Document:

ex10-12.htm

 

Strategic Operating Committee Incentive Program

 

Document Date: September 16, 2013

 

Revised September 23, 2013 by Compensation Committee

 

Approved by the HTBI Board of Directors on September 30, 2013

 

 

 

 

 

 

  

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HomeTrust Strategic Operating Committee Incentive Program

 

Introduction

 

HomeTrust Bancshares, Inc. (“HomeTrust” or the “Bank”) is committed to rewarding senior executives for their contributions to the Bank’s success.  The HomeTrust Bancshares, Inc. Strategic Operating Committee Incentive Program (the “Program”) is part of a total compensation package which includes base salary, annual incentives and benefits.  The Program is designed to:

	
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Focus executives on building a strong foundation for success and sustainability over the long term.

	
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Recognize and reward achievement of the Bank’s annual business goals.

	
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Focus executives’ attention on key business metrics.

	
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Motivate and reward superior performance.

	
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Attract and retain talent needed for the Bank’s success.

	
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Be competitive with the market.

	
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Encourage teamwork and collaboration.

	
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Ensure incentives are appropriately risk-balanced.

	
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Recognize the accomplishment of key business goals that are critical to long-term success of the organization that are less quantifiable and/or more subjective in nature by utilizing a discretionary component.

Effective Date, Program and Administrator

This Program (formerly called the HomeTrust Strategic Operating Committee Incentive Plan) became effective July 1, 2012, and was amended on September 23, 2013.

Awards of cash under the Program are issued pursuant to Section 8.1, Cash Awards, of the HomeTrust Bancshares, Inc. 2013 Omnibus Incentive Plan.

The Program Administrator is the Compensation Committee (the “Committee”) of the Board of Directors.  The Program may be amended from time to time with the approval of the Board of Directors.

 

Participation and Eligibility

 

Each year, employees are selected for Program participation:

	
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CEO  participation is determined by the Compensation Committee.

	
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The CEO  recommends the other named executive officers for approval by the Compensation Committee.

	
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Other participants are added by CEO.

 

 

  

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Participants are subject to meeting the following requirements:

	
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New hires must be employed prior to April 1st of the Program year to be eligible to participate in the Program for the performance period.  Employees hired after that date must wait until the next fiscal year to be eligible for an award under the Program.  Eligibility begins the first full month worked.  Participants receive a pro-rated award using full months worked during the Program year.

	
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Awards under the Program shall be limited to individuals employed on a full-time basis by HomeTrust on the date of payment, except in the case of disability, death, or retirement.

	
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Participants on a performance improvement plan or with an unsatisfactory performance rating at the time of payment or who have given notice of resignation at the time of payment are not eligible to receive an award.

 

Performance Period

 

The Program operates on a fiscal year schedule — July 1st through June 30th.

 

Incentive Award Opportunities

 

Each participant will have a specified target annual incentive award opportunity, expressed as a percentage of the participant’s base salary.  Incentive award opportunities are based on the participant’s job duties and responsibilities and competitive practices.

Award Funding

A funding trigger is established for purposes of Section 162m of the Internal Revenue Code of 1986, as amended, and as may be amended from time to time in the future.  The Program is funded at the Stretch level if the Company has positive operating earnings for the Program Year.  The incentive awards paid are then determined by the Committee using the performance goals selected for the Program Year.  In other words, the funded amount is adjusted downwards to reflect actual performance.

 

Performance Goals and Award Levels

 

Program goals will be established using three performance levels:

	
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Threshold – is the minimum level of performance in which the Bank would consider it reasonable to provide a reward.  If performance is below Threshold, the payout for that goal is zero. Performance at Threshold results in a payment equal to 50% of the participant’s targeted annual incentive award opportunity.

	
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Target – is the level of performance that the Bank considers “good” performance.  Goals at this level are challenging but considered reasonably obtainable.  Performance at Target results in a payment equal to 100% of the participant’s targeted annual incentive award opportunity.

 

 

  

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Stretch – is the level of performance the Bank considers outstanding performance.  Goals at this level are challenging and considered a best case scenario.  Performance at Stretch results in a payment equal to 150% of the participant’s targeted annual incentive award opportunity, which is the highest amount to be paid under the Program.

Performance between Threshold and Target and Target and Stretch are interpolated to provide for a range of payouts between 50% to 150% of a participant’s targeted annual incentive, based on incremental results between Threshold and Stretch performance.

 

Incentive Program Performance Measures and Weights

 

The Program uses a balanced scorecard with performance measures weighted between Corporate and Team/Individual goals.  All Corporate goals, weightings and Team/Individual goals for the CEO and Named Executive Officers are presented to the Compensation Committee for review and approval.  Team/Individual goals for other Program participants are approved by the CEO.

 

The following schedules are attached to this Program document.  Schedules A and B are approved by the Compensation Committee prior to the beginning of each performance period:

 

Schedule A:  Award Percentages and Performance Measures Weightings

Schedule B:  Bank Goals, Weightings and Definitions

Schedule C:  Example Payout Calculation

 

Program Discretion

 

The Program has a portion of the Corporate and Team/Individual and goals based on discretion that allows the Compensation Committee, CEO , as appropriate, to modify the final award based on a subjective assessment of performance and contributions to the Bank’s success.

 

Award Distributions

 

At the end of the fiscal year, performance is measured and awards amounts are calculated.  Awards are paid in cash (generally) within two and one half months following the end of the fiscal year or as soon as practical after approval of the award payout by the Board of Directors.

 

Awards are paid out as a percentage of a participant’s annual base earnings as of June 30th.  Base earnings are defined as the base salary in effect on June 30th and excludes referral fees, commissions and any other previously-paid performance compensation.

 

Payments under this Program are considered taxable income to participants in the year paid and will be subject to tax withholding.

 

Risk Mitigation

 

HomeTrust seeks to appropriately balance risk with financial rewards in the Program design and implementation. The compensation arrangements in this Program are designed to be sufficient to incent participants to achieve approved strategic and tactical goals while at the same time not be excessive or lead to material financial loss to the Bank.

 

 

  

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Awards may be reduced or eliminated for credit quality and/or regulatory action. Unless the Compensation Committee deems otherwise, awards will not be paid, regardless of Corporate or Team/Individual performance, if 1) any regulatory agency issues a formal, written enforcement action, memorandum of understanding or other negative directive action where the Committee considers it imprudent to provide awards under this Program, and/or 2) after a review of the Company’s credit quality measures the Committee considers it imprudent to provide awards under this Program.

 

Coordination with Other Incentives

 

The Program does not inhibit the Bank from approving Program participants for inclusion in other Bank plans, bonuses, commissions and/or incentive compensation arrangements.  The Board of Directors may make discretionary bonuses to participants regardless of their participation in this Program.

Please see “Terms and Conditions” for further details on the Program provisions.

Terms and Conditions

 

The information represented below is subject to change and does not constitute a binding agreement.

 

Definition of “Program”

 

“Program” refers to the HomeTrust Bancshares, Inc. Strategic Operating Committee Incentive Program.

 

Definition of the “Bank”

 

For the purposes of this Program, the “Bank” refers to HomeTrust Bancshares, Inc.

 

Effective Date

 

This Program (formerly called the HomeTrust Strategic Operating Committee Incentive Plan became effective July 1, 2012, and was amended on September 23, 2013.  The Program may be amended from time to time with the approval of the Board of Directors.

 

Performance Period/Program Year

 

The performance period is July 1st through June 30th and may be referred to in this document as the Program year.

 

 

Program Administration

 

The Program is authorized by the Board of Directors.  The Board has the sole authority to interpret the Program and to make or nullify any rules and procedures, as necessary, for proper administration of the Program based on recommendations by the Compensation Committee.

 

The Program will be reviewed annually by the Compensation Committee to ensure proper alignment with the Bank’s business objectives.

 

 

  

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The Compensation Committee will recommend to the Board of Directors for approval all final award distributions paid to Program participants.  Any determination by the Board of Directors will be final and binding.

 

Program Changes or Discontinuance

 

The Bank has developed the Program on the basis of existing business, market and economic conditions; current services; and staff assignments. If substantial changes occur that affect these conditions, services, assignments, or forecasts, the Bank may add to, amend, modify or discontinue any of the terms or conditions of the Program at any time.  Examples of substantial changes may include mergers, dispositions or other corporate transactions, changes in laws or accounting principles or other events that would in the absence of some adjustment, frustrate the intended operation of this arrangement.

 

The Board of Directors may, at its sole discretion, waive, change or amend any of the Program as it deems appropriate. 

Program Interpretation

 

If there is any ambiguity as to the meaning of any terms or provisions of this Program or any questions as to the correct interpretation of any information contained therein, the Bank's interpretation expressed by the Board of Directors will be final and binding.

 

Participation

 

CEO participation is determined by the Compensation Committee.  Named executive officers are recommended by CEO and approved by the Compensation Committee for final approval by the Board of Directors.  Other executives may participate upon approval of the CEO.

 

New employees must be employed by April 1st of the performance period (July 1 – June 30) to be considered for participation in a given Program year.

 

 

Award Determinations

 

Program participants are eligible for a distribution under the Program only upon attainment of certain performance objectives defined under the Program and after the approval of the award by the Board of Directors.

 

Performance at Threshold, Target and Stretch are interpolated to encourage and reward incremental performance improvement.

 

Award Distributions

 

Awards are paid in cash (generally) within two and one half months following the end of the fiscal year or as soon as practical after approval of the award payout by the Board of Directors.

 

Awards are paid out as a percentage of a participant’s annual base earnings as of June 30th.  Base earnings are defined as base salary in effect as of June 30th and excludes referral fees, commissions and any other previously-paid performance compensation.

 

Incentive awards are considered taxable income to participants in the year paid and will be subject to tax withholding.

 

 

  

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New Hires, Reduced Work Schedules, Promotions, and Transfers

 

New hires that meet the eligibility criteria and are hired prior to April 1st of the Program year receive a pro-rated award based on the number of full months worked during the Program year.  New hires employed by the Bank on or after April 1st are not eligible to receive an award for the current Program year.

 

Participants that are promoted or change roles where the participant becomes eligible or ineligible for an award or experience a change in incentive opportunity will receive a pro-rated award based on their status and the effective date of the promotion or role change.  Award amounts will be calculated using the participant’s base earnings and the incentive target for the applicable period.  Base earnings refers to the base salary in effect on June 30thand excludes referral fees, commissions and any other previously-paid performance compensation.

 

Participants that have an approved leave of absence are eligible to receive a pro-rated award calculated using their time in active status as permitted by the Family Medical Leave Act or other applicable state and federal laws and regulations.

 

Termination of Employment

 

To encourage employee retention, a participant must be an active employee of the Bank on the date the incentive award is paid to receive an award (please see exceptions for death, disability and retirement below.)  Participants who terminate employment during the Program year will not be eligible to receive an award.  Participants who have given notice of resignation during the Program year and before payout are not eligible to receive an award.

 

Death, Disability or Retirement

 

If a participant ceases to be employed by the Bank due to disability, his/her cash incentive award for the Program year will be pro-rated to the date of termination.

 

In the event of death, the Bank will pay to the participant’s estate the pro rata portion of the cash award that had been earned by the participant during his/her period of employment.

 

Individuals who retire are eligible to receive a cash incentive payout if they are actively employed through March 31st of the performance period.

 

 

Clawback

 

In the event that the Bank is required to prepare an accounting restatement due to the material noncompliance of the Bank with any financial reporting requirement under the securities laws, the Participants shall, unless otherwise determined in the sole discretion of the Committee, reimburse the Bank upon receipt of written notification for any excess incentive payment amounts paid under the Program calculation(s) which were based on financial results required to be restated.  In calculating the excess amount, the Committee shall compare the calculation of the incentive payment based on the relevant results reflected in the restated financials compared to the same results reflected in the original financials that were required to be restated.  Participants may write a check payable to the Bank for amounts equal to the written notification.  In its discretion, the Compensation Committee has the right to adjust compensation and/or modify a Participant’s future incentive payments as it deems necessary.

 

 

  

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Ethics Statement

 

The altering, inflating, and/or inappropriate manipulation of performance/financial results or any other infraction of recognized ethical business standards, will subject the employee to disciplinary action up to and including termination of employment.  In addition, any incentive compensation as provided by this Program to which the employee would otherwise be entitled will be revoked or if paid, be obligated to repay any incentive award earned during the award period in which the wrongful conduct occurred regardless of employment status.

 

Miscellaneous

 

Any participant awards shall not be subject to assignment, pledge or other disposition, nor shall such amounts be subject to garnishment, attachment, transfer by operation of law, or any legal process.

 

Participation in the Program does not confer rights to participation in other Bank programs or Programs, including annual or long-term incentive Programs, non-qualified retirement or deferred compensation Programs or other executive perquisite programs.

 

The Program will not be deemed to give any participant the right to be retained in the employ of the Bank, nor will the Program interfere with the right of the Bank to discharge any participant at any time for any reason.

 

In the absence of an authorized, written employment contract, the relationship between employees and the Bank is one of at-will employment. The Program does not alter the relationship.

 

This Program and the transactions and payments hereunder shall, in all respect, be governed by, and construed and enforced in accordance with the laws of the state in which the participant is employed.

 

Each provision in this Program is severable, and if any provision is held to be invalid, illegal, or unenforceable, the validity, legality and enforceability of the remaining provisions shall not, in any way, be affected or impaired thereby.

 

This Program is proprietary and confidential to HomeTrust Bancshares, Inc. and its employees and should not be shared outside the organization other than as required by executive compensation reporting and disclosure requirements.

 

  

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Schedule A:  2014 Proposed Award Percentages and Performance Measures Weightings

	
Participant

	  	
Title

	  	
Target

%

	  	
Corporate

Weighting

	  	
Team/

Individual

Weighting

	
Dana Stonestreet

	  	
CEO

	  	
55%

	  	
100%

	  	
0%

	  	  	  	  	  	  	  	  	  
	
Tony VunCannon

	  	
CFO

	  	
30%

	  	
60%

	  	
40%

	  	  	  	  	  	  	  	  	  
	
Hunter Westbrook

	  	
CBO

	  	
30%

	  	
60%

	  	
40%

	  	  	  	  	  	  	  	  	  
	
Charles Abbitt

	  	
CRO

	  	
30%

	  	
60%

	  	
40%

	  	  	  	  	  	  	  	  	  
	
Howard Sellinger

	  	
CIO

	  	
30%

	  	
60%

	  	
40%

	  	  	  	  	  	  	  	  	  
	
Teresa White

	  	
CAO

	  	
30%

	  	
60%

	  	
40%

  

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Schedule B:  Bank Goals, Weightings and Definitions

	  	  	
Weight

	
Performance Measure

	  	
CEO

	  	
Other

SOC

	  	  	  	  	  
	
Net Income

	  	
35%

	  	
21%

	  	  	  	  	  
	
Peer ROA

	  	
25%

	  	
15%

	  	  	  	  	  
	
Discretionary Component

	  	
40%

	  	
24%

	  	  	  	  	  
	
Team/Individual

	  	
0%

	  	
40%

	  	  	  	  	  
	  	  	
100%

	  	
100%

Note:  Payouts for performance between Threshold and Target and Target and Stretch will be calculated using straight line interpolation.

