EXHIBIT 10.16(a)
THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL
AND TAX OR OTHER COUNSEL BEFORE SIGNING.
CONTRACT TO BUY AND SELL REAL ESTATE
(VACANT LAND - FARM - RANCH)
Date: January 29, 2002
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1. AGREEMENT. Buyer agrees to buy and the undersigned Seller agrees to sell the
Property defined below on the terms and conditions set forth in this contract
2. DEFINED TERMS.
a. Buyer. Buyer,
Xxxxx Xxxxx and/or assigns
will take title to the real property described below as [ ] Joint Tenants
[ ] Tenants In Common [ ] Other
n/a
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b. Property. The Property is the following legally described real
estate: To be platted as Lots 1, Brookside Business Center Filing #5, City of
Castle Rock
in the County of Xxxxxxx , Colorado, commonly known as No.
Xxxxx Xxxxx Xxxxxx, Xxxxxx Xxxx, XX 00000
together with the interests, easements, rights, benefits, improvements and
attached fixtures appurtenant thereto, all interest of Seller in vacated streets
and alleys adjacent thereto, except as herein excluded.
c. Dates and Deadlines.
ITEM NO. REFERENCE EVENT DATE OR DEADLINE
-------- ----------- --------------------------------------- ------------------
1 Section 5a Loan Application Deadline n/a
2 Section 5b Loan Commitment Deadline n/a
3 Section 5c Buyer's Credit Information Deadline n/a
4 Section 5c Disapproval of Buyer's Credit Deadline n/a
5 Section 5d Existing Loan Documents Deadline n/a
6 Section 5d Objection to Existing Loan Deadline n/a
7 Section 5d Approval of Loan Transfer Deadline n/a
8 Section 6a Appraisal Deadline n/a
9 Section 7a Title Deadline February 11, 2002
10 Section 7a Survey Deadline February 22, 2002
11 Section 7b Document Request Deadline February 22, 2002
12 Section 8a Title Objection Deadline February 22, 2002
13 Section 8b Off-Record Matters Deadline February 11, 2002
14 Section 8b Off-Record Matters Objection Deadline February 22, 2002
15 Section 10 Seller's Property Disclosure Deadline n/a
16 Section 10a Inspection Objection Deadline March 15, 2002
17 Section 10b Resolution Deadline n/a
18 Section 11 Closing Date April 25, 2002
19 Section 16 Possession Date April 25, 2002
20 Section 16 Possession Time Time of Closing
21 Section 28 Acceptance Deadline Date February 08, 2002
22 Section 28 Acceptance Deadline Time 5:00 p.m.
d. Attachments. The following exhibits, attachments and addenda are a part of
this contract: Addendum to Contract.
e. Applicability of Terms. A check or similar xxxx in a box means that such
provision is applicable. The abbreviation "N/A" means not applicable.
3. INCLUSIONS AND EXCLUSIONS.
a. The Purchase Price includes the following items (Inclusions):
(1) Fixtures. If attached to the Property on the date of this
contract, lighting, heating, plumbing, ventilating, and air conditioning
fixtures, inside telephone wiring and connecting blocks/jacks, plants, mirrors,
floor coverings, intercom systems, sprinkler systems and controls; and
n/a
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(2) Other Inclusions. If on the Property whether attached or
not on the date of this contract: storm windows, storm doors, window and porch
shades, awnings, blinds, screens, window coverings, curtain rods, drapery rods,
storage sheds, and all keys. Check box if included: [ ] Smoke/Fire Detectors,
[ ] Security Systems; and
n/a
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(3) Trade Fixtures. With respect to trade fixtures, Seller and
Buyer agree as follows:
n/a
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(4) Water Rights. The following legally described water
rights:
n/a
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(5) Growing Crops. With respect to the growing crops Seller
and Buyer agree as follows:
n/a
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b. Instruments of Transfer. The Inclusions are to be conveyed at
Closing free and clear of all taxes, liens and encumbrances, except as provided
in Section 12. Conveyance shall be by xxxx of sale or other applicable legal
instrument(s). Any water rights shall be conveyed by _______ deed or other
applicable legal instrument(s).
c. Exclusions. The following attached fixtures are excluded from this
sale:
n/a
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4. PURCHASE PRICE AND TERMS. The Purchase Price set forth below shall be payable
in U.S. Dollars by Buyer as follows:
ITEM
NO. REFERENCE EVENT AMOUNT AMOUNT
----- ---------- --------------------------- -------------- ------------
1 Section 4 Purchase Price $ 653,400.00
2 Section 4a Xxxxxxx Money 50,000.00
3 Section 4b New Loan n/a
4 Section 4c Assumption Balance n/a
5 Section 4d Seller or Private Financing n/a
6 Section 4e Cash at Closing 603,400.00
7 TOTAL $ n/a 603,400.00
x. Xxxxxxx Money. The Xxxxxxx Money set forth in this Section, in the
form of Note due 3/25/02, is part payment of the Purchase Price and shall be
payable to and held by Land Title, Guarantee
Company, in its trust account, on behalf of both Seller and Buyer. The parties
authorize delivery of the Xxxxxxx Money deposit to the Closing Company, if any,
at or before Closing.
6. APPRAISAL PROVISIONS.
a. Appraisal Condition. This subsection a: [ ] Shall [X] Shall Not
apply.
Buyer shall have the sole option and election to terminate this
contract if the Purchase Price exceeds the Property's valuation determined by an
appraiser engaged by ____. The contract shall terminate by Buyer giving Seller
written notice of termination and either a copy of such appraisal or written
notice from lender which confirms the Property's valuation is less than the
Purchase Price, received on or before the Appraisal Deadline (Section 2c). If
Seller does not receive such written notice of termination on or before the
Appraisal Deadline (Section 2c), Buyer waives any right to terminate under this
subsection.
b. Cost of Appraisal. Cost of any appraisal to be obtained after the
date of this contract shall be timely paid by [ ] Buyer [ ] Seller.
7. EVIDENCE OF TITLE.
a. Evidence of Title; Survey. On or before Title Deadline (Section 2c),
Seller shall cause to be furnished to Buyer, at Seller's expense, a current
commitment for owner's title insurance policy in an amount equal to the Purchase
Price certified to a current date. If a title insurance commitment is furnished,
it [X] Shall [ ] Shall Not commit to delete or insure over the standard
exceptions which relate to:
(1) parties in possession,
(2) unrecorded easements,
(3) survey matters,
(4) any unrecorded mechanics' liens,
(5) gap period (effective date of commitment to date deed
is recorded), and
(6) unpaid taxes, assessments and unredeemed tax sales
prior to the year of Closing.
Any additional premium expense to obtain this additional coverage shall
be paid by [ ] Buyer [X] Seller. An amount not to exceed $ 2,500.00 for the
cost of any survey shall be paid by [ ] Buyer [X] Seller. If the cost exceeds
this amount, ____ shall pay the excess on or before Closing. The survey shall be
received by Buyer on or before Survey Deadline (Section 2c). Seller shall cause
the title insurance policy to be delivered to Buyer as soon as practicable at or
after Closing,
b. Copies of Exceptions. On or before Title Deadline (Section 2c),
Seller, at Seller's expense, shall furnish to Buyer, (1) a copy of any plats,
declarations, covenants, conditions and restrictions burdening the Property, and
(2) if a title insurance commitment is required to be furnished, and if this box
is checked [X] Copies of any Other Documents (or, if illegible, summaries of
such documents) listed in the schedule of exceptions (Exceptions). Even if the
box is not checked, Seller shall have the obligation to furnish these documents
pursuant to this subsection if requested by Buyer any time on or before the
Document Request Deadline (Section 2c). This requirement shall pertain only to
documents as shown of record in the office of the clerk and recorder(s). The
abstract or title insurance commitment, together with any copies or summaries of
such documents furnished pursuant to this Section, constitute the title
documents (Title Documents).
8. TITLE.
a. Title Review. Buyer shall have the right to inspect the Title
Documents. Written notice by Buyer of unmerchantability of title or of any other
unsatisfactory title condition shown by the Title Documents shall be signed by
or on behalf of Buyer and given to Seller on or before Title Objection Deadline
(Section 2c), or within five (5) calendar days after receipt by Buyer of any
Title Document(s) or endorsement(s) adding new Exception(s) to the title
commitment together with a copy of the Title Document adding new Exception(s) to
title. If Seller does not receive Buyer's notice by the date(s) specified above,
Buyer accepts the condition of title as disclosed by the Title Documents as
satisfactory.
b. Matters not Shown by the Public Records. Seller shall deliver to
Buyer, on or before Off-Record Matters Deadline (Section 2c) true copies of all
lease(s) and survey(s) in Seller's possession pertaining to the Property and
shall disclose to Buyer all easements, liens or other title matters not shown by
the public records of which Seller has actual knowledge. Buyer shall have the
right to inspect the Property to determine if any third party(ies) has any right
in the Property not shown by the public records (such as an unrecorded easement,
unrecorded lease, or boundary line discrepancy). Written notice of any
unsatisfactory condition(s)
disclosed by Seller or revealed by such inspection shall be signed by or on
behalf of Buyer and given to Seller on or before Off-Record Matters Objection
Deadline (Section 2c). If Seller does not receive Buyer's notice by said date,
Buyer accepts title subject to such rights, if any, of third parties of which
Buyer has actual knowledge,
c. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO
GENERAL OBLIGATION DEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX
LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH
DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND EXCESSIVE TAX
BURDENS TO SUPPORT THE SERVICING OF SUCH DEBT WHERE CIRCUMSTANCES ARISE
RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS
WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYER SHOULD INVESTIGATE THE DEBT
FINANCING REQUIREMENTS OF THE AUTHORIZED GENERAL OBLIGATION INDEBTEDNESS OF SUCH
DISTRICTS, EXISTING MILL LEVIES OF SUCH DISTRICT SERVICING SUCH INDEBTEDNESS,
AND THE POTENTIAL FOR AN INCREASE IN SUCH MILL LEVIES.
