The URL can be used to link to this page

Home My WebLink AboutLand Use Case.233 W Main St.0047.2012.ASLU0047.2012.ASLU 233 W. MAIN ST AMENDMENT FOR INNSBRUCK 2735 12 454 001 <#14%~ 04~16 P B I A .. THE CITY OF ASPEN City of Aspen Community Development Department CASE NUMBER 0047.2012.ASLU PARCEL ID NUMBERS 2735 12 4 54 001 PROJECTS ADDRESS 233 W. Main St PLANNER SARA ADAMS CASE DESCRIPTION INNSBRUCK REPRESENTATIVE BLUEGREEN VACATIONS DATE OF FINAL ACTION 09/18/12 CLOSED BY ANGELA SCOREY ON: 3.22.13 .. 0739 - 12-4- 6-4 -00 1 004,7 Â· 2-0/2 Â· 4524 1 Elle Edit Record Navigate Fgrm Reports Format Iab Eelp U@ 3 'X 4i K, 4 "Q ~b Â® 3 4 87 ~ # W l B /j O lalump l ~ Â¥~i 0 I 6 1 3 -,- + ?1 HgoÂ® 3@ O./~/3 *ad' ~ Rogting Ratus |Fees |Fee 5ummarY ~Actions |Attachments ~ Routing tistory Vduation |ArchjEng |Custom Fields |Sub Bermits 4 ) W . 17* .9,/, PI /0 ....11.â€ž le 2 Permit type ~aslu Aspen Land Use Permit# 00472012.ASLU +6'll 1 1 Â£ Address 233 W MAIN ST Apt/Suite 2 '1 City ASPEN state F-Fii Zip 81611 - cr . 1, F Permit Information -.-r= -- _- i . ~--- ~.,4~1 ~... . a.z-=-4.-=- - ~-299~ERt*FT - -- - - -~r-:mmm~m 150LA- - Master permit 1, Routing queue aslu07 Applied 8/92012 1 Project Status pending Approved . 0 1 Description APPLICATION FOR AN AMENDMENT TO THE INNSBRUCK PUD Issued k Â· BLUEGREEN FLORDA- BLUEGREEN VACATIONS Unlimled, Inc. 4960 Conference Â¢Vay North, Ste 100 BOCA RATON, FL 33431 Closedifinal Â¥ 3- 10, 1 LUÂ· i.. 1; f~ Submitted HAAS LAND PLANING 925 7819 clock ~JJE-| Days Efl Expires 8/4/2013 2 - tel,t Submitted via 5% :' 5 Owner '44% 9 - Last name INNSBRUCK First name 233 W MAIN ST ASPEN CO 81611 tj Phone (970) 925-2980 Address : . ~ Applicant Il 0Â¥,nel is applic#? O Contractor is applicant? M Last name BLUEGREEN First name 300 S SPRING ST 202 Phone (970) 429-7499 Cust # 25663 k Address ASPEN CO 81811 44 Fl Lender First name 1 Phone ()- Address 2....1 7-9 X : A.A. > 'AspenGold5 [seiver) ~ angelas Clt te I 14 7 966 9. 4-(04 P m 3 220 3 60+ 492 - .. 12735-- 12 -4- -5-4 -<Do 1 0041 0 35{2 Â· A-8 LL.t [118 Edt Record Na'Â¢* Fim RelÂ® Ford Ik Meb ~ @ 9 IX 1 e 4 'Qi~ JE j .2 3,1 bl i / 4 0 gJi~ knp 1 : ~~~gOIO ~ i 2 91 J J d J ' il l 19 43 2, -22-0 Routing 926 Fee- Feejum=Y ~~Adbns IA&*hments R*tÂ»11 Vil3â€¢ ~ArdiEW '(Â®omilelds !*Permis Ipacels I Pemi type :adu Aspen Land Use [ Pert#200Â¢112012.ASLU b 5 233 WMAIN ST Aptfide ~ F~ * 1ASPEN 2*F--1 Ip I81611 , 3 Peat I#OfmdIOn Â· J> .. :Â£- .-Â· -* ,7.,.f~v** 't *bÂ¥ ~ Master permt RouÂ® queue'2--1 *d 492012 I -' p '~ L Projed 365 ~ 4-1 1 1 Des#jm APPLICATION FOR AN AMENDMENT TO THE INNSBRUCKPW IsgUed ~ u 1 t */1 1 E jubmitted HAAS LAND PlANING 9~51819 (bck ~Ii~ * 03 600;$2013 | 4 3 *~ta Va I ~i Owner 1Â·) ~ lastname INNSBRUCK FIstnme 233 WMAINST ASPEN @81611 Phme (9101 93-3Â® Addre$$ *~ Appkant 3-- 0 01~813 *Â£310 00*80!N b *flied? *th.\SOP LaÂ¢nme ~LUEGREBN Rk ne *S SPRING ST ~NÂ¢'j OROP' t\,// 20\ -11, Phone ~910) 43.1499 052 # 25663 ANress ASPEN 04@11 * ~ Lender 1 Â«WID 2 last nalle frst name | f Phone c j Address Ener & subl@SYWomdbn , , ~ . , 4,6# ls,MI) 81106: ~11 1 #AM#*AptÂ¢hpÂ¥%,fj#Ftef#,Mwi4phf~2>44*;E,Â©A~* f.>f, ".- 5 ~,- I~~ rÂ· ,Â· f Â·4*g< ~ ~ 1 r ~ ," ~ T'fir=>?f rlÂ· ~ 'r? @rfjsi,NW(?ft liNÂ¥~II'~4M~tl/'rd?~F'il'kf '~ 00 +E l{41 266 2 Ca- ~lâ‚¬.a 1- 4 + ly]AD 3 -M 5-A I 0 AFFIDAVIT OF PUBLIC NOTICE REQUIRED BY SECTION 26.304.070 AND CHAPTER 26.306 ASPEN LAND USE CODE ADDRESS OF PROPERTY: Urâ‚¬L, enÂ» OA.f , Aspen, CO STATE OF COLORADO ) ) SS. County of Pitkin ) I, (name, please print) being or representing an Applicant to the City of Aspen, Colorado, hereby personally certify that I have complied with the public notice requirements of Section 26.304.060 (E) or Section 26.306.010 (E) of the Aspen Land Use Code in the following manner: b~'00' Publication of notice: By the publication in the legal notice section of an official paper or a paper of general circulation in the City of Aspen at least fourteen (14) days after final approval of a site specific development plan. A copy of the publication is attached hereto. Publication of notice: By the publication in the legal notice section of an official Paper or a paper of general circulation in the City of Aspen no later than fifteen (15) days after an Interpretation has been rendered. A copy of the publication is attached hereto. Signature The foregoing "Affidavit of Notice" was acknowledged before me this 27 day of ScÂ¢v , 20~3 by 4vic 41.- Sc-\ ' WITNESS MY HAND AND OFFICIAL SEAL 0.'F My commission expires: 3.-7 9-2 001 0 f LINDAM. 1 e . 1 MANNING i 444- 9 LLÂ»-1.-N\\ Notary Public My Commission Expires 03/290014 ATTACHMENTS: COPY OF THE PUBLICATION PUBLIC NOTICE Of IEVELOPMENT APPROVAL Notice is hereby given to the general public of the approval of a site specific development plan, and the creation of a vested property right pursuant to the Land Use Code of the City of Aspen and Title 24. Article 68, Colorado Revised Statutes, pertain- ing to the following legally described property: Lots A - E Block 52, City and Townsite of Aspen, the property commonly known as 233 West Main Street, the Innsbruck PUD, by order of the City of Aspen Community Development Department on September 18, 2012. The Applicant received ap- proval to amend the PUD to allow no less than twelve time-spac estates per timeshare lodge unit with conditions. For further information contact Sa- ra Adams. at the City of Aspen Community Devel- opment Dept. 130 S Galena St, Aspen, Colorado (970) 429-2778. s/ City of Aspen Published in the Aspen Times Week/y on Septem- ber 27,2012.[84233574] 34 I ASPEN TIMES WEEKLY .. DEVELOPMENT ORDER of the City of Aspen Community Development Department This Development Order, hereinafter "Order", is hereby issued pursuant to Section 26.304.070, "Development Orders", and Section 26.308.010, "Vested Property Rights", of the City of Aspen Municipal Code. This Order allows development of a site specific development plan pursuant to the provisions of the land use approvals, described herein. The effective date of this Order shall also be the initiation date of a three-year vested property right. The vested property right shall expire on the day after the third anniversary of the effective date of this Order, unless a building permit is approved pursuant to Section 26.304.075, or unless an exemption, extension, reinstatement, or a revocation is issued by City Council pursuant to Section 26.308.010. After Expiration of vested property rights, this Order shall remain in full force and effect, excluding any growth management allotments granted pursuant to Section 26.470, but shall be subject to any amendments to the Land Use Code adopted since the effective date of this Order. This Development Order is associated with the property noted below for the site specific development plan as described below. Innsbruck Suites Investments, LLC, Attn: William Guth, 233 West Main Street, Aspen, CO 81611 Property Owner's Name, Mailing Address Lots A, B, C, D, and E, Block 52, City and Townsite of Aspen, CO. the Innsbruck PUD; commonly known as 233 West Main Street Legal Description and Street Address of Subject Property Administrative approval to amend the PUD to allow for fractional ownership interests with not less than twelve (12) time-span estates per timeshare lodge unit with conditions. Written Description of the Site Specific Plan and/or Attachment Describing Plan Approval by the City of Aspen Community Development Department for an Insubstantial PUD amendment; application received on 8/9/2012 ; approval granted on 9/18/2012 Land Use Approval(s) Received and Dates (Attach Final Ordinances or Resolutions) September 27.2012 Ef#ctive Date of Development Order (Same as date of publication of notice oj approval.) September 27,2015 Expiration Date of Development