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HomeMy WebLinkAboutlanduse case.ts.232 E Hyman Ave.TS-1985-1is-1485� J Pow mountain Lodge Resubdivisiop Timeshare sc)p,-I,jv eb ri IT THEODORE L. MULAh & ASSOCIATES 1211—eei9Pacific Avenue'*)1 ASPEN, COLORADO 81611 (303) 925-3365 • �.ri Jae_ , i ' ., �� -- �.7 WE ARE SENDING YOU `< Attached ❑ Under separate cover via ❑ Shop drawings ❑ Copy of letter [LIE-T-To of ummm -T-nu ATTENTI W Prints ❑ Plans ❑ Samples ❑ Change order ❑ JOB the following items: ❑ Specifications COPIES DATE NO. DESCRIPTION - - ao z a - f*w #rL= P.4M 29A 5•19-91 .41• A.P17U 2gM 25J1.81 44.3 , SMS. WM 04 PLAW 2v. M-s).2 Angirp THESE ARE TRANSMITTED as checked below: V .. gQ For your use ❑ As requested For review and comment ❑ FOR BIDS DUE Returned for corrections F' ❑ Resubmit copies for approval ❑ Submit copies for distribution ❑ Return corrected prints 19 ❑ PRINTS RETURNED AFTER LOAN TO US COPY TO! 2W-1`' WWA1M WMZQ_ SIGNED: TA!�!k PRODUCT 240J Neiis IK, Gram, MM 01411 If enclosures are not as noted, kindly notify us at once. 0 SHADOW MOUNTAIN REAL February 26. 1985 Aspen Planning Department 130 South Galena Aspen, Colorado 81611 Colette Penne, TY We have been marketing the Shadow Mountain Lodge since November 1984. We are at present 25% sold out. We have discovered that our prospective purchasers like the FRACTIONAL/FEEtm concept, however many desire one bedroom units. To respond to the skiing public's needs. we propose that we convert some of our units into one bedroom units. To summarize the reasons for these changes, and the reasons they should be approved, we submit the following: 1. We, in Aspen. must respond to the skiing publics needs by giving them the type of accommdations they want. 2. The conversion of the units is also consistant with the wishes of the city council. It is felt that the city council prefers one bedroom units in this neighborhood. 3. The proposed one -bedroom units will upgrade the neighborhood. 4. The proposed one -bedroom units will reduce the parking and traffic impact on the neighborhood. 5. The proposed one -bedroom units will allow 2 unmarried people to enjoy their Aspen vacations more. 6. The impact and use of these units will remain the same or will be less than the current studios. 7. Two of the kitchens in the lodge will be removed. If you review the floor plans proposed by Ted Mularz (while keeping in mind that this is what our tourists want), we are confident that this proposed conversion will be approved in a timely manner. Your prompt attention to this matter is very much appreciated. Resp tfully Submittecj ' 01 William H. Venner Boone Schweitzer SHADOW MOUNTAIN REALTY. INC. cc: Hecht. Mitchell, Mularz. Harn, and Schilling 232 VEST HYMAN AVENUE • ASPEN, COLORAUO 81611 • 303/925-8207 ALDA /NTC �ikocordc-d at- r ^f Reception NO. _.. � � � ��`�. ��. Recorder DECLARATION OF COVENANTS, RESTRICTIONS AND CONDITIONS FOR SHADOW MOUNTAIN LODGE AT ASPEN TIME SHARE UNITS Shadow Mountain Equities, Inc. (hereinafter "Covenantor"), for itself and its heirs, personal representatives, successors and assigns, in consideration for the granting of the time share subdivision approval, all with respect to the following described property, hereby covenants with the City of Aspen, County of Pitkin, Colorado, to restrict Condominium Units 13 and 14, and hereby does restrict said Units as follows: 1. Covenantor represents that it is the record title owner of the following described property, together with the improvements, located thereon: Lots K, L. M and N, Block 53, City and Townsite of Aspen, County of Pitkin, State of Colorado also known as Shadow Mountain Lodge at Aspen, Aspen, Colorado 81611. 2. The two (2) dwelling units located on the above -described property and described as Condominium Units 13 and 14, shall and hereby are restricted solely to use as "employee housing" as now described in Section 24-11.4(b)(4) of the Municipal Code of the City of Aspen, or as it may be amended, and to rental and sale terms and prices, qualifications guidelines, and to occupancy limitations within "low income" employee eligibility guidelines now established by the City Council of the City of Aspen, or as such guidelines may from time -to -time be amended by the City Council. The City or its designee shall verify the qualifications of any tenant or owner, prior to and as a condition of occupancy or transfer of ownership. 3. The sale of any of the dwelling units located on the above -described property shall be in strict compliance with the provisions of Section 20-22(a), Aspen Municipal Code, as amended. 4. In the event that any municipal improvement or improvements of any kind contemplated in Section 20-16 of the �U'JT Ytl 0 fAGE V JJ Municipal Code of the City of Aspen, as amended, become, in the sole judgment or discretion of the City Council of the City of Aspen, necessary or desirable to the area of the above -described units, Covenantor will make no objection to any special assessment or special or proceeding therefor on the basis that the premises will not be served or benefitted by the improvement or improvements proposed. Coventor further agrees to join, upon demand therefor by the City, any improvement district formed for construction of such improvements (including, without limitation, drainage, underground utilities, paving, planting, curbs, gutters, sidewalks, street lights, etc.) in the area of the above -described units or to reimburse the City of Aspen directly upon demand therefor if the City should choose to construct these improvements without the formation of such a district. 5. The covenants contained herein shall run with the land and shall be binding on all parties having any rights, title or interest in the above -described property or any part thereof, and their heirs, representatives, successors and assigns, for the period of life of the longest -lived member of the presently constituted Aspen City Council plus twenty-one (21) years, or for a period of fifty (50) years, whichever period is less, from the date these covenants are recorded. 6. None of the covenants contained herein shall be released, modified or waived in any respect the period they are binding without the prior written consent of the City of Aspen reflected by Resolution of the City Council of the City of Aspen. IN WITNESS WHEREOF, this declaration has been duly executed this / / .tk day of 1984. SHADOW MOUNTAIN EQUITIES, IW . By / Raym6hd A. Harn, Presiden - 2 - NOTARIZATION TO DECLARATION OF COVENANTS, RESTRICTIONS AND CONDITIONS FOR SHADOW MOUNTAIN LODGE AT ASPEN TIME SHARE UNITS STATE OF 1z /_ 1,vo/-S ) ) ss. COUNTY OF s 7 E�.�Fti s a J ) The foregoing instrument was acknowledged before me this /1 r4. day of C"'�-.�/�t',A,-' 1984, by Shadow Mountain Equities, Inc. by its President, Raymond A. Harn. WITNESS my hand and official seal. ......, My commission expires: _ /; = ,n Notar Public =�' �Lp1 Address: s - 3 - _ 1 � I � U o a H �a w -0- OA� z �o Q a fx WHW � UU Q W zoo 1 ?O��t 445 , PAEuS'� o � Cr fV RECORDING REQUESTED BY: c��, 0 _M CT)m RECORD AND RETURN TO: W ANDREW V. HECHT, ESQ. __ a GARFIELD & HECHT, P.C. m a 601 E. Hyman Avenue � o i C? Aspen, CO 81611 ;)a m o= Cf: m L m ;1D DISCLOSURE STATEMENT This Disclosure Statement is promulgated pursuant to the requisites of Section 20-24 of the Municipal Code of the City of Aspen (the "Ordinance"). 1. (a) Developer's name and address: Name: Shadow Mountain Equities, Inc. Address: 232 W. Hyman Avenue Aspen, CO 81611 Phone: 925-8207 See attached Exhibit "A" for Developer's business experience, background, experience in timesharing, resume references and present financial condition. (b) The plan manager is the marketing entity. (c) Names and addresses of the marketing entity: Name: William H. Venner, Broker Address: 0143 Lone Pine Road #737 Aspen, Colorado 81612 Phone: 303-925-5203 Name: Daniel S. Schweitzer Address: 071 Bunting Court Snowmass Village, Colorado 81615 Phone: 303-923-3292 There are no lawsuits pending or investigations that have been undertaken against either of the two above mentioned people. William H. Venner will be the listing broker. Mr. Venner has incorporated as Shadow Mountain Realty, Inc. Mr. Venner is the president of that corporation and Mr. Schweitzer is the vice-president. SUMMARY OF MARKETING ENTITY'S BUSINESS EXPERIENCE Mr. Venner began timesharing sales at The Colony in Virginia Beach, Virginia where he gained considerable experience in common timesharing. In the fall of 1978 he began sales at the Snowmass Inn Resort Club. Mr. Schweitzer began sales at the Snowmass Inn Resort Club in June of 1978. Mr. Venner and Mr. Schweitzer have been working together for the past five years after meeting at the Snowmass Inn. Between 1978 and 1980 the two were among the top salesmen at the Snowmass Inn, Pitkin County's first and only timeshare project. When this project was sold out, they were instrumental in conceiving and laying the ground work for the fee ownership 1/15 fractional estate concept. Because the Aspen ordinances did not regulate or provide for any type of timesharing, Venner and Schweitzer went to work at Timber Run Realty in Winter Park, Colorado in 1980. As founding and general partners at Timber Run, Mr. Schweitzer and Mr. Venner have become experienced in all phases of the fractional estate concept, including marketing, sales, office administration, advertisement copy, and real estate brokerage. In three years at Timber Run the two have personally sold 2/3 of the 1/15 fractional estates. However, as prices increased beyond the true real estate value of the units, Mr. Venner and Mr. Schweitzer terminated their involvement. Messrs. - 2 - • 'CIIF 4_1 3 FXl6 NU(- Venner and Schweitzer are enthusiastic only about selling real estate at a real value without any excessive profit to themselves or the developer. This is consistent with the intentions of the Applicant and developer. Personal references include: Leonard Lauder, President Estee Lauder Companies General Motors Building New York City, NY 10021 Authur M. Fisher, President Authur M. Fisher Associates 950 Fifth Avenue New York City, NY 10021 Richard Voelker, President Plaza Marketing, Inc. Woodcreek Plaza Crested Butte, CO 81225 C.M. Henkel, Esq. 711 Santa Monica Blvd. Corpus Christi, Texas 78411 Others may be furnished upon request. (d) The Shadow Mountain Lodge at Aspen (formerly known as the Coachlight Lodge and Condominiums) at 232 West Hyman Avenue was built in 1981 and is complete. The Lodge contains twelve free market units, eleven of which are studio units of approximately 350 square feet of living space together with a loft storage area and one three -bedroom unit of approximately 1,800 square feet. There are also two employee units of approximately 300 square feet each which are deed restricted to rental and sales price guidelines and occupancy limitations presented from time to time by the Aspen City Council for "low income employee housing", and an office area of approximately 250 - 3 - OOK 475 PAtiF W square feet. The basement is large and open with no apparent use except for storage. The construction is of reinforced concrete with brick columns and wood paneling on the exterior. The sidewalks are concrete, lighted and there is a handicap access ramp. Amenities include freestanding wood burning fireplaces and kitchenettes in the units. jacuzzi jets. There is an outside pool with Landscaping is complete with sod, flowers, aspen trees and sidewalks. No further upgrading is necessary because of the adequacy of the current improvements. (e) Fractional Estates consist of an undivided one -fifteenth (1/15) interest in and to a Condominium Unit at the Shadow Mountain Lodge at Aspen, according to the Condominium Map thereof recorded in Plat Book at Page together with the exclusive right to possession and occupancy of said Unit only during three (3) Use Weeks, said right to possession and occupancy beginning at 4:00 p.m. Rocky Mountain Time on the first day of each Use Week and ending at 10:00 a.m. Rocky Time on the last day of each Use Week as more fully defined and described in the Fractional Estate Condominium Decla ation for the Shadow Mountain Lodge at Aspen recorded "I / /1 in Book ) at Page l'?-) , County of Pitkin, State of Colorado. (f) The only constraint on a purchaser transferring his fractional estate unit is that the unit cannot be subdivided further. - 4 - • 0 3oox 475 PAGE864 (g) Each unit in the project is divided into fifteen (15) fractional estates. A fractional estate means a time span estate consisting of an undivided interest of not less than one -fifteenth (1/15), as tenant -in -common, in fee simple in a fractional unit, together with the right to possession and occupancy of the fractional unit during the use weeks assigned to the fractional estate in the Deed from Declarant to the purchaser. A fractional estate includes a minimum of three (3) use weeks per year in the owner's specific unit. A use week is a period of exclusive possession and occupancy of a fractional unit, computed in the manner set forth in the Declaration. The sum of the use weeks and maintenance weeks in a fractional unit dedicated to fractional estate ownership shall equal fifty-two (52) weeks. The owner's rights in the fractional unit include: use, occupancy or rental of the unit during his or her use weeks, subject to any governmental restrictions and the Declaration for the timeshare estate; the right to vote in the Association; and other rights more fully described in the By -Laws of the Association and Declaration as well as those incident to real property ownership. Owner responsibilities include payment of the assessments described in Article XII of the Declaration and compliance with the provisions of the Declaration and the Articles of Incorporation and By -Laws of Shadow Mountain Lodge At Aspen Fractional Owner's Association. (h) There are no liens, title defects or encumbrances that affect the marketability of title to the units. - 5 - DOM 415 m6t-863 (i) There are no pending or threatened legal actions affecting the property of which the Applicant has knowledge. (j) The purchaser's financial obligation will depend on the purchase price. The purchaser will be required to deposit at least a twenty percent (20%) downpayment for purchase. If the purchaser elects to finance the purchase he will be responsible to pay the market rate interest, recording fees, a credit report, and mortgagee's title insurance policy. Additionally, in connection with the purchase the purchaser will be required to pay the Aspen Real Estate Transfer Tax, the exchange fee if he elects to belong to the exchange service offered and other customary closing costs and prorations. (k) Estimate of the dues, maintenance fees, real property taxes, etc.: See Exhibit "B" attached hereto and incorporated herein by this reference. The actual budget will be established by the method provided for in the condominium declaration. The management/ assessment fees will be collected by the property manager on a semi annual basis by standard billing procedures. The fee paid from each owner will be divided according to the appropriate share that should go toward general operation, escrow for furniture, escrow for building reserve, and escrow for taxes. Charges for maid service will be billed separately by manager. (1) Description of available Financing: - 00►5 U5 FAGE 8450 20% down payment 13% annual percentage rate for a 5 year term 15% annual percentage rate for a 7 year term Financing terms may change to reflect changes in the market rate. (m) The warranties will be that title is marketable and there are no limitations on such warranties nor on the enforcement thereof or damages for any breach. (n) All downpayments or earnest money; deposits will be held in an escrow account established in accordance with Colorado Real Estate Commission guidelines with Stewart Title of Aspen, Inc. The deposits will not be used by the Applicant before closing. The depository will be a bank in Aspen, Colorado selected by Stewart Title of Aspen, Inc. The deposits will be held in escrow until the timeshare unit closes and the unit is available for occupancy or until the purchaser elects to have his earnest money refunded pursuant to the Escrow Agreement attached hereto as Exhibit "C". (o) There are no fees or charges to be paid by the fractional estate owners for the use of any of the facilities on the property other than the established fees and dues for maintenance. (p) The extent to which a timeshare unit may become subject to a tax of other lien from other owners of the same unit. Due to the separateness of the time span estate, no timeshare owner may put a lien on the unit as a whole. He may - 7 - BOOK 415' FAGESS 1 encumber his own time span estate (fractional estate). However, the Fractional Owners Association is responsible for paying property taxes on and maintenance of the entire condominium unit from the proceeds of an annual assessment. The association's failure to pay the taxes or failure to pay for maintenance work performed may result in a tax sale of the entire condominium unit. (q) All purchase contracts will include a ten (10) day right of rescission for any purchase. (r) Since the project is complete, the developer intends to sell all twelve (12) units as fractional estate units. (s) Maintenance of the timeshare units includes painting when necessary as determined by the board of directors, replacement of furniture and appliances as necessary, fixing of mechanical problems in the units as necessary, and in general upkeep of the unit in a manner expected of a high quality condominium project. If it becomes necessary for a mechanic to enter the unit during the use week of any fractional estate owner for repair or replacement of any fixture or chattel, the fractional estate owner grants an easement for that purpose. If it is at all possible to put off upkeep, repair or replacement of furniture or appliances until the designated off-season weeks set aside for that purpose, it will be done. Maintenance services for the unit are provided for in Article XI of the Declaration. In addition to the routine maintenance services provided, a minimum of seven (7) weeks per year shall be set aside as maintenance weeks during which the Association will provide major =:M • �POK 475 FA9Et�5 �� maintenance, repair and replacement service to the unit. Four (4) of these seven (7) maintenance weeks will be used exclusively for maintenance with no rentals or other uses allowed. Of the seven (7) maintenance weeks, a minimum of two (2) will be designated in the fall and two (2) in the spring. Each maintenance week will be seven (7) consecutive days. (t) The purchaser will understand that the Colorado Eviction Law and Procedure involves a minimum of ten (10) days and that the purchaser's only effective remedy against another fractional owner who overstays his use week is the liquidated damage provision of the condominium declaration. This provision states that any fractional estate owner who overstays his use week will pay to the damaged party 200% the normal rental rate for the period he holds over. Failure to pay the fee will result in a lien being filed against the fractional estate of the defaulting party. Use of the fractional estate owned by the damaging party will be denied until the lien is cured. (u) Although Aspen has a nineteen week ski season, fifteen of these weeks are considered prime (the very best). These prime weeks are the basis of the deeded 1/15 fractional estate. The units are subdivided into fifteen separate fractional estates and each purchaser is given a general warranty deed as a tenant -in -common. The deed specifies ownership as a 1/15th undivided interest in the condominium and each purchaser is entitled to the exclusive use and enjoyment of that unit during three weeks each year. The selections, usually one week - 9 - • • JJ �eox 415 PAGE853 from each season (winter, summer/fringe ski, spring/fall) are made at the time of contract and are delineated in the deed. This creates an equality of ownership. The choices of weeks are made as available on a first come basis at the time of purchase. Each owner creates his own package by choosing one week from each season: Prime Ski, Summer/Fringe Ski and Spring/Fall. Choose One Choose Any One Choose Any One Prime Ski Summer/Fringe Ski Spring/Fall 51 14* 15 52 Christmas 25 June 20 May 1 January 26 21 2 27 July 22 3 28 23 June 4 29 24 5 February 30 39 6 31 40 October 7 32 41 8 33 42 9 March 34 43 10 35 46 November 11 36 September 47 (Thanks- giving) 12 37 48 13 38 49 December 50* * Exception: Purchasers of weeks 13 or 51 have first choice regarding 14 and 50 respectively. Week No. Date 1985 USE WEEK CALENDAR Week No. Date 1 January 5 27 July 6 2 January 12 28 July 13 3 January 19 29 July 20 4 January 26 30 July 27 5 February 2 31 August 3 6 February 9 32 August 10 7 February 16 33 August 17 8 February 23 34 August 24 9 March 2 35 August 31 10 March 9 36 September 7 11 March 16 37 September 14 - 10 - CJ • 'J)OOf( 1 F'A6E 12 March 23 38 September 21 13 March 30 39 September 28 14 April 6 40 October 5 15 April 13 41 October 12 16 April 20 42 October 19 17 April 27 43 October 26 18 May 4 44 November 2 19 May 11 45 November 9 20 May 18 46 November 16 21 May 25 47 November 23 22 June 1 48 November 30 23 June 8 49 December 7 24 June 15 50 December 14 25 June 22 51 December 21 26 June 29 52 December 28 25 YEAR USE WEEK CALENDAR See Exhibit "D" which is attached hereto and incorporated herein by this reference. Skiing opens on Aspen Mountain on Thanksgiving each year or as soon thereafter as the snow and weather is adequate. If the project is sold as described above, the off season will be sold along with the high season. (v) All units in the project will be available for the exchange program at the fractional owners discretion. (w) There are no unusual or material circumstances, features and characteristics of the property that would present a problem for condominium ownership. (x) The Fractional Owners Association will carry insurance for fire, damage, theft and liability on the property in amounts adequate to satisfy local and state requirements. (y) The amenities on site for recreational facilities which are available to the fractional owners and their guests are a swimming pool with jaccuzzi jets. All the amenities and the employee units will be owned by the homeowners association. CJ (z) All units in the project have kitchenettes except the three bedroom unit, which has a full kitchen. (aa) The eleven (11) studio units are permitted to house two (2) occupants at a time. The three (3) bedroom unit has an occupancy limit of eight (8). Any greater occupancy will be prohibited by the Fractional Estate Declaration. (bb) The managing agent shall be the owners' designated agent for service of process and legal notices to satisfy Colorado Statutes, Rules of Civil Procedure and applicable governmental regulations pertaining to legal notices relating to the timeshare interest. (cc) All fractional estate interests shall be subject to all requirements in the disclosure statement filed of record with Pitkin County Clerk and Recorder. 2(a) and (b) See Architect's letter of August 9, 1983 attached hereto as Exhibit "E". 2(c) There are no outstanding notices of uncured violations of building code or other municipal regulations. - 12 - • • ATTEST: COUNTY OF 019 415 SHADOW MOUNTAIN EQUITIES, INC. By, ss. The foregoing document was acknowledged to before me this &,l day of 4 1984 by Shadow Mountain Equities Inc. by C1. its and by its secretary. WITNESS my hand and official seal. My commission expires: -;z 9/Y6 J Notar Public Address: -13- • • EXHIBIT "A" 'TOK 415 5 PAGE8 3 DEVELOPER'S BUSINESS EXPERIENCE, BACKGROUND, EXPERIENCE IN TIMESHARING, RESUME REFERENCES, AND PRESENT FINANCIAL CONDITION. Name: Sole Shareholder -Raymond A. (Bud) Harn Resident Address: 1755 Woodside Kort Freeport, Illinois 61032 Business Address: Cheeseman Construction Co. P.O. Box 128 1840 S. Walnut Street Freeport, Illinois 61032 Age: 47 years Born: March 23, 1936 Canton, Illinois Occupation: Owner/Corporate President Cheeseman Construction Co. 1968 thru present Former Occupation: Owner Harn Construction Co. Polo, Illinois 1962 thru 1968 Former Occupation: General Superintendent H.E. Johnson Construction Canton, Illinois 1953 thru 1962 Family: Wife: Jean Three Sons: Kevin 20, Michael 22, Alan 24 Financial Reference: First National Bank Freeport, Illinois Contact: H. L. Fenton Polo National Bank Polo, Illinois Contact: Arlin Higgs E• w A O LO A W O CL, O C4 a w c� A 0 a z H H z O O 3 O A a� o -t O mC-moo ONMOOOC-O 0,00kn r1rlO 110 .H r- -ttnO 0 DMO O O trNO O C-- r- O rMm0 110 'C7 7 O 'O M 4 lc1 cn C l U� O O 00 00 cl C, .10 c'1 00 o r- +3 rl m U-% �O m 0 cn N -t �t ('�! \O 0 00 a` LCN cn 0000 cr, 00 O Q` .- C- .- '-m O Cv , cn 00 CV O Cal �- CV 1 r- r\ C- b4 to tAP Hsi t p# �b* O [� M \O M C\1 r- E 0C---to0 r-M000.-O O-t0r\ C- r1rl0 110 O cc\ 00 B O O W m O O O C- O O r O r\ r% o �O O` O C-- «1 O C4 O O U� lO lO O C.� cn r- r1 00 O .- v 'o .-C`r%�O r%O MC--t-t00 M m O v-NC`C- 0 0000 O \O --t 00 cn O C- N O CV \O a4 r- r- cal Vol m 0m 0 0 -tC,- OO 0 0%0 0\0O t- O .10 o -4Oocv,,O000vo u 0000, .O.Oo r\ o -H . . . . . . . . . . . . . . . . . . . . . . rn v, .o cn o o oo o cv Uo .a .a .- 0 00 �- a n 0 W O 00 -t.o C- � -t .- o � cv cv .- o% 0 0 N-tVNmChc-mcv-tv-t00 cr, 0.-r-rn r- rnCvO CV O r- C: .- r- r- M Cv rl O Cv Ch \O N _ 04 r- CVI M CC4 00 V- to t6* to ** M to* of WI z W a G4 O W E-. H 000000000000 0000 O O O O O r- o 0 0 0 0 0 0000 O--10-tm0N00000-t 0000 �tC-cvI'OCv--t0 UINw w 0m C- 0000 CT-tC-(ON --t(n-tc'1-t--tW r- -t0 c!1O r- r- 0� r- C, Cv W c0 to b4 c 14 ri CD O CD -r-I -H U CCd7 a a r -H rl 0. r-c U +3 43 fr +� Cd U � C]. � m \ 00 E-4 m .0 S" m m La m CD O ri U m GV W CD +r rl O D U cn C L. f-, A -H -4 of A c c \ w z O +% m ►-1 a 3 co m C)�d r- +3 -H L. m c z c m m c- 4 N -H L. O c 13 o m m v -H (d > +) r. m" m c -rl 0 +3 +1 N +3 P4 -H c N +31 O U w +3 m e-H .9 °v a i c'waa 0r. B �=`t E3 cd (b U m O Lr L. -d Q CD C', cc m 3 u) cam-roC -H o c-.ci °c o > c r- O -� >, N L. 3 O v" 4-)L. O m T m x N O N E ri m m C L cL c 0 U L. 6 -Hr-1 C] m m m cb L. O X z- 4 O O Cu a O / lC I Ey H C=. U W E• a] cL ems._ „S„ ZISIHX3 1�1 a F O E- al al N >• IWO m r-- WS C�O 4t r-- 00 c\l • EXHIBIT "C" nog I t STEWA,RT TITLE Cr ASPEN, INC 602 E HYMAN • ASPEN. COLORADO 61611 ESCROW AGREEMENT This Escrow Agreement is between. Stewart Title of Aspen, Inc. ("Stewart Title") and Shadow Mountain Equities, Inc. Reference is made to the Shadow Mountain Lodge At Aspen Purchase Agreement and Escrow Instructions ("Purchase Agreement") for the sale of Fractional Estates (i.e. time -span estates). For good and valuable considerations, Stewart Title hereby agrees to act as "Escrow" under the Purchase Agreement. As Escrow the duties of Stewart Title shall be limited as follows: 1. To hold earnest money deposits and at closing collect the balance of the purchase price as provided in the Purchase Agreement. 2. Upon payment of applicable premiums, to provide owner's title insurance and where required mortgagee insurance in accordance with Stewart Title's approved form of commitments and policies for the subject property. 3. Not to close on any Fractional Estate unless and until there is a Certificate of Occupancy for the particular Unit and all prior liens or encumherances have been released or discharged. 4. That any other conditions of the Purchase Agreement, brought to the attention of Stewart Title, will be satisfied prior to closing. 5. Stewart Title shall not be liable for any act it may do or omit to do hereunder while acting in good faith and in the exercise of its own best judgement. Stewart Title shall not be liable for the sufficiency, correctness or validity of any instruments deposited hereunder. IN WITNESS WHEREOF, the part' s have signed this Escrow Agreement this C./101 day of 984. SHADOW MOUNTAIN EQUZTIES, INS_'. STEWAR INC. • • EXHIBIT "D" geox 475 PAGEN'd TWENTY-FIVE YEAR TIME SHARING VACATION CALENDAR SATURDAY TO SATURDAY •QOH � �� FA6E� ! 