HomeMy WebLinkAbout20041626.tiff RESOLUTION
RE: APPROVE AGREEMENT FOR IMPROVEMENTS FOR WCR 39 ROAD STABILIZATION
FOR DUST CONTROL, AUTHORIZE CHAIR TO SIGN, AND ACCEPT FORM OF
COLLATERAL FOR PUD FINAL PLAT, PF#1035-RED BARON DEVELOPMENT, LLC
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS,on June 3, 2004, the Department of Planning Services staff approved a PUD
Final Plat, PF#1035, for Red Baron Development, LLC,6900 Weld County Road 39, Fort Lupton,
Colorado 80621,for a Final Plat for a PUD Change of Zone from A(Agricultural)to PUD for seven
lots with Estate Zone Uses,along with a 79.71-acre and a 5.36-acre agricultural lot on the following
described real estate, to-wit:
E1/2 E1/2 NE1/4 Section 4,Township 1 North; part of
the SE1/4 of Section 30 and part of the E1/2 E1/2 of
Section 31, Township 2 North; all in Range 65 West
of 6th P.M., Weld County, Colorado
WHEREAS,pursuant to certain Conditions of Approval,the Board has been presented with
an Agreement for Improvements for Weld County Road 39 Road Stabilization for Dust Control,
between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Red Baron Development, LLC, with terms and conditions
being as stated in said agreement, and
WHEREAS,the applicant has proposed an EscrowAgreement with Security Title Guaranty
Company, 720 East Bridge Street, Brighton, Colorado 80601, with terms and conditions as
described in the Financing Statement, a copy of which is attached hereto, and
WHEREAS, after review, the Board deems it advisable to approve said agreement and
accept the form of the Escrow Agreement as stated above,copies of which are attached hereto and
incorporated herein by reference.
NOW,THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Agreement for Improvements for Weld County Road 39 Road
Stabilization for Dust Control between the County of Weld, State of Colorado, by and through the
Board of County Commissioners of Weld County, and Red Baron Development, LLC, be, and
hereby is, approved.
BE IT FURTHER RESOLVED that the proposed Escrow Agreement with Security Title
Guaranty Company,720 East Bridge Street, Brighton,Colorado 80601,as described above,be and
hereby is, accepted.
2004-1626
PL1706
�� . Pw, P�, /Vet_ EX Cc K) ae7-3,-O41
AGREEMENT FOR WCR 39 DUST CONTROL - RED BARON DEVELOPMENT, LLC
PAGE 2
The above and foregoing Resolution was,on motion duly made and seconded, adopted by
the following vote on the 16th day of June, A.D., 2004.
BOARD OF COUNTY COMMISSIONERS
EL
WELD COUNTY, COL RADO
•
Robert D. Masden, Chair
1861 Clerk to the Board
William Jerke, Pro-Tem
eputy Clerk to the Board e
M. ` Geile�
APP D AS O FO • F
Davi E. Lon
oun Attor ey
Glenn Vaad
Date of signature: 4 47
2004-1626
PL1706
CS/
AGREEMENT FOR IMPROVEMENTS FOR WELD COUNTY ROAD 39
ROAD STABILIZATION FOR DUST CONTROL
THIS AGREEMENT is made and entered into this 14th day of May, in the year 2004, by
and between Red Baron Development, LLC, developer of Red Baron Estates PUD, hereinafter
referred to as "Developer", with an address 6900 WCR 39, Fort Lupton, Colorado, Weld County
Colorado, and the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, Colorado, hereinafter referred to as "County," with offices
located at 915 - 10th Street, Greeley, Colorado 80631.
WITNESSETH:
WHEREAS, the Developer has obtained approval for a Subdivision PUD Final Plat for
seven(7) lots for Red Baron Estates PUD, hereinafter referred to as the "Development," and
WHEREAS, WCR 39 from WCR 16 to WCR 18, hereinafter referred to as 'the Road",
will need ROAD STABILIZATION for dust control, in part, due to the increased traffic generated by
the Development, a distance of approximately 3,900-feet, and
WHEREAS, WCR 39 abuts a portion of Red Baron Estates PUD, seven (7) of the lots
will need WCR 39 for access to the Development, and will constitute 56 percent of the total
traffic for the Road
WHEREAS, Red Baron Estates PUD, requires 3,900-feet of WCR 39 and will
constitute 74 percent of the total length for the Road, and
WHEREAS, the proportional costs of STABILIZATION for the Road attributable to the
traffic generated by the lots in the Development using the Road, is estimated to be $ 3 600 per
lot.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained
herein,the parties hereto agree as follow:
1. TERM
A. The term of this Agreement shall be from the date first written above to the
completion of STABILIZING the Road and final accounting by County and
payment of all land development charges by the Developer for the seven (7) lots
accessing the Road, or five years if WRC 39 is not STABILIZED.
2. OBLIGATIONS OF THE COUNTY
A. Weld County shall STABILIZE the road, within five years of the date first written
above, the Road at a current estimated cost of $60,000. The stabilization
improvements are anticipated to be for two 13-foot travel lanes designed in
accordance with generally accepted engineering practices but the actual design
shall be at the discretion of Weld County.
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3192870 06/25/2004 01:57P Weld County, CO 2004-1626
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B. Design, construction, and maintenance of this portion of Road shall be the
responsibility by the County.
C. County or Developer must STABILIZE the roads within rve years of the date first
written above or forfeit all rights to land development charges, which are the
obligation of the Developer whether already in escrow or remaining to be paid.
D. Weld County shall perform a final accounting once STABILIZATION is complete
and may collect from the escrow account (or from the developer if the amount in
the escrow is insufficient to satisfy developers obligation) up to 42 percent of the
total cost of STABILIZING WCR 39. If additional traffic is generated prior to
STABILIZING WCR 39, such that the percentage of traffic generated by the
development is less than 56 percent, the County shall adjust the percentage
charged to the developer proportionately. Any amount which must be collected
from the developer, which is not paid within 45 days of final accounting, shall
assessed interest in the amount of 8 percent per annum.