Order (The extension, reinstatement, exemption from expiration and revocation may be pursued in accordance with Section 26.308.010 of the City of Aspen Municipal Code.) Issued this ljÂ¢ day of September, 2012, by the City of Aspen Community Development Director. /1 i A A.. C-) UNVVRK RECEPTION#: 592493, 09/24/2012 at 03:11:13 PM, Chris Bendon, Community Development Director 1 OF 17. R $91.00 Doc Code ORDER Janice K. Vos Caudill, Pitkin County, CO ~TICE OF APPROVAL ~ For an Insubstantial PUD Amendment to City Council Ordinance No. 32, Series of 2004, the Innsbruck PUD, for Lots A - E, Block 52, aka 233 West Main Street Parcel ID No. 2735-124-54-010 through -118. APPLICANT: Bluegreen Vacations Unlimited Inc. 1960 Conference Way North, Suite 100 Boca Raton, FL 33431 Tele: 561/443-8652 REPRESENTATIVE: Haas Land Planning 201 N. Mill St., Suite 108 Aspen, CO, 81621 Tele: 970/925-7819 SUBJECT & SITE OF AMENDMENT: Lots A- E, Block 52, City and Townsite of Aspen, Colorado, aka 233 West Main Street, the Innsbruck PUD/Subdivision SUMMARY: The applicant, Bluegreen, with consent from the Owner, Innsbruck Suites Investments, LLC and The Innsbruck Condominium Association, Inc., requests approval to allow for smaller fractions of ownership interests in order to increase occupancy and turn-over rates, to enable lower buy-in prices, and to promote an increase in new visitors to Aspen. Aspen City Council Ordinance 32, Series of 2004 approved 17 timeshare units with 1/12 fractional ownership interests. The proposal is to amend the size of the fractional ownership interests. No physical, interior or exterior changes are proposed. The Community Development Department rendered a Land Use Code interpretation on July 24, 2012 regarding the definition of "vacation club" which concluded that the timeshare plan proposed by Bluegreen, and attached to the interpretation as Exhibit B, meets the requirements for permitted timeshare uses within the City of Aspen STAFF EVALUATION: Staff finds that the proposal is consistent with the purpose and intent of Chapter 26.590, Timeshare Development, of the Aspen Municipal Code. Permitting smaller ownership interests increases vitality, enhances the lodging inventory, and maintains community character on Main Street. Clarification as to when real estate transfer taxes are applicable regarding transfers or assignment of interest in a unit is included as a condition of approval to be amended in the Subdivision Improvement Agreement. Staff finds that the criteria for granting a PUD insubstantial amendment are met as described in Exhibit A. Page 1 of 3 DECISION: The Community Development Director finds the Administrative Application to amend Ordinance 32, Series of 2004, to be consistent with the review criteria listed in Exhibit A and thereby, APPROVES the request to allow for fractional ownership interests with not less than twelve (12) time-span estates per timeshare lodge unit with the following condition: 1. The Planned Unit Development/Subdivision Improvements Agreement shall be amended to include language to the satisfaction of the City Attorney regarding compliance with Section 26.590.080, Timeshare Lodge Business license and sales tax payments, of the Aspen Municipal Code and acknowledgement that any transfer or assignment of an interest in a unit is subject to the real estate transfer tax and shall be required to be recorded in the real property records of Pitkin County. APPROVED BY: A 0/WnÂ«X 444. 0 pe Chris Bendon, Date Community Development Director OWNER: INNSBRUCK SUITES INVESTMENTS, LLC .4. (b , 20\2_ . William hr...., Date Authorie Re e Attachments: Exhibit A: Review Criteria for Insubstantial PUD Amendment. Exhibit B: Community Development Code interpretation rendered on July 24,2012. Page 2 of 3 Z,1 Exhibit A Insubstantial PUD Amendment Review Criteria Section 26.445.100 Amendment of PUD development order A. PUD Insubstantial Amendments. An insubstantial amendment to an approved development order for a final development plan may be authorized by the Community Development Director. The following shall not be considered an insubstantial amendment: 1. A change in the use or character of the development. There is no change in the use or character of the building. The Innsbruckwill continue to function as a timeshare lodge. This criterion is met. 2. An increase by greater than three percent (3%) in the overall coverage of structures on the land. There are no physical changes proposed. This criterion is met. 3. Any amendment that substantially increases trip generation rates of the proposed development or the demand for public facilities. There is no change to the trip generation rates as no new lodge units are proposed. The applicant commits to continue the current airport and local shuttle service for all owners and guests. This criterion is met. 4. A reduction by greater than three percent (3%) of the approved open space. There are no physical changes proposed. This criterion is met. 5. A reduction by greater than one percent (1%) of the off-street parking and loading space. There is no change in the parking/loading space as there are no new lodge units proposed. This criterion is met. 6. A reduction in required pavement widths or rights-of-way for streets and easements. There is no reduction in the ROW's widths, streets or easements. This criterion is met. 7. An increase of greater than two percent (2%) in the approved gross leasable floor area of commercial buildings. Not applicable. 8. An increase by greater than one percent (1%) in the approved residential density of the development. There is no increase in residential density. This criterion is met. 9. Any change which is inconsistent with a condition or representation of the project's original approval or which requires granting a variation from the project's approved use or dimensional requirements. The change is consistent with the approved use and does not require a dimensional variation. The proposed increase in timeshare fractions is consistent with the original approvals that permit the Innsbruck to function as a Timeshare Lodge. This criterion is met. Page 3 of 3 0 4661- 8. CITY OF ASPEN COMMUNITY DEVELOPMENT DEPARTMENT INTERPRETATION JURISDICTION: City of Aspen APPLICABLE CODE SECTIONS: Chapter 26.590, Time Share Development Section 26.104.100, Definitions EFFECTIVE DATE: 24 July, 2012 WRITTEN BY: Phillip Supino, Community Development Intern THRU: Jennifer Phelan, Deputy Director liIARAAi<*f APPRovED HY~ll'@1%2 Chris Bendon, Community Development Director SUMMARY This interpretation is being issued in response to an inquiry submitted by Jody Edwards of Klein, Cote & Edwards, LLC on behalf of Bluegreen Vacations Unlimited, Inc, (Bluegreen) with regard to whether the timeshare subdivision proposal for certain units of the Innsbruck, 233 West Main St,, Aspen, CO, as operated by Bluegreen, complies with the timeshare requirements in City of Aspen Municipal Code Chapter 26.590, Timeshare Development, BACKGROUND The intent of the timeshare regulations Code section 26,590.010, Purpose and intent, is to "increase vitality" (26.590,010.A), "preserve and enhance lodging inventory" (26.590.010,B), "upgrade quality of accommodations" (26.590.010.C), and "maintain community character" (26,590,010,D) of the City of Aspen through the use of timeshare development in approved zone districts. Currently, the properly known as the Innsbruek is an approved timeshare development. Bluegreen seeks a code interpretation to ensure that their business model complies with City timeshare regulations prior to purchasing unsold shares in the Innsbruck and applying for an amendment to the Subdivision Improvements Agreement (SIA) to further subdivide their interest in the Innsbruck into smaller fractional