HomeMy WebLinkAboutcoa.lu.su.300 s spring sub exempt 0022.2012 THE CITY OF ASPEN
City of Aspen Community Development Department
CASE NUMBER 4�.2012.ASLU
9' Aw.
PARCEL ID NUMBERS 2737 182 278 04
PROJECTS ADDRESS 300 S. SPRING ST
PLANNER JIM POMEROY
CASE DESCRIPTION SUBDIVISION EXEMPTION
REPRESENTATIVE DAVID MYLER
DATE OF FINAL ACTION 4.23.12
CLOSED BY ANGELA SCOREY ON: 8.30.12
273-1 . ;S- 2 ^ ZI - 101
7 l 8 2 2.7 0 �- c� a 2 2 U,
File Edit Record Navigate Form Reports Format Tab Help
i
►X � AJump1 g
• HIQ
Routing Rogting Status Fees Fee SummarX Main Actions Attachments Routing jstory Valuation ArchjEng Custom Fields 15ub Permits Parcels
hfttype laslu Aspen Land Use hft# 0022.2012.ASLU
Address 1300 S SPRING ST
City ASPEN me ICO Zp 181611
I ,. � Pena inforn►ation
i
i Master permit Rang queue asluG7 7 Applied
414 2012
Project Status pending Approved C
Description APPLICATION FOR SUBDIVISION EXEMPTION CONDO EXPANSION PROJECT FOR 300 Issued
S.SPRING STREET
F ClosoFinal
Submitted DAVID J.MYLER 927 0456 Clock Running Days[70 Expires 3f30f2013
I Submitted via
i Owner
k
I Last name]PRING STREET ASPEN LLC First name ANDREW LIGHT PO BOX 620
Phone (970)948-2737 Address BASALT CO 61621
Applicant
I
i ❑Owner is applicant? E]Contractor is applicant?
C
Last name MYLER First name DAVID 201 MIDLAND AVE
j Phone (970)920-1016 Cust# 26693 Address BASALT CO 61621
t
r
i ` Lender
Last name First name
Phone O Address
P
I I
Displays the permit lender's address AspenGold5(server) angelas 1 of 1
r
THE CITY of ASPEN
Land Use Application
Determination of Completeness
Date: April 6, 2012
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 0022.2012.ASLU—300 S. Spring St. The planner assigned
to this case is Sara Nadolny.
❑ 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.
T You,
fifer Ph 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.
CITY OF ASPEN
PRE-APPLICATION CONFERENCE SUMMARY
PLANNER: Jim Pomeroy 970-429-2745 DATE: 3/30/12
PROJECT: 300 S. Spring Street, Amended Condo Plat
APPLICANT: Snowmass Corporation
REPRESENTATIVE: David Mylar, Attorney
TYPE OF APPLICATION: Condominiumization
DESCRIPTION: The Applicant proposes to amend the condo plat for 300 South Spring Street
Condominiums, formerly known as The Hannah-Dustin Condominiums. The original condo plat for 300
South Spring Street Condominiums was recorded in 2011 with the Pitkin County Clerk and Recorder's
office under Book 97, Page 1.
The applicant will need to meet all of the requirements of Section 26.480.090 (B) Condominiumization,
to complete the project.
Below is a link to the Land Use application Form for your convenience:
http://www.aspenpitkin.com/Portals/O/flocs/City/Comdev/Apps%20and%20Fees/2011%20 land%2Ouse
%20app%20form.pdf
Land Use Code Section(s)
26.304 Common Development Review Procedures
26.480.090 Condominiumization
Below is a link the Land Use Code for your convenience:
http://wWw.aspenpitkin.com/Departments/Community Develot)ment/Planning and
Zoning/Title-26-Land-Use-Code/
Review by: - Planning and Engineering Staff for compliance
- Community Development Director for approval
Public Hearing: No hearing required
Planning Fees: $630.00 Deposit for 2 hours of staff time. Review time for City Attorney and
other referral departments also applies and is billed at same hourly rate.
Additional Planning staff time required is billed at $315/hour
Referral Fees: $265/hour for Engineering Review
Total Deposit: $895.00 (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. ►�I';� r1 2l�'I�
COMMUNITY C UJ_I.Cr�;'riJT
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, 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, Condominium ization.
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.
n 201
COMMUNNTY
ATTACHMENT 2—LAND USE APPLICATION
PROJECT:
Name: Expansion Project-300 South Spring Street Condominiums
Location: 300 South Spring Street,Aspen, Colorado
Indicate street address, lot&block number, legal description where appropriate)
Parcel ID#(REQUIRED) 273718227804
APPLICANT:
Name: 300 Spring Street Aspen, LLC
Address: P. O. Box 620, Basalt, CO 81621.
Phone#: (970)948-2737
REPRESENTATIVE:
Name: David J. Myler, The Myler Law Firm, P.C.
Address: 211 Midland Avenue, Suite 201, Basalt, CO 81621
Phone#: (970)927-0456
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 ❑ Other:
❑ Conditional Use
EXISTING CONDITIONS: (description of existing buildings,uses,previous approvals,etc.)
Expansion of existing office building per Ordinance No 16, Series of 2006.
PROPOSAL: (description of proposed buildings, uses,modifications,etc.
Approve Supplemental Condominium Map.
Have you attached the following? FEES DUE:$ 895.00
❑ Pre-Application Conference Summary
n Attachment#1, Signed Fee Agreement
❑ Response to Attachment#3,Dimensional Requirements Form
❑ Response to Attachment#4, Submittal Requirements-Including Written Responses to Review Standards
❑ 3-13 Model for large project
All plans that are larger than 8.5"X 1 I"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 inckdc;
electronic 3-13 model. Your pre-application conference summary will indicate if you must submit a 3-D model.
AF R 201
C11
COMMUNP DF T
COMMUNITY DEVELOPMENT DEPARTMENT
Agreement to Pay Application Fees
Anagreement between the City of Aspen ("City") and
Property Phone No.: (970)948-2737
Owner("1"): 300 Spring Street Aspen, LLC Email: alight @rflodging.corn
Address of Billing
Property: 300 South Spring Street Address: P. O. Box 620
(subject of (send bills here)
application) Aspen, CO 81611 Basalt,CO 81621
I understand that the City has adopted, via Ordinance No. , Series of 2011, review fees for Land Use applications
and the payment of these fees is a condition precedent to determining application completeness. I understand
that as the property owner that I am responsible for paying all fees for this development application.
For flat fees and referral fees: I agree to pay the following fees for the services indicated. I understand that these
flat fees are non-refundable.
$ flat fee for $ flat fee for
$ flat fee for $ flat fee for
For deposit cases only: The City and I understand that because of the size, nature or scope of the proposed
project, it is not possible at this time to know the full extent or total costs involved in processing the application. I
understand that additional costs over and above the deposit may accrue. I understand and agree that it is
impracticable for City staff to complete processing, review, and presentation of sufficient information to enable
legally required findings to be made for project consideration, unless invoices are paid in full.
The City and I understand and agree that invoices mailed by the City to the above listed billing address and not
returned to the City shall be considered by the City as being received by me. I agree to remit payment within 30
days of presentation of an invoice by the City for such services.
I have read, understood, and agree to the Land Use Review Fee Policy including consequences for non-payment.
I agree to pay the following initial deposit amounts for the specified hours of staff time. I understand that payment
of a deposit does not render an application complete or compliant with approval criteria. If actual recorded costs
exceed the initial deposit, I agree to pay additional monthly billings to the City to reimburse the City for the
processing of my application at the hourly rates hereinafter stated.
$ 630.00 deposit for 2 hours of Community Development Department staff time. Additional time
above the deposit amount will be billed at$315 per hour.
$ 265.00 deposit for 1 hours of Engineering Department staff time.Additional time above the deposit
amount will be billed at$265 per hour.
City of Aspen: Prop rty Owner:
300 RING' TREET ASP LL
Chris Bendon
Community Development Director N me: Andre". Lights
City Use:
Title: Manager
Fees Due:$ Received:$
November, 201 1 City of Aspen 1 130 S. Galena SI. (970)920-5090
i
3 ZOjc
C;1 I 'Y U%J- , i—�
COMMUNITY DFVELOPWfalT
300 SPRING STREET ASPEN, LLC
P. O. BOX 620
BASALT, COLORADO 81621
April 2, 2012
City of Aspen
Community Development Department
Attention: Jim Pomeroy
130 South Galena Street
Aspen, CO 81611
RE: Letter of Authorization
Dear Jim:
Please be advised that David J. Myler of The Myler Law Firm, P.C. and Mark Beckler of
Sopris Engineering are authorized to represent 300 Spring Street Aspen,LLC in connection with its
application for approval of a Supplemental Condominium Map describing the"Expansion Project"
at the 300 South Spring Street Condominiums, located at 300 South Spring Street in Aspen,
Colorado.
If you have any questions or need any additional information, please contact me at
alight ,rflodging.com or 948-2737
300 SPRING STREET ASPEN, LLC
By:--
ndre ght
AN n 3 2012
"OMMUNITY DEVEIOFMEPIT
THE MYLER LAW FIRM, P.C.
