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Landuse Case.CO.300 S Spring St.0014.2011.ASLU
THE CITY OF ASPEN City of Aspen Community Development Department CASE NUMBER 0014.2011.ASLU PARCEL ID NUMBER 2737 18 227 101 PROJECTS ADDRESS 300 S. SPRING ST PLANNER SARA ADAMS CASE DESCRIPTION CONDOMINIUMIZATION OF EXISTING OFFICE REPRESENTATIVE ANDREW LIGHT DATE OF FINAL ACTION 5.31.11 CLOSED BY ANGELA SCOREY ON: 06.7.11 277 3'1l8'2 101 D¢ tt-{-•20l l • C 5 - aaWSt' At{e11 T' , , - . * (4 s ar 98 a Raud 09te Fgm Repu¢% Fmpat Tab Hel . $,JostJ IFe n lAttithratS1Ratigthttri * 631 I 1 0,0 4 6 lib arals IP* vlAsyen Lend Use 11142011AG Ii S SPRING ST 6I , R f) z 11412011 . r ‘i01 4 144 7 . ONDONNLICATIONOF EASING MICE BI C6+I0 ° oC� aP 14 r—n Y Ski AMREEV LIGHT 927.2932 I. ark =tAsE Eo* J3E0D12 •) sterols 1 7 1 Gsmtr 1 Lased -MPH DUS1111BUILUNG ••• Frtrar 229 MIDLAND AVE I T C081621 POPkant 0 Offer eke I: Comb Bakst Last name LIGHT -I FrtnmreA1ORW 1060X620 BASALT C081621 „c{ phone (970)927-2P32 Custik8990 IAddres L a Last name Frstswree Phone O - Address Deps Pewi knit: Wes yrk 1 _ �4wMw - 135 W 1 THE MYLER LAW FIRM, P.C. TELEPHONE DAVID J. MYLER' A Colorado Professional Corporation (970) 927 - 0456 FACSIMILE ADMITTED IN CO' (970) 927 -0374 211 MIDLAND AVENUE EMA LS SUITE 201 dmyler@mylerlawpc. cwood@mylerlawpc com CONNIE A. WOOD, LEGAL ASSISTANT BASALT, COLORADO 81621 March 9, 2011 REr so El VED City of Aspen ' �, - Community Development Department CtT Attention: Amy Guthrie Y yr 130 South Galena Street ta h„ L FV EL Aspen, CO 81611 RE: Condominiumization of Hannah Dustin Building Dear Amy: I am submitting this letter to request administrative approval for the condominiumization of an existing office building, known as the Hannah Dustin Building, at 300 South Spring Street in Aspen, Colorado. The following items are submitted in support of this request: 1. Deposit in the amount of $735.00 2. Applicant Information: Snowmass Corporation P. O. Box 620 Basalt, CO 81621 (970) 927 -2932 Phone (970) 927 -2834 Fax 3. Applicant's Letter of Authorization 4. Title Insurance Commitment, which includes the legal description of the property on which the office building is located and which confirms that the Applicant is the owner of said property. 5. Completed Land Use Application 6. Signed Fee Agreement 7. Pre- Application Conference Summary 8. Proposed Condominium Map, which includes a Vicinity Map 9. Proposed Condominium Declaration THE MYLER LAW FIRM, P.C. Fr r City of Aspen Community Development Department CITY C March 9, 2011 COMMI;N;7Y r ti Page 2 The Application proposes to condominiumize an existing office building located on the property described in the Title Commitment. The plan for condominiumization is described on the proposed Condominium Map and in the Condominium Declaration. The Map also identifies the footprint of a planned expansion of the existing office building which was approved by the City pursuant to Ordinance No. 16, Series of 2006. Vested rights for the expansion were extended to July 31, 2011 by Council Resolution No. 37 -B, Series of 2007. Applicant is not requesting condominiumization approval for the expansion area at this time. The Condominium Map and Declaration do, however, contemplate and provide for development of the expansion project in accordance with Ordinance No. 16, Series of 2006, and Resolution No. 37 -B, Series of 2007. The Condominium Map contains the information required by and complies with the requirements of Section 26.480.090.B.1. of the City's Land Use Code. Please do not hesitate to contact me if you need any additional information in support of this application. Very truly yours, THE MYLER LAW FIRM, P.C. By: David J. Myler Enclosures C .1 RECEIVED ATTACHMENT 2 —LAND USE APPLICATION ;;t j 41 2011 PROJECT: ul I Y O b ASi'tN Name: Hannah Dustin Building COMMUNITY DEVELOPMENT Location: 300 South Spring Street, Aspen, Colorado 81611 (Indicate street address, lot & block number, legal description where appropriate) Parcel ID # (REQUIRED) 273718227101 APPLICANT: Name: Snowmass Corporation Address: P. O. Box 620, Basalt, Colorado 81621 Phone #: (970) 927-2932 REPRESENTATIVE: Name: Andrew Light Address: P. O. Box 620, Basalt, Colorado 81621 Phone #: (970) 927 4932 TYPE OF APPLICATION: (please check all that apply): ❑ GMQS Exemption ❑ Conceptual PUD ❑ Temporary Use ❑ GMQS Allotment ❑ Final PUD (& PUD Amendment) ❑ Text/Map Amendment ❑ Special Review ❑ Subdivision ❑ Conceptual SPA ❑ ESA — 8040 Greenline, Stream ❑ Subdivision Exemption (includes ❑ Final SPA (& SPA Margin, Hallam Lake Bluff, condominiumization) Amendment) Mountain View Plane ❑ Commercial Design Review ❑ Lot Split ❑ Small Lodge Conversion/ Expansion ❑ Residential Design Variance ❑ Lot Line Adjustment MI Other: Condominiumlzatton ❑ Conditional Use EXISTING CONDITIONS: (description of existing buildings, uses, previous approvals, etc.) Three -story office building. Expansion approved by Ordinance No. 16, Series of 2006. PROPOSAL: (description of proposed buildings, uses, modifications, etc.) Condominiumize existing office building. Have you attached the following? FEES DUE: $ 735.00 I Pre - Application Conference Summary Attachment #1, Signed Fee Agreement ❑ Response to Attachment #3, Dimensional Requirements Form ❑ Response to Attachment #4, Submittal Requirements- Including Written Responses to Review Standards ❑ 3 -D Model for large project All plans that are larger than 8.5" X 11" must be folded. A disk with an electric copy of all written text (Microsoft Word Format) must be submitted as part of the application. Large scale projects should include an electronic 3 -D model. Your pre - application conference summary will indicate if you must submit a 3 -D model. 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' k" I DRAFT 3/9/11 DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS FOR 300 SOUTH SPRING STREET, A CONDOMINIUM Name of Declarant: Snowmass Corporation Name of Project: 300 South Spring Street Type of Common Interest Community: Condominium TABLE OF CONTENTS RECITALS 1 ARTICLE 1 DECLARATION AND SUBMISSION 1 Section 1.1 Declaration 1 ARTICLE 2 DEFINITIONS 1 Section 2.1 Allocated Interests 2 Section 2.2 Articles 2 Section 2.3 Annual Assessment 2 Section 2.4 Approval Ordinance 2 Section 2.5 Assessments 2 Section 2.6 Association 2 Section 2.7 Association Documents 2 Section 2.8 Bylaws 2 Section 2.9 Commercial Units 2 Section 2.10 Common Elements 2 Section 2.11 Common Expenses 3 Section 2.12 Condominium Map or Maps 3 Section 2.13 County Records 3 Section 2.14 Executive Board 3 Section 2.15 Expansion Project 3 Section 2.16 Member 3 Section 2.17 Mortgage 3 Section 2.18 Owner 3 Section 2.19 Parking Units 3 Section 2.20 Project 4 Section 2.21 Residential Unit 4 Section 2.22 Storage Units 4 Section 2.23 Successor Declarant 4 Section 2.24 Supplemental Declaration 4 Section 2.25 Supplemental Map 4 Section 2.26 Unit 4 ARTICLE 3 NAME, DIVISION INTO UNITS 4 Section 3.1 Name 4 Section 3.2 Association 4 -i - Section 3.3 Identification of Units 4 Section 3.4 Description of Units 4 ARTICLE 4 MEMBERSHIP AND VOTING RIGHTS; ASSOCIATION OPERATIONS 5 Section 4.1 The Association 5 Section 4.2 Transfer of Membership 5 Section 4.3 Membership 5 Section 4.4 Declarant Control 5 Section 4.5 Books and Records 5 Section 4.6 Manager 6 Section 4.7 Implied Rights and Obligations 6 Section 4.8 Notice 6 Section 4.9 Assignment of Future Income 6 ARTICLE 5 POWERS OF THE EXECUTIVE BOARD OF THE ASSOCIATION 6 Section 5.1 General Powers 6 Section 5.2 Powers With Respect to Common Elements 6 Section 5.3 Design Review 7 ARTICLE 6 USE RESTRICTIONS AND REQUIREMENTS 7 Section 6.1 Compliance with Approval Ordinance 7 Section 6.2 General Use Limitations 7 Section 6.3 Parking Units 7 Section 6.4 Storage Units 7 Section 6.5 Restriction on Sale of Parking Units and Storage Units 7 Section 6.6 Use of General Common Elements 8 Section 6.7 Noxious or Offensive Activity 8 Section 6.8 Damage by Owners 8 Section 6.9 Declarant's Use 8 ARTICLE 7 MECHANIC'S LIENS 8 Section 7.1 No Liability 8 Section 7.2 Indemnification 9 Section 7.3 Association Action 9 ARTICLE 8 EASEMENTS AND USES 9 Section 8.1 Recorded Easements 9 Section 8.2 Declarant's Rights Incident to Construction 9 -ii- r Section 8.3 Utility Easements 9 Section 8.4 Reservation of Easements, Exceptions and Exclusions 10 Section 8.5 Emergency Access Easement 10 Section 8.6 Sign and Awning Easement 10 ARTICLE 9 MAINTENANCE 10 Section 9.1 Maintenance by Owners 10 Section 9.2 Owner's Failure to Maintain or Repair 10 Section 9.3 Maintenance by Association 11 Section 9.4 Association Maintenance as Common Expense 11 Section 9.5 Easement for Maintenance 11 Section 9.6 Limited Common Element Damage 12 Section 9.7 Association Power 12 Section 9.8 Circular Stairway in Units 203 and 303 12 ARTICLE 10 INSURANCE 12 Section 10.1 General Insurance Provisions 12 Section 10.2 Certificates of Insurance; Cancellation 14 Section 10.3 Insurance Proceeds 14 Section 10.4 Insurer Obligation 14 Section 10.5 Repair and Replacement 14 Section 10.6 Common Expenses 15 Section 10.7 Fidelity Insurance 15 Section 10.8 Workers' Compensation Insurance 16 Section 10.9 Other Insurance 16 ARTICLE 11 ASSESSMENTS 16 Section 11.1 Obligations 16 Section 11.2 Budget 16 Section 11.3 Annual Assessments 16 Section 11.4 Apportionment of Annual Assessments 16 Section 11.5 Special Assessments 17 Section 11.6 Default Assessments 17 Section 11.7 Effect of Nonpayment; Assessment Lien 17 Section 11.8 Personal Obligation 18 Section 11.9 Payment by Mortgagee 18 Section 11.10 Statement of Status of Assessment Payment 18 Section 11.11 Capitalization of the Association 19 Section 11.12 Maintenance Accounts; Accounting 19 -iii- ARTICLE 12 DAMAGE OR DESTRUCTION 19 Section 12.1 The Role of the Executive Board 19 Section 12.2 Estimate of Damages or Destruction 19 Section 12.3 Repair and Reconstruction 20 Section 12.4 Funds for Repair and Reconstruction 20 Section 12.5 Disbursement of Funds for Repair and Reconstruction 20 ARTICLE 13 CONDEMNATION 20 Section 13.1 Rights of Owners 20 Section 13.2 Partial Condemnation; Distribution of Award; Reconstruction 21 Section 13.3 Complete Condemnation 21 ARTICLE 14 EXECUTIVE BOARD AS ATTORNEY -IN -FACT 21 ARTICLE 15 RESERVED DEVELOPMENT AND SPECIAL DECLARANT RIGHTS; THE RIGHT TO COMBINE UNITS 22 Section 15.1 Reserved Development Rights of Expansion 22 Section 15.2 Reservation of Withdrawal Rights 23 Section 15.3 Reservation to Subdivide or Convert Units 23 Section 15.4 Other Reserved Rights 23 Section 15.5 Termination of Rights 23 Section 15.6 Combination of Units 24 ARTICLE 16 DESIGN REVIEW 24 ARTICLE 17 MORTGAGEE'S RIGHTS 24 Section 17.1 Title Taken by Mortgagee 24 Section 17.2 Distribution of Insurance or Condemnation Proceeds 25 Section 17.3 Right to Pay Taxes and Charges 25 Section 17.4 Audited Financial Statement 25 Section 17.5 Notice of Action 25 Section 17.6 Action by Mortgagee 25 ARTICLE 18 DURATION OF COVENANTS AND AMENDMENT 26 Section 18.1 Term 26 Section 18.2 Amendment 26 - iv - (rte h Section 18.3 Amendment for Certain Actions 27 Section 18.4 Evidence of Amendment 27 ARTICLE 19 LIMIT ON TIMESHARING AND HOUSE EXCHANGE 28 ARTICLE 20 GENERAL PROVISIONS 28 Section 20.1 Restriction on Declarant Powers 28 Section 20.2 Enforcement 28 Section 20.3 Severability 28 Section 20.4 Conflicts Between Documents 28 -v - DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS FOR 300 SOUTH SPRING STREET, A CONDOMINIUM THIS DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS FOR 300 SOUTH SPRING STREET, A CONDOMINIUM (the "Declaration ") is made as of , 20, by Snowmass Corporation, a Colorado corporation (the "Declarant "). RECITALS A. Declarant is the owner of that certain real property described as Unit A on the First Amended Plat of the Hannah Dustin Condominiums, recorded August 29, 2006, as Reception No. 527927, in the Office of the Clerk and Recorder of Pitkin County, Colorado (the "Property "). B. The Property contains improvements, consisting of an office building, landscaping, sidewalks and parking areas. The City of Aspen has granted an approval for an addition to the current improvements on the Property, consisting of approximately sq. ft. of floor area for commercial and residential uses, defined herein as the Expansion Project. C. Declarant desires to create a condominium common interest community pursuant to the Colorado Common Interest Ownership Act as set forth in Colorado Revised Statute 38- 33.3 -101, et seq. (the "Act "), the name of which is 300 South Spring Street. ARTICLE 1 DECLARATION AND SUBMISSION Section 1.1 Declaration. Declarant hereby declares that Condominium Units constructed within 300 South Spring Street shall be held and conveyed subject to the following covenants, conditions, restrictions and easements, which shall run with title to each Unit and be binding on all parties and heirs, successors, and assigns of parties having any right, title, or interest in all or any part of 300 South Spring Street. Declarant hereby submits 300 South Spring Street to the provisions of the Act. ARTICLE 2 DEFINITIONS The terms (with or without initial capitalization) defined in Section 38- 33.3 -103 of the Act shall have the meaning specified therein wherever they appear in the Declaration except as otherwise defined herein. Any term which is defined both in the Act and in this Declaration shall be deemed to encompass both definitions to the extent such definitions are not inconsistent; in the case of any inconsistency, the definition provided in this Declaration shall control. Except for the foregoing ,the terms listed below in this Section, when used herein, shall have the meanings listed: 1 Section 2.1 Allocated Interests means the undivided interests in the Common Elements and in the Assessments and votes in the Association allocated to each Unit as provided in Exhibit A, and pursuant to any Supplemental Declaration to be recorded as new Units are created pursuant to Section 15.1 or as Units are withdrawn, combined or subdivided pursuant to Sections 15.2, 15.3, 5.4, 15.5 or 15.6 by the recording of a Supplemental Declaration and a Supplemental Condominium Map. Section 2.2 Articles means the Articles of Incorporation for the 300 South Spring Street Condominium Association on file from time to time with the Colorado Secretary of State. Section 2.3 Annual Assessment means the Assessment levied pursuant to an annual budget. Section 2.4 Approval Ordinance means Ordinance No. of the City of Aspen granting approval for the Expansion Project recorded , as Reception No. in the Office of the Clerk and Recorder of Pitkin County, Colorado. Section 2.5 Assessments means the Annual, Special, and Default Assessments levied pursuant to Article 11 below. Section 2.6 Association means the 300 South Spring Street Condominium Association, a Colorado nonprofit corporation. Section 2.7 Association Documents means this Declaration, the Articles, the Bylaws, the 300 South Spring Street Condominium Map or Maps, and any procedures, rules, regulations, or policies adopted by the Association. Section 2.8 Bylaws means the Bylaws adopted by the Association, as amended from time to time. Section 2.9 Commercial Units means Units which are specifically dedicated to commercial use. Section 2.10 Common Elements means all portions of the buildings except the Units as well as all parks, parking spaces, landscaping, signs and streets within the Project. Common Elements consist of General Common Elements and Limited Common Elements created by this Declaration or the 300 South Spring Street Condominium Map or Maps. 2.10.1 General Common Elements means all tangible physical properties of 300 South Spring Street except Limited Common Elements and the Units. 