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Home My WebLink Aboutlanduse case.ts.Prospector Lodge.1982-1983T.� - /983 - of 3 ifi f r `of x TI sl PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. 3ahl-Kern, Inc. -/o Herbert C. Phillips 3333 S. Bannock St., Suite 600 Inglewood, CO 80110 ioly Cross Electric Assn L301 Grand Avenue ?.0. Drawer 250 ;lenwood Springs, CO 81601 :FG Leasing Company _00 Dain Tower ?.0. Box 1160 iinneapolis, MN 55440 Internal Medicine Specialists Medical Group, Inc. .ddress unknown referred to: ,avid M. Powell 'orsuch, Kirgis, Campbell, Walker and Grover 18 Seventeenth St., Suite 1200 ,enver, CO 80202 ntraWest Bank of Denver .0. Box 5808 enver, CO 80217 Mechanic's lien Aspen Inn 7/30/82 Disputed Mechanic's lien? Wildwood Inn Date unknown Disputed Savin Copier Date unknown Security and date unknown Disputed Deed of trust Prospector Lodge 1/6/81 Deed of trust Aspen Inn Aspen Inn Apts., Units 21,22, 23, 31, 33 1/6/81 Deeds of trust Chase Lots Robinson Parcel Blue Spruce Snowchase Top of Mill Sparr Barbee A Stirling 925 Durant Aspen Mt. Mining Claims Subtotal 18,947.92 3,165.15 6,980.48 226,926.00 4,362,897.39 4,394,717.00 5,493,996.29 $14,507,630.23 M E M O R A N D U M TO: Alice Davis FROM: Sheree Sonfield DATE: July 15, 1983 RE: Prospector Lodge & 825 E. Hopkins, Timeshare Applications The Finance Department has reviewed the above mentioned applica- tions and would like to make the following comments: A. Prospector Lodge 1. Sales Taxes a. As a condition of approval, evidence of a Colorado r State Sales Tax license should be presented to the City. b. City, County & State Sales taxes will be applicable to any short term rentals of these units. These taxes should be paid to the State, who is the City's Sales tax collection agent. 2. Real Estate Transfer Tax a. RETT will apply to initial and subsequent sales of these timeshare interests. MEMORANDUM TO: Alice Davis, Planning Office FROM: Jay Hammond, City Engineering DATE: July 20, 1983 RE: Prospector Timesharing Project ---------------------------------------------------------- Having reviewed the above application to timeshare the Prospector Lodge, and having made a site inspection, the City Engineers Office offers the following comments: 1. The plat will require a number of items prior to recording including: a. Reference encroachment license granted by Council for the rock facade and stairs on the north frontage. b. Indicate book and page of easements for the transformer and any vaults or pedestals on the property. C. Show common areas. d. Locate trash facility. e. Add necessary approval certificates. 2. The landscape plan should be subject to the approval of the Parks Director. It should contain; a. The additional sidewalk spur cn the west end of the alley. b. Irrigation of the planting areas along the west and north frontages to maintain the trees in those locations. 3. The applicant requests a reduction in on -site parking from 17 to 16 spaces. The site survey indicates 20 spaces in the lower level. We would state that a 20 unit project should supply a minimum of 20 on -site parking spaces. It would seem that some of the on -site parking has been lost to some other use. JH/co ATIONS,OF • QUALIFIC sa Scott, M.,:, B'ow1c,, R.M. Res -den 17 American -Institute-of-Real Estate A t n r L! rs M.A','l. C:inulidate,' American Institute of Real Estate Appraiscrs License, Real Estate Broker in the State of Colorado o � Aspc-n and Colorz'do Boarlldis of Realtors ..her of ".5. ional Assc Lar4on of Board "of Realtors Harv.-3 rd 11niversity BA, 1971., Phi Beta KaKappa,"Magna Cum Laurie Division: tiv of Colorado Continuing Education Divis ,�nivers Real Estate Law R61 Estate Fi-zance Institute of Real Estate a AMLr, s ate Appr.isers: Course j--A, Principals Course VIII, ReL;idential Course - I-B," Caoital izat ion Techniques *1 Course 2, Urban Prcperties :1ACYCROUND 'NG EXPERIENCE: As!;Oulate Appraiser: James J. 1,11ollica E. -A'ssoGiate!3, Auvust 1976 7 pren,it do-!Zfal Estate Broker: 1974 - -rr-_se7:t Cordominium. Property Ma n a f, e m o n t - Durant 'Cc n J o Min i wn. s Aspen,' Cclorado,197 .-19,76 CLIENTS SEFRVED: PROSPECTOR LODGE ' A CONDOMINIUM HOTEL ` 301 East Hyman Street J Aspen, Colorado f f 19 free market units from 1129 square feet to 840 square feet, plus one 4 employee unit of 1261:square,feet. Also included area lobby lounge" game room area with bath of 696 square feet -,.which is also for serving continental breakfasts, wine & cheese apresski and small meetings: < ' On'the third level is a 2000 square foot sun deck with swimming pool for x`zs�K social gatherings. r Underground parking exists in a heated garage, with automatic security garage door. The driveway and sidewalk is heatedJor automatic snow melt at all times: ,. The grounds will be well landscaped and maintained. gyp, Loca'ion The heart of Aspen Village 23i'blocks ,to,Li,ftkl-A'and 3 blocks to Little Nell chair lift On:North:Side'of.:Wagner„Park. This park is deed -restricted in perpetu' oro a ace. Amenities of 'Un ts. a are foot. deck,. with . 5x7. hotub .a O a sauna, vie o s e - Mou ai Min oo1tC f i re m 0 aped aia ma o a o et blender,,. food processor` �� o `with"'cabler:,vision" and;�W .. li'ding. glas o e th ,Q ec. sm furnia and tyl PROSPECTOR LODGE "&UCONDOMINIUM HOTEL - a E st'Hyman,.,Street w orado ly: 0 41 a allf nit Includes... urniture; fixtures and equipment" including, all linens, miscellaneous accessories.utensils ass re, etc. as listed on each spec. sheet.. Ve n the intention to operate I and promot I e.this property for. rental,purposes,as. a,luxury lodge condominium. - c use, vice ill include : a. french style continental breakfast; ni`ghtlytur.n-down service, "cable vision" with H.B.O., room,-selectionlection of.luxury:,shampoos; soaps, terry cloth bathrobes, TF'Tn bath sheets, etc. wY N II A full service front desk, lounge and game room will operate from 6:30 am to Midnight. A houseman will be "on call" to service guest'sIaundry; grocery needs, firewood, etc.. The gameroom will also be available as a meeting facility with top of the line conference equipment., A library of books and periodicalz will be available for guests in the lounge. ....The,-Wal.l, Street Journal and New York Times will be del I ".e Ao, .ea ue t room,each morning. o Ahan'dl �d ,,not nly�t e internal 'management but~` • It is f any t �0 as a total luxury `package for ,the `r• �` r . as the rental guests. •y` y Services projected dill include F rollch-S �j s ` lie , y 1. . � s �. t_ ,. •? r manage—nvent to service guest laundry, t grc.•cry _ _- - 1 roan with meeting facility a nd 1 i brar y ,.i �. curre►._. _t i'_._,; . Inc? International Herald Tribune a,nd rvi_ce to{Q each guest roo J i ; i,nclu 1" ach,; Al jk Ilanagcvient cont'd. • .. Maintenance vrill be done pro:nptly so as to n�c cnly taf:,: care needs, but a proper perventative P:'C� [1arket�rig'` ri1T `include nsient rese vaficr:s 41;ci ccnl�i' :ed r2s•2I-vations. aggressive P.R. campaign c:ith ccl. ity re.�rva`icr: s�•stc.Ts and it i,; wi l i take place. ' A continuous Mailing al,.' p'r:--n-2 cabe to corperate and associate qua1 i fi ec'. 1 i s is t:rI; i ','e ft ;iI 1 e:re i ti nY-- 7S of 5 to 20 persons to assist the shoulcer- seas'cr,s. Although the first year will run a r,�nagec.-�n` cost of 5":: bec.:us•e L �' start ti.) costs and adjustment to the operations, as r:ell as discount* prc. D}ion rates, thereafter we would hope to maintain a 0 cc3It' o- o('era iC,r,;-before ' u management contractfee, depreciat'.rn ar;v uer�. f• ,;_�. It OPERArle,a t The WTodge ; �� ] I beoperated wi th .the na Rio -Stan eedyt�7/fo, re onarm � �• eKx �Y k+ei�+ }r �,, Yn 1'tut1on;o#�, rig�d.costt controls and periodtc�rey�e"IsF0 r f Je. Sure, .maintaininq the _ne�f;,lodc�e :,'n.thin=econo�. �r. tk j cr i 77! k 1�F r } J, ��+�'�' * � i � P t '�' -:Vul y '•:K 5 � :: } 4 _� @' b J p � S 1 H ? l� 1 7 �yN.i L/ 5 fir .. ,. x . Lo7Vealiiiiiy�.�'CJw�.tai.'$"+..�A`re .tr .,K3.� . '+ •'d�.A4t..fl.:�3.t.. _ e " . v...:�C '�5 ;�.,2 . . . . . . . . . . . t i c o n t d Ib r tY 1. line" is full, service an 711MINIM ff --- A-Ithou,h this project only contains 99 rental units, 2jor ml-n-keting progr,�m b,&Cause of cc-,t 0; 1 s- any i�,, P 6iRI6&--Js our -kno-.-iledge and, abil ity in our manace.-.!ent group - In {area which will be an important asset to Iris loc142 tc Tevenue and ierfore -tI .,a healthy i n c ome streari. I Qistr'ibution of brochures ith rate cards (as to qualified :Iists__ f: a��ents as obtained.rr;,:. ,,. T. �..• P A semi -annual custo.n mailing will be .1i s •trig;e,al S 'Y l c� �o. include the past 24 months of registrations a ,,,L t. 4 then to make reservations fo:• ti _ c^ g Y ^ , - • - up ..�1tlS� Jn .-fi. Tire +_��-'S .., i i i ,.'-' •"��`�;�'r a miail in card and promotional information o:; the co:'Ot . + This listing and promotional letter' Will be done by the ;- a�=:::�r1i cny's co,;;7 r ter so as to keep. accurate records and save 1 a_;or On t"."Ci rr The start-up of the program tyill.be names of individuals. ;:ho 'nave st,yi�u at o1_rr other properties historically and t:hom :•re wish to introd-;!:: -y ,;,its This source)nll also .be an important-sQt'rc�e-,t�sellto,cncetth ay are-on-si,.e.- ,.�.. #e.ui•. Idg=,sa�. P ITT" tiarf;etiig coif' 8 on;' tle'pro;)2rt�, will 'be tied into a rulti�le brain the greatest leverage for appearance- at, trade _ho::s, r.c. �bltzing and inclusion in national trade FeriocicGl a,�:d:_ �,,y TM Or1-site serving of conference rr_-etings fora ;:a or ?0 �. .:s .•;l i b' ��;+d 77MM✓. TOTi• 0'1-,2d 1n a, I.0s t, it 1re.si va r.lanr,or nc u d i n1 h4 �r.i .. i..• L-1• _ ll,_ t:ith china and linens Built i^ visual work boards ;Jill be available and pro;ectiCr: i}.'='n* I::i11 b: o►fcred ::hick is .readily, available ►llthin the anies S t'erchand nu G�rograms to travel' -'agent --retail- and srclesaie a !�t� i?1 (,rd r, ready ..is)_beingaccompl_i -hed _via inclusion ir, l scings at:,L 1 c;e sf;o::rrr, ,ich L � segments the Aspen coi:rrunity and mountain- destination resorts aro.r;.s at�r:rrd. (examples: Aspen Skiing Company, Aspen Highlands Skiing Cor: any, 1spen Chai!,Ler of Commerce, Colorado Ski Country U.S.A. and Den:erJCo,era o Con:r_ntior ai�J Visitors Bureau to name but a fern I:iho have the Pros;^.-c I r 1 i s ; r_,d . ) Guest directories t':iTi be prinLeu of are D111LI-71, units as a 1-.'elcome piece, descri pt i c;' C` .'(.il ` for,'guests co vrt and 1 re, sal 'e des, r;pt7an5 of state riatel/motel:,la , ' Li sti ncis n l l be place, `Z si 11 trave i , cc:;fercnc ; ai i ; r t•rhich offer free listings. Press rely"se Lyrae r";linosL-cJ,Vc''' ;, �ic;sVt and periodicals and journals relates L. rist;:,ation r e s :c':. ;rYc Triple J';, i'Jbil Travel Guide, etc.. Special Events will be planned on 3 tir:eiy basis tc is cc: 'roi-e Lne , , C'Ys� c`ar nli7e 'nto seasonal activities, cc"-:7:,,m1ty relati:i fun' rais''1; r1i'�i:r�� C;i, i1-3`s 4 i n, seasonal . parades and any of the acti vi ties :riii cii .-ri l l r i : ] forth prominence t,to he lodge as an entity in the ccru;uniLy. L. r �. Confet once._Sa_1�es_prom.�ns�i_11 e_es��3�lished _to .sdl i� u-n._1ei�'I-s�e1-I -- and association conference and board meetings. It is not int2- nd2d tlat We hire { *-#any special sales person, but rather have on -site desk; rer_onrol, properly y trained, to'do phone and mail solicitation and on -site tours or the property. .. ter,. .-... .. _jA Ida 5,71 t, f;tlRi:cT I f " Areas to br1 covered.by 11arketing include co. in all publications possible, public relation's';pr releases to all nlajor� travel periodicals and, s;)eci l ev the lodge, continuous conference salas r� a,; ra to wholesale and retail 4�rel ac;2r is L desti;l �ic -� r ;, ` > s r"aillnjS t0 past Ct25tC;;'�IS, EQ1r1S;:C rl'o{i l e and utilizing the ' S- r of marketing information and finally a-escr.:<Lic!:s to obtain, and retain a reservation's system fiu'r1 51,07: rc,c tici;s systems rgag �f-max Collateral materials will be produced in smal i :o?ur:-es a expense. Included in these it is ;:il i be hi h .,L:.iit�' i brochures -on Aspen and the Prospector Lodge whi ch- r.-tay be sae - _tor• __-- several years. An annual rate card with some packaging prices and latest - Z; promotional nuances fruit alrllne-compan}es;. ski GperaTt ton -CCU pa,.re ground aranportation coripanies, et al r4: 7% 77 T, erations cont'd. (Guest Services) ll'Street Journal, New York Times and the Cchve ` 6 ch unit every morning. Housei..ian hi ll be available for'services to guest rcq�:_--sts s_lch a--, w, shopping'. delivr!rY and pick-up service and del Of tv"el� f rom neighboring res'taurant:, (a version. of roc,::i see 1w: Guest Amenities will -in.clude a ga.i,..2 room area anj 1 ot; n f i a fire French -style continental ILI-ea!"last wil 11 be servia- -2 z' C guests and a wine and apres' ski party eac-1h aftcrr.;on. In t 1: S the and cheese wil i be charged to summer-141',,e The -pool- and sundeck will be well --I I' M a-i nta-ined and t MI;e "a r. cha.i r - S 2,1, 1 C 12 available as well as soft refreshrrents. Aerations .cont " `' r •3 ' laundry Service of the top ho4e1 quality will be cffcred. 13.5 r+ u: will be used (equivalent:. T' . font and ;dent; n F''stei s q;;l i `y` C'S beets and cases matched to"untS. A11 terry items (towels, .:ash -cloths, bath robes) ,.i11 be the maid staff, as this is wost economical and quality management.. J , It i s er,pected that Culligan b;ater Soft eni ng sy-te.rs ar.d dryers will offer top quality lac;nc!_ring. F Although there will be a coin operated :•rasher and di, �er for �..e�•ts -s :e, (t`:i- _is amini-profit center), jhe front desk: vii.11 offer vale_ an �' l ;l:C;t;' s-vice --- - sameday. Guest Service will include delivery offirewood to fi rep i ac b i GIs each nightly turn down service with bathroom make-up, -a goodnight sal>>tation card tirith a pony of cognac, fresh fruit and chocolates placed on `ac« night sand. 4.' �J74'��„. ,� K �'{n 'hFt�+',t7�' .A 1e;jtNt.'•.:•-w•.^ Ali Qporations cont'd. (111y Lodge Operaticns) r f 1x• 7T a L i��sJ r should be refunded or not depending on agreement as eSt.. lhs; "enervation confirmations ,ri l i be fer;:4rded to .each —ES' u:lr, , eca'r c•f ':'deposit. , tS :s- r.n array of Aspen in`o?•ration ;li',l be sent along Front Desk_ Operations �?} Front desk operations will take place f rcm 6 A", to of the summer and winter seasons, particularly on Satur`ays, b `-.:-'n :,2d to a 24 hour o,)eration. Off season may be curtailed to t. � rinc cr:: _::'in houT's, u r particularlylat the slo�.rest portion of the off season -It : is -hoped to Fii-re mul �i-Lingual desk personneT-as we i rf Lend to have a good share of international clientele. i•taid Service will begin at 8'A'•1 and all units to be fully cleaned ?_ for x:-S •stay-ons and ne:•r check -ins. Maids will be outfitted r:ith prover (;ri`d:r;s. J I i 4r . •. Operations cont'd. (Personnel) j A.proper. in-house training pr-grair for desk, cle.r,s -air ► t personnel and on -site iJna�:''r�ilt. :4 All earpioyee forms will be st4r da rdized to coral D f ie ,l;tierican Hotel/i%lovel Associa-_-ion. Da i lY Lodc,e_�erations Peserva t ions wi i 1 ;;c tl•.en L,. tine P on a ''. - -- ------- --- � ,-osl,..ctor _I ..c°- . � _ - , ,• ..,, ro_.: b,:c i _ . Frorr M until 11 PM reservaticrfs .'i 11 Fe ta6;en at t"'Je citirc by di rent call -in or referred Central "� - f rred from. r"'.spen 1tral ese Inc.. Deposits will be taken toguaranteeand hold reser•iatior.0 and cr-2ditel to a special account, not to be released until transformed fro;: deposits account to guest ledger. lifter guest departure any deposits not utilized b_fco will be placed in city ledger accounts and determination f�• i If }'a•-iiY.11i•.'i".�y,. p .- y1\ tk�.� '"rY•: i i Tt .�wz ._.. .0�'45/f'3'S ".z'. � �srvM � u 5" ^;;t;'�;'4�: . may...... - • •r . Operations cotrt'd f 6411 7 t r rl n a� It is our intentions to use a cc.npu �.cr o the o .,, s i ..c , �o :.t, r sere. �i cr,s and all accounting functions, so that t!e may be corsL. r.tly for reportinc` to management, investors and any financial entities the curr3^-t status of eccna,-,-Jc i•;ell-being o-F the operation. Personnel A personnel manual be .-xi tten to outline to all in which to operate the property. p The manu-:-:l wilt include hiring requirements ir:cl.. ink hi_ de:_an` of social s,,=c-,r•ity or green card, as Aspen is a seasonal destination for many interr.ntionals. wo Dress code requirements, personal appearance and proper r:;anns^s :;ili be er.p;aine+i. { The er;rployee marual will be given to each employee and the e7ployeL ii1 s,i_n y a statement that they have read in full and agree to the employee rar:i,al. } A permanent record of all employees and their %- or'r: history r: i ;1 r-a i ntai ned . - Y { r r 'Uj?R�' r." :+ d ^ ' y, S t'�15"S +eN'a� s. j'4'`,�v.` ;•. r 7j� �aj' E Operatioil s cont'd, o r +w 1 $ 5 • t '• he operating managem��,nt r:i l l ;prepare a eji1"+i in"4 Working capital requirements • �vw� y f ,4�'T•!r yl b� 14 Simi 1 arly, , expert counsel,' -inside and outside the co. ;parry', wi 11 be solid te' d i•rhen projecting andlor analyzing financial costs, insurance require'ri n-ts, ti, l i Obi l ;ties and many of the other i tci„s which rust be cans i tired in the, got::? budget. f P rately and then control t'�e throughout t: e 1n ability to estimate costs -accu ! }1P P^Cl�+, i. ..� ,�•,.,� {• i--,! - devel opr tint process is and will continuously be 'ti p l to ; -.; N tab0 71 It requires experience, good judgment and ccnscier:ticus attention to detail. A Fro -Forma projection of sales and plannings will be uPd-. tcId mortn:y fcr t;;_, operations, as this is most critical during the first ;dear of opet aLion°as costs are reali7,ed and secured reservations pattern begin to unfold. - Without undue elaboration, each item is evaluated, -based on -findings :of ,the market research portion of the feasibility study and dra:,ring from our current, experience at existing properties and the expertise of operating managerents. CJ James I M011h & ASsodates, loc. Real Estate Appraisers and Consultants Crystal Palace Building • 300 East Hyman Avenue • Aspen, Colorado 81611 • 303/925-8987 Aspen, Colorado QUALIFICATIONS OF APPRAISER James J. Mollica, R.M. PROFESSIONAL AFFILIATIONS: Residential Member (R.M.), American Institute of Real Estate Appraisers MAI Candidate, American Institute of Real Estate Appraisers Associate Member, Society of Real Estate Appraisers (SRA, SRPA) Instructor, University of Colorado Continuing Education Division Licensed Real Estate Broker in the State of Colorado Member of Aspen and Colorado Boards of Realtors Member of National Association of the Board of Realtors EDUCATION: Ohio University, 1973, Business and Advertising, BSJ Society of Real Estate Appraisers: Course 201, Capitilization American Institute of Real Estate Appraisers: Course 1-A, Principles Course VIII, Residential Course 2, Urban Properties Course IV, Condemnation BACKGROUND AND EXPERIENCE: Incorporated James J. Mollica & Associates, Inc., 1977 Independent Fee Appraiser associated with Mason & Morse, Inc., 1974-77 Associated Consultants and Appraisers, Inc., Columbus, Ohio, 1972-73 MAJOR CLIENTS SERVED: Aspen Highlands Ski Corp. Aspen Industrial Bank Aspen Savings and Loan Assoc. Bank of Aspen City of Aspen TYPES OF PROPERTY APPRAISED: Commercial Lodges Condominiums Ranches PURPOSES OF APPRAISALS: Acquisition Condemnation Estate Planning Scott M. Bowie, R.M. Randy Gold Associate Appraisers County of Pitkin First National Bank of Aspen First Western Mortgage Corp. Majestic Savings and Loan Nature Conservancy Insurance Liquidation Mortgage Residential Vacant Land Partition Sales Tax Planning ® James J. Mollica R.M. Appraiser -Consultant 0 James I M011h & Associates, Ioc Real Estate Appraisers and Consultants Crystal Palace Building • 300 East Hyman Avenue, Suite 209 • Aspen, Colorado 81611 • 303/925-8987 Aspen, Colorado QUALIFICATIONS OF APPRAISER Randy Gold EDUCATION: University of California, Santa Barbara, B.A., 1973. Honors University of California, Los Angeles: "Real Estate Appraisal" "Analytic Tools.of Real Estate Research" "Income Tax Factors of Real Estate Investment" American Institute of Real Estate Appraisers: Course 1-A, Principals Course VIII, Residential Course 1-B, Capitalization Techniques Seminars: "Tools and Techniques for Land Analysis" "Appraisal Techniques and Analysis for Special Properties" "Real Estate Investment Analysis" Society of Real Estate Appraisers: Seminars: "Condominium Appraising" "Special Purpose. Seminar" PROFESSIONAL AFFILIATIONS: Licensed Real Estate Salesman, Sate of Colorado, 1979 BACKGROUND AND EXPERIENCE: Associate Appraiser,James J. Mollica & Assoc., May, 1978 - Present Associate Appraiser, The Epstein Co., Los Angeles, California, August 1975- October 1976 MAJOR CLIENTS SERVED: Aspen Industrial Bank Aspen Savings and Loan Assoc. Bank of Aspen County of Pitkin TYPES OF PROPERTY APPRAISED: Single Family Residential Condominium Vacant Land FUNCTIONS OF APPRAISALS: Empire Savings and Loan Assoc. First National Bank of Aspen First Western Mortgage Corp. Majestic Savings and Loan Acquisition Listings Sales Estate Planning Mortgage Tax Planning Insurance CITY 41--'!"'A; ASPEN 130 s:}ut►, str(�et aspen, colorado 81611 -303-92 -2020 CONFIDENTIAL MEMORANDUM DATE: May 10, 1984 TO: City Council FROM: City Attorney RE: Merit Investment Co. v. City of Aspen Forwarded for your immediate attention is a copy of the most recent correspondence concerning th proposed settlement of the above -captioned lawsuit. By copy of this memo, I ask that the Planning office comment as quickly as possible. I will discuss this matter with Council at the May 14 meeting. PJT/mc Attachment cc: Ron Mitchell Sunny Vann '•i PENDLETON £3 SAMAN, P.C. ATI'OKNLYS AND COUNSELORS AI' LAW W. MICHAEL CL)WDUS Mr. Paul J. Taddune City Attorney City of Aspen 130 South Galena Aspen, Colorado 81611 SEVENTEENTH AND GRANT BUILDING SUITE 1000 303 FAST SEVE:NITFNTH AVENUE DENVER,COLORADO 60203 May 8, 1984 TELECOPIER: (303) k�31 0786 X TW•910-931 040Y MAY 10 RMt RE: Merit Investment Co., Inc., a Colorado corporator, Plaintiff, vs The City of Aspen, a Colorado Home Rule City, a municipal corporation, et al.; Case No. 83CV371 in the District Court, County of Pitkin, State of Colorado (the "Lawsuit") Dear Mr. Taddune: Enclosed with this letter is an executed stipulation dismissing the Lawsuit with prejudice. I am delivering the executed stipulation for you to hold in escrow pending approval•ot the Application as described in the following paragraph. you will execute and file the stipulation dismissing the Lawsuit only after the Aspen City Council (the "Council") approves Plaintiff's prior Application for Timeshare and Conditional Use Approval and for Amendment to the Existing Conditional Use Permit (hereinafter referred to as the "Application") pursuant to Section 20-24 of the Municipal Code of the City of aspen (Ordinance No. 52, Series of 1982) (hereinafter referred to as the "Timeshare Ordinance") upon the Council's own motion to reconsider. Prior to such approval, the Application would be amended to comply with the requirements of Ordinance No. 55 (Series of 1983) which amended the Timeshare Ordinance. The amendment to the Application and the Council's approval of the Application, as amended, would include all recommendations contained in Alice Davis' August 22, 1983 Memorandum to the Council, a copy of which is enclosed for your information, with the following modifications: i. The Approval would specify the requirements to be imposed pursuant to subparagraph 13 of subsection (E) of the Timeshare Ordinance which now provides "satisfactory provisions shall be made to provide handicap access to and Mr. Paul J. Taddune May 8, 1984 Page Two throughout the Project," which requirements must be acceptable to Plaintiff; ii. The Approval would direct the issuance of the timeshare license upon tender of the required fee. With respect to (i) above, Plaintiff is prepared to provide handicap access to the first floor of the Project which includes the lobby and more than ten percent of the units in the Project. Such access would be in lieu of "access to and throughout the Project" as required by the current ordinance and conforms to the access that was required at the time the Application was filed. In the event any additional or different requirements are imposed by the Council prior to or at the time of approval, Plaintiff shall have the option either to withdraw the Application or have it tabled. Any approval not coming within the specific conditions of this letter shall not be considered basis for settlement of the Lawsuit. It is, therefore, in all parties' interest to agree on the specific requirements to be imposed pursuant to the handicap access provisions of the ordinance prior to the Council's next meeting. If the foregoing proposal is acceptable to the Council, please advise me immediately and this office will proceed to amend the Application. As I have previously advised you, if this matter is not settled in the next several weeks, Plaintiff. will be unable to close the purchase of the property and ))roceed with the project, in which case Plaintiff's only recourse will be prosecution of the Lawsuit. I look forward to hearing from you. Very truly yours, W. Michael Clowdus WMC:sd cc: Merit Investment Co., Inc. Daniel M. Fowler, Esq. PEN D LETON 8 SAB IAN, P. C. { i DISTRICT COURT, COUNTY OF PITKIN, STATE OF COLORADO STIPULATION AND AGREEMENT Case No. 83 CV 371 MERIT INVESTMENT COMPANY, INC., a Colorado corporation, Plaintiff, VS. THE CITY OF ASPEN, a Colorado home rule City, a municipal corporation; THE CITY COUNCIL FOR THE CITY OF ASPEN; and WILLIAM STIRLING, as Mayor of the City of Aspen and Indivi- dually, RICHARD KNECHT as a Member of the City Council and Individually, CHARLES C. COLLINS as a Member of the City Council and Individually, ALLAN BLOMQUIST, as a Member of the City Council and Individually, and CHARLOTTE WALLS, as a Member of the City Council and Individually, Defendants. Plaintiff and Defendants, by and through their attorneys, stipulate and agree as follows: 1. The parties having resolved all matters in contro- versy agree that Plaintiff's Complaint shall be dismissed with prejudice. The parties to bear their own costs. PENDLETON & SABIAN, P.C. W. Michael Clowdus #6851 Attorneys for Plaintiff 303 E. 17th Avenue, #1000 Denver, Colorado 80203 (303) 839-1204 WOOD, RIS & HAMES, P.C. By: Daniel M. Fowler #6357 Attorneys for Defendants 1100 Denver Club Building 518 Seventeenth Street Denver, Colorado 80202 (303) 595-8145 e MEMORANDUM TO: Aspen City Council FROM:% Alice Davis,Planning Office RE:; Council Concerns with the Prospector Timeshare Project DATE August 22-i 1983 APPROVED AS TO FORM: At the City Council work session on the Prospector Timeshare Project on August 17, 1983 three areas of concern were identified. These concerns are discussed below: i 1. 'Free Transportation and Lodging for Potential T-meshare Purchasers The Prospector marketing entity intends to invite persons who have shown continued interest in buying a timeshare interest to visit the project. As proposed, free or subsidized transportation to Aspen and overnight lodging may be offered to visiting parties. During the timeshare ordinance review the "giving of gifts" was discussed at length. P&Z and Council both agreed that the.giving of gifts may not necessarily be bad, if done in a responsible, ethical way. Council did, however, maintain the right to review any gift programs to c�aluate if the programs were to be conducted in a deceptive way. The exact Code language is as follows: "(E)(3) Marketing.and sales practices. A project's marketing program should reveal responsible, ethical sales practices, and such marketing program should not permit the following practices: (c)The giving of gifts in a deceptive manner- to encourage people to attend sales presentations or to encourage people to buy a timeshare estate. Any exact description of gifts proposed to be given by the developer to prospective purchaser and the cost to the developer of any gift used in a Efales or marketing program must be disclosed and shz.11 be subject to prior approval by council." Free transportation, as proposed by the Prospector, was found to be an acceptable gift by the previous Council which is one reason why the giving of gifts was not completely prohibited. The regulations do however allow you to determine if you think their program is acceptable. The major drawback to offering free transportation is the pressure it places on potential purchasers to buy a timeshare interest. Anyone accepting a free trip would probably expect some sales pressure, but how much and how intense the pressure is or should be is hard to evaluate. The Pjanjjlno Office has rec-mmended a condition to the_P.rospector_ap.proya3__whach requires the Planning Office to._review -this _asp©ct_o£_th ma k. t�ing�rogram after.. six months_of op.era.t.ion-to-ensure-it-rs--being-condu�t�d in a sgs�ns�51�` way. We would evaluate the number of trips given, the results, the number of contracts rescinded during the 10 day right -of - recision period, and -any public or owner reaction to -the program. If any problems are identified, we would bring them before Council to determine if the free transportation and lodging program should be eliminated. .t 2. Assessment Fey tad ustments The applicant wish , ; to allow the Eo_ ard_0 Manacr�rs to reduc,i or increase the Prospector'sq uarterly assessment fees as opposed to requiring 75 percent of the owners to agree to such changes. The difficulty of achieving 75 percent s.grecmcnt to increase fees may result in insuffics.ent funds for properly maintaining the project. Memo Council Concerns re: Prospector Timeshare Page Two August 22, 1983 Even though the Planning Office feels this is reasonable, we do believe that the assessment fee increasggs should be controlled'in some manner as this*has beena major prbblem with timeshare projects in other r:reas. If 'the Board of Managers increase fees unreasonably or 'too often, the owners can always vote them out of ofice.,_so some protection is provided. This statement should be anticula.ted_in._th,?