  

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Schedule C: Example Payout Calculation

	
Name

	  	  	  	  	  	  	  
	
Base Salary

	
$230,000

	  	  	  	  	  	  
	
STI Opportunity

	
30%

	
$69,000.00

	  	  	  	  	  
	  	  	  	  	  	  	  	  
	
Corporate Weighting

	
60%

	
$41,400.00

	  	  	  	  	  
	
Team/Individual Weighting

	
40%

	
$27,600.00

	  	  	  	  	  
	  	  	  	  	  	  	  	  
	  	  	  	  	  	  	  	  
	
2014 POTENTIAL BASED UPON 2013 ACTUAL

	  	  	
Performance Goals

	  	  
	
Performance Measures

	
Incentive

	  	
Threshold

	
Target

	
Stretch

	
Actual

	  
	
at Target

	
Weight

	
50%

	
100%

	
150%

	
Performance

	
Payout

	  	  	  	  	  	  	  	  
	
Corporate

	  	  	  	  	  	  	  
	
Net Income

	
$14,490

	
21%

	
$7,464

	
$9,300

	
$11,196

	
$9,300

	
$14,490

	
Peer ROA

	
$10,350

	
15%

	
0.29

	
0.65

	
1.01

	
0.65

	
$10,350

	
Discretionary Component

	
$16,560

	
24%

	
N/A

	
N/A

	
N/A

	
100.0%

	
$16,560

	  	  	  	  	  	  	  	  
	
Corporate Goal Achievement

	
$41,400

	
60%

	  	  	  	  	
$41,400

	  	  	  	  	  	  	  	  
	
Team/Individual

	  	  	  	  	  	  	  
	
Goal 1

	
$9,200

	
13%

	
GoalOne

	
$9,200

	
Goal 2

	
$9,200

	
13%

	
GoalTwo

	
$9,200

	
Goal 3

	
$9,200

	
13%

	
GoalThree

	
$9,200

	  	  	  	  	  	  	  	  
	
Team/Individual Achievement

	
$27,600

	
40%

	  	  	  	  	
$27,600

	  	  	  	  	  	  	  	  
	
Grand Total

	
$69,000

	
100%

	  	  	  	  	
$69,000

  

11Fund 8 Q3 2013 EX 10.1

 
REAL ESTATE PURCHASE AND SALES AGREEMENT

This Real Estate Purchase and Sales Agreement (hereinafter the "Agreement") is made and entered into this 25th day of September, 2013, by and between Fund VIII and Fund IX Associates, whose address or principal place of business is 6200 The Corners Parkway, Suite 250, Norcross, GA 30092 (hereinafter the "Seller"), and the State of Colorado, acting by and through the Department of Agriculture, whose principal place of business is 700 Kipling Street, Suite 4000, Lakewood, CO  80215 (hereinafter the "Buyer").
WITNESSETH:
WHEREAS, Seller is the owner of the following described real estate in the County of Broomfield (formerly County of Boulder), Colorado:
LOT 1, INTERLOCKEN FILING NO 5A, A MINOR SUBDIVISION, 
ACCORDING TO THE RECORDED PLAT THEREOF, RECORDED ON 
MARCH 18, 1996, IN FILM ROLL 2113, RECEPTION NO. 0159254, 
commonly known as 305 Interlocken Parkway, Broomfield, Colorado, together with all interest of Seller in all easements and other appurtenances thereto, all improvements thereon, all attached fixtures thereon and all oil, gas and other mineral rights appurtenant to the real property, if any, owned by Seller (hereinafter the "Property");

WHEREAS, Buyer desires to purchase the Property and is authorized to enter into this Agreement pursuant to Colorado Revised Statute §24-82-102 and HB 13-1234.

NOW, THEREFORE, for and in consideration of the mutual promises and covenants contained herein, the parties hereto mutually agree as follows:

		
	1.
	Agreement for Sale and Purchase. Seller agrees to sell the Property, and Buyer agrees to purchase the Property, on the terms and conditions set forth in this Agreement. This Agreement consists of: (a) this Agreement and (b) Exhibit A, the "Contract to Buy and Sell Real Estate (Commercial) (Property with No Residences);

		
	2.
	Amendments, Assignment. This Agreement may only be amended by written agreement executed by all parties hereto. Buyer may assign its right to purchase the Property to a non-profit corporation, trust or other entity for purposes of financing the acquisition of the Property, without consent of Seller. Buyer reserves the right to direct Seller to issue a Deed for the Property to a non-profit corporation, trust or other entity at the closing. 

		
	3.
	Necessity of Approvals and Appropriation. It is specifically understood and agreed by the parties that, in addition to other events or conditions identified as contingencies by the parties in Section 9 hereof, including the State Controller's approval required by § 24-30-202(1), C.R.S. , Buyer's obligation to pay and the exercise of Seller's remedies in Section 21 of Exhibit A are contingent upon availability of funds encumbered for this Agreement and Buyer's liability for payment shall be limited to the amount remaining of such encumbered Funds (provided that Seller shall have the right to terminate this Agreement, if Buyer is unable to deliver the Purchase Price at Closing). Buyer, at its sole discretion, shall have the right to terminate this Agreement without penalty should it be unable to obtain financing or funds for the purchase of the property for any reason or should any of the required approvals not be obtained and Buyer shall have no further liability under this Agreement. Buyer's obligation to close on the purchase of the Property shall be subject to Buyer's approval prior 

1

to the expiration of the Due Diligence Period of a building inspection, title insurance commitment, appraisal and other requirements set forth in this Agreement and Exhibit A. After the expiration of the Due Diligence Period, any matter not objected to by Buyer shall be deemed waived and the only remaining contingency shall be receipt of the State approvals as expressly provided in this Agreement. 
 
		
	4.
	Representations and Warranties. Seller hereby represents and warrants to Buyer as follows, with the understanding that Buyer shall rely upon said representations and warranties.  The representations and warranties of Seller contained in this Section 4 shall be deemed made as of the date of this Agreement and remade by Seller as of the date on which the closing of the purchase and sale of the Property is consummated (the "Closing") in all material respects, with the same force and effect as if made on, and as of the date of Closing, subject to Seller's right to update such representations and warranties by written notice to Buyer in a certificate to be delivered by Seller to Buyer at Closing, and shall survive the Closing for a period of one hundred eighty (180) days.  

		
	a) 
	Seller represents that Seller is the sole owner of the Property (and will be the sole owner of the Property at the time of Closing), and that the Property is (and at the time of closing will be) free and clear of all easements, liens, restrictions and encumbrances, except those matters of public record.

		
	b)
	Seller represents and warrants that Seller had full authority and power to execute this Agreement and to effectuate the sale transaction contemplated herein.

		
	c)
	To the Seller's actual knowledge, Seller is not aware of any hazardous material on the Property or the migration of hazardous material from or to other property. Seller has no knowledge of any proceedings or inquiry by any government authority with respect to the presence of hazardous material from the Property or to other property.

		
	d)
	To Seller's actual knowledge, as of the date hereof, Seller has no knowledge of any pending or contemplated claims, litigation, condemnation, administrative actions or other legal proceedings which might affect the Property in a materially adverse manner.

		
	e)
	Seller represents that Seller has no actual knowledge of: (1) any structural or soil deficiencies with respect to the Property; (2) any notices from governmental or quasi-governmental agencies with respect to the condition of the Property; (3) any official notices of assessments for municipal services for the Property which will become due and payable after the date of the closing, other than assessments for municipal services for the Property made in the ordinary course; (4) any delinquent bills for work, labor or materials relating to the Property; and (5) any condition with respect to the Property that violates any building code, zoning ordinance, or any land use regulation.

All references in this Agreement or in the attached Exhibit A to the "knowledge of Seller" or to "Seller's knowledge" or words of similar import shall refer only to the actual knowledge of Scott Brown, who has been actively involved in the management of Seller's business in respect of the Property in the capacity as the Asset Manager of the Property for Seller.  The terms "knowledge of Seller" or "to Seller's knowledge" or words of similar import shall not be construed, by imputation or otherwise, to refer to the knowledge of Seller, or any affiliate of Seller, or to any other partner, member, beneficial owner, officer, director, agent, manager, representative or employee of Seller or of any of their respective affiliates, or to impose on the individual named above any duty to investigate the matter to which such actual knowledge, or the absence thereof, pertains.  There shall be no personal liability on the part of the individual named above arising out 

2

of any representations or warranties made herein or otherwise.

5.The provisions of this Agreement shall govern the relationship of Buyer and Seller. In the event of conflicts or inconsistencies between this Agreement and its exhibits or attachments, such conflicts or inconsistencies shall be resolved by reference to the documents in the following order of priority:

The Colorado Special Provisions set forth in Section 8 of this Agreement;
The remaining portions of this Agreement; 
Exhibit A - Contract to Buy and Sell Real Estate (Commercial) (Property with No Residences)

6.Entire Agreement. This Agreement, its exhibits and specified addenda, constitute the entire agreement between the parties relating to the subject hereof, and any prior agreements pertaining thereto, whether oral or written, have been merged and integrated into this Agreement.

7.Modification. No subsequent modification of any of the terms of this Agreement shall be valid, binding on, or enforceable against the parties, unless made in writing, signed by the parties and approved by the State Controller.

8.Colorado Special Provisions. The Special Provisions apply to all contracts except where shown in italics. All references in the Special Provisions to "State" shall be deemed to refer to Buyer, all references to "Contractor" shall be deemed to refer to Seller, and all references to "Contract" shall be deemed to refer to "Agreement".

A.CONTROLLER'S APPROVAL. CRS §24-30-202 (1).
This Contract shall not be valid until it has been approved by the Colorado State Controller or designee.
B.FUND AVAILABILITY. CRS §24-30-202(5.5).
Financial obligations of the State payable after the current fiscal year are contingent upon funds for that purpose being appropriated, budgeted, and otherwise made available.
C.GOVERNMENTAL IMMUNITY.
No term or condition of this Contract shall be construed or interpreted as a waiver, express or implied, of any of the immunities, rights, benefits, protections, or other provisions, of the Colorado Governmental Immunity Act, CRS §24-10-101 et seq., or the Federal Tort Claims Act, 28 U.S.C. §§1346(b) and 2671 et seq., as applicable now or hereafter amended.
D.INDEPENDENT CONTRACTOR 
Contractor shall perform its duties hereunder as an independent contractor and not as an employee. Neither Contractor nor any agent or employee of Contractor shall be deemed to be an agent or employee of the State. Contractor and its employees and agents are not entitled to unemployment insurance or workers compensation benefits through the State and the State shall not pay for or otherwise provide such coverage for Contractor or any of its agents or employees. Unemployment insurance benefits shall be available to Contractor and its employees and agents only if such coverage is made available by Contractor or a third party. Contractor shall pay when due all applicable employment taxes and income taxes and local head taxes incurred pursuant to this Contract. Contractor shall not have authorization, express or implied, to bind the State to any contract, liability or understanding, except as expressly set forth herein. Contractor shall (a) provide and keep in force workers' compensation and unemployment compensation insurance in the amounts required by law, (b) provide proof thereof when requested by the State, and (c) be solely responsible for its acts and those of its employees and agents.

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E.  COMPLIANCE WITH LAW.
Contractor shall strictly comply with all applicable federal and State laws, rules, and regulations in effect or hereafter established, including, without limitation, laws applicable to discrimination and unfair employment practices.
F.CHOICE OF LAW.
Colorado law, and rules and regulations issued pursuant thereto, shall be applied in the interpretation, execution, and enforcement of this Contract. Any provision included or incorporated herein by reference which conflicts with said laws, rules, and regulations shall be null and void.  Any provision incorporated herein by reference which purports to negate this or any other Special Provision in whole or in part shall not be valid or enforceable or available in any action at law, whether by way of complaint, defense, or otherwise. Any provision rendered null and void by the operation of this provision shall not invalidate the remainder of this Contract, to the extent capable of execution.
G.BINDING ARBITRATION PROHIBITED.
The State of Colorado does not agree to binding arbitration by any extra-judicial body or person. Any provision to the contrary in this contact or incorporated herein by reference shall be null and void.
H.SOFTWARE PIRACY PROHIBITION. Governor's Executive Order D 002 00.
State or other public funds payable under this Contract shall not be used by Contractor for the acquisition, operation, or maintenance of computer software in violation of federal copyright laws or applicable licensing restrictions.  Contractor hereby certifies and warrants that, during the term of this Contract and any extensions, Contractor has and shall maintain in place appropriate systems and controls to prevent such improper use of public funds.  If the State determines that Contractor is in violation of this provision, the State may exercise any remedy available at law or in equity or under this Contract, including, without limitation, immediate termination of this Contract and any remedy consistent with federal copyright laws or applicable licensing restrictions.
I.EMPLOYEE FINANCIAL INTEREST. CRS §§24-18-201 and 24-50-507.
The signatories aver that to their knowledge, no employee of the State has any personal or beneficial interest whatsoever in the service or property described in this Contract. Contractor has no interest and shall not acquire any interest, direct or indirect, that would conflict in any manner or degree with the performance of Contractor's services and Contractor shall not employ any person having such known interests.
J.VENDOR OFFSET. CRS §§24-30-202 (1) and 24-30-202.4.
Subject to CRS §24-30-202.4 (3.5), the State Controller may withhold payment under the State's vendor offset intercept system for debts owed to State agencies for: (a) unpaid child support debts or child support arrearages; (b) unpaid balances of tax, accrued interest, or other charges specified in CRS §39-21-101, et seq.; (c) unpaid loans due to the Student Loan Division of the Department of Higher Education; (d) amounts required to be paid to the Unemployment Compensation Fund; and (e) other unpaid debts owing to the State as a result of final agency determination or judicial action.
K.PUBLIC CONTRACTS FOR SERVICES. CRS §8-17.5-101.
[Not Applicable to Agreements relating to the offer, issuance, or sale of securities, investment advisory services or fund management services, sponsored projects, intergovernmental Agreements, or information technology services or products and services] Contractor certifies, warrants, and agrees that it does not knowingly employ or contract with an illegal alien who shall perform work under this Contract and shall confirm the employment eligibility of all employees who are newly hired for employment in the United States to perform work under this Contract, through participation in the E-Verify Program or the State program established 

4

pursuant to CRS §8-17.5-102(5)(c), Contractor shall not knowingly employ or contract with an illegal alien to perform work under this Contract or enter into a contract with a subcontractor that fails to certify to Contractor that the subcontractor shall not knowingly employ or contract with an illegal alien to perform work under this Contract. Contractor (a) shall not use E-Verify Program or State program procedures to undertake pre-employment screening of job applicants while this Contract is being performed, (b) shall notify the subcontractor and the contracting State agency within three days if Contractor has actual knowledge that a subcontractor is employing or contracting with an illegal alien for work under this Contract, (c) shall terminate the subcontract if a subcontractor does not stop employing or contracting with the illegal alien within three days of receiving the notice, and (d) shall comply with reasonable requests made in the course of an investigation, undertaken pursuant to CRS §8-17.5-102(5), by the Colorado Department of Labor and Employment. If Contractor participates in the State program, Contractor shall deliver to the contracting State agency, Institution of Higher Education or political subdivision, a written, notarized affirmation, affirming that Contractor has examined the legal work status of such employee, and shall comply with all of the other requirements of the State program. If Contractor fails to comply with any requirement of this provision or CRS §8-17.5-101 et seq., the contracting State agency, institution of higher education or political subdivision may terminate this Contract for breach and, if so terminated, Contractor shall be liable for damages.
L.PUBLIC CONTRACTS WITH NATURAL PERSONS. CRS §24-76.5-101.
Contractor, if a natural person eighteen (18) years of age or older, hereby swears and affirms under penalty of perjury that he or she (a) is a citizen or otherwise lawfully present in the United States pursuant to federal law, (b) shall comply with the provisions of CRS §24- 76.5-101 et seq., and (c) has produced one form of identification required by CRS §24-76.5- 103 prior to the effective date of this Contract.

9.Additional Provisions to Exhibit A
#4.1    PURCHASE PRICE AND TERMS: The purchase price for the Property shall be Six Million One Hundred Thousand Dollars ($6,100,000), payable in cash to Seller by Buyer at the close of escrow.  
#4.3    EARNEST MONEY DEPOSIT:  Buyer shall deposit One Hundred Fifty Thousand Dollars ($150,000) in an interest-bearing escrow account with Fidelity National Title Company, 4683 S. Ulster #500, Denver, CO 80237, Attention:  Jim Cimino ("Escrow Agent" or "Earnest Money Holder," as said term is used in Section 4.3 of the attached Exhibit A or "Title Company") within five (5) days of mutual Agreement execution.  The Earnest Money together with interest thereon shall become non-refundable upon Buyer’s satisfaction of the Buyer’s Contingencies and expiration of the Due Diligence Period except in the case of Seller’s breach of the Agreement or as otherwise provided therein.
#7.6.2    ASSOCIATION DOCUMENTS:  Seller will use diligent good faith efforts to obtain and deliver a copy of the minutes of the most recent annual owners' meeting.  The failure or inability of Seller to do so (Seller having used diligent good faith efforts) shall not be a default under this Agreement.
#10.6    DUE DILIGENCE DOCUMENTS:
#10.6.1  Assignable Service Contracts:  Seller shall deliver copies of all assignable contracts relating to the operation, maintenance and management of the Property.