0 Unit Week 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 1981 Jan. 3 - Jan. 10 Jan. 10 - Jan. 17 Jan. 17 - Jan. 24 Jan. 24 . Jan. 31 Jan. 31 - Feb. 7 Feb. 7 - Feb. 14 Feb. 14 - Feb. 21 Feb. 21 - Feb. 28 Feb. 28 . Mar. 7 Mar. 7 - Mar. 14 Mar. 14 - Mar. 21 Mar. 21 - Mar. 28 Mar. 28 - Apr. 4 Apr. 4 - Apr. 11 Apr. 11 - Apr. 18 Apr. 18 - Apr. 25 Apr. 25 - May 2 May 2-May 9 May 9-May 16 May 16 - May 23 May 23 - May 30 May 30 - June 6 June 6 - June 13 June 13 - June 20 June 20 . June 27 June 27 - July 4 July 4 - July 11 July 11 -July 18 July 18 - July 25 July 25 - Aug. 1 Aug. 1 - Aug. 8 Aug. 8- Aug. 15 Aug. 15 - Aug. 22 Aug. 22 . Aug. 29 Aug. 29 - Sep. 5 Sep. 5 - Sep. 12 Sep. 12 - Sep. 19 Sep. 19 - Sep. 26 Sep. 26 - Oct. 3 Oct. 3 - Oct. 10 Oct. 10 - Oct. 17 Oct. 17 - Oct. 24 Oct. 24 - Oct. 31 Oct. 31 - Nov. 7 Nov. 7 - Nov. 14 Nov. 14 . Nov. 21 Nov. 21 - Nov. 28 Nov. 2B - Dec. 5 Dec. 5 - Dec. 12 Dec. 12 - Dec. 19 Dec. 19 - Dec. 26 Dec. 26 - Jan. 2 CA-ENDAR YEAR 1982 Jan. 2 - Jan. 9 Jan. 9 - Jan. 16 Jan. 16 - Jan. 23 Jan. 23 • Jan. 30 Jan. 30 - Feb. 6 Feb. 6 - Feb. 13 Feb. 13 - Feb. 20 Feb. 20 - Feb. 27 Feb. 27 - Mar. 6 Mar. 6 - Mar. 13 Mar. 13 - Mar. 20 Mar. 20 - Mar. 27 Mar. 27 - Apr. 3 Apr. 3 - Apr. 10 Apr. 10 - Apr. 17 Apr. 17 - Apr. 24 Apr. 24 - May 1 May 1 - May 8 May 8 - May 15 May 15 - May 22 May 22 - May 29 May 29 - June 5 June 5 - June 12 June 12 - June 19 June 19 - June 26 June 26 - July 3 July 3 - July 10 July 10 - July 17 July 17 . July 24 July 24 - July 31 July 31 • Aug. 7 Aug. 7 - Aug. 14 Aug. 14 • Aug. 21 Aug. 21 . Aug. 28 Aug. 28 - Sep. 4 Sep. 4 - Sep. 11 Sep. 11 • Sep. 18 Sep. 18 • Sep. 25 Sep. 25 - Oct. 2 Oct. 2 - Oct. 9 Oct. 9 - Oct. 16 Oct. 16 - Oct. 23 Oct. 23 - Oct. 30 Oct. 30 - Nov. 6 Nov. 6 - Nov. 13 Nov. 13 - Nov. 20 Nov. 20 - Nov. 27 Nov. 27 - Dec. 4 1963 IJan. 1 - Jan. 8 Jan. B - Jan. 15 Jan. 15 - Jan. 22 I Jan. 22 - Jan. 29 I Jan. 29 - Feb. 5 Feb. 5 - Feb. 12 Feb. 12 - Feb. 19 Feb. 19 - Feb. 26 Feb. 26 - Mar. 5 Mar. 5 - Mar. 12 Mar. 12 - Mar. 19 Mar. 19 - Mar. 26 Mar. 26 - Apr. 2 1 Apr. 2 - Apr. 9 Apr. 9 - Apr. 16 Apr. 16 - Apr. 23 Dec. 4 - Dec. 11 Dec. 11 - Dec. 1 E Dec. 18 - Dec. 25 Dec. 25 - Jan. 1 Apr. 23 - Apr. 30 Apr. 30 - May 7 May 7 - May 14 May 14 - May 21 May 21 - May 28 May 28 - June 4 June 4 - June 11 June 11 - June 18 June 18 - June 25 June 25 - July 2 July 2 - July 9 July 9 - July 16 July 16 - July 23 July 23 - July 30 July 30 - Aug. 6 Aug. 6 - Aug. 13 Aug. 13 - Aug. 20 Aug. 20 - Aug. 27 Aug. 27 - Sep. 3 Sep. 3 - Sep. 10 Sep. 10 - Sep. 17 Sep. 17 - Sep. 24 Sep. 24 - Oct. 1 Oct. 1 - Oct. 8 Oct. 8 - Oct. 15 Oct. 15 - Oct. 22 Oct. 22 . Oct. 29 Oct. 29 - Nov. 5 Nov. 5 . Nov. 12 Nov. 12 - Nov. 19 Nov. 19 • Nov. 26 Nov. 26 Dec.3 Dec. 3 - Dec. 10 Dec. 10 - Dec. 17 Dec. 17 - Dec. 24 Dec. 24 - Dec. 31 Dec. 31 - Jan. 7 1984 Jan. 7 - Jan. 14 Jan. 14 - Jan. 21 Jan. 21 - Jan. 28 Jan. 28 - Feb. 4 Feb. 4 - Feb. 11 Feb. 11 - Feb. 18 Feb. 18 - Feb. 25 Feb. 25 - Mar. 3 Mar. 3 - Mar. 10 Mar. 10 - Mar. 17 Mar. 17 - Mar. 24 Mar. 24 - Mar. 31 Mar. 31 - Apr. 7 Apr. 7 - Apr. 14 Apr. 14 - Apr. 21 Apr. 21 - Apr. 28 Apr. 28 - May 5 May 5 - May 12 May 12 - May 19 May 19 - May 26 May 26 - June 2 June 2 - June 9 June 9 - June 16 June 16 - June 23 June 23 - June 30 June 30 - July 7 July 7 - July 14 July 14 . July 21 July 21 - July 28 July 28 - Aug. 4 Aug. 4 . Aug. 11 Aug.11 -Aug. 18 Aug. 18 - Aug. 25 Aug. 25 - Sep. 1 Sep. 1 - Sep. 8 Sep. 8 - Sep. 15 Sep. 15 - Sep. 22 Sep. 22 - Sep. 29 Sep. 29 - Oct. 6 Oct. 6 - Oct. 13 Oct. 13 - Oct. 20 Oct. 20 - Oct. 27 Oct. 27 - Nov. 3 Nov. 3 - Nov. 10 Nov. 10 - Nov. 17 Nov. 17 . Nov. 24 Nov. 24 - Dec. 1 Dec. i . Dec. 8 Dec. 8 - Dec. 15 Dec. 15 - Dec. 22 Dec. 22 - Dec. 29 Dec. 29 - Jan. 5 Jan. 5 - Jan. 12 Jan. 12 - Jan. 19 Jan. 19 - Jan. 26 Jan. 26 - Feb. 2 Feb. 2 - Feb. 9 Feb. 9 - Feb. 16 Feb. 16 - Feb. 23 Feb. 23 - Mar. 2 Mar. 2 - Mar. 9 Mar. 9 - Mar. 16 -Mar. 16 - Mar. Z3 Mar. 23 - Mar. 30 Mar. 30 - Apr. 6 Apr. 6 - Apr. 13 Apr. 13 - Apr. 20 Apr. 20 - Apr. 27 Apr. 27 - May 4 May 4-May 11 May 11 -May 18 May 18 - May 25 May 25 - June 1 June 1 . June 8 June 8 . June 15 June 15 . June 22 June 22 - June 29 June 29 - July 6 July 6 - July 13 July 13 - July 20 July 20 - July 27 July 27 - Aug. 3 Aug. 3 - Aug. 10 Aug. 10 - Aug. 17 Aug. 17 - Aug. 24 Aug. 24 • Aug. 31 Aug. 31 - Sep. 7 Sep. 7 - Sep. 14 Sep. 14 - Sep. 21 Sep. 21 - Sep. 28 Sep. 28 - Oct. 5 Oct. 5 - Oct. 12 Oct. 12 - Oct. 19 Oct. 19 - Oct. 26 Oct. 26 - Nov. 2 Nov. 2 - Nov. 9 Nov. 9 - Nov. 16 Nov 16 -Nov. 23 Nov. 23 - Nov. 30 Nov. 30 - Dec. 7 Dec. 7 - Dec. 14 Dec. 14 • Dec. 21 Dec. 21 - Dec. 28 Dec. 28 - Jan. 4 • • Unit Week Number 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 1986 Jan. 4 - Jan. 11 Jan. 11 -Jan. 18 Jan. 18 - Jan. 25 Jan. 25 - Feb. 1 Feb. 1 . Feb. 8 Feb. 8 - Feb. 15 Feb. 15 - Feb. 22 Feb. 22 - Mar. 1 Mar. 1 - Mar. 8 Mar. 8 - Mar. 15 Mar. 15 - Mar. 22 Mar. 22 - Mar. 29 Mar. 29 - Apr. 5 Apr. 5 - Apr. 12 Apr. 12 - Apr. 19 Apr. 19 - Apr. 26 Apr. 26 - May 3 May 3-May 10 May 10 - May 17 May 17 - May 24 21 May 24 - May 31 22 May 31 - June 7 23 June 7 - June 14 24 June 14 - June 21 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 June 21 - June 28 June 28 - July 5 July 5 - July 12 July 12 - July 19 July 19 - July 26 July 26 - Aug. 2 Aug. 2 - Aug. 9 Aug. 9 - Aug. 16 Aug. 16 - Aug. 23 Aug. 23 - Aug. 30 Aug. 30-Sep. 6 Sep. 6 - Sep. 13 Sep. 13 - Sep. 20 Sep. 20 - Sep. 27 Sep. 27 - Oct. 4 Oct. 4 - Oct. 11 Oct. 11 - Oct. 18 Oct. 18 - Oct. 25 Oct. 25 - Nov. 1 Nov. 1 • Nov. 8 Nov. 6 - Nov. 15 Nov. 15 - Nov. 22 Nov. 22 - Nov. 29 Nov. 29 - Dec. 6 1987 Jan. 3 - Jan. 10 Jan. 10 - Jan. 17 Jan. 17 - Jan. 24 Jan. 24 - Jan. 31 Jan. 31 - Feb. 7 Feb. 7 - Feb. 14 Feb. 14 - Feb. 21 Feb. 21 - Feb. 28 Feb. 28 . Mar. 7 Mar. 7 - Mar. 14 Mar. 14 . Mar. 21 Mar. 21 • Mar. 28 Mar. 28 - Apr. 4 Apr. 4 - Apr. 11 Apr. 11 - Apr. 18 Apr. 18 - Apr. 25 Apr. 25 - May 2 May 2 - May 9 May 9 - May 16 May 16 - May 23 May 23 - May 30 May 30 - June 6 June 6 - June 13 June 13 - June 20 June 20 - June 27 June 27 - July 4 July 4 • July 11 July 11 -July 18 July 18 • July 25 July 25 -Aug 1 Aug. 1 - Aug. 8 Aug 8 -Aug 15 Aug. 15 - Aug. 22 Aug. 22 - Aug. 29 Aug. 29 - Sep. 5' Sep. 5 - Sep. 12 Sep. 12 - Sep. 19 Sep. 19 - Sep. 26 Sep. 26 - Oct. 3 Oct. 3 - Oct. 10 Oct. 10 - Oct. 17 Oct. 17 - Oct. 24 Oct. 24 - Oct. 31 Oct. 31 - Nov. 7 Nov. 7 • Nov. 14 Nov. 14 - Nov. 21 Nov. 21 • Nov. 28 Nov. 28 - Dec. 5 49 Dec. 6 - Dec. 13 Dec. 5 - Dec. 12 50 Dec. 13 - Dec. 20 Dec. 12 - Dec. 19 51 Dec. 20 - Dec. 27 Dec. 19 - Dec. 26 52 Dec. 27 - Jan. 3 Dec. 26 - Jan. 2 53 CALENDAR YEAR 1988 Jan. 2 -Jan. 9 Jan. 9 - Jan. 16 Jan. 16 - Jan. 23 Jan. 23 - Jan. 30 Jan. 30 - Feb. 6 Feb. 6 - Feb. 13 Feb. 13 - Feb. 20 Feb. 20 - Feb. 27 Feb. 27 - Mar. 5 Mar. 5 - Mar. 12 Mar. 12 - Mar. 19 Mar. 19 - Mar. 26 Mar. 26 - Apr. 2 Apr. 2 - Apr. 9 Apr. 9 - Apr. 16 Apr. 16 - Apr. 23 Apr. 23 - Apr. 30 Apr. 30 - May 7 May 7 - May 14 May 14 - May 21 May 21 - May 28 May 28 - June 4 June 4 - June 11 June 11 - June 18 June 18 - June 25 June 25 - July 2 July 2 - July 9 July 9 - July 16 July 16 - July 23 July 23 - July 30 July 30 - Aug. 6 Aug. 6 - Aug. 13 Aug. 13 - Aug. 20 Aug 20 - Aug. 27 Aug. 27 - Sep. 3 Sep. 3 - Sep. 10 Sep. 10 - Sep. 17 Sep. 17 - Sep. 24 Sep. 24 - Oct. 1 Oct. 1 - Oct. 8 Oct. 8 - Oct. 15 Oct. 15 - Oct. 22 Oct. 22 . Oct. 29 Oct. 29 - Nov. 5 Nov. 5 - Nov. 12 Nov. 12 - Nov. 19 Nov. 19 - Nov. 26 Nov. 26 - Dec. 3 Dec. 3 • Dec. 10 Dec. 10 • Dec. 17 Dec. 17 - Dec. 24 Dec. 24 - Dec. 31 Dec. 31 - Jan. 7 Jan. 7 - Jan. 14 Jan. 14 - Jan. 21 Jan. 21 - Jan. 28 Jan. 28 - Feb. 4 Feb. 4 - Feb. 11 Feb. 11 - Feb. 18 Feb. 18 . Feb. 25 Feb. 25 - Mar. 4 Mar. 4 - Mar. 11 Mar. 11 - Mar. 18 Mar. 18 - Mar. 25 Mar. 25 - Apr. 1 Apr. 1 - Apr. 8 Apr. 8 - Apr. 15 Apr. 15 - Apr. 22 Apr. 22 - Apr. 29 Apr. 29 - May 6 May 6 - May 13 May 13 - May 20 May 20 - May 27 May 27 - June 3 June 3 - June 10 June 10 - June 17 June 17 - June 24 June 24 - July 1 July 1 - July 8 July 6 - July 15 July 15 - July 22 July 22 - July 29 July 29 - Aug. 5 Aug. 5 - Aug. 12 Aug. 12 - Aug. 19 Aug. 19 - Aug. 26 Aug. 26 - Sep. 2 Sep. 2 - Sep. 9 Sep. 9 - Sep. 16 Sep. 16 - Sep. 23 Sep. 23 - Sep. 30 Sep. 30 - Oct. 7 Oct. 7 -Oct. 14 Oct. 14 - Oct. 21 Oct. 21 - Oct. 28 Oct. 28 - Nov. 4 Nov. 4 - Nov. 11 Nov. 11 - Nov. 18 Nov. 18 • Nov. 25 Nov. 25 - Dec. 2 Dec. 2 • Dec. 9 Dec. 9 - Dec. 16 Dec. 16 - Dec. 23 Dec. 23 - Dec. 30 Dec. 30 - Jan. 6 �00+� 475 J PAGES78 1990 Jan. 6 - Jan. 13 Jan. 13 - Jan. 20 Jan. 20 - Jan. 27 Jan. 27 - Feb. 3 Feb. 3 . Feb. 10 Feb. 10 - Feb. 17 Feb. 17 - Feb. 24 Feb. 24 - Mar. 3 Mar. 3 - Mar. 10 Mar. 10 - Mar-'W Mar. 17 - Mar. 24 Mar. 24 - Mar. 31 Mar. 31 - Apr. 7 Apr. 7 - Apr. 14 Apr. 14 - Apr. 21 Apr. 21 - Apr. 28 Apr. 28 - May 5 May 5 - May 12 May 12 - May 19 May 19 - May 26 May 26 - June 2 June 2 - June 9 June 9 - June 16 June 16 - June 23 June 23 - June 30 June 30 - July 7 July 7 - July 14 July 14 - July 21 July 21 • July 28 July 28 - Aug. 4 Aug. 4 - Aug. 11 Aug. 11 . Aug. 18 Aug. 18 - Aug. 25 Aug. 25 - Sep. 1 Sep. 1 - Sep. 8 Sep. 8 - Sep. 15 Sep. 15 - Sep. 22 Sep. 22 - Sep. 29 Sep. 29 - Oct. 6 Oct. 6 - Oct. 13 Oct. 13 - Oct. 20 Oct. 20 - Oct. 27 Oct. 27 - Nov. 3 Nov. 3 - Nov. 10 Nov. 10 - Nov. 17 Nov. 17 - Nov. 24 Nov. 24 - Dec. 1 Dec. 1 - Dec. 8 Dec. 8 - Dec. 15 Dec. 15 - Dec. 22 Dec. 22 - Dec. 29 Dec. 29 - Jan. 5 Unit Week Number 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 1991 Jan. 5 - Jan. 12 Jan. 12 - Jan. 19 Jan. 19 - Jan. 26 Jan. 26 - Feb. 2 Feb. 2 - Feb. 9 Feb. 9 - Feb. 16 Feb. 16 - Feb. 23 Feb. 23 - Mar. 2 Mar. 2 - Mar. 9 Mar. 9 - Mar. 16 Mar. 16 - Mar. 23 Mar. 23 - Mar. 30 Mar. 30 - Apr. 6 Apr. 6 - Apr. 13 Apr. 13 - Apr. 20 Apr. 20 - Apr. 27 Apr. 27 - May 4 May 4 - May 11 May 11 - May 18 May 18 - May 25 May 25 - June 1 June 1 - June 8 June 8 - June 15 June 15 - June 22 June 22 - June 29 June 29 - July 6 July 6 - July 13 July 13 - July 20 July 20 - Ju;i 27 July 27 - Aug. 3 Aug. 3 - Aug. 10 Aug. 10 - Aug, 17 Aug. 17 - Aug. 24 Aug. 24- Aug. 31 Aug. 31 - Sep. 7 Sep. 7 - Sep. 14 Sep. 14 - Sep. 21 Sep. 21 - Sep. 28 Sep. 28 - Oct. 5 Oct. 5 - Oct. 12 Oct. 12 - Oct. 19 Oct. 19 - Oct. 26 Oct. 26 - Nov. 2 Nov. 2 - Nov. 9 Nov. 9 - Nov. 16 Nov. 16 - Nov. 23 Nov. 23 - Nov. 30 Nov. 30 - Dec. 7 Dec. 7 - Dec. 14 Dec. 14 - Dec. 21 Dec. 21 - Dec. 28 Dec. 28 - Jan. 4 CALENDAR YEAR 1992 1993 Jan. 4 - Jan. 11 Jan. 11 - Jan 18 Jan. 18 - Jan. 25 Jan. 25 - Fee. Feb. 1 - Feb. 8 Feb. 8 - Feb. 15 Feb. 15 - Feb. 22 Feb. 22 - Feb. 29 Feb. 29 - Mar. 7 Mar. 7 - Mar. 14 Mar. 14 - Mar. 21 Mar. 21 - Mar. 28 Mar. 28 - Apr. 4 Apr. 4 - Apr. 11 Apr. 11 - Apr. 19 Apr. 18 - Apr. 25 Apr. 25 - May 2 May 2 - May 9 May 9 - May iL May 16 - May 23 May 23 - May 30 May 30 - June 6 June 6 - June 13 June 13 - June 20 June 20 - June 27 June 27 - July 4 July 4 - July 1'. July 11 - July '8 July 18 - July 25 July 25 - Aug. 1 Aug. 1 - Aug. E Aug. 8 - Aug. 15 Aug. 15 - Aug. 22 Aug. 22 - Aug 29 Aug. 29 - Sep. 5 Sep. 5 - Sep. 12 Sep. 12 - Sep. 19 Sep. 19 - SeD. 26 Sep. 26 - Oct. 3 Oct. 3 - Oct. '3 Oct. 10 • Oct. 17 Oct. 17 . Oct. 24 Oct. 24 . Oct. 31 Oct. 31 . Nov. 7 Nov. 7 - Nov. 14 Nov. 14 - Nov 21 Nov. 21 - Nov 28 Nov. 28 - Dec. 5 Dec. 5 -Dec 12 Dec. 12 - Dec 19 Dec. 19 - De-- 26 Dec. 26 - Jan. 2 Jan. 2 - Jan. 9 Jan. 9 - Jan. 16 Jan. 16 - Jan. 23 Jan. 23 - Jan. 30 Jan. 30 - Feb. 6 Feb. 6 • Feb. 13 Feb. 13 - Feb. 20 Feb. 20 - Feb. 27 Feb. 27 - Mar. 6 Mar. 6 - Mar. 13 Mar. 13 - Mar. 20 Mar. 20 - Mar. 27 Mar. 27 - Apr. 3 Apr. 3 - Apr. 10 Apr. 10 - Apr. 17 Apr. 17 - Apr. 24 Apr. 24 - May 1 May 1 - May 8 May 8 - May 15 May 15 - May 22 May 22 - May 29 May 29 - June 5 June 5 - June 12 June 12 - June 19 June 19 - June 26 June 26 - July 3 July 3 - July 10 July 10 - July 17 July 17 - July 24 July 24 - July 31 July 31 - Aug. 7 Aug. 7 - Aug. 14 Aug. 14 • Aug. 21 Aug. 21 • Aug. 28 Aug. 28 • Sep. 4 Sep. 4 - Sep. 11 Sep. 11 - Sep. 18 Sep. 18 - Sep. 25 Sep. 25 - Oct. 2 Oct. 2 - Oct. 9 Oct. 9 - Oct. 16 Oct. 16 - Oct. 23 Oct. 23 - Oct. 30 Oct. 30 - Nov. 6 Nov. 6 - Nov. 13 Nov. 13 • Nov. 20 Nov. 20 - Nov. 27 Nov. 27 • Dec. 4 Dec. 4 - Dec. 11 Dec. 11 - Dec. 18 Dec. 18 - Dec. 25 Dec. 25 - Jan. 1 1994 Jan. 1 - Jan. 8 Jan. 8 - Jan. 15 Jan. 15 - Jan. 22 Jan. 22 - Jan. 29 Jan. 29 - Feb. 5 Feb. 5 - Feb. 12 Feb. 12 - Feb. 19 Feb. 19 - Feb. 26 Feb. 26 - Mar. 5 Mar. 5 - Mar. 12 Mar. 12 - Mar. 19 Mar. 19 - Mar. 26 Mar. 26 - Apr. 2 Apr. 2 - Apr. 9 Apr. 9 - Apr. 16 Apr. 16 - Apr. 23 Apr. 23 - Apr. 30 Apr. 30 - May 7 May 7 - May 14 May 14 - May 21 May 21 - May 28 May 28 - June 4 June 4 - June 11 June 11 - June 18 June 18 - June 25 June 25 - July 2 July 2 - July 9 July 9 - July 16 July 16 - July 23 July 23 - July 30 July 30 - Aug. 6 Aug. 6 - Aug. 13 Aug. 13 Aug. 20 Aug. 20 • Aug. 27 Aug. 27 . Sep. 3 Sep. 3 - Sep. 10 Sep. 10 - Sep. 17 Sep. 17 - Sep. 24 Sep. 24 - Oct. 1 Oct. 1 - Oct. 8 Oct. 8 - Oct. 15 Oct. 15 - Oct. 22 Oct. 22 - Oct. 29 Oct. 29 - Nov. 5 Nov. 5 - Nov. 12 Nov. 12 - Nov. 19 Nov. 19 - Nov. 26 Nov. 26 - Dec. 3 Dec. 3 - Dec. 10 Dec. 10 - Dec. 17 Dec. 17 - Dec. 24 Dec. 24 - Dec. 31 Dec. 31 - Jan. 7 MOH 4~ItJ PAGE8K7 1995 Jan. 7 - Jan. 14 Jan. 14 - Jan. 21 Jan. 21 - Jan. 28 Jan. 28 - Feb. 4 Feb. 4 - Feb. 11 Feb. 11 - Feb. 18 Feb. 18 - Feb. 25 Feb. 25 - Mar. 4 Mar. 4 - Mar. 11 Mar. 11 - Mar. 18 Mar. 18 - Mar. 25 -Mar. 25 - Apr_t Apr. 1 - Apr. 8 Apr. 8 - Apr. 15 Apr. 15 - Apr. 22 Apr. 22 - Apr. 29 Apr. 29 - May 6 May 6 - May 13 May 13 - May 20 May 20 - May 27 May 27 - June 3 June 3 - June 10 June 10 - June 17 June 17 - June 24 June 24 - July 1 July 1 - July 8 July 8 - July 15 July 15 - July 22 July 22 - July 29 July 29 - Aug. 5 Aug. 5- Aug. 12 Aug. 12 - Aug. 19 Aug. 19 - Aug. 26 Aug. 26 - Sep. 2 Sep. 2 - Sep. 9 Sep. 9 - Sep. 16 Sep. 16 - Sep. 23 Sep. 23 - Sep. 30 Sep. 30 - Oct. 7 Oct. 7 - Oct. 14 Oct. 14 - Oct. 21 Oct. 21 - Oct. 28 Oct. 28 - Nov. 4 Nov. 4 - Nov. 11 Nov. 11 - Nov. 18 Nov. 18 - Nov. 25 Nov. 25 - Dec. 2 Dec. 2 - Dec. 9 Dec. 9 - Dec. 16 Dec. 16 - Dec. 23 Dec. 23 - Dec. 30 Dec. 30 - Jan 6 • • Unit Week Number 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 1996 Jan. 6 - Jan. 13 Jan. 13 - Jan. 20 Jan. 20 - Jan. 27 Jan. 27 - Feb. 3 Feb. 3 - Feb. 10 Feb. 10 - Feb. 17 Feb. 17 - Feb. 24 Feb. 24 - Mar. 2 Mar. 2 - Mar. 9 Mar. 9 - Mar. 16 Mar. 16 - Mar. 23 Mar. 23 - Mar. 30 Mar. 30 - Apr. 6 Apr. 6 - Apr. 13 Apr. 13 - Apr. 20 Apr. 20 - Apr. 27 Apr. 27 - May 4 May 4 - May 11 May 11 - May 18 May 18 . May 25 May 25 - June 1 June 1 - June 8 June 8 - June 15 June 15 - June 22 June 22 - June 29 June 29 - July 6 July 6 . July 13 July 13 - July 20 July 20 - July 27 July 27 - Aug. 3 Aug. 3- Aug. 10 Aug. 10 - Aug. 17 Aug. 17 - Aug. 24 Aug. 24 - Aug. 31 Aug. 31 - Sep. 7 Sep. 7 - Sep. 14 Sep. 14 . Sep. 21 Sep. 21 • Sep. 28 Sep. 28 - Oct. 5 Oct. 5 - Oct. 12 Oct. 12 - Oct. 19 Oct. 19 • Oct. 26 Oct. 26 • Nov. 2 Nov. 2 - Nov. 9 Nov. 9 - Nov. 16 Nov. 16 - Nov. 23 Nov. 23 - Nov. 30 Nov. 30 - Dec. 7 1997 Jan. 4 - Jan. 11 Jan. 11 - Jan. 18 Jan. 18 - Jan. 25 Jan. 25 - Feb. 1 Feb. 1 - Feb. 8 Feb. 8 - Feb. 15 Feb. 15 - Feb. 22 Feb. 22 - Mar. 1 Mar. 1 - Mar. 8 Mar. 8 - Mar. 15 Mar. 15 • Mar. 22 Mar. 22 . Mar. 29 Mar. 29 - Apr. 5 Apr. 5- Apr. 12 Apr. 12 • Apr. 19 Apr. 19 • Apr. 26 Apr. 26 . May 3 May 3 - May 10 May 10 - May 17 May 17 - May 24 May 24 - May 31 May 31 • June 7 June 7 . June 14 June 14 - June 21 June 21 - June 28 June 28 - July 5 July 5 - July 12 July 12 - July 19 July 19 - July 26 July 26 - Aug. 2 Aug. 2 - Aug. 9 Aug. 9 - Aug. 16 Aug. 16 • Aug. 23 Aug. 23 - Aug. 30 Aug. 30 - Sep. 6 Sep. 6 - Sep. 13 Sep. 13 - Sep. 20 Sep. 20 - Sep. 27 Sep. 27 - Oct. 4 Oct. 4 - Oct. 11 Oct. 11 • Oct. 18 Oct. 18 . Oct. 25 Oct. 25 . Nov. 1 Nov. 1 • Nov. 8 Nov. 8 - Nov. 15 Nov. 15 - Nov. 22 Nov. 22 - Nov. 29 Nov. 29 - Dec. 6 49 Dec. 7 - Dec. 14 Dec. 6 • Dec. 13 50 Dec. 14 - Dec. 21 Dec. 13 - Dec. 20 51 Dec. 21 - Dec. 28 Dec. 20 - Dec. 27 52 Dec. 28-Jan. 4 Dec. 27-Jan. 3 53 CALENDAR YEAR 1998 Jan. 3 - Jan. 10 Jan. 10 - Jan. 17 Jan 17 - Jan. 24 Jan. 24 - Jan. 31 Jan. 31 - Feb. 7 Feb. 7- Feb. 14 Feb. 14 - Feb. 21 Feb. 21 - Feb. 28 Feb. 28 - Mar. 7 Mar. 7 - Mar. 14 Mar. 14 - Mar. 21 Mar. 21 - Mar. 28 Mar. 28 - Apr. 4 Apr. 4 . Apr. 11 Apr. 11 - Apr. 18 Apr. 18 • Apr. 25 Apr. 25 - May 2 May 2-May 9 May 9 - May 16 May 16 • May 23 May 23 • May 30 May 30 . June 6 June 6 • June 13 June 13 . June 20 June 20 - June 27 June 27 - July 4 July 4 - July 11 July 11 -July 18 July 18 - July 25 July 25 • Aug. 1 Aug. 1 • Aug. 8 Aug. 8 • Aug. 15 Aug. 15 - Aug. 22 Aug. 22 - Aug. 29 Aug. 29 - Sep. 5 Sep. 5 - Sep. 12 Sep. 12 • Sep. 19 Sep. 19 • Sep. 26 Sep. 26 . Oct. 3 Oct. 3 • Oct. 10 Oct. 10 - Oct. 17 Oct. 17 - Oct. 24 Oct. 24 - Oct. 31 Oct. 31 • Nov. 7 Nov. 7 - Nov. 14 Nov. 14 - Nov. 21 Nov. 21 • Nov. 28 Nov. 28 - Dec. 5 Dec. 5 - Dec. 12 Dec. 12 - Dec. 19 Dec. 19 - Dec. 26 Dec. 26 - Jan. 2 1999 Jan. 2 - Jan. 9 Jan. 9 - Jan. 16 Jan. 16 - Jan. 23 Jan. 23 - Jan. 30 Jan. 30 - Feb. 6 Feb. 6 - Feb. 13 Feb. 13 - Feb. 20 Feb. 20 - Feb. 27 Feb. 27 . Mar. 6 Mar. 6 - Mar. 13 Mar. 13 - Mar. 20 Mar. 20 • Mar. 27 Mar. 27 - Apr. 3 Apr. 3 • Apr. 10 Apr. 10 - Apr. 17 Apr. 17 - Apr. 24 Apr. 24 - May 1 May 1 - May 8 May 8 - May 15 May 15 - May 22 May 22 - May 29 May 29 - June 5 June 5 - June 12 June 12 - June 19 June 19 - June 26 June 26 - July 3 July 3 - July 10 July 10 - July 17 July 17 - July 24 July 24 • July 31 July 31 - Aug 7 Aug. 7 • Aug. 14 Aug. 14 • Aug. 21 Aug. 21 - Aug. 28 Aug. 28 - Sep. 4 Sep. 4 - Sep. 11 Sep. 11 • Sep. 18 Sep. 18 • Sep. 25 Sep. 25 - Oct. 2 Oct. 2 - Oct. 9 Oct. 9 - Oct. 16 Oct. 16 - Oct. 23 Oct. 23 - Oct. 30 Oct. 30 - Nov. 6 Nov. 6 - Nov. 13 Nov. 13 Nov, 20 Nov. 20 - Nov. 27 Nov. 27 • Dec. 4 Dec. 4 - Dec. 11 Dec. 11 - Dec. 18 Dec. 18- Dec. 25 Dec. 25-Jan. 1 vx 4 1'5 P4GE L"' j 2000 Jan. 1 - Jan. 8 Jan. 8 - Jan. 15 Jan. 15 - Jan. 22 Jan. 22 - Jan. 29 Jan. 29 - Feb. 5 Feb. 5 - Feb. 12 Feb. 12 - Feb. 19 Feb. 19 -'Feb. 26 Feb. 26 - Mar. 4 Mar. 4 - Mar. 11 Mar. 11 - Mar. 18 Mar. 18 - Mar. 25 Mar. 25 - Apr. 1 Apr. 1 - Apr. 8 Apr. 8 - Apr. 15 Apr. 15 - Apr. 22 Apr. 22 - Apr. 29 Apr. 29 - May 6 May 6 - May 13 May 13 - May 20 May 20 - May 27 May 27 - June 3 June 3 - June 10 June 10 - June 17 June 17 - June 24 June 24 - July 1 July 1 - July 8 July 8 - July 15 July 15 - July 22 July 22 - July 29 July 29 -Aug 5 Aug. 5 - Aug. 12 Aug. 12 - Aug. 19 Aug. 19 - Aug. 26 Aug. 26 - Sep. 2 Sep. 2 - Sep. 9 Sep. 9 - Sep. 16 Sep. 16 - Sep. 23 Sep. 23 - Sep. 30 Sep. 30 - Oct. 7 Oct. 7 - Oct. 14 Oct. 14 . Oct. 21 Oct. 21 - Oct. 28 Oct. 28 - Nov. 4 Nov. 4 • Nov. 11 Nov. 11 • Nov. 18 Nov. 18 - Nov. 25 Nov. 25 - Dec. 2 Dec. 2 - Dec. 9 Dec. 9 - Dec. 16 Dec. 16 - Dec. 23 Dec. 23 - Dec. 30 Dec. 30 - Jar. 6 • 0 CALENDAR YEAR Unit Week Number 2001 2002 2003 2004 2005 1 Jan. 6 - Jan. 13 Jan. 5 - Jan. I. Jan. 4 -Jan. 11 Jan. 3 - Jan. 10 Jan. 1 - Jan. 8 2 Jan. 13 - Jan. 20 Jan. 12 - Jan. 1;; Jan. 11 • Jan. 18 Jan. 10 - Jan. 17 Jan. 8 - Jan. 15 3 Jan. 20 - Jan. 27 Jan. 19 - Jan. 2E Jan. 18 - Jan. 25 Jan. 17 - Jan. 24 Jan. 15 - Jan. 22 4 Jan. 27 - Feb. 3 Jan. 26 - Feb. 2 Jan. 25 - Feb. 1 Jan. 24 - Jan. 31 Jan. 22 - Jan. 29 5 Feb. 3 - Feb. 10 Feb. 2- Feb. 9 Feb. 1 - Feb. 8 Jan. 31 - Feb. 7 Jan. 29 - Feb. 5 6 Feb. 10 - Feb. 17 Feb. 9 - Feb. I Feb. 8 - Feb. 15 Feb. 7 - Feb. 14 Feb. 5 - Feb. 12 7 Feb. 17 - Feb. 24 Feb. 16 - Feb. 23 Feb. 15 - Feb. 22 Feb. 14 - Feb. 21 Feb. 12 - Feb. 19 8 Feb. 24 - Mar. 3 Feb. 23 - Mar. 2 Feb. 22 - Mar. 1 Feb. 21 - Feb. 28 Feb. 19 - Feb. 26 9 Mar. 3 - Mar. 10 Mar. 2 - Mar. 9 Mar. 1 - Mar. 8 Feb. 28 - Mar. 6 Feb. 26 - Mar.5 10 Mar. 10 - Mar. 17 Mar. 9 - Mar. 1E. Mar. 8 - Mar. 15 Mar. 6 - Mar. 13 Mar. 5 - Mar. 12 11 Mar. 17 - Mar. 24 Mar. 16 - Mar. 23 Mar. 15 - Mar. 22 Mar. 13 - Mar. 20 Mar. 12 - Mar. 19 12 Mar. 24 - Mar. 31 Mar. 23 - Mar 11 Mar. 22 - Mar. 29 Mar. 20 - Mar. 27 Mar. 19 - Mar. 26 13 Mar. 31 - Apr. 7 Mar. 30 - Apr. 6 Mar. 29 - Apr. 5 Mar. 27 - Apr. 3 Mar. 26 - Apr. 2 14 Apr. 7 - Apr. 14 Apr. 6 - Apr. 13 Apr. 5 - Apr. 12 Apr. 3 - Apr. 10 Apr. 2 - Apr. 9 15 Apr. 14 - Apr. 21 Apr. 13 - Apr. 2: Apr. 12 - Apr. 19 Apr. 10 - Apr. 17 Apr. 9 - Apr. 16 16 Apr. 21 -Apr. 28 Apr. 20 - Apr. 2; Apr. 19 - Apr. 26 Apr. 17 - Apr. 24 Apr. 16 - Apr. 23 17 Apr. 26 - May 5 Apr. 27 - May 4 Apr. 26 - May 3 Apr. 24 - May 1 Apr. 23 - Apr. 30 18 May 5 - May 12 May 4 - May 11 May 3 - May 10 May 1 - May 8 Apr. 30 - May 7 19 May 12 - May 19 May 11 - May 18 May 10 - May 17 May 8 - May 15 May 7 - May 14 20 May 19 - May 26 May 18 - May 2. May 17 - May 24 May 15 - May 22 May 14 - May 21 21 May 26 - June 2 May 25 - June 1 May 24 - May 31 May 22 - May 29 May 21 - May 28 22 June 2 - June 9 June 1 - June 8 May 31 - June 7 May 29 - June 5 May 28 - June 4 23 June 9 - June 16 June 8 - June 15 June 7 - June 14 June 5 - June 12 June 4 . June 11 24 June 16 - June 23 June 15 - June 22 June 14 - June 21 June 12 - June 19 June 11 - June 18 25 June 23 - June 30 June 22 - June 29 June 21 - June 28 June 19 - June 26 June 18 - June 25 26 June 30 - July 7 June 29 - July f June 28 - July 5 June 26 - July 3 June 25 - July 2 27 July 7 - July 14 July 6 - July 13 July 5 - July 12 July 3 - July 10 July 2 - July 9 28 July 14 - July 21 July 13 - July 23 July 12 - July 19 July 10 - July 17 July 9 - July 16 29 July 21 - July 28 July 20 - July 27 July 19 - July 26 July 17 - July 24 July 16 - July 23 30 July 28 - Aug. 4 July 27 - Aug. 3 July 26 - Aug. 2 July 24 • July 31 July 23 - July 30 31 Aug. 4 -Aug. 11 Aug. 3- Aug. 10 Aug. 2 - Aug. 9 July 31 • Aug. 7 July 30 - Aug. 6 32 Aug. 11 - Aug. 18 Aug. 10 - Aug. -7 Aug. 9 - Aug. 16 Aug. 7 - Aug. 14 Aug. 6 - Aug. 13 33 Aug. 18 - Aug. 25 Aug. 17 - Aug. 24 Aug. 16 - Aug. 23 Aug. 14 - Aug. 21 Aug. 13 - Aug. 20 34 Aug. 25 - Sep. 1 Aug. 24 - Aug. 31 Aug. 23 - Aug. 30 Aug. 21 - Aug. 28 Aug. 20 - Aug. 27 35 Sep. 1 • Sep. 8 Aug. 31 -Sep Aug. 30 - Sep. 6 Aug. 28 - Sep. 4 Aug. 27 - Sep. 3 36 Sep. 8 - Sep. 15 Sep. 7 - Sep. 14 Sep. 6 - Sep. 13 Sep. 4 • Sep. 11 Sep. 3 - Sep. 10 37 Sep. 15 - Sep. 22 Sep. 14 - Sep . 1 Sep. 13 - Sep. 20 Sep. 11 - Sep. 18 Sep. 10 - Sep. 17 38 Sep. 22 - Sep. 29 Sep. 21 - Sep. ^8 Sep. 20 - Sep. 27 Sep. 18 - Sep. 25 Sep. 17 - Sep-. 24 39 Sep. 29 - Oct. 6 Sep. 28 - Oct. 5 Sep. 27 - Oct. 4 Sept. 25 - Oct. 2 Sep. 24 - Oct. 1 40 Oct. 6 - Oct. 13 Oct. 5 - Oct. 1 Oct. 4 - Oct. 11 Oct. 2 - Oct. 9 Oct. 1 - Oct. 8 41 Oct. 13 - Oct. 20 Oct. 12 - Oct. '9 Oct. 11 - Oct. 18 Oct. 9 - Oct. 16 Oct. 8 - Oct. 15 42 Oct. 20 - Oct. 27 Oct. 19 - Oct. 96 Oct. 18 - Oct. 25 Oct. 16 - Oct. 23 Oct. 15 - Oct. 22 43 Oct. 27 - Nov. 3 Oct. 26 - Nov.:' Oct. 25 - Nov. 1 Oct. 23 - Oct. 30 Oct. 22 - Oct. 29 44 Nov. 3 - Nov. 10 Nov. 2 - Nov. 9 Nov. 1 - Nov. 8 Oct. 30 - Nov. 6 Oct. 29 - Nov. 5 45 Nov. 10 - Nov. 17 Nov. 9 - Nov. 13 Nov. 8 - Nov. 15 Nov. 6 - Nov. 13 Nov. 5 - Nov. 12 46 Nov. 17 - Nov. 24 Nov. 16 - Nov ?3 Nov. 15 - Nov. 22 Nov. 13 - Nov. 20 Nov. 12 - Nov. 19 47 Nov. 24 - Dec. 1 Nov. 23 -No,. 30 Nov. 22 - Nov. 29 Nov. 20 - Nov. 27 Nov. 19 - Nov. 26 48 Dec. 1 - Dec. 8 Nov. 30 -Dec 7 Nov. 29 - Dec. 6 Nov. 27 - Dec. 4 Nov. 26 - Dec. 3 49 Dec. 8 - Dec. 15 Dec. 7 - Dec. .4 Dec. 6 - Dec. 13 Dec. 4 - Dec. 11 Dec. 3 - Dec. 10 50 Dec. 15 - Dec. 22 Dec. 14 • Dec. 21 Dec. 13 - Dec. 20 Dec. 11 • Dec. 18 Dec. 10 - Dec. 17 51 Dec. 22 - Dec. 29 Dec. 21 • Dec. 28 Dec. 20 - Dec. 27 Dec. 18 - Dec. 25 Dec. 17 - Dec. 24 52 Dec. 29 - Jan. 5 Dec. 28 - Jan. 4 Dec. 27 - Jan. 3 Dec. 25 - Jan. 1 Dec. 24 - Dec. 31 53 Dec. 31 • Jan. 6 EO_,C_`; ;L L. MULARZ & ASSOCIATES EXHIBIT "E'.' ® •® r ARCHITECTuf E • PLANNING oo� 415 F40"' 9 August 1983 Andrew V. Hecht, Attorney 601 East Hyman Avenue Aspen,*Colorado 81611 .Re. The Coachlight Aspen, Colorado .DearAndy,. Y Boone-Schwietier phoned a few days ago and asked me to write you regarding the above project responding to two areas in question. 1. What access is available for the handi- capped and 2. What is the useful life. of the building components? The building was constructed in 1981 and was designed to conform to the requirements of the 1979 Uniform Building Code as adopted by the City of Aspen. Of the 11 studio guest units constructed, it was necessary that one of these units be designed and equipped with a bathroom for use by a handicapped person. Such a unit, originally designed to be located as the fourth unit from the west on the first floor, was relocated and became the first unit from the west on the first floor during construction. In addition,.a ramp from the parking area to the first floor was designed and constructed on the north side as required by the Uniform Building Code: The reloca- tioh of the handicapped bathroom unit during construc- tion Improved the access from the ramp. -At the time Of my final inspection the handicapped bathroom was properly equipped for use. For tax purposes, building components for a newly constructed rental structure such as the Coachlight can, in many cases, be depreciated as follows: P.O. BOX 166 ASPEN, ^.OLORAE)O 01612 TELEPHONE 303'925-3365 i • OOK 415 FAG E88J Andrew V. Hecht, Attorney 9 August 1983 Page 2 Component Useful Life 7� STRUCTURE 40 yrs. INTERIOR 20 yrs. PLUMBING 15 yrs. HEATING '. 15 yrs. : ELECTRICAL 15 Yrs. In reality, and with proper maintenance, a further breakdown of components and their expected useful : life .for a building such as the Coachli�ght coruld be as follows: : Component Expected Life Concrete Foundation 100 yrs. Structure 50 yrs. Roofing 15 yrs. Windows/Doors 50 yrs. Interior walls 40 yrs. Plumbing 75 yrs. Plumbing fixtures 20 yrs. Heating Plant 30 yrs. Electrical System 40 yrs. It must be understood that the expected useful life of any structure will be shortened considerably if a program of preventive maintenance is not pursued. On -the other hand, a good maintenance progran will increase the expected life considerably. If you need any information in addition to the above, .please give me a call. Very truly yours, Theodore L. Mul3rrz, AIA tlm/m \7 • 0 MEMORANDUM TO: Aspen City Council THRU: Hal Schilling, City Manag o_j FROM: Alan Richman, Planning Office k;zl RE: Shadow Mountain Lodge Timeshare - Resubdivision DATE: May 28, 1985 SUMMARY: The Planning Office recommends approval of subdivision exception for the purposes of reconfiguring six studios in the Shadow Mountain Lodge into four one bedroom units. PREVIOUS COUNCIL ACTION: Council granted approval to the applicant to timeshare this facility on July 9, 1984, subject to thirty-two (32) conditions. LOCATION: 232 W. Hyman Avenue, Lots K, L, M and N, Block 53, City and Townsite of Aspen. ZONING: L-3 APPLICANT'S REQUEST: The applicant requests approval to convert six (6) studio units (Units 2, 3, 4, 8, 9 and 10) into four (4) one -bedroom units. This proposed reconfiguration of space requires resubdivision to amend the plat and timeshare documents. Conditional use approval for the new unit mix was granted by P&Z on May 7, 1985. PLANNING OFFICE REVIEW: This proposal does not alter the terms of the sale of fractional fee estate units or the compilation of use weeks. It will change the unit mix. Originally, the project consisted of twelve (12) units. Eleven (11) of the units were studios of approxi- mately 350 sq. ft. each. The remaining unit is an 1,800 square foot, three (3) bedroom unit. There is also an office/lobby area of approxi- mately 250 sq. ft. and two (2) employee units of approximately 300 sq. ft. each. A large, open basement area exists which is used for storage. The applicant wants to resubdivide six of the studio units (Units 2,3,4,8,9 and 10) into four one -bedroom condominium units. Floor plans were submitted with the application but a revised condominium plat must be produced, submitted to the Engineering Department and approved by them prior to being recorded. The revised condominium plat must be recorded, after being approved by the City Attorney and Engineer, prior to issuance of a Certificate of Occupancy. The Engineering Department also commented that the existing dumpster should be relocated onto the concrete slab north of the building Ej • pursuant to condition 3.e. of the prior approval (July 9, 1984). Although fewer units will be the result of this conversion, the maximum occupancy level of the building will increase. The total number of free-market units will be reduced from twelve (12) to ten (10). Each studio had an occupancy limit of two (2) persons at a time, for a total population of twelve (12), within the sir, studios. Each one -bedroom unit will have an occupancy limit of four (4), for a total population of 16 within the four proposed units. The applicant submits that the reason for this request is that the market demand is for one -bedroom units rather than studios in order to accommodate unrelated parties who want to share occupancy. The Council should also note that the net loss of two units in the L-3 lodging inventory will result in an addition to the L-3 quota for this year, making twelve, rather than ten units available for competitors. The Planning Office has completed a site visit to this project and agrees that one -bedroom units will likely be more marketable. The studio units are quite minimal and the new floor plan is better from a comfort standpoint. The additional occupancy reflects maximum usage and may, in fact, be less at some times. The additional potential of four more occupants should not be detrimental to the neighborhood or significantly affect the compatibility of this timeshared lodge with surrounding properties. Furthermore, the bedroom reduction from 14 lodge and two employee bedrooms to twelve lodge and two employee bedrooms brings the project into compliance with its fourteen available parking spaces. Other changes in the recorded documents include amendment of the title company from Stewart Title Company to Pitkin County Title, Inc. In addition, Exhibit C to the Disclosure Statement (Escrow Agreement) is changed to reflect this new title company arrangement. The Attorney's Office has reviewed the amended Condominium Declaration, Disclosure Statement and Escrow Agreement and indicated that they "appear appro- priate." The Attorney's Office points out that if the Shadow Mountain Lodge at Aspen has formed a condominium or owner's association, they would have to approve these requested amendments before the City accepts them, per the updating and filing requirements of Section 20-24 (f) (3) . A condition will be added to the recommendation to address this. ADVISORY COMMITTEE VOTE: The Planning and Zoning Commission voted 4-0 in favor of the applicant's request at their meeting on May 7, 1985. RECOMMENDED MOTION: "Move to grant subdivision exception for the purposes of reconfiguring six studios in the Shadow Mountain Lodge at Aspen into four one -bedroom units and that the lodge be re-condo- miniumized in the new unit mix with the following conditions: - 2 - 0 1. Verification must be made by the applicant, that either a condominium owner's association has not yet been formed or if one exists, they have approved these changes. 2. A revised condominium plat must be submitted to the City Engineering Department for approval, prior to recordation. 3. All revised documents must be finally accepted by the City Attorney and recorded. 4. The applicant will, prior to approval of the revised plat, relocate the dumpster onto the concrete slab north of the building, pursuant to Condition 3.e. of the prior approval dated July 9, 1984. — 3 — so RONALD GARFIELD ATTORNEYS AT LAW ANDREW V. HECHT VICTORIAN SQUARE BUILDING 601 EAST HYMAN AVENUE WILLIAM K. GUEST, P.C. JEREMY M. BERNSTEIN ASPEN, COLORADO 81611 CLIFTON D. BURDICK April 5, 1985 The Honorable William J. Stirling, Chairman and Members of The City Council City of Aspen 130 South Galena Street Aspen, Colorado 81611 N of p, -ss Re: Shadow Mountain Lodge/Resubdivision Dear Mayor Stirling and Members of City Council: TELEPHONE (303) 925-1936 TELECOPIER (303) 925-3008 CABLE ADDRESS ' `GARHEC" Pursuant to Section 20-24, Section (F)(3) of the Aspen Municipal Code, the applicant, Shadow Mountain Lodge requests approval from the City for the resubdivision of certain of the condominium units of Shadow Mountain Lodge into one -bedroom units. The effect will be to convert six (6) studio units (Units 2, 3, 4, 8, 9 and 10) into four (4) one -bedroom units. If further subdivision approval or conditional use approval is required, this is intended to be an application for such approval. In support of this request, the applicant states that there will be less impact with such a conversion, and that the reason for the request is to satisfy a market demand which requires that one -bedroom units be available to accommodate unrelated parties who might want to use the unit at the same time. Further, the applicant requests permission from the City Council to recondominiumize Shadow Mountain Lodge or seeks an exception of the standard application of Section 20-19 to permit the combining of certain units as herein described and in support of that request, states that subdivision is unnecessary in relation to the land use policy of the City of Aspen under the facts and circumstances presented, since the reconfigured units will substantially comply with the design standards of this chapter. In further support of such exception, the applicant states that: (1) There are special circumstances or conditions affecting the subject property such that the strict application of the provisions of this chapter for which an exception is e^ N GARFIELD & HEGHT, P.G. William J. Stirling April 5, 1985 Page 2 sought would deprive the applicant of the reasonable use of his land; and (2) The exception is necessary for the preservation and enjoyment of a substantial property right of the applicant; and (3) The granting of the exception will not be detrimental to the public welfare or injurious to other property in the area in which the subject property is situated. The applicant requests permission to amend the Disclosure Statement in the following respects: (1) The addition of the pertinent recording information regarding the Condominium Map and the Fractional Estate Condominium Declaration. (2) Change the name of the title company from Stewart Title Company to Pitkin County Title, Inc. (3) The total number of free market units will change from twelve (12) to ten (10). (4) The occupancy limit of each one -bedroom unit will be four ( 4) . (5) Exhibit C to the Disclosure Statement (Escrow Agreement) will change to reflect the change of title companies. Respectfully submitted, GARFIELD & HECHT, P.C. BY Y. Andrew V. Hecht, as attorney for Shadow Mountain Lodge at Aspen AVH/mp • 0 :;L..W G5 KIR4,633 Recorded at o'clock .M. Reception No. Recorder RECORDING REQUESTED BY: WHEN RECORDED RETURN TO: RONALD GARFIELDo GARFIELD & HECHT, P.C. 601 EAST HYMAN AVENUE nr" ASPEN, COLORADO 81611 400 FRACTIONAL ESTATE CONDOMINIUM DECLARATIMN FOR = :aM G ` SHADOW MOUNTAIN LODGE AT ASPEN Cz INDEX ARTICLE I - RECITALS AND CERTAIN DEFINITIONS Section 1.1 The Declarant Page 1 Section 1.2 The Real Property Page 1 Section 1.3 Intention of Declarant Page 1 Section 1.4 The Project Page 1 Section 1.5 Submission of Property Page 2 ARTICLE II - ADDITIONAL DEFINITIONS Section 2.1 Act Page 2 Section 2.2 Articles Page 2 Section 2.3 Association Page 2 Section 2.4 Board of Managers or Board Page 2 Section 2.5 By -Laws Page 2 Section 2.6 City Page 2 Section 2.7 Common Expenses Page 2 Section 2.8 Common Furnishings Page 3 Section 2.9 Condominium Unit or Lodge Unit Page 3 Section 2.10 Common Elements Page 3 Section 2.11 Fractional Estate Page 3 Section 2.12 Fractional Owner Page 4 Section 2.13 General Common Elements Page 4 Section 2.14 Governmental Impositions Page 4 Section 2.15 Limited Common Elements Page 4 Section 2.16 Maintenance Week or Maintenance Period Page 4 Section 2.17 Managing Agent Page 5 Section 2.18 Map or Ccndominium Map Page 5 Section 2.19 Mortgage Page 5 Section 2.20 Mortgagee Page 5 Section 2.21 Condominium Owner or Owner Page 5 Section 2.22 Unit Page 5 Section 2.23 Use Week Page 6 Section 2.24 Timeshare Ordinance Page 6 ARTICLE III - CONDOMINIUM MAP Section 3.1 Preparation of Map Page 6 Section 3.2 BoundariEs of Unit Page 7 Section 3.3 Recordinc Page 7 Section 3.4 Amendments and Supplements Page 7 ARTICLE IV - DIVISION OF PROJECT Section 4.1 Division into Condominium Units Page 7 Section 4.2 Limited Common Elements Page 8 Section 4.3 Conveyance and Description of Condominium Unit Page R Section 4.4 Employee Housing Restrictions Pay_ Section 4.5 Further Division into Fractional Estates Pag=! Section 4.6 Conveyance and Description of a Fractional Estate Page 9 Section 4.7 Right to Use Common Furnishings Page 9 Section 4.8 Inseparability of Common, Elements Page 9 Section 4.9 Restrict2.on on Fractional Estates Page 1v • Section 4.10 Title Section 4.11 Partition Not Permitted Page 10 Page 10 ARTICLE V - ADDITIONAL RIGHTS AND OBLIGATIONS OF FRACTIONAL OWNERS Section 5.1 Occupancy Expenses Page 11 Section 5.2 Holding Over Page 11 Section 5.3 Right of Possession Denied Page 12 Section 5.4 Idemnity Against Liens Page 12 Section 5.5 Periods of Possession and Exchanges Page 13 Section 5.6 Compliance with Timeshare Instruments Page 13 Section 5.7 Right to Exhibit Page 13 ARTICLE VI - EASEMENTS Section 6.1 Easements for Encroachments Page 13 Section 6.2 Easements of Access for Repair, Maintenance and Emergencies Page 13 Section 6.3 Owner's Right to Ingress and Egress and Support Page 14 Section 6.4 Association's Right to Use of Common Elements Page 14 Section 6.5 Easements Deemed Created Page 15 ARTICLE VII - AD VALOREM TAXATION Section 7.1 Separate Assessments of Units Page 15 Section 7.2 Responsibility of Fractional Owners Page 15 ARTICLE VIII - .MECHANIC'S LIEN RIGHTS LIMITED Section 8.1 Mechanic's Lien Page 15 ARTICLE IX - ASSOCIATION Section 9.1 General Purposes and Powers Page 16 Section 9.2 Membership Page 16 Section 9.3 Voting Page 16 Section 9.4 Fractional Owners Appointment of Attorney -in -fact for Services of Process Page 17 Section 9.5 Board of Managers Page 18 Section 9.6 Mandatory Appointment of Managing Agent Page 18 Section 9.7 By -Laws and Articles Page 18 Section 9.8 Consent of Mortgagees Page 19 ARTICLE X - RIGHTS AND OBLIGATIONS OF ASSOCIATION Section 10.1 Association as Attorney -in -Fact for Owners Page 19 Section 10.2 General Common Elements Page 20 Section 10.3 Labor and Services Page 20 Section 10.4 Property of Association Page 21 Section 10.5 Mortgagee Rights Page 21 Section 10.6 Enforcement by Association Page 21 Section 10.7 Certificate of Identity Page 22 Section 10.8 Implied Rights Page 22 Section 1C.9 Rules and Regulations Page 22 ARTICLE XI - ADDITIONAL DUTIES OF THE ASSOCIATION REGARDING FRACTIONAL ESTATES Section 11.1 Coordination of Occupancy Page 22 Section 11.2 Service Requests Page 23 Section 11.3 Maintenance Page 23 Section 11.4 Calendar of Use Weeks Page 23 ARTICLE XII - ISSESSMENT FOR COMMON EXPENSES Section 12.1 Obligation to Pay Page 23 Section 12.2 Apportionments Page 24 Section 12.3 Time for Payment of Assessments Page 24 Section 12.4 Reserve Funds Page 25 Section 12.5 Special Assessments for Capital Improvements Page 25 Section 12.6 Assessment Lien Page 26 Section 12.7 Personal Obligation Page 27 -2- 4 5 Section 12.8 Statement of Status of Assessment Payments Page 27 Section 12.9 Personal Liability of Purchaser for Assessments Page 27 Section 12.10 Assessment Reserves Page 28 ARTICLE XII - USE OF CONDOMINIUM UNITS Section 13.1 Use Restrictions Page 28 Section 13.2 Common Elements Restrictions Page 29 Section 13.3 No Imperiling of Insurance Page 29 Section 13.4 No Violation of Law Page 29 Section 13.5 No Noxious, Offensive, Hazardous or Annoying Activities Page 29 Section 13.6 No Unsightliness Page 30 Section 13.7 Restriction on Signs Page 30 Section 13.8 Antennas Page 30 Section 13.9 Restrictions on Animals Page 30 Section 13.10 Repairs or Alterations Page 30 Section 13.11 No Excessive Use of Utilities Page 30 Section 13.12 No Impairment of Structural Integrity Page 31 Section 13.13 Miscellaneous Restrictions Page 31 Section 13.14 Responsibility of Owners and Fractional Owners Page 31 ARTICLE XIV - MORTGAGING A CONDOMINIUM UNIT Section 14.1 Priority of a Mortgagee ARTICLE XV - INSURANCE Page 31 Section 15.1 Fire Insurance Page 32 Section 15.2 Liability Insurance Page 32 Section 15.3 Other Insurance Page 33 Section 15.4 Named Insured Page 33 Section 15.5 Certificate of Replacement Value Page 33 ARTICLE XVI - DAMAGE OR DESTRUCTION Section 16.1 Insurance Proceeds Page 34 Section 16.2 Damage, Sufficient Insurance Proceeds Page 34 Section 16.3 Damage, Insufficient Insurance Proceeds Page 34 ARTICLE XVII - OBSOLESCENCE Section 17.1 Renewal of Project Page 35 Section 17.2 Sale of Project Page 37 ARTICLE XVIII - CONDEMNATION Section 18.1 Consequences of Condemnation Page 38 Section 18.2 Proceeds Page 38 Section 18.3 Complete Taking Page 38 Section 18.4 Partial Taking Page 38 Section 18.5 Reorganization Page 39 ARTICLE XIX - AMENDMENT OR REVOCATION OF DECLARATION Section 19.1 Amendment or Revocation Page 39 ARTICLE XX - MISCELLANEOUS Section 20.1 Period of Condominium Ownership Page 40 Section 20.2 Compliance with Provisions of Declaration and Articles of Incorporation and By -Laws of the Association Page 41 Section 20.3 Registration of Mailing Address Page 41 Section 20.4 Transfer of Declarant's Rights Page 42 Section 20.5 Severability Page 42 Section 20.6 Protection of Mortgagee Page 42 Section 20.7 Limited Liability Page 42 Section 20.8 Non -waiver Page 43 Section 20.9 Statute Page 44 Section 20.10 Number and Gender Page 44 Section 20.11 Sales Activities of Declarant Page 44 Section 20.12 Section Headings Page 44 -3- • Section 20.13 Duration of Declaration Section 20.14 Disclosure Statement Section 20.15 Future Improvement Districts SIGNATURE PAGE ACKNOWLEDGEMENT OF DECLARANT SIGNATURES ACKNOWLEDGMENT OF MORTGAGEE SIGNATURE Page 44 Page 45 Page 45 Page 45 Page 46 Page 46 -4- 415 F"�V6 N i FRACTIONAL ESTATE CONDOMINIUM DECLARATION FOR SHADOW MOUNTAIN LODGE AT ASPEN This Fractional Estate Condominium Declaration for Shadow Mountain Lodge at Aspen dated this 28th day of September , 1984, is made and entered into by SHADOW MOUNTAIN EQUITIES, INC., a Colorado corporation. nATTr`T_P T Recitals and Certain Definitions 1.1 The Declarant. SHADOW MOUNTAIN EQUITIES, INC., a Colorado corporation, together with its successors and assigns, collectively, is herein called the "Declarant". 