_timeshare__doc.umen-t-s s,o that owners are totally aware of this protection. Another protection would be to not allow the Board to increase fees without written notice to the owners as to the reason necessitating the increase and documention of the need. The Planning Office recommends that these two protections be added as conditions of approval... 3. Reserve Account The Prospector budget identified h_ xtezior fund which w3 > > h=_escrr-ow-ed-and used. only for such things as re- painting, structural repairs, landscaping'replacements and common area carpet repairs. As proposed, with the Board of Manager's approval, these -funds can be reduced or eliminated. The Planning Office recommended (and the applicant agreed) that the Board not be allowed to reduce or eliminate this escrowed fund for the. first five years of operation to ensure that th& fund builds up to a sufficient level before the annual amount going into the fund is reduced. New timeshare owners do not have to pay into the fund until the sale of their timeshare -package is closed. No timeshare closing is allowed within a unit until eight of the 15:packages are sold and closed in thz.t unit. The developer only pays into the fund for the remaining timeshare packages in a unit which has closed on at least eight of the 15 packages. Therefore, $10.000 pgx_ _y_earwi3L�at-be-gong into-ihE�a--fund until all timeshare packages are sot - In addition to this reserve a count, additional funds have been identified through the budge for maintenance and repairs. The budget also earmarks $4,_94s _a&r f.or_ ex ter ii o aintenance, $28, 500_pe�e.ar__f.or�furri_tu e and. appl:ian epairs and replacement, $'3 5.9�per__year_fos._.j.acuzzi__ nd-sauna _maintenance, and year for_..interior maintenancd. Again, these funds will be obtained as units are sold and assessftient fees are paid. The applicant has agreed to mend his proposal so that the $10.000 annual reserve fund g_alnQt._.A reduced or Ptiminated by the Board unti_1 __th_Q-r e_J.s 50 _QA in the account. Since the fund will most probably not be needed until this amount is acquired, the Planning Office feels this is an adequate solution. At the Council meeting on August 22, the Planning Office will go over the 35 recommended conditions of approval for the Prospector. All aspects of the project should be covered through this discussion. The Planning Office will be prepared to add, delete or change conditions as Council makes a decision on the above issues or any other area of concern. MEMORANDUM TO Aspen City Council' FROM: Alice Davis, Planning Office RE: Prospector Lodge - Conditional Ilse Review and Subdivision Exception Review for Timesharing DATE: August 22; 1983 Location: Zoning: Applicant's Request: Project Summary: Planning Office 301 East Hyman Avenue - Aspen Original Townsite. CC - Commercial Core. Lots A, B, C, D, Block 82, r The applicant, Merit Investment Company, is requesting approval for a timeshare project at the ProsPector Lodge. The project requires conditional use approval from P&Z pursuant to Section 24-3.3 as well as approval to a two step subdivision exception review for converting the Prospector to a lodge condominium and a timeshare use pursuant to Code Sections 20-23 and 20-24 of the Code. The Prospector Lodge currently consists of 19 newly renovated lodge units, with an average unit size of 756 square feet. I£ approved as a timeshare project the 19 lodge units would each be split in 52 interests, one interest for each week of the year. Seven weeks will be reserved for maintenance while the remaining 45 weeks will be sold in three week timeshare packages. (15 total packages to be sold for each unit.) Each three week package will contain a peak season winter ski week, a peak summer week and an off season week in either the spring or the fall. Review: The following is a review of the Prospector Lodge timeshare application based on the 12 standards and review criteria established in Section 20-24 of the Code. 1. Right -To -Use. As required by the regulations, the Prospector timeshare interests will be fee ownership, not the prohibited right -to -use leases. 2. Integrati.on. The project is purely residential, all units will be timeshared and the project is backed by 100 percent of the owners and the potential purchasers who have the property under a sales contract. 3. Marketing and Sales Tochnir{ues. As required, the applicant states that the marketing of the Prospector timeshare interests will not involve the giving of gifts in a deceptive manner, no use of public malls or streets for sales and no local phone solicitations. The sales program will be :-un by Timber Run Realty out of Winter Park, Cc. l.orado, . a company which has been involved in timeshare projects in Winter Park and Snowmass. WJ Memo:. Prospector Page Two August 22, 1983 Lodge Timeshare Timeshare sales will be -directed at tourists in the peak summer and winter seasons through 'the use of local magazines, newspapers and television. Low season sales will be directed at several target cities including Dallas, Houston and Chicago. National magazines and newspapers (Sports Illustrated, Ski, Gentl`M` e' 4 Quarterly, Houston Post, etc.) )gill be the primary source•of advertisement in these areas. Interested persons calling on a{ timeshare ad will be sent an information package. If the person calls again and is still interested, he will be invited to come visit the project and may be .offered a subsidy to help pay transportation and lodging costs. To ensure that this aspect: of the program operates in a responsible way, the Planning Office recommends that the program be reviewed after it is in operation. The Prospector sales period should be relatively short in that there are only 15 packages to be sold for each of the 19 units. 4. Amenities. Common area amenities include a sun deck on the third floor, on -site parking anda lobby area. Laundry facilities are planned, but must be reviewed through the conditional use process. Individual units each have private decks, a hot tub and sauna, a wetbar and a masonry fireplace. All common areas and common amenities must be owned by the timeshare owners. 5. Parking. There is no mandatory parking requirement for a lodge use in the CC zone, but 17 under- ground spaces were required as part of a previous conditional use approval in order to replace spaces removed in the renovation. The applicant states that only 16 spaces are possible given the limitations of the parcel and the existing structure since one space was used for necessary mechanical space. The Planning Office feels that 16 spaces are adequate given that no parking is required in the CC zone and that the spaces are often not fully utilized in the winter. 6. Maintenance. Section 20-24(E)(6) requires a minimum of four weeks to be reserved for main- tenance due to the intensive, high impact nature of timeshare projects. (Two weeks in the spring and two weeks in the fall.) The applicant has agreed to provide seven maintenance weeks. The Planning Office feels that two weeks in the spring and two weeks in the fall must be reserved for maintenance only and no rentals or other use besides maintenance should be allowed in this period. The remaining three of the seven weeks can be used for maintenance in either the spring or fall hs is necessary. Memo: Prospector Ldoge Timeshare Project Page Three August 22, 1983 7. Budget. The prospector application included . an itemized budget Misting expenditures such as common electricity, snow removal, firewood, - property faxes, interior maintenance, exterior building reserve fund and administrative costs. The total cost comes out to $8,306 per condominium unit (19 units), $553.73 per timeshare interest (1/15 interest in one unit) and $138.43 quarterly for each timeshare interest. The budget system will use four banking accounts, including 1) 4 general operating; 2) an escrow for taxes; 3) an excrow-for furniture reserve; and 4) an escrow for a building reserve. The budget estimates were based on the marketing entity's timeshare experience in Winter Park and information from local property managers in Aspen. 8. Conversions. All existing structures converting to a timeshare use are required to be physically upgraded through expenditures equal to a minimum of 30 percent of the fair market value of the property prior to conversion, unless the applicant demonstrates to the satisfaction of the City Council that funds previously expended have sufficient]%• upgraded the project. The applicant has submitted an appraisal and documentation that well over this amount has been spent for the renovation of the Prospector. 9. Escrow. Deposits or downpayments made in connection with the purchase of a timeshare unit must be held -in an escrow account until closing or the issuance of a Certificate of Occupancy, whichever is later. The escrow agent will be a title company in Aspen, a neutral third party. The proposal states that no closing on any timeshare interest within a unit will be completed until 'at least eight of the 15 packages are sold in that unit. 10. Management/Assessment Fees. As discussed in the budget, the Prospector's assessment fees are estimated at $138.43, quarterly. This amount includes necessary operating expenditures as well as money to be placed in a reserve fund for interior unit maintenance and repairs and exterior building maintenance and repairs. In addition, the applicant states that a deposit equal to a three month assessment fee may be required at the tirae of purchase for security in case the fees are not paid. The Planning Office feels this deposit should be mandatory and the applicant has agreed that it be mandatory. The application states that.the assessment fees are due and payable to a schedule established by the Board of Managers, the Board which handles the affairs of the Fractional Owners Association. As prol.�oscd, the Board will be established 120 Gays after 75 percent of the timeshare interests have weer. conveyed (or 1+ugust 1, 1988, whichever is first). An V 1 Memo:* Prospector Timeshare Porject Page Four August 22, 1983 interim Doara of Managers appointed by the developers will be gstablished until this time. The declarant i_; responsible for all required assessment faes and expenditures related to the unsold units after the first timeshare package is sold. 11. Reserve. The quarterly assessment fee includes a collection for a reserve fund for interior and exterior repairs and maintenance. The Exterior Fund, estimated at $101,000 per year, will be used when necessary for such things as repainting, roof repairs and other structural repairs, landscape replacements and carpet repairs in common areas. The fund should build up sufficiently until it is needed in 5 - 10 years. The Interior Reserve will be used for individual unit repairs such as furniture, furnishings and appliance replacement. The Reserve Fund, as proposed, may be reduced or suspended for a few years if 75 percent of tLe owners agree to the change. The Planning and Zoning Commission and the Planning Office feel that the Reserve Fund, even if unused, should be mandatory for a few years since this fund is our major assurance that the high impact, intensive timeshare use will not deteriorate the lodge, but will ensure that the lodge is continually maintained and repaired. We recommend that the amount going into the reserve fund not be adjusted until five -years after the first closing on a timeshare package. At this time, the owners can adjust the fund if 75 percent of the owners and 100 percent of the mortgagees agree to the amendment. 12. Occupancy Standards. The Prospector units will be limited to sir, occupants at any one time as the applicant feels that this is the maximum allowed to maintain an optimum comfort level. This is within the Building Code occupancy standards.. Lodge condominiumization regulations limit an owner's occupancy to 14 days during the winter peak season to ensure that lodge units remain available for short term use. A timeshare project must meet the lodge condominiumization requirements (Section 20-23) as well as the timeshare requirements (Section 20-24). If a timeshare purchaser in the Prospector buys more than two packages, he will be violating the 14 day restriction if he occupies the lodge during the ski weeks he purchased. Since the intent of the condo regulation was to ensure a short term use of the lodge, and since timeshare is by its very nature a short term use, the Planning Office feels this requirement can be extended from 14 to 30 days for the Prospectof. (Limits a purchase to 34 packages.) The City Attorney's Office agrees that, when appropriate this requirement can be determined inapplicable for the purposes of timesharing. Memo: Prospector Lodge Timeshare Project Page Five August 22, 1983 Referral Comments: The Attorney's Office commented that several clarifications and change:; were needed in the timeshare documents. The::e comments are summarized below: 1. A•title commitment is needed in addi•tion.to the warranty deed supplied. 2. The actual 50 year deed restriction for the employee unit must be rc iewed'and approved by the Attorney's Office as soon as possible. 3. Timber_ Run, the marketing entity, should be licensed in Aspen and should maintain a local office. 4. The timeshare owners are required to own the common areas and amenities - this is 'not reflected in the declaration, but should be. 5. Vie Board of Managers must *designate a local managing agent. This i os ptional as submitted by the applicant. 6. One deed should be conveyed for each three week package so that weeks are never resold individually. 7. References should be made throughout the application that the project is subject to all the requirements of Scction 20-24 as well as the State Timeshare Laws which are specified. 8. The financing for the Prospector must be expressly subject to all restrictions placed on the project. 9. The proposed unit amenities and the employee unit (#108) must be shown on the condominium plat. Engineering is requesting several minor plat amendments which are stated in the attached memorandum from Jay Hammond. It is also recommended that the landscaping plan contain the addition of the sidewalk spur on the west end of the alley and the irrigation of planting areas along the north and west frontages to maintain the trees in these locations. Jim Holland, Director of Parks, has conceptually approved the landscaping plan. The applicant is amending the landscaping plan from the'plan ori- ginally approved through the conditional use review since the previous owner removed trees and constructed in areas which were to be preserved. The new plan retains all seven existing firs, includes sodding, several aspen clusters, a rock retaining wall, bricking the alley and a sprinkler system for maintaining the landscaping, Memo: Prospector Timeshare Project. Page Six August 22, 1983 The Building Department stated that a conditional Certificate of Occupancy was issued on the Prospector in January, 1983 and was extended through June 30, 1983. The C.O.' expired June 30th, as three conditions %4ere still unsatisfied. These three conditions must still be met prior to is^uance of a C.O.: 1. The required handicapped access must be approved by Council. P&Z recommended that this access requirement be waived. 2. The parking requirement must ba,reduced, from 17 to 16 ox the additional space must be provided.. P&Z approved the parking reduction to 16 spaces. 3. The landscaping plan must be approved by Council. P&Z approved the landscaping plan as a conditional use modification. The Finance Department stated that the plan manager or managing agent must apply for.and show evidence to the City of a Colorado Sate Sales Tax License' since City, County and State sales tax will be applicable to any short term rental of these units. The required real estate transfer tax will apply to initial and subsequent sales of the timeshare interests and will be collected as in any other real estate sale. The submission requirements for a timeshare appli- cation require a Disclosure Statement, Condominium Documents (Fractional Estate Declaration), Articles of Incorporation of the Fractional Owner's Association and the Bylaws of the Association as well as a sample purchase contract. The documents have been submitted by the applicant and reviewed by the Planning Office and Attorney's Office. Changes will reed to be made to these documents as conditions are placed on the Prospector through the approval process. The Planning Office and Attorney's Office should both review and approve the final documents to ensure the changes and clarifications are made. Lodge Condomin- iumization Review: Most elements of the lodge condominiumization review are covered in the above timeshare review. The Planning Office is, however, recommending a Code amendment to the timeshare regulations which clarifies this situation by including the condominium regulations as guidelines (not requirements) in the timeshare review. The following is a review of the lodge condominium regulations/guidelines which were not covered in the previous timeshare review. 1. An affidavit has been submitted which verifies that the Prospector Lodge has not been in operation for three years but the quality and quantity of services, maintenance and manageme;:t of the operation prior to this three year period is being improved in the new facility. memo:* Prospector Timeshare Project Page Seven , August 22, 1983 2. The applicant is providing the required two pillows of employeethousing. This unit (#108) must be deed restricted to the employee guidelines for SO years and must be shown on the condomin�.um plat: 3. Section 20-23 (A) (1) (a) limits an owner's occu- pancy. during the winter season to 14 days. it is recommended that -this requirement be adjusted to 30 days for the Prospector so that more than two timeshare packages care be purchased and utilized by one owner. Conditional Use Review (Sec. 20-3.3): The primary purpose of requiring a conditional use review for a timeshare project is so that a public hearing will be set. A public hearing is not normally required in a two step subdivision exception process. Section 20-3.3 established three suitability require- ments to be used in evaluating a conditional use. These requirements are met since the project complies with the zoning code and is consistent with the objectives of the zoning code and the CC zone district. Also, the project is compatible with surrounding land uses in that it is located in an area with other lodge and corvne.rcial uses, blends in well with the neighborhood and %,gill not significantly increase parking, noise or traffic impacts in the area. Planning and Zoning Conunis- sion and Planning Office Recommendation: Laundry facilities are proposed as part of the Prospector. Since these facilities have not yet been reviewed as a modification of a conditional use, they would require another conditional use review. In order to avoid a second review and fee, the P&Z conceptually reviewed the applicant's plans for the laundry facilities, then tabled this review until further information is obtained. The Planning and Zoning Commission and the Planning Office feel that the applicant has submitted an excellent proposal for timesharing. Although we recommend approval, we also suggest that a very detailed list of conditions be established to ensure the project is carried out as it is proposed. With this in mind, the P&Z and the Planning Office recommend the approval of the Prospector Lodge timeshare application subject to the following conditions: 1. The applicant Wrest provj de •a current title commitment from a title insurance company prior to City Council review. 2. The condominium plat must be amended to include the following: a. Reference encroachment license granted by Council for the rock facade stairs on the north Lront age. Memo: Prospector Timeshare Project Page Eight August 22, 1983 b. Indicate book and page"of easements for • the transformbr in any vaults or pedestals on -the property. C. Show common areas. d. Locate trash facilities. e. Add necessary approval certificates. f. Add unit amenities, includding hot tubs and saunas. g. Designate employee unit 1108. 3. The landscape plan shouid.be subject to the approval of the Parks Director. The plan should contain the following: a. The additional sidewalk spur on the west end of the alley. b. Irrigation of the planting areas along the west and north frontages to maintain trees in those locations. 4. The applicant must provide 16 on -site underground parking spaces. 5. The project must include amenities as proposed including a sundeck on the third floor, on - site parking, lobby, and unit amenities including a hot tub, sauna, wet bar and masonry fireplace. Occupancy by a timeshare owner is limited to 30 days 9dC. IC f Mrcl,. 7. No prohibited marketing practices will be allowed including the giving of gifts in a deceptive manner, use of public malls or streets for sale, and phone solicitations to visitors at other lodges. 8. The 19 renovated lodge units found in the Prospector must each be split into 52 weeks. Seven must be reserved for the maintenance•of the project. Four of these seven weeks must be used exclusively for maintenance with no rentals or other uses allowed. Two of the four weeks must be in the spring while the remaining two weeks must be in the fall. The remaining 45 weeks must be sold as proposed in three week timeshare packages. EaK�_,hree week 3 wk package n))�$t tontain a peak,'season �� week, a peak sumfier„week, and an off season week in either the spring or the fall. 9. No right -to -use timeshare leasehold will be allowed. All Prospector timeshare interest sales must be on a fee ownership -basis.. Memo: Prospector Page Nine August 22, 1983- Timeshare Project • r � 10. Timber Run Realty and Terry Uining•as Plan Manager will be responsible for the marketing ,program for the Prospector. A local contact must be identified to the City of Aspen for communication purposes. The marketing program identified in the timeshare application must be adhered to. Subsidies for transporta.ion and lodging will be allowed for parties interested in visiting V\tJ the Prospector Timeshare Project`. The Planning Office must review this subsidy program six months after the program is initiated to ensure that it is operating in the responsible way in which it was proposed. 12. As proposed, the applicant must establish four banking accounts for operation of the budget system. Proof that these accounts have been established must be documented to the City of Aspen when such accounts are established. 0 13. The issuance o. a CertM a of Occupancy will be suffi�ent to he r quireme;,the d of Section 20-2 (F) (2) ofode egardi useful lif of mech1anid ele ric� e�jl2me in the Prospector. 14. The mandatory two month deposit and any downpayments made in Conjunction with the purchase of a timeshare unit must be held in an escrow account until closing or the issuance of a Certificate of Occupancy, whichever is later. The escrow agent must be a title company in Aspen, a neutral third party. 15.. No closing will be allo,4pd until at least eight of the total 15 timeshare packages are Vf.►k. sold for any given unit. W 16. when closing occurs, the declarant as well as the new timeshare owners must then b gin to pay their quarterly assessment fees.; For any unsold units the developer is responsible for operating costs. 1? The Interior Reserve Fund and the Exterior Reserve Fund, both expenditures itemized in the maintenance/ assessment fees, cannot be reduced or suspended during the first five years after the first closing. All other expenditure items used in the calculation of , the assessment fees can be adjusted with 7-5- a (n rs , pe-reef-tsh�a-awner s•-and-3-fi4-p�rrb--cf-the mo-r trgagces-epprovl�g.ze--ad�us+mor+t� The money designated for the reserve funds must always be held in escrow to be used as headed for interior and extcfiofr r pa{ rs and maintenance. r,db � p a cr w.ed re ser c P- .F„,� (cs . rn.. � x �b ono re, y �.1 ca.,r.+• Gtrm,rKte� vri,l -P-e. ftv�rl� ►`t� J4"'t,le.kd Aso000. 18. The Prospector timeshare units are limited'to six occupants at any one time. 19. The actual 50 year deed restriction for the employee unit (9108) must be reviewed and approved by the Attrrney's Office as soon as possible. Memo:- Prospector Timeshare Project Page Teri August 22, 1983 20. The owners ale regArod to own the common areas and common ampn;.ties in the Prospector :Lodge and this must be reflected in the appropriate documents. 21. The Board of Managers must designate a local managing agent. 22. One deed must be conveyed for each three week package so that weeks are never sold individually. 23. -References must be made throughout the application .and attached exhibits to indicate that the project is•subject to all of the requirements • in Section 20-24 as well as the State Timeshare Laws which are already specified in the application and attachments. 24. The financing for the Prospector must -be expressly subject to all restrictions placed on the project. 25. The applicant must meet the last unmet condition of the Certificate of Occupancy which states - that the required handicapped access must be AA,k- -7 approved by Council. The P&Z.recommends that cR5 the handicapped access requirement be waived. ro/ /n^`� Q.1.261 The plan manager or the managing agent must. 99 '` apply for and show evidence to the City of a Colorado State Sales Tax License since the City, County and State sales tax will be applicable to any short term rental of these units. A required real estate transfer tax will apply tv initial and subsequent sales of the timeshare interest and will be collected as is done in any other real estate transaction. 27. The Prospector Disclosure Statement, the Prospector Condominium Documents entitled Fractional Estate'Declaration, the Prospector Articles of Incorporation of the Fractional Owners Association, and.the By -Laws of the Association as we'll as a sample purchase contract must all be amended to reflect the conditions of approval placed on the Prospector through the approval process. The Planning Office and the Attorney's Office must both review and approve the final documents to ensure the changes and clarifications are accurately made. 28. Any-updating.or amending of the approved timeshare documents must be approved through the City according to the requirements of S.ection 20-24 of the subdivision regulations. 29. 4 e e s a nd4.- zie1$d- t: i m e s i a fr#--. T h e declarant may rent unscld units but the rental money must go to•.:tard any maintenance which may be necessary as a result of the unit's use as a rental. Memo: Prospector Timeshare -Project Page Eleven August 22, 1983 30. The applicant must clarify throughout the -timeshare application references to timeshare units versus references to timeshare interests. 31. 30 percent of the qualified voters (present or represented by proxy) of the Fractional Owners Association must be present to obtain a quorum. 32. The owners may not lease the common elements or amenities (excluding the emOloyee unit) which they own as was proposed in the application. --'N33. To ensure'compliance with the proposed - marketing 5 C� program, the applicant must post with the City suitable security in the amount of . $20,000 cash, a $20,.000 irrevocable letter of credit or a $100,000 surety bond. 34. Full details of the RCI exchange program (cost, procedures, other -projects involved, cc,nfirmation percentages, etc.) must be provided to the'purchasers of Prospector timeshare interests. 35. The applicant, not the applicant's attorney, should sign the timeshare application. r .:� �r m �s fly r1° coo �vm ertf5 M U b-E- 0VnUd _d -�-ir�clvat� �n-{vrmr,��ion rcqarotr ff,� oc�ners' ab (iN -6 r�►r�u2, bV e� malorN ude , c Of (Yl -fh . Emrc� 0, 1�CirtaQer5 I:( vr1(C2° r or m ern %r.- o(o ► o�- Cnnc0 c& b>w Gv, bo in Cr -a J:9d w wr i -Ran nab%« „ -f� fhb. axner'5 50 `top brior fri fie. � ' c(q{la �' - It% ti° BUG JrAL)n n0 i`c__ m 05�- e-cp(cJ n r-a,-� documen-f * e- nP.,�d 6- *e- i�xr�ase. E 0 40�-Ai UjLen- -3 L` (� Parl�i rtg r. ��> (i) rnop�( e5 ort plod ftofteC OC(c)panW n(5t T. hj� -IA4art(,2fiay - W R-P—qu(te- 3 mo . depo�; 4 \-/MairrC ujp—5 - alb reft6Qq --ova 4. Act- -e�bna hz 629-n e5hb �rc( o � Anao - --me # non -ocooem It\-5urance- owrvrs - IY& c(ffutL04 40 later rewueo Loco( �'f-oVt -b 6(itCt% 10 6i LzeLuj lil�"e -Ioufskminj S6?Qo 7J'-45--, 0, r, 951& 12- mys br -STD math-6--idt- % 12- 00(tar on fV(dtW-i 13, o-tl- cc LMI-62-cq IS. Plekr- Ord. P"[XkHs C(,�XOr5 Od (0�5 0- be-cl. Ma chatqd-1 k� 7se-F, 3007.0 voles - sa(�5 I f cen-Y L rdlq au row - Vv 'AM Eon ex C1TSOF ASPEN MEMO FROM ALICE DAVIS r`0 0 11 � r r I CITY/COUNTY PLANA .NUV 03 v :+. c; 130 S. GALENA ASPEN, COLORADO F37 C51 t JUL12'63 l- sz 210 Cooper Association, Ltd. 210 Cooper Aspen, Colorado 81611MIL FCr)T CL Jam _..-_ i;r � I! JUL114- 1983 U ASPEN / PITKIN CO. ""J'No OFFICE PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perr_y Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. 