5

#10.6.9  Insurance Certificates:  For purposes of Section 10.6.9, Seller shall deliver copies of insurance certificates (as opposed to insurance policies evidencing Seller's insurance pertaining to the Property, since Seller's insurance policies cover multiple properties in addition to the Property), together with copies of any claims that have been made for the past three years with respect to the Property.
#10.6.11  Environmental Reports:  The phrase "to Seller's knowledge" is hereby inserted immediately following the words "Seller warrants" in Subsection 10.6.11.
#16    PRORATIONS:

#16.1. Taxes.  Seller acknowledges that Buyer is exempt from real property taxes,     and other land based taxes.  Seller agrees to prepay the current year’s real property taxes for the Property at Closing, provided that the Closing occurs during calendar year 2013.  Seller hereby discloses to Buyer that real property taxes for the year 2013 are under appeal.  Seller and Buyer mutually acknowledge and agree that if such tax appeal is not concluded prior to the Closing, then any additional taxes payable for 2013, or any prior years in which Seller was responsible for taxes on the Property, as a result of appeal shall be paid by Seller, and any rebate of taxes paid by Seller at or prior to Closing shall be and remain the exclusive property of Seller.  The provisions of this section shall survive the Closing.

#16.3  Association Assessments:  The phrase "to Seller's knowledge" is hereby inserted immediately following the words "Seller represents" in the 7th line of Subsection 16.3.

#30     ADDITIONAL PROVISIONS:

		
	A.
	Due Diligence Period:  Buyer will have a period of up to sixty (60) days from the later of (i) the mutual execution of the Agreement and (ii) the date Seller certifies to Buyer that Seller has delivered to Buyer all documents, records and other Seller provided information specified in Section #30.B.2 of this Agreement, to perform whatever inspections, tests, and review of the Property that Buyer desires and remove all contingencies outlined in Section #30.B below ("Buyer’s Contingencies").  Buyer and its agents shall have the right to enter the Property during the Due Diligence Period, shall have the right to talk to Seller’s property manager and any previous tenants, provided that any such entries upon the Property shall be made at reasonable times and upon reasonable notice to Seller and shall not unreasonably interfere with use of the Property by Seller.  Buyer shall have the right to terminate the Agreement at any time during the Due Diligence Period in the event that Buyer is not satisfied with the Property. During the Due Diligence Period, Seller shall not enter into any leases or contracts or other agreements or understandings which would be binding on the Property or result in any liability to Buyer upon or after Buyer's purchase of the Property without the written consent of Buyer, not to be unreasonably withheld.  Following the expiration of the Due Diligence Period (and provided the Agreement is still in full force and effect) Seller shall not enter into any leases or contracts or other agreements or understandings which would be binding on the Property or result in any liability to Buyer upon or after Buyer's purchase of the Property, without the written consent of Buyer, which may be withheld in Buyer’s sole discretion.

		
	B.
	Buyer's Contingencies:  Buyer's obligation to purchase the Property shall be subject to the satisfaction or waiver by Buyer of conditions (and any other conditions agreed to between Seller and Buyer in the Agreement), including the following within the Due Diligence Period.

6

		
	i.
	Review and acceptance of title to the Property.  Seller will deliver to Buyer within ten (10) days after mutual execution of this Agreement an extended coverage ALTA owner’s title insurance commitment for the entire Property issued by Fidelity National Title Insurance Company (the "Title Company"), committing to insure marketable title to the Property in an amount equal to the Purchase Price subject to such exceptions to title as shall be disclosed in the commitment, together with copies of all deeds of trust, liens, parking easements, rights of way, protective covenants and other encumbrances or exception of documents against the Property as revealed by the title commitment.  The premium for the title insurance policy issued pursuant to the commitment shall be paid by Seller; provided, however, that any extended coverage or endorsements thereto, including, without limitation, any additional premium expense for OEC (as said term is defined in Section 7.3 of the attached Exhibit A), and the cost of any ALTA lender’s title insurance policy together with any extended coverage or endorsements thereto, shall be the sole cost and expense of Buyer.  Within fifteen (15) days of receipt of (i) the owner’s title commitment (with legible copies of all documents listed as exceptions in the commitment) referred to above; and (ii) the ALTA survey described below, Buyer will advise Seller which exceptions to title, if any, will be accepted by Buyer.  In the event there are unacceptable exceptions to the Buyer, Seller shall have until the expiration of the Due Diligence Period to remove such exceptions; it being understood and agreed that Seller shall have the right, but not the obligation, to attempt to remove, satisfy or otherwise cure any exceptions to title (except as to Monetary Exceptions, as such term is hereinafter defined) or survey as to which Buyer provides written notice to Buyer as provided herein.  If the exceptions cannot or will not be removed, then the Buyer has the right to terminate the Agreement.  Seller shall be obligated to cure any Monetary Objections at or prior to Closing, and may use the proceeds of the Purchase Price at Closing for such purpose.  "Monetary Objection" or "Monetary Objections" shall mean (a) any mortgage, deed of trust, deed to secure debt or similar security instrument encumbering all or any part of the Property, (b) any mechanic's, materialman's or similar lien (unless resulting from any act or omission of Buyer or any of its agents, contractors, representatives or employees or any tenant of the Property), (c) the lien of ad valorem real or personal property taxes, assessments and governmental charges, (d) any judgment of record (other than a judgment of record against any tenant of the Property) filed against the Property in the county or other applicable jurisdiction in which the Property is located, (e) any Assessments from the Interlocken Owners Association, Inc. applicable to the Property, and (f) any other lien or encumbrance affecting title to the Property which can be removed according to its terms by payment of a liquidated sum of money.

		
	ii.
	Review and acceptance of the Property and all matters relating thereto based on Buyer's inspection, tests and review of all non-confidential or non-proprietary documents affecting the Property, including without limitation confirmation that the fair market value of the Property is not less than the Purchase Price through an independent MAI appraisal, and review and acceptance of original or true copies of the following delivered by Seller to Buyer (in addition to those found in Section 10.6 of Exhibit A); provided, however, that for purposes of this Agreement and Section 10.6 of Exhibit A, Seller shall only be required to deliver documents that are within its actual possession and shall not be required to prepare or obtain any reports, lists or other information which do not currently exist; and further provided that Seller shall only be required to make available at its offices for inspection and review any 

7

documents that are too voluminous to be easily copied and delivered to Buyer, provided that those offices are in the Denver Metro area; and provided further for purposes of this Agreement and Section 10.6 of Exhibit A that Seller shall not be required to deliver or to make available for Buyer any appraisals, third party reports obtained by Seller (other than any existing environmental, inspection or engineering reports), strategic plans for the Property, internal analyses, information regarding the marketing of the Property for sale, submissions relating to Seller's obtaining of corporate authorization, attorney work product, attorney-client privileged documents or other information in the possession or control of Seller which Seller deems confidential or proprietary.  Seller makes no representation or warranty of any nature whatsoever, express or implied, with respect to the ownership, enforceability, accuracy, adequacy or completeness or otherwise of any of the Due Diligence Documents provided pursuant to this section or Section 10.6 of the attached Exhibit A:

		
	a.
	All plans, drawings, and specifications relating to the site improvements, including site architectural, landscape, lighting and signage plans, and any soil reports, site and parking plans, architectural studies, ADA reports, grading plans, topographical maps, hazardous materials studies, and similar data relating to the Property in Seller’s possession.

		
	b.
	All pertinent correspondence and agreements with any governmental agencies regarding the Property and/or improvements, information relating to any services within the past one (1) year, connections or application fees, and a list and complete copies of all licenses, permits, maps, approvals and covenants, conditions and restrictions regarding the Property.

		
	c.
	Tax bills and operating expense statements for the Property for the last three (3) years, and copies of all existing insurance certificates for the Property.

		
	d.
	Copies of all current leases and management and/or assignable third party vendor contracts, as applicable.

		
	e.
	General ledger for the Property for the last three (3) years showing all operating expenses of the Property, including, without limitation, repairs and replacements.

		
	iii.
	Review and acceptance of the environmental condition of the Property, including, without limitation, studies of possible toxic contamination of soil or groundwater.  Buyer shall be responsible for all costs and expenses associated with any new studies or reports concerning the environmental condition of the Property.  Upon full execution of this Agreement, Seller will provide Buyer with copies of all existing environmental reports in Seller’s possession.

		
	iv.
	Buyer shall have received a current ALTA Survey of the Property certified to Buyer and to the Title Company preparing the title commitment above, and complying with such survey requirements as may be reasonably required by Buyer.  Seller shall be responsible for all costs and expenses associated with such survey.  Seller shall, however, provide any current surveys in its possession and shall identify any 

8

unrecorded easements known to Seller that encumber the Property.
 
		
	v.
	Buyer shall have received the proceeds from a private placement lease purchase financing by no later than November 30, 2013 to finance the Purchase Price.

		
	vi.
	Buyer shall have received written approval from the Interlocken Owners Association, Inc. (the "Association") to amend Section 4.1 of the Master Declaration of Covenants, Conditions and Restrictions for Interlocken (as amended, the "Declaration") to allow use of the Property as a facility related to government office uses (the "Amendment to Declaration"). Buyer shall be responsible for seeking the Amendment to Declaration and Buyer agrees to pay the legal fees and expenses of the Association's counsel with respect to the proposed Amendment to Declaration for Buyer's intended use of the Property, regardless of whether the purchase and sale of the Property occurs.

		
	vii.
	To the extent deemed necessary by Buyer, Buyer shall have received written approval from the Architectural Control Committee (the "Committee") for any addition to the improvements on the Property to support Buyer's intended ancillary laboratory uses for the Property.  Buyer shall be responsible for seeking any desired approvals from the Committee with respect to Buyer's intended laboratory uses at the Property, and for all costs and expenses associated with the same.

		
	viii.
	Buyer shall have received a certificate from the Association that there are no outstanding assessments against the Property and that the existing building was constructed in conformance with the Declaration.  Buyer shall be responsible for seeking such Certificate from the Association.

		
	ix.
	Review and approval of the Agreement by the State Controller, Office of the Attorney General and Commissioner of the Colorado Department of Agriculture.

		
	C.
	Escrow Period:  Escrow shall be opened at the offices of the Title Company, at 4683 S. Ulster #500, Denver, CO  80237, Attention: Jim Cimino, promptly following mutual execution of the Agreement.  Escrow shall be closed at said offices of the Title Company on a date and time that is mutually agreeable to Buyer and Seller, which date shall be within thirty (30) days from the removal of all Buyer’s Contingencies and termination of the Due Diligence Period as outlined in Sections 30.A and 30.B above, but in no event later than November 30, 2013.  Subject to the foregoing, the Closing shall take place at the offices of the Title Company as set forth above at such specific time and date as shall be designated by Buyer in a written notice to Seller given not less than three (3) business days prior to Closing.  If Buyer fails to give such notice, the Closing shall be at the office of the Title Company at the address set forth above on November 30, 2013, at 11:00 a.m. (Mountain time).  The parties contemplate that the transaction shall be closed with the concurrent delivery of the documents of title and other closing documents and the payment of the Purchase Price.  There shall be no requirement for Seller and Buyer to meet for the Closing, and all documents and all funds to be delivered at the Closing shall be delivered to the Title Company unless the parties hereto mutually agree otherwise.  Seller and Buyer agree to use reasonable efforts to complete all requirements for the Closing prior to the Closing date.

9

		
	D.
	Documents to be Delivered on the Closing Date:

		
	i.
	A special warranty deed conveying fee simple title to the Property to Buyer subject only to the Permitted Exceptions as defined in the Agreement.  The legal description of the Property in said special warranty deed shall be Seller's Vesting Deed Legal Description.

		
	ii.
	A quitclaim deed conveying any residual or corrective legal description of the Property to Buyer if requested by Buyer, pursuant to an ALTA Policy of Owner's Title Insurance or a metes and bounds description conforming to the updated survey;

		
	iii.
	An ALTA Policy of Owner’s Title Insurance or written commitment therefor (with such endorsements as Buyer shall reasonably require at Buyer’s expense) issued by the Title Company referenced above.

		
	iv.
	Such resolutions, authorizations, bylaws or other corporate / partnership documents or agreements relating to Seller and Buyer as may reasonably be required by the Title Company.

		
	v.
	Closing statement(s) in form and content satisfactory to Buyer and Seller.

		
	vi.
	Assignment and assumption agreements transferring Seller’s interests in licenses and accepted service contracts to Buyer, in form and substance mutually satisfactory to Seller and Buyer.

		
	E.
	Brokerage. Seller and Buyer each represent to the other that the sole brokers, finder, consultant or other third party with whom they dealt or negotiated with in connection with this Agreement or the transactions contemplated by this Agreement are Stream Realty Partners for the Seller and Jones Lang LaSalle for the Buyer (collectively, “Broker”). Seller shall pay the Broker pursuant to separate agreement between Seller and Stream Realty Partners-Denver, LLC dated April 8, 2013.  Each party hereto agrees that if any person or entity other than Broker makes a claim for brokerage commissions or finder's fees related to the sale of the Property by Seller to Buyer, and such claim is made by, through or on account of any acts or alleged acts of said party or its representatives, said party will protect, indemnify, defend and hold the other party free and harmless from and against any and all loss, liability, cost, damage and expense (including reasonable attorneys’ fees) in connection therewith.  The provisions of this Section shall survive the Closing or any termination of this Agreement.  Section 21.1.2 of the attached Exhibit A is amended to insert the words, "and Section E. Brokerage in the Additional Provisions in the Agreement to which this Exhibit A is attached" immediately following the numbers "§§ 10.4, 22, 23 and 24" in the 4th line of said Section 21.1.2.

		
	F.
	Remedies for Seller's Default.  Notwithstanding anything to the contrary in Section 21.2 of Exhibit A attached hereto, if Seller fails to perform any of its obligations under this Agreement for any reason other than Buyer's default or the permitted termination of this Agreement by Seller or Buyer as expressly provided herein, Buyer shall be entitled, as its sole and exclusive remedy, either (a) to receive the return of the Earnest Money from Escrow Agent, which return shall operate to terminate this Agreement and release Seller from any and all liability hereunder, or (b) to enforce specific performance of the obligation of Seller sell the Property to Buyer and to execute and deliver the documents required to convey the 

10

Property to Purchaser in accordance with this Agreement; it being specifically understood and agreed that the remedy of specific performance shall not be available to enforce any other obligation of Seller hereunder.  Except as provided in Section E. Brokerage, above, Buyer expressly waives its rights to seek damages in the event of the default of Seller hereunder.  Buyer shall be deemed to have elected to terminate this Agreement and to receive a return of the Earnest Money from Escrow Agent if Buyer fails to file suit for specific performance against Seller in a court having jurisdiction, on or before sixty (60) days following the date upon which the Closing was to have occurred, as such Closing Date may have been extended pursuant to the provisions of this Agreement.

		
	G.
	Electronic Delivery of Due Diligence Materials.  Notwithstanding anything to the contrary contained in Section 27.2 of the attached Exhibit A, Seller and Buyer mutually acknowledge and agree that all due diligence deliveries required of Seller under this Agreement and the attached Exhibit A to Buyer may be delivered to Buyer's Broker Jones Lang LaSalle electronically via Internet, and such delivery shall be deemed for all purposes effective delivery of the same to Buyer.

[THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

11

THE PARTIES HERETO HAVE EXECUTED THIS AGREEMENT

	
	
	*Persons signing for Contractor/Seller hereby swear and affirm that they are authorized to act on Contractor/Seller's behalf and acknowledge that the State is relying on their representations to that effect.

