HomeMy WebLinkAbout850574.tiff CONTRACT TO BUY AND SELL REAL ESTATE
(Remedies Include Specific Performance)
April 24 , 1985
1 . The undersigned hereby acknowledges having received
from Highland Feeders. Inc. , the sum of
$ 6010.10 , in the form of certified funds, to be held by
Weld County, in trust account, as earnest money and part payment
for the real estate in the Town of Ault, County of Weld,
Colorado, as described on the attached Exhibit F , together with
all easements and rights-of-way appurtenant thereto, hereinafter
called the property.
2 . The undersigned person (s) Highland Feeders, Inc.
hereinafter called Purchaser, hereby
agrees to buy the Property, and the Board of County
Commissioners of Weld County, hereinafter called Seller, hereby
agrees to sell the Property upon the terms and conditions stated
herein.
3. The purchase price shall be U. S. $ 60,101.00 , payable
as follows: $ 6010.10 which is 10% of sales price hereby
receipted for and the remainder to be paid in cash or certified
funds upon date of closing and delivery of deed.
4 . Price to include land and improvements, except where
leased land is specified in Exhibit F which shall include
only improvements and the right to assignment of the lease.
5 . Cost of any appraisal for loan purposes to be obtained
after this date shall be paid by Purchaser.
6 . Seller to provide warranty deed only. Title insurance
not to be provided by Seller. Assignment of rights under any
lease shall be by separate agreement.
7. The date of closing shall be the date for delivery of
deed as provided in paragraph 8 . The hour and place of closing
shall be as designated by Seller.
8 . Title shall be merchantable in Seller, except as stated
in this paragraph and in paragraphs 9 and 10 . Subject to
payment or tender as above provided and compliance by Purchaser
with the other terms and provisions hereof, Seller shall execute
and deliver a good and sufficient general warranty deed to
Purchaser on June 3 , 1985 , or, by mutual agreement, at an
earlier date, conveying the Property free and clear of all
taxes, and free and clear of all liens for special improvements
installed as of the date of Purchaser' s signature hereon,
850574
whether assessed or not; free and clear of all liens and
encumbrances, and except the recorded and/or apparent easements
and subject to building and zoning regulations.
9. Except as stated in paragraphs 8 and 10 , if title is
not merchantable and written notice of defect(s) is given by
Purchaser or Purchaser' s agent to Seller or Seller' s agent on or
before date of closing, Seller shall use reasonable effort to
correct said defect(s) prior to date of closing. If Seller is
unable to correct said defect (s) on or before date of closing,
at Seller' s option and upon written notice to Purchaser or
Purchaser' s agent on or before date of closing, the date of
closing shall be extended thirty days for the purpose of
correcting said defect (s) . Except as stated in paragraph 10 , if
title is not rendered merchantable as provided in this paragraph
9 , at Purchaser' s option, this contract shall be void and of no
effect and each party hereto shall be released from all
obligations hereunder and all payments and things of value
received hereunder shall be returned to Purchaser.
10 . Any encumbrance required to be paid may be paid at the
time of settlement from the proceeds of this transaction or from
any other source. Provided, however, at the option of either
party, if the total indebtedness secured by liens on the
Property exceeds the purchase price, this contract shall be void
and of no effect and each party hereto shall be released from
all obligations hereunder and all payments and things of value
received hereunder shall be returned to Purchaser.
11 . Possession of the Property shall be delivered to
Purchaser on closing date.
12. In the event the Property is substantially damaged by
flood or other casualty between the date of this contract and
the date of delivery of deed, Purchaser may elect to terminate
this contract; in which case all payments and things of value
received hereunder shall be returned to Purchaser.
13. Time is of the essence hereof. If any note or check
received as earnest 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 as herein provided,
there shall be the following remedies :
(a) IF SELLER IS IN DEFAULT, (1) Purchaser may elect
to treat this contract as terminated, in which case all
payments and things of value received hereunder shall be
returned to Purchaser and Purchaser may recover such
damages as may be proper, or (2) Purchaser may elect to
treat this contract as being in full force and effect and
Purchaser shall have the right to an action for specific
performance or damages, or both.
(b) IF PURCHASER IS IN DEFAULT, (1) Seller may elect
to treat this contract as terminated, in which case all
payments and things of value received hereunder shall be
forfeited and retained on behalf of Seller and Seller may
recover such damages as may be proper, or (2) Seller may
elect to treat this contract as being in full force and
effect and Seller shall have the right to an action for
specific performance or damages, or both.
(c) Anything to the contrary herein notwithstanding,
in the event of any litigation arising out of this
contract, the court may award to the prevailing party all
reasonable costs and expense, including attorneys ' fees.
14. If this proposal is accepted by Seller in writing and
Purchaser receives notice of such acceptance on or before May 6,
1985 , this instrument shall become a contract between Seller and
Purchaser and shall inure to the benefit of the heirs,
successors and assigns of such parties.
15. Where Exhibit includes leased land, the Seller agrees
to assign Seller' s rights under the lease to Buyer, but contract
shall be contingent upon receipt of any required approvals from
lessor.
� ,e Subscribed and sworn to
Pur haler
V� % 63,E , p before me this 9 th day of
_
Purchaser � � o.4.-
1
, 1985.
Purchaser' s Address: SEAL:
PO. tot. aloto
AU LTCoBoth N ar P ico
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My ommission expires:
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(The following section to be completed by Seller)
15 . Seller accepts the above proposal this d th day of
M , 1985 .
SELLER:
BOARD OF COUNTY COMMISSIONERS
\VI\
J-caue ' ne Joh on
airman
Seller' s Address:
915 10th Street
Greeley, Colorado 80631
EXHIBIT "F"
Contract to include the following described real estate in the
Town of Ault, County of Weld, Colorado, to wit:
Lots 10-15, Block 2 , First Pence Subdivision to Town of
Ault, Weld County, Colorado
PLUS
Assignment of lease from Union Pacific Railroad Company on
part of its station grounds westerly of said Lot 15 , Block
2 , First Pence Subdivision to Town of Ault, Weld County,
Colorado, and the improvements on said leased premises.
Lease assigned is per rental agreement Number OMA-2027 ,
between Weld County, Colorado and Union Pacific Railroad
Company expiring December 1 , 1988 .
PLUS
Lots 7-15, Block 3 , Anderson' s Second Addition to the Town
of Ault, Weld County, Colorado.
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