder is not required to release the Earnest Money. Earnest Money Holder, in its sole subjective 859 discretion, has several options: (1) wait for any proceeding between Buyer and Seller; (2) interplead all parties and deposit Earnest 860 Money into a court of competent jurisdiction (Earnest Money Holder is entitled to recover court costs and reasonable attorney and 861 legal fees incurred with such action); or (3) provide notice to Buyer and Seller that unless Earnest Money Holder receives a copy of 862 the Summons and Complaint or Claim (between Buyer and Seller) containing the case number of the lawsuit (Lawsuit) within one 863 hundred twenty days of Earnest Money Holder's notice to the parties, Earnest Money Holder is authorized to return the Earnest 864 Money to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit and has not interpled the monies at the time 865 of any Order, Earnest Money Holder must disburse the Earnest Money pursuant to the Order of the Court. The parties reaffirm the 866 obligation of § 22 (Mediation). This Section will survive cancellation or termination of this Contract. 867 24. TERMINATION. 868 24.1. Right to Terminate. If a party has a right to terminate, as provided in this Contract (Right to Terminate), the 869 termination is effective upon the other party's receipt of a written notice to terminate (Notice to Terminate), provided such written 870 notice was received on or before the applicable deadline specified in this Contract. If the Notice to Terminate is not received on or 871 before the specified deadline, the party with the Right to Terminate accepts the specified matter, document or condition as satisfactory 872 and waives the Right to Terminate under such provision. Any Notice to Terminate delivered after the applicable deadline specified 873 in the Contract is ineffective and does not terminate this Contract. 874 24.2. Effect of Termination. In the event this Contract is terminated, all Earnest Money received hereunder must be timely 875 returned to Buyer and the parties are then relieved of all obligations hereunder, subject to §§ 10.4. and 21. 876 25. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL; SUCCESSORS. This Contract, its exhibits and specified 877 addenda, constitute the entire agreement between the parties relating to the subject hereof and any prior agreements pertaining 878 thereto, whether oral or written, have been merged and integrated into this Contract. No subsequent modification of any of the terms 879 of this Contract is valid, binding upon the parties, or enforceable unless made in writing and signed by the parties. Any right or 880 obligation in this Contract that, by its terms, exists or is intended to be performed after termination or Closing survives the same. 881 Any successor to a party receives the predecessor's benefits and obligations of this Contract. 882 26. NOTICE, DELIVERY AND CHOICE OF LAW. 883 26.1. Physical Delivery and Notice. Any document or notice to Buyer or Seller must be in writing, except as provided in 884 § 26.2. and is effective when physically received by such party, any individual named in this Contract to receive documents or 885 notices for such party, Broker, or Brokerage Firm of Broker working with such party (except any notice or delivery after Closing 886 must be received by the party, not Broker or Brokerage Firm). CBSI--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 17 of 20 887 26.2. Electronic Notice. As an alternative to physical delivery, any notice maybe delivered in electronic form to Buyer or 888 Seller, any individual named in this Contract to receive documents or notices for such patty, Broker or Brokerage Firm of Broker 889 working with such party (except any notice or delivery after Closing, cancellation or Termination must be received by the party, not 890 Broker or Brokerage Firm) at the electronic address of the recipient by facsimile, email or N/A 891 26.3. Electronic Delivery. Electronic Delivery of documents and notice may be delivered by: (1) email at the email address 892 of the recipient, (2) a link or access to a website or server provided the recipient receives the information necessary to access the 893 documents, or (3) facsimile at the facsimile number (Fax No.) of the recipient. 894 26.4. Choice of Law. This Contract and all disputes arising hereunder are governed by and construed in accordance with 895 the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract in Colorado for real property 896 located in Colorado. 897 27. NOTICE OF ACCEPTANCE, COUNTERPARTS. This proposal will expire unless accepted in writing, by Buyer and 898 Seller, as evidenced by their signatures below and the offering patty receives notice of such acceptance pursuant to § 26 on or before 899 Acceptance Deadline Date and Acceptance Deadline Time. If accepted, this document will become a contract between Seller and 900 Buyer, A copy of this Contract may be executed by each party, separately and when each party has executed a copy thereof, such 901 copies taken together are deemed to be a full and complete contract between the parties. 902 28. GOOD FAITH. Buyer and Seller acknowledge that each patty has an obligation to act in good faith including, but not limited 903 to, exercising the rights and obligations set forth in the provisions of Financing Conditions and Obligations; Title Insurance, 904 Record Title and Off -Record Title; New ILC, New Survey; and Property Disclosure, Inspection, Indemnity, Insurability Due 905 Diligence and Source of Water. 906 29. BtAzER%S-DR 0KERA-GEF 907 908 909 benefiGiai-y- 910 payiwag-onbehalft. uyer A D _071-1 — � � ir 1:0 11 tt TW—e-effi B—M- 911 by B u 912 913 914 . 915 1 ADDITIONAL PROVISIONS AND ATTACHMENTS 1 916 30. ADDITIONAL PROVISIONS. (The following additional provisions have not been approved by the Colorado Real Estate 917 Commission.) 918 919 920 921 922 923 924 925 926 927 928 31. OTHER DOCUMENTS. 929 31.1. Documents Part of Contract. The following documents are a part of this Contract: 930 931 AgmmmdYrpartufthis-�� 932 SELLER'S PROPERTY AND LEAD -BASED PAINT DISCLOSURES ATTACHED EXHIBITS A 933 AND B. 934 935 936 31.2. Documents Not Part of Contract. The following documents have been provided but are not a part of this Contract: CBSI--6-24. CONTRACT TO BUY AND SELL REAL ESTATE (RESIDENTIAL) Page 18 of2O 937 938 939 940 SIGNATURES 941 Buyer's Name: CC*-,40 C- Buyer's Name: �Brignature�� Date Buyer's Signature Date Address: Address: Phone No.: Phone No.: Fax No.: Fax No.: Email Address: Email Address: 942 [NOTE: If this offer is being countered or rejected, do not sign this document.] Seller's Name: Roohallah Mobarez Seller's Name: Feb 24th 2025 Seller's Signature Date Seller's Signature Date Address: Address: Phone No.: Phone No.: Fax No.: Fax No.: Email Address- Email Address: 943 I I M M IN W-011 TiTrbok—erage-11-rni is the —Earnest Money-14,ol wdftewmutuaHnsftuctions,-pmvMed4he�E �-�he&-hasl ear� 111111111 1 111 1 i I I ff wwMwM1M M. !III III I III1III@IIII llq 111 111111 ME=' �Iiiii 11111 11 Trits-Bi-oCeres -A-cci-io-wTe-dg-ni-e-nTs a—ndT5-ni-pe-ns-aTi-on-TYi-se-to-sui—e is-ro-1 Ti-sclb-sm e —puiposes o-nTy-a-nrM-eTMT-ffMffMyT%n-f6r car n agreement betyeen the bralcerage firms must be entered into se aratel and apart from this provision. 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