1.2 The Real Property. Declarant is the owner of an improved parcel of real property located in the County of Pitkin, State of Colorado, described in Exhibit "A" attached hereto, made a part hereof by this reference and hereinafter referred to as the "Real Property". Recording data for recorded easements and licenses appurtenant to, or included in, the condominium property or to which any portion of the condominium property is or may become subject is also set forth in said Exhibit "A". 1.3 Intention of Declarant. Declarant intends to provide for condominium ownership of the real property, buildings and improvements situated thereon as a condominium and fractional (i.e. time -span) estate under the Condominium Ownership Act of the State of Colorado and under the subdivision regulations set forth in Chapter 20 of the Municipal Code of the City of Aspen. Declarant intends to define the character, duration, rights, obligations, and limitations of such condominium ownership and for such purposes executes this Declaration. 1.4 The Project. The term "Project" shall mean the Real Property and the buildings and improvements situated thereon and all appurtenances thereto which buildings and improvements contain twelve (12) free market units and two (2) restricted employee housing units. This is the maximum number of condominium units that may be created by this subdivision. The free market condominium units will be submitted to fractional (i.e. time -span) ownership. The employee housing units will be • • Pq_�V, 415 conveyed by Declarant to the fractional owners association. The employee housing units will not be part of the fractional estates created hereby. 1.5 Submission of Property. Declarant does hereby submit the Real Property and buildings and improvements situated thereon, to condominium ownership pursuant to the Condominium Ownership Act of the State of Colorado and with respect to the free market units further submits the same to fractional (i.e. time -span) ownership subject to easements, rights -of -way, restrictions and reservations of record, and Declarant does hereby publish and declare that the following terms, covenants, conditions, easements, restrictions, uses, limitations, and obligations shall be deemed to run with the land, shall be a burden and a benefit to Declarant, its successors and assigns. ARTICLE II Additional Definitions Unless the context shall expressly provide otherwise the following definitions shall apply to the following phrases, or terms appearing in this Declaration. 2.1 Act means the Colorado Condominium Ownership Act, Colo. Rev. Stat. Section 38-33-101 et seq. 1973, as amended. 2.2 Articles means the Articles of Incorporation of the Association, as hereinafter defined. 2.3 Association means SHADOW MOUNTAIN LODGE AT ASPEN FRACTIONAL OWNER'S ASSOCIATION, INC., a Colorado corporation, not for profit, its successors and assigns, the Articles and By -Laws of which, as hereinafter defined, along with this Declaration, shall govern the administration of the Project; the members of which shall be all of the Owners of the Condominiums or Fractional Estates in the Project. 2.4 Board of Managers or Board means the governing body of the Association. 2.5 By -Laws means the By -Laws of the Association. -2- 475 Ri,i'_7SJ 2.6 City means the City of Aspen, Colorado. 2.7 Common Expenses means and includes expenses for the maintenance, repair, operation, management and administration of the Common Elements; expenses declared common expenses by the provisions of this Declaration or under the By -Laws of the Association and all sums lawfully assessed as such by the Board of Managers of the Association. 2.8 Common Furnishings means the personal property in a Lodge Unit at the time of acquisition thereof by a Fractional Owner, including the furniture, furnishings, tableware, cooking utensils, appliances, decorative items, bedding and all additions, substitutions or replacements thereof. Ownership of the Common Furnhishings will be conveyed by Declarant to the Association. 2.9 Condominium Unit or Lodge Unit means the fee simple interest and title in and to a Unit, the undivided percentage interest in the General Common Elements appurtenant to such Unit and the exclusive right to use any Limited Common Element reserved to such Unit as shown on the Condominium Map. 2.10 Common Elements means and includes the Real Property except those portions thereof which constitute air space units together with the structural components of the buildings, including but not limited to roofs, floors other than the interior surfaces thereof (and crawl spaces beneath the floors), foundations, pipes, ducts, flues, chutes, conduits, wires, and other utility installations to the outlets, bearing walls, perimeter walls, columns and girders to the interior surfaces thereof, regardless of location; the balconies, patios, entryways lying outside perimeter walls, walkways, yards, parking areas and storage spaces which are now or hereafter contained within the Project; all installations of power, lights, gas, hot, and cold water existing for common uses and, the air above the Real Property, all of which shall be owned, as tenants -in -common, by the owners of the separate units, each owner of a unit having an undivided percentage interest in such common elements as hereinafter provided. -3- 2.11 Fractional Estate means a combination of: (i) an undivided one -fifteenth (1/15) interest as tenant -in -common, in the present fee simple estate in a Condominium Unit and (ii) the exclusive right to possession and occupancy of said Condominium Unit during annually recurring periods of time known as Use Weeks as set forth in the deed conveying the Fractional Estate to a Fractional Owner. The sum of the Use Weeks and Maintenance Weeks in a Condominium Unit dedicated to fractional ownership shall equal fifty-two (52) weeks. Each Fractional Estate shall constitute for all purposes an estate or interest in real property, separate and distinct from all other interests in the same Condominium Unit and may be conveyed or encumbered in the same manner and with the same effect as other real property interests, including, but not limited to, by way of deed, mortgage or involuntary sale by judicial or other process. 2.12 Fractional Owner means any person, corporation, partnership, association or other legal entity which owns an interest in one or more Fractional Estates. 2.13 General Common Elements means all the Common Elements except all Limited Common Elements. 2.14 Governmental Impositions means all taxes, assessments and other charges of the State of Colorado or any political subdivision or of any special improvement district or of any other taxing or assessing authority. 2.15 Limited Common Elements means those Common Elements (as shown on the Map) which are reserved for the use of a certain owner or owners of a particular Condominium Unit to the exclusion of the others. Any costs for ordinary maintenance, service or upkeep shall be paid by the owners receiving such reservation. 2.16 Maintenance Week or Maintenance Period means those periods of time during which exclusive possession a Lodge Unit dedicated to fractional ownership is reserved to the Association to service, clean, repair, maintain and refurbish such Lodge Unit or for such other purposes as the Association shall determine to be necessary or desirable. Maintenance Weeks shall consist of -4- 0 3L K 475 ?ail~ill those Use Weeks, designated by Declarant, by supplement or supplements to this Declaration as Maintenance Weeks. Maintenance Weeks shall be appurtenant to the Fractional Estates in a particular Lodge Unit and a transfer of said Fractional Estate shall, without further reference, transfer to the grantee thereof such interest in the Maintenance Weeks. 2.17 Managing Agent means the individual, corporation or other legal entity employed by the Board to perform the management and operational functions of the Project. 2.18 Map or Condominium Map means a plat or plats or survey or surveys of the surface of the ground of the Real Property showing a survey and legal description thereof, the location of the building with respect to the boundaries of the Real Property, together with diagramatic floor plans of the building, showing the boundaries of each Unit within the building, including horizontal and vertical locations and dimensions of all boundaries of each Unit, Unit numbers identifying the Units, together with such other information as may be included thereon in the discretion of the Declarant. With respect to any supplemental Condominium Map or Maps that may be filed in the Pitkin County, Colorado records, the term "Map" or "Condominium Map" thereafter shall mean the original Condominium Map, together with all supplemental maps. 2.19 Mortgage means any mortgage, deed of trust, or other security instrument by which a Condominium Unit or any Fractional Estate is encumbered. 2.20 Mortgagee means any person, persons, firm, corporation, partnership, association or other legal entity named as the mortgagee or beneficiary in any Mortgage under which a Condominium Unit or any Fractional Estate is encumbered. 2.21 Condominium Owner or Owner means a person, corporation, partnership, association or other legal entity which owns an interest in a Condominium Unit not submitted to fractional ownership under this Declaration. 2.22 Unit means an individual air space unit which is bounded by the unfinished interior surfaces of its perimeter mi: walls, including the interior surfaces of windows and window frames, doors and door frames, trim, and the interior surfaces of the lowermost floors, uppermost ceilings and bearing walls of such unit in the building as shown on the Condominium Map to be filed for record, together with all fixtures and improvements therein contained but not including any of the structural components of the building, or Common Elements, if any, in such unit. 2.23 Use Week means a period of exclusive possession and occupancy of a Condominium Unit reserved to a Fractional Owner consisting of a seven (7) day period; provided however, the right of possession and occupancy shall not commence until 4:00 p.m. Rocky Mountain Time on the first day of the Use Week and shall end at 10:00 a.m. Rocky Mountain Time on the last day of such week. Use Week No. 1 begins on the first Saturday of January in any given year and ends on the following Saturday. Use Week No. 2 begins on the second Saturday of any givcn year and ends on the following Saturday. Additional weeks are computed by going forward from Use Week No. 1. Extra days accumulate each year and there are occassionally years in which there will be an extra week to be known as Week No. 53. The Fractional Owner entitled to exclusive possession and occupancy of a Condominium Unit during Week No. 52 shall also be entitled to exclusive possession and occupancy of said Condominium Unit during Use Week No. 53. 2.24 Timeshare Ordinance means section 20-24 to the Municipal Code of the City of Aspen, Colorado regulating the subdivision, sale and maintenance of timeshare projects and any amendments or supplements to said Ordinance. ARTICLE III Condominium Map 3.1 Preparation of Map. The Map shall contain the certificate of a registered Colorado land surveyor certifying that the Map substantially depicts the location and the horizontal and vertical measurements of the building, tree Units, the Unit designation and dimensions thereof, the elevations of -6- 6 • -�� 475 uac'793 the unfinished floors and ceilings, the building number or symbol. Each supplemental map or any amendment shall set forth a like certificate when appropriate. 3.2 Boundaries of Unit. In interpreting the Map or any amendment or supplement thereto, the existing physical boundaries of each Unit as constructed shall be conclusively presumed to be its boundaries. 3.3 Recording. The Condominium Map or Maps shall be filed for record in the Real Estate Records of the County Clerk of Pitkin County, Colorado and may be filed for record in -hole or in parts, or in sections, from time to time. Each section of the Map filed subsequent to the first or initially filed Map shall be termed a supplement or amendment to such Map and the numerical sequence of such supplements or amendments shall be shown thereon. 3.4 Amendments and Supplements. Declarant reserves the right without the necessity of any obtaining the consent of any other person to amend or supplement the Map, from time to time, to conform the same according to the actual location of any improvements or alterations, and to establish, vacate, and relocate access, utility or other easements or rights of way and for any other purposes as provided herein. Notwithstanding the preceding, Declarant shall obtain an approval from the City to any amendment or supplement to the Map where such approval is required under the Timeshare Ordinance or the subdivision regulations of the City. ARTICLE IV Division of Project 4.1 Division into Condominium Units. The Condom-nium Project is hereby divided into fourteen (14) Condominium Units, each consisting of a separate fee simple interest in a Unit and an undivided fee simple interest in the Common Elements, a:; is set forth in Exhibit "B" attached hereto and the Limited Common Elements, if any, appurtenant to each Unit. Such undivided interests in the Common Elements are hereby declared appurtenant -7- to the respective Units. Each such Unit shall be identified on the Map by number or symbol as shown on Exhibit "B". 4.2 Limited Common Elements. Limited Common Elements shall consist of, balconies, decks, patios, terraces and exterior stairways, if any, appurtenant to and associated with a particular Unit and identified on the Condominium Map, and any individual heating equipment and fireplaces appurtenant to and used in connection with a particular Unit. The Limited Common Elements shall be used in connection with a particular Unit to the exclusion of the use thereof by others except by invitation. 4.3 Conveyance and Description of Condominium Unit. Every contract, deed, lease, mortgage, deed of trust, will, or other instrument affecting title to a Condominium Unit not dedicated to Fractional Ownership shall describe that Condominium Unit as follows: Condominium Unit , SHADOW MOUNTAIN LODGE AT ASPEN, according to the Condominium Map thereof recorded in Plat Bock at Page , and as defined and described by the Fractional Estate Condominium Declaration for the Shadow Mountain Lodge at Aspen recorded in Book at Page County of Pitkin, State of Colorado. 4.4 Employee Housing Restrictions. Condominium Units 13 and 14 are employee housing and shall and hereby are restricted to use as employee housing as now described in Section 24-11.4(b)(4) of the Municipal Code of the City of Aspen and to rental and sale terms, price guidelines and to occupancy limitations within "low income" employee housing eligibility guidelines now established by the City Council of the City of Aspen, or as such guidelines may from time -to -time be amended by the City Council. Said Condominium Units 13 and 14 shall and hereby are restricted to six (6) month minimum leases with no more than two (2) shorter tenancies per calendar year, all as described in the Municipal Code of the City of Aspen, as amended. The covenants contained in this Paragraph shall remain in effect for the period of the life of the longest lived member of the presently constituted Aspen City Council plus twenty-one (21) years, or for a period of fifty (50) years, whichever period is ffm • • -103� 475 Piv_7JJ less, from the date this Declaration is recorded. None of the covenants contained herein shall be released or waived in any respect or modified or amended during the period they are binding without the prior consent of the City of Aspen reflected by resolution of the City Council of the City of Aspen. 4.5 Further Division into Fractional Estates. All Condominium Units in the Project, other than restricted employee housing Units No. 13 and No. 14, in the Project are hereby further divided into Fractional Estates. 4.6 Conveyance and Description of a F=_actional Estate. Every contract, deed, mortgage, deed of trust, well or other instrument affecting title to a Fractional Estate shall describe that Fractional Estate as follows: An undivided one -fifteenth (1/15) interest in and to Condominium Unit , SHADOW MOUNTA:CN LODGE AT ASPEN,.according to the Condominium Map thereof recorded in Plat Book at Page together with the exclusive right to possession and occupancy of said Unit only during Use Weeks 11 and said right to possession and occupancy beginning at 4:00 p.m. Rocky Mountain Time on the first day of each Use Week and ending at 10:00 a.m. Rocky Mountain Time on the last day of each Use Week as more fully defined and described in the Fractional Estate Condominium Declaration for the Shadow Mountain Lodge at Aspen recorded in Book . at Page County of Pi-ckin, State of Colorado. Use Weeks are described in Exhibit "C" attached hereto. Fractional Estates shall consist of not less than three (3) Use Weeks. 4.7 Right to Use Common Furnishings. ')uring their occupancy of a Unit, Fractional Owners shall hava the right to use the Common Furnishings therein. 4.8 Inseparability of Common Elements. The undivided interest in the Common Elements declared to be an appurtenance unto each Condominium Unit or Fractional Estate shall not be leased, conveyed, devised, encumbered or otherwise dealt with separate from said Condominium Units or Fractional Estate and the undivided interest in Common Elements appurtenant to each Condominium Unit or Fractional Estate shall be deemed, conveyed, devised, encumbered or otherwise included with the Condominium Unit or Fractional Estate therein, even though such undivided -9- U interest is not expressly mentioned or described in the instrument leasing, conveying, devising, encumbering or otherwise dealing with such Condominium Unit or Fractional Estate. Nothing herein contained shall be construed as limiting or preventing ownership of any Condominium Unit or Fractional Estate therein and its appurtenant undivided interest in the Common Elements by more than one person or entity as tenants -in -common or joint tenants with right of survivorship. 4.9 Restriction on Fractional Estates. A Fractional Owners' personal use of his Unit shell be restricted to fourteen (14) days or less during the seasonal period of December 18th through March 20th. This seasonal period is hereinafter referred to as "high season." "Fractional Owners' personal use" shall be defined as owner occupancy of a Fractional Estate or nonpaying guest of the owner thereof or taking the Fractional Estate off the rental market during the seasonal periods referred to herein for any reason other than necessary repairs which cannot be postponed or which make the Unit unrentable. 4.10 Title. Title to a Condominium Unit or Fractional Estate may be held or owned by any Entity and in any manner in which title to any other real property may be held or owned in the State of Colorado, including, but without limitation, joint tenancy or tenancy in common. Subject to the restrictions set forth in Paragraph 4.8 above, a person may acquire more than one Fractional Estate in the same Unit or different Units and thereafter may convey or encumber each Fractional Estate separately acquired. Any conveyancing document, mortgage (or release thereof) lease or other ins-,:rument which purports to grant any right, interest or lien in, to or upon a Fractional Estate shall be null, void and of no effect insofar as the same purports to convey, devise, encumbe-, lease or otherwise trade or deal with less than the entire Fractional Estate. 4.11 Partition Not Permitted. The Common Elements shall be owned in common by all the owner.3 of Condominium Units and Fractional Estates and no Owner or Fractional Owner may bring any -10- action for partition thereof. Further no Fractional Owner may bring any action for the partition of a Fractional Estate. nUmTr'r r 17 Additional Rights and Obligations of Fractional Owners 5.1 Occupancy Expenses. A Fractional Owner shall be obligated to pay on last day of each Use Week all expenses incurred in connection with the use of Unit by the Fractional Owner, his guests, members of his family or other invitees including all costs of long distance telephone charges, costs of the repair or replacement of Common Furnishings or Common Elements damaged during such use by intentional conduct or negligence, costs of firewood, janitorial and maid service and all other costs or expenses as may be charged by the Managing Agent or Board in accordance with this Declaration, the Articles, By -Laws or any rules or regulations of the Association. Any of the foregoing expenses may at the choice of the Association be included as part of a regular assessment rather than requiring payment on the last day of any Use Week. 5.2 Holding Over. In the event that a Fractional Owner shall fail to surrender up peacefully the Condominium Unit within the time provided at the expiration of each Use Week and if said Fractional Owner shall remain in possession after the expiration of such time, said Fractional Owner shall be deemed guilty of a forcible detainer an,3 shall be liable for eviction with or without process of law and damages. Under the circumstances described in the preceding sentence such Fractional Owner shall also be liable to the Fractional Owner then entitled to use the Condominium Unit in damages for each twenty-four (24) hour period of holding over, or any part thereof, at the rate of two hundred percent (200%) of th? daily average rental rate charged for use and occupancy of a similar Condominium Unit, as determined in the sole discretion of tie Managing Agent or the Board, but in no event less than $200.00 per day, plus a reasonable amount for attorneys' fees and all other costs incurred by the Association -11- U PAGE i �� or the Fractional Owner then entitled to use the Condominium Unit in enforcing any right or remedy hereunder. 5.3 Right of Possession Denied. In the event of a default in the payment of any charge provided for in this Declaration, or any part thereof, or default shall be made in any covenants or agreements herein contained to be kept by a Fractional Owner it shall be lawful for the Managing Agent, if any, or the Board to deny possession and the use of the Unit to said defaulting Fractional Owner and/or declare said possession right terminated and enter upon said premises, or any part thereof either with or without process of law, and to expel, remove, and put out said Fractional Owner or any other person occupying the same using such force as may be necessary in so doing without being liable to prosecution or in damages therefor and to repossess and enjoy the premises free from any claim of said defaulting Fractional Owner. Said right to possession and use of said premises shall be denied Fractional Owner for so long as the Fractional Owner shall be in default in the performance as aforesaid. All rights and remedies of the Association set forth in this paragraph or in any other provisions of this Declaration are cumulative and may be exercised by the Association independently or concurrently and in any order the Association may choose. 5.4 Indemnity Against Liens. No Fractional Owner shall have the right (such right being reserved exclusively to the Association) to contract for or cause any labor or materials to be furnished in connection with a Unit. Nothwithstanding the preceding, any Fractional Owner who suffers or allows a mechanic's lien, federal tax or other lien to be placed against his Fractional Estate or the entire Unit shall indemnify, defend and hold each of the other Fractional Owners harmless from all liability or loss arising from the claim of such lien. The Association shall enforce such indemnity by collecting from the Fractional Owner who suffers or allows such a lien the amount necessary to discharge the lien and all costs incidental thereto, including reasonable attorneys' fees. If such amount is not -12- • Luc ` 9j promptly paid, the Association may collect the same in the manner provided herein for the collection of assessments. 5.5 Periods of Possession and Exchanges. A Fractional Owner shall not occupy his Unit, use any Common Furnishings nor any Common Elements during Maintenance Weeks or any other time except during his Use Weeks. Notwithstanding the preceeding, Fractional Owners may in any particular year assign, trade or exchange with other Fractional Owners or other parties their rights to exclusive possession and occupancy of a Condominium Unit during their Use Week. 5.6 Compliance with Timeshare Instruments. By acceptance of a conveyance of a Fractional Estate, each Fractional Owner agrees that any use of a Unit or Common Elements shall at all times be subject to and in accordance with this Declaration, the Articles, By -Laws and any rules or regulations of the Association. 5.7 Right to Exhibit. A Fractional Owner shall have the right to enter into his Unit during reasonable hours and upon reasonable notice during the Use Week of another Fractional Owner for the limited purpose of showing the Unit to a prospective purchaser. Said right of entry shall also extend to a licensed real estate broker or salesperson of a Fractional Owner. ARTICLE VI Easements 6.1 Easements for Encroachments. If any part of the Common Elements encroaches upon a Unit or Units, an easement for such encroachment and for the maintenance of the same so long as it stands shall and does exist. Such encroachments shall not be considered to be encumbrances either on the Common Elements or the Units. Encroachments referred to herein include, but are not limited to, encroachments caused by error in the construction of any building or improvements, by error in the Condominium Map, by settling, rising or shifting of the earth, or by changes in position caused by repair or reconstruction of the Project or any part thereof. -13- • .1 _1` " 6.2 Easements of Access for Repair, Maintenance and Emergencies. The Owners of Units and Fractional Owners shall have the irrevocable right to be exercised by the Association as their agent, to have access to each Unit and to all Common Elements from time to time during such reasonable hours as may be necessary for the maintenance, repair or replacement of any of the Common Elements located therein or accessible therefrom or for making emergency repairs therein necessary to prevent damage to the Common Elements or to another Unit or Units. The Association shall also have such right independent of any agency relationship. Damage to the interior of any part of a Unit or Units resulting from the maintenance, repair, emergency repair, or replacement of any of the Common Elements or as a result of emergency repairs within another Unit at the instance of the Association or, Owners or Fractional Owners shall be an expense of all the Owners and Fractional Owners; provided, however, that if such damage is the result of negligence of the Owner of a Unit or Fractional Owner, then such Owner or Fractional Owner shall be financially responsible for all of such damage. Such damage shall be repaired and the property shall be restored substantially to the same condition as existed prior to damage. Amounts owing by Owners or Fractional Owners pursuant hereto shall be collected by the Association by assessment. 6.3 Owner's Right to Ingress and Egress and Support. Each Owner or Fractional Owner shall have the right of ingress and egress over, upon, and across the Common Elements necessary for access to his Unit and shall have the right to the horizontal and lateral support of his Unit, and such rights shall be appurtenant to and pass with the title to each Condominium Unit or Fractional Estate. Each Owner or Fractional Owner shall have a non-exclusive right to the use of sidewalks and pathways located within the entire Project, if any. 6.4 Association's Right to Use of Common Elements. The Association shall have a non-exclusive easement to make such use of the Common Elements as may be necessary or appropriate to -14- perform the duties and functions which it is obligated or permitted to perform pursuant to this Declaration. 