EX-10.20



 Exhibit 10.20 

CONTRACT FOR PURCHASE AND SALE 

OF VACANT LAND 
 THIS CONTRACT FOR PURCHASE
AND SALE OF VACANT LAND (the “Contract”) is made and entered into as of March 1, 2013 by and between Arista Investors Colorado, LLC, a Colorado limited liability company (“Seller”) and Century Communities Colorado, LLC, a
Colorado Limited Liability Company and/or its subsidiaries or assigns (“Buyer”). 
 R E C I T A L S 

A. Seller owns and/or has the right to purchase certain real property set forth on Exhibit A attached hereto and made a part hereof (the
“Property”). 
 B. Seller desires to sell the Property to Buyer, and Buyer desires to purchase the Property from Seller, in accordance with the
terms and conditions contained in this Contract. 
 A G R E E M E N T 

NOW, THEREFORE, for and in consideration of the mutual covenants and agreements contained in this Contract, and other good and valuable consideration, the
receipt and adequacy of which is hereby acknowledged by the Parties, Buyer and Seller hereby agree as follows: 
  

	1.	PURCHASE AND SALE. 

 Subject to the terms and conditions set forth herein, Seller hereby agrees to sell
and convey the Property to Buyer, and Buyer hereby agrees to acquire and purchase the Property from Seller. As used herein, “Property” shall include the real property described in Recital A above, together with all of Seller’s right,
title and interest, if any, in and to all entitlements, easements, rights to adjacent streets, alleys and rights of way and related common area appurtenant to the Property. Refundable utility deposits, if any, are specifically excluded from this
transfer. The deed to be delivered by Seller to Buyer at Closing shall contain the appropriate legal description of the Property. 
  

	2.	PURCHASE PRICE AND EARNEST MONEY DEPOSIT. 

 a. The purchase price for the Property shall be as set forth
on Exhibit A (the “Purchase Price”). 
 b. Buyer shall not be required to deposit with Seller an Earnest Money Deposit. 

 

	3.	TITLE. 

 a. Seller represents and warrants to Buyer that at the Closing, Seller will have, and will
convey to Buyer, good and marketable fee simple title to the Property subject to matters of record and matters shown on an accurate survey and building and zoning regulations. 

 

	4.	INSPECTION AND APPROVALS. 

 a. Buyer represents and warrants to Seller that it is an experienced buyer of
real property such as the Property and that it has conducted such reviews, tests, studies and investigations (collectively, “Due Diligence”) it deems necessary in connection with its purchase of the Property. Furthermore, Buyer and Seller
agree that, except for representations and warranties specifically set forth herein, Buyer is purchasing the Property “as-is”, “where-is” and based solely upon the results of the Due Diligence. 

 

	5.	NOTICE AND RIGHT TO CURE. 

 Each party shall be entitled to written notice of any default (other than the
failure to pay money for which a ten (10) day notice shall be given) and shall have thirty (30) days from receipt of such notice to cure such default prior to the exercise of any remedy provided herein. Seller agrees to cooperate with
Buyer in any and all attempts by Buyer to cure any default within the default cure period. 

  
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	6.	CLOSING. 

 a. Buyer and Seller shall consummate the acquisition of the Property in one transaction upon
Seller’s notice to Buyer one day prior to Seller’s determination of the closing date but in no event no later than May 30, 2013 (“Closing”). 

b. At the Closing, Seller shall deliver to Buyer a bargain and sale deed conveying the Property and such other documents as may be required to consummate the
transaction according to the legal description as approved by Buyer and possession of the Property. 
 c. At the Closing, Buyer shall deliver to Seller the
Purchase Price for the Property. 
 d. Ad valorem taxes and any Metropolitan District Assessments and Mill Levy for the then-current year shall not be
prorated at the Closing, effective as of the date of Closing. All prior year taxes, if any, shall be the responsibility of Buyer. 
 e. Buyer specifically
waives the requirement of title insurance. However, Seller may cause Buyer to be named as an additional insured on any existing title insurance policy of Seller. 

f. Buyer shall have the right, but not the obligation, to waive the failure of any condition and/or contingency for its benefit. Buyer shall have the right to
terminate this Contract by written notice to Seller if, in Buyer’s reasonable determination, any condition precedent to Buyer’s obligation to consummate this transaction has become incapable or unlikely of being satisfied by the Closing.
In such event, the parties shall have no further obligations or liabilities to the other. 
  