3. OBLIGATION OF THE DEVELOPER
A. Developer agrees to pay the amount of$ 3,600 per each lot accessing the Road.
The actual amount shall be determined in accordance with paragraph 2.D.
B. The Developer agrees to escrow monies as follows: at the sale of the first lot $
3600, at the sale of the second lot $ 3600, at the sale of the third lot $ 3,600, at
the sale of the fourth lot $ 3 600, at the sale of the fifth lot $3,3600, at the sale of
the sixth lot $ 3600, at the sale of the seventh lot $3 600. The escrow account
shall be set up according to paragraph 4 herein.
C. The Developer shall not be released from this obligation unless County does not
STABILIZE the road within the time frame set forth in paragraph 2.C. herein. In no
event shall Developer's obligation under this Agreement exceed $ 25,200 subject
to adjustment to a higher or lower figure from the first quarter of 2004 to the year
and quarter in which the contemplated work is being performed based on "The
State Highway Bid Price index contained in the "Quarterly Cost report" of The
Engineering News-Record as published by The McGraw-Hill Companies.
4. ESCROW AGREEMENT, the terms of which will be subject to review by the County
that provides at least the following:
A. The cash in escrow when fully funded is $ 25,200.
B. The escrow agent guarantees that the escrowed funds will be disbursed according
to the terms of this agreement and will not release any portion of the funds
without prior written approval of the Weld County Board of County
Commissioners.
Ai1JL'o1hi!JJh11)oLhjhI1o1u! UhhEe1LY1jjuhiLh1j1j
I III IIII' IIIII'll Revised 5/28/2004
nty, CO
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5. SEVERABILITY
If any term or condition of this Agreement shall be held to be invalid, illegal, or
unenforceable, this Agreement shall be construed and enforced without such
provision to the extent that this Agreement is then capable of execution within the
original intent of the parties hereto.
6. NO THIRD PARTY BENEFICIARY ENFORCEMENT.
It is expressly understood and agreed that the enforcement of the terms and
conditions of this Agreement, and all rights of action relating to such
enforcement, shall be strictly reserved to the undersigned parties and nothing in
this Agreement shall give or allow any claim or right of action whatsoever by any
other person not included in this Agreement. It is the express intention of the
undersigned parties receiving services of benefits under this Agreement shall be
an incidental beneficiary only.
7. MODIFICATION AND BREACH
This Agreement contains the entire agreement and understanding between the
parties to this Agreement and supersedes any other agreements concerning the
subject matter of this transaction, whether oral or written. No modification,
amendment, notation, renewal, or other alteration of or to this Agreement shall be
deemed valid or of any force or effect whatsoever, unless mutually agreed upon in
writing by the undersigned parties. No Breach of any term, provisions, or clause
of this Agreement shall be deemed waived or excused, unless such waiver or
consent shall be in writing and signed by the party claimed to have waived or
consented. Any consent by any party hereto, or waiver of, a breach by any other
party, whether express or implied, shall not constitute a consent to waiver of, or
excuse for any other different or subsequent breach.
8. NO WARRANTY.
Neither County nor Developer, by virtue of their entering into this Agreement and
upon their promises to perform the work described herein, make warranties, either
express or implied, that the improvement work and/or maintenance of these roads
meet standards other than those generally required for counties and cities of the
size and type similar to County.
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lllIIIIII192875111814.15120of 0 D0.00 Steve Moreno Cle
Page 3 of 5 Revised 5/28/2004
9. BINDING
This agreement shall be binding on the heirs, successors, and assigns of the
parties.
IN WITNESS WHEREOF the parties hereto have signed this Agreement this i a y
of J�,---.-�e-- , 2004.
BY: ` Lr )Z.o4 Xi�/.i.t21
Developer
ATTEST: BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
r- -& & W"----
Chair, Robert D. Masden
'-�=6/2004 J�1 M,``jE / /I�` 7 �i
,i '‘ BY: Weld County Cl rk to the Board
il la '%#"� 1/42�o i 7
eputy Clerk to the Board
RO DA .
ty Attorn
1311 11111�L\I\114111 III\��I\1 le\ild t I\\%I\\\I\I\\1I\
3192870 06/251200
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Page 4 of 5 Revised 5/28/2004
Cost Estimating for Offsite Improvements Agreement 12-May-2004 PAS
Weld County Road 39 stabilization -a portion of the mile between CR 18 & CR 16.
Two 13-foot lanes = 26-feet. Weld County Public Works Dept.
one-mile estimate one-mile 74%
Material Quantity Units Cost per Unit Total CostPercent Cost
Street Grading 2,542 ydA3 2.5 ydA3 $6,355 $4,702.70
Street Base (Class 6) 2,542 ydA3 15 ydA3 $38,130 $28,216.20
Chemical Stabilization 15,253 ydA2 0.85 ydA2 $12,965 $9,594.14
(DC2000) _ _ _ _
Engineering &Supervision Costs(fixed) $2,550 $2,550
Grand Total =1 $60,000! , $45,0631=% Total
Estimate of Quantities
Material Length Width Depth Area Area Volume Volume Weight
feet feet feet ftA2 ydA2 ftA3 ydA3 ton
Street Grading 5,280 26 0.5 - - 68,640 2,542
Class 6 5,280 26 0.5 - - 68,640 2,542
Chemical 5,280 26 - 137,280 15,253 - - -
Percentage of the Section Mile
Applicant Part.lft.1 Total ft. Percentage Participation
3,900 5,280 74%
Proportion of the Total Traffic
Applicant adt Total adt Proportional Participation
77 136 58°fo
Applicant's proportional participation
Proportion Percent Cost Proportional Share
56% $45,000 $ 8,200
Per Lot Share
Proportion Number Lots Proportional Share per Lot
$25,200 7 ,$O0
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3192870 06/25/2004 01:57P Weld County, CO
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FINANCING STATEMENT
RED BARON ESTATES
PZ-1035
The following proposal is being submitted to guarantee collateral for on-site
improvements and off-site public road improvements as required by Section 7.0 "General
Requirements For Collateral", and Section 8.0 "Improvements Guarantee", outlined in
the submitted Improvements Agreement According To Policy Regarding Collateral
For Improvements.
