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HomeMy WebLinkAboutJERRY W WILLIAMS - CONTRACT - BID - 5652 SALE OF REAL ESTATE DORSET COURT[WILLIAMSDORSETTAGR.WPD 6112102] AGREEMENT OF PURCHASE AND SALE OF REAL PROPERTY Dated p 2002 THIS AGREEMENT, is made and entered into thil�)4 day of 2002, by and between THE CITY OF FORT COLLINS, COLORADO, a municipal corporation, whose address is 300 LaPorte Avenue, Fort Collins, Colorado 80521, (hereinafter referred to as "the Seller"), and JERRY W. WILLIAMS, whose address is 1081 Via Alegre Drive, Ramona, CA 92065, (hereinafter referred to as "the Purchaser"). WITNESSETH: For and in consideration of the promise of the Purchasers to purchase and of the Seller to sell the real property hereinafter described, and other good and valuable consideration, the receipt and adequacy of which are hereby confessed and acknowledged, the parties hereto agree to be legally bound whereby the Seller agrees to sell and the Purchaser agrees to purchase the said real property on the terms and conditions hereinafter set forth. 1. Description of Real Property. The real estate which is the subject matter of this Agreement of Purchase and Sale is that ,certain parcel of real property, which real property is described as Lot 165, Block24, Brown Farm 1 s`, Fort Collins, County of Larimer, State of Colorado. Said real property shall be hereinafter referred to as "the Property". The Property shall include any fences, buildings, irrigation systems, and other improvements now located thereon, including all fixtures of a permanent nature. The Property shall also include all water taps, gas taps and sewer taps belonging in any way appertaining thereto. In addition, the Property shall include all of the Seller's right, title and interest in and to easements, rights -of -way, future interests and rights to the same belonging and inuring to the benefit of the Property, and in and to all strips and gores of land lying between the Property and adjoining property or streets, roads or highways, open or proposed. 2. Method of Conveyance. The Seller agrees to sell to the Purchaser and the Purchaser agrees to purchase from the Seller, subject to the terms and conditions as set forth herein, the Property. The Property shall be conveyed by the Seller at the time of closing to the Purchaser by quit claim deed, free and clear of all liens and encumbrances, except and subject to the following: A. All easements and rights -of -way in place; B. All easements, covenants, reservations, restrictions, rights -of -way, and agreements of record; 1 C. Any restrictions, reservations or exceptions contained in any United States or State of Colorado patents of record; D. All zoning and other governmental rules and regulations; E. Statutory lien rights resulting from the inclusion of the Property in any special taxing district or improvement districts; F. All oil, gas or other mineral reservations or exceptions of record; and G. General property taxes, assessments and charges for 2002 and all subsequent years. 3. Purchase Price. The purchase price of the Property shall be One Hundred Sixty -Nine Thousand Dollars ($169,000.00) and shall be payable by the Purchaser to the Seller as follows: A. The sum of One Thousand Dollars ($1,000.00), representing an earnest money deposit, shall be paid to the Seller by the Purchaser upon the execution of this Agreement in cash or certified funds. B. The balance of the purchase price in the amount of One Hundred Sixty -Eight Thousand Dollars ($168,000.00), subject to closing costs and customary prorations, as hereinafter provided, shall be payable by certified check from the Purchaser to the Seller at the time of closing, as hereinafter set forth. 4. Title Insurance. The Purchaser, at his expense, may provide his own title insurance. The Seller shall be under no obligation to provide title insurance in this transaction. The title insurance commitment obtained by the Purchaser shall show marketable title to the Property in the Seller, subject only to those items described in paragraph 2. above. In the event said title insurance commitment discloses title defects subject to which the Purchaser need not take title, the Seller may, at its option, cure such defect within a reasonable period of time, at its expense, without any other manner affecting the terms of this Agreement. In the event said title insurance company refuses to omit any title defect or objection priorto closing, then the Purchaser shall, at his election, have the right to accept such title as the Seller is willing to convey, without any reduction of the purchase price; orthe Purchaser shall have the right to rescind this Agreement and, upon such rescission pursuant to this paragraph, the Purchaser shall be entitled to the return of the amount of money theretofore paid to the Seller or its agent; and upon such payment, this Agreement shall be null and void and of no further effect, and all parties to this Agreement shall be released from all obligations hereunder. 