shares. Municipal Code section 26.590.070,J, Prohibited practices and uses, identifies "right-to- use" properties as inappropriate titneshare uses in the City of Aspen. Right-to-use properties include "vacation clubs" and "lease-holds" in which beneficiaries of the properties do not own in interest in real property, Page 1 of 2 .. INTERPRETATION The applicant notes in the interpretation request (Exhibit A) that the proposed use of the Innsbruck by Bluegreen is not a vacation-club or similar prohibited use, because it is "a deeded timeshare interest that does not expire." Bluegreen issues a warranty deed for a share of its properly to the "owner beneficiary," which is then held in trust as a real property interest in perpetuity or until such time as the owner conveys or otherwise forfeits the share. It is staff's interpretation that the conveyance of a real property interest to owner beneficiaries as indicated in the Owner Beneficiary Agreement (Exhibit B) and the timeshare plan proposed by Bluegreen meets the requirements for a permitted timeshare uses within the City of Aspen and is not prohibited per Municipal Code section 26.590.070.J., Prohibited practices and uses. As a timeshare property within the City of Aspen, Bluegreen or its owner beneficiaries are required to remit Real Estate Transfer '1'axes and Lodging and Sales Taxes as required in the City of Aspen Municipal Code Chapters 23.32,23.48 and 23.50 and to the extent applicable. Furtherinore, the City finds that the Bluegreen proposal for a time-span estate to be operated at the Innsbruck meets the State of Colorado definition of a titneshare corporation pursuant to C.R.S. Â§38-33-110 through the granting of a deeded interest in real property, APPEAL OF DECISION As with any Interpretation by the Community Development Director, an applicant has the ability to appeal this decision to the Aspen City Council. This can be done in conjunction with a land use request before City Council or as a separate agenda item. APPEAL PROCEDURES, 26.316.030(A) Any person with a right to appeal an adverse decision or determination shall initiate an appeal by filing a notice of appeal on a form prescribed by the Community Development Director. The notice of appeal shall be filed with the Community Development Director and with the City office or department rendering the decision or determination within fourteen (14) days of the date of the decision or determination being appealed. Failure to file such notice of appeal within the prescribed time shall constitute a waiver of any rights under this Title to appeal any decision or determination. ATTACHMENTS A. Request for Interpretation dated 9 July, 2012 B. Bluegreen Vacations Unlimited, Inc. Owner Beneficiary Agreement Page 2 of2 .. KLEIN, COTE & EDWARDS, LLC ATTORNEYS AT LAW HERBERTS. KLEINJ hsk@kcclaw.net 201 NORTH MILL STREEr, STE. 203 LANCE R. COTE, PC Irc@kcclaw.net ASPEN, COLORADO 81611 JOSEPH E. EDWARDS, ]11, PO jec@kcelaw,net TELEPHONE: (970) 925-8700 KENNETH E. CITRON' kcitron@kcelaw,net FACS]MILE: (970) 925-3977 MADHU B. KNISHNAMURT1 inbk@keelaw.net www.kcclaw.net OF COUNSEL: JOSEPH E. EDWARDS, JR., PC' joe@kcclaw.net ' also admitted in }la,uii 2 3!50 admilled in California ' atw admitted in New York and Massachu jetts 'alsoadmitted in Texas RECEIVED JUL 0 9 2012 July 9, 2012 CITY OF ASPEN COMMUNITY DEVELOPMENT HAND DELIVERY Chris Bendon, Director Aspen Community Development Department 130 S. Galena St., 3rd Floor Aspen, CO 81611 Re: Request for Interpretation Pursuant to Section 26.306.010, City Code; The Innsbruck - 233 West Main Street, Aspen, CO 81611 (the "Property") Dear Chris: As I discussed with Jen and briefly with you, we represent Bluegreen Vacations Unlimited, Inc. ("Bluegreen"), Bluegreen (as buyer) entered a Purchase and Sale Option Agreement with Innsbruck Suites Investments, LLC (as seller) effective as of June 11, 2012 for the purchase and sale of the seller's remaining interests in the Property - comprised of seven whole condominium units (from which no fractions have been sold) and 39 separate 1/1211' fractional interests in eight additional condominium units (collectively, the whole units and the fractional interests are referred to herein as the "Units"). Upon the closing of the transaction contemplated by the Purchase and Sale Option Agreement, it is Bluegreen's intention to file an insubstantial PUD amendment application with the City to allow smaller fractions than the th currently allowed 1/12 interests to be created and sold within the Units. We held a pre- application conference with Jen last week on that issue. On behalf of Bluegreen, we request a code interpretation pursuant to Â§26.306.010, City of Aspen Municipal Code, I.and Use Regulations (the"LUR"). In particular, we request verification that the prohibition against certain forms of timeshare concepts contained in Â§26,590.070,J. l., LUR is inapplicable to the Bluegreen Vacation Club multi-site timeshare plan within which the Property and the Units are intended to be integrated and then offered and sold, {1640075.DOC /2 } .. Chris Bendon, Director Page 2 July 9, 2012 That section provides in pertinent part that it is "unlawful" for any person to knowingly engage in: 1. The creation, operation or sale ofa right-to-use interest or any other timeshare concept which is not specifically allowed and approved pursuant to the requirements of this Section. Right-to-use timeshare concepts (e.g., lease-holds and vacation clubs) are considered inappropriate in Aspen and are not permitted. Tliis prohibition appears to be intended as a consumer protection regulation. I suspect it is a hold-over in the LUR from the 70's or 80's when some "timeshare" plans were less than transparent and/or not real-estate based. As further explained below, and despite the nomenclature, the Bluegreen Vacation Club multi-site tinieshare plan is not a right-to-use interest or leasehold timeshare program; rather, the Bluegreen Vacation Club is a trust-based "timeshare estate" timeshare plan. Since the prohibition specifically mentions "vacation clubs"as an example of a type ofprohibited right to use program, we want to clarify and verify with you that the Bluegreen Vacation Club is not the type of"vacation club" contemplated by the prohibition and that Bluegreen is not prohibited from operating the Bluegreen Vacation Club in Aspen. The terms "right-to-use" interest and "vacation club" are not defined in the LUR. The term "right-to-use" is a term of art and has a meaning in the timeshare industry. The term "vacation club" is not a term ofart and is used for many different timeshare formats in the industry. The American Resort Development Association ("ARDA") defines right-to-use as "A timeshare owner's right to occupy a unit at a resort for a specified nuinber ofyears and having no real estate interest conveyed." Wikipedia defines a right-to-use interest as follows: "The purchaser has the right to use the property in accordance with the contract but at some point the contract ends and all rights revert to the property owner. In other words, the right to use contract grants a right to use the resort for a specified number of years." The key elements to a right to use program are a contractual right to a specified time period after which the right to use expires and the lack of a real estate deed. The Bluegreen Vacation Club multi-site timeshare plan was created under specific provisions ofthe Florida Timeshare Act and has been registered and approved as a timeshare estate plan in the state of Florida since August 1,1994 and in Colorado as a timeshare estate subdivision since June 18,2005. As noted herein, the Bluegreen Vacation Club involves only the offering and sale of deeded timeshare estates for which title