In the event the Property is located within a special taxing district
and Buyer desires to terminate this contract as a result, if written notice is
received by Seller on or before Off-Record Matters Objection Deadline (Section
2c), this contract shall then terminate. If Seller does not receive Buyer's
notice by such date, Buyer accepts the effect of the Property's inclusion in
such special taxing district(s) and waives the right to so terminate.
d. Right to Cure. If Seller receives notice of unmerchantability of
title or any other unsatisfactory title condition(s) or commitment terms as
provided in Section 8 a or b above, Seller shall use reasonable effort to
correct said items without the obligation to incur any expense to correct the
same prior to Closing. If such unsatisfactory title condition(s) are not
corrected on or before Closing, this contract shall then terminate; provided,
however, Buyer may, by written notice received by Seller, on or before Closing,
waive objection to such items.
e. Title Advisory. The Title Documents affect the title, ownership and
use of the Property and should be reviewed carefully. Additionally, other
matters not reflected in the Title Documents may affect the title, ownership and
use of the Property including without limitation boundary lines and
encroachments, area, zoning, unrecorded easements and claims of easements,
leases and other unrecorded agreements, and various laws and governmental
regulations concerning land use, development and environmental matters. THE
SURFACE ESTATE MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE, AND
TRANSFER OF THE SURFACE ESTATE DOES NOT NECESSARILY INCLUDE TRANSFER OF THE
MINERAL RIGHTS. THIRD PARTIES MAY HOLD INTERESTS IN OIL, GAS, OTHER MINERALS,
GEOTHERMAL ENERGY OR WATER ON OR UNDER THE PROPERTY, WHICH INTERESTS MAY GIVE
THEM RIGHTS TO ENTER AND USE THE PROPERTY. Such matters may be excluded from the
title insurance policy. Buyer is advised to timely consult legal counsel with
respect to all such matters as there are strict time limits provided in this
contract (e.g., Title Objection Deadline [Section 2c] and Off-Record Matters
Objection Deadline [Section 2c]).
10. PROPERTY DISCLOSURE AND INSPECTION.
a. Inspection Obligation Deadline. Buyer shall have the right to have
inspection(s) of the physical condition of the Property and Inclusions, at
Buyer's expense. If the physical condition of the Property or Inclusions is
unsatisfactory in Buyer's subjective discretion, Buyer shall, on or before
Inspection Objection Deadline (Section 2c):
(1) notify Seller in writing that this contract is terminated,
or
(2) provide Seller with a written description of any
unsatisfactory physical condition which Buyer requires Seller to correct (Notice
to Correct).
If written notice is not received by Seller on or before Inspection
Objection Deadline (Section 2c), the physical condition of the Property and
Inclusions shall be deemed to be satisfactory to Buyer.
b. Resolution Deadline. If a Notice to Correct is received by Seller
and if Buyer and Seller have not agreed in writing to a settlement thereof on or
before Resolution Deadline (Section 2c), this contract shall terminate one
calendar day following the Resolution Deadline, unless before such termination
Seller receives Buyer's written withdrawal of the Notice to Correct.
c. Damage; Liens; Indemnity. Buyer is responsible for payment for all
inspections, surveys, engineering reports or for any other work performed at
Buyer's request and shall pay for any damage which occurs to the Property and
Inclusions as a result of such activities. Buyer shall not permit claims or
liens of any kind against the Property for inspections, surveys, engineering
reports and for any other work performed on the Property at Buyer's request.
Buyer agrees to indemnify, protect and hold Seller harmless from and against any
liability, damage, cost or expense incurred by Seller in connection with any
such inspection, claim, or lien. This indemnity includes Seller's right to
recover all costs and expenses incurred by Seller to enforce this subsection,
including Seller's reasonable attorney fees. The provisions of this subsection
shall survive the termination of this contract.
11. CLOSING. Delivery of deed(s) from Seller to Buyer shall be at Closing
(Closing). Closing shall be on the date specified as the Closing Date (Section
2c) or by mutual agreement at an earlier date. The hour and place of Closing
shall be as designated by Seller.
12. TRANSFER OF TITLE. Subject to tender or payment at Closing as required
herein and compliance by Buyer with the other terms and provisions hereof,
Seller shall execute and deliver a good and sufficient Special Warranty deed to
Buyer, at Closing conveying the Property free and clear of all taxes except the
general taxes for the year of Closing. Except as provided herein, title shall be
conveyed free and clear of all liens, including any governmental liens for
special improvements installed as of the date of Buyer's signature hereon,
whether assessed or not. Title shall be conveyed subject to:
a. those specific Exceptions described by reference to recorded
documents as reflected in the Title Documents accepted by Buyer in accordance
with Section 8a [Title Review],
b. distribution utility easements,
c. those specifically described rights of third parties not shown by
the public records of which Buyer has actual knowledge and which were accepted
by Buyer in accordance with Section 8b [Matters Not Shown by the Public
Records], and
d. inclusion of the Property within any special taxing district, and
e. the benefits and burdens of any declaration and party wall
agreements, if any, and
f. other n/a
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13. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid
at or before Closing from the proceeds of this transaction or from any other
source.
14. CLOSING COSTS; DOCUMENTS AND SERVICES. Buyer and Seller shall pay, in Good
Funds, their respective Closing costs and all other items required to be paid at
Closing, except as otherwise provided herein. Buyer and Seller shall sign and
complete all customary or reasonably required documents at or before Closing.
Fees for real estate Closing services shall be paid at Closing by [X] One-Half
by Buyer and One-Half by Seller [ ] Buyer [ ] Seller [ ] Other n/a.
The local transfer tax of n/a% of the Purchase Price shall be paid at
Closing by [ ] Buyer [ ] Seller. Any sales and use tax that may accrue because
of this transaction shall be paid when due by [ ] Buyer [ ] Seller.
15. PRORATIONS. The following shall be prorated to Closing Date (Section 2c),
except as otherwise provided:
a. Taxes. Personal property taxes, if any, and general real estate
taxes for the year of Closing, based on [ ] The Taxes for the Calendar Year
Immediately Preceding Closing [X] The Most Recent Mill Levy and Most Recent
Assessment [ ] Other
n/a
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c. Other Prorations. Water, sewer charges; and interest on continuing
loan(s), if any; and
n/a
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d. Final Settlement. Unless otherwise agreed in writing, these
prorations shall be final.
16. POSSESSION. Possession of the Property shall be delivered to Buyer on
Possession Date and Possession Time (Section 2c), subject to the following
lease(s) or tenancy(s):
n/a
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If Seller, after Closing, fails to deliver possession as specified,
Seller shall be subject to eviction and shall be additionally liable to Buyer
for payment of $n/a, per day from the Possession Date (Section 2c) until
possession is delivered.
17. ASSIGNABLE: This contract shall be assignable by Buyer without Seller's
prior written consent. Except as so restricted, this contract shall inure to the
benefit of and be binding upon the heirs, personal representatives, successors
and assigns of the parties.
18. CONDITION OF AND DAMAGE TO PROPERTY AND INCLUSIONS. Except as otherwise
provided in this contract, the Property, Inclusions or both shall be delivered
in the condition existing as of the date of this contract, ordinary wear and
tear excepted.
a. Casualty; Insurance. In the event the Property or Inclusions shall
be damaged by fire or other casualty prior to Closing, in an amount of not more
than ten percent of the total Purchase Price, Seller shall be obligated to
repair the same before the Closing Date (Section 2c). In the event such damage
is not repaired within said time or if the damages exceed such sum, this
contract may be terminated at the option of Buyer by delivering to Seller
written notice of termination. Should Buyer elect to carry out this contract
despite such damage, Buyer shall be entitled to a credit, at Closing, for all
the insurance proceeds resulting from such damage to the Property and Inclusions
payable to Seller but not the owners' association, if any, plus the amount of
any deductible provided for in such insurance policy, such credit not to exceed
the total Purchase Price.
b. Damage; Inclusions; Services. Should any Inclusion(s) or service(s)
(including systems and components of the Property, e.g. heating, plumbing, etc.)
fail or be damaged between the date of this contract and Closing or possession,
whichever shall be earlier, then Seller shall be liable for the repair or
replacement of such Inclusion(s) or service(s) with a unit of similar size, age
and quality, or an equivalent credit, but only to the extent that the
maintenance or replacement of such Inclusion(s), service(s) or fixture(s) is not
the responsibility of the owners' association, if any, less any insurance
proceeds received by Buyer covering such repair or replacement. The risk of loss
for any damage to growing crops, by fire or other casualty, shall be borne by
the party entitled to the growing crops, if any, as provided in Section 3 and
such party shall be entitled to such insurance proceeds or benefits for the
growing crops, if any.
c. Walk-Through; Verification of Condition. Buyer, upon reasonable
notice, shall have 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 document, Buyer and
Seller acknowledge that the Selling Company or the Listing Company has advised
that this document has important legal consequences and has recommended the
examination of title and consultation with legal and tax or other counsel before
signing this contract.
