RESOLUTION NO. 2018-080 A RESOLUTION APPROVING A CONTRACT TO BUY AND SELL REAL ESTATE FOR THE ACQUISITION OF REAL PROPERTY LOCATED AT 830 N. WILCOX STREET WHEREAS, the Town and Hung Nguyen have agreed to the terms and conditions by which the Town will acquire the real property located at 830 N. Wilcox Street, Castle Rock, Colorado. NOW, THEREFORE BE IT RESOLVED BY THE TOWN COUNCIL OF THE TOWN OF CASTLE ROCK, COLORADO AS FOLLOWS: Section 1. Approval. The Contract to Buy and Sell Real Estate in the form attached as Exhibit 1 is hereby approved. The Mayor and other proper Town officials are authorized to execute the Contract by and on behalf ofthe Town ofCastle Rock, Colorado. Section 2. Encumbranceand Authorization for Payment. In order to meet the Town's financial obligation under the Contract, the Town Council authorizes the expenditure and payment from the 2018 appropriation account no. 110-1530-415.79-11, in an amount not to exceed $849,000, unless authorized in writing by the Town ofCastle Rock. PASSED, APPROVED AND ADOPTED this 4th day of September, 2018 by the Town Council of the Town of Castle Rock, Colorado, on first and final reading by a vote of Cjf for and ^9 against. ATTEST: TOWN OF CASTLE ROCK MA .isa Anderson, To^n-Gferk Jenmfer Greerf, Mayor Approved as to form: Approved as to content: Town Attorney Goebel, P.E., Director ofPublic Works Exhibit 1 1 2 3 ©REALTY GROUP One Group Premier Jeff Samuelson 5 Ph: 303-798-4300 6 7 The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate 8 Commission.(CBS3-6-15) (Mandatory 1-16) 9 10 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL 11 12 AND TAX OR OTHER COUNSEL BEFORE SIGNING. 13 CONTRACT TO BUY AND SELL REAL ESTATE 16 (COMMERCIAL) 17 @ Property with No Residences) (• Property with Residences-Residential Addendum Attached) n Date: 9/5/2018 22 23 24 AGREEMENT 25 1. AGREEMENT. Buyer agrees to buy and Seller agrees to sell, the Property described below on the 2Q terms and conditions set forth In this contract (Contract). 29 2. PARTIES AND PROPERTY. 32 2.1. Buyer. Buyer, Town of Castle Rock , will take title to the Property described below as 33 • Joint Tenants • Tenants In Common • Other. 3634 2.2. NoAssignability. This Contract Is Not assignable by Buyer unless otherwise specified in 36 Additional Provisions. 37 2.3. Seller. Seller, Hung Nguyen , is the current owner of the Property described below. 39 2.4. Property. The Property Is the following legally described real estate In the Countyof 40 Douglas, Colorado: 41 LOTS 23 - 26 BLK 9 WILCOXADD TO CASTLE ROCK 0.187 AM/L 43 known as No. 830 Wilcox Street, Castle Rock, CO 80104, 44 together with the Interests, easements, rights, benefits, improvements and attached fixtures appurtenant 4^ thereto, and all interest of Seller in vacated streets and alleys adjacent thereto, except as herein excluded 47 (Property). 48 4^ 2.5. Inclusions. The Purchase Price includes the following items (Inclusions): 51 2.5.1. Inclusions - Attached. If attached to the Property on the date of this Contract, the 52 following items are included unless excluded under Exclusions: lighting, heating, plumbing, ventilating and air 33 conditioning units, TV antennas. Inside telephone, network and coaxial (cable) wiring and connecting blocks/jacks, plants, mirrors, floor coverings, intercom systems, built-in kitchen appliances, sprinkler systems 56 and controls, built-in vacuum systems (including accessories), garage door openers (including none remote 37 controls). If checked, the following are owned by the Seller and included (leased Items should be listed under 5g Due Diligence Documents): • None G Solar Panels G Water Softeners G Security Systems G 60 Satellite Systems (Including satellite dishes). If any additional items are attached to the Property after the date 61 of this Contract, such additional items are also included in the Purchase Price. 2.5.2. Inclusions - Not Attached. If on the Property, whether attached or not, on the date of 54 this Contract, the following items are included unless excluded under Exclusions: storm windows, storm 65 doors, window and porch shades, awnings, blinds, screens, window coverings and treatments, curtain rods, drapery rods, fireplace inserts, fireplace screens, fireplace grates, heating stoves, storage sheds, carbon 58 monoxide alarms, smoke/fire detectors and all keys. 69 2.5.3. Personal Property - Conveyance. Any personal property must be conveyed at Closing by 70 CBS3-6-15. CONTRACT TO BUY AND SELL REAL ESTATE - Commercial Page 1 of 19 Initials CTMeContracts.coin - ©2018 CTM Software Corp. 71 Seller free and clear of all taxes (except personal property taxes for the year of Closing), liens and 72 encumbrances, except All FF&E associated with the property and Business. 