insurance is issued. We further note that the ARDA defines Vacation Club as "a term used to describe various types of timesharing and usually involving use or access to more than one resort location and other vacation and travel services. However the term is used for many different purposes, including "clubs" which may have nothing to do with timesharing (i.e., travel clubs)." { 1640075.DOC R } .. Chris Bendon, Director Page 3 July 9,2012 When Bluegreen sells a limeshare interest in connection with the Bluegreen Vacation Club, it does so pursuant to an "Owner Beneficiary Agreement" (i.e., the (imeshare purchase contract) and, upon closing, issues a Warranty Deed conveying fee simple title to the real estate timeshare interest to Vacation Trust, Inc., a Florida corporation ("Trustee"). The Trustee holds the real estate title for the benefit of the timeshare interest buyer pursuant to the Bluegreen Vacation Club Trust Agreement, which is the timeshare instrument establishing and governing the timeshare plan. The Trust Agreement is intended to be irrevocable; however, in the event of a termination of the Trust, the Trustee is obligated under both the Trust Agreement and the Owner Beneficiary Agreement to transfer to the beneficial owner the timeshare interest in the real property that was transferred to the Trust when the purchaser became a beneficial owner in the Trust. In other words and at the end of the day, the Buyer owns the real estate. For your reference, a copy of the Trust Agreement is enclosed. Also, the timeshare interests can be, and often are, sold on a purchase-money financing ~ basis, in which event, a mortgage is granted on the timeshare interest providing collateral for the purchaser's promissory note. The Trustee, as fee simple owner, simply executes the Mortgage on behalf of and at the request of the beneficial owner and the beneficial owner makes the payments under the promissory note. The Bluegreen Vacation Club is currently comprised of over 60 component site resorts, located in various states, Aruba and the Bahamas, which are used and accessed by its more than 166,000 members (i.e., "Owner Beneficiaries"). Any beneficial owner who buys a tinieshare estate interest associated with The Innsbruck in connection with the Bluegreen Vacation Club will have a 60 day "home resort" preference for advance reservation priority at The Innsbruck. We specifically note that more than 166,000 (and counting) members of the Bluegreen Vacation Club are all potential new "trials" in the Aspen area. See Â§26,560.060C.5, LUR. Bluegreen is going to propose smaller fractional interests for the Units and these smaller fractions are encouraged under the Timeshare Regulations. See Â§26.560.060C.1, LUR. While the program is called a "vacation club," it is also a type of plan that is both "specifically allowed" and encouraged in Aspen. Whatever meaning the term "vacation club" has in the I.UR, we do not run afoul of it because we have a deeded timeshare interest that does not expire. The specific language is that right-to-use concepts are inappropriate - and vacation clubs are given as one possible example of something that might be an inappropriate right to use, Bluegreen will not be operating a right to use plan for The Innsbruck. There will be warranty deeds to a real property interest, title insurance policies, mortgages in the case of a financed purchase, the real property interests will not expire, and the owners are protected by the Trust Agreement and the Owner Beneficiary Agreeinent. Consequently, we request confirmation that Section 26,590.07011., LUR, as it applies to Bluegreen, does not prohibit the operation, offering or sale of the Bluegreen Vacation Club in {1640075.DOC /2 } .. Chris Bendon, Director Page 4 July 9,2012 Aspen provided that the fractional interests are deeded to the Trust and do not expire. We intend to rely on your interpretation in making our decision concerning whether to consummate the purchase of the Units within the Property, We have a due diligence deadline of July 26, 2012 under our agreement with the seller and would appreciate receiving your interpretation in advance of that date so that Bluegreen may make its decision concerning the purchase of the IJnits. Enclosed is a check payable to the City of Aspen for the LUR Interpretation fee in the amount $50.00, If there is anything in addition to this letter and fee that is required in order to pursue this interpretation or it'you need additional information, please contact me. Sincerely, KLEIN, C~,TE & EDWARDS, LLC B~,AffÂ«RE- ~ Josed[+. Edwards III 1/ co: Bluegreen Vacations Unlimited, Inc. Jennifer Phelan Mitch Haas bluegreen\]tr to Bend]on interpretation request.doe {1640075.DOC /2 } .. BLUEGREENOWNER BENEFICIARYAOREEMENT BLUEGREEN VACATION AUF rill,FOUNTAINS SELLING THE FOUNTAINS INVENTORY] MULTI-SITE TIMESHARE PLAN: 8LUEGREEN VACATION CLUB DEVELOPEFVSELLER: BLUEGREEN VACATIONS UNLIMITED, INC, 4960 CONFERENCE WAY N, GTE 100. BOCA RMON, FLORIDA 03131Â·3311 Contract Roforence 1. 701105 Pu,chase,(s) 60Â¢181 Seculity No. Socinl Setuiity No. Street Address Crt, Slate . zipl count,y URIfdd-St#(66-of Am.Flon Developor/Selker ewees to 691, Und the Pulchascr owees lo purchaeo a Ernestlaro ow!@10, being the Piopeity descnbed below. The Pioporty #hati bo ocqulfed ond accepted by the Pughalm upon Ule elowkÂ·Ii; te rin5 and cond~ttons Brld. In connection the (ewith, Purchaser 4 tv 1,0 destgnated 08 on O'M'ler Beneficiary and aÂ®cated VaÂ¢avon Poinls 03 401 out below. By execution of this Blusgreon Oaer Benelk#ary Agfeement Purchaser votuntarily appolnts and de#gnates lhe Twsteo as his/he; lawful agint to be dether, d the deed lo thu Piopeity descdbud below. By execution hereof, Pufoh@&01 ts designated an Owner tioneAdily endef the 8|eogre en Vaoa6on Club Trust Agreemenl. Mt:,ch Was made end enlored Into as 01 th@ 18111 day ot May 1994, 05 amended and reSIated, by und bohÂ·men Developur/Solter and Vacation Trust, Ing., a Floilda colpofaUor), 0, Tru518O (th, 1(Vit Agfeemeoll. Each O,mer Beneticiafy M unt)1!ed to exolots, 0,Â¥nor Benefidety Rlghts. (>uner Bensidary Rtghl5 Indud@ 8 s an appurtononce thereto an docalion of tho berowÂ·d#embed Vacatkn Points and tho Aght to bo convoyed, subject to thi teirns of the Trust Agreernent tho belowÂ·dogfibed Prepelly upon termlnetton o f the Trust Aoteemint The Vacation Point$ represer,1 thu opportunity to vie end enjoy Agoommed@Uons end Fecilil!85 subject to thu Tiusl Agreement and haw been dotorm;ned In relation to current occupnncy demand for Who below described Pcoperly. The Property Is defined os Condominium(Unit No. or Di an u ndhided Interest ki a poitict,lar phaw of the Resoit as may bo funher desulbed In the deed for Futh Properly: ResÂ¢,1 Name: THE FOUNTAINS; ResodA*lfeso: AÂ©Â©ommodadon(s) conststjng 01; Condom#ium Und No.1.Vocaron Week Ng? Ilogoher wiU)'F' (Fu'.1 nmashafe lriterest) or 'h ol 'O (Blennwal limeshafe InterÂ©Maiven or Odd)1; Â¤112)4420 Ths VacaUof'JUnit Week No., above Â§01 fofth, and the Vacation Polots ossodated therewith, we ulther deslgnated a s Annvul (by we of the Jettof '11 IndlÂ¢ating a full Tknc5hare Jnterest) of Bi,molal (by uso of U,0 letter 'â‚¬' or 'O, Indicatjno Evon Numbered of Odd Numbefed Years und *ne half of a Timashara Interest). An Annunt Vecooon/Unil Week with Annual VBÂ¢ation Polflls mean$ the period of Umo duri,8 whtÂ¢h the owner Uiereot 16 Blforded th@ oppoilunity to use the Accommodallons 01 the Plen on an annual recumng basts. A Biennial Vacation/UNI Week with Oloan!81 Vacation POWB mean, tho perlod of eme during Â¥mtch tho 0Â¥Â¢110 f thereof h afforded the opporunity to use the Accommodations 01 the tim,5hme Plan on a biennial lowaing bawls. A Vacave,VUnit Week created Inlially as en Annual Vacal]ONUnit Waek of a 81Â¢nolal VeÂ¢ationfUnit Week shall temaln Go. For pucposes 01 lh;5 Agreement, thu foiloY,ing demt,Uons shay be Con'10DN: '13!enntar meanG every oth,r year gr,4 liu wrnoshall be delefmloage on a catendar yea, basts, except 8% othen,{30 probded herein. 