Red Baron Development LLC will enter into an Escrow Agreement in accordance with
Section 8.0, sub-section8.3 as follows:
Red Baron Development LLC will be the exclusive agent for marketing and selling the
eight residential lots in the proposed PUD, using the attached contract approved by the
Colorado Real Estate Commission. ** See Contract#CBS3-9-99, Contract To Buy and
Sell Real Estate (Vacant Land-Farm-Ranch).
All real estate closing transactions will take place at Security Title Guaranty Co.,
720 East Bridge Street, Brighton, CO 80601. **See attached letter from
Jim Clement, Branch Manager.
Cash needed to satisfy One-Hundred Percent(100%) of the on-site and off-site public
road improvements will be obtained with the first three lot sales. At time of closing, the
total monies needed to complete the on-site improvements, $276,173, and the cash
percentage required by the developer for off-site improvements (to be determined by
future traffic count) will be placed in escrow with Security Title Guaranty Co.
Proper invoices for the contracted improvements will be approved by Red Baron
Development LLC and by Weld County. Upon site inspection and final approval by
Weld County, monies will be disbursed from the Security Title Guaranty Co. escrow
account for payment to the contractor.
Red Baron Development currently has two lot sale contracts ready to close, with a third
lot sale forthcoming. Due to increasing interest in Red Baron Estates, we are confident
that all development improvements will be completed by fall of 2004.
Respectfully Submitted,
Marilyn Taylor
Authorized Agent
Red Baron Development LLC
- . .._ 7
I The printed portions of this form have been approved by the Colorado Real Estate Commission. (CBS3-9-99)
2 II THIS VOICES HAS IMPORTANT LEGAL CONSEQUENCES ANTI THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING.
3 I CONTRACT TO BUY AND SELL REAL ESTATE
4 I (VACANT LAND—FARM—RANCH)
5 Date:
6 , I. AGREEMENT. Buyer agrees to buy and the undersigned Seller agrees to sell the Property defined below on the terms and
7 1 conditions set forth in this contract.
I 2. DEFINED TERMS.
9 a. Buyer. Buyer.
0 , will take tide to the real property described below as O Joint Tenants O Tenants In Common O Other .
I b. Property. The Property is the following legally described real estate:
2
3 I
4 I S
6
7
8
9
20 in the County of .Colorado,commonly known as
21 No.
Street Address City Slam Zip
22 together with the interests,easements,rights,benefits,improvements and attached fixtures appurtenant thereto,all interest of Seller
23 in vacated streets and alleys adjacent thereto,except as herein excluded.
24 e.Dates and Deadlines.
25 Item No. Reference Event Date or Deadline
26 ! I §5a Loan Application Deadline
27 2 §5b Loan Commitment Deadline
28 ' 3 §5c Buyer's Credit Information Deadline
29 4 §5c Disapproval of Buyer's Credit Deadline
30 ' 5 §5d Existing Loan Documents Deadline
31 6 §5d Objection to Existing Loan Deadline
32 7 §5d Approval of Loan Transfer Deadline
33 8 §6a Appraisal Deadline
34 i' 9 §7a Title Deadline '
35 . 10 §Pa Survey Deadline
36 11 §7b Document Request Deadline
37 12 §Ra Title Objection Deadline
38 13 §Sb Off-Record Matters Deadline
39 14 Sb Off-Record Matters Objection Deadline
40 15 . 10 Seller's Property Disclosure Deadline
41 16 10a Inspection Objection Deadline
42 17 lob Resolution Deadline
43 • 18 . 11 Closing Date
44 19 16 Possession Date
45 20 § 16 Possession Time
46 21 §28 Acceptance Deadline Date '
47 22 §28 Acceptance Deadline Time
' 1
49
50
51 d. Attachments. The following exhibits,attachments and addenda are a part of this contract: 1
52
53
54
55 e. Applicability of Terms. A check or similar mark in a box means that such provision is applicable. The abbreviation
56 "N/A"means not applicable.
57 3. INCLUSIONS AND EXCLUSIONS.
58 a. The Purchase Price includes the following items(Inclusions):
59 (1) Fixtures. If attached to the Propeny on the date of this contract,lighting,heating,plumbing,ventilating,and air con-
60 ditioning fixtures,inside telephone wiring and connecting blocks/jacks,plants,mirrors,floor coverings,intercom systems, sprinkler
61systems and controls; and
62
63 i I
64 i
65 •
66
No.CBS3-9-99. CONTRACT TO BUY AND SELL REAL ESTATE I VACANT LAND-FARM-RANCH) gf( i
Bradford Publishing.170 Mares Sr..Denver.en 50202-003)292-1500—wwwbradfordpubtiahingeom-4.99 Pageant
Initial
6R (21 Other Inclusions. If on the Property whether attached or not on the date of this contract:s.".m windows,storm doors,window and
window coverin s,curtain rods,drapery rods,storage sheds.and all keys.Check applicable boxes)if included:
69 porch shades,awnings,blinJs,screens, g
70 O Smoke/Fire Detectors, O Security Systems:and
71
72
73
74 (3) Trade Fixtures- With respect to trade fixtures,Seller and Buyer agree as follows:
75
76
77
78 (4) Water Rights. The following legally described water rights:
79
80
8l
82
83 (5) Growing Crops. With respect to the growing crops,Seller and Buyer agree as follows:
84
85
86
87
RR
89
90 b. Instruments of Transfer. The Inclusions arc to he conveyed at Closing free and clear of all taxes,liens and encumbrances,except as
91 provided in&12. Conveyance shall he by bill of sale or other applicable legal instrument(s).Any water rights shall he conveyed by
92 deed or other applicable legal instrument(s).
