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Option Agreement by CatchMark Timber Trust, Inc.

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GRANT OF EASEMENT WITH WARRANTIES

GRANTOR:

ADDRESS OF GRANTOR:

Grant of Easement

COMES NOW the Grantor above named and for a valuable consideration hereby sells, grants and conveys to (the "District"), a Colorado Quasi-Municipal Corporation, whose address is Colorado , its successors and assigns, forever, a perpetual non-exclusive easement for the purpose of installation, construction, maintenance, repair and reconstruction of a water trunk line, valving, hydrants, service lines and service line connections, and other municipal water service appurtenances (the "Facilities”), and for ingress and egress of persons, vehicles, and equipment to accomplish such purposes, on, under, over and across a tract of land in County, Colorado, more particularly described in Exhibit “A” attached hereto and by this reference made a part hereof, and warrants the title to the same, subject only to easements, restrictions, encumbrances, reservations and rights-of-way of record. Such easement as herein granted is referred to as the “Easement”.

This Easement shall be owned in gross by the District and its successors and assigns and shall burden the above-referenced Servient Estate and run with said Servient Estate. The District shall be entitled to access the Easement with persons, vehicles, and equipment for purposes of installation, construction, maintenance, repair and reconstruction of the Facilities. No buildings, structures, decks, foundations, footers, fences, trees, bushes, landfill, boulders, or any other thing or object shall be placed, constructed or erected on or within the Easement except with the prior written permission of the District. No sewage disposal trunk line or service line shall be installed or constructed within the Easement. It is the intent of the parties that there shall be no impediment to the future installation, maintenance, replacement or repair of the Facilities.

The District, or its successors or assigns, may at any time vacate and release the Easement, or any part thereof. The Easement, or part thereof, shall be deemed to have been so vacated and released, and thus made of no further force and effect, if said District, or its successors or assigns: (i) executes and records in the real property records of County, Colorado, a quit claim deed conveying unto the then fee owner of the real property which is burdened by the Easement, or which is burdened by the part of the Easement which is to be so vacated and released, all of its right, title and interest in and to the Easement, or part thereof, or (ii) executes and records in the real property records of County, Colorado, a document stating that the Easement, or that part thereof which is to be vacated and released, is so

vacated and released. The covenants and agreement herein set forth shall be binding upon an inure to the benefit of the Grantor and the District, its successors and assigns.

In consideration of the Grantor's grant of this easement, the District agrees to the following:

1. To the extend permitted by law, the District agrees to indemnify and hold harmless the Grantor and its officers and employees from and against all liability, claims, demands and expenses, including court costs and attorney fees, on account of any injury, loss or damage, which arises out of or are in any manner connected with the construction of the water lines, only if such injury, loss or damage is caused by, or is claimed to be caused by the act, omission or other fault of the District or any officer or employee of the District. The obligations of this Section shall not extend to any injury, loss or damage that is caused by the act, omission or other fault of the Grantor.

IN WITNESS WHEREOF, the parties have executed this document this day of , 20

(signature)

(signature)

(witness)

STATE OF COLORADO )

COUNTY OF ) ss.

The foregoing Grant of Easement was acknowledged before me this day of , 20 by

Witness my hand and official seal.

My Commission expires:

Notary Public

STATE OF COLORADO )

COUNTY OF ) ss.

The foregoing Grant of Easement was acknowledged before me this day of , 20 by and

Witness my hand and official seal.

My Commission expires:

Notary Public

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What the Option Agreement by CatchMark Timber Trust, Inc. Is

The Option Agreement by CatchMark Timber Trust, Inc. is a legal contract granting a party the right, but not the obligation, to acquire specified timber rights, property interests, or leasehold interests under defined terms and within a stated option period. It sets option consideration, exercise price or calculation method, notice and delivery procedures for exercise, mapping or parcel identification, and any contingencies such as environmental review or title conditions. The form allocates obligations for closing, recording costs, and remedies for breach, and it typically requires signatures of the grantor and option holder to become operative.