'Odd Numbered Yeafs' mean, thoso years ending in 1,3, 5,7 0< 9 and lie *Brne shatt be dotemÂ·tk'lative on a calondaryearbasts. 'Even Numbered Yeam' means thosoyee{ s en*ng in 2,4, 6, 8 0, 0 end 010 *rimo %hall bo dole [minative on a calendar year basis. The number of VaÂ¢aU<on Pohts 880Â©ated to the Propefity end the (>mnsf Bonefidary Right, and tile de;Ignation as 'F," 'Eâ€¢ 0( 9 as deÂ¢Â¢ribed be:ow IsÂ· 6000 O Allocated Vacation Point* are used to determine occupancy of Accommodatfor,5 end Faciftios during an O,mei's Use Yew, although no ed(61]onal consideration b pa?d fof ecÂ¢upan,y al)owed by Vacaton Potnt$ 01!ocated to D rospecove Owner Deneficta ry. The Owng A Use Year commences Ole first day of the month Hlowing oxÂ¢oution 01 this Agreamont by Putchaser and DevelopefrSellor, totmllates upon exptraljon of t,YOND (12) months following spch commoncernenl, end fecws for each ;ucceeding twoke (12) moolho themafter. Biennial Vacation PoInt 5 al'qu occupancy end use of aÂ©commodaoons on:y du(ing ultornato O,mer Use Yeare, baglnnlng with 240 Initial Ouner U59 Yoar rolo'king Oho purÂ©11,50 of the Propeity, except asother,Isu provided liele'o. Such usuw aro atso subjecito promstons for *oving end bon*Ang of Vacation Pornts. as explained elseÂ¥,here he,Â¢18. Purrhaser shall bt et,59ated to pay Common /Wsessment Foo; and Ctub Dues In accordanco with Part E o f lho Ta)Â§ 1 Fund Budg H as 50~ forth In Paiagroph 4 hemot PURCHASETERMS 1. Purchase Prko of Property payable by Purchas,r. $7,600.00 2, Down Payment (100.00% of Lino 1>. $ 7,600.00 3. Closing Com. Induding Recording Fees, Slute Dowmenlary Gtamps, 1018ng,ble Tax, Title $ 350.00 Search,Antufance, Docu ment$ Ptoces,Ing Foo a nd Fee: Related 10 Tfanster 01 Pcopelly to T/usto o. 4. Slate/locul 38!09 Tax (0.002372$ of Lino 1). $ 17.70 5. Tola} PutchowPilcu (U.S. Funds)(Addlines 1, 3, end 4). $ 7,067.79 6. Total lÂ»un Payment (Add lnes 2,3, Ind 41 5 4857.79 7. Initial Deposit Recerved $ 7,067.70 (CK, MO, MCNISA, AMEX, 015(}. $ 7,867.70 u. ealanco of{)own Payment Required one{ bofofe WA. 5 0.00 0. Arnount Flnallq,d N/A (01 NTA monlhs at N/A (Unp 1 minus l?no 2). 10. Monthly Payments 01: WA begnnIng on WA. D.*#d Fr, -,11' M. rÂ¢49*01/2012 RegularContract Purchaser agnes to have Resoft Iltle Agenoy. Ino. Issue lendets litte Insurance polky PieÂ·Authorized Check Plan Accepted (Initial if 'YOO; THIS AGREEMENT IS SUBJECT TO ALL TERMS AND CONDITIONS HEREAFTER SET FORTH, OR ATTACHED HERETO, WHICH ARE INCORPORATED HEREIN BY REFERENCE. BY SIGNING BELOW, PURCHASER ACKNOWLEDGES HAVING READ AND AGREED TO ALL SUCH TERMS AND CONDITIONS AND FURTHER ACKNOWLEDGES RECEIPT Of THE BLUEGREEN VACATION CLUB MULTI-SITE PUBLIC OFFERING STATEMENT AND ANY APPLICABLE EXCHANGE COMPANY DISCLOSURE STATEMENT. , 1 NO PURCHASER SHOULD RELY UPON REPRESENTATIONS OTHER THAN THOSE INCLUDED lN THIS AGREEMENT AND IN THE DOCUMENTS REFERRED TO HEREIN, YOU MAY CANCEL THIS CONTRACT WITHOUT ANY PENALTY OR OBLIGATION WITHIN TEN (10) CALENDAR DAYS AFTER THE DATE YOU SiGN THIS CONTRACT OR THE DATE ON WHICH YOU RECEIVE THE LAST OF ALL DOCUMENTS REQUIRED TO BE GIVEN TO YOU PURSUANT TO SEC-rION 721.07(6), FLA STATUTES, WHICHEVER IS LATER. IF YOU DECIDE TO CANCEL THIS CONTRACT, YOU MUST NOTIFY THE SELLER IN WRITING OF YOUR INTENT TO CANCEL, YOUR NOTICE OF CANCELLATION SHALL BE EFFECTIVE UPON THE DATE SENT AND SHALL BE SENT TO: BLUEGREEN VACATIONS UNLIMITED, INC; ATTN; CORPORATE SALES ACCOUNTING DEPARTMENT, 4960 CONFERENCE WAY N STE 100, BOCA RATON FL 33431Â·3311. ANY ATTEMPT TO OBTAIN A WAIVER OF YOUR CANCELLATION RIGHTS IS VOID AND OF NO EFFECT. WHILE YOU MAY EXECUTE ALL CLOSING DOCUMENTS IN ADVANCE, THE CLOSING, AS EVIDENCED BY DELIVERY OF THE DEED OR OTHER DOCUMENT BEFORE EXPIRATION OF YOUR TEN (10) DAY CANCELLATION PERrOD,IS PROHIBITED, PURCHASER(S): DEVELOPER/SELLER: BLUEOREEN VACATIONS UNLIMITED, INC, 2*1212 14 . 281220.12 (Date) Authorized Agent (Date) M&112912 (Dato) 'Notity' shall mean Ulat a wfitten notice of cance!lation Is delivered by any means. wilch may Indude ce,tified mail, fetlm receipt requested, to Bruegreen VocaUons Unt'mHed, ino. It 15 a violatlort of F.S. Ch. 721 for any person to inteÂ®re With the deivery of a notice of cancellaBon by a purchaser. 051Â¢Â«13 'li C~11 FN04/0lt2012 Rogular Contrm .. TERMS ANDCOND]TIONS 1. TRUST AGREEMENT. Thu Blve,feen Vacalion Club mut{i-stte time:ham plan haa bean eitabashed pumuor,110 Iho Tfust Agreement (Ume,hafe Inslnlman) end rebled dowinont$. Vacatk>n Trust, ina, 8 Flotida cof-porption, ovrfent4 acts as tho Tlustee of Me Trust Agreemont. The addreis of Vacation Tn,Bl [I,g. 4 4950 CommunkaUon Avenue, Suite 900, Boco Raton, FL 334 31, Each Puictioser purswnt to an C>Uner Ueneklary Agreement Is deugnated aa un OÂ·*ne< Menekiwy pufsvant to the terms of tho Tant Agreement, Thu Interest of oach OalÂ¢f Bonefidar'y under UhÂ« Trust Agreemont oonslits Â©Nad Is WenWied 05 the r'igM to peifermance by tho Tals[,4 Wil$ obboakwi 88 591 10114 in the Tfull Agreement Each Ouner BenekJarÂ» right to pe,formance by tho Truslee bdudes the Trustoo holding Gee or Occupency Rights rclating to the Accommodatons end FoÂ¢ilities wimn Iho D,uegmen Vacation Clul Trust Es!,te ss agenl for each O,%ncr BenoW@fy anti for the benofielai use and enjoyment of sach Chmer Befiendury and the lighl, sublect lo the tem); 01 the Truit 88 feement, to Mve the V fopolly g>nmed !01he 0â€žmor Benefidary named hereln upon to(Intn@000 of 11,0 Tiust Agreement. The (>mle< 80notidaties me ent,)1!ed to use, 0Â©cupy and e rÂ¢oy Ihs Plopedy fir,4*09 Occupancy R)9,11$ retated to 00 Properly) within Ihe Bluegreon VegaÂ®n Club Trust Estate, subject 10 avaBablity and to the teÂ¢ms of the Tfus! Agfeemccil and fetated Instiument$. (a) 11~0 Umestiele tnterest being sold und acquifed hemur,def consists oj tho Piopeity desctibed above, being o feo Ap!0 1921 0118te tinle,hafe oslato and, In Â©ortnecUon ther,Ndi, Fvrcha;er 13 designated al Onner Beneticial engl}ed to Re Ouner Benef~ary Rightg and app,Jrtenant Vacs*r, Po:nts mferied lo olove. OmÂ·ler Benekle#y R#hts Indude the *110 um, occupy arld el\Ivy 0,0 Accommodd60$ and FaÂ¢*110; mhln tho Bluegreti Vacst;on Club TGAI Estate cooded Mlh the fleehold estple wir.Â·eyed to ~he Flusten by Develope//So]Â©f of Ks allialo on behalf of the Pucchaser upon Pughnier becon'dng an Ouner Bene*daly under Iho Trust Agreemenl. 07,118r f~enekia,y RIghts arv an Intumt in tho UÂ»egreon Vacauon Club Tfust. Mtikti kitefo,t Is deUed M a 'tkneihare estate' under F.8. Ch, 721, The du fallofi of th15 tkneshalo Inlefesil; Intended to t e pe,potual, so tons us tha Trust Agreement conorwas. The term of Ihe Vacadon flon 13 Intended to t>o Pal>eluai; 0~0ded, 1Â»,vover, that tho Resod trde,ests al each Component S.le Inctuded #thrn the Vacadon Plan me lee slmplo plopedy Inte,04ts and either (1) continue unb) such time as hldicated In thu Componont Siv Undedying Declar#600 81 Â¥(hkh tkno Um Tmostwe plans may be e)dended fof one of mofo od<*tional pÂ«iods; or (21 8,0 kltended to bo perpatual pur511#nt lo the Componen, Site Unde*Ing Dedamtion. The Tru,1 Agm et ilen t 15 11: 83,*obto, Solong g,6 Bny Ovmer .Bed, Wi r y lias # 1,111 30 0Â«upy a ny poltion or tho 1,1.,t Falate. 11%, t lummolion 01Um T,051,11*11-0$1,0 It-blrooled under lio 1,01/410%.*91 '69**$ PADÂ·61014-QhriEEDÂ¢,iolisfit'y'UV,htâ€¢ to.emY". 144 14 000,14 r.: '' 1,1 Pu,/418:el 4 41.NICIAn deed if tiUO Â» 010 Mopoity U hOId W ihe Truiteo, w- long M Purd,swi Is MI In ,!