	
		
	

CONTRACTOR/SELLER
Fund VIII and Fund IX Associates

(See Attached Signature Page)

_______________________________________________
*Signature
By: __________________________________________

Title: _________________________________________

Date: _________________________________________
	

STATE OF COLORADO
John W. Hickenlooper  GOVERNOR 
Department of Agriculture

___/s/ John T. Salazar_________________________

By: __John T. Salazar_____     _____________________

Title: __Commissioner ___________________________

Date: ___September 24, 2013             _______________

	STATE OF COLORADO
John W. Hickenlooper  GOVERNOR
Department of Personnel & Administration
Office of the State Architect, Real Estate Programs
For the Executive Director

By: ___/s/Brandon Ates________________________
Brandon Ates, Real Estate Programs

Date: __9/23/13_______________
	STATE OF COLORADO
LEGAL REVIEW
John W. Suthers, Attorney General

By:___/s/ Heidi Dineen____________________________
Heidi Dineen, Assistant Attorney General

Date: __9/23/13________

ALL CONTRACTS REQUIRE APPROVAL BY THE STATE CONTROLLER

CRS §24-30-202 requires the State Controller to approve all State contracts. This Contract is not valid until signed and dated below by the State Controller or delegate. Contractor is not authorized to begin performance until such time. If Contractor begins performing prior thereto, the State of Colorado is not obligated to pay Contractor for such performance or rents or costs incurred hereunder.

	
	
	STATE CONTROLLER
Robert Jaros, CPA, MBA, JD

By:___/s/ Robert Jaros________________________

Signature

Date:__9/25/13__________

12

[SELLER'S SIGNATURE PAGE]

SELLER:

FUND VIII AND FUND IX ASSOCIATES,
a Georgia joint venture

By:    WELLS REAL ESTATE FUND VIII, L.P., 
a Georgia limited partnership

By:    Wells Partners, L.P.,
a Georgia limited partnership,
as general partner

By:     Wells Capital, Inc.,
a Georgia corporation,
as general partner

By:    /s/ Leo F. Wells, III                    
Name:     Leo F. Wells, III                    
Title:     President                    

    
By:        /s/ Leo F. Wells, III            
            Leo F. Wells, III, general partner, 

By:    WELLS REAL ESTATE FUND IX, L.P., 
a Georgia limited partnership

By:    Wells Partners, L.P., 
a Georgia limited partnership, 
general partner

By:    Wells Capital, Inc.,
a Georgia corporation, 
general partner

By:    /s/ Leo F. Wells, III                    
Name:     Leo F. Wells, III                    
Title:     President                

By:        /s/ Leo F. Wells, III            
Leo F. Wells, III, general partner

13

	
		
	1
	The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission.
(CBS3-9-12) (Mandatory 1-13)

	2

    3
    4    THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR
    5    OTHER COUNSEL BEFORE SIGNING.
    6
7     CONTRACT TO BUY AND SELL REAL ESTATE
8      (COMMERCIAL)
		
	9
	(n Property with No Residences)

 10    (o Property with Residences-Residential Addendum Attached)
11
  12    Date:    August  5, 2013                         
13	
	
	AGREEMENT

		
	14
	1.    AGREEMENT.  Buyer, identified  in  §2.1, agrees to buy, and Seller, identified in § 2.3, agrees to sell, the Property

		
	15
	described below on the terms and conditions set forth in this contract (Contract).

		
	16
	2.    PARTIES AND PROPERTY.

		
	17
	2.1.    Buyer.  Buyer,  State of Colorado, acting by and through the Department of Agriculture    , will take title to the Property

		
	18
	described below as  o Joint Tenants   o Tenants In Common  n Other  Tenancy in Severalty    .

		
	19
	2.2.    Assignability and Inurement.  This Contract  n Shall  o Shall Not be assignable by Buyer without Seller's prior

20         written consent. Except as so restricted,  this Contract shall inure to the benefit of and be binding upon the heirs, personal
		
	21
	representatives, successors and assigns of the parties.

		
	22
	2.3.    Seller.  Seller, Fund VIII & Fund IX Associates                                                         , is the current owner of the

		
	23
	Property  described below.

		
	24
	2.4.    Property.  The Property is the following legally described real estate in the County of  Broomfield    , Colorado:

		
	25
	SUB:INTERLOCKEN FILING NO 5A MINOR LOT:1 305 INTERLOCKEN PKWY BROOMFIELD 80021

26    RECPT:1679046  RECPT:1616560
27
28
		
	29
	known as No. 305 lnterlocken Parkway, Broomfield, Colorado (consisting of approximately 47,444 rentable square feet situated on 4.26 acres),

30    Street Address    City    State    Zip

		
	31
	together with the interests, easements, rights, benefits, improvements and attached fixtures appurtenant thereto, and all interest of

		
	32
	Seller in vacated streets and alleys adjacent thereto, except as herein excluded (Property).

33    2.5.    Inclusions.  The Purchase Price includes the following items (Inclusions):
		
	34
	2.5.1.    Fixtures.  If attached to the Property on the date of this Contract, the following items are included unless

		
	35
	excluded under Exclusions (§ 2.6): lighting, heating, plumbing, ventilating and air conditioning fixtures, inside telephone, network

36     and coaxial (cable) wiring and connecting blocks/jacks, floor coverings, intercom systems, sprinkler systems and controls, garage
  37    door openers including  N/A    remote controls.
38     Other Fixtures: All Tenant Improvements currently installed.
39
40    If any fixtures are attached to the Property after the date of this Contract, such additional fixtures are also included in the Purchase
41    Price.
42    2.5.2.    Personal Property.  If on the Property, whether attached or not, on the date of this Contract, the following
43    items are included unless excluded under Exclusions (§ 2.6): storm windows, storm doors, window and porch shades, awnings,
		
	44
	blinds, screens, window coverings, curtain rods, drapery rods, heating stoves, storage sheds, and all keys. If checked, the following

		
	45
	are  included:    n Water  Softeners      n Smoke/Fire  Detectors   n Carbon   Monoxide   Alarms   n Security  Systems

46    n Satellite Systems (including satellite dishes).
		
	47
	Other Personal Property: All furniture, fixtures, and equipment currently located within the property which shall be

		
	48
	memorialized with a mutually agreed upon inventory.

49
		
	50
	The Personal Property to be conveyed at Closing shall be conveyed by Seller free and clear of all taxes (except

		
	51
	personal property taxes for the year of Closing), liens and encumbrances, except _N/A                                                   _.

		
	52
	Conveyance shall be by bill of sale or other applicable legal instrument.

53
54    2.5.3.    Trade Fixtures.  With respect to trade fixtures, Seller and Buyer agree as follows:
55    N/A
		
	56
	The Trade Fixtures to be conveyed at Closing shall be conveyed by Seller free and clear of all taxes (except personal

		
	57
	property taxes for the year of Closing), liens and encumbrances, except  N/A                               .  Conveyance

		
	58
	shall be by bill of sale or other applicable legal instrument.

		
	59
	2.5.4.    Parking and Storage Facilities.  o Use Only    n Ownership of the following parking facilities:

		
	60
	All on-site parking          ; and  o Use Only     n Ownership of the following storage facilities: Any on-site facilities         .

		
	61
	2.5.5.    Water Rights, Water and Sewer Taps.

		
	62
	2.5.5.1.  Deeded Water Rights.  The following legally described water rights:

64
65
		
	66
	Any water rights shall be conveyed by  o N/A                   Deed  o Other applicable legal instrument.

		
	67
	o           2.5.5.2.  Well Rights.  If any water well  is to be transferred to Buyer, Seller agrees to supply required

		
	68
	information about such well to Buyer. Buyer understands that if the well to be transferred is a Small Capacity Well or a Domestic

		
	69
	Exempt Water Well used  for ordinary household purposes, Buyer shall, prior to or at Closing, complete a Change in Ownership

		
	70
	form for the well. If an existing well has not been registered with the Colorado Division of Water Resources in the Department of

		
	71
	Natural Resources (Division), Buyer shall complete a registration of existing well form for the well and pay the cost of

		
	72
	registration. If no person will be providing a closing service in connection with the transaction, Buyer shall file the form with the

		
	73
	Division within sixty days after Closing. The Well Permit # is _N/A    _.

		
	74
	2.5.5.3. o Water Stock Certificates:

75
76
77    2.5.5.4.  n Water Tap    n Sewer Tap

		
	78
	Note:  Buyer is advised to obtain, from the provider, written confirmation of the amount remaining to be paid, if any, time

		
	79
	and other restrictions for transfer and use of the tap.

		
	80
	2.5.5.5.  Other Rights:

81
82
83    2.6.    Exclusions.   The following  items are excluded  (Exclusions):
84    N/A
85
86    3.    DATES  AND  DEADLINES.
	
				
	Item No.
	Reference
	Event
	Date or Deadline

	1
	§4.3
	Alternative Earnest Money Deadline
	N/A

	 
	 
	Title and Association
	 

	2
	§7.1
	Record Title Deadline
	MEC + 10 days

	3
	§7.5
	Exceptions Request Deadline
	MEC + 25 days

	4
	§8.1
	Record Title Objection Deadline
	MEC + 25 days

	5
	§8.2
	Off-Record Title Deadline
	MEC + 20 days

	6
	§8.2
	Off-Record Title Objection Deadline
	MEC + 25 days

	7
	§8.3
	Title Resolution Deadline
	MEC + 30 days

	8
	§7.6
	Association Documents Deadline
	MEC + 10 days

	9
	§7.6
	Association Documents Objection Deadline
	MEC + 30 days

	10
	§8.5
	Right of First Refusal Deadline
	N/A

	 
	 
	Seller's Property Disclosure
	 

	11
	§10.1
	Seller's Property Disclosure Deadline
	MEC + 20 days

	 
	 
	Loan and Credit
	 

	12
	§5.1
	Loan Application Deadline
	N/A

	13
	§5.2
	Loan Objection Deadline
	N/A

	14
	§5.3
	Buyer's Credit Information Deadline
	N/A

	15
	§5.3
	Disapproval of Buyer's Credit Information Deadline
	N/A

	16
	§5.4
	Existing Loan Documents Deadline
	N/A

	17
	§5.4
	Existing Loan Documents Objection Deadline
	N/A

	18
	§5.4
	Loan Transfer Approval Deadline
	N/A

	
				
	Item No.
	Reference
	Event
	Date or Deadline

	 
	 
	Appraisal
	 

	19
	§6.2
	Appraisal Deadline
	N/A

	20
	§6.2
	Appraisal Objection Deadline
	N/A

	 
	 
	Survey
	 

	21
	§9.1
	Current Survey Deadline
	MEC + 10 days

	22
	§9.2
	Current Survey Objection Deadline
	MEC + 20 days

	 
	 
	Inspection and Due Diligence
	 

	23
	§10.2
	Inspection Objection Deadline
	MEC + 60 days

	24
	§10.3
	Inspection Resolution Deadline
	MEC + 60 days

	25
	§10.5
	Property Insurance Objection Deadline
	MEC + 60 days

	26
	§10.6
	Due Diligence Documents Delivery Deadline
	MEC + 60 days

	27
	§10.7
	Due Diligence Documents Objection Deadline
	MEC + 60 days

	28
	§10.8
	Environmental Inspection Objection Deadline
	MEC + 60 days

	29
	§10.8
	ADA Evaluation Objection Deadline
	MEC + 60 days

	30
	§11.1
	Tenant Estoppel Statements Deadline
	N/A

	31
	§11.2
	Tenant Estoppel Statements Objection Deadline
	N/A

	 
	 
	Closing and Possession
	 

	32
	§12.3
	Closing Date
	MEC + 90 days

	33
	§17
	Possession Date
	MEC + 90 days

	34
	§17
	Possession Time
	 

	35
	§28
	Acceptance Deadline Date
	 

	36
	§28
	Acceptance Deadline Time
	 

	 
	 
	 
	 

	 
	 
	 
	 

		
	87
	Note: Applicability of Terms.

		
	88
	Any box, blank or line in this Contract left blank or completed with the abbreviation "N/A", or the word "Deleted" means such

		
	89
	provision in Dates and Deadlines (§ 3), including any deadline, is not applicable and the corresponding provision of this Contract

		
	90
	to which reference is made is deleted.

		
	91
	The abbreviation "MEC'' (mutual execution of this Contract) means the date upon which both parties have signed this Contract.

		
	92
	4.     PURCHASE PRICE AND TERMS.

		
	93
	4.1.    Price and Terms.  The Purchase Price set forth below shall be payable in U.S. Dollars by Buyer as follows:

	
					
	Item No.
	Reference
	Item
	Amount
	Amount

	1
	§4.1
	Purchase Price
	$6,100,000.00
	 

	2
	§4.3
	Earnest Money
	 
	$150,000.00

	3
	§4.5
	New Loan
	$0.00

	4
	§4.6
	Assumption Balance
	$0.00

	5
	§4.7
	Seller or Private Financing
	$0.00

	6
	 
	 
	 
	 

	7
	 
	 
	 
	 

	8
	§4.4
	Cash at Closing
	 
	$5,950,000

	9
	 
	TOTAL
	$6,100,000.00
	$6,100,000.00

		
	94
	4.2.      Seller Concession.  Seller, at Closing, shall credit, as directed by Buyer, an amount of $ N/A                        to assist

		
	95
	with any or all of the following: Buyer's closing costs (Seller Concession). Seller Concession is in addition to any sum Seller has

		
	96
	agreed to pay or credit Buyer elsewhere in this Contract. Seller Concession will be reduced to the extent it exceeds the aggregate

		
	97
	of what is allowed by Buyer's lender as set forth in the Closing Statement at Closing.

		
	98
	4.3.      Earnest Money.  The Earnest Money set forth in this section, in the form of  Cash                                                    ,

		
	99
	shall be payable to and held by  Fidelity National Title Insurance Company  (Earnest Money Holder), in its trust account, on behalf of both

		
	100  
	Seller and Buyer. The Earnest Money deposit shall be tendered, by Buyer, with this Contract unless the parties mutually agree to    

		
	101 
	an Alternative Earnest Money Deadline (§ 3) for its payment. The parties authorize delivery of the Earnest Money deposit to the

102    company conducting the Closing (Closing Company), if any, at or before Closing. In the event Earnest Money Holder has agreed
103    to have interest on Earnest Money deposits transferred to a fund established for the purpose of providing affordable housing to
104         Colorado residents, Seller and Buyer acknowledge and agree that any interest accruing on the Earnest Money deposited with the
105     Earnest Money Holder in this transaction shall be transferred to such fund.

1064.3.1.     Alternative Earnest Money Deadline.  The deadline for delivering the Earnest Money, if other than at the
		
	107
	time of tender of this Contract is as set forth as the Alternative Earnest Money Deadline (§ 3).

		
	108
	4.3.2.    Return  of Earnest  Money.  If Buyer has  a Right  to Terminate  and  timely  terminates,  Buyer shall  be

109entitled to the return of Earnest Money as provided in this Contract. If this Contract is terminated as set forth in§ 25 and, except as
110provided in§ 24, if the Earnest Money has not already been returned following receipt of a Notice to Terminate, Seller agrees to
111       execute and return to Buyer or Broker working with Buyer, written mutual instructions, i.e., Earnest Money Release form, within  
112      three days of Seller's receipt of such form.
113               4.4.       Form of Funds; Time of Payment; Funds Available.
114                                4.4.l.     Good Funds.  All amounts payable by the parties at Closing, including any loan proceeds, Cash at Closing
115    and closing costs, shall be in funds that comply with  all applicable Colorado laws, including electronic transfer funds, certified
116    check, savings and loan teller's check and cashier's check (Good Funds).
117                              4.4.2.     Available Funds.  All funds required to be paid at Closing or as otherwise agreed in writing between  the
		
	118
	parties shall be timely paid to allow disbursement by Closing Company at Closing OR SUCH PARTY SHALL BE IN DEFAULT.

		
	119
	Buyer represents that Buyer, as of the date of this Contract,   n Does  o Does Not  have funds that are immediately verifiable and

		
	120
	available in an amount not less than the amount stated as Cash at Closing in § 4.1.

