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J. PUR .BAG pRI AND T .RMC, The purchase price shall be Six Thousand
<br />Dollazs (56,000.00), payable in U.S. dollars by Buyer as follows:
<br />(a) Facet Mnnev. One Thousand Dollars (SI,000.00) in the form of a
<br />personal check, as earnest money deposit and pan payment of the purchase price, payable so and
<br />to be held 6y Seller. The earnest money deposit has been delivered to Seller and dtposiled by
<br />Seller. The balance of Five Thousand Dollars (55,000.00) (purchase price less tamest money) '
<br />shall 6e paid az follows: ~
<br />(b) Cash at Closing Five Thousand Dollars (55,000.00), plus closing costs, Io i
<br />M paid by Buyer at closing in funds which comply with all applicable Colorado laws, which
<br />include rash, electronic transfer funds, certified check, savings and loan teller s chxk, and
<br />cazhiefs check ('Good Funds").
<br />a. In• coon. Buyer or any designee shall have the right to inspect the
<br />Property, at Buyer's expense, 1(written notice of any unsatisfactory condition, signed by or on
<br />behalf of Buyer, is not received by Seller on or befort June 30, 1995, the condition of the
<br />Properly shall be deemed to be satisfactory to Buyer. If such notice is received by Seller, and if
<br />Buyer and Seller have not agreed, in writing, to a senlemem thereof on or hefom the date of
<br />closing, this contract shall Ihen terminate and the earnest money deposit shall be refunded to the
<br />Buyer; provided, however, Buyer may, by written notice received by Seller on or bcCorc closing,
<br />waive objection to such unsatisfactory condition. Buyer is responsible for and shall pay far any
<br />damage which occur to the Property as a result of such inspection.
<br />b. Evidence of title. If, on or before Junt 30, 1995, Seller receives notice
<br />from Buyes of unmerchantability of tide »r any other unsatisfactory title condition(s). Seller shall
<br />uu reasorable el(ons to cored said unsalis(aztory risk wndition(s) prior to the dale ofclosing.
<br />If Seller fails ro correct said unsatisfactory title wndition(s) on or before the date of closing, rfiis
<br />wniract shall then terminate and the earnest money deposit shall be refunded to the buyer;
<br />provided, howevu, Buyer may, by wri»en notice received by Seller on or before closing, waive
<br />objection ro such unsarisfacrory tide condisiort(s),
<br />5. DATE OF CLOSING. The date of closing shell be within twenty (20) days after
<br />benkrupmy court approval (as described in paragraph IJ );but not earlier then July I5, 1995.
<br />The hour and place ofclosing shall be designated by mutual agrtemrnt of the parties.
<br />6. TRANCE R OF TIT .., Subject ro tender or payment at closing az required
<br />herein and compliance by Buyn with the other tents and provisions herw[ Seller shell execute
<br />and 8eliver a good and sulB<ient quitclaim deed to Buyer at closing.
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<br />7. PAYMENTC OF FN IIMB AN EC, My encumbrance required l0 6e paid
<br />shall be paid al or before closing from the proceeds of This IfertSaclion.
<br />g. C OeIN .000TC DOC IMFNT ANDS RVI S Buyer and Seller shall
<br />pay, in Good Funds, their respective closing costs and all other items required la be paid al
<br />closing, except az otherwise provided herein. Buyer and Seller shall sign and complete all
<br />customary or required documents al or before closin6. Bach parry shall bear its own (us. Any
<br />local transfer lax shall be paid at closing by Buyer.
<br />POC__~y FC 3, ICON. Possession o(Ihe Property sha116e delivered ro Buyer at closing.
<br />10. TIM OF GC N m MFDIF.S. Timeis of the essence hereof. If any
<br />paymtni due hereunder is not paid, hormred or rendtred when due, or i(any other obligation
<br />hereunder is not performed ar waived u herein provided, there shall be the fallowing remedies:
<br />(a) If Buver is "n Dcfaulc Liorfdated Damaoes All payments and things of
<br />value received hereunder shall be (orCeited by Buyer and retained on behalf of Seller and both
<br />panics shall thereafter be released from all obligations hereunder. It is agreed that such
<br />payments and things of value art liquidated damages and (except az provided in subsection (c))
<br />are Stller's sole and only remedy for Buyers failure to perform the obligations of This conlrsct.
<br />Seller expressly waives tht remedies oCspecific perfornarrce and additional damages.
<br />(b) If c 11 r3g~t i~in DnfaL: Buyer may eltd ro beat this comma as cancelled,
<br />in which cazc all payments ana. things of value received hereunder shall be resumed and Buyer
<br />may recover such damages az may be proper, or Buyv may elect so treat this wnrmer az being in
<br />full force and eliect and Buyer shall have the right to specific performance or damages, or bosh.
<br />(c) Coin and x ns ~. Anything to the contrary herein notwithstanding, in
<br />the tvenl o(any arbitration or litigation arising our of this contract, the arbitmlar or wort shall
<br />award to the prevailing party all reasonable costs and expenses, including attorney fees.
<br />(d) Notice of Ddauh and Right to Notwithstanding the remedies stated
<br />above, upon default, the defaulting party shall have ten (10) business days within which to cure
<br />ltle default before the applicable remedy shall be enforuahle. The cure period Shall begin the
<br />day after notice ofdefauls is received by the defaulting parry.
<br />I1. AI T .RNATIV . DICP R R SO . ITION: M .DIATION. Ifa dispute
<br />arias between the patties relating to this contract, the parties agree to submit she dispute to
<br />mediation. The panics will jointly appoint an acceptable mediator and will share equally in the
<br />cost o(such mediator. If mediation proves unsuccessful, the panics may then proceed with such
<br />other means of dispute resolution az They so chwse. .
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