HomeMy WebLinkAbout710520.tiff (XX/ t
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Ric. No 15Egetal Ann Saonw, Recces
OPTION AGREUENT ♦-1
I
o, THIS AGREEMENT, made and entered into this 17th day of
March
-3raaw- 1971, by and between AGNES WILLIAMS, hereinafter re-
ferred to as First Party, and WELD COUNTY, hereinafter referred
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to as Second Party,
ni
e++ W I T N E S S E T H:
WHEREAS, First Party is the owner of that certain parcel
of land located in the County of Weld and State of Colorado, and
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more particularly described as follows:
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The Southeast Quarter (SE*) [of Section One (1) ,
2R Township Eight (8) North, Range Sixty-six (66)
West of the Sixth Principal Meridian.
WHEREAS, Second Party desires to acquire an Option to Pur-
chase same, and First Party is willing to grant such Option,
pursuant to terms and conditions hereinafter set forth,
NOW THEREFORE, in consideration of the mutual promises and
covenants of the parties as are hereinafter recited, and other
good and valuable considerations, IT IS UNDERSTOOD AND AGREED
between the parties as follows:
1. First Party, in consideration of the sum of $1 ,000.00
in hand paid to First Party by Second Party, receipt of which is
hereby acknowledged, hereby grants to Second Party the exclusive
right at Second Party's option, for and during the period of
thirty (30) days from the date hereof, to purchase the above
described parcel of land for the total purchase price of
$16,000.00, which shall be paid upon the delivery of the deed
as is hereinafter provided.
2. If Second Party elects to exercise the Option to Pur-
chase hereinabove granted, all payments made by Second Party to
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First Party and which are hereinabove provided for , shall be
credited to Second Party and applied against the total purchase
price to be paid by Second Party to First Party. If Second
Party shall not elect to purchase said property within the time
provided, or notifies First Party in writing of Second Party's
intention not to exercise this Option to Purchase, this Option
shall terminate without further action and Second Party shall
forfeit and First Party shall retain all option payments.
3. In case Second Party elects to purchase the above
described property, Second Party shall verify such election by
written notice thereof, served upon or mailed to First Party
within the time above limited. Thereafter , First Party shall
deliver to Second Party at First Party's expense and option
either an adequate title insurance commitment or an abstract of
title to said property within fifteen (15) days of receipt of
said notice to exercise said option and Second Party shall have
fifteen (15) days after delivery of said title insurance commit-
ment or abstract of title to complete such purchase.
4. If Second Party shall complete such purchase , First
Party shall deliver to Second Party a warranty deed to the above
described premises conveying good and merchantable title in fee
simple to Second Party or to anyone Second Party may direct,
free and clear of all liens and encumbrances and the parties
agree to make the normal adjustments at the time of closing as
to taxes, insurance , water assessments, utilities and rents on
existing tenancies, if any. Possession shall be at closing, ex-
cept that First Party may continue to farm and harvest the crops
thereon during the calendar year of 1971; and in future years
after the year 1971, First Party may continue to farm and harvest
the crops if First Party enters into a lease with Second Party.
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IT IS FURTHER AGREED that First Party may retain the wheat allot-
ment that is granted to the premises for the year 1971.
5. If there are any defects in the title to said premises,
and Second Party exercises its option to purchase, Second Party
may correct same at expense of First Party and if the same are
not correctable, all sums paid by Second Party to First Party
shall be refunded.
6. First Party agrees not to sell or offer for sale the
above described real estate during the life of this option.
First Party further agrees that any time before the expiration
of this Option, upon request of the Second Party or assigns,
First Party will deposit with any mutually agreeable escrow agent
said good and sufficient warranty deed which shall convey title
to said described premises to such purchasers as Second Party
or assigns may direct. IT IS FURTHER AGREED that Second Party
shall have thirty (30) days after the deposit of said warranty
deed and its acceptance by Second Party in which to close the sale
of said real estate after the expiration date provided for in this
agreement and to make the balance of the cash payment due First
Party as is provided for herein.
7. IT IS EXPRESSLY AGREED that if the within Option is not
exercised as provided herein, First Party may retain absolutely
the option money paid herewith.