	7.	DEFAULT/TERMINATION. 

 a. If Seller fails to consummate this Contract for any reason except Buyer’s
default. Buyer may (i) terminate the Contract, in which event neither party shall have any further obligations one to the other; (ii) enforce specific performance of this Contract as it sole and exclusive remedies. 

b. If Buyer fails to consummate this Contract due to Buyer’s default, and Seller have fulfilled all of its obligations pursuant to the Contract, Seller
shall have the right to (i) terminate the Contract, in which event neither party shall have any further obligations one to the other; (ii) enforce specific performance of this Contract; or (iii) bring suit for damages against Buyer.

  

	8.	COMMISSION. 

 Seller and Buyer each hereby warrant and represent to the other that no brokers’,
agents’, finders’ fees, commissions, or other similar fees are due or arising in connection with the entering into of this Contract, the sale and purchase of the Property, or the consummation of transactions contemplated herein. 

 

	9.	MISCELLANEOUS PROVISIONS. 

 a. Date of Contract. The term “date of this Contract” or
“date hereof’ or “effective date of this Contract” or “Effective Date” as used herein shall mean March 1, 2013. 
 b.
Notices. Any notice or communication required or permitted hereunder shall be in writing and deemed to be delivered, whether actually received or not, (i) five (5) days after being deposited in the United States mail, postage fully
prepaid, registered or certified mail, (ii) upon delivery if sent by hand delivery or by a nationally recognized overnight courier service; or (iii) if sent by fax, upon written confirmation from the sender’s fax that such
transmission was successful, addressed to the intended recipient at the address on the signature page of this Contract. Any address for notice may be changed by prior written notice so given. 

  
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 c. Interpretation. The parties hereto acknowledge and agree that each has been given the opportunity to
independently review this Contract with legal counsel, and/or has the requisite experience and sophistication to understand, interpret, and agree to the particular language of the provisions hereof. The parties have equal bargaining power, and
intend the plain meaning of the provisions herein. In the event of an ambiguity in, or dispute regarding, the interpretation of same, the interpretation of this Contract shall not be resolved by any rule of interpretation providing for
interpretation against the party who causes the uncertainty to exist or against the draftsman. This Contract shall be governed by the law of the State of Colorado in all respects including, but not limited to, validity, interpretation, construction,
effect and jurisdiction. If any of the terms, covenants, conditions, obligations, or options created by this Contract shall be unlawful or void for violation of the rule against perpetuities or any analogous statutory provision, or any other
statutory or common law rules imposing like or similar time limits, then such provision shall continue only for the period of the life or lives of the current Chief Executive Officer(s) of Buyer plus twenty-one years. 

d. Attorneys’ Fees. If either party shall be required to employ an attorney to enforce or defend the rights of such party hereunder, the
prevailing party shall be entitled to recover reasonable attorneys’ fees. 
 e. Integration. This Contract contains the complete agreement
between the parties and cannot be varied except by the written agreement of the parties. The parties agree that there are no oral agreements, understandings, representations, or warranties which are not expressly set forth herein. This Contract may
be executed in one or more counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. A facsimile signature shall have the same effect as an original signature. 

f. Survival. No portion of this Contract, including, without limitation, Seller’s representations and warranties, will survive the Closing of this
transaction. 
 g. Binding Effect. This Contract shall inure to the benefit of and bind the parties hereto and their respective heirs,
representatives, successors, and assigns. 
 h. Assignment. Buyer will have the right to assign this Contract and its rights and obligations
hereunder to an affiliate of Buyer or related entity prior to Closing without Seller’s consent. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Contract on the date(s) set forth
below. 
  