â€¢.teult 01 his or her Bal 80000.m obreark,n.. Slrch hnitter 3hall bo el,Xed to the ilghts Â©1 p holder -of,ny ouINanding loan'of nlgitgage jolated Co lae'P,operty %; tlealdbyth* Purchaser and i,lek,dlo IhW~Pro,Sorty(o reque,]Â¢00Wy,noe Wtho Aopodyloit (b) The P,operly end other Accommodatong and faotit# comptiGIng the Trust Estale (and sub*1 10 (he Tru3l Agreemenl) 8(0 9.vned Ir, fee *Unwe * le#0744 thle, 11 WitÂ® the Ck,b Pone Ka) Component 5-Ito Rusort) b y Develope,/Seller at Ihe bme Of PUrchasets execullon hereof 21*1 afe to bo w have been conveyed to the Trustee by deed [fom Devek>po#Sette, of Its emalo. The Testee'g vbligatlon, plwwant to tha TrUSI Agreemen!, Is 00 make :uch PÂ«,pedy und othor Accommodafon* end Facifues wilhin 0,0 Wuegreon Vecalkwi Oub Truit talate avallable for ihe use, oocupancy end 0*yment of the Ower Benekiafies. Purchaser, by Ule scquisition howunder, shall bean Owner Belleklary purtuant to N Trust Agreement The Inte,ost of DevelopedS* in the AÂ©commodauens end FacNes fs thai Develoix,rnsol?e~ pase,14 eans wob, DeveÂ»per/Sel:er b unlitted lo dostgnate O*Def Bonsklafy Rights Mth apputtenant Vacatlon Polit{5 to Purcha#ers pursuant to the lefms of tho TfuSI Agreemenl After w,weyanoo to the -flustee 0$ stlfwth twrein, DÂ©VeÂ»pef/Se*f hai no other actual Ir re toS f, indvdhg Dterest to Â©ontrot tho Accommodal;ons of Faomfio* conveyed tg me TruS Ne. Pjot to 1>,mlepe rmetja r issufv e deed 01 140 Pfopelty to U'to TNSte.5 as ageilt tor PufchaSer, the Plopedy (linleshate Inlems#) shol be released from any lion us may eW encumbedng the P,opeAy by payment of release fee, to the tender thejeor or by futt MUsfactionof said moltgage or Non insgument Upon such convoyance W 0}8 Propelly, PufÂ¢base< dua, end autholizes Trusteo, H the balariw of 11Â·le purchaso pfic, above fofened to h not pald in full In cam Dr cartiled chock, to eslablish a mollgage agalnsl the Property In favo; 01 DmdepgraoUe, or Lender of thet, dosignea purwant (Q the tomns hereh to .Mm (he Purchasets payment the~refor. 2. DEPOSITS. yha Init}31 deposit W subsoquent payment; made punuant to lhts Bruegreen Omler Agree rnanl by Pumbaser 19 Dayeloper/Sotlet #hall, Prior to closing, be hatd In es*w plusuant to the pcovislons of Section 721,08, Florkla Statutes, #th Old Repub!!c Notional 111!0 10$uranco Company,6433 WDS) lake Mea d Bh'd.,l.03 Vegas, NV 89128-7838 CE;Clou Agent). The EsciowAge{!shall furnish Purchosefwith a Writton woolp! for tho inlval deposit Brld subsequenl payments. E~mw Funds held by tha EsumAgent may bo involed In seculitj,5 of tho United States Goromment, or any Bgoncy the feof, or In saknvs 01 Unle deposlts In Institutions Inwred by en agency of tho Unlted Statui Govemment Developer/Selier shall mloin the Intere,1 ounerated byany Such Invastment. A)1 moriehuy amounts Â®led 91 thts Agicomant shalt bo palO in U.S, Funds. 3. THE PROPERTY. The Propatly shall bo the P,operly, 09 Idenufied above, wlÂ®h has been elloHed a nufnber of Vacation Po'm detunnInative of occupancy fighh and equiyalont to Ule Vagion Pornts set out hefelnabove Bovkled to Pu,chaser heiounder. The Pcoperty 16 a Resott Interest under the T, 051 AgceeinÂ·ant. By oxecuton hereof, Purchaser di'fed, and oulhodze s convoyance of Ute P,opetty to th, Trustee. For each Purchaser *fovided the Oymer Benektary Rights and appuftenant Vacat)on Potnls tom Devek>pe,/Seller, Deveoper,Selet shall wnvvy le Trvbtoe a Resod Int{west or cause ft$ e INiato to convey to Truslee a Resâ‚¬),110!emu, Whkh hal been e*brished 85 requifing for occupancy Vocerlort Pokits oqu#tent fo the Vacal*n Podlly applutopan! 10 140 Owner Benekiaty flights of the rospeCive purchasei. Ute Prgpeity end al ovwr pcoperty commed to the Twitee pursuant to thls Agreernent and any other 8!.uegreon e.'mw Benefdafy Agreement ts con,Wered the Trust Estate arid pfopelly avi,twble fm occupancy by d puwchÂ¥,sers 01 06112f [ionerÂ©(ary HjgMs, wbjed to the Trusl Agfcoment und 0*liablished foser,ration ;Nocedues. 11w P,opedy conveyed to Ulo In*(ee pursu,fl to this Agreemen{ ts In lea %1.mpto (0( leaSehold, IT Wthtn the Cbb Pono Km Component Sko Reswt) and ts Intended to roma In titio to the Trustee pe(petuaRy, subjed to deledon light$ 8$ Bet fofth hefeinalter and 88 othernise proYÂ»j fof M the Trust Agreeingnt. The Plopelly is subject to the appeable Underlying Dedaration k;entfied In ed*119 ollie 8!veg feen Vagion Club Pubkoffeling Slatement 4, COMMON ASSESSMENT FEES AND CLUB DUES, PurchaseK as an O,mer Benefida,y, egreea to pay Common Asses~ment Foes end Club Duas a $ set $0111 rn the Wuogmen Vacen Out Public Offering Statement, TruM Agreement, the related documen{5, indudhg 141 Ctub ByÂ·Les, and this paragraph. Purchasef, 8& 00 CNmer Benoflciaiy, agrees to pay common expense v*sessinonts.' 85 Bot t,th in tho UndeA>400 Declafaeon related to the Property, to the ek'tent thoy mo not Included In the Common Astessment Fcou. Such obagaeon to pay the r(xegolng amount, thot! Â©01#nue [egard;ess of 140 collveyance o f the Vioperty lo lha Trugee. Purdiasar,bal] pay 10 Ihe Vacation Club Mana#ng lintity {as herealler defuled) such fofego!ng amount; related tolhe Pcoperty at the time that the same are dve and pay*We. Such obtigation shall include 0,0 obrgalkil to pay anyspdoj! O$$O$*ments related to thu Propelly, as n'eli us any wal estate taxes atkitufab# to Mo Propotty that are nol othe;Â·950 47*ded in the Common Amssment Fees. The annual Common Asseisment Feei, InduiNg ul Bd vaR>rom le@I esta le taxes, cu,ionoy payab!0 by PUrcha587 acqu*,4 Annual Vicaljoo Pdnts and 9 Full -Tlmoshare InticÂ»t hereunder $holl equsl g ba; e amount of Thfee I lundred Twenty MM ($320.00) plus *ii added amount equol to $O.045 vmes Ule number of Vacation Polnts oppudenant to tho Or,net Ben,kiary R#h!5 herern al?ocaled to the Purdiager; pfovlded. 110*ove/, 010 Annual Common Assessment Fees, IndushÂ·e Â©f taxea, Culfently payabto by a Purchaiw acqubing 8?onn[ul Vacatton Punts and a Blen# Tkn eShare 1ntefe51 SIWI eâ‚¬11101 a base emount or 11,reo Hundred Twvoty Do!lacs ($320.00) plus an added amount equal to 50.0225 Omes Iho number of Vacation Pek,[s appuRonan 1 to the 0,~mar Be,104010<y mghis holein allocaled lo the P'urchalof, Each Pufchaier/0.Wer Benekiary shall 0(11, be asses#ed ono baso emount (cutiontly 332 0 00) a nnualy without regard lo the number 01 Va ca UOR Point s al'ocat ed to Stgh Purchaw/Ouner Bonok;aly. The ca!Â©,!adon of Common As*BÂ»ment Fm Is set (0Ah In Part E Co the Twst FUM Budget atfached In E*bl 8 oj UND Pubtic Ojiming 618tement und 15 cakulated by compartson of the number of Vacelion Po'nts appurtenant lo the Oaner Benentaly R#hls akilled Puf(ha,w 95 fvdh ham'n Â¢*nlpared lo tho total number ot Vacaton Pe-Al; allocoted to 29 0.