0 .2, 3. Ccxld. (use / l.oc�e Cnndo. / sL)lbl. E.ecqticn l q un i f5 ` ;2- wPe�k5 -1 rnotiYi4 Ojue 5 - 3 Lvk. pkq. �t n T mber- eu„ Peak - -�uris �vcv - CifiLS 6 lffis tri A OK°CeAiUP- Manner &Qbf-1 fr%) mou i C .' Get' (o m0 . -V eul 5u ore i* r 5 Qm c (C)L 50 o(ay 5 COMMITMENT TO INSURE This commitment was produced and issued through the office of LAND TITLE GUARANTEE COMPANY 3665 CHERRY CREEK NORTH DRIVE, DENVER, COLORADO 80209 Telephone (303) 321-1880 Countersigned: % �t Val- sting Officer Representing: TIM Form 2582 2/78 AMERICA"M AND TITLE ASSOCIATION COMMI r - 1970 Rev. _16 F t"'ti E ,-:, � a Stock Company of Minneapolis, Minnesota TITLE INSURANCE COMPANY OF MINNESOTA, a Minnesota corporation, herein called the Company, for a valuable consideration, hereby commits to issue its policy or policies of title insurance, as identified in Schedule A, in favor of the proposed Insured named in Schedule A, as owner or mortgagee of the estate or interest covered hereby in the land described or referred to in Schedule A, upon payment of the premiums and charges therefor; all subject to the provisions of Schedules A and B and to the Conditions and Stipulations hereof. This Commitment shall be effective only when the identity of the proposed Insured and the amount of the policy or policies committed for have been inserted in Schedule A hereof by the Company, either at the time of the issuance of this Commitment or by subsequent endoresement. This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obliga- tions hereunder shall cease and terminate six months after the effective date hereof or when the policy or policies committed for shall issue, whichever first occurs, provided that the failure to issue such policy or policies is not the fault of the Company. The term "mortgage", when used herein, shall include deed of trust, trust deed, or other security instrument 2. If the proposed Insured has or acquires actual knowledge of any defect, lien, encumbrance, adverse claim or other matter affecting the estate or interest or mortgage thereon covered by this Commitment other than those shown in Schedule B hereof, and shall fail to disclose such knowledge to the Company in writing, the Company shall be relieved from liability for any loss or damage resulting from any act of reliance hereon to the extent the Company is prejudiced by failure of the proposed Insured to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company other- wise acquires actual knowledge of any such defect, lien, encumbrance, adverse claim or other matter, the Company at its option may amend Schedule B of this Commitment accordingly, but such amendment shall not relieve the Company from liability previously incurred pursuant to paragraph 3 of these Conditions and Stipulations. 3. Liability of the Company under this Commitment shall be only to the named proposed Insured and such parties in- cluded under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in re- liance hereon in undertaking in good faith (a) to comply with the requirements hereof or (b) to eliminate exceptions shown in Schedule B, or (c) to acquire or create the estate or interest or mortgage thereon covered by this Commitment. In no event shall such liability exceed the amount stated in Schedule A for the policy or policies committed for and such liability is subject to the insuring provisions and the Conditions and Stipulations and the exclusions from Coverage of the form of policy or policies com- mitted for in favor of the proposed Insured which are hereby incorporated by reference and made a part of this Commitment except as expressly modified herein. 4. Any action or actions or rights of action that the proposed Insured may have or may bring against the Company arising out of the status of the title to the estate or interest or the status of the mortgage thereon covered by this Commitment must be based on and are subject to the provisions of this Commitment. In addition to the matters contained in the Conditions and Stipulations and Exclusions from Coverage above referred to, this Commitment is also subject to the following: i. R:ghts c. claims cf panes in possession not shown by the public records. 2. Easements, or claims of easements, not shown by the public records. 3. Discrepancies, conflicts in boundary lines, shortage in area, encroachments, and any facts which a correct survey and inspection of the premises would disclose and which are not shown by the public records. 4. Any lien, or right to a lien, for services, labor or material theretofore or hereafter furnished, imposed by law and not shown by the public records. 5. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. IN WITNESS WHEREOF, Title Insurance Company of Minnesota has caused its corporate name and seal to be hereunto affixed by its duly authorized officers on the date shown in Schedule A, to be valid when countersigned by a validating officer or other authorized signatory. President SCCretAry A L T• .) t 0 M M I T M E N T. I*CHEDULE A Application No. A0135472-2 For Information Only — Charges — Owner Policy •5, 197. 00 Tax Certif. •5.00 — — -TOTAL — — $5, 202. 00 With your remittance please refer to A0135472-2. 1. E f f a c t i v a Date: JUNE 27, 19A:3 at R: 00 A. M. 2. Policy to be issued, and proposed Insured: "ALTA" Owner's Policy $3, 100, 000. 00 Form B-1970 (Amended 10-17-70) Proposed Insured: MERIT INVESTMENT CO., INC., A COLORADO CORPORATION 3. The estate or interest in the land described or referred to in this Commitment and covered herein is: A FEE 4. Title to the estate or interest covered herein is at the effective date hereof vested in: INTRAWEST BANK OF DENVER, NATIONAL ASSOCIATION 5. The land referred to in this Commitment is described as follows: LOTS A, B, C. AND D, BLOCK 82, CITY AND TOWNSITE OF ASPEN, ACCORDING TO THE MAP RECORDED DECEMBER 16, 1959 UNDER RECEPTION NO 109023, PITKIN COUNTY, STATE OF :.OLORADO. Reftpo AL C 0 M M I TMENT. ._.� 4HEDULE 9-1 • (Requirements) Application No. A0135472-2 The following are the requirements to be complied with: 1. Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest to be insured. 2. Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record, to —wit: 3. WARRANTY DEED FROM INTRAWEST BANK OF DENVER, NATIONAL ASSOCIATION TO MERIT INVESTMENT CO., INC., A COLORADO CORPORATION CM.VEYIl:^ £UBJECT PROPERTY. NOTE: ITEMS 1-4 OF THE STANDARD EXCEPTIONS WILL BE DELETED UPON RECEIPT OF SIGNED AND NOTARIZED LIEN AFFIDAVIT AND AN APPROVED SURVEY. .AL'" C0MM I TMENT. SCHEDULE B-2 (Exceptions) Application No. A0135472-2 The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company: I. Standard Exceptions 1 through S printed on the cover sheet. 6. Taxes and assessments not yet due or payable and special assessments not yet certified to the Treasurer's office. 7. Any unpaid taxes or assessments aiainst said land. S. Liens for unpaid water and sewer charges, if any. 9. ANY EXISTING LEASES OR TENANCIES 10 UNPATENTED MINING CLAIMS; RESERVATIONS OR EXCEPTIONS IN PATENTS OR IN ACTS AUTHORIZING THE ISSUANCE THEREOF; WATER RIGHTS, CLAIMS OR TITLE TO WATER. 11. TERMS, PROVISIONS AND OBLIGATIONS AS CONTAINED IN NOTICE OF HISTORIC DESIGNATION RECORDED IN BOOK 295 AT PAGE 315. 12. ANY TAX, ASSESSMENT, FEES OR CHARGES BY REASON OF THE INCLUSION OF THE SUBJECT PROPERTY IN ASPEN FIRE PROTECTION DISTRICT AND ASPEN VALLEY HOSPITAL DISTRICT AND ASPEN SANITATION DISTRICT. NOTE: ITEM NO. 9 ABOVE WILL BE DELETED UPON RECEIPT OF AN AFFIDAVIT SIGNED BY INTRAWEST BANK OF DENVER NATIONAL ASSOCIATION STATING THERE ARE NO OUTSTANDING LEASES OR TENANTS. ..� a Tr-an,s Por4qr&ort � i,'-1 -P. - expen ence_ 6(r-f P_ P+t ce- F� ��e v2 A cc E - r a+ o r-rAvLeAr ro4- L) r4 d D,5ea, -fir c Wri-�-o4( i.d s C`iP'�{- Plo,� -irarn fiPG -Spa n lntraWesto IntraWest Bank of Denver, N.A. 633 Seventeenth Street Denver. Colorado 80270 (303) 293-2211 Cantrup Foreclosure Sale Data Gross Loan at 3/1 Advance to complete, Der MDC MDC Fee Interest through Default Dates -- 9/30/82 10/1/82 12/31/82 Default Rate Interest (18%) thru 3/2!83 3/3/83 Interest at per diem - Principal & Interest through 3/3 Legal Fees Receivership Costs Collection Costs . Other Settlement - Mechanics Lien Total Debt at Sale Date Prospector 3,916,003.62 100,000.00 50,000.00 225,134.62 118,599.45 1,958.00 4,411,695.69 12,054.70 8,103.33 3,866.60 1,368.54 4,437,088,86 3/3/83 f • • n •1 y � �1 RT UNITED STATES BANKRUPTCY COURT ��3 For the District of Colorado 1N RE Hans B. Cantrup S.S. No. 074-26-5744, and June Allen Moss Cantrup, aka June Moss, aka June Cantrup, aka June M. Cantrup S.S. No. 375-20-1891, . (caption continued on attachment) DEBTOR. linaude here all name, used by Debtor w ithin last h %car,i c. Y CASE NO. 83 B 01161 G STATE.NIENT OF FINANCIAL AFFAIRS FOR DEBTOR ENGAGED IN BUSINESS ':�.sUTy C:LE;R1� F; :h question should he answered or the failure to answ cr explained. If the answer is "none." this should he stated. If additional space is needed for the in,wers to any question. a separate sheet property identified and made apart hereof. should be used and attached. If the debtor is a partnership or a corporation. the questions shall he deemed to be addressed to, and shall be answered oa behalf of. the partnership or :orroration; and the statement shall he certified by a member of the partnership or by a duly authorized officer of the corporation. The term. "original petition." as used in the following questions. shall mean the petition filed under Rule 1003. 1004. or 1003.) 1. Nature. location. and name of huainess QUESTION 1: See attachment. J. Under what name and w here do cow carry Lin tour hu,tntss". t•. In what twines, are �Uu engaged' 'elf husi- nes, operation% have peen terminated. give the date of such termination.I :. w hen did yew commence such business' d. Where else, and under what other names. hate tou earned on business within the 6 years immedtalck preceding the filing of the original pcimon herein" IGivc street addresses, the names of am partners. runt adventurers. or other a.,atciatcs. the nature of the husintss. and the pert.rls for which it was earned on.1 e. N hat is %our employer identification numher I ) our ,octal wcunts number'' - I. B.wis and records a. bt uh,-w. or under who,e ,uper,-i,ion. have t..ur Maws of iI::t.unt and record, been Lert Junng the ' .%c:tr, immediaic1% preceding the 'dtnc .•1 the ..ngtnJ p :etition herein' tGttc name,..:JJrc„c, and pem.d, of tine. t h. Ht -hom hate %our MKti..-( accounl and record, hcen Judtcd during the : years im- meJtJlett pre:eding the filing.-( the original peu- tton hcretn''Give names..,ddre%%cs. and dates of audits. t In -how t't,,se„i.tn are %our htw)ks of ac- count JnJ records., iGivc name, and uddres,e,.I J. 11 •.n% of these N-ok, tar records are not Jt.ulahte.:%plain. e. H..%c any hk-k, ofaccount or record, relal- tng No tour altatr♦ hcen de.trosed. Iu,t. sir olhcrwt.r dtsp..,cd It' within the %cars .m- mcdtatcn preceding the liking .-(the ongtnal pcu- uon hc'ctn' elf gtt: pJrti:ulan. in;tuJing Jilt rt ue,lru:t...n. I,.,,, or disposition. and re i. .on theroor t a. Books and records have been kept by Debtors. b. See attachment. c. Debtors. d. See attachment. e. No. FORM \t), x ltatemrnt of Financial lifrairs fair Dchlor Engaged in Rusinrss— Re,. '8: ,a, APPLICATION FOR APPROVAL OF TIMESHARING PROJECT Pursuant to Section of 20-24 of the Municipal Code, the City of Aspen (Ordinance No. 52, Series of 1982)(hereinafter the "Timeshare Ordinance"), Merit Investment Company, Inc. (hereinafter referred to as "Applicant"), hereby applies for approval from the City of Aspen for its plan to timeshare and condominiumize the lodge existing on certain real property situate in the City of Aspen described as Lots A, 13, C and D, Block 82, City and Townsite of A pca, Pitkin County, Colorado, commonly known as the Prospector. Further, this application shill constitute an application for a conditional use permit for timeshare use at this location and to amend the existing conditional use permit governing the parking spaces provided on the property. SECTION 20-24(D), PROCEDURE 1. Fees. Enclosed herewith are the fees for subdivision and conditional use review in the amount of $1,475.00. 2. Proof of Ownership. Attached hereto as Exhibit 1 and by this reference incorporated herein is a copy of the public trustee's deed to the IntraWest Bank of Denver, N.A., along with a copy of the contract between the IntraWest Bank of Denver, N.A., and Applicant demonstrating Applicant's interest in the Prospector and Applicant's right to use and deal with the Prospector. 3. Survey. Enclosed herewith is a current improvument survey for the property. 4. Site Plan. Enclosed herewith is a site plan for the property which shows landscaping and project amenities. The Prospector was newly rebuilt and was issued a Certificate of Occupancy in January of 1983. it has nineteen (19) units averaging 756 square feet each of living space and one (1) employee unit of approximately 900 square feet. The units feature private decks with hot tubs and saunas, wetbars and masonry fireplaces. Located on the deck attached to each unit is a separate hot tub and sauna for the exclusive use of the owners of that particular unit. The general common elements for the use and enjoyment of all owners include: the sunderk attached to the third floor on the east side of the building, all on -site parking spaces, lobby area and the laundry facilities which are planned for the project. Because the Prospector is newly rebuilt in accordance with all current building code health and safety requirements and regulations additional upgrading of the property is not required. 5. Vicinity Map. Enclosed herewith is a vicinity map showing all adjacent and surrounding uses and their zoning. Attached hereto as Exhibit 2 and incorporated herein by this reference is a list of the names and addresses of the owners of the surrounding properties. 6. Employee Housing. Unit No. 108 of the Prospector has traditionally served as employee housing for the project and will be retained as such. This unit contains approximately 900 square feet and can house two pillows of employee housing. 7. Disclosure Statement. Enclosed herewith is The Prospector Disclosure Statement promulgated pursuant to - 2 - 20-24(F) of the Municipal Code of the City of Aspen, Colorado. 8. Condominium. This application is a concurrent application tor timeshare and conditional use approvals and for amendment to the existing conditional use permit. The subdivision of the property into timeshare estates involves the creation of condominium units and within each condominium unit the creation of fractional estates. Because the timeshare review process is subdivision review there is no necessity to go through the lodge condominiumization review process. The real estate ownership plan and subdivision being created is not a v condominiumized lodge; rather, it is a timeshare project governed by the provisions of Section 20-24 of the Municipal Code of the City of Aspen, Colorado. The Fractional Estate Declaration for the Prospector specifically allows timesharing. All mortgagees of the Prospector have approved the proposed timeshare project and all condominium units in the timeshare project shall be included in the same sales and marketing program. 9. Marketing Plan. The Marketing Plan for the Prospector Lodge will be straightforward. There will be no gift give away programs, no use of public malls or streets for sales and no phone solicitations. The approach is simply a low-key, honest sales presentation. During the peak seasons of winter and summer the marketing will be directed toward the tourist. Local magazines, the newspapers, and television will be used for informative advertising. During the low seasons of spring and fall, the' marketing will be mostly directed at our target areas (Houston, Dallas, Chicago, etc.). Publications such as the - 3 - • Wall Street Journal, Barrons, Ski, and the airline magazines will be utilized. The person who responds to these ads will be sent an information package on the real estate which discloses fully all pertinent details on the real estate being offered. The package will outline the concept, program, maintenance fees and dues, financing and the exchange program, Resort Condominiums International. If and when the respondent calls back, he will be invited to visit the property and to look over the area. He will be offered a subsidy to help pay transportation to Aspen and his lodging in Aspen. The program will be explained simply as it is, a 1 / 15 fractional estate which provides for three weeks of use per year. One week will be selected from each of three different seasonal categories: winter, summer, and spring/fall. Each 1/15 fractional ,:state is conveyed with its own general warranty deed, title insurance and mortgage. There are seven remaining weeks which can be used for cleaning and maintenance. The prospective purchaser after viewing the property and hearing the sales presentation, may then decide whether he would like to purchase a fractional estate. The following is a list of the publications used by Timber Run Realty, the marketing entity, to advertise Timber Run Condominiums, a fractional estate project in Winter Park, Colorado. The Prospector Lodge will be promoted in much the same manner using the most productive of these publications and various local media. Business Week Barrons Chicago Tribune Colorado Lawyer Continental Extra Dallas Business Journal Miami Business Journal Metro Magazine Playboy Powder Resort to Colorado Rocky Mountain News - 4 - u • Dallas Morning News Denver Post Gentleman's Quarterly Houston Business Journal Houston Chronicle Houston Post Kansas City Star Viking Ski Shop Ski Skiing Ski America Directory Sports Illustrated Texas Flyer Texas Homes Texas Monthly United Mainliner Wall Street Journal Submitted with this application are copies of "Advertising Portfolio" and the marketing brochure (entitled "Fractional Estates, an Alternative for the Eighties") for the Timber Run Condominiums which provide a representative example of the marketing approach used by the marketing entity, Timber Run Realty. Basically the marketing approach and plan for the Prospector will not be any different from that utilized for any other real estate in the Aspen community. It will not ,ae promoted any differently from typical real estate promotions utilized by well -respected offices in Aspen. This project cannot be classified as a typical timeshare project because of the small relative number of sales necessary to sell out the project. This is not a huge multi -unit project which has each unit divided into fifty use weeks of the year. Rather, each unit is only divided into fifteen Fractional Estates and thus the more traditional sales methods would seem to be the better approach. This is coupled with the fact that the project is located in the City of Aspen which carries with it a prestige and ambience that again allows for the traditional real estate sales approach typically utilized by the respected real estate offices here in town. - 5 - 10. Real Estate Transfer Tax. The real estate transfer tax will be collected at the closing of the sale of "„4"r any timeshare unit. Each purchaser will be given a deed for the fractional estate purchased and thus such deed will not be able to be recorded unless and until the purchaser demonstrates that the real estate transfer tax has been paid. This is the typical and customary procedure for all real estate closings for property within the City of Aspen. 11. Upgrading of the Project. The upgrading required by the Timeshare Ordinance does not apply in this instance as the project is a newly rebuilt lodge. 12. Proposed Budget for the Prospector. The estimated annual budget of the Prospector is as follows: PER UNIT ITEM OF EXPENSE COMPLEX PER YEAR* COMMON ELECTRICITY 3,800 200 SNOW REMOVAL 2,850 150 CABLE TELEVISION 3,420 180 WATER & SEWAGE 3,800 200 TRASH REMOVAL 2,375 125 GAS/HOT WATER HEAT 13,300 700 EXTERIOR MAINTENANCE 4,940 260 INTERIOR COMMON AREA MAINTENANCE 2,850 150 CONDOMINIUM MANAGEMENT 22,800 1,200 FIREWOOD 1,900 100 COMMON AMENITIES 570 30 3UILDING INSURANCE 5,035 265 INDIVIDUAL UNIT ELECTRICITY 10,260 540 TELEPHONE 3,420 180 FURNITURE, APPLIANCE RESERVE 28,500 1,500 CONTENT INSURANCE 1,900 100 PROPERTY TAXES 22,800 1,200 C.P.A. REVIEW 1,900 100 INTERIOR UNIT MAINTENANCE 3,800 200 INTERIOR JACUZZI/SAUNA 3,800 200 EXTERIOR BUILDING RESERVE 10,000 526 ADMINISTRATIVE (phone, postage) 3,800 200 TOTAL $157,820 $ 8,306 * rounded to nearest dollar TOTAL DUES PER YEAR PER UNIT = $8,306.00 1/15 SHARE = 553.73 PAID QUARTERLY = 138.43 CHARGES FOR MAID SERVICE AFTER OWNER CHECK OUT WILL BE BILLED SEPARATELY BY THE MANAGER. accounts: This budget system uses four separate banking General operating; Escrow for taxes; Escrow for furniture reserve] and Escrow for building reserve. This budget has been estimated on the basis of Terry Liming's experience as plan manager of the Timber Run Condominium, a fractional estate project in Winter Park, Colorado and by consulting with various other local property managers in Aspen. The figures have also been determined by taking into account the cost of living in Aspen and the size of the project. 13. Management/Assessment Fee Information. The management/assessments fees will be held as per the above itemized budget in the four separate banking accounts of the Association. The estimated dues and assessments have been computed on the basis of the above itemized budget and in accordance with the provisions of Article XX of the Fractional Estate Declaration for the Prospector. 14. Reserve Fund. The reserve fund for the project has been broken down into two components: (1) for the upkeep, preservation and maintenance of the interior of an owner's unit; and, (2) for the exterior of the building. Please note from the above itemized budget that these amounts are being held.over and above regular annual amounts utilized for regular maintenance and upkeep of the interior and exterior of the building. It is anticipated that the Exterior Building Reserve Fund will be used when necessary to repaint the exterior of the building, to repair or, replace the roof or other structural components, to replace - 7 - any landscaping, to wash the windows and to repair or replace the indoor/outdoor carpeting throughout the common areas of the building. As the project is brand new now, with normal upkeep and maintenance these funds should not have to be expended for some time. It appears that the earliest anything would have to be done other than the regular annual cleaning chores, would be in four or five years when the outside would be repainted. The new roof should last at least ten, more likely fifteen years. Thus with $10,000 being put into the Exterior Building Reserve Fund each year, in five years there will be $50,000 accumulated in the account which should be more than enough to meet any exigent circumstances. The Interior Reserve, for furniture, furnishings and appliance replacement will be utilized to periodically renovate the interior of the unit so that the units continue to remain in excellent condition and the owners of the project will be better served and their stays there will be more comfortable. It is anticipated that, if anything, the estimated reserve funds are high and that once project is operating, the owners may agree to lower the amounts required to be paid into the reserve or to suspend for some limited period of time further payments into the reserve so that large accumulations of the owners' cash will not just be sitting in an account and not earning any benefit for the owners. It is important to note however that this is a right of the owners subject to the terms of the Fractional Estate Declaration of the Prospector Lodge. 15. Affidavit. Enclosed herewith is an affidavit from the Applicant attesting that the required documentation and facts contained herein are true and accurate and acknowledging that the requirements of Section 20-24 of the Municipal Code shall be binding on the successors and assigns of the Applicant. • SECTION 20-24 (E), TIMESHARE STANDARDS AND REVIEW CRITERIA 1. Right to use. This is not a right to use project. It is a deeded ownership of real estate. 2. Integration. All of the units in the project are included in the timeshare plan. 3. Marketing and sales practices. Applicant's marketing program utilizes responsible, ethical sales practices. The marketing program will not permit the following practices: sales. a. Use of public malls and streets for b. Sales campaigns using phone solicitations. M C. The giving of gifts in a deceptive manner. No gifts are to be given. d. Any unethical sales and marketing practices which would tend to mislead potential purchasers. Use weeks for the Prospector are selected by choice of one week from each of three groups: prime ski weeks, summer/fringe ski weeks, and spring/fall weeks. The price of the fractional estate is determined by the prime ski week in the three week package. Because of this three week combination marketing program and the indivisibility of the fractional estate, off-season weeks are sold to each purchaser and are more likely to be used than if such weeks were conveyed separately. As has been previously explained above, the availability of the units will be advertised in well -respected national magazines and other publications and the project will be marketed and promoted consistent with marketing and promotion typically utilized for other real estate in the Aspen area. 4. Amenities. The project's recreational facilities and amenities shall be sufficient so as not to create an undue burden on public facilities. The facilities and amenities will sufficiently service the needs of the project during both the summer and winter seasons. As was previously explained above, the amenities include private decks with hot tubs and saunas, wetbars and masonry fireplaces in each unit, common sundeck, on -site parking, lobby area and laundry facilities. 5. Parking. Parking shall be sufficient and meet the demands of the project. There are sixteen (16) underground off-street parking places in the project which will be available to occupants of the project. This large number of spaces should be more than adequate to meet the needs of those persons occupying the project at any one time. As the present conditional use permit governing the property provided for seventeen (17) underground off-street parking places, this application requests that permit be amended to reflect the number of spaces that were actually built, sixteen (16). This request is being made becasue it is impossible to add a seventeenth (17th) parking space on the property. L 6. Maintenance. Maintenance services for the ` units are provided for in Article XVII the Fractional Estate Declaration. In addition to the weekly maintenance services provided, a minimum of seven (7) fall and spring weeks per year shall be set aside as maintenance weeks during which the Association will provide major maintenance, repair and replacement service to the units. - 10 - • 7. Budget. The proposed budget for the Prospector, previously set forth above, is the best estimate at this time of the budget and demonstrates an accurate indication of necessary costs and expenditures. 8. Conversions. No upgrading is necessary for this project as it has been newly rebuilt. 9. Escrow. Deposits or down payments made in connection with timeshare units shall be held in an escrow account until closing. The escrow agent shall be a title company in Aspen, Colorado, a neutral third party not having any interest in the purchase and sale transaction. 10. Management/Assessment Fees. In addition to common expenses each fractional owner will be assessed a prorata assessment. Included in this amount is an owner's prorata share of common expenses, maintenance expenses, management fees, property taxes, utility charges, charges for upkeep or replacement of furniture and furnishings in each unit, insurance and any other expenses incurred in the normal operation of the project and attributable to the fractional estate. The elements of this fractional unit maintenance fee and the method by which it is assessed are explained in Article XX of the Fractional Estate Declaration. 11. Reserve. A reserve account shall be established to assure that the project will be satisfactorily maintained throughout the lifetime of the project. The determination of the amounts held in this reserve account has been previously explained above. 12. Occupancy standards. Although the units in the Prospector are spacious enough to accommodate more than six (6) persons according to the Aspen Building Code, the Applicant believes that the optimum comfort for the occupants will be ensured by limiting their number at any r�,l one time to six (6). Therefore the Association may promulgate a rule restricting occupancy to this number. Occupancy throughout the project shall be in compliance with the applicable building code requirements. SECTION 20-24 (F), DISCLOSURE 1. Disclosure Statement. Enclosed herewith is the Prospector Disclosure Statement promulgated pursuant to Section 20-24(F) of the Municipal Code of the City of Aspen, Colorado. 2. Conversion property. As this project has been newly rebuilt this code section's requirements for conversion of property do not apply. 3. Updating and filing. The Applicant shall update the disclosure statement as necessary and files wi-ch the City all amendments to the time timeshare projec-,; instruments. All amendments shall be initially submitted for review to the Planning Director. 4. Time for provision of disclosure statement. The Applicant shall provide a prospective purchaser with a copy of the disclosure statement before any transfer of a timeshare unit and no later than the date of execution of any contract of sale. 5. Right to rescind. A statement that there is a ten (10) calendar day mutual right of rescission is contained in the Fractional Estate Purchase Contract for the Prospector. - 12 - 6. Escrow deposits. Any deposits made in connection with the purchase or reservation of a timeshare unit from Applicant shall be placed in escrow and held in an account with a title insurance company in Aspen, Colorado until: (a) delivered to the seller at the expiration of the time for rescission or such later time as may be specified in the purchase contract; or (b) delivered to the seller because of purchaser's default under a contract to purchase the timeshare; or (c) refunded to the purchaser. 