6.5 Easements Deemed Created. All conveyances of Condominium Units hereafter made, whether by the Declarant, or otherwise, shall be construed to grant and reserve such reciprocal easements as shall give effect to this entire Article even though no specific reference to the easements or to said sections appears in any such conveyance. ARTICLE VII Ad Valorem Taxation 7.1 Separate Assessment of Units. As soon as possible, after the Condominium Map shall have been filed for record in Pitkin County, Colorado, Declarant shall deliver a written notice to the Assessor of Pitkin County, Colorado as provided by law, setting forth the descriptions of the Condominium Units so that each Condominium Unit shall be assessed separately thereafter for all Governmental Impositions. For the purpose of such assessment, the valuation of the Common Elements shall be apportioned among the Units in proportion to the fractional interests in Common Elements appurtenant to such Units. The Association shall furnish to the Assessor all necessary information with respect to such apportionment. No forfeiture or sale of any Condominium Unit for delinquent taxes, assessments or other governmental charges shall divert or in any way affect the title to any other Condominium Unit. 7.2 Responsibility of Fractional Owners. The Association, from assessments collected from Fractional Owners, shall pay, in a timely fashion, all Governmental Impositions on Condominium Units. ARTICLE VIII Mechanic's Lien Rights Limited 8.1 Mechanic's Lien. No labor performed or materials furnished for use in connection with any Unit, or in connection with any improvements constructed shall create any rights to file a statement of mechanic's lien against the Unit of any other Owner not expressly consenting to or requesting the same or -15- 47' against any interest in the Common Elements except as to the undivided interest therein appurtenant to the Unit of the Owner for whom labor shall have been performed and such materials shall have been furnished. Each Owner shall indemnify and hold harmless each of the other Owners from and against any liability or loss including reasonable attorney's fees, arising from the claim of any lien against the Condominium Unit, or any part thereof, or any other Owner or against the Common Elements for labor performed or for materials furnished in connection with the first Owner's Unit. At the written request of any Owner, the Association shall enforce such indemnity by collecting from the Owner of the Unit on which the labor was performed and materials furnished the amount necessary to discharge any such lien, including all costs incidental thereto, and obtaining a discharge of the lien, such collection shall be made by assessment. ARTICLE IX Association 9.1 General Purposes and Powers. The Association through the Board or a Managing Agent shall perform functicns and hold and manage property as provided in this Declaration sc as to further the joint interests of the Fractional Owners and the Owners of Condominiums in the Project. It shall have all power necessary or desirable to effectuate such purposes. 9.2 Membership. The Fractional Owners and the Owners of Condominiums shall automatically become members of the Association. Said membership is appurtenant to a Condominium or Fractional Estate and title to the ownership of the membership automatically pass with title to the Condominium or Fractional Estate. Each Condominium Owner and Fractional Owner shall automatically be entitled to the benefits and subject to the burdens relating to the regular membership in the Association. 9.3 Voting. Each Condominium Unit in the Project submitted to fractional ownership shall be accorded one (1; vote in the Association. So long as the employee housing units are owned by the Association votes accorded to all other Condominium Units shall be weighted in proportion to the voting and -16- • :J03Y 6 Pau,-, S J- assessment percentage set forth in Exhibit "B". It is the intent of this provision that the employee housing units will have no vote in the affairs of the Association so long as such units are owned by the Association. Should the employee housing units ever cease to be owned by the Association, then all Condominium Units in the Project (including the employee housing units) shall be accorded one (1) vote in the Association weighted in proportion to the percentage ownership in the General Common Elements. If the Association shall transfer any of the employee housing units to more than one person, each co -tenant shall b2 a member of the Association and shall be entitled to cast a pro2ortionate share of the vote allowed to such unit. A Fractional owner shall be entitled to a portion of the weighted vote assigned to his Unit, such portion to be based upon that Fractional Owner's undivided interest in the Condominium Unit. Where title to a Fractional Estate is held by more than one person such owners are hereby required to designate one person or agent as the spokesperson for all such owners and that the person so designated shall also be entitled to vote all the interests of that particular Fractional Estate. 9.4 Fractional Owners Appointment of Attorney -in -fact for Services of Process. Each Fractional Owner in the Project hereby irrevocably designates the Association as his agent for the service of process or legal notices for any legal action proceding or hearing pertaining to his Fractional Interest. Any service upon the Association as attorney -in -fact for any or all Fractional Owners shall be in a manner sufficient to satisfy the requirements of personal service in the State cf Colorado pursuant to Rule 4 of the Colorado Rules of Civil Procedure. Upon receipt of such process or other notice the Association shall promptly mail true copies of the same to each Fractional Owner or their designated spokesperson appointed in acccrdance with Paragraph 8.3 above. 9.5 Board of Managers: The affairs of the Association shall be managed by a Board of Managers which may by resolution delegate any portion of its authority to a Managing Agent of the -17- E • a�4 15 Association. There shall be not less than three (3) nor more than five (5) members of the Board of Managers, the specific number to be set forth from time to time in the By -Laws. All members of the Board of Governors shall be Condominium Owners or Fractional Owners elected by Condominium Owners or Fractional Owners except during the period when the Association is controlled by Declarant. Initially, control of the Association shall be vested in Declarant. Until control of the Association has been transferred to Condominium Owners and Fractional Owners in accordance herewith, the members of the Board of Managers shall be appointed by Declarant. Control of the Association shall become vested in the Condominium Owners and Fractional Owners no later than the earlier of four (4) months after seventy-five percent (75%) of the all Fractional Estates in the Project have been conveyed to purchasers thereof or five (5) years after the first Fractional Estate is conveyed to a purchaser. After control of the Association becomes vested in the Condominium Owners and Fractional Owners, Declarant shall still be entitled to those votes allocated to any Fractional Interest_ retained by Declarant. Notwithstanding the foregoing, Declarant shall have the right at any time upon sixty (60) days prior written notice to the then Condominium Owners and Fractional Owners of record to turn over control of the Association to the Owners and Fractional Owners. 9.6 Mandatory Appointment of Managing Agent. As soon as practicable the Association shall appoint a local Managing Agent. The contract with such Managing Agent shall allow for either party to terminate said contract, for cause, upon sixty (60) days notice. In the event the Managinq Agent is terminated, a new local Managing Agent shall be designated as quickly as possible by the Association. The contract with the Managing Agent shall specify the Managing Agent's duties to maintain the Project. 9.7 By -Laws and Articles. The purposes and powers of the Association and the rights and obligations with respect to •��ii 'fit 75 • Owners set forth in this Declaration may and shall be amplified by provisions of the Articles and By -Laws of the Association. 9.8 Consent of Mortgagees. Unless the prior written approval of the holders of at least two-thirds (2/3) of the first mortgages affecting Condominium Units in the Project has first been obtained or in the case of Fractional Estates, unless the prior written approval of the holders of at least two-thirds (2/3) of the first mortgages affecting all Fractional Estates in the Project (based on one vote for each first mortgage owned or held), the Association shall not: (a) by act or omission, seek to abandon or terminate the Project; (b) change the pro rata interest or obligations of any individual Condominium Unit for the purpose of: (i) levying assessments or charges or allocating distributions of hazard insurance proceeds or condemnation awards, or (ii) determing the pro rata share of ownership of each Condominium Unit in the Common Elements; (c) partition or subdivide any Condominium Unit; or (d) by act or omission, seek to abandon, partition, subdivide, encumber, sell or transfer the Common Elements. (The granting of easements for public utilities of other public purposes consistent with the intended use of the Common Elements by the Project shall not be deemed a transfer within the meaning of this clause); (e) use hazard insurance proceeds for losses to any condominium property (whether to Condominium Units or to Common Elements) for other than the repair, replaceme;it or reconstruction of such condominium property. A V PTrT.F V Rights and Obligations of Association 10.1 Association as Attorney -in -Fact for Owners. Title to any Condominium or Fractional Estate is declared and expressly made subject to the terms and conditions hereo`, and acceptance by any grantee of a deed from the Declarant or a deed from any Condominium Owner or Fractional Owner shall co:istitute -19- • • r jcrr 413 mlili Sjo appointment of the attorney -in -fact herein provided. All of the Condominium Owners and Fractional Owners irrevocably constitute and appoint the Association, in their names, places and steads: (i) for the purposes of dealing with the Project upon its destruction, repair or obsolescence as provided in this Declaration (ii) to manage, control and deal with the interest of such Condominium Owner or Fractional Owner in the General Common Elements so as to permit the Association to fulfill all of its duties and obligations hereunder and (iii) to grant utility easements through any portion of the General Corn -non Elements. As attorney -in -fact, the Association, by its president and secretary, shall have full and complete authorization, right and power to make, execute and deliver any contract, deed or any other instrument with respect to the interest of a Condominium Owner or Fractional Owner which is necessary and appropriate to exercise the powers herein granted. 10.2 General Common Elements. The Association shall provide for the care, operation, management, maintenance, repair and replacement of the General Common Elements. Without limiting the generality of the foregoing, said obligations shall include the keeping of such General Common Elements in good, clean, attractive and sanitary condition, order and repair; removing snow and any other materials from such General Common Elements which might impair access to the Project or the Condominiums, keeping the Project safe, attractive and desirable; and making necessary or desirable alterations, additions or improvements to or on the General Common Elements. 10.3 Labor and Services. The Association may obtain and pay for the services of a Managing Agent to manage its affairs, or any part thereof, to the extent it deems advisable, as well as such other personnel as the Association shall determine to be necessary or desirable for the proper operation of the Project, whether such personnel are furnished or employee directly by the Association or by any person with whom or which it contracts. The Association may obtain and pay for legal and accounting services necessary or desirable in connection with the operation of the -20- CJ • Project or the enforcement of this Declaration. The Association may arrange with others to furnish lighting, heating, water, firewood, trash collection, landscaping maintenance, snow removal, mechanical and electric service maintenance, security system maintenance, cleaning services, window washing, sewer service and other common services. 10.4 Property of Association. The Association may pay for, acquire and hold real and tangible and intangible personal property and may dispose of the same by sale or otherwise. Subject to the rules and regulations of the Association, each Condominium Owner or Fractional Owner and each Condominium Owner's or Fractional Owner's family and guests may use such property. Upon termination of condominium ownership of the Project and dissolution of the Association, if ever, the beneficial interest in any such property shall be deemed to be owned by the then Condominium Owners and Fractional Owners as tenants -in -common in the same proportion as their respective interest in the General Common Elements. A transfer of a Condominium or Fractional Estate shall transfer to the transferee thereof ownership of the transferor's beneficial interest in such property without any reference thereto. The transfer of title to a Condominium or Fractional Estate under foreclosure shall entitle the purchaser to the beneficial interest in such property associated with the foreclosed Condominium or Fractional Estate. 10.5 Mortgagee Rights. The Association shall grant to each Mortgagee of a Condominium or Fractional Estate the right to examine the books and records of the Association at any reasonable time. Upon request, any Mortgagee shall receive a copy of the financial statements of the Association and shall be entitled to written notification from the Association of any default in the performance by an individual Condominium Owner or Fractional Owner of any obligation under this Declaration, the By -Laws or any other condominium constituent documents that is not cured within sixty (60) days. 10.6 Enforcement by Association. The Association may suspend any Condominium Owner's or Fractional Owner's voting -21- J n�n 111 � GrV�� V �✓ � rights in the Association and/or the right to use the General Common Elements during any period or periods in which such person fails to comply with the Association's rules and regulations, or with any other obligations of such owner under this Declaration. In addition to any other rights or remedies, the Association may also take judicial action against any Condominium Owner or Fractional Owner to enforce compliance with such rules, regulations or other obligations or to enjoin or obtain damages for noncompliance, all to the extent permitted by law. In any such action the prevailinc; party shall be awarded his court costs and reasonable attorney fees. 10.7 Certificate of Identity. The Board of Managers may, from time to time, record a Certificate of Identity with the mailing addresses of the persons then comprising the Board of Managers, together with the identity and address of the Managing Agent, if any there be. Such Certificate shall be conclusive evidence thereof in favor of any person relying thereon in good faith regardless of the t_me elapsed since the date thereof. 10.8 Implied Rights. The Association shall have and may exercise and right or privilege given to it expressly by this Declaration, or reasonably to be implied from the provisions of this Declaration, or given or implied by law, or which may be necessary or desirable to fulfill its duties, obligations, rights or privileges. 10.9 Rules and :Regulations. The Association shall have the right to adopt such By -Laws and to promulgate such reasonable rules and regulations as it deems necessary or desirable to effectuate the intent and to enforce the duties and obligations set forth in this Declaration, the Articles and By -Laws of the Association. ARTICLE XI Additional Duties of the Association Regarding Fractional Estates 11.1 Coordinati3n of Occupancy. The Association shall coordinate the plans of Fractional Owners for moving their personal affects into and out of the Fractional Units with a view -22- • • 7 ?0?K 4 1 "5'aE�+� toward scheduling such move so that there will be a minimum of inconvenience to other Fractional Owners. 11.2 Service Requests. The Association shall maintain business -like relations with Fractional Owners whose service requests shall be received, considered, and recorded in a systematic fashion in order to show the action taken. 11.3 Maintenance. The Association shall cause each Lodge Unit to be maintained in a first class manner and condition. The Association shall determine the color scheme, decor and furnishings of each Condominium Unit as well as the proper time for redecorating and replacement thereof. All additions, substitutions or replacements to Common Furnishings shall be at the expense of the Association. 11.4 Calendar of Use Weeks. The Association shall prepare a calendar of Use Weeks which shall at all times establish the dates of each Use Week at least five (5) years into the future. ARTICLE XII Assessment for Common Expenses 12.1 Obligation to Pay. Fractional Owners shall be obligated to pay the estimated assessments imposed by the Board of Managers to meet the Common Expenses. So long as the employee housing units are owned by the Association no assessments shall be charged against those units. The Board may establish any reasonable system for collection periodically of Common Expenses, in advance or arrears as deemed desirable. Initially, assessments for the estimated Common Expenses on an annual basis shall be made by the Board and shell be payable in either equal monthly or quarterly installments. 1,t the end of each fiscal year, the Board shall determine actual expenses and either assess each Owner or credit against the next ensuing assessment period, as the case may be. Assessments made shall be based upon the estimated cash requirements deemed to bc, such aggregate sum as the Board shall from time to time determ-ne to be paid. The omission or failure of the Board to fix the assessments for any assessment period -23- Boa« 4 7' 11AV yW shall not be deemed a waiver, modification, or release of the Owners from their obligation to pay the same. 12.2 Apportionments. So long as the employee housing units are owned by the Association, the percentage of Common Expenses to be charged to each Unit shall be in accordance with voting and assessment percentage set forth in Exhibit "B". It is the intent of this provision that no assessments will be charged to the employee housing units so long as such units are owned by the Association. Should the employee housing units ever cease to be owned by the Association, then all Condominium Units in the Project (including employee housing units) shall pay assessments in proportion to such Unit's interest in the General Common Elements as set forth in Exhibit "B". After the assessments to be charged to each Unit have been determined, assessments of Fractional Estates shall be made pro rata according to each Fractional Owner's undivided interest in a Condominium Unit. Declarant shall be obligated to pay all assessments charged to unsold Fractional Fstaes. Declarant may rent unsold Fractional Estate; provided however, that any rents realized shall, to the extent necessary, be utilized to defray maintenance expenses. 12.3 Time for Payment of Assessments. Assessments shall be due and payable within fifteen (15) days after written notice of the amount thereof shall have been mailed to the registered mailing address of the Fractional Owner and Condominium Owners where applicable. Each assessment shall bear interest at the rate of eighteen percent (18%) per annum from the date it becomes due and payable, if not paid within fifteen (15) days after such date, and there shell be a $20.00 late charge for each assessment payment that is de-inquent. Failure of the Association to give timely notice of any assessment as provided herein shall not affect the liability of the Fractional Owner for such assessment, but the date when ;payment shall become due in such case shall be deferred to a date fifteen (15) days after such notice shall have been mailed. The Association may elect to have the annual assessments paid quarterly, monthly, or on such other periodic basis deemed desirable by the Association; and a default in the -24- CJ • 4 6 PAGE R - payment of any one installment of the annual assessment shall additionally give the Association the right to accelerate the remaining amount of annual assessment as immediately due and payable. 12.4 Reserve Funds. Regular assessments shall include reserve accounts for the following: (i) Interior Reserve Fund for replacement of Common Furnishings in the amount of $13,400.00; (ii) Exterior Reserve Fund for exterior maintenance in the amount of $4,000.00; (iii) Property Tax Reserve in the amount of $2,500.00; and (iv) License Fee Reserve in the amount of $5,000.00 to pay the annual license fee required under 20-24(S) of the Timeshare Ordinance. Proof that the reserve accounts have been established as proposed must be documented to the City, Finance Department, on or before the establishment of the Accounts. After five (5) years from the date of this Declaration and provided the approval of the City shall first be obtained, the Association may, based on actual expenses and projections, make changes in required assessment for the Interior or Exterior Reserve Funds. In addition to the foregoing, the Association may, as part of the regular assessment, create any other sinking funds for repairs, replacements or other extraordinary expenditures. 12.5 Special Assessments for Capital Improvements. In addition to the annual assessments authorized hereunder the Association may levy in any assessment year a special assessment, payabl(� over such a period as the Association may determine, for the purpose of deferring, in whole or in part, the cost of any construction or reconstruction, unexpected repair or replacement of the Project or any part thereof, or for any other expense or purchase incurred or to be incurred as provided in this Declaration. This section shall not be construed as an independent source of authority for the Association to incur such expenses, but shall be construed to prescribe the manner of assessing for expenses authorized by other provisions of this Declaration. Any amounts assessed pursuant hereto shall be assessed to Fractional Owners and Condominium Owners where -25- 40 applicable in the same manner as regular assessments. Notice in writing of the amount of such special assessments and the time for payment thereof shall be given promptly and no payment shall be due less than thirty (30) days after such notice shall have been mailed to the registered mailing address of the respective Fractional Owner and Condominium Owner where applicable. A special assessment shall bear interest at the rate of eighteen percent (18%) per annum from the date it becomes due and payable if not paid within thirty (30) days after such date. 12.6 Assessment Lien. All sums assessed but unpaid shall constitute a lien on such Fractional Estate or Condominium Unit superior to all other liens and encumbrances except: (a) tax and special assessment liens on the Fractional Estate or Condominium Unit in favor of a taxing authority and (b) all sums unpaid on any first priority Mortgage of record. Any first Mortgagee who obtains title to a Fractional Estate or Condominium Unit pursuant to the remedies provided in the Mortgage or foreclosure of the Mortgage will not be liable for such unpaid assessments which accrue prior to the acquisition of title to the Fractional Estate or Condominium Unit by said Mortgagee. To evidence the lien as herein permitted, the Board of Managers may, but shall not be required to, prepare a written notice setting forth the amount of such unpaid indebtedness, the amount of accrued penalty thereon, the name of the owner and a description of the Fractional Estate or Condominium Unit and record the same in the office of the Clerk and Recorder of the County of Pitkin, Colorado. Such lien shall attach from the due date of the assessment. The lien may be enforced by foreclosure upon the Fractional Estate or Condominium Unit by the Association in the manner for foreclosing a mortgage on real property upon recording of a notice for claim thereof. In the event of any such foreclosure, the Fractional Owner or Condominium Owner shall be liable for the amount of unpaid assessments, any penalties thereon, the costs and expenses of such proceedings, the costs and expenses for filing the notice of lien, and all reasonable attorneys' fees in connection therewith. The Association shall -26- L ?0V 475 mES U have the power to bid on a Fractional Estate or Condominium Unit at foreclosure sale and to acquire and hold, lease, mortgage, and convey the same. 12.7 Personal Obligation. The amount of any assessment chargeable against any Fractional Estate or Condominium Unit shall be a personal and individual debt of such Fractional Owner or Condominium Owner. No Fractional Owner or Condominium Owner may become exempt from liability for the assessment by abandonment or waiver of the use or enjoyment of any of the General Common Elements. Suit to recover a money judgment for unpaid assessments plus interest and expenses, including attorneys' fees, shall be maintainable without foreclosing or waiving the assessment lien provided herein. 12.8 Statement of Status of Assessment Payments. Upon payment of a reasonable fee of not less than $10.00 and upon the written request of any Fractional Owner, Condominium Owner, Mortgagee, prospective Mortgagee, or prospective purchaser of a Fractional Estate or Condominium, the Association shall issue a written statement setting forth the amount of the unpaid assessments, if any, with respect to such Condominium or Fractional Estate. Unless such request shall be complied with within ten (10) days after receipt of such request by the Association, all unpaid assessments which became due prior to the date of making such request shall be subordinate to the lien of a Mortgagee which acquired its interest subsequent to requesting such statement. If the request is made by a prospective purchaser (who thereafter acquires title to a Fractional Estate or Condominium), both the lien for the unpaid assessment and the personal obligation of the purchaser (but not the seller) shall be released automatically if the statement is not furnished within the ten (10) day period herein; provided thereafter an additional written request is made by such purchaser and is not complied with within seven (7) days and the purchaser subsequently acquires the Fractional Estate or Condominium. 12.9 Personal Liability of Purchaser for Assessments. Subject to the provisions of Paragraph 12.8 above, a purchaser of -27- a Fractional Estate or Condominium shall be jointly and severally liable with the seller for all unpaid assessments against the Fractional Estate or Condominium up to the time of conveyance to such purchaser, without prejudice to purchaser's right to recover from the seller the amount paid by the purchaser for such assessments. 12.10 Assessment Reserves. Each Fractional Owner, other than Declarant, may be required to deposit and maintain continuously with the Association an amount equal to up to three (3) times the amount of the estimated monthly assessments, such reserve amount to be held without interest accruing to the Fractional Owner, which sum shall be used by the Association or Managing Agent as a reserve for payment on each Fractional Owner's assessment, for purchase of equipment, supplies, furniture, furnishings, and for working capital of the Association; such advance payment shall not relieve a Fractional Owner from making the regular payment of the assessment as the same becomes due, nor shall the Association be required to deduct from such advance payment sums due for assessments by a Fractional Owner prior to instituting any proceedings against the Fractional Owner for delinquent assessments. In the event the Association shall, pursuant to the purposes of this paragraph, draw from such advance payment applicable to a Fractional Owner, the Fractional Owner expressly agrees, following ten (10) day's prior written notice from the Association, to repay such amounts to the Association in order to properly maintain the reserve account applicable to such Fractional Estate, and such amount to be repaid shall have the same status as an assessment. Upon the sale of a Fractional Estate the seller thereof shall be entitled to a credit from the purchaser for the remaining balance of such reserve account applicable to the such Fractional Estate. ARTICLE XIII Use of Condominium Units 13.1 Use Restrictions. Each Condominium Unit shall be used for lodge purposes only and none shall be used for any commercial or business purpose. No studio type Condominium Unit :►4:1M 0 • (Units 1 through 5 and 7 through 12) shall be occupied by more than two (2) persons. Lofts in the studios may not be used for living areas and can only be used for storage. The three bedroom Condominium (Unit 6) shall not be occupied by more than eight (8) persons. No lands or structures within the Project shall ever be occupied or used in any manner which is contrary to any zoning, subdivision or building restrictions of the City of Aspen, nor contrary to any rule or regulation promulgated by the Association. 13.2 Common Elements Restrictions. All use and occupancy of Common Elements shall be subject to and governed by rules and regulations of the Association. No Owner or Fractional Owner, shall obstruct, damage or commit waste to any of the Common Elements. No Owner or Fractional Owner shall change, alter or repair or store anything in or on any of the Common Elements without the prior written consent of the Association or its successors or assigns. 13.3 No Imperiling of Insurance. No Owner or Fractional Owner shall do anything or cause anything to be kept in or on the Project which might result in an increase in the insurance premiums of insurance obtained for the Project or which might cause cancellation of such insurance without the prior written consent of the Association and the Declarant or its successors or assigns. 13.4 No Violation of Law. No Owner or Fractional Owner shall do anything or keep anything in or on the Project which would be in violation of any statute, rule, ordinance, regulation, permit or other validly imposed requirement of any governmental body. 13.5 No Noxious, Offensive, Hazardous or Annoying Activities. No noxious or offensive activity shall be carried on upon any part of the Project nor shall anything be done or placed on or in any part of the Project which is or may become a nuisance or cause embarrassment, disturbance or annoyance to others. No activity shall be conducted on any part of the Project and no improvements shall be made or constructed on any part of -29- • the Project which are or might be unsafe or hazardous to any person or property. No sound shall be emitted on any part of the Project which is unreasonably loud or annoying. No odor shall be omitted on any part of the Project which is noxious or offensive to others. No light shall be emitted from any part of the Project which is unreasonably bright or causes unreasonable glare. 13.6 No Unsightliness. No unsightliness shall be permitted on or in any part of the Project. Without limiting the generality of the foregoing nothing shall be kept or stored on or in any of the Common Elements; nothing shall be hung or placed upon any of the Common Elements and nothing shall be placed on or in windows or doors of which would or might create an unsightly appearance. 13.7 Restriction on Signs. No signs or advertising devices of any nature shall be erected or maintained on any part of the Project without the prior written consent of the Association, provided, however; Declarant, its successors or assigns shall be entitled to erect and maintain signs during the period of the sale of Fractional Estates in the Project. 13.8 Antennas. No radio, television or other type of antenna shall, without the written consent of the Association, be installed or maintained on the Common Elements or within any area of the Project. 