93 c. Exclusions. The following attached fixtures are excluded from this sale:
94
95
96
97 4. PURCHASE PRICE AND TERMS. The Purchase Price set forth below shall he payable in U.S.Dollars by Buyer as follows:
98 RPM No. Rrfrrenre Item Amount
99 1 &4 Purchase Price
00 9 $4a Eamest Mone
M 3 T
02 4 &4c Assamntion Balance
03 5 elr or ni
04 6 &4e Cash at Closing
05 7 TOTAI. S $
06 a. Earnest Money. The Earnest Money set forth in this Section.in the form of ,is part pay-
07 merit of the Purchase Price and shall be payable to and held by ,in its trust account,on behalf of both Seller and
08 Buyer The parties authorize delivery of the Earnest Money deposit to the Closing Company,if any,at or before Closing.
09 h. New Loan. Buyer shall obtain a new loan set forth in this Section and as follows: O Conventional ❑Other
10 .This loan will he secured by a (1st,2nd.etc.)deed of oust.
11 The total loan amount,not in excess of$ , shall be amortized over a period of O years
12 O months,payable at approximately$ per including principal and interest not to exceed
13 %per annum,plus,if required by Buyer's lender,a deposit of of the estimated annual real estate taxes and property
14 insurance premium. If the loan is an adjustable interest rate or graduated payment loan,the payments and interest rate initially shall not exceed the
15 figures set forth above.
16 Loan discount points,if any,shall be paid to lender at Closing and shall not exceed %of the total loan amount. Notwithstanding
17 the loan's interest rate,the first loan discount points shall be paid by ,and the
18 balance,if any,shall he paid by
19 Buyer shall timely pay Buyer's loan costs and a loan origination fee not to exceed %of the loan amount.
20 c.Assumption. Buyer agrees to assume and pay an existing loan in the approximate amount of the Assumption Balance set forth in this
21 Section.presently payable at S per including principal,interest presently at %per
22 annum,and also including escrow for the following as indicated: O Real Estate Taxes, O Property Insurance Premium,and
23
24 Buyer agrees to pay a loan transfer fee not to exceed$ . At the time of assumption.the new interest rate shall not exceed
25 %per annum and the new payment shall not exceed$ principal and interest,plus escrow,if any. If the
26 actual principal balance of the existing loan at Closing is less than the Assumption Balance,which causes the amount of cash required from Buyer
27 at Closing to he increased by more than$ ,then O Buyer May Terminate this contract effective upon receipt by Seller of
28 Buyer's written notice of termination or O'
29 Seller O Shall O Shall Not he released front liability on said loan. If applicable,compliance with the requirements for release front Eta-
30 bility shall be evidenced by delivery at Closing of appropriate letter of commitment from lender.Cost payable for release of liability shall be paid
11 by in an amount not to exceed $
32 d. Seller or Private Financing. Buyer agrees to execute a promissory note payable to:
33 ,as D Joint Tenants O Tenants in Common
34 O Other_- ,on the note form as indicated: O(UCCC-No Default Rate)NTD 82-3-95
35 O(Default Rate)NTD 81-11-83 O Other _secured by a Ilse,2nd,etc.)deed
36 of trust encumbering the Property, using the form as indicated: O Strict Due-On-Sale (TD 72-7-96) O Creditworthy (TD 73-7-96)
37 O Assumable-Not Due On Sale(TD 74.7-96)O Other
No.CBS)-9-99. Pegs 2 of 6_ Initial
I38 Buyer O Shall ❑Shim Not execute and deliver.at Closing,a Security Agreement and ITC-I Financing Statement granting the holder
139 of the promissory note a (tat,2nd,etc.)lien on the personal property included in this sale. The promissory note shall he amortized
140 on the basis of- O years ❑months,payable at$ per including principal and
141 interest at the rate of Sir per annum. Payments shall commence and shall he due on the
142 day of each succeeding . If not sooner paid,the balance of principal and accrued interest shall he due
143 and payable after Closing. Payments O Shall 0 Shall Not be
i increaser,by of estimated annual real estate taxes,and O Snail O Shah!vat he increased by of
145 estimated annual property insurance premium. The loan shall also contain the following terms: if any payment is not received within
146 calendar days after its due date,a late charge of %of such monthly payment shall be due. Interest on lender dis-
147 hursements under the deed of trust shall be Si per annum. Default interest rate shall be a per annum.Buyer may prepay
148 without a penalty except
149
150 Buyer O Shall O Shall Not provide a mortgagee's title insurance policy,at Buyer's expense.
151 e. Cash al Closing. All amounts paid by Buyer at Closing including Cash at Closing,plus Buyer's closing costs,shall he in funds which
52 comply with all applicable Colorado laws,which include cash,electronic transfer funds,certified check, savings and loan teller's check and
53 cashier's check(Good Funds).
54 5. FINANCING CONDITIONS AND OBLIGATIONS.
55 a. Loan Application. If Buyer is to pay all or part of the Purchase Price by obtaining a new loan,or if an existing loan is not to be released
56 at Closing.Buyer.if required by such lender,shall make written application by Loan Application Deadline(5 2c). Buyer shall cooperate with
57 Seiler and lender to obtain loan approval,diligently and timely pursue same in good faith.execute all documents and furnish all information and
58 documents required by lender,and,subject to§4,timely pay the costs of obtaining such loan or lender consent.Buyer agrees to satisfy the ma-
59 sonahlc requirements of lender,and shall not withdraw the loan or assumption application,nor intentionally cause any change in circumstances
60 which would prejudice lender's approval of the loan application or funding of the loan.
61 b. Loan Commitment if Buyer is to pay all or part of the Purchase Price by obtaining a new loan as specified in§4h,this contract is
62 conditional upon Buyer obtaining a written loan commitment including,if required by lender, (I)lender verification of employment,(2)lender
63 approval of Buyer's credit-worthiness,(3) lender verification that Buyer has sufficient funds to close,and(4)specification of any remaining
64 requirements for funding said loam. This condition shall he deemed waived unless Seller receives from Buyer,no later than Loan Commitment
65 Deadline(§2c1,written notice of Buyer's inability in nhtain such loan commitment. If Buyer so notifies Seller.this contract shall terminate.