I A Colorado Professional Corporation TELEPHONE
DAVID J.MYLER (970)927-0456
ADMITTED IN CO' FACSIMILE
211 MIDLAND AVENUE (970)927-0374
EMAILS
SUITE 201
CONNIE A.WOOD,LEGAL ASSISTANT dmyler @mylerlawpc.com
BASALT,COLORADO 81621 cwood @mylerlawpc.com
April 2, 2012
VIA HAND DELIVERY
Jim Pomeroy
Code Enforcement Officer
City of Aspen
Community Development Department
130 South Galena Street
Aspen, CO 81611
RE: 300 South Spring Street Condominiums - Supplemental Condominium Map
Dear Jim:
This letter and the supporting documents are being submitted on behalf of 300 Spring Street
Aspen,LLC,as the Declarant and Developer of the Expansion Project at the 300 South Spring Street
Condominiums,which was approved by Ordinance No. 16, Series of 2006. The Expansion Project
is described in the Declaration of Covenants, Conditions and Restrictions for 300 South Spring
Street(Reception No. 580190) and in the Partial Assignment of Declarant Rights, a copy of which
is attached.
This letter and the supporting documents request administrative approval of a Supplemental
Condominium Map which describes the three (3) new commercial units and the deed restricted
residential unit to be condominiumized and incorporated into the condominium regime for the 300
South Spring Street Condominiums.
In support of this request, I have enclosed the following:
1. Pre-Application Conference Summary
2. Deposit in the amount of$895.00
3. Applicant's Authorization Letter
4. Property Information Binder, addressing ownership and encumbrances.
5. Land Use Application Form
6. Fee Agreement
7. Condominium Map with Vicinity Map 1N31Nd013AJG)l11NnjVn0'�
8. Partial Assignment of Declarant Rights � '' rr 1 17
z�oz � u �dv
THE MYLER LAW FIRM, P.C.
Jim Pomeroy
April 2, 2012
Page 2
If you have any questions or need any additional information, please call or email.
Otherwise, we would appreciate review and approval of the Supplemental Condominium Map as
soon as possible.
Very truly yours,
THE MYLER LAW FIRM, P.C.
By:
David J. Myler
Enclosures
APR n 3 2012
C►► t' Ur AOt tLN
COMMUNITY DEVELOPMENT
Land Title Guarantee Company
CUSTOMER DISTRIBUTION
Date: 03-27-2012 Our Order Number: ABZ62004513
Property Address:
300 S SPRING ST#A ASPEN CO 81611
ROARING FORK LODGING COMPANY LAND TITLE GUARANTEE COMPANY
24398 HWY 82 533 E HOPKINS#102
PO BOX 4560 ASPEN, CO 81611
BASALT, CO 81621 Attn: 0
Attn: ANDREW LIGHT
Phone: 970-927-1100
Fax: 970-927-2834
Email:alight @rflodging.com
MYLER LAW FIRM PC SNOWMASS CORPORATION
211 MIDLAND AVE#201 24398 HWY 82
BASALT, CO 81621 PO BOX 4560
Attn: DAVE MYLER BASALT, CO 81621
Phone: 970-927-0456 Attn: JAMES LIGHT
Fax: 970-927-0374 Phone: 970-927-1100
EMail:dmyler @mylerlawpc.com Fax: 970-927-2834
Sent Via EMail Sent Via EMail
20141
�.I i 7 Vr raver=i�1
COMMUNITY D17UE1.Or,MENT
If you have any inquiries or require further assistance, please contact Commercial Title Dept
Phone: 720-406-2083 Fax: 303-393-4919
Form DELIVERY.LP
LTG Policy No. LTAQ62004513
Form PIB/ORT
PROPERTY INFORMATION BINDER
Our Order No. ABZ62004513 Liability:
Fee: $500.00
Subject to the exclusions from coverage, the limits of liability and other provisions of the Conditions
and Stipulations hereto annexed and made a part of this Binder,
OLD REPUBLIC NATIONAL TITLE INSURANCE COMPANY
a Corporation, herein called the Company,
GUARANTEES
300 SPRING STREET ASPEN, LLC
herein called the Assured, against loss, not exceeding the liability amount stated above, which the assured
shall sustain by reason of any incorrectness in the assurance which the Company hereby gives that,
according to the public records as of March 13, 2012 at 5:00 P.M.
1. Title to said estate or interest at the date hereof is vested in:
SNOWMASS CORPORATION, A COLORADO CORPORATION
2. The estate or interest in the land hereinafter described or referred to covered by this Binder is:
A Fee Simple
h.rR o 2012
GI i Y lit- A6,v L:N
Land Title Guarantee Company COMMUNITY DEUElM1RT
Representing Old Republic National Title Insurance Company
LTG Policy No. LTAQ62004513
Form PIB/ORT
Our Order No. ABZ62004513
3. The land referred to in this Binder is situated in the State of Colorado, County of PITKIN
described as follows:
SEE ATTACHED PAGE(S) FOR LEGAL DESCRIPTION
4. The following documents affect the land:
1. EXISTING LEASES AND TENANCIES.
2. 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.
3. TERMS, CONDITIONS AND PROVISIONS OF AGREEMENT WITH THE CITY OF ASPEN
RECORDED OCTOBER 02, 1985 IN BOOK 496 AT PAGE 371.
4. 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.
5. TERMS, CONDITIONS AND PROVISIONS OF SUBDIVISION AGREEMENT RECORDED OCTOBER
02, 1985 IN BOOK 496 AT PAGE 409.
A,PR 2012
Y Ut-
COMMUNITY UVE.OPMENT
Land Title Guarantee Company
Representing Old Republic National Title Insurance Company
Form PIB/ORT LTG Policy No. LTAQ62004513
Our Order No. ABZ62004513
4. The following documents affect the land: (continued)
6. 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.
7. 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.
8. TERMS, CONDITIONS AND PROVISIONS OF ORDINANCE# 16, SERIES OF 2006 RECORDED
JULY 12, 2006 AT RECEPTION NO. 526319.
9. TERMS, CONDITIONS AND PROVISIONS OF REVOCABLE ENCROACHMENT AGREEMENT
RECORDED SEPTEMBER 25, 2006 AT RECEPTION NO. 528932.
10. 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.
11. TERMS, CONDITIONS AND PROVISIONS OF RESOLUTION#09, SERIES OF 2006 RECORDED
OCTOBER 26, 2006 AT RECEPTION NO. 530237.
12. TERMS, CONDITIONS AND PROVISIONS OF NON DISTURBANCE AGREEMENT RECORDED
NOVEMBER 09, 2006 AT RECEPTION NO. 530910.
13. TERMS, CONDITIONS AND PROVISIONS OF MEMORANDUM RECORDED JANUARY 02, 2007 AT
RECEPTION NO. 532934. t.
14. TERMS, CONDITIONS AND PROVISIONS OF USE AND OCCUPANCY RESTRICTION RECORDED
MARCH 20, 2007 AT RECEPTION NO. 535572. rV () 20
MENT
Form PIB/ORT LTG Policy No. LTAQ62004513
Our Order No. ABZ62004513
4. The following documents affect the land: (continued)
15. TERMS, CONDITIONS AND PROVISIONS OF NOTICE OF APPROVAL RECORDED JULY 30,
2007 AT RECEPTION NO. 540462.
16. TERMS, CONDITIONS, PROVISIONS, BURDENS, OBLIGATIONS AND EASEMENTS AS SET
FORTH AND GRANTED IN EASEMENT AGREEMENT RECORDED AUGUST 09, 2007 UNDER
RECEPTION NO. 540841.
17. TERMS, CONDITIONS AND PROVISIONS OF RESOLUTION OF ASPEN HISTORICAL
PRESERVATION COMMISSION RECORDED MARCH 28, 2008 AT RECEPTION NO. 547895.
18. TERMS, CONDITIONS AND PROVISIONS OF RESOLUTION# 12, SERIES OF 2008 RECORDED
JUNE 26, 2008 AT RECEPTION NO. 550530.
19. TERMS, CONDITIONS AND PROVISIONS OF RESOLUTION# 13 RECORDED MARCH 05, 2009
AT RECEPTION NO. 556911.
20. TERMS, CONDITIONS AND PROVISIONS OF RESOLUTION # 37-B RECORDED AUGUST 04,
2009 AT RECEPTION NO. 561638.
21. CONDOMINIUM DECLARATION, WHICH DOES 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 MAY 27, 2011, UNDER RECEPTION NO.
580190 AND FIRST AMENDMENT RECORDED AUGUST 1, 2011 UNDER RECEPTION NO.
581586 AND SECOND AMENDMENT RECORDED DECEMBER 14, 2011 UNDER RECEPTION
NO. 585109.
PARTIAL ASSIGNMENT OF DECLARANT RIGHTS RECORDED AUGUST 01, 2011 UNDER
RECEPTION NO. 581587.
COLLATERAL ASSIGNMENT OF RESERVED RIGHTS RECORDED AUGUST 01, 2011 UNDER
RECEPTION NO. 581590. .
22. EASEMENTS, RIGHTS OF WAY AND OTHER MATTERS AS SHOWN ON THE CONDOMINIUM i 3 2
AimENT
LTG Policy No. LTAQ62004513
Form PIB/ORT
Our Order No. ABZ62004513
4. The following documents affect the land: (continued)
OF 300 SOUTH SPRING STREET, A CONDOMINIUM, RECORDED MAY 31, 2011 IN PLAT
BOOK 97 AT PAGE 1 AND SUPPLEMENTAL CONDOMINIUM MAP RECORDED
IN PLAT BOOK_AT PAGE_.