13.9 Restrictions on Animals. No animals of eny kind shall be maintained, kept or harbored within any Condon..inium Unit, on or in any of the Common Elements or within any area of the Project. 13.10 Repairs or Alterations. No structural &lterations within any Condominium Unit or with respect to any Common Elements shall be made and no electrical, plumbing or similar work within any Condominium Unit shall be done without the prior written consent of the Association. 13.11 No Excessive Use of Utilities. No Fractional Owner or other occupant shall make excessive use of or waste utilities, including gas, electricity and water, which are paid -30- • for out of the general budget and covered by regular assessments. Water shall not be left running for any unreasonable or unnecessary period of time. 13.12 No Impairment of Structural Integrity. Nothing shall be done, without the written consent of the Association in or to, any Condominium Unit or the Common or Limited Elements, or any portion thereof, which might impair the structural integrity of any building in the Project or which would structurally change the building. 13.13 Miscellaneous Restrictions. All Owners or Fractional Owners shall close all windows when necessary, to avoid possible damage from storm, rain or freezing. No Owner or. Fractional Owner shall sweep or throw or permit to be swept or thrown from a Condominium Unit or the doors or windows or decks thereof any dirt, garbage or other substances. All garbage and refuse shall be deposited with care only in garbage containers for such purpose. Owners or Fractional Owners shall not be allowed to put their names on any entry or door to a Condominium Unit. 13.14 Responsibility of Owners and Fractional Owners. Whenever this Declaration or any rule or regulation of the Association prohibits any action of, or assigns responsibility to, any Owner or Fractional Owner or any provision of this Declaration or rule or regulation is violated by a tenant, licensee or guest of any Owner or Fractional Owner, such Owner or Fractional Owner shall be responsible for any such violation to the same extent as if such Owner or Fractional Owner had committed the same except to the extent that such liability is prohibited by law. ARTICLE XIV Mortgaging a Condominium Unit 14.1 Priority of Mortgagee. Any Owner or Fractional Owner shall have the right from time to time to mortgage or encumber his interest by deed of trust, mortgage or other security instrument. A first Mortgage shall be one which has first and paramount priority under applicable laws. An Owner or -31- ?eu 475 5 FAR 81 Fractional Owner may create junior mortgages on the following conditions: (i) that any such junior mortgages shall always be subordinate to all of the terms, conditions, covenants, restrictions, uses, limitations, obligations, lien for Common Expenses and other obligations created by this Declaration, the Articles and By -Laws; and (ii) that the Mortgagee under any junior mortgage shall release, for the purpose of restoration of any improvements upon the mortgaged premises, all of his right, title and interest in and to the proceeds under all insurance policies upon said premises which insurance policies were Flaced upon the mortgaged premises by the Association. Such release shall be furnished forthwith by a junior Mortgagee upon written request of the Association, and if not furnished, may be executed by the Association as an attorney -in -fact for such junior Mortgagee. ARTICLE XV Insurance 15.1 Fire Insurance. The Association shall keep the Project including all Common Elements and Common Furnishings insured against loss or damage by fire, with extended coverage (including insurance against loss or damage by vandalism of malicious mischief) in an amount not less than 90% of the maximum replacement value thereof, without deduction for depreciation. Such insurance will extend to fixtures, installations or additions comprising a part of the building within the unfinished interior surfaces of the perimeter walls, floors and ceilings of the Condominium Units initially installed or replacements thereof including, but not limited to, inside walls, kitchen cabinets, dishwasher, range, refrigerator, ovenhoods, garbage disposzil, rugs, blinds and bathroom tile, tubs, showers, toilets and bathroom cabinets. 15.2 Liability Insurance. The Association shall provide and keep in force, general public liability insurance against claims for bodily injury or death or property damage occurring upon or in the Project, in limits of not less than $500,000.00 per occurrence and not less than $1,000,000.00 aggregate for -32- ')n0�1 bodily injury or death to persons, and in limits of not less than $25,000.00 for damage to property and if higher limits shall at any time be customary to protect against possible tort liability, such higher limits shall be carried. 15.3 Other Insurance. The Association may carry insurance in such amounts as the Association may consider necessary or advisable against such other insurable hazards as may from time to time be commonly insured against in the case of similar property in similar locations elsewhere. 15.4 Named Insured. All insurance required to be carried under this Paragraph 11 shall be carried in favor of the Association as attorney -in -fact for all Owners and Fractional Owners and in favor of all holders of first priority Mortgages (hereafter sometimes "first lienor"), as named and identified in the records maintained by the Association pursuant to this Declaration and the By -Laws of the Association, and as their respective interests may appear. Each policy of insurance shall contain a standard mortgagee clause in favor of each first lienor which shall provide that the loss, if any, thereunder shall be payable to such first lienor, as its interest may appear, subject, however, to the loss payment provisions in favor of the Association hereinafter set forth. All policies of insurance against damage to any building and fixtures shall provide that losses shall be payable to and adjusted with the Association, as attorney -in -fact for all Owners and Fractional Owners. The Association shall hold and apply the proceeds of such insurance as set forth in this Declaration. Each insurance policy shall provide that no cancellation thereof may be made by the insurance carrier without having first given thirty (30) days prior written notice thereof to the Association and to all first lienors as named and identified in the records maintained by the Association pursuant to this Declaration and the By -Laws of the Association. 15.5 Certificate of Replacement Value. The maximum replacement value of the building (which shall indicate the maximum replacement value of each Condominium Unit contained -33- • • '0 , �45 Lc therein), without deduction for depreciation, shall be determined by the Association prior to obtaining any policy of fire insurance by reference to one or more written appraisals made by competent, disinterested appraisers. Copies of such appraisals shall be maintained in the files of the Association. ARTICLE XVI Damage or Destruction 16.1 Insurance Proceeds. Except as is otherwise herein provided, the proceeds of any insurance collected shall be available to the Association for the purposes of repair, restoration or replacement. Assessments for Common Expenses shall not be abated during the period of insurance adjustment and repair and reconstruction. Repair and reconstruction of the improvement(s) as used in the succeeding paragraphs means restoring the improvement(s) to substantially the same condition in which it existed prior to the damage, with each Condominium and the General Common Elements and Limited Common Elements having substantially the same vertical and horizontal boundaries as before. 16.2 Damage, Sufficient Insurance Proceeds. In the event of damage or destruction to the Project, uhe insurance proceeds, if sufficient to reconstruct the improvement(s), shall be applied by the Association, as attorney -in -fact, to such reconstruction, and the improvement(s) shall be promptly repaired and reconstructed. The Association shall have fill authority, right and power, as attorney -in -fact, to cause -=he repair and restoration of the improvements(s). 16.3 Damage, Insufficient Insurance Proceeds. If the insurance proceeds are insufficient to repair a_ad reconstruct said improvement(s), such damage or destruction shall be promptly repaired and reconstructed by the Association, as attorney -in -fact, using the proceeds of insurance and the proceeds of a special assessment to be made against all of the Fractional Owners and Owners. Such deficiency assessment shall be a Common Expense and made pro rata according to each Owner's or Fractional Owner's percentage interest in the General Common -34- ? o O K 4 75 P4uE 8 % 1 Elements and shall be due and payable thirty (30) days after written notice thereof. The Association shall have full authority, right and power, as attorney -in -fact, to cause the repair or restoration of the improvements using all of the insurance proceeds and such special assessment. The special assessment provided for herein stall be a debt of each Owner or Fractional Owner and a lien on his Condominium or Fractional Estate as the case may be and may be enforced and collected as is provided hereinabove. In addition thereto, the Association, as attorney -in -fact, shall have the absolute right and power to sell the Fractional Estate of any Fractional Owner or Condominium Owner refusing or failing to pay such deficiency assessment within the time provided, and if not so paid, the Association shall cause to be recorded a notice that the Condominium or Fractional Estate of the delinquent Owner shall be sold by the Association, as attorney -in -fact. The proceeds derived from the sale of such Condominium or Fractional Estate shall be used and disbursed by the Association, as attorney -in -fact, in the following order: (a) first, to the payment of the balance of the lien against said Condominium or Fractional Estate of any first Mortgage; (b) second, to the payment of taxes and special assessment liens against said Condominium or Fractional Estate in favor of any assessing entity; (c) third, to the payment of unpaid assessments; (d) fourth, to the payment of junior Mortgages and encumbrances in the order of and to the extent of their priority; and (e) fifth, the balance remaining, if any, shall be paid to the Owner or Fractional Owner. ARTICLE XVII Obsolesence 17.1 Renewal of Project_. The Owners and Fractional Owners representing an aggregate ownership interest of 85% or more, of the General Common Elem,�nts may agree that the Condominiums are obsolete and adopt a plan for the renewal and reconstruction of the Project, w:zich plan shall also have the unanimous approval of all Mortgagees of record at the time of the adoption of such plan unless eac_i such Mortgagee shall, as a part =311: • • r �01V. .�115 FAGS!? of such plan, be guaranteed full repayment of the balance of its lien. If a plan for the renewal or reconstruction is adopted, notice of such plan shall be recorded, and the expenses thereof shall be payable by all of the Owners and Fractional Owners; provided, however, that an Owner or Fractional Owner not a party to such a plan for renewal or reconstruction may give written notice to the Association within fifteen (15) days after the adoption of such plan that his Condominium or Fractional Estate be purchased by the Association for the fair market value thereof. The Association shall then have fifteen (15) days within which to cancel such plan. If such plan is not cancelled, then said Condominium or Fractional Estate shall be purchased by the Association. If such Owner or Fractional Owner and the Association can agree on the fair market value thereof, then such sale shall be consummated within thirty (30) days thereafter. If the parties are unable to agree, the date when either party notified the other that he is unable to agree with the other shall be the "commencement date" from which all periods of time mentioned in this Paragraph shall be measured. Within ten (10) days following the commencement date, each party shall nominate in writing (and give notice of such nomination to the other party) an independent appraiser. If either party fails to make such a nomination, the appraiser nominated shall within five (5) days after default by the other party shall appoint and associate with him another independent appraiser. If the two (2) appraisers designated by the pa: -ties, or selected pursuant thereto in the event of the default of one (1) party, are unable to agree, they shall appoint anothez independent appraiser to be umpire between them, if they can ag:-ee on such person. If they are unable to agree upon such umpire, then each appraiser previously appointed shall nominate two (2) independent appraisers and from the names of the four (4) persons so nominated, one (1) shall be drawn by lot by any judge of ,any court of record in Colorado and the appraiser whose name is so drawn shall be such umpire. The nominations from which the umpire is to be drawn by lot shall be submitted within ten (10) days of the failure of the two (2) -36- 4 appraisers to agree, which, in any event, shall not be later than twenty (20) days following the appointment of the second appraiser. The decision of the appraisers as the fair market value, or in the case of their disagreement, then such decision of the umpire, shall be final and binding. The expenses and fees of such appraisers shall be borne equally by the Association and the Owner of the affected Condominium or Fractional Estate as the case may be. The sale shall be consummated within fifteen (15) days thereafter, and the Association, as attorney -in -fact, shall disburse such proceeds as is provided in Paragraph 16.3 above. 17.2 Sale of Project. The Owners and Fractional Owners representing an aggregate ownership interest of 85% or more, of the General Common Elements may agree that the Project is obsolete and that the same should be sold. Such plan must have the unanimous written approval of every Mortgagee (unless each such Mortgagee shall, as a part of such plan, be guaranteed full repayment of the balance of his lien). In such instance, the Association shall forthwith record a notice setting forth such fact or facts, and upon the recording of such notice by the Association's president and secretary, the entire Project shall be sold by the Association, as attorney -in -fact for all of the Owners, free and clear of the provisions contained in this Declaration, the Map, the Articles and the By -Laws. The sales proceeds shall he apportioned between the Owners and Fractional Owners on the basis of each Owner's and Fractional Owner's percentage interest in the General Common Elements, and such apportioned proceeds shall be paid into separate accounts, each such account representing one Condominium or Fractional Estate as the case may be. Each such account shall be in the name of the Association, and shall be further identified by the Condominium or Fractional Estate designation, and the name of the Owner or Fractional Owner. From each separate account the Association, as attorney -in -fact., shall use and disburse the total amount (of each) of such accounts, without contribution from one account to another, for the same purposes and in the same order as is provided in Paragraph 16.3 above. -37- 9 • 70 PAuES/il ARTICLE XVIII Condemnation 18.1 Consequences of Condemnation. If at any time or times during the continuance of Condominium ownership pursuant to this Declaration, all or any part of the Project shall be taken or condemned by any public authority or sold or otherwise disposed of in lieu of or in advance thereof, the provisions of this Paragraph 18 shall apply. 18.2 Proceeds. All compensation, damages, or other proceeds therefrom, the sum of which is hereinafter called the "Condemnation Award", shall be payable to the Association. 18.3 Complete Taking. In the event that the entire Project is taken or condemned, or sold or otherwise disposed of in lieu thereof, Condominium ownership pursuant to this Declaration shall terminate. The Condemnation Award shall be apportioned among the Owners and Fractional Owners in proportion to their respective undivided interests in the General Common Elements, provided that if a standard different from the value of the Project as a whole is employed to measure the Condemnation Award in the negotiation, judicial decree, or otherwise, then, in determining such share the same standard shall be employed to the extent it is relevant and applicable. On the basis of the principle set forth in this paragraph, the Association shall as soon Es practicable determine the share of the Condemnation Award to which each Owner and Fractional Owner is entitled. Such shares shall be paid into separate accounts and disbursed as soon as practicable in the same manner provided in Paragraph 16.3 of this Declamation. 18.4 Partial Taking. In the event that less than the entire Project is taken, condemned or sold or otherwise disposed of in lieu of or in avoidance thereof, the condominium ownership hereunder shall not terminate, each Owner or Fractional Owner shall be entitled to a share of the Condemnation Award in the manne- set forth herein. As soon as practicable the Association shall, reasonably and in good faith, allocate the Condemnation Award between compensation, damages or other proceeds, and shall -38- 9 apportion the amounts so allocated to the taking of or injury to the General Common Elements among the Owners and Fractional Owners in proportion to their respective undivided interests in the General Common Elements. The total amount allocated to severance damages shall be apportioned to those Condominiums or Fractional Estates which were not taken or condemned. The respective amounts allocated to the taking of or injury to a particular Condominium or Fractional Estates shall be apportioned to the particular Condominium or Fractional Estate involved. The amount allocated to consequential damages and any other takings or injuries shall be apportioned as the Association determines to be equitable under the circumstances. If an allocation of the Condemnation Award is already established in negotiation, judicial decree or otherwise, then in allocating the Condemnation Award the Association shall employ such allocation to the extent it is relevant and applicable. Distribution of apportioned proceeds shall be made by checks payable jointly to the respective Owners or Fractional Owners and their respective Mortgagees. 18.5 Reorganization. In the event a partial taking results in the taking of a complete Condominium, the Owners or Fractional Owners thereof shall automatically cease to be members of the Association, and such Owner's or Fractional Owner's interest in the General Common Elements shall thereupon terminate, and the Association, as attorney -in -fact for such Owners or Fractional Owners, may take whatever action is necessary and execute such documents as are necessary to reflect such termination. Thereafter the Association shall reallocate the ownership, voting rights and assessment ratios determined in accordance with this Declaration at its inception and shall submit such reallocation to the Owners or Fractional Owners of remaining Condominiums for amendment of this Declaration. ARTICLE XIX Amendment or Revocation of Declaration 19.1 Amendment or Revocation. Any amendment which significantly alters the Declaration shall first be approved by -39- ?OWN 4 15) PAGFS?- the City in the manner provided in the Timeshare Ordinance. Prior to the time Declarant relinquishes control of the Association, and except as otherwise provided herein, Declarant shall have the absolute right without limitation to amend or supplement this Declaration or any of the provisions herein in any manner which would not adversely affect marketability of title to a Condominium Unit or Fractional Estate or the percentages of interest of the respective Condominium Units or Fractional Estates in the General Common Elements. Subsequent to the time Declarant relinquishes control of the Association, this Declaration may be amended or any of the provisions herein revoked if the Owners and Fractional Owners representing an aggregate voting interest of at least two-thirds (2/3) of the General Common Elements and all of the holders of at least two-thirds (2/3) of the first priority Mortgages appearing in the Records of the Pitkin County Clerk and Recorder (based on one vote for each first mortgagee owned or held) covering or affecting any or all of the Condominium Units or Fractional Estates as the case may be consent and agree to such revocation or amendment by instruments duly recorded. The consents of any junior Mortgages shall not be required under the provisions of this Paragraph. Where an amendment does not involve a material change such as the correction of a technical error resolution of conflicting provisions or the clarification of any statement in the Declaration and whether or not Declarant still retains control of the Association such amendment may be made in the sole discretion of Declarant without necessity of notice to or approval from the City, any Owner, Fractional Owner or the holder of any Mortgage. ARTICLE XX Miscellaneous 20.1 Period of Condominium Ownership. The separate estates created by this Declaration and the Map shall continue until this Declaration shall be revoked or until its provisions shall terminate as provided herein. QI1Z u Dp,x 4-15 FAA?" 20.2 Compliance with Provisions of Declaration and Articles of Incorporation and By -Laws of the Association. Each Owner and Fractional Owner shall comply with the provisions of this Declaration, the Articles of Incorporation and By -Laws of the Association, and the decisions and resolutions of the Association adopted pursuant thereto as the same may be lawfully amended from time to time. Failure to comply with any of the same shall be grounds for an action to recover sums due, damages or injunctive relief or both, costs and expenses of such proceeding and all reasonable attorney's fees. Such action shall be maintainable by the Association on behalf of the Owners and Fractional Owners. 20.3 Registration of Mailing Address. Each Owner or Fractional Owner shall register his mailing address with the Association and all notices, requests or demands intended to be served upon any Owner or Fractional Owner except for budget statements, notices of meetings and other routine notices, shall be sent by either registered or certified mail, postage prepaid, addressed in the name of the Owner or Fractional Owner at such registered mailing address. Unless otherwise provided herein, budget statements, notices of meetings and other routine mail may be sent by regular mail, postage prepaid, addressed in the name of the Owner or Fractional Owner at such registered mailing address. All notices, requests, or demands intended to be served upon the Association shall be given by registered or certified mail, postage prepaid, to the address of the Association as designated in the Articles of Incorporation or By -Lays of the Association. All notices, requests, or demands to be served on Mortgagees pursuant hereto shall be sent by either registered or certified mail, postage prepaid, addressed in the name of the Mortgagee or at such address as the Mortgagee may have furnished to the Association in writing. Unless the Mortgagee furnished the Association with such address, the Mortgagee shall be entitled to receive none of the notices provided for in this Declaration. Any notice referred to in this Paragraph shall be deemed given when -41- • • ,00 1r3 Pave ' %6 deposited in the United States mail in the form provided for in this Section. 20.4 Transfer of Declarant's Rights. Any rights, privileges or interests reserved hereby to the Declarant may be transferred or assigned by the Declarant or by the Declarant's successors or assigns. 20.5 Severability. If any of the provisions of this Declaration or any paragraph, sentence, clause, phrase, or word, or the application thereof shall in any circumstances, be invalidated, such invalidity shall not affect the validity of the remainder of the Declaration. 20.6 Protection of Mortgagee. No violation or breach of, or failure to comply with, any provisions of this Declaration and no action to enforce any such provision shall affect, defeat, render invalid or impair the lien of any Mortgagee taken in good faith and for value and perfected by recording in the office of the County Clerk and Recorder of Pitkin County, Colorado, prior to the time of such violation, breach or failure to comply; nor shall such violation, breach or failure to comply, defeat, render invalid or impair the title acquired by any purchaser upon foreclosure of any such Mortgage, or result in any liability, personal or otherwise, to any such holder or purchaser. Any such purchaser shall, however, take subject to this Declaration except only that violations or breaches of, or failures to comply with any provisions of this Declaration which occurred prior to the vesting of title in such purchaser shall not be deemed breaches or violations hereof or failures to comply herewith with respect to such purchaser, his heirs, personal representatives, successors or assigns. 20.7 Limited Liability. Neither Declarant, the Association, the Board of Directors of the Association, nor any member, agent or employee of any of the same shall be liable to any party for any action or for any failure to act with respect to any matter if the action taken or failure to act was in good faith and without malice. The Association shall indemnify Declarant, its successors and assigns, each member of the Board -42- u 75 S of Directors of the Association and any employee or agent of Declarant or the Association against any loss or threat of loss as a result of any claim or legal proceeding relating to the performance or non-performance of any act concerning the activities of the Association; provided, however, that with respect to the subject matter of the claim or legal proceeding the party against whom the claim is made or legal proceeding is directed was not guilty of fraud, gross negligence or bad faith in such performance or non-performance. The indemnification herein authorized shall include payment of reasonable attorneys' fees or other expenses incurred in settling any claim or threatened action or incurred in any finally adjudicated legal proceeding. This indemnification shall inure to the benefit of the Declarant, the Association, the members of the Board of Directors, the employees and agents of Declarant and the Association, and their respective heirs, executors, administrators, successors and assigns. 20.8 Non -waiver. The failure of Declarant, the Board of Directors or the Managing Agent to insist in any one or more instances, upon the strict performance of any of the terms, covenants, conditions, or restrictions of this Declaration, or to exercise any right or option herein contained, or to serve any notice or to institute any action shall not be construed as a waiver or a relinquishment for the future, of such terms, covenants, conditions or restrictions; but sucl. terms, covenants, conditions or restrictions; shall remain in fu:_l force and effect. The receipt by the Declarant, the Board of Directors or the Managing Agent of payment of any assessment from an Owner or Fractional Owner as the case may be, with know edge of the breach of any covenant hereof shall not be deemed a waiver of such breach, and no waiver by the Declarant the Board of Directors or the Managing Agent of any provision hereof sha:_l be deemed to have been made unless expressed in writing and signed by the Declarant, the Board of Directors or Managing Agent. -43- • 20.9 Statute. The provisions of this Declaration shall be in addition and supplemental to the Act and to all other provisions of laws at this time duly enacted and in force and effect. 20.10 Number and Gender. Whenever used herein, unless the context shall otherwise provide, the singular number shall include the plural, the plural and the singular, and the use of any gender shall include all genders. 20.11 Sales Activities of Declarant. Notwithstanding any provision to the contrary contained herein, Declarant, its agents, employees and contractors shall be permitted to maintain, during the period of sale of Fractional Estates in the Project, such portions of the Project as the Declarant may reasonably require in connection with the sale of such Fractional Estates including without limitation, a business or sales office, signs, model Units and temporary parking facilities. In addition, Declarant, its agents, employees and contractors shall have the right to ingress and egress over the General Common Elements as in Declarant's discretion may be reasonably necessary to sell Fractional Estates in the Project. 20.12 Section Headings. The section headings are for convenience of reference only, and are not intended to limit, enlarge, change, or otherwise affect the content, meaning, or intent of this Declaration or any section or provision hereof. 20.13 Duration of Declaration. If any provision in this Declaration which is subject to the laws or rules sometimes referred to as the rule against perpetuities or the rule prohibiting unreasonable restraints or alienation such provision shall continue and remain in full force and effect for the period of twenty-one (21) years following the death of the surviviox of the present shareholder of Declarant or until this Declaraticn is terminated as hereinafter provided, whichever first occurs. 1.11 other provisions contained in this Declaration shall continuE and remain in full force and effect until the condominium ownership of the Project and this Declaration is terminated or revoked as herein provided. -44- • • 4-15 20.14 Disclosure Statement. Reference is made to Section 20-24(F)(7) of the Timeshare ordinance requiring that the Disclosure Statement be attached to the Declaration as an exhibit. Said Disclosure Statement is attached to this Declaration as Exhibit "D". 20.15 Future Improvement Districts. In the event that any municipal improvement or improvements of any kind contemplated in Section 20-16 of the Municipal Code of the City of Aspen, as amended, become, in the sole judgment or discretion of the City Council of the City of Aspen, necessary or desirable to the area of the Project, Declarant will make no objection to any special assessment or special tax or proceeding therefor on the basis that the Project will not be served or benefitted by the improvement or improvements proposed. Declarant further agrees to join, upon demand therefor by the City, any improvement district formed for construction of such improvements (including, without limitation, drainage, underground utilities, paving, planting, curbs, gutters, sidewalks, street lights, etc.) in the area of the Project or to reimburse the City of Aspen directly upon demand therefor if the City should choose to construct these improvements without the formation of such a district. THIS DECLARATION is executed on the day of 1984. SHADOW MOUNTAIN EQUITIES, INC., it Co rado corporati n BY: �' Jff'tl Pr-�Xdent ATTEST Secret I y -45- n U • D�? 475 Fa '; STATE OF Illinois ) ) ss COUNTY OFStephensop The foregoing Condominium Declaration was acknowledged before me this 28th day of September , 1984, by Raymond A. Harn as President of SHADOW MOUNTAIN EQUITIES, INC., a Colorado corporation. WITNESS my hand and official seal. My commission expires: 2/9/86 My address is: STATE OF Illinois ) ) ss COUNTY OFStephensoip 654 W. Clark St. ' y� Freeport, IL 61032 ',:•1 ���' t Not ry Public The foregoing Condominium Declaration was acknowledged before me this 28thday of September , 1984, by James G. Madden as Secretary of SHADOW MOUNTAIN EQUITIES, INC., a Colorado corporation. WITNESS my hand and official seal. My commission expires: 2/9/86 My address is: 654 W. Clark St. ?��'��'� M0'`y,' Freeport, _ IL 61032 Ngtary Publi¢ tii '(2jV jokk - ac-M EXHIBIT "A" 1111 InX 4 fJ �'QiiL(`;t„1c (attached to and forming a part of the Fractional Estate Condominium Declaration for Shadow Mountain Lodge At Aspen) Lots K, L, M and N Block 53 City and Townsite of Aspen County of Pitkin, State of Colorado. SUBJECT TO AND EXCEPTING: 1. General Taxes for 1984 payable 1985. 2. Exceptions and Mineral Reservations as contained in Patent to Aspen Townsite records for Pitkin County, Colorado. 3. Easement described in Document No. 105544 in Book 182 at page 282 of the records for Pitkin County, Colorado. 