HomeMy WebLinkAboutLegal - Agreement - 10/03/3025Mosaic Realty
2325 Marshwood Drive
Fort Collins, CO 80526
Phone:(970) 217-9141
1 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission.
2 (CBS4-6-24) (Mandatory 8-24)
3
4 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR
5 OTHER COUNSEL BEFORE SIGNING.
6
7 CONTRACT TO BUY AND SELL REAL ESTATE
8 (LAND)
9 (X Property with No Residences)
10 (Property with Residences–Residential Addendum Attached)
11
12 Date:October 3, 2025
13 AGREEMENT
14 1. AGREEMENT.Buyer agrees to buy and Seller agrees to sell the Property described below on the terms and conditions set
15 forth in this contract (Contract).
16 2. PARTIES AND PROPERTY.
17 2.1. Buyer.The Gary and Janice Kissler 1996 Family Trust and Eric Schmieg and Ashley
Schmieg, (Buyer) will take title
18 to the Property described below as Joint Tenants X Tenants In Common Other .
19 2.2. No Assignability.This Contract IS NOT assignable by Buyer unless otherwise specified in Additional Provisions.
20 2.3. Seller.Philgreen Construction Inc (Seller) is the current
21 owner of the Property described below.
22 2.4. Property.The Property is the following legally described real estate in the County of Larimer , Colorado
23 (insert legal description):
24 LOT 2, HOMESTEAD AT CLARENDON HILLS, FTC
25
26
27
28
29
30 known as:4914 Clarendon Hills Dr Fort Collins CO 80526
Street Address City State Zip ,
31
32 together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto and all interest of
33 Seller in vacated streets and alleys adjacent thereto, except as herein excluded (Property).
34 2.5. Inclusions.The Purchase Price includes the following items (Inclusions):
35 2.5.1. Inclusions.The following items, whether fixtures or personal property, are included in the Purchase Price
36 unless excluded under Exclusions:
37
38
39
40 If any additional items are attached to the Property after the date of this Contract, such additional items are also included in the
41 Purchase Price.
42 2.5.2. Encumbered Inclusions.Any Inclusions owned by Seller (e.g., owned solar panels) must be conveyed at
43 Closing by Seller free and clear of all taxes (except personal property and general real estate taxes for the year of Closing), liens and
44 encumbrances, except:
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46
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49 Buyer Will Will Not assume the debt and obligations on the Encumbered Inclusions subject to Buyer’s review under § 10.6.
50 (Encumbered Inclusion Documents) and Buyer’s receipt of written approval by such lender before Closing. If Buyer does not receive
51 such approval this Contract terminates.
52
53 2.5.3. Personal Property Conveyance.Conveyance of all personal property will be by bill of sale or other
54 applicable legal instrument.
55 2.5.4. Leased Items.The following personal property is currently leased to Seller which will be transferred to Buyer
56 at Closing (Leased Items):
57
58
59
60
61 Buyer Will Will Not assume Seller’s debt and obligations under such leases for the Leased Items subject to Buyer’s review
62 under § 10.6. (Leased Items Documents) and Buyer’s receipt of written approval by such lender before Closing. If Buyer does not
63 receive such approval this Contract terminates.
64
65 2.5.5. Solar Power Plan.If the box is checked, Seller has entered into a solar power purchase agreement, regardless
66 of the name or title, to authorize a third-party to operate and maintain a photovoltaic system on the Property and provide electricity
67 (Solar Power Plan) that will remain in effect after Closing. Buyer Will Will Not assume Seller’s obligations under such Solar
68 Power Plan subject to Buyer’s review under § 10.6. (Solar Power Plan) and Buyer’s receipt of written approval by the third-party
69 before Closing. If Buyer does not receive such approval this Contract terminates.
70
71 2.6. Exclusions.The following items are excluded (Exclusions):
72
73
74
75 2.7. Water Rights, Well Rights, Water and Sewer Taps.
76 2.7.1. Deeded Water Rights.The following legally described water rights:
77
78
79
80 Any deeded water rights will be conveyed by a good and sufficient deed at Closing.
81 2.7.2. Other Rights Relating to Water.The following rights relating to water not included in §§ 2.7.1., 2.7.3.,
82 2.7.4. and 2.7.5., will be transferred to Buyer at Closing:
83
84
85
86
87
88 2.7.3. Well Rights.Seller agrees to supply required information to Buyer about the well. Buyer understands that if
89 the well to be transferred is a “Small Capacity Well” or a “Domestic Exempt Water Well” used for ordinary household purposes,
90 Buyer must, prior to or at Closing, complete a Change in Ownership form for the well. If an existing well has not been registered
91 with the Colorado Division of Water Resources in the Department of Natural Resources (Division), Buyer must complete a
92 registration of existing well form for the well and pay the cost of registration. If no person will be providing a closing service in
93 connection with the transaction, Buyer must file the form with the Division within sixty days after Closing. The Well Permit # is
94 .
95 2.7.4. Water Stock.The water stock to be transferred at Closing are as follows:
96
97
98
99 2.7.5. Water and Sewer Taps.The parties agree that water and sewer taps listed below for the Property are being
100 conveyed as part of the Purchase Price as follows:
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102
103
104 If any water or sewer taps are included in the sale, Buyer is advised to obtain, from the provider, written confirmation of
105 the amount remaining to be paid, if any, time and other restrictions for transfer and use of the taps.
106 2.7.6. Conveyance.If Buyer is to receive any rights to water pursuant to § 2.7.2. (Other Rights Relating to Water),
107 § 2.7.3. (Well Rights), or § 2.7.4. (Water Stock), or § 2.7.5 (Water and Sewer Taps), Seller agrees to convey such rights to Buyer
108 by executing the applicable legal instrument at Closing.
109 2.7.7. Water Rights Review.Buyer has a Right to Terminate if examination of the Water Rights is unsatisfactory
110 to Buyer on or before the Water Rights Examination Deadline.
111 2.8. Growing Crops.With respect to growing crops, Seller and Buyer agree as follows:
112
113
114
115
116 3. DATES, DEADLINES AND APPLICABILITY.
117 3.1. Dates and Deadlines.
Item No.Reference Event Date or Deadline
1 § 3 Time of Day Deadline 5:00 P.M. MST
2 § 4 Alternative Earnest Money Deadline MEC + 3 Days
Title
3 § 8 Record Title Deadline (and Tax Certificate)October 20, 2025
4 § 8 Record Title Objection Deadline October 22, 2025
5 § 8 Off-Record Title Deadline October 20, 2025
6 § 8 Off-Record Title Objection Deadline October 22, 2025
7 § 8 Title Resolution Deadline October 24, 2025
8 § 8 Third Party Right to Purchase/Approve Deadline
Owners’ Association
9 § 7 Association Documents Deadline October 20, 2025
10 § 7 Association Documents Termination Deadline October 22, 2025
Seller’s Disclosures
11 § 10 Seller’s Property Disclosure Deadline October 20, 2025
12 § 10 Lead-Based Paint Disclosure Deadline (if Residential
Addendum attached)
Loan and Credit
13 § 5 New Loan Application Deadline
14 § 5 New Loan Terms Deadline
15 § 5 New Loan Availability Deadline
16 § 5 Buyer’s Credit Information Deadline
17 § 5 Disapproval of Buyer’s Credit Information Deadline
18 § 5 Existing Loan Deadline
19 § 5 Existing Loan Termination Deadline
20 § 5 Loan Transfer Approval Deadline
21 § 4 Seller or Private Financing Deadline
Appraisal
22 § 6 Appraisal Deadline
23 § 6 Appraisal Objection Deadline
24 § 6 Appraisal Resolution Deadline
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Survey
25 § 9 New ILC or New Survey Deadline November 3, 2025
26 § 9 New ILC or New Survey Objection Deadline November 7, 2025
27 § 9 New ILC or New Survey Resolution Deadline November 10, 2025
Inspection and Due Diligence
28 § 2 Water Rights Examination Deadline
29 § 8 Mineral Rights Examination Deadline
30 § 10 Inspection Termination Deadline
31 § 10 Inspection Objection Deadline
32 § 10 Inspection Resolution Deadline
33 § 10 Property Insurance Termination Deadline
34 § 10 Due Diligence Documents Delivery Deadline October 20, 2025
35 § 10 Due Diligence Documents Objection Deadline October 22, 2025
36 § 10 Due Diligence Documents Resolution Deadline October 24, 2025
37 § 10 Environmental Inspection Termination Deadline November 10, 2025
38 § 10 ADA Evaluation Termination Deadline
39 § 10 Conditional Sale Deadline
40 § 10 Lead-Based Paint Termination Deadline (if Residential
Addendum attached)
41 § 11 Estoppel Statements Deadline
42 § 11 Estoppel Statements Termination Deadline
Closing and Possession
43 § 12 Closing Date December 8, 2025
44 § 17 Possession Date Delivery of Deed
45 § 17 Possession Time Delivery of Deed
46 § 27 Acceptance Deadline Date October 5, 2025
47 § 27 Acceptance Deadline Time 5:00 P.M. MST
118 3.2. Applicability of Terms.If any deadline blank in § 3.1. (Dates and Deadlines) is left blank or completed with “N/A”,
119 or the word “Deleted”, such deadline is not applicable and the corresponding provision containing the deadline is deleted. Any box
120 checked in this Contract means the corresponding provision applies. If no box is checked in a provision that contains a selection of
121 “None”, such provision means that “None” applies.
122 The abbreviation “MEC” (mutual execution of this Contract) means the date upon which both parties have signed this Contract. The
123 abbreviation “N/A” as used in this Contract means not applicable.
124 3.3. Day; Computation of Period of Days; Deadlines.
125 3.3.1. Day.As used in this Contract, the term “day” means the entire day ending at 11:59 p.m., United States
126 Mountain Time (Standard or Daylight Savings, as applicable). Except however, if a Time of Day Deadline is specified in § 3.1.
127 (Dates and Deadlines), all Objection Deadlines, Resolution Deadlines, Examination Deadlines and Termination Deadlines will end
128 on the specified deadline date at the time of day specified in the Time of Day Deadline, United States Mountain Time. If Time of
129 Day Deadline is left blank or “N/A” the deadlines will expire at 11:59 p.m., United States Mountain Time.
130 3.3.2. Computation of Period of Days.In computing a period of days (e.g., three days after MEC), when the
131 ending date is not specified, the first day is excluded and the last day is included.
132 3.3.3. Deadlines.If any deadline falls on a Saturday, Sunday or federal or Colorado state holiday (Holiday), such
133 deadline X Will Will Not be extended to the next day that is not a Saturday, Sunday or Holiday. Should neither box be checked,
134 the deadline will not be extended.
135 4. PURCHASE PRICE AND TERMS.