121               4.5.       New Loan.
122    4.5.l.    Buyer to Pay Loan Costs. Buyer, except as provided in § 4.2, if applicable, shall timely pay Buyer's loan
123        costs, loan discount points, prepaid  items and loan origination fees, as required by lender.
124    4.5.2.    Buyer May Select Financing. Buyer may pay in cash or select financing appropriate and acceptable to
125    Buyer, including a different loan than initially sought, except as restricted  in § 4.5.3 or§ 30 (Additional Provisions).
126    4.5.3.    Loan   Limitations.  Buyer may purchase the Property using any of the following types of loans:
127    o Conventional     o Other _____________________________________________________________________________.
128               4.6.       Assumption. Buyer agrees to assume and pay an existing loan in the approximate amount of the Assumption.
129    Balance set forth in § 4.1, presently payable at $                              per                                including principal and interest 
130    presently at the rate of        % per annum, and also including escrow for the following as indicated: o Real Estate Taxes 
13l    o Property Insurance Premium and o                                                                                                                                 .
132    Buyer agrees to pay a loan transfer fee not to exceed $                             . At the time of assumption, the new interest rate shall
133     not exceed                 % per annum and the new payment shall not exceed $                          per                                principal and 
134    interest, plus escrow, if any. If the actual principal balance of the existing loan at Closing is less than the Assumption Balance,
135    which causes the amount of cash required from the Buyer at Closing to be increased by more than $                        , then Buyer has
136    the Right to Terminate under § 25.1, on or before Closing Date (§ 3), based on the reduced amount of the actual principal balance.
137    Seller o Shall o Shall Not be released from liability on said loan. If applicable, compliance with the requirements for
138    release from liability shall be evidenced by delivery o on or before Loan Transfer Approval Deadline (§ 3) o at Closing of
139    an appropriate letter of commitment from lender. Any cost payable for release of liability shall be paid by                                       
140    in an amount not to exceed $                       .
141               4.7.       Seller or Private Financing. Buyer agrees to execute a promissory note payable to                                                   , 
142    as o Joint Tenants  o Tenants In Common  o Other         , on the note form as indicated:
143    o (Default Rate) NTD81-10-06    o Other                                                                             secured by a                            
144    (1st, 2nd, etc) deed of trust encumbering the Property, using the form as indicated:
145    o Due on Transfer - Strict (TD72-8-10)   o Due on Transfer - Creditworthy (TD73-8- J 0)  o Assumable - Not Due on
146    Transfer  (TD74-8-10)    o Other                                                                                                                                                    .
147    The promissory note shall be amortized on the basis of                        o Years  o Months, payable at $                                
148    per                                           including principal and interest at the rate of                    % per annum. Payments shall commence
149                                                           and shall be due on the                   day of each succeeding                                   . If not sooner 
150    paid, the balance of principal and accrued interest shall be due and payable                                                                  after Closing.
151    Payments o Shall o Shall Not be increased by                               of estimated annual real estate taxes, and  o Shall o Shall 
152    Not be increased by                                 of estimated annual property insurance premium. The loan shall also contain the following
153    terms: (1) if any payment is not received within               days after its due date, a late charge of                  % of such payment 
154    shall be due; (2) interest on lender disbursements under the deed of trust shall be                  % per annum; (3) default interest rate 
155    shall be                     % per annum; (4) Buyer may prepay without a penalty except                                                                            ;
156    and (5) Buyer o Shall o Shall Not execute and deliver, at Closing, a Security Agreement and UCC-1 Financing Statement
157    granting the holder of the promissory note a                              (1st, 2nd, etc) lien on the personal property included in this sale.
158    Buyer o Shall o Shall Not provide a mortgagee's title insurance policy at Buyer's expense.

159                                	
	
	TRANSACTION  PROVISIONS

160    5.    FINANCING CONDITIONS AND OBLIGATIONS
1615.1.    Loan Application. If Buyer is to pay all or part of the Purchase Price by obtaining one or more new loans (New
		
	162
	Loan), or if an existing loan is not to be released at Closing, Buyer, if required by such lender, shall make an application verifiable

		
	163
	by such lender, on or before Loan Application Deadline (§ 3) and exercise reasonable efforts to obtain such loan or approval.

		
	164
	5.2.    Loan Objection. If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is conditional

		
	165
	upon  Buyer  determining,  in  Buyer's sole subjective discretion, whether the New Loan is satisfactory to Buyer, including its

		
	166
	availability, payments, interest rate, terms, conditions, and cost of such New Loan. This condition is for the sole benefit of Buyer.

		
	167
	Buyer has the Right to Terminate under § 25.1, on or before Loan Objection Deadline (§ 3), if the New Loan is not satisfactory to

		
	168
	Buyer, in Buyer's sole subjective discretion.  IF  SELLER  DOES  NOT  TIMELY  RECEIVE  WRITTEN  NOTICE  TO

		
	169
	TERMINATE,  BUYER'S  EARNEST  MONEY  SHALL  BE  NONREFUNDABLE, except as otherwise provided in this

		
	170
	Contract (e.g., Appraisal, Title, Survey).

		
	171
	5.3.    Credit  Information and Buyer's New Senior Loan.  If Buyer is to pay all or part of the Purchase Price by

		
	172
	executing a promissory note in favor of Seller, or if an existing loan is not to be released at Closing, this Contract is conditional

		
	173
	(for the sole benefit of Seller) upon Seller's approval of Buyer's financial ability and creditworthiness, which approval shall be at

		
	174
	Seller's sole subjective discretion. In such case: (1) Buyer shall supply to Seller by Buyer's Credit Information Deadline (§ 3),

		
	175
	at Buyer's expense, information and documents (including a current credit report) concerning Buyer's financial, employment and

		
	176
	credit condition and Buyer's New Senior Loan, defined below, if any; (2) Buyer consents that Seller may verify Buyer's  financial.

		
	177
	ability and creditworthiness; (3) any such information and documents received by Seller shall be held by Seller in confidence, and

		
	178
	not released to others except to protect Seller's interest in this transaction; and (4) in the event Buyer is to execute a promissory

		
	179
	note secured by a deed of trust in favor of Seller, this Contract is conditional (for the sole benefit  of Seller) upon Seller's approval

		
	180
	of the terms and conditions of any New Loan to be obtained by Buyer if the deed of trust to Seller is to be subordinate to Buyer's

		
	181
	New Loan (Buyer's New Senior Loan). If the Cash at Closing is less than as set forth in § 4.1 of this Contract or Buyer's New

		
	182
	Senior Loan changes from that approved by Seller, Seller has the Right to Terminate under § 25.1, at or before Closing. If Seller

		
	183
	disapproves of Buyer's financial ability, creditworthiness or Buyer's New Senior Loan, in Seller's sole subjective discretion, Seller

		
	184
	has the Right to Terminate under § 25.1, on or before Disapproval of Buyer's Credit Information Deadline (§ 3).

		
	185
	5.4.    Existing Loan Review.  If an existing loan is not to be released at Closing, Seller shall deliver copies of the loan

		
	186
	documents (including note, deed of trust, and any modifications) to Buyer by Existing Loan Documents Deadline (§  3). For the

		
	187
	sole benefit of Buyer, this Contract is conditional upon Buyer's review and approval of the provisions of such loan documents.

		
	188
	Buyer has the Right to Terminate under § 25.1, on or before Existing Loan Documents Objection Deadline (§ 3), based on  any

		
	189
	unsatisfactory provision of such loan documents, in Buyer's sole subjective discretion. If the lender's approval of a transfer of the

		
	190
	Property is required, this Contract is conditional upon Buyer's obtaining such approval without change in the terms of such  loan,

		
	191
	except as set forth in § 4.6. If lender's approval is not obtained by Loan Transfer Approval Deadline (§ 3), this Contract shall

		
	192
	terminate on such deadline. Seller has the Right to Terminate under § 25. l, on or before Closing, in Seller's sole subjective

193discretion, if Seller is to be released from liability under such existing loan and Buyer does not obtain such compliance as set 
194forth in § 4.6.

		
	195
	    6.    APPRAISAL PROVISIONS

		
	196
	6.1    Lender Property Requirements. If the lender imposes any requirements or repairs (Requirements) to be made to

		
	197
	the Property (e.g., roof repair, repainting), beyond those matters already agreed to by Seller in this Contract, Seller has the Right to

		
	198
	Terminate    under § 25.1, (notwithstanding § 10 of this Contract), on or before three days following Seller's receipt of  the

		
	199
	Requirements, based on any unsatisfactory Requirements, in Seller's sole subjective discretion. Seller's Right to Terminate in this

		
	200
	§ 6.1 shall not apply if, on or before any termination  by Seller pursuant to this § 6.1: (1) the parties enter into a written agreement

201    regarding the Requirements; or (2) the Requirements have been completed; or (3) the satisfaction of the Requirements is waived in
202    writing by Buyer. 
203        6.2    Appraisal Condition. The applicable Appraisal provision set forth below shall apply to the respective loan type set
		
	204
	forth in § 4.5.3, or if a cash transaction, i.e. no financing, § 6.2. l shall apply.

		
	205
	6.2.1.    Conventional/Other.  Buyer has the sole option and election to terminate this Contract if the Property's

		
	206
	valuation, determined by an appraiser engaged on behalf of Buyer                                                                                           ,

		
	207
	is less than the Purchase Price. The appraisal shall be received by Buyer or Buyer's lender on or before Appraisal Deadline (§ 3).

		
	208
	Buyer has the Right to Terminate under § 25.1, on or before Appraisal Objection Deadline (§ 3), if the Property's valuation  is

		
	209
	less than the Purchase Price and Seller's receipt of either a copy of such appraisal or written notice from lender that confirms the

		
	210
	Property's valuation is less than the Purchase Price. This § 6.2.l is for the sole benefit of Buyer.

		
	211
	6.3.    Cost of Appraisal. Cost of any appraisal to be obtained  after the date of this Contract shall be timely paid  by

		
	212
	n Buyer  o Seller . The cost of the appraisal may include any and all fees paid to the appraiser, appraisal management company,

		
	213
	lender's agent or all three.

2147.    EVIDENCE  OF TITLE AND ASSOCIATION DOCUMENTS.
		
	215
	7.1.    n Seller Selects Title Insurance Company. If this box is checked, Seller shall select the title insurance company

		
	216
	to furnish the owner's title insurance policy at Seller's expense.  On or before Record Title Deadline (§ 3), Seller shall furnish to

		
	217
	Buyer, a current commitment for owner's title insurance policy (Title Commitment), in an amount equal to the Purchase Price, or

		
	218
	if this box is checked, o an Abstract of title certified to a current date.  Seller shall cause the title insurance policy to be issued

		
	219
	and delivered to Buyer as soon as practicable at or after Closing.

		
	220
	7.2.    o Buyer Selects Title Insurance Company.  If this box is checked, Buyer shall select the title insurance company

		
	221
	to furnish the owner's title insurance policy at Buyer's expense.  On or before Record Title Deadline (§ 3), Buyer shall furnish to

		
	222
	Seller, a current commitment for owner's title insurance policy (Title Commitment), in an amount equal to the Purchase Price.

223If neither box in § 7.1 or § 7.2 is checked, § 7.1 applies. 224
		
	225
	7.3.    Owner's Extended Coverage (OEC).  The Title Commitment n Shall  o Shall Not commit to delete or insure

		
	226
	over the standard exceptions which relate to: (1) parties in possession, (2) unrecorded  easements, (3) survey matters, (4)

		
	227
	unrecorded mechanics' liens, (5) gap period (effective date of commitment to date deed is recorded), and (6) unpaid taxes,

		
	228
	assessments and unredeemed tax sales prior to the year of Closing (OEC).

		
	229
	Note:  The title insurance company may not agree to delete or insure over any or all of the standard exceptions.

		
	230
	7.3.1.    Premium for OEC.  If the title insurance company agrees to provide an endorsement for OEC, any

		
	231
	additional premium expense to obtain an endorsement for OEC shall be paid by n Buyer  o Seller   o One-Half by Buyer and

		
	232
	One-Half by Seller  o Other                                                                               .

		
	233
	7.4.    Buyer's  Right  to  Review  Title  Commitment  and  Title  Documents.  Buyer has the right to review the Title

		
	234
	Commitment, its provisions and Title Documents (defined in § 7.5), and if not satisfactory to Buyer, Buyer may exercise Buyer's

		
	235
	rights pursuant to § 8.1.

		
	236
	7.5.    Copies of Exceptions. Unless the box in § 7.2 is checked (Buyer Selects Title Insurance Company) on or before

		
	237
	Record Title Deadline (§ 3), Seller, at Seller's expense, shall furnish to Buyer and N/A                                           , (1) copies of

		
	238
	any plats, declarations, covenants, conditions and restrictions burdening the Property, and (2) if a Title Commitment is required to

		
	239
	be furnished, and if this box is checked  o Copies of any Other Documents (or, if illegible, summaries of such documents) listed

		
	240
	in the schedule of exceptions (Exceptions). Even if the box is not checked, Seller shall have the obligation to furnish these

		
	241
	documents pursuant to this section if requested by Buyer any time on or before Exceptions Request Deadline (§ 3). This

		
	242
	requirement shall pertain only to documents as shown of record in the office of the clerk and recorder  in the county where the

		
	243
	Property is located. The Abstract or Title Commitment, together with  any copies or summaries of such documents furnished

		
	244
	pursuant to this section, constitute the title documents (collectively, Title Documents).

		
	245
	7.5.1.    Existing Abstracts of Title. Seller shall deliver to Buyer copies of any abstracts of title covering all or any

		
	246
	portion of the Property (Abstract) in Seller's possession on or before Record Title Deadline (§ 3).

		
	247
	7.6.    Homeowners' Association Documents.  Homeowners' Association Documents (Association Documents) consist of

		
	248
	the following:

		
	249
	7.6.1.    All Homeowners' Association declarations, bylaws, operating agreements, rules and regulations, party wall

		
	250
	agreements;

		
	251
	7.6.2.    Minutes of most recent annual owners' meeting;

		
	252
	7.6.3.    Minutes of any directors' or managers' meetings during the  six-month period immediately preceding the

		
	253
	date of this Contract. If none of the preceding minutes exist, then the most recent minutes, if any (§§ 7.6.I, 7.6.2 and 7.6.3,

		
	254
	collectively, Governing Documents).