7. Effect. All instruments of conveyance shall indicate that title is being transferred subject to the Fractional Estate Declaration which shall include the disclosure statement as an exhibit thereto. SECTION 20-24(G), BUILDING CODE HEALTH AND SAFETY REQUIREMENTS The structure is newly rebuilt and complies with all applicable fire and building codes and health and safety requirements. SECTION 20-24(H), UPGRADING TIMESHARE PROJECT Because the project has been newly rebuilt, no physical upgrading of the project is necessary. SECTION 20-24(I), TIMESHARE PROJECT INSTRUMENTS 1. Disclosure Statement is enclosed herewith. 2. Enclosed herewith are the following project instruments: (a) Fractional Estate Declaration for the Prospector, (b) Articles of Incorporation of the - 13 - • Prospector Fractional Owner's Association, (c) Bylaws of the Prospector Fractional Owner's Association. These timeshare project instruments comply with all the requirements set forth in Section 20-24(I)(2) and (3). See Memorandum of Compliance filed herewith. SECTION 20-24(J), MARKETING OF TIMESHARE UNITS Applicant's marketing plan has been previously outlined above. To assure compliance with Applicant's marketing plan, as approved, Applicant shall post with the City suitable security as provided in Section 20-24 0 ) of the e . W`(- SECTION 20-24(K), UNSOLD UNITS Applicant shall pay with respect to unsold timeshare units, assessments and fees equal to those assessed or levied on sold timeshare units. The Applicant may rent unsold timeshare units and any funds realized from the rental, to the extent necessary, shall be utilized to defer any maintenance costs. SECTION 20-24(L), EXCHANGE PROGRAMS All condominium units in the project will be able to participate in an exchange program. The largest and most sophisticated condominium exchange program in existence is Resort Condominiums International (R.C.I.) with corporate headquarters in Indianapolis, Indiana, R.C.I. has over 500 resort locations and over 250,000 members. R.C.I. executives have inspected the Prospector and determined that it will blend well into their system. Before actual marketing of the Prospector begins the developer will join - 14 - A �. EA 0 R.C.I. to allow purchasers vacation exchanges. R.C.I. procedure requires member resorts provide two years membership dues be paid for by the developer. After two years each owner has the option of paying a membership fee (currently $48 per year) or dropping out of the system. No owners are ever required to remain members of R.C.I., although historically a very high percentage do continue affiliation because of the obvious benefits. SECTION 20-24(P), CITY SALES TAX Occupancy of any timeshare unit by anyone other than the owner thereof who pays a fee for the use of the unit shall be subject to the City Sales Tax the same as if such occupancy were of a hotel or a lodge unit. In the event of such occupancy, the owner of the unit shall notify the owner's association and the manager of the association shall collect at or prior to the time of such occupancy the requisite City Sales Tax. Thereupon the tax shall be paid over to the City of Aspen. The manager of the Association shall be authorized to disallow such occupancy unless and until he is assured that the City Sales tax will be paid. WHEREFORE, Applicant respectfully requests this application for timeshare and condominiumization approval, for a conditional use permit to allow timeshare use at the Prospector Lodge and for amendment to the existing conditional use permit be presented before the Planning and Zoning commission at its next regularly scheduled meeting. Dated this day of , 1983. OFFICES OF GIDEON I. KAUFMAN, P.C. GIDEON I. KAUFMAN, ESQ. DAVID G. EISENSTEIN, ESQ. BY Attorneys for Applicant Merit Investment Company, :Inc. - 15 - EXHIBIT 1 TO APPLICATION FOR APPROVAL OF TIMESHARING PROJECT .4 •sa;��i $'y " I . .tau. ' r Rwt-I+'b'g'AOWWW..Nr�..ti;yfmYOX.i...:$ :YAw,:'.w 4.4 .... are tr "A" or ev r , is 11 .....wa ,1 rrrr1411MM tM�{r i A IMtY't 1't' !Ills OM team June 14 is B3 , MMwe n - Thomas Carl Carl Oken ** Cw 8� 446 �C7 as Me pvhitc TrsAotr, a tau Cruoty of P i t k i n '! Q ciawai , ad Intr,a►test dank of. I)enver, I i�National Association pwtchasv"% wAw evteelrrrt*cw. 631 17th Street rurwirwnet Denver 1 Chewy of we At-,* of Colorado 80270 WIT%f-w ? whetr'ee• Hans B, Contrup did. by Wad of Ttwt dattd December 3 19 8a . sstd reuotdvd 'n Ow office e( the CkFk tad Recardtr of the County 1if Pitkin . CdoMo. on January 6 19 81 is dark "2 t1 Paav 528 . IMMe iw . Re{tPtion 1-229980, toovey to the Publw rru{tse in Trust the ar'oponv beer "n" 44"rib0 M rf WV 11re prYntetM Of thv IndolKedoes{ Pru1 Wvd to w d Dec# of Ttttµ. and w 1o" as. vwlatwn horsy bow trade In ftne:r of the ;VMw wd eaeeaaltte of trod Chow tof Trust tr sbewn by tie nottcw ut 4KU4o MA dorMd IN wie fiM With the PeW/C tra%", a aey thrted bNns recorded b the aMe of uW County Clwk wW %wwder, tht tad pro" rty we$ atbvvettaed Ioe te,e Y PUNK euctka a the Pict sad M ties rletlatr pmvldvd oy tnw and MY wed L)eW of Trot and e ld the IlalttY M sri► ltno is apt tltM tnebMd to the Psfeee1 ^M'd'w by{tssuto• end 4W ►mvmv Wine to Putsutat'e of utd twxv »M to Inrr&West Banl Of Aenvat , Wit t iona 1 Assoc is t ion fw tw teat bw*wdwr set heat end a caUflrate of Pwehose a%~ wet we" and reoudrd-- and said prop" as hteho be" "dam" Jkhttn aW ask N— K tM Pk-K Ttwae prraraat to pw Power OW -thoalty vwvd M h im by bw seed by t!e ask. Wad of Trust so ettah ►u " Truett» now M awtdct.Nna a sty tact at t 3 , 000 , 000 . 00 to the PwM Ic Tn— Pall IW 1160 "M U. Utt MO*4 *Ml"a is bomber ealtswtvtW&M, OWWW e M the t{W Pwcbasspel. th air Awim vmom an aid w#ws bf ww... ep Abut 001. txh "W totneet "kit Mr 0" UM Tntsta{ wVw+nd Put"" M sold WM a Trot be Aa1d W Ow totietetlta 4l4Cr6od P MP erty ►bsrnse is Of Cdatty 41 P i t k i n Cotrorr as Acid! Lots A,B,C and A 81aek 82 City and Tobnswite of Aspen ir xr U according to the official Map thereof w filtid December 16, 1959 as Reception ^.. ?gar d9023, Pitzin County. Colorado, rut? n r A #kffo sirt w "W dw saw unlit tw {s,d Pwchawu) th eir hws, sacussorte red lstdeeo !!attar. [asdafd 40 &Y and ywr f M sbow rrKWA ti Mars i VAt,1 Carmy of P i tkirt C91IM4411. $TAU OF COLORAW, 4trtty d A�ki.n 1 •• � W" my ackwawlaitbed br1,v, my this 4 vAw of J une If 8 My J01,02, Deputy a+ ant Putdit' Trwt_1th pt tw CWntY a r1%.ltin Cadw*da by a1prlMAwt ettpttae c . WT1t MW and o fkMb sort. .ltfAS ntR" u '�� Mele Yr1t a+� tM {WrkMe k.,,a �r� wM »4N W�Ow"b" 04 'ia rW (�tMM�'tOMMtn AMM MM► tWjw� ,� t{YMM{ .e�• Y WIN W { r cZorv� Mvmt rtanMtt Aeerr.. ' Na >tltaF- Me+rMu a on PUSUC TJI NonW$ 0990 , < . «,•rt ra •. n ntr, rr. t r:u t..or i I 10 I r + Block 90 Lot A Park Place Condominium Association, Inc. % D.J. Fleisher 620 E. Hyman Avenue Aspen, CO 81611 Number of Units - 12 Scott Investco, a co -partnership Box 4257 Aspen, CO 81612 Block 89 Lot A & R B & K Associates 308 South Hill Street Aspen, CO 81611 Amelia L. Kopp & Company P.O. Box 109 Aspen, CO OU1612 —pt Lot C Birkwood Associates P.O. Box 3421 Aspen, CO 81612 pt Lots C & D Roaring Fork Condominium Association, Inc. 417 E. Hyman Street Suite 402 Aspen, CO 81612 Number of Units - 3 pt Lots D, E.F, Roaring Fork Arms Condominium Association, Inc. and pt G 417 E. Hyman Street Suite 402 Aspen, CO 81612 Number of Units - 18 pt G & all James E. Cox H & I P.O. Box 111 Martinez, CA 94553 Lot K & pt L Golden Horn Building, Ltd. P.O. Box 4947 320 South Mill Street Aspen, CO 81612 Aspen Sports, Inc. 408 East Cooper Street Aspen, CO 81611 Lot M & N Red Onion Condominium Association, Inc. % Charles Israel 600 East Hopkins Street Aspen, CO 81611 Number of Units - 3 Block 83 Block 82 Lots A -D Lots E - G Lots H & I Lots I - S Block 81 Lots A&B Lot C Lots D - I Lots K & L Lot M Lot N&0 Lot P Lot R&S Bl o,.k 88 Lots A&B Lots K, L, pt. M • • Wagner Park IntraWest Bank of Denver, National Association 633 - 17th Street Denver, CO 80270 Hvman Avenue Limited Partnership 415 East Hvman Avenue Aspen, CO 81611 Aspen Commercial Condominiums % Robert Barnard P.O. Box 1880 Rifle, CO Number of Units - 3 City of Aspen Aspen Arcade Limited 301 E. Hopkins Avenue Aspen, CO 81612 Ferenc and Mirte Berko P.O. Box 360 Aspen, CO 81612 Mill Street Plaza Associates 434 E. Cooper Avenue Aspen, CO 81612 Crystal Palace Corporation P.O. Box 32 Aspen, CO 81612 Grand Finale, Ltd. P.O. Box 32 Aspen, CO 81612 Gordon L. Whitmer Howard Ross 314 E. Hyman Avenue Aspen, CO 81612 Estate of William R. Shaw % Harry E. Shaw 6711 E. 50th Avenue Commerce City, CO 80222 City of Aspen Sabbatini Sport, Inc. 208 S. Mill Street Aspen, CO 81612 Mountain Enterprises - 80B P.O. Box 5727 Snowmass Village, CO 81615 v 1.' • Block 88 - continued Lots M, N Block 77 Lots B, C Lots C - I Lots L -0 Lots P - S Block 75 Lots D - I Lots M - S Block 76 Lots A. B, pt. C Lots D, E. pt. C Lots F - I Lots K - N Lots 0 - S Walter F. Hampel, Jr. Box 1034 Aspen, CO 81612 Augustus Felton Hallum Margery L. Hallum 410 South Aspen Street Aspen, CO 81612 Leroy G. Paas 228 E. Cooper Aspen, CO 81612 Hans B. Cantrup P.O. Box 388 Aspen, CO 81612 Canada House of Aspen, Ltd. 411 S. Monarch Aspen, CO 81611 Harry W. and Mary A. Bass 1150 Mercantile Dallas Building Dallas 1, Texas 75201 Riverview Condominium Association 1034 East Cooper Street Aspen, CO 81612 Number of Units - 27 Frances Willoughby Herron P.O. Box 545 Aspen, CO 81612 Snow Flake Lodge, Inc. 221 E. Hyman Avenue Aspen, CO 81612 210 Cooper Association, Ltd. 210 Cooper Street Aspen, CO 81612 Limelite, Inc. Leroy G. Paas 228 E. Cooper Street Aspen, CO 81612 a, . 4. • I Tr. ra'er r«`►'...r wa saeo .ee*...e bpue u-:-ate t.MrwM ss..l cau/a c...+..a.lsc arl>s W" mplU sMT. i MA NW W W LE M. ilA M FW 910M SOM K CONSW i KM S MIM< I� COMMERCIAL CONTRACT TO BUY AND SELL REAL ESTATE (Seller's Remedy limited to Uquidated Damages) June 6 19 83 Sell r 1. The undersigned as.. hereby acknowledges having received from M ri t Tnvestment Co _ Inc_ , a ' Cal or do e.or o a nn - and f or iasians the sum of $ SOe 000_ 00 , in the form of check ("Earnest Money_DDaannsit") , to be held by Rol 1Pr in trust n An intPres hearing* Moimnimb oleer'ewsere-arts too evem"*as earnest money and part payment for the following described real estate in the County of Pitkin , Colorado, to wit: I! Lots A, B, C and D l Block 82 City and Town Site of Aspen, i p kip d toptli*r,w t ►�111 eases easementsandrights of way appurtenant thereto, all improvements thereon and all fixtures of a permanent nature currently on the premises except as hereinafter provided, in their present condition, ordinary wear and tear excepted, known" No. The dge Sits, 301 Hyman, Aspen., Co and hereinafter called the Property. .«� d.... City. Zip) 1 t. Subject to the provisions of paragraph 17, the undersigned person(s) a Colorado corporation, and/or assillns(W"eM*6e„ae6.raewa„ohereinafter called Purchaser, hereby agrees to buy the Property, and the undersigned owner(s), hereinafter called Seller, hereby agrees j to soil the Property upon the terms and conditions stated herein. S. The purchase price shall be U.S. i_3,1QO, QQ() 00 , payable as follows: SSO, DQ0 On hereby receipted for; The balance of $3,050,000.00 as adjusted for closing prorations as set forth �! in other provisions of this Agreement shall be paid in cash from the proceeds of a new loan to be obtained by Purchaser from a third party containing terms �! and conditions satisfactory to Purchaser in Purchaser's sole discretion as ;I reasonably necessary for the acquisition and development of the Property. * account with interest payable to Purchaser unless Purchaser shall be in i default hereunder, in which event any interest accrued thereon shall be jl payable to Seller. it 4. Price to include the following personal property: all personal property currently located on the Property and owned by Seller, if any I' I to be conveyed by bill of sale at time of closing in their present condition, free and clear of all personal property taxes, I! liens and encumbrances, except: personal- property taxes for the year of closing and subsequent years i and except any personal property liens M any encumbrance specified in paragraph 11. The following fixtures of a permanent nature are excluded from this sale: None sc op low.. is to be obt vtl bl.Pat ci+eaerfrem**hi vw"r Ptiweheerwtrees-eo perw�ps}yrnddele�enNrhH *P'PiT FD- ouclrivar; tb� *equirei-by- the iender,-Md itt+Vay thevestenearlreoslsdebla riwgs�*-iea++T��etR�fatieir}saw+enesa =z : •_- _ -----i lo_--.orPsrspprow.d-bori—vt irrmlab!e .-timevfelu ing, thni cntz arratrat1 7rctlwnd.oid and atf i �+rt*�'Ta emn ershsii retm�rdto•Pvrefiwser. 3'metm�rd b:if 'a'7w e-vm*-*rwst'deedor'flfe'Pte, e-i*-W'be-w*wawmd-Pvrx+u egTeetp- POY f'm a low" -XWVuT"Vt}'pr•(f IIa'agdnedanasgreesro�parr---------------------wndtPlininerr.strete uette+:ewd------------jl6perannwer-ifsthe-iawtreo�e Yew++ned Frwe-pzrerisians fveys#swredegvrt7-orvarrirble { inleree�r+tes.rwei.birp.r.w.nt•rt�l++ewwer.e�is.w►d.si.w.d Y'..rPwei�.ser-rewewi,.g-a++d-eo k f ewe.i(-/i►eienie�►eK�sert�sc irwrasww�pti+w is-regr+t�eJrµ+f+owtrrwLis-eewrN+eweirpowebeein+no�Weh eeaeewe+rr<ehe.Mab��w �ir♦h+are awl eorr�i+Ms♦Leroi�iearreYeept•eaa►ewiw*+eweied. be i•J�awe�•..4.r.-�w.zir�.yar.iet.-8s8.t�,wa•1�►.-tali*►yw«woFabe-rw•e1..s��.►e.�-�,i!,..o+wrr.et+l►.N� +e�+•a�+++.1ww}w�iti►ou�.wriuea_.oA..otseuer. No S(' 22-2.81. CeMnrt 1a BE) and tail Real LEW@ Waaaa.eraal l r t•l1 Bradford Publuhn it Co. b025rt' tth Ave., Lakewood, Colorado 90214 — (30.71 ill-ee00 `� 44-00hteW1 Itaf ar?, ftmat—ffmm. ralme nwiw%;-wPi44r*fwrrwoeiwn9rreerioe+l.-6 vkerr bn,nrrrrnirnot4creQavredterrsxe-anhrttvsrtvtzr^.n'sne'.Ti- fiver,odw�..or+lt-fie r+�►eiNrerwa Wisesesienr,+-n+eerp}e�isnTeraete=rvrtims�svh'srine�ntu^c�orrsrtd .,,a, aerarw�ow.t mew �awiieaeee�e+lrie�tt+srwe,�:sfeew 19. Additional provisions: Set Exhibit ♦ attached hereto and incorporated herein by reference. 20. Neither this Contract nor any portion.hereof shall be recorded or filed in tbt oublic recor s. an executed original 20. If this proposal is accepted by Seller in writing and Purchaser receives tt�otirt'trtsvrtr�trrapurrtre on or before 5: 00 p.m.. June 20-. 1983 , this instrument shall become a contract between Seller and Purchaser and shall inure to the benefit of the heirs, successors and assigns of such parties,�s►eep�ers-s6et+ediw.,rRrrpi►.7, MERIT INVF4TMENT , INC., a colored cor ozat in Broker Purchaser's Address P.O. Box 12197, Florence Station; Omaha, Nebraska 68112 (The following section to be completed by Se r n sting Agent) �? 21. Seller accepts the above proposal this �O day of ta„(y°I; - ..,..,,...+asier+..ol_--- —`'��W+'ei►s*e-petia�eioweeoweee-inti�irero+►seee+orrtin�srareerrtlnet:- itiLhr.axaat„atloalsit urn.d..�},��ts.+nd�t�ar�.of�+k+e-+Kye+++oi.�owrwderr.woi►-p��ewsr-aM�N„n�r-s{-re}r,re. Seller's Address 633 Seventeenth Strenr Denver Colorado 80270 Listing Broker's Name and Address _- No • EXHIBIT A TO THAT CERTAIN COMMERCIAL CONTRACT TO BUY AND SELL REAL ESTATE (THE "CONTRACT") DATED JUNE 6, 1983 BETWEEN MERIT INVESTMENT CO., INC. AND/OR ASSIGNS ("PURCHASER") AND INTRAWEST BANK OF DENVER, N.A. ("SELLER") This Exhibit A is attached to and forms an integral part of the Contract. In the event this Exhibit A conflicts with, varies from or modifies the terms and provisions of the preprinted por- tion of the Contract then, in such event, the terms and provisions hereof shall control and govern the rights and obligations of Pur- chaser and Seller. 1. Delivery and Approval of Documents. On or before ten business (10) days following the execution of this Contract by both parties, Seller shall deliver to Purchaser true, correct and complete copies of all of the following documents in Seller's possession: a. Plans and specifications for improvements con- structed on the Property; b. An inventory of the personal property on the Prop- erty; C. Survey of the Property; d. Appraisals of the Property; e. All contracts (except loan documents), service agreements, maintenance records, and construction drawings or documents relating to the Property. If said documents are not acceptable to Purchaser, Purchaser, at its option, may elect to terminate this Contract by written notice to Seller on or before 5:00 P.M. on the fifth business day after receipt by Purchaser of all of said documents, and, in such event, this Contract shall terminate, be of no further force and effect, the Earnest Money Deposit plus all accrued interest thereon shall promptly be returned to Purchaser, and the parties shall be re- leased from any further obligation hereunder. If notice of termi- nation is not given to Seller by Purchaser as provided herein, the documents shall be deemed to be approved by Purchaser. 2. Condition Precedent. Purchaser's obligation to purchase the Property pursuant to the terms of this Contract is specifical- ly conditioned upon the following condition precedent which is for the sole benefit of Purchaser and may be waived by Purchaser, in its sole discretion, by written notice from Purchaser to Seller. In the event the condition precedent contained herein is not either waived or satisfied on or before August 23, 1983 ("Contin- gency Period"), upon written notice by Purchaser to Seller before the expiration of the Contingency Period of Purchaser's election to terminate this Contract, this Contract shall terminate, be of no further force and effect, the Earnest Money Deposit plus all accrued interest thereon shall promptly be returned to Purchaser and the parties shall be released from any further obligation hereunder. In the event that notice of termination is not given as provided herein on or before the expiration of the Contingency Period, the Contingency Period for the satisfaction or waiver of the condition precedent shall be deemed automatically extended to the closing date, as defined in paragraph 4, provided that the Earnest Money Deposit shall become non-refundable and forfeitable on August 24, 1983 if for any reason, other than Seller's default, Purchaser fails to complete this purchase and sale in accordance with the terms of this Contract and regardless of whether the fol- lowing condition precedent has been waived or satisfied. Purchaser's obtaining any and all necessary approvals of the City of Aspen to subdivide, use and sell the improvements on the Property as a time-share project. Purchaser shall 0 diligently proceed with its application to the City of Aspen, doing all things reasonably necessary and using its best ef- forts to obtain said approvals. 3. Public Trustee's Deed. Seller and Purchaser acknowledge that the Property was subject to a public trustee's sale and has been within the jurisdiction of the Bankruptcy Court since the filing of a petition in bankruptcy by Hans Cantrup, debtor in possession of the Property. This Contract is contingent upon the Seller's delivery to Purchaser, on or before June 30, 1983, of a copy of the recorded Public Trustee's Deed to the property from the Public Trustee of Pitkin County to Seller. Seller shall do all things reasonably necessary and shall use its best efforts to obtain said Public Trustee's Deed. The requirement of delivery of a copy of said deed is for the sole benefit of Purchaser and may be waived by Purchaser at any time. Within five business days of the delivery of a copy of said deed, Seller shall deliver to Pur- chaser an opinion from Seller's counsel for the benefit of Purcha- ser and in form and substance reasonably satisfactory to Purcha- ser, that this contract is a valid, binding and enforceable obli- gation of Seller in accordance with its terms and that the sale of the Property to Purchaser may not be defeated, prohibited, or otherwise affected by a trustee in bankruptcy or the bankruptcy court. 4. Closing. The closing of the purchase and sale contem- plated by this Contract shall occur on or before the date ten (10) days from the satisfaction or waiver by Purchaser of the condition precedent set forth in Paragraph 2, but in no event later than September 1, 1983; provided, however, that said closing date of September 1, 1983 may be extended, at Purchaser's election, to oc- cur no later than October 20, 1983, upon the payment by Purchaser to Seller of an Additional Earnest Money Deposit in the amount of $50,000.00 in cash or certified funds on or before September 8, 1983. Said closing date and the extension thereof as provided herein may be further extended pursuant to the terms of Para- graph 3. Twenty-five thousand dollars of the Additional Earnest Money Deposit as set forth herein shall be applied to the payment of the purchase price at closing, and $25,000.00 thereof shall in- crease the purchase price to $3,125,000.00, provided that the en- tire Additional Earnest Money Deposit shall be non-refundable and forfeitable if, for any reason, other than Seller's default, Pur- chaser fails to complete this purchase and sale in accordance with the terms of this Contract. The Additional Earnest Money Deposit shall be held pursuant to the provisions for the original Earnest Money Deposit. At closing, Seller shall deliver to Purchaser a good and sufficient Special Warranty Deed conveying the Property, executed and acknowledged as required by law, free and clear of all liens and encumbrances except for general taxes for the year of closing and subsequent years and the matters otherwise set forth in this Contract. Any and all mechanics' liens shall be re- moved as liens on the Property by means of the statutory bonding procedure, at Seller's sole cost and expense. 5. Seller's Conditions. Upon the receipt by Purchaser of a commitment for the loan, Purchaser shall promptly deliver to Seller a copy of the commitment or written notice that said loan is available. In the event Purchaser fails to so deliver such document on or before the expiration of. twenty (20) business days after the effective date of this Contract, Seller, at its option, may elect to extend said period of time or terminate this Contract by written notice to Purchaser within fifty (50) business days after the effective date of this Contract, and in such event this Contract shall be terminated, null and void and of no further force and effect and the Earnest Money Deposit plus all accrued interest thereon shall promptly be returned to Purchaser. 6. Title Insurance. On or before July 1, 1983, Seller shall deliver the Commitment to Purchaser, together with copies of all instruments pertaining to exceptions referred to therein. In the event that the Commitment contains any exceptions from cover- age which are unacceptable to Purchaser, Purchaser shall have the -2- right to notify Seller of any such objection within thirty (30) days after receipt of such Commitment. Seller shall then have fifteen business (15) days from the receipt of such notice in which to cure the matters reasonably objected to by Purchaser. In the event Seller shall be unable to cure the defects reasonably objected to by Purchaser within such period of time, Purchaser, at Purchaser's sole option, may elect to (i) require Seller to secure, at its expense, affirmative title insurance coverage with respect to the matters objected to if such coverage is reasonably available to Seller; (ii) terminate this Contract, in which event, the Earnest Money Deposit plus all accrued interest thereon being held by Seller shall be returned to the Purchaser and this Con- tract shall become null and void; or (iii) waive such objections and proceed to close this purchase and sale transaction in accord- ance with paragraph 4 above. Purchaser hereby waives any objec- tion to exceptions for: Unpatented mining claims; reservations or exceptions in patents or in Acts authorizing the issuance thereof; water rights, claims or title to water; Terms, provisions and obligations as contained in Notice of Historic Designation recorded in Book 295 at Page 515; and Any tax, assessments, fees or charges by reason of the inclusion of the subject property in Aspen Fire Protec- tion District, Aspen Sanitation District and Aspen Val- ley Hospital District. Purchaser shall give notice to Seller of its decision with regard to the above alternatives within ten (10) days of receipt of notice from Seller of Seller's inability to cure such defects. The Commitment to be delivered by Seller to Purchaser shall pro- vide for the deletion of the standard preprinted exceptions 1 through 3 and, if such coverage is reasonably available to Seller, preprinted exception 4 contained in the ALTA owner's policy (Form B-1970), which is the form of title insurance policy to be delivered by Seller hereunder. Seller shall deliver to the title insurance company any instruments, documents, payments, releases and agreements as the title insurance company shall reasonably re- quire in order to issue, amend or update the Commitment as herein provided, but Seller shall not be required to indemnify the title insurance company with respect to any matter. Seller shall have no liability to Purchaser except as provided in this Paragraph 6 if Seller is unable to deliver the Commitment or 'Rny endorsement thereto as herein provided. -2A- of shall deliver the Commitment to Purchaser, together with c n all instruments pertaining to exceptions referred to the in. In the event that the Commitment contains any exceptions om coverage which are unacceptable to Purchaser, Purch}S r shall have the right to notify Seller of any such objection w hin thirty (30) days after receipt of such Commitment. Se er shall then have fifteen (15) days from the receipt of Commitment.; notice in which int theto cure the matters objected to by the Purchas Seller shall be unable to cure such defec I within such period of time, Purchaser, at Purchaser's sole op on, may elect to either (i) require Seller to secure, at its pense, affirmative title insurance coverage with respect to a matters objected to; (ii) elect to terminate this Contract, n which event, the Earnest Money Deposit plus all accrued terest thereon being held by Seller shall be returned to t Purchaser and this Contract shall become null and void; or (i' ) elect to waive such objections and proceed to close this pur ase and sale transaction in accordance with paragraph 4 above. Purchaser shall give notice to Seller of Its decision with re d to the above alternatives within ten (10) days of receipt of tice from Seller of Seller's inability to cure such defect The Commitment to be.delivered by Seller to Purchaser shal rovide for the deletion of the standard preprinted a options 1 through 4 contained in the ALTA owner's policy (Fo 8-1970) which is the form of title insurance policy to be de vered by Seller hereunder. Seller shall deliver to the title surance company any instruments, documents, payments, inde ities, releases and agreements as the title insurance co any shall reasonably require in order to issue, amend or. .7. Completion of Construction. At the closing, Seller shall assign to Purchaser a warranties received by Seller, if any, relating to the construction of improvements on the Property and installation of machinery, equipment or other personal property therein. 8. Brokerage Commissions. Seller and Purchaser each represent and warrant to the other as of the date of Closing that there are no brokerage commissions, finder's fees or other compensation due or incurred in connection with this transaction and Seller and Purchaser each shall indemnify, defend and hold the other harmless from and against any and all claims, losses or damages, including attorneys' fees, pertaining to or ,arising out of any claim for brokerage commissions, finder's fee and other such compensation claiming by or through such indemnifying party. 9. Survival. All warranties, representation, covenants, obligations and agreements contained herein shall survive the execution and delivery of this Contract and of any and all documents or instruments delivered in connection herewith and the warranties, representations, covenants and obligations contained in Paragraphs 8, 12, and 16 shall survive the Closing hereunder and the transfer and conveyance of the Property hereunder and any and all performances in accordance with this Contract. 10. Assignability. Seller shall not assign or transfer Seller's rights or o igations under this Contract without the prior written consent of Purchaser. Purchaser hereby consents to the transfer of Seller's rights hereunder to First Interstate/. No consent given by Purchaser -to any transfer or assignment ofBahk of Dei Seller's rights or obligations hereunder shall be construed as a consent to any other transfer or assignment of Seller's rights or obligations hereunder. No transfer or assignment in violation of the provisions hereof shall be valid or enforceable. Purchaser shall have the right to assign all or any part of its interest in this Contract and in Ape Earnest Money Deposit" Purchaser'shall provide Seller within fifteern-1l-5-t days of such assignment with an executed counterpart of any assignment agreement wherein the assignee shall assume the obligations of the Purchaser under this Contract. Subject to the foregoing, this Contract and the terms * subject to the prior consent of Seller, which consent shall not be unreasonably wit. ** five business days -3- *** which consent shall.t be unreasonably ':_ _ :held. . R*�* one business day's and provisions hereof shall inure tc the benefit of and be binding upon the successors and assigns of the.parties hereto. In the event the rights and obligations of Purchaser shall be transferred and assigned as provided herein, such transferee and assignee will be substituted in place of such assignor in the above provided for documents and shall be entitled to the benefit of, and may enforce, Seller's covenants, representations and warranties hereunder and the assignor shall be released from any further obligation hereunder. 