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Home My WebLink About5259r 3 � RESOLUTION NO 5259 A RESOLUTION APPROVING A CONTRACT TO BUY AND SELL REAL ESTATE BETWEEN THE CITY OF PUEBLO AND RAYMOND J. HERRICK AND MARTHA L. HERRICK AND AUTHORIZING THE CITY MANAGER TO EXECUTE SAME. BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that: SEC TION 1. The Residential Contract to Buy and Sell Real Estate dated the 29th day of September, 1983 between the City of Pueblo and Raymond J. Herrick and Martha L. Herrick relating to the purchase and sale of the property commonly known as 3110 8th Avenue, Pueblo, Colorado, a copy of which is attached hereto, is hereby approved and the City Manager is directed and authorized to execute same for and on behalf of the City. INTRODUCED October 11 , 1983 By RE IMAR V ounce man APPROVED: President of the Council ' The printed portions oft his form approved by the I KLo(K ('olorado Real Estate Commission (SC 21 -2 -81) 1 1 AN THIS IS A LEGAL INSTRUMENT. IF NOT UNDERSTOOD, LEGAL, TAX OR OTHER COUNSEL SHOULD BE CONSULTED BEFORE SIGNING. (OfMA`IY REALTOR RESIDENTIAL CONTRACT TO BUY AND SELL REAL ESTATE PUEBLO, 81001 (Remedies Include Specific Performance) (303) 544 -4602 September 2 1 9 83 1. The undersigned agent hereby acknowledges having received from _ a'► lou J. Herrick __ the sum of $ 5,000.00 , in the form of A Personal C to be held by Klock and Company, Realtor broker, in broker's escrow or trustee account, as earnest money and part payment for the following described real estate in the __ City and County of Pueblo , Colorado, to wit: South 16' of Lot 6, all of Lots 7 - 12, Block 21, Grandview Place together with all improvements thereon and all fixtures of a permanent nature currently on the premises except as hereinafter provided, in their present condition, ordinary wear and tear excepted, known as No. 3110 8th Ave ., Pueblo, Colorado and hereinafter called the Property. (Street Address, City, Zip) 2. The undersigned person(s) Raymond J Herrick and Martha L. Herrick (as joint tenants /tenants in common), hereinafter called Purchaser, hereby agrees to buy the Property, and the undersigned owner(s), hereinafter called Seller, hereby agrees to sell the Property upon the terms and conditions stated herein. 3. The purchase price shall be U.S. $ 156,000.00 payable as follows: $ 5,000.00 hereby receipted for; $151,000.00 in cash or certified funds on day of closing. 4. Price to include any of the following items currently on the Property: lighting, heating, plumbing, ventilating, and central air conditioning fixtures; attached TV antennas and /or water softener (if owned by Seller); all outdoor plants, window and porch shades, venetian blinds, storm windows, storm doors, screens, curtain rods, drapery rods, attached mirrors, linoleum, floor tile, awnings, fireplace screen and grate, built -in kitchen appliances, wall -to -wall carpeting and such other items presently on property, all in their present condition, conveyed free and clear of all taxes, liens and encumbrances except as provided in paragraph 11; provided, however, that the following fixtures of a permanent nature are excluded from this sale: Personal property shall be conveyed by bill of sale. 5. If a new loan is to be obtained by Purchaser from a third party, Purchaser agrees to promptly and diligently (a) apply for such loan, (b) execute all documents and furnish all information and documents required by the lender, and (c) pay the customary costs of obtaining such loan. Then if such loan is not approved on or before NSA , 19_, or if so approved but is not available at time of closing, this contract shall be null and void and all payments and things of value received hereunder shall be returned to Purchaser. 6. If a note and trust deed or mortgage is to be assumed, Purchaser agrees to apply for a loan assumption if required and agrees to pay (1) a loan transfer fee not to exceed $ N/A and (2) an interest rate not to exceed NSA % per annum. If the loan to be assumed has provisions for a shared equity or variable interest rates or variable payments, this contract is conditioned upon Purchaser reviewing and consenting to such provisions. If the lender's consent to a loan assumption is required, this contract is conditioned upon obtaining such consent without change in the terms and conditions of such loan except as herein provided. 7. If a note is to be made payable to Seller as partial or full payment of the purchase price, this contract shall not be assignable by Purchaser without written consent of Seller. 8. Cost of any appraisal for loan purposes to be obtained after this date shall be paid by Purchaser 9. current commitment for title insurance policy in an amount equal to the purchase price, at Seller's/AR( /V/, W expense, shall be furnished to Purchaser on or before October 12 , 19 83 . If Seller elects to furnish said title insurance commitment, Seller will deliver the title insurance policy to Purchaser after closing and pay the premium thereon. 10. The date of closing shall be the date for delivery of deed as provided in paragraph 11. The hour and place of closing shall be as designated by Klock and Company_, Realtor 11. Title shall be merchantable in Seller, except as stated in this paragraph and in paragraphs 12 and 13.. Subject to payment or tender as above provided and compliance by Purchaser with the other terms and provisions hereof, Seller shall execute and deliver a good and sufficient (,Pneral warranty deed to Purchaser on October 21 , 198_, or, by mutual agreement, at an earlier date, conveying the Property free and clear of all taxes, except the general taxes for the year of closing, and except None free and clear of all liens for special improvements installed as of the date of Purchaser's signature hereon, whether assessed or not; free and clear of all liens and encumbrances except None except recorded and /or apparent easements for telephone, electricity, water, sanitary sewer, and easements for To be filled in by l Agmt attarht-d and rnarle n�n art of this Feel =rarf: except the following restrictive covenants which do not contain a right of reverter: To bP filled in by Listing Agent, attached and made a part of this contract. and subject to building