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Counter Offer - 02.04.19COUNTER OFFER This Counter Offer pertains to a Buy/Sell Agreement (hereafter The "Agreement") dated , by and between (Seller) and (Buyer) concerning the property described as: All the terms and conditions of the Agreement, except the Buyer's Commitment provision, are hereby incorporated by . 1 2 3 4 5 6 7 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 reference except as modified by the following terms and provisions: 8 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 Buyer Initials // Seller Initials ©2017 Montana Association of REALTORS® Counter Offer, October 2017 1/30/2019 City of Kalispell Haig J Ermoian 135 Schoolhouse Loop Kalispell MT 59901 Old School Station, S33,T28 N, R21 W, Lot 6 Line 24- Purchase price $166,212.00 (One hundred Sixty six thousand, two hundred, twelve US dollars). strike lines 155-164 and replace with: The balance of the purchase price $91,212.00 to be secured by a Contract for Deed and a Developers Agreement. Terms to be: 3 year term with balloon payment due and payable at the end of the term, 5% annual rate simple interest calculated on the principle 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 and have any additional principle payments credited toward the final balloon payment. Seller agrees to open an account with Escrow Services, buyer agrees to pay opening and monthly maintenance of the escrow services account. Seller agrees to subordinate his interest in the mortgage to a construction lender if required. In the event the Purchaser completes its planned capital improvements to the property within 12 months of closing, the amount owing on the Contract for Deed shall be reduced to the equivalent of $150,000. Purchase price. During the term of the Contract for Deed the Purchaser shall be responsible to pay to the Montana State Department of Revenue any beneficial use taxes that accrue due to the capital improvements. Any Special Improvement District reimbursement shall be pursuant to a Developers Agreement written within the due diligence period and mutually approved by buyer and seller with the intent to reimburse the purchaser for its payments of the specials that come due annually. This offer and acceptance is subject to the approval of the authority of the City Council. If buyer accepts this counter offer, the offer will be submitted for approval when the City Council meets Tuesday, February 19, 2019. If the Council approves the structured offer and acceptance, the City Manager can finalized Wednesday February 20, 2019 to place lot 6 Old School Station Under Contract. This form presented by Linda D Pistorese | Flathead Valley Brokers | (406) 752-8883 | lindap@fvbmt.com Acceptance of this Counter Offer may be made by providing a signed copy to the offering party or their Broker/Salesperson prior to (Date/Time), whether or not that deadline falls on a Saturday, Sunday or holiday. Offering party may withdraw this counter offer any time prior to receiving written Seller Date DateBuyer Seller Date DateBuyer 40 41 42 43 45 46 47 49 acceptance. If acceptance is not given to the offering party or their Broker/Salesperson by expiration of the time for 51 525354 5556 The dates for performance contained in the Agreement shall be extended the same number of days that have elapsed between the Agreement and the date of final Acceptance of this Counter Offer except for the closing date which shall remain as set forth in the Agreement; OR All performance dates contained in the Agreement shall remain the same, except as otherwise stated herein. 44 The parties hereto, all agree that the transaction contemplated by this document may be conducted by electronic means in accordance with the Montana Uniform Electronic Transaction Act.50 48 acceptance, this offer is then null and void. 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. 57 ©2017 Montana Association of REALTORS® Counter Offer, October 2017 This form presented by Linda D Pistorese | Flathead Valley Brokers | (406) 752-8883 | lindap@fvbmt.com 02/08/19 5pm City of Kalispell 02/04/19 Haig J Ermoian