4. Terms, conditions and obligations of Certificate of License as set forth in instrument recorded in Book 316 at page 262. 5. Multipurpose Easement Agreement for the purpose of excavating, constructing, installing, maintaining, inspecting, repairing, replacing, operating and removing electric transformers, telephone pedestals and terminal boxes, as granted to the City of Aspen, Mountain States Telephone and Telegraph Company, and Micro Cable Communications, Inc. in easement recorded September 28, 1981 in Book 415 at page 66 as Reception No. 235991, affecting the following described real property: The Northerly 22.00 feet of the Easterly 13.20 feet of Lot "N", Block 53, Original Aspen Townsite, except the Easterly 6.20 feet thereof. EXHIBIT "B" (attached to and orming a part of the f Fractional Estate Condominium Declaration^ for Shadow Mountain Lodge At Aspen) UNIT N0. 1 2 3 4 5 6 7 8 9 10 11 12 13 ,employee housing Unit) 14 (employee housing Unit) PERCENTAGE OWNERSHIP IN COMMON ELEMENTS 6.7115 6.7115 6.7115 6.7115 6.7115 12.7505 6.7115 6.7115 6.7115 6.7115 6.7115 6.7115 6.7115 6.7115 VOTING AND ASSESSMENT PERCENTAGE* 7.752 7.752 7.752 7.752 7.752 14.728 7.752 7.752 7.752 7.752 7.752 7.752 *Voting and Assessment Percentage. So long as the employee housing Units are owned by the Association such Units will not pay assessments nor vote in the affairs of the Association. Should the Association ever cease to be the owner of the employee housing Units, then all Un;_ts in the Project including the employee housing Units shall pay assessments and vote in the affairs of the Association based on the proportionate ownership of each Unit in the Common Elements. • • EXHIBIT "C" (attached to and forming a part of the Fractional Estate Condominium Declaration for Shadow Mountain Lodge At Aspen) *USE WEEK USE WEEK* 1 27 2 28 3 29 4 30 5 31 6 32 7 33 8 34 9 35 10 36 11 37 12 38 13 39 14 40 15 41 16 42 17 43 18 44 19 45 20 46 21 47 22 48 23 49 24 50 25 51 26 52 Use Week means a period of exclusive possession and occupancy of a Condominium Unit reserved to a Fractional Owner consisting of a seven (7) day period of ownership; provided however, the right of possession and occupancy shall not commence until 4:00 p.m. Rocky Mountain Time on the first day of the Use Week and shall end at 10:00 a.m. Rocky Mountain Time on the last day of such week. Use Week No. 1 begins on the first Saturday of January in any given year and ends on the following Saturday. Use Week No. 2 begins on the second Saturday of any given year and ends on the following Saturday. Additional weeks are computed by going forward from Use Week No. 1. Extra days accumulate each year and there are occassionally years in which there will be an extra week to be known as Week No. 53. The Fractional Owner entitled to exclusive possession and occupancy of a Condominium Unit during Week No. 52 shall also be entitled to exclusive possession and occupancy of said Condominium Unit during Use Week No. 53. RECORDING REQUESTED BY: RECORD AND RETURN TO: ANDREW V. HECHT, ESQ. GARFIELD & HECHT, P.C. 603. E. Hyman Avenue Aspen, CO 81611 'Or"K 413 ► ,-S,36* • EXHIBIT "D" (attached to and forming a part of the Fractional Estate Condominium Declaration for Shadow Mountain Lodge At Aspen) DISCLOSURE STATEMENT This Disclosure Statement is promulgated pursuant to the requisites of Section 20-24 of the Municipal Code of the City of Aspen (the "Ordinance"). 1. (a) Developer's name and address: Name: Shadow Mountain Equities, Inc. Address: 232 W. Hyman Avenue Aspen, CO 81611 Phone: 925-8207 See attached Exhibit "A" for Developer's business experience, background, experience in timesharing, resume references and present financial condition. (b) The plan manager is the marketing entity. (c) Names and addresses of the marketing entity: Name: William H. Venner, Broker Address: 0143 Lone Pine Road #737 Aspen, Colorado 81612 Phone: 303-925-5203 Name: Daniel S. Schweitzer Address: 071 Bunting Court Snowmass Village, Colorado 81615 Phone: 303-923-3292 There are no lawsuits pending or investigations that have been undertaken against either of the two above mEntioned people. • William H. Venner will be the listing broker. Mr. Venner has incorporated as Shadow Mountain Realty, Inc. Mr. Venner is the president of that corporation and Mr. Schweitzer is the vice-president. SUMMARY OF MARKETING ENTITY'S BUSINESS EXPERIENCE Mr. Venner began timesharing sales at The Colony in Virginia Beach, Virginia where he gained considerable experience in common timesharing. In the fall of 1978 he began sales at the Snowmass Inn Resort Club. Mr. Schweitzer began sales at the Snowmass Inn Resort Club in June of 1978. Mr. Venner and Mr. Schweitzer have been working together for the past five years after meeting at the Snowmass Inn. Between 1978 and 1980 the two were among the top salesmen at the Snowmass Inn, Pitkin County's first and only timeshare project. When this project was sold out, they were instrumental in conceiving and laying the ground work for the fee ownership 1/15 fractional estate concept. Because the Aspen ordinances did not regulate or provide for any type of timesharing, Venner and Schweitzer went to work at Timber Run Realty in Winter Park, Colorado in 1980. As founding and general partners at Timber Run, Mr. Schweitzer and Mr. Venner have become experienced in all phases of the fractional estate concept, including marketing, sales, office administration, advertisement copy, and real estate brokerage. In three years at Timber Run the two have personally sold 2/3 of the 1/15 fractional estates. However, as prices increased beyond the true real estate value of the units, Mr. Venner and Mr. Schweitzer terminated their involvement. Messrs. - 2 - • you 41I 5 r.,AU�8' 1S Venner and Schweitzer are enthusiastic only about selling real estate at a real value without any excessive profit to themselves or the developer. This is consistent with the intentions of the Applicant and developer. Personal references include: Leonard Lauder, President Estee Lauder Companies General Motors Building New York City, NY 10021 Authur M. Fisher, President Authur M. Fisher Associates 950 Fifth Avenue New York City, NY 10021 Richard Voelker, President Plaza Marketing, Inc. Woodcreek Plaza Crested Butte, CO 81225 C.M. Henkel, Esq. 711 Santa Monica Blvd. Corpus Christi, Texas 78411 Others may be furnished upon request. (d) The Shadow Mountain Lodge at Aspen (formerly known as the Coachlight Lodge and Condominiums) at 232 West Hyman Avenue was built in 1981 and is complete. The Lodge contains twE'lve free market units, eleven of which are studio units of approximately 350 square feet of living space together with a loft storage area and one three -bedroom unit of approximately 1,R00 square feet. There are also two employee units of approximately 300 square feet each which are deed restricted to rental and sales price guidelines and occupancy limitations presented from time to time by the Aspen City Council for "low income employee housing", and an office area of approximately 250 - 3 - 0 14 4 15 FA 'VL83j square feet. The basement is large and open with no apparent use except for storage. The construction is of reinforced concrete with brick columns and wood paneling on the exterior. The sidewalks are concrete, lighted and there is a handicap access ramp. Amenities include freestanding wood burning fireplaces and kitchenettes in the units. There is an outside pool with jacuzzi jets. Landscaping is complete with sod, flowers, aspen trees and sidewalks. No further upgrading is necessary because of the adequacy of the current improvements. (e) Fractional Estates consist of an undivided one -fifteenth (1/15) interest in and to a Condominium Unit at the Shadow Mountain Lodge at Aspen, according to the Condominium Map thereof recorded in Plat Book at Page together with the exclusive right to possession and occupancy of said Unit only during three (3) Use Weeks, said right to possession and occupancy beginning at 4:00 p.m. Rocky Mountain Time on the first day of each Use Week and ending at 10:00 a.m. Rocky Time on the last day of each Use Week as more fully defined and described in the Fractional Estate Condominium Declaration for the Shadow Mountain Lodge at Aspen recorded in Book at Page , County of Pitkin, State of Colorado. (f) The only constraint on a purchaser transferring his fractional estate unit is that the unit cannot be subdivided further. - 4 - s (g) Each unit in the project is divided into fifteen (15) fractional estates. A fractional estate means a time span estate consisting of an undivided interest of not less than one -fifteenth (1/15), as tenant -in -common, in fee simple in a fractional unit, together with the right to possession and occupancy of z-he fractional unit during the use weeks assigned to the fractional estate in the Deed from Declarant to the purchaser. A fractional estate includes a minimum of three (3) use weeks per year in the owner's specific unit. A use week is a period of exclusive possession and occupancy of a fractional unit, computed in the manner set forth in the Declaration. The sum of the use weeks and maintenance weeks in a fractional unit dedicated to fractional estate ownership shall equal fifty-two (52) weeks. The owner's r:_ghts in the fractional unit include: use, occupancy or rental of the unit during his or her use weeks, subject to any governmental restrictions and the Declaration for the timeshare estate; the right to vote in the Association; and other rights more fully described in the By -Laws of the Association and Declaration as well as those incident to real property ownership. Owner responsibilities include payment of the assessments described in Article XII of the Declaration and compliance with the provisions of the Declaration and the Articles of Incorporation and By -Laws of Shadow Mountain Lodge At Aspen Fractional Owner's Association. (h) There are no liens, title defects or encumbrances that affect the marketability of title to the units. - 5 - (i) There are no pending or threatened legal actions affecting the property of which the Applicant has knowledge. (j) The purchaser's financial obligation will depend on the purchase price. The purchaser will be required to deposit at least a twenty percent (20%) downpayment for purchase. If the purchaser elects to finance the purchase he will be responsible to pay the market rate interest, recording fees, a credit report, and mortgagee's title insurance policy. Additionally, in connection with the purchase the purchaser will be required to pay the Aspen Real Estate Transfer Tax, the exchange fee if he elects to belong to the exchange service offered and other customary closing costs and prorations. (k) Estimate of the dues, maintenance fees, real property taxes, etc.: See Exhibit "B" attached hereto and incorporated herein by this reference. The actual budget will be established by the method provided for in the condominium declaration. The management/ assessment fees will be collected by the property manager on a semi annual basis by standard billing procedures. The fee paid from each owner will be divided according to the appropriate share that should go toward general operation, escrow for furniture, escrow for building reserve, and escrow for taxes. Charges for maid service will be billed separately by manager. (1) Description of available Financing: • • 15 20% down payment 13% annual percentage rate for a 5 year term 15% annual percentage rate for a 7 year term Financing terms may change to reflect changes in the market rate. (m) The warranties will be that title is marketable and there are no limitations on such warranties nor on the enforcement thereof or damages for any breach. (n) All downpayments or earnest money; deposits will be held in an escrow account established in accordance with Colorado Real Estate Commission guidelines with Stewart Title of Aspen, Inc. The deposits will not be used by the Applicant before closing. The depository will be a bank in Aspen, Colorado selected by Stewart Title of Aspen, Inc. The deposits will be held in escrow until the timeshare unit closes and the unit is available for occupancy or until the purchaser elects to have his earnest money refunded pursuant to the Escrow Agreement attached hereto as Exhibit "C". (o) There are no fees or charges to be paid by the fractional estate owners for the use of any of the facilities on the property other than the established fees and dues for maintenance. (p) The extent to which a timeshare unit may become subject to a tas: of other lien from other owners of the same unit. Due to the separateness of the time span estate, no timeshare owner may put a lien on the unit as a whole. He may - 7 - encumber his own time span estate (fractional estate). However, the Fractional Owners Association is responsible for paying property taxes on and maintenance of the entire condominium unit from the proceeds of an annual assessment. The association's failure to pay the taxes or failure to pay for maintenance work performed may result in a tax sale of the entire condominium unit. (q) All purchase contracts will include a ten (10) day right of rescission for any purchase. (r) Since the project is complete, the developer intends to sell all twelve (12) units as fractional estate units. (s) Maintenance of the timeshare units includes painting when necessary as determined by the board of directors, replacement of furniture and appliances as necessary, fixing of mechanical problems in the units as necessary, and in general upkeep of the unit in a manner expected of a high quality condominium project. If it becomes necessary for a mechanic to enter the unit during the use week of any fractional estate owner for repair or replacement of any fixture or chattel, the fractional estate owner grants an easement for that purpose. If it is at all possible to put off upkeep, repair or replacement of furniture or appliances until the designated off-season weeks set aside for t%at purpose, it will be done. Maintenance services for the unit are provided for in Article XI of the Declaration. In addition to the routine maintenance services provided, a minimum of seven (7) weeks per year shall be set aside as maintenance weeks during which the Association will provide major maintenance, repair and replacement service to the unit. Four (4) of these seven (7) maintenance weeks will be used exclusively for maintenance with no rentals or other uses allowed. Of the seven (7) maintenance weeks, a minimum of two (2) will be designated in the fall and two (2) in the spring. Each maintenance week will be seven (7) consecutive days. (t) The purchaser will understand that the Colorado Eviction Law and Procedure involves a minimum of ten (10) days and that the purchaser's only effective remedy against another fractional owner who overstays his use week is the liquidated damage provision of the condominium declaration. This provision states that any fractional estate owner who overstays his use week will pay to the damaged party 200% the normal rental rate for the period he holds over. Failure to pay the fee will result. in a lien being filed against the fractional estate of the defaulting party. Use of the fractional estate owned by the damaging party will be denied until the lien is cured. (u) Although Aspen has a nineteen week ski season, fifteen of these weeks are considered prime (the very best). TheEe prime weeks are the basis of the deeded 1/15 fractional estate. The units are subdivided into fifteen separate fractional estates and each purchaser is given a general warranty deep. as a tenant -in -common. The deed specifies ownership as a 1/15th undivided interest in the condominium and each purchaser is Entitled to the exclusive use and enjoyment of that unit dur:.ng three weeks each year. The selections, usually one week from each season (winter, summer/fringe ski, spring/fall) are made at the time of contract and are delineated in the deed. This creates an equality of ownership. The choices of weeks are made as available on a first come basis at the time of purchase. Each owner creates his own package by choosing one week from each season: Prime Ski, Summer/Fringe Ski and Spring/Fall. Choose One Choose Any One Choose Any One Prime Ski Summer/Fringe Ski Spring/Fall 51 14* 15 52 Christmas 25 June 20 May 1 January 26 27 July 21 22 2 3 28 23 June 4 29 24 5 February 30 31 39 40 October 6 7 32 41 8 33 42 9 March 34 35 43 46 November 10 11 36 September 47 (Thanks- giving) 12 37 48 13 38 49 December 50* * Exception: Purchasers of weeks 13 or 51 have first choice regarding 14 and 50 respectively. 1985 USE WEEK CALENDAR Week No. Date Week No. Date 1 January 5 27 July 6 2 January 12 28 July 13 3 January 19 29 Ju:_y 20 4 January 26 30 July 27 5 February 2 31 AucJust 3 6 February 9 32 August 10 7 February 16 33 August 17 8 February 23 34 AucJust 24 9 March 2 35 August 31 10 March 9 36 September 7 11 March 16 37 September 14 - 10 - 12 March 23 38 September 21 13 March 30 39 September 28 14 April 6 40 October 5 15 April 13 41 October 12 16 April 20 42 October 19 17 April 27 43 October 26 18 May 4 44 November 2 19 May 11 45 November 9 20 May 18 46 November 16 21 May 25 47 November 23 22 June 1 48 November 30 23 June 8 49 December 7 24 June 15 50 December 14 25 June 22 51 December 21 26 June 29 52 December 28 25 YEAR USE WEEK CALENDAR See Exhibit "D" which is attached hereto and incorporated herein by this reference. Skiing opens on Aspen Mountain on Thanksgiving each year or as soon thereafter as the snow and weather is adequate. If the project is sold as described above, the off season will be sold along with the high season. (v) All units in the project will be available for the exchange program at the fractional owners discretion. (w) There are no unusual or material circumstances, features and characteristics of the property that would present a problem for condominium ownership. (x) The Fractional Owners Association will carry insurance for fire, damage, theft and liability on the property in amounts adequate to satisfy local and state requirements. (y) The amenities on site for recrezitional facilities which are available to the fractional owners and their guests are a swimming pool with jaccuzzi jets. All the amenities and the employee units will be owned by the homeowners association. • 11100V 415 �AUAU (z) All units in the project have kitchenettes except the three bedroom unit, which has a full kitchen. (aa) The eleven (11) studio units are permitted to house two (2) occupants at a time. The three (3) be(.room unit has an occupancy limit of eight (8). Any greater occupancy will be prohibited by the Fractional Estate Declaration. (bb) The managing agent shall be the owners' designated agent for service of process and legal notices to satisfy Colorado Statutes, Rules of Civil Procedure and applicable governmental regulations pertaining to legal notices relating to the timeshare interest. (cc) All fractional estate interests shall be subject to all requirements in the disclosure statement filed of record with Pitkin County Clerk and Recorder. 2(a) and (b) See Architect's letter of August 9, 1983 attached hereto as Exhibit "E". 2(c) There are no outstanding notices of uncured violations of building code or other municipal regulations. =WM poop 4 ATTEST: SHADOW MOUNTAIN EQUITIES, INC. --. ss. COUNTY OF'ra� �, ) The foregoing document was acknowledged to before me this day of 1984 by Shadow Mountain EquitieT s, Inc. by Q. its and by its secretary. WITNESS my hand and official seal. My commission expires: NoVaj Public Ads : � LC�Cd -13- • EXHIBIT "A" DEVELOPER'S BUSINESS EXPERIENCE, BACKGROUND, EXPERIENCE IN TIMESHARING, RESUME REFERENCES, AND PRESENT FINANCIAL CONDITION. Name: Sole Shareholder -Raymond A. (Bud) Harn Resident Address: 1755 Woodside Kort Freeport, Illinois 61032 Business Address: Cheeseman Construction Co. P.O. Box 128 1840 S. Walnut Street Freeport, Illinois 61032 Age: 47 years Born: March 23, 1936 Canton, Illinois Occupation: Owner/Corporate President Cheeseman Construction Co. 1968 thru present Former Occupation: Owner Harn Construction Co. Polo, Illinois 1962 thru 1968 Former Occupation: General Superintendent H.E. Johnson Construction Canton, Illinois 1953 thru 1962 Family: Wife: Jean Three Sons: Kevin 20, Michael 22, Alan 24 Financial Reference: First National Bank Freeport, Illinois Contact: H. L. Fenton Polo National Bank Polo, Illinois Contact: Arlin Higgs es r ee CV o CYN CV r O m C- w O O a` c*1 O O O C� O O r 00 N c`1 C^ O �0 r -t VI a 0 'D cn 0 0 0 %n 0 O Cy r r O cn C^ O 1D O C^ C4 C'1 O O O CO Cl-' O � c'1 C-: �0 1CO O r +P Crl cn kf%,D (I1 O cn Cal -t -t N O 00 ON trN m 00 O O co C) O\ r C- r r m O C\l r-• M 00 Cll O N r N r. r_ c'1 M, C� i/► b4 It;* # A 6q 6r► es ea ek e- C- CI Ch \0 O C\l r E O C- -t 0 o r c*1 O O O r 0 O -t O c^ C- C^ C^ 0 \0 O uA 00 kn 0 0 00 CV\ 0 0 0 C- O O r o -�t r1 C`1 O \O O` O L. 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Oy m 0.3 O �cn r U2 M► m m � O � m m m o0 U > .� E + CV > . 1 m � HL. H 4 ] m +{ C: N cn vl EXHIBIT "D" TWENTY-FIVE YEAR TIME SHARING VACATION CALENDAR SATURDAY TO SATURDAY • Ck. ENDAR YEAR • ► 'Dili( I 75 F,iu S;Jj Unit Week 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 36 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 19a, tn.3 Jan 10 �n. 10 - Jan. 17 an. 17 • Jan. 24 ■n. 24 • Jan. 31 Jan. 31-Feb. 7 Feb. 7 - Feb. 14 Feb. 14 - Feb. 21 Feb. 21 - Feb. 28 Feb. 28 - Mar. 7 Mar. 7 - Mar. 14 Mar. 14 - Mar. 21 Mar. 21 - Mar. 28 Mar. 28 - Apr. 4 Apr. 4 - Apr. 11 Apr. 11 - Apr. 18 Apr. 18 - Apr. 25 Apr. 25 - May 2 May 2 - May 9 May 9-May 16 May 16 - May 23 May 23 - May 30 May 30 - June 6 June 6 - June 13 June 13 - June 20 June 20 - June 27 June 27 - July 4 July 4 • July 11 July 11 . July 18 July 18 - July 25 July 25 -Aug 1 Aug. 1 - Aug. 6 Aug 8 -Aug 15 Aug. 15 - Aug. 22 Aug. 22 -Aug. 29 Aug. 29 - Sep. 5 Sep. 5 - Sep. 12 Sep. 12 - Sep. 19 Sep. 19 - Sep. 26 Sep. 26 - Oct. 3 Oct. 3.Oct. 10 Oct. 10. Oct. 17 Oct. 17 - Oct. 24 Oct. 24 - Oct. 31 Oct. 31 - Nov. 7 Nov. 7 • Nov. 14 Nov. 14 • Nov. 21 Nov. 21 - Nov. 28 Nov. 28 - Dec. 5 Dec. 5 • Dec. 12 Dec. 12 - Dec. 19 Dec. 19 - Dec. 26 Dec. 26•Jan. 2 1982 ,%O r Jan. 2 - Jan. 9 Jan. 1 - Jan 6 Jan. 9 • Jan. 16 Jan. 8 • Jan 15 Jan. 16 • Jan. 23 Jan 15 • Jan. 22 Jan. 23 - Jan. 30 Jan. 22 - Jan. 29 Jan 30 -Feb 6 Jan 29 -Feb 5 Feb 6 • Feb. 13 Feb 5 - Feb. 12 Feb 13 -Feb. 20 Feb. 12 - Feb. 19 Feb. 20 - Feb. 27 Feb. 19 - Feb. 26 Feb. 27 - Mar. 6 Feb. 26 • Mar. 5 Mar. 6 • Mar. 13 Mar. 5 • Mar. 12 Mar. 13 . Mar. 20 Mar. 12 - Mar. 19 Mar. 20 - Mar. 27 Mar. 19 - Mar. 26 Mar. 27 • Apr. 3 Mar. 26 • Apr. 2 Apr. 3 - Apr. 10 Apr. 2 • Apr. 9 Apr. 10 - Apr. 17 Apr. 9 . Apr. 16 Apr. 17 - Apr. 24 Apr. 16 - Apr. 23 Apr. 24 - May 1 May 1 -MAYS May 8 - May 15 May 15 - May 22 May 22 - May 29 May 29 - June 5 June 5 - June 12 June 12 - June 19 June 19 - June 26 June 26 - July 3 July 3 - July 10 July 10 - July 17 July 17 - July 24 July 24 • July 31 July 31 - Aug. 7 Aug.? -Aug 14 Aug. 14-Aug 21 Aug. 21 - Aug. 26 Aug 28 -Sep. 4 Sep. 4 - Sep. 11 Sep. 11 - Sep. 18 Sep. 18 - Sep. 25 Sep. 25.Oct. 2 Oct. 2 - Oct. 9 Oct. 9 - Oct. 16 Oct. 16 -Oct. 23 Oct. 23 - Oct. 30 Oct. 30 - Nov. 6 Nov. 6 - Nov. 13 Nov. 13 - Nov. 20 Nov. 20 - Nov. 27 Nov. 27 - Dec. 4 Dec. 4 - Dec. 11 Dec. 11 - Dec. 1f Dec. 18 - Dec. 25 Dec. 25 • Jan. 1 Apr. 23 - Apr. 30 Apr. 30 - May 7 May 7 - May 14 May 14 - May 21 may 21-may 28 May 28 - June 4 June 4 - June 11 June 11 - June 18 June 18 - June 25 June 25 - July 2 July 2 - July 9 July 9 - July 16 July 16 - July 23 July 23 - July 30 July 30 - Aug. 6 Aug. 6 . Aug. 13 Aug 13 - Aug. 20 Aug. 20 - Aug. 27 Aug 27 -Sep 3 Sep. 3 - Sep. 10 Sep. 10 - Sep. 17 Sep 17 -Sep. 24 Sep. 24 - Oct. 1 Oct. 1 - Oct. 6 Oct. 8 - Oct. 15 Oct. 15 . Oct. 22 Oct. 22 -Oct 29 Oct. 29 . Nov. 5 Nov. 5 - Nov. 12 Nov. 12. Nov. 19 Nov. 19 - Nov. 26 Nov. 26 - Dec. 3 Dec. 3 -Dec 10 Dec. 10 - Dec. 17 Dec. 17 - Dec. 24 Dec. 24 - Dec. 31 Dec. 31 - Jan 7 1984 Jan. 7 - Jan. 14 Jan. 14 - Jan. 21 Jan. 21 - Jan. 28 Jan. 28 - Feb. 4 Feb 4-Feb. 11 Feb. 11•Feb 18 Feb. 18 - Feb. 25 Feb. 25 - Mar. 3 Mar. 3 - Mar. 10 Mar. 10 - Mar. 17 Mar. 17 - Mar. 24 Mar. 24 - Mar. 31 Mar. 31 - Apr. 7 Apr. 7 - Apr. 14 Apr. 14 - Apr. 21 Apr. 21 - Apr. 28 Apr. 28 - May 5 May 5 - May 12 May 12 - May 19 May 19 - May 26 May 26 - June 2 June 2 - June 9 June 9 - June 16 June 16 - June 23 June 23 - June 30 June 30 - July 7 July 7 - July 14 July 14 - July 21 July 21 - July 28 July 28 - Aug. 4 Aug. 4 - Aug. 11 Aug 11 - Aug. 18 Aug 18 -Aug 25 Aug 25 - Sep. 1 Sep. 1 - Sep. 8 Sep. 8 - Sep. 15 Sep. 15 - Sep. 22 Sep. 22 - Sep. 29 Sep. 29 - Oct. 6 Oct. 6 - Oct. 13 Oct. 13 -Oct. 20 Oct. 20 - Oct. 27 Oct. 27 . Nov. 3 Nov. 3 - Nov. 10 Nov. 10 - Nov. 17 Nov. 17 - Nov. 24 Nov. 24 - Dec. 1 Dec. 1-Dec .8 Dec. 8 - Dec. 15 Dec. 15 - Dec. 22 Dec. 22 - Dec. 29 Dec. 29 - Jan. 5 Jan. 5 - Jan. 12 Jan. 12 - Jan. 19 Jan. 19 - Jan. 26 is ). 26 - Feb 2 Feb. 2 - Feb 9 Feb. 9 - Feb. 16 Feb. 16 - Feb. 23 Feb. 23 - Mar. 2 Mar. 2 - Mar. 9 Mar. 9 - Mar. 16 4Nar. 16 - Mar.?3 Mar. 23 - Mar. 30 Mar. 30 - Apr. 6 Apr. 6 - Apr. 13 Apr. 13 - Apr. 20 Apr. 20 - Aar. 27 Apr. 27 - May 4 16lay 4 - May 11 Qtay 11 - May 18 May 18 - May 25 May 25 - June 1 June 1 - June 8 June 8 - June 15 June 15 - June 22 June 22 - June 29 June 29 - July 6 July 6 - July 13 July 13 - July 20 July 20 . July 27 July 27 • Aug. 3 Aug. 3 - Aug. 10 Aug. 10 - Aug. 17 Aug. 17 - Aug. 24 Aug. 24 . Aug. 31 Aug. 31 - Sep. 7 Sep. 7 - Sep. 14 Sep. 14 - Sep. 21 Sep. 21 - Sep. 28 Sep. 28 - Oct. 5 Oct. 5 -Oct. 12 Oct. 12 - Oct. 19 Oct. 19.Oct' 26 Oct. 26 - Nov. 2 Nov. 2 . Nov. 9 I Nov. 9 - Nov. 16 Nov 16 - Nov. 23 Nov. 23 - Nov. 30 Nov. 30 - Dec. 7 Dec. 7 - Dec. to Dec. 14 - Dec. 21 Dec. 21 - Dec. 28 Dec.28•Jan.4 EXHISIT "C" • =101K 475 STENIVART TITLE ' U ASPEN IN:� 607 E HYMAN • ASPEN C0,04AD0 BI611 ESCROW AGREE!•:EI� This Escrow Agreement is between. Stewart Title of Aspen, Inc. ("Stewart Title") and Shadow mountain Equities, Inc. Reference is made to the Shadow Mountain, Lodge At Aspen Purchase Agreement and Escrow Instructions ("Purchase Agreement") for the sale of Fractional Estates (i.e. time -span estates). For good and valuable considerations, Stewart Title hereby agrees to act as "Escrow" under the Purchase Agreement. As Escrow the duties of Stewart Title shell be limited as follows: 1. To hold earnest money deposits and at closing collect the balance of the purchase price as provided in the Purchase Agreement. 2. Upon payment of applicable premiums, to provide owner's title insurance and where required mortgagee insurance in accordance with Stewart Title's approved form of commitments and policies for the subject property. 3. Not to close on any Fractional Estate unless and until there is a Certificate of Occupancy for the particular Unit and all prior liens or encumherances have been released or discharged. 4. That any other conditions of the Purchase Agreement, brought to the attention of Stewart Title, will be satisfied prior to closing. 5. Stewart Title shall not be liable for any act it may do or omit to do hereunder while acting in good faith and in the exercise of its own best judgement. Stewart Title shall not be liable for the sufficiency, correctness or validity of any instruments deposited hereunder. IN WITNESS WHEREOF, Escrow Agreement this SHADOW MOUNTAIN EQUITIES, IN the part day of STEhAR By: have signed this 1 ,.,t) A • • Unit Week 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 1986 Jan. 4 -Jan. 11 Jan. 11 - Jan. 18 Jan. 18 - Jan. 25 Jan. 25 -Feb 1 Feb l-Feb,6 1 Feb. 8 - Feb. 15 Feb. 15 - Feb. 22 Feb. 22 - Mar. 1 Mar. 1 - Mar. 8 Mar. 8 - Mar. 15 Mar. 15 - Mar. 22 Mar. 22 - Mar. 29 Mar. 29 - Apr. 5 Apr. 5 - Apr. 12 Apr. 12 - Apr. 19 Apr. 19 - Apr. 26 Apr. 26 - May 3 May 3 - May 10 May 10 - May 17 May 17 - May 24 May 24 - May 31 May 31 - June 7 June 7 - June 14 June 14 - June 21 June 21-June 28 June 28 - July 5 July 5 - July 12 July 12 - July 19 July 19 - July 26 July 26 • Aug 2 Aug 2 - Aug. 9 Aug 9 - Aug. 16 Aug 16 -Aug 23 Aug 23 -Aug 30 Aug. 30-Sep 6 Sep. 6 - Sep. 13 Sep. 13 - Sep. 20 Sep 20 - Sep. 27 Sep. 27 - Oct. 4 Oct. 4 . Oct. 11 Oct. 11 -Oct. 18 Oct. 18 - Oct. 25 Oct 25 . Nov. 1 Nov. 1 - Nov. 8 Nov. 8 - Nov. 15 Nov. 15 . Nov. 22 Nov. 22 • Nov. 29 Nov. 29 . Dec. 6 Dec. 6 - Dec. 13 Dec. 13 - Dec 20 Dec 20 - Dec. 27 Dec. 27 • Jan. 3 1987 Jan. 3 - Jan. 10 Jan. 10 - Jan. 17 Jan. 17 - Jan. 24 Jan. 24 - Jan. 31 Jan. 31-Feb 7 Feb. 7 - Feb. 14 Feb. 14 - Feb. 21 Feb. 21 - Feb. 28 Feb. 28 - Mar. 7 Mar. 7 - Mar. 14 Mar. 14 - Mar. 21 Mar. 21 - Mar. 28 Mar. 28 - Apr. 4 Apr. 4 - Apr. 11 Apr. 11 - Apr. 18 Apr. 18 - Apr. 25 Apr. 25 - May 2 May 2 - May 9 May 9 - May 16 May 16 • May 23 May 23 - May 30 May 30 - June 6 June 6 - June 13 June 13 - June 20 June 20 - June 27 June 27 - July 4 July 4 - July 11 July 11 -July 18 July 18 - July 25 July 25 -Aug 1 Aug. t-Aug. 8 Aug 8 -Aug 15 Aug 15 -Aug 22 Aug. 22 - Aug. 29 Aug. 29 . Sep 5' Sep. 5 - Sep. 12 Sep. 12 - Sep. 19 Sep. 19 - Sep. 26 Sep. 26 - Oct. 3 Oct. 3 - Oct. 10 Oct. 10 - Oct. 17 Oct. 17 - Oct. 24 Oct. 24 - Oct. 31 Oct 31 -Nov. 7 Nov. 7 - Nov. 14 Nov. 14 • Nov. 21 Nov. 21 - Nov. 26 Nov. 28 . Dec 5 Dec. 5 - Dec. 12 Dec. 12 - Dec. 19 Dec. 19 - Dec. 26 Dec. 26-Jan. 2 CALENDAR YEAR 19" Jan. 2 - Jan. 9 Jan. 9 . Jan. 16 Jan 16-Jan _23 Jan. 23 . Jan. 30 Jan 30 -Feb 6 Feb. 6 - Feb. 13 Feb 13 - Feb. 20 Feb. 20 - Feb. 27 Feb. 27 - Mar. 5 Mar. 5 - Mar. 12 Mar. 12 - Mar. 19 Mar. 19 - Mar. 26 Mar. 26 - Apr. 2 Apr. 2 - Apr. 9 Apr. 9 - Apr. 16 Apr. 16 - Apr. 23 Apr. 23 - Apr. 30 Apr. 30 - May 7 May 7 - May 14 May 14 - May 21 May 21 - May 28 May 28 - June 4 June 4 -June 11 June 11 -June 18 June 18 - June 25 June 25 - July 2 July 2 - July 9 July 9 - July 16 July 16 - July 23 July 23 - July 30 July 30 -Aug 6 Aug. 6 - Aug. 13 Aug 13 -Aug 20 Aug 20 -Aug 27 Aug 27-Sep 3 Sep. 3 - Sep. 10 Sep. 10 - Sep. 17 Sep. 17 -Sep 24 Sep. 24 -Oct. 1 Oct. 1 -Oct. 8 Oct. 8 - Oct. 15 Oct. 15. Oct. 22 Oct. 22 - Oct. 29 Oct. 29 -Nov 5 Nov. 5 . Nov. 12 Nov. 12 . Nov. 19 Nov. 19 . Nov. 26 Nov. 26 -Dec 3 Dec. 3 t0 Dec. 10 •Dec. 17 Dec. 17 - Dec 24 Dec. 24 • Dec. 31 Dec. 31-Jan, 7 %L J. 1"9 Jan. 7 - Jan. 14 Jan. 14 - Jan. 21 Jan. 21- Jan .28 Jan. 28 - Feb. 4 Feb 4-Feb 11 Feb. 11 - Feb. 18 Feb. 18 - Feb. 25 Feb. 25 - Mar. 4 Mar. 4 - Mar. 11 Mar. 11 - Mar. 18 Mar. 18 - Mar. 25 Mar. 25 - Apr. 1 Apr. 1 - Apr. 8 Apr. 8 - Apr. 15 Apr. 15 - Apr. 22 Apr. 22 - Apr. 29 Apr. 29 . May 6 May 6 - May 13 May 13 - May 20 May 20 . May 27 May 27 - June 3 June 3 - June 10 June 10 - June 17 June 17 - June 24 June 24 - July 1 July / - July 8 July 8 - July 15 July 15 - July 22 July 22 . July 29 July 29 - Aug. 5 Aug. 5 -Aug 12 Aug. 12 - Aug 19 Aug. 19 - Aug. 26 Aug. 26 - Sep. 2 Sep. 2 - Sep. 9 Sep. 9 . Sep. 16 Sep. 16 - Sep 23 Sep. 23 - Sep. 30 Sep. 30 - Oct 7 Oct. 7 -Oct. 14 Oct. 14 - Oct. 21 Oct. 21 - Oct. 28 Oct. 28 - Nov. 4 Nov. 4 - Nov. 11 Nov. it - Nov. 18 Nov. 18 - Nov. 25 Nov. 25 - Dec. 2 Dec. 2 - Dec. 9 Dec. 9 - Dec. 16 Dec. 16 - Dec. 23 Dec. 23 - Dec. 30 Dec.30-Jan. 6 Jan. 6 - Jan. 13 Jan. 13 - Jan. 20 Jan. 20 - Jan. 27 Jan. 27 - Feb. 3 Feb. 3-Feb 10 Feb. 10 - Feb. 17 Feb. 17 - Feb. 24 Feb. 24 - Mar. 3 Mar. 3 - Mar. 10 Mar. 10 - Mar-W Mar. 17 - Mar. 24 Mar. 24 - Mar. 31 Mar. 31 - Apr. 7 Apr. 7 - Apr. 14 Apr. 14 - Apr. 21 Apr. 21 - Apr. 28 Apr. 28 - May 5 May 5 - May 12 May 12 - May 19 May 19 - May 26 May 26 - June 2 June 2 - June 9 June 9 - June 16 June 16 - June 23 June 23 - June 30 June 30 - July 7 July 7 - July 14 July 14 - July 21 July 21 - July 28 July 28 - Aug. 4 Aug 4 -Aug 11 Aug-11-Aug 18 Aug 18 -Aug 25 Aug. 25 - Sep. 1 Sep 1-Sep. S Sep. 8 - Sep. 15 Sep. 15 - Sep. 22 Sep. 22 - Sep. 29 Sep. 29 - Oct. 6 Oct. 6 -Oct. 13 Oct. 13.Oct. 20 Oct. 20 - Oct. 27 Oct. 27 • Nov. 3 Nov. 3 - Nov. 10 Nov. 10 - Nov. 17 Nov. 17 - Nov. 24 Nov. 24 - Dec. 1 Dec. 1 - Dec. 8 Dec. S - Dec. 15 Dec. 15 -Dec. 22 Dec. 22 - Dec. 29 Dec. 29 - Jan. 5 • CALENDAR YEAR Unit Week Number 1 2 3 4 5 6 7 B 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 1991 Jan. 5 - Jan. 12 Jan. 12 - Jan. 19 Jan. 19 - Jan. 26 Jan. 26 - Feb 2 Feb. 2-Feb. 9 Feb 9 - Feb. 16 Feb. 16 - Feb- 23 Feb. 23 - Mar. 2 Mar. 2 - Mar. 9 Mar. 9 - Mar. 16 Mar. 16 - Mar, 23 Mar. 23 - Mar. 30 Mar. 30 - Apr. 6 Apr. 6 - Apr. 13 Apr. 13 - Apr. 20 Apr. 20 - Apr. 27 Apr. 27 - May 4 May 4 - May 11 May 11 - May 18 May 18 - May 25 May 25 - June 1 June 1 - June 8 June 8 - June 15 June 15 - June 22 June 22 - June 29 June 29 - July 6 July 6 - July 13 July 13 - July 20 July 20 - Ju'�y 27 July 27 -Aug 3 Aug. 3 -Aug 1C Aug 10 - Aug 17 Aug. 17 - Aug. 24 Aug 24-Aug 31 Aug. 31 - Sep. 7 Sep. 7 - Sep. 14 Sep. 14 - Sep. 21 Sep. 21 - Sep. 28 Sep 28 - Oct. 5 Oct. 5 - Oct. 12 Oct. 12 -Oct. 19 Oct. 19 - Oct 26 Oct. 26 - Nov. 2 Nov. 2 - Nov. 9 Nov. 9 - Nov. 16 Nov. 16 - Nov. 23 Nov 23 - Nov. 30 Nov. 30 - Dec. 7 Dec. 7 - Dec. 14 Dec 14 - Dec 21 Dec. 21-Dec 28 Dec. 28 - Jan. 4 1992 Jan. 4-Jan.11 Jan.11 -Jan 18 Jan. 18 - Jan. 25 Jan. 25 - Fec. Feb l - Feb 8 Feb 8 - Feb 15 Feb. 15 - Feb. 22 Feb. 22 - Feb. 29 Feb. 29 - Mar. 7 Mar. 7 - Mar. 14 Mar. 14 - Mar. 21 Mar. 21 - Mar. 28 Mar. 26 - Apr. 4 Apr. 4 - Apr. 11 Apr. 11 - Apr. 19 Apr. 18 - Apr. 25 Apr. 25 - May 2 May 2-May 9 May 9 - May It May 16 - May 73 May 23 - May 30 May 30 - June 6 June 6 - June :3 June 13 - June 20 June 20 - June 27 June 27 - July 4 July 4 - July 17 July 11 - July :8 July /8 - July 25 July 25 -Aug 1 Aug. 1 - Aug 6 Aug 8 - Aug. 15 Aug. 15 - Aug 22 Aug. 22 - Aug 29 Aug. 29-Sep 5 Sep. 5 - Sep. 12 Sep. 12 - Se;.. 