20. TIME OF ESSENCE AND REMEDIES. Time is of the essence hereof. If any note or
check received as Xxxxxxx Money hereunder or any other payment due hereunder is
not paid, honored or tendered when due, or if any other obligation hereunder is
not performed or waived as herein provided, there shall be the following
remedies:
a. If Buyer Is In Default:
(2) Liquidated Damages. All payments and things of value
received hereunder shall be forfeited by Buyer and retained on behalf of Seller
and both parties shall thereafter be released from all obligations hereunder. It
is agreed that such payments and things of value are LIQUIDATED DAMAGES and
(except as provided in subsection c) are SELLER'S SOLE AND ONLY REMEDY for
Buyer's failure to perform the obligations of this contract. Seller expressly
waives the remedies of specific performance.
b. If Seller is in Default: Buyer may elect to treat this contract as
canceled, in which case all payments and things of value received hereunder
shall be returned and Buyer may recover such damages as may be proper, or Buyer
may elect to treat this contract as being in full force and effect and Buyer
shall have the right to specific performance.
c. Costs and Expenses. In the event of any arbitration or litigation
relating to this contract, the arbitrator or court shall award to the prevailing
party all reasonable costs and expenses, including attorney fees.
21. MEDIATION. If a dispute arises relating to this contract, prior to or after
Closing, and is not resolved, the parties shall first proceed in good faith to
submit the matter to mediation. Mediation is a process in which the parties meet
with an impartial person who helps to resolve the dispute informally and
confidentially. Mediators cannot impose binding decisions. The parties to the
dispute must agree before any
settlement is binding. The parties will jointly appoint an acceptable mediator
and will share equally in the cost of such mediation. The mediation, unless
otherwise agreed, shall terminate in the event the entire dispute is not
resolved 30 calendar days from the date written notice requesting mediation is
sent by one party to the other(s). This Section shall not alter any date in this
contract, unless otherwise agreed.
22. XXXXXXX MONEY DISPUTE. Notwithstanding any termination of this contract,
Buyer and Seller agree that, in the event of any controversy regarding the
Xxxxxxx Money and things of value held by broker or Closing Company (unless
mutual written instructions are received by the holder of the Xxxxxxx Money and
things of value), broker or Closing Company shall not be required to take any
action but may await any proceeding, or at broker's or Closing Company's option
and sole discretion, may interplead all parties and deposit any moneys or things
of value into a court of competent jurisdiction and shall recover court costs
and reasonable attorney fees.
23. TERMINATION. In the event this contract is terminated, all payments and
things of value received hereunder shall be returned and the parties shall be
relieved of all obligations hereunder, subject to Sections 10c, 21 and 22.
24. ADDITIONAL PROVISIONS. (The language of these additional provisions has not
been approved by the
Colorado Real Estate Commission.)
SEE ATTACHED CONTRACT ADDENDUM.
25. ENTIRE AGREEMENT; SUBSEQUENT MODIFICATION: SURVIVAL. This contract
constitutes the entire contract between the parties relating to the subject
hereof, and any prior agreements pertaining thereto, whether oral or written,
have been merged and integrated into this contract. No subsequent modification
of any of the terms of this contract shall be valid, binding upon the parties,
or enforceable unless made in writing and signed by the parties. Any obligation
in this contract which, by its terms, is intended to be performed after
termination or Closing shall survive the same.
26. FACSIMILE. Signatures [X] May [ ] May Not be evidenced by facsimile.
Documents with original signatures shall be provided to the other party at
Closing, or earlier upon request of any party.
27. NOTICE OF ACCEPTANCE; COUNTERPARTS. This proposal shall expire unless
accepted in writing, by Buyer and Seller, as evidenced by their signatures
below, and the offering party receives notice of acceptance pursuant to Section
27 on or before Acceptance Deadline Date and Acceptance Deadline Time (Section
2c). If accepted, this document shall become a contract between Seller and
Buyer. A copy of this document may be executed by each party, separately, and
when each party has executed a copy thereof, such copies taken together shall be
deemed to be a full and complete contract between the parties.
Xxxxx Xxxxx and/or assigns
0000 Xxxxxxxxx Xxx, Xxxxx X-0, Xxxxxxxxx, XX 00000
Bus. # 000-000-0000 Fax #: 000-000-0000
BUYER DATE
-------------------------------------- ------------------
By: Xxxxx Xxxxx
NOTE: IF THIS OFFER IS BEING COUNTERED OR REJECTED, DO NOT SIGN THIS DOCUMENT.
REFER TO SECTION 29.
Urban Group, LLC, a
Colorado limited liability company
0000 Xxxxxxx Xxxxxx Xxxxx, Xxxxx 000, Xxxxxx Xxxx, XX 00000
Bus. #: 000-000-0000 Fax #: 000-000-0000
SELLER DATE
------------------------------------- -----------------
By: Xxx Xxxxxx, Manager
29. COUNTER; REJECTION. This offer is [ ] Countered [ ] Rejected.
Initials only of party (Buyer or Seller) who countered
or rejected offer.
-----------------
END OF CONTRACT
Note: Closing Instructions should be signed on or before Title Deadline.
BROKER ACKNOWLEDGMENTS. The undersigned Broker(s) acknowledges receipt of the
Xxxxxxx Money deposit specified in Section 4 and, while not a party to the
contract, agrees to cooperate upon request with any mediation conducted under
Section 21.
Selling Company Brokerage Relationship. The Selling Company and its
licensees have been engaged in this transaction as [ ] Buyer Agent [ ] Seller
Agent/Subagent [ ] Dual Agent [X] Transaction-Broker.
Listing Company Brokerage Relationship. The Listing Company and its
licensees have been engaged in this transaction as [ ] Seller Agent [ ] Dual
Agent [X] Transaction-Broker.
BROKERS' COMPENSATION DISCLOSURE.
Selling Company's compensation or commission is to be paid by: [ ] Buyer
[X] Seller [ ] Listing Company
[ ] Other n/a
----------------------------------------------------------------------
To be completed by Listing Company) Listing Company's compensation or commission
is to be paid by: [ ]
[ ] Buyer [X] Seller
Other n/a
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Selling Company:
Coldwell Banker Commercial American Spectrum
0000 Xxxxx Xxxxxxxx Xxxxxx
Xxxxxxxxx 0
Xxxxxx, XX 00000
Phone: 000-000-0000, Fax: 000-000-0000
By:
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Signature Xxxxx X. Xxxxxxxx Date
Listing Company: n/a (Name of Company)
-------------------------------------------
Listing Company's Address: n/a
-----------------------------------------------------
Listing Company's Telephone No: n/a Listing Company's Fax No: n/a
---- ---------------
By:
-----------------------------------------------------------------------------
Signature n/a Date
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CONTRACT ADDENDUM
Addendum to Contract dated January 29, 2002 between Xxxxx Xxxxx, and/or assigns,
as Buyer(s), and Urban Group, LLC, as Seller(s), concerning property to be
platted as Xxx 0, Xxxxxxxxx Xxxxxxxx Xxxxxx Xxxxxx #0, Xxxxxx Xxxx, Xxxxxxxx
00000 (hereinafter "the Property"). If any provision in the printed form of said
Contract is inconsistent with any provision contained herein, then in that
event, the provision contained in this Addendum shall govern and control the
rights and obligations of the parties.
ALL PARTIES SHOULD CONSULT LEGAL AND TAX COUNSEL BEFORE SIGNING.
24. ADDITIONAL PROVISIONS:
24(a). CLOSING. Seller is purchasing the Property from Xxxxxx X. Xxxx
(hereinafter "Heir"), pursuant to a
Contract to Buy and Sell Real Estate (Vacant
Land-Farm-Ranch), dated January 22, 2002, a copy of which is attached hereto as
Exhibit A, and incorporated herein by reference. It is agreed by the Buyer and
Seller that the Closing pursuant to this Contract shall take place
simultaneously with the closing between Seller and Heir. However, the Closing
date pursuant to this Contract shall be extended to a later date, not to exceed
June 1, 2002, if Seller extends the date of the Closing pursuant to the terms of
Seller's contract with Heir. In such event, Seller shall give Buyer notice, in
writing, of the new Closing date between Buyer and Seller. In the event Seller
terminates Seller's contract with Heir, pursuant to the terms of the Contract
with Heir, or in the event Heir terminates its contract with Seller, this
Contract shall be terminated, and all Xxxxxxx Money shall be refunded to the
Buyer, and the Seller shall be released from any further liability other than
the return of the Xxxxxxx Money Deposit.
24(b). ASSIGNMENT. Pursuant to Seller's contract with Heir, it is contemplated
that the Seller will assign all of its rights to purchase the Property from Heir
to a to-be-formed entity controlled by the Seller, and in turn assign all of
Seller's rights under this Contract to said to-be-formed entity. Buyer and
Seller acknowledge and agree that Seller may assign all of Seller's rights and
obligations under this Contract to a to-be-formed entity controlled by the
Seller. Upon such assignment, the to-be-formed entity shall be solely
responsible for the terms and conditions of this Contract, and the Seller shall
be released from any and all liability arising from, or pertaining to, this
Contract, it being understood that the to-be-formed entity shall be solely
responsible for the terms and conditions of this Contract.