8. The purchase price shall be paid in the manner following:
A. $1 ,000.00 option money shall be credited to
purchase price.
B. $9,000.00 in cash to be paid on the date of
closing.
C. $1,500.00 shall be paid March 1, 1972.
D. $1 ,500.00 shall be paid on March 1, 1973.
E. $3,000.00 shall be paid on March 1, 1974.
IN C,D, 8 E ATTACHED
* INTEREST ON THE REMAINING BALANCE AS SH SHAL BE PAID AT TH$
RATE OF 6% PER ANNUM UNTIL FULLY PAID. �. ._ c/d
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1584660
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9. IT IS MUTUALLY AGREED between the parties hereto that
during the period of the Option, the Second Party shall have the
right to test -the 160 acres for the purpose of locating gravel,
:and IT IS FURTHER MUTUALLY UNDERSTOOD that Second Party shall be
::'obligated to purchase only that portion of the farm which, in the
w-opinioh of Second Party, has gravel deposits on it sufficient to
warrant the purchase of said real estate. However, under no
circumstances shall the Second Party purchase less than 80 acres
of said farm as herein described. IT IS ALSO MUTUALLY UNDERSTOOD
that if Second Party should purchase less than the 160 acres as
herein described, the entire option payment shall be applied to
the portion of the farm purchased by the Second Party.
10. This agreement shall be binding upon and inure to the
benefit of each of the parties hereto and their respective heirs,
personal representatives, assigns and successors as the case may
be.
' IN WITNESS WHEREOF, the parties hereto have hereunto set
their hands and seals on the day and year first above written.
✓(?pPn �s F . P . (SEAL)
0 ar Y
WELD COUNTY, COLORADO
By the BOARD OF COMMISSIONERS
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ATTEST:
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itaattk o 17E7M1 S ,,.a> (SEAL)
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'"•nifty Atorney
Second Party
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THOMAS A. RICHARDSON
ATTORNEY AT LAW
"mwmellsftem. 909-11th Avenue
3s3M�AUMULAMEYUE
GREELEY. COLORADO 50031
March 1, 1972
The Board of County Commissioners
Weld County
Weld County Courthouse
Greeley, Colorado 80631
Gentlemen:
I was sent a $1,500.00 check on March 1, 1972, in
payment of a purchase contract with Agnes L. Williams
and Weld County. This check pays the principal , however
we should also receive a check for interest in the
amount of $360.00.
I am sending you a copy of the signed Option Agree-
ment and of the two Resolutions passed by the County of
Weld concerning this purchase. I believe that if these
instruments are recorded, there will be no difficulty
concerning the removal of said described property from
the tax roll.
The interest payment clause is on page 3 at the
bottom of the page of the Option Agreement, dated the
17th day of March, 1971.
Thank you for taking care of this matter.
Sincerely yours,
- 41/41-7 etcy4-
Thomas A. Richardson
TAR:ds
Enclosures
town op t es'
'HA i or:th that Clerk of Ow Imo
ESti 98u nr CargeelonEr$
AGAR 21971
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THOMAS A. RICHARDSON
, ATTORNEY AT LAW
HARVARD WILDING
GERM NINTH AVENUE
MEELEY. COLORADO WWII
•
May 14 , 1971
.Hoard of County Commissioners
Weld County, ODlotado
i
Gentlemen:
" 2! lyor�.n.c2. 7,
Reference is •made to our Contract of Purchase dated
March 17, 1971, selling to you the hereinafter described
• real estate, to-wit:
The Southeast Quarter (SE') of Section One (1) ,
Township Sight (8) North, Range Sixty-six (66)
West of the Sixth Principal Meridian, Weld County,
Colorado.
The warranty deed shall be held in escrow until the
final payment is made per the terms of the Contract of
• Purchase. The Contract of Purchase may be recorded by
The Board of County Commissioners.
I do hereby appoint Thomas A. Richardson to hold the
warranty deed in escrow as my escrow agent. He is
instructed to release to you said warranty deed upon the
final payment of purchase price on March 1 , 1974.
Yours truly.,
{ Agnes L. Williams
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