136 4.1. Price and Terms.The Purchase Price set forth below is payable in U.S. Dollars by Buyer as follows:
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Item No.Reference Item Amount Amount
1 § 4.1.Purchase Price $225,000.00
2 § 4.3.Earnest Money $3,500.00
3 § 4.5.New Loan $
4 § 4.6.Assumption Balance $
5 § 4.7.Private Financing $
6 § 4.7.Seller Financing $
7
8
9 § 4.4.Cash at Closing $221,500.00
10 TOTAL $225,000.00 $225,000.00
137 4.2. Seller Concession.At Closing, Seller will credit to Buyer $(Seller Concession). The Seller
138 Concession may be used for any Buyer fee, cost, charge or expenditure to the extent the amount is allowed by the Buyer’s lender
139 and is included in the Closing Statement or Closing Disclosure at Closing. Examples of allowable items to be paid for by the Seller
140 Concession include, but are not limited to: Buyer’s closing costs, loan discount points, loan origination fees, prepaid items and any
141 other fee, cost, charge, expense or expenditure. Seller Concession is in addition to any sum Seller has agreed to pay or credit Buyer
142 elsewhere in this Contract.
143 4.3. Earnest Money.The Earnest Money set forth in this Section, in the form of a Personal check, cashier’s
check, wire, good funds , will be
144 payable to and held by Chicago Title (Earnest Money Holder), in its trust account, on behalf of
145 both Seller and Buyer. The Earnest Money deposit must be tendered, by Buyer, with this Contract unless the parties mutually agree
146 to an Alternative Earnest Money Deadline for its payment. The parties authorize delivery of the Earnest Money deposit to the
147 company conducting the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money Holder has agreed to
148 have interest on Earnest Money deposits transferred to a fund established for the purpose of providing affordable housing to Colorado
149 residents, Seller and Buyer acknowledge and agree that any interest accruing on the Earnest Money deposited with the Earnest
150 Money Holder in this transaction will be transferred to such fund.
151 4.3.1. Alternative Earnest Money Deadline.The deadline for delivering the Earnest Money, if other than at the
152 time of tender of this Contract, is as set forth as the Alternative Earnest Money Deadline.
153 4.3.2. Disposition of Earnest Money.If Buyer has a Right to Terminate and timely terminates, Buyer is entitled
154 to the return of Earnest Money as provided in this Contract. If this Contract is terminated as set forth in § 24 and, except as provided
155 in § 23 (Earnest Money Dispute), if the Earnest Money has not already been returned following receipt of a Notice to Terminate,
156 Seller agrees to execute and return to Buyer or Broker working with Buyer, written mutual instructions (e.g., Earnest Money Release
157 form), within three days of Seller’s receipt of such form. If Seller is entitled to the Earnest Money, and, except as provided in § 23
158 (Earnest Money Dispute), if the Earnest Money has not already been paid to Seller, following receipt of an Earnest Money Release
159 form, Buyer agrees to execute and return to Seller or Broker working with Seller, written mutual instructions (e.g., Earnest Money
160 Release form), within three days of Buyer’s receipt.
161 4.3.2.1. Seller Failure to Timely Return Earnest Money.If Seller fails to timely execute and return the
162 Earnest Money Release Form, or other written mutual instructions, Seller is in default and liable to Buyer as set forth in “If Seller
163 is in Default”, § 20.2. and § 21, unless Seller is entitled to the Earnest Money due to a Buyer default.
164 4.3.2.2. Buyer Failure to Timely Release Earnest Money.If Buyer fails to timely execute and return the
165 Earnest Money Release Form, or other written mutual instructions, Buyer is in default and liable to Seller as set forth in “If Buyer
166 is in Default", § 20.1. and § 21, unless Buyer is entitled to the Earnest Money due to a Seller Default.
167 4.4. Form of Funds; Time of Payment; Available Funds.
168 4.4.1. Good Funds.All amounts payable by the parties at Closing, including any loan proceeds, Cash at Closing
169 and closing costs, must be in funds that comply with all applicable Colorado laws, including electronic transfer funds, certified
170 check, savings and loan teller’s check and cashier’s check (Good Funds).
171 4.4.2. Time of Payment.All funds, including the Purchase Price to be paid by Buyer, must be paid before or at
172 Closing or as otherwise agreed in writing between the parties to allow disbursement by Closing Company at Closing OR SUCH
173 NONPAYING PARTY WILL BE IN DEFAULT.
174 4.4.3. Available Funds.Buyer represents that Buyer, as of the date of this Contract,X Does Does Not have
175 funds that are immediately verifiable and available in an amount not less than the amount stated as Cash at Closing in § 4.1.
176 4.5. New Loan.
177 4.5.1. Buyer to Pay Loan Costs.Buyer, except as otherwise permitted in § 4.2. (Seller Concession), if applicable,
178 must timely pay Buyer’s loan costs, loan discount points, prepaid items and loan origination fees as required by lender.
179 4.5.2. Buyer May Select Financing.Buyer may pay in cash or select financing appropriate and acceptable to
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180 Buyer, including a different loan than initially sought, except as restricted in § 4.5.3. (Loan Limitations) or § 30 (Additional
181 Provisions).
182 4.5.3. Loan Limitations.Buyer may purchase the Property using any of the following types of loans:
183 X Conventional Other .
184 4.6. Assumption.OMITTED AS INAPPLICABLE.
197 4.7. Seller or Private Financing.OMITTED AS INAPPLICABLE.
213 TRANSACTION PROVISIONS
214 5. FINANCING CONDITIONS AND OBLIGATIONS.
215 5.1. New Loan, Assumption Application.If Buyer is to pay all or part of the Purchase Price by obtaining one or more
216 new loans (New Loan), or if an existing loan is not to be released at Closing, Buyer, if required by such lender, must make an
217 application verifiable by such lender, on or before New Loan Application Deadline and exercise reasonable efforts to obtain such
218 loan or approval.
219 5.2. New Loan Terms; New Loan Availability.
220 5.2.1. New Loan Terms.If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is
221 conditional upon Buyer determining, in Buyer’s sole subjective discretion, whether the proposed New Loan’s payments, interest
222 rate, conditions and costs or any other loan terms (New Loan Terms) are satisfactory to Buyer. This condition is for the sole benefit
223 of Buyer. Buyer has the Right to Terminate under § 24.1., on or before New Loan Terms Deadline, if the New Loan Terms are not
224 satisfactory to Buyer, in Buyer’s sole subjective discretion.
225 5.2.2. New Loan Availability.If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is
226 conditional upon Buyer’s satisfaction with the availability of the New Loan based on the lender’s review and underwriting of Buyer’s
227 New Loan Application (New Loan Availability). Buyer has the Right to Terminate under § 24.1., on or before the New Loan
228 Availability Deadline if the New Loan Availability is not satisfactory to Buyer. Buyer does not have a Right to Terminate based on the
229 New Loan Availability if the termination is based on the New Loan Terms, Appraised Value (defined below), the Lender Property
230 Requirements (defined below), Insurability (§ 10.5. below) or the Conditional Upon Sale of Property (§ 10.7. below).IF SELLER IS
231 NOT IN DEFAULT AND DOES NOT TIMELY RECEIVE BUYER’S WRITTEN NOTICE TO TERMINATE, BUYER’S
232 EARNEST MONEY WILL BE NONREFUNDABLE,except as otherwise provided in this Contract (e.g., Appraisal, Title,
233 Survey).
234 5.3. Credit Information.This Contract is conditional (for the sole benefit of Seller) upon Seller’s approval of Buyer’s
235 financial ability and creditworthiness, which approval will be in Seller’s sole subjective discretion. Accordingly: (1) Buyer must
236 supply to Seller by Buyer’s Credit Information Deadline, at Buyer’s expense, information and documents (including a current
237 credit report) concerning Buyer’s financial, employment and credit condition; (2) Buyer consents that Seller may verify Buyer’s
238 financial ability and creditworthiness; and (3) any such information and documents received by Seller must be held by Seller in
239 confidence and not released to others except to protect Seller’s interest in this transaction. If the Cash at Closing is less than as set
240 forth in § 4.1. of this Contract, Seller has the Right to Terminate under § 24.1., on or before Closing. If Seller disapproves of Buyer’s
241 financial ability or creditworthiness, in Seller’s sole subjective discretion, Seller has the Right to Terminate under § 24.1., on or
242 before Disapproval of Buyer’s Credit Information Deadline.
243 5.4. Existing Loan Review.Seller must deliver copies of the loan documents (including note, deed of trust and any
244 modifications) to Buyer by Existing Loan Deadline. For the sole benefit of Buyer, this Contract is conditional upon Buyer’s review
245 and approval of the provisions of such loan documents. Buyer has the Right to Terminate under § 24.1., on or before Existing Loan
246 Termination Deadline, based on any unsatisfactory provision of such loan documents, in Buyer’s sole subjective discretion. If the
247 lender’s approval of a transfer of the Property is required, this Contract is conditional upon Buyer obtaining such approval without
248 change in the terms of such loan, except as set forth in § 4.6. If lender’s approval is not obtained by Loan Transfer Approval
249 Deadline, this Contract will terminate on such deadline. Seller has the Right to Terminate under § 24.1., on or before Closing, in
250 Seller’s sole subjective discretion, if Seller is to be released from liability under such existing loan and Buyer does not obtain such
251 compliance as set forth in § 4.6.
252 6. APPRAISAL PROVISIONS.
253 6.1. Appraisal Definition.An “Appraisal” is an opinion of value prepared by a licensed or certified appraiser, engaged on
254 behalf of Buyer or Buyer’s lender, to determine the Property’s market value (Appraised Value). The Appraisal may also set forth
255 certain lender requirements, replacements, removals or repairs necessary on or to the Property as a condition for the Property to be
256 valued at the Appraised Value.
257 6.2. Appraised Value.The applicable appraisal provision set forth below applies to the respective loan type set forth in
258 § 4.5.3., or if a cash transaction (i.e., no financing), § 6.2.1. applies.
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259 6.2.1. Conventional/Other.Buyer has the right to obtain an Appraisal. If the Appraised Value is less than the
260 Purchase Price, or if the Appraisal is not received by Buyer on or before Appraisal Deadline Buyer may, on or before Appraisal
261 Objection Deadline:
262 6.2.1.1. Notice to Terminate.Notify Seller in writing, pursuant to § 24.1., that this Contract is terminated;
263 or
264 6.2.1.2. Appraisal Objection.Deliver to Seller a written objection accompanied by either a copy of the
265 Appraisal or written notice from lender that confirms the Appraised Value is less than the Purchase Price (Lender Verification).
266 6.2.1.3. Appraisal Resolution.If an Appraisal Objection is received by Seller, on or before Appraisal
267 Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Appraisal Resolution
268 Deadline, this Contract will terminate on the Appraisal Resolution Deadline, unless Seller receives Buyer’s written withdrawal of
269 the Appraisal Objection before such termination, (i.e., on or before expiration of Appraisal Resolution Deadline).
270 6.3. Lender Property Requirements.If the lender imposes any written requirements, replacements, removals or repairs,
271 including any specified in the Appraisal (Lender Property Requirements) to be made to the Property (e.g., roof repair, repainting),
272 beyond those matters already agreed to by Seller in this Contract, this Contract terminates on the earlier of three days following
273 Seller’s receipt of the Lender Property Requirements, or Closing, unless prior to termination: (1) the parties enter into a written
274 agreement to satisfy the Lender Property Requirements; (2) the Lender Property Requirements have been completed; or (3) the
275 satisfaction of the Lender Requirements is waived in writing by Buyer.
