THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD - PDF document

1 This form has been approved by the Colorado Bar Association for use by Real Estate Brokers in Colorado in accordance with any 2 guidelines provided with this form. This form has NOT been approved by the Colorado Real Estate Commission. (COVID19‐3‐20) 3 THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND 4 TAX OR OTHER COUNSEL BEFORE SIGNING. 5 6 COVID‐19 ADDENDUM 7 8 9 Date: 10 Seller: 11 Buyer: 12 Property Address: 13 Contract Date: 14 Delay Period: days 15 16 17 This COVID‐19 Addendum amends the terms of the Contract to Buy and Sell Real Estate dated as of 18 the Contract Date and entered between the Buyer and the Seller (“Contract”). All terms of the 19 Contract are incorporated herein by reference. If the box next to a provision is checked, the provision 20 becomes part of the Contract. 21 22 1. COVID‐19 Shutdown Extension. In the event, due to COVID‐19, a government entity (e.g.: 23 Clerk and Recorder, etc.) or any third‐party providing services or required information in 24 connection with the Contract (e.g.: lender, appraiser, title company, surveyor, Owner’s 25 Association, etc.) (“Settlement Service Provider”) closes its offices, suspends operations or 26 otherwise prevents the Buyer and/or the Seller from timely performing under the Contract as 27 originally contemplated, the outstanding Dates and Deadlines in Section 3.1. of the Contract, will 28 each be extended by the Delay Period starting on the date the Buyer and/or Seller are once again 29 able to perform. For example: If the Delay Period was fourteen (14) days and the Appraisal 30 Deadline was scheduled for March 30, 2020, but the appraiser is unable to appraise the property 31 32 due to a COVID‐19 shutdown, the Appraisal Deadline, Appraisal Objection Deadline, Appraisal Resolution Deadline, Closing Date and any other deadline that has not passed in Section #3.1 33 would all be extended 14 days. The new Appraisal Deadline would be April 14, 2020. The parties 34 understand that, for unforeseen reasons, there could be more than one Delay Period and that 35 two or more Delay Periods might overlap. However, if Buyer and/or Seller is prevented from 36 closing within days from the original Closing Date due to governmental entities’ and/or 37 Settlement Service Providers’ delays, this Contract terminates and, per Section 25.2 of the 38 Contract, all Earnest Money will be returned to the Buyer. Nothing in this section prevents Buyer 39 and Seller from mutually agreeing to amend or extend, in writing, any deadline or other provision 40 in the Contract. 41 42 COVID-19 ADDENDUM (COVID19-3-20) Page 1 of 2

2. 43 COVID‐19 Quarantine Extension. In the event either Buyer or Seller is subject to a voluntary quarantine, mandatory quarantine or shelter in place or equivalent order (“Quarantine” or 44 “Quarantined”) in accordance with Colorado or federal recommendations concerning COVID‐19, 45 the then outstanding Dates and Deadlines in Section 3.1. of the Contract will be extended for the 46 Delay Period from the date the non‐Quarantined party receives written notice from the 47 Quarantined party. For example: If the Delay Period was fourteen days (14) and the Closing Date 48 was scheduled for March 30, 2020, but the Buyer sends written notice that Buyer is in 49 Quarantine, then the Closing Date would be extended to April 13, 2020. Nothing in this provision 50 terminates or otherwise excuses a party's performance under the Contract as amended. If the 51 Quarantined party will not be able to perform the terms of the Contract in person (e.g.: attend 52 closing, etc.), the Quarantined party must make other accommodations (e.g.: power of attorney, 53 non‐contact closing, etc.). Nothing in this section prevents Buyer and Seller from mutually 54 agreeing to amend or extend, in writing, any deadline or other provision in the Contract. By 55 signing below, both Buyer and Seller waive all confidentiality Buyer and Seller may have regarding 56 COVID‐19. 57 58 All other terms and conditions of the Contract remain the same. 59 60 61 62 Seller : Buyer: 63 64 65 66 Signature Date Signature Date 67 68 69 70 71 Signature Date Signature Date 72 COVID-19 ADDENDUM (COVID19-3-20) Page 2 of 2

Force Majeure – Contract Clause In the event that either Seller or Buyer is rendered unable, by reason of an event of force majeure, to perform, wholly or in part, any obligation or commitment set forth in this Contract, then upon such party’s giving notice and full particulars of such event as soon as practicable after the occurrence thereof, the obligations of both parties, except for unpaid financial obligations arising prior to such event of force majeure, will be suspended to the extent and for the period of such force majeure condition.

Force Majeure – Long Form The term “force majeure” as employed in this Contract will mean acts of God, strikes, lockouts or industrial disputes or disturbances, civil disturbances, arrests and restraint of rulers of people, interruptions by government or court orders, necessity for compliance with any court order, law, statute, ordinance or regulation promulgated by a governmental authority having jurisdiction, acts of the public enemy, wars, riots, blockades, insurrections, inability to secure labor or inability to secure materials, including inability to secure materials by reasons of allocations promulgated by authorized governmental agencies, epidemics, landslides, lightning, earthquakes, fire, storms, floods, washouts, inclement weather that necessitates extraordinary measures and expense to construct facilities and/or maintain operations, explosions, breakage or accident to machinery or lines of pipe, freezing of wells or pipelines, inability to obtain or delays in obtaining easements or rights-of-way, shutting-in facilities for the making of repairs, alterations or maintenance to wells, pipelines or plants, partial or entire failure of gas supply or any other cause, whether of the kind herein enumerated or otherwise, not reasonably within the control of the party claiming force majeure.

Force Majeure Definition Short Form The term “force majeure” as employed herein will mean any cause not reasonably within the control of the party claiming suspension and which by the exercise of due diligence such party is unable to prevent or overcome. Such term will likewise include, but not be limited to: (a) the inability of either party to acquire, or the delays on the part of such party in acquiring, at reasonable cost and after the exercise of reasonable diligence, servitudes, right-of-way grants, permits or licenses, and (b) the inability of either party to acquire, or the delays on the part of such party in acquiring, at reasonable cost and after the exercise of reasonable diligence, materials and supplies, permits and permissions.