23. FAILURE TO COMPLY WITH THE TERMS, CONDITIONS AND PROVISIONS AND COVENANTS
CONTAINED IN THE CONDOMINIUM DECLARATION RECORDED MAY 27, 2011 UNDER
RECEPTION NO. 580190 AND THE CONDOMINIUM DECLARATION FOR HANNAH DUSTIN
CONDOMINIUMS RECORDED AUGUST 29, 2006 UNDER RECEPTION NO. 527925, AS
AMENDED OR SUPPLEMENTED AND COLORADO REVISED STATUTES 39-33.3-101 ET SEQ.
24. ANY ADVERSE CLAIM OR BOUNDARY DISPUTE WHICH MAY EXIST OR ARISE BY REASON
OF FAILURE OF THE CONDOMINIUM DECLARATION AND CONDOMINIUM MAP REFERRED TO
IN SCHEDULE A AND THE CONDOMINIUM DECLARATION FOR THE HANNAH DUSTIN
CONDOMINIUM TO LOCATE WITH CERTAINTY THE BOUNDARIES OF THE LAND DESCRIBED
IN SCHEDULE A. NO INSURANCE IS GIVEN AS TO THE DIMENSIONS AND LOCATION OF
SAID DESCRIBED LAND.
25. ANY ADVERSE CLAIM WHICH MAY EXIST OR ARISE BY REASON OF ANY FINAL DECREE
OF A COURT OF COMPETENT JURISDICTION ADJUDICATING THAT THE DEVELOPMENT
RIGHT INTEREST, UNDER WHICH THE CONDOMINIUM UNITS TO BE CREATED UNDER THE
EXPANSION PROJECT REFERRED TO IN SCHEDULE A ARE BEING CONSTRUCTED, IS NOT
A REAL PROPERTY INTEREST.
26. TERMS, CONDITIONS AND PROVISIONS OF COLLATERAL ASSIGNMENT RECORDED AUGUST
01, 2011 AT RECEPTION NO. 581590.
27. DEED OF TRUST DATED JULY 28, 2011, FROM SNOWMASS CORPORATION, A COLORADO
CORPORATION TO THE PUBLIC TRUSTEE OF PITKIN COUNTY FOR THE USE OF US BANK,
NA TO SECURE THE SUM OF$1,061,500.00 RECORDED AUGUST 01, 2011, UNDER
RECEPTION NO. 581591.
SAID DEED OF TRUST WAS FURTHER SECURED IN ASSIGNMENT OF LEASES AND RENTS
RECORDED AUGUST 01, 2011, UNDER RECEPTION NO. 581592.
DISBURSER'S NOTICE IN CONNECTION WITH SAID DEED OF TRUST WAS RECORDED
AUGUST 01, 2011, UNDER RECEPTION NO. 581593.
28. FINANCING STATEMENT WITH, US BANK, NA THE SECURED PARTY, RECORDED AUGL** Nwrn
01, 2011 UNDER RECEPTION NO. 581594.
COMMUNITY DF_VELONvIrE ''T
LTG Policy No. LTAQ62004513
Form PIB/ORT
Our Order No. ABZ62004513
4. The following documents affect the land: (continued)
29. TERMS, CONDITIONS AND PROVISIONS OF CONSENT AND SUBORDINATION RECORDED
DECEMBER 14, 2011 AT RECEPTION NO. 585110.
Y Ur
COMMUNITY DEVEL0PV,,!•y;,!T
LTG Policy No. LTAQ62004513
Our Order No. ABZ62004513
LEGAL DESCRIPTION
PROPOSED EXPANSION PROJECT ACCORDING TO THE CONDOMINIUM DECLARATION FOR 300
SOUTH SPRING STREET, A CONDOMINIUM RECORDED MAY 27, 2011 UNDER RECEPTION NO,
580190, INCLUDING THE RIGHT TO CONSTRUCT THE EXPANSION PROJECT ON THE COMMON
AREA SHOWN ON EXHIBIT B TO THE CONDOMINIUM DECLARATION AND DEFINED AS:
A parcel of land situated in Section 18, Township 10 South, Range 84 West, of
the 6th P.M. City of Aspen, County of Pitkin, State of Colorado; said parcel of
land being a part of Unit A, Hannah Dustin Condominiums, according to the Plat
of Hannah Dustin Subdivision, recorded September 25, 2006 in Plat Book 81 at
Page 44 as Reception No. 528934; said parcel of land being bounded by the
following elevation planes: from a base elevation of 7917.17 feet to an upper
elevation of 7963.00 feet (with the elevation based upon a finished floor
elevation on the ground floor of said existing building of 7927.10 feet); said
parcel of land being more particularly described as follows:
BEGINNING at the northwest corner of an existing building on 300 South Spring
Street, whence the northwest corner of said Unit A, Hannah Dustin Subdivision,
bears S 32 DEGREES 20'04"E., a distance of 38.30 feet (with all bearings herein
being relative to a bearing of N 14 DEGREES 50'49"E. along the westerly
boundary line of said Unit A, Hannah Dustin Subdivision); thence S 14 DEGREES
58'49"W., along the exterior footprint of said existing building a distance of
9.46 feet; thence leaving said exterior footprint N 75 DEGREES 01'11"W., a
distance of 19.08 feet; thence N 14 DEGREES 58'49"E., a distance of 34.20
feet; thence S 75 DEGREES O1'11"E., a distance of 45.65 feet; thence S 14
DEGREES 58'49"W., a distance of 24.74 feet to a point on the exterior footprint
of an existing building; thence N 75 DEGREES 01'11"W., along said exterior
footprint, a distance of 26.57 feet; to the POINT OF BEGINNING.
TO BE KNOWN AS:
300 SOUTH SPRING STREET, A CONDOMINIUM, ACCORDING TO THE CONDOMINIUM MAP THEREOF
RECORDED MAY 31, 2011 IN PLAT BOOK 97 AT PAGE 1 AND SUPPLEMENTAL CONDOMINIUM
MAP RECORDED IN PLAT BOOK_AT PAGE _AND DEFINED
AND DESCRIBED BY THE CONDOMINIUM DECLARATION FOR 300 SOUTH SPRING STREET, A
CONDOMINIUM RECORDED MAY 27, 2011 UNDER RECEPTION NO. 580190 AND AMENDMENT NO.
1 RECORDED AUGUST 1, 2011 UNDER RECEPTION NO. 581586 AND AMENDMENT NO. 2
RECORDED DECEMBER 14, 2011 UNDER RECEPTION NO. 585109 AND AMENDMENT N0, 3
RECORDED_______________UNDER RECEPTION NO.
n
C1 i Y kJ
COWIAUN'ITY D"'Vri..OP""'!'T
Property Information Binder
CONDITIONS AND STIPULATIONS
1. Definition of Terms
The following terms when used in this Binder mean:
(a) "Land":The land described,specifically or by reference, in this Binder and improvements affixed thereto which by law constitute
real property;
(b) "Public Records";those records which impart constructive notice of matters relating to said land;
(c) "Date":the effective date;
(d) "the Assured":the party or parties named as the Assured in this Binder,or in a supplemental writing executed by the Company;
(e) "the Company"means Old Republic National Title Insurance Company, a Minnesota stock company.
2. Exclusions from Coverage of this Binder
The company assumes no liability including cost of defense by reason of the following:
(a)Taxes or assessments which 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;taxes and assessments not yet due or payable and special assessments not yet certified
to the Treasurer's office.
(b) Unpatented mining claims;reservations or exceptions in patents or in Acts authorizing the issuance thereof;water rights,claims or
title to water.
(c)Title to any property beyond the lines of the Land, or title to streets, roads,avenues, lanes,ways or waterways on which
such land abuts, or the right to maintain therein vaults,tunnels,ramps,or any other structure or improvement;or any
rights or easements therein unless such property,rights or easements are expressly and specifically set forth in said description.
(d) Mechanic's lien(s),judgment(s)or other lien(s).
(e)Defects,liens,encumbrances,adverse claims or other matters: (a)created,suffered or agreed to by the Assured;
(b)not known to the Company,not recorded in the Public Records as of the Date,but known to the Assured as of
the Date;or(c)attaching or creating subsequent to the Date.
3. Prosecution of Actions
(a)The Company shall have the right at its own costs to institute and prosecute any action or proceeding or do any other act which
in its opinion may be necessary or desirable to establish or confirm the matters herein assured;and the Company may take any
appropriate action under the terms of this Binder,whether or not it shall be liable thereunder and shall not thereby concede liability or
waive any provision hereof.
(b)In all cases where the Company does not institute and prosecute any action or proceeding,the Assured shall permit the Company
to use,at its option,the name of the Assured for this purpose.Whenever requested by the Company,the Assured shall give the
Company all reasonable aid in prosecuting such action or proceeding,and the Company shall reimburse the Assured for
any expense so incurred.
4. Notice of Loss - Limitation of Action
A statement in writing of any loss or damage for which it is claimed the Company is liable under this Binder shall be
furnished to the Company within sixty days after such loss or damage shall have been determined,and no right of action shall accrue
to the Assured under this Binder until thirty days after such statement shall have been furnished, and no recovery shall be had by the
Assured under this Binder unless action shall be commenced thereon with two years after expiration of the thirty day period.
Failure to furnish the statement of loss or damage or to commence the action within the time herinbefore specified, shall be conclusive
bar against maintenance by the Assured of any action under this Binder.