276 6.4. Cost of Appraisal.Cost of the Appraisal to be obtained after the date of this Contract must be timely paid by X Buyer
277 Seller.The cost of the Appraisal may include any and all fees paid to the appraiser, appraisal management company, lender’s
278 agent or all three.
279 7. OWNERS’ ASSOCIATIONS.This Section is applicable if the Property is located within one or more Common Interest
280 Communities and subject to one or more declarations (Association).
281 7.1. Common Interest Community Disclosure. THE PROPERTY IS LOCATED WITHIN A COMMON
282 INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION FOR THE COMMUNITY. THE OWNER OF
283 THE PROPERTY WILL BE REQUIRED TO BE A MEMBER OF THE OWNERS’ ASSOCIATION FOR THE
284 COMMUNITY AND WILL BE SUBJECT TO THE BYLAWS AND RULES AND REGULATIONS OF THE
285 ASSOCIATION. THE DECLARATION, BYLAWS AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL
286 OBLIGATIONS UPON THE OWNER OF THE PROPERTY, INCLUDING AN OBLIGATION TO PAY ASSESSMENTS
287 OF THE ASSOCIATION. IF THE OWNER DOES NOT PAY THESE ASSESSMENTS, THE ASSOCIATION COULD
288 PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE DECLARATION, BYLAWS
289 AND RULES AND REGULATIONS OF THE COMMUNITY MAY PROHIBIT THE OWNER FROM MAKING
290 CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE ASSOCIATION (OR A
291 COMMITTEE OF THE ASSOCIATION) AND THE APPROVAL OF THE ASSOCIATION. PURCHASERS OF
292 PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE FINANCIAL
293 OBLIGATIONS OF MEMBERS OF THE ASSOCIATION. PURCHASERS SHOULD CAREFULLY READ THE
294 DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF THE
295 ASSOCIATION.
296 7.2. Association Documents to Buyer.Seller is obligated to provide to Buyer the Association Documents (defined below),
297 at Seller’s expense, on or before Association Documents Deadline. Seller authorizes the Association to provide the Association
298 Documents to Buyer, at Seller’s expense. Seller’s obligation to provide the Association Documents is fulfilled upon Buyer’s receipt
299 of the Association Documents, regardless of who provides such documents.
300 7.3. Association Documents.Association documents (Association Documents) consist of the following:
301 7.3.1.All Association declarations, articles of incorporation, bylaws, articles of organization, operating agreements,
302 rules and regulations, party wall agreements and the Association’s responsible governance policies adopted under § 38-33.3-209.5,
303 C.R.S.;
304 7.3.2.Minutes of: (1) the annual owners’ or members’ meeting and (2) any executive boards’ or managers’ meetings;
305 such minutes include those provided under the most current annual disclosure required under § 38-33.3-209.4, C.R.S. (Annual
306 Disclosure) and minutes of meetings, if any, subsequent to the minutes disclosed in the Annual Disclosure. If none of the preceding
307 minutes exist, then the most recent minutes, if any (§§ 7.3.1. and 7.3.2., collectively, Governing Documents); and
308 7.3.3.List of all Association insurance policies as provided in the Association’s last Annual Disclosure, including,
309 but not limited to, property, general liability, association director and officer professional liability and fidelity policies. The list must
310 include the company names, policy limits, policy deductibles, additional named insureds and expiration dates of the policies listed
311 (Association Insurance Documents);
312 7.3.4.A list by unit type of the Association’s assessments, including both regular and special assessments as
313 disclosed in the Association’s last Annual Disclosure;
314 7.3.5.The Association’s most recent financial documents which consist of: (1) the Association’s operating budget
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315 for the current fiscal year, (2) the Association’s most recent annual financial statements, including any amounts held in reserve for
316 the fiscal year immediately preceding the Association’s last Annual Disclosure, (3) the results of the Association’s most recent
317 available financial audit or review, (4) list of the fees and charges (regardless of name or title of such fees or charges) that the
318 Association’s community association manager or Association will charge in connection with the Closing including, but not limited
319 to, any fee incident to the issuance of the Association’s statement of assessments (Status Letter), any rush or update fee charged for
320 the Status Letter, any record change fee or ownership record transfer fees (Record Change Fee), fees to access documents, (5) list of
321 all assessments required to be paid in advance, reserves or working capital due at Closing and (6) reserve study, if any (§§ 7.3.4. and
322 7.3.5., collectively, Financial Documents);
323 7.3.6.Any written notice from the Association to Seller of a “construction defect action” under § 38-33.3-303.5,
324 C.R.S. within the past six months and the result of whether the Association approved or disapproved such action (Construction
325 Defect Documents). Nothing in this Section limits the Seller’s obligation to disclose adverse material facts as required under § 10.2.
326 (Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition) including any problems or defects in the common
327 elements or limited common elements of the Association property.
328 7.4. Conditional on Buyer’s Review.Buyer has the right to review the Association Documents. Buyer has the Right to
329 Terminate under § 24.1., on or before Association Documents Termination Deadline, based on any unsatisfactory provision in
330 any of the Association Documents, in Buyer’s sole subjective discretion. Should Buyer receive the Association Documents after
331 Association Documents Deadline, Buyer, at Buyer’s option, has the Right to Terminate under § 24.1. by Buyer’s Notice to
332 Terminate received by Seller on or before ten days after Buyer’s receipt of the Association Documents. If Buyer does not receive
333 the Association Documents, or if Buyer’s Notice to Terminate would otherwise be required to be received by Seller after Closing
334 Date, Buyer’s Notice to Terminate must be received by Seller on or before Closing. If Seller does not receive Buyer’s Notice to
335 Terminate within such time, Buyer accepts the provisions of the Association Documents as satisfactory and Buyer waives any Right
336 to Terminate under this provision, notwithstanding the provisions of § 8.6. (Third Party Right to Purchase/Approve).
337 8. TITLE INSURANCE, RECORD TITLE AND OFF-RECORD TITLE.
338 8.1. Evidence of Record Title.
339 X 8.1.1. Seller Selects Title Insurance Company.If this box is checked, Seller will select the title insurance
340 company to furnish the owner’s title insurance policy at Seller’s expense. On or before Record Title Deadline, Seller must furnish
341 to Buyer, a current commitment for an owner’s title insurance policy (Title Commitment), in an amount equal to the Purchase Price,
342 or if this box is checked,an Abstract of Title certified to a current date. Seller will cause the title insurance policy to be issued
343 and delivered to Buyer as soon as practicable at or after Closing.
344 8.1.2. Buyer Selects Title Insurance Company . If this box is checked, Buyer will select the title insurance
345 company to furnish the owner’s title insurance policy at Buyer’s expense. On or before Record Title Deadline, Buyer must furnish to
346 Seller, a current commitment for owner’s title insurance policy (Title Commitment), in an amount equal to the Purchase Price.
347 If neither box in § 8.1.1. or § 8.1.2. is checked, § 8.1.1. applies.
348 8.1.3. Owner’s Extended Coverage (OEC).The Title Commitment X Will Will Not contain Owner’s
349 Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or insure over the standard exceptions
350 which relate to: (1) parties in possession, (2) unrecorded easements, (3) survey matters, (4) unrecorded mechanics’ liens, (5) gap
351 period (period between the effective date and time of commitment to the date and time the deed is recorded) and (6) unpaid taxes,
352 assessments and unredeemed tax sales prior to the year of Closing. Any additional premium expense to obtain OEC will be paid by
353 Buyer X Seller One-Half by Buyer and One-Half by Seller Other .
354 Regardless of whether the Contract requires OEC, the Title Insurance Commitment may not provide OEC or delete or insure over
355 any or all of the standard exceptions for OEC. The Title Insurance Company may require a New Survey or New ILC, defined below,
356 among other requirements for OEC. If the Title Insurance Commitment is not satisfactory to Buyer, Buyer has a right to object under
357 § 8.7. (Right to Object to Title, Resolution).
358 8.1.4. Title Documents.Title Documents consist of the following: (1) copies of any plats, declarations, covenants,
359 conditions and restrictions burdening the Property and (2) copies of any other documents (or, if illegible, summaries of such
360 documents) listed in the schedule of exceptions (Exceptions) in the Title Commitment furnished to Buyer (collectively, Title
361 Documents).
362 8.1.5. Copies of Title Documents.Buyer must receive, on or before Record Title Deadline, copies of all Title
363 Documents. This requirement pertains only to documents as shown of record in the office of the clerk and recorder in the county
364 where the Property is located. The cost of furnishing copies of the documents required in this Section will be at the expense of the
365 party or parties obligated to pay for the owner’s title insurance policy.
366 8.1.6. Existing Abstracts of Title.Seller must deliver to Buyer copies of any abstracts of title covering all or any
367 portion of the Property (Abstract of Title) in Seller’s possession on or before Record Title Deadline.
368 8.2. Record Title.Buyer has the right to review and object to the Abstract of Title or Title Commitment and any of the
369 Title Documents as set forth in § 8.7. (Right to Object to Title, Resolution) on or before Record Title Objection Deadline. Buyer’s
370 objection may be based on any unsatisfactory form or content of Title Commitment or Abstract of Title, notwithstanding § 13, or
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371 any other unsatisfactory title condition, in Buyer’s sole subjective discretion. If the Abstract of Title, Title Commitment or Title
372 Documents are not received by Buyer on or before the Record Title Deadline, or if there is an endorsement to the Title Commitment
373 that adds a new Exception to title, a copy of the new Exception to title and the modified Title Commitment will be delivered to
374 Buyer. Buyer has until the earlier of Closing or ten days after receipt of such documents by Buyer to review and object to: (1) any
375 required Title Document not timely received by Buyer, (2) any change to the Abstract of Title, Title Commitment or Title Documents,
376 or (3) any endorsement to the Title Commitment. If Seller receives Buyer’s Notice to Terminate or Notice of Title Objection,
377 pursuant to this § 8.2. (Record Title), any title objection by Buyer is governed by the provisions set forth in § 8.7. (Right to Object
378 to Title, Resolution). If Seller has fulfilled all Seller’s obligations, if any, to deliver to Buyer all documents required by § 8.1.
379 (Evidence of Record Title) and Seller does not receive Buyer’s Notice to Terminate or Notice of Title Objection by the applicable
380 deadline specified above, Buyer accepts the condition of title as disclosed by the Abstract of Title, Title Commitment and Title
381 Documents as satisfactory.
382 8.3. Off-Record Title.Seller must deliver to Buyer, on or before Off-Record Title Deadline, true copies of all existing
383 surveys in Seller’s possession pertaining to the Property and must disclose to Buyer all easements, liens (including, without
384 limitation, governmental improvements approved, but not yet installed) or other title matters not shown by public records, of which
385 Seller has actual knowledge (Off-Record Matters). This Section excludes any New ILC or New Survey governed under § 9 (New
386 ILC, New Survey). Buyer has the right to inspect the Property to investigate if any third party has any right in the Property not shown
387 by public records (e.g., unrecorded easement, boundary line discrepancy or water rights). Buyer’s Notice to Terminate or Notice of
388 Title Objection of any unsatisfactory condition (whether disclosed by Seller or revealed by such inspection, notwithstanding § 8.2.
