2002-03-13_REVISION - M1979089 (2)

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The above-described included items (Inclusions) are to be conveyed to Buyer by Sellerby bill of sale or other applicable legal instrument(s) at the closing, free and clear of all taxes, liens and encumbrances, except as provided in Section 12. The following attached fixtures are excluded from this sale: None. Seller shall have the right to any salvage items from the house and Seller shall remove the temporary car port on or before termination of Seller's post-closing rights of occupancy. 3. PURCHASE PRICE AND TERMS. The purchase price shall be $1,500,000.00, payable in U.S. dollars by Buyer as follows: (Complete the applicable terms below.) (a) Earnest Money. $150,000.00 in the form of check, as earnest money deposit and part payment of the purchase price, payable to and held by Stewart Title of Western Colorado, Inc. on behalf of both Seller and Buyer. The balance of the purchase price, $1,350,000.00, shall be paid as follows: (b) Cash at Closing. $350,000.00, plus closing costs, to be paid by Buyer at closing in funds which comply with all applicable Colorado laws, which include cash, electronic transfer funds, certified check, savings and loan teller's check, and cashier's check (Good Funds). Subject to the provisions of Section 4, if the existing loan balance at the time of closing shall be different from the loan balance in Section 3, the adjustment shall be made in Good Funds at closing or paid as follows: 4. FINANCING CONDITIONS AND OBLIGATIONS. FINANCING TERMS, CONDITIONS AND OBLIGATIONS, PERTAINING TO SECTIONS 3 AND 4, ARE ATTACHED BY REAL ESTATE COMMISSION APPROVED ADDENDUM AS FOLLOWS: Seller or Private Third-Party financing as follows: $1,000,000.00 by Buyer executing a promissory note payable to Seller on the note form as indicated: No Right-to-Cure NTD 81-11-83, secured by a 1st deed of trust encumbering the Property, except the south 20 acres thereof, using the form as indicated: Strict Due-on-Sale (TD 72-11-83) The promissory note shall be payable at $100,000.00 annually, plus interest at the rate of six percent (6%) per annum. Payments shall commence one year from the date of closing, and shall be due on the same day of each succeeding year. If not sooner paid, the balance of principal and accrued interest shall be due and payable ten (10) years from the date of closing. Payments ^ shall ^ shall not be increased by I /12th of estimated annual real estate taxes, and ^ shall ^ shall not be increased by 1/12th of estimated annual property insurance premium. The loan shall also contain the following terms as indicated: If any payment is not received within fifteen (15) calendaz days after its due date, a late chazge of 5% of such payment shall be due. Interest on lender disbursements under the deed of trust shall be 18% per annum. Default interest K:\LI V\SCHIOH\Tipping-2\VACANT-CON.wpd