66 IF BUYER WAIVES THIS CONDITION BUT DOES NOT CLOSE,BUYER SHALL BE IN DEFAULT.
67 c. Credit Information. If Buyer is to pay all or part of the Purchase Price by executing a promissory note in favor of Seller or if an exist-
68 ing loan is nut to be released at Closing,this contract is conditional upon Seller's approval of Buyer's financial ability and creditworthiness.which
69 approval shall be at Seller's sole and absolute discretion. In such case:(I)Buyer shall supply to Seller by Buyer's Credit Information Deadline
70 (§2c),at Buyer's expense.information and documents concerning Buyer's financial.employment and credit condition;(2)Buyer consents that
71 Seller may verify Buyer's financial ability and creditworthiness(including obtaining a current credit report);(3)any such information and docu-
72 merits received by Seller shall be held by Seller in confidence,and not released to others except to protect Seller's interest in this transaction;
73 (4)if Seller does not provide written notice of Seller's disapproval to Buyer by Disapproval of Buyer's Credit Deadline(I 2c),then Seller waives
74 this condition. If Seller does provide written notice of disapproval to Buyer on or before said date,this contract shall terminate.
175 d. Existing Loan Review. If an existing loan is not to he released at Closing,Seller shall provide copies of the loan documents(includ-
176 ing note,deed of trust.and any modifications)to Buyer by Existing Lnan Documents Deadline(§2c). This contract is conditional upon Buyer's
177 review and approval of the provisions of such loan documents. if written notice of objection to such loan documents,signed by Buyer,is not
178 received hy Seller by the Objection to Existing Loan Deadline(5 2c),Buyer accepts the terms and conditions of the documents. If the lender's
179 approval of a transfer of the Property is required this contract is conditional upon Buyer's obtaining such approval without change in the terms of
180 such loan,except as set forth in§4c.If lender's approval is not obtained by Approval of Loan Transfer Deadline(5 2c),this contract shall ter-
IS I minale on such date. If Seller is to be released from liability under such existing loan and Buyer does not obtain such compliance as set forth in
182 §4c,this contract may he terminated at Seller's option.
183 K. APPRAISAL PROVISIONS.
184 a. Appraisal Condition. This subsection a. O Shall O Shall Not apply.
IE5 Buyer shall have the sole option and election to terminate this contract if the Purchase Pdce exceeds the Property's valuation determined by
186 an appraiser engaged by .The contract shall terminate by Buyer giving Seller
187 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
IRS the Purchase Price,received on or before the Appraisal Deadline(§2c). If Seller does not receive such written notice of termination on or before
189 the Appraisal Deadline(§2c),Buyer waives any right to terminate under this subsection.
190 b. Cost of Appraisal. Cost of any appraisal to be obtained after the date of this contract shall he timely paid by O Buyer O Seller.
91 7. EVIDENCE OF TITLE.
92 a. Evidence of Title;Survey. On or before Title Deadline(§2c),Seller shall cause to be furnished to Buyer,at Seller's expense,a cur-
93 rent commitment for owner's tide insurance policy in an anmmll equal to the Purchase Price or if this box is checked,O An Abstract of title
94 certi fed to a current date. If a title insurance commitment is furnished,it O Shall 0 Shall Not commit to delete or insure over the standard
95 exceptions which relate to:
96 (O parties in possession,
97 (2) unrecorded easements,
98 (3) survey matters.
99 (4) any unrecorded mechanics'liens.
(5) gap period(effective date of commitment to date deed is recorded),and
20 I (6) unpaid In sea.assessments and unredeemed tax sales prior to the year of Closing.
202 Any additional premium expense to obtain this additional coverage shall he paid by O Buyer O Seller. An amount not to exceed
203 $ ___for the cost of any improvement location certificate or survey shall be paid by O Buyer O Seller. If the cost exceeds this
204 amount, shall pay site excess on or before Closing.The improvement location certificate or survey shall
205 he received by Buyer On or hdirte Survey Deadline l§2c). Seller shall cause the title insurance policy to be delivered to Buyer as soon as practi-
206 cable a1 or after Closing.
2117 h. Copies of Exceptions. On or before Title Deadline(§2c),Seller,at Seller's expense.shall furnish to Buyer.(1)a copy of any plats.
208 declarations,covenants,conditions and restrictions burdening the Pmpem,and (2)if a title insurance commitment is required to be furnished.and
20') if this box is checked O Copies of any Other Documents(or.if illegible,summaries of such documents)listed in the schedule of exceptions
210 (Exceptions)- Even if the box is not checked,Seller shall have the obligation to furnish these documents pursuant to this subsection if requested
21I hy Buyer any time on or before the Document Request Deadline(§2c). This requirement shall pertain only to documents as shown of record in
212 the office of the clerk and recorder(s). The abstract nr title insurance commitment,together with any copies or summaries of such documents far-
213 nished pursuant to this Section,constitute the title Ointments(Title Documents).
No.CBS3-9-99. Page offi
hoist
214 8. TITLE.
215 a. Title Review. Buyer shall have the right to inspect the Title Documents. Written notice by Bttycr of unmerchantability of title or of
216 any other unsatisfactory title condition shown by the Title Documents shall he signed by or on behalf of Buyer and given to Seller on or before
217 Title Objection Deadline(§2c),or within five(5)calendar days after receipt by Buyer of any Title Document(s)or endorsement(s)adding new
218 Exceptions)to the title commitment together with a copy of theTitle Document adding new Exception(s)to title. If Seller does not receive Buyer's
219 notice by the date(s)specified above,Buyer accepts the condition of title as disclosed by the Title Documents as satisfactory.