389 (Record Title) and § 13 (Transfer of Title)), in Buyer’s sole subjective discretion, must be received by Seller on or before Off-
390 Record Title Objection Deadline. If an Off-Record Matter is received by Buyer after the Off-Record Title Deadline, Buyer has
391 until the earlier of Closing or ten days after receipt by Buyer to review and object to such Off-Record Matter. If Seller receives
392 Buyer’s Notice to Terminate or Notice of Title Objection pursuant to this § 8.3. (Off-Record Title), any title objection by Buyer is
393 governed by the provisions set forth in § 8.7. (Right to Object to Title, Resolution). If Seller does not receive Buyer’s Notice to
394 Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer accepts title subject to such Off-Record
395 Matters and rights, if any, of third parties not shown by public records of which Buyer has actual knowledge.
396 8.4. Special Taxing and Metropolitan Districts. SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO
397 GENERAL OBLIGATION INDEBTEDNESS THAT IS PAID BY REVENUES PRODUCED FROM ANNUAL TAX LEVIES
398 ON THE TAXABLE PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE
399 PLACED AT RISK FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF SUCH DEBT
400 WHERE CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH
401 INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE THE
402 SPECIAL TAXING DISTRICTS IN WHICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY
403 TREASURER, BY REVIEWING THE CERTIFICATE OF TAXES DUE FOR THE PROPERTY AND BY OBTAINING
404 FURTHER INFORMATION FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY CLERK AND
405 RECORDER, OR THE COUNTY ASSESSOR The official website for the Metropolitan District, if any, is:.
406 8.5. Tax Certificate.A tax certificate paid for by Seller X Buyer, for the Property listing any special taxing or
407 metropolitan districts that affect the Property (Tax Certificate) must be delivered to Buyer on or before Record Title Deadline. If
408 the content of the Tax Certificate is unsatisfactory to Buyer, in Buyer’s sole subjective discretion, Buyer may terminate, on or before
409 Record Title Objection Deadline.Should Buyer receive the Tax Certificate after Record Title Deadline, Buyer, at Buyer’s option,
410 has the Right to Terminate under § 24.1. by Buyer’s Notice to Terminate received by Seller on or before ten days after Buyer’s
411 receipt of the Tax Certificate. If Buyer does not receive the Tax Certificate, or if Buyer’s Notice to Terminate would otherwise be
412 required to be received by Seller after Closing Date, Buyer’s Notice to Terminate must be received by Seller on or before Closing.
413 If Seller does not receive Buyer’s Notice to Terminate within such time, Buyer accepts the provisions of the Tax Certificate as
414 satisfactory and Buyer waives any Right to Terminate under this provision. If Buyer’s loan specified in § 4.5.3. (Loan Limitations)
415 prohibits Buyer from paying for the Tax Certificate, the Tax Certificate will be paid for by Seller.
416 8.6. Third Party Right to Purchase/Approve.If any third party has a right to purchase the Property (e.g., right of first
417 refusal on the Property, right to purchase the Property under a lease or an option held by a third party to purchase the Property) or a
418 right of a third party to approve this Contract, Seller must promptly submit this Contract according to the terms and conditions of
419 such right. If the third-party holder of such right exercises its right this Contract will terminate. If the third party’s right to purchase
420 is waived explicitly or expires, or the Contract is approved, this Contract will remain in full force and effect. Seller must promptly
421 notify Buyer in writing of the foregoing. If the third party right to purchase is exercised or approval of this Contract has not occurred
422 on or before Third Party Right to Purchase/Approve Deadline, this Contract will then terminate. Seller will supply to Buyer, in
423 writing, details of any Third Party Right to Purchase the Property on or before the Record Title Deadline.
424 8.7. Right to Object to Title, Resolution.Buyer has a right to object or terminate, in Buyer’s sole subjective discretion,
425 based on any title matters including those matters set forth in § 8.2. (Record Title), § 8.3. (Off-Record Title), § 8.5. (Tax Certificate)
426 and § 13 (Transfer of Title). If Buyer exercises Buyer’s rights to object or terminate based on any such title matter, on or before the
427 applicable deadline, Buyer has the following options:
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428 8.7.1. Title Objection, Resolution.If Seller receives Buyer’s written notice objecting to any title matter (Notice of
429 Title Objection) on or before the applicable deadline and if Buyer and Seller have not agreed to a written settlement thereof on or
430 before Title Resolution Deadline, this Contract will terminate on the expiration of Title Resolution Deadline, unless Seller receives
431 Buyer’s written withdrawal of Buyer’s Notice of Title Objection (i.e., Buyer’s written notice to waive objection to such items and
432 waives the Right to Terminate for that reason), on or before expiration of Title Resolution Deadline. If either the Record Title
433 Deadline or the Off-Record Title Deadline, or both, are extended pursuant to § 8.2. (Record Title) or § 8.3. (Off-Record Title) the
434 Title Resolution Deadline also will be automatically extended to the earlier of Closing or fifteen days after Buyer’s receipt of the
435 applicable documents; or
436 8.7.2. Title Objection, Right to Terminate.Buyer may exercise the Right to Terminate under § 24.1., on or before
437 the applicable deadline, based on any title matter unsatisfactory to Buyer, in Buyer’s sole subjective discretion.
438 8.8. Title Advisory.The Title Documents affect the title, ownership and use of the Property and should be reviewed
439 carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property,
440 including, without limitation, boundary lines and encroachments, set-back requirements, area, zoning, building code violations,
441 unrecorded easements and claims of easements, leases and other unrecorded agreements, water on or under the Property and various
442 laws and governmental regulations concerning land use, development and environmental matters.
443 8.8.1. OIL, GAS, WATER AND MINERAL DISCLOSURE. THE SURFACE ESTATE OF THE
444 PROPERTY MAY BE OWNED SEPARATELY FROM THE UNDERLYING MINERAL ESTATE AND TRANSFER OF
445 THE SURFACE ESTATE MAY NOT NECESSARILY INCLUDE TRANSFER OF THE MINERAL ESTATE OR WATER
446 RIGHTS. THIRD PARTIES MAY OWN OR LEASE INTERESTS IN OIL, GAS, OTHER MINERALS, GEOTHERMAL
447 ENERGY OR WATER ON OR UNDER THE SURFACE OF THE PROPERTY, WHICH INTERESTS MAY GIVE THEM
448 RIGHTS TO ENTER AND USE THE SURFACE OF THE PROPERTY TO ACCESS THE MINERAL ESTATE, OIL,
449 GAS OR WATER.
450 8.8.2. SURFACE USE AGREEMENT. THE USE OF THE SURFACE ESTATE OF THE PROPERTY TO
451 ACCESS THE OIL, GAS OR MINERALS MAY BE GOVERNED BY A SURFACE USE AGREEMENT, A
452 MEMORANDUM OR OTHER NOTICE OF WHICH MAY BE RECORDED WITH THE COUNTY CLERK AND
453 RECORDER.
454 8.8.3. OIL AND GAS ACTIVITY. OIL AND GAS ACTIVITY THAT MAY OCCUR ON OR ADJACENT
455 TO THE PROPERTY MAY INCLUDE, BUT IS NOT LIMITED TO, SURVEYING, DRILLING, WELL COMPLETION
456 OPERATIONS, STORAGE, OIL AND GAS, OR PRODUCTION FACILITIES, PRODUCING WELLS, REWORKING
457 OF CURRENT WELLS AND GAS GATHERING AND PROCESSING FACILITIES.
458 8.8.4. ADDITIONAL INFORMATION. BUYER IS ENCOURAGED TO SEEK ADDITIONAL
459 INFORMATION REGARDING OIL AND GAS ACTIVITY ON OR ADJACENT TO THE PROPERTY, INCLUDING
460 DRILLING PERMIT APPLICATIONS. THIS INFORMATION MAY BE AVAILABLE FROM THE COLORADO OIL
461 AND GAS CONSERVATION COMMISSION.
462 8.8.5. Title Insurance Exclusions.Matters set forth in this Section and others, may be excepted, excluded from, or
463 not covered by the owner’s title insurance policy.
464 8.9. Mineral Rights Review.Buyer has a Right to Terminate if examination of the Mineral Rights is unsatisfactory to
465 Buyer on or before the Mineral Rights Examination Deadline.
466 9. NEW ILC, NEW SURVEY.
467 9.1. New ILC or New Survey.If the box is checked, (1)New Improvement Location Certificate (New ILC); or, (2)
468 X New Survey in the form of ; is required and the following will apply:
469 9.1.1. Ordering of New ILC or New Survey.Seller X Buyer will order the New ILC or New Survey. The
470 New ILC or New Survey may also be a previous ILC or survey that is in the above-required form, certified and updated as of a date
471 after the date of this Contract.
472 9.1.2. Payment for New ILC or New Survey.The cost of the New ILC or New Survey will be paid, on or before
473 Closing, by:Seller X Buyer or:
474
475
476
477 9.1.3. Delivery of New ILC or New Survey.Buyer, Seller, the issuer of the Title Commitment (or the provider of
478 the opinion of title if an Abstract of Title) and Buyer and Buyer’s Agent will receive a New ILC or New Survey on or
before New
479 ILC or New Survey Deadline.
480 9.1.4. Certification of New ILC or New Survey.The New ILC or New Survey will be certified by the surveyor to
481 all those who are to receive the New ILC or New Survey.
482 9.2. Buyer’s Right to Waive or Change New ILC or New Survey Selection.Buyer may select a New ILC or New
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483 Survey different than initially specified in this Contract if there is no additional cost to Seller or change to the New ILC or New
484 Survey Objection Deadline. Buyer may, in Buyer’s sole subjective discretion, waive a New ILC or New Survey if done prior to
485 Seller incurring any cost for the same.
486 9.3. New ILC or New Survey Objection.Buyer has the right to review and object based on the New ILC or New Survey.
487 If the New ILC or New Survey is not timely received by Buyer or is unsatisfactory to Buyer, in Buyer’s sole subjective discretion,
488 Buyer may, on or before New ILC or New Survey Objection Deadline, notwithstanding § 8.3. or § 13:
489 9.3.1. Notice to Terminate.Notify Seller in writing, pursuant to § 24.1., that this Contract is terminated; or
490 9.3.2. New ILC or New Survey Objection.Deliver to Seller a written description of any matter that was to be
491 shown or is shown in the New ILC or New Survey that is unsatisfactory and that Buyer requires Seller to correct.
492 9.3.3. New ILC or New Survey Resolution.If a New ILC or New Survey Objection is received by Seller, on or
493 before New ILC or New Survey Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on
494 or before New ILC or New Survey Resolution Deadline, this Contract will terminate on expiration of the New ILC or New Survey
495 Resolution Deadline, unless Seller receives Buyer’s written withdrawal of the New ILC or New Survey Objection before such
496 termination (i.e., on or before expiration of New ILC or New Survey Resolution Deadline).