5. Option to Pay, Settle or Compromise Claims
The Company shall have the option to pay,settle or compromise for or in the name of the Assured any claim which
could result in loss to the Assured within the coverage of this Binder,or to pay the full amount of this Binder. Such
payment or tender of payment of the full amount of the Binder shall terminate all liability of the Company hereunder.
Copyright 2006-2011 American land Title Association.All rights reserved.The use of this form is restricted to ALTA licensees and ALTA rge,Wbrsrs ,
in good standing as of the date of use.All other uses are prohibited. Reprinted under license from the American Land Title Association.
PRORT Cover Page 1 of 2 a 1.i� n i) 2 +L
COMMUNITY D'-V LO",A'r;1T
6. Limitation of Liability-Payment of Loss
(a)The liability of the Company under this Binder shall be limited to the amount of actual loss sustained by the Assured because
of reliance upon the assurances herein set forth,but in no event shall the liabiity exceed the amount of the liability
stated on the face page hereof.
(b)The Company will pay all costs imposed upon the Assured in litigation carried on by the Company for the Assured, and all costs
and attorney's fees in litigation carried on by the Assured with the written authorization of the Company.
(c)No claim for loss or damages shall arise or be maintainable under this Binder(1)if the Company after having received notice of
any alleged defect, lien or encumbrance not shown as an Exception or excluded herein removes such defect, lien or encumbrance
within a reasonable time after receipt of such notice,or(2) for liability voluntarily assumed by the Assured in settling any claim
or suit without written consent of the Company.
(d)All payments under this Binder,except for attorney's fees as provided for in paragraph 6(b)thereof,shall reduce the amount
of the liability hereunder pro tanto, and no payment shall be made without producing this Binder or an acceptable copy thereof
for endorsement of the payment unless the Binder be lost or destroyed, in which case proof of the loss or destruction shall be
furnished to the satisfaction of the Company.
(e)When liability has been definitely fixed in accordance with the conditions of this Binder,the loss or damage shall be payable
within thirty days thereafter.
7. Subrogation Upon Payment or Settlement
Whenever the Company shall have settled a claim under this Binder,all right of subrogation shall vest in the Company unaffected by
any act of the Assured,and it shall be subrogated to and be entitled to all rights and remedies which the Assured would have had
against any person or property in respect to the claim had this Binder not been issued. If the payment does not cover the loss
of the Assured, the Company shall be subrogated to the rights and remedies in the proportion which the payment bears to
the amount of said loss.The Assured, if requested by the Company,shall transfer to the Company all rights and remedies against
any person or proprty necesary in order to perfect the right of subrogation,and shall permit the Company to use the name of the Assured
in any transaction or litigation involving the rights or remedies.
8. Binder Entire Contract
Any action or actions or rights of action that the Assured may have or may bring against the Company arising out of the subject matter
hereof must be based on the provisions of this Binder. No provision or condition of this Binder can be waived or changed except by a
writing endorsed or attached hereto signed by the President,a Vice President, the Secretary, an Assistant Secretary or other
validating officer of the Company.
9. Notices. Where Sent
All notices required to be given the Company and any statement in writing required to be furnished the Company shall be
addressed to it at 400 Second Avenue South,Minneapolis,Minnesota 55401, (612) 371-1111.
10. Arbitration
Unless prohibited by applicable law,either the Company or the insured may demand arbitration pursuant to the Title
Insurance Arbitration Rules of the American Arbitration Association.
ANTI-FRAUD STATEMENT: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,denial of insurance and civil damages.Any insurance company or agent of an insurance company who knowingly
provides false,incomplete,or misleading facts or information to a policyholder or claimant for the purpose of defrauding or attempting to
defraud the policyholder or claimant with regard to a settlement or award payable from insurance proceeds shall be reported to the
Colorado division of insurance within the department of regulatory agencies.
This anti-fraud statement is affixed and made a part of this policy.
Issued through the Office of: "'p�- Ir
LAND TITLE GUARANTEE COMPANY `oa * x�z's b
533 E HOPKINS#102 :2Q* * Gp'� Mark Bilbrey
ASPEN,CO 81611 * i: President
720-406.2083 * m
* * ago
�o�o ... Rande Yeager
Secretary
rhodzed Si gn tore , :*�• -
r�
PIB.ORT Cover Page.2 of 2
20'i�
Ci I Y
Ur fwZ)i-L_A
COMMUNITY UVEIOPME,NT
DRAFT
3/27/12
DEED RESTRICTION AGREEMENT
FOR THE OCCUPANCY, RENTAL OR RESALE OF THE
RESIDENTIAL UNIT
300 SOUTH SPRING STREET CONDOMINIUMS
THIS DEED RESTRICTION AGREEMENT FOR THE OCCUPANCY, RENTAL OR
RESALE OF THE RESIDENTIAL UNIT of the 300 SOUTH SPRING STREET CONDOMINIUMS
(the "Agreement") is made and entered into this day of 2012, by 300 SPRING
STREET ASPEN, LLC, a Colorado limited liability company (hereinafter referred to as "Declarant"), for
the benefit of the parties and enforceable by the ASPEN/PITKIN COUNTY HOUSING AUTHORITY
(hereinafter referred to as "APCHA"), a duly constituted multi jurisdictional Housing Authority established
pursuant to the THIRD AMENDED AND RESTATED INTERGOVERNMENTAL AGREEMENT by
and between the City of Aspen, Colorado (the "City"), and Pitkin County, Colorado (the "County"), dated
October 28, 2002 and recorded at Reception No. 477066 on January 8, 2003, of the records of the Pitkin
County Clerk and Recorder's office.
WITNESSETH:
WHEREAS, Declarant owns the Residential Unit of 300 South Spring Street, a Condominium,
according to the Supplemental Condominium Map, recorded , as Reception No.
in the office of the Clerk and Recorder of Pitkin County,Colorado(the"Unit");
WHEREAS,Declarant is required by the,provisions of Ordinance No. 16, Series of 2006, adopted
by the Aspen City Council on April 24, 2006, to construct a two bedroom condominium unit within the
Expansion Project of the 300 South Spring Street Condominiums, as a Category 2 Deed Restricted Unit,as
that term is defined in the APCHA Employee Housing Guidelines(the "Guidelines");and
WHEREAS, Declarant agrees to restrict the use and/or transfer of the Unit to "Qualified
Tenants/Buyers," as that term is defined in this Agreement, who fall within the Category 2 income range
established and adopted by the APCHA from time to time in its Guidelines. In addition, the Declarant
agrees that this Agreement shall constitute a resale agreement setting forth the maximum resale price
("Maximum Resale Price") for which the Unit may be sold to any qualified transferee. Finally, by this
Agreement, Declarant and its successors-in-interest, hereby restrict the Unit against use and occupancy
inconsistent with this Agreement. The parties acknowledge and agree that this Agreement is and shall
constitute a voluntary agreement to limit rent for the Unit in order to provide affordable house stock in
accordance with C.R.S.§38-12-301(2)(a).
WHEREAS, the Unit shall be classified as a Category 2 employee housing unit and will be deed
restricted to rental and sales price terms within the Guidelines and to occupancy limitations within the
housing income eligibility guidelines established by the Guidelines. Rentals and sales must be in
accordance with the Guidelines as adopted and amended from time to time, except as modified by this
Agreement. The Unit shall remain as rental units until such time as it is transferred to a qualified transferee
(which must be done through APCHA), or until such time said Unit is deemed to be out of compliance by
APCHA with the rental occupancy requirements set forth in the Guidelines or this Agreement for a period
of one year from the date on which APCHA gives'the,record owner of said Unit written notice of such
noncompliance and such noncompliance has not been'cured during said one-year period.
WHEREAS, "Qualified Tenants/Buyers" and/or "Qualified Tenants" are natural persons meeting
the income,residency and all other qualifications set forth in the Guidelines,or its substitute, as adopted by
the APCHA,or its successor, and in effect at the time of a lease to a Qualified Tenant or the closing of the
sale to the Qualified Buyer, and who must represent and agree pursuant to this Agreement to occupy the
Unit as their sole place of residence, not to engage in any business activity on the Property other than that
permitted in that zone district or by applicable ordinance,not to sell or otherwise transfer the Unit for use in
a trade or business; and to continue meeting the employment, residency and other requirements as stated in
this Agreement and the Guidelines.
NOW, THEREFORE, for value received, the receipt and sufficiency of which are hereby
acknowledged,Declarant hereby represents,covenants'and agrees as follows:
A. SALES UNIT REQUIREMENTS—USE AND OCCUPANCY
1. A "Qualified Buyer" is a person, other than Declarant, who acquires an ownership interest in the
Unit in compliance with the terms and provisions of this Agreement. It is understood that such
person or persons shall be deemed a"Qualified Buyer" hereunder only during the period of his,her
or their ownership interest in the Unit and shall be obligated hereunder for the full and complete
performance and observance of all covenants, conditions and restrictions contained herein during
such period, including the Guidelines as amended from time to time.
2. Upon conversion of the Unit from a rental unit to a sales unit, the use and occupancy thereof shall
be limited exclusively to housing for natural persons who meet the definition of Qualified Buyers
and their families, and the other requirements of this Agreement and the Aspen/Pitkin County
Housing Authority Guidelines referred to above.