Why This Option Agreement Matters for Sellers and Buyers

An Option Agreement creates a controlled, time-limited pathway to transfer timber or property rights while preserving flexibility for both parties; it clarifies pricing, inspection rights, and closing mechanics to reduce later disputes.

Why This Option Agreement Matters for Sellers and Buyers

Who Typically Uses the CatchMark Option Agreement

Parties involved in timber, real estate, or mineral transactions use this agreement to reserve purchase rights and define obligations during the option period.

  • Private timberland owners, land trusts, and REITs reserving sale or harvest options while marketing property.
  • Institutional and private buyers seeking secured, time-bound rights to evaluate and exercise acquisition options.
  • Lenders or investors requiring documented option rights as collateral or as part of financing terms.

The agreement suits stakeholders needing a clear, enforceable mechanism to negotiate a future conveyance without immediate transfer of ownership.

Roles and Typical Signatories

CatchMark Timber Trust, Inc. — Grantor

CatchMark signs as the property owner or holder of the rights being optioned; the Grantor must ensure title, disclose encumbrances, and follow recording or closing obligations specified in the agreement.

Option Holder — Purchaser

The Option Holder signs to accept the stated option terms, deliver consideration, exercise the option within the defined window, and complete any pre-closing obligations such as inspections or financing contingencies.

Key Components in the Option Agreement

A professional Option Agreement contains discrete sections that define rights, timelines, and procedures to reduce ambiguity at exercise and closing.

Defined Property

Legal description or parcel ID plus maps or schedules identifying the timber or land included and any excluded areas or resources.

Option Term

Start and expiration dates, any renewals, and conditions that suspend or extend the exercise window.

Exercise Mechanics

Form, timing, and delivery of an exercise notice, required deposits, and methods for calculating final purchase price.

Consideration

Option fee, application of fee to purchase price, and payment schedule or escrow instructions.

Contingencies

Title requirements, environmental assessments, surveys, or financing conditions that permit termination or cure.

Closing and Recording

Closing responsibilities, allocation of costs, prorations, and recording or transfer procedures after exercise.

Essential Information to Include

Legal Parties: Full legal names of Grantor and Option Holder
Property Description: Parcel number, metes and bounds, or recorded deed reference
Option Term Dates: Commencement and expiration dates
Consideration Amount: Option fee and how it applies at closing
Exercise Notice: Method and delivery address for exercise notice
Governing Law: State law chosen to interpret the agreement

Step-by-Step: Filling Out the Option Agreement

Follow these ordered steps to complete the agreement accurately and reduce risk of delays during exercise or closing.

  • 01
    Gather Documents: Collect deed, survey, and title report before populating property fields.
  • 02
    Enter Parties: Type full legal names and corporate capacities exactly as recorded.
  • 03
    Set Dates and Fees: Specify effective date, option term, exercise deadline, and exact fee.
  • 04
    Sign and Notarize: Obtain required signatures and notarization per governing state rules.

Customizing and Completing the Agreement Online

When configuring an online workflow, map fields, authentication, and delivery to match legal requirements and internal review processes.

Field Configuration
Signature Field Require signer's full name, title, and date
Attachment Field Accept survey and title documents as PDF
Authentication Use email + SMS code or stronger auth for high-value deals
Audit Trail Enable timestamps, IP capture, and download of certificate

Digital Signing and Submission Considerations

Ensure your eSignature platform supports required authentication, audit trails, and secure storage for legal enforceability.

  • File Formats: PDF and DOCX preservation; signed PDF should include an audit trail
  • Integrations: Connect to storage or closing platforms like NetSuite, Google Workspace, or Box
  • Compliance: HIPAA and ESIGN/UETA support where applicable

Confirm vendor capabilities for authentication and retention, and retain a copy of the signed agreement plus the audit certificate for compliance and closing.

Where to Send or File the Executed Agreement

After execution, follow these typical routing steps to complete the transaction and preserve record integrity.