11. Use of the Property Prior to ClosinS Date. From and after the date hereof, Seller shall not grant or convey any easement, lease, license, permit or any other lggal or beneficial interest in or to the Property without the prior written consent of Purchaser **feller shall do or cause to be done all things reasonably within its control to preserve, intact and unimpaired, any and all rights of way, easements, grants, appurtenances, privileges and licenses in favor of or constituting any portion of the Property. Further, Seller shall pay, as and when due, all payment on any and all taxes, assessments and levies in respect of the Property through the closing date. From and after the date hereof, Purchaser shall be entitled to have access to the Property at reasonable times and -aftet"Aotice to Seller to make whatever leasonab inspections and tests Purchaser deems necessary or desirable. .- Purchaser shall pay when -and -due all costs and fees of such tests and shall indemnify,. defend and hold Seller harmless from any mechanic's liens filed in connection with such inspections and tests. Seller agrees that Purchaser may have the roof of the Prospector Lodge repair no cost to Seller, subject to Seller's approval of the contractor the spe ific work to be 12. Cooperation. Seller shall cooperate wfth Purchaser to and th do all things reasonably requested by Purchaser, at no cost or materia expense to Seller, including execution of applications and -other be use documents, to obtain the necessary approval of the City of Aspen to subdivide, use and sell.the improvements on the Property as a time-share project, at no cost or expense to Seller. 13. Notices. Any notice, demand or document which any party is require t� o or desires to give, deliver, or make upon any other party shall, in the case of a notice or demand, be in writing, and may be delivered personally or by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows: To Seller: IntraWest'Bank of Denver, 633 17th Street Denver, Colprado 80270 Attention: Special Loans To Purchaser: Merit Investment Co. P.O. Box 12197 Omaha, Nebraska 68112 With copy to: W. Michael Clowdus, Esq. Pendleton i Sabian, P.C. Suite 1700 Lincoln Center 1660 Lincoln Street Denver, Colorado 80264 With a copy to: N.A. hiss Myra Rainey Hughes & Dorsey Suite 1600 Departmentintrawast Tower Denver, Colorado 80202 subject to the right of any party to designate a different address for itself by notice similarly given. Any such notice, demand or document so given, delivered or made by registered or certified mail shall be deemed to be given, delivered or made upon the earlier of actual receipt-ar_racaipL of the same by the party or parties to whom the same is to be given, delivered or made or forty-eight (48) hours after deposit in the United States mail, Postage prepaid return receipt requested. -4- 14. Choice of Law. This Contract shall be construed and enforced in accordance with the laws of the State of Colorado. 15. Time of the Essence. The time of performance of the obligations of Sel'Ve—rand Purchaser under this Contract shall be of the essence. 16. Miscellaneous. A. Merger; Counterparts; Aeadincis. This Contract .contains the entire agreement between the parties respecting the matters herein set forth and supersedes all prior agreements between the parties hereto respecting such matters. This Contract may be executed in any number of counterparts which together shall constitute the contract of the parties. The paragraph headings herein contained are for purposes of identification only and shall not be considered in construing this Contract. B. Attorneys' Fees; Remedies. If any party obtains a judgment against any other party by reason of breach of this Contract, reasonable � attorneys' fees as fixed by the court, shall be incluoed in such judgment. Except as otherwise herein provided, no remedy conferred upon any party in this Contract is intended to be exclusive or any other remedy herein or by law provided or -permitted, but each shall be cumulative and shall be in addition -to every other remedy given hereunder or now or hereafter existing at law, in equity or by statute. Every power or remedy given by this Contract to any party or to which any. . party may otherwise be entitled may be exercised concurrently or independently, from time to time, and as often as may be deemed expedient by such party and a party may pursue inconsistent remedies. C. Waiver. Except as herein expressly provided, no waiver by a party oT-any breach of this Contract or of any warranty or representation hereunder by another party shall be deemed to be a waiver of any further breach of this Contract or of any representation or warranty hereunder by such other party whether or not the first party knows of such a breach at the time it accepts such payment or performance. No failure on the part of a party to exercise any right it may have by the terms hereof or by law upon the default of another party, and no delay in the exercise thereof by the first party at any time when such other party may continue to be so in default, and no such failure or delay shall operate as a waiver of any default, or as a modification in any respect of the provisions of this Contract. D. Gender and Number. Whenever the singular or plural number, or masculine, feminine or neuter gender is used herein, it shall equally include the other. SELLER: INT ST ANR OFl DE VER , By: _ PURCHASER MERIT Z� l INC., a Cg3or ra o� B L. Vernon Cagle, Pr,�siee .A. 0 0 iL. EXHIBIT 2 TO APPLICATION FOR APPROVAL OF TIMESHARING PROJECT E i y�. 1 n � j 5:•. 1 w Y T- , 'T LL. �I r-r L -7 NA 3NER E Q z I I � Itl Jsl__ PARK --- -"'-- Z JL i 1 i 3 1fF 1 1 t 2!) 12 3 1 S B 1 _l i I 1 1 E HCP1 Lit. 1 . 1 , I W H t A'rE. 1 1 �- 1 i I1 1 l AWN ST. 1 t I ' 1 ALBERT :;r �� , g -- ---- 1 S ' f T . i ;3 �uNtAT11 ST. -� 3 1 .w... i j x • 7f e- f ,i Me.56are QLoc.vmertfs rn(1)b-t �� 6LY1end�d -ta inclvd� ire-(orma4-ion Per rot inj �he ocvne�s' C5 Fa l abi (i 6 itan-�o ue b o� �un�r or m�be-� of -thy C�tro.( cif �(arlagers r-� o-o rm be r or m embe.r-n- od o no(- mmo(v cf k)o3 i ne>s i n QR a,c( e.p aiie- manner. eainnOf i�ICI�GL tre q i ut- w own" c��tff�n nofi c� muse eXPLC.I n - �asDn ter `fie i v�u s� cbcumen.-� -6 e. nP-O 6r -1he �rxr�ase. CJ PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission Published in the Aspen Times on July 14, 1983. City of Aspen account. 0 0 ASPEN*PITKIN *EGIONAL BUILGIA DEPARTMENT M E M O R A N D U M TO: Alice Davis FROM: Patsy Newbury DATE: July 8, 1983 RE: Prospector Lodge - Timesharing The Certificate of Occupancy for the Prospector Lodge was conditional to May 30th, 1983. 1. The requirement for Handicapped access was given a variance by the Board of Appeals but the ammendment was never approved by the City Council which was a part of that variance approval (see letter attached). 2. They agreed to go through process for one (1) additional parking space since one was taken up in the underground parking by mechanical eqiupment. No evidence has been provided that this has been done. 3. Landscaping plan to be completed as per plans by May 30th, was not done of course because of snow . An extension of one .aonth was granted. Original plans showed location of trash receptacles. The new proposed changes approved by Jim Holland do not show where the trash bins will be. These may be a problem since there is no alley. Requirement should be reinforced that they be provided and accessible. All conditions have not been met therefore the Certificate of Occupancy expired on June 30, 1983. offices: mail address: 110 East Hallam Street 506 East Main Street Aspen, Colorado 81611 303/925-5973 Aspen, Colorado 81611 L� w MEMORANDUM TO: Aspen Planning and Zoning Commission FROM: Alice Davis, Planning Office RE: Prospector Lodge - Conditional Use Review and Subdivision Exception Review for Timesharing - Public Hearing DATE: August 2, 1983 Location: 301 East Hyman Avenue - Lots A, B, C, D, Block 82, Aspen Original Townsite. Zoning: CC - Commercial Core. Applicant's Request: The applicant, Merit Investment Company, is requesting approval for a timeshare project at the Prospector COpd-05e Lodge. The project requires conditional use approval from P&Z pursuant to Section 24-3.3 as well as approval to a two step subdivision exception review for converting the Prospector to a lodge condominium and a timeshare use pursuant to Code Sections 20-23 and 20-24 of the Code. Project Summary: The Prospector Lodge currently consists of 19 newly renovated lodge units, with an average unit size of 756 square feet. If approved as a timeshare project j� ujeeO. the 19 lodge units would each be split in 52 interests, / one interest for each week of the year. Seven weeks will be reserved for maintenance while the mou�i i45- 3wk M5. remaining 45 weeks will be sold in three week timeshare packages. (15 total packages to be sold.) Each three week package will contain a peak season winter ski week, a peak summer week and an off season week in either the spring or the fall. Planning Office Review: The following is a review of the Prospector Lodge timeshare application based on the 12 standards and review criteria established in Section 20-24 of the Code. 1. Right -To -Use. As required by the regulations, the Prospector timeshare interests will be fee ownership, not the prohibited right -to -use leases. 2. Integration. The project is purely residential, all units will be timeshared and the project is backed by 100 percent of the owners and the potential purchasers who have the property under a sales contract. 7 i mbe( e-U U\ 3. Peak - trvri� P 0 rev , 044e(- G to -6�) ens U-e- re', P 0"O(l L a5 Br0 LY Marketing and Sales Techniques. As required, The applicants states that the marketing of the Prospector timeshare interests will not involve the giving of gifts, no use of public malls or streets for sales and no phone solicitations. The sales program will be run by Timber Run Realty out of Winter Park, Colorado, a company which has been involved in timeshare projects in Winter Park and Snowmass. A m4tvk-V • L� Memo: Prospector Timeshare Project Page Two August 2, 1983 030 Timeshare sales will be directed at tourists in tlg_=Pak summer and winter seasons through the use of local magazines, newspapers and television. Low GPasnn Gales will be directed at several target cities JjDcluding Dallas, Houston and Chicago. National magazines and newspapers (Sports Illustrated, Ski, Gentlemen's Quarterly, Houston Post, etc.) will be the primary source of advertisement in these areas. Interested Dersons calling on a timeshare ad will be sent an in ormation package. If the person calls again and is still interested, he will be invited t_o come viait the project and may be offered a subsidy to help pay transportation and lodging costs. Although this subsi y may be interpreted as "the giving of a gift (a prohibited sales practice in Section 20-24) the Planning Office feels it is within the original intent of the adopted Timeshare Ordinance as it is in no way deceptive. To ensure that this aspect of the program operates in a responsible way, the Planning Office recommends that the program be reviewed after it is in operation. The Prospector sales period should be relatively short in that there are only 15 packages to be sold for each of the 19 units. (2,%S p4ae&,gOy 4. Amenities. Common area amenities include a sin deck on the third floor, on-sit,__$arking and a lobby _area. Laundry facilities are planned, but must be reviewed through the conditional use process. Individual units each have private decks,. a hot tub and aAqna a wgtbar and a masonry fireplace. All common �wrtery °w� areas and common amenities must be owned by At) �`i°"�n he fractional owners association. Cor►lwwr 5. Parking. There is no mandatory parking requirement for a lodge use in the CC zone, but 17 under- ground spaces were required as part of a previous conditional use approval in order to replace spaces removed in the renovation. The applicant states that only 16 spaces are possible given the limitations of the parcel and the existing structure since one space was used for necessary mechanic space. The Planning Office feels that tspaces are adequate given that no parking is required in the CC zone and that the spaces are often not fully utilized in the winter. 6. Maintenance. Section 20-24(E)(6) requires a minimum of four weeks to be reserved for main- tenance due to the intensive, high impact nature of timeshare projects. (Two weeks in the spring and two weeks in the fall.) The applicant has agreed to provide seven maintenance weeks. The Planning Office feels that two weeks in the spring and two weeks in the fall must be reserved for maintenance only no r.cntals or other use _besides -ma; naLc should be allowed in this period. The remaining three weeks can be used for maintenance in either the spring or fall as is necessary. • • Memo: Prospector Timeshare Project Page Three August 2, 1983 7. Budget. The Prospector application included an itemized budget listing expenditures such as common electricity, snow removal, firewood, property taxes, interior maintenance, exterior building reserve fund and administrative costs. The total cost comes out to $8,306 per condominium unit (19 units), $553.73 per timesh interest (1/15 interest in one unit) and $138.43 quarterly for each timeshare inte s . The budget system will use four banking accounts, including 1) a general operating; 2) an escrow for taxes; 3) an excrow for furniture reserve; and 4) an escrow QS{ for a building reserve. The budget estimates were based on the marketing entity's timeshare experience in Winter Park and information from local property managers in Aspen. 8. Conversions. All existing structures converting to a timeshare use are required to be physically upgraded through expenditures equal to a minimum of 30 percent of the Bair market value of the property prior to conversion, unless the applicant demonstrates to the satisfaction of the City Council that funds previously expended have sufficiently upgraded the project. The applicant has submitted an appraisal and documentation that well over this amount has been spent for the renovation of the Prospector. The applicant still must, however, provide the information required in Section 20-24(F)(2) on the present condition of all structural components and mechanical and electrical installations materials and the expected useful life of these items. 9. Escrow. Deposits or downpayments made in connection with the purchase of a timeshare unit must be held in an escrow account until closing or the issuance of a Certificate of Occupancy, whichever is later. The escrow agent will be a title company in Aspen, a neutral third �prty. The proposal states that no ti will�`�� -�d for any unit until at o-- least eight of the 15 timeshare packages are p�eor Cl�� q sold. The applicant should prove that eight packages are enough to guarantee the economic success of the project. 10. Management/Assessment Fees. As discussed in the budget, the Prospector's assessment fees are estimated at $138.43, quarterly. This amount includes necessary operating expenditures as well as money to be placed in a reserve fund for interior unit maintenance and repairs and exterior building maintenance and repairs. In addition, the applicant states that a deposit eaual to a three month assessment fee may be required at the time of purchase for security in case the fees are not paid. The o Planning Office feels this deposit should be mandatory. The application states that the assessment fees are due and payable to a schedule established by the Board of Managers, the Board which handles the affairs of the Fractional Owners Association. As proposed, the Board will be established 120 days after 75 percent of the • - • Memo: Prospector Timeshare Project Page Four August 2, 1983 (�A- Sa+ v P b� timeshare interests have been conveyed (or urt�August 1, 1988, whichever is first) . The declarant does not have to pay assessment fees on the unsold units until the Board is established. e Planning Office feels that the Board 1� Qo(� J Fshould be established within 30 days after the 4 Q .s are issued for the first eight packages nveyed since owners may actually be using e project at this time. The declarant and uvw-F . P-ec. _ tx"CSe new owners should not have to pay the monthly fees until the Board is formed, but l)(,SOId the initial deposit can be collected at the Ur" time of sale and placed in the escrow with the downpayments. .�-5 The total number of Board members should be submitted by the applicant. The Pl nning j10t\ oWr�lrs Office suggests that approximately V7� percent of the members be fractional estate owners - the applicant states that members do not have to be owners. 11. Reserve. The quarterly assessment fee includes a collection for a reserve fund for interior and exterior repairs and maintenance. The Exterior Fund, estimated at $10,000 per year, will be used when necessary for such things as repainting, roof repairs and other structural repairs, landscape replacements and carpet repairs in common areas. The fund should build up sufficiently until it is needed in 5 - 10 years. The Interior Reserve will be used for individual unit repairs such as furniture, furnishings and appliance replacement. CCLV , c`eaucla s w44 The Reserve Fund, as proposed, m� be reduced— _- - --- I tt �6r or suspended for a few years if 75 percent of the owners agree to the change. The Planning bn 4l S W5 - War- Office feels that the Reserve Fund, even if M-tvQl unused, should remain and continue and only be allowed to be increased. This fund is our major assurance that the high impact, intensive timeshare use will not deteriorate the lodge, but will ensure that the lodge is continually maintained and repaired. The total assessment fees can be adjusted through other expenditures with 75 percent owner approval, but the money designated for the reserve fund must always be held in escrow to be used as needed for interior and exterior repairs and maintenance. 12. Occupancy Standards. The Prospector units _ will be limited to six occupants at any one time as the applicant feels that this is the maximum allowed to maintain an optimum comfort level. This is within the Building Code occupancy standards. Lodge condominiumization regulations limit an owner's occupancy to 14 days during the winter peak season to ensure that lodge units remain available for short term use. A timeshare project must meet the lodge condominiumization requirements (Section 20-23) as well as the timeshare requirements (Section 20-24). If a timeshare purchaser in the Prospector buys • Memo: Prospector Timeshare Project Page Five August 2, 1983 more than two packages, he will be violating the 14 day restriction if he occupies the lodge during the ski weeks he purchased. Since the intent of the condo regulation was to ensure a short term use of the lodge, and since timeshare is by its very nature a short term use, the Planning Office feels this requirement can be extended from 14 to 30 days for the Prospector. (Limits a purchase to 4 packages.) The City Attorney's Office agrees that, when appropriate, this requirement can be determined inapplicable for the purposes of timesharing. Referral Comments: The Attorney's Office commented that several clarifications and changes were needed in the timeshare documents. These comments are summarized below: 1. A title commitment is needed in addition to the warranty deed supplied. 2. The actual 50 year deed restriction for the employee unit must be reviewed and approved by the Attorney's Office as soon as possible. 3. Timber Run, the marketing entity, should be licensed in Aspen and should maintain a local office. r 'r t 4. The 1 Owners is required to own the common areas and amenities - this is not reflected in the declaration, but should be. �5. The Board of Managers must designate a managing agent (preferably a local one). This is optional as submitted by the applicant. J� 6. One deed should be conveyed for each three A(A s�""� ��u �, week package so that weeks are never resold individually. 7. References should be made throughout the application that the project is subject to all the requirements of Section 20-24 as well as the State Timeshare Laws which are specified. 08. The financing for the Prospector must be expressly subject to all restrictions placed on the project. O 9. The propos6d unit amenities and the employee unit (#108) must be shown on the condominium plat. Engineering is requesting several minor plat amendments which are stated in the attached memorandum from Jay Hammond. It is also recommended that the landscaping plan contain the addition of the sidewalk spur on the west end of the alley and the irrigation of planting areas along the north and west frontages to maintain the trees in these locations. Engineering recommends 20 on -site parking spaces. 0 • Memo: Prospector Timeshare Project Page Six August 2, 1983 Jim Holland, Director of Parks, has conceptually approved the landscaping plan. The applicant is amending the landscaping plan from the plan originally approved through the conditional use review since the previous owner removed trees and constructed in areas which were to be preserved. The new plan retains all seven existing firs, includes sodding, several aspen clusters, a rock retaining wall, bricking the alley and a sprinkler system for main- taining the landscaping. The Building Department stated that a conditional Certificate of Occupancy was issued on the Prospector in January, 1983 and was extended through June 30, 1983. The C.O. expired June 30th, as three conditions were still unsatisfied. These three conditions must still be met prior to issuance of a C.O.: 1. The required handicapped access must be approved by Council. 2. The parking requirement must be reduced, with Council approval, from 17 to 16 or the additional space must be provided. 3. The landscaping plan must be approved by Council. The Finance Department stated that the plan manager or managing agent must apply for and show evidence to the City of a Colorado State Sales Tax License since City, County and State sales tax will be applicable to any short term rental of these units. The required real estate transfer tax will apply to initial and subsequent sales of the timeshare interests and will be collected as in any other real estate sale. The submission requirements for a timeshare appli- cation require a Disclosure Statement, Condominium Documents (Fractional Estate Declaration), Articles of Incorporation of the Fractional Owner's Association and the Bylaws of the Association as well as a sample purchase contract. The documents have been submitted by the applicant and reviewed by the Planning Office and Attorney's Office. Changes will need to be made to these documents as conditions are placed on the Prospector through the approval process. The Planning Office and Attorney's Office should both review and approve the final documents to ensure the changes and clarifications are made. f Lodge Condomin- iumization Review: It is unclear, at this point, whether or not a timeshare project requires condominiumization approval. Most elements of the lodge condominiumi- zation review are covered in the above timeshare review. The Planning Office is, however, recommending a Code amendment to the timeshare regulations which clarifies this situation by including the condominium regulations as guidelines (not requirements) in the timeshare review. The following is a review of the lodge condominium regulations/guidelines which were not covered in the previous timeshare review. 0 Memo: Prospector Timeshare Project Page Seven August 2, 1983 40 1. An affidavit has been submitted which verifies that the Prospector Lodge has not been in operation for three years, therefore the quality and quantity of services, maintenance and management of the new facility will be an improvement over those offered in the past three years. The Planning Office feels that the applicant should, however, verify that these services are equal or better than those previously provided when the lodge was in operation. 2. The applicant is providing the required two pillows of employee housing. This unit (#108) must be deed restricted to the employee guidelines for 50 years and must be shown on the condominium plat. 3. Section 20-23 (A) (1) (a) limits an owner's occu- pancy during the winter season to 14 days. It is recommended that this requirement be adjusted to 30 days for the Prospector so that more than two timeshare packages can be purchased and utilized by one owner. Conditional Use Review (Sec. 20-3.3): The primary purpose of requiring a conditional use review for a timeshare project is so that a public hearing will be set. A public hearing is not normally required in a two step subdivision exception process. Section 20-3.3 established three suitability require- ments to be used in evaluating a conditional use. These requirements are met since the project complies with the zoning code and is consistant with the objectives of the zoning code and the CC zone district. Also, the project is compatible with surrounding land uses in that it is located in an area with other lodge and commercial uses, blends in well with the neighborhood and will not significantly increase parking, noise or traffic impacts in the area. Laundr�ri��t;PG are proposed as part of the Prospector. Since these facilities have not yet been reviewed as a modification of a conditional use, they would require another conditional use review. In order to avoid a second review and fee, the Planning Office recommends that P&Z conceptually review the applicant's plans at the meeting. The facilities can -either be conditionally approved or that aspect of the application can be tabled until further information is obtained. Planning Office Recommendation: The Planning Office feels that the applicant has submitted an excellent proposal for timesharing. Although we recommend approval, we also suggest that a very detailed list of conditions be established to ensure the project is carried out as it is proposed. With this in mind, we recommend that P&Z recommend the approval of the Prospector Lodge timeshare application subject to the following conditions: Jim Nil I(Is. rlr Real ES1ite QpAraiwm and. Consultants r- ANAPPRAISAL OF PROSPECTOR LODGE CONUUMiNIUM', 301 EAST HYMAN AVEMII•: x: ASPEN . J 81611 ,. Y i September 15. 198: 405 South Galena Street Aspen, CO 81611 11 f ' I James J. F;1at;ir.a, M.A.I. wvr6,6•^Ctrrit � rya:., P+L.cr bk. • JQO Er•1 ' I,men .n.Vtq,r• Ai;s,•n, C r"narlo tllfil l • sU.l J25 A:107 -^.:kil�\......ry,Mtt,et�*a.:-.wtw�«iKoh�i+rYlrr+suss:•.�.,.n•t•«ow.�.w�....+a..M.....+:rts�rw+•....w=... �... ....+.ate.. ... .......... �I 6�.� +.•a1 Estate Ar p,ritivts and Consultants rvSUi ► aiack Nv, L: i • :I;y) (r11 Hv."o,• + we1 ,• • /\,1..•.. r,sl•.r.u'tr t,l,•11 • i!i f•n:'f, d',rrl September 15, 1982 t•ir. Hans B. Cantrup t111C Investments, Inc. 405 South Galena Street ,%spcn, CO 81611 EE: An Appr•aiaal of the Prospectur• l.uc:l;e Co11dOG;:Ulu::l:1, N1 llya,ar: Avenue, Aspen, CO 81611 Lear Mr. Cantrup: In accordance with your re,yue3t, the uppr•ai::er rust) gaUer•t!d -;,;d aralyzed applicbble market data for the• pur•Fose of c%t maxi:;�• :!I. t�i, ;iet Value ol', the sub• jo;: t units as u:' -'erpLumbur 11,, t y 2. Ple:,se note that this 'valuation is being offe:•vd in ;, ,u-.r,arizir.�; all, the data cunsiderel ger m. rot. to 1.1;e sub; vct property. Contained in our files i;,_ rttlditional which may be reviewed 'if necessary. tt'c: al.)u nt,tu thaL our - valuations nre subject -to the contingent 1 irr iti nF; condi t i un:; in Lhi3 report, land that the subject units have been vulu'!d c>rt ar, unf urr:ished basis. Based upon our analysis of the accumulated data, it is our c:onclu"t. upiuion that tnel subject units have Market Values (ruo::,t pr•o;:,hle: Selling prices),I on an unfurnished basis and assuming t} pival financing, as ofISeptember 15, 1982 as follows: Type Unit 4 Indicated Value Size;; :.F Pr : _,'mac --------------- Alpine 7 F 101----------- � 195 , 000----------- 8 t 0---- -- w` Sr:owmass 102 190,000 750 AsFen 103 190,000 750 1',0 Aspen 104 180,000 71,() 21:0 Aspen 105 180,000 750 24U Nordic: �106 170,000 650 26 Alpine, 201 225,000 810 276 Snowmass I202 220,000 750 293 Aspen J 203 220,000 750 293 Aspen 204 210,000 750 ; 8(1 Aspen +205 210,000 '150 280 Nordic f 206 200,000 t150 �OFi Snoti.masz i 207 21 U, 000 750 .'8C, Sncwmas; 2u8 22U,000 750 Aspen I301 235,000 750 31j Snowcass ;302 235,000 750 1-4 A3F,en 303 235,000 750 ? 1 j A:;ptrrr 304 240,000 '150 3 0 inr:r Bruck. --------------------------------------------------------------•---- s0�; 2::5 , 000 71.10 S(+.) M 5.' �,�, a M. tw lit.ltr H ' { i l N-M, J. A,,,u& ter ,.1 11%611.1.t r'• y.. t I I i Mr. 11nns Canl.rtip Fake 2 Soptember 15, 1.9;82 t Attached is our report containing the supporting mnrket datz, ancf exhibits from which, in part, we'have based our opinion. If' wo (,an be of.any furl �r.assistance in the interpretation or applicatiun of the findings ir� ithis report, plea" do nut he;+state to cral' . ,I Thanic 'you fur t'tjis opportunity to be of service. Sincerely, Scott s. Bowie,j *.M. j A3aociate AppraiLser i SB/kv it I i � � 1 • .-.. ... ......�:4 �):.'.�.1,=♦'JryAw�/.wiwl..'.,.)�i .:.. ...•..-•••✓�:r'FbAM�FWnwM.iO�w:avr..N..I.�I.�tlM`..•.� whMa..MF�Y�IMIY.F.tiMIY•.M•�v ..w .... ... ...mow Twua+n/—IY•u.w- a j PIt0. FE=L Uyic�' S:1.1l11?SZ11+1I1U.