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HomeMy WebLinkAbout925287 000249 KNOW ALL MEN BY THESE PRESENTS that JIM A. BAGWELL and EDWYNA P. . . ~.l~' . t¡yfi· . BAGWELL, husband and wIfe, of Box366, Poncha Sprmgs, CO 81242, GRANTORS, for nommal but CONVEYANCE adequate consideration, receipt whereof is hereby acknowledged, convey and warrant unto MARY LYNN STILLINGS, a married woman taking as her sole and separate propel1y, of 3414 S. Rd. 104, Alamosa, CO 81101, KAREN ANN BAGWELL, a single woman, of 12126 Sleepy Horse Lane, Columbia, MD 21044, BARBARA JOAN BAGWELL, a single woman, of 1362 Firefly Circle, Colorado Springs, CO 80916, and CAROL BETH STILLINGS, a single woman, of 5606 Ora Grande, Colorado Springs, CO 80918, GRANTEES, with each GRANTEE receiving a 25 % interest in and to all of Grantors' interest in and to the following described property situated in the County of Lincoln, State of Wyoming, to-wit: Lot 48 of Nordic Ranches Division No.4, Lincoln County, Wyoming, according to Plat No. 311-C recorded August 9, 1994 with the Clerk of Lincoln County, Wyoming as Instrument No. 787903, ~q inCluding and together with all and singular the tenements, hereditaments, appurtenances and improvements or thereunto belonging and any rights of grantor to minerals thereunder, but subject to covenants, conditions, restrictions, reservations and rights':'of-way of record, easements and other encumbrances of sight and/or record, and subject to the attached Co- Ownership Agreement Provisions, hereby waiving all rights under and by virtue of the homestead exemption laws of the State of Wyoming, for purposes of this conveyance. SUBJECT TO and reserving unto a previous grantor and/or his assigns, a 30 foot wide private roadway easement and utilities easement along the street frontage as shown on the official plat thereof as recorded in the Lincoln County Recorder's Office.' ALSO, together with an ingress/egress easement over the front thirty feet of all lots included in all streets in Nordic Ranches, Division #4 and #5 as shown on the official plats thereof and all streets in Nordic Ranches, Division #3 as shown on the official plat thereof, all recorded in Lincoln County Recorder's Office. IN WITNESS WHEREOF, this instrument has been duly executed and delivered effective as of December 1,2006. . (.\~ tC. ¡j (~_1ë ~ A. BAGWELL ~~A _.;J 4~ßf EDWYNA: P. BAGWELL RECEIVED 12/13/2006 at 2:56 PM RECEIVING # 925287 ) BOOK: 643 PAGE: 249 )ss. JEANNE WAGNER ) LINCOLN COUNTY CLERK, KEMMERER, WY STATE OF Bagwell Convey lre06 0925287 Co-Ownership Agreement Provisions (Baf:Well Property) 000250 1. Sharing of Income and Expenses: Management. All expenses of ownership of the Property, including taxes, insurance, assessments, utilities and other similar expenses, shall be paid by the Owners in a prompt and timely manner in accordancewitb. their ownership interests. Any substantial improvements to the Property must be agreed to by all of the Owners and the cost thereof will be apportioned equally between the Owners in accordance with their ownership interests. Costs of third party labor, materials and third party expenses shall be treated as "costs" to be shared by the Owners hereunder, but there will be no charges for the Owners' own time. will act as the Manager of the Property with full power to manage the Property, but a sale or encumbering the Property will require the consent of all ofthe Owners. In the absence of the Manager, any Owner may transact any normal business relating to the management of the Property and the payment of such expenses, as may be necessary or appropriate in the reasonable judgment of such Owner. It is understood and agreed that the Owners may adopt informal policies and procedures so as to improve, own and manage the Property in a harmonious manner. This is a family arrangement and no legal disputes are anticipated. In the event of any deadlock or disagreement relating to the Property, the Owners will consult with their accountant and counsel and will use their best efforts to resolve the dispute in light of their advice, even though the advice will not be binding. If there is a dispute which is not resolved in such manner, then any Owner may require that the dispute be resolved by binding American Arbitration Association proceedings, and the arbitrator shall have full power to resolve the dispute. 2. Transfers. Without the express written consent of at least a majority in interest of all Owners, no Owner shall sell, assign, pledge or transfer, voluntarily or involuntarily, any interest in the Property to any other person or entity (other than their estate and their family on death), or demand partition thereof, except as expressly provided herein. Any transfer in violation of this paragraph shall be null and void. 3. Withdrawal. In the event that any Owner shall desire to withdraw from ownership of the Property at any time and for any reason after December 1, 2007, then such Owner may give written notice of such intention to withdraw and, in sllch notice, shall offer to sell their interest in the Property to the other Owners at the fair market value thereof net of debts and liabilities (based upon their ownership interest in the Property adjusted, if necessary, to reflect any rights to reimbursement for common expenses), determined by appraisal as set forth below. If the other Owners (in such proportions as they agree) do not, within 60 days following the giving of such notice (or, iflater, within 20 days after such fair market value has been determined), purchase such interest by warranty deed on the applicable terms (cash at closing), then the Property shall be sold for cash as soon as practicable thereafter. Each Owner agrees in such event, to give their full cooperation in effecting such sale, and the telms of sale shall be on a reasonable basis determined in good faith by a majority of the Owners. The appraisal shall be carried out by such appraiser as may be agreed upon by a majority in interest of all the Owners, and their fee shall be shared by the Owners as a common expense. If an Owner dies or becomes disabled, the other Owners will have the right to purchase the first Owner's interest in the Property at any time thereafter on the terms set forth above in this Section 3. 4. Term. This Agreement shall remain in effect until the expiration of twenty years hereafter. Bab'well Co-ownership provisions/re06 1 0925287 5. Miscellaneous. 000251 (a) The covenants and agreements herein contained shall inure to the benefit of and be binding upon the parties hereto and their respective executors, administrators, heirs, successors and assigns. (b) The Owners do not intend to create a partnership or tax partnership of any kind relating to the Property. * * * Bagwell Co-ownership provisionslre06 2