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9. NEW ILC, NEW SURVEY.
<br />9.1. New ILC or New Survey. If the box is checked, Buyer may order (1) ® New Improvement Location Certificate
<br />(New ILC); or, (2) ❑ New Survey in the form of ; is required and the following
<br />will apply:
<br />9.1.1. Ordering of New ILC or New Survey. ❑ Seller ® Buyer will order the New ILC or New Survey. The
<br />New ILC or New Survey may also be a previous ILC or survey that is in the above -required form, certified and updated as of a date
<br />after the date of this Contract.
<br />9.1.2. Payment for New ILC or New Survey. The cost of the New ILC or New Survey will be paid, on or before
<br />Closing, by: ❑ Seller ® Buyer or:
<br />9.1.3. Delivery of New ILC or New Survey. Buyer, Seller, the issuer of the Title Commitment (or the provider of
<br />the opinion of title if an Abstract of Title) and will receive a New ILC or New Survey on or before New
<br />ILC or New Survey Deadline.
<br />9.1.4. Certification of New ILC or New Survey. The New ILC or New Survey will be certified by the surveyor to
<br />all those who are to receive the New ILC or New Survey.
<br />9.2. Buyer's Right to Waive or Change New ILC or New Survey Selection. Buyer may select a New ILC or New
<br />Survey different than initially specified in this Contract if there is no additional cost to Seller or change to the New ILC or New
<br />Survey Objection Deadline. Buyer may, in Buyer's sole subjective discretion, waive a New ILC or New Survey if done prior to
<br />Seller incurring any cost for the same.
<br />9.3. New ILC or New Survey Objection. Buyer has the right to review and object based on the New ILC or New Survey.
<br />If the New ILC or New Survey is not timely received by Buyer or is unsatisfactory to Buyer, in Buyer's sole subjective discretion,
<br />Buyer may, on or before New ILC or New Survey Objection Deadline, notwithstanding § 8.3. or § 13:
<br />9.3.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1, that this Contract is terminated; or
<br />9.3.2. New ILC or New Survey Objection. Deliver to Seller a written description of any matter that was to be
<br />shown or is shown in the New ILC or New Survey that is unsatisfactory and that Buyer requires Seller to correct.
<br />9.3.3. New ILC or New Survey Resolution. If a New ILC or New Survey Objection is received by Seller, on or
<br />before New ILC or New Survey Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on
<br />or before New ILC or New Survey Resolution Deadline, this Contract will terminate on expiration of the New ILC or New Survey
<br />Resolution Deadline, unless Seller receives Buyer's written withdrawal of the New ILC or New Survey Objection before such
<br />termination (i.e., on or before expiration of New ILC or New Survey Resolution Deadline).
<br />DISCLOSURE, INSPECTION AND DUE DILIGENCE
<br />10. PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY, DUE DILIGENCE AND SOURCE OF
<br />WATER.
<br />10.1. Seller's Property Disclosure. On or before Seller's Property Disclosure Deadline, Seller agrees to deliver to Buyer
<br />the most current version of the applicable Colorado Real Estate Commission's Seller's Property Disclosure form completed by Seller
<br />to Seller's actual knowledge and current as of the date of this Contract.
<br />10.2. Disclosure of Adverse Material Facts; Subsequent Disclosure; Present Condition. Seller must disclose to Buyer
<br />any adverse material facts actually known by Seller as of the date of this Contract. Seller agrees that disclosure of adverse material
<br />facts will be in writing. In the event Seller discovers an adverse material fact after the date of this Contract, Seller must timely
<br />disclose such adverse fact to Buyer. Buyer has the Right to Terminate based on the Seller's new disclosure on the earlier of Closing
<br />or five days after Buyer's receipt of the new disclosure. Except as otherwise provided in this Contract, Buyer acknowledges that
<br />Seller is conveying the Property and Inclusions to Buyer in an "As Is" condition, "Where Is" and "With All Faults."
<br />10.3. Inspection. Unless otherwise provided in this Contract, Buyer, acting in good faith, has the right to have inspections
<br />(by one or more third parties, personally or both) of the Property, Leased Items, and Inclusions (Inspection), at Buyer's expense. If
<br />(1) the physical condition of the Property, including, but not limited to, the roof, walls, structural integrity of the Property, the
<br />electrical, plumbing, HVAC and other mechanical systems of the Property, (2) the physical condition of the Inclusions and Leased
<br />Items, (3) service to the Property (including utilities and communication services), systems and components of the Property (e.g.,
<br />heating and plumbing), (4) any proposed or existing transportation project, road, street or highway, or (5) any other activity, odor or
<br />noise (whether on or off the Property) and its effect or expected effect on the Property or its occupants is unsatisfactory, in Buyer's
<br />sole subjective discretion, Buyer may:
<br />10.3.1. Inspection Termination. On or before the Inspection Termination Deadline, notify Seller in writing,
<br />pursuant to § 24.1., that this Contract is terminated due to any unsatisfactory condition, provided the Buyer did not previously deliver
<br />an Inspection Objection. Buyer's Right to Terminate under this provision expires upon delivery of an Inspection Objection to Seller
<br />pursuant to § 10.3.2.; or
<br />10.3.2. Inspection Objection. On or before the Inspection Objection Deadline, deliver to Seller a written
<br />description of any unsatisfactory condition that Buyer requires Seller to correct.
<br />CONTRACT TO BUY AND SELL REAL ESTATE Page 8 of 15
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