2 5. Closing. The closing of this transaction shall be held on or befgre Ju& '�7-, 2002, 2:00 m. at _C nrti T;+ice P• , located at 7 i L-) tJµ • Om except' as otherwise provided for in Paragraph 19 below, or at such other reasonable time, date or location as the parties may mutually agree upon. 6. Possession. Possession of the Property shall be delivered to the Purchaser at time of closing. 7. Prorations. Real property taxes and assessments and similar expenses, in accordance with local practice, shall be prorated as of the date of closing. 8. Remedies on Default. If any payment due hereunder is not paid, honored or tendered when due, or if any other obligation hereunder is not performed as herein provided, there shall be the following' remedies: A. If the Purchaser is in default, then the Seller may elect to treat this Agreement as terminated, in which case all payments and things of value received hereunderfrom the Purchaser shall be forfeited bythe Purchaser and retained by the Seller, and the Seller may recover such damages as may be proper, or the Seller may elect to treat this Agreement as being in full force and effect, and the Seller shall have the right to an action for specific performance or damages, or both. B. If the Seller is in default, the Purchaser may elect to treat this Agreement as terminated, in which case all payments and things of value received hereunder by the Seller shall be returned to the Purchaser, and the Purchaser may recover such damages as maybe proper, or the Purchaser may elect to treat this Agreement as being in full force and effect, and the shall have the right to specific performance or damages, or both. 9. Attorneys' Fees and Costs. In the event either of the respective parties hereto shall default in any of their covenants or obligations herein provided and the party not in default commences legal or equitable action against the defaulting party, the defaulting party expressly agrees to pay all of the non -defaulting party's reasonable expenses of said litigation, including a reasonable sum for attorneys' fees. 10. Governing Law. It is expressly understood and agreed by and between the parties hereto that this Agreement is made in and shall be construed and interpreted in accordance with the laws of the State of Colorado. 11. Notices. Any notice or other communication given by either party hereto to the other relating to this Agreement shall be hand delivered or sent by registered or certified mail, return receipt requested, addressed to such other party at their respective M address asset forth below; and such notice or other communication shall be deemed given when so hand delivered or when so mailed; If to Seller: With a copy to: Real Estate Services City Attorney's Office City of Fort Collins City of Fort Collins P.O. Box 580 P.O. Box 580 Fort Collins, CO 80522 Fort Collins, CO 80522 if to Purchaser: Jerry Williams 1081 Via Alegre Drive Ramona, CA 92065 With a copy to: 12. Assignment. This Agreement shall not be assigned by either of the parties hereto without the prior written consent of the other party. 13. Maintenance of the Property. The Seller shall keep, or cause to be kept, the Property in its condition as of the date hereof until the closing of this transaction, subject to normal wear -and -tear and seasonal changes, and agrees not to commit or permit waste thereon. 14. Casualty. In the event that the Property is substantially damaged by fire, flood or casualty between the date of this Agreement and the date of closing of title, this Agreement may, at the option of the Purchaser, be declared null and void and of no further force or effect; and all the parties to this Agreement shall be released from all obligations hereunder; and the Purchaser shall be entitled to a refund of the amount of money, if any, theretofore paid to the Seller. 15. Headings. Paragraph headings used herein are for convenience of reference and shall in noway define, limit or prescribe the scope or intent of any provision under this Agreement. 16. Terms Survive Closing. To the extent necessary to carry out all of the terms and provisions hereof, the said terms, obligations and rights set forth herein shall be deemed not terminated at the time of closing; nor shall they be necessarily merged with the various documents executed and delivered at such time. 17. Construction. Words of the masculine gender shall include the feminine and neuter gender and when the sentence so indicates, words of the neuter gender shall refer to any gender. Words in the singular shall include the plural and vice versa. This Agreement shall be construed according to its fair meaning, and as if prepared by both parties hereto, and shall be deemed to be and contain the entire understanding and agreement between the parties hereto. There shall be deemed to be no other terms, conditions, promises, understandings, statements or representation, expressed or implied, concerning this Agreement unless set forth in writing and signed by both parties hereto. EI 18. Time is of the Essence. It is agreed that time shall be of the essence of this Agreement and each and every provision hereof. 