HomeMy WebLinkAbout760459.tiff RESOLUTION
RE: AUTHORIZE COUNTY TREASURER TO ESTABLISH AN ESCROW
ACCOUNT FOR FIVE THOUSAND DOLLARS CASH DOWN PAY-
MENT ON THE SALE OF:
Lot 1, 2, 3, 4 and 5 inclusive, Cranford Subdivision, Block
162, City of Greeley, Weld County, Colorado.
WHEREAS, the Board of County Commissioners has determined that
it is in the best interest of the County to accept said Five Thousand Dollars
($5, 000. 00) cash payment made by purchaser in accordance with the agree-
ment attached hereto and made a part hereof by reference, and
WHEREAS, it has been agreed that said sum be deposited by the
County Treasurer into an interest drawing escrow account, and
WHEREAS, in the event of default by Purchaser the Seller shall re-
tain the Five Thousand Dollars ($5, 000. 00) as liquidated damages; however, the
interest accrued thereon to date of default shall be paid to the Purchaser.
NOW, THEREFORE, BE IT RESOLVED, by the Board of County
Commissioners of Weld County, Colorado, that Francis M. Loustalet, Weld
County Treasurer, be, and he hereby is authorized to distribute sums as
hereinabove instructed.
The above and foregoing Resolution was, on motion duly made and
seconded, adopted by the following vote on this 11th day of February, A, D„
1976.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
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ATTEST. )/A lea �
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Weld County Clerk and Recorder
and Clerk to the Board
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Special Legal ounsel
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760459
AGREEMENT FOR SALE AND PURCHASE
OF REAL ESTATE
THIS AGREEMENT, Made at Greeley, Colorado, this 11th day
of February, 1976, between WELD COUNTY, a quasi municipal corporation
of the State of Colorado (Seller) and C. RICHARD McCOY, (Purchaser).
WITNESSETH THAT in consideration of the payment by Purchaser
to the Seller the sum of One Hundred Eighty Six Thousand Dollars ($186, 000. 00)
in cash, the Seller agrees to sell to the Purchaser the property, including all
improvements thereon and all fixtures of a permanent nature currently on the
premises except as may be provided for with all easements and rights-of-way
and appurtenances thereto, more particularly described as follows:
Lots 1, 2, 3, 4 and 5 inclusive, Cranford Subdivision,
Block 162, City of Greeley, Weld County, Colorado.
This agreement of sale and purchase is subject to the following
conditions:
1. That Purchaser shall proceed with due diligence to develop subject
property as an elderly housing under the cooperation of various government
agencies, including the obtaining of appropriate zoning therefor.
2. That Purchaser will apply and can obtain a firm commitment from
F.H.A. for Section 231 financing for housing for the elderly.
3. That Purchaser will apply and can obtain an award from H. U. D.
to provide Section 8 funds for elderly rental supplements for the project.
4. That subject to the approval and disbursement of the aforementioned
commitment and loans as provided for in 1, 2, and 3 hereinabove, Purchaser
agrees to pay for subject property the sum of One Hundred Eighty Six Thousand
Dollars ($186, 000. 00) upon disbursement of said F. H. A. loan.
5. It is understood and agreed that Purchaser shall make an immediate
application for a loan or loans upon said premises and improvements, and that
payments prior to the disbursement of said loan or loans shall be Five Thousand
Dollars ($5, 000. 00) cash in hand paid at the time of the signing of this contract,
receipt of which hereby acknowledged, and the balance of the purchase price shall
be due and payable upon approval and disbursement of said loan or loans and delivery
of deed by Seller to the Purchaser.
6. Seller shall furnish to Purchaser a commitment to insure the title
to said property which shall reveal a marketable title to said property in the
Seller and after full payment shall cause to be issued to Purchaser a title in-
surance policy by which a marketable title to the above described property free
and clear of liens and encumbrances is insured by the Seller.
7. Taxes on said premises for the year 1976 due and payable in 1977
shall be prorated as of date of closing.
8. Hazard insurance covering the improvements on said property
shall be carried by the Purchaser from and after the date of the execution of
this agreement and risk of loss thereafter shall be the Purchaser, and proof of
such insurance coverage shall be delivered to Seller.
9. Title to said property shall be conveyed by Weld County, a quasi
municipal corporation of the State of Colorado, free and clear of liens and
encumbrances but subject to reservations, exceptions, convenants, condi-
tions and restrictions evidenced by instruments of record, rights-of-way and
easements created by instruments of record or established on the premises.
10. This transaction shall be closed by delivery of the deed, possession,
title insurance commitment and payments of the balance of the purchase price
on or before October 30, 1976.
Time is of the essence hereof and if any payment or the condition hereof
is not made or performed by either Seller or the Purchaser as herein provided,
then this contract shall be void and of no effect and both parties hereto shall be
released from all obligations hereunder, at the option of the party not in default.
In the event of such default by the Purchaser and the Seller elects to treat the
contract as void, then said Five Thousand Dollars ($5, 000. 00) payment made
by Purchaser shall be retained by the Seller as liquidated damages. In the
event the non -defaulting party hereto elects to treat this contract as being in
full force and effect, then nothing herein shall be construed to prevent its
specific performance.
IN WITNESS WHEREOF, the parties hereto have hereunto subscribed
their names the day and year first above written.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
SELLER:
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Glenn K. Billings, Chairman
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Victor L. Jacobucci
Roya6ser,
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rf Judy Steinmarrkl
ATTEST:
Weld County Clerk and Recorder Norman Carlson
and Clerk to the Board
`By 1 f Clerk
,,,J (ry PURCHASER:
L e puty County 7/2 A(P`PRO ED A S T FORM: /
CC. Richard McCoy i
Special Legal Counsel
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REASURER'S OFFICE, V LD COUNTY _
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Greeley, Colo., -- ----- - /1 , 197.8.
' .1 I RECEIVED OF4 - -•,'-• X.Ivil,,,,... . .c-d-� `�.,c�i v�$ .___4*--
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% a % - For
G CREDIT •
Road and Bridge Fund S— 2Z Ii
Colo. State Sales Tax -s '
Weld County General H tal Fund
Fee Fund
w School District No Gen. Fund
).( Motor Vehicle Fund, Licenses
County Clerk Fees
\ Motor Vehicle, Add. Registration Fee ___ y �!
__
Specific Ownership Tax, Auto
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H .
�� ,� FRANCIS M. LOUSTALET ! Al ' -
�`, County Treasurer. I Clerk. I TOTAL AMT. j �r,0
/ 11
\Oil' 41 eNATIONAL B 1K
LA SALLE . COLORADO N° 20762
REMITTER
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r� = FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION
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e FEOFRaL OF DENVER
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PAY TO THE FIRST FEDERAL SAVINGS & LOAN ASSOCIATION L
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ORDER OF . THOMAS H. HAYDEN Or DENVER
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