73 74 Conveyance of all personal property will be by bill of sale or other applicable legal instrument. 75 2.5.4. Other Inclusions. The following items, whether fixtures or personal property, are also 76 included in the Purchase Price: 77 78 2.5.5. Parking and Storage Facilities. • Use Only B Ownership of the following parking 79 facilities: All Parking appurtenant to the property, and D Use Only • Ownership ofthefollowing 80 storage facilities: 81 82 Shed North of building. 83 2.6. Exclusions. The following items are excluded (Exclusions): 84 85 86 2.7. Water Rights, Well Rights, Water and Sewer Taps. 87 D 2.7.1. Deeded Water Rights. The following legally described water rights: 88 89 90 Any deeded water rights will be conveyed by a good and sufficient deed at Closing. 91 D 2.7.2. Other Rights Relating to Water. The following rights relating to water not included in 92 93 §§ 2.7.1, 2.7.3, 2.7.4 and 2.7.5, will be transferred to Buyer at Closing: 94 O 2.7.3. Well Rights. Selleragrees to supply required information to Buyer aboutthe well. 95 Buyer understands that ifthe well to be transferred is a "Small Capacity Well" or a "Domestic Exempt Water 96 97 Well," used for ordinary household purposes. Buyer must, prior to or at Closing, complete a Change in 98 Ownership form for the well. If an existing well has not been registered with the Colorado Division of Water 99 Resources in the Department of Natural Resources (Division), Buyer must complete a registration of existing 100 well form for the well and pay the cost of registration. If no person will be providing a closing service in 101 102 connection with the transaction, Buyer must file the form with the Division within sixty days after Closing. The 103 Well Permit # is . 104 105 • 2.7.4. Water Stock Certificates. The water stock certificates to be transferred at Closing are 106 as follows: 107 2.7.5. Conveyance. If Buyer is to receive any rights to water pursuant to § 2.7.2 (Other 108 109 Rights Relating to Water), § 2.7.3 (Well Rights), or § 2.7.4 (Water Stock Certificates), Seller agrees to convey 110 such rights to Buyer by executing the applicable legal instrument at Closing. 111 112 3. DATES AND DEADLINES. 113 114 115 Item No. Reference Event Date or Deadline 116 117 MEC +5 Business 1 §4.3 Alternative Earnest Money Deadline 118 days 119 Title 120 121 MEC +5 Business 2 §8.1 Record Title Deadline 122 days 123 124 MEC +25 Business 3 §8.2 Record Title Objection Deadline 125 days 126 127 MEC +5 Business 4 §8.3 Off-Record Title Deadline 128 days 129 130 ME +25 Business 5 §8.3 Off-Record Title Objection Deadline 131 days 132 MEC +30 Business 133 6 §8.4 Title Resolution Deadline 134 Days 135 7 §8.6 Right of First Refusal Deadline n/a 136 137 Owners' Association 138 8 §7.3 Association Documents Deadline n/a 139 140 CBS3-6-15. CONTRACT TO BUY AND SELL REAL ESTATE - Commercial Page2ofl9 Initials CTMeContracts.com - ©2018 CTM Software Corp. 141 9 1 §7.4 Association Documents Objection Deadline n/a 1 142 143 Seller's Property Disclosure 144 MEC +75 Business 145 10 §10.1 Seller's Property Disclosure Deadline 146 Days 147 Loan and Credit 148 149 11 §5.1 Loan Application Deadline n/a 150 12 §5.2 Loan Objection Deadline n/a 151 152 13 §5.3 Buyer's Credit Information Deadline n/a 153 Disapproval of Buyer's Credit Information 154 14 §5.3 n/a Deadline 155 156 15 §5.4 Existing Loan Documents Deadline n/a 157 16 §5.4 Existing Loan Documents Obiection Deadline n/a 158 159 17 §5.4 Loan Transfer Approval Deadline n/a 160 18 §4.7 Seller or Private Financing Deadline n/a 161 162 Appraisal 163 19 §6.2 Appraisal Deadline n/a 164 165 20 §6.2 Appraisal Objection Deadline n/a 166 21 §6.2 Appraisal Resolution Deadline n/a 167 168 Survey 169 MEC +30 Business 170 22 §9.1 New ILC or New Survey Deadline 171 Days 172 MEC +35 Business 173 23 §9.3 New ILC or New Survey Objection Deadline 174 days 175 MEC +38 Business 24 §9.4 New ILC or New Survey Resolution Deadline 176 days 177 178 Inspection and Due Diligence 179 MEC +70 Business 180 25 §10.3 Inspection Objection Deadline 181 Days 182 MEC +75 Business 183 26 §10.3 Inspection Resolution Deadline 184 days 185 27 §10.5 Property Insurance Objection Deadline n/a 186 187 MEC +15 Business 28 §10.6 Due Diligence Documents Delivery Deadline 188 Days 189 MEC +25 Business 190 29 §10.6 Due Diligence Documents Objection Deadline 191 Days 192 MEC +30 Business 193 30 §10.6 Due Diligence Documents Resolution Deadline 194 days 195 MEC +75 Business 196 31 §10.6 Environmental Inspection Objection Deadline 197 Day 198 32 §10.6 ADA Evaluation Objection Deadline n/a 199 200 33 §10.7 Conditional Sale Deadline n/a 201 34 §11.1 Tenant Estoppel Statements Deadline n/a 202 Tenant Estoppel Statements Objection 203 35 §11.2 n/a 204 Deadline 205 Closing and Possession 206 207 MEC +90 Business 36 §12.3 Closing Date 208 Days 209 210 CBS3-6-15.