		
	255
	7.6.4.    The most recent financial documents which consist of: (1) annual and most recent balance sheet, (2) annual

		
	256
	and most recent  income and expenditures statement, (3) annual budget, and (4) reserve study, if any (collectively, Financial

		
	257
	Documents).

		
	258
	7.6.5.    Common Interest Community Disclosure.  THE PROPERTY IS LOCATED WITHIN A COMMON

		
	259
	INTEREST COMMUNITY AND IS SUBJECT TO THE DECLARATION  FOR SUCH COMMUNITY. THE OWNER

		
	260
	OF THE PROPERTY  WILL BE REQUIRED  TO BE A  MEMBER  OF THE OWNER'S ASSOCIATION  FOR THE

		
	261
	COMMUNITY  AND  WILL  BE  SUBJECT  TO  THE  BYLAWS  AND  RULES  AND  REGULATIONS  OF  THE

		
	262
	ASSOCIATION. THE DECLARATION, BYLAWS, AND RULES AND REGULATIONS WILL IMPOSE FINANCIAL

		
	263
	OBLIGATIONS  UPON  THE  OWNER  OF  THE  PROPERTY,  INCLUDING  AN  OBLIGATION  TO  PAY

		
	264
	ASSESSMENTS  OF  THE  ASSOCIATION.  IF  THE  OWNER  DOES  NOT  PAY  THESE  ASSESSMENTS,  THE

		
	265
	ASSOCIATION COULD PLACE A LIEN ON THE PROPERTY AND POSSIBLY SELL IT TO PAY THE DEBT. THE

		
	266
	DECLARATION,  BYLAWS, AND RULES AND REGULATIONS  OF THE COMMUNITY  MAY PROHIBIT  THE

		
	267
	OWNER FROM MAKING CHANGES TO THE PROPERTY WITHOUT AN ARCHITECTURAL REVIEW BY THE

		
	268
	ASSOCIATION  (OR A COMMITTEE OF THE ASSOCIATION)  AND THE APPROVAL OF THE ASSOCIATION.

		
	269
	PURCHASERS OF PROPERTY WITHIN THE COMMON INTEREST COMMUNITY SHOULD INVESTIGATE THE

		
	270
	FINANCIAL  OBLIGATIONS  OF MEMBERS  OF THE  ASSOCIATION.  PURCHASERS  SHOULD  CAREFULLY

		
	271
	READ THE DECLARATION FOR THE COMMUNITY AND THE BYLAWS AND RULES AND REGULATIONS OF

		
	272
	THE ASSOCIATION.

273    7.6.6.    Association Documents to Buyer.
274    n    7.6.6.1.    Seller to Provide Association  Documents.  Seller shall cause the Association  Documents to  be
275    provided to Buyer, at Seller's expense, on or before Association Documents Deadline (§ 3).
276    n    7.6.6.2.    Seller Authorizes Association. Seller  authorizes  the  Association  to  provide  the  Association
277    Documents to Buyer, at Seller's expense.
278    7.6.6.3.    Seller's Obligation. Seller's obligation to provide the Association Documents shall be fulfilled
279    upon Buyer's receipt of the Association Documents, regardless of who provides such documents.
280    Note:  If neither box in this § 7.6.6 is checked, the provisions of § 7.6.6.1 shall apply.
281    7.6.7.    Conditional on Buyer's Review.  Buyer has the right to review the Association Documents. Buyer has the
282    Right to Terminate under § 25.1, on or before Association Documents Objection Deadline (§ 3), based on any unsatisfactory 
283    provision in any of the Association Documents, in Buyer's sole subjective discretion. Should Buyer receive the Association 
284    Documents after Association Documents Deadline (§ 3), Buyer, at Buyer's option, has the Right to Terminate under § 25.1 by
285    Buyer's Notice to Terminate received by Seller on or before ten days after Buyer's receipt of the Association Documents. If Buyer
286    does not receive the Association Documents, or if Buyer's Notice to Terminate would otherwise be required to be received by 
287    Seller after Closing Date (§ 3), Buyer's Notice to Terminate shall be received by Seller on or before Closing (§ 12.3). If Seller
288    does not receive Buyer's Notice to Terminate within such time, Buyer accepts the provisions of the Association Documents as 
289    satisfactory, and Buyer waives any Right to Terminate under this provision, notwithstanding the provisions of § 8.5.
290
291    8.    RECORD TITLE AND OFF-RECORD TITLE.  
292    8.1.     Record Title. Buyer has the right to review and object to any of the Title Documents (Right to Object to Title,
293    Resolution), as set forth in § 8.3. Buyer's objection may be based on any unsatisfactory form or content of Title Commitment, 
294    notwithstanding § 13, or any other unsatisfactory title condition, in Buyer's sole subjective discretion. If Buyer objects to any of
295    the Title Documents, Buyer shall cause Seller to receive Buyer's Notice to Terminate or Notice of Title Objection on or before
296    Record Title Objection Deadline (§ 3). If Title Documents are not received by Buyer, on or before the Record Title Deadline
297    (§ 3), or if there is an endorsement to the Title Commitment that adds a new Exception to title, a copy of the new Exception to title
298    and the modified Title Commitment shall be delivered to Buyer. Buyer shall cause Seller to receive Buyer's Notice to Terminate
299    or Notice of Title Objection on or before ten days after receipt by Buyer of the following documents: (1) any required  Title
300    Document not timely received by Buyer, (2) any change to the Title Documents, or (3) endorsement to the Title Commitment. If
301    Seller receives Buyer's Notice to Terminate or Notice of Title Objection, pursuant to this § 8.1 (Record Title), any title objection
302    by Buyer and this Contract shall be governed by the provisions set forth in § 8.3 (Right to Object to Title, Resolution). If Seller
303    does not receive Buyer's Notice to Terminate or Notice of Title Objection by the applicable deadline specified above, Buyer
304    accepts the condition of title as disclosed by the Title Documents as satisfactory.
305    8.2.     Off-Record Title. Seller shall deliver to Buyer, on or before Off-Record Title Deadline (§ 3), true copies of all
306    existing surveys in Seller's possession pertaining to the Property and shall disclose to Buyer all easements, liens (including,
307    without limitation, governmental improvements approved, but not yet installed) or other title matters (including, without
308    limitation, rights of first refusal and options) not shown by public records, of which Seller has actual knowledge (Off-Record
309    Matters). Buyer has the right to inspect the Property to investigate if any third par!Y has any right in the Property not shown by
310    public records (such as an unrecorded easement, unrecorded lease, boundary line discrepancy or water rights). Buyer's Notice to
311    Terminate or Notice of Title Objection of any unsatisfactory condition (whether disclosed by Seller or revealed by such inspection,
312    notwithstanding § 13), in Buyer's sole subjective discretion, shall be received by Seller on or before Off-Record Title Objection
313    Deadline (§ 3). If Seller receives Buyer's Notice to Terminate or Notice of Title Objection pursuant to this § 8.2 (Off-Record
314    Title), any title objection by Buyer and this Contract shall be governed by the provisions set forth in § 8.3 (Right to Object to Title,
315    Resolution). If Seller does not receive Buyer's Notice to Terminate or Notice of Title Objection on or before Off-Record Title
316    Objection Deadline (§ 3), Buyer accepts title subject to such rights, if any, of third parties of which Buyer has actual knowledge.
317    Unless disclosed in writing, Seller represents and warrants that there are no Off-Record Matters.
318    8.3.     Right to Object to Title, Resolution.  Buyer's Right to Object to Title shall include, but not be limited to those
319    matters set forth in §§ 8.1 (Record Title), 8.2 (Off-Record Title) and 13 (Transfer of Title), in Buyer's sole subjective discretion
320    (collectively, Right to Object to Title). If Buyer objects to any title matter, on or before the applicable deadline, Buyer has the
321    option to either (1) object to the condition of title, or (2) terminate this Contract.
322    8.3.2.    Title Resolution. If Seller receives Buyer's Notice of Title Objection, as provided in § 8.1 (Record Title) or
323    § 8.2 (Off-Record Title), on or before the applicable deadline, and if Buyer and Seller have not agreed to a written settlement
324    thereof on or before Title Resolution Deadline (§ 3), this Contract shall terminate on the expiration of Title Resolution Deadline
325    (§ 3), unless Seller receives Buyer's written withdrawal of Buyer's Notice of Title Objection (i.e., Buyer's written notice to waive
326    objection to such items and waives the Right to Terminate for that reason), on or before expiration of Title Resolution Deadline
327    (§ 3).
328    8.3.3.    Right to Terminate - Title Objection. Buyer has the Right to Terminate under § 25.l, on or before the
329    applicable deadline, based on any unsatisfactory title matter, in Buyer's sole subjective discretion.
330    8.4.     Special Taxing Districts.  SPECIAL TAXING DISTRICTS MAY BE SUBJECT TO GENERAL OBLIGATION
331    INDEBTEDNESS  THAT IS PAID  BY  REVENUES  PRODUCED  FROM  ANNUAL  TAX  LEVIES ON THE TAXABLE

332    PROPERTY WITHIN SUCH DISTRICTS. PROPERTY OWNERS IN SUCH DISTRICTS MAY BE PLACED AT 
333    RISK FOR INCREASED MILL LEVIES AND TAX TO SUPPORT THE SERVICING OF SUCH DEBT WHERE
334    CIRCUMSTANCES ARISE RESULTING IN THE INABILITY OF SUCH A DISTRICT TO DISCHARGE SUCH
335    INDEBTEDNESS WITHOUT SUCH AN INCREASE IN MILL LEVIES. BUYERS SHOULD INVESTIGATE THE
336    SPECIAL TAXING DISTRICTS IN WHICH THE PROPERTY IS LOCATED BY CONTACTING THE COUNTY
337    TREASURER, BY REVIEWING THE CERTIFICATE OF TAXES DUE FOR THE PROPERTY, AND BY 
338    OBTAINING FURTHER INFORMATION FROM THE BOARD OF COUNTY COMMISSIONERS, THE COUNTY 
339    CLERK AND RECORDER, OR THE COUNTY ASSESSOR.
340    Buyer has the Right to Terminate under §25.I, on or before Off-Record Title Objection Deadline (§ 3), based on any
341    unsatisfactory effect of the Property being located within a special taxing district, in Buyer's sole subjective discretion.
342        8.5.     Right of First Refusal or Contract Approval.  If there is a right of first refusal on the Property, or a right to
343    approve this Contract, Seller shall promptly submit this Contract according to the terms and conditions of such right. If the holder 
344    of the right of first refusal exercises such right or the holder of a right to approve disapproves this Contract, this Contract shall
345    terminate. If the right of first refusal is waived explicitly or expires, or the Contract is approved, this Contract shall remain in full
346    force and effect. Seller shall promptly notify Buyer in writing of the foregoing.  If expiration or waiver of the right of first refusal
347    or Contract approval has not occurred on or before Right of First Refusal Deadline (§ 3), this Contract shall then terminate.
348        8.6.     Title Advisory. The Title Documents  affect the title, ownership and use of the Property and should be reviewed
349    carefully. Additionally, other matters not reflected in the Title Documents may affect the title, ownership and use of the Property,
350    including, without limitation, boundary lines and encroachments, area, zoning, unrecorded easements and claims of easements,
351    leases and other unrecorded agreements, and various laws and governmental regulations concerning land use, development and
352    environmental matters. The surface estate may be owned separately from the underlying mineral estate, and transfer of the
353    surface estate does not necessarily include transfer of the mineral rights or water rights. Third parties may hold interests in
354    oil, gas, other minerals, geothermal energy or water on  or under  the Property,  which  interests  may  give them  rights  to
355    enter and use the Property. Such matters may be excluded from or not covered by the title insurance policy. Buyer is advised to
356    timely consult legal counsel with respect to all such matters as there are strict time limits provided in this Contract [e.g., Record
357    Title Objection  Deadline (§ 3) and Off-Record  Objection  Deadline (§  3)].

358    9.    CURRENT SURVEY REVIEW
359    9.1.     Current Survey Conditions. If the box in § 9.1.l or § 9.1.2 is checked, Buyer, the issuer of the Title Commitment
360    or the provider  of the opinion  of title if an Abstract,  and   Buyer                                            shall receive a Current Survey, i.e.,
361    Improvement Location Certificate, Improvement Survey Plat or other form of survey set forth in § 9.1.2 (collectively, Current 
362    Survey), on or before Current Survey Deadline (§ 3). The Current Survey shall be certified by the surveyor to all those who are
363    to receive the Current Survey.
364    o     9.1.1.     Improvement Location Certificate.  If the box in this § 9.1.l is checked, o Seller  o Buyer shall order
365    or provide, and pay, on or before Closing, the cost of an Improvement Location Certificate.
366    n    9.1.2.     Other Survey.  If the box in this § 9.1.2 is checked, a Current Survey, other than an Improvement 
367    Location Certificate, shall be an o Improvement Survey Plat  n Alla Survey    . The parties agree that payment of the cost of
368    the Current Survey and obligation to order or provide the Current Survey shall be as follows:
369
370    Seller
371
372    9.2.     Current Survey Objection.  Buyer has the right to review and object to the Current Survey. Buyer has the Right to
373    Terminate under § 25.l, on or before the Current Survey Objection Deadline (§ 3), if the Current Survey is not timely received
374    by Buyer or based on any unsatisfactory matter with the Current Survey, notwithstanding§ 8.2 or§ 13.

375    	
	
	DISCLOSURE, INSPECTION AND DUE DILIGENCE

376    10.    PROPERTY DISCLOSURE, INSPECTION, INDEMNITY, INSURABILITY AND DUE DILIGENCE.
		
	377
	10.1.    Seller's Property Disclosure. On or before Seller's Property Disclosure Deadline (§ 3), Seller agrees to deliver to

		
	378
	Buyer the most current version of the applicable Colorado Real Estate Commission's Seller's Property Disclosure form completed

		
	379
	by Seller to Seller's actual knowledge, current as of the date of this Contract.

		
	380
	10.2.    Inspection Objection. Unless otherwise provided in this Contract, Buyer acknowledges that Seller is conveying 

		
	381
	the Property to Buyer in an "as is" condition, "where is" and "with all faults."  Seller shall disclose to Buyer, in writing, any latent

		
	382
	defects actually known by Seller. Buyer, acting in good faith, has the right to have inspections (by one or more third parties,

		
	383
	personally or both) of the Property and Inclusions (Inspection), at Buyer's expense. If (1) the physical condition of the Property,

		
	384
	including, but not limited to, the roof, walls, structural  integrity of the Property, the electrical, plumbing,  HVAC and other

		
	385
	mechanical systems of the Property, (2) the physical condition of the Inclusions, (3) service to the Property (including utilities and

		
	386
	communication  services), systems and components of the Property, e.g. heating and plumbing,  (4) any proposed  or existing

387transportation  project, road, street or highway, or (5) any other activity, odor or noise (whether on or off the Property) and its effect
		
	388
	or expected effect on the Property or its occupants is unsatisfactory,  in Buyer's sole subjective discretion, Buyer shall, on or before

		
	389
	Inspection Objection Deadline (§ 3):

		
	390
	10.2.1.  Notice to Terminate.  Notify Seller in writing that this Contract is terminated; or

		
	391
	10.2.2.  Inspection Objection. Deliver to Seller a written description of any unsatisfactory  physical condition that

		
	392
	Buyer requires Seller to correct.

		
	393
	Buyer has the Right to  Terminate  under  § 25.1, on  or before  Inspection  Objection  Deadline (§ 3) if the  Property or

		
	394
	Inclusions are unsatisfactory, in Buyer's sole subjective discretion.

		
	395
	10.3.    Inspection  Resolution. If an Inspection Objection is received by Seller, on or before Inspection Objection

		
	396
	Deadline (§ 3) and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Inspection Resolution

		
	397
	Deadline (§ 3), this Contract shall terminate on Inspection Resolution Deadline (§ 3) unless Seller receives Buyer's written

398withdrawal of the Inspection Objection before such termination, i.e., on or before expiration of Inspection Resolution Deadline
399(§ 3).
400    10.4.    Damage, Liens and Indemnity.  Buyer, except as otherwise provided in this Contract or other written agreement
40 I    between the parties, is responsible for payment for all inspections, tests, surveys, engineering reports, or other reports performed at
402    Buyer's request (Work) and shall pay for any damage that occurs to the Property and Inclusions as a result of such Work. Buyer
403    shall not permit claims or liens of any kind against the Property for Work performed on the Property at Buyer's request. Buyer
404    agrees to indemnify, protect and hold Seller harmless from and against any liability, damage, cost or expense incurred by Seller
405    and caused by any such Work, claim, or lien. This indemnity includes Seller's right to recover all costs and expenses incurred by
406    Seller to defend against any such liability, damage, cost or expense, or to enforce this section, including Seller's reasonable 
407    attorney fees, legal fees and expenses. The provisions of this section shall survive the termination of this Contract. This § 10.4
		
	408
	does not apply to items performed pursuant to an Inspection Resolution.

		
	409
	10.5.    Insurability.  Buyer has the right to review and object to the availability, terms and conditions of and premium for

		
	410
	property  insurance  (Property  Insurance).  Buyer has the  Right to Terminate under § 25.1, on or before Property Insurance

		
	411
	Objection Deadline (§ 3), based on any unsatisfactory provision of the Property Insurance, in Buyer's sole subjective discretion.