3. A Qualified Buyer, in connection with the purchase of the Unit, must: a)occupy the Unit as his or
her sole place of residence during the time that such Unit is owned; b) not own, directly or
indirectly through a legal entity, any interest alone or in conjunction with others, in any developed
property or dwelling units in accordance with the limitations established by the Guidelines as
amended from time to time; c) not engage in any business activity on or in such Unit, other than
permitted in that zone district or by applicable ordinance; d) sell or otherwise transfer such Unit
only in accordance with this Agreement and the Guidelines; e) not sell or otherwise transfer such
Unit for use in a trade or business; f) not permit any use or occupancy of such Unit except in
compliance with this Agreement; g) continue to meet the residence and employment requirements
of a Qualified Buyer established by the APCHA Guidelines and as they are amended from time to
time; and h)continue to meet the other requirements of the applicable APCHA Guidelines and this
Agreement. Recertification of employment, residency and the ownership of other property shall be
required as stipulated in the APCHA Guidelines.
B. DEFAULT ON LOAN
1. It shall be a breach of this Agreement for a Qualified Buyer to default in payments or other
obligations due or to be performed under a promissory note secured by a first deed of trust
encumbering the Unit or to breach any of Qualified Buyer's duties or obligations under said deed of
trust. It shall also be a breach of this Agreement for a Qualified Buyer to default in the payment of
real property taxes or obligations to any homeowners' association for general or special
Page 2
is
assessments. Each Qualified Buyer must notify the APCHA, in writing, of any such default,
including notification received from a lender, or its assigns, of past due payments or default in
payment or other obligations due or to be performed under a promissory note secured by a first deed
of trust, as described herein, or of any breach of any of Qualified Buyer's duties or obligations
under said deed of trust, within five(5)calendar days of Qualified Buyer's notification from lender,
or its assigns,or any other creditor specified herein,of said default or past due payments or breach.
2. Upon notification of a default as provided above, the APCHA may offer loan counseling or
distressed loan services to the Qualified Buyer, if any of these services are available, and it is
entitled to require the Qualified Buyer to sell the Unit to avoid the commencement of any
foreclosure proceeding against the Unit.
3. Upon receipt of notice as provided in Paragraphs 1 and 2, the APCHA shall have the right, in its
sole discretion, to cure the default or any portion thereof. In such event, the Qualified Buyer shall
be personally liable to APCHA for past due payments made by the APCHA together with interest
thereon at the rate specified in the promissory note secured by the first deed of trust, plus one
percent(I%), and all actual expenses of the APCHA incurred in curing the default. The Qualified
Buyer shall be required by APCHA to execute a promissory note secured by a deed of trust
encumbering the Unit in favor of the APCHA for the amounts expended by the APCHA as
specified herein, including future advances made for such purposes. The Qualified Buyer may cure
the default and satisfy its obligation to the APCHA under this subparagraph at any time prior to
execution of a contract for sale, upon such reasonable terms as specified by the APCHA.
Otherwise, Qualified Buyer's indebtedness to the APCHA shall be satisfied from the Qualified
Buyer's proceeds at closing.
4. In addition, upon receipt of notice as provided in Paragraphs 1 and 2, above, the APCHA shall
have the option, exercisable in the APCHA's sole discretion, to purchase the Unit for ninety-five
percent(95%)of the Maximum Resale Price. If the APCHA desires to exercise said option,it shall
give written notice thereof to the owner of such Unit within sixty(60)days following the APCHA's
receipt of the notice as provided in Paragraphs 1 and 2, above. In the event the APCHA timely
exercises said option, the closing of the purchase of the Unit shall occur within sixty (60) days
following the date of the APCHA's notice to the Qualified Buyer of the exercise of said option.
C. RENTAL UNIT REQUIREMENTS—USE AND OCCUPANCY
1. For so long as a Unit is a rental unit, it shall be occupied by Qualified Tenants. Only Qualified
Tenants shall reside therein and all rental terms shall be for a period of not less than six (6)
consecutive months. The owner of the Unit shall maintain the first right to select the Qualified
Tenant of its own choosing when renting the Unit. APCHA shall have the right to place a
Qualified Tenant in a Unit if the owner of such Unit fails, for a continuous period of one year,to
keep such Unit occupied by a Qualified Tenant. An executed copy of all leases for a Unit shall
be submitted to the APCHA within the (10) days of the approval of a Qualified Tenant. All
tenants shall be approved through the APCHA PRIOR to moving into said Unit. If the Unit is
found by APCHA to be out of compliance as stipulated above for one-year, such Unit shall be sold
through the APCHA and under the requirements as stated below.
2. The maximum rental rate shall not exceed Category 2 rental rates as set forth in the Guidelines and
may be adjusted annually as set forth in the Guidelines. The maximum permitted rental rate for the
Page 3
/W*
Unit on the date of execution of this deed restriction is $ per month. Rent shall be
verified and approved by APCHA upon submission and approval of the lease.
3. Written verification of employment of employee(s) proposed to reside in the Unit shall be
completed and filed with the APCHA prior to occupancy thereof, and such verification must be
acceptable to the APCHA.
4. The Unit shall be required to be rented for periods of no less than six(6)consecutive months. Upon
vacancy of the Unit,the owner is granted no more than one hundred and twenty days(120)in which
to locate a new Qualified Tenant("Vacancy Period"). The Vacancy Period shall not commence if
the owner is actively engaged in the process of evicting the tenant for non-compliance with the
APCHA Guidelines and/or with provisions of the lease. The one-year cure/compliance period
referenced in the recitals and Paragraph 1, above, shall not commence until the expiration of the
Vacancy Period.
5. The Unit must meet minimum occupancy requirements; i.e., at least one (1) person per bedroom.
However, if the owner has advertised a vacant unit for over thirty(30) days and has not obtained a
Qualified Tenant, the minimum occupancy requirement is waived, provided that the owner shall
still be required to lease the unit to a minimum of one(1)qualified person. At such time as a Unit
becomes vacant again,the owner must again try to meet the minimum occupancy requirement.
D. DEFAULT ON CONDOMINIUM ASSESSMENTS
It shall be a violation of this Agreement for any owner of the Unit from time to time to default in the
payment of general or special assessments to any homeowner's association,and such person shall be subject
to enforcement as provided herein. It shall not be considered a violation under this provision if the owner of
the Unit is exercising the right to contest a regular or special assessment. In such an event,the APCHA may
demand that the owner post adequate security covering the amount of the contested assessment for the
duration of the contestation. In addition, upon sale of the Unit as to which the payment of such obligations
is in default,the assessments shall be paid at closing.
E. AGREEMENT RUNS WITH THE LAND
This Agreement shall constitute covenants running with the Unit, as a burden thereon, for the
benefit of, and shall be specifically enforceable by the APCHA, the City Council for the City (the "City
Council"),the Board of County Commissioners for Pitkin County(also referred to herein as the "County"),
and their respective successors and assigns, as applicable, by any appropriate legal action including but not
limited to specific performance, injunction, reversion, or eviction of non-complying owners and/or
occupants.
F. VOLUNTARY SALE
In the event that a Qualified Buyer desires to voluntarily sell the Unit, he/she shall execute a
standard Listing Contract on forms approved by the Colorado Real Estate Commission with the APCHA
providing for a 180-day listing period, or such other;time period as required by the APCHA Guidelines in
effect at time of listing. The APCHA shall promptly advertise the Unit for sale by competitive bid to
Qualified Buyers. The listing and sale of the Unit shall be subject to such listing, sales and other fees and
expenses as may be imposed by the APCHA from time to time as set forth in the Guidelines.
Page 4
G. APCHA'S RIGHT TO ALTERATIONS AFTER ACQUISITION
In the event APCHA acquires the Unit per the terms of this Agreement, APCHA has the right to
repair, replacer redevelop,remove and maintain such Unit prior to resale to a Qualified Buyer,and/or amend
this Deed Restriction Agreement following the acquisition.
H. MAXIMUM RESALE PRICE
1. In no event shall a Unit be sold for an amount("Maximum Resale Price")in excess of the lesser of
T
a. $133,000.00, plus an increase of three percent(3%)of such price per year from the date of
purchase to the date of owner's notice of intent to sell(prorated at the rate of.25 percent for
each whole month for any part of a year);or
b. an amount (based upon the Consumer Price Index, All Items, U.S. City Average, Urban
Wage Earners and Clerical Workers(Revised),published by the U.S. Department of Labor,
Bureau of Labor Statistics)calculated as follows: the owner's purchase price divided by the
Consumer Price Index published at the time of owner's purchase stated on the Settlement
Statement, multiplied by the Consumer Price Index current at the date of intent to sell. In
no event shall the multiplier be less than one(1). For purposes of this Agreement, "date of
intent to sell" shall be the date of execution of a listing contract when required by this
Agreement, or if a listing contract is not otherwise necessary, the date shall be determined
to be the date upon which a requirement for the owner to sell is first applicable.
NOTHING HEREIN SHALL BE CONSTRUED TO CONSTITUTE A REPRESENTATION
OR GUARANTEE BY THE APCHA OR THE CITY THAT ON RESALE THE OWNER
SHALL OBTAIN THE MAXIMUM RESALE PRICE.