2.10.2 Limited Common Elements means those parts of the Common Elements which are either limited to or reserved in this Declaration, on a Condominium Map, or by the action 2 of the Association, for the exclusive use of an Owner of a Unit or are limited to and reserved for the use of fewer than all Owners. Section 2.11 Common Expenses means (I) all expenses expressly declared to be common expenses by this Declaration; (ii) all other expenses of administering, servicing, conserving, managing, maintaining, repairing, or replacing the Common Elements; (iii) insurance premiums under Article 10; (iv) utilities not separately metered to specific Units; (v) a reasonable and adequate contingency or other reserve or surplus fund for insurance deductibles and general routine maintenance, repairs and replacement of improvements within the General Common Elements on a periodic basis, as needed; and (vi) all expenses lawfully determined to be common expenses by the Executive Board. Section 2.12 Condominium Map or Maps means one or more of the Condominium Maps of 300 South Spring Street recorded with the Clerk and Recorder, depicting in three dimensions the Units to be created as part of 300 South Spring Street subject to this Declaration and any amendments thereto. Section 2.13 County Records means the books and records in the office of the Clerk and Recorder in the County of Pitkin, Colorado. Section 2.14 Executive Board means the governing body of the Association. Section 2.15 Expansion Project means the physical addition to the existing improvements on the Property, consisting of one (1) Residential Unit and additional Commercial Units, which were approved by and described in the Approval Ordinance. Section 2.16 Member means every person or entity that holds membership in the Association. Section 2.17 Mortgage means any mortgage, deed of trust, or other document pledging any Unit or interest therein as security for payment of a debt or obligation. "First Mortgage" means any Mortgage that is not subject to any prior monetary lien or encumbrance except liens for taxes or other liens that are given priority by statute. "Mortgagee" means any person named as a mortgagee or beneficiary in any Mortgage, or any successor to the interest of any such person under such Mortgage. "First Mortgage" means any person named as or a successor to a mortgagee or beneficiary in any First Mortgage. Section 2.18 Owner means the owner of record, whether one or more persons or entities, of fee simple title to a Unit. Section 2.19 Parking Units mean Parking Unit 1 and Parking Unit 2, as shown on the Condominium Map, consisting of the surface area of the Parking Unit and the airspace above the perimeter of the Parking Unit to a height of 10 feet. 3 Section 2.20 Project means the condominium common interest community to be created by this Declaration and the Condominium Maps, consisting of the Units and the Common Elements. Section 2.21 Residential Unit means the Unit which is specifically dedicated to residential use. Section 2.22 Storage Units mean the Units which are specifically dedicated to storage uses. Section 2.23 Successor Declarant means any person or entity to whom Declarant specifically assigns any or all of its rights, obligations, or interest as Declarant, as evidenced by an assignment or deed of record executed by Declarant and recorded with the Clerk and Recorder. Section 2.24 Supplemental Declaration means an instrument which amends this Declaration. Section 2.25 Supplemental Map means a supplemental Condominium Map or Maps of the Project which depicts any changes in the Project through a Supplemental Declaration. Section 2.26 Unit or Condominium Unit means an individual airspace that is contained within the perimeter windows, doors and unfinished surfaces of perimeter walls, floors and ceilings as shown on the Condominium Map or Maps, together with the appurtenant interest in the Common Elements. ARTICLE 3 NAME, DIVISION INTO UNITS Section 3.1 Name. The name of the Project is 300 South Spring Street. Upon the recording of the initial Condominium Map, the Project will be considered a Condominium under the Act. Section 3.2 Association. The name of the association is the 300 South Spring Street Condominium Association. Section 3.3 Identification of Units. Each Unit will be identified on the Condominium Map or Maps. Section 3.4 Description of Units. 3.4.1 Each Unit shall include the appurtenant undivided interest in the General Common Elements and the appurtenant Limited Common Elements, which shall be inseparable and may be transferred, leased, devised or encumbered only as a whole, subject to the limitations in Section 3.4.3 and Section 17.1. 4 3.4.2 Any contract of sale, deed, lease, Mortgage, will or other instrument affecting a Unit may describe it by its Unit name or number, County of Pitkin, State of Colorado, according to the Condominium Map thereof recorded , 20_ at Reception No. , and the Condominium Declaration for 300 South Spring Street, recorded 20 at Reception No. , in the records of the Clerk and Recorder of the County of Pitkin, Colorado, and any Supplemental Map or Supplemental Declaration. 3.4.3 No Owner shall bring any action for partition or division of the Common Elements. No mortgagee shall have any rights in the Common Elements independent or separate from a Unit. 3.4.4 Each Owner of a Unit shall be entitled to the exclusive ownership and possession thereof. ARTICLE 4 MEMBERSHIP AND VOTING RIGHTS; ASSOCIATION OPERATIONS Section 4.1 The Association. Each Owner shall be a Member of the Association. Membership shall be appurtenant to and may not be separated from ownership of any Unit. Section 4.2 Transfer of Membership. An Owner shall not transfer, pledge, or alienate membership in the Association in any way, except upon the sale or encumbrance of a Unit and then only to the purchaser or Mortgagee of the Unit. Section 4.3 Membership. After the period of Declarant Control, the Association shall have one (1) class of membership. Except as otherwise specifically provided for in this Declaration, each Member shall be entitled to vote in Association matters in accordance with the Allocated Interests as set forth in Section 2.1 above. Section 4.4 Declarant Control. Declarant shall be entitled to appoint and remove the members of the Association's Executive Board and officers of the Association to the fullest extent permitted under the Act. The specific restrictions and procedures governing the exercise of Declarant's rights to so appoint and remove Directors and officers are set out in the Articles and Bylaws of the Association. Declarant may voluntarily relinquish such power evidenced by a notice executed by Declarant recorded with the Clerk and Recorder but, in such event, Declarant may at its option require that specified actions of the Association or the Executive Board as described in the recorded notice, during the period Declarant would otherwise be entitled to appoint and remove directors and officers, be approved by Declarant before they become effective. Section 4.5 Books and Records. The Association shall make available for inspection, upon request, during normal business hours or under other reasonable circumstances, to Owners and to Mortgagees, current copies of the Association Documents and the books, records, and financial 5 statements of the Association. The Association may charge a reasonable fee for copying such materials. Section 4.6 Manager. The Association may employ or contract for the services of a manager to whom the Board may delegate certain powers, functions, or duties of the Association. Section 4.7 Implied Rights and Obligations. To the extent not expressly limited by the Association Documents, the Association may exercise any right or privilege expressly granted to the Association in the Association Documents, by the Act, and by the Colorado Nonprofit Corporation Act. Section 4.8 Notice. Any notice to an Owner of matters affecting the Project by the Association or by another Owner shall be sufficiently given if in writing and delivered personally, by courier, or private service delivery, or the third business day after deposit in the mails for regular delivery at the address of record for real property tax assessment notices with respect to that Owner's Unit. Section 4.9 Assignment of Future Income. The Association shall have the right to assign its right to future income, including the right to receive Assessments. ARTICLE 5 POWERS OF THE EXECUTIVE BOARD OF THE ASSOCIATION Section 5.1 General Powers. Except as otherwise required by this Declaration, the Bylaws or the Act, the Executive Board may act in all instances on behalf of the Association. Section 5.2 Powers With Respect to Common Elements. The Executive Board shall have all powers, express and implied, related to the Common Elements as set forth in the Act, including: 5.2.1 Power to Convey. The Common Elements may only be conveyed or subjected to a security interest if (a) Members entitled to cast at least seventy -five percent (75 %) of the votes agree to that action, (b) the provisions of Article 17 are followed with respect to approval of First Mortgagees, and (c) if all Owners of Units to which any Limited Common Element is allocated agree in order to convey that Limited Common Element or subject it to a security interest. 5.2.2 Power to Maintain and Repair. The Executive Board shall have the power, and duty, to keep all Common Elements in good repair, to establish a maintenance schedule related thereto, and to assess all such expenses of maintenance and repair to the Owners in accordance with Article 11 hereof. 5.2.3 Power to Regulate Use. The Executive Board has the power, and duty, to establish such reasonable rules and regulations for the use of the Common Elements as it deems, from time to time, to be necessary for the smooth operation of the Project, and for the care of such 6 Common Elements. Section 5.3 Design Review. The Executive Board shall act as the Design Review Committee as provided in Article 16 hereof. ARTICLE 6 USE RESTRICTIONS AND REQUIREMENTS Section 6.1 Compliance with Approval Ordinance. All development within 300 South Spring Street, including the Units and other Improvements constructed thereon, and the use thereof, shall be subject to and governed by the terms, provisions and conditions of the Approval Ordinance and any amendments thereto. Section 6.2 General Use Limitations. The Residential Unit shall only be used for residential purposes. The Residential Unit shall be subject to a Master Deed Restriction Agreement which further restricts the use and occupancy of the Residential Unit in accordance with the Approval Resolution. The Commercial Units may be used for all purposes except residential purposes. The Owners each acknowledge that the Project is a mixed -use project and that traffic, noise and commerce will occur at the Project for lawful commercial activities. Such traffic, noise and commerce are regulated by the City of Aspen, Colorado, and shall not rise to the level of a common law nuisance. The Executive Board shall have the right to regulate or prohibit any use that violates the Approval Ordinance or would create a common law nuisance. All parts of the Project shall be kept in a clean and sanitary condition, and no rubbish, refuse, or garbage shall be allowed to accumulate nor any fire hazard to exist. No Owner shall permit any use of a Unit or make use of the Common Elements that will unreasonably increase the rate of insurance upon the Project. Section 6.3 Parking Units. Parking Units 1 and 2 as designated on the Condominium Map constitute separate condominium units and may be separately conveyed, subject to the restrictions set forth in Section 6.5, below. The owner of each Parking Unit shall be responsible for the maintenance and repair of said Parking Unit and the use thereof shall be subject to such reasonable rules and regulations as the Association may adopt and, from time to time, amend. Section 6.4 Storage Units. The Storage Units, as designated on the Condominium Map, constitute separate condominium units and may be separately conveyed, subject to the restrictions set forth in Section 6.5, below. The owner of each Storage Units shall be responsible for the maintenance and repair of said Storage Unit and the use thereof shall be subject to such reasonable rules and regulations as the Association may adopt and, from time to time, amend. Section 6.5 Restriction on Sale of Parking Units and Storage Units. A Parking Unit and a Storage Unit may only be owned by the Owner of a Commercial Unit, the Declarant or the Association unless sale of a Parking Unit or Storage Unit to another party is approved by the Declarant. Without Declarant approval, which may be withheld for any reason, the Owner of a Parking Unit or Storage Unit may only transfer, convey, encumber or lease (collectively, a "transfer ") 7 a Parking Unit or Storage Unit to the Owner of a Commercial Unit, the Declarant or the Association. Any transfer of a Parking Unit or a Storage Unit which violates these restrictions is hereby declared null and void, and the Association may take such action, including litigation seeking damages or injunctive relief, as it deems necessary to enforce this provision. Section 6.6 Use of General Common Elements. Subject to the rights of Declarant as provided in this Declaration, there shall be no obstruction of the General Common Elements nor shall anything be kept or stored on any part of the General Common Elements without the prior written approval of the Association. Except for those improvements erected or installed by Declarant in its completion of 300 South Spring Street, nothing shall be altered on, constructed in or removed from the General Common Elements without the prior written approval of the Board. Such approval will not be unreasonably withheld and may be conditioned upon the Owner who requests the approval being required to submit plans for the alteration to the Association for approval, to obtain insurance as required by the Association and to post adequate surety. In reviewing any plans, the Association may engage the services of architects, attorneys and engineers and the cost of such services will be paid by the requesting party. Section 6.7 Noxious or Offensive Activity. No noxious or offensive activity or sound, as determined by the Executive Board, shall be conducted on any portion of 300 South Spring Street at any time, nor