`S:i I! The Prospector Lodge!Cordominiums are located within two blo k;t of"IF c,;nter ' of Aspen and three : blocks of the -Aspen Mountain ::ki !iris. They 1•urder Wagner, Park, the largest single area c.f upen space ir, central Asper.. V1�•ws x across tnu park are l 46b3tructed fr6d most units and ::re uxce:l le ;er. must advantageous., sUuth toward Aspen Mountain nki area. �ir'r}..r t gg .. " } L .7` � h` ram. x �t 1'j ,. The complex `consists . Uf 19 free market units and one umployue uni T:re fre:�: market units have five slightly different confi�,urationn and fr•cz reu!:,hly_ 650 square feet to 810 square feet. Also included fc,r u.,h unit, is approximAely 20U to 300 squire feet of deck or patio area wl,: at, uaterior. hot _tub and sauna. Common facilities in the complex ircludu a .larE,i rouftop'swimming area and deck, underground parking and heated gar•awe with 4, automatic security.'garage door, an employee hou:'ing unit designed to house tht: managerof the complex, 'and a rec room and luunge; with bath of f approximately 696 squat•e feet; which is also intended for Isor•ving cr,ntinentr.,l breakfasts, Wine and cheese parties and small arcetings. The intention of the project is to operate the Prospector Lodge a� .:'luxur; lodge facility." Services projected will include Frcnch-style cont.irnc:rrtr+l Lreakfasts, nightly turn -down service, on -site management to ;e•rvi,:t: fae:.L laut:cr•y, grocery'need need I, firewood,. etc. # and a game room with mee:tinc; facility -,na library.; The Wal `Street Journal and New York Timers are to be duii�dureu to each: guest room ea h. morning. In brief, the ,� project is dc,rienee k luxury lodge facility, of which Aspen has few. x: The reader should not that the subject project is to bu conu,.iminie:n;izad u%,der Ordinances 14 anti 15 of;the City of Aspen Lard Use Code:, the ir,tuntiun ' c:' which is to deleteJhe prohibition against subdivision of non-corrfor•cnir.p, ::Lruetures allowing fc�' the Gondominiumization of lodge facilities while '< encouraging the renovation or!reconstruction of the lodge structure. A,v a :Y preconaition to a roval th'o subject condominium units will be re::Lrieted so 4�. PP r that tney remain in th6 short-tcrm'rental market to be used as temporary '= accummoeations available to the general public. The owner's personal u L. Iris unit shall be reztticted'to 14 days or less during the seasonal period of Ut;cecber 18 through March 20. The reader should note that while the owner's .' use is limited to the high winter season, use during the remainder, of the f. year is unrestricted. ;;Additionally, because the project replaces an w•iginal ' lodge facility, kitchens are''illegal in the subject units. A large wet bar r witr. oink, ice maXer and refrigerator will be included in each unit. however, cooking facilities are not permitted in lodge rooms. NeverLhclens, we do not consider either the lack of a kitchen or the restricted ore provisions necessarilr; `Idetrimental to value. In fact, owners of luxury condominiums'in Aspen 'typically prefer restaurant eating rather than cooking on vacation. Also, beause the Internal Revenue tax code permits a maximurr, of two weeks of owner t;se of any second home to be considered an irivu:tment property and because toe Aspen ordinance provides plenty of out-oi'-prime-time «' season usage for the subject property, the use restriction should have; little: Impact on value. jr, the 2"011owing analy^fi:;, we have examined in detail four specific units of the five differing uni !types. Where more than one type of unit is available ir, the complex, we hav selected a second -floor unit which we consider to be w average in location in'the complex. The Aspen and Snowmass units, though differing slightly in 14yout, are essentially the same size and in our - opinion have the ;;amr u!ility.: Therefore, we have analyzed only the Aspen units separately. Unit�.examined in detail are Innsbruck Unit 305, A;perr Unit 203, Nordic Unit 26, and Alpine Unit 201. From the indicated value - derived from our de tailed evaluation. of these four units, we will, i:; t1,e Conclusion of the report, derive valuations for each of the units sr.l,arately :n the complex. r#r+FA•: .a,pqw.,Ai•-�i`pi'�,+,d,�.sr��•'Fa'M.watacrr+•.•.a.Jl�w.w..:.��•.+w.v+.i0rMW1i.•.ww.s••,.yrw,+•:..w..w•.;_. ., , .'_,w,..OHe�h.,xi++�c"`., .-, ... .. ,. • APPRAISAL RF 1' •- INDIVIDUAL OCOND0111,dk�l OR OPUD U."JIT Plans (antra,, rin, Ca,.us !tactRtap uetarencefra0. �'ariaus Add+.0 3(ll T:il5t 1,1T.all AVctilllf_' - _Ptol•c,Nama/VhaseNo. Presrhr.tt�T I__�!�'�i' (•ond ; ASFf'n 'County Pit -kin � — - 514110 Z10 code- actaat Faai E:fat• Taxes 3 ! 'V/l� (yr.Sales Pr ice d N/A - Vron•rty +ilghtt Appralsa0 ui Fe• Lam! Leaser ntr ( Loan Charges to be Paid by Seller S Clllhor Sale$' Concessions _ ±Lend••,'C"ant { i � _ _—�_..�_ __— Lender's Address _ y�tOcwoant APpralsor S Ott Bowie*. R.M. Instructions toAPorals•r Y; ❑ FNMA 1072 required i; ❑FHLMC 465 AdOendum A requlrrW 0" NLMC 445 AJOandum B ray ul•a L/+cation U/ban':; !1 Suhurban Au!al NEIGHBOIAHUOO RATING Goof Avg. Fa+- +i,1•'1 Up 13over _75% I'025%:to 73% OUna•e 25% Adequacy Of Shopping . , , , , . ,+ I r Gr,wih Rate QFuuy Davetop•d❑Rapid• it -;❑Steady Stow Employment Opportunities . ❑ ❑ LJ t I- II .lr 1SlabNl ❑ Declining Recreational Facilities . . . . . . assarty Va1Ws 1 OlnOeafing ❑ pa.+,ahe/SuNOW ❑Shortap ;oJln 13alA'nce 00~%uPPIY Adequacy of Utfiillas ....... ❑ G �' If�a•x•ting Ti" ❑� Undo/ 3 Mot �� iQ1�:1tA0s. 0V� 6 Mot. ProPertY COnlpallbillty . . . .. . ® ❑ C� L1 i _ P'epnt Lana 1 Fam11Y 2-4 Fa 71111r �...1} Ants. 1• Condo Proteglon from Detrimental Cond. ❑ 0 ❑ t Commercial 1/ Irsdultr It .Z.L, viust lodges Police and Fire Prot action �] ❑ ❑ Cre•ve in Pvesant Land Ufe Not Likely 'Q Llke}y! ❑Taklny Place- General App•stan" of Properties . �� ❑ L� -Frain 1 I I To Appeal to Market r, P+tdomleaat Occupancy ❑ Ownw ' { � ®Te l MlnI 1< Vaunt , 1 tsne• Accai% or Coevenirncs '�;•Cond0n,ln1u41i Price Range S 25 � to 2 ��Prgdbrninant s 200.00n PuDllc Transportation 2 h •. ® ❑ 0 � Ave --Al yeti to '�ytt, Pred�minanl a_ 1Q Yr$. Employmant Centers 1 h I k ® ❑ [J `-1 s,rgie Famllyr t41c• Ransil, • N1 to: ''' PlppmtnaM S Nalvhborhood Shopping �] ❑ L� , l ' l Age y/$. Ia" yr%. Prl.�Ominsnt yr$. Grammar "chools �� mi Delrl,be 0011ntial far additional Condo lPUDunitsln f,aalby•►eeitiE'\'C10C7t.wn[_in Free-sAccHf 8 s'L_1's suverely limited bye t Suchold r-1--_u-_❑_>_._ Note: F/ILMCIMMA do not o0/Midw wmw el/ t11e ►ee (' oort+pofitiop of the neipflborhood to be reliable appraisal factOM r 6"crlbe thOM factor%. I4110`0141040li can/*rwable. effect ng marketability (e.g. public folks. Schools, nolse, vlew, mkt, area population size L tinanctjl sotllty) { Ih- subject is located it` the corner oft Monarch Street and Hvrian Avenue at the edc lt-- of ilscta,'_ .^_e-�t rat core k;tere shopping, _ rnt etninm! nt and ski lifts :ire located. (Se(.-1ttnI-IIf � I4-at Dimon►tons lit PUO) 120 x,100 - - Y�0Q0' © i Y Cumploted as PlsnneA_�'1i, �,,,• q, Ft. Corner Lot Pro ect Qenslt When ,, r„its . Ion+•v CI►uiflcatkn COnL' ercial Code Present Improvements El do CJdo not cnnturm to r niny reyulatln•,t, ►isr••lta"fieslUao �]t��entUt�_QOt%"(%p*p1yl_Sub 6ctt 8S a lode condominium j._s a 1f: ti non-It„tfclru.it! _ _Fi= -- - - r Public Other (oeatrlb•) .`,.i OFF SI ffj IMPROVEMENTS Project Ingress/Egteu (aa•4uacy) Good E`ei• t=J Street AccwI:! nPublltQPHvat• Topo� .. Vo Gat surfacer Asyhalvl; i ` . WN.r CJ ' hAane.ntnp �+ P1lCIit ❑Prlwto View Am•mly Cood from mo-gr uni r'. �- saro.sefter®SIOIm s•l �l:Yrb/Outtar Drainage/Flood Condition Arm lr gnnr Ncl ��,'_"� �fnd•ryoun0 Elec. i TN; Sidewalk i .;.I 1_I nit M -- Pw"wfY locate/ In a HUD Wwvlihsd Spacial flood Hatard Areal•(j No ❑ Yr CO%Ar/ENTS(Including any assaments, encroachments oV.dversetonditions) Third -floor units have txcellt•nt vo-w:; socith ❑ Existing Avotuk. Year guilt 1s bI iglnal U." PROJECT RATING Cood Avg, rair I•wit ❑ Condo ❑ PUD ❑ Canvas led ( 2F 1' I Location ❑ [ I t I TYPE ❑P•aDosed ®Under Co4truet4on General Appearance, .. , . . , • • �f ;.� l� 791)JECT ❑ Eieva ties ❑ Walk-1,0 N¢.•OI SlwlK Amenities L Recreational Facilities Ei ClLJ I- f�1 1 ❑ Row at Town Mouse ®Other (spetlty) lodge condominium ism Density (unlit par acto) ❑ �_ ❑ ❑ Almary Aetidence I • ❑ lJ_ v l._i ®Second Ho or Repiatlonal unit mix 11 c J,npetW i No. Phases NO. its. No. told Quality of Constr. (r+tat'l. i (inish) l J �� 0 1- ,' Y ; �f f1� I" , � I� It Intompretat Planned No. PnssesNo. volts No. Sold =1t=. Condition or Extt►lot Q ❑ ❑ f -1 ll t. Vrns In Subject Ps,a►e: Total 20 COmpl.la0� Sold -Q- Rentad N/;1 Condition of Interior . , ® ❑ [� 1 i ADorox. No• Units for Satot Subject moll ct 9 Subject phase Appal t0 Market ® ❑ r Fats-Iar wall Rc•dW00d/titono Reol COearin Built tip + .. .. �,,.,• 9 SacurityF•stusesOn-site mgmt. ;seCUrity 2:1rif?e _ ' El►.atw: No. -0 Adequacy L Condition " ll{ Soundproatingi Vertical C+OOd _Horizontal Good _ V P.rwln,; Toui NO. SDacn 1 V Ratio 1 l Sb;.11.10111, i { Type lln(ier$rOund No. Spaces for Guest Parking S -- _ ;?M< tw con+mon eiaments o► recreational taNtlun Sommon pool : emploYea tins t ' rec room/ 1 Gunge% Ate any common elements, roc. facilities or parking loitsie to,owners Assoc.? �_Q_ If yet, attach anoondunl Oescrlbing rental, items and opt'o••. rltttng PotsosW - Under Constr. - Floor Np: 1—J i Unit Llvaole Attaf)Sn-8.10 0 Basement CI)Ta.'T1OR Flmthod !J ��0_(� 10 1 under round! I )' -f�� tserwrng too' unit: No. Tyne ❑Atfrgnetl ❑Owned Convenience to Unit il, soment Rnn•+tt_►st FOY•/ Llr Din KII' Bdrm Bath; Fam Rec Lntlry Other UNIT:tATING G•+•no�od Avg. Fa,r v.j,, 3aaemonl t ' I Condition of Improvements `il 0 ❑ i_l •t,, t :a,+i II 1 1 , I din Room Sires a„d Layout ...... (; �;1 [] I I •i 1 eve ' AdeauacY of Ctusets an4 Storap• L�J J ❑ {_j Kit. EcIolo., Cabinets t worklpaca T:111bG 114IT lot.rt ❑ Hardwood ❑ Carpet over 1? 1 V <yr co c Q PlumbidLO Q h l yl ng-Aequacy end Condition (j mi. M,tits Cj Drywait 01114s1 or 01 Elecirlcal-Adequacy ai,d Condiunn inn/I'Inisn ❑Good DAva►agal Fair ❑poor I Adequacy of Sounop,00hnp rtrt r 1a:4 door try Ceramic ❑ Wa�nscol: QGra//sii ❑ Adequacy of Insulation. . . . . . . . v.••a,,.slfYpel r}+.Prr,npnna ❑StOrmSash ❑Sueens (I^^'� t j 1 �'`• t-!Combo LouUon within ftulect or V,ew , , � IJ 0 (Ilch•n Eawpi 0- Relrlg. ❑ Range/Oven ❑jFan/Mood 0 Wasner ❑ Oryor Overall l„•IvabliltY LIJ 1�1 ❑ r1 -.*,Cam Disposals 0(-'1Olthwalher IMlcrowaW j LJ ❑ Eli Z. ❑ �J ❑I 1,J COmpaltOr Appeal and Mar kelahillt% { t[n Type ME Fuel —Gas Cond.! ProT2o4_c±r Est. Effective Aga , . New to .4,11Z '-ONO. (3Cent,tl [3Otha/ None_E]!Adegwt•! ❑Inadequate n- nir, �cnrr�n_ir' e _I,) ��• rw �, n•,t er eel HOufing Des10n ,❑Solar Delign/La Ila CA oe I-3SOla► Space Neat Alt Cond. �J � / ❑Solar Hot rater • . Damper 1. l F.IecJM•eh. Gas Fwn, (enitlon I ❑Auto. Setback Too musUt gbl•,/T ogle Ciazed Wlnoowa� Cauli.,N/tJlnntltlp N 5,'-'1 ATtON (flat* R-factor It known); C3Wallf i.X] Calling .Floor Roof/Att,t ❑ Wate+ Heal t• s •' st• orcpnsed, (so plans sort lofts Pr Ovl,3e for ac-•suat? onttgv, tonsarvatlonl i`,I If no, attach desenptlun of modification neeaed. yf lrs;v 1"FfICIrNC\' At'PF.AN1: Design C),� clequate ❑'Law Energy Audll Dyes (aluCn, ,t avaual�,ci r:•ENO ?inr/.tfrrTS (special laasurft, f,rnctlOnal or physle" •riapequacles m•-rnitJtlOn Of repaps neeoed, etc.) _1.pc:C: A 1 features include i i alid__ryc Sat-u. -i nn -: :_z-111 `(''ter •�C_'„ fireLl TCr; wit bnr_with icc tnaker_antT _ ._ ..... _. e\•tair,t:,,tel .., ew.r„.,,\ .... .. .:.x:.Mu,.. :...+iM...,ntr,w s._...we-..,...saF..•..�4.r.. ....,..,... ... `to a 17 — '�---...-------------->;/^--- arUu nd lips •,t•�1 „ 11 ties .ncl�0«, 7t>. r..l ,ha, UA t✓' Pone Hoat l i i", -• v t--� I , ' i _'l> �t+af Uti0a1•r � •,t war >' 'r •^y /:ea• olh•, thus .wvular C, ,u7u/F,UC, charges, for un -.l r41, OY 1 I .--__... _...._ __.jr, •� '.Tu Prtrly merr•I•,n - the O.Oj•c1 a->J Provide the services aticlfed'' rUL,'..rl - _ ,`' . - I n_p, . lr,@ t' :!tU Nlph U Adaouue � � Inacfarlwu ' ..OMParad to )the, cOmuelitiv plojeCta of trrnllel t7ue1ity and dMlgn trbje:npaDoevs High i �ntt che)] ,. lkrev g LJ Raasonst•+a ❑ Low r•.nepe.nent rout) 11 tjwnera a�"n ❑ s••loaer . © Manap.man.:p ent pent ilOet.tlly) of Management And -1nICrfMnt Of Hub�nd Repirlal{Oat aPPee►s: ❑-c+uwr101--- r , Guod [� AuKlu•ta ❑ Inalryu•le 4e� •al Or unu►uel cr'erert«1111c.Ir1„11 Cond O/PUO OOO4rnents Of otherwise tnowr, to thprals.r, that would allect' morkstsho,ty 111 none• to stale) 'ate bud�•,(�t h. s vett'becn`•rrcfposed. We a!,sume fees we at ilbe tyntcal ufother Luxury 1(111_e • m.n,a complexes. —" , -----------.—...—. - - NOTE:: FNLMC. doe) 1 rvqu#r In. cost a0010ach In Ina aOOraltai of condomintum or DUO unit%. _— _ - �• •• At4voech Ito lx ute•d only for di7tathttd, semi-d�trched, and lawn house units): 1i•100duclwn Cost Nsw I I Ft. C. 3 -- per 54. 11. t . . • S id�jA - •aa Denrecration.►nyarcal S �rnctronal S l connmtc 3 (-- 1,tcrt110100 Value ,,1 tmDr uvM,ehtt: ' • .ld Land Value lit ,ea\•nnid.,nY•r only leasehotd Itrluf-attach Calculations) . -1 fats Snrre of Value of Amenttiii ! atat Ir,d,.ated Value: ❑ f f E SIMPLE ❑ L ' ASEN ...... .. .. . .. . . 3 Ol0 S A_ +,`-^•nt,repart,rnpultimate O/dapncbti nanOvuja�o/land and :amenity Packapt 'rhe Cost Apf)rOaC}l is not CUnsidr'ro(1 III ._ale in the appraisal o a single condominium uni�Tiic_ated-wiiiiiri a :�,r._, e wura.s.r, whenever possible. Compatibles should ashou two epmpar.brom op from within ec project OroNet Ifowever, when.pDre,aing a unit ,n a new Or newly I'40t td 1 Project. su la )cent two viv4should p• Selected from Outside MO subject Protect. In the f011owlnp analysis. the COmPer able anduld always be 'vpted 10 the pub)•tt unit and not vice yNM, 11 . tiOrufkant feature of the COmparebie Is superior to the subject unit,. minus 1-) adlusln,•,•t should be ut to the ror.\t\•.ab1S, If ,,rah a )nature o/ /M cnmpstable is Interior 10 the subject a plus (•) adiuslment Mould be made to the curnparebt. I LIST ON,L Y THOSE ITEMS THAT REQUIRE ADJUSTMENT T f M subject PTOoerlyl -•------_-�._ COMPARABLE NO. T COMPARABLE NO. 4 COniMAKAULE "10, 3 — A •) rtt•unitNd. 1`roypector j Aspen Square-#120 Li t Olre �'1i i'ark CentralI«>!:t etas.\, N.mS, Alpine 201 I •- '- `� Unit 4 fo�0a,r",IV to Sub) 3 b1ocks ---- •---.. F _ 1 black:; block t 1 ►' - r I. Ing Area 3 %, -/`_7e(a.rt r )I i- k nap Suurae Ins),, , s 1 �{ -�` Inspect ion : Broker. ;� ---- i Broker _ Broker _ sC,tte of Sue and VLSCRIPT ION OESC PTION r • - - --�"� : _— .. _ .. }??-T.••\a AdluatrwS,r\t OItl� 2/�Z p' iAdtuttment DE5CAIPTION ;ArI1Vt 3en1 OtSCRivTIgN 'i',= ' ____ _� An ,,it.. -� �-- -0- 4�82 . -0- t3/82 ;-0- 4;" .1rood Su erior ; -5 000 Similar , -p_ __ .__. __ Zu.i.. _._._ Sim ------ —•- Similar----. _.O-.-- a -0- Similar _2 I' )_ A -U- I ncl l _i )cft - �}Lt -- :'"g"'-'�P:'••' Itiforidr +5 000 inferior ; +10 000, 1nfvriur - . - 'o.•..I ty CI Conatr r ,\• i- , r 1.-.._. _..---'-1 � 0 j U�J I_In fe>r ar :-+10\OOl Tnferior i +1p,00(;rntc'rii+r :+?f),(i' Ago 1957 i -0- 1972 -U- - — ----- - _ ... c � •.,.,,ten -- - -- 14£,1 -0- 1 ew—� i � .lro�rd 1 r +10 OQ Very .�bn(, fl�►r air -ng Ar•a, Room Total 'It rma Bath's �„ • y C + .._) ('r}' _f_,lr,t? _ Y Total B.n a ,Bath■ ; ' 1 ; 6str.p Y. , 1 Total , 0 rmt , ftatha Total A rn,s t count end Total 't ' \ 4 _ 3 T-fi�� ; ' -5,000 -T—� -5 UUU `� �,� J r r c ,-+a L ••.^e A•va �) "1' 1—...... - , UC -- i sq.Ono 9 6 6s.n 10 Sit.It. l .:oo, ,pips l I . �,".peed FDDM. �•��I►� Simila' i f -0- Similar --- ---,+ i ilar -0- Similar -0 y l l )II:+IIen lad RR , `_ w" i,�"•' ul"" _}; ' c ndo r -50 00 2 BR condo , -50 , 00 l flR+den condo '-0- _. a:sr,n,,.t•dn,n0 ;Lille_ 5imilar -0- Similar -0- Similar -"- U- _.. 3i+r.�• Deck Avera 3-O-Ar Aver.ue ; +S,OUO Average ncicrj�round: Similar _ ' __,:•,e cac,l,iif,- I ea • +3. OUli Area ---- --. +3 000 i•(1—vn EIf,•\en t , i 1 Similar milarAverage _ wtreatwn is `(:al.d -0- is cities x}G,' - �/ -0vo ....a.M.ntTii �f Soot-, Energy 1L. etc,..•^t Item• None Simila I-0- Similar ; -0- Similar : -0_ Sauna. Jac-)_- V Ktl, k.tcMr► � , goo. •.mdda.r�; }az}b; lg: Average) +12,50q Average ; +12, 50 Average , So' -s-of f n&^C,np i , Conv . +----,--- -0-6 -1 � /A Owner , Cash i •old -0- Cash _ ,I,Le•4d1. (losers- tic _.- i PI ' - - � • '--'-�- __ . ` ` _ I❑ ,,, ►, ua ;s 25 500 ❑pluiomintlt is - 19 . 00 aPPl Ci -4 r ra M„firs s 4 OQI) 23 7 , 000 �� ; 3 _/ Co, -•-•tuts :,^ r\\a-i :,ata Anatvu, See att-aCh('tcl. 11 app{,ubte) EConon,.t Markel lien) S.. /Mo. ■ Gross Kant Mint- i.er �..--• Z ih,► •OD•O.►al ra MOOS, EJ'y, rt••• 0 aubieet to this rODhrs, alterations, or conditions listed below. 0.9,ubttcl hi cOmPtet,tni 1•11 ,.a i,•. ,rn„ lur.»Ona Ono Conditions of Apprerul Our Valuat ion is speccif iC:111v collt:in, enC 1120 Complet ion of tho stlif iec n - ial_it:• wor',cm.ITI hi n <�nd materials and in ceasouable r.UnrOrrnaric.0 to_�l:rn:; aiili spec- -1 --.'-•`-}-a�i`'p� ��lr�l.��t�_4!?._t.ls_...-_!�'cI.SOsc�ie- p�cific.�lly th�`.lcl(It;e rl,nliclmirlium unit.!_are_ •�.>:K3C.`I)►1XiiJi, SI1!:�(_C "Ostrict 4rins ati to rental and ouniet 'lst? :16; I. %c Lf 142d in • t111l.il.y !; . 1 . .+�Lt� �r+r�+�mir urri,�atti��tl_ctr!Ii ;.}ilre _.Oder valuation is su!Iject to ::ucCC!;sf1I1 coIlJL.:!liniuhiz- a:inn_ tinder this nrdirattce. _ .� a.Tc•••,h.•rar•lY (..' yes --• Nn Nam• 1 ...- .... e U w�„aniy Program y t: .iv 1 .uu ,•> y'1- 1 1 _.--� _ Kerr.,ni I, vier :.1 f e..J•e•\a, .,late,) ,.lean ., r •1•\,.r ,• •. _ .._.- - • 1. ,•\ : 'hit 1 .•Iryn i.,nt nor»t Sn J i •nit M•,kwl Value dal,n, lion Ih it are tt., !sees .n p .�, yr ► Or.w aJ9 till.. 11. iA ` .. i Or _ _ ._ n. ;spa Hry Ili iol hl«7 wish tl••n • , •.i 1•rA l9_ at•• tt { rl 1 ••. 4— MS, 1 1 YA, i l, i INl u. Ur' ,Un:EC?; PRL'vEATr AS k:► - $l' TCCfi,�l�:r 15 �^ _ '' - pa•a••ia:�-`-Jr,w�7-�1 1 •, I,i n. s . - "1 / Hw,•.v Aor.u,u• 1.1 ann,.�.rJ.l .__/Sq Ft/veer to -_ fe -'oun anY) A f tlr•'slr I •1.tt••��GrounA r+•nl (•1 any) E /y r UtiUt,•s'inrluded In unit charge; ❑ None Maat 4 Air Cord, ❑ Electricity �as LJwaist [� Sower 1+ut• any lees, other than regular Condo/►uo d. S; for use of facilities• TO prop'srly rv.ainuln t'la WO)aet end provide �tl►0 services anticipated• the butl r t Y t aDOaaro: ❑ High yy!1J Adequate ❑ In,adnuus•., Compared to other competitive projects Of almlla ityaltty ano design subject unit chargoopp•ers ❑ High •l.J Ressonahla ❑ low •aenepem•nt Group' ❑ Owners Auoelation ❑ waloper Q] Managotnanl Agent (Iaeotily) - ^- Owlhy at Mao,44wment and in enforcement of Rule end Reguistiohs appears: ❑ Superior t] Good ❑ Adequate 1 ❑ Inatleouau S�,ecf•1 or unusual che.•ctorlstice In the Condo/PUO oaiymenle Or otherwlso known to the oppralsar, Ihe, would all ct marketability (it none to slate) No budget has vet been. propos �d.. We assume fees will be typical o�' otiler luxury lodge cvr�•n.nt. complexes. .. , . -�NUTE7i FMIMC OOeflnOl raQvlrf'tM Cott 80010JCf1 In the 400141L1 at eon- omimum or VUG until. :.,tt Approach (to be usel only for detached, setni-d Cached. aril town house lonils): Asoloductte.. Cost New •h. Ft. r 3 / A par SQ. Ft. . . . . . . . . . . S NL--- Loss Oaprec ia,lun: 1•n,slr •1S - unctlonal I� Economic S GeD•ecials0 Value OI Imt>rOrfmanlS7 . ` , . . . . . , . , , , • --- And tend Yalu. lit !rs►ehnld, snow only teasohoiQ value-allich calculations) . + "04818 Sher. of Value of Amenities ! TCIN reid,ulad Valle: ❑ FEE SIMPLE ❑ �EASEHOLO• ...... ... . . .... .. .. .. S____ - -- . S ,-ur,onts regarding estimate of depreciation and vali{. of land and em•nitY pace e9a The Cont Approach it not truss derud .i '• + i zble in the at+praisal of a single c:ondominitlif� iinfC •IoEiit- wi Eiji Tar ;er-`(sl�e`at C:icilt C •: he e4P•8,lw whenever possible, should analyze two comparable sales from w.11dn the sublecl project Ilowevet, when oppre,sn. j •unit In a new or no-IY :. ~ted pr0)act, at least two comparable$ should no Yelectsd from outside the subject project. In the following analy►is, the camper aide stir -old •leas, s b• sOt..ateel to the subject unit and not vita Vol". N • Siq nlhcsnt feature of the comparable is superior to the subject unit, a minvs f-) •Ajuttrnent sr,oul0 b• •^• ro rM tom, er,b4, if such a feature of the cumdsrable is In/ahoy to the subject, a plus 1.) adjustment Should be made to the romp•rnh!a LIST ONLY THOSE ITEMS THAT REQUIRE ADJUSTMENT 1'i M Subject Property,, coMPAHABLE NO, 1 COMPARABLE NO. 2 •:OMPgNAEit f rep• T ?A,a►t•Unit No. Prospector.. j Aspen Squark, #k2ibl�oizk tt One�:.i0�~- Park Cent)'al West ' "" Nam• Innsbruck 305 Unit 4 rrne„nuy to Subl. i� ' 3 blocks ; r s block _-_ • _-- .. f eves Price s N AjZ62 500><2-3-1�-'-- i ,; • K•/LlvingAto# s i1.A _i :� 300 �s 'l58 Gti i Vote Source Inspection Bro •er Broker Broker r -� CNESCRIPTION i OESC111PTION , •dn�nl OFSCRIPTION i r-1i—C)rSIGote of Salo and . Ad uOC ,Cra IPT iryNri, ui,n2 Z 82 i• r8/82 - �Cotd Superio -5Similar :_0- Similar -0- "•"''•w Inferibi :+10 Inferior :+ -- ;- • t -t 1t).000 Inferior �+•ji,, )+ gnendAopeel �' r o d Simile ! -0- Inferior :+5,000 Inferior. n ,a tr of cons.. Very r cod I> Inferior :+10 000 Inferior : +10 000 Inferiur -T,Or 1982 I 1967 i -0- 1972 ;-0- 19B1 - cOnA,t•an ew Av ,- bd ;+10 000 Very j ood i +5 000 Very Pcigd 6- .I •-rwg Area, Moons Total •Y•,ms' ooths, Total ; Yr4nS ; Yothje r Total : Yeasts ; Baths , Total ;. a tons ' Baths , Lr..-I end Total Z 3 , 21 2 ', :-5,000 , 2 2 : -S,000 1► :-1 � 2 J-5,60( ' -874-- S _ • nos L.vinfo Area So. 1t. 1 EQ ft.'-b 000 _910 Sq. 11. ' -8, O00 94 sQ It. • •1 r —..r` i c r»meet i Yarns. � •• , �! .•••eweJ Rooms Nont,Simf lar low%ctipnaI utility 1 BR + den • 2 BR condo :-50 000 2 BR condo :-50,OOt1 i1R J.dcn .•-0- �. - -- --, - <•.• COnd,lioninalloneITl •- .Similar Y,� Deck Le. deck Average i :+ P.rt.mg F•Cilllrat I 1 ' - ' - tnderr-rounLAveraeel il;, a!_ ' + Cnmmon Element. Cood ilar) 4-0- Similar :_0_ Similar ;-O- f .•.,,has { I 1 ; : ! tjrnished N A '- 000 Average ' - 0010 -No 416., Assortment Typical Similar / •• Fee Similar 1 ;_0- : __. Similar -0- Simi ar -0- f""'•^t" None + Similar) 'I :-0- rAverage ar ' -0- Similar �-0- c,ho. (a.g. tire. Sauna/ jacuz x- p•aces, kitchen t , eg..n ..mCd.hngl tub/1g.' Jac'. Averages ;+12,500 ; +12,500 Average 412,50 t:,•e a s,nancing : + OWnercar'^rels,ens . NIA Cash •-0- d , -0- Cash •....,, 1101411 % _ p4iut L�LN,,nus is 23 , 500 ; 'olus Qr Minus ; f, 17,500 ®Flue �1M.nuf ' s 43,500 '1:,.. 010c; Value..._- o 239 000 := 2171500 ��_�� 2162 500 Cr.,••r..rnts on Mairet Data "natysis See attach6d. ......... 225,000 • _ : 111 altpiicsbiel ECOnO,nic Ms•�el Rent S.-.!_/Moe .Gloat Rent M.,itf,,,er.._-_..." Th.s spprs.sal is made -as it". � $cabled to the lope.rs, alterations, oc t.ond,l,ons holed below, [�J fublaCt 10 cOmplel•nn e.rr plans t„d suecili•,it •,ni Cc -,,,Gnu and Conditions of Appiaisal Our valuation is _snecificall.y c:ontinjent urn comp. let+c:-1 of the si,' je _ i.n rood-cuality workmanship_and'ninterials and in reasonable conform.anc_e_ti,-glans and spe(• :f��ft�S�oasi s t:�l�o atc; s E_cifi�nl.l that Che soli •e condomInuu sro nit:: :ir�r_ r'..xlci:xracx)ia:, subject, to re�ons_ns' toy rental and owner usl• as ^pec.ified in the_CitLn rg l M 1 iurtizatJgr rLtioa.h,_g., Our v_js)L.Ltlon_is s>uhjr I._ro_ ci,ccrti5cful_ condorniniumi z- Conu•uction Warranty U yet NO.Name of 1 tj.ianty ►rogfam _warrantr,Coverape Eaovas rh.. •oo•s•.el ,• O,s•C upon tn• •Levee ,a. ,rir•.•,•. a rn• Sof!lftcetion, contingent and limiting conditions, and Mao kat Vaiu• datinition that are stated in •- .' ••L ram'. • a en9 IN•v 's Nt,iA r ,,,,,, •(lOd!t AHev, lOY701 Lied -.in chant _, !„ _ �'1 aria-n•r+ - 1 ra •tsa,IfT Jq;UE A 7krlr,rn 1 SUIIJECT PHO✓- ASUi SeptCCt: l'1' Lrr_— 19 �2 totes 5,t1U'J - _ a7,ie1 44.5 •1^'t I-nVM f _ �!A —_ /k,0. . = r.. -_r. .-._.._-/Sq. F i _.... _ • - ---.__._......_.__.___ -_.. 1? /Yt. (f�-.-_ - v� 1..•,. • •r.w). :•w. 1al :l•.Il i f •, Y1 3'rI%t r 'Vlit.•. includwl in unit lhargs- . ❑ fyuna - ❑ iset (� Air Cured. U Elartrlcity . t .7 Gat �� WJIr' I 1 •..we. ` , V , ., ••ute.ny tee% ulna• V an •e0war Cpndu/PI1G shorYel'to, use ufffacilitiM ~' O prOParIY P• ntaln In• o,oject and rrov.fse the e,wces h anticipated, the bu0yel appear: U HI h s V L� Art«lust• l.1 Inwda Vual• Compa,•d to ether eo•npetltly• p,ojecls of .:Mille IqualltY arK1 ct•slgn tub)act unit chatgssppssrt: r HIgh rJ Ressn,.sWe t 1 I ow �' - a•'ap•m•nt C,„Our ❑ 0wne,s Assorlallon , 1)'jwsloPel ❑ Manag•ni•nl Aganl (ide••Uly) -y 1:Iuat41V Of kaanage,t ant end Its .nfotcement Of Ruletland Requtaiion% ■ppeaf%• i7 Cu['arlof i') Good ❑ Attvr•'st• i..l i• a'Iwqu•re •, ,.. •: :'.c Lai Or t,nws„01 chotectwi%Ucs In the condofruU 0CY^'ents Of otherwise knor.n to %Ft pralsof that would affect moravlrt,i,•1, (it r,.,,w so sie'-•J i�o t•' diet has yet be_cn proht�s ci_W assume fetes s:ilf he iypic:)T of oth(•; 111:.t1:: lc dvv complexes. t+OTE: FHLMC Ooet AM iroulre the <ntt apprpach In the aPlLla,tal Of , an4r„n,nl;•'n ur Vk)u unllt. -Vr—�- i-„It AppluaCh flu Ur uta•it only for detached• semi de ached, and,tawn house units): __• •_.,- _ 11•.w0''vcl,un Coil New-- q. f 1. G f ' -_ par !.a. f 1. ` . . . . . . . . . . . l ste U•s:•r er.*U"In . to rucN f Functlo•.al fl _. _�- Economic S _ 1. Ct.i•'•t.ale0 V•Iv• n1 ImWOyetnanit:. . . .� .I . . . . . . . . . . . . . . . . . . . . . . . . . . ._ _... _ _..... _ . 1t10 Land Value tit Iratenuln. Show only leasehold l Valus-altaeh calculations) i•a rafYSna,r Of Valut of Amanilit% . . . . . . .II .I. .. _ _ .._... . _. Twin 1n0.tatro value- ❑ FEE SIMPLE 0 �E'ASEHOLO .. .. . . . . . . . . . . .. . . .. . . .. . . .. . • .. _ t - ' 0%ro.ng •tool aeptaciat(on end vrlue of land snd amenllV package The Cost Approach is not cori.-.1civred --;it,- able in the a!'praisal of a single condominium unit locsEc3 witttiri a I��r�F> '(;ir;e :Ilt:;ti:��IJ f.• n•i • e,sel, whar.a w, 0000,010. %isOwld sM1Yle two gOn:pereblej Late% frOR% within the sublet p,010rt. HOwav•r, when as,pr•ninq a wells .n a new nr ne.•lY ^•.. Sad o. of ec t, at least rwo compatebles should to +elKted frofn Outside this subject project. In the following analysis, the Cr t•v'ai A. s,'ovld always t ''.•., ••1 to the µbled unit and not vlcevetse. If a %I0'I1fic4n1 feature of the co,nperab,• is %u Per;or to the tutrlrct unit, a minue ( ) ad, isimotii th u.,iq 1,0 •+ a')• •c the cOfn L.ar.•tli• it Such it feature of the comparable it In4'sOr to the su'slaet, a plu% 1 •) ed,.rttment should l.• ma.l• to the camper abl,s _ _ - LIST ONLY THOSE ITCMS THAT REUUIF{E_ ADJUSTMENT -� M ~�~ ' ...I- I $ t,bisci Ptuu sr tY COMPARABLE NO, 1 CC•MP4RAt1LE NO. i _-- -- CUf,IPANARI { N;` I Suss um, No. {Pr0$ ector Aspen c ,? I1.�.__ --; r -.-- ._.__ _ loci Name p p Square ,1 =.0 t One t'�l�I Park G�•:ytrcil k'r••.. __. _Aspen 203 Unit 4 ..-Itv toSwb) '! `�'�� ' 3 blocks _Ii'2 hlucka - �� •- ... - -- ff' 1; 1,1 l k ~2G2,50U L., s' .. a'1 . Ayr 3, ---- - �- /, • -": s ins ection broker liiraker '-- itroh'oI. _I•a: •«. ,A.'dn tu.,..w-.n% -�fGfoslF'_il CI-IPTIUN _ -O:SC1 11 ;-A•"j1- u-tir_na_n-t - -t- -.... C.ta Sol* and ►� .I.urtmn Ui'S111PT1ON 901$2 2%82 1/•11pra _ �; � t .',f>• Su eri r '-U—O '-5 , 0 0 Similar ;_0_ Simi i l .l r -t) •. •. b..w _ nd fl. (god Simil,� '-�- -- _.. _ '7imil�Er _ Q . ?.�1r1 .F 1.1t;c.'Js.' . -('- T l�-�•v'• •nr1 APt'•et Verb' ood Inferi 1 � '+5 000 Tnfe .� . rior _; ±lQ0of,� ll�.c.t.lt).r et eonatr ivt-t v rood Inf•crior ' ' :+10 000 Inferior _ : +10 �000 Irit��r.i (�.r•. _. �•i �j �r;: — 11t)82 1967 ;-0- 1972 - -0- ] 98� _Cl. C w•.d_tton - �:�'t!w Avg. /gocid +10,000 VE!rygood �� •� U0t �. ` ..--- -------;•�, •�t�, {. .. .nq Ar••, Room Tntel 'Berms' lath. Total B'It�tf Bath f , , _ -.L i t Tdtaf , B•rmt ; B•tht TOuI p In!% ' Hail's �•►...-2 end Total t; 1 ' 1.r 3 --•;_"?_- _ 5 �00 —�- ; ---•- •-- - 3 2 S,UOf) -.L ..: _... _ # i,'.•.r_i....nq A,ae 750 So ft. 574 1 s ft ( `, 1r Ya.e.n•nt b Pvnt (__— q i-�7 Qn 10 Sg. 1t ; -$�f10 _.d.�J:1......,zJ..tt 1 I •nad Roo`% _ i n -� Sin:iIn I t - r , ` ��: e im Lir _0. Si!llilar_ _ -(1- t.p•.•f utll.ty :tn+den lod 2 bK cot do :-50 000 ?. F '--------._..._� ,R condo_-LO.000 1BRIdt•1. 1: r, A:• cc'no,t•nnrnQ-jN-otit: -_ ujm v T=.4=__ Lim11-:,: Av a +2sage �.5Q� Axr_r1g; Yar_ .ny s at.l�_I rSet 1L!11ij 4111 l Iri 4-0- ; FrK ". .-. , r JaC f�� Area - +3 . QQ�L .Are 11__ ._ ) <• •• v•un [.. ^sentt 1C.0od Similar �'�-0- ; . Similar -0- Aver z e ;i '> ' r''► ,1n0 NwCt •al,un ! � J, I , � t i- --r-u-rnished INIA Average ,OOQ �v A.S! _ Cal Similar Similar -0- !Fee Siail�r. ' -4=_ l� >i------='Q_ ISone Similar; -0- (Similar i -o- Simi 1.iir -t)- c, ,. g , vela ASCU 4 f — - -- -•_ _.... - _ . „,w ..linen (tub;large «:.: cuai.ngit 1-: zf AVeI'al,E' +12,500 Mverage : +1.), 50U Avera,:i- 1: 5 $a.•t of ► .rant ing ( _ i Conv. + C• „,•ts:pn, /A +V.r._•fi (Soul) ! _``_.._.; �__` !Ul'iwl ljihsinul .f 31 011V CAPius 1b,inut 'f / :;'1 t .._._. .!!_ -- .. - -- .1 _ . 75'l)��Qy�'lut-'_llr"•,nut •S J/ii "i ii l% '- --`=� ._�._�•� ___23La5QY_.l_-''/--•--........_-. �l.Ys(lllo-t ..__.._`•t----fl�s'it lt' �.. vn•i ,.n A•,..rt eta ".natyt's See of t.aCi)lid . 1 •} • (I1 eOUi.cable) ECOnpnU� Ma'kst 1+ant S--__,r.U, • G,utt /ire., M„Iirt••s_ -.. __ 5 .. ._• •:i; ,� T t•' ei.r'artel .% Tau• -� ••at it". Cl subject to tit* fot's., CI 1, NIH 1UU M, 01 cund.lioelt IHIrn t•r,u,y 1 Swh.•: I •U ram .:..,'' ,.. Cues,•.a,nsen000-0-t.onsofAppraisal Our va luatl ion is s ec.ific:ll_ly con_r_inFent tip-1 c_om,>_lorilln of t:le sui' h :a Vi Jri-t1u��lit ►�wnrkmanshir 1n.d. m1teri:71fi ind ill i1:1!'i•nalill? c(l:lfft,iClanl'C tt• �rl:lrl :Tld i,1 t `ica�ltr,s-_s�t,,,PlLip (c'.sPecifSeal1v that the _Io_dpv coni;/itiii.-,item units f-'fta::1iti11ih�rr s_t�hecto rest.rlctil-,nt ,1sto rc>ntaland-cf_wn(:r l_',c_aS,•:ilitllf_let; I!2 iFt''. t.l-t'•' 7 "•!t"t_ l 0T1 t�L(ljl!.111CC. Oor valuir_ion Is Slll)1el_t. _tl)_ 'il1C('1't;hfli] i l Ci'1•llCllltillmJ, - "in_tintior thin_ ordilj,•ln(.c-.- Cl .,•w<t.un Waf,entY L. , Yet n No Name of, &'r1:antv Peogrem ' •, t +'.' 's t•asan . Vr. I• a •!',',r ra ;'. •.r w 1% it's I; �,trl .lal.i.n, conlinvwnl and Irinti'nij : pn,t. 1'un%, ael.l ,.1••s Sul value ,falin,liO,r to t . • r �!. _1 t cafes •JV IMq 10/1811F Nbl As wren 10011! 1 10v 10/78) 1.ird w'th c'isnt -__ -.�_ _ _�- It) 't•'.1OVA t r%sf Mt�Ri.r.�. t„a�AtiOEfINC'• I''1JOJECI PINOI•tRTv n50f September 1')iVI. _•f'`t•f)�)� °Sir _ - --- --- - 'r,dela;tY.a.+-,-'• .-:.... _ _ _ ...- .......,..,,..,, ..._ _. ----- - - - ---- -- • r vrpe S `i/A /No, ■ l.' - f _...._ /Yr. !l. .�.i5o raer .,r it ��A I�))il. -..1— -1 . .-t ,.rO.tnd {..r u•Y1 a...� /Yt i ri. ^:rlt•a•1,uluJ►! In will, char.