497 DISCLOSURE, INSPECTION AND DUE DILIGENCE
498 10. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, DUE DILIGENCE AND SOURCE OF
499 WATER.
500 10.1. Seller’s Property Disclosure.On or before Seller’s Property Disclosure Deadline, Seller agrees to deliver to Buyer
501 the most current version of the applicable Colorado Real Estate Commission’s Seller’s Property Disclosure form completed by Seller
502 to Seller’s actual knowledge and current as of the date of this Contract.
503 10.2. Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition.Seller must disclose to Buyer
504 any adverse material facts actually known by Seller as of the date of this Contract. Seller agrees that disclosure of adverse material
505 facts will be in writing. In the event Seller discovers an adverse material fact after the date of this Contract, Seller must timely
506 disclose such adverse fact to Buyer. Buyer has the Right to Terminate based on the Seller’s new disclosure on the earlier of Closing
507 or five days after Buyer’s receipt of the new disclosure. Except as otherwise provided in this Contract, Buyer acknowledges that
508 Seller is conveying the Property to Buyer in an “As Is” condition, “Where Is” and “With All Faults.”
509 10.3. Inspection.Unless otherwise provided in this Contract, Buyer, acting in good faith, has the right to have inspections
510 (by one or more third parties, personally or both) of the Property, Leased Items, and Inclusions (Inspection), at Buyer’s expense. If
511 (1) the physical condition of the Property, including, but not limited to, the roof, walls, structural integrity of the Property, the
512 electrical, plumbing, HVAC and other mechanical systems of the Property, (2) the physical condition of the Inclusions and Leased
513 Items, (3) service to the Property (including utilities and communication services), systems and components of the Property (e.g.,
514 heating and plumbing), (4) any proposed or existing transportation project, road, street or highway, or (5) any other activity, odor or
515 noise (whether on or off the Property) and its effect or expected effect on the Property or its occupants is unsatisfactory, in Buyer’s
516 sole subjective discretion, Buyer may:
517 10.3.1. Inspection Termination.On or before the Inspection Termination Deadline, notify Seller in writing,
518 pursuant to § 24.1., that this Contract is terminated due to any unsatisfactory condition, provided the Buyer did not previously deliver
519 an Inspection Objection. Buyer’s Right to Terminate under this provision expires upon delivery of an Inspection Objection to Seller
520 pursuant to § 10.3.2.; or
521 10.3.2. Inspection Objection.On or before the Inspection Objection Deadline, deliver to Seller a written
522 description of any unsatisfactory condition that Buyer requires Seller to correct.
523 10.3.3. Inspection Resolution.If an Inspection Objection is received by Seller, on or before Inspection Objection
524 Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Inspection Resolution Deadline,
525 this Contract will terminate on Inspection Resolution Deadline unless Seller receives Buyer’s written withdrawal of the Inspection
526 Objection before such termination (i.e., on or before expiration of Inspection Resolution Deadline). Nothing in this provision
527 prohibits the Buyer and the Seller from mutually terminating this Contract before the Inspection Resolution Deadline passes by
528 executing an Earnest Money Release.
529 10.4. Damage, Liens and Indemnity.Buyer, except as otherwise provided in this Contract or other written agreement
530 between the parties, is responsible for payment for all inspections, tests, surveys, engineering reports, or other reports performed at
531 Buyer’s request (Work) and must pay for any damage that occurs to the Property and Inclusions as a result of such Work. Buyer
532 must not permit claims or liens of any kind against the Property for Work performed on the Property. Buyer agrees to indemnify,
533 protect and hold Seller harmless from and against any liability, damage, cost or expense incurred by Seller and caused by any such
534 Work, claim, or lien. This indemnity includes Seller’s right to recover all costs and expenses incurred by Seller to defend against
535 any such liability, damage, cost or expense, or to enforce this Section, including Seller’s reasonable attorney fees, legal fees and
536 expenses. The provisions of this Section survive the termination of this Contract. This § 10.4. does not apply to items performed
537 pursuant to an Inspection Resolution.
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538 10.5. Insurability.Buyer has the Right to Terminate under § 24.1., on or before Property Insurance Termination
539 Deadline, based on any unsatisfactory provision of the availability, terms and conditions and premium for property insurance
540 (Property Insurance) on the Property, in Buyer’s sole subjective discretion.
541 10.6. Due Diligence.
542 10.6.1. Due Diligence Documents.Seller agrees to deliver copies of the following documents and information
543 pertaining to the Property and Leased Items (Due Diligence Documents) to Buyer on or before Due Diligence Documents Delivery
544 Deadline:
545 10.6.1.1. Occupancy Agreements.All current leases, including any amendments or other occupancy
546 agreements, pertaining to the Property. Those leases or other occupancy agreements pertaining to the Property that survive Closing
547 are as follows (Leases):
548
549
550
551 10.6.1.2. Leased Items Documents.If any lease of personal property (§ 2.5.4., Leased Items) will be
552 transferred to Buyer at Closing, Seller agrees to deliver copies of the leases and information pertaining to the personal property to
553 Buyer on or before Due Diligence Documents Delivery Deadline.
554 10.6.1.3. Encumbered Inclusions Documents.If any Inclusions owned by Seller are encumbered
555 pursuant to § 2.5.2. (Encumbered Inclusions) above, Seller agrees to deliver copies of the evidence of debt, security and any other
556 documents creating the encumbrance to Buyer on or before Due Diligence Documents Delivery Deadline.
557 10.6.1.4. Solar Power Plan.Copy of any Solar Power Plan not included in Leased Items (regardless of
558 its name or title).
559 10.6.1.5 Septic Use Permit.If required by the local health department or other applicable government
560 entity, on or before the local health department’s applicable deadline, Seller must pay for and furnish to Buyer a Septic Use Permit.
561 10.6.1.6. Other Documents.If the respective box is checked, Seller agrees to additionally deliver copies
562 of the following:
563 10.6.1.6.1.All contracts relating to the operation, maintenance and management of the
564 Property;
565 10.6.1.6.2.Property tax bills for the last years;
566 10.6.1.6.3.As-built construction plans to the Property and the tenant improvements, including
567 architectural, electrical, mechanical and structural systems; engineering reports; and permanent Certificates of Occupancy, to the
568 extent now available;
569 10.6.1.6.4.A list of all Inclusions to be conveyed to Buyer;
570 10.6.1.6.5.Operating statements for the past years;
571 10.6.1.6.6.A rent roll accurate and correct to the date of this Contract;
572 10.6.1.6.7.A schedule of any tenant improvement work Seller is obligated to complete
573 but has not yet completed and capital improvement work either scheduled or in process on the date of this Contract;
574 10.6.1.6.8.All insurance policies pertaining to the Property and copies of any claims which
575 have been made for the past years;
576 10.6.1.6.9.Soils reports, surveys and engineering reports or data pertaining to the Property (if
577 not delivered earlier under § 8.3.);
578 10.6.1.6.10.Any and all existing documentation and reports regarding Phase I and II
579 environmental reports, letters, test results, advisories and similar documents respective to the existence or nonexistence of asbestos,
580 PCB transformers, or other toxic, hazardous or contaminated substances and/or underground storage tanks and/or radon gas. If no
581 reports are in Seller’s possession or known to Seller, Seller warrants that no such reports are in Seller’s possession or known to
582 Seller;
583 10.6.1.6.11.Any Americans with Disabilities Act reports, studies or surveys concerning the
584 compliance of the Property with said Act;
585 10.6.1.6.12.All permits, licenses and other building or use authorizations issued by any
586 governmental authority with jurisdiction over the Property and written notice of any violation of any such permits, licenses or use
587 authorizations, if any; and
588 10.6.1.6.13.Other:
589
590
591
592
593
594 10.6.2. Due Diligence Documents Review and Objection.Buyer has the right to review and object based on the Due
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595 Diligence Documents. If the Due Diligence Documents are not supplied to Buyer or are unsatisfactory, in Buyer’s sole subjective
596 discretion, Buyer may, on or before Due Diligence Documents Objection Deadline:
597 10.6.2.1. Notice to Terminate.Notify Seller in writing, pursuant to § 24.1., that this Contract is
598 terminated; or
599 10.6.2.2. Due Diligence Documents Objection.Deliver to Seller a written description of any
600 unsatisfactory Due Diligence Documents that Buyer requires Seller to correct.
601 10.6.2.3. Due Diligence Documents Resolution.If a Due Diligence Documents Objection is received
602 by Seller, on or before Due Diligence Documents Objection Deadline and if Buyer and Seller have not agreed in writing to a
603 settlement thereof on or before Due Diligence Documents Resolution Deadline, this Contract will terminate on Due Diligence
604 Documents Resolution Deadline unless Seller receives Buyer’s written withdrawal of the Due Diligence Documents Objection
605 before such termination (i.e., on or before expiration of Due Diligence Documents Resolution Deadline.
606 10.6.2.4. Automatic Due Diligence Extension.If a Due Diligence Document is not delivered on or
607 before the Due Diligence Documents Deadline, Buyer has until the earlier of Closing or ten days after receipt by Buyer to review
608 and object to such Due Diligence Document. If Buyer’s right to review and object to such Due Diligence Document is extended due
609 to such Due Diligence Document not being delivered on or before the Due Diligence Documents Deadline, the Due Diligence
610 Document Resolution Deadline will also be extended to the earlier of Closing or fifteen days after Buyer’s receipt of such Due
611 Diligence Document.
612 10.6.3. Zoning.Buyer has the Right to Terminate under § 24.1., on or before Due Diligence Documents Objection
613 Deadline, based on any unsatisfactory zoning and any use restrictions imposed by any governmental agency with jurisdiction over
614 the Property, in Buyer’s sole subjective discretion.
615 10.6.4. Due Diligence – Environmental.Buyer has the right to obtain environmental inspections of the Property
616 including a Phase I Environmental Site Assessment.Seller Buyer will order or provide a current Phase I Environmental
617 Site Assessment (compliant with most current version of the applicable ASTM E1527 standard practices for Environmental Site
618 Assessments) and/or , at the expense of Seller Buyer
619 (Environmental Inspection).
620 If the Phase I Environmental Site Assessment recommends a Phase II Environmental Site Assessment, the Environmental
621 Inspection Termination Deadline will be extended by days (Extended Environmental Inspection
622 Termination Deadline) and if such Extended Environmental Inspection Termination Deadline extends beyond the Closing Date, the
623 Closing Date will be extended a like period of time. In such event,Seller Buyer must pay the cost for such Phase II
624 Environmental Site Assessment.
625 Notwithstanding Buyer’s right to obtain additional environmental inspections of the Property in this § 10.6.4., Buyer has the
626 Right to Terminate under § 24.1., on or before Environmental Inspection Termination Deadline, or if applicable, the Extended
627 Environmental Inspection Termination Deadline, based on any unsatisfactory results of Environmental Inspection, in Buyer’s sole
628 subjective discretion.