19. Right to Inspection. The Purchaser shall be permitted to fully inspect the Property at any time up to and including ten (10) days after execution of this Agreement. The Seller agrees that the Purchaser and his agent may have reasonable access to the Property to conduct tests and/or inspections, at their expense, concerning the presence of environmental hazardous waste, underground storage tanks, or other environmental conditions which could expose the Purchaser to future liability for damages or clean-up expenses. In the event the Purchaser's exposure to such damages or expenses is certified by a qualified environmental engineer to be reasonably likely and such damages or expenses are reasonably estimated by the engineer to exceed Two Thousand Dollars ($2,000.00), the Purchaser may, upon written notice to the Seller specifying such hazard and cost, terminate this Agreement; In the event of such termination, the Purchaser's earnest money deposit paid pursuant to Paragraph 3 above shall be returned to them. In the absence of such written notice from the Purchaser to the Seller on or before ten (10) days after execution of this Agreement, this inspection condition shall expire. 21. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective personal representatives, successors and assigns. 22. "AS -IS" Nature of Sale. Purchaser acknowledges and agrees that the Seller has not made, does not make and specifically negates and disclaims any representations, warranties, promises, covenants, agreements or guarantees of any kind or character whatsoever, whether express or implied, oral or written, past, present or future, of, as to, concerning or with respect to the Property and: (a) the value, nature, quality or condition of the Property, including, without limitation, the water, soil and geology of the Property; (b) the income to be derived from the Property; (c) the suitability of the Property for any and all activities and uses which Purchaser may conduct thereon; (d) the compliance of or by the Property or its operation with any laws, rules, ordinances or regulations of any applicable governmental authority or body; (e) the habitability, merchantability, marketability, profitability or fitness for a particular purpose of the Property; (f) the manner or quality of the construction or materials, if any, incorporated into the Property; (g) the manner, quality, state of repair or lack of repair of the Property; (h) the amount of land that constitutes the Property (i.e., the number of square feet or acres being conveyed); (i) any other matter with respect to the Property, and specifically, that Seller has not made, does not make and specifically disclaims any representations regarding compliance with any environmental protection, pollution or land use laws, rules, regulations, orders or requirements, including solid waste, as defined by the U.S. Environmental Protection Agency regulations at 40 C.F.R., Part 261 or the disposal or existence, in or on the Property, of any hazardous substance, as defined by the Comprehensive Environmental Response Compensation and Liability Act of 1980, as amended, and regulations promulgated thereunder. Purchaser further acknowledges and agrees that having been given the opportunity to inspect the Property, the Purchaser is relying solely on their own 11 .11 investigation of the Property and not on any information provided or to be provided by the Seller. The Purchaser further acknowledges and agrees that a4,y inf(rtfi to be Provided with respect it) the Propertywaation provided or s obtained from auariety cif sources and that the Seller has not made any independent investigation or verifirgation of such information and makes no representations as to the accuracy or completooess of�such information. The Purchaser agrees that the Seller is not liable or bound in i ty mariner by any verbal or written statements, representations or information pertainiln'to th; Property, or the operation thereof, furnished by any real estate broker, agent, doployeei servant, or other person. The Purchaser further acknowledges and agrees that to thelmaximum extent permitted by law, the sale of the Property as provided for heriiih is made on an "AS IS" condition and basis with all faults. It is understood and agreed that the pUrohase price has been adjusted by the Seller to reflect that all of the Propertylii sold dry the Seller and purchased by the Purchaser subject to the foregoing. IN WITNESS WHEREOF, the parties hereto have execjrfed thisAgreement as of the date and year first above written: , PROVED AS TO FOR : Assistant City A n SELLER: THE CITY OF FORT GpLLINj, COLORADO A Municipal Corporatlb' City Purchaser: M I'd SSSIBBL-09L sweillz0 Rijar R82:60 20 Do Unr