Unless written consent is otherwise received from the Seller, this Contract may
only be assigned by Buyer to a legal entity controlled by Buyer or Aspen Bio,
Inc.
24(c). NEXT BUSINESS DAY. In the event any date described herein for payment or
performance of the provisions hereof falls on a Saturday, Sunday or legal
holiday, the time for such payment or performance shall be extended to the next
business day.
Any date references to "Execution" are referring to the date this Contract is
mutually accepted and executed by Buyer and Seller.
24(d). NOTICES. Any notices which a party desires or is required to give
hereunder shall be in writing and shall be deemed given when delivered
personally to each party, delivered by facsimile, or
deposited in the United States mails, postage prepaid, either registered or
certified, return receipt requested, to the parties at the following addresses:
Buyer:
Xx. Xxxxx Xxxxx
0000 Xxxxxxxxx Xxx, Xxxxx X-0
Xxxxxxxxx, XX 00000
OFC: 000-000-0000
FAX: 000-000-0000
Seller:
Xx. Xxx Xxxxxx
Urban Group, LLC
0000 Xxxxxxx Xxxxxx Xxxxx, Xxxxx 000
Xxxxxx Xxxx, XX 00000
OFC: 000-000-0000
FAX: 000-000-0000
With Copies To:
Xxxx X. Xxxxxxx, Esq.
Xxxxxxx, Xxxxxxx & Xxxxx, P.C.
0000 Xxxx Xxxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxx, XX 00000
OFC: 000-000-0000
FAX: 000-000-0000
Xx. Xxxxx X. Xxxxxxxx
Coldwell Banker Commercial American Spectrum
0000 Xxxxx Xxxxxxxx Xxxxxx, Xxxxxxxxx 0
Xxxxxx, XX 00000
OFC: 000-000-0000
FAX: 000-000-0000
24(e). SURVEY. Seller shall provide to Buyer, at Seller's cost, pursuant to
Paragraph 7(a) a current or updated and signed ALTA/ACSM Survey of the Property
on or before the Survey Deadline and said survey shall be certified to the title
company issuing title insurance, the Buyer, the Seller, and Coldwell Banker
Commercial American Spectrum. If at Buyer's sole discretion Buyer is not
satisfied with this survey, Buyer shall notify Seller in writing on or before
the Inspection Objection Deadline, and this Contract shall be null and void and
all xxxxxxx money deposits shall be immediately refunded to Buyer.
24(f). ENVIRONMENTAL ASSESSMENT. On or before the Survey Deadline, Seller shall
provide Buyer with a copy of the Phase I Environmental Site Assessment Report
("ESA"). Seller is to receive from Heir pursuant to the terms of Seller's
contract with Heir. The ESA shall be performed in accordance with the American
Society of Testing and Materials ("ASTM") publication, "Standard Practice for
Environmental Site Assessment Process" ("ASTN Standard"). If at Buyer's sole
discretion Buyer is not satisfied with the results of this environmental study,
Buyer shall notify Seller in writing on or before the Inspection Objection
Deadline, and at Buyer's option; (i) this Contract shall be null and void and
all xxxxxxx money deposits shall be immediately refunded to Buyer; or (ii) all
time periods under this Contract shall be extended for 30 days while Buyer
conducts further tests and examinations of the Property at its expense. At the
end of that 30 day
period, Buyer may elect to terminate this Contract, in which case all Xxxxxxx
Money deposits shall be returned to it; or to proceed pursuant to this Contract.
Buyer will not harm in any way, before or after Closing, the Xxxxxx'x Meadow
Jumping Mouse Conservation Habitat area adjacent to the Property. Buyer will
execute, at Closing, any reasonable documents agreeing to the existing
Conservation Plan to protect the adjacent Xxxxxx'x Meadow Jumping Mouse
Conservation Habitat, a copy of said documents shall be delivered by Seller to
Buyer on or before March 15, 2002.
24(g). INSPECTIONS. Paragraph 10 in this Contract regarding Inspections shall
include Buyer's inspections without limitation, at Buyer's expense for,
availability of legal, access, utility services cost and availability, current
zoning, environmental. risks, soil conditions, and any other items Buyer deems
necessary. If, at Buyer's sole discretion, Buyer is not satisfied with the
results of any inspections, Buyer shall notify Seller per the inspection
Objection Deadline and Resolution Deadline in Contract Paragraph 10.
24(h). BROKERS, THOSE NAMED ONLY. The Buyer and Seller represent to each other
that they have had no negotiations through or brokerage services performed by
any other broker or intermediary other than Coldwell Banker Commercial American
Spectrum in connection with the execution and delivery of this contract. Xxxxx
Xxxxx is licensed to sell real estate in the State of
Colorado and will not be
receiving any fees from this transaction.
24(i). TITLE COMPANY. Title insurance shall be issued by Land Title Guarantee
Company ("Title Company"), 000 Xxxxxx, Xxxxxx Xxxx, XX 00000.
24(j). XXXXXXX MONEY. All Xxxxxxx Money shall be deposited in an interest
bearing Land Title Guarantee company (Castle Rock office) trust account with
interest accruing to Buyer's benefit unless Buyer is in default and interest
thereby will accrue to Seller's benefit.
24(k). Final Purchase Price Adjustment. The Purchase Price set forth in
Paragraph 4 of this Contract is based on a price of $5.00 per Square Foot of
land as shown on the ALTA/ACSM Survey described in Section 24(c) and assumes
that the Property contains 5.00 usable acres net of street right of way or
floodplain. The Final Purchase price at time of Closing shall be based on a
price of $5.00 per Square foot times the total square footage of land stated on
the Survey referenced in Paragraph 7(a) net of street right of way or floodplain
area.
24(l). LAND USE APPROVALS. Pursuant to Seller's contract with Heir, Heir must
obtain approvals for Final Plat for the Property and a recorded Final Plat with
a recorded Subdivision Improvement Agreement on or before March 25, 2002, and
Heir's expense, from the City of Castle Rock,
Colorado ("City"), and Seller must
obtain on or before March 25, 2002, City Site Plan approval, building permits
for Lot 1, construction permits for infrastructure, and other required approvals
at Buyer's expense all in forms and pursuant to terms acceptable to Seller in
its sole discretion or Seller's contract with Heir shall be null and void solely
at the discretion of the Seller. Likewise, this Contract shall also be
contingent on Heir and Seller obtaining the above described approvals on or
before Closing, provided, however, Buyer may not terminate this Contract after
March 15, 2002 for failure to obtain said approvals, unless the above described
approvals have not been obtained by June 1, 2002. If said approvals have not
been obtained by June 1, 2002, Buyer, at Buyer's discretion, may terminate this
Contract ab initio, and shall be entitled to a refund of all Xxxxxxx Money
deposited by Buyer.
24(m). BUILD TO SUIT. This contract is conditional upon Buyer, and/or its
assign, and Seller and/or its assigns, entering into a build-to-suit agreement,
with required loan approvals, on or before March 15, 2002, to build a light
manufacturing/office/warehouse facility on the Property for Aspen Bio, Inc. This
Contract shall be null and void at the discretion of either Seller or Buyer in
the event said build-to-suit contract is not entered into and all loans approved
by March 15, 2002. In the event of termination pursuant to the terms of this
paragraph, all Xxxxxxx Money shall be returned to Buyer.
24(n). DELIVERY OF MATERIALS TO BUYER. Within ten (10) business days after the
mutual execution and delivery of this Contract, Seller shall provide to Buyer,
at no expense to Buyer, any and all engineering studies, warranties, guaranties,
contracts affecting the Property, licenses and permits respecting the Property,
any environmental property assessments including documents regarding the
Prebble's Meadow Jumping Mouse, zoning information, construction drawings,
surveys, plats, preliminary drawings, Development Plans, documents submitted or
to be submitted to The City of Castle Rock Planning Department, or any
quasi-governmental agency having jurisdiction over the Property, Declaration of
Protective Covenants, and all other materials and documents concerning the
Property owned by Seller or in Seller's possession.
24(o). NON-RECORDATION. Seller and Buyer agree not to record this Contract with
the office of the Xxxxxxx County Clerk and Recorder, or any other public office
in
Colorado. In the event that Buyer records this Contract, then this Contract,
at the sole election of the Seller, shall be terminated. The termination of this
Contract shall be effective on the date a Notice of Termination for this
Contract, signed by Seller, is recorded with the Office of the Xxxxxxx County
Clerk and Recorder.
24(p). CONFIDENTIALITY AGREEMENT. Seller and Buyer each agree to maintain in
confidence any information, whether written (including information that is
stored on machine readable media) or oral, regarding the Property and the
business operations and assets of either party hereto, that previously has not
been publicly released by a duly authorized representative of the party hereto
to whom such information pertains, including but not limited to proprietary
information, plans and specifications, engineering reports, permits, licenses,
and contracts affecting the Property or Buyer's plans for development thereof,
or any information relating to the environmental condition of the Property or
any market analyses or other studies pertaining to the Property or Buyer's plans
for development thereof, and the negotiation of and/or the terms and conditions
of this Contract (collectively, the Confidential Information), except that
either party shall have the right to disclose the Confidential Information, or
such portions thereof, (i) as may be compelled by deposition, interrogatory,
subpoena, civil investigative demand or similar legal process, and (ii) to
consultants, advisors, potential and actual lenders and/or investors, potential
and actual buyers or tenants, and government officials and/or employees in
connection with evaluation, planning, permitting, financing and other necessary
project development activities.
