Resolution 2023-40 - Laserfiche WebLink

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AGREEMENT FOR PURCHASE AND SALE OF CBT UNITS OF NORTHERN COLORADO WATER CONSERVANCY DISTRICT THIS AGREEMENT for the Purchase and Sale of CBT Units ofN'orthern-1 I do Water Conservancy District (the "Agreement'") is made and entered into this &**- day of � 2023, by and between the City of Louisville, a Colorado home rule municipal corporation, acting by and through the City of Louisville Water and Wastewater Activity Enterprise, whose address is 749 Main Street, Louisville, Colorado 80027-1829 (hereinafter referred to as "'City" or "Purchaser"), and Eldon and Martha Bower Family 1992 Revocable Trust, whose address is 2730 Montgomery Way, Sacramento, CA 95818 (hereinafter referred to as "Seller") (jointly, the "Parties"). For in consideration of the mutual promises, covenants and undertakings hereinafter set forth, and other good and valuable consideration, which is hereby acknowledged, Purchaser and Seller agree as follows: 1. CBT Units to be Transferred. Purchaser agrees to purchase and Seller agrees to sell, on the terms and conditions set forth in this Agreement, forty (40) Units in the Colorado Big Thompson Project (the "CBT Units") of the Northern Colorado Water Conservancy District ("Northern"). 2. Purchase Price And Payment Terms. The purchase price for the 40 CBT Units shall be Sixty -Six Thousand Five Hundred and no/100 dollars ($66,500.00) per CBT Unit, for a total of Two Million Six Hundred Sixty Thousand and no/100 dollars ($2,660,000.00) (the "Purchase Price"). The Purchase Price shall be payable by Purchaser in cash, certified funds, or City warrant as follows: a. Earnest Money Deposit. Within ten (10) days after Purchaser's execution of this Agreement, Purchaser shall deposit the sum of Fifty Thousand and no/100 dollars ($50,000.00) as earnest money for this Agreement and part payment of the purchase price (the -Earnest Money Deposit"), payable to and held by a Colorado licensed title insurance company selected by Purchaser (the "Escrow Agent"). The Earnest Money Deposit shall be held in an escrow account on behalf of Purchaser and Seller, and subject to the terms and conditions of this Agreement and the escrow instructions mutually agreeable to Seller, Purchaser and the Escrow Agent. b. Purchase Price Balance. Purchaser shall deposit the remaining balance of Purchase Price, in the amount of Two Million Six Hundred Ten Thousand and no/100 dollars ($2,610,000.00) (the "Purchase Price Balance"), with the Escrow Agent on or before August 7, 2023 . The Purchase Price shall be released from escrow to Seller at Closing subject to the terms hereof. 3. Escrow Agent. The Escrow Agent shall be a Colorado licensed title insurance company having offices in Boulder County, Colorado, as designated by Purchaser. Page I of t0