~ner Ben of,daries .1,1Â«.r, FNMI01/7012 Regular ContraÂ©t .. with'n Purchasefs rospective Common Apsesfment Fee method gioup. This e!!ocellon may atter }f addrilonal or less Common Assess,nent Fees ofa needed because. fo, examp:o. Component Site fees 04 laxes Ingease or decreaso. Bluogroon Vacatton Club. Ina has the fighi. pursuant lo Me Ctub ByÂ·lam, to inciesso of decfea te buch Common AsBeswn,nt Fees fcorn Ilme to tkne. In Uie event Purchase, 15 already an (*Aer Benefidazy al the Ume of execution of UVs Agfeement, Purchaser aofees to h;Yo the Annual Common Assoisment Foes determrned in thts Same mannef 89 to all d tho Vacation Po(nfs aljocated to Purchasef, wÂ·h,ther apocated pmy;00511 01 hete,indef. The Annual Common AKessment Fees due annualy on the Ast day of 0,0 respotive Pufchasefs Owner Use Year. PUI'Chater Will ba WL'ad a tem days after dosing fof tho An nual Common Assessment Fee$ for the Â¢urrentyear, and the month pdol to the start of Uno Pulchasor't Chilter Use Year each year theieafter. If tle foregofng Annual Common Assessment Fech we not paid when duo, defautt Intersst p(us 8 Iste fee may bo charged by the Tru,tee, wh}ch defauti laterest 19 1.6% of tha unpald balance per month And wÂ·Nch tale fee sha't be Inen emounl of 654 of tho arnour,1 duo or $26.00, whichove, LS greater. pufchaSO' undeistands and egfee& lhal Purchasol stiall ba respon.sille for the payment 01 Club Dues, In Add;tion to common expen88% and Common Assessment Fees. Club Dues mo awes,monis losuking from We Imp'ementadon of the Bluegman Vacation Club plan and are refiesenlath/0 018 Â¢ommon expense atlfibutabto !0 such Dnplarnantabon. Club Dues Bre estabtished pursuant to the Eatmated Operarng Budget and Une Item Anabpsfs attiÂ®hed In Exh}ba 8 of 00 Pubtk ORring Statement, whkh descdbes the vatious revenues and expenses 0~oclated with the opeteljon of Blueween V8Cotiort Club. C?ub Dues fof Ihe Arit year of pa*fpatlon wilhh tha Bloogreen Vac8606 Club %,01 be bDIed to Putchase, a fern days after dos!09Â· Thereartef, Club Duo~ for 8110*nor Reflehdaftes, Including Biennial O.Wer Beneklades, Bro due annually on the Aist day oflho resped}ve Purchasers O,mer Use Year. Each Purchase,/06Â¥lar Beneklary shall 0* bo assessed one Club Oues amount annually without regaid to the numbef of VaÂ¢8500 Point8 01*ocated 10 Such Purchoset/Owner Bonoktal'y. Cful, Dues We payable without e late feo, *0111, 16 days uftef the duo dato. If Club Dues ire not patÂ¢i within 16 days a Ref the due date, defautt [nteresl In tho emount ol 1.6% of tho unpaid balance per month and a late fee in Ma 8mount of 6% of the amount due oc $26.00, whkhever Cs greater, may be chuged by Via Tiustom Club DUO~ 1 10 CUffentl~ 5129.00 po f year (plus lax, W app!~cab!0) and COomat;cally Indude Putchaseis momborship In ihe external exchange program than 8161*led Wah Btuoureen Vocadon Club (whkh includes tha exchinga pmwam's annual renewal fee). Unloss othefwiso pormmed by the Flodda Vocauon Club Ad, as Inay be winended from Gme to Eme, 41 no event shall Crub Dues In a *en yem exceed ono hundied tanly five pament (126%) 01 the Club Oues for tho previous Year. Purehase,g v,51 only be assessed a speda} assgismant In arÂ¢oidance 1,111 09 Club By laws. Fabe to psy ConÂ», Assedment Feet or Club Dues when due shaft cause a ron to be 6!cd aga!,lst the Property pursuant to the Trust Agieemant end Club ByÂ·Laws. 6. PURCHASER'S ACKNOWLEDOMENTS. Purchasel acknowtedges by exociejon of 013 Agreement that, pdof to Ute execÂ®on of tht) Ag reamant, Pucchaser he, Ieceived end had an oppollunity to lead a cÂ®yof the Btuegreen Vocallon Club Muiti-Site PubÂ® Offering Statement end the E>hil>!Is attached UÂ·terato retating to the Bluegreeti VAÂ¢9000 Â¢!ob, as wetl as a copy 01 any applkable exclunge pfogram documents. liurchater fufther acknowledgas that PurÂ¢hasen 060 of 018 Accommodations Snd facilities are subjed to the Tnt tl Agree ment 8 nd the fes#Nadon ptocedutes and that each (Mnor Benefdary shal have rights to losefva u56 01 the AÂ©commodarws and Facirities on a W rneÂ· fist,sere bsth, sublect to the home resod priwity fese,Vation flght heW by Purchaer end Â¢6110!n oth#f O.â€¢mor Benefdalies. PotÂ¢haser folthef ocknowledges and Yeptesents thal tho Propedy and the rights and appl,ftenams dose,iled her,In am being pu,chased (of Pu<chaser't personal use, and not fof any Inves(mer,1 potential of any possible fÂ¢Al re{ums, tax advantages, depiedatloo, guatanteed buyÂ·back, of as PuichaseA p,indpal fes!denco, 811 of whtch Pu<chaSe, ug tees afo not pail of the subled trans@*n. PutchaW acknowledges Ulat the Pfoperly as hereinalove designated, und other feal plopetty has boan or nit) be submitted to a li,nes},ace reg me In accordance vhth Ihe api?5cable Undettytno Deda,allon. lhe Ptoperty sha!] be allotated Woling fights, aastsunents and other obyoations 85 set forth w<thtn 010 Sppicab(@ UndeliÂ¢ng Declaragon and te!aled 10981 documentadon. Tiensfee to 0,0 Trusleo of the P ropedy s m ipecified heretn by Pwch aser Constitlites Trusle#'s membersNp In tho owners assodation e)diang lo respect to the Pfoperty 6. MOD:FICATIONS AND CHANGES. Purchaser heieby str,horizes the Davelope;/Se!!ef andtor Its affiPates, as tile Oaveloper/Se!!et may deem necos,Ny, to fecord among tho pub.!c fecords of Iho countes In vdilch the Accommodal)009 end Flic*903 contatned NU,!A the Trust Estate may be located, ivÂ©h dowmentt, Ins#urnents und e*bits Ba 910 requied 0 be Med under tha laws o f Ule State of flodda, or olhet appfcab!0 state, In oldAT b create and maintain the Acoommodallons and Facintie# pursuant to Florida Iwl, of olhef appEcaWs stste law, Indudlng but not Umited to the Florida Tlmeshare Act. Dave*pe,/Se:!ef lese,ves the right to make changes ilsell, of through any of its des'gnees, to any such documents, Inst,vments und oidliblts 35 afores,ld, of d Dovelope,/Sellet, governmental ablhomies hapino jurisdÂ·cUon ovÂ¢f any of Ule Accommodations end Fadidos, or the Wa Insulance company may reqdfe or deem necess u,y, pwodded Ute changes do not niple'lally and adversely alter Purchasoes fights as an Odner Beneklary. 7, FINANCED PURCHASE if PughAM de;kes purehaso Money Anandog In confleÂ¢600 with Um transacUM contemplated he,eunder, a loan application wW be colnpleted and gubmitled by Purchmer 8$ paft of this Agfedmenl. In such event th'.5 Agfooment shall be confogenl upon Pu;chaser ot>laWng a toon equk@!ant lo a commitment for the emounl *pec{Aed In lhe face of this Ameement. If the Purchaser falts to quaWY for purÂ¢Mte money hnancing, th!& Agreement ts nuM and vold and d monays paid by Purchaser wil bo ief'unded. Purchaser act=*dges any such loart shati lequko Tri,Mtee to execute, gfant, and deRwr a modgage or an equ#atent Inslrument encumberlag the Property (the 'MDdgage') to Dove'*oper/Seller or Lender or thetr designee on behalf of Putchaser, 4!ch M.0*98 thaV pfovkfa the Pcoperty as cc>Fatere! fo,Â· such loan, and to the extent that tho Tnjuee Is fequIred by Develope#Setier 01 Lender to oxocuto Buch f,lo~{gage, Pufchaser heieby difects and auU,ofizes the Trustee loexecute, grant, and delivet such Mollgage. Perchaser shall de*mr to Deve'oper/Selkr ot Lende, a Prorrissory Nola (tho 'Nole') (together Mith Ule Modgage oxecuted by Truslee and such secuftly Instruments Fequested by Dovatoper/Seeer of Lende,) tor the ba fance of the Purchase PAÂ® Huch 13 not pald ror fuuy, at dodng, in cath of certjfied funds. Putch Bscr 20(eos to piov14@ a secuitty Inglrument IncludIng a UCC linandng stalement, to Deve!Â©per/Setter. i.ender, or theli designee And thek fespedÂ»& asslgnees, respeclhg PufÂ¢baseÂ¢$ O,411er Banefidary Righ!5, Inctud-Ag appurtenant Vacallon Potnts. it fequested (0 do so In connection with any such purÂ¢base money fnancing. Tfusfee shag not be U,ble or re sp onsible for payment of Any 1.10{19808 executed by Tfusteo on behall of PUrchesor nof ,ha.9 Trusteo assume any such Moltgage upen As accoptance of 080 to tho P,opetty. DoveÂ»er/Se!!er and Lender fosoNO tho dlhl lo charge Purchuser a (easonal,!e fuu fof se,vice$ petforined by or on bet,ptf of Doveloper/Sorier of Lender rn connection with this loan, Inducing but not Nnitted to sor,kes such 89 pfovtding R payment h!