Buyer:
By: Date:
---------------------------------- ------------------------------
Xxxxx Xxxxx
Seller::
Urban Group, LLC
By: Date:
---------------------------------- ------------------------------
Xxx Xxxxxx, Manager
EXHIBIT A
THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL
AND TAX OR OTHER COUNSEL BEFORE SIGNING.
CONTRACT TO BUY AND SELL REAL ESTATE
(VACANT LAND - FARM - RANCH)
Date: January 22, 2002
--------------------
1. AGREEMENT. Buyer agrees to buy and the undersigned Seller agrees to sell the
Property defined below on the terms and conditions set forth in this contract
2. DEFINED TERMS.
a. Buyer. Buyer,
Urban Group, LLC, a
Colorado limited liability company, and/or assigns
will take title to the real property described below as [ ] Joint Tenants [ ]
Tenants In Common [ ] Other
n/a
--------------------------------------------------------------------------------
b. Property. The Property is the following legally described real
estate: To be platted as Lots 1-3, Brookside Business Center Filing #5, City of
Castle Rock
in the County of Xxxxxxx ,
Colorado, commonly known as No.
Xxxxx Xxxxx Xxxxxx, Xxxxxx Xxxx, XX 00000
together with the interests, easements, rights, benefits, improvements and
attached fixtures appurtenant thereto, all interest of Seller in vacated streets
and alleys adjacent thereto, except as herein excluded.
c. Dates and Deadlines.
ITEM
NO. REFERENCE EVENT DATE OR DEADLINE
------ ----------- -------------------------------------- -------------------
1 Section 5a Loan Application Deadline n/a
2 Section 0x Xxxx Xxxxxxxxxx Xxxxxxxx x,/x
3 Section 5c Buyer's Credit Information Deadline n/a
4 Section 5c Disapproval of Buyer's Credit Deadline n/a
5 Section 5d Existing Loan Documents Deadline n/a
6 Section 5d Objection to Existing Loan Deadline n/a
7 Section 5d Approval of Loan Transfer Deadline n/a
8 Section 6a Appraisal Deadline n/a
9 Section 7a Title Deadline January 31, 2002
10 Section 7a Survey Deadline February 15, 2002
11 Section 7b Document Request Deadline February 06, 2002
12 Section 8a Title Objection Deadline March 01, 2002
13 Section 8b Off-Record Matters Deadline January 31, 2002
14 Section 8b Off-Record Matters Objection Deadline February 18, 2002
15 Section 10 Seller's Property Disclosure Deadline n/a
16 Section 10a Inspection Objection Deadline March 25, 2002
17 Section 10b Resolution Deadline n/a
18 Section 11 Closing Date April 25, 2002
19 Section 16 Possession Date April 25, 2002
20 Section 16 Possession Time Time of Closing
21 Section 28 Acceptance Deadline Date January 25, 2002
22 Section 28 Acceptance Deadline Time 5:00 p.m.
d. Attachments. The following exhibits, attachments and addenda are a part of
this contract: Addendum to Contract.
e. Applicability of Terms. A check or similar xxxx in a box means that such
provision is applicable. The abbreviation "N/A" means not applicable.
3. INCLUSIONS AND EXCLUSIONS.
a. The Purchase Price includes the following items (Inclusions):
(1) Fixtures. If attached to the Property on the date of this
contract, lighting, heating, plumbing, ventilating, and air conditioning
fixtures, inside telephone wiring and connecting blocks/jacks, plants, mirrors,
floor coverings, intercom systems, sprinkler systems and controls; and n/a
-------
(2) Other Inclusions. If on the Property whether attached or
not on the date of this contract:
storm windows, storm doors, window and porch shades, awnings, blinds, screens,,
window coverings, curtain rods, drapery rods, storage sheds, and all keys. Check
box if included: [ ] Smoke/Fire Detectors, [ ] Security Systems; and
n/a
--------------------------------------------------------------------------------
(3) Trade Fixtures. With respect to trade fixtures, Seller and
Buyer agree as follows:
n/a
--------------------------------------------------------------------------------
(4) Water Rights. The following legally described water
rights:
n/a
--------------------------------------------------------------------------------
(5) Growing Crops. With respect to the growing crops Seller
and Buyer agree as follows:
n/a
--------------------------------------------------------------------------------
b. Instruments of Transfer. The Inclusions are to be conveyed at
Closing free and clear of all taxes, liens and encumbrances, except as provided
in Section 12. Conveyance shall be by xxxx of sale or other applicable legal
instrument(s). Any water rights shall be conveyed by n/a deed or other
applicable legal instrument(s).
c. Exclusions. The following attached fixtures are excluded from this
sale:
n/a
--------------------------------------------------------------------------------
4. PURCHASE PRICE AND TERMS. The Purchase Price set forth below shall be payable
in U.S. Dollars by Buyer as follows:
ITEM
NO. REFERENCE EVENT AMOUNT AMOUNT
---- --------- ----- ------ ------
1 Section 4 Purchase Price $ 1,089,000.00
2 Section 4a Xxxxxxx Money 50,000.00
3 Section 4b New Loan n/a
4 Section 4c Assumption Balance n/a
5 Section 4d Seller or Private Financing n/a
6 Section 4e Cash at Closing 1,039,000.00
7 TOTAL $ n/a 1,089,000.00
x. Xxxxxxx Money. The Xxxxxxx Money set forth in this Section, in the
form of Note due 3/25/02, is part payment of the Purchase Price and shall be
payable to and held by Land Title, Guarantee Company, in its trust account, on
behalf of both Seller and Buyer. The parties authorize delivery of the Xxxxxxx
Money deposit to the Closing Company, if any, at or before Closing.
6. APPRAISAL PROVISIONS.
a. Appraisal Condition. This subsection a: [ ] Shall [X] Shall Not
apply.
Buyer shall have the sole option and election to terminate this
contract if the Purchase Price exceeds the Property's valuation determined by an
appraiser engaged by n/a. The contract shall terminate by Buyer giving Seller
written notice of termination and either a copy of such appraisal or written
notice from lender which confirms the Property's valuation is less than the
Purchase Price, received on or before the Appraisal Deadline (Section 2c). If
Seller does not receive such written notice of termination on or before the
Appraisal Deadline (Section 2c), Buyer waives any right to terminate under this
subsection.
b. Cost of Appraisal. Cost of any appraisal to be obtained after the
date of this contract shall be timely paid by [ ] Buyer [ ] Seller.
7. EVIDENCE OF TITLE.
a. Evidence of Title; Survey. On or before Title Deadline (Section 2c),
Seller shall cause to be furnished to Buyer, at Seller's expense, a current
commitment for owner's title insurance policy in an amount equal to the Purchase
Price certified to a current date. If a title insurance commitment is furnished,
it [X] Shall [ ] Shall Not commit to delete or insure over the standard
exceptions which relate to:
(1) parties in possession,
(2) unrecorded easements,
(3) survey matters,
(4) any unrecorded mechanics' liens,
(5) gap period (effective date of commitment to date deed
is recorded), and
(6) unpaid taxes, assessments and unredeemed tax sales
prior to the year of Closing.
Any additional premium expense to obtain this additional coverage shall
be paid by [ ] Buyer [X] Seller. An amount not to exceed $ 2,500.00 for the
cost of any survey shall be paid by [ ] Buyer [X] Seller. If the cost exceeds
this amount, n/a shall pay the excess on or before Closing. The survey shall be
received by Buyer on or before Survey Deadline (Section 2c). Seller shall cause
the title insurance policy to be delivered to Buyer as soon as practicable at or
after Closing.
b. Copies of Exceptions. On or before Title Deadline (Section 2c),
Seller, at Seller's expense, shall furnish to Buyer, (1) a copy of any plats,
declarations, covenants, conditions and restrictions burdening the Property, and
(2) if a title insurance commitment is required to be furnished, and if this box
is checked [X] Copies of any Other Documents (or, if illegible, summaries of
such documents) listed in the schedule of exceptions (Exceptions). Even if the
box is not checked, Seller shall have the obligation to furnish these documents
pursuant to this subsection if requested by Buyer any time on or before the
Document Request Deadline (Section 2c). This requirement shall pertain only to
documents as shown of record in the office of the clerk and recorder(s). The
abstract or title insurance commitment, together with any copies or summaries of
such documents furnished pursuant to this Section, constitute the title
documents (Title Documents).