2. a. Subject to the limitations of this Section, for the purpose of determining the Maximum
Resale Price in accordance with this Section,the owner may add to the amount specified
in Paragraph 1., above, the cost of Permitted Capital Improvements, as set forth in
Exhibit "A" attached hereto or otherwise allowed by the Guidelines and as they are
amended from time to time, in a total amount not to exceed $13,300.00, which is ten
percent (10%) of the listed purchase price set forth in Paragraph La., above. In
calculating such amount, only those Permitted Capital Improvements identified in
Exhibit "A" hereto or otherwise allowed by the Guidelines from time to time shall
qualify for inclusion. All such Permitted Capital Improvements installed or constructed
over the life of the unit shall qualify, and will be depreciated based on the Depreciation
Schedule used by APCHA at the time of listing.
b. Permitted Capital Improvements shall not include any changes or additions to the Property
or Unit made by the owner during construction or thereafter, except in accordance with
Paragraph La., above. Permitted Capital Improvements shall not be included in the
APCHA's listed purchase price,even if made or installed during original construction.
Page 5
C. In order to qualify as Permitted Capital Improvements, the owner must furnish to the
APCHA the following information with respect to the improvements that the owner seeks
to include in the calculation of Maximum Resale Price:
(1) Original or duplicate receipts to verify the actual costs expended by the owner for
the Permitted Capital Improvements;
(2) The owner's affidavit verifying that the receipts are valid and correct receipts
tendered at the time of purchase;and
(3) True and correct copies of any building permit or certificate of occupancy required
to be issued by the Aspen/Pitkin County Building Department with respect to the
Permitted Capital Improvements.
All capital improvements will be depreciated. Certain capital improvements will not be
counted towards the 10% cap. Each capital improvement will depreciate according to the
depreciation schedule stated in an approved handbook. The current source is the Marshall
Swift Residential Handbook. Any capital improvements associated with health and safety,
energy efficiency,water conservation,and green building products will be exempt from the
10% capital improvement cap; however, such capital improvements shall be depreciated
according to the depreciation schedule stated in an approved handbook. Any improvement
to bring the Unit up to the Aspen Affordable Housing Building Guidelines will also be
exempt from the 10%cap.
d. For the purpose of determining the Maximum Resale Price in accordance with this Section,
the owner may also add to the amounts specified in Paragraphs 1 and 2.a.,the cost of any
permanent improvements constructed or installed as a result of any requirement imposed by
any governmental agency, provided that written certification is provided to the APCHA of
both the applicable requirement and the information required by Paragraph 2.c.(1)—(3).
e. In order to obtain maximum resale price, owner must ensure that the Unit meets APCHA's
generally applicable minimum standards for a seller of a deed-restricted unit to receive full
value as determined by APCHA in its discretion. This shall include requirements to clean
the home, ensure that all fixtures are in working condition,and to repair damage to the unit
beyond normal wear and tear and as stated in the Minimum Standards for Seller to Receive
Full Value at Resale, Exhibit "B". If the Seller does not meet this requirement, APCHA
may require that Seller escrow at closing a reasonable amount to.achieve compliance by
APCHA,or reduce the maximum resale price accordingly.
I. GRIEVANCES
All disputes between Declarant(or Declarant's successors and assigns)or an owner or tenant in the
Unit and APCHA shall be heard in accordance with the grievance procedures set forth in the Guidelines.
J. CLOSING COSTS
A Qualified Buyer shall not permit any prospective buyer to assume any or all of the owner's
customary closing costs (including, but not limited to, title insurance, sales fee, pro ration of taxes,
homeowners dues, etc., as are customary in Aspen and Pitkin County) nor accept any other consideration
Page 6
which would cause an increase in the purchase price above the bid price so as to induce the owner to sell to
such prospective buyer.
K. MULTIPLE QUALIFIED BIDS
In the event that one (1) qualified bid is received equal to the Maximum Resale Price herein
established, the Unit shall be sold to such bidder at the Maximum Resale Price; and in the event owner
receives two (2) or more such bids equal to the Maximum Resale Price, the Qualified Buyer shall be
selected according to the priority for sale units set forth in the Guidelines; and, in the event that more than
one (1) such qualified bidder is of equal priority pursuant to the Guidelines, the Qualified Buyer shall be
selected by lottery among the qualified bidders of the highest priority, whereupon the Unit shall be sold to
the winner of such lottery at the Maximum Resale Price. If the terms of the proposed purchase contract,
other than price, as initially presented to the owner, are unacceptable to the owner, there shall be a
mandatory negotiation period of three (3) business days to allow the owner and potential buyer to reach an
agreement regarding said terms, including but not limited to, the closing date and financing contingencies.
If,after the negotiation period is over,the owner and buyer have not reached an agreement,the next bidder's
offer will then be presented to the owner for consideration and a three (3) business day negotiating period
will begin again. The owner may reject any and all bids; however,the owner is subject to the provisions in
the Guidelines pertaining to the listing fee. Bids in excess of the Maximum Resale Price shall be rejected.
If all bids are below the Maximum Resale Price,the owner may accept the highest qualified bid. If all bids
are below the Maximum Resale Price and two (2)or more bids are for the same price, the Qualified Buyer
shall be selected by lottery from among the highest qualified bidders.
L. NON-QUALIFIED TRANSFEREES
Acquisition of any interest in the Unit by someone other than the Declarant or a Qualified Buyer is
a violation of this Agreement. In the event that title to the Unit vests by descent in, or is otherwise acquired
by, any individual and/or entity who is a non-qualified transferee, the Unit shall immediately be listed for
sale as provided in Paragraph F,above(including the payment of the specified fee to the APCHA),and the
highest bid by a Qualified Buyer, for not less than ninety-five percent(95%)of the Maximum Resale Price
or the appraised market value, whichever is less, shall be accepted; if all bids are below ninety-five,percent
(95%) of the Maximum Resale Price or the appraised market value, the Unit shall continue to be listed for
sale until a bid in accordance with this Section is made, which bid must be accepted. The cost of the
appraisal shall be paid by the Non-Qualified Transferee(s).
1. Non-Qualified Transferee(s) shall join in any sale,conveyance or transfer of the Unit to a Qualified
Buyer and shall execute any and all documents necessary to do so;and
2. Non-Qualified Transferee(s) agrees not to: (1)occupy the Unit; (2) rent all or any part of the Unit,
except in strict compliance with Paragraph N hereof; (3)engage in any other business activity on
or in the Unit; (4) sell or otherwise transfer the Unit except in accordance with this Agreement and
the Guidelines;or(5)sell or otherwise transfer the Unit for use in a trade or business.
3. The APCHA,the City,the County, or their respective successors, as applicable, shall have the right
and option to purchase the Unit, exercisable within a period of fifteen (15) calendar days after
receipt of any sales offer submitted to the APCHA by a Non-Qualified Transferee(s), and in the
event of exercising their right and option, shall purchase the Unit from the Non-Qualified
Transferee(s) for a price of ninety-five percent (95%) of the Maximum Resale Price, or the
Page 7
appraised market value, whichever is less. The offer to purchase shall be made by the Non-
Qualified Transferee within fifteen(15)days of acquisition of the Unit.
4. Where the provisions of this Paragraph L apply, the APCHA may require the Non-Qualified
Transferee to rent the Unit in accordance with the provisions of Paragraph NA.,below.
M. OWNER RESIDENCE,EMPLOYMENT AND CONTINUING COMPLIANCE
1. The Unit is to be utilized only as the sole and exclusive place of residence of a Qualified
Tenant/Buyer.
2. In the event a Qualified Buyer changes place of residence or ceases to utilize the Unit as his/her sole
and exclusive place of residence, ceases to be a full-time employee in accordance with the APCHA
Guidelines as they are amended from time to time, or otherwise ceases to be in compliance as a
Qualified Buyer with the APCHA Guidelines as they are amended from time to time, or this
Agreement, the Unit MUST be offered for sale pursuant to the provisions of Paragraph F of this
Agreement, as applicable. A Qualified Buyer shall be deemed to have changed his or her place of
residence by becoming a resident elsewhere or accepting employment outside Pitkin County, or
residing in the Unit for fewer than nine (9) months per calendar year without the express written
approval of the APCHA, or by ceasing to be a full-time employee as required by the Guidelines as
amended from time to time. Where the provisions of this Paragraph 2 apply, the APCHA may
require the owner to rent the Unit in accordance with the provisions of Paragraph N.1., below,
pending a sale of the Unit.
3. If at any time the Qualified Buyer of the Unit also owns directly or indirectly through a legal entity
any interest alone or in conjunction with others in any developed residential property or dwelling
unit(s) located in Eagle, Garfield, Gunnison or Pitkin Counties, within the Roaring Fork Valley as
defined in the Guidelines as they are amended from time to time, the Qualified Buyer agrees to
immediately list said other property or unit for sale and to sell his or her interest in such property at
fair market value to like units or properties in the area in which the property or dwelling unit(s)are
located,as applicable. In the event said other property or unit has not been sold by Qualified Buyer
within one hundred eighty (180) days of its listing for any reason, then Qualified Buyer hereby
agrees to immediately list the Unit for sale pursuant to the provisions of Paragraph F of this
Agreement.