		
	412
	10.6.    Due Diligence Documents. Seller agrees to deliver copies of the following documents and information pertaining

		
	413
	to the Property (Due Diligence Documents) to Buyer on or before Due Diligence Documents Delivery Deadline (§ 3):

		
	414
	10.6.l.  All contracts relating to the operation, maintenance and management of the Property;

		
	415
	10.6.2.   Property tax bills for the last three years;

		
	416
	10.6.3.  As-built construction plans to the Property and the tenant improvements, including architectural, electrical,

		
	417
	mechanical, and structural systems; engineering reports; and permanent Certificates of Occupancy, to the extent now available;

		
	418
	10.6.4.  A list of all Inclusions to be conveyed to Buyer;

		
	419
	10.6.5. Operating statements for the past  three  years;

		
	420
	10.6.6.   A rent roll accurate and correct to the date of this Contract;

		
	421
	10.6.7.  All current leases, including any amendments or other occupancy agreements, pertaining to the Property

		
	422
	(Leases);

		
	423
	10.6.8.   A schedule of any tenant improvement work Seller is obligated to complete but has not yet completed and

		
	424
	capital improvement work either scheduled or in process on the date of this Contract;

		
	425
	10.6.9.  All insurance policies pertaining to the Property and copies of any claims which have been made for the past

426     three  years;
		
	427
	10.6.10. Soils reports, Surveys and engineering reports or data pertaining to the Property (if not delivered earlier

		
	428
	under § 8.2);

		
	429
	10.6.11. Any and all existing documentation and reports regarding Phase I and II environmental reports, letters, test

		
	430
	results, advisories, and similar documents respective to the existence or nonexistence of asbestos, PCB transformers, or other toxic

		
	431
	hazardous or contaminated substances, and/or underground storage tanks and/or radon gas. If no reports are in Seller's possession

		
	432
	or known to Seller, Seller warrants that no such reports are in Seller's possession or known to Seller;

		
	433
	10.6.12. Any Americans with Disabilities Act reports,.studies or surveys concerning the compliance of the Property

		
	434
	with said Act;

		
	435
	l0.6.13. All permits, licenses and other building or use authorizations issued by any governmental authority with

		
	436
	jurisdiction over the Property and written notice of any violation of any such permits, licenses or use authorizations, if any; and

437    10.6.14. Other Documents:                                                                                                                                           .
		
	438
	l0.7.    Due Diligence  Documents  Conditions.  Buyer has the right to review  and object to Due Diligence Documents,

		
	439
	zoning and any use restrictions imposed by any governmental agency with jurisdiction over the Property (Zoning), in Buyer's sole

		
	440
	subjective discretion, and has the right to object if Seller fails to deliver to Buyer all Due Diligence Documents. Buyer shall also

		
	441
	have the unilateral right to waive any condition herein.

		
	442
	10.7.1.   Due Diligence Documents Objection.  Buyer has the Right to Terminate under§ 25.l, on or before Due

		
	443
	Diligence Documents Objection Deadline (§ 3), based on any unsatisfactory matter with the Due Diligence Documents, in

		
	444
	Buyer's sole subjective discretion. If all Due Diligence Documents under§ 10.6 are not received by Buyer on or before Due

		
	445
	Diligence Documents Delivery Deadline (§ 3), then Buyer has the Right to Terminate under§ 25.I on or before the earlier of ten

		
	446
	days after Due Diligence Documents Objection Deadline (§ 3) or Closing.

		
	447
	10.7.2.  Zoning. Buyer has the Right to Terminate under § 25. I, on or before Due Diligence Documents Objection

		
	448
	Deadline (§ 3), based on any unsatisfactory zoning, in Buyer's sole subjective discretion.

		
	449
	10.8.    Due Diligence- Environmental, ADA. Buyer has the right to obtain environmental inspections of the Property

		
	450
	including Phase I and Phase II Environmental Site Assessments, as applicable. o Seller  n Buyer shall order or provide n

		
	451
	Phase I Environmental Site Assessment, o Phase II Environmental Site Assessment (compliant with ASTM E1527-05

		
	452
	standard practices for Environmental Site Assessments) and/or  o                                         , at the expense of  o Seller     n

		
	453
	Buyer (Environmental Inspection). In addition, Buyer may also conduct an evaluation whether the Property complies with the

		
	454
	Americans with Disabilities Act (ADA Evaluation). All such inspections and evaluations shall be conducted at such times as are

		
	455
	mutually agreeable to minimize the interruption of Seller's and any Seller's tenants' business uses of the Property, if any.

		
	456
	If Buyer's  Phase  I  Environmental   Site  Assessment  recommends  a  Phase  II  Environmental   Site  Assessment,   the

		
	457
	Environmental Inspection  Objection  Deadline (§ 3) shall be extended by                days (Extended Environmental Inspection

		
	458
	Objection Deadline) and if such Extended Environmental Inspection Objection Deadline extends beyond the Closing Date (§ 3),

		
	459
	the Closing Date (§ 3) shall be extended a like period of time.

		
	460
	Buyer has the Right to Terminate under § 25.l, on or before Environmental Inspection Objection Deadline (§ 3), or if

		
	461
	applicable the Extended Environmental  Inspection Objection Deadline, based on any unsatisfactory results of Environmental

		
	462
	Inspection, in Buyer's sole subjective discretion.

		
	463
	Buyer has the Right to Terminate under § 25.l,  on or before ADA  Evaluation  Objection  Deadline (§ 3), based  on  any

		
	464
	unsatisfactory ADA  Evaluation, in Buyer's sole subjective discretion.

		
	465
	10.9.    Existing Leases; Modification of Existing Leases; New Leases. Seller states that none of the Leases to be 

		
	466
	assigned to the Buyer at the time of Closing contain any rent concessions, rent reductions or rent abatements except as disclosed in 

		
	467
	the Lease or other writing received by Buyer. Seller shall not amend, alter, modify, extend or cancel any of the Leases nor shall 

		
	468
	Seller enter  into any  new  leases affecting the Property without the prior written consent of Buyer, which consent shall not  be

		
	469
	unreasonably withheld or delayed.

470    11.    TENANT ESTOPPEL STATEMENTS.
471    11.1.  Tenant Estoppel Statements Conditions. Buyer has the right to review and object to any Estoppel Statements.
472    Seller shall obtain  and deliver to Buyer on or before Tenant Estoppel Statements Deadline (§ 3), statements in a form and
473    substance reasonably acceptable to Buyer, from each occupant or tenant at the Property (Estoppel Statement)    attached to a copy of
474    such occupant's or tenant's lease and any amendments (Lease) stating:
475    11.1.1.  The commencement date of the Lease and scheduled termination date of the Lease;
476    11.1.2.   That  said  Lease  is  in  full  force  and  effect  and  that there have been  no  subsequent  modifications  or
477    amendments;    
		
	478
	11.1.3.   The amount of any advance rentals paid, rent concessions given, and deposits paid to Seller;

		
	479
	11.1.4.   The amount of monthly (or other applicable period) rental paid to Seller;

		
	480
	11.1.5.   That there is no default under the terms of said Lease by landlord or occupant; and

		
	481
	11.1.6.   That the Lease to which the Estoppel is attached is a true, correct and complete copy of the Lease demising

		
	482
	the premises it describes.    

		
	483
	11.2.    Tenant  Estoppel  Statements Objection.  Buyer has the Right to Terminate under § 25.l, on or before Tenant

484    Estoppel  Statements Objection Deadline (§ 3), based  on  any unsatisfactory  Estoppel  Statement,  in Buyer's sole subjective
485    discretion, or if Seller fails to deliver the Estoppel Statements on or before Tenant Estoppel Statements Deadline (§ 3). Buyer
486    shall also have the unilateral right to waive any unsatisfactory Estoppel Statement. 

487    	
	
	CLOSING  PROVISIONS

488    12.  CLOSING DOCUMENTS, INSTRUCTIONS AND CLOSING.
489    12.1.    Closing  Documents  and  Closing  Information.  Seller and Buyer  shall  cooperate  with  the Closing  Company  to
490    enable the Closing Company to prepare and deliver documents required for Closing to Buyer and Seller and their designees. If
491    Buyer is obtaining a new loan to purchase the Property, Buyer acknowledges Buyer's lender shall be required to provide the
492    Closing Company, in a timely manner, all required Joan documents and financial information concerning Buyer's new loan. Buyer
		
	493
	and Seller will furnish any additional information and documents required by Closing Company that will be necessary to complete

		
	494
	this transaction. Buyer and Seller shall sign and complete all customary or reasonably required documents at or before Closing.

		
	495
	12.2.    Closing Instructions. Colorado Real Estate Commission's Closing Instructions o Are  n Are Not executed with

		
	496
	this Contract.

		
	497
	12.3.    Closing. Delivery of deed from Seller to Buyer shall be at closing (Closing). Closing shall be on the date specified

		
	498
	as the Closing Date (§ 3) or by mutual agreement at an earlier date. The hour and place of Closing shall be as designated by              

499     Buyer                .

500    12.4.    Disclosure  of  Settlement  Costs.  Buyer  and  Seller  acknowledge  that  costs,  quality,  and  extent  of  service  vary
501    between  different settlement service providers (e.g., attorneys, lenders, inspectors and title companies).

502    13.  TRANSFER OF TITLE. Subject to tender of payment at Closing as required herein and compliance by Buyer with the
503    other terms and provisions hereof, Seller shall execute and deliver a good and sufficient  Special Warranty                deed
504    to Buyer, at Closing, conveying the Property free and clear of all taxes except the general taxes for the year of Closing. Except as
505    provided herein, title shall be conveyed free and clear of all liens, including any governmental liens for special improvements
506    installed as of the date of Buyer's signature hereon, whether assessed or not. Title shall be conveyed subject to:
507    13.1.     Those specific  Exceptions  described  by reference  to recorded  documents  as reflected  in the Title Documents
508    accepted by Buyer in accordance with Record Title (§ 8.1),
509    13.2.     Distribution utility easements (including cable TV),
510    13.3.    Those specifically  described rights of third  parties not shown by the public records of which  Buyer has actual
511    knowledge and which were accepted by Buyer in accordance with Off-Record Title (§ 8.2) and Current Survey Review (§ 9),
512    13.4.    Inclusion of the Property within any special taxing district, and
513    13.5.    Other                                                                                                                                                                         .

514    14.  PAYMENT OF ENCUMBRANCES. Any encumbrance required to be paid shall be paid at or before Closing from the
515    proceeds of this transaction or from any other source.

516    15.   CLOSING COSTS, CLOSING FEE, ASSOCIATION FEES AND TAXES.
517    15.1.     Closing Costs.  Buyer and Seller shall pay, in Good Funds, their respective  closing costs and all other items required
518    to be paid at Closing, except as otherwise provided herein.
519    15.2.    Closing Services Fee. The fee for real estate closing services shall be paid at Closing by  o Buyer  n Seller
520    o One-Half by Buyer and One-Half by Seller  o Other                                                                                                              .
521    15.3.    Status Letter  and  Record  Change  Fees. Any  fees  incident  to  the  issuance  of Association's  statement  of
522     assessments (Status Letter) shall be paid by  o Buyer  o Seller   o One-Half by Buyer and One-Half by Seller  o None.
523    Any record change fee assessed by the Association including, but not limited to, ownership record transfer fees regardless of name 
524    or title of such fee (Association's Record Change Fee) shall be paid by  o Buyer  o Seller   o One-Half by Buyer and One-Half 
525    by Seller  o None.
526    15.4.    Local Transfer Tax.  o The Local Transfer Tax of     % of the Purchase Price shall be paid at Closing by
527    o Buyer  n Seller  o One-Half by Buyer and One-Half by Seller  o None.
528    15.5.     Private Transfer Fee. Private transfer fees and other fees due to a transfer of the Property, payable at Closing, such
529    as community association fees, developer fees and foundation fees, shall be paid at Closing by o Buyer  o Seller   o One-Half by 
530    Buyer and One-Half by Seller  o None. The Private Transfer fee, whether one or more, is for the following association(s):
531                                    in the total amount of      % of the Purchase Price or $                 .    
532    15.6.     Water Transfer Fees.  The Water Transfer Fees can change.  The fees, as of the date of this Contract, do not exceed:
533    $                for o Water Stock/Certificates    o Water District
534    $                for o Augmentation Membership    o Small Domestic Water Company   o                                           and shall be 
535    paid at Closing by  o Buyer  o Seller   o One-Half by Buyer and One-Half by Seller  n None.
536    15.7.    Sales and Use Tax. Any sales and use tax that may accrue because of this transaction shall be paid when due by  o
537    Buyer  n Seller  o One-Half by Buyer and One-Half by Seller  o None.

538    16.   PRORATIONS. The following shall be prorated to Closing Date (§ 3), except as otherwise provided:
539    16.1.    Taxes. Personal property taxes, if any, special taxing district assessments, if any, and general real estate taxes for the
540    year of Closing, based on o Taxes for the Calendar Year Immediately Preceding  Closing  n Most Recent Mill Levy and
541    Most Recent Assessed Valuation, or  o Other                                             .
542    16.2. Rents. Rents based on o Rents Actually Received n Accrued. At Closing, Seller shall transfer or credit to
543    Buyer the security deposits for all Leases assigned, or any remainder after lawful deductions, and notify all tenants in writing of 
544    such transfer and of the transferee's name and address. Seller shall assign to Buyer all Leases in effect at Closing and Buyer shall
545    assume Seller's obligations under such Leases. 
546    16.3.    Association Assessments. Current regular Association assessments and dues (Association Assessments) paid in
547     advance shall be credited to Seller at Closing. Cash reserves held out of the regular Association Assessments for deferred
548    maintenance by the Association shall not be credited to Seller except as may be otherwise provided by the Governing Documents.
549    Buyer acknowledges that Buyer may be obligated to pay the Association, at Closing, an amount for reserves or working capital.
550    Any special assessment assessed prior to Closing Date (§ 3) by the Association shall be the obligation of o Buyer  n Seller.  
551    Except however, any special assessment by the Association for improvements that have been installed as of the date of Buyer's
552    signature hereon, whether assessed prior to or after Closing, shall be the obligation of Seller. Seller represents that the Association 
553    Assessments  are currently  payable  at $15,548.00           per  year            and that there  are no  unpaid  regular  or special
554    assessments  against  the Property  except the current regular assessments  and    N/A                                                    .  Such
  

		
	555
	assessments are subject to change as provided in the Governing Documents. Seller agrees to promptly request the Association to

		
	556
	deliver to Buyer before Closing Date (§ 3) a current Status  Letter.

		
	557
	16.4. Other Prorations. Water and sewer charges, propane, interest on continuing loan, and                                           .

		
	558
	16.5.  Final Settlement. Unless otherwise agreed in writing, these prorations shall be final.

		
	559
	17.   POSSESSION.  Possession of the Property shall be delivered to Buyer on Possession Date (§ 3) at Possession Time (§ 3),

		
	560
	subject to the following Leases or tenancies:

		
	561
	N/A

		
	562
	

		
	563
	If Seller, after Closing, fails to deliver possession as specified, Seller shall be subject to eviction and shall be additionally

		
	564
	liable to Buyer for payment of $ N/A          per day (or any part of a day notwithstanding § 18.1) from Possession  Date

		
	565
	(§ 3) and Possession Time (§ 3) until possession is delivered.

566    	
	
	GENERAL  PROVISIONS

		
	567
	18.  DAY; COMPUTATION OF PERIOD OF DAYS, DEADLINE.

		
	568
	18.1.    Day.  As used  in this Contract,  the term  "day" shall mean  the entire day ending at  11:59 p.m.,  United  States

569     Mountain Time (Standard or Daylight Savings as applicable).
		
	570
	18.2.   Computation of Period of Days, Deadline. In computing a period of days, when the ending date is not specified,

		
	571
	the first day is excluded and the last day is included, e.g., three days after MEC. If any deadline falls on a Saturday, Sunday or

		
	572
	federal or Colorado state holiday (Holiday), such deadline  n Shall o Shall Not be extended to the next day that is not a

		
	573
	Saturday, Sunday or Holiday. Should neither box be checked, the deadline shall not be extended.

		
	574
	19.    CAUSES  OF  LOSS,  INSURANCE;   DAMAGE  TO  INCLUSIONS  AND  SERVICES;  CONDEMNATION;   AND

		
	575
	WALK-THROUGH.  Except as otherwise provided  in this Contract, the Property, Inclusions or both shall be delivered in the

		
	576
	condition existing as of the date of this Contract, ordinary wear and tear excepted.