shall anything be done or permitted which may become a nuisance to or unreasonably disturb Owners of other Units, or be injurious to the reputation of 300 South Spring Street. Section 6.8 Damage by Owners. Each Owner is responsible for any damage caused to roads, fences, trails, natural drainage courses, irrigation ditches, utilities, Association Property, or to other Units or General Common Elements. Section 6.9 Declarant's Use. Notwithstanding anything to the contrary contained in this Declaration, it is permissible and proper for Declarant, its employees, agents, and contractors to perform such reasonable activities as Declarant deems necessary or incidental to the completion and sale of Units, specifically including, without limiting the generality of the foregoing, maintaining business offices, storage areas, signs, model units, sales offices, parking areas and lighting facilities. Declarant reserves the right to locate any sales office, management office or models on any Unit owned by Declarant. The rights retained by Declarant in this Section 6.9 shall terminate upon the earlier to occur of (a) the sale of the last Unit by Declarant to the first Owner thereof, or (b) seven (7) years from the date this Declaration is filed in the land records of the County. ARTICLE 7 MECHANIC'S LIENS Section 7.1 No Liability. If any Owner shall cause any material to be furnished to its Unit or any labor to be performed therein or thereon, no Owner of any other Unit shall under any circumstances be liable for the payment of any expense incurred or for the value of any work done 8 or material furnished. All such work shall be at the expense of the Owner causing it to be done, and such Owner shall be solely responsible to contractors, laborers, material men and other persons furnishing labor or materials to its Unit. Section 7.2 Indemnification. If, because of any act or omission of any Owner, any mechanic's or other lien or order for the payment of money shall be filed against the Common Elements or against any other Owner's Unit or an Owner or the Association (whether or not such lien or order is valid or enforceable as such), the Owner whose act or omission forms the basis for such lien or order shall at its own cost and expense cause the same to be cancelled and discharged of record or bonded by a surety company acceptable to the Association or to such other Owner, within twenty (20) days after the date of filing thereof, and further shall indemnify and save all the other Owners and the Association harmless from and against any and all costs, expenses, claims, losses or damages including, without limitation, reasonable attorneys' fees resulting therefrom. Section 7.3 Association Action. Labor performed or materials furnished for the Common Elements, if duly authorized by the Association, shall be deemed to be performed or furnished with the express consent of each Owner and shall be the basis for the filing of a lien pursuant to law against the Common Elements. Any such lien shall be limited to the Common Elements and no lien may be effected against a Unit. ARTICLE 8 EASEMENTS AND USES Section 8.1 Recorded Easements. 300 South Spring Street shall be subject to all easements as shown on the Condominium Map or Maps, those now of record, those provided in the Act, and otherwise as set forth in this Declaration. Section 8.2 Declarant's Rights Incident to Construction. Declarant, for itself and its successors and assigns and /or for Owners in all future phases of 300 South Spring Street, hereby reserves an easement for construction, utilities, drainage, ingress and egress over, in, upon, under and across the Common Elements, together with the right to store materials on the Common Elements, to build and maintain temporary walls, and to make such other use of the Common Elements as may be reasonably necessary or incident to any construction of or improvements to 300 South Spring Street, including the Expansion Property, provided, however, that no such rights shall be exercised by Declarant in a way which unreasonably interferes with the occupancy, use, enjoyment, or access to the Project by the Owners. Section 8.3 Utility Easements. There is hereby created a blanket easement upon, across, over, in and under 300 South Spring Street in the structures and improvements situated thereon for the benefit of the Association and utility providers, for ingress and egress, installation, replacing, repairing and maintaining all utilities, including, but not limited to, water, sewer, gas, telephone, cable TV and electricity. Said blanket easement includes utility services which may reasonably be required in the future. The location of any such easement within the interior of a Unit shall be 9 restricted to locations shown on the Condominium Map or Maps, locations where utilities now exist or are installed by Declarant in connection with the exercise of a right reserved under Article 15 hereof, and locations approved by the Owner of such Unit in such Owner's reasonable discretion (the Executive Board to be the final arbiter of any unresolved dispute as to what constitutes a reasonable location). Any ingress to a Unit pursuant to this Section, except in case of an emergency, shall be at reasonable times during normal business hours, preceded by reasonable notice to the Owner of such Unit. Section 8.4 Reservation of Easements, Exceptions and Exclusions. The Association is hereby granted the right to establish from time to time, utility and other easements, permits, or licenses over the Common Elements for the best interest of all the Owners and the Association. Section 8.5 Emergency Access Easement. A general easement is hereby granted to all police, sheriff, fire protection, ambulance, and other similar emergency agencies or persons to enter upon 300 South Spring Street in the proper performance of their duties. Section 8.6 Sign and Awning Easement. The Owners of the Commercial Units shall each have an easement for signs and awnings (which are the personal property of the respective Owner) over and on the appurtenant portions of the exterior surfaces of their Units, the location, size, number and appearance of such signs and awnings being subject to the laws, rules and regulations of the County of Pitkin, Colorado and to any and all decisions with respect to such signs made by the Executive Board pursuant to Article 16 hereof. ARTICLE 9 MAINTENANCE Section 9.1 Maintenance by Owners. Each Owner shall maintain and keep in repair (a) its Unit, at a minimum to the extent repair shall be necessary in order to avoid damaging other Unit Owners, (b) except as otherwise provided in Section 9.3 below, its appurtenant Limited Common Elements and (c) the exterior surfaces of windows and doors attached to the Unit. All fixtures and equipment installed within and for the use of the Unit commencing at a point where the utilities enter the Unit shall be maintained and kept in repair by the Owner of such Unit. An Owner shall not do any work that will impair the structural integrity of the Common Elements or impair any easement. Each Owner shall be responsible for the maintenance of the interior walls, floors and ceilings of its Unit, and the surface materials thereon such as plaster, drywall, paneling, wallpaper, paint, tile and carpeting, and including Unit doors and windows. Section 9.2 Owner's Failure to Maintain or Repair. If a Unit or Limited Common Element is not properly maintained and repaired to the potential detriment of other Units or the Common Elements, and if such maintenance responsibility lies with an Owner, or if the Unit is damaged by a casualty and the Owner does not take reasonable measures to diligently pursue the repair and reconstruction of those portions of the damaged Unit for which the Owner is responsible to substantially the same condition in which they existed prior to the damage or destruction, then the 10 Association, after notice to the Owner and with the approval of the Executive Board shall have the right to enter upon the Unit or Limited Common Elements to perform such work as is reasonably required to restore the Unit or Limited Common Elements to a condition of good order and repair. All costs incurred by the Association in connection with the restoration shall be reimbursed to the Association by the Owner upon demand. All unreimbursed costs shall be a lien upon the Owner's Unit until reimbursement is made. The lien may be enforced in the same manner as a lien for an unpaid Assessment. Section 9.3 Maintenance by Association. The Association shall be responsible for the maintenance and repair of the General Common Elements. This maintenance shall include, but shall not be limited to, upkeep, repair and replacement, subject to any insurance then in effect, of all landscaping, courtyards, walls, parks, trade blankets, gardens which an Owner is not required to maintain as set forth in Section 9.1, irrigation systems, sidewalks, driveways and improvements located in the Common Elements. To the extent that a Limited Common Element is allocated to more than one Unit, it shall be maintained by the Association and the cost thereof shall be assessed equally to the affected Units, unless all the Owners of such Units undertake to provide their own maintenance in a manner acceptable to the Association. Section 9.4 Association Maintenance as Common Expense. The cost of maintenance and repair by the Association shall be a Common Expense of all of the Owners, to be shared by each Owner according to the Allocated Interests therefor, except the cost of maintenance for Limited Common Elements allocated to more than one Unit, which cost shall be allocated directly to the Owners of the affected Units as provided in Section 9.3. Damage to the interior or any part of a Unit or a Limited Common Element, or any property located therein or thereon, resulting from the failure of a Common Element, or the maintenance, repair, emergency repair or replacement of any of the Common Elements or as a result of emergency repairs to a Common Element within another Unit at the instance of the Association shall also be a Common Expense of all of the Owners. However, if such damage is caused by negligent or tortious acts of an Owner, members of the Owner's family, or the Owner's agent, employee, invitee, licensee or tenants, then such Owner shall be responsible and liable for all of such damage and the cost thereof, to the extent of such negligence. Section 9.5 Easement for Maintenance. Each Owner and the Association shall have the irrevocable right, to be exercised by the Manager, the Executive Board or officers or employees of the Association, to have access to each Unit from time to time during reasonable hours (after at least 24 hours notice to the Owner in the case of non - emergency access to a Unit) as may be necessary for the maintenance, repair or replacement of any of the Common Elements therein or accessible therefrom, or at any hour for making emergency repairs, maintenance or inspection therein necessary for personal safety or to prevent imminent damage to the Common Elements or another Unit. If insurance proceeds under Article 10 are payable to an Owner but the maintenance responsibility of the area to which such proceeds relate is the Association's, the Owner shall promptly turn over such proceeds to the Association. If the Owner fails to so turn over such proceeds promptly after notice from the Association, the Association shall complete any such repair or replacement at the Owner's cost and such cost shall constitute a Default Assessment and a lien upon such Owner's Unit. 11 Section 9.6 Limited Common Element Damage. If there is damage or destruction to a Limited Common Element from any cause, other than the negligence of or attributable to an Owner, the then Owners of the Units to which the Limited Common Element is appurtenant shall bear, proportionate to their rights of use, the expense to repair or rebuild the Limited Common Element to its previous condition. If there is damage or destruction to a Limited Common Element from the negligence of or attributable to an Owner, such Owner shall bear the cost of damage to the extent of such negligence. Section 9.7 Association Power. The Association shall have the right and power to prohibit storage or other activities deemed unsafe, unsightly, unreasonably noisy or otherwise offensive to the senses and perceptible from another Unit or the Common Elements. No Owner shall make any addition or other alteration to any portion of the Common Elements without the express consent of the Executive Board. Section 9.8 Circular Stairway in Units 203 and 303. A circular stairway currently exits which connects Units 203 and 303. The open space which previously consisted of the structural elements between the ceiling of Unit 203 and the floor of Unit 303 shall be considered a Limited Common Element appurtenant to Unit 203 as long as the circular stairway remains in place. If Units 203 and 303 come under separate ownership, or if the circular stairway is removed, the Owner of Unit 203 shall be responsible for the reconstruction of the structural elements within said open space, in the manner and utilizing such materials as are required by the Association. Following such reconstruction, the structural elements in the area between the ceiling of Unit 203 and the floor of Unit 303 shall be considered part of the General Common Elements. ARTICLE 10 INSURANCE Section 10.1 General Insurance Provisions. The Association shall acquire and pay for, out of the assessments levied under Article 11 below, the following insurance policies carried with reputable insurance companies authorized to do business in Colorado: 10.1.1 Hazard Insurance Coverage. Insurance for fire, with extended coverage, vandalism, malicious mischief, all -risk, replacement cost, agreed amount (if the policy includes co- insurance), special condominium, building ordinance and inflation guard endorsements attached, in amounts determined by the Executive Board to represent not less than the full then current insurable replacement cost of the buildings located on 300 South Spring Street, including all of the Units and Common Elements, including all fixtures, interior and perimeter walls and floors, partitions, decorated and finished surfaces of interior and perimeter walls, floors, and ceilings, doors, windows and other elements or materials comprising a part of the Units and excluding any betterments and improvements made by Owners and building excavations and foundations. Maximum deductible amounts for such policy shall be determined by the Executive Board. In the event the Project has cental heating or cooling or contains a steam boiler, coverage for loss or damage resulting from 12 steam boiler and machinery equipment accidents in an amount equal to the lesser of $1,000,000 or the insurable value of the building housing the boiler or machinery shall also be obtained. The Association shall obtain insurance covering the original specifications of each Unit. Each Owner shall be responsible for obtaining additional or supplemental insurance covering any additions, alterations or improvements to its Unit which increase the replacement value of its Unit. In the event that satisfactory arrangement is not made for additional insurance by the Owner, the Owner shall be responsible for any deficiency in any resulting insurance loss recovery and the Association shall not be obligated to apply any insurance proceeds to restore the affected Unit to a condition better than the condition existing prior to the making of such additions, alterations or improvements. Any additional premiums attributable to the original specifications of a Unit for which the insurance is increased as herein provided may be subject of a lien for nonpayment as provided in Section 11.7 hereof in the event the Association pays such premium for an Owner. Such hazard insurance policy must be written by an insurance carrier that has (a) a "B" or better general policyholder's rating or a "6" or better financial performance index rating in Best's Insurance Reports, or (b) an "A" or better general policyholder's rating and a financial size category of "VIII" or better in Best's Insurance Reports International Edition. 