&!oryof coples of stalemen~s to Purchaser, etc. Upon repayment in ful 01 *Â¢h purchase money loan, Pulchase r shaN pay to Doveloper/Solor or Lenderthe *Uptdoted Â©081 of $25 for a toan payoff wocessing fee. In no Avent shall the Irlerest fate charged in connect}on vah the purchase monoy foof'IdfY) exceed the maximum IntereS! role ponnitted by upp'kablo law. 8, CLOSING AND TITLE. Pwchaser shal execute any necosiary documents tri the fofm suppried by DevatopeUSetier 85 relates to tho Properly and th.5 1/ansaction pflor to dostng and pay 08 do51ng costs 601 foah above. Trustee shal bo delirefed at cloS{ng on behalf of PurÂ¢hster a Deed conveying to il ree slmplo litto (ofteasiho'd 688, W withti the Oub Pond Kai Comportent Site Reson} in the Piopotty freo and clear Of 811 encumbrances except Cond,'Uons, Ii,Nlatkvis, zoning and easemonts of record at the time of dosing, the tenns And condfjons o f thu Undetty:Ag Dedambbn and thos fof Ihe then current and 84 subsequent years. PU<cha~ agreas M he/She ;}184 bo obtigated to keep current Such purchase money inandng as 1$ owed In fospect to Ms ooqullition of the Propefty end Pumhoser acknodedges that any Mule by Pt,rhasef to do so may resuy in Ihe deletion, cancellation ot suspension 01 pufÂ¢haser konl [he Bklegreen VacatÂ»n Ctub. A! do Wng, Doveloper/Set#r may del:ver to Purchasor o cortificato or othor o,ldence 01 the 90058(6045 681 out be,eln as fe)ates to tile Pfupetty, Omler Benefidor'y Rights and apputtenant VDÂ·cation Pok,M. Closing uill boon such date and nt such place as 19 6peÂ¢Med by Devotopor/Se!:or of it may be by mait, 1< 8*0*fized by Davelopermetter, estimated to be no later Ran ninety (90) days from the dato of thls Agfeement or the comp!4800 Â©flho P,opeity, 1,+,klieve, occule lo~L All repiesirtationD, duties, obrgaion; und agwmants ol the Pucchaser undef the terms and cond#fons of this Agmement sha!1 62*ive the 005{ng. TruUCC may defwef a Modgage 10 DeveloporISeler, Lender, M thic de*nee M respect to the P,opeity Bt dostng, prolded 5lk;h 1/Mgugo k EnÂ·Â¢ted to Ute PurchaseÂ¢s loan Ind Buch creates no liabifty to the Twae other 0,110Â£7Â·lt 4, t11' 1Qi./4/'llill FRN/01/20{2 Regular Contract .. than recou<60 to thu 14Â©pecty. As used hwein, closing shall mian delively of doed and tansrer lo the TrusIoe. Pur*want to tho tormi of tho rn,st Agfeemont, the oonvoyarm of the Properly to tho Trustee wil bo ;ubject to thu focuotng Modgdoe granted by Talsto. on behalf of Purchaser, provided thal Tmtâ€¢0 6hs[I not asiumo any Eabllity therofw, 11 ahall bo Purchaler'* obvgaton to mainlatn Wl paymenti on tho Note and 10 a,sucu performance ul U,9 1,1*flgage, induding uti tilms, condl#ons and cove.0 nta lhefeof. Please re k,t to Secljon 111.8.C of the Toid of Ule MdG-Sito 1}ubic Offeitng Statement for a A.N do:c,iptjon of tho 61,tus of tte of thu Awxnmodetlons end FaÂ¢iftles In the Bluegfeell VecatÂ»n Ch,b. 9. REFUND PRMLEGES. In the event Purchaser canoots UÂ·1;? Agreement dufing 148 applkatge Â¢aÂ»118900 peflod, Develope(Belter (or Lender acting ta lieu thereof) WN refund to tho Putchase, the total amount of a~ payments mado by the Polchasor under Ih'$ Agreement, reduced by the pmport;on of any Coniaql Benetts the Pucch@ser has advatly reÂ©elved pdor to tho eNocthre date 01 the carÂ©ellaÂ®n. Such Contract Uenerlls $11011 indude, but not bo limited Zo, (a) Ihs valuo of the materials deruefed to Pucchasophoreby *putated to bo no moro than imntyÂ·f?,0 doller; ($76.00)Â·excludvo of Me Mul#Sito Publk Ottedng Statement and other documenls requked to be provkled to Purchaser under apwicab!0 Flo,ida law, and not relumed by the Purchase, to the DentopedSÂ¢11$.r tn *Usfactoil cood'1110,1, reasonal:20 woar and tear excepted and (b) If the Purchawf hai used oroocopled any Bluog,con Vocavon Club Componont 628 msod for mON Ulan 12 houm prior 10 del'ming a noltoe of Â¢anÂ¢ettation to awordenÂ¢o w;th thu proÂ·Alon, horeot, a leasonabfo owpancy dia,ge equal to the falr maftet njght}y rental wto holeby 60pulated to bo not loss Ulan one hvndced 4, ders ($160.00) per n}ght ptus 00 rost fof dimages. H any, te th o oppflcablo Component Sito resoft difedly Btlribulab!0 10 the Pufchosefs use or oocupancy thefoof, The te:und #hal bo mudo withrn twenty (20) doys afte f Bluogreen's recetpl end 8Â©CeplanCO of the notice of cancellation, or withii tive (6) days 01 rece~pt of fvnd; rfom the Pufchasefs deared ~heck, whlchever Is later. 10, PURCHABUR'$ e REAC WDEFAUI.T. 1lmo ts o! the essence of Uds Agregment, except whero otherdse spec(fkoky pigy'lded for he/efn. Mer exp?refon of the appEcab!* cancellatton pollod, latture to close aftec demand or to fÂ·neke paymerils MO M l},0 6018 provided for heteln, or Mu,u to comply vith iny 01 tho plovisions of th'* Agreement, 6hal bo const,lorcd a Weactl of Ults Agreement end al Eums paid by Pumbasef hereunder :hal be retained by the OeveÂ»pe#SeDÂ¢f (Of lendel) as 4,klated und agieed damages end not as a ponalty. In addition, any lennInation 01 th,3 Agreement 0.5 a rest,|1 01 PurchosetÂ»5 breaÂ¢Wdefauk 01 any provislon; hololit shall not 10Â®ve Purchaser 01 eny obligativng w , may be vwed (u Developer/Sexer (04 Lender) or Bluegreon Vacation Club, Ino. hemby, Including withou'llimitation, obligullons tolating to payment of the remalf,Ing balanes of the purchase Mee and outslarld}no Crub Uues and Common ASSessment Fecs. Purchaser she'l be FaW, for Dove}oper/Selle<s (easonable altomey'u feeB and Cos($ Inwfied by it by virtue of any INg,Uo,1 os to the pa,tie# lights hereundo, H tho Dove{oper/SeHer 15 the prevaVing palty Purchaser acknowledges and agfees U)31 111 the event Bluegreen Vacat)en Club, Ino. (or lho Vacation Club Menog'ng Entity), 1,@rels Puichase<$ out;landing Club Duos and/or Common Asi#5menl Flus accounKs) for 00*:Ogn, Perchaser ;ba)I Ao bo obrgated to pay, 61 a dditk>n to the prindpal anÂ»unt owed by PufÂ©haser hereunder h fesped th, relo, costs and cÂ®ed}on foos In Um makimum emount pomitted by law. Pwchoier avee# to detend and indernndy Deve:oper/Seller <and Lvnder) against 811 daimi of real *State brokem or Sates peilonnel dge to acls 01 Putchase r of Fur,hasers relxefenta#ss, olher Ihan brokefs 0, sales personnel employed by the De,Â·eloper/Se:?ef (and lender). 11, RADON GAS. Radon Is naturally Â©cÂ¢ licing radroactlve ga, that, when It ha, accumulated In a buitd Ing In sul(!clint quantitlos, may present health risks to pomon, who No exposed to it over a period of ttmo. levels ol radon that oxcoed ledowl and state guidelines have bean found In buildings In Flodda and omer glatos. Add]Uonal Infomâ„¢lon regarding radon and rodon tosting may bo obtained from your County Pub]!o Heallh Unit The foregohg nollco [4 p,Wded in order to comply Wth slate Mw end b for InfomloUortal purposes Only. Devolope#/Selter does not conduct rudon testng with respect to any AÂ©commodafons In eny Compenent GRe fasoit end speÂ¢ifically disdalm$ any an d an raprosentafon, or warrontles 89 to the absence of fadon g,5 of ladon pfoducing condition* 1,1 connect}on with any Component Site iesort. 12. BLUEGREEN VACATION CLUB MEMBERSHIP. Pu<chasor adulm,Â¢odges 001 86 80 Ounef Beneficiary, heisho MOI be a Elois A Momber of lhe Bkiegreen VacalÂ©* Ciub, Ina, a Flortda noniwofll co,poraton, Purchase, aweas to be bound by the Aftides of Incorporation ard By-Lows, together v,ith all ru!,5 ond regularoni os may be otopled fcom Eme 10 Ume by Fluegreen VaÂ¢06on Grub. ClaN A Membef &h'P and thu dag Fighls ielated thefet, ace not sepamb{* from Ovmer Bunekiary RIgh!;. 11 INCORPORATION OF TRUST AOREEMENT. 1110 pa;tles he{*to agcoo thal thu terms of the Trust Agreement Bre Inoo,poraled horet,t by th* fefumnco. The panics hewto Wher awee that tho Tmst Agruument may be amended, from tinlo to tlmo, punvent to tha tem of pant,(aph 10.4 01 Wch Tfust Aoleemen t. 11. ADDITIONS TOI DELETIONS FROM, AND SUBSRTUTIONS OF TRUST ESTATE, DoveloperiSOMN Is ouUMdvd and empe,vered to add to the Trual Eitate eckroong] Accommodations and Facilities, as A may, In Ks *ele diwotion, delennIng from Â¥mo lo Vme. Any svch addioons sh~ bo inade puist,ant to the torms of the Twit Agreement Dolotions of AÂ©commodaOons und Faclfille, complising the Trust ENato may occur 8, a rewlt Qf deot!,on by Cawatty, de!elTon by em'nont doinatn, 01 automatkc dolotlon, pit 83 further 391 Mith in Uie Tfu51 Agreement De{ations of Component Sles may occof 8$ a resutt of automatlc delelk,n M fulther Get foih In 14* Trust Agfeement In tho event ' 811 or a ny poidion 01 the