N. RENTAL
1. A Qualified Buyer may not, except with prior written approval of the APCHA, and subject to
APCHA's conditions of approval, rent the Unit for any period of time. Prior to occupancy, each
tenant must be approved by the homeowner's association, if applicable, and the APCHA in
accordance with the income, occupancy and all other qualifications established by the APCHA in
its Guidelines. The APCHA shall not approve any rental if such rental is being made by a Qualified
Buyer to utilize the Unit as an income producing asset, except as provided below, and shall not
approve a lease with a rental term in excess of twelve(12)months. A signed copy of the lease must
be provided to the APCHA prior to occupancy by each tenant. Any such lease approved by the
APCHA shall show the length of the lease and the monthly rent. The monthly rent cannot exceed
the Qualified Buyer's costs, which include the monthly expenses for the cost of principal and
interest payments, taxes, property insurance, condominium or homeowners assessments, utilities
Page 8
remaining in Qualified Buyer's name, plus an additional amount as stated in the Guidelines and as
they are amended from time to time,and a reasonable(refundable)security deposit.
The requirements of this paragraph shall not preclude the Qualified Buyer from sharing occupancy
of the Unit with non-Owners on a rental basis provided Qualified Buyer continues to meet the
obligations contained in this Agreement, including Paragraph M.I.
2. IN NO EVENT SHALL ANY OWNER CREATE AN ADDITIONAL DWELLING UNIT, AS
DEFINED IN THE PITKIN COUNTY OR CITY OF ASPEN LAND USE CODES, IN OR ON
THE UNIT.
3. - NOTHING HEREIN SHALL BE CONSTRUED TO REQUIRE THE APCHA TO PROTECT OR
INDEMNIFY ANY OWNER AGAINST ANY LOSSES ATTRIBUTABLE TO THE RENTAL,
INCLUDING (NOT BY WAY OF LIMITATION) NON-PAYMENT OF RENT OR DAMAGE
TO THE PREMISES; NOR TO REQUIRE THE APCHA TO OBTAIN A QUALIFIED TENANT
FOR ANY OWNER IN THE EVENT THAT NONE IS FOUND BY ANY OWNER.
O. COMPLIANCE REVIEW AND REMEDIES FOR BREACH
1. Declarant, owners of the Unit, or Qualified Tenants/Buyers shall promptly provide to the APCHA
all such information as the APCHA deems reasonably necessary at any time to verify compliance
with this Agreement. The APCHA shall maintain the confidentiality of any financial data provided
by any existing or potential owner, except for such disclosures as are necessary with respect to any
litigation, enforcement or other legal proceedings. In the event that APCHA has reasonable cause
to believe that Declarant or any owner is violating the provisions of this Agreement, the APCHA,
by its authorized representative, may inspect the Unit between the hours of 8:00 a.m.and 5:00 p.m.,
Monday through Friday,after providing such person with no less than 24 hours'written notice.
2. Except as otherwise specifically provided herein, the APCHA, through its employees or agents, in
the event a violation or potential violation of this Agreement is discovered, shall send a notice of
violation to the Declarant, the owner of the affected Unit, the tenant and/or the Qualified Buyer
describing the nature of the violation and allowing said person fifteen(15)days to cure. Said notice
shall state that the violator may request a hearing before the APCHA Board of Directors within
fifteen(15)days to dispute the merits of the allegations. If no hearing is requested and the violation
is not cured within the fifteen (15) day period, the violation shall be considered final and the
violator shall immediately list the Unit for sale in accordance with this Agreement. The failure to
request a hearing shall constitute the failure to exhaust administrative remedies for the purpose of
judicial review. If a hearing is held before the APCHA Board, (i) the decision of the APCHA
Board based on the record of such hearing shall be final for the purpose of determining if a
violation has occurred, and (ii) the APCHA Board shall have discretion, consistent with the terms
and conditions of this Agreement, to determine the appropriate action to be taken to either remedy
the violation or require the violator to vacate or to list the Unit for sale in accordance with this
Agreement, and APCHA, in its discretion, shall identify the measures necessary to bring the Unit
into compliance,which may include a requirement to vacate and/or sell the Unit in accordance with
this Agreement.
Page 9
3. There are hereby reserved to the parties hereto any and all remedies provided by law for breach of
this Agreement or any of its terms. In the event the parties resort to litigation with respect to any or
all provisions of this Agreement, the prevailing party shall awarded damages and costs, including
reasonable attorneys'fees.
4. In the event the Unit is used, occupied, leased, sold and/or conveyed without compliance herewith,
such use, occupancy or sale and/or conveyance shall, following any applicable cure period(s) set
forth herein, be deemed wholly null and void and shall confer no title whatsoever upon the
purported buyer, tenant or occupant. Each and every lease and conveyance of the Unit, for all
purposes, shall be deemed to include and incorporate by this reference, the covenants herein
contained, even without reference therein to this Agreement. The violator shall be liable for all
APCHA's costs and reasonable attorneys' fees incurred in enforcing this Agreement and in setting
aside any such transaction.
5. In the event that the violator fails to cure any breach, the APCHA may resort to any and all
available legal action, including, but not limited to, specific performance of this Agreement or a
mandatory injunction requiring sale of the Unit by the owner thereof or vacating the Unit, or
termination of an unlawful lease. The costs of such sale, including the costs of enforcing this
Agreement and reasonable attorneys' fees, shall be taxed against the proceeds of the sale with the
balance being paid to the owner of the Unit.
6. In the event of a breach of any of the terms or conditions contained herein by the owner, his or her
heirs, successors or assigns, the APCHA's initial listed purchase price of the Unit as set forth in
Paragraph HA.a. of this Agreement shall, upon the date of such breach as determined by the
APCHA, automatically cease to increase as set out in Paragraph H of this Agreement, and shall
remain fixed until the date of cure of said breach.
P. FORECLOSURE
I. If the Unit is sold at a foreclosure sale or otherwise acquired by any person or entity in lieu of
foreclosure, the APCHA and the Board, as the designee of the APCHA, shall have the option to
acquire the Unit within thirty (30) days after (i) the issuance of a public trustee's deed to the
purchaser, or (ii) receipt by the APCHA of written notice from such person or entity of the
acquisition of the Unit in lieu of foreclosure, as applicable, for an option price not to exceed (a)
in the event of a foreclosure, the redemption price on the last day of all statutory redemption
periods and any additional reasonable costs incurred by the holder during the option period
which are directly related to the foreclosure or(b) in the event of a transfer in lieu of foreclosure,
the amount paid, or the amount of debt forgiven, by the transferee plus the reasonable costs
incurred by the transferee with respect to its acquisition of the Unit. Notwithstanding any
provision herein to the contrary, except for persons or entities having a valid lien on the Unit,
only Qualified Buyers may acquire an interest in a Unit at a foreclosure sale or in lieu of
foreclosure. If any person or entity having a lien on the Unit is not a Qualified Buyer and
acquires an interest in such Unit in a foreclosure sale or in lieu of foreclosure, the provisions of
Paragraph L.I. shall apply. It is the APCHA's intent that the terms and provisions of this
Agreement shall remain in full force and effect with respect to the Unit until modified, amended
or terminated in accordance with Paragraph SA 1.hereof.
Page 10
2. In the event that APCHA or the Board, as the designee of the APCHA, exercise the option
described above,the APCHA and/or its designee,may sell the Unit to Qualified Buyers as that term
is defined herein,or rent the Unit to qualified tenants who meet the income,occupancy and all other
qualifications, established by the APCHA in its Guidelines until a sale to a Qualified Buyer is
effected.
3. Notwithstanding the foregoing, in the event of foreclosure by the holder of the first deed of trust on
the Unit, if the holder of such deed of tryst is the grantee under the public trustee's deed and
APCHA does not exercise its option to purchase as provided in this paragraph,then APCHA agrees
to release the Unit from the requirements of this Agreement.
Q. ASSESSMENTS
Each owner of the Unit shall have a non-exclusive right in common with the other owners of
condominium units in the 300 South Spring Street Condominiums (the "Project") to the use of sidewalks,
pathways, areas provided for open space, utilities and common areas, and each such owner may make such
use without hindering or encroaching upon the lawful rights of the other owners. The Unit's regular
management/maintenance assessments shall be based on an allocation of 4%of the total amount of any such
assessments for all condominium units within the Project. The Unit shall not be responsible or liable for
any special assessment for capital costs or otherwise in connection with the Project.
R. PARKING LEASE
The owner or a Qualified Tenant of the Unit shall have the right and option to lease Parking
Unit 1 of the Aspen Brownstones,according to the Condominium Map,recorded in Plat Book 90 at
Page 58, in the office of the Clerk and Recorder of Pitkin County, Colorado. Use of the Parking
Unit shall be for the personal use of the occupant of the Unit. Subleasing shall not be allowed. The
terms of the lease will not require that the lessee pay any rent or any portion of property taxes or
assessments levied by the Aspen Brownstones Parking Association attributable to Parking Unit 1,
which shall remain the obligation of the owner of Parking Unit 1.
S. GENERAL PROVISIONS
1. Notices. Any notice,consent or approval which is required to be given hereunder shall be given by
mailing the same, certified mail, return receipt requested, properly addressed and with postage fully
prepaid,to any address provided herein or to any subsequent mailing address of the party as long as
prior written notice of the change of address has been given to the other parties to this Agreement.
Said notices, consents and approvals shall be sent to the parties hereto at the following addresses
unless otherwise notified in writing:
To APCHA: Aspen/Pitkin County Housing Authority
530 East Main,Lower Level
Aspen, Colorado 81611
Page 11
To Declarant: 300 Spring Street Aspen,LLC
P.O. Box 692
Snowmass,CO 81654
To Owner(s): To be completed by a separate Memorandum of Acceptance when
sold to a Qualified Buyer
2. Exhibits. All exhibits attached hereto (Exhibits "A" and "B") are incorporated herein and by this
reference made a part hereof.
