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COK Counter Offer Lot 6 012919� e Aulhentisign ID: 4DE5AA5D:1'i13d�BD80-2F6FC10FA4A9 PureWest COUNTER OFFER CHRISTIE'S [13 121 NTERNATIONAE REAL EVATE REALTORS OPURTUNIT,Y 1 This Counter Offer pertains to a Buy/Sell Agreement (hereafter The "Agreement") dated 1/29/2019 2 by and between City of Kalispell (Seller) and 3 Haig J Ermoian (Buyer) concerning the 4 property described as: 135 Schoolhouse Loop Kalispell MT 59901 5 OLD SCHOOL STATION, S33, T28 N, R21 W, Lot 6 6 7 8 9 All the terms and conditions of the Agreement, except the Buyer's Commitment provision, are hereby incorporated by 10 reference except as modified by the followinq terms and provisions: _ 11 Line 24 - Purchase price $166,212.00 (One hundred Sixty six thousand, two hundred, 12 twelve US dollars). 13 strike lines 155-164 and replace with: 14 The balance of the purchase price $91,212.00 to be secured by a Contract for Deed and 15 a Developers Agreement. Terms to be: 3 year term with balloon payment due and payable 16 at the end of the term, 5% annual rate simple interest calculated on the principle 17 balance at the end of the month, payments to be interest only for the three year term. Buyer reserves the right to pay additional principle payment without penalty 18 and have any additional principle payments credited toward the final balloon payment. 19 20 Seller agrees to open an account with Escrow Services, buyer agrees to pay opening 21 and monthly maintenance of the escrow services account. 22 Seller agrees to subordinate his interest in the mortgage to a construction lender if 23 required. 24 In the event the Purchaser completes its planned capital improvements to the property 25 within 18 months of closing, the amount owing on the Contract for Deed shall be 26 reduced to the equivalent of $150,000. Purchase price. 27 During the term of the Contract for Deed the Purchaser shall be responsible to pay to 28 the Montana State Department of Revenue any beneficial use taxes that accrue due to 29 the capital improvements. 30 31 Any Special Improvement District reimbursement shall be pursuant to a Developers 32 Agreement written within the due diligence period and mutually approved by buyer and 33 seller with the intent to reimburse the purchaser for its payments of the specials 34 that come due annually. 35 This offer and acceptance is subject to the approval of the authority of the City 36 council. If seller accepts this counter offer, the offer will be submitted for approval when the City Council meets Tuesday, February 19, 2019. If the Council 37 approves the structured offer and acceptance, the City Manager can finalized 38 Wednesday February 20, 2019 to place lot 6 Old School Station Under Contract. 39 Buyer Initials ©2017 Montana Association of REALTORS@ Counter Offer, October 2017 ?.1L / Seller Initials This form presented by Luke Underhill PureWest Real Estate (2917) - . 406-662-1772 1 luke.underhill®gmail.com Authentisign ID. 4DESAA5D-D213.493D-BD80-2F6FC10FA4A9 40 ❑ The dates for performance contained in the Agreement shall be extended the same number of days that have 41 elapsed between the Agreement and the date of final Acceptance of this Counter Offer except for the closing date 42 which shall remain as set forth in the Agreement; OR 43 ❑ All performance dates contained in the Agreement shall remain the same, except as otherwise stated herein. 44 Acceptance of this Counter Offer may be made by providing a signed copy to the offering party or their 45 Broker/Salesperson prior to 02/08/19 5: OOPM (Date/Time), whether or not that deadline falls 46 on a Saturday, Sunday or holiday. Offering party may withdraw this counter offer any time prior to receiving written 47 acceptance. If acceptance is not given to the offering party or their Broker/Salesperson by expiration of the time for 48 acceptance, this offer is then null and void. 49 The parties hereto, all agree that the transaction contemplated by this document may be conducted by electronic means 50 in accordance with the Montana Uniform Electronic Transaction Act. 51 / , '/ / rwa02/06/2019 52S 53r / / Date Date Date 54 7 55 56 57 Seller Date Buyer Date NOTE: Unless otherwise expressly stated the term Days' means calendar days and not business days. Business days are defined as all days as except Sundays and holidays Any performance which is required to be completed on a Saturday. Sunday or a holiday can be performed on the next business day. 02017 Montana Association of REALTORS@ Counter Offer, October 2017 This form presented by Luke Underhill • PureWest Real Estate (2917) - ; 406-662-2772 ; luke.underhill®gmail.com Instanet