10.1.2 Comprehensive Liability. Comprehensive general public liability and property damage insurance for the Project in such amounts as the Executive Board deems desirable, provided that such coverage shall be for at least $1,000,000 for bodily injury, including deaths and property damage arising out of a single occurrence insuring the Association, the Executive Board, the Manager or managing agent, or both, if any, and their respective agents and employees, and the Owners from liability in connection with the operation, maintenance and use of Common Elements and must include a "severability of interest" clause or specific endorsement. Such coverage shall also include legal liability arising out of contracts of the Association and such other risks as are customarily covered with respect to condominiums similar to the Project in Pitkin County including automobile liability insurance if appropriate. The Executive Board shall not enter into employment contracts or independent contractor contracts of any kind unless the contracting party provides evidence (such as a Certificate of Insurance) to the Executive Board that such party has current and satisfactory insurance, including workers' compensation insurance, commercial general liability insurance and automobile insurance on all of which the Association is named as an additional insured. The insurance policies may be carried in blanket policy form naming the Association as the insured, for the use and benefit of and as attorney -in -fact for the Owners. Each Owner shall be an insured person under the policy with respect to liability arising out of such Owner's interest in the Common Elements or membership in the Association. Each Mortgagee and its successors or assigns shall be a beneficiary of the policy in the percentages of Common Expenses for the Unit which the Mortgage encumbers. The insurance company shall waive its rights of subrogation under the insurance policy against any Owner or member of the Owner's household. No act or omission by any Owner, unless acting within the scope of such Owner's authority on behalf of the Association, shall void the insurance policy or be a condition to recovery under the insurance policy. If, at the 13 time of a loss under an insurance policy described above there is other insurance in the name of the Owner covering the same risk covered by the policy, the Association's policy shall provide primary insurance. Insurance coverage on the furnishings and other items of personal property belonging to an Owner and any additions and alterations to a Unit which increase the Unit' s replacement value above that of the original specifications for the Unit, casualty and public liability insurance coverage for each Unit and the Limited Common Elements associated therewith and workman's compensation insurance covering work within each Unit or on the Limited Common Elements associated therewith shall be the responsibility of the Owner of the Unit. Section 10.2 Certificates of Insurance; Cancellation. Certificates of insurance shall be issued to each Owner and Mortgagee upon request. All policies required to be carried under this Article 10 shall provide a standard non - contributory mortgagee clause in favor of each First Mortgagee of a Unit and shall provide that such policy cannot be cancelled by the insurance company without at least thirty (30) days prior written notice to each Owner and each First Mortgagee whose address is shown in the records maintained pursuant to the Association Documents. If the insurance described in Article 10 is not reasonably available, or if any policy of such insurance is cancelled or not renewed without a replacement policy therefore having been obtained, the Association promptly shall cause notice of that fact to be hand delivered or sent prepaid by United States mail to all Owners and to all First Mortgagees. Section 10.3 Insurance Proceeds. Any loss covered by the property insurance policy described in Section 10.1 must be adjusted with the Association, but the insurance proceeds for that loss shall be payable to any insurance trustee designated for that purpose, or otherwise to the Association, and not to any holder of a security interest. The insurance trustee or the Association shall hold any insurance proceeds in trust for the Owners and Mortgagees as their interests may appear. Subject to the provisions of Section 10.5 below, the proceeds must be disbursed first for the repair or restoration of the damaged property, and the Association, Owners and Mortgagees are not entitled to receive payment of any portion of the proceeds unless there is a surplus of proceeds after the damaged property has been completely repaired or restored or the regime created by this Declaration is terminated. Section 10.4 Insurer Obligation. An insurer that has issued an insurance policy for the insurance described in Section 10.1 and 10.7 or its agents shall issue certificates or memoranda of insurance to the Association and, upon request, to any Owner or Mortgagee. Unless otherwise provided by statute, the insurer issuing the policy may not cancel or refuse to renew it until thirty (30) days after notice of the proposed cancellation or nonrenewal has been mailed to the Association and to each Owner and Mortgagee to whom a certificate or memorandum of insurance has been issued at their respective last -known addresses. Section 10.5 Repair and Replacement. Any portion of the Common Elements for which insurance is required under this Article which is damaged or destroyed must be repaired or replaced 14 f ^� promptly by the Association unless: 10.5.1 The common interest community created by this Declaration is terminated in which case the approval must first be obtained of seventy -five percent (75 %) in Percentage Interests of all Owners; 10.5.2 Repair or replacement would be illegal under any state or local statute or ordinance governing health or safety; 10.5.3 There is a vote not to rebuild by (a) seventy -five percent (75 %) of the Percentage Interests of Owners entitled to vote and (b) every Owner ofa Unit or appurtenant Limited Common Element that will not be rebuilt; or 10.5.4 Prior to the conveyance of any Unit to a person other than Declarant, the Mortgagee holding a Mortgage on the damaged portion of the Common Elements rightfully demands all or a substantial part of the insurance proceeds. The cost of repair or replacement of Common Elements in excess of insurance proceeds and reserves is a Common Expense. If all the Common Elements are not repaired or replaced, the insurance proceeds attributable to the damaged Common Elements must be used to restore the damaged area to a condition compatible with the remainder of the Project, and except to the extent that other persons will be distributees, the insurance proceeds attributable to Limited Common Elements which are not rebuilt must be distributed to all the Owners or Mortgagees of those Units to which such Limited Common Elements are allocated, as their interests may appear, and the remainder of the proceeds must be distributed to all the Owners or Mortgagees, as their interests may appear, in proportion to each Unit's Common Expenses Allocated Interests. Section 10.6 Common Expenses. Premiums for insurance that the Association acquires and other expenses connected with acquiring such insurance are Common Expenses, provided, however, that if the Association's fire and extended coverage insurance covers insurance attributable to some but not all of the Units, the Association reserves the right to charge the Owners of such Units for which the Association provides additional insurance coverage, an amount equal to the premium attributable to such additional insurance coverage. Section 10.7 Fidelity Insurance. Fidelity Insurance or fidelity bonds must be maintained by the Association to protect against dishonest acts on the part of its officers, directors, trustees and employees and on the part of all others, including any manager hired by the Association, who handle or are responsible for handling the funds belonging to or administered by the Association in an amount not less than the greater of (a) twenty -five thousand dollars ($25,000) or (b) the estimated maximum of funds, including reserve funds, in the custody of the Association or management agent as the case may be, at any given time during the term of each policy as calculated from the current budget of the Association but in no event less than a sum equal to three (3) months' aggregate assessments plus reserve funds. In addition, if responsibility for handling funds is delegated to a 15 • Manager, such insurance or bonds must be obtained by or for the Manager and its officers, employees and agents, as applicable. Such fidelity insurance or bonds shall name the Association as insured and shall contain waivers of all defenses based upon the exclusion of persons serving without compensation from the definition of "employees," or similar terms of expressions. Section 10.8 Workers' Compensation Insurance. The Executive Board shall obtain workers' compensation or similar insurance with respect to its employees, if applicable, in the amounts and forms as may now or hereafter be required by law. Section 10.9 Other Insurance. The Executive Board may obtain insurance against such other risks of a similar or dissimilar nature as it shall deem appropriate with respect to the Association's responsibilities and duties. ARTICLE 11 ASSESSMENTS Section 11.1 Obligations. Each Owner is obligated to pay to the Association (1) the Annual Assessments; (2) Special Assessments; and (3) Default Assessments. Section 11.2 Budget. Within thirty (30) days after the adoption of any proposed budget for the Association, the Executive Board shall deliver a summary of the budget to all Owners and shall set a date for a meeting of the Owners to consider ratification of the budget not less than fourteen (14) nor more than sixty (60) days after delivery of the summary. Unless at that meeting a majority of all Owners reject the budget, the budget is ratified, whether or not a quorum is present. If the proposed budget is rejected, the periodic budget last ratified by the Owners must be continued until such time as the Owners ratify a subsequent budget proposed by the Executive Board. The Executive Board shall adopt a budget and shall submit the budget to a vote of the Owners as provided herein no less frequently than annually. Section 11.3 Annual Assessments. The Executive Board shall levy and assess the Annual Assessments in accordance with the annual budget and its estimated need for cash (including without limitation, the creation of a reasonable contingency or other reserve or surplus fund for general, routine maintenance, repairs, and replacement of improvements within the Common Elements on a periodic basis, as needed). Annual Assessments shall be payable in monthly installments on a prorated basis in advance and shall be due on the first day of the month. The omission or failure of the Association to fix the Annual Assessments for any assessment period shall not be deemed a waiver, modification, or release of the Owners from their obligation to pay the same. The Association shall have the right, but not the obligation, to make prorated refunds of any Annual Assessments in excess of the actual expenses incurred in any fiscal year. Section 11.4 Apportionment of Annual Assessments. 16 11.4.1 Common Expenses shall be allocated among the Units on the basis of the Allocated Interests for Common Expenses as set forth in Exhibit A, as amended by any Supplemental Declaration. In the event Units are combined pursuant to Sections 2.1 and 15, the Common Expenses shall be re- allocated to account for such change. The new allocation of Common Expenses following the combination or subdivision of Units shall be effective as of the date of recordation of the Supplemental Declaration and Condominium Map or Maps. 11.4.2 The Association shall allocate expenses that inherently relate only to residential uses to the Owners of the Residential Units only and the Association shall allocate expenses that inherently relate only to commercial uses to the Owners of the Commercial Units only. 11.4.3 If the members of the Executive Committee representing one class unanimously agree, the Association shall allocate a specific discretionary expense only among the Owners of Units in that class. Section 11.5 Special Assessments. In addition to the Annual Assessments, the Association may levy in any fiscal year one or more Special Assessments, payable over such a period as the Association may determine, for the purpose of defraying the cost of any construction, unexpected repair or replacement of improvements within the Common Elements or for any other expense incurred or to be incurred as provided in this Declaration. This Section 11.5 shall not be construed as an independent source of authority for the Association to incur expense, but shall be construed to prescribe the manner of assessing expenses authorized by other sections of this Declaration. Any amounts assessed pursuant to this Section shall be assessed to Owners according to their Allocated Interests for Common Expenses. However, The Association shall assess special assessments only against the Owners of affected Units and /or against Owners entitled to use Limited Common Elements, any extraordinary maintenance, repair or restoration work on fewer than all of the Units or Limited Common Elements, and any extraordinary insurance costs incurred as a result of the value of a particular Owner's Unit or the actions of or attributable to a particular Owner. Written notice of the amount of such Special Assessments and the time for payment shall be given promptly to the Owners, and no payment shall be due less than 10 days after such notice shall have been given. Section 11.6 Default Assessments. All monetary fines assessed against an Owner pursuant to