*: ❑. None Neat A1, CCt..,- • '• e++r Idet Olt•rr ,Lan .eputsr GOndO. f uD cr.arpe$, for u.e Of fsciL,los e r•uc erly rra,ntein the ptojecl a" provide the services enticlpat••d, the of Ivet &Pnaarl; NI(jh 1J Ada;vate C.7 Inauvyoale Compered to othet competitive projects of similarouailty and clesign subject unit chsrpe aot`ears: (.1 Pll,jh L� Rea$onetla CJ Law ,•,nepamant GrouV: ❑ owtvors Assoc lotion ❑ D•41OPef u Management Agent lWat,tify) v .): tl,ty of 00anagemant and Ia anlorcoment of Rulao, *Itd Ro9ulations spoaare: O Suosrlor J Good Cl Adequate L) Insdo•,luate -- . Spoe'al or urtusuel characteristics In th• COndo/IUD gnC4menl1lpr.0th•rwis6 known to the aoprsher, thel _Vulu •Meet marketability (11 none so Iola) t NO bud et has et been proposed., We,assume fees wi11 be typical of other luxury lodge complexesl. 1, - ----- --- , -- NOTE) jFFILMC does Iot#*quit* the colt 41113080401 In the spot -slut of eondominlu.n or VUO units. Cost AVprtuch Ito be %jwd only for delxhed, 1hrside iOletd. detdl town house ynittl: - -~�-�— FePtoduction Cost Now Q. Ft. 0 3' II per S0. Ft. • . . . . . . . l sst Deprecui.orl. rhys:.al i Ftln' tltana$ Economic s 1.ecroculgt Value or Improyementsl : . ..j ,I • w :j .. , • :: -. n3 od Lane value lit leasehold hoMrontaasohold ty Ja ut411,11 UlCU10% seal . • .. . . . . , _ t`ro•eau Share cf Value of An»nitk$ .. I' .i --`- - i t �tl.......�• .. .. 3 Total indaated Value. © FEI. �IUFLU*0 EJASE1tOL �.t ,'r „'4 ........... , . = N/A i,.hments.epardingglo neteofdapreeiatl nattdYelu �tlinJjhdlarna111tYpaeIto ga' ille Cost Approach is not considered apPli Lblo in the a sisal: o a sine condominium unfF76cate -wi inn TY -e -` TEY—NCE e'd7— TDy appra;aer. whenwer OoaaiWe, ih Oyld.onsiya• Iwo pasibh Wes from within the subject prof let. However, when apprals.n9 a unit In a now or nowly VVI'vOrted Oroject, at least two compar,41blele should ba ialt/ctad ffofhi0utskda {ha subject projaet:' In lhli,foilowini analysis, the comparable should always he eAjwlw 10 the wbeect unit and not vi vorss., If s 111q IitdAt /�}rH of the comparable is superior to the subject unit, a minus (-i adjustment should be I".M to the co:rloo.sbre• if sues%ctoatura 01tM comp able (a Infarlor to /fie subject, a plus (0 adjustment should be made to the com persbls. i' LIST ONL'•YTHMP tTctuc'TlaA-r a rni ll aG An 11 leTAACKIT ITfL1 Subje�tPropartY GO NAPAOLI NO. / a •CAM►AAABLF. NO, ? COMYAHAfiLE NO.. 4rn,ess•Unitfvo, fralact Name Prospect:orl •+�' Aspeu; «." i >u4,r �j�120 l i 't Lift Une #307. � _ Park Central. West - Unit 4 .^Id.,..;l�t to s„a. ., `.3 b locks►'°'$` .'s"I' 2 bl ocks -�:;. block }-� N/A :a •„,�,:;t' 2 SOt) ''~ ' 235,00 �— -'-- t 173 UO -- vin9 A..a 3001' 258 -, : 174 Broker er ;L+atasource ! Inspection; Broker i ; Broker D011ofSale end' OESCAWTION Dtsc4lrTION1- , • - At! UstrPNt DESCftI/TtON . 'T- r At11v rUnant OFSCRII•TrOht IAA's rn r irr.e Ad justrnent 9/82 l 2/$2 -. I • -0- 4 8) • g _ -t-"-- /821 -C- tO�•1'on Good i 5u eri . !; 1• ;-5,000 Similar -U- _ Similar ___-_ 1-0- Slserinr -;-i ,�1 2nd fl. av Supers 'r' I :-10 000 S'u�erior : -10,00 j f iet.,n and Appeal c, Good Simi ;i '�-0- . Inferior +5,000 --I-'----- ---- ...__ .. Inferior +S,r)0 a:hty of collet. Very good I Inf eri T'' ; +10,000 Inferior +lU UO( — — _ �__ _ _ _I Inferior .�-..O,U #ao• 1982 1 1967 q --0- 1972 -0- 1981 rb^dltion New Very +_5 Ver 8�ood_, L•v.n9 Area. Aoom Tout 'D•rme' Baths Told ; f]'. ; path ' - .0O0 Total ; E.rms ;[laths _i —Y _ -- --r-- Total P Ifni Seth$ 3 1 ' 11 Count and Total 3 : '� 1 •` 2 ! ; -S, 000 3 2 2 -5 , 000 4 : 1 —� 2. 650 sq. it• c..,es t iv,n, Area 1 pa...nent a sent. 874 I sq. it.. -11 000 i • 910 so. It. -13 00( , 994- �s�. .... i.t•.sr•ed A � OOmt Y s Simila •- - t similar ' -0-- Similar -i�- r,:^<t.orv.l utll,ty 1BII +den 2 B11 c )ndo i': ' : -50 000 2 BR condo : -50 00( _ _ -1BR +den - r-0- Nollil- Simila ' i -0- simil �r +� -0- AtrCondit.On.nQ - -----' -.__. Simi l a :_ -G- - _ ir.�,e Deck Lar e deck Avera 1 1' it ;+5,000 :'Average +5,000 Average ;_�_51 pae log F&c,llttas Under round' Si . i1a li : -0- Area •_ +3 000 _ Area ' +�+,w ron,tnon Elements Good I arc Macteatlon Simila ' ' ''� � ,� -0- Similar ; -o- _ Average �Ii.III•1$ I sa;. A••••.m•.;t I Typical— I S mi n , -0- Similar :_-0- Similar ; -U- Lra,.hol.1/F.. Fee Simila I i ;!r'i',; �,� i-0- Similar -0- - -_-6,0 .__. Si.milar 1 •t rile»rat Item., _None Simila: 1 ':,II -0- 1Similar -0- ; Similar -0- otnot (a 9 f,t Sauna/ jacuz '' places, kitchen; M�,N.,•,^Oda.ngl tub;lg. Jac! ( Averag 1�. I ;!) •;+12,50U Average +12,50( Average :+12.5C -s - Cunt•tndn$ / Nr A Cash l i i -0- t ; owner 2nt, -0- Cash :_0_ •tat Adl, (total) I -..� _- I \ •lus_[il.+,n,,, �S_ 21 ,t�I Z �` �s 194,(WC 10911 us „'m.t,.5, 1 48.500 1'n-P�l-t,��{—M,-n-uf��>< 42,5_00 Value o-f"..blect 214,000 �� ;1 192,500 ._ jp.nmant$ On Mar►et Data Analyt.$ See attachL-d. j • s 200,_g00 r ' (of a0 '1; sole) Etonom.c Market Rent $ /+Ad. ■ Grots Rent Mult,pl,er,-•- __. 1 N A - Tt•,► eo Orsnal .1 meOe 0•'a1 is". ❑ sublart to 111� *Pairs, alterations, as eond,tions listed below. 91 sublet{ to COmt ul,nn car plans ►nd fpr(,I,u1,•.n1 Coeur..ent►end CondlttonsofAppraiul:Our valu ' ion is specifically contingfjrt uEt)a co;i ler-ion of the stl.Ije Ar, good -quality workmanshi and materials and in reasona_hle confou-mance tu_P1tins and cpOc- Ti f !iuyr1ig_L to us , We-, .1so note. -specifically that the locile condom_ i niu,n u_n.i is c��:�n�;;I(tacxxoal suhiect. to :restrict)_ ns as' to rental and owner use , ccif ied in the City-,!; t, Cor.dominiumizati.oP Ordina ce. -par-y 1L'1t.ion i sj��t-L4 �_tlrSe ft11-t4ni�or. iniuni �.c1 �n 5�t1S��LI.1tLS 2_r a C i•vct.cn VYatrerlty ❑ Yes ❑ N _ Nome of W rronly Program Warranty Corrrags E.p.rrt --_ -- _ 71%•. at wo.sal .a based upon the,tare s-Q";rementt, the s,•tta:casion, contingent anti limit -fig conn,tions, and ►.+at401 Value dol,n.t;on .het ate slated •n l i _ 1. /L •+r s 0,,431 (Rae 10:7Et1, r NMA $ orm 1004 •{Rev. 10%Jf1f 1.1ad with el,ent _ _ _ _ 1 _ j •ruched t` •.ErtAnKETVALur ASDEFINEO,pF9t1eJECTPROrERTYASOF SePtcinbcr 15 „82 10oea 0 Rw.ew Ayp.e.ter l.f al•phc.Wr1 ..__ :. :.. �.xs�..rn�n,«or.,.w'x�lb+tkfsear+rrsf�n•..'..........a�w.-..,�.... �..r.,......w...w...ww.ws�.........-,,.... J Schools and churches are within walking distance: and bus service ne;:r Ly links the'neighborhopd with Open's three other ski areas. The neighboncod is 1CCz bui1L up wi,th;tommerci buildings and 4acation lodge properties. The oubject horders Wagnerl Part; and 1has unobstructed views :south toward Aspen Mountain. �O.:I�Y3�Q�ti.�4l".MEIi.T � �s�aL111ut<d..Z: complex due toi inherent:difficulties in deriving unit land oust, roprcductior. ccsL ana accrued depreeilation.� ' - S.G': r"'h'TS nN MaR_KIT DATA : ' � I Our three sales Utilized�ne- 3n each of our former analyses represent transactions of similar and two -bedroom units located near Aspen's central core., Sale l iala two-bedroom/two bath unit located in the A:�pen Square complexiin the heart of'central Aspen. No -bedroom layout of 'he unit is superior to!the subje t's;:-and other negative adjustments have bCe;n ma'e for the additional bath; the slightly larger size of this unit, and tt:e fact that 1t was furnished. artially offsetting these features, however, are the subject's superior appei , quality, new condition, large unable deck area, ana ; Yecial futures. I Sale 2 is also a two -be Toom unit located in the Lift One complex two bioc;x�; soutnwest of the subjec�. The unit 13 also slightly lar er tha subject units. In addition, i has e a su A E n each of our prior two -bedroom layout, nece_sitating large negative adjustment. Offsetting these features are tic, subject's superior appeal, quality, condition, usable deck and special Xo �•Nd fea tares. ' Sale 3 is located in th ;Park Central'West complex one block west of the zubject. The unit has one-pedroom plus dining room or den layout with two baths in 994 'sq,uare: feet, I The unit is larger than the subject but functions similarly to tf�e ore -be dl'" om/den layout of the subject. The unit wan built in 1981 ana sol':d in near new condition. Upward adjustments for the superior appeali .and quality of the subject complex and usable; deck, unaerground parking faci'ities,'superior common elements, and overall auenicles arc: wiarranted:ll !The location of this unit within one-half ;:.ck o: the subject and comparable views from its second -floor location south -toward Aspen Mountain make this unitunusually appropriate as a comparable sale. �TH�'R COMPARAAI E cer la AI* D LISTINGSS: appraiser Your a ser have als �eonsidered the following sales a:; further indications oi'11 ;value forthe subject units: ;ale : Gant.9-102 sol ,4/821for $250,000 (cash). This unit is located in the prestigiou 'GGant;;comp>ex with a location near skiing and the centrol core rj zonab�comparable to the subject's. This unit contains two b �roomsIand two baths in 1037 square feet. It is located on the' irst,Sloor of the complex and has average views toward A �en tSoSntain ski area. The Gant includes many hotel facilities inc2uding'shuttle service, on -site management, five tennis courts, wo pools and two common jacuzzis. The unit sold rfor cash and w 4 furnished at time of sale. Thou h g prestigious, the Cant units are considered inferior in quality to the subject property. In addition, the special features of the subject units are de. irable 'd superior. This unit breaks down to x:3111/'I j ' *' 1" 5: Rlvervie.r Conda iniumn Unit 9; under contract 8182 for an 10/82 closing Pdr $225,000 l cash). This two-bedroom/two bat}l unit is located on Lte top,•loor•of the Riverview complex overlooking the Roaring Fora River. The complex iJ located farther from tY.e central core then the subject, and an upward locational adjust- I .,,..+Mw4►.w o....:,nc-:oa.,.:r...+w•wrWK'eee+..iira.twN ,a...a..w..j.ws,..�. n.�. ..... �.o...a ,n.:.o.w...+...... , �I • i i ment is applicable. The two -bedroom layout of this unit, tjow,,vur, Is superior �o the subject's. The unit contains 1060 s.Zuare feet and has i;s features including large skylights, two and furnishi fireplaces, furnishings Terms of thu sale were caul: to a assumption, 'This sale breaks dowil to $c^1c/:r, `' l�spen Ski Lodge Condominiums, Units 14 and 15, sold in 2/8? ;or 585,000, each, full comrrlssion and full furriizh�,d, to a single y Th:. ur. i to gold b purchaser, and it is our under;;tar:u+ng ations With the seller that acme discour.ting w` involved. Tarr of the tvan:nacticn were not made available to us. Ttre k;,pan ,,<_ Lodge Condominiums, located at the carrier (A' ;:or;th Carmiz;oh Street and Main Street, were totally rebuilt in 1y79 of a quality comparable to the subjects'. Units are cf v,:ry ua' uai finish work.'; Project amenities include high-qity s;�iranJnR r_ pool area, att.-active lounge, on-aite managementa,, .1u,;zi :�huttic , service anc a cooperative relationship with the Aspen Racquet CL' allowing tennis to guests- The rooms are divided into thr0c categories, with 16 "club," rooaa ranging in size from 205 to 265 square feet, 9 "fireside", rooms ranging in size from 300 to ,,?5 , quare 11 and 8 luxury suits of 3115 to 475 square feet. Who:; the i,roject was initially marketed, there were 8 sales of club rooms. Sales o!' the;8 units i4 February, 1981 ranged from $85,000 to $104,500. List prices of the units have stayed constant, ranging fr un approximately $95,000 to $105,000 for the smaller club rocm3, with firesidpIrooms available from'$150,000 to $175,000, and luxury suite from 4200,000 to $240,000. The lengthy marketing time being dtnonstrated and the lack of recent sales in this ,project are ndicative of ',the current sluggishness affecting the Aspen market lace 16 general., The location of the Ski Lodge is significant) ,inferior to the z' ' t subject's. In addition, the larger siZI of the �bjectlrooms and their layout with separated sleeping areas, usableldecksiand extensive private amenities are superior. The!most recent sales of the Aspen Ski Lodge units reflect a per square foot ale price of $386. However, the :small elze cf ttic:sr, recent salesjtaould result in a higher g per square foot sire thLL should not be'idirectly comparable to the subject units. SnoWmass Lodge; located approximately 12 miles from the subject the on Snowmals Golf Course, includes 76 newly constructed,'vcry high-quality.!�ondominiumized . lodge units. The ledge u:iits are of types with'62 "A"' TMe Agra) units --studios of 414 square feet, nir;e B units --large studios of 606 square feet, two "C" units -- studio plus hdit ofj606 square feet, one "D" square feet,ll�ne unit --studio of 440 Ed unit --studio with 086 square feet, area; private sleeping area of an4;one "F" unit --studio with private sleeping 02' 677 square and represents '�eiet- The project was only recently constructed the projsects. Ski' extreme upper range in Asp Erea accessibility of this comparable toIthe complex reasonably subject's. In addition the cow, i, at the centerlof the summer, bulinessiof at the Snowmass Golf Course, an Important featureefor t, unit; includes the complex. c ship of nos Lod a regular membership InotherSnowmassaClubwathletic,3e •�x . . i^ facility, a part of the project. The Snowmass Club/Lodge includes an 80-seat fuhl-service restaurant and a 1400 square foot c--n- fereerice/meeting room. The health club facilities include a four - lane lap pool.) . a recreational swimming pool, kiddie indoor and one) outdoor whirlpool tuba, an exercise roomlwitho weight -training equipment, three racquetball and ono squa3th Courts, men's and women's locker room with sauna, mastiage room, 3t,.::117 ar:d cold plunge, day nursery ar:d or; -site central pro shop. The facility also ;includes 13 outdoor tennis courts anal two cc.v.:-rt;d tennis courts,; as well as an 18-hole championjhip nclf cour:,e. However, the membership doga not include the use! of eitLer tht; terris or Eolf facilities, although far an additiori.tl fee these I� d� n .. r r'iM yY re • f4cilities may be utilized i:9 weli• I Of the 76 uni�.` Offered for sale, ap(,i'ox;mate.y : ;1 were : C,ld t o partners or luited pZrtners in the ;�nvtrm=ass CLtd. However, 21 un is have also beer: --old on the vpr:r: ma: ket• A11. units rold wif: _a �1% finder'.; fce and t'u, (Pt: +l,ed In very h.ph_ quality,pine .1 tique rehroduCt.iorls. Purchase i,ri-_es rr,r.gr_•d from aPFrQxirately 92,"0' to $ i;-6,000 for t:ic 4 1fi 3livar,? t'oc t ",�" with;severa.1 "�i" units selling at $183,000. Th "1;" unit c r --yuare feet (Unit 4U5) :told in Aril 1982 for S.'.•_ ?t , ad, unit'irtclu�ie:s �a sitting area and p 9 ��ar U(: 1.ri� separate bu:Jrc^ur anon., ci;r,l.;,ri.b.:.t to the subj;p:ety. Although it is difficult Lc� lr ui:�ely r„v,..;,a;•,; Snoul4ars waits with Aspen units and this difficul %v is erg. ;al:; ud by the special features v:f Lhe Srrouma,-:s Club, ti:i 1:ica ive r,i1e a� I, tl,o c,:.r:cetubili~' for ,; luxury lc,d;r:� unit:. !:rise: iJ . F Jb square i c:et' a^,i _:c,l�� f.,r a71 _:;d1 c:tt;:d of v i 1Vozi tf:d at !.Ill: carrier of . vild JrSp' 1 r„, . street:t, irlelud's 9' units of ;,e:v,:r:,l cil'_''ur•unt Lyl,l;,• c., wc:s condom.iniumlzed under Lodge t•rdinar:c:,: 1t; ,nd inew initial stages pf'• c:arketin,y individual Ti1c: Will be totally i renovated and boa;.its a including larger inwirrauing pool and Jacuzzi area, and management !!shuttle service, ski shop, and exc,.-llent Aspen ;Mountain Trem many of the units. The loci ion of the is :il .0 considered excellent, adjacent to the : ic:. ;lope ; • 1 ,,, Seventy-four oili'Lhe units are hotol-type bC:lroUu! E, >t .-CnoCltCl,d- atiun.A' rangir:g; n siZ6 from 224 to 276 square fee:t, ;tome wittl private balconies. Twenty -nix of these units located in the east wins; of the project are priced at $98,500. Forty-two of ti1f:;;u ::nits located in the west wing are priced at $101,5^o, --ix g.rourid-floui" units in the west wing w:,luh will t,;ive p r i �• a t e«-.,. oaruens and hot ,tuba are uvailabie for sale at $115,000. The project a'_so includes ill studios ranging in :.ize frcr.- ?84 to tfU3 striare feet and' 1rreludes a small separate living; area and ovc•r'si�,,:d bathrooms. These units are available.for sale at W125,000. Tli small Yuites arklalso situated in the project, each including; 41;, square feet with' a wet bar, fireplace and sepaaratc living are-;. Thez3e units are;' vailale at $160,000. 'Three larger suites in the project, ea6h containing 524 square feet with oeparate fire- place, 'wet bar drid separate living area are available for sale at $170,000. Unfits ark being offered for sale with 13-7/8; financing'and fu,ly furnished. The list price for the larger suites,': those ma t comparable in size and layout to tile subject, units, t.r uld reflect $324/SF. :t i3 our undersG3ndin from conversations with tt,c, develoLer, c,f the project that approximately 25 lettern of intent t:sve beer; signed on the ati;.^.lard east -wing units at $98,500. The unitsrciave: r,c- ycr_ ?,een place.: under contract due to pending work:,ccdir:>� crmni Li,;n for the' Securities and L'a;cha^ER_ cutrmissivn. -q: Thl, Coachli •;tit t project is located at tt;e northeast c1 west yo:;n Avehue anti South S"c•und Street, five t�lc:cks we'::L of nsp�r, r s c orcr er ,:i al core. 'fire neighbcrl:c,od i s n l ig h L t y loss ; •,:;-t venier.t tt:<<n the ;;ubjeet's, Lnd location• is cor.sidey'ed inf uric;:•• Thls ccG-F•Icx wss cum plete1 y rabuilt f:•c,M tt,c ur•i _;,!1 Cu,i�:hl -:odr.0 in 1981 r:nd'runS.Lstof it stu;io unity•: with c":ci: cf 37V1-vx1t-.ate1y 531 1'uet, 7,1d a:ownhou:tc unit 61, three •.4.M,1....:.:+.iw.+:Ktw�tirN_aKo�FN'i1Mb�liltl(M�'�r,ra+•�•k�•ri._.F Cr4... «......,...-.. _ • i . I bedrooms/3-1/ ,baths designed as the mar, :goals unit. Elvven studio unit3.1each include a small kitchenette with refrigerator, ran a and pr Xate bath, wood -burning stove, private covered balconies, a 4 raised living room ceilings. A small storage loft totals 160 s flare ft;ct but has low ceilings and is not con- sidered slecging area. Also included with "lie rro,ject in large basemeXtIhousing two eitployee studio units, large sLcrage areas, a cenr'al laundry, and coed sauna and pool. room and mechanical storage.l The first level of the structure alnu includoo ..a space alloated t6 an office/reception area forthe pro,;c!ct. Typical studi--IIo units 'in the complex are listed aL prices ranging from $120,000�;to $165,000, reflecting per square foot list prices , from $225,00d !to $309,000 (without considering, lot'L arc::s) . I In addition tlq the locational inferiority of thi:: complex, thF: quality, views and gverall design are con:aidcrf,d interior to t.,,e subjbct. Alsal, the !subject units have :substantialliy superior amenities, laYbut and common facilities. There follows a sumrar of tH,e comparable sales and li3ting3 and their rk,sultaut prices per s(,�wire Xoot. The range fall:, front :�1'(•)/: F to $3B6/::F. The upper end, of this rIIange is established by the smallest unit, lor,,Lr:d in the Aspen Ski; Lodge, cKlnsidered too small to be directly comparable: to the - subject. •The! lower en of the, range is established by the Park Central 'r7cc;�, project located near .L? subject but inferior in quality and overall zippeal. The remainder; of the u ,' is establish a range from approximately $212/SF to $ 24/SF. In our opini xi, the'subjeet units should fall nearer the upper end of this range, as they 1�do in 'our final analysis. II Unit Price • Size/SF Layout $ / S F Atipun Square 120 i $262,500 874 213R/2BA $300 Lift one 307 1 235,000 910 2BR/2BA 258 Sark Central West 04 j 173,000 994 1BR/2BA 174 Gant D-102 j 250,000 1037 2BR/2BA 241 Riverview 09 i 225,000 1060 2BR/2BA 212 Aspen Ski Lodge 14 & lrji 65000 220 Studio 386 Snowmass Lodge 405-35,000 886 1BR/IBA 265 _,ncwra.a:;s Lodge 407 183,000 606 Studio 3C2 + loft Woudetone Listing :I,I 170,000 524 113R/lBA 32� Coachlight Listing. `�`� 120,000- 534 Studio 225-309 .165,000 ---------�.-- --------r---- ------------------------------ --- ;�ALUA.TION OF SPECIFIC {,NITS: 'I We have used tihe four comparable sales we have detailed in the body cf this report to establish val�'rations on our other units in the complex.. Unit. 201 is an Alpine unit acid is valued here at $225,000.., The only other Alpine unit is, Unit 101 loomed in t garden level of the complex:. In our cEinien, an adjustment Of $2'O,000 for �U,000 1'or overall r ppezil, or a total of $30,0001 i;; pplicable fur the: difference., bt_,.ween thest: ui;its. Thcret*or•e, in our opinl:n, Unit 101 should have a value of ; 195,000. (':;at ?03, are Aspen unit! is valued a,i $2:'0,000K." ;he Snc;urr,z:ss unit lec:ated ku.-.L dour, Unit 20::, is similar in vlew.s, layout, and overall appea. kit i i aiso valued at ,22U,C00i Unit 2U3, alto located on the oltcond floo., is -;voLher St:o:rm�Ls unit and has similar boot view;..; and overall appea:_. Th'. unit i3 also Valuec at 220,000. Units 204, 205, :and 207 arc, idcnti(. ]. to 'Unit 203 with the cxcep•tion that some tree, located on the ,oath sio. of the bui.ldi::6 partially c!)stl;ucL view; . In our opinicri, a $Io,oco ncgat.iv aa,7usta:e , for thi_, facCor is w:!rranted. Theruforc, the ;c unite ._r.: v,:lucd �L 210,C� C. j I / '- i�IM,M�4wi�...!.rA%aa..iVil�n.#7•F.,1i41:JA3V•N:1`•+.it+xan+ti.�a�.+.w�'+'•'. •••N►:....- ....�irr�vA��Mrr......, _.... ' i._ •01`11 .y - I Uni L 103 is an Aspen !uni t located directly 1w-1 ow l•ni : p c) 3 �zLu:i r1vc i r, t.i;e • body of this report. The unit is iderlti::al tv 201 ti.ith 0,1: ex(:t2t.t.i,)n ti,at It has A 8ai-ddn-level_locatior) and inferior views. As irr the ca;e of t.t.c Al i::� N unit discussed above; we have wade a $30,00d adjuetrent "or the ir,fer•iur appeal of phis garden -level location and it:, inferior view. Uni' 103 is vr-3lued at $1901000.' Unit 102, loeaiud next door, as a Snowmass ur,i t ar;d 1:, similar to t03. It i`s also valued at $190,000. • Units 1011 and 105 are also, Aspen units but theirl views are partially oontructed by the trees mentioned above. TheJ, inferiort.,views from these units result in a r;e;ati �e rd j;::;rct:er.t when compared to Unit's 102 and 103 of $10,000 and result in a final valuation estimate oil $180,00 • The top flopr includes four, Aspen and Snowmass unit.-, Unity 301 ;.hrcuFh Ut4. Tn.y are identical in.layuut to Unit 203. However, privacy of a turn �i:.o: ' location and the zuperior view3 that it affords, in our epinicn, hccld ;e comparsatedi by a $15,000 upward adjustment. Units 301, 3G2 and 30:11 we •.:flue, ' at $235,000 each. Unit 3041 is located next to open la.ck area to the Cca:•t ar.d includes additional views f{•om the deck toward Independunce Paa3. I,l Cur - opinion, a small additioaal.;upward adjustment of $5,000 is indicated foe t.hi.r;- unit, resulting in a value for Unit 304 cf S.4U,000. There are t o Nordic'units it the complex, Unit 206 and Unit 106. Unit 206 a. r. i- valued i the bodylof the report at $200,000. Unit 106 is ini'ericr to Vnit 206 for its gar �n-level location and inferior views. A total adjustment Of $3U,00 !is applicable for these factors. Therefore, wi. hav1! ,aluod Nordic Unit 1 +� ;at $170,000. There is onl Innsbru9l� unit in the complex, Unit 305. Il'. in valued in the body of the report a :;$225,000- The following is a summary of our final valuation estimaten, the units and th'Ieir resulting prices per square foot: :yF,e Unit rf t i 'Indica'ted Value Size/SF Price/SF ------------r--------L, --- --- -- 1101 Door-------------------------- �'nc3.r;ass tU2 1190,000 750 250 As, c n 103 1104 10,000 750 260 1%L '.cI1 180,000 750 240 n ;F�r► 105 180,000 750 240 Nordic 106 170,000 , 650 262 Aipir:c 201 225,000 810 27i1 ncuc,ass 202 ! 2?0,000 750 293 '•.:;pe•r: 203 220,000 750 293 Ashen 204 ! 210,000 750 280 Aspen 205 i 2,i0,000 750 280 Nordic �00 200,000 650 308 Snowmass �0 '7 108 I 210,000 750 260 .1:o::m-rss i 220,000 750 293 asps., 301 iI 2 5,000 750 313 now=Lss 302 I! .2 5,000 750 311 aspen03 104 ; 2 5,000 750 313 A.:pen i 20,000 750 320 Inr.seruc;;: 305 I 2�5,000 750 300 -----------_7---------------------- size of Lh4 1 A va ue., we have s •lec,.ed for• the subject unit- range from $241/:F to W320/-EF. This ran e ► old appear to he -1 nupperted by our cr.)mparut,1c:3 Z-41r•s and listing:;. that iJ1 our valtiatiOr:3 CUP the 3i.Ojet ` prop(• LiL5 ••1 is 1:nft:r:1ished. We ave aware that the u:,i tz will Gc, sold furni:;hc:.i t,n.l th;.L tt:r: retail value of the furnishings ir; Intimated at $22.,000. It iz our ;,,!r:iun that furnishings are uJeVul as a marketing tool in A:3pun Loccause tney ,rovide a t:otentia.: purchaser with a "turn rentable unit. II The Aspenimarketpi Pe in months has been characterized by a predominance of ow' financing. Typical financing, today, Invulven nome measure of below-mlj*et financing, either in the form ofthe assumption C'r an existing mortgage and/or Some measure of secondary ovniL-r participation a,ternswell. Generally s��akingi sellers who can offer the rncsL attractive terns are more succeS3fU !in selling th6li, property. S)ellor.3 requiring PL;r--hazors I to pay ca Ia' h or zeel.conve6tional financing are fa,'.,ed with sales price re uc ion4 and, in many cases, longer marketing p,--rio(jo. Market Value 03 traditionally defired nowlassumes some measure of 1jelovi-market financing; ana, In our opiniori our estimate of the subjects' T!,jpkt.-t rLquire s,)me favorcble terms. II 61 j}} I 7 I t 1 ' I ,t TIIE IMMSRRUCK` t•. . r IM 5NOWMASS i T QUALITY FURNISHINGS i'ul.,,kl l..rnr 5i:gjer Innerspring Sleeper `,n!.,s IQuccr, tilts; Nikko China Oneida Stahilrs% 1 laiwat.• lirown•.Io,Aao 1_), t k 1 utnitme Uruhrit: Wall Ilatigin is SlJnctl artd hurnl,elec! I.ithucp,,ph♦ ,, King Siyt: Maste, bed -- Nswet !!,.n+u• filled Comforter t Cnlor Coordinated Dui,r! l ugly; _ tir,.,•: —linens and Towels r •-t �I �I THE' AjSPFM I � p t r3 ! / rF I 'r s+.�rweT • ; 1I ti_..I, Ott. • .t rr (fit. MORulc �" �i �1� iI. + �•• �� w,.1 I �� !.. : _ 1 i_ I i I -CJ/COUNTY PLANNING OFFICE 130 S. G LFi,:A ASPEN, COLORADO 81611 NO SUCH NUMBER JUL12.83 Roaring Fork Condominium Association 417 E. Hyman Suite 402 Aspen, Colorado 81612 L • PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins • Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission • Published in the Aspen Times on July 14, 1983. City of Aspen account. r� U • • :7 • u • F ��T/I • PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins • Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission • Published in the Aspen Times on July 14, 1983. City of Aspen account. n LJ • • PUBLIC NOTICE RE: 825 E. Hopkins Condominiums Timeshare Project Conditional Use and the Prospector Lodge Timeshare Project Conditional Use NOTICE IS HEREBY GIVEN that a public hearing will be held before the Aspen Planning and Zoning Commission on Tuesday, August 2, 1983 at a meeting which begins at 5:00 p.m. in the City Council Chambers of City Hall, 130 S. Galena Street, Aspen to consider conditional use approval for two applications submitted (825 E. Hopkins . Condominiums and the Prospector Lodge, 301 E. Hyman) for conversion from their existing status to timeshare projects. For further information, contact the Planning Office, 130 S. Galena Street, Aspen, 925-2020, ext. 227. s/Perry Harvey, Chairman Aspen Planning and Zoning Commission • Published in the Aspen Times on July 14, 1983. City of Aspen account. • • `_* . � ��' A•` ` i1 .. ..yam � {�j'� ~� �?� y. � p�� i i c 4 ya , y�� w� ` � ^, �jii 1Lf7M�5T .T �[T�" '�� iA�. 4WrLYF t`. ��r tl �". 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I '\ .. i ELI wti . {1 ..,1 '1 .11 `,l•1 t11�' .. ,i• i!! :1 :'t I� 1 . c(.li�ll,.;c5 ali ;;•1 t"Illi 1� • 1 llt�tt.ti. 1't 111,' , ,l ail`) slt�:'.•tiut! t!I'`Ili.t�. . • .�fllll.u.l li, `, ! t' .I,' f„ 1. �tulf�tl t.t l�_ !•.t,ut; It I: ; ,�lali.Cl.{I,!r. t !,t• !'t„I t1' ttt;ltl:i:\i ill:1\.,1+t i!1�' :,.'.utt'1 I11 •t"{.111.' I ,�It' f•' k1w'twk1vi`li l\C II{ 11,IC;11I 1.i.ft Ih", :!�lilt,;l C'oll)lillt :ltlil it ..;1\ •rlt : t .1^:1'.tl' ,I .t 1 P tli(it\n. of tilt I'[w'rl l`. 1:111 till, W .41I" ill' I. �.1't •u �>il�lt ilin,l•I.I�n\. •'1 t t i•'1'�. 't:.. ..;i;'.1' 11 4u1tl:iitl'ai Ill llw fq"'I , \'cl tttJtlC{I 11C;'t'; itltlll {1 1.1 ll: �i} IJR'S a! ''l'-Iail'. a1C r�l Illc !>tutt'�'.II III:�I r.l'I If:14' r t. }ut (it1C•Iltt 111(; ,Ill,: tlnioll" ;ti to tilt In ,tit ' • '._I; St l j'IJ: dS>1U1171 at)+''�1+.•t rtr: .tllti ,. Ul u•, .It '!tC Ir: t,t 'd 11)oll,C_hul 111C clielit sl+ccill J in the rctnit;, tl:. :taint; t1i in )rtg1;'c in\l1lers, till,"011•,nts, 1\r'llr; : ...I! ..4:'t.Il lit: >:1llInCllt ll Cllt;`'• Ut lUattllii:l`ltt.:!1:�" ,•f tl;� tC41 ill�Ctit i1t Iln illtlll:u: t ; I1 '1 >h,l'1 it he I.% y 1>I�1CI inCllia, \':illi�+Lt Ii:C \\III1c(, .