8. TITLE.
a. Title Review. Buyer shall have the right to inspect the Title
Documents. Written notice by Buyer of unmerchantability of title or of any other
unsatisfactory title condition shown by the Title Documents shall be signed by
or on behalf of Buyer and given to Seller on or before Title Objection Deadline
(Section 2c), or within five (5) calendar days after receipt by Buyer of any
Title Document(s) or endorsement(s) adding new Exception(s) to the title
commitment together with a copy of the Title Document adding new Exception(s) to
title. If Seller does not receive Buyer's notice by the date(s) specified above,
Buyer accepts the condition of title as disclosed by the Title Documents as
satisfactory.
b. Matters not Shown by the Public Records. Seller shall deliver to
Buyer, on or before Off-Record Matters Deadline (Section 2c) true copies of all
lease(s) and survey(s) in Seller's possession pertaining to the Property and
shall disclose to Buyer all easements, liens or other title matters not shown by
the public records of which Seller has actual knowledge. Buyer shall have the
right to inspect the Property to determine if any
third party(ies) has any right in the Property not shown by the public records
(such as an unrecorded easement, unrecorded lease, or boundary line
discrepancy). Written notice of any unsatisfactory condition(s) disclosed by
Seller or revealed by such inspection shall be signed by or on behalf of Buyer
and given to Seller on or before Off-Record Matters Objection Deadline (Section
2c). If Seller does not receive Buyer's notice by said date, Buyer accepts title
subject to such rights, if any, of third parties of which Buyer has actual
knowledge,
c. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO
GENERAL OBLIGATION DEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX
LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH
DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND EXCESSIVE TAX
BURDENS TO SUPPORT THE SERVICING OF SUCH DEBT WHERE CIRCUMSTANCES ARISE
RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS
WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYER SHOULD INVESTIGATE THE DEBT
FINANCING REQUIREMENTS OF THE AUTHORIZED GENERAL OBLIGATION INDEBTEDNESS OF SUCH
DISTRICTS, EXISTING MILL LEVIES OF SUCH DISTRICT SERVICING SUCH INDEBTEDNESS,
AND THE POTENTIAL FOR AN INCREASE IN SUCH MILL LEVIES.
In the event the Property is located within a special taxing district
and Buyer desires to terminate this contract as a result, if written notice is
received by Seller on or before Off-Record Matters Objection Deadline (Section
2c), this contract shall then terminate. If Seller does not receive Buyer's
notice by such date, Buyer accepts the effect of the Property's inclusion in
such special taxing district(s) and waives the right to so terminate.
d. Right to Cure. If Seller receives notice of unmerchantability of
title or any other unsatisfactory title condition(s) or commitment terms as
provided in Section 8 a or b above, Seller shall use reasonable effort to
correct said items without the obligation to incur any expense to correct the
same prior to Closing. If such unsatisfactory title condition(s) are not
corrected on or before Closing, this contract shall then terminate; provided,
however, Buyer may, by written notice received by Seller, on or before Closing,
waive objection to such items.
e. Title Advisory. The Title Documents affect the title, ownership and
use of the Property and should be reviewed carefully. Additionally, other
matters not reflected in the Title Documents may affect the title, ownership and
use of the Property including without limitation boundary lines and
encroachments, area, zoning, unrecorded easements and claims of easements,
leases and other unrecorded agreements, and various laws and governmental
regulations concerning land use, development and environmental matters. THE
SURFACE ESTATE MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE, AND
TRANSFER OF THE SURFACE ESTATE DOES NOT NECESSARILY INCLUDE TRANSFER OF THE
MINERAL RIGHTS. THIRD PARTIES MAY HOLD INTERESTS IN OIL, GAS, OTHER MINERALS,
GEOTHERMAL ENERGY OR WATER ON OR UNDER THE PROPERTY, WHICH INTERESTS MAY GIVE
THEM RIGHTS TO ENTER AND USE THE PROPERTY. Such matters may be excluded from the
title insurance policy. Buyer is advised to timely consult legal counsel with
respect to all such matters as there are strict time limits provided in this
contract (e.g., Title Objection Deadline [Section 2c] and Off-Record Matters
Objection Deadline [Section 2c]).
10. PROPERTY DISCLOSURE AND INSPECTION.
a. Inspection Obligation Deadline. Buyer shall have the right to have
inspection(s) of the physical condition of the Property and Inclusions, at
Buyer's expense. If the physical condition of the Property or Inclusions is
unsatisfactory in Buyer's subjective discretion, Buyer shall, on or before
Inspection Objection Deadline (Section 2c):
(1) notify Seller in writing that this contract is terminated,
or
(2) provide Seller with a written description of any
unsatisfactory physical condition which Buyer requires Seller to correct (Notice
to Correct).
If written notice is not received by Seller on or before Inspection
Objection Deadline (Section 2c), the physical condition of the Property and
Inclusions shall be deemed to be satisfactory to Buyer.
b. Resolution Deadline. If a Notice to Correct is received by Seller
and if Buyer and Seller have not agreed in writing to a settlement thereof on or
before Resolution Deadline (Section 2c), this contract shall
terminate one calendar day following the Resolution Deadline, unless before such
termination Seller receives Buyer's written withdrawal of the Notice to Correct.
c. Damage; Liens; Indemnity. Buyer is responsible for payment for all
inspections, surveys, engineering reports or for any other work performed at
Buyer's request and shall pay for any damage which occurs to the Property and
Inclusions as a result of such activities. Buyer shall not permit claims or
liens of any kind against the Property for inspections, surveys, engineering
reports and for any other work performed on the Property at Buyer's request.
Buyer agrees to indemnify, protect and hold Seller harmless from and against any
liability, damage, cost or expense incurred by Seller in connection with any
such inspection, claim, or lien. This indemnity includes Seller's right to
recover all costs and expenses incurred by Seller to enforce this subsection,
including Seller's reasonable attorney fees. The provisions of this subsection
shall survive the termination of this contract.
11. CLOSING. Delivery of deed(s) from Seller to Buyer shall be at Closing
(Closing). Closing shall be on the date specified as the Closing Date (Section
2c) or by mutual agreement at an earlier date. The hour and place of Closing
shall be as designated by Seller.
12. TRANSFER OF TITLE. Subject to tender or payment at Closing as required
herein and compliance by Buyer with the other terms and provisions hereof,
Seller shall execute and deliver a good and sufficient special warranty deed to
Buyer, at Closing conveying the Property free and clear of all taxes except the
general taxes for the year of Closing. Except as provided herein, title shall be
conveyed free and clear of all liens, including any governmental liens for
special improvements installed as of the date of Buyer's signature hereon,
whether assessed or not. Title shall be conveyed subject to:
a. those specific Exceptions described by reference to recorded
documents as reflected in the Title Documents accepted by Buyer in accordance
with Section 8a [Title Review],
b. distribution utility easements,
c. those specifically described rights of third parties not shown by
the public records of which Buyer has actual knowledge and which were accepted
by Buyer in accordance with Section 8b [Matters Not Shown by the Public
Records], and
d. inclusion of the Property within any special taxing district, and
e. the benefits and burdens of any declaration and party wall
agreements, if any, and
f. other n/a
---------
13. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid
at or before Closing from the proceeds of this transaction or from any other
source.
14. CLOSING COSTS; DOCUMENTS AND SERVICES. Buyer and Seller shall pay,
in Good Funds, their respective Closing costs and all other items required to be
paid at Closing, except as otherwise provided herein. Buyer and Seller shall
sign and complete all customary or reasonably required documents at or before
Closing. Fees for real estate Closing services shall be paid at Closing by [X]
One-Half by Buyer and One-Half by Seller [ ] Buyer [ ] Seller [ ] Other _____.
The local transfer tax of n/a% of the Purchase Price shall be paid at
Closing by [ ] Buyer [ ] Seller. Any sales and use tax that may accrue because
of this transaction shall be paid when due by [ ] Buyer [ ] Seller.
15. PRORATIONS. The following shall be prorated to Closing Date (Section 2c),
except as otherwise provided:
a. Taxes. Personal property taxes, if any, and general real estate
taxes for the year of Closing, based on [ ] The Taxes for the Calendar Year
Immediately Preceding Closing [X] The Most Recent Mill Levy and Most Recent
Assessment [ ] Other
n/a
--------------------------------------------------------------------------------
c. Other Prorations. Water, sewer charges; and interest on continuing
loan(s), if any; and
d. Final Settlement. Unless otherwise agreed in writing, these
prorations shall be final.
16. POSSESSION. Possession of the Property shall be delivered to Buyer on
Possession Date and Possession Time (Section 2c), subject to the following
lease(s) or tenancy(s):
n/a
--------------------------------------------------------------------------------
If Seller, after Closing, fails to deliver possession as specified,
Seller shall be subject to eviction and shall be additionally liable to Buyer
for payment of $n/a, per day from the Possession Date (Section 2c) until
possession is delivered.
17. ASSIGNABLE: This contract shall be assignable by Buyer without Seller's
prior written consent. Except as so restricted, this contract shall inure to the
benefit of and be binding upon the heirs, personal representatives, successors
and assigns of the parties.