  • Deliver to Opposite Party: Send fully executed copies to Grantor and Option Holder for their records
  • Escrow or Title Company: Provide original or certified copy to escrow for closing and payment handling
  • Recording: Record any interest required by local recording office if the option creates a recorded lien or memorandum
  • Legal and Accounting: Share with counsel and accounting to align tax, retention, and closing obligations

Typical Dates and Timelines to Watch

Key dates in an Option Agreement determine exercise windows, closing scheduling, and preservation of rights; record them clearly.

Effective Date:

Date agreement begins; use MM/DD/YYYY format

Option Expiration:

Last date to deliver exercise notice and meet conditions

Inspection Period End:

Deadline for title, environmental, and survey reviews

Closing Date Window:

Date or range for completing conveyance after exercise

Recordation Deadline:

When to record instrument if required by local registry

Key Milestones from Option Grant to Closing

A sequential milestone view clarifies responsibilities and timing from grant through exercise, closing, and post-closing tasks.

01

Option Grant

Agreement executed and option fee paid; starts the option term

02

Due Diligence

Buyer completes surveys, title review, and environmental checks

03

Exercise Notice

Buyer delivers formal exercise notice within the option period

04

Closing and Recording

Funds transferred, deed conveyed, and required instruments recorded

Common Mistakes to Avoid

  • Vague property descriptions that hinder recording or title search results in disputes.
  • Missing or mismatched party names that create enforceability or title issues.
  • Undefined exercise mechanics causing disagreements over timing and valid notice.
  • Failure to record or properly deliver documents that undermines notice to third parties.

Risks and Potential Consequences of Errors

Title Risk: Undisclosed liens can defeat conveyance
Contractual Forfeiture: Missed deadlines may terminate option rights
Monetary Loss: Nonrefundable fees and damages for breach
Recording Defect: Improper recording can impair priority against third parties
Tax Exposure: Incorrect reporting can trigger IRS penalties
Enforceability Issue: Improper signatures or lacking authority may void agreement

Real-World Examples of Option Agreement Use

Two concise practical examples show how option agreements function in timber and development contexts.

Timber Sale Preparation

A timber REIT grants an option to a logger to purchase harvest rights on defined parcels

  • The option includes a 12-month inspection and harvest plan window
  • Upon exercise the parties apply the option fee to purchase price, complete required environmental clearances, and record necessary instruments before harvest begins to secure rights.

Development Contingency

A landowner grants a developer a multi-year option tied to rezoning approval

  • The option conditions include timeline for permits and financing milestones
  • If rezoning is denied, the option expires and the developer's fee is forfeited or refunded per agreement terms, avoiding full purchase commitments during entitlement risk.

How an Option Agreement Differs from Related Documents

Compare the Option Agreement to other common instruments to understand differences in transfer mechanics and obligations.

Document Type Option Agreement Purchase Contract
Transfer Timing future-right immediate conveyance
Consideration option fee purchase price deposit
Binding on Closing conditional on exercise binding upon execution
Recording sometimes recorded often recorded immediately

eSignature Vendor Pricing and Feature Snapshot

Basic vendor pricing and feature availability for executing and managing Option Agreements electronically; signNow is listed first to show a compliant platform option.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial Varies by plan Varies by plan Varies by plan Varies by plan
Bulk Send Yes Yes Yes Yes Yes
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes (BAA) Yes (varies by plan) Yes (varies by plan) Varies by plan Varies by plan
Envelope Cap No cap 100 envelopes/user/year Varies by plan Varies by plan Varies by plan

Practices to Reduce Execution Risk

Follow these proven steps to improve clarity, speed, and enforceability when using the Option Agreement.

Use Precise Descriptions
Provide recorded deed references and attach surveys to eliminate ambiguity about the property subject to the option.
Document Exercise Procedure
Specify delivery method, time zone, and address for exercise notices to avoid timing disputes.
Confirm Signatory Authority
Verify corporate signers have board or officer authority and include capacity language in the signature block.
Retain Audit Records
Keep signed copies and eSignature certificates with timestamps and IP addresses to support enforceability.

Frequently Asked Questions about the Option Agreement

Answers to common legal and practical questions about executing, recording, and enforcing the CatchMark Option Agreement.


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