19 Sep 19 - SeD 26 Sep 26 - Oct 3 Oct. 3-Oct. 13 Oct. 10 - Oct. 17 Oct. 17 -Oct. 24 Oct. 24 -Oct. 31 Oct. 31 - Nov. 7 Nov. 7 - Nov. 14 Nov. 14 - Nov 21 Nov. 21 - Nov 28 Nov. 28 • Dec 5 Dec. 5. Dec 12 Dec. 12 - Dec 19 Dec. 19 - De- 26 Dec. 26 - Jan 2 1"3 Jan. 2 - Jan. 9 Jan. 9 - Jan. 16 Jan. 16 - Jan. 23 Jan. 23 - Jan. 30 Jan. 30 • Feb. 6 Feb. 6 -Feb 13 Feb 13-Feb.20 Feb. 20 - Feb. 27 Feb. 27 - Mar. 6 Mar. 6 - Mar. 13 Mar. 13 - Mar. 20 Mar, 20 - Mar. 27 Mar. 27 - Apr. 3 Apr. 3 - Apr. 10 Apr. 10 - Apr. 17 Apr. 17 - Apr. 24 Apr. 24 - May 1 May 1 - May 8 May 8 - May 15 May 15-May 22 May 22-May 29 May 29 - June 5 June 5 - June 12 June 12 - June 19 June 19 - June 26 June 26 - July 3 July 3 - July 10 July 10 - July 17 July 17 - July 24 July 24 - July 31 July 31 - Aug. 7 Aug. 7 -Aug 14 Aug. 14 - Aug 21 Aug. 21 - Aug 28 Aug. 28 - Sep. 4 Sep. 4 -Sep 11 Sep. 11 - Sep. 18 Sep- 18 - Sep 25 Sep. 25 - Oct. 2 Oct. 2 - Oct. 9 Oct. 9. Oct. 16 Oct. 16 -Oct. 23 Oct. 23 - Oct. 30 Oct. 30 - Nov. 6 Nov. 6 • Nov. 13 Nov. 13 - Nov. 20 Nov. 20 - Nov. 27 Nov. 27 - Dec. 4 Dec. 4- Dec. 11 Dec. 11 - Dec. 18 Dec. 18 - Dec. 25 IDec. 25 - Jan. 1 Jan. /- Jan. 8 Jan. 8 - Jan. 15 Jan. 15 - Jan. 22 Jan. 22 - Jan. 29 Jan. 29 - Feb 5 Feb. 5 -Feb 12 Feb. 12 - Feb. 19 Feb. 19 - Feb. 26 Feb. 26 • Mar. 5 May. 5 - Mar. 12 Mar. 12 - Mar. 19 Mar. 19 • Mar. 26 Mar. 26 - Apr. 2 Apr. 2 - Apr. 9 Apr. 9 - Apr. 16 Apr. 16 - Apr. 23 Apr. 23 - Apr. 30 Apr. 30 - May 7 May 7 - May 14 May 14 - May 21 May 21 - May 28 May 28 - June 4 June 4 - June 11 June 11 - June 18 June 18 - June 25 June 25 - July 2 July 2 - July 9 July 9 - July 16 July 16 - July 23 July 23 - July 30 July 30 - Aug. 6 Aug. 6 - Aug. 13 Aug. 13 - Aug 20 Aug. 20 - Aug. 27 Aug. 27 - Sep. 3 Sep. 3 - Sep. 10 Sep. 10 - Sep. 17 Sep. 17 - Sep. 24 Sep. 24 - Oct. 1 Oct. 1 - Oct. 8 Oct. 8 - Oct. 15 Oct. 15 - Oct. 22 Oct. 22 -Oct. 29 Oct. 29 - Nov. 5 Nov. 5 - Nov. 12 Nov. 12 - Nov. 19 Nov. 19 - Nov. 26 Nov. 26 - Dec. 3 Dec. 3 - Dec. 10 Dec. 10 - Dec. 17 Dec. 17 - Dec. 24 Dec. 24 - Dec. 31 Dec. 31 - Jan. 7 Jan. 7 -Jan. 14 Jan. 14 - Jan. 21 Jan. 21 - Jan. 28 Jan. 28 - Feb. 4 Feb. 4•Feb. 11 Feb. 11-Feb 18 Feb. 16 - Feb 25 Feb. 25 - Mar. 4 Mar. 4 - Mar. 11 Mar. 11 - Mar. 18 Mar. 18 - Mar. 25 ..Mar. 25 - Apr_l Apr. 1 - Apr. 8 Apr. 8 - Apr. 15 Apr. 15 - Apr. 22 Apr. 22 - Apr. 29 Apr. 29 - May 6 May 6 - May 13 May 13 - May 20 May 20 - May 27 May 27 - June 3 June 3 - June 10 June 10 - June 17 June 17 - June 24 June 24 - July 1 July / - July 8 July 8 - July 15 July 15 - July 22 July 22 - July 29 July 29 -Aug 5 Aug. 5 - Aug 12 Aug. 12 - Aug. 19 Aug. 19 -Aug 26 Aug. 26 - Sep. 2 Sep. 2 - Sep. 9 Sep. 9 - Sep. 16 Sep. 16 - Sep. 23 Sep. 23 - Sep 30 Sep. 30. Oct. 7 Oct. 7 -Oct. 14 Oct. 14 -Oct. 21 Oct. 21 -Oct. 28 Oct. 28 - Nov. 4 Nov. 4 - Nov. 11 Nov. 11 - Nov. 18 Nov. 18 - Nov. 25 N-)v. 25 -Dec 2 Dec. 2 - Dec. 9 Dec. 9 - Dec. 16 Dec. 16 - Dec. 23 Dec. 23 - Dec. 30 Dec. 30 - Jan 6 ,ou 4-13 Fali uSci Unit Week Number 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Al 42 43 44 45 46 47 46 49 50 51 52 53 Jan. 6 -Jon 13 Jan, 13- Jan. 20 Jan. 20 -Jan 27 Jan 27•Feb, 3 Feb. 3 - Feb. 10 Feb. 10 - Feb. 17 Feb, 17- Feb. 24 Feb. 24 - Mar. 2 Mar. 2 - Mar. 9 Mar. 9 - Mar. 16 Mar. 16 - Mar. 23 Mar. 23 - Mar. 30 Mar. 30 - Apr. 6 Apr. 6 - Apr. 13 Apr. 13 - Apr. 20 Apr. 20 - Apr. 27 Apr. 27 - May 4 May 4 - May 11 May 11 - May 18 May 18 - May 25 May 25 - June 1 June 1 - June 8 June 8 - June 15 June 15 - June 22 June 22 - June 29 June 29 - July 6 July 6 - July 13 July 13 - July 20 July 20 - July 27 July 27 -Aug 3 Aug 3 -Aug 10 Aug. 10 - Aug. 17 Aug 17 -Aug. 24 Aug 24 - Aug. 31 Aug 31-Sep. 7 Sep. 7 - Sep 14 Sep 14 -Sep. 21 Sep. 21 - Sep. 26 Sep. 28 - Oct. 5 Oct. 5 - Oct. 12 Oct. 12 • Oct. 19 Oct. 19 -Oct 26 Oct. 26 . Nov. 2 Nov. 2 • Nov. 9 Nov. 9 - Nov. 16 Nov. 16 . Nov. 23 Nov. 23 - Nov. 30 Nov. 30 - Dec. 7 Dec. 7 - Dec. 14 Dec. 14 . Dec. 21 Dec. 21 . Dec. 28 Dec. 28 • Jan. 4 1"7 .Ian. 4 - Jan. 11 Jan. 11 - Jan. 18 Jan 18 -Jan 25 Jan, 25-Feb 1 Feb. 1 - Feb. 8 ':eb. 8 -Feb 15 Feb. 15-Feb 22 Feb. 22 - Mar. 1 Mar. 1 - Mar. 8 Mar. 8 . Mar. 15 Mar. 15 . Mar. 22 Mar. 22 - Mar. 29 Mar. 29 - Apr. 5 Apr. 5 - Apr. 12 Apr. 12 - Apr. 19 Apr. 19 - Apr. 26 Apr. 26 - May 3 May 3 - May 10 May 10 - May 17 May 17 - May 24 May 24 - May 31 May 31 - June 7 June 7 - June 14 June 14 - June 21 June 21 - June 28 June 28 - July 5 July 5 - July 12 July 12 - July 19 July 19 - July 26 July 26 - Aug. 2 Aug. 2 - Aug. 9 Aug 9 - Aug. 16 Aug. 16 - Aug 23 Aug 23 -Aug 30 Aug. 30 - Sep. 6 Sep. 6 • Sep. 13 Sep. 13•Sep. 20 Sep. 20•Sep 27 Sep 27 - Oct. 4 Oct. 4 - Oct. 11 Oct. 11 - Oct. 18 Oct. 18 Oct. 25 Oct. 25 Nov.1 Nov. 1 - Nov. 6 Nov. 8 • Nov 15 Nov. 15 • Nov. 22 Nov. 22 . Nov. 29 Nov. 29 - Dec 6 Dec. 6 -Dec 13 Dec 13- Dec 20 Dec. 20 - Dec. 27 Dec 27-Jan, 3 CALENDAR YEAR 1Y9t1 Jan. 3 - Jan. 10 Jan. 10 - Jan. 17 Jan 17 -Jan, 24 Jan. 24 • Jan. 31 Jan. 31 - Feb. 7 Feb. 7 - Feb. 14 Feb 14 -Feb. 21 Feb. 21 - Feb 28 Feb 28 - Mar. 7 Mar. 7 - Mar. 14 Mar. 14 - Mar. 21 Mar. 21 - Mar. 28 Mar. 28 - Apr. 4 Apr. 4 - Apr. 11 Apr. 11 - Apr. 18 Apr. 18 - Apr. 25 Apr. 25 - May 2 May 2-May 9 May 9 - May 16 May 16 - May 23 May 23 - May 30 May 30 - June 6 June 6 - June 13 June 13 - June 20 June 20 - June 27 June 27 - July 4 July 4 - July 11 July 11 -July 18 July 18 - July 25 July 25 -Aug 1 Aug 1 - Aug 8 Aug 8 - Aug. 15 Aug 15 - Aug. 22 Aug. 22 - Aug 29 Aug 29-Sep.5 Sep. 5 - Sep. 12 Sep. 12 - Sep. 19 Sep. 19 - Sep. 26 Sep 26 -Oct. 3 Oct. 3 - Oct. 10 Oct. 10 - Oct. 17 Oct. 17 - Oct. 24 Oct. 24 - Oct 31 Oct. 31 - Nov. 7 Nov. 7 - Nov. 14 Nov. 14 • Nov. 21 Nov. 21 • Nov. 28 Nov. 28 - Dec. 5 Dec. 5 . Dec. 12 Dec. 12 • Dec. 19 Dec. 19 • Dec. 26 Dec 26 • Jan. 2 1"9 Jon. 2-Jan. 9 Jan. 9 • Jan 16 Jan. 16 - Jan 23 Jan. 23 - Jan. 30 Jan. 30-Feb. 6 Feb. 6 - Feb. 13 Feb 13 -Feb 20 Feb. 20 - Feb. 27 Feb. 27 - Mar. 6 Mar. 6 - Mar. 13 Mar. 13 - Mar. 20 Mar. 20 - Mar. 27 Mar. 27 - Apr. 3 Apr. 3 - Apr. 10 Apr. 10 - Apr. 17 Apr. 17 - Apr. 24 Apr. 24 - May 1 May 1 - May 8 May 8 - May 15 May 15 - May 22 May 22 - May 29 May 29 - June 5 June 5 - June 12 June 12 - June 19 June 19 - June 26 June 26 - July 3 July 3 - July 10 July 10 - July 17 July 17 - July 24 July 24 • July 31 July 31 • Aug 7 Aug. 7 - Aug. 14 Aug. 14 - Aug. 21 Aug 21 - Aug. 28 Aug. 28 - Sep. 4 Sep. 4- Sep. 11 Sep. 11•Sep. 18 Sep. 18•Sep. 25 Sep. 25 • Oct. 2 Oct. 2.Oct. 9 Oct. 9 - Oct. 16 Oct. 16 - Oct 23 Oct. 23 - Oct. 30 Oct 30 -Nov. 6 Nov. 6 • Nov. 13 Nov. 13 • Nov. 20 Nov. 20 • Nov. 27 Nov. 27 • Dec. 4 Dec. 4 • Dec. 11 Dec. 11 Dec. 18 Dec. 18 • Dec. 25 Dec. 25 Jan.1 2w Jan. I - Jan. 8 Jan. 6 - Jan. 15 Jan. 15 - Jan 22 Jan. 22 - Jan. 29 Jan. 29 - Feb. 5 Feb. 5 - Feb. 12 Feb. 12 - Feb. 19 Feb. 19 -'Feb. 26 r Feb. 26 - Mar. 4 Mar. 4 - Mar. 11 Mar. 11 - Mar. 18 Mar. 18 - Mar. 25 Mar. 25 - Apr. 1 Apr. i - Apr. 8 Apr. 8 - Apr. 15 Apr. 15 - Apr. 22 Apr. 22 - Apr. 29 Apr. 29 - May 6 May 6 - May 13 May 13 - May 20 May 20 - May 27 May 27 - June 3 June 3 - June 10 June 10 - June 17 June 17 - June 24 June 24 • July 1 July 1 - July 8 July 8 - July 15 July 15 - July 22 July 22 - July 29 July 29 -Aug 5 Aug. 5 - Aug. 12 Aug 12 - Aug. 19 Aug 19 -Aug. 26 Aug. 26 - Sep. 2 Sep. 2 - Sep. 9 Sep. 9- Sep. 16 Sep. 16 - Sep. 23 Sep. 23 - Sep. 30 Sep. 30 - Oct. 7 Oct. 7 - Oct. 14 Oct. 14 - Oct. 21 Oct. 21 - Oct. 28 Ckt. 28 - Nov. 4 Nov. 4 • Nov. 11 Nov. 11 - Nov. 18 Nov. 18 - Nov. 25 Nov. 25 - Dec. 2 Dec. 2 - Dec. 9 Dec. 9 - Dec. 16 Dec- 16 -Dec. 23 Dec. 23 - Dec. 30 Dec. 30 - Jar.. 6 unit Week Number 2001 1 Jan. 6 - Jan. 13 2 Jan. 13 -Jon 20 3 Jan. 20 - Jan. 27 4 Jan. 27 • Feb 3 5 Feb. 3 -Feb 10 6 Feb. 10 -Feb 17 7 Feb- 17 - Feb. 24 8 Feb. 24 - Mar. 3 y 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 Mar. 3 - Mar. 10 Mar. 10 - Mar. 17 Afar. 17 - Mar. 24 Mar. 24 • Mar. 31 ►Aar. 31 • Apr. 7 Apr. 7 • Apr. 14 Apr. 14 • Apr. 21 Apr. 21 • Apr. 28 Apr. 26 - May 5 May 5 - May 12 May 12 - May 19 May 19 - May 26 May 26 - June 2 June 2 - June 9 June 9 - June 16 June 16 - June 23 June 23 - June 30 June 30 - July 7 July 7 - July 14 July 14 - July 21 July 21 - July 28 July 28 - Aug. 4 Aug 4- Aug. 11 Aug. 11 -Aug. 18 Aug. 18 - Aug 25 Aug. 25 - Sep. 1 Sep. 1 - Sep 8 Sep. 8 - Sep. 15 Sep. 15 - Sep. 22 Sep 22 - Sep. 29 Sep. 29 - Oct. 6 Oct. 6 - Oct. 13 Oct. 13 - Oct. 20 Oct. 20 - Oct. 27 1 Oct. 27 - Nov. 3 Nov. 3 - Nov. 110 Nov. 10 • Nov. 17 Nov. 17 - Nov. 24 Nov. 24 - Dec. 1 1 Dec. 1 . Dec. 8 • CALENDAR YEAR Jan-5- Jan Jan. 12 - Jan. 1c Jan. 19 - Jan 2E Jan. 26 - Feb. 2 Feb. 2 - Feb 9 Feb. 9 - Feb. 1% Feb 16 - Feb. 23 Feb. 23 - Mar. 2 Mar. 2 - Mar. 9 Mar. 9 - Mar. I' Mar. 16 - Mar. 23 Mar. 23 -Mar 3) Mar. 30 - Apr. 6 Apr. 6 - Apr. 1� Apr. 13 - Apr. 2: Apr. 20 - Apr. 2' Apr. 27 - May 4 May 4 . May 11 May 11 - May 18 May 18 - May 2.i May 25 - June 1 June 1 - June 8 June 8 - June 15 June 15 - June 22 June 22 - June 29 June 29 - July f July 6 - July 13 July 13 - July 23 July 20 - July 27 July 27 - Aug. 3 Aug 3 - Aug. 10 Aug. 10 - Aug. 17 Aug. 17 - Aug. 24 Aug. 24 - Aug 31 Aug 31-Sep 7 Sep. 7 - Sep. 1, Sep. 14 - Sep .1 Sep 21 • Sep '8 Sep 28 - Oct. 5 Oct. 5.Oct. 1� Oct. 12 - Oct. 19 Oct. 19 - Oct. 96 Oct. 26 - Nov. 2 Nov. 2 - Nov. 9 Nov. 9 •Nov. 15 Nov. 16 - Nov Z Nov. 23 - Noc 31 Nov. 30 -Dec 7 49 Dec. 8 -Dec 15 Dec. 7 -Dec 14 50 Dec. 15 - Dec. 22 Dec. 14 - Dec 2 51 Dec. 22 - Dec. 29 Dec. 21 - Dec 2 52 Dec. 29-Jan. 5 Dec. 28-Jan, 4 53 2003 Jan. 4 - Jan. 11 Jan. 11 • Jan. 18 Jan. 18 - Jan. 25 Jon. 25-Feb, t Feb t - Feb 8 Feb. 8 - Feb. 15 Feb. 15 - Feb 22 Feb. 22 - Mar. 1 Mar. 1 - Mar. 8 Mar. 8 - Mar. 15 Mar. 15 - Mar. 22 Mar. 22 - Mar. 29 Mar. 29 - Apr. 5 Apr. 5 - Apr. 12 Apr. 12 - Apr. 19 Apr. 19 - Apr. 26 Apr. 26 - May 3 May 3 - May 10 May 10 - May 17 May 17 - May 24 May 24 - May 31 May 31 - June 7 June 7 - June 14 June 14 - June 21 June 21 - June 28 June 28 - July 5 July 5 - July 12 July 12 - July 19 July 19 . July 26 July 26 . Aug 2 Aug. 2 - Aug. 9 Aug. 9 - Aug. 16 Aug- 16 - Aug. 23 Aug 23 - Aug. 30 Aug. 30 - Sep. 6 Sep. 6- Sep. 13 Sep. 13 - Sep. 20 Sep. 20 - Sep. 27 Sep. 27 - Oct. 4 Oct. 4 - Oct.'11 Oct. 11 - Oct. 18 Oct. 18 - Oct. 25 Oct. 25 - Nov. 1 Nov. 1 • Nov. 8 Nov. 8 - Nov. 15 Nov. 15 - Nov. 22 Nov. 22 - Nov. 29 Nov. 29 - Dec. 6 Dec. 6 - Dec. 13 Dec. 13. Dec. 20 Dec 20- Dec. 27 Dec 27 - Jan. 3 C� Jan. 3 - Jan. 10 Jan. 10-Jan 17 Jon. 17 - Jan. 24 Jan. 24- Jon, 31 Jan. 31 - Feb 7 Feb. 7 - Feb. 14 Feb. 14•Feb. 21 Feb. 21-Feb, 28 Feb 26 - Mar. 6 Mar. 6 - Mar. 13 Mar. 13 - Mar. 20 Mar. 20 - Mar. 27 Mar. 27 - Apr. 3 Apr. 3 - Apr. 10 Apr. 10 - Apr. 17 Apr. 17 - Apr. 24 Apr. 24 - May 1 May 1 - May 8 May 8 - May 15 May 15 - May 22 May 22-May 29 May 29 - June 5 June 5 - June 12 June 12 - June 19 June 19 - June 26 June 26 - July 3 July 3 - July 10 July 10 - July 17 July 17 - July 24 July 24 - July 31 July 31 - Aug. 7 Aug. 7 - Aug. 14 Aug. 14•Aug. 21 Aug. 21•Aug 28 Aug. 28 - Sep. 4 Sep. 4 - Sep. 11 Sep. 11 - Sep. 18 Sep. 18 - Sep. 25 Sept. 25 - Oct. 2 Oct. 2 - Oct. 9 Oct. 9. Oct. 16 Oct. 16 - Oct. 23 Oct. 23 - Oct. 30 Oct. 30 - Nov. 6 Nov. 6 • Nov. 13 Nov. 13 • Nov. 20 Nov. 20 - Nov. 27 Nov. 27 - Dec. 4 Dec. 4 - Dec. 11 Dec. 11 - Dec. 18 Dec. 18 - Dec. 25 Dec. 25 - Jan. 1 Jan. 1 - Jan. 8 Jan. 8 - Jan. 15 Jan. 15 - Jan. 22 Jan. 22 - Jan. 29 Jan. 29 - Feb. 5 Feb 5 - Feb. 12 Feb. 12 - Feb. 19 Feb. 19 - Feb. 26 Feb. 26 - Mar. S Mar. 5 • Mar. 12— Mar. 12 - Mar. 19 Mar. 19 - Mar. 26 Mar. 26 - Apr. 2 Apr. 2 - Apr. 9 Apr. 9 - Apr. 16 Apr. 16 - Apr. 23 Apr. 23 - Apr. 30 Apr. 30 - May 7 May 7 - May 14 May 14 - May 21 May 21 - May 28 May 28 - June 4 June 4 - June 11 June 11 - June 18 June 16 - June 25 June 25 - July 2 July 2 - July 9 July 9 - July 16 July 16 - July 23 July 23 - July 30 July 30 • Aug 6 Aug. 6 -Aug 13 Aug 13-Aug.20 Aug 20-Aug 27 Aug 27 . Sep. 3 Sep. 3 - Sep. 10 Sep 10 - Sep. 17 Sep. 17 - Sep. 24 Sep. 24 - Oct. 1 Oct. 1 - Oct. 8 Oct. 8 -Oct. 15 Oct. 15 - Oct. 22 Oct. 22 - Oct. 29 Oct. 29 - Nov. 5 Nov. 5 - Nov. 12 Nov. 12 - Nov. 19 Nov. 19 - Nov. 26 Nov. 26 - Dec. 3 Dec. 3 - Dec. 10 Dec. 10 - Dec. 17 Dec. 17 - Dec. 24 Dec. 24 • Dec. 31 Dec. 31 - Jan. 6 t ncv �•,.� i.rtl.rt�tC:7Ui;c PLANNING', EXHIBIT "E" ® • i n 9 August 1983 Andrew V. Hecht, Attorney 601 East Hyman Avenue Aspen,'Colorado 81611 :. �.-. ....' -.` The Coachl fight .Re. Aspen, Colorado Dear .Andy. Boone-Schwietzer phoned a few days ago and asked me -to write you regarding the above project responding to two areas in question. 1.'. What access is available for the Nandi --,.,capped and 2. What is the useful life- of the building ... components? The building was constructed in 1981 and was designed to conform to the requirements of the 1979 Uniform Building Code as adopted by the City of Aspen. Of the 11 studio guest units constructed, it Has necessary that one of these units be designed and equipped with a bathroom for use by a handicapped person. Such a unit, originally designed to be located as the fourth unit from the west on the first floor, was relocated and became the first unit from the west on the first floor during construction. Jn addition,. a ramp from the parking area to the first floor was designed and constructed on the north side as required by the Uniform Building Code: The reloca- tioh of the handicapped bathroom unit during construc- tion `improved the access from the ramp. -At the time Of my final inspection the handicapped bathroom was properly equipped for use. For tax purposes, building components for a newly constructed rental structure such as the Coachlight can, In many cases, be depreciated as follows: P.O. BOX 166 ASPEN, ^OLORADO 83 612 TELEPHONE 303.925-3365 aooK Andrew Hecht, Attorney 10 9 August 1983 Page 2 Component Useful life STRUCTURE 40 yrs. ANTERIOR 20 yrs. PLUMBING 15 yrs. HEATING 15 yrs. - -ELECTRICAL 15 yrs. In reality., and with F' M y proper maintenance, a further breakdown of components and their expected useful life -for a building such as the Coachlight could be as follows: Component Expected Life Concrete Foundation 100 yrs. Structure 50 yrs. Roofing 15 yrs. Windows/Doors 50 yrs. Interior walls 40 yrs. Plumbing 75 yrs. Plumbing fixtures 20 yrs. Heating Plant 30 yrs. Electrical System 40 yrs. It must be understood that the expected useful life of any structure will be shortened considerably if a program of preventive maintenance is not pursued. On -the other hand, a good maintenance program will increase the expected life considerably. If you need any information in addition to the above, please give me a call. Very truly yours, Theodore L. Mul3rz, AIA tlm/m DATE RECEIVED: DATE RECEIVED C MPLETE: PROJECT NAME: APPLICANT: Applicant 0 CASELOAD SUMMARY SHEET City of Aspen Address/Phone: REPRESENTATIVE: Representative Address/Phone: :/xh1J Type of Application: I. GMP/SUBDIV IS ION/PUD (4 step) Conceptual Submission Preliminary Plat Final Plat II. SUBDIV IS ION/PUD (4 step) Conceptual Submission Preliminary Plat Final Plat V, III. EXCEPTION/EXEMPTION/REZONING (2 step) IV. SPECIAL REVIEW (1 step) Special Review Use Determination Conditional Use Other : CAS E NO. STAFF: ($2,730.00) ($1,640.00) ($ 820.00) ($1,900.00) ($1,220.00) ($ 820.00) C4-$-f,-490.00) ($ 680.00) P&Z CC MEETING DATE: Yl"-'A PUBLIC HEARING: YES NO DATE REFERRED: "� 0 IN IT IALS: REFERRALS: ✓ ity Atty Aspen Consol. S.D. School District City Engineer Mtn. Bell Rocky Mtn. Nat. Gas Housing Dir. Parks Dept. State Hwy Dept (Glenwd) Aspen Water Holy Cross Electric State Hwy Dept (Gr.Jtn) City Electric Fire Marshall Bldg-Zoning/Inspectn Envir. Hlth. Fire Chief er: ----------------------------------------------- ---------------------- FINAL ROUTING: DATE ROUTED: �S� INITIAL (%- City Atty ' City Engineer -1_�uil di ng Dept. Other • Other: FILE STATUS AND LOCATION: Reviered by: Aspen P&Z City Council Reviewed By: Aspen P&Z City Council RECOMMENDED MOTION: "Move to grant subdivision exception for the purposes of reconfiguring six studios in the Shadow Mountain Lodge at Aspen into four one -bedroom units and that the lodge be re-condo- miniumized in the new unit mix with the following conditions: 1. Verification must be made by the applicant, that either a condominium owner's association has not yet been formed or if one exists, they have approved these changes. 2. A revised condominium plat must be submitted to the City Engineering Department for approval, prior to recordation. 3. All revised documents must be finally accepted by the City Attorney and recorded. 4. The applicant will, prior to approval of the revised plat, relocate the dumpster onto the concrete slab north of the building, pursuant to Condition 3.e. of the prior approval dated July 9, 1984. 1 0 • MEMORANDUM TO: Aspen City Council THRU: Hal Schilling, City Manager FROM: Alan Richman, Planning Office RE: Shadow Mountain Lodge Timeshare - Resubdivision DATE: May 28, 1985 SUMMARY: The Planning Office recommends approval of subdivision exception for the purposes of reconfiguring six studios in the Shadow Mountain Lodge into four one bedroom units. PREVIOUS COUNCIL ACTION: Council granted approval to the applicant to timeshare this facility on July 9, 1984, subject to thirty-two (32) conditions. LOCATION: 232 W. Hyman Avenue, Lots K, L, M and N, Block 53, City and Townsite of Aspen. ZONING: L-3 APPLICANT'S REQUEST: The applicant requests approval to convert six (6) studio units (Units 2, 3, 4, 8, 9 and 10) into four (4) one -bedroom units. This proposed reconfiguration of space requires resubdivision to amend the plat and timeshare documents. Conditional use approval for the new unit mix was granted by P&Z on May 7, 1985. PLANNING OFFICE REVIEW: This proposal does not alter the terms of the sale of fractional fee estate units or the compilation of use weeks. It will change the unit mix. Originally, the project consisted of twelve (12) units. Eleven (11) of the units were studios of approxi- mately 350 sq. ft. each. The remaining unit is an 1,800 square foot, three (3) bedroom unit. There is also an office/lobby area of approxi- mately 250 sq. ft. and two (2) employee units of approximately 300 sq. ft. each. A large, open basement area exists which is used for storage. The applicant wants to resubdivide six of the studio units (Units 2,3,4,8,9 and 10) into four one -bedroom condominium units. Floor plans were submitted with the application but a revised condominium plat must be produced, submitted to the Engineering Department and approved by them prior to being recorded. The revised condominium plat must be recorded, after being approved by the City Attorney and Engineer, prior to issuance of a Certificate of Occupancy. The Engineering Department also commented that the existing dumpster should be relocated onto the concrete slab north of the building • • pursuant to condition 3.e. of the prior approval (July 9, 1984). Although fewer units will be the result of this conversion, the maximum occupancy level of the building will increase. The total number of free-market units will be reduced from twelve (12) to ten (10) . Each studio had an occupancy limit of two (2) persons at a time, for a total population of twelve (12), within the six studios. Each one -bedroom unit will have an occupancy limit of four (4), for a total population of 16 within the four proposed units. The applicant submits that the reason for this request is that the market demand is for one -bedroom units rather than studios in order to accommodate unrelated parties who want to share occupancy. The Council should also note that the net loss of two units in the L-3 lodging inventory will result in an addition to the L-3 quota for this year, making twelve, rather than ten units available for competitors. The Planning Office has completed a site visit to this project and agrees that one -bedroom units will likely be more marketable. The studio units are quite minimal and the new floor plan is better from a comfort standpoint. The additional occupancy reflects maximum usage and may, in fact, be less at some times. The additional potential of four more occupants should not be detrimental to the neighborhood or significantly affect the compatibility of this timeshared lodge with surrounding properties. Furthermore, the bedroom reduction from 14 lodge and two employee bedrooms to twelve lodge and two employee bedrooms brings the project into compliance with its fourteen available parking spaces. Other changes in the recorded documents include amendment of the title company from Stewart Title Company to Pitkin County Title, Inc. In addition, Exhibit C to the Disclosure Statement (Escrow Agreement) is changed to reflect this new title company arrangement. The Attorney's Office has reviewed the amended Condominium Declaration, Disclosure Statement and Escrow Agreement and indicated that they "appear appro- priate." The Attorney's Office points out that if the Shadow Mountain Lodge at Aspen has formed a condominium or owner's association, they would have to approve these requested amendments before the City accepts them, per the updating and filing requirements of Section 20-24 (f) (3). A condition will be added to the recommendation to address this. ADVISORY COMMITTEE VOTE: The Planning and Zoning Commission voted 4-0 in favor of the applicant's request at their meeting on May 7, 1985. RECOMMENDED MOTION: "Move to grant subdivision exception for the purposes of reconfiguring six studios in the Shadow Mountain Lodge at Aspen into four one -bedroom units and that the lodge be re-condo- miniumized in the new unit mix with the following conditions: - 2 - 1. Verification must be made by the applicant, that either a condominium owner's association has not yet been formed or if one exists, they have approved these changes. 2. A revised condominium plat must be submitted to the City Engineering Department for approval, prior to recordation. 3. All revised documents must be finally accepted by the City Attorney and recorded. 4. The applicant will, prior to approval of the revised plat, relocate the dumpster onto the concrete slab north of the building, pursuant to Condition 3.e. of the prior approval dated July 9, 1984. — 3 — of p K GARFIE LD & HECI[ T, P.C. RONALD GARFIELD ATTORNEYS AT LAW ANDREW V. HECHT VICTORIAN SQUARE BUILDING 601 EAST HYMAN AVENUE WILLIAM K. GUEST, P.C. 1EREMY M. BERNSTEIN ASPEN, COLORADO 81611 CLIFTON D. BURDICK April 5, 1985 The Honorable William J. Stirling, Chairman and Members of The City Council City of Aspen 130 South Galena Street Aspen, Colorado 81611 Re: Shadow Mountain Lodge/Resubdivision Dear Mayor Stirling and Members of City Council: TELEPHONE (303) 925-1936 TELECOPIER (303) 925-3008 CABLE ADDRESS "GARHEC" Pursuant to Section 20-24, Section (F)(3) of the Aspen Municipal Code, the applicant, Shadow Mountain Lodge requests approval from the City for the resubd1vision of certain of the condominium units of Shadow Mountain Lodge into one-bedrOO11L units. The effect will be to convert six (6) studio units (Units 2, 3, 4, 8, 9 and 10) into four (4) one -bedroom units. If further subdivision approval or conditional use approval is required, this is intended to be an application for such approval. In support of this request, the applicant states that there will be less impact with such a conversion, and that the reason for the request is to satisfy a market demand which requires that one -bedroom units be available to accommodate unrelated parties who might want to use the unit at the same time. Further, the applicant requests permission from the City Council to recondominiumize Shadow Mountain Lodge or seeks an exception of the standard application of Section 20-19 to permit the combining of certain units as herein described and in support of that request, states that subdivision is unnecessary in relation to the land use policy of the City of Aspen under the facts and circumstances presented, since the reconfigured units will substantially comply with the design standards of this chapter. In further support of such exception, the applicant states that: (1) There are special circumstances or conditions affecting the subject property such that the strict application of the provisions of this chapter for which an exception is • 0 GARFIEL,D & HECHT, P.G. William J. Stirling April 5, 1985 Page 2 sought would deprive the applicant of the reasonable use of his land; and (2) The exception is necessary for the preservation and enjoyment of a substantial property right of the applicant; and (3) The granting of the exception will not be detrimental to the public welfare or injurious to other property in the area in which the subject property is situated. The applicant requests permission to amend the Disclosure Statement in the following respects: (1) The addition of the pertinent recording information regarding the Condominium Map and the Fractional Estate Condominium Declaration. (2) Change the name of the title company from Stewart Title Company to Pitkin County Title, Inc. (3) The total number of free market units will change from twelve (12) to ten (10). (4) The occupancy limit of each one -bedroom unit will be four (4). (5) Exhibit C to the Disclosure Statement (Escrow Agreement) will change to reflect the change of title companies. Respectfully submitted, GARFIELD & HECHT, P.C. Andrew V. Hecht, as attorney for Shadow Mountain Lodge at Aspen AVH/mp • • MEMORANDUM TO: Aspen Planning and Zoning Commission FROM: Colette Penne, Planning Office RE: Shadow Mountain Lodge - Resubdivision & Conditional Use (Timeshare) DATE: May 7, 1985 LOCATION: 232 W. Hyman Avenue, Lots K, L, M and N, Block 53, City and Townsite of Aspen. ZONING: L-3 APPLICANT'S REQUEST: The applicant requests approval to convert six (6) studio units (Units 2,3,4,8,9 and 10) into four (4) one -bedroom units. This proposed reconfiguration of space requires resubdivision and amendment of the unit mix under the Conditional Use approval for timesharing the units. PLANNING OFFICE REVIEW: This sale of fractional fee estate It will change the unit mix twelve (12) units. Eleven (1: mately 350 sq. ft. each. The three (3) bedroom unit. There mately 250 sq. ft. and two sq. ft. each. A large, open storage. proposal does not alter the terms of the units or the compilation of use weeks. Originally, the project consisted of �) of the units were studios of approxi- remaining unit is an 1,800 square foot, is also an office/lobby area of approxi- (2) employee units of approximately 300 basement area exists which is used for The applicant wants to resubdivide six of the studio units (Units 2,3,4,8,9 and 10) into four one -bedroom condominium units. Floor plans were submitted with the application but a revised condominium plat must be produced, submitted to the Engineering Department and approved by them prior to being recorded. The revised condominium plat must be recorded, after being approved by the City Attorney and Engineer, prior to issuance of a Certificate of Occupancy. The Engineering Department also commented that the existing dumpster should be relocated onto the concrete slab north of the building pursuant to condition 3.e. of the prior approval (July 9, 1984) . Although fewer units will be the result of this conversion, the maximum occupancy level of the building will increase. The total number of free-market units will be reduced from twelve (12) to ten (10) . Each studio had an occupancy limit of two (2) persons at a time, for a total population of twelve (12) , within the six studios. Each one -bedroom unit will have an occupancy limit of four (4) , for a total population of 16 within the four proposed units. The applicant submits that the reason for this request is that the market demand is for one -bedroom units rather than studios in order to accommodate unrelated parties who want to share occupancy. The P&Z should also note that the net loss of two units in the L-3 lodging inventory will require an addition to the L-3 quota for this year, making twelve, rather than ten units available for competitors. The Planning Office has completed a site visit to this project and agrees that one -bedroom units will likely be more marketable. The studio units are quite minimal and the new floor plan is better from a comfort standpoint. The additional occupancy reflects maximum usage and may, in fact, be less at some times. The additional potential of four more occupants should not be detrimental to the neighborhood or significantly affect the compatibility of this timeshared lodge with surrounding properties. Furthermore, the bedroom reduction from 14 lodge and two employee bedrooms to twelve lodge and two employee bedrooms brings the project into compliance with its fourteen available parking spaces. Other changes in the recorded documents include amendment of the title company from Stewart Title Company to Pitkin County Title, Inc. In addition, Exhibit C to the Disclosure Statement (Escrow Agreement) is changed to reflect this new title company arrangement. The Attorney's Office has reviewed the amended Condominium Declaration, Disclosure Statement and Escrow Agreement and indicated that they "appear appro- priate." The Attorney's Office points out that if the Shadow Mountain Lodge at Aspen has formed a condominium or owner's association, they would have to approve these requested amendments before the City accepts them, per the updating and filing requirements of Section 20-24 (f) (3). A condition will be added to the recommendation to address this. PLANNING OFFICE RECOMMENDATION: The Planning Office recommends that you recommend to Council approval of a subdivision exception for the resubdivision of the six studio units at the Shadow rountain Lodge at Aspen into four one -bedroom units and that the lodge be re-condo- miniumized in the new unit mix with the following conditions: 1. Verification must be made by the applicant, prior to City Council action, that either a condominium owner's association has not yet been formed or if one exists, they have approved these changes. 2. A revised condominium plat must be submitted to the City Engineering Department for approval, prior to recordation. 3. All revised documents must be finally accepted by the City Attorney and recorded. 4. The applicant will, prior to approval of the revised plat, relocate the dumpster onto the concrete slab north of the building, pursuant to Condition 3.e. of the prior approval dated July 9, 1984. Finally, we recommend that you grant conditional use approval and issue a conditional use permit to allow the Shadow !-fountain Lodge at Aspen to continue to be timeshared with the new unit mix. - 2 - ASPEN*PITKIN R&IONAL BUILDINGCEPARTMENT MEMORANDUM TO: Colette Penne, Planning FROM: Patsy Newbury, Zoning Official DATE: April 23, 1985 RE: Shadow Mountain Lodge 232 W. Hyman This area is zoned R-6. Therefore, these condominium units are a non- ,A- conforming use in an R-6 zone. There are no provisions in the R-6 zone \' for timesharing. If they were in an RMF zone or an L1/L2 zone they would be required to have 1200 square feet of lot area per unit and 35% open space. The information provided did not include this lot area. Where is parking? Is there any set out? -Ad of Paragraph No. 2 regarding support is the strongest reason I've heard. No additional floor area will be allowed. A subdivision (condo) replat must be filed prior to a Certificate of Occupancy as approved by Engineer and City Attorney. What about provisions for employee units? Were these considered at previous condominiumization? PN/ar offices: mail address: 110 East Hallam Street 506 East Main Street Aspen, Colorado 81611 303/925-5973 Aspen, Colorado 81611 • MEMORANDUM EMAY31985 IID TO: 't MM*nep: Planning Office FROII: Jay Hammond, City Engineer y1'46-1 DATE: April 23, 1935 RE: Shadow Mountain Lodge Resubdivision, Timeshare Conditional Use Review -------------- -------- ----- ----- --------- Having reviewed the above application and made a site inspection, the Engineering Department would offer the following comments: 1. Resubdivision and the creation of new units should be reflected in a revised plat to be submitted to this office prior to recordation. 