�u^:t :1 •rl ti4'•-illil)C lh:l! ll'fkl': al•� \d!Ci t :ti:�.l I:^ j WO it ha BUT Mk - IS , Ni' I ON loll A�F ha BUT Mk - IS , Ni' I ON loll A�F 2 u t r5� t a 1 i t t �3 C 1 c r "w .1 1 ri t :+ �MWh , c�, wryam`t" "�. re r-1 4t ,lp`. � R s dames 1.1NO1kh Associates,hic. Real Estate Appraisers and Consultants AN APPRAISAL OF CANTRUP PROPERTY PROSPECTOR LODGE CONDOMINIUMS BLOCK 82 LOTS A, B, C & D ASPEN, COLORADO 81611 April 15, 1980 FOR: The Shaffer Group P. 0. Box 9789 Aspen, Colorado 81611 NOTE: The valuation in this report is contingent upon completion of the subject in very good quality workmanship and materials and in conformance to the plans and specifications outlined to us. It is also contingent upon the successful condominiumization of the proposed 21 units. Scott M. Bowie, R.M. Randy Gold Associate Appraisers The valuation study and Certification which follows are expressly subject to the assumptions, contingencies and limiting conditions at- tached, together with any special limiting conditions specifically dis- cussed in the report. R M UJames J. Mollica, R.M. .... Appraiser -Consultant Crystal Palace Building • 300 East Hyman Avenue, Aspen, Colorado 81611 • 303/925-8987 •3IIlilll pM titpl tmusas James J. Mollica, R.M. Scott M. Bowie, R.M. Project Aspen Location:301 E. Hyman Avenue APPRAISAL REPORT ❑ Residential 1$ Condominium ❑ Other Unit ❑ A, B, C & D Block 82 Lot PS April 15, 1980 Date Type: condominium City: Aspen County: Pitkin 097 State: Colorado Present Owner of Record: HPC .Development' Company Date Purchased:April 8, 1980 Purchase Price: $1, 250, 000 Deed Book: not yet recorded Tax Valuation: 10,570 est. Tax District: 1-AFS Tax Rate: 54.39/$1,000 Est. Annual Taxes: $575 est. Estimated Monthly Quarterly Association Rental Income: n/a Weekly in Season: n/a Dues: $75 est. NEIGHBORHOOD DATA: The subject is located at the corner of Monarch Street and Hyman Avenue at the edge of Aspen's central core where shopping, entertainment and ski lifts are located. Schools and churches are within walking distance and bus service nearby links the neighborhood with Aspen's three other ski areas. The neighborhood is 100% built up with commercial condominium and vacation lodge pro- perties. Subject borders Wagner Park and has unobstructed views south toward Aspen Mountain. Trend of Neighborhood: upward Zoning: commercial core PROJECT DATA: 7n i 1 1non Total No. of Units No. Built: proposed Year Started. AMENITIES: Subject units, when complete, will contain a private jacuzzi tub in each unit. Project amenities will include rooftop swimming pool and jacuzzis, an underground parking garage, maid and service area on each floor and 250 SF of reception office. Top floor units will have large skylight over jacuzzi area. BUILDING DATA: Age: proposed Exterior: Quality: very good Condition: very good Exterior Construction: frame, wood siding, built up roof Interior Construction: Desirable Layout: _ No. of Rooms: Living Area: Deck Area: KITCHEN: Cabinets: drywall, carpet and tile floors, thermopane windows yes studio yes 150 SF wood Disposal: """` Other: — ceramic tile very good very good Interior: Quality: Condition: No. of Bedrooms: sleeping area No. of Baths: 1 Carport ❑ underground none Garage (� Basement Area: no yes Laundry: Oven -Range: none wet bar and refrigerator only — Fireplace: Dishwasher: none ceramic tile jacuzzi BATHS: Floor: 1ubRecess: Showers: Tubs: Heat: electric bb Hot Water: gas Plumbing: copper Electrical System: romex Floor Covering: carpet over plywood Interior Walls: drywall; wood accents Parking:underground Highest & Best Use: condominium Location of Unit in Building: stack — 3 units Land Size: 12, 000 SF Comments on Special Features, Marketability, Repairs, and View: View from units when complete will be essentially unobstructed south toward Aspen Mountain. Units are stacked with lower -level units partially below grade. Accessibility to Aspen's commercial core and Aspen Mountain is very good and transportation to Aspen's three other ski areas originate in Wagner Park,which is adjacent to the subject. Preliminary drawings indicate that the units will represent the upper range in studio condomin- iums, COST APPROACH TO VALUE Reproduction Costs: 19,000 SF livi,y area at $ 110 per sq. ft. = 5 2,090,000 basement at $ per sq. ft. = c 7,200 SF carport D garage G at $ 25 per sq. ft. _ 180, 000 5,000 SF approx. deck, patio at $ 10 per sq. ft. - 50 000 ' ESTIMATED REPRODUCTION COSTS NEW: 5 2,320,000 Depreciation and Obsolescence: new Physical 5; —0— Functional $ _0 Economic $ _0 Deferred Maintenance $ —0 TOTAL ESTIMATED DEPRECIATION: - $ —0— DEPRECIATED VALUE OF IMPROVEMENTS $ 2,320,000 Land and Amenities (Contributory Value) $ 960,000 INDICATED VALUE BY COST APPROACH $ 3,280,000 Developer's Overhead & 5:wx $ 820,000 Profit (20%) TOTAL: $4,100,000 OR �$ 195,000/unit MARKET DATA APPROACH TO VALUE * Note: The following sales have been adjusted to ground -level units in the subject complex. 1 2 blocks January, 1980 Sale # Distance from Subject: Date: Project: Lift One Unit (9 304 Lot # O n/a Land Size. Price: $195, 800 Time Adjustment: none Current Value: $195, 800 660 SF Living Area: balcony Carport O common Deck: Garage O lot none Basement: condominium Type: 1972 Age: good Furniture: No. of Rooms: 2 No. of Bedrooms: 1 No. of Baths: 1 Price per Room: n/a Price per square foot: $297 Buyer: Langford Seller: Pingel Deed Book: 382 Page Number: 803 Verified by: broker The Lift One Condominiums are located two blocks southwest of the Comparison: subject property with similar proximity to downtown Aspen and ski lifts. Al- though condition , design and overall appeal of this unit are inferior to the subject, these features are partially offset by this unit's 1 bedroom utility and full kitchen facilities. These features result in a final positive adjust- ment of $7, 500. INDICATED VALUE OF SUBJECT BY COMPARISON $ 203,300 Sale 2 Distance from Subject: 2 blocks Date: December, 1979 Cooper Street Lofts Unit a 112 n/a Project: Lot k ._ Land Size: $185,000 +1%/mo $192,500 Price: _Time Adjustment: Current Value: 82 SF loft Carport living Area:642 SF + Deck 54 SF Garage r parking sp. Basement: none Type: condominium Age. 1976 Furniture good No. of Rooms: studio No. of Bedrooms: studio No. of Baths: 1 Price per Room: n/a Buyer: Britvar/Rermin Deed Book 381 Price per square f oo i : Seller: Page Number: 551 $3 00 Cooper Street Partners Verified by: broker Comparison: Sale 2 is a studio condominium unit located approximately 1 block west of the subject property.. Views from this unit are considered very comparable to the subject's garden -level unit. Its studio + loft utility is again very similar to the subject. However, condition, quality, design and overall appeal are much inferior to the subject, resulting in a final positive adjustment of _$3,000. INDICATED VALUE OF SUBJECT BY COMPARISON S 195,500 Sale # 3 Distance from Subject: 3 blocks Date: May, 1979 Project: Aspen Wild Unit 9 #201 Lott/ E.Land Size: n/a Price: $180, 500 — partial comm. no adj . Time Adjustment: +17*/mo Current Value:$198, 500 living Area: 740 SF balcony Carport E parking Deck: Garage El area 80 SF unf in. stor. Basement: Type: condominium Age: 1978 Furniture: average No. of Rooms: 2 No. of Bedrooms: studio No. of Baths: 1 Price per Room: n/a Price per square foot: $268 Buyer: Williams Seller: Reed er 369 Page 750 Verified seller Deed Book: g y: Comparison: Sale 3, our oldest sale, is most similar to the subject in terms of size and overall appeal. Its location approximately 2 blocks west of the subject property is again, very comparable in terms of accessibility of the downtown area. Inferior condition, project amenities and overall appeal of this unit are partially offset by this unit's full kitchen facilities. our analysis results in a final positive adjustment of $7,500. INDICATED VALUE OF SUBJECT BY COMPARISON S 206, 000 SUMMARY —MARKET DATA APPROACH TO VALUE IN Sale Sale M 4 Aspen Square Project: Price: $190, 000 Living Area: 494 SF Type: condominium No. of Rooms: studio Price per Room: n/a Distance from Subject : 5 blocks U x Date: February, 1980 U.C. n Lot* - #418 Land Size: n/a Time Adjustment: Deck: balcony none Current Value: $190,000 Carport Garage F. underground Basement: none Age- 1968 Furniture: good No. of Bedrooms s tud io Price per square foot : _ No. of Baths: 1 $389 Buyer: not disclosed Seller. Schottland DeedBook:under contract Page Number: under contract Verifiedby: seller/broker Com arson: Sale 4 is the most recent sale of an Aspen Square studio unit. This uni� is a top floor corner unit facing south, superior in views to the subject. This view, along with this unit's full kitchen are superior features which are more than offset by its smaller size, studio utility and inferior design and overall appeal. INDICATED VALUE OF SUBJECT BY COMPARISON g 201,000 Sale N 5 Distance from Subject: 8 blocks Date: March, 1980 U.C. Project:Sunrise UniLotht 91 #5 Land Size: n/a Price: $175,000 Time Adjustment: none _ Current Value: $175,000 Carport C Living Area: 992 SF Deck: balcony Garage Gparking area Basement: none Type: condominium Age: 1977 Furniture: none No. of Rooms: 2 No. of Bedrooms: 1 No. of Baths: 1 Price per Room: n/a Price per square foot: $219 Buyer: not available Seller: not available Deed Book: under contract Page Number: under contract Verifiedby: broker Comparison: Sale 5 is our most recent sale. This unit is larger in size than the subject property and enjoys superior 1 bedroom utility. However, its location and proximity to downtown Aspen as well as its design and overall appeal are inferior features. Our analysis results in a final positive adjustment of $9,000. INDICATED VALUE OF SUBJECT BY COMPARISON $_184,000 SUMMARY —MARKET DATA APPROACH TO VALUE Date Price Adjusted Price (Time) Price/SF 1 1/80 $195,800 $195,800 $297/SF 2 12/79 $185,000 $192,500 $300/SF 3 5/79 $180,500 $198,500 $268/SF 4 2/80 U.C. $190,000 $190,000 $385/SF 5 3/80 U.C. $175,000 $175,000 $219/SF See Attached Comments. Indicated Value of Subject $203,300 $195,500 $206,000 $201,000 $184,000 INDICATED VALUE BY MARKET DATA APPROACH $ 190,000 garden level $200,000 2nd level $235,000 top level CONCLUSION AND CORRELATION Cost Approach to Value Market Data Approach to Value See Attached for Final Reconciliation, $4,100,000: 21 units=S 195,000/unit $4,340,000: 21 units =s 207,000/unit 1st Level = $190,000 2nd Level = $200,000 3rd Level = $235,000 As a result of my appraisal and analysis, it is my opinion that the Fair Market Value of the subject property, as a whole, in its present condition, asof April 15, 1980 is: 1st Level: 7 units @ $190,000 = $1,330,000 2nd Level: 8 units @ $200,000 = 1,600,000 3rd Level: 6 units @ $235,000 = 1,410,000 TOTAL: $4,340,000 NOTE: This valuation is contingent upon completion of the subject in very good quality workmanship and materials and in conformance to the plans and specifications outlined to us. It is also contingent upon successful condo- miniumization of the proposed 21 units. April 15, 1980 Date J mes J. of ' a, R.M. Aspen, rado and Gold Associate Appraiser c 1 A e 0 r en h s q d f 1 e ng e a , r e h n n of la so t o A di 1 th Market Data Analysis: The five sales represent the most recent transa tions of comparable Aspen studio and 1 bedroom condominiums. In our opinion, al are generally comparable to the subject in their appeal to the tourist market. s your appraisers have noted, our five comparable sales have been adjusted to a typical ground -level unit in the subject complex. The teneral range in valu indicated by the adjustment of our comparable sales is from $184,000 to $206,0 0. Prices per square foot range from approximately $219/SF to a high of $385/SF In addition to the sales in- cluded in our analysis, the reader is also ref e red to the addendum section of this report for additional sales and other curr t listings. In our analysis, your appraisers have examined t e subject units both on a per unit basis as well as through a per square foot analy is. Of our comparable sales, Sale 2 (Cooper Street Lofts) and Sale 4 (Aspen S uare) should be accorded primary emphasis in our final analysis. As we have note , the condition, design, size and overall appeal of the Cooper Street Lofts are in erior to the subject. These features are partially offset by this unit's ful kitchen. We note that there is currently 1 unit in the Cooper Street Lofts list d for sale at $210,000. This unit was listed just after the sales of Units #2 and #5 at $185,000 in the fall of 1979. This lack of market activity causes us to regard this unit's list price of $210,000 as firmly establishing the upper ra e in value for the subject property. The sale of Aspen Square #418 at $190,000 repres nts the most recent transaction in the complex. Inferior condition and overall ppeal of this unit is offset by this unit's unobstructed views of Aspen Mountainsuperior to the subject's ground - level units. Complex amenities including underg ound parking, pool and jacuzzi area, and on -site management are very comparable to the subject's amenities. There are currently ten Aspen Square condominiums list d for sale at prices ranging from $189,000 for a 2nd floor south -facing unit to a igh of $230,000 for a top floor south -facing unit. Most of these units have beelisted for sale for at least 8 months, indicative of the general slowdown of codominium activity over that period of time. Of particular interest are the sales units #412 and #416 at $200,000 and $215,000, respectively. These units were p ced under contract during the first half of 1979 and closed during the fall of 1979. Their locations in the com- plex are very similar to unit #418, top floor, uth-facing unit. However, the sale of unit #418 at $190,000 would indicate thaprices paid during the first half of 1979 may have been over -inflated due to limitd supply of competing units available for sale. This phenomenon is not unique to the spen Square condominiums but has been experienced in other Aspen condominium profe cts as well. In our analysis, we have also considered the wide variety of stu o and 1 bedroom units now listed for sale. There are currently 32 1 bedroom and 8 studio units listed at prices ranging from a low of $162,500 to $250,000. Al ough these units are, in most cases, much inferior to the subject in terms of overall desirability, location, and appeal to the tourist market, their availability as alternatives to a buyer prevent Market Data Analysis - cont'd your appraisers from selecting a value for the subject property from the upper range established by our market data. Rather, this large supply along with the general sluggishness in the Aspen real estate market primarily due to the limited supply of mortgage financing and high interest rates being paid, more properly direct your appraisers to the lower range in value established by our sales. In conclusion, the subject ground -floor units should be very marketable at $190,000 per unit. At an allocated sale price of $190,000, a price per square foot of $244 is indicated. This price per square foot also falls nearer the lower range of value established by our comparable sales. In attempting to value the subject's 2nd and top floor units, your appraisers have looked not only to indications of value from our adjusted comparable sales, but have again looked to the availability of competitive units now available for sale. From our analysis, a premium of $10,000 is indicated for the added elevation and superior views of the subject's 2nd-level units. It has been characteristic in the real estate market that added elevation tends to sell for increased prices per square foot and higher sale prices. An exact determination of this view premium is very difficult to determine. However, as all of our comparable sales have been adjusted to the subject's ground -level unit, with inferior views, your appraisers are directed nearer the upper range established by our five comparable sales. In our valuation of our subject's top -floor units, a per square foot analysis was given most weight. The general range in per square foot values of those sales included in our analysis, as well as the additional sales included in the addendum section of this report, indicate a general range in value of $167/SF to $435/SF. This wide range is due to differences in quality, location, unit size and overall desirability of the comparable sales. Although the Aspen Square is very comparable to the subject in terms of overall appeal to the tourist market, their much smaller size at $494/SF would cause us to give their per square foot indications of value least weight in our final analysis. It has been characteristic in the real estate market that smaller units tend to sell for higher prices per square foot. Conversely, units of larger size would sell for a lesser price per square foot. The range indi- cated by our most comparable sales is from $219/SF to $300/SF. These units are again, much inferior to the subject in terms of their design, special features and overall appeal. Top floor units in the subject complex will enjoy unobstructed views of Aspen Mountain. In addition, they will enjoy the added privacy of a top - floor location with some special unit features,including a large skylight over the jacuzzi area. These factors, in our opinion, serve to direct your appraisers to the upper range established by our most comparable sales, say, $235,000 or $301/SF. Final Reconciliation: The Cost Approach is a useful guide to value. It is based upon recent land sales of comparable Commercial Core -zoned land as well as reproduction cost data from other new projects being developed in the Aspen area. However, the scarcity of available building sites as an alternative to a buyer would cause to undermine the validity of this approach. Additionally, the inherent time delays and extensive regulations with the development of a multi -family project in the Aspen area under the Growth Management Plan, may indicate that 20% developer's overhead and profit is not fully indicative of those risks. Under the Growth Management Plan, there have not been many multi -family complexes developed. Therefore, a true market- record is not yet available as to acceptable developer's profit. For these reasons, we feel our cost analysis should be given secondary emphasis. Cost estimates cannot be considered fully reliable until further market activity deter- mines an accurate indication of the overhead, profit and risk percentage necessary to motivate developers of multi -family projects in Aspen. The Market Data Approach to Value is very well supported by a very large number of condominium sales comparable to the subject in utility, size, location and overall appeal to the tourist market. In our opinion, this approach most accurately reflects the actions of buyers and sellers of multi -family condominiums. Therefore, in the final analysis we have given this approach primary emphasis. Conclusion: In our opinion, the Current Market Value of the subject property, completed in the high quality and specifications outlined to us, as of April 15, 1980 is as follows: lst Level: 7 units @ $190,000 ea.= $1,330,000 2nd Level: 8 units @ $200,000 ea.= 1,600,000 3rd Level: 6 units @ $235,000 ea.= 1,410,000 TOTAL: $4,340,000 OR an average price per unit of: $ 207,000 71 _`{ i r`�,� (� I �� ' .� ', 0 �tl If al ' ,� ;� _�. � �•�_•,� t:.. Vic. ' +�, .�.�.'�; t t 1 `� ,� rye �- _ �H L.. 11 All, �/� ��` - -- _ ... e� ��' '' C.��:�.r'r�N u Ppr 1 LEVEL UNIT 780 Sq FT` Alf2 LOGt< I SKl E,K} ibfiNGH ! ' " - t •'" �� In tt I FI¢ELd000 ! � — r • 1. _ • �. •�aduuu CCkrVG4 'FIREQLACG / \f y PA-r! o 1 f —j - tJET LI`JI>`1C, ' I BAR GROUND LEVEL UNL`� 750 5Q F-C T . - 9S3ffi+�3'�Yi'�iR:rt..^�''-941i11i��'+lfa.�-a ' _ -, .-� _ .� .• ��. YR�`.i�'.��?'tax�. ram, :• . - _ .: +�',�A ._ d Current Listings of Comparable Units ASDen Square Condominiums Utility Unit Square Foot Price Studio - 1 Bath # 202 494 $225,000 Studio - 1 Bath # 420 494 $215,000 Studio - 1 Bath # 203 494 $222,000 Studio - 1 Bath # 407 494 $225,000 Studio - 1 Bath # 422 494 $230,000 Studio - 1 Bath # 205 494 $195,000 Studio - 1 Bath # 207 494 $205,000 Studio - 1 Bath # 324 494 $205,000 Studio - 1 Bath # 216 494 $189,000 Studio - 1 Bath # 409 494 $225,000 Aspen Main Condominiums Studio - 1 Bath # 301 600 $162,500 (Plus large storage area) Aspen Wild Condominiums 1 Bedroom - 1 Bath # 202 740 $240,000 Cooper Street Lofts Studio - 1 Bedroom # 642 $210,000 Centennial Park Condominiums 1 Bedroom - 2 Baths # 201 (6 month rental restriction) Columbine Condominiums 1 Bedroom - 1 Bath # 4 1 Bedroom - 1 Bath # 3 210 Cooper Street , 1 Bedroom - 1 Bath # 1-E Durant Condominiums 1 Bedroom - 2 Baths #10-C Lift One Condominiums 1 Bedroom - 1 Bath # 104 Little Nell Condominiums Midland Condominiums 1 Bedroom - 1 Bath # 8 1 Bedroom - 1 Bath # 9 930 $179,000 968 $225,000 968 $200,000 690 $180,000 750 $175,000 700 $210,000 554 $185,000 596 $225,000 596 $200,000 Price/SF $455 $435 $449 $455 $466 $395 $415 $415 $ 383 $455 $271 $324 $ 344 $192 $232 $207 $261 $233 $ 300 $334 $378 $336 North of Nell Condominiums 1 Bedroom - 1 Bath # 3-K Sunrise Condominiums 1 Bedroom - 1 Bath # 7 Timber Ridge Condominiums 1 Bedroom - 1 Bath # 3-F Additional Sales of Comparable Aspen Square Condominiums Unit Date Utility 850 992 722 Units Square Foot $250,000 $189,000 $195,000 Price $294 $191 $270 Price/SF # 416 10/79 Studio 494 $215,000 $435 # 412 9/79 Studio 494 $200,000 $405 # 204 10/79 Studio 494 $185,000 $374 Aspen Main Condominiums # 201 8/79 UC Studio 600 $135,000 $225 Cooper Street Lofts # 5 12/79 Studio 642 $185,000 $288 Centennial Park Condominiums # 103 12/79 1 Bedroom 930 $155,000 $167 Lift One Condominiums # 101 6/79 1 Bedroom 700 $177,300 $253 Little Nell Condominiums # 2 5/79 1 Bedroom 554 $188,000 $339 PHOTOGRAPHS OF SUBJECT View of subject property looking southeast. rwi s- View south from subject property overlooking Wagner Park and Aspen Mountain. View east along Hyman Avenue. PHOTOGRAPHS OF SUBJECT w A 7w ML Iw -*AMON 7 Sale #1 Lift One Condominiums. Sale #2 Cooper Street Lofts. Sale #3 - Aspen Wild Condominiums. PHOTOGRAPHS OF SUBJECT Sale #4 - Aspen Square Condominiums Sale #5 - Sunrise Condominiums. pqR �❑ 4 MIDLgND = K CiRC $ CE PARK CLEVELAND • i rn :'WEST EN ....... • ■ ■ ■ N • ORIGINAL . m .. SPRING ............� m m Q m HUNTER cl QALF i rn Z / :n • W MONARCH ❑ ❑ NA • • ASPEN o awz UOO .....:...... ❑❑ GARMISCH ............. ■ h oo 0 FIRST 111 ❑❑ ❑ 0 T 4 �Ji7 EFF]D 1D�[�'DIED M; L �'F THIRD FOURTH ❑ aw❑ ❑❑�❑ LL = �z_ B ❑❑ Z Z Q ED E W Y N = EI a J W Z a \J zZ V% ¢ _ _ � SIXTH E ED I D DD: ■ H D 1� 1�1 • SEVENTH • V EIGH ED EPTH DEFINITION OF MARKET VALUE: The highest price in terms of money which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in cash or its equivalent; (5) financing, if any, is on terms generally available in the community at the specified date and typical for the property type in its locale; (6) the price represents a normal consideration for the property sold unaffected by special financing amounts and/or terms, services, fees, costs, or credits incurred in the transaction. ("Real Estate Appraisal Terminology," published 1975.) CERTIFICATION AND STATEMENT OF LIMITING CONDITIONS CERTIFICATION: The Appraiser certifies and agrees that: 1. The Appraiser has no present or contemplated future interest in the property appraised; and neither the employment to make the appraisal, nor the compensation for it, is contingent upon the appraised value of the property. 2. The Appraiser has no personal interest in or bias with respect to the subject matter of the appraisal report or the partici- pants to the sale. The "Estimate of Market Value" in the appraisal report is not based in whole or in part upon the race, color, or national origin of the prospective owners or occupants of the property appraised, or upon the race, color or national origin of the present owners or occupants of the properties in the vicinity of the property appraised. 3. The Appraiser has personally inspected the property, both inside and out, and has made an exterior inspection of all comparable sales listed in the report. To the best of the Appraiser's knowledge and belief, all statements and information in this report are true and correct, and the Appraiser has not knowingly withheld any significant information. 4. All contingent and limiting conditions are contained herein (imposed by the terms of the assignment or by the under- signed affecting the analyses, opinions, and conclusions contained in the report). 5. This appraisal report has been made in conformity with and is subject to the requirements of the Code of Professional Ethics and Standards of Professional Conduct of the appraisal organizations with which the Appraiser is affiliated. 6. All conclusions and opinions concerning the real estate that are set forth in the appraisal report were prepared by the Appraiser whose signature appears on the appraisal report, unless indicated as "Review Appraiser." No change of any item in the appraisal report shall be made by anyone other than the Appraiser, and the Appraiser shall have no responsibility for any such unauthorized change. CONTINGENT AND LIMITING CONDITIONS: The certification of the Appraiser appearing in the appraisal report is subject to the following conditions and to such other specific and limiting conditions as are set forth by the Appraiser in the report. 1. The Appraiser assumes no responsibility for matters of a legal nature affecting the property appraised or the title there- to, nor does the Appraiser render any opinion as to the title, which is assumed to be good and marketable. The property is appraised as though under responsible ownership. 2. Any sketch in the report may show approximate dimensions and is included to assist the reader in visualizing the prop- erty. The Appraiser has made no survey of the property. 3. The Appraiser is not required to give testimony or appear in court because of having made the appraisal with reference to the property in question, unless arrangements have been previously made therefor. 4. Any distribution of the valuation in the report between land and improvements applies only under the existing program of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. 5. The Appraiser assumes that there are no hidden or unapparent conditions of the property, subsoil, or structures, which would render it more or less valuable. The Appraiser assumes no responsibility for such conditions, or for engineering which might be required to discover such factors. 6. Information, estimates, and opinions furnished to the Appraiser, and contained in the report, were obtained from sources considered reliable and believed to be true and correct. However, no responsibility for accuracy of such items furnished the Appraiser can be assumed by the Appraiser. 7. Disclosure of the contents of the appraisal report is governed by the Bylaws and Regulations of the professional appraisal organizations with which the Appraiser is affiliated. 8. Neither all, nor any part of the content of the report, or copy thereof (including conclusions as to the property value, the identity of the Appraiser, professional designations, reference to any professional appraisal organizations, or the firm with which the Appraiser is connected), shall be used for any purposes by anyone but the client specified in the report, the borrower if appraisal fee paid by same, the mortgagee or its successors and assigns, mortgage insurers, consultants, professional appraisal organizations, any state or federally approved financial institution, any department, agency, or instrumentality of the United States or any state or the District of Columbia, without the previous written consent of the Appraiser; nor shall it be conveyed by anyone to the public through advertising, public relations, news, sales, or other media, without the written consent and approval of the Appraiser. 9. On all appraisals, subject to satisfactory completion, repairs, or alterations, the appraisal report and value conclusion are contingent upon completion of the improvements in a workmanlike manner. Date: . .. . .. . . . . . . Appraiser(s) :. . rMLMC rORM 439 RKV. 10/78 MA FORM V4��V.0/78 F�X 1--5ri �4 6e -r KAN .5 rd: e P, Ivf A,�� W ""- M� N44IN59- rM�-Q'K. LLJ F. 01- -- - -- ------ rr .W-rjjr emi -Mw.. IRAW (e7 &NL-).o C&#4.!!5rrz-�-fe>w pF-5ww N 0 A R, I>rI V4AL Oul r-.)(I S11 t4 ( ', ,:51 Of: k4w�- 64 v> 'Oe Z prospector -landscaping plan K&E 19 1154 81552 1-: A ' I0 GUTTER CURB 0 O W O 0 W 0.4 0 47 N /D"UJ 11 W 12U$2 ALLEY - BLOCK 82 O 4 8 16 24 32 40 SCALE: 1/8„ = 1 ' O„ BASIS OF BEARING : X` IN CONC. N E CORNER BLOCK 76 TO CITY MONUMENT NW CORNER BLOCK 76. SURVEYOR'S CERTIFICATE 1, JAMES F. RESER, HEREBY CERTIFY THAT IN AUGUST 1382 AND JUNE M83, A SURVEY WAS PERFORMED UNDER MY DIRECTION ANDSUPER- VISION OF LOTS A, B, C, AND 0, BLOCK 82, CITY OF ASPEN, PITKIN COUNTY, COLORADO. THE THREE STORY MASONRY AND WOOD BUILDING WAS FOUND TO BE LOCATED AS SHOWN HEREON. THE LOCATION AND DIMENSION5 OF ALL BUILDINGS, IMPROVEMENTS, EASEMENTS, RIGHTS -OFF- WAY IN EVIDENCE OR KNOWN TO ME AND ENCROACHMENTS BY OR ON THESE PREMISES ARE ACCURATELY SHOWN. ALPINE SURVEYS BY : - 3fCME5 F RESER JUNE7§., IJB3. ` L.5. 51154. NOTICE. According Colorado law you must commence any legal action Alpine Surveys Surveyed AUGUST 1982 , JUNE 1383. Revisions based upon any defectct in this survey within six years after you first discover suchdefect. In no event may any action based upon any defect in this survey Drafted ., 1983 be commenced more than ten years from the date of the certification shown Post Office Box 1730 JUNE 24 TH hereon. Aspen, Colorado 81611 303 925 2688 Me PROSPECTOR LODGE IMPROVEMENT SURVEY Job No 82_93-2 Client KAUFMAN BASEMENT !2 I 10.g5 124 11.1 n 11.05 0 o � 045 M UNIT 1 UNIT 2 UNIT 3 2.0 1 I� �t- 2.0 °) 14 2- 245 71 70 ZI -5-- --5 70 O 14.0 - 14.2 _H 23 2'. 1 e� 2 O 10.25 40 104E 1.5 24 q7 r-- n 2 0 11.0E -ee 10.9E m r` S S T-� R3 UNIT (o � UNIT 7 N 71 5-- - 5 71 �-- ---/42 70 5-- - 0 zo 142 2.3 3 3) 102 72 c12,45 1 ST FLOOR Alpine Surveys Post Office Box 1730 Aspen, Colorado 81611 303 925 2688 Surveyed Drafted Revisions 110 UNIT ICo UNIT 17 N T� 00 ILI 2.0 245 705 5 i .� 70 5 70 142 - 14.1E u� r ,� 1LI L0 IOgS I1.�5 SJ C N UNIT 10 UNIT 14 UNIT ZO L a -- P V. 22.25• .�,� O .� 5 - + 5 ZO - 70 14.15 14 v tF m 225 2 2 335, 3�5 2.4 , Z3 1Q121.:5 32- .335 101E 2.1 21 10f= i3f�LGC17 f FLOOR I7 O�1 [24 a3 I10 111 H11.I 11.0 G 4? X. UNIT 10 UNIT 11, UNIT 12 UNIT 1-:5UNIT 8 UNIT 9 UNIT 14 UNIT 15 70 s 5 70 5 5 70 2.0 70 - 7p 7 2.4 142- - 14.2- 70 s 70 r - 70 7G J- n H- •t 70 s l L_ s o 14.1 1415 3 + 70 70 _ 415 v _ 2'25 .25 225 22 ck -9� 335 335 g2 �f - 1�2 1015 1.7 1.7 2.15 2.4 102 3.4 ; '33 225 2.25 10.1E 1.� I� 103 335 3.3 O 1.7 10.1,517E q.�r - - �` t" 15A;_CONY ND FLOOR Title r Job No Client 3 KV P"L. F.LEV. - 7924.2 2 N51 FL. ELEV < 7q15.75 I51 i-L. ELEV - 710735_ NOTICE According to Colorado law you must c6mmeno, any,g, based upon any defect in this survey within six years alter you hrst r]isc�vr=i such defect In no event may anyaction based upon any drfnr u)this sur��y I'. In more than ten years Irom the oate of the rerh hCation shiiw �, hereon. i Ij WEST ELEVATION II �� I IF - - NORTH ELEVATION I I— '�L v. v. IICYIJI VI IJ Post Office Box 1730 Drafted C'l� Aspen, Colorado 81611 303 925 2688 7 HIMNEY ELEV. = ELEV iZ (-F F-LEV = 7,153.0 r - PPEK LEVEL. ELEV = 7g267.9 Z r' LEVEL ELEV = 79171 �_— ivr C-'r Wil,�.L L-Li v 7942.8 4 � -COP 7F 1?---r— ELEV _JUF Of F'? F ELEV = 79330 I - 3KP FL. EL>=V. = 7RZ4.2.