220 h. Matters not Shown by the Public Records. Seller shall deliver to Buyer,on or before Off-Record Matters Deadline(§2c)tree
221 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
222 matters nor shown by the public records of which Seller has actual knowledge. Buyer shall have the right to inspect the Property to determine if
223 :my third pany(ies)has any right in the Property not shown by the public records(such as an unrecorded easement,unrecorded lease,or boundary
224 line discrepancy). Written notice of any unsatisfactory condition(s)disclosed by Seller or revealed by such inspection shall he signed by or on
225 behalf of Buyer and given to Seller on or before Off-Record Matters Objection Deadline(§2c). If Seller does not receive Buyer's notice by
226 said date.Buyer accepts title subject to such rights,if any,of third parties of which Buyer hos actual knowledge.
227 c. Special Taxing Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION INDEBTED-
228 NESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES ON THE TAXABLE PROPERTY WITHIN SUCH
229 DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT RISK FOR INCREASED MILL LEVIES AND
230 EXCESSIVETAX BURDENS TO SUPPORT THE SERVICING OF SUCH DEBT WHERE,CIRCUMSTANCES ARISE RESULTING IN
231 THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL
232 LEVIES.BUYER SHOULD INVESTIGATETHE DEBT FINANCING REQUIREMENTS OFTHE AUTHORIZED GENERAL OBLIG-
211 ATION INDEBTEDNESS OF SUCH DISTRICTS, EXISTING MILL LEVIES OF SUCH DISTRICT SERVICING SUCH
234 INDEB'T'EDNESS,AND THE POTENTIAL FOR AN INCREASE IN SUCH MILL LEVIES.
235 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
236 received hy Seller on or before Off-Record Matters Objection Deadline(§2c),this contract shall then terminate. If Seller does not receive Buyer's
237 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.
238 d. Right to Cure. If Seller receives notice of unmerchantahility of title or any other unsatisfactory title condition(s)or commitment terms
239 as provided in§8 a or h above,Seller shall use reasonable effort to correct said items and bear any nominal expense to correct the same prior to
240 Closing If such unsatisfactory title condition(s)are not corrected on or before Closing,this contract shall then terminate;provided,however,Buyer
241 may.by written notice received by Seller,on or before Closing,waive objection to such items.
242 e. Title Advisory. The Title Documents affect the title. ownership and use of the Property and should be reviewed carefully.
243 Additionally,other matters not reflected in the Title Documents may affect the title.ownership and use of the Property,including without limita-
244 lion boundary lines and encroachments,area,zoning.unrecorded easements and claims of easements,leases and other unrecorded agreements,and
245 various laws and governmental regulations concerning land use,development and environmental matters. The surface estate may be owned sepa-
246 lately from the underlying mineral estate,and transfer of the surface estate does not necessarily include transfer of the mineral rights. Third parties
247 may hold interests in nil,gas,other minerals,geothermal energy or water on or under the Property.which interests may give them rights to enter
248 and use the Property. Such matters may be excluded from the title insurance policy. Buyer is advised to timely consult legal counsel with respect
249 to all such matters as there are strict time limits provided in this contract(e.g..Title Objection Deadline[I 2c)and OH-Record Matters Objection
250 Deadline[I 2c1).
251 9. LEAD-BASED PAINT. Unless exempt,if the improvements on the Property include one or more residential dwelling(s)for which a
252 building permit was issued prior to January I, 1978,this contract shall be void unless a completed Lead-Rased Paint Disclosure(Sales)form is
253 signed hy Seller and the required real estate licensee(s),which must occur prior to the parties signing this contract.
254 10. PROPER'T'Y DISCLOSURE AND INSPECTION. On or before Seller's Property Disclosure Deadline(4 2c),Seller agrees to pro-
255 vide Buyer with a written disclosure of adverse matters regarding the Property completed by Seller to the hest of Sellers current actual knowledge.
256 a. Inspection Objection Deadline. Buyer shall have the right to have inspection(s)of the physical condition of the Property and Inclusions,
257 at Buyer's expense. If the physical condition of the Property or Inclusions is unsatisfactory in Buyer's subjective discretion.Buyer shall,on or
25R before Inspection Objection Deadline(§2c):
259 II) notify Seller in writing that this contract is terminated,or
260 (2) provide Seller with a written description of any unsatisfactory physical condition which Buyer requires Seller to correct(Notice to
261 Correct).
262 If written notice is not received by Seller on or before Inspection Objection Deadline It 2c),the physical condition of the Property and
263 Inclusions shall he deemed to be satisfactory to Buyer.
264 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
265 thereof on or before Resolution Deadline(4 2c),this contract shall terminate one calendar day following the Resolution Deadline(4 2c).unless
266 before such termination Seller receives Buyer's written withdrawal of the Notice to Correct.
267 c. Damage;Liens;Indemnity. Buyer is responsible for payment for all inspections.surveys,engineering reports or for any other work
268 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
269 not permit claims or liens of any kind against the Property for inspections.surveys,engineering reports and for any other work performed on the
270 Property at Buyer's request. Buyer agrees to indemnify,protect and hold Seller harmless from and against any liability.damage,cost or expense.
271 incurred by Seller in connection with any such inspection.claim,or lien. This indemnity includes Seller's right to recover all costs and expenses
272 incurred by Seller to enforce this subsection,including Seller's reasonable attorney fees. The provisions of this subsection shall survive the ter-
273 mination of this contract.
274 II. CLOSING. Delivery of deed(s)from Seller to Buyer shall be at Closing(Closing).Closing shall be on the date specified as the Closing
275 Date(4 2r)or by mutual agreement at an earlier dale. The hour and place of Closing shall he as designated by
276 •
277 12.TRANSFER OF TITLE. Subject to tender or payment at Closing as required herein and compliance by Buyer with the other terms and
278 provisions hereof,Seller shall execute and deliver a good and sufficient deed to Buyer,at Closing,
279 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 con-
280 veyed free and clear of all liens.including any governmental liens for special improvements installed as of the date of Buyer's signature hereon.