the Association Documents, or any expense of the Association which is the obligation of an Owner or which is incurred by the Association on behalf of the Owner pursuant to the Association Documents, shall be a Default Assessment. Notice of the amount and due date of such Default Assessment shall be sent to the Owner subject to such Assessment at least 10 days prior to the due date. Section 11.7 Effect of Nonpayment; Assessment Lien. Any Assessment installment, whether pertaining to any Annual, Special, or Default Assessment, which is not paid on or before its due date shall be delinquent. If an Assessment installment becomes delinquent, the Association, in its sole discretion, may take any or all of the following actions: 17 /\ 4 11.7.1 Assess a late charge for each delinquency in such amount as the Association deems appropriate; 11.7.2 Assess an interest charge from the due date at the yearly rate of six points above the prime rate charged by the Association's bank, or such other lawful rate as the Executive Board may establish; 11.7.3 Suspend the voting rights of the Owner during any period of delinquency; 11.7.4 Accelerate all remaining Assessment installments so that unpaid Assessments for the remainder of the fiscal year shall be due and payable at once; 11.7.5 Bring an action at law against any Owner personally obligated to pay the delinquent Assessments; and 11.7.6 Proceed with foreclosure as set forth in more detail below. Assessments chargeable to any Unit shall constitute a lien on such Unit. The Association may institute foreclosure proceedings against the defaulting Owner's Unit in the manner for foreclosing a mortgage on real property under the laws of the State of Colorado. In the event of foreclosure, the Owner shall be liable for the amount of unpaid Assessments, any penalties and interest thereon, the cost and expenses of such proceedings, the cost and expenses for filing the notice of the claim and lien, and all reasonable attorney's fees incurred in connection with the enforcement of the lien. The Association shall have the power to bid on a Unit at foreclosure sale and to acquire and hold, lease, mortgage, and convey the same. Section 11.8 Personal Obligation. Each Assessment against a Unit is the personal obligation of the person who owned the Unit at the time the Assessment became due and shall not pass to successors in title unless they agree to assume the obligation. No Owner may exempt itself from liability for the Assessment by abandonment of its Unit or by waiver of the use or enjoyment of all or any part of the Common Elements. Suit to recover a money judgment for unpaid Assessments, any penalties and interest thereon, the cost and expenses of such proceedings, and all reasonable attorney's fees in connection therewith shall be maintainable without foreclosing or waiving the Assessment lien provided in this Declaration Section 11.9 Payment by Mortgagee. Any Mortgagee holding a lien on a Unit may pay any unpaid Assessment payable with respect to such Unit, together with any and all costs and expenses incurred with respect to the lien, and upon such payment that Mortgagee shall have a lien on the Unit for the amounts paid with the same priority as the lien of the Mortgage. Section 11.10 Statement of Status of Assessment Payment. Upon payment of a reasonable fee set from time to time by the Executive Board and upon fourteen (14) days' written request to the 18 Association's registered agent by personal delivery or mail, first -class postage pre -paid, any Owner, designee of Owner, Mortgagee, prospective Mortgagee, or prospective purchaser of a Unit shall be furnished with a written statement setting forth the amount of the unpaid Assessments, if any, with respect to such Unit. Unless such statement shall be issued by personal delivery or by mail to the inquiring party (the date of posting being deemed the date of delivery) within fourteen (14) days after receipt of the request, the Association shall have no right to assert a lien upon the Unit over the inquiring party's interest for unpaid Assessments which were due as of the date of the request. Section 11.11 Capitalization of the Association. Upon acquisition of record title to a Unit from Declarant or any seller after Declarant, or if earlier upon use of the Unit, each Owner shall contribute to the working capital and reserves of the Association an amount equal to two (2) monthly installments of the Annual Assessment for that Unit for the year in which the Owner acquired title or began to use the Unit. The initial capital account shall be established and Annual Assessments shall commence for the first phase submitted to the terms of this Declaration upon the conveyance of the first Unit in the first phase of the Project by Declarant to a third -party purchaser. Thereafter, upon the submission of each new phase of the Project to the condominium regime created by this Declaration, Annual Assessments shall begin and the capital account shall be established for all Units added by the new phase. Such payments shall not be considered advance payments of Annual Assessments. The unused portion of the working capital deposit shall be returned to each Owner upon the sale of its Unit, provided that the new purchaser of the Unit has deposited the required working capital deposit with the Association. Section 11.12 Maintenance Accounts; Accounting. If the Association delegates powers of the Executive Board or its officers relating to collection, deposit, transfer or disbursement of Association funds to other persons or to a manager, then such other persons or manager must (a) maintain all funds and accounts of the Association separate from the funds and accounts of other associations managed by the other person or manager, (b) maintain all reserve and working capital accounts of the Association separate from the operational accounts of the Association, (c) provide to the Association no less than once per quarter an accounting for the previous quarter, and (d) provide to the Association an annual accounting and financial statement of Association funds prepared by the manager, a public accountant or a certified public accountant. ARTICLE 12 DAMAGE OR DESTRUCTION Section 12.1 The Role of the Executive Board. In the event of damage to or destruction of all or part of any Common Elements improvement, or other property covered by insurance written in the name of the Association, the Executive Board shall arrange for and supervise the prompt repair and restoration of the damaged property (the property insured by the Association is sometimes referred to as the "Association- Insured Property"). Section 12.2 Estimate of Damages or Destruction. As soon as practicable after an event causing damage to or destruction of any part of the Association - Insured Property, the Executive 19 Board shall, unless such damage or destruction shall be minor, obtain an estimate that it deems reliable and complete of the costs of repair and reconstruction. "Repair and reconstruction" as used in this Article shall mean restoring the damaged or destroyed improvements to substantially the same condition in which they existed prior to the damage or destruction. Section 12.3 Repair and Reconstruction. As soon as practicable after the damage occurs and any required estimates have been obtained, the Association shall diligently pursue to completion the repair and reconstruction of the damage or destroyed Association- Insured Property. As attorney - in -fact for the Owners, the Association may take all appropriate action to effect repair and reconstruction of any damage to the Association - Insured Property, and no consent or other action by any Owner shall be necessary. Assessments of the Association shall not be abated during the period of insurance adjustments and repair and reconstruction. Section 12.4 Funds for Repair and Reconstruction. The proceeds received by the Association from any hazard insurance carried by the Association shall be used for the purpose of repair, replacement, and reconstruction of the Association - Insured Property. If the proceeds of the Association's insurance are insufficient to pay the cost of such repair, replacement, and reconstruction, the Association may levy, assess, and collect in advance from the Owners, without the necessity of a special vote of the Owners, a Special Assessment sufficient to provide funds to pay such costs of repair and reconstruction. Further levies may be made in like manner if the amounts collected prove insufficient to complete the repair, replacement, or reconstruction. Section 12.5 Disbursement of Funds for Repair and Reconstruction. The insurance proceeds held by the Association and the amounts received from the Special Assessments constitute a fund for the payment of the costs of repair and reconstruction after casualty. It shall be deemed that the first money disbursed in payment for the costs of repair and reconstruction shall be made from insurance proceeds, and the balance from the Special Assessments. If there is a balance remaining after payment of all costs of such repair and reconstruction, it shall be distributed to the Owners in proportion to the contributions each Owner made as Special Assessments, then in proportion to the Units' Percentage Share of Common Expenses, first to the Mortgagees and then to the Owners, as their interests appear. ARTICLE 13 CONDEMNATION Section 13.1 Rights of Owners. Whenever any part of the Common Elements shall be taken by any authority having power of condemnation or eminent domain or whenever any part of the Common Elements is conveyed in lieu of a taking under threat of condemnation by the Executive Board acting as attorney -in -fact for all Owners under instructions from any authority having the power of condemnation or eminent domain, each Owner shall be entitled to notice of the taking or conveying. 20 L, Section 13.2 Partial Condemnation; Distribution of Award; Reconstruction. The award made for such taking shall be payable to the Association as trustee for those Owners for whom use of the Common Elements was conveyed and, unless otherwise required under the Act, the award shall be disbursed as follows: If the taking involves a portion of the Common Elements on which improvements have been constructed, then, unless within sixty (60) days after such taking all of the Owners shall otherwise agree, the Association shall restore or replace such improvements so taken on the remaining land included in the Common Elements to the extend lands are available for such restoration or replacement in accordance with plans approved by the Executive Board. If such improvements are to be repaired or restored, the provisions regarding the disbursement of funds in respect to casualty damage or destruction which is to be repaired shall apply. If the taking does not involve any improvements on the Common Elements, or if there is a decision made not to repair or restore, or if there are net funds remaining after any such restoration or replacement is completed, then such award or net funds shall be distributed among the Units according to each Unit's Allocated Interests of Percentage Shares of Common Elements, first to the Mortgagees and then to the Owners, as their interests appear except that any part of the remaining awards or net funds which relate to Limited Common Elements shall be distributed on a pro rata basis among the Units to which such Limited Common Elements are allocated, first to the Mortgagees and then to the Owners, as their interests appear. Section 13.3 Complete Condemnation. If all of 300 South Spring Street is taken, condemned, sold, or otherwise disposed of in lieu of or in avoidance of condemnation, then the common interest community created by this Declaration shall terminate, provided that approval must first be obtained of fifty -one percent (51%) of First Mortgagees of Units subject to First Mortgages (which percentage is measured by votes allocated to such Units), and the portion of the condemnation award attributable to the Common Elements shall be distributed as provided in Section 12.5 above. ARTICLE 14 EXECUTIVE BOARD AS ATTORNEY -IN -FACT Each Unit Owner hereby irrevocably appoints the Executive Board as the Owner's true and lawful attorney -in -fact for the purposes of (a) exercising the powers of the Executive Board and the Association pursuant to Section 4.7 and Article 5, (b) granting easements pursuant to Article 8, (c) purchasing and maintaining insurance pursuant to Article 10, including the collection and appropriate disposition of the proceeds thereof, the negotiation and settlement of losses and execution of releases of liability, the execution of all documents, and the performance of all other acts necessary to purchase and maintain insurance as well as dealing with any improvements covered by insurance written in the name of the Association pursuant to Article 10 upon their damage or destruction as provided in Article 12 and (c) negotiating and dealing with any authority having the power of condemnation or eminent domain relating to a complete or partial taking as provided in 21 Article 13, above. Acceptance by a grantee of a deed or other instrument of conveyance or any other instrument conveying any portion of 300 South Spring Street shall constitute appointment of the Association as the grantee's attorney -in -fact, and the Association shall have full authorization, right and power to make, execute and deliver any contract, assignment, deed, waiver or other instrument with respect to the interest of any Owner which may be necessary to exercise the powers granted to the Association as attorney -in -fact. ARTICLE 15 RESERVED DEVELOPMENT AND SPECIAL DECLARANT RIGHTS; THE RIGHT TO COMBINE UNITS Section 15.1 Reserved Development Rights of Expansion. Declarant reserves the right for itself and any Successor Declarant at any time and from time to time to construct the Expansion Project and to create additional Units associated therewith. Furthermore, Declarant may transfer any or all of the Declarant's rights reserved under this Article pursuant to an instrument acknowledged in the manner of a Deed and recorded in the records of the Clerk and Recorder of Pitkin County, Colorado. Declarant may restrict or limit the exercise of any rights and interests so assigned. Any successor in interest to Declarant, in respect to any portion of the Declarant's reserved rights hereunder, may further assign and transfer such rights and interests in like manner, but only to the extent expressly permitted in the assignment from Declarant. 15.1.1 Supplemental Declarations and Supplemental Plats. Such expansion may be accomplished by the filing of record by Declarant in the office of the Clerk and Recorder a Supplemental Condominium Map and a Supplemental Declaration setting forth the Units and other real property, if any, to be included in the expansion, together with any covenants, conditions, restrictions and easements particular to such property. All improvements to be constructed in connection with the Expansion Project shall be substantially completed prior to the recording of the Supplemental Declaration and Supplemental Map adding additional Units. 