3. Severability. Whenever possible,each provision of this Agreement and any other related document
shall be interpreted in such a manner as to be valid under applicable law;but if any provision of any
of the foregoing shall be invalid or prohibited under said applicable law, such provisions shall be
ineffective to the extent of such invalidity -or prohibition without invalidating the remaining
provisions of such document.
4. Choice of Law. This Agreement and each and every related document are to be governed and
construed in accordance with the laws of the State of Colorado.
5. Successors. Except as otherwise provided herein, the provisions and covenants contained herein
shall inure to and be binding upon the heirs,successors and assigns of the parties.
6. Section Headings. Paragraph or section headings within this Agreement are inserted solely for
convenience of reference, and are not intended to, and shall not govern, limit or aid in the
construction of any terms or provisions contained herein.
7. Waiver. No claim of waiver, consent or acquiescence with respect to any provision of this
Agreement shall be valid against any party hereto except on the basis of a written instrument
executed by the parties to this Agreement. However, the party for whose benefit a condition is
inserted herein shall have the unilateral right to waive such condition, provided that such waiver is
in writing.
8. Gender and Number. Whenever the context so requires herein,the neuter gender shall include any
or all genders and vice versa and the use of the singular shall include the plural and vice versa.
9. Further Actions. The parties to this Agreement agree to execute such further documents and take
such further actions as may be reasonably required to carry out the provisions and intent of this
Agreement or any agreement or document relating hereto or entered into in connection herewith.
10. Modifications. The parties to this Agreement agree that any modifications of this Agreement shall
be effective only when made by writings signed by both parties and recorded with the Clerk and
Recorder of Pitkin County, Colorado. Notwithstanding the foregoing, the APCHA reserves the
right to amend this Agreement unilaterally where deemed necessary to effectuate the purpose and
intent of this Agreement, and where such unilateral action does not materially impair the owner's
rights under this Agreement.
Page 12
11. Mortgagee Right to Cure. Nothing herein shall be deemed to impair any right of a mortgagee of
a Unit from curing any default by an owner of his or her financial obligations with respect to
such Unit.
IN WITNESS WHEREOF, the parties hereto have executed this instrument on the day and year
above first written.
DECLARANT:
300 SPRING STREET ASPEN, LLC
By:
Garrett Reuss,Manager
STATE OF COLORADO )
)ss.
COUNTY OF )
The foregoing instrument was acknowledged before me this day of ,2012,
by Garrett Reuss,as Manager of 300 Spring Street Aspen,LLC.
Witness my hand and official seal.
My commission expires:
Notary Public
Page 13
ACCEPTANCE BY THE ASPEN/PITKIN COUNTY HOUSING AUTHORITY
The foregoing Deed Restriction Agreement for the Occupancy, Rental or Resale of the Residential
Unit, 300 South Spring Street Condominiums, and its terms are hereby adopted and declared by the
Aspen/Pitkin County Housing Authority.
ASPEN/PITKIN COUNTY HOUSING AUTHORITY
By:
Tom McCabe,Executive Director
STATE OF COLORADO )
)ss.
COUNTY OF PITKIN )
The foregoing instrument was acknowledged before me this day of
2012,by Tom McCabe,as Executive Director of the Aspen/Pitkin County Housing Authority.
Witness my hand and official seal.
My commission expires:
Notary Public
Page 14
EXHIBIT "A"
Permitted Capital Improvements
1. The term"Permitted Capital Improvement"as used in the Agreement shall only include the following:
a. Improvements or fixtures erected, installed or attached as permanent, functional, non-decorative
improvements to real property,excluding repair,replacement and/or maintenance improvements;
b. Improvements for energy and water conservation;
C. Improvements for the benefit of seniors and/or handicapped persons;
d. Improvements for health and safety protection devices;
e. Improvements to add and/or finish permanent/fixed storage space;
f. Improvements to finish unfinished space.
g. Landscaping;
h. The cost of adding decks and balconies,and any extension thereto;and/or
i. Improvements associated with health and safety, energy efficiency, water conservation, and green
building products.
2. Permitted Capital Improvements as used in this Agreement shall NOT include the following:
a. Jacuzzis,saunas,steam showers and other similar items;
b. Upgrades or addition of decorative items,including lights,window coverings and other similar items;
C. Upgrades of appliances, plumbing and mechanical fixtures, carpets and other similar items included
as part of the original construction of a unit and/or improvements required to repair and maintain
existing fixtures, appliances, plumbing and mechanical fixtures, painting, and other similar items,
unless replacement is energy efficient or for safety and health reasons.
3. All Permitted Capital Improvement items and costs shall be approved by the APCHA staff prior to being added
to the Maximum Resale Price as defined herein. In order to get credit for an improvement where a building
permit is required, the improvement will not be counted unless a Letter of Completion was obtained by the
Building Department.
4. The Permitted Capital Improvements shown hereon shall be subject to such additions, deletions and
modifications as may be set forth in the Guidelines from time to time; provided that if any improvement is
made at a time when it would be deemed a Permitted Capital Improvement hereunder or under the Guidelines,
such improvement shall be deemed a Permitted Capital Improvement at all times notwithstanding any
modification of the Guidelines.
Page 15
EXHIBIT "B"
MINIMUM STANDARDS FOR SELLER TO RECEIVE FULL VALUE AT RESALE
• Clean unit
• Carpets steam-cleaned two or three days prior to closing
• All scratches, holes, burned marks repaired in hardwood floors, linoleum,tile,counter tops,etc.
• No broken or foggy windows
• All screens in windows (if screens were originally provided)
• All doors will be in working order with no holes
• All locks on doors will work
• All keys will be provided;e.g.,door, mail box,garage
• All mechanical systems shall be in working order
• Walls paint ready
• Normal wear and tear on carpet; if carpet has holes, stains, etc., the carpet and padding shall be
replaced or escrow funds at current market value per square foot for a comparable product shall
be held at the time of closing to be used by the new buyer
• No leaks from plumbing fixtures
• No roof leaks
• Any safety hazard remedied prior to closing
• Satisfaction of radon issue if found at time of inspection
• All light fixtures shall be in working order
DEFINITIONS:
Clean Unit:
All rooms will be cleaned as stated below:
•
Kitchen:
o Range—Inner and outer services will be cleaned.
o Range hood and Exhaust Fan
o Refrigerator and Freezer — Inner and outer surfaces of refrigerator and freezer will be clean.
Freezer will be defrosted.
o Cabinets and Countertops — Exterior and interior surfaces of cabinets and drawers will be clean.
Door and drawer handles,if provided,shall be clean and in place.
o Sink and Garbage Disposal — Sink and plumbing fixtures will be clean. If garbage disposal
provided,this must be in working order.
o Dishwasher—If provided,must be in working order and inner and outer surfaces shall be clean.
• Blinds Windows,Screens:
o Mini-blinds,Venetian Blinds,Vertical Blinds,Pull Shades—Will be clean.
o Windows—All window surfaces,inside and outside of the window glass,shall be clean.
o Screens—Screens will be clean and in place with no holes or tears.
• Closets: Closets, including floors,walls,hanger rod,shelves and doors,shall be clean.
• LiLyht Fixtures: Light fixtures will be clean and shall have functioning bulbs/florescent tubes.
Page 16
• Bathrooms:
• Bathtub, Shower Walls,Sinks—Bathtubs,shower walls and sinks shall be clean.
• Toilet and Water Closet — Water closets, toilet bowls and toilet seats will be clean. If the toilet
seat is broken or peeling,the seat shall be replaced.
• Tile—All tile and grout will be clean.
• Mirrors and Medicine Cabinets—Mirrors and medicine cabinets shall be cleaned inside and out.
• Shelves and/or Other Cabinetry—All other shelving or cabinetry shall be cleaned inside and out.
• Walls, Ceilines, Painted Doors and Baseboards: Painted surfaces must be cleaned with care to ensure
the surface is clean without damaging the paint.
• Floors: Floor cleaning includes sweeping and mopping and could include stripping, waxing and buffing.
Types of floor surfaces include wood, wood parquet tiles, linoleum, asphalt tile, vinyl tile, mosaic tile,
concrete and carpet. If carpet,all carpets shall be cleaned at least two days prior to closing.
• Interior Storaee/Utility Rooms: Storage/utility rooms shall be cleaned. Properly cleaned storage/utility
rooms will be free from odors,removable stains,grease marks or accumulations.
Safety Hazard: Any item that provides a safety hazard shall be fixed. This would include, but is not
limited to, exposed electrical wiring, satisfaction of any radon issue found, ventilation for gas hot water
system,etc.
Walls Paint-Ready: All holes shall be patched; all posters, pictures, etc., shall be removed from all walls;
all nails,tacks,tape, etc., shall be removed from all walls;and all walls shall be clean and ready for the new
buyer to paint. If wallpaper has been placed on the wall and in good condition,the wallpaper can remain; if
the wallpaper is peeling off,the wallpaper must be removed.
Windows. If a window is broken, including the locking mechanism, the window shall be replaced. If the
window has a fog residue in the inside, it shall be replaced.
G:1Client\Snowmass Corpl300 Spring StreetlDeed Restriction Agreement for the Occupancy Rental or Resale of 300 South Springs Street
Condominiums 032712.doc
Page 17