2. Prior to approval of a revised plat, the dumpster should be relocated onto the concrete slab north of the building pursuant to condition 3e of the prior approval dated July 9, 1984. JH/co/Shadowl-ItLodgeResub • • CITY OF ASPEN 130 south galena street aspen, colorado 81611 303-925 -2020 MEMORANDUM TO: Janet Raczak, Pla n ffice FROM: Barry D. Edwar ) DATE: April 22, 1985 RE: Shadow Mountain Lodge Resubdivision/Timshare Conditional Use Review, City Case No. 012-A-85 We have reviewed the application submitted by Andy Hecht on April 5, 1985, together with the amended disclosure statement (draft) and the escrow agreement (draft). We have also reviewed the floor plan drawing of April 4, 1985. We are assuming that the Shadow Mountain Lodge at Aspen has not yet formed a condominium or owner's association, since the updating and filing requirements of Sec. 20-24(f)(3) require that the association approve any requested amendments before the City accepts them. The applicant should be asked if our assumption is accurate. The amended disclosure statement, so long as it is merely reflecting the information requested in the application for amendment, and the change of title company, appears appropriate. The escrow agreement with Pitkin County Title, Inc. also appears appropriate. We will be present at the May 7, 1985 P & Z meeting, and if you have any questions, please let us know as soon as possible. • 0 PUBLIC NOTICE RE: Shadow Mountain Lodge Timeshare Conditional Use Review NOTICE IS HEREBY GIVEN that a public hearing will be held on May 7, 1985, at a meeting to begin at 5:00 P.M., before the Aspen Planning and Zoning Commission, to consider an application proposing to reconfi- gure six studios (Uni�s 2, 3, 4, 8, 9 and- 10) of the Shadow Mountain Lodge located at 232 W. Hyman Avenue, Aspen, Colorado, in order to convert these units into four one -bedroom condominiums. Since this lodge is a Timeshare project, the applicant is requesting Condi- tional Use approval for amendment of the unit mix under the timeshare approval previously granted. For f urther information, contact the Aspen/Pitkin Planning Office, 130 S. Galena, Aspen, CO 81611 (3030) 925-2020, ext. 225. s/Perry Harvey Chairman, Aspen Planning and Zoning Commission Published in the Aspen Times on April 18, 1985. City of Aspen Account. CITY/COUNTY PLANNING OMC! 130 S. rZALENIA &SPEN, COLORADO 81611 BOX CLOSED Julia Jackson Peavy P.O. Box 4303 Aspen, CO 81612 C? O da 4 �w►�r� ,�go • r�" 5�335f - --- -- ASPEN. COLQRADO 810511 BEU 60X 11253061 0�/25/B5 RETURN TD SENDB< MDARD FORAARDIN� ORDER ON Diana H. Beuttao, and Christopher B. GO Pine Terrace Tiburon, CA 94920 Deborah Smith, Smith M CiTti'/COUNTY MANNING OIFFiC= 130 S. ^ !. E^;A cn� 49PEMCOLORAOID 81 61 f ' 4,J. David Haft and Helen T r u t e es,., 2 -y4/ZW e N Aspe�%c: Cb 1 0 J,� a a ti -.22 • CITY/COUN�TYIPLPIWeKIS OWMCW 1:-jL) �. -IALENA 42PEN, COLORADO 91411 1p Z.22 Mar E a Dean RE'llff-m -To 343 xter Street N0 1*(*)I:�!"I(,!11,.",I*i"!I,*., (NFI "! ,�l E Denv r, CO 80220 ;. ,` / E� ,F I hereby certify that on this � day of ��/- — 198�; a true and correct copy of the attached Notice of Public hearing was deposited in the United States mail. first-class ocGl-ace or.enai.d, to the adjacent property owners as InCiicated on the attached l i' SL. of adjacent property owners which was supplied to the Plannaing Office by the applicant in regard to the case named on the public notice. jt�___ __ Nancy Crell i PUBLIC NOTICE RE: Shadow Mountain Lodge Timeshare Conditional Use Review NOTICE IS HEREBY GIVEN that a public hearing will be held on May 7, 1985, at a meeting to begin at 5:00 P.M., before the Aspen Planning and Zoning Commission, to consider an application proposing to reconfi- gure six studios (Unites 2, 3, 4, 8, 9 and- 10) of the -Shadow Mountain Lodge located at 232 W. Hyman Avenue, Aspen, Colorado, in order to convert these units into four one -bedroom condominiums. Since this lodge is a Timeshare project, the applicant is requesting Condi- tional Use approval for amendment of the unit mix under the timeshare approval previously granted. For further information, contact the Aspen/Pitkin Planning Office, 130 S. Galena, Aspen, CO 81611 (3030) 925-2020, ext. 225. s/Perry Harvey Chairman, Aspen Planning and Zoning Commission Published in the Aspen Times on April 18, 1985. City of Aspen Account. I r STEWART TITLE OF ASPEN. INC 602E HYMAN • ASPEN.COLORADO 81611 April 9, 1985 Garfield and Hecht, P.C. 601 E. Hyman Ave. Aspen, Colorado 81611 RE: Our Job Number 2217AB Dear Sirs, Enclosed please find an updated list of parcels which are completely or partly within a 300 foot radius of Lots K, L, M, and N of Block 53 of the City and Towns i to of Aspen, together with the names of their owners of record and the addresses of said owners taken from the records of the Pitkin County Treasurer. Although our search was thorough and we believe the facts stated are true, this information is not to be construed as an opinion, nor guaranty of title, and it is understood and agreed that Stewart Title of Aspen, Inc. neither assumes nor will be charged with any financial obligation or liability whatever on any statement contained in said list of ownerships. We heartily thank you for this opportunity to be of service and appreciate your continued patronage. Sincerely yours, Randall Webb Vice President Stewart Title of Aspen, Inc. RW/krk Enclosures SHADOW MOUNTAIN DUPLEX Unit A Aspen Kay Associates c/o Marvin L. Kay 3263 N. Street, N.W. Washington, D.C. 20007 Unit B J. David Haft and Helen J. Haft, as Trustees under Trust Indenture dated 6/5/42, as amended f/b/o J. David Haft BLOCK 53, CITY AND TOWNSITE OF ASPEN Lots D & E Robert Floyd Appleton Robert John Appleton P.O. Box 712 Aspen, CO 81612 Lots F & G Howard A. Vaughan, Jr. P.O. Box 367 Hebron, IL 60034 Lots H & I Mary Emma Dean 343 Dexter Street Denver, CO 80220 Lot O Ruth H. Humphreys Ruth Humphreys Brown 1201 Williams St. #8-B Denver, CO 80218 Lot P Ruth H. Humphreys 1201 Williams St. #8-B Denver, CO 80218 Lot Q Sandor W. Shapery 8008 Girard Avenue La Jolla, CA 92037 KOCH TOWNHOUSES 1 Leonard A. & Andrea Snyder 44 Washington Blvd. Pittsford, NY 14534 2 Orr-Drazek Properties, a Colorado Joint Venture 500 Patterson Road Suite #1 Grand Junction, CO 81501 3 Julia Jackson Peavy P.O. Box 4303 Aspen, CO 81612 4 Pauline Ross P.O. Box 9969 Aspen, CO 81612 5 Roberta L. Mendelson, Mel I. Mendelson, Greg Sherwin, and Christine Elkins 1020 E. Hopkins Ave., #1 Aspen, CO 81611 WEST SIDE CONDOMINIUMS 1 & 2 Diana H. Beuttas, Deborah Smith, and Christopher H. Smith 60 Pine Terrace Tiburon, CA 94920 3 Thomas T. Crumpacker and June Andrea Hanson 234 W. Hopkins Aspen, CO 81611 BLOCK 52, CITY AND TOWNSITE OF ASPEN Lots P & Q Charles A. Smithgall III, Sally G. Smithgall and Shelley Griffitts c/o WCNN 1422 West Peachtree Street, N.E. Suite #800 Atlanta, Georgia 30309 Lots R & S Scott and Wylie Doughty 200 W. Hopkins Aspen, CO 81612 BLOCK 60, CITY AND TOWNSITE OF ASPEN Lot A Margaret B. Day 2655 N. Beach Road Englewood, FL 33533 THE COTTONWOODS 1-A Harold Gold & Helen Gold 7885 Northwest 53rd Street Miami, FL 33166 1-B T.B. Crawford and Bruce G. Gaylor Drawer L Simonton, TX 77476 1-C James C. Brennan 417 Royale Street New Orleans, LA 70130 2-A Martin R. and Alice M. Warshaw 2279 Merson Drive Ann Arbor, Michigan 48103 2-B Emilio DeTurris 31 Bramble Lane Melville, NY 11747 0 THE COTTONWOODS - CONTINUED 2-C William E. and Vivian V. Goodnough 221 E. Hyman Avenue Aspen, CO 81611 3-A Al Bowman 3801 N.E. 25th Avenue Lighthouse, Point, FL 33064 3-B Frances E. Richards, Trustee Under Self Declaration of Trust dated October 21, 1983 203rd and Hilltop Road, Route 2 Mokena, Illinois 60448 3-C Albert I. Strauch 4327 S. Yosemite Englewood, CO 80110 BLOCK 54, CITY AND TOWNSITE OF ASPEN Lots A thru I The City of Aspen Lots K thru O Fernando Gonzalez Parra Ovaciones Lago Zirahuen #279 Mexico 17, D.F. Lots P thru S Ramon Gonzalez Parra and Margarita Ovaciones Lago Zirahuen #279 Mexico 17, D.F. • BLOCK 47, CITY AND TOWNSITE OF ASPEN Lot G & part Lot F Thomas E. Raphael, Frank J. Woods III and Frederick F. Head c/o Carol Ann Jacobson Realty P.O. Box 1168 Aspen, CO 81612 Pt. Lots H & I Michael and Sharon Flach P.O. Box 266 Woody Creek, CO 81656 Pt. Lots H & I Fred O. Lane P.U. Box 597 Aspen, CO 81612 Pt. Lot F Martin and Shannon Rodgers 1135 Cemetary Lane Aspen, CO 81611 BLOCK 46, CITY AND TOWNSITE OF ASPEN Lot D F. William Nicholson and Julie Ann Nicholson 401 North Belmont Wichita, Kansas 67208 Lots E thru I Lots N & U Merrill Ford Box 445 Aspen, CO 81612 H. Michael Behrendt 334 W. Hyman Aspen, CO 81611 BLOCK 46, C/T ASPEN - CONTINUED Lots P & Q Genevieve Birlauf c/o Mrs. Joseph Leininger 963 Wing Avenue Palo Alto, CA 94303 Lots R & S Kathryn K. Reid C.M. Clark P.O. Box 566 Aspen, CO 81612 BLOCK 45, CITY AND TOWNSITE OF ASPEN Lots R & S Harold Goldsmith 3801 Piney Grove Road Reisterstown, MD 21136 PART OF LOT 8 - SECTION 12, TOWNSHIP 10S, RANGE 85 WEST Dorothy Kock Shaw (Estate of) P.O. Box 510 Aspen, CO 81612 -or- c/o Harry Shaw 6711 E. 50th Avenue Commerce City, CO 80222 • RECORDING REQUESTED BY: RECORD AND RETURN TO: ANDREW V. HECHT, ESQ. GARFIELD & HECHT, P.C. 601 E. Hyman Avenue Aspen, CO 81611 AMENDED DISCLOSURE STATEMENT • DRAFT Pursuant to the requisites of Section 20-24 of the Municipal Code of the City of Aspen (the "Ordinance"), the developer, SHADOW MOUNTAIN EQUITIES, INC. hereby amends the following provisions in its Disclosure Statement filed in the records of Pitkin County on October 29, 1984 in Book 475 at Page 860. 1 (e) Fractional Estates consist of an undivided one -fifteenth (1/15) interest in and to a Condominium Unit at the Shodow Mountain Lodge at Aspen, according to the Condominium Map thereof recorded November 20, 1984 in Plat Book 16 at Page 70-72 together with the exclusive right to possession and occupancy of said Unit only during three (3) Use Weeks, said right to possession and occupancy beginning at 4:00 P.M. Rocky Mountain Time on the first day of each Use Week and ending at 10:00 A.M. Rocky Mountain Time on the last day of each Use Week as more fully defined and described in the Fractional Estate Condominium Declaration for the Shadow Mountain Lodge at Aspen recorded October 29, 1984 in Book 475 at Page 783, County of Pitkin, State of Colorado. (RECORDING INFORMATION WAS FILLED IN.) 1 (n) All downpayments or earnest money; deposits will be held in an escrow account established in accordance with Colorado Real Estate Commission guidelines with Pitkin County Title Insurance Company. The deposits will not be used by the Applicant before closing. The depository will be a bank in Aspen, Colorado selected by Pitkin County Title, Inc. The deposits will be held in escrow until the timeshare unit closes and the unit is available for occupancy or until the purchaser elects to have his earnest money refunded pursuant to the Escrow Agreement attached hereto as Exhibit "C". (NAME OF TITLE COMPANY HAS BEEN CHANGED.) 1 (r) Since the project is complete, the developer intends to sell all ten (10) units as fractional estate units. (NUMBER OF UNITS HAS CHANGED.) 1 (aa) The five (5) studio units are permitted to house two (2) occupants at a time. The four (4) one -bedroom units have an occupancy limit of four (4) each. The three (3) bedroom unit has an occupancy limit of eight (8). Any greater occupancy will be prohibited by the Fractional Estate Declaration. (NUMBER OF STUDIOS HAS CHANGED; FOUR ONE -BEDROOM UNITS ADDED.) Exhibit C will be replaced by a new Escrow Agreement by Pitkin County Title, Inc. SHADOW MOUNTAIN EQUITIES, INC. ATTEST: By: Secretary STATE OF ss. COUNTY OF The foregoing document was acknowledged before me on this day of 1985, by Shadow Mountain Equities, Inc. by as its and by as its secretary. Witness my hand and official seal. My commission expires: Notary Public Address• DRAFT �z • • PITKIN COUNTY TITLE, Inc. Title Insurance Company 601 E. Hopkins Aspen, Colorado 81611 (303) 925-1766 ESCROW AGREEMENT This Escrow Agreement is between Pitkin County Title, Inc.,("PCT") and Shadow Mountain Equitities, Inc. regarding the Shadow Mountain Lodge at Aspen Purchase Agreement and Escrow Instructions ("Purchase Agreement") for the sale of Fractional Estates. For good and valuable considerations, PCT hereby agrees to act as "ESCROW" under Purchase Agreement. As Escrow the duties of PCT shall be limited to the following: 1. To hold Earnest Money deposits and at closing collect the balance of the purchase price as provided for in the Purchase Agreement. 2. Upon payment of applicable premiums, to provide Owners Title Insurance and where required Mortgagees Title Insurance in accordance with Transamerica Title Insurance Company approved form of commitments and title policies for the subject property. 3. Not to close on any Fractional Estate unless and until there is a Certificate of Occupancy for the particular unit and all prior liens or encumbrances have been released or discharged. 4. That any other conditions of Purchase Agreement, brought to the attention of PCT, will be satisfied prior to closing. 5. PCT shall not be liable for any act it may do or omit to do hereunder while acting in good faith and in the exercise of its own best judgement, PCT shall not be liable for the sufficienct, correctness or validity of any instruments deposited hereunder. IN WITNESS WHEREOF, the parties hve signed the Escrow Agreement this day of March, 1985. SHADOW MOUNTAIN EQUITIES, INC. PITKIN COUNTY TITLE, INC., 1iBY: BY: Raymond A. Harn Vincent H ns President Presiden DRAFT • Dear Planning Office: The Condominium Declaration will be amended as soon as we receive approval. GARFIELD & HECHT PUBLIC NOTICE RE: Shadow Mountain Lodge Timeshare Conditional Use Review NOTICE IS HEREBY GIVEN that a public hearing will be held on May 7, 1985, at a meeting to begin at 5:00 P.M., before the Aspen Planning and Zoning Commission, to consider an application proposing to reconfi- gure six studios (Uni�s 2, 3, 4; 8, 9 and 10) o% the -shadow Fountain Lodge located at 232 W. Hyman Avenue, Aspen, Colorado, in order to convert these units into four one -bedroom condominiums. Since this lodge is a Timeshare project, the applicant is requesting Condi- tional Use approval for amendment of the unit mix under the timeshare approval previously granted. For further information, contact the Aspen/Pitkin Planning Office, 130 S. Galena, Aspen, CO 81611 (3030) 925-2020, ext. 225. s/Perry Harvey Chairman, Aspen Planning and Zoning Commission Published in the Aspen Times on April 18, 1985. City of Aspen Account. 1 3 4 5 6 7 • 10 12 14 0 0 0 8 im 11 13 2 M M M hers Title Insurance Corporation National Headquarters Richmond, Virginia COMMITMENT FOR TITLE INSURANCE SCHEDULE A Effective Date : March 21, 1985 2 Policy or policies to be issued (a) ❑ ALTA Owner's Policy —Form B-1970 (Rev. 10-17-70) ❑ ALTA Residential Title Insurance Policy-1979 Proposed insured: (b) ALTA Loan Policy, 1970 (Rev. 10-17-70) Proposed insured FIRST NATIONAL BANK OF FREEPORT (c) Proposed insured Case No PCT-62-99 Amount S Amount $ 300,000.00 with a premium of $391.00 (reissue) Amount 5 3. Title to the FEE cstate or interest in the land described or referred to in this Commitment is at the effective date hereof vested in: SHADOW MOUNTAIN EQUITIES, INC., a Colorado Corporation 4. The land referred to in this Commitment is described as follows. SHADOW MOUNTAIN LODGE AT ASPEN, according to the Condominium Map thereof recorded November 20, 1984 in Plat Book 16 at Page 70-72, and according to the Condominium Declaration for the Shadow Mountain Lodge at Aspen, recorded October 29, 1984 in Book 475 at Page 783. EXCEPT Unit 1, Use Weeks 2,4,5,10,13,14,15,26,28,29,30,39,47,48,49; Unit 5, Use Weeks 2,3,5,6,8,9,10,11,12,15,22,23,24,25,26,29,30,32,34,37,39,47,48,49,50,51,52; Unit 6, Use Weeks 1,5,7,9,10,11,14,23,24,25,28,30,32,33,34,35,39,41,47,48,49,50,51 52; Unit 7, Use Weeks 3,8,10,11,21,24,27,29,31,32,37,39,40,48,49,50,51,51. COUNTY OF PITKIN, STATE OF COLORADO Countersigned at AS r6ft"4i� u r zed Officer or Agent Form No 91-88(SCH A) 035- 1-088 0001 B ORIGINAL Commitment No. BD-640028 Schedule A —Page 1 This commitment is invalid unless the Insuring Provisions and Sched- ules A and B are attached. • Lawyers Fitle Insurance Corporation National Headquarters Richmond, Virginia SCHEDULE B—Section 1 Requirements The following are the requirements to be complied with. Item (a) Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest to be insured. Item (b) Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record, to -wit. A. Deed of Trust from : Shadow Mountain Equities, Inc., a Colorado Corporation to the Public Trustee of the County of Pitkin for the use of : First National Bank of Freeport to secure : $300,000.00 This commitment is invalid unless the Insuring Provisions and Sched- ules A and B are attached. Form No 91- 88 IB 11 035-1-088 000313 Schedule B-Section 1 -Page 1 -Commitment No BD-640028 ORIGINAL Lqwyt,,*Ti(1e Insurance Corpe,s#on NATIONAL HEADQUARTERS RICHMOND, VIRGINIA SCHEDULE B—Section 2 Exceptions The policy or policies to be issued will contain exceptions to the following unless the some are disposed of to the satisfaction of the Company: 1. Rights or claims of parties 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 heretofore or hereafter furnished, im- posed by low 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. 6. Reservations and exceptions as contained in the Deed(s) from the City of Aspen providing as follows: that no title shall be hereby acquired to any mine of gold, silver, cinnabar or copper or to any valid mining claim or possession held under existing laws; and provided further, that this deed is hereby made and declared to be subject to all the conditions, limitations and restrictions contained in Section 2386 of the Revised Statutes of the United States, in Deed(s) recorded in Book 59 at Page 443; Book 59 at Page 565 and Book 79 at Page 49. 7. Terms, conditions and obligations of Certificate of License as set forth in instrument recorded in Book 316 at Page 262. 8. Multipurpose Easement Agreement for the purpose of excavating, constructing, installing, maintaining, inspecting, repairing, replacing, operating and removing electric transformers, telephone pedestals and terminal boxes, as granted to the City of Aspen, Mountain States Telephone and Telegraph Company and Micro Cable Communications, Inc., in easement recorded September 28, 1981 in Book 415 at Page 66, affecting the following described real property: The Northerly 22.00 feet of the Easterly 13.20 feet of Lot "N", Block 53, Original Aspen Townsite, except the Easterly 6.20 feet thereof. 9. Those covenants, conditions, terms, obligations, easements and restrictions which are a burden to Shadow Mountain Lodge at Aspen, as provided for in the Fractional Estate Condominium Declaration recorded October 29, 1984 in Book 475 at Page 783. ----CONTINUED--- Exceptions numbered —0— are hereby omitted. The Owner's Policy to be issued, if any, shall contain the following items in addition to the ones set forth above: (1) The Deed of Trust, if any, required under Schedule B—Section 1, Item (b)- (2) Unpatented mining claims; reservations or exceptions in patents or in Acts authorizing issuance thereof; water rights, claims or title to water. (3) Any and oil unpaid taxes, assessments and unredeemed tax sales. Schedule B—Section 2—Page 1—No. Form 91 -88 82 Rocky Mt 035 -1-088 -0504 ORIGINAL Lawyertritle Insurance �r Anon � NATIONAL HEADQUARTERS RICHMOND, VIRGINIA SCHEDULEB-2_cont'd. 10. Terms, conditions, provisions and obligations as contained in Articles of Incorporation of Shadow Mountain Lodge at Aspen Fractional Owners Association, Inc., recorded October 30, 1984 in Book 475 at Page 993 and in the By -Laws of Shadow Mountain Fractional Owners Association, Inc., recorded October 30, 1984 in Book 476 at Page 4. 11. Deed of Trust from : Shadow Mountain Equities, Inc., a Colorado Corporation to the Public Trustee of the County of Pitkin for the use of : First National Bank of Freeport to secure : $1,200,000.00 dated : September 2, 1983 recorded : October 27, 1983 in Book 454 at Page 189. Schedule B-2 Poge 2 No. BD-640028 035 1-999-00<0'7 ORIGINAL u,ho USA Lowy jTifle Insurance CorF igtion National Headquarters Richmond. Virginia COMMITMENT FOR TITLE INSURANCE LAWYERS TITLE INSURANCE CORPORATION, a Virginia corporation, herein called the Company, for 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 policyor 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 endorsement. This Commitment is preliminary to the issuance of such policy or policies of title insurance and all liability and obligations hereunder shall cease and terminate six (6) 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. This Commitment shall not be valid or binding until countersigned by an authorized officer or agent. IN WITNESS WHEREOF, the Company has caused this Commitment to be signed and sealed, to become valid when countersigned by an authorized officer or agent of the Company, all in accordance with its By -Laws. This Commitment is effective as of the date shown in Schedule A as "Effective Date." CONDITIONS AND STIPULATIONS 1. The term "mortgage," when used herein, shall include deed of trust, trust deed, or other security instrument. 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 to so disclose such knowledge. If the proposed Insured shall disclose such knowledge to the Company, or if the Company otherwise 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 included under the definition of Insured in the form of policy or policies committed for and only for actual loss incurred in reliance 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 committed for in favor of the proposed Insured which are hereby incorporated by reference and are 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. Lailowrs Title Ins GTO, anon NJed— 0 , Attest. President Secretary. fiorw.e�i,� "lht C:uael+li'kT l?) CONDOMINIUM MAP OF THE SHAn(w-_M0HwTn4nr l nncr 1 10 w;.0 - I -- AT ASPEN ( WNFR's CFRTI FIC ATR I 0 J VA 75 5 9 (75.62') F/VD. C / T Y MONUMENT S E COR. BLK H6 ,5 G 9 TIME SHARING UNITS LOCATED ENTIRELY O(N LOTS K,L, NI AND IN, BLOCK 53, CITY AND TOWN - I` E: OF AS PEN, PITK IN, COLOR,,ADO G G t6i S E. TV V o ('S 75' 09' Iti 120. 00') IELD 119. 590, E, T, TV .77' CO/VC RETE P qRF! /NG AREA U 0 - _ G. C E r O l o° Q O 3 6.S l� '1 ti � a Y S - \ F- — OPEN To BASEME',yT ❑ r ❑ - 33,' ❑ CONC WALKWAY 0 I E 51,14 Q ,v( v L OT f� • I"-FND C/TY MONUMENT -5 W COR BLI( 53 EL EC 7R/C ti METERS - - 3Z5 �. 10' co/vcRE rt Rarn� vnLITY y z AEA kMFa eo"1 Fall C o /V C R E T E ✓I/ /{ L. IW f A Y ° IIIIIII ° ? r EASEMENT e ,5• ,3 7 _ Ra 25, O 0 dli p. sr FLOOR 0/HEN5/ON5 SHOWN T o ,o • ? o V) 09' - „SS Lk 7 ry o W 4 o 0 7ie LOT L LOT M /V 75' 09' //"W 120.00') FIELD S/OE WAL IC Q ry S C /0 0 O r v o= o O 9 � 4.S u i LOT Al I CE I90/B ll9.7=/dA5/5 OF BEAR//VGS m 0 3� I�E6AL /OESCR/P- O/V T/ 7-LE CER I I r/ CAT LOTS IC, L, M r /✓ /3LIC. 53 , C /TY THE UNDER5/4NE0, A D4Ly AuT'H0RjZF-0 1r4EPRE5E/V7Al1VE OF .q CO✓PPO)ZATE' H/VD TOVVNS/TE OF A.SPE/V, COLORAp. rULE /IV5URff8 REsj/STGgi4Ep rO DO Bl/S/IVE SS . /N P17 7S /A/ CoUN7y COLCrR4,013 DOES HEREBY CE/er Ii FURsL/i To SCCT/onl 2 c 15 if�i a= 7-#6 Mv/✓iC/PAL_ VICINITY M /� (� CODE 7wgr- THE PERSoiE/S jarrBD AS O►VNERS CA/ TH/S PL/1T DO HOLD FEE SIMPLE T/TLB TO '7f'/S M11THIA/ DE5cR`)8E0 Iii PR0P6RTV, / /PEE Ai TRACED FROM ANNEXATIONS MAP CLEAR OF A" LEA& 490 //VCu V",WCEs EXCEPT 77YA 599 L&rep oiq N SCALE I /0 I ( to I LEGEND & NOTES W000 FENCC • FOUND SURVEY MONUMENT AS NOTED 0 NO 5 RLii WICIAP PESMAN 2376 t 5ET SPIKE OR PK NAIL , SURVEY CONTROL L C E LIMITED COMMON ELEMENT G C E GENERAL COMMON ELEMENT — E. T — OVERHEAD UTILITY LINES E. ELECTRIC , T TELEPHONE 'V T V CALLS IN ( ) FROM CITY RECORD SURVEY ORIENTED WITH FOUND MONUMENTS ZONING 15 L-3 —5 8 SEWER LINE - LOCATED BY FIELD SURVEY SIZE FROM NRIGHT M`LAUGHLIN MASTER MAP —(AI 6 C I. WATER LINE- SIZE AND LOCATION FROM CITY OF ASPEN WATER SYSTEM MASTER MAP G 2 GAS LINE SIZE AND LOCATION DESCRIBED OVER THE PHONE BY ROCF4Y MOUNTAIN NAT GA5 I 0 POWER POLE BASIS OF BEARINGS FOUND CITY MONUMENTS LOCATED AT THE SOUTHEAST AND SOUTH WE5T CORNERS OF BLOCK 53 , BEARING IV 75.09'11 VV ❑ LlyHr Post OAx0.4 Tyr. SHRUB LINE OF POSSESSION RECORD ?�IcAtl"l Cl AliD 7D,ST-A4cG6 F/VD CITY MONUMENT S t C OR BL K 53 - -- CONCRETE OR BRICK RETAINING NALL RAILROAD TIE WALL T 3 M ELEVATION5 ARE BA5ED ON A T B FVI OF 7895.8' FOR NAIL LOCATED IN CENTERLINE OF HYMAN 5 T REST AND EA5T SIDE OF SECOND STREET FRONT COOPER AERIAL ?'-3' OF SNOW OIN THE GROUND AT TIME OF SURVEY 7ME 7-1171-E IAURANGE GCvWM17-A45-Nr5 /VOS. EFFFCT/VC MAIN STREET CERT/F/CAT/0/V RESPECT/✓i, /SSa/JED BY TRANSAMER/CF} irT,_E IAJ50Ii E Cv., ALTHOU514 W6 SSL/FVE THE F+4GT5 S%a9TEp ARE T*/i6,THit GGRT/- r T E UNDERS/GNED o0E5 NEIZEB✓ CERT/Fr' THAT THIS 51,lK✓EY vV/-l5 F/ELD SC RVF/EL' /CATS !s Mpr ro AE COA/SMUi AS ANflE6SlRAtr T/rLE/N4C Apt/ 0,zNA hI I w HovHlns DUP.//YG 1l1 /994 O/v THE GROVNO OF TrE f'f'GPEP,TY LEGALLY /JESCR/BEU -17TL8T NOR A 9aAR-4AITY aF T77L-e, ANp /r /s 4A106nSTooD �EN,p j,26>Ep 7it/>9% %R/atiSAMER/CA TircE IAIS(/RANcc Co .� NE/ThE/e 4SSVMESj Npe �//LL ovcnv� F z ti Fn v HEREO/V� A/VD /S CORRECT f3/75EG O/v TNt F/ELO E✓/DE/VC� Sr/Jvf//V O/Y Th'/S PL/1T As F-Ou/vo, A",g TN/iT THERE ,_,RE /V0 O/sc EP�i/vC/65 CO/YFL/CT� S�/J�Tti�r� /!✓ H17CH� �Ou/vDARY $E G4/r9/CyED W/TH AAIV FWANIC'14L OSL/�q T/OA/ OK GIA8/4/7-Y IA(H - " L//VE COiYFG/CTS E/YCRGACN/✓rE"/VTS� OI/Ef'L/aPR//VG OF Eileg CvJ AHy sz4T6Enlr /NFin ✓`7�itE/ Z w /MPf?O1/E/Y)E1yTS� EASEIv?ENTS OP R/GHTS Or IVHY //V F/EL/� Ev/DE/✓GL O/: 0 HYMAN AVENUE V 47 K/vOi-411v TO 1:1 EXCEPT AS HEREON SNOt/UN, U/VOERGROUNp UT/L/T/ES J VrvcE N%GeNS T/TLC EYN/N�Q I/U/TH IVO !//SI,BLE /a/301/EGROU/V/D (/�7L!/E 3oXESOR O OGCv�✓'EIYT, OF RECORU NOT SUF'/�L/EiJ TO TAIL- SVR]/EYOf' Re' EXCEPTEC> 60/ c. H 5 FisPEN Colc)Lo.O. B/6l/ � �~ ST1j%E COLC�Rfl00 SS GERARD H. LS 2376 C47ii OF P17x1Aj. SCALE I"= +00, ZOOSCX1060 ANO .5 AV0AA1 Ta 66fne6 ME T/%s' 0,9 j/ df o> TRANSfiMER /GA TIrt,E _Z•.vS•Co. W/r,VESs My /4AOL16 AA10 bFfrCiAL MEAL . My 4OA4M /b S-tcan/ Ex,-/REr FZ6v/ 5 CD 7 3 1 84 NorA Y vBL/C BSS $hgAou1 M10wU�A%3 dCyv��IS� �";AS OWNER OF THE SHADOW MOUNTAIN TIMESHARING UNITS COLORADO, HEREBY CERTIF THAT THIS PLAT OF THE SHADOW MOUNTAIN TIME SHARING UNITS HAS BEEN PREPARED PURSUANT TO THE PURPOSES STATED IN THE CONDOMINIUM DECLARATION FOR SAID CONDOMINIUM DATED THE -- DAY OF AND RECORDED IN BOOK _ AT. PAGE rjF THE RECORDS OF THE CLERK AND RECORDER OF THE CCUTY OF STATE OF COLORADO /� 14 • f'j��7i.��ei [ I � STATE OFi S.S COUNTY OF Tl•f F ,(F Wi OWNERS CERTIFICATE WAS ACKNOWLEDGED BEFORE ME THIS DAY OF 19 BY �✓' T'.I "., M I NANI, Ai ',FF II.IAI ',FA[ MY ',OMMI',SIl)N EXPIRES %l9/,i NOTARY PUBLIC DATE N to 00 O 0 CO Q 0 O 141 � J I N O V N X _ O Z m O W N O M SURVEYOR'S CERTIFICATE Q I; GERARD H. PESMAN a . 5 23 76 I A REGISTERED I /.ND SURVEYOR, HEREBY CERTIFY AS FOLLOWS IN JULY, 1984 A . I1 ✓E Y WA; MADE UNDER MY DIRECTION AND SUPERVISION, OF LOT-, K,L,m EN,3Uc 53, C,lr of .,.Arf F '.OI'IRAOO, AND I',olof) '14IHFON AIN) TVyO_STORY FRAMED STRUCTURE LOCATED ENTIRELY WI'FI N TI(E H',I)N[,ARY E INIE , OF ',AIL [,E','.k HEt, PF+4PEkTY A', SHOWN ON THI', PLAT 'Jk r4'Ef.IHA' E N 'M FIFII, EVIDENCE S14 WN A'. `',11 TML 1',(.ATI'')N AN[) (AMEN',ION`, Of THE V h' 1P4',Al•Y , 'if ',, HUI[ [AN',, ANIj IMPROVEMENTS . F ✓!UF N(A ',k vNi TO ME ARE A(i(.UHATF LY SHOWN ON THIS MAP, AND THE MAP !.'.'.Iji I Y ANO ',,IH',TAN' .., , Y I,LPICT•, THI I(iCr,TI',N Ai THE N';., ',N' ✓F R' ':AL MEASIIk` EMENTS ',F THE H(J i I)IN(,, 'HE ':(,ND'_)MINIUM UNITS THEREIN, THE ON1- L,F'.I',NATIl)NS THfRf'IF, 'HE DIMEli OF SAID UNITS, AND THE E[ EVATIr,N', OF THE FINISHED F •, *', ANL F I1 INr,', ' /9d4- .: DATE GERARD H PESMAN COLO REG PROF ENGR 6 ANQ SURVEYOR 23}6 � %1 a , �:t / STATE OF COLORADO '+ COUNTY OF PITKIN THE FOREGOING SURVEYORS CERTIFICATE WAS ACKNOWLEDGED BEFORE ME THIS 2A T1. DAY OF A �lc, S 7 198 4 BY GERARD H. PESMAN ko,4 $ WITNESS MY HAND AND OFFICIAL SEAL r VY COMMISION EXPIRES Z - 9-88 NOTARY PUBLIC Auc, 20 l9ag- c� WJL o V DATE PLANNING & ZONING APPROVAL W THIS PLAT OF THE SHADOW MOUNTAIN TIMESHARING UNITS , CITY OF ASPEN, WAS APPROVED BY THE CITY , OF ASPEN PLANNING 8 ZONING COMMISION THIS DAY OF , 198 CHAIRMAN ■ . ■ ASPEN CITY COUNCIL APPROVAL > THIS PLAT OF THE SHADOW MOUNTAIN ''TIME SHARINGUNITS,CITY OF ASPEN, WAS APPROVED BY THE CITY COUNCIL OF ASPEN THISDAY OF 19.8 - T ' f I ��� jz�� ! ^ IT( ;,L kK v CITY ENGINEERS APPROVAL THIS PLAT OF THE SHADOW MOUNTAIN TIME SHARING UNITS,,CITY OF ASPEN, WAS APPROVED BY THE CITY OF 4 Cti EPAkTMEN7 OF ENGINEEkING THIS LA E r CITY ENGINEER in CLERK & RECORDER'S ACCEPTANCE THIS PLAT OF THE SHADOW MOUNTAIN TIMESHARING UNITS,, C IT Y OF ASPEN °ITKIN COUNTY, COLORADO Q IS /-CCEPTLL FOH FIL Nr. N't,E OFFICE OF THE CLERK ANL r—ORDER OF THE COUNTY OF (Z F','NIN.;,_,;'E OF COLOHADO, ;.-, CLOCK am, -THIS aL�DAY OF�'��--L-.�t�-��19R LL IN PLA' BOOK 'L(�.92 AT PAGE 2 ,RECEPTION NO. - cc ,G lam/ ERK ANC FECORDER INDEX SHEET I CERTIFICATES VICINITY MAP, SITE PLAN, LEGEND ! NO TES 5HIEET 2 FLOOR PLANS E SECTION VIEWS SHEET 3 FLOOP PLANS SECTION UIEW5 828 15 -4l/zsz JOB NO.5 SHEET I OF 3_ 1 EV15 ''14/99 _ I SCALE: I"=6' O . 1 3 � i 0 u BFi/CA( W/AILS C 7 75' I V) ti 2 � Ib.l' �' y 46.Y go I I I III CONWALKWAY GC E U q s II ! wN P 2B.23 � v 23 65 ' r jEMPLOYEE LOFT LOFT8.5' TORAGE 8:SQ.FT LOFT LOFT LOFT - — — — — JNIT 4 UNIT 5 a, 534=SQ. FT. v 534' SO. FT. cli UNIT 6 UrJIT 2 UNIT 3 LOBBY UNIT I 534' S0. FT. y 534' SQ. FT. a 13.45• 13.45' 749= SQ FT 234 2 SQ. FT. 0 534' SQ. FT m 10.9 v cr PATIO L.C.E. FSA PATIO L.C.E rn UNIT 4 0. UNIT 5 13.45 34 42=SQ• FT. ' 42=SOFT. I .9' 10.8 PATIO L.G.E. FSA PATIO L.G.E. UNIT 2 UNIT 3 3.0 3.45' 42- SQ FT 42' SQ. FT. 107 21.3 2 m LOBFSA PATIO L.0 E. BY ENTRANCE m UNIT I rn G. IL5rn 0 N 42 = SQ. FT 13. B' DECK LC E UNIT 6 ao 54=SO. FT oow� a FIRST F L00 R 3.85' SEC. A SEC A 7920.4' LEGEND G C E GENERAL COMMON ELEMENT L F LIMITED COMMON ELEMENT — G.C.E. WALL. FLOOR. OR CEILING FSA FLUE SPACE AREA — — CHANGE IN FLOOR OR CEILING ELEV. 79137• 790e 4' BALCONY SECTION B 7QIAQ STORAGE LOFT 7913 7' ao _ v 11.6'• 7 912, 8' 13 4' 1 j 16.0• - DIMENSIONS ARE TYPICAL TO UNITS. UNIT 9 Y- 12 v p o 1.5.3 v �y < 4oil 2.8' N STORAGE LOFT a f- 11.6* � 7899.55• 16.0' BALCONY i DIMENSIONS ARE WALK NAY UNIT 3 TYPICAL TO UNITS N I-5 I ;1. 7891.5• I m STORAGE G.0 E SECTION C > v .; ,Hq� 5 7b91.. '882.4 828—Is SHEET 2 of 3 JOB* 11282 REVISIONS BY 0 I� z ORAWN CHECKEO TM, OATE S2 %, SCA�E I� 810�1 JOB NO. SHEET OF SHEETS ■E A �9 r J ON Il'7I 2'l , L11,je 2 AI,4 I� �"/N loci'-o I �I i I - -- -y» -Dr2-I-•vJEuJ ,,/�r-� r 7; 77 1. �I-c-v = lao� o'/ 78v�1 �l�►2 ��fs'(NI� �07��I��i�"(/ -THlcr'-) F�L �I-Ir`IKFiN FJ►.-rIO ?-x"�o'' ' —L _ T L �) n� Y _ LL -- GONS J� - �lv• �L' I oO-p'' �p�jro�t1�i � 9?. 7 001 i TREBODBE !. VUURZ B-549 T� i. W c) - ' M uJ � V z z Q < p V CL w W, f� CL job 2O- I I date drwn chkd appr A`o of 'ln sheets ,I ITV f!�;t.u1-f2lH,� rZVF�IN�" i A. SQUARE FOOTAGE OF EXISTING BUILDING 1.. BUILDING ENVELOPE 6525• SO. FT.. 2. 2ND FLOOR ACCESS DECK 780` SO. FT.- 3. STAIRS TO 2ND FLOOR 83 SO. FT. 4., 1ST FLOOR ACCESS BELOW DECK 499 SO. FT. TOTAL 7887 SO. FT., B. COMPARABLE SQUARE FOOTAGE OF REPLACEMENT BUILDING 1.: 11 STUDIO UNITS & OFFICE 4800 SO. FT. 2. 3 BEDROOM UNIT' 1966 SO. FT., 3. ACCESS BALCONY & WALKS 839 SO. FT. 4.. STAIRS 258 SO. FT., TOTAL 7863 SO. FT.j C. SUMMARY OF SQUARE FOOTAGE ALLOWABLE 7887 SO. FT. ACTUAL 7863 SO., FT.+ BALANCE` 24 SO., FT. UNUSED a. D. PARKING NO.; OF PRESENT NONCONFORMING SPACES = 9 CARS NO.; OF NEW CONFORMING SPACES = 14 CARS LEGEND EXISTING BUILDING REPLACEMENT BUILDING �- 1 INECOURE L MOLAR B-549 a� z !— O J a = ui In o Z O N J w, -J a = Q U 0 Z 0 N 0 > N z W W M � m c Q job -II date drwn S 3t4E—'7'f2N,,/ chkd appr A 1,3 of �20 sheets i i 2111,2 �2 G I al'Ioll �10ll 2 N�rrL1 T7 --0 0 i LJ --- - --- ,cam � - - -- IP SIP �I - I — / � „`- ��/ ~ s� U �' I : _r C-{.. �"O. �, �- ��It`'flt�i��" ICv I UI � � _ _ � -���_ � . �I✓� �, II - _ - � /-\>�I�' � I � _ - \ IV21I -- E I vl�i'll I 1112 T -- 10 1/4 �I'% E - I' it II �� 17 ri l 0 2 p — _ 7� --- ��� �/Y�J / - - 141 0 I - _ _ /2 2 : 2 / - - y - �t F3A fi1-I I �' l � - - ;; I �`r �`r '' ' �� _ I - -- - t 61.E m �J I III II �.. 1217 m 22a a I I© I! E.v T I I aq \ - ---2 - - - — - - --- -- - -- - - - -y LIM Fc- LIN I I II I 1 11 - - I- -- � - 4- Ie H L I , _ V J� as I �I- 5�2 I-o3i4, 9j-q./21 J l, — _ f*ZlM P N J, • it - - -_ =- - --- �Z b) r �\ �l��f �� li° // D \� I I" Lill -V✓i<1�� fz.. 2 17 I_Imo✓ �uH��� _, - - -- �.O- �\ I 1511Go OV, 9;4 1/L'' ' �o �' SSE �I L dt-� � a•�- I ' 1_ I - - I z—_- 1� j Iq yam_ _ I ael- I I 1 l �� O� �..,.✓ � (✓� ,''cam c �p �(�iP�L` GGr.JG ' �� G-G� `gt"6{ _ _ � � - - - 1 =---- -©/Lrc Ci �_?n.li9 Y✓3"�:_- �-IS �12t% S TDEODOAE L. VULAAI �. P. 549 � LL, � O � J a O �V Z °a LL U) W z CC = c) �W. LL Q job date G:5. �I d r w n chkd +,c �11•j--z appr A412. of 00 sheets