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Note: If FHA or VA loan boxes are checked in § 4.5.3. (Loan Limitations), the Appraisal deadlines DO NOT apply to FHA
<br />insured or VA guaranteed loans.
<br />3.2. Applicability of Terms. If any deadline blank in § 3.1. (Dates and Deadlines) is left blank or completed with "N/A",
<br />or the word "Deleted," such deadline is not applicable and the corresponding provision containing the deadline is deleted. Any box
<br />checked in this Contract means the corresponding provision applies. If no box is checked in a provision that contains a selection of
<br />"None", such provision means that "None" applies.
<br />The abbreviation "MEC" (mutual execution of this Contract) means the date upon which both parties have signed this Contract. The
<br />abbreviation "N/A" as used in this Contract means not applicable.
<br />3.3. Day; Computation of Period of Days; Deadlines.
<br />3.3.1. Day. As used in this Contract, the term "day" means the entire day ending at 11:59 p.m., United States
<br />Mountain Time (Standard or Daylight Savings, as applicable). Except however, if a Time of Day Deadline is specified in § 3.1.
<br />(Dates and Deadlines), all Objection Deadlines, Resolution Deadlines, Examination Deadlines and Termination Deadlines will end
<br />on the specified deadline date at the time of day specified in the Time of Day Deadline, United States Mountain Time. If Time of
<br />Day Deadline is left blank or "N/A" the deadlines will expire at 11:59 p.m., United States Mountain Time.
<br />3.3.2. Computation of Period of Days. In computing a period of days (e.g., three days after MEC), when the
<br />ending date is not specified, the first day is excluded and the last day is included.
<br />3.3.3. Deadlines. If any deadline falls on a Saturday, Sunday or federal or Colorado state holiday (Holiday), such
<br />deadline ® Will ❑ Will Not be extended to the next day that is not a Saturday, Sunday or Holiday. Should neither box be checked,
<br />the deadline will not be extended.
<br />4. PURCHASE PRICE AND TERMS.
<br />4.1. Price and Terms. The Purchase Price set forth below is payable in U.S. Dollars by Buyer as follows:
<br />Item No. Reference Item
<br />1 § 4.1. Purchase Price
<br />2 § 4.3. Earnest Money
<br />3 § 4.5. New Loan
<br />4 § 4.6. Assumption Balance
<br />5 § 4.7. Private Financing
<br />6 1 § 4.7. Seller Financing
<br />7
<br />8
<br />9 § 4.4. Cash at Closing
<br />10 1 TOTAL
<br />Amount
<br />$2,225,000.00
<br />Amount
<br />$225,000.00
<br />N/A
<br />N/A
<br />N/A
<br />$2,000,000.00
<br />$2,225,000.00
<br />4.2. Seller Concession. At Closing, Seller will credit to Buyer $N/A (Seller Concession). The Seller Concession may be
<br />used for any Buyer fee, cost, charge or expenditure to the extent the amount is allowed by the Buyer's lender and is included in the
<br />Closing Statement or Closing Disclosure at Closing. Examples of allowable items to be paid for by the Seller Concession include,
<br />but are not limited to: Buyer's closing costs, loan discount points, loan origination fees, prepaid items and any other fee, cost, charge,
<br />expense or expenditure. Seller Concession is in addition to any sum Seller has agreed to pay or credit Buyer elsewhere in this
<br />Contract.
<br />4.3. Earnest Money. The Earnest Money set forth in this Section, in the form of a check or wire transfer, will be payable
<br />to and held by LAND TITLE GUARANTEE COMPANY (Earnest Money Holder), in its trust account, on behalf of both Seller and
<br />Buyer. The Earnest Money deposit must be tendered, by Buyer, with this Contract unless the parties mutually agree to an Alternative
<br />Earnest Money Deadline for its payment. The parties authorize delivery of the Earnest Money deposit to the company conducting
<br />the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money Holder has agreed to have interest on
<br />Earnest Money deposits transferred to a fund established for the purpose of providing affordable housing to Colorado residents,
<br />Seller and Buyer acknowledge and agree that any interest accruing on the Earnest Money deposited with the Earnest Money Holder
<br />in this transaction will be transferred to such fund.
<br />4.3.1. Alternative Earnest Money Deadline. The deadline for delivering the Earnest Money, if other than at the
<br />time of tender of this Contract, is as set forth as the Alternative Earnest Money Deadline.
<br />4.3.2. Disposition of Earnest Money. If Buyer has a Right to Terminate and timely terminates, Buyer is entitled
<br />to the return of Earnest Money as provided in this Contract. If this Contract is terminated as set forth in § 24 and, except as provided
<br />in § 23 (Earnest Money Dispute), if the Earnest Money has not already been returned following receipt of a Notice to Terminate,
<br />Seller agrees to execute and return to Buyer or Broker working with Buyer, written mutual instructions (e.g., Earnest Money Release
<br />form), within three days of Seller's receipt of such form. If Seller is entitled to the Earnest Money, and, except as provided in § 23
<br />(Earnest Money Dispute), if the Earnest Money has not already been paid to Seller, following receipt of an Earnest Money Release
<br />CONTRACT TO BUY AND SELL REAL ESTATE Page 3 of 15
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