629 10.6.5. Due Diligence – ADA.Buyer, at Buyer’s expense, may also conduct an evaluation whether the Property
630 complies with the Americans with Disabilities Act (ADA Evaluation). All such inspections and evaluations must be conducted at
631 such times as are mutually agreeable to minimize the interruption of Seller’s and any Seller’s tenants’ business uses of the Property,
632 if any.
633 Buyer has the Right to Terminate under § 24.1., on or before ADA Evaluation Termination Deadline, based on any
634 unsatisfactory ADA Evaluation, in Buyer’s sole subjective discretion.
635 10.7. Conditional Upon Sale of Property.This Contract is conditional upon the sale and closing of that certain property
636 owned by Buyer and commonly known as . Buyer has
637 the Right to Terminate under § 24.1. effective upon Seller’s receipt of Buyer’s Notice to Terminate on or before Conditional Sale
638 Deadline if such property is not sold and closed by such deadline. This Section is for the sole benefit of Buyer. If Seller does not
639 receive Buyer’s Notice to Terminate on or before Conditional Sale Deadline, Buyer waives any Right to Terminate under this
640 provision.
641 10.8. Source of Potable Water (Residential Land and Residential Improvements Only).Buyer Does Does Not
642 acknowledge receipt of a copy of Seller’s Property Disclosure or Source of Water Addendum disclosing the source of potable water for
643 the Property.There is No Well. Buyer Does Does Not acknowledge receipt of a copy of the current well permit.
644 Note to Buyer: SOME WATER PROVIDERS RELY, TO VARYING DEGREES, ON NONRENEWABLE GROUND
645 WATER. YOU MAY WISH TO CONTACT YOUR PROVIDER (OR INVESTIGATE THE DESCRIBED SOURCE) TO
646 DETERMINE THE LONG-TERM SUFFICIENCY OF THE PROVIDER’S WATER SUPPLIES.
647 10.9. Existing Leases; Modification of Existing Leases; New Leases.Seller states that none of the Leases to be assigned
648 to the Buyer at the time of Closing contain any rent concessions, rent reductions or rent abatements except as disclosed in the Lease
649 or other writing received by Buyer. Seller will not amend, alter, modify, extend or cancel any of the Leases nor will Seller enter into
650 any new leases affecting the Property without the prior written consent of Buyer, which consent will not be unreasonably withheld
651 or delayed.
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652 10.10. Lead-Based Paint. [Intentionally Deleted - See Residential Addendum if applicable]
653 10.11. Carbon Monoxide Alarms. [Intentionally Deleted - See Residential Addendum if applicable]
654 10.12. Methamphetamine Disclosure. [Intentionally Deleted - See Residential Addendum if applicable]
655 11. TENANT ESTOPPEL STATEMENTS.
656 11.1. Estoppel Statements Conditions.Buyer has the right to review and object to any Estoppel Statements. Seller must
657 request from all tenants of the Property and if received by Seller, deliver to Buyer on or before Estoppel Statements Deadline,
658 statements in a form and substance reasonably acceptable to Buyer, from each occupant or tenant at the Property (Estoppel Statement)
659 attached to a copy of the Lease stating:
660 11.1.1.The commencement date of the Lease and scheduled termination date of the Lease;
661 11.1.2.That said Lease is in full force and effect and that there have been no subsequent modifications or
662 amendments;
663 11.1.3.The amount of any advance rentals paid, rent concessions given and deposits paid to Seller;
664 11.1.4.The amount of monthly (or other applicable period) rental paid to Seller;
665 11.1.5.That there is no default under the terms of said Lease by landlord or occupant; and
666 11.1.6.That the Lease to which the Estoppel Statement is attached is a true, correct and complete copy of the Lease
667 demising the premises it describes.
668 11.2. Seller Estoppel Statement.In the event Seller does not receive from all tenants of the Property a completed signed
669 Estoppel Statement, Seller agrees to complete and execute an Estoppel Statement setting forth the information and documents
670 required in § 11.1 above and deliver the same to Buyer on or before Estoppel Statements Deadline.
671 11.3. Estoppel Statements Termination.Buyer has the Right to Terminate under § 24.1., on or before Estoppel
672 Statements Termination Deadline, based on any unsatisfactory Estoppel Statement, in Buyer’s sole subjective discretion, or if
673 Seller fails to deliver the Estoppel Statements on or before Estoppel Statements Deadline. Buyer also has the unilateral right to
674 waive any unsatisfactory Estoppel Statement.
675 CLOSING PROVISIONS
676 12. CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING.
677 12.1. Closing Documents and Closing Information.Seller and Buyer will cooperate with the Closing Company to enable
678 the Closing Company to prepare and deliver documents required for Closing to Buyer and Seller and their designees. If Buyer is
679 obtaining a loan to purchase the Property, Buyer acknowledges Buyer’s lender is required to provide the Closing Company, in a
680 timely manner, all required loan documents and financial information concerning Buyer’s loan. Buyer and Seller will furnish any
681 additional information and documents required by Closing Company that will be necessary to complete this transaction. Buyer and
682 Seller will sign and complete all customary or reasonably required documents at or before Closing.
683 12.2. Closing Instructions.Colorado Real Estate Commission’s Closing Instructions Are X Are Not executed with
684 this Contract.
685 12.3. Closing.Delivery of deed from Seller to Buyer will be at closing (Closing). Closing will be on the date specified as
686 the Closing Date or by mutual agreement at an earlier date. At Closing, Seller must provide Buyer with the ability to access the
687 Property. The hour and place of Closing will be as designated by Closing Agent .
688 12.4. Disclosure of Settlement Costs.Buyer and Seller acknowledge that costs, quality and extent of service vary between
689 different settlement service providers (e.g., attorneys, lenders, inspectors and title companies).
690 12.5. Assignment of Leases.Seller must assign to Buyer all Leases at Closing that will continue after Closing and Buyer
691 must assume Seller’s obligations under such Leases. Further, Seller must transfer to Buyer all Leased Items and assign to Buyer such
692 leases for the Leased Items accepted by Buyer pursuant to § 2.5.4. (Leased Items).
693 13. TRANSFER OF TITLE.Subject to Buyer’s compliance with the terms and provisions of this Contract, including the tender
694 of any payment due at Closing, Seller must execute and deliver the following good and sufficient deed to Buyer, at Closing:X
695 special warranty deed general warranty deed bargain and sale deed quit claim deed personal representative’s deed
696 deed. Seller, provided another deed is not selected, must execute and deliver a good and
697 sufficient special warranty deed to Buyer, at Closing.
698 Unless otherwise specified in § 30 (Additional Provisions), if title will be conveyed using a special warranty deed or a general
699 warranty deed, title will be conveyed “subject to statutory exceptions” as defined in § 38-30-113(5)(a), C.R.S.
700 14. PAYMENT OF LIENS AND ENCUMBRANCES.Unless agreed to by Buyer in writing, any amounts owed on any liens
701 or encumbrances securing a monetary sum against the Property and Inclusions, including any governmental liens for special
702 improvements installed as of the date of Buyer’s signature hereon, whether assessed or not, and previous years’ taxes, will be paid
703 at or before Closing by Seller from the proceeds of this transaction or from any other source.
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704 15. CLOSING COSTS, FEES, ASSOCIATION STATUS LETTER AND DISBURSEMENTS, TAXES AND
705 WITHHOLDING.
706 15.1. Closing Costs.Buyer and Seller must pay, in Good Funds, their respective closing costs and all other items required
707 to be paid at Closing, except as otherwise provided herein.
708 15.2. Closing Services Fee.The fee for real estate closing services must be paid at Closing by Buyer Seller
709 X One-Half by Buyer and One-Half by Seller Other .
710 15.3. Association Fees and Required Disbursements.At least fourteen days prior to Closing Date, Seller agrees to
711 promptly request that the Closing Company or the Association deliver to Buyer a current Status Letter, if applicable. Any fees
712 associated with or specified in the Status Letter will be paid as follows:
713 15.3.1. Status Letter Fee.Any fee incident to the issuance of Association’s Status Letter must be paid by Seller.
714 15.3.2. Record Change Fee.Any Record Change Fee must be paid by Buyer X Seller One-Half by Buyer
715 and One-Half by Seller N/A.
716 15.3.3. Reserves or Working Capital.Unless agreed to otherwise, all reserves or working capital due (or other
717 similar cost not addressed in § 16.2. (Association Assessments)) at Closing must be paid by X Buyer Seller One-Half by
718 Buyer and One-Half by Seller N/A.
719 15.3.4. Other Fees.Any other fee listed in the Status Letter as required to be paid at Closing will be paid by X
720 Buyer Seller One-Half by Buyer and One-Half by Seller N/A.
721 15.4. Local Transfer Tax.Any Local Transfer Tax must be paid at Closing by Buyer Seller One-Half by
722 Buyer and One-Half by Seller X N/A.
723 15.5. Sales and Use Tax.Any sales and use tax that may accrue because of this transaction must be paid when due by
724 Buyer Seller One-Half by Buyer and One-Half by Seller X N/A.
725 15.6. Private Transfer Fee.Any private transfer fees and other fees due to a transfer of the Property, payable at Closing,
726 such as community association fees, developer fees and foundation fees, must be paid at Closing by Buyer Seller
727 One-Half by Buyer and One-Half by Seller X N/A.
728 15.7. Water Transfer Fees.Water Transfer Fees can change. The fees, as of the date of this Contract, do not exceed
729 $for:
730 Water District/Municipality Water Stock
731 Augmentation Membership Small Domestic Water Company
732 and must be paid at Closing by Buyer Seller One-Half by Buyer and One-Half by Seller X N/A.
733 15.8. Utility Transfer Fees.Utility transfer fees can change. Any fees to transfer utilities from Seller to Buyer must be
734 paid by Buyer Seller One-Half by Buyer and One-Half by Seller X N/A.
735 15.9. FIRPTA and Colorado Withholding.
736 15.9.1. FIRPTA.The Internal Revenue Service (IRS) may require a substantial portion of the Seller’s proceeds be
737 withheld after Closing when Seller is a foreign person. If required withholding does not occur, the Buyer could be held liable for the
738 amount of the Seller’s tax, interest and penalties. If the box in this Section is checked, Seller represents that Seller IS a foreign
739 person for purposes of U.S. income taxation. If the box in this Section is not checked, Seller represents that Seller is not a foreign
740 person for purposes of U.S. income taxation. Seller agrees to cooperate with Buyer and Closing Company to provide any reasonably
741 requested documents to verify Seller’s foreign person status. If withholding is required, Seller authorizes Closing Company to
742 withhold such amount from Seller’s proceeds. Seller should inquire with Seller’s tax advisor to determine if withholding applies or
743 if an exemption exists.
744 15.9.2. Colorado Withholding.The Colorado Department of Revenue may require a portion of the Seller’s proceeds
745 be withheld after Closing when Seller will not be a Colorado resident after Closing, if not otherwise exempt. Seller agrees to
746 cooperate with Buyer and Closing Company to provide any reasonably requested documents to verify Seller’s status. If withholding
747 is required, Seller authorizes Closing Company to withhold such amount from Seller’s proceeds. Seller should inquire with Seller’s
748 tax advisor to determine if withholding applies or if an exemption exists.
