This Contract effective as of 15th January 2021 (the “Effective Date”) is entered into by and between the following Parties
Seller: JWM Unlimited Real Estate LLC of 1148 c highland plantation rd Greenville Ms 38701 Owned by James Moorman and Maggie Hotchkiss-Thienes( hereinafter known as “Seller”)
Buyer: Joe and Ann Guetlein of 5305 West 86th Avenue Arvada, CO 8003 (hereinafter known as “Buyer”)
Whereas, Both Buyer and Seller are legal persons established and validly existing in accordance with the laws;
Whereas, Seller is the legal owner of the building to be sold to Buyer in accordance with this Contract;
Whereas, Seller voluntarily sells the building under this Contract to Buyer at the agreed price under this Contract to Buyer, and Buyer desires to make the purchase.
NOW THEREFORE, both parties after mutual consultation and consent, enter into the following provisions for the observance and performance of both parties:
1. Description of Property
The Property is the following legally described real estate in the County of Archuleta, Colorado: Lakewood Village, Lot 152 known as No. 19 Rosewood Court, Pagosa Springs, CO 81147
2. Buyout & Purchase Price
Buyers agree to pay the following in the purchase/buyout of this property sale.
(a) Interest owed to The Investor Source LLC, A private lending company including: The Investors Source LLC
118 E 29th St, Loveland, CO 80538
Paid Items / Interest:
Excavation, Concrete, Amvic
Doors Int & Ext
Total with interest by Jan 1, 2021 141,820.87
(b) Interest owed to JWM Unlimited Real Estate LLC Including
JWM Unlimited Real Estate LLC
1148 c highland Plantation Rd, Greenville Ms 38701
Paid Items / Interest:
Lot Down Payment 15000.00
Crew Pay June/Concrete $ 4,000
Crew June $ 2,175.00
Crew June $ 3216.14
Fill Dirt June 1700
PLIC Certificate June $ 425.00
Radient Tech Heater $ 1600
Title Fees $ 1,540
LPEA Fees 1800
Rentals 1,493. 94
House Membrane 884.00
Alpine Toilets 462.05
George T. Sanders 140.84
Concrete Equipment 626.37
DAY LUMBER 561.55
Misc Charges 372.00
November GC Crew Pay $ 4513
Buyout Interest $ 15,000
(c) Balance owed on lot
The current balance owed on the lot of $20,000 should be paid through High Country Title to: Tari L. Woods
(d) Balance owed at buildersfirstsource, a lumber yard, with balances owed on build materials.
All items on the JWM Unlimited / James Moorman account at Builders First Source must be paid All materials are build related.
A check may be mailed to:
(F) Balance for floor plans – Reynolds ash and associates
Buyer assumes build related costs and may consult the general contractor for these costs
3. Delivery of the Building and Transfer of the Ownership Right
Within 30 Days from the signing of the agreement the Seller shall deliver the building under this Contract to Seller for the management and Use by Seller. Buyer agrees to buy the property as is and after the Seller completes the delivery and the change of building ownership rights, Buyer shall exercise all the rights as the owner of the building.
4. Apportionment of Tax Payments
Both Buyer and Seller shall, in this building purchase separately bear the statutorily- determined fees imposed on the seller and the buyer respectively by the real property administrative department in accordance with the law. With respect to the statutorily-determined transaction fees that should be borne jointly by both parties.
5. Seller’s undertakings
The Seller is the legal owner of the building under this Contract and legally owns the State-owned land use right of the land occupied by the aforesaid building and it rights are not subject to any limitation or restrictions due to the provisions of laws or other agreements;
Seller undertakes to handle the relevant formalities in changing the building ownership right and State-owned land use right.
6. Buyer’s Undertakings
Buyer agrees that by signing this Agreement, he/she commits to purchasing the property and as such the Seller will not offer the property for sale to any other person. By purchasing the property, Buyer will acquire: Seller’s interest in the land; remaining balance on the land; remaining balance owed at buildersfirstsource, a lumber yard, with balances owed on building materials; any other mics owed balances or interest on the building and the current balance of the loan out on the property from the Seller’s lender who funded the construction.
Buyer agrees to cater for the transaction closing fees.
7. Liabilities for Default
Buyer must pay Seller the building purchase price as scheduled. In case payments are overdue, for each day payment is overdue, Buyer shall pay Seller, as penalty, ______% of the defaulting portion of the building purchase price.
Seller shall deliver the property to Buyer for its use as scheduled; otherwise, for each day of the delay, Buyer may deduct, as penalty, _________ % of the agreed building purchase price.
8. Effectiveness of this Contract
This Contract is effective after it is signed and affixed with chops by the legal representatives or the authorized representative of both parties.
9. Transfer or Property Rights
Both Parties agree that, within 60 days from the day this Contract is signed, both parties shall jointly go to the building and land administrative department of the development area to handle formalities regarding the change of such property. Buyer shall incur closing fees.
Any dispute arising from the performance of this Contract shall be resolved through consultation by the parties in January. If consultation fails to resolve the dispute, either party is entitled to initiate litigation with the jurisdictional courts.
Any other matters shall be determined through consultation.
Any other matters not provided for by this Contract shall be separately determined by both parties through consultation.
Any amendments to this Contract will only be effective after both parties execute a written supplementary agreement. Otherwise, the original contract shall continue to be performed
This Contract is made in triplicates. Each Party holds one copy and one copy shall be submitted to the building administrative department.
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