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<br />Seller ^ Shall ^ Shall Not be released from liability on said loan. If applicable, compliance with the requirements ~
<br />release from liability shall be evidenced by delivery at Closing of an appropriate letter of commitment from lend . Cosl
<br />payable for release of liability shall be paid by
<br />in an amount not to exceed $
<br />d. Seller or Private Financing. Buyer agrees to execute a promissory note payable to:
<br />as ^ Joint Tenants ^ Tenants in Common ^ Other ,
<br />on the note form as indicated: ^ (UCCC - No Default hate) NTD 82-5-04 ^ (Defa te) NTD 81-5-04
<br />^ Other secured by a (1st, 2nd, etc.) deed of tots[
<br />encumbering the Property, using the form as indicated: ^ Strict Due-On-Sale 72-5.04) ^ Creditworthy (TD 73-5-
<br />04) ^ Assumable -Not Due On Sale (TD 745-04) ^ Other
<br />The promissory note shall be amortized on the basis of
<br />per month including principal and interest at the rate of _
<br />and shall be
<br />^ Years ^ Months, payable at $
<br />per annum. Payments shall commence
<br />day of each succeeding month. If not sooner paid,
<br />[he balance of principal and accrued interest shal due and payable i
<br />after Closing. Payments ^ Shall ^ Shal of be increased by %: of estimated annual real estate taxes, and ^ Shall
<br />^ Shall Not be increased by Yz of esti annual property insurance premium. The loan shall also contain the following
<br />terms: (1) if any payment is not re ved within calendar days after its due date, a late charge of %
<br />of such monthly payments a due, (2) interest on lender disbursements under the deed of host shall be %
<br />per annum, (3) default ' Brest rate shall be % per annum, (4) Buyer may prepay without a penalty except
<br />and (5) Buyer ^ Shall ^ Shall Not execute and deliver, at
<br />Closing, a S ty Agreement and UCC-1 Financing Statement granting the holder of the promissory note a
<br />(Is4 2n c.) lien on tine personal property included in this sale.
<br />uyer ^ Shall ^ Shall Not provide a mortgagee's title insurance policy, at Buyer's expense.
<br />e. Cash at Closing. All amounts paid by Buyer at Closing including Cash at Closing, plus Buyer's closing costs, shall
<br />be in funds which comply with all applicable Colorado laws, which include cash, electronic transfer funds, certified check,
<br />savings and loan teller's check and cashier's check (Good Funds).
<br />5. FINANCING CONDITIONS AND OBLIGATIONS.
<br />a. Loan Application. If Buyei is to pay all or part of the Purchase Price by obtaining a new loan, or if an existing
<br />loan is not to be released az Closing, Buyer, if required by such lender, shall make a verifiable application by Loan Appliption
<br />Deadline (§ 2c). Buyer shall cooperate with Seller and lender to obtain loan approval, diligently and timely pursue same in
<br />good faith, execute all documents and famish all information and documents required by lender, and, subject to § 46 (1) and
<br />(2) and § 4c, timely pay the costs of obtaining such loan or lender consent Buyer agrees to satisfy the reasonable requirements
<br />of lender, and shall not withdraw the loan or assumption applicaion, nor intentionally cause any change in circumstances that
<br />would prejudice lender's approval of the loan applicator or funding of the loan. Buyer may obtain different fmancing
<br />provided Seller incurs no additional delay, cost or expense, and provided Buyer is approved for such substitute loan.
<br />b. Loan Commitment. If Buyer is to pay all or part of the Purchase Price by obtaining a new loan as specified in
<br />§ 4b, this contract is conditional upon Buyer obtaining a written loan commitment. This condition shall be deemed waived
<br />unless Seller receives from Buyer, no later than Loan Commitment Deadline (§ 2c), written notice of Buyer's inability to
<br />obtain such loan commitment If Buyer so notifies Seller, this contract shall terminate. IF SELLER DOES NOT RECEIVE
<br />WRITTEN NOTICE TO TERMINATE AND BUYER DOES NOT CLOSE, BUYER SHALL BE IN DEFAULT.
<br />c. Credit Ltt'ormation. If Buyer is to pay all or part of the Purchase Price by executing a promissory note in favor of
<br />Seller or if an existing loan is not to be released at Closing, this contract is conditional upon Seller's approval of Buyer's
<br />financial ability and creditworthiness, which approval shall be at Seller's sole and absolute discretion. In such case: (1) Buyer
<br />shall supply to Seller by Buyer's Credit Information Deadline (§ 2c), at Buyer's expense, information and documents
<br />concerning Buyer's financial, employment and credit condition; (2) Buyer consents that Seller may verify Buyer's financial
<br />ability and creditworthiness (including obtaining a current credit report); (3) any such information and documents received
<br />by Seller shall be held by Seller in confidence, and not released to others except to protect Seller's interest in this transaction;
<br />(4) if Seller does not provide written notice of Seller's disapproval to Buyer by Disapproval of Buyer's Credit Deadline
<br />(§ 2c), then Seller waives this condition. If Seller does provide written notice of disapproval to Buyer on or before said date,
<br />this contract shall terminate.
<br />d. Existing Loan Review. If an existing loan is not to be released at Closing, Seller shall provide copies of the loan
<br />documents (including note, deed of trust, and any modifications) to Buyer by Existing Loan Documents Deadline (§ 2c). This
<br />contract is conditional upon Buyer's review and approval of the provisions of such loan documents. ff written notice of objection
<br />to such loan documents, signed by Buyer, is not received by Seller by the Objection to Existing Loan Documents Deadline
<br />(§ 2c), Buyer accepts the terms and conditions of the documents. L` the lendei s approval of a transfer of the Property is required,
<br />No. CBSb7-O4. CONTRACT TO BUYAND SELL REALESTATE(COMMERCIAL) Psgel or 11
<br />Initial
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