18. CONDITION OF AND DAMAGE TO PROPERTY AND INCLUSIONS. Except as otherwise
provided in this contract, the Property, Inclusions or both shall be delivered
in the condition existing as of the date of this contract, ordinary wear and
tear excepted.
a. Casualty; Insurance. In the event the Property or Inclusions shall
be damaged by fire or other casualty prior to Closing, in an amount of not more
than ten percent of the total Purchase Price, Seller shall be obligated to
repair the same before the Closing Date (Section 2c). In the event such damage
is not repaired within said time or if the damages exceed such sum, this
contract may be terminated at the option of Buyer by delivering to Seller
written notice of termination. Should Buyer elect to carry out this contract
despite such damage, Buyer shall be entitled to a credit, at Closing, for all
the insurance proceeds resulting from such damage to the Property and Inclusions
payable to Seller but not the owners' association, if any, plus the amount of
any deductible provided for in such insurance policy, such credit not to exceed
the total Purchase Price.
b. Damage; Inclusions; Services. Should any Inclusion(s) or service(s)
(including systems and components of the Property, e.g. heating, plumbing, etc.)
fail or be damaged between the date of this contract and Closing or possession,
whichever shall be earlier, then Seller shall be liable for the repair or
replacement of such Inclusion(s) or service(s) with a unit of similar size, age
and quality, or an equivalent credit, but only to the extent that the
maintenance or replacement of such Inclusion(s), service(s) or fixture(s) is not
the responsibility of the owners' association, if any, less any insurance
proceeds received by Buyer covering such repair or replacement. The risk of loss
for any damage to growing crops, by fire or other casualty, shall be borne by
the party entitled to the growing crops, if any, as provided in Section 3 and
such party shall be entitled to such insurance proceeds or benefits for the
growing crops, if any.
c. Walk-Through; Verification of Condition. Buyer, upon reasonable
notice, shall have 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 document, Buyer and
Seller acknowledge that the Selling Company or the Listing Company has advised
that this document has important legal consequences and has recommended the
examination of title and consultation with legal and tax or other counsel before
signing this contract.
20. TIME OF ESSENCE AND REMEDIES. Time is of the essence hereof. If any note or
check received as Xxxxxxx Money hereunder or any other payment due hereunder is
not paid, honored or tendered when due, or if any other obligation hereunder is
not performed or waived as herein provided, there shall be the following
remedies:
a. If Buyer Is In Default:
(2) Liquidated Damages. All payments and things of value
received hereunder shall be forfeited by Buyer and retained on behalf of Seller
and both parties shall thereafter be released from all obligations hereunder. It
is agreed that such payments and things of value are LIQUIDATED DAMAGES and
(except as provided in subsection c) are SELLER'S SOLE AND ONLY REMEDY for
Buyer's failure to perform the obligations of this contract. Seller expressly
waives the remedies of specific performance.
b. If Seller is in Default: Buyer may elect to treat this contract as
canceled, in which case all payments and things of value received hereunder
shall be returned and Buyer may recover such damages as may be proper, or Buyer
may elect to treat this contract as being in full force and effect and Buyer
shall have the right to specific performance.
c. Costs and Expenses. In the event of any arbitration or litigation
relating to this contract, the arbitrator or court shall award to the prevailing
party all reasonable costs and expenses, including attorney fees.
21. MEDIATION. If a dispute arises relating to this contract, prior to or after
Closing, and is not resolved, the parties shall first proceed in good faith to
submit the matter to mediation. Mediation is a process in which the parties meet
with an impartial person who helps to resolve the dispute informally and
confidentially. Mediators cannot impose binding decisions. The parties to the
dispute must agree before any settlement is binding. The parties will jointly
appoint an acceptable mediator and will share equally in the cost of such
mediation. The mediation, unless otherwise agreed, shall terminate in the event
the entire dispute is not resolved 30 calendar days from the date written notice
requesting mediation is sent by one party to the other(s). This Section shall
not alter any date in this contract, unless otherwise agreed.
22. XXXXXXX MONEY DISPUTE. Notwithstanding any termination of this contract,
Buyer and Seller agree that, in the event of any controversy regarding the
Xxxxxxx Money and things of value held by broker or Closing Company (unless
mutual written instructions are received by the holder of the Xxxxxxx Money and
things of value), broker or Closing Company shall not be required to take any
action but may await any proceeding, or at broker's or Closing Company's option
and sole discretion, may interplead all parties and deposit any moneys or things
of value into a court of competent jurisdiction and shall recover court costs
and reasonable attorney fees.
23. TERMINATION. In the event this contract is terminated, all payments and
things of value received hereunder shall be returned and the parties shall be
relieved of all obligations hereunder, subject to Sections 10c, 21 and 22.
24. ADDITIONAL PROVISIONS. (The language of these additional provisions has not
been approved by the
Colorado Real Estate Commission.) SEE ATTACHED CONTRACT
ADDENDUM.
25. ENTIRE AGREEMENT; SUBSEQUENT MODIFICATION: SURVIVAL. This contract
constitutes the entire contract between the parties relating to the subject
hereof, and any prior agreements pertaining thereto, whether oral or written,
have been merged and integrated into this contract. No subsequent modification
of any of the terms of this contract shall be valid, binding upon the parties,
or enforceable unless made in writing and signed by the parties. Any obligation
in this contract which, by its terms, is intended to be performed after
termination or Closing shall survive the same.
26. FACSIMILE. Signatures [X] May [ ] May Not be evidenced by facsimile.
Documents with original signatures shall be provided to the other party at
Closing, or earlier upon request of any party.
27. NOTICE OF ACCEPTANCE; COUNTERPARTS. This proposal shall expire unless
accepted in writing, by Buyer and Seller, as evidenced by their signatures
below, and the offering party receives notice of acceptance pursuant to Section
27 on or before Acceptance Deadline Date and Acceptance Deadline Time (Section
2c). If accepted, this document shall become a contract between Seller and
Buyer. A copy of this document may be executed by each party, separately, and
when each party has executed a copy thereof, such copies taken together shall be
deemed to be a full and complete contract between the parties.
Urban Group, LLC, a
Colorado limited liability company, and/or assigns
0000 Xxxxxxx Xxxxxx Xxxxx, Xxxxx 000, Xxxxxx Xxxx, XX 00000
Bus. # 000-000-0000 Fax #: 000-000-0000
BUYER DATE
-------------------------------------------- ------------
By: Xxx Xxxxxx, President
NOTE: IF THIS OFFER IS BEING COUNTERED OR REJECTED, DO NOT SIGN THIS DOCUMENT.
REFER TO SECTION 29.
SELLER DATE
--------------------------------------------------------- ----------
Xxxxxx X. Xxxx
000 Xxxxx Xxxxx Xxxxxx, Xxxxx 000, Xxxxxx Xxxx, XX 000000
Bus.#: 000-000-0000 Fax #: 000-000-0000
SELLER DATE
--------------------------------------------------------- ----------
X. X. Xxxxxx
29. COUNTER; REJECTION. This offer is [ ] Countered [ ] Rejected.
Initials only of party (Buyer or Seller) who countered or
rejected offer.
-------------------
END OF CONTRACT
Note: Closing Instructions should be sighed on or before Title Deadline.
BROKER ACKNOWLEDGMENTS. The undersigned Broker(s) acknowledges receipt of the
Xxxxxxx Money deposit specified in Section 4 and, while not a party to the
contract, agrees to cooperate upon request with any mediation conducted under
Section 21.
Selling Company Brokerage Relationship. The Selling Company and its
licensees have been engaged in this transaction as [ ] Buyer Agent [ ] Seller
Agent/Subagent [ ] Dual Agent [X] Transaction-Broker.
Listing Company Brokerage Relationship. The Listing Company and its
licensees have been engaged in this transaction as [X] Seller Agent [ ] Dual
Agent [ ] Transaction-Broker.
BROKERS' COMPENSATION DISCLOSURE.
Selling Company's compensation or commission is to be paid by: [ ] Buyer [ ]
Seller [X] Listing Company
[ ] Other n/a
----------------------------------------------------------------------
To be completed by Listing Company) Listing Company's compensation or commission
is to be paid by:
[ ] Buyer [X] Seller
Other n/a
-------------------------------------------------------------------------
Selling Company:
Coldwell Banker Commercial American Spectrum
0000 Xxxxx Xxxxxxxx Xxxxxx
Xxxxxxxxx 0
Xxxxxx, XX 00000
Phone: 000-000-0000, Fax: 000-000-0000
By:
--------------------------------------------------------------------------
Signature Xxxxx X. Xxxxxxxx Date
Listing Company: Hier & Company, Inc. (Name of Company)
-------------------------------------------
Listing Company's Address: 000 Xxxxx Xxxxx Xxxxxx, Xxxxx 000, Xxxxxx Xxxx, Xx 00000
--------------------------------------------------------
Listing Company's Telephone No: 000-000-0000 Listing Company's Fax No: 000-000-0000
------------ ------------
By:
-----------------------------------------------------------------------------------
Signature Xxxxxx X. Xxxx Date
--------------------------
CONTRACT ADDENDUM
This addendum has not been approved by the Colorado Real Estate Commission. It
was prepared by Coldwell Banker Commercial American Spectrum.
Addendum to Contract dated January 22, 2002 between Urban Group, LLC, and/or
assigns, as Buyer(s), and Xxxxxx X. Xxxx, as Seller(s), concerning property to
be platted as Xxxx 0-0, Xxxxxxxxx Xxxxxxxx Xxxxxx Xxxxxx #0, Xxxxxx Xxxx,
Xxxxxxxx 00000. If any provision in the printed form of said Contract is
inconsistent with any provision contained herein, then in that event, the
provision contained in this Addendum shall govern and control the rights and
obligations of the parties.
ALL PARTIES SHOULD CONSULT LEGAL AND TAX COUNSEL BEFORE SIGNING.
24. ADDITIONAL PROVISIONS:
24(a). NEXT BUSINESS DAY. In the event any date described herein for payment or
performance of the provisions hereof falls on a Saturday, Sunday or legal
holiday, the time for such payment or performance shall be extended to the next
business day.
Any date references to "Execution" are referring to the date this Contract is
mutually accepted and executed by Buyer and Seller.