		
	577
	19.1.    Causes of Loss, Insurance.  In the event the Property or Inclusions are damaged by fire, other perils or causes of

		
	578
	loss prior to Closing in an amount of not more than ten percent of the total Purchase Price (Property Damage), Seller shall be

		
	579
	obligated to repair the same before Closing Date (§ 3). Buyer has the Right to Terminate under § 25. l, on or before Closing Date

		
	580
	(§ 3), if the Property Damage is not repaired before Closing Date (§ 3) or if the damage exceeds such sum. Should Buyer elect to

		
	581
	carry out this Contract despite such Property Damage, Buyer shall be entitled to a credit at Closing for all insurance proceeds that

		
	582
	were received by Seller (but not the Association, if any) resulting from such damage to the Property and Inclusions, plus the

		
	583
	amount of any deductible provided for in such insurance policy. Such credit shall not exceed the Purchase Price. In the event Seller

		
	584
	has not received such insurance proceeds prior to Closing, the parties may agree to extend the Closing Date (§ 3) or, at the option

		
	585
	of Buyer, Seller shall assign such proceeds at Closing, plus credit Buyer the amount of any deductible provided  for in such

		
	586
	insurance policy, but not to exceed the total Purchase Price.

		
	587
	19.2.    Damage,  Inclusions  and  Services.  Should  any  Inclusion  or  service  (including  utilities  and  communication

		
	588
	services),   system, component or fixture of the Property (collectively  Service), e.g., heating or plumbing, fail or be damaged

		
	589
	between the date of this Contract and Closing or possession, whichever shall be earlier, then Seller shall be liable for the repair or

		
	590
	replacement of such Inclusion or Service with a unit of similar size, age and quality, or an equivalent credit, but only to the extent

		
	591
	that the maintenance  or replacement of such Inclusion  or Service is not the responsibility  of the Association, if any, less any

		
	592
	insurance proceeds received by Buyer covering such repair or replacement. If the failed or damaged Inclusion or Service is not

		
	593
	repaired or replaced on or before Closing or possession, whichever shall be earlier, Buyer has the Right to Terminate under § 25.1,

		
	594
	on or before Closing Date (§ 3), or, at the option  of Buyer, Buyer  shall be entitled to a credit at Closing for the repair  or

		
	595
	replacement of such Inclusion or Service.  Such credit shall not exceed the Purchase Price. If Buyer receives such a credit, Seller's

		
	596
	right for any claim against the Association, if any, shall survive Closing. Seller and Buyer are aware of the existence of pre-owned

		
	597
	home warranty programs that may be purchased and may cover the repair or replacement of such Inclusions.

		
	598
	19.3.    Condemnation.  In the event Seller receives actual notice prior to Closing that a pending condemnation action may

599     result in a taking of all or part of the Property or Inclusions, Seller shall promptly notify Buyer, in writing, of such condemnation   
600     action. Buyer has the Right to Terminate under § 25. l, on or before Closing Date (§ 3), based on such condemnation action, in   
601    Buyer's sole subjective discretion. Should Buyer  elect to consummate this Contract  despite such diminution  of value to the  
602    Property and Inclusions, Buyer shall be entitled to a credit at Closing for all condemnation proceeds awarded to Seller for the 
603    diminution in the value of the Property or Inclusions but such credit shall not include relocation benefits or expenses, or exceed the
604        Purchase Price.
605        19.4.    Walk-Through  and Verification  of Condition.  Buyer, upon reasonable notice, has the right to walk through the
606    Property prior to Closing to verify that the physical condition of the Property and Inclusions complies with this Contract.

607       20.   RECOMMENDATION  OF LEGAL AND TAX COUNSEL.  By signing this Contract, Buyer and Seller acknowledge 
608     that the respective broker has advised that this Contract has important legal consequences and has recommended the examination
609         of title and consultation with legal and tax or other counsel before signing this Contract.

610        21.    TIME  OF ESSENCE,  DEFAULT  AND  REMEDIES.  Time  is  of the  essence hereof.  If any  note or check received as
611        Earnest  Money  hereunder  or any other payment due hereunder is not paid, honored  or tendered when  due, or if any obligation 
612      hereunder is not performed or waived as herein provided, the nondefaulting party has the following remedies:
613              21.1.    If Buyer is in Default:
614    o     21.1.1.     Specific Performance.  Seller may elect to treat this Contract as canceled, in which case all Earnest Money                                                                                                                                                                                                        
615     (whether or not paid by Buyer) shall be paid to Seller and retained by Seller; and Seller may recover such damages as may be
616     proper; or Seller may elect to treat this Contract as being in full force and effect and Seller has the right to specific performance or
617    damages.
618                          21.1.2.   Liquidated Damages, Applicable.  This § 21.1.2 shall apply unless the box in § 21.1.1. is checked. All
619     Earnest Money (whether or not paid by Buyer) shall be paid to Seller, and retained by Seller. Both parties shall thereafter be 
620     released from all obligations hereunder. It is agreed that the Earnest Money specified in § 4.1 is LIQUIDATED DAMAGES, and 
621      not a penalty, which amount the parties agree is fair and reasonable and (except as provided  in §§ 10.4, 22, 23 and 24), said 
622     payment of Earnest Money shall be SELLER'S ONLY REMEDY for Buyer's failure to perform the obligations of this Contract. 
623     Seller expressly waives the remedies of specific performance and additional damages.
624              21.2.    If Seller is in Default:  Buyer may elect to treat this Contract as canceled, in which case all Earnest Money received
625       hereunder shall be returned and Buyer may recover such damages as may be proper, or Buyer may elect to treat this Contract as
626         being in full force and effect and Buyer has the right to specific performance or damages, or both.

627       22.   LEGAL FEES, COST AND EXPENSES.  Anything to the contrary herein notwithstanding, in the event of any arbitration 
628     or litigation relating to this Contract, prior to or after Closing Date (§ 3), the arbitrator or court shall award to.the prevailing party
629         all reasonable costs and expenses, including attorney fees, legal fees and expenses.

630      23.   MEDIATION.  If a dispute arises relating to this Contract, prior to or after Closing, and is not resolved, the parties shall first
631     proceed in good faith to submit the matter to mediation. Mediation is a process in which the parties meet with an impartial person 
632      who helps to resolve the dispute informally and confidentially. Mediators cannot impose binding decisions. The parties to the 
633      dispute must agree, in writing, before any settlement is binding. The parties will jointly appoint an acceptable mediator and will 
634     share equally in the cost of such mediation. The mediation, unless otherwise agreed, shall terminate in the event the entire dispute
635     is not resolved within thirty days of the date written notice requesting mediation is delivered by one party to the other at the party's
636     last known address. This section shall not alter any date in this Contract, unless otherwise agreed.

637     24.  EARNEST MONEY DISPUTE. Except as otherwise provided herein, Earnest Money Holder shall release the Earnest 
638     Money as directed by written mutual instructions, signed by both Buyer and Seller. In the event of any controversy regarding the 
639     Earnest Money (notwithstanding any termination of this Contract), Earnest Money Holder shall not be required to take any action.
640     Earnest Money Holder, at its sole subjective discretion, has several options: (1) await any proceeding, (2) interplead all parties and
641     deposit Eamest Money into a court of competent jurisdiction and shall recover court costs and reasonable attorney and legal fees, 
642     or (3) provide notice to Buyer and Seller that unless Earnest Money Holder receives a copy of the Summons and Complaint or 
643     Claim (between Buyer and Seller) containing the case number of the lawsuit (Lawsuit) within one hundred twenty days of Earnest
644     Money Holder's notice to the parties, Earnest Money Holder shall be authorized to return the Earnest Money to Buyer. In the event
645     Earnest Money Holder does receive a copy of the Lawsuit, and has not interpled the monies at the time of any Order, Earnest 
646     Money Holder shall disburse the Earnest Money pursuant to the Order of the Court. The parties reaffirm the obligation of 
647        Mediation (§ 23).

648     25.   TERMINATION.
649               25.1.    Right to Terminate.  If a party  has  a right to terminate,  as provided  in this Contract (Right to Terminate),  the 
650     termination shall be effective upon the other party's receipt of a written notice to terminate (Notice to Terminate), provided such 
651      written notice was received on or before the applicable deadline specified in this Contract. If the Notice to Terminate is not 
652     received on or before the specified deadline, the party with the Right to Terminate shall have accepted the specified matter, 
653     document or condition as satisfactory and waived the Right to Terminate under such provision.
654              25.2.    Effect of Termination.  In the event this Contract is terminated, all Earnest Money received hereunder shall be
655     returned and the parties shall be relieved of all obligations hereunder, subject to §§ 10.4, 22, 23 and 24.

656       26.    ENTIRE AGREEMENT,  MODIFICATION,  SURVIVAL.  This Contract,  its exhibits and specified addenda, constitute
657     the entire agreement between the parties relating to the subject hereof, and any prior agreements pertaining thereto, whether oral or
658         written, have been merged and integrated into this Contract. No subsequent modification of any of the terms of this Contract shall

659    be valid, binding upon the parties, or enforceable unless made in writing and signed by the parties. Any right or obligation in this
660    Contract that, by its terms, exists or is intended to be performed after termination or Closing shall survive the same.

661      27.    NOTICE, DELIVERY, AND CHOICE OF LAW.
662                 27.1.    Physical Delivery.  All notices must be in writing, except as provided in § 27.2. Any document, including a signed
663     document or notice, from or on behalf of Seller, and delivered to Buyer shall be effective when physically received by Buyer, any
664     signatory on behalf of Buyer, any named individual of Buyer, any representative of Buyer, or Brokerage Firm of Broker working 
665     with Buyer (except for delivery, after Closing, of the notice requesting mediation described in § 23) and except as provided in 
666     § 27.2. Any document, including a signed document or notice, from or on behalf of Buyer, and delivered to. Seller shall be 
667      effective when physically received by Seller, any signatory on behalf of Seller, any named individual of Seller, any representative
668      of Seller, or Brokerage Firm of Broker working with Seller (except for delivery, after Closing, of the notice requesting mediation 
669     described in § 23) and except as provided in § 27.2.
670          27.2.   Electronic Delivery. As an alternative to physical delivery, any document, including any signed document  or 
671     written notice may be delivered in electronic form only by the following  indicated methods:  o Facsimile  o Email 
672        o Internet  n No Electronic Delivery. If the box "No Electronic Delivery" is checked, this § 27.2 shall not be applicable and
673       § 27. 1 shall govern notice and delivery. Documents with original signatures shall be provided upon request of any party.
674                 27.3.     Choice of Law.  This Contract and all disputes arising hereunder shall be governed  by and construed in accordance 
675       with the laws of the State of Colorado that would be applicable to Colorado residents who sign a contract in Colorado for property
676      located in Colorado.

677      28.    NOTICE OF ACCEPTANCE, COUNTERPARTS.  This proposal shall expire unless accepted in writing by Buyer and
678         Seller, as evidenced by their signatures below, and the offering party receives notice of such acceptance pursuant to § 27 on or
679       before Acceptance Deadline Date (§ 3) and Acceptance Deadline Time (§ 3). If accepted, this document shall become a contract
680    between Seller and Buyer. A copy pf this Contract may be executed by each party, separately, and when each party has executed a
681    copy thereof, such copies taken together shall be deemed to be a full and complete contract between the parties. 

682      29.  GOOD FAITH.  Buyer and Seller acknowledge that each party has an obligation to act in good faith, including but not 
683       limited to exercising the rights and obligations set forth in the provisions of Financing Conditions and Obligations (§ 5), Record
684        Title and Off-Record Title (§ 8), Current Survey Review (§ 9) and Property Disclosure,  Inspection,  Indemnity,  Insurability
685         and Due Diligence (§ 10).

686                                                                   	
	
	ADDITIONAL  PROVISIONS AND ATTACHMENTS

687    30.   ADDITIONAL PROVISIONS.  (The following additional provisions have not been approved by the Colorado Real Estate
688    Commission.)
689    See Additional Provisions in the Agreement to which this Exhibit A is attached and made an integral part thereof. 
690
691
692         31.    ATTACHMENTS.
693    31.1.    The following attachments are a part of this Contract: 
694
695
696
697
698    31.2.     The following disclosure forms are attached but are not a part of this Contract:
699
700
701
702    	
	
	SIGNATURES

Buyer's Name:                                                                         Buyer's Name:                                                                                         

                                                                                                                                                                                                                
 Buyer's Signature    Date     Buyer's Signature    Date

Address:                                                                      Address:                                                                  
                                                                                                                                
Phone No.:                                                                      Phone No.:                                                                  
Fax No.:                                                                      Fax No.:                                                                  
Electronic Address:                                                                      Electronic Address:                                                                  

703    [NOTE: If this offer is being countered or rejected, do not sign this document. Refer to § 32]

Seller's Name:                                                                         Seller's Name:                                                                                  

                                                                                                                                                                                                                
 Seller's Signature    Date     Seller's Signature    Date

Address:                                                                      Address:                                                                  
                                                                                                                                
Phone No.:                                                                      Phone No.:                                                                  
Fax No.:                                                                      Fax No.:                                                                  
Electronic Address:                                                                      Electronic Address:                                                                  

704    32.  COUNTER; REJECTION. This offer is  o Countered  o Rejected.
705    Initials only of party (Buyer or Seller) who countered or rejected offer                                       

706    	
	
	END OF CONTRACT TO BUY AND SELL REAL ESTATE

33.   BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE
(To be completed by Broker working with Buyer)

Broker o Does o Does Not acknowledge receipt of Earnest Money deposit and, while not a party to the Contract, agrees to 
cooperate upon request with any mediation concluded under § 23. Broker agrees that if Brokerage Firm is the Earnest Money 
Holder and, except as provided in § 24, if the Earnest Money has not already been returned following receipt of a Notice to 
Terminate or other written notice of termination, Earnest Money Holder shall release the Earnest Money as directed by the written mutual instructions. Such release of Earnest Money shall be made within five days of Earnest Money Holder's receipt of the 
executed written mutual instructions, provided the Earnest Money check has cleared.

Broker is working with Buyer as a  o Buyer's Agent  o Seller's Agent  o Transaction-Broker  in this transaction.
o This is a Change of Status.

Brokerage Finn's compensation or commission is to be paid by o Listing Brokerage Firm  o Buyer o Other                           .

Brokerage Firm's Name:                                                                                                                                
Broker's Name:                                                                                                                                               

                                                                                                                                
Broker's Signature    Date

Address:                                                                                                                                    
                                                                                                                                
Phone No.:                                                                                                                                    
Fax No.:                                                                                                                                    
Electronic Address:                                                                                                                                    

34.   BROKER'S ACKNOWLEDGMENTS AND COMPENSATION DISCLOSURE
(To be completed by Broker working with Seller)
Broker o Does o Does Not acknowledge receipt of Earnest Money deposit and, while not a party to the Contract, agrees to 
cooperate upon request with any mediation concluded under § 23. Broker agrees that if Brokerage Firm is the Earnest Money 

Holder and, except as provided in § 24, if the Earnest Money has not already been returned following receipt of a Notice to 
Terminate or other written notice of termination, Earnest Money Holder shall release the Earnest Money as directed by the written mutual instructions. Such release of Earnest Money shall be made within five days of Earnest Money Holder's receipt of the 
executed written mutual instructions, provided the Earnest Money check has cleared.

Broker is working with Seller as a  o Seller's Agent  o Buyer's Agent  o Transaction-Broker  in this transaction.
o This is a Change of Status.

Brokerage Firm's compensation or commission is to be paid by o Seller  o Buyer  o Other                                                           .

Brokerage Firm's Name:                                                                                                                                
Broker's Name:                                                                                                                                               

                                                                                                                                
Broker's Signature    Date

Address:                                                                                                                                    
                                                                                                                                
Phone No.:                                                                                                                                    
Fax No.:                                                                                                                                    
Electronic Address:

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