Exchange Addendum To Contract To Buy And Sell Real Estate {EX32}

The printed portions of this form, except differentiated additions, have been approved by the Colorado Real Estate Commission. (EX 32-5-04) THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT 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 ("Exchange"). 4. Limited Assignability; Cooperation. Notwithstanding any other provision of the Contract, the parties agree t hat the Exchanging Partys 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 legal and tax advice be obtained. Exchanging Party understands that other legal documents may be necessary to comply with the requirements of Section 1031. 6. Exhange 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. Date: Date: Buyer Buyer Date: Date: Seller Seller EX CHANGE ADDENDUM (EX 32-5-04)