281 whether assessed or nut. Title shall be conveyed subject to:
282 a. those specific Exceptions described by reference to recorded documents as reflected in the Title Documents accepted by Buyer in accor-
283 dance with§Sn[Title Review],
284 b. distribution utility easements,
285 c, those specifically described rights of third parties not shown by the public records of which Buyer has actual knowledge and which were
286 accepted by Buyer in accordance with§8b[Matters Not Shown by the Public Records),and
287 d. inclusion of the Property within any special taxing district,and
2RA e, the benefits and burdens of any declaration and party wall agreements,if any,and
289 f. other •
290 13. PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid at or before Closing from the proceeds of this
291 transaction or from any other source.
292 14. CLOSING COSTS;DOCUMENTS AND SERVICES. Buyer and Seller shall pay,in Good Funds,their respective Closing costs and
293 all other items required to be paid at Closing,except as otherwise provided herein. Buyer and Seller shall sign and complete all customary or rem
294 smuttily required documents at or before Closing. Fees for real estate Closing services shall be paid at Closing by O One-Half by Buyer and
295 One•Half by Seller O Buyer O Seller O Other •
296 The local transfer tax of %of the Purchase Price shall be paid at Closing by O Buyer O Seller. Any sales and use tax that may
297 accme because of this transaction shall be paid when due by O Buyer ❑Seller.
No.CRS1.9.99. Page 4 ore_
Initial
•
298 15. PROBATIONS. The .owing shall be prorated to Closing Date,except as otherwise provided:
299 a. Taxes. Personal property taxes,if any,and general real estate taxes for the year of Closing,based on
3(10 ❑The Taxes for the Calendar Year Immediately Preceding Closing ❑ The Most Recent Mill Levy and Most Recent Assessment
3111 ❑Other
3(12 h. Rents. Rents hosed on 0 Rents Actually Received 0 Accrued. Security deposits held by Seller shall be credited to Buyer. Seller
303 shall assign all leases to Buyer and Buyer shall assume such leases,
304 c. Other Prorations. Water,sewer charges:and interest on continuing loan(s),if any;and
305
306 d. Final Settlement. Unless otherwise agreed in writing,these prorations shall be final.
3117 16. POSSESSION. Possession of the Property shall be delivered to Buyer on Possession Date and Possession Time(§ 2c), subject to
308 the following Icasel a)or tenancy(s):
309
310 •
311 If Seller,after Closing,fails to deliver possession as specified.Seller shall be subject to eviction and shall be additionally liable to Buyer for
312 payment of$ per day from.the Possession Date(§2c)until possession is delivered.
313 17. NOT ASSIGNABLE. This contract shall not be assignable by Buyer without Seller's prior written consent. Except as sn restricted,this
314 contract shall inure to the benefit of and he hinding upon the heirs,personal representatives,successors and assigns of the parties.
315 18. CONDITION OF,AND DAMAGE TO PROPERTY AND INCLUSIONS. Except as otherwise provided in this contract,the Property,
316 Inclusions or both shall be delivered in the condition existing as of the date of this contract,ordinary wear and tear excepted.
317 a. Casualty;Insurance. In the event the Property or Inclusions shall he damaged by fire or other casualty prior to Closing,in an amount
318 of not more than ten percent of the total Purchase Mice,Seller shall be obligated to repair the same before the Closing Date(I 2c). In the event
319 such damage is not repaired within said time or if the damages exceed such sum.this contract may he terminated at the option of Buyer by dcliv-
320 eting to Seller written notice of termination. Should Buyer elect to carry out this contract despite such damage,Buyer shall be entitled to a credit,
321 at Closing,for all the insurance proceeds resulting from such damage to the Property and Inclusions payable to Seller but not the owners'assoei-
322 ation.if any,plus the amount of any deductible provided for in such insurance policy,such credit not to exceed the total Purchase Price.
323 b. Damage;Inclusions;Services. Should any Inclusion(s)or service(s)(including systems and components of the Property,e.g.heat-
324 ing,plumbing,etc.)fail or he damaged between the date of this contract and Closing or possession,whichever shall he earlier,then Seller shall be
325 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
326 to the extent that the maintenance or replacement of such Incltsion(s),service(s)or fixture($)is not the responsibility of the owners'association,
327 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
328 lire or other casualty,shall be home by the party entitled to the growing crops,if any.as provided in§3 and such party shall he entitled to such
329 insurance proceeds or benefits for the growing crops,if any.
330 c. Walk.Through;Verification of Condition. Buyer,upon reasonable notice.shall have the right to walk through the Property prior to
331 Closing to verify that the physical condition of the Property and Inclusions complies with this contract.
332 19. RECOMMENDATION OF LEGAL AND TAX COUNSEL. By signing this document,Buyer and Seller acknowledge that the Selling
333 Company or the Listing Company has advised that this document has important legal consequences and has recommended the examination of title
334 and consultation with legal and tax or other counsel before signing this contract.
335 20.TIME OF ESSENCE AND REMEDIES. Time is of the essence hereof. If any note or check received as Earnest Money hereunder or
336 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
337 herein provided,there shall be the following remedies:
338 a. If Buyer is in Default:
339 ❑ (Ij Specific Performance. Seller may elect to treat this contract as canceled.in which ease all payments and things of value received
340 hereunder shall he forfeited and retained on behalf of Seller,and Seller may recover such damages as may be proper.or Seller may elect to treat
341 this contract as being in full force and effect and Seller shall have the right to specific performance or damages,or both.
342 0 12) Liquidated Damages. All payments and things of value received hereunder shall he forfeited by Buyer and retained on behalf of
343 Seller and both parties shall thereafter be released from all obligations hereunder.It is agreed that such payments and things of value are LIQUI-
344 DATED DAMAGES and(except as provided in subsection c)are SELLER'S SOLE AND ONLY REMEDY for Buyer's failure to perform the
345 obligations of this contract.Seller expressly waives the remedies of specific performance and additional damages.
346 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
347 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
341 and effect and Buyer shall have the right to specific performance or damages,or both.
349 c. Casts and Expenses- In the event of any arbitration or litigation relating to this contract,the arhitrator or court shall award to the pre-
350 veiling party all reasonable costs and expenses,including attorney fees.
