The printed portions of this form, except the portions in italics, have been approved by the Colorado Real Estate Commission.  (EX 32-1-97)

THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD
CONSULT WITH LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING.

EXCHANGE ADDENDUM TO CONTRACT TO BUY AND SELL REAL ESTATE
  1. Amendment to a Contract to Buy and Sell Real Estate.

    This Exchange Addendum ("Addendum") is made a part of a Contract to Buy and Sell Real Estate for the purchase and sale of the Property:

    known as No.                                                                                                                            , which is dated                                         ,           , between the Buyer and Seller ("Contract"). This Addendum shall control in the event of any conflict with the Contract to which it is attached.

  2. Parties.  In this Addendum:

    a.             Buyer       Seller is also known as the Exchanging Party ("Exchanging Party");

    b.             Buyer       Seller is also known as the Cooperating Party ("Cooperating Party").

  3. Declaration of Intent.  Exchanging Party has declared its intention that the purchase or sale of the Property be structured as an exchange of real estate under the terms and requirements of Section 1031 of the Internal Revenue Code and Regulations promulgated by the Internal Revenue Service thereunder ("Exchange").

  4. Limited Assignability; Cooperation.  Notwithstanding any other provision of the Contract, the parties agree that the Exchanging Party's rights under this Contract are assignable prior to closing to structure an exchange of the Property under Section 1031 and the Cooperating Party agrees to reasonably cooperate in such exchange with the Exchanging Party at no additional cost or liability to the Cooperating Party.  This Addendum shall not alter any date in the Contract.

  5. Legal/Tax Advice; Other Legal Documents.  Broker recommends to Exchanging Party that legal and tax advice be obtained.  Exchanging Party understands that other legal documents may be necessary to comply with the requirements of Section 1031 including, but not limited to, an Exchange Agreement with a Qualified Intermediary, and an Assignment Of Contract, which satisfy the requirements of Section 1031 and Internal Revenue Service Regulations.

  6. Exchange Not A Condition.  Nothing herein shall be construed to relieve the parties from their respective obligations under the Contract, whether or not the intended Exchange occurs.

  7. Earnest Money Deposit.  When Exchange Party is the Buyer under the Contract, Cooperating Party hereby acknowledges and agrees that, upon request by Exchange Party, the earnest money deposited under the Contract will be refunded to Exchange Party and replaced with an equal amount of funds from Exchange Party’s Qualified Intermediary at any time after assignment of the Contract to such Qualified Intermediary by Exchange Party.

  8. Designation Of Qualified Intermediary.  Exchange Party hereby designates and advises Cooperating Party that National 1031 Exchange Service, LLC, 1731 15th Street, Suite 103, Boulder, Colorado 80302 (telephone 303-938-0300; facsimile 303-938-9331) shall act as its Qualified Intermediary in the contemplated Exchange.

______________________________________________
BUYER
Date of Buyer's Signature_________________________

______________________________________________
SELLER
Date of Seller's Signature_________________________

  

_______________________________________________
BUYER
Date of Buyer's Signature__________________________

_______________________________________________
SELLER
Date of Seller's Signature__________________________

THIS FORM IS PROVIDED BY NATIONAL 1031 EXCHANGE SERVICE, LLC FOR THE
CONVENIENCE OF THE PARTIES, AND IS NOT INTENDED AS TAX OR LEGAL ADVICE.
LandAmerica Financial Group, Inc. Archive

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