					
	SELLER:	 		 	BUYER:
			
	 Arista Investors Colorado, LLC
 a
Colorado limited liability company
	 		 	 Century Communities Colorado, LLC
 a
Colorado limited liability company

			
	 




  
	 		 	 




  

	  
	 		 	  

	BY	 		 	BY
			
	 Robert J. Francescon
	 		 	 Dale Francescon

	PRINT NAME	 		 	PRINT NAME
			
	 Authorized Signatory
	 		 	 CO-CEO

	TITLE	 		 	TITLE
			
	  
	 		 	  

	DATE OF EXECUTION	 		 	DATE OF EXECUTION


  
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 EXHIBIT A 
  


							
	1.	 	 Lake Las Vegas

(see Exhibit A-1 for legal description)
	  	$	2,880,000	  
			
	2.
	 	 Tanglewood

(see Exhibit A-2 for legal description)
	  	$	5,100,000	  
		 		  	  
	  
	 
		 	 Purchase Price
	  	$	7,980,000	* 

  

	*	The Purchase Price shall be paid as follows: 

  

	 	(i)	The issuance to Seller of 275,000 shares of the Common Stock of Century Communities, Inc., a Delaware Corporation; and 

  

	 	(ii)	The sum of $2,480,000.00 in immediately available funds. 


  
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 EXHIBIT A-1 

Lake Las Vegas 
 LOT G-1 OF FINAL MAP LAKE LAS
VEGAS THE FALLS PARENT FINAL MAP A MERGER AND RESUBDIVISION AS SHOWN BY MAP THEREOF ON FILE IN BOOK 121 OF PLATS, PAGE 50 OFFICIAL RECORDS, CLARK COUNTY, NEVADA RECORDS 







 EXHIBIT A-2 

Tanglewood Creek 
 A parcel of land located in
the Southwest quarter of Section 27, Township 1 South, Range 68 West of the 6th Principal Meridian, County of Adams, State of Colorado, more particularly described as follows: 

Commencing at the Northeast corner of the Southwest quarter of said Section 27; thence North 89°58’36” West along the North line of said
Southwest quarter, a distance of 200.00 feet to a point on the West line of Interstate 25 as described in Book 473 at Page 201; 
 thence South
00°53’18” East along said West line, a distance of 830.00 feet to a point on the South line of that parcel described in Book 4790 at Page 161 and the Point of Beginning; 

thence South 00°53’18” East continuing along the West line of said Book 473 at Page 201, a distance of 1,714.17 feet to a point on the North
line of that parcel described in Book 970 at Page 76; 
 thence North 89°58’14” West along said North line, a distance of 898.40 feet to the
Northwest corner of said parcel; 
 thence South 00°01’46” West along the West line of said parcel, a distance of 15.00 feet to the Northeast
corner of a parcel of land described as Parcel B in Book 4790 at Page 164; 
 thence along the North and East lines of said parcel the following three
(3) courses: 
 1) North 89°58’14” West a distance of 1,411.78 feet to a point of curvature; 

2) along the arc of said curve to the right having a central angle of 89°16’42”, a radius of 60.00 feet and an arc length of 93.49 feet (the
chord of which bears North 45°19’53” West, 84.32 feet); 
 3) North 00°41’32” West a distance of 1,213.92 feet to a point on the
South line of that parcel described in Book 4790 at Page 161; 
 thence along the South line of said parcel the following two (2) courses; 

1) North 71°28’13” East a distance of 1,379.90 feet; 

2) North 89°07’08” East a distance of 1,050.00 feet to the Point of Beginning, 

Excepting therefrom, that portion conveyed to the City of Westminster in the Deed recorded March 14, 2008 at Reception No. 2008000020823, 

County of Adams, 
 State of Colorado.