24(b). NOTICES. Any notices which a party desires or is required to give
hereunder shall be in writing and shall be deemed given when delivered
personally to each party, delivered by facsimile, or deposited in the United
States mails, postage prepaid, either registered or certified, return receipt
requested, to the parties at the following addresses:
Buyer:
Xx. Xxx Xxxxxx
Urban Group, LLC
0000 Xxxxxxx Xxxxxx Xxxxx, Xxxxx 000
Xxxxxx Xxxx, XX 00000
OFC: 000-000-0000
FAX: 000-000-0000
With Copies To:
Xxxx X. Xxxxxxx, Esq.
Xxxxxxx, Xxxxxxx & Xxxxx, P.C.
0000 Xxxx Xxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxx, XX 00000
OFC: 000-000-0000
FAX: 000-000-0000
Xx. Xxxxx X. Xxxxxxxx
Coldwell Banker Commercial American Spectrum
0000 Xxxxx Xxxxxxxx Xxxxxx, Xxxxxxxxx 0
Xxxxxx, XX 00000
OFC: 000-000-0000
FAX: 000-000-0000
Seller:
Xx. Xxxxxx X. Xxxx
000 Xxxxx Xxxxx Xxxxxx
Xxxxxx Xxxx, XX 00000
OFC: 000-000-0000
FAX: 000-000-0000
With Copies To:
Xxxxxx Xxxxxxx, Esq.
Xxxx and Slatkin, P.C.
00 Xxxx Xxxxxx, Xxxxx 0000
Xxxxxx, XX 00000-0000
OFC: 000-000-0000
FAX: 000-000-0000
24(c). SURVEY. Seller shall provide to Buyer, at Seller's cost, pursuant to
Paragraph 7(a) a current or updated and signed ALTA/ACSM Survey of the Property
on or before the Survey Deadline and said survey shall be certified to the title
company issuing title insurance, the Buyer, the Seller, and Coldwell Banker
Commercial American Spectrum. If at Buyer's sole discretion Buyer is not
satisfied with this survey, Buyer shall notify Seller in writing on or before
the Inspection Objection Deadline, and this Contract shall be null and void and
all xxxxxxx money deposits shall be immediately refunded to Buyer.
24(d). ENVIRONMENTAL ASSESSMENT. Seller shall provide, at Seller's cost, Buyer
with a current or updated copy of a Phase I Environmental Site Assessment Report
("ESA") on or before the Survey Deadline. The ESA shall be performed in
accordance with the American Society of Testing and Materials ("ASTM")
publication, "Standard Practice for Environmental Site Assessment Process"
("ASTN Standard"). If at Buyer's sole discretion Buyer is not satisfied with the
results of this environmental study, Buyer shall notify Seller in writing on or
before the Inspection Objection Deadline, and at Buyer's option; (i) this
Contract shall be null and void and all xxxxxxx money deposits shall be
immediately refunded to Buyer; or (ii) all time periods under this Contract
shall be extended for 30 days while Buyer conducts further tests and
examinations of the Property at its expense. At the end of that 30-day period,
Buyer may elect to terminate this Contract, in which case all Xxxxxxx Money
deposits shall be returned to it; or to proceed pursuant to this Contract. Buyer
will not harm in any way, before or after Closing, the Xxxxxx'x Meadow Jumping
Mouse Conservation Habitat area adjacent to the Property. Buyer will execute, at
Closing, any reasonable documents agreeing to the existing Conservation Plan to
protect the adjacent Xxxxxx'x Meadow Jumping Mouse Conservation Habitat, a copy
of said documents shall be delivered by Seller to Buyer on or before March 1,
2002.
24(e). INSPECTIONS. Paragraph 10 in this Contract regarding Inspections shall
include Buyer's inspections without limitation, at Buyer's expense for,
availability of legal, access, utility services cost and availability, current
zoning, environmental. risks, soil conditions, and any other items Buyer deems
necessary. If, at Buyer's sole discretion, Buyer is not satisfied with the
results of any inspections, Buyer shall notify Seller per the inspection
Objection Deadline and Resolution Deadline in Contract Paragraph 10.
24(f). BROKERS, THOSE NAMED ONLY. The Buyer and Seller represent to each other
that they have had no negotiations through or brokerage services performed by
any other broker or intermediary other than Coldwell Banker Commercial American
Spectrum and Hier & Company, Inc. in connection with the execution and delivery
of this contract. Xxxxxx X. Xxxx is the Seller and is also licensed to sell real
estate in the State of Colorado.
24(g). TITLE COMPANY. Title insurance shall be issued by Land Title Guarantee
Company ("Title Company"), 000 Xxxxxx, Xxxxxx Xxxx, XX 00000.
24(h). XXXXXXX MONEY. All Xxxxxxx Money shall be deposited in an interest
bearing Land Title Guarantee company (Castle Rock office) trust account with
interest accruing to Buyer's benefit unless Buyer is in default and interest
thereby, will accrue to Seller's benefit.
24(i). Final Purchase Price Adjustment. The Purchase Price set forth in
Paragraph 4 of this Contract is based on a price of $5.00 per Square Foot of
land as shown on the ALTA/ACSM Survey described in Section 24(C) and assumes
that the Property contains 5.00 usable acres net of street right of way or
floodplain. The Final Purchase price at time of Closing shall be based on a
price of $5.00 per Square foot times the total square footage of land stated on
the Survey referenced in Paragraph 7(a) net of street right of way or floodplain
area. The Purchase Price shall be reduced by the total cost estimates obtained
by both the Buyer and Seller for the construction of all off lot infrastructure
required by the City to allow development of the individual lots. Said estimates
shall be mutually acceptable to both the Buyer and Seller on or before March 25,
2002.
24(j). LAND USE APPROVALS. This Contract is Conditional upon Seller obtaining
approvals on or before March 25, 2002, at Seller's expense, from the City of
Castle Rock, Colorado ("City"), for Final Plat for the Property and a recorded
Final Plat with a recorded Subdivision Improvement Agreement, and Buyer
obtaining City Site Plan approval, building permits for Lot 1, construction
permits for infrastructure, and other required approvals at Buyer's expense all
in forms and pursuant to terms acceptable to Buyer in its sole discretion or
this contract shall be null and void solely at the discretion of the Buyer and
all Xxxxxxx Money shall be returned to Buyer. If the aforementioned land use
approvals have not been obtained, then Buyer, at Buyer's option, may extend the
aforementioned March 25, 2002 date and the Closing Date by 30 days to obtain all
required approvals and permits.
24(k). ASPEN BIO. This contract is conditional upon Buyer entering into a
build-to-suit agreement, with required loans approved, with Aspen Rio, Inc.,
Xxxxx Xxxxx, or related entities, on or before March 25, 2002, to build a light
manufacturing/office/warehouse facility on the Property. This Contract shall be
null and void solely at the discretion of the Buyer and all xxxxxxx money shall
be returned in the event said contract is not entered into and all loans
approved by March 25, 2002.
24(l). DELIVERY OF MATERIALS TO BUYER. Within ten (10) business days after the
mutual execution and delivery of this Contract, Seller shall provide to Buyer,
at no expense to Buyer, any and all engineering studies, warranties, guaranties,
contracts affecting the Property, licenses and permits respecting the Property,
any environmental property assessments including documents regarding the
Prebble's Meadow Jumping Mouse, zoning information, construction drawings,
surveys, plats, preliminary drawings, Development Plans, documents submitted or
to be submitted to The City of Castle Rock Planning Department, or any
quasi-governmental agency having jurisdiction over the Property, Declaration of
Protective Covenants, and all other materials and documents concerning the
Property owned by Seller or in Seller's possession.
24(m). CONTRACT IS ASSIGNABLE. This Contract may be assigned to any legal entity
controlled by the Buyer, Xxx Xxxxxx, Aspen Bio, or Xxxxx Xxxxx.
Buyer:
Urban Group; LLC, and/or assigns
By: Date:
-------------------------------------------- ----------------------
Xxx Xxxxxx, President
Seller:
By: Date:
-------------------------------------------- ----------------------
Xxxxxx X. Xxxx
By: Date:
-------------------------------------------- ----------------------
X. X. Xxxxxx
U.S. 50,000.00
XXXXXXX MONEY
Promissory Note
Castle Rock, Colorado Date January 22,
2002
FOR VALUE RECEIVED,
Urban Group, LLC, a Colorado limited liability company
0000 Xxxxxxx Xxxxxx Xxxxx Xxxxxx Xxxx XX 00000
jointly and severally, promise to pay to the order of
Land Title Guarantee Company (Castle Rock Office)
the sum of Fifty Thousand and no/100 Dollars,
with interest at 12.0 per cent per annum from March 26, 2002 until paid.
Both principal and interest are payable In US. dollars on or before March 25.
2002, payable at Title Guarantee Company (Castle Rock Office)
or such other address as note holder may designate. Presentment, notice of
dishonor, and protest are hereby waived. If this note is not paid when due, I/we
agree to pay all reasonable cost of collection, including attorney's fees.
Urban Group, a Colorado limited liability company
BUYER Date:
------------------------------------------------- -----------------
By: Xxx Xxxxxx, President
This note is given as xxxxxxx money for the contract on the following property:
To be platted as Lots 000, Xxxxxxxxx Xxxxxxxx Xxxxxx Filing #5, City of Castle
Rock, Xxxxxxx County, State of Colorado