351 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
352 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
353 dispute informally and confidentially. Mediators cannot impose Minding decisions. The parties to the dispute must agree before any settlement is
354 binding. The parties will jointly appoint an acceptable mediator and will share equally in the cost of such mediation. The mediation,unless oth-
355 erwise agreed,shall terminate in the event the entire dispute is not resolved 30 calendar days from the date written notice requesting mediation is
356 sent by one party to the other(s).This Section shall not alter any date in this contract,unless otherwise agreed.
357 22,EARNEST MONEY DISPUTE. Notwithstanding any termination of this contract,Buyer and Seller agree that,in the event of any cons
358 troversy regarding the Earnest Money and things of value held by broker or Closing Company(unless mutual written instructions arc received by
359 the holder of the Earnest Money and things of value),broker or Closing Company shall not be required to take any action but may await any pro-
360 seeding;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
361 a court of competent jurisdiction and shall recover court costs and reasonable attorney fees.
362 23.TERMINATION. In the event this contract is terminated,all payments and things of value received hereunder shall he returned and the
363 parties shall he relieved of all obligations hereunder,subject to§$ 10e,21 and 22.
364 24. ADDITIONAL PROVISIONS. (Die language of these additional provisions has not been approved by the Colorado Real Estate Commission.)
365
366
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371
372
373
374
375
376
377
378
No.CR13-9-99. Pots 5 of 6
of
379 24.ADDITIONAL PROVISIONS.(Conti. (The language of these additional provisions has not been approves,ny the Colorado Real Estate Commission.)
380
381
382
383
384
385
386 25.ENTIRE AGREEMENT;SUBSEQUENT MODIFICATION;SURVIVAL. This contract constitutes the entire contract between the
387 parties relating to the subject hereof,and any prior agreements pertaining thereto,whether oral or written,have been merged and integrated into
388 this contract.No subsequent modification of any of the terms of this contract shall be valid.binding upon the parties,or enforceable unless made
389 in writing and signed by the parties. Any obligation in this contract which.by its terms,is intended to he performed after termination or Closing
390 shall survive the same.
391 26.FACSIMILE. Signatures O May O May Nut he evidenced by facsimile. Documents with original signatures shall he provided to the
392 other parry at Closing,or earlier upon request of any party.
393 27. NOTICE. Except for the notice requesting mediation described in§21,any notice to Buyer shall be effective when received by Buyer
394 or by Selling Company and any notice to Seller shall be effective when received by Seller or Listing Company.
395 28. NOTICE OE ACCEPTANCE;COUNTERPARTS. This proposal shall expire unless accepted in writing,by Buyer and Seller,as evi-
396 dcnced by their signatures below.and the offering party receives notice of acceptance pursuant to§27 on or before Acceptance Deadline Date
397 and Acceptance Deadline Time(I 2c). If accepted,this document shall become a contract between Seller and Buyer. A copy of this document
398 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
399 full and complete contract between the parties.
400 Buyer
Buyer
401 Date of Buyer's Signature: Date of Buyer's Signature:
402 Buyer's Address:
403 Buyer's Telephone No: Buyer's Fax No:
404 [NOTE: If this offer is being countered or rejected,do not sign this document- Refer to§29]
406
Seller Seller
407 Date of Seller's Signature: Date of Seller's Signature:
408 Seller's Address:
409 Seller's Telephone No: Seller's Fax No:
410 29. COUNTER;REJECTION. This offer is 0 Countered 0 Rejected.
411 Initials only of party(Buyer or Seller)who countered or rejected offer
412 END OF CONTRACT
413 Note: Closing Instructions should be signed on or before'title Deadline.
414 BROKER ACKNOWLEDGMENTS. The undersigned Broker(s)acknowledges receipt of the Earnest Money deposit specified in§4 and,
while nut a parry to the contract,agrees to cooperate upon request with any mediation conducted under§21.
415 Selling Company Brokerage Relationship.The Selling Company and its licensees have been engaged in this transaction as O Buyer Agent
❑Seller Agent/Subagent ❑Dual Agent ❑Transaction-Broker.
416 Listing Company Brokerage Relationship.The Listing Company and its licensees have been engaged in this transaction as O Seller Agent
417 0 Dual Agent O Transaction-Broker.
418 BROKERS'COMPENSATION DISCLOSURE.
419 Selling Company's compensation or commission is to be paid by: O Buyer O Seller O Listing Company O Other
420
421 (To be completed by Listing Company) Listing Company's compensation or commission is to he paid by:
422 O Bayer O Seller 0 Other
423 Selling Company: Blaine of gam p;my
424 By Dale.
Signature
425 Selling Company's Address:
426 Selling Company's Telephone No: Selling Company's Fax No:
427 Listing Company:
Name of Company
428 By: __ -
•
Signature Date
429 listing Company's Address:
430 Listing Company's Telephone No: Listing Company's Fax No:
No.CBS3-9-99. Page 6 of 6
Subj:
Date: 4/7/2004 10:31:50 AM Mountain Standard Time 41 „;,,iffil#1.%4P,':44;',4k.;1 lit, 4'4•1"../ 41g13* 4rI,;.:44:1':1
rif
j tp E, d A Rfta tkiii:,,pse.,0044.1titisigiiivi;,:,64414 ,00irips.,4044.1.7 .iontor,4::;!::,
7"3Fi aA00t. $ ii`"°y°
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: :" .,,bea..1-4,-e.:_cr,iintiiip! to,t .itirtstesitioartmrs„,:_wrinitos.44.er444:..,.:,:awic,,f:::ip
Dear Marilyn,
This will confirm that Security Title Guaranty Company can act as Escrow Agent
for the on-site and off-site public road improvements for Red Baron Estates,subject
to properly executed escrow agreements,disbursements procedures and fees
for such services. Final documentation and agreements must be approved by
Security Title.
Sincerely,
Jim Clement
Branch Manager
- ------Headers- --- - - - ----
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From: Jim Clement<jclement@STGCO.com>
Hello