749 16. PRORATIONS AND ASSOCIATION ASSESSMENTS.
750 16.1. Prorations.The following will be prorated to the Closing Date, except as otherwise provided:
751 16.1.1. Taxes.Personal property taxes, if any, special taxing district assessments, if any, and general real estate taxes
752 for the year of Closing, based on Taxes for the Calendar Year Immediately Preceding Closing X Most Recent Mill Levy
753 and Most Recent Assessed Valuation,Other .
754 16.1.2. Rents.Rents based on Rents Actually Received Accrued. At Closing, Seller will transfer or credit
755 to Buyer the security deposits for all Leases assigned to Buyer, or any remainder after lawful deductions, and notify all tenants in
756 writing of such transfer and of the transferee’s name and address.
757 16.1.3. Other Prorations.Water and sewer charges, propane, interest on continuing loan, and .
758 16.1.4. Final Settlement.Unless otherwise specified in Additional Provisions, these prorations are final.
759 16.2. Association Assessments.Current regular Association assessments and dues (Association Assessments) paid in
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760 advance will be credited to Seller at Closing. All Association Assessments accrued before Closing must be paid by Seller and all
761 Association Assessments accrued after Closing must be paid by Buyer. Cash reserves held out of the regular Association Assessments
762 for deferred maintenance by the Association will not be credited to Seller except as may be otherwise provided by the Governing
763 Documents. Any special assessment assessed prior to Closing Date by the Association will be the obligation of Buyer X
764 Seller. Except however, any special assessment by the Association for improvements that have been installed as of the date of
765 Buyer’s signature hereon, whether assessed prior to or after Closing, will be the obligation of Seller unless otherwise specified
766 in Additional Provisions. Seller represents there are no unpaid regular or special assessments against the Property except the current
767 regular assessments and . Association Assessments are subject to change as provided in the
768 Governing Documents.
769 17. POSSESSION.Possession of the Property and Inclusions will be delivered to Buyer on Possession Date at Possession Time,
770 subject to the Leases as set forth in § 10.6.1.1.
771 If Seller, after Closing occurs, fails to deliver possession as specified, Seller will be subject to eviction and will be additionally
772 liable to Buyer, notwithstanding § 20.2. (If Seller is in Default), for payment of $per day (or any part of a day
773 notwithstanding § 3.3., Day) from Possession Date and Possession Time until possession is delivered. Additionally, Buyer may
774 pursue a claim against Seller for any of Buyer’s actual additional damages incurred by Buyer in excess of such amount.
775 GENERAL PROVISIONS
776 18. CAUSES OF LOSS, INSURANCE; DAMAGE TO INCLUSIONS AND SERVICES; CONDEMNATION; AND
777 WALK-THROUGH. Except as otherwise provided in this Contract, the Property, Inclusions or both will be delivered in the
778 condition existing as of the date of this Contract, ordinary wear and tear excepted.
779 18.1. Causes of Loss, Insurance.In the event the Property or Inclusions are damaged by fire, other perils or causes of loss
780 prior to Closing (Property Damage) in an amount of not more than ten percent of the total Purchase Price and if the repair of the
781 damage will be paid by insurance (other than the deductible to be paid by Seller), then Seller, upon receipt of the insurance proceeds,
782 will use Seller’s reasonable efforts to repair the Property before Closing Date. Buyer has the Right to Terminate under § 24.1., on
783 or before Closing Date, if the Property is not repaired before Closing Date, or if the damage exceeds such sum. Should Buyer elect
784 to carry out this Contract despite such Property Damage, Buyer is entitled to a credit at Closing for all insurance proceeds that were
785 received by Seller (but not the Association, if any) resulting from damage to the Property and Inclusions, plus the amount of any
786 deductible provided for in the insurance policy. This credit may not exceed the Purchase Price. In the event Seller has not received
787 the insurance proceeds prior to Closing, the parties may agree to extend the Closing Date to have the Property repaired prior to
788 Closing or, at the option of Buyer, (1) Seller must assign to Buyer the right to the proceeds at Closing, if acceptable to Seller’s
789 insurance company and Buyer’s lender; or (2) the parties may enter into a written agreement prepared by the parties or their attorney
790 requiring the Seller to escrow at Closing from Seller’s sale proceeds the amount Seller has received and will receive due to such
791 damage, not exceeding the total Purchase Price, plus the amount of any deductible that applies to the insurance claim.
792 18.2. Damage, Inclusions and Services.Should any Inclusion or service (including utilities and communication services),
793 system, component or fixture of the Property (collectively Service) (e.g., heating or plumbing), fail or be damaged between the date
794 of this Contract and Closing or possession, whichever is earlier, then Seller is liable for the repair or replacement of such Inclusion
795 or Service with a unit of similar size, age and quality, or an equivalent credit, but only to the extent that the maintenance or
796 replacement of such Inclusion or Service is not the responsibility of the Association, if any, less any insurance proceeds received by
797 Buyer covering such repair or replacement. If the failed or damaged Inclusion or Service is not repaired or replaced on or before
798 Closing or possession, whichever is earlier, Buyer has the Right to Terminate under § 24.1., on or before Closing Date, or, at the
799 option of Buyer, Buyer is entitled to a credit at Closing for the repair or replacement of such Inclusion or Service. Such credit must
800 not exceed the Purchase Price. If Buyer receives such a credit, Seller’s right for any claim against the Association, if any, will survive
801 Closing.
802 18.3. Condemnation.In the event Seller receives actual notice prior to Closing that a pending condemnation action may
803 result in a taking of all or part of the Property or Inclusions, Seller must promptly notify Buyer, in writing, of such condemnation
804 action. Buyer has the Right to Terminate under § 24.1., on or before Closing Date, based on such condemnation action, in Buyer’s
805 sole subjective discretion. Should Buyer elect to consummate this Contract despite such diminution of value to the Property and
806 Inclusions, Buyer is entitled to a credit at Closing for all condemnation proceeds awarded to Seller for the diminution in the value
807 of the Property or Inclusions but such credit will not include relocation benefits or expenses or exceed the Purchase Price.
808 18.4. Walk-Through and Verification of Condition.Buyer, upon reasonable notice, has the right to walk through the
809 Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with this Contract.
810 18.5. Risk of Loss – Growing Crops.The risk of loss for damage to growing crops by fire or other casualty will be borne
811 by the party entitled to the growing crops as provided in § 2.8. and such party is entitled to such insurance proceeds or benefits for
812 the growing crops.
813 19. RECOMMENDATION OF LEGAL AND TAX COUNSEL.By signing this Contract, Buyer and Seller acknowledge that
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814 their respective broker has advised that this Contract has important legal consequences and has recommended: (1) legal examination
815 of title; (2) consultation with legal and tax or other counsel before signing this Contract as this Contract may have important legal
816 and tax implications; (3) to consult with their own attorney if Water Rights, Mineral Rights or Leased Items are included or excluded
817 in the sale; and (4) to consult with legal counsel if there are other matters in this transaction for which legal counsel should be
818 engaged and consulted. Such consultations must be done timely as this Contract has strict time limits, including deadlines, that must
819 be complied with.
820
821 20. TIME OF ESSENCE, DEFAULT AND REMEDIES.Time is of the essence for all dates and deadlines in this Contract.
822 This means that all dates and deadlines are strict and absolute. If any payment due, including Earnest Money, is not paid, honored
823 or tendered when due, or if any obligation is not performed timely as provided in this Contract or waived, the non-defaulting party
824 has the following remedies:
825 20.1. If Buyer is in Default:
826 20.1.1. Specific Performance.Seller may elect to cancel this Contract and all Earnest Money (whether or not paid
827 by Buyer) will be paid to Seller and retained by Seller. It is agreed that the Earnest Money is not a penalty, and the parties agree the
828 amount is fair and reasonable. Seller may recover such additional damages as may be proper. Alternatively, Seller may elect to treat
829 this Contract as being in full force and effect and Seller has the right to specific performance or damages, or both.
830 20.1.2. Liquidated Damages, Applicable. This § 20.1.2. applies unless the box in § 20.1.1. is checked. Seller may
831 cancel this Contract. All Earnest Money (whether or not paid by Buyer) will be paid to Seller and retained by Seller. It is agreed that
832 the Earnest Money amount specified in § 4.1. is LIQUIDATED DAMAGES and not a penalty, which amount the parties agree is
833 fair and reasonable and (except as provided in §§ 10.4. and 21), such amount is SELLER’S ONLY REMEDY for Buyer’s failure to
834 perform the obligations of this Contract. Seller expressly waives the remedies of specific performance and additional damages.
835 20.2. If Seller is in Default:
836 20.2.1. Specific Performance, Damages or Both.Buyer may elect to treat this Contract as canceled, in which case
837 all Earnest Money received hereunder will be returned to Buyer and Buyer may recover such damages as may be proper.
838 Alternatively, in addition to the per diem in § 17 (Possession) for failure of Seller to timely deliver possession of the Property after
839 Closing occurs, Buyer may elect to treat this Contract as being in full force and effect and Buyer has the right to specific performance
840 or damages, or both.
841 20.2.2. Seller’s Failure to Perform.In the event Seller fails to perform Seller’s obligations under this Contract, to
842 include, but not limited to, failure to timely disclose Association violations known by Seller, failure to perform any replacements or
843 repairs required under this Contract or failure to timely disclose any known adverse material facts, Seller remains liable for any such
844 failures to perform under this Contract after Closing. Buyer’s rights to pursue the Seller for Seller’s failure to perform under this
845 Contract are reserved and survive Closing.
846 21. LEGAL FEES, COST AND EXPENSES.Anything to the contrary herein notwithstanding, in the event of any arbitration
847 or litigation relating to this Contract, prior to or after Closing Date, the arbitrator or court must award to the prevailing party all
848 reasonable costs and expenses, including attorney fees, legal fees and expenses.
849 22. MEDIATION.If a dispute arises relating to this Contract (whether prior to or after Closing) and is not resolved, the parties
850 must first proceed, in good faith, to mediation. Mediation is a process in which the parties meet with an impartial person who helps
851 to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. Before any mediated settlement is
852 binding, the parties to the dispute must agree to the settlement, in writing. The parties will jointly appoint an acceptable mediator
853 and will share equally in the cost of such mediation. The obligation to mediate, unless otherwise agreed, will terminate if the entire
854 dispute is not resolved within thirty days of the date written notice requesting mediation is delivered by one party to the other at that
855 party’s last known address (physical or electronic as provided in § 26). Nothing in this Section prohibits either party from filing a
856 lawsuit and recording a lis pendens affecting the Property, before or after the date of written notice requesting mediation. This
857 Section will not alter any date in this Contract, unless otherwise agreed.
858 23. EARNEST MONEY DISPUTE.Except as otherwise provided herein, Earnest Money Holder must release the Earnest
859 Money following receipt of written mutual instructions, signed by both Buyer and Seller. In the event of any controversy regarding
860 the Earnest Money, Earnest Money Holder is not required to release the Earnest Money. Earnest Money Holder, in its sole subjective
861 discretion, has several options: (1) wait for any proceeding between Buyer and Seller; (2) interplead all parties and deposit Earnest
862 Money into a court of competent jurisdiction (Earnest Money Holder is entitled to recover court costs and reasonable attorney and
863 legal fees incurred with such action); or (3) provide notice to Buyer and Seller that unless Earnest Money Holder receives a copy of
864 the Summons and Complaint or Claim (between Buyer and Seller) containing the case number of the lawsuit (Lawsuit) within one
865 hundred twenty days of Earnest Money Holder’s notice to the parties, Earnest Money Holder is authorized to return the Earnest
866 Money to Buyer. In the event Earnest Money Holder does receive a copy of the Lawsuit and has not interpled the monies at the time
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867 of any Order, Earnest Money Holder must disburse the Earnest Money pursuant to the Order of the Court. The parties reaffirm the
868 obligation of § 22 (Mediation). This Section will survive cancellation or termination of this Contract.