and zoning regulations. No. SC 21 -2 -81. Contract to Buy and Sell Real Estate (Residential) Printing Plus 12. Except as stated in paragraphs 11 and 13, if title is not merchantable and written notice of defect(s) is given by Purchaser or Purchaser's agent to Seller or Seller's agent on or before date of closing, Seller shall use reasonable effort to correct said defect(s) prior to date of closing. If Seller is unable to correct said defect(s) on or before date of closing, at Seller's option and upon written notice to Purchaser or Purchaser's agent on or before date of closing, the date of closing shall be extended thirty days for the purpose of correcting said defect(s). Except as stated in paragraph 13, if title is not rendered merchantable as provided in this paragraph 12, at Purchaser's option, this contract shall be void and of no effect and each party hereto shall be released from all obligations hereunder and all payments and things of value received hereunder shall be returned to Purchaser. 13. Any encumbrance required to be paid may be paid at the time of settlement from the proceeds of this transaction or from any other source. Provided, however, at the option of either party, if the total indebtedness secured by liens on the Property exceeds the purchase price, this contract shall be void and of no effect and each party hereto shall be released from all obligations hereunder and all payments and things of value received hereunder shall be returned to Purchaser. 14. General taxes for the year of closing, based on the most recent levy and the most recent assessment, prepaid rents, water rents, sewer rents, FHA mortgage insurance premiums and interest on encumbrances, if any, and None shall be apportioned to date of delivery of deed. 15. Possession of the Property shall be delivered to Purchaser on Delivery of Deed ' subject to the following leases or tenancies: If Seller fails to deliver possession on the date herein specified, Seller shall be subject to eviction and shall be liable for a daily rental of $ 75.00 until possession is delivered. 16. In the event the Property shall be damaged by fire or other casualty prior to time of closing, in an amount of not more than ten per cent of the total purchase price, Seller shall be obligated to repair the same before the date herein provided for delivery of deed. In the event such damage is not or cannot be repaired within said time or if the damages exceed such sum, this contract may be terminated at the option of Purchaser and all payments and things of value received hereunder shall be returned to Purchaser. Should Purchaser elect to carry out this contract despite such damage, Purchaser shall be entitled to all the credit for the insurance proceeds resulting from such damage, not exceeding, however, the total purchase price. Should any fixtures or services fail between the date of this contract and the date of possession or the date of delivery of deed, whichever shall be earlier, then Seller shall be liable for the repair or replacement of such fixtures or services with a unit of similar size, age and quality, or an equivalent credit. 17. Time is of the essence hereof. If any note or check received as earnest money hereunder or any other payment due hereunder is not paid, honored or tendered when due, or if any other obligation hereunder is not performed as herein provided, there shall be the following remedies: (a) IF SELLER IS IN DEFAULT, (1) Purchaser may elect to treat this contract as terminated, in which case all payments and things of value received hereunder shall be returned to Purchaser and Purchaser may recover such damages as may be proper, or (2) Purchaser may elect to treat this contract as being in full force and effect and Purchaser shall have the right to an action for specific performance or damages, or both. (b) IF PURCHASER IS IN DEFAULT, (1) Seller- may elect to treat this contract as terminated, in which case all payments and things of value received hereunder shall be forfeited and retained on behalf of Seller and Seller may recover such damages as may be proper, or (2) Seller may elect to treat this contract as being in full force and effect and Seller shall have the right to an action for specific performance or damages, or both. (c) Anything to the contrary herein notwithstanding, in the event of any litigation arising out of this contract, the court may award to the prevailing party all reasonable costs and expense, including attorneys' fees. 18. Purchaser and Seller agree that, in the event of any controversy regarding the earnest money held by broker, unless mutual written instruction is received by broker, broker shall not be required to take any action but may await any proceeding, or at broker's option and discretion, may interplead any moneys or things of value into court and may recover court costs and reasonable attorneys' fees. 19. Additional provisions: 1) This contract is contingent on Purchaser obtaining the following: a) Satisfactory report from a structural engineer regarding the foundation of the home and the swirrming pool. b) Satisfactory financing. 2) Klock and Company, Realtor to pay sellers closing costs, consisting mainly of Title Policy. this proposal i ecepted by Seller in writing and Purchaser receives notice of such acceptance on or before bkr 6 19 83 , thhis instrument shall become a contract between Seller and Purchaser and shall inure to thD benefit/b>; to VAirs, sug4essors dnd assigniyof such parties, except as stated in paragraph 7. 9 ref' �.7Broker Klock and CoMany, Realtor ff urchaser Date Purchaser's Address 1814 Greenwood, Pueblo, Colorado (The following section to be completed by Seller and Listing Agent) 21. Seller accepts the above proposal this day of , 19_ and agrees to pay a commission of $6,000•00 ' OV�f�gOWe*iyWidikk for services in this transaction, and agrees that, in the event of forfeiture of payments and things of value received hereunder, such payments and things of value shall be divided between listing broker and Seller, one -half thereof to said broker, but not to exceed the commission, and t e bal lrce to Seller %:I�ss� losing sts, to cons' of tie policy. mfr! r�, �.iL,�i/ ___ � Sel r Seller Seller's Address Listing Broker's Name and Address