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HomeMy WebLinkAboutBROWN FARM FIRST FILING - Filed OA-OTHER AGREEMENTS - 2003-07-31JO W YN F6-r eN AGREEMENT OF SALE AND PURCHASE THIS AGREEMENT is made and entered into this day of January 1974, by and between M-leeler Realty Company COMPANY, party of the first part (hereinafter designated as "Seller"), and THE CITY OF FORT COLLINS, COLORADO, a munici- pal corporation, party of the second part (hereinafter designated as "Purchaser"), WITNESSETH: 1. Seller agrees to sell to Purchaser and Purchaser agrees to buy from Seller that certain real property situate in the County of Larimer, State of Colorado, more particular- ly Cescribed on Exhibit A attached hereto and by this refer- ence made a part hereof. 2. Seller agrees to convey said property to Purchaser by good and sufficient warranty deed, free and clear of all liens and encumbrances. Seller agrees to furnish to Pur- chaser an abstract of title certified to a current date, showing such marketable title, or in the alternative, at Seller's option, to furnish a commitment for a title insur- ance policy in the amount of the purchase price, showing such marketable title, and after closing to furnish and pay for the title policy. 3. As the full purchase price therefor, Purchaser agrees to pay to Seller the sum of Forty -Two Thousand Five Hundred Dollars ($42,500.00) in the manner following, to - wit: in cash at time of closing. 4. Closing of the within transaction shall be held on or before the 1 Sth; day of _Fehnia-g4 1974, at the offices of March, March & Sullivan, 311 United Bank Building, Fort Collins, Colorado, or at such other place as the parties may mutually agree. At time of closing Seller shall pay all taxes previously accrued against said property, it being nnc�ers nn;] Hhat .-ift c-r_ Pi_irchaser takes ti-t-lc, to the property, a Purchaser on date of closing. 6. As additional consideration for the within agreement and the purchase price to be paid for the property which is the subject of this agreement, Seller agrees to cause to be conveyed to Purchaser a right of way and easement for a bicycle path and pedestrian walkway over and across the property described on Exhibit B attached hereto and by this reference made a part hereof. It is expressly understood and agreed that the within agreement is conditioned upon Seller obtaining such right of way and easement for purchaser. In the event such right of way is not obtained and conveyed to Purchaser :by time of closing, then at the option of Purchaser, this agreement shall be null and void and of no further effect whatsoever. Purchaser agrees in connection with such right of way and easement that it will be respon- sible for the maintenance of the lands covered by the same and of all improvements placed by Purchaser of said lands. Purchaser further agrees that it will take such steps as necessary to prevent the use of such right of way and ease- ment by any motorized vehicle except for maintenance purposes. 7. If the title to the subject property is good but not marketable, and the same can be made marketable, then such facts shall not delay the closing, but the sum of Five Hundred Dollars ($500.00) shall be withheld from the purchase price at time of closing and placed in escrow to guaranty correction of any title defects. Seller shall have a period of six months from time of closing within which to correct any such title defects and if Seller fails to correct the same within such time, Purchaser shall have the right to -2- correct so.ch defects and apply the de?csit in esczow to the costs of the same, refunding any excess over such costs to Seller. 8. Purchaser shall have a period of ten days from the time the abstract or title insurance commitment is delivered to him, within which to examine the abstract and advise the Seller of any defects requiring correction. If Purchaser fails to raise any objections to the title within such time, then the title shall be deemed acceptable to the Purchaser. 9. Any notices required or desired to be given under this agreement shall be deemed delivered if given personally to the party, or if mailed to the other party at the follow- ing address: Seller: Wheeler Realty Company 1331 8th Avenue P.O. Box 519 Greeley, Colorado 80631 Purchaser: The City of Fort Collins, Colorado P. 0. Box 580 Fort Collins, Colorado 80521 and any notices mailed shall be sent Certified Mail, Return Receipt Requested, postage prepaid and shall be deemed delivered three days after deposit in the mails. 10. If either party defaults in the performance required of such party under this agreement, then the party in default agrees to pay all reasonable attorney's fees and other costs incurred by the party not in default in enforcing rights and obligations under this agreement. 11. Time is of the essence of this agreement, and if the Purchaser fails to make any payment required hereunder within the time herein specified then, at the option of the Seller, this agreement shall be null and void and of no effect whatsoever and the Seller shall retain all payments made by the Purchaser therefor as liquidated damages and all further riqhts and liabilities hereunder shall be at an end provided, however, that nothing herein shall prevent the specific performance of this agreement by either party not -3- in default hereunder. 12. This agreement shall be binding upon the parties hereto, their 'heirs, personal representatives, successors and assigns. 13. When necessary for proper construction, the mascu- line of any word used in this agreement shall include the feminine and neuter genders, and the singular shall include the plural and vice versa. The entire agreement shall be construed in accordance with the laws of the State of Colorado. IN WITNESS WHEREOF, the parties hereto have signed this agreement the day and year first hereinabove written. SELLER: Wheel ealty Company By PURCHASER: THE CITY OF FORT COLLINS, COLORADO By i ATTEST: i City Clerk EXHIBIT A Description of real property: Tract: E, Brown Farm Second Filing, in the City of Fort Collins, Colorado, according to the recorded Plat thereof,