869 24. TERMINATION.
870 24.1. Right to Terminate.If a party has a right to terminate, as provided in this Contract (Right to Terminate), the
871 termination is effective upon the other party’s receipt of a written notice to terminate (Notice to Terminate), provided such written
872 notice was received on or before the applicable deadline specified in this Contract. If the Notice to Terminate is not received on or
873 before the specified deadline, the party with the Right to Terminate accepts the specified matter, document or condition as satisfactory
874 and waives the Right to Terminate under such provision. Any Notice to Terminate delivered after the applicable deadline specified
875 in the Contract is ineffective and does not terminate this Contract.
876 24.2. Effect of Termination.In the event this Contract is terminated, all Earnest Money received hereunder must be timely
877 returned to Buyer and the parties are then relieved of all obligations hereunder, subject to §§ 10.4. and 21.
878 25. ENTIRE AGREEMENT, MODIFICATION, SURVIVAL; SUCCESSORS.This Contract, its exhibits and specified
879 addenda, constitute the entire agreement between the parties relating to the subject hereof and any prior agreements pertaining
880 thereto, whether oral or written, have been merged and integrated into this Contract. No subsequent modification of any of the terms
881 of this Contract is valid, binding upon the parties, or enforceable unless made in writing and signed by the parties. Any right or
882 obligation in this Contract that, by its terms, exists or is intended to be performed after termination or Closing survives the same.
883 Any successor to a party receives the predecessor’s benefits and obligations of this Contract.
884 26. NOTICE, DELIVERY AND CHOICE OF LAW.
885 26.1. Physical Delivery and Notice.Any document or notice to Buyer or Seller must be in writing, except as provided in
886 § 26.2. and is effective when physically received by such party, any individual named in this Contract to receive documents or
887 notices for such party, Broker, or Brokerage Firm of Broker working with such party (except any notice or delivery after Closing
888 must be received by the party, not Broker or Brokerage Firm).
889 26.2. Electronic Notice.As an alternative to physical delivery, any notice may be delivered in electronic form to Buyer or
890 Seller, any individual named in this Contract to receive documents or notices for such party, Broker or Brokerage Firm of Broker
891 working with such party (except any notice or delivery after Closing, cancellation or Termination must be received by the party, not
892 Broker or Brokerage Firm) at the electronic address of the recipient by facsimile, email or Facsimile, DocuSign, e-mail
.
893 26.3. Electronic Delivery.Electronic Delivery of documents and notice may be delivered by: (1) email at the email address
894 of the recipient, (2) a link or access to a website or server provided the recipient receives the information necessary to access the
895 documents, or (3) facsimile at the facsimile number (Fax No.) of the recipient.
896 26.4. Choice of Law.This Contract and all disputes arising hereunder are governed by and construed in accordance with
897 the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract in Colorado for real property
898 located in Colorado.
899 27. NOTICE OF ACCEPTANCE, COUNTERPARTS.This proposal will expire unless accepted in writing, by Buyer and
900 Seller, as evidenced by their signatures below and the offering party receives notice of such acceptance pursuant to § 26 on or before
901 Acceptance Deadline Date and Acceptance Deadline Time. If accepted, this document will become a contract between Seller and
902 Buyer. A copy of this Contract may be executed by each party, separately and when each party has executed a copy thereof, such
903 copies taken together are deemed to be a full and complete contract between the parties.
904 28. GOOD FAITH.Buyer and Seller acknowledge that each party has an obligation to act in good faith including, but not limited
905 to, exercising the rights and obligations set forth in the provisions of Financing Conditions and Obligations;Title Insurance,
906 Record Title and Off-Record Title;New ILC, New Survey; and Property Disclosure, Inspection, Indemnity, Insurability, Due
907 Diligence and Source of Water.
908 29. BUYER’S BROKERAGE FIRM COMPENSATION.Buyer’s brokerage firm’s compensation will be paid, at Closing, as
909 follows:
910 X 29.1.3 % of the Purchase Price or $by Seller. Buyer’s brokerage firm is an intended third-party
911 beneficiary under this provision only. The amount paid by Seller under this provision is in addition to any other amounts Seller is
912 paying on behalf of Buyer elsewhere in this Contract.
913 29.2.% of the Purchase Price or $by Buyer pursuant to a separate agreement between Buyer and
914 Buyer’s brokerage firm. This amount may be modified between Buyer and Buyer’s brokerage firm outside of this Contract.
915 29.3.% of the Purchase Price or $by a separate agreement between Buyer’s brokerage firm and
916 Seller’s brokerage firm.
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917 ADDITIONAL PROVISIONS AND ATTACHMENTS
918 30. ADDITIONAL PROVISIONS.(The following additional provisions have not been approved by the Colorado Real Estate
919 Commission.)
920 This contract is contingent upon a minor subdivision of Lots 1, 2 and 3 such
that 50% of Lot 2 will be aggregated into Lot 1 and 50% of Lot2 will be aggregated
into Lot 3.
Buyers will pay all costs of the Minor Subdivision application and Replat in
the City of Fort Collins.
Seller agrees to provide consent for the Minor Subdivision as long as the Closing
of Lot 2 occurs prior to the filing of the Replat.
Buyer and Seller agree that the existing side yard drainage easements on the
east side of Lot 1 and the west side of Lot 3 will be abandoned. Buyer and
Seller mutually agree that a new drainage easement will be created that splits
the proposed common lot line between Lots 1 and 3.
Buyer and Seller agree to cooperatively seek approval for the modification
of the existing Bylaws and CC&R’s for the replatted Lots such that each of
the new lots will pay 150% of the assessment based on the prorated assignment
of costs for the monthly assessment. Further, special assessments will be
assigned at 150% of par value for the newly platted Lots 1 and 3 and 100% for
Lots 4,5,6,7 and 8.
Buyer and Seller agree to use their best efforts to effect the Replat.
Consummation of the contract will be dependent upon the City’s approval of
the subdivision. If the lot is not able to be subdivided, Earnest Money will
be returned to the Buyers.
921
922
923
924
925
926
927
928
929
930 31. OTHER DOCUMENTS.
931 31.1. Documents Part of Contract.The following documents are a part of this Contract:
932
933
934
935
936
937 31.2. Documents Not Part of Contract.The following documents have been provided but are not a part of this Contract:
938
939
940
941
942 SIGNATURES
943
Buyer’s Name:The Gary and Janice Kissler 1996 Family Trust and Eric Schmieg and Ashley Schmieg
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BuyerSignerFirstSig BuyerSignerFirstDate
Buyer’s Signature Gary D Kissler Date
Address:
Phone No.:
Fax No.:
Email Address:
BuyerSignerSecondSig BuyerSignerSecondDate
Buyer’s Signature Janice M Kissler Date
Address:
Phone No.:
Fax No.:
Email Address:
BuyerSignerThirdSig BuyerSignerThirdDate
Buyer’s Signature Ashley M Schmieg Date
Address:
Phone No.:
Fax No.:
Email Address:
BuyerSignerFourthSig BuyerSignerFourthDate
Buyer’s Signature Eric Schmieg Date
Address:
Phone No.:
Fax No.:
Email Address:
944 [NOTE: If this offer is being countered or rejected, do not sign this document.]
Seller’s Name:Philgreen Construction Inc
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SellerSignerFirstSig SellerSignerFirstDate
Seller’s Signature Mitch Greeno Date
Address:
Phone No.:
Fax No.:
Email Address:
945
946 END OF CONTRACT TO BUY AND SELL REAL ESTATE
BROKER’S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE.
A. Broker Working with Buyer
Broker Does X Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if Brokerage Firm is the Earnest
Money Holder and, except as provided in § 23, if the Earnest Money has not already been returned following receipt of a Notice to
Terminate or other written notice of termination, Earnest Money Holder will release the Earnest Money as directed by the written
mutual instructions. Such release of Earnest Money will be made within five days of Earnest Money Holder’s receipt of the executed
written mutual instructions, provided the Earnest Money check has cleared.
Broker is working with Buyer as a X Buyer’s Agent Transaction-Broker in this transaction.
Customer. Broker has no brokerage relationship with Buyer. See § B for Broker’s brokerage relationship with Seller.
Brokerage Firm’s compensation or commission is to be paid as sopecified in § 29 above.
This Broker’s Acknowledgments and Compensation Disclosure is for disclosure purposes only and does NOT create any claim for
compensation. Any compensation agreement between the brokerage firms must be entered into separately and apart from this
provision.
Brokerage Firm’s Name:Mosaic Realty LLC
Brokerage Firm’s License #:
Broker’s Name:Carl Almgren
Broker’s License #:100086580
BuyerBrokerSignerFirstSig BuyerBrokerSignerFirstDate
Broker’s Signature: Date
Address:2325 Marshwood Drive
Fort Collins, CO 80526
Phone No.:(970)765-7755
Fax No.:
Email Address:
B. Broker Working with Seller
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Broker Does X Does Not acknowledge receipt of Earnest Money deposit. Broker agrees that if Brokerage Firm is the Earnest
Money Holder and, except as provided in § 23, if the Earnest Money has not already been returned following receipt of a Notice to
Terminate or other written notice of termination, Earnest Money Holder will release the Earnest Money as directed by the written
mutual instructions. Such release of Earnest Money will be made within five days of Earnest Money Holder’s receipt of the executed
written mutual instructions, provided the Earnest Money check has cleared.
Broker is working with Seller as a X Seller’s Agent Transaction-Broker in this transaction.
Customer. Broker has no brokerage relationship with Seller. See § A for Broker’s brokerage relationship with Buyer.
Brokerage Firm’s compensation or commission is to be paid by X Seller Buyer Other .
This Broker’s Acknowledgments and Compensation Disclosure is for disclosure purposes only and does NOT create any claim for
compensation. Any agreement to pay compensation must be entered into separately and apart from this provision.
Brokerage Firm’s Name:C3 Real Estate Solutions, LLC
Brokerage Firm’s License #:
Broker’s Name:Catherine Rogers
Broker’s License #:40033220
Broker’s Signature: Date
Address:2720 Council Tree Ave, #178
Fort Collins, CO 80525
Phone No.:(970)225-5152
Fax No.:(970)667-2802
Email Address:
947
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