15.1.2 Expansion of Definitions. In the event of such expansion, the definitions used in this Declaration shall be expanded automatically to encompass and refer to the Units subject to this Declaration as so expanded. For example, "Unit" shall mean the Units as shown on the initial Map or Maps plus any additional Units added by any Supplemental Declarations and Supplemental Maps, and reference to this Declaration shall mean this Declaration as supplemented. 15.1.3 Declaration Operative on Expansion Units. Units added by any Supplemental Declaration and Condominium Map shall be subject to all of the terms and conditions of this Declaration and of any Supplemental Declarations, upon recording the Supplemental Map(s) depicting the additional Units and Supplemental Declaration(s) with the Clerk and Recorder. The rights of Declarant and any Successor Declarant, as described herein, shall apply to all Units which are added to this Declaration in accordance with these provisions relating to enlargement thereof. No rights or obligations of any character of any owner in new Units shall attach until 22 L A a Supplemental Declaration and Supplemental Map are filed with the Clerk and Recorder annexing the Units constructed in such area to the Project. 15.1.4 Effect of Expansion. Upon the construction of additional Units and their inclusion under this Declaration and the filing of the Supplemental Declaration(s) and Supplemental Map(s) thereof, the Allocated Interests applicable to a Unit shall be as set forth in Section 2.1 above and on Exhibit A, provided, however, that the Allocated Interest for the single Residential Unit shall be four percent (4 %). Notwithstanding any inclusion of additional Units under this Declaration, each Owner (regardless of whether such Owner is the owner of a Unit shown on the original Condominium Map or Maps or is the owner of a new Unit constructed in 300 South Spring Street and included by a Supplemental Declaration and Condominium Map or Maps) shall remain fully liable with respect to his obligation for the payment of the Common Expenses of the Association, including the expenses for such new Common Area, costs and fees, if any. The recording of a Supplemental Declaration or Supplemental Plat shall not alter the amount of the Common Expenses assessed to a Unit prior to such recording. Section 15.2 Reservation of Withdrawal Rights. Declarant reserves the right for itself and any Successor Declarant at any time and from time to time to withdraw from the provisions of this Declaration individual Units and/or Common Elements, provided however that none of the real estate may be withdrawn after any Unit has been conveyed by Declarant to a purchaser. Section 15.3 Reservation to Subdivide or Convert Units. Declarant reserves the right, by recording a Supplemental Declaration and Condominium Map or Maps, to subdivide a Unit into further Units and to create Common Elements in connection with such subdivision, to convert a General Common Element or portion thereof into one or more Limited Common Elements, and to convert a Unit or portion thereof into Common Elements, subject to the requirements of the Act. The Supplemental Declaration and Condominium Map or Maps shall describe and depict the resulting Units and Common Elements, and apportion the Allocated Interests of all affected Units in a manner consistent with the principles used in Section 2.1 above. Section 15.4 Other Reserved Rights. Declarant reserves the right at any time and from time to time to: (a) complete improvements indicated on the Condominium Map or Maps, and (b) maintain and relocate sales offices, management offices, signs advertising the Project and models, of any size, within one or more Units and within the General Common Elements so long as Declarant or Successor Declarant continues to be an Owner of a Unit or, if earlier, ten (10) years from the recording of this Declaration with the Clerk and Recorder. Section 15.5 Termination of Rights. The rights reserved to the Declarant in this Article shall expire, unless sooner terminated as required by the Act, twenty (20) years from the date of recording this Declaration, unless such rights are (i) extended as allowed by law or (ii) reinstated or extended by the Association, subject to whatever terms, conditions, and limitations the Executive 23 Board may impose on the subsequent exercise of the rights by Declarant. Section 15.6 Combination of Units. An Owner may combine two or more contiguous commercial Units into one Unit. Only an entire Unit may be so combined. If contiguous Units are combined by the Owner, such combination of Units shall also combine all appurtenant interests in the combined Units. The structural separations between such Units shall become Limited Common Elements appurtenant to the combined Unit. The Owner of a combined Unit shall have the right to separate the Unit back into its constituent Units as previously constituted. In such event, the interests and Limited and General Common Elements appurtenant to each Unit prior to their combination shall be thereupon restored. Before any combination or separation of Units, the Owner shall submit such plans, specifications and information to the Executive Board as it shall reasonably require, and shall pay all expenses of preparing and recording a Supplemental Declaration and Condominium Map or Maps that describe and depict the resulting Units and Common Elements, and apportion the Allocated Interests of all affected Units in a manner consistent with the principles used in Section 2.1 above. ARTICLE 16 DESIGN REVIEW No alteration or additions to the Common Elements or the exterior surfaces of a Unit shall be made unless first approved by the Executive Board. The Executive Board shall exercise its best judgment to the end that all modifications to the Common Elements and exterior surfaces conform to and harmonize with existing surroundings and structures. The Executive Board has the absolute right to deny any requested changes to the General Common Elements, and has the right to deny any requested changes to the Limited Common Elements which the Executive Board reasonably determines do not conform to and harmonize with the existing Project or the surroundings and structures or which could adversely affect another Unit or the Common Elements. ARTICLE 17 MORTGAGEE'S RIGHTS The following provisions are for the benefit of holders, insurers, or guarantors of First Mortgages. Section 17.1 Title Taken by Mortgagee. Any Mortgagee holding a First Mortgage of record against a Unit who obtains title to the Unit pursuant to remedies exercised in enforcing the Mortgage, including foreclosure of the Mortgage or acceptance of a deed in lieu of foreclosure, will be liable for all Assessments due and payable as of the date title to the Unit (I) is acquired or (ii) could have been acquired under the statutes of Colorado governing foreclosures, whichever is earlier. The security interest of any Mortgagee in the General Common Elements shall be subject and subordinate to all of the rights of the Association and the Executive Board as set forth in this Declaration, including the right to convey and encumber the General Common Elements. 24 Section 17.2 Distribution of Insurance or Condemnation Proceeds. In the event of a distribution of insurance proceeds or condemnation awards allocable among the Units for losses to, or taking of, all or part of the Common Elements, neither the Owner nor any other person shall take priority in receiving the distribution over the right of any Mortgagee who is a beneficiary of a First Mortgage against the Unit. Section 17.3 Right to Pay Taxes and Charges. Mortgagees who hold First Mortgages may, jointly or singly, pay taxes or other charges which are in default and which may or have become a charge against any Common Elements, and may pay overdue premiums on hazard insurance policies, or secure new hazard insurance coverage on the lapse of a policy for such Common Elements, and Mortgagees making such payments shall be owed immediate reimbursement therefor from the Association. Section 17.4 Audited Financial Statement. Upon written request from any Mortgagee which has an interest of prospective interest in any Unit or the Project, the Association shall prepare and furnish within ninety (90) days an audited financial statement of the Association for the immediately preceding fiscal year at the expense of such Mortgagee. Section 17.5 Notice of Action. Any First Mortgagee which holds a First Mortgage, upon written request to the Association (which shall include the Agency's name and address and the Unit number), will be entitled to timely written notice of: 17.5.1 Any proposed amendment of the Association Documents effecting a change in (a) the boundaries of any Unit or the exclusive easement rights appertaining thereto, (b) the interest in the Common Elements appurtenant to the Unit or the liability of Assessments relating thereto, (c) the number of votes in the Association relating to any Unit, or (d) the purposes to which any Unit or the Common Elements are restricted or any amendment set forth in Section 18.2 below; 17.5.2 Any proposed termination of the common interest community; 17.5.3 Any condemnation loss or any casualty loss which affects a material portion of the Project or which affects any Unit on which there is a First Mortgage held, insured or guaranteed by such Agency; 17.5.4 Any delinquency in the payment of Assessments owed by an Owner subject to the Mortgage where such delinquency has continued for a period of sixty (60) days; 17.5.5 Any lapse, cancellation or material modification of any insurance policy maintained by the Association pursuant to Article 10. Section 17.6 Action by Mortgagee. If this Declaration or any Association Documents require the approval of Mortgagees then, if any Mortgagee fails to respond to any written proposal for such approval within thirty (30) days after such Mortgagee receives proper notice of the proposal 25 r^ (or such longer time as may be set forth in the notice), such Mortgagee shall be deemed to have approved such proposal provided that the notice was delivered to the Mortgagee by certified or registered mail, return receipt requested. ARTICLE 18 DURATION OF COVENANTS AND AMENDMENT Section 18.1 Term. The covenants and restrictions of this Declaration shall run with and bind the land in perpetuity, subject to the termination provisions of the Act. Section 18.2 Amendment. This Declaration may be amended at any time by Owners holding not less than sixty -seven percent (67 %) of the votes possible to be cast under this Declaration at a meeting of the Owners called for that purpose, except that, provided the First Mortgagee has requested notice in accordance with Section 17.5 above, the approval shall first be obtained of fifty -one percent (51%) of First Mortgagees of Units subject to a First Mortgage (which percentage is measured by votes allocated to such Units) if the amendment to the Association Documents add or delete any material provisions which establish, provide for, govern or regulate any of the following: 18.2.1 Voting; 18.2.2 Assessments, Assessment liens or subordination of such liens; 18.2.3 Reserves for maintenance or repair and replacement of the Common Elements; 18.2.4 Insurance or fidelity bonds; 18.2.5 Reallocation of interests in the Common Elements, or rights to use of the Common Elements other than as set forth in Article 15; 18.2.6 Responsibility for maintenance and repair of the Project; 18.2.7 Expansion or contraction of the common interest community, or the addition, annexation or withdrawal of property to or from the common interest community; 18.2.8 Boundaries of any Unit; 18.2.9 The interests in the Common Elements; 18.2.10 Convertibility of Units into Common Elements or of Common Elements into Units; 26 18.2.11 Imposition of any restrictions on the leasing of Units; 18.2.12 Imposition of any right of first refusal or similar restriction on the right of an Owner to sell, transfer, or otherwise convey its Unit; 18.2.13 Establishment of self - management by the Association where professional management has been required by any Agency; 18.2.14 Any provision which is for the express benefit of an Agency or First Mortgagees, regardless of whether the amendment is material; 18.2.15 Hazard or fidelity insurance requirements; and 18.2.16 Restoration or repair of the common interest community (after damage or partial condemnation) other than as specified herein. Section 18.3 Amendment for Certain Actions. Notwithstanding anything else contained in this Declaration, except as provided by the Act and as provided in Article 15 hereof, and except in case of condemnation or substantial loss to the Units and/or Common Elements, unless at least two - thirds (2 /3rds) of First Mortgagees (which percentage is measured by votes allocated to such Units) or seventy -five percent (75 %) of Owners (other than Declarant) have given their prior written approval, the Association may not: 18.3.1 By act or omission seek to abandon or terminate the condominium regime created hereby; 18.3.2 Reallocate the Allocated Interest or obligation of any Unit in order to levy assessments or charges, allocate distribution of hazard insurance proceeds or condemnation awards, or determine the Percentage Share of Ownership of Common Elements other than as set forth in Article 15; 18.3.3 Partition or subdivide any Unit other than as set forth in Article 15; 18.3.4 Seek to abandon, partition, subdivide, encumber, sell or transfer the Common Elements by act or omission other than the grant of easements for public utilities or other public purposes consistent with the intended use of the Common Elements and other than as set forth in Article 15; or 18.3.5 Use hazard insurance proceeds for losses to any part of 300 South Spring Street (whether Units or Common Elements) for other than the repair, replacement or reconstruction of the Project. Section 18.4 Evidence of Amendment. Any amendment must be executed by the President 27 ' - d of the Association and recorded, and approval of such amendment may be shown by attaching a certificate of the Secretary of the Association to the recorded instrument certifying the approval of a sufficient number of Owners of the amendment. Notwithstanding the foregoing, Declarant, acting alone, reserves to itself the right and power to modify and amend this Declaration and the Condominium Map or Maps to the fullest extent permitted under the Act. During the period of Declarant Control, this Declaration shall not be amended without the consent of the Executive Board. ARTICLE 19 LIMIT ON TIMESHARING AND HOUSE EXCHANGE No Owner of any Unit shall offer or sell any interest in such Unit under a "timesharing" or "interval ownership" plan, or any similar plan, nor shall a Unit be dedicated to an exchange program that provides for recurring occupancies by different persons for durations of less than one (1) year. ARTICLE 20 GENERAL PROVISIONS Section 20.1 Restriction on Declarant Powers. No rights or powers reserved to Declarant hereunder shall exceed the time limitations or permissible extent of such rights or powers as restricted under the Act. Any provision in this Declaration in conflict with the requirements of the Act shall not be deemed to invalidate such provision as a whole but shall be adjusted as is necessary to comply with the Act. Section 20.2 Enforcement. Except as otherwise provided in this Declaration, the Executive Board, Declarant, or any Owner shall have the right (but not the obligation) to enforce, by a proceeding at law or in equity, or by mediation or binding arbitration if the parties so agree, all restrictions, conditions, covenants, reservations, liens, and charges now or hereafter imposed by the provisions of this Declaration. Failure by the Executive Board, Declarant, or by any Owner to enforce any covenant or restriction contained in this Declaration shall not be deemed a waiver of the right to do so thereafter. The prevailing party in any arbitration or judicial relief shall be entitled to reimbursement from the non - prevailing party or parties, for all reasonable costs and expenses, including attorneys' fees in connection with such arbitration or judicial relief. Section 20.3 Severability. Invalidation of any one of these covenants or restrictions by judgment or court order shall in no way affect any other provisions which shall remain in full force and effect. Section 20.4 Conflicts Between Documents. In case of conflict between this Declaration and the Articles and the Bylaws of the Association, this Declaration shall control. In case of conflict between the Articles and the Bylaws, the Articles shall control. 28 DECLARANT: SNOWMASS CORPORATION By: , President STATE OF COLORADO ) ) ss. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this day of 20, by , as President of the Snowmass Corporation. WITNESS my hand and official seal. My commission expires: Notary Public [SEAL] 29 CONSENT AND SUBORDINATION OF MORTGAGEE The undersigned, as beneficiary under the deeds of trust covering or affecting Unit A, as shown on the First Amended Plat of the Hannah Dustin Condominiums, recorded in Book 80 at Page 3 in the office of the Clerk and Recorder of Pitkin County, Colorado, hereby consents and subordinates the lien of its deed of trust as described below to the foregoing DECLARATION OF COVENANTS, CONDITIONS AND RESTRICTIONS FOR 300 SOUTH SPRING STREET, A CONDOMINIUM: Deed of Trust dated , , recorded , , at Reception No. , in the office of the Clerk and Recorder of Pitkin County, Colorado. BANK OF AMERICA By: Dated: STATE OF COLORADO ) ) ss. COUNTY OF ) The foregoing instrument was acknowledged before me this day of 20, by WITNESS my hand and official seal. My commission expires: Notary Public G: \Client \Snowmass Corp\300 Spring Street \Declaration of Covenants Conditions and Restrictions - 300 South Spring Street 030911.wpd 30 EXHIBIT A ALLOCATED INTERESTS 1. Commercial Units shall, collectively, have a ninety -four percent (94 %) Allocated Interest. The portion of the collective Allocated Interests for each Commercial Unit shall be the percentage that the square footage floor area of each Commercial Unit bears to the total square footage floor area of all Commercial Units. If the Residential Unit within the Expansion Project is constructed and made a part of this Declaration pursuant to a Supplemental Declaration and a Supplemental Condominium Map, the collective Allocated Interest of the Commercial Units shall be reduced to ninety percent (90 %) and the Allocated Interest for the Residential Unit shall be four percent (4 %). 2. Storage Units shall, collectively, have a four percent (4 %) Allocated Interest. The Allocated Interest for each Storage Unit shall be the percentage determined by dividing four percent (4 %) by the total number of Storage Units, rounded to the nearest one hundredth (1 /100th). 3. Parking Unit 1 shall have an Allocated Interest of one percent (1%) and Parking Unit 2 shall have an Allocated Interest of one percent (1 %). SNOWMASS CORPORATION P. O. BOX 620 BASALT, COLORADO 81621 March 9, 2011 RECEIVED b 1 4 201 CITY OF ASPE ODMMIJNMAR ITY DEVELOP City of Aspen Community Development Department Attention: Amy Guthrie 130 South Galena Street Aspen, CO 81611 RE: Letter of Authorization - Condominiumization of Hannah Dustin Building Dear Amy: Pursuant to this letter, Andrew Light, Mark Beckler of Sopris Engineering, and David J. Myler of The Myler Law Firm, P.C. are authorized to represent the Snowmass Corporation in connection with its application to condominiumize the Hannah Dustin Building at 300 South Spring Street, Aspen, Colorado. SNOWMASS CORPORRATI By: � ; ., es W. Light, Pre s ent 0 Pi Land Title Guarantee Company CUSTOMER DISTRIBUTION Land Title GUARANTEE COMPANY Date: 03 -10 -2011 Our Order Number: QC62003926 Property Address: 300 SOUTH SPRING STREET ASPEN, CO 81611 If you have any inquiries or require further assistance, please contact one of the numbers below: For Title Assistance: Aspen Title Dept. Kurt Beereboom 533 E HOPKINS #102 ASPEN, CO 81611 Phone: 970- 925 -1678 Fax: 970 - 925 -6243 EMail: kbeereboom @Itgc.com MYLER LAW FIRM PC 211 MIDLAND AVE #201 BASALT, CO 81621 Attn: DAVE MYLER Phone: 970 -927 -0456 Fax: 970 - 927 -0374 EMail: dmyler @mylerlawpc.com Sent Via EMail ■kme 0 P. Land Title Guarantee Company Date: 03 -10 -2011 Land Title Our Order Number: QC62003926 GIIARANTtE COMPANY ti cc W a Property Address: 300 SOUTH SPRING STREET ASPEN, CO 81611 Buyer /Borrower: TO BE DETERMINED Seller /Owner: SNOWMASS CORPORATION, A COLORADO CORPORATION Need a map or directions for your upcoming closing? Check out Land Title's web site at www.ltgc.com for directions to any of our 54 office locations. ESTIMATE OF TITLE FEES TBD Commitment $199.00 It Land Title Guarantee Company will be closing this transaction, above fees will be collected at that time. TOTAL $199.00 Form COMALT P6r04 THANK YOU FOR YOUR ORDER! LAND TITLE GUARANTEE COMPANY INVOICE NO. ASP -3177 Land Title GUARANTEE COMPANY www.\IGC..O• MYLER LAW FIRM PC 211 MIDLAND AVE #201 BASALT, CO 81621 Owner: SNOWMASS CORPORATION, A COLORADO CORPORATION Address: 300 SOUTH SPRING STREET ASPEN, CO 81611 Invoice Date: March 10, 2011 Order No. QC62003926 Invoice Charges TBD Commitment $199.00 - Amount Due - $ 199.00 Due and payable upon receipt. For Remittance please refer to Invoice No. ASP -3177 Please make checks payable to: Land Title Guarantee Company 5975 Greenwood Plaza Blvd. Suite 125 Greenwood Village, CO 80111 -9701 o 3 Old Republic National Title Insurance Company ALTA COMMITMENT Our Order No. QC62003926 Schedule A Cust. Ref.: Property Address: 300 SOUTH SPRING STREET ASPEN, CO 81611 1. Effective Date: February 01, 2011 at 5:00 P.M. 2. Policy to be Issued, and Proposed Insured: "TBD" Commitment $0.00 Proposed Insured: TO BE DETERMINED 3. The estate or interest in the land described or referred to in this Commitment and covered herein is: A Fee Simple 4. Title to the estate or interest covered herein is at the effective date hereof vested in: SNOWMASS CORPORATION, A COLORADO CORPORATION 5. The Land referred to in this Commitment is described as follows: SEE ATTACHED PAGE(S) FOR LEGAL DESCRIPTION Our Order No: QC62003926 LEGAL DESCRIPTION UNIT A, HANNAH - DUSTIN CONDOMINIUMS, ACCORDING TO THE PLAT THEREOF RECORDED OCTOBER 2, 1985 IN PLAT BOOK 17 AT PAGE 78 AND FIRST AMENDED PLAT RECORDED AUGUST 29, 2006 IN PLAT BOOK 80 AT PAGE 3 AND AS SHOWN ON THE HANNAH- DUSTIN SUBDIVISION PLAT RECORDED SEPTEMBER 25, 2006 IN PLAT BOOK 81 AT PAGE 44 AND AS DEFINED AND DESCRIBED BY THE CONDOMINIUM DECLARATION FOR HANNAH - DUSTIN CONDOMINIUM RECORDED OCTOBER 2, 1985 IN BOOK 496 AT PAGE 375 AND BY THE AMENDED AND RESTATED CONDOMINIUM DECLARATION OF HANNAH - DUSTIN CONDOMINIUMS RECORDED AUGUST 29, 2006 UNDER RECEPTION NO. 527925 AND SECOND AMENDED AND RESTATED CONDOMINIUM DECLARATION RECORDED SEPTEMBER 25, 2006 UNDER RECEPTION NO. 528971 AND AMENDMENT TO SECOND AMENDED AND RESTATED CONDOMINIUM DECLARATION RECORDED MARCH 10, 2008 UNDER RECEPTION NO. 547246. COUNTY OF PITKIN, STATE OF COLORADO. ALTA COMMITMENT Schedule B -1 (Requirements) Our Order No. QC62003926 The following are the requirements to be complied with: Payment to or for the account of the grantors or mortgagors of the full consideration for the estate or interest to be insured. Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record, to -wit: 1. RELEASE OF DEED OF TRUST DATED SEPTEMBER 04, 2008 FROM SNOWMASS CORPORATION, A COLORADO CORPORATION TO THE PUBLIC TRUSTEE OF PITKIN COUNTY FOR THE USE OF BANK OF AMERICA, N.A., A NATIONAL BANKING ASSOCIATION TO SECURE THE SUM OF $8,000,000.00 RECORDED SEPTEMBER 08, 2008, UNDER RECEPTION NO. 552734. SAID DEED OF TRUST WAS FURTHER SECURED BY ASSIGNMENT OF LEASES AND RENTS AND OTHER INCOME RECORDED SEPTEMBER 08, 2008, UNDER RECEPTION NO. 552735. 2. TERMINATION OF FINANCING STATEMENT BY BANK OF AMERICA, N.A., THE SECURED PARTY, RECORDED SEPTEMBER 08, 2008, UNDER RECEPTION NO. 552736. 3. WARRANTY DEED FROM SNOWMASS CORPORATION, A COLORADO CORPORATION TO TO BE DETERMINED CONVEYING SUBJECT PROPERTY. NOTE: ADDITIONAL REQUIREMENTS OR EXCEPTIONS MAY BE NECESSARY WHEN THE BUYERS NAMES ARE ADDED TO THIS COMMITMENT. COVERAGES AND /OR CHARGES REFLECTED HEREIN, IF ANY, ARE SUBJECT TO CHANGE UPON RECEIPT OF THE CONTRACT TO BUY AND SELL REAL ESTATE AND ANY AMENDMENTS THERETO. ALTA COMMITMENT Schedule B -2 (Exceptions) Our Order No. QC62003926 The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company: 1. Any facts, rights, interests, or claims thereof, not shown by the Public Records but that could be ascertained by an inspection of the Land or that may be asserted by persons in possession of the Land. 2. Easements, liens or encumbrances, or claims thereof, not shown by the Public Records. 3. Any encroachment, encumbrance, violation, variation, or adverse circumstance affecting the Title that would be disclosed by an accurate and complete land survey of the Land and not shown by the Public Records. 4. Any lien, or right to a lien, for services, labor or material heretofore or hereafter furnished, imposed by law and not shown by the Public Records. 5. Defects, liens, encumbrances, adverse claims or other matters, if any, created, first appearing in the public records or attaching subsequent to the effective date hereof but prior to the date the proposed insured acquires of record for value the estate or interest or mortgage thereon covered by this Commitment. 6. (a) Taxes or assessments that are not shown as existing liens by the records of any taxing authority that levies taxes or assessments on real property or by the Public Records; (b) proceedings by a public agency that may result in taxes or assessments, or notices of such proceedings, whether or not shown by the records of such agency or by the Public Records. 7. (a) Unpatented mining claims; (b) reservations or exceptions in patents or in Acts authorizing the issuance thereof; (c) water rights, claims or title to water, whether or not the matters excepted under (a), (b), or (c) are shown by the Public Records. 8. EXISTING LEASES AND TENANCIES, IF ANY. 9. RESERVATIONS AND EXCEPTIONS AS SET FORTH IN THE DEED FROM THE CITY OF ASPEN RECORDED IN BOOK 59 AT PAGE 150, 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. 10. TERMS, CONDITIONS AND PROVISIONS OF AGREEMENT WITH THE CITY OF ASPEN RECORDED OCTOBER 02, 1985 IN BOOK 496 AT PAGE 371. 11. TERMS, CONDITIONS, PROVISIONS, BURDENS, OBLIGATIONS AND EASEMENTS AS SET FORTH AND GRANTED IN EASEMENT AGREEMENT RECORDED AUGUST 24, 1972 IN BOOK 266 AT PAGE 229 AND EXTINGUISHMENT OF EASEMENT AGREEMENT RECORDED MARCH 5, 2009 UNDER RECEPTION NO. 556918. 12. TERMS, CONDITIONS AND PROVISIONS OF SUBDIVISION AGREEMENT RECORDED OCTOBER ALTA COMMITMENT Schedule B -2 (Exceptions) Our Order No. QC62003926 The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company: 02, 1985 IN BOOK 496 AT PAGE 409. 13. TERMS, EASEMENTS, RIGHTS OF WAY AND ALL OTHER MATTERS AS CONTAINED IN THE CONDOMINIUM MAP OF HANNAH DUSTIN CONDOMINIUMS RECORDED OCTOBER 2, 1985 IN PLAT BOOK 17 AT PAGE 78 AND FIRST AMENDED PLAT RECORDED AUGUST 29, 2006 IN PLAT BOOK 80 AT PAGE 3 AND HANNAH DUSTIN SUBDIVISION PLAT RECORDED SEPTEMBER 25, 2006 IN PLAT BOOK 81 AT PAGE 44. 14. AMENDED AND RESTATED CONDOMINIUM DECLARATION, WHICH DO NOT CONTAIN A FORFEITURE OR REVERTER CLAUSE, BUT OMITTING ANY COVENANTS OR RESTRICTIONS, IF ANY, BASED UPON RACE, COLOR, RELIGION, SEX, SEXUAL ORIENTATION, FAMILIAL STATUS, MARITAL STATUS, DISABILITY, HANDICAP, NATIONAL ORIGIN, ANCESTRY, OR SOURCE OF INCOME, AS SET FORTH IN APPLICABLE STATE OR FEDERAL LAWS, EXCEPT TO THE EXTENT THAT SAID COVENANT OR RESTRICTION IS PERMITTED BY APPLICABLE LAW, AS CONTAINED IN INSTRUMENT RECORDED AUGUST 29, 2006, UNDER RECEPTION NO. 527925 AND SECOND AMENDED AND RESTATED CONDOMINIUM DECLARATION RECORDED SEPTEMBER 25, 2006 UNDER RECEPTION NO. 529971 AND AMENDMENT TO SECOND AMENDED AND RESTATED CONDOMINIUM DECLARATION RECORDED MARCH 10, 2008 UNDER RECEPTION NO. 547246. 15. TERMS, CONDITIONS AND PROVISIONS OF ORDINANCE# 16, SERIES OF 2006 RECORDED JULY 12, 2006 AT RECEPTION NO. 526319. 16. TERMS, CONDITIONS AND PROVISIONS OF REVOCABLE ENCROACHMENT AGREEMENT RECORDED SEPTEMBER 25, 2006 AT RECEPTION NO. 528932. 17. TERMS, CONDITIONS AND PROVISIONS OF SUBDIVISION AGREEMENT RECORDED SEPTEMBER 25, 2006 AT RECEPTION NO. 528933 AND AMENDMENT TO SUBDIVISION AGREEMENT RECORDED NOVEMBER 9, 2006 UNDER RECEPTION NO. 530875. 18. TERMS, CONDITIONS AND PROVISIONS OF RESOLUTION# 09, SERIES OF 2006 RECORDED OCTOBER 26, 2006 AT RECEPTION NO. 530237. 19. TERMS, CONDITIONS AND PROVISIONS OF NON DISTURBANCE AGREEMENT RECORDED NOVEMBER 09, 2006 AT RECEPTION NO. 530910. 20. TERMS, CONDITIONS AND PROVISIONS OF MEMORANDUM RECORDED JANUARY 02, 2007 AT w ALTA COMMITMENT Schedule B -2 (Exceptions) Our Order No. QC62003926 The policy or policies to be issued will contain exceptions to the following unless the same are disposed of to the satisfaction of the Company: RECEPTION NO. 532934. 21. TERMS, CONDITIONS AND PROVISIONS OF USE AND OCCUPANCY RESTRICTION RECORDED MARCH 20, 2007 AT RECEPTION NO. 535572. 22. TERMS, CONDITIONS AND PROVISIONS OF NOTICE OF APPROVAL RECORDED JULY 30, 2007 AT RECEPTION NO. 540462. 23. TERMS, CONDITIONS, PROVISIONS, BURDENS, OBLIGATIONS AND EASEMENTS AS SET FORTH AND GRANTED IN EASEMENT AGREEMENT RECORDED AUGUST 09, 2007 UNDER RECEPTION NO. 540841. 24. TERMS, CONDITIONS AND PROVISIONS OF RESOLUTION OF ASPEN HISTORICAL PRESERVATION COMMISSION RECORDED MARCH 28, 2008 AT RECEPTION NO. 547895. 25. TERMS, CONDITIONS AND PROVISIONS OF RESOLUTION# 12, SERIES OF 2008 RECORDED JUNE 26, 2008 AT RECEPTION NO. 550530. 26. TERMS, CONDITIONS AND PROVISIONS OF RESOLUTION # 13 RECORDED MARCH 05, 2009 AT RECEPTION NO. 556911. 27. TERMS, CONDITIONS AND PROVISIONS OF RESOLUTION # 37 -B RECORDED AUGUST 04, 2009 AT RECEPTION NO. 561638. LAND TITLE GUARANTEE COMPANY and LAND TITLE GUARANTEE COMPANY - GRAND JUNCTION DISCLOSURE STATEMENTS Note: Pursuant to CRS 10 -11 -122, notice is hereby given that: A) The subject real property may be located in a special taxing district. B) A Certificate of 'faxes Due fisting each taxing jurisdiction may be obtained from the County Treasurer's authorized agent. C) The information regarding special districts and the boundaries of such districts may be obtained from the Board of County Commissioners, the County Clerk and Recorder, or the County Assessor. Note: Effective September 1, 1997, CRS 30 -10 -406 requires that all documents received for recording or filing in the clerk and recorder's office shall contain a top margin of at least one inch and a left, right and bottom margin of at least one half of an inch. The clerk and recorder may refuse to record or file any document that does not conform, except that, the requirement for the top margin shall not apply to documents using forms on which space is provided for recording or filing information at the top margin of the document. Note: Colorado Division of Insurance Regulations 3 -5 -1, Paragraph C of Article VII requires that "Every title entity shall be responsible for all maters which appear of record prior to the time of recording whenever the title entity conducts the closing and is responsible for recording or filing of legal documents resulting from the transaction which was closed ". Provided that Land Title Guarantee Company conducts the closing of the insured transaction and is responsible for recording the legal documents from the transaction, exception number 5 will not appear on the Owner s Title Policy and the Lenders Policy when issued. Note: Affirmative mechanic's lien protection for the Owner may be available (typically by deletion of Exception no. 4 of Schedule B, Section 2 of the Commitment from the Owner s Policy to be issued) upon compliance with the following conditions: A) The land described in Schedule A of this commitment must be a single family residence which includes a condominium or townhouse unit. B) No labor or materials have been furnished by mechanics or material -men for purposes of construction on the land described in Schedule A of this Commitment within the past 6 months. C) The Company must receive an appropriate affidavit indemnifying the Company against un -filed mechanic s and material -men's hens. D) The Company must receive payment of the appropriate premium. E) If there has been construction, improvements or major repairs undertaken on the property to be purchased within six months prior to the Date of the Commitment, the requirements to obtain coverage for unrecorded liens will include: disclosure of certain construction information; financial Information as to the seller, the builder and or the contractor; payment of the appropriate premium fully executed Indemnity Agreements satisfactory to the company, and, any additional requirements as may be necessary after an examination of the aforesaid Information by the Company. No coverage will be given under any circumstances for labor or material for which the insured has contracted for or agreed to pay. Note: Pursuant to CRS 10 -11 -123, notice is hereby given: This notice applies to owner's policy commitments containing a mineral severance instrument exception, or exceptions, in Schedule B, Section 2. A) That there is recorded evidence that a mineral estate has been severed, leased, or otherwise conveyed from the surface estate and that there is a substantial likelihood that a third party holds some or all interest in oil, gas, other minerals, or geothermal energy in the property; and B) That such mineral estate may include the right to enter and use the prope� without the surface owner's permission. Note: Pursuant to CRS 10- 1- 128(6)(a) It is unlawful to knowingly provide false, incomplete, or misleading facts or information to an insurance company for the purpose of defrauding or attempting to defraud the company. Penalties may include imprisonment, fines, information to an insurance company for the purpose of defrauding or incomplete, or misleading facts or information to a policyholder or claimant for the purpose of defrauding or attempting attempting to defraud the olicyholder or claimant with regard to a settlemwnt or award payable from insurance proceeds shall be reported to the Colorado division of insurance within the department of regulatory agencies. Nothing herein contained will be deemed to obligate the company to provide any of the coverages referred to herein unless the above conditions are fully satisfied. DISQDSURE 02/2011 w JOINT NOTICE OF PRIVACY POLICY OF LAND TITLE GUARANTEE COMPANY, LAND TITLE GUARANTEE COMPANY - GRAND JUNCTION, LAND TITLE INSURANCE CORPORATION AND OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY This Statement is provided to you as a customer of Land Title Guarantee Company and Meridian Land Title, LLC, as agents for Land Title Insurance Corporation and Old Republic National Title Insurance Company. We want you to know that we recognize and respect your privacy expectations and the requirements of federal and state privacy laws. Information security is one of our highest priorities. We recognize that maintaining your trust and confidence is the bedrock of our business. We maintain and regularly review internal and external safeguards against unauthorized access to non - public personal information ( "Personal Information "). In the course of our business, we may collect Personal Information about you from: * applications or other forms we receive from you, including communications sent through TMX, our web -based transaction management system; * your transactions with, or from the services being performed by, us, our affiliates, or others; * a consumer reporting agency, if such information is provided to us in connection with your transaction; and * the public records maintained by governmental entities that we either obtain directly from those entities, or from our affiliates and non - affiliates. Our policies regarding the protection of the confidentiality and security of your Personal Information are as follows: * We restrict access to all Personal Information about you to those employees who need to know that information in order to provide products and services to you. * We maintain physical, electronic and procedural safeguards that comply with federal standards to protect your Personal Information from unauthorized access or intrusion. * Employees who violate our strict policies and procedures regarding privacy are subject to disciplinary action. * We regularly access security standards and procedures to protect against unauthorized access to Personal Information. WE DO NOT DISCLOSE ANY PERSONAL INFORMATION ABOUT YOU WITH ANYONE FOR ANY PURPOSE THAT IS NOT PERMITTED BY LAW. Consistent with applicable privacy laws, there are some situations in which Personal Information may be disclosed. We may disclose your Personal Information when you direct or give us permission; when we are required by law to do so, for example, if we are served a subpoena; or when we suspect fraudulent or criminal activities. We also may disclose your Personal Information when otherwise permitted by applicable privacy laws such as, for example, when disclosure is needed to enforce our rights arising out of any agreement, transaction or relationship with you. Our policy regarding dispute resolution is as follows. Any controversy or claim arising out of or relating to our privacy policy, or the breach thereof, shall be settled by arbitration in accordance with the rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. Form PRIV. FOL. CRT 4 THE CITY OF ASPEN Land Use Application Determination of Completeness Date: March 16, 2011 Dear City of Aspen Land Use Review Applicant, We have received your land use application and reviewed it for completeness. The case number and name assigned to this property is 0014.2011.ASLU —300 S. Spring St — Condominiumization 101 Summer Road. The planner assigned to this case is Sara Adams. ❑ Your Land Use Application is incomplete: We found that the application needs additional items to be submitted for it to be deemed complete and for us to begin reviewing it. We need the following additional submission contents for you application: Please submit the aforementioned missing submission items so that we may begin reviewing your application. No review hearings will be scheduled until all of the submission contents listed above have been submitted and are to the satisfaction of the City of Aspen Planner reviewing the land use application. Your Land Use Application is complete: If there are not missing items listed above, then your application has been deemed complete to begin the land use review process. Other submission items may be requested throughout the review process as deemed necessary by the Community Development Department. Please contact me at 429 -2759 if you have any questions. Tha.. , ou, 4 i I _tf ' L 1 - •. er PhD, Deputy Director City of Asp- , Community Development Department For Office Use Only: Qualifying Applications: Mineral Rights Notice Required SPA PUD COWOP Yes No___ Subdivision (creating more than 1 additional lot) GMQS Allotments Residential Affordable Housing Yes No Commercial E.P.F. CI Y IA > P G M Y z/ 1 1 .iI NT CITY OF ASPEN COMMUNITY DEVELOPMENT DEPARTMENT Agreement for Payment of City of Aspen Development Application Fees CITY OF ASPEN (hereinafter CITY) and Snowmass Corporation (hereinafter APPLICANT) AGREE AS FOLLOWS: 1. APPLICANT has submitted to CITY an application for condominiumization of existing office building (hereinafter, THE PROJECT). 2. APPLICANT understands and agrees that the City of Aspen has an adopted fee structure for Land Use applications and the payment of all processing fees is a condition precedent to a determination of application completeness. 3. APPLICANT and CITY agree that because of the size, nature or scope of the proposed project, it is not possible at this time to ascertain the full extent of the costs involved in processing the application. APPLICANT and CITY further agree that it is in the interest of the parties that APPLICANT make payment of an initial deposit and to thereafter permit additional costs to be billed to APPLICANT on a monthly basis. APPLICANT agrees additional costs may accrue following their hearings and/or approvals. APPLICANT agrees he will be benefited by retaining greater cash liquidity and will make additional payments upon notification by the CITY when they are necessary as costs are incurred. CITY agrees it will be benefited through the greater certainty of recovering its full costs to process APPLICANT'S application. 4. CITY and APPLICANT further agree that it is impracticable for CITY staff to complete processing or present sufficient information to the Historic Preservation Commission, Planning and Zoning Commission and/or City Council to enable the Historic Preservation Commission, Planning and Zoning Commission and/or City Council to make legally required findings for project consideration, unless current billings are paid in full prior to decision. 5. Therefore, APPLICANT agrees that in consideration of the CITY's waiver of its right to collect full fees prior to a determination of' application completeness, APPLICANT shall pay an initial deposit in the amount of $ 735.00 which is for three (3) hours of Community Development staff time, and if actual recorded costs exceed the initial deposit, APPLICANT shall pay additional monthly billings to CITY to reimburse the CITY for the processing of the application mentioned above, including post approval review at a rate of $245.00 per planner hour over the initial deposit. Such periodic payments shall be made within 30 days of the billing date. APPLICANT further agrees that failure to pay such accrued costs shall be grounds for suspension of processing, and in no case will building permits be issued until all costs associated with case processing have been paid. CITY OF ASPEN APPLICANT SNOWMASS CORPORATION t By: By: a aL: - i A Chris Bendon rn , a/ Community Development Director Date Lit- 0, 20// Billing Address and Telephone Number: P. O. Box 620 Basalt, Colorado 81621 (970) 927-2932 CITY OF ASPEN PRE- APPLICATION CONFERENCE SUMMARY rA PLANNER: Amy Guthrie, 970.429.2758 � CC "s DATE: 3.1.11 PROJECT: 300 S. Spring Street, Condo Plat APPLICANT: Snowmass Corporation a .; REPRESENTATIVE: David Mylar, Attorney TYPE OF APPLICATION: Condominiumization GMNIUNITV GtTy '.. ' �r 't,P1T DESCRIPTION: The Applicant proposes condominiumization of CO the existing Hannah Dustin Building, which is described as 300 S. Spring Street, Unit A, Hannah Dustin Subdivision. Below is a link to the Land Use application Form for your convenience: http: / /www.aspenpitkin.com/Portals /0 /docs /Citv /Comdev/ Apps %20and %20Fees /landuseappform.pdf Below is a link the Land Use Code for your convenience: http:// www.aspenpitkin.com/Departments /Community- Development/Planning- and- Zoning/Title -26 Land - Use - Code/ Land Use Code Section(s) 26.304 Common Development Review Procedures 26.480.090 Condominiumization Review by: - Planning and Engineering Staff for compliance - Community Development Director for approval Public Hearing: No hearing required Planning Fees: $735.00 Deposit for 3 hours of staff time. Additional staff time required is billed at $245/hour Referral Fees: None Total Deposit: $735.00 (Additional fees will be required for filing. Those fees will be identified and due just prior to filing of the plat.) Total Number of Application Copies: Two (2) To apply, submit the following information: 1. Total Deposit for review of application. 2. Applicant's name, address and telephone number, contained within a letter signed by the applicant stating the name, address, and telephone number of the representative authorized to act on behalf of the applicant. 3. Street address and legal description of the parcel on which development is proposed to occur, consisting of a current certificate from a title insurance company, or attorney licensed to practice in the State of Colorado, listing the names of all owners of the property, and all mortgages, judgments, liens, ,^. -^N. easements, contracts and agreements affecting the parcel, and demonstrating the owner's right to apply for the Development Application. 4. Completed Land Use Application. 5. Signed fee agreement. 6. Pre - application Conference Summary. 7. An 8 1/2" x 11" vicinity map locating the subject parcel within the City of Aspen. 8. Proof of ownership. 9. Proposed condominium plat. 10. A written description of the proposal and a written explanation of how a proposed development complies with the review standards relevant to the development application. 11. All necessary items found in Land Use Codes Section 26.480.090, Condominiumization. Disclaimer: The foregoing summary is advisory in nature only and is not binding on the City. The summary is based on current zoning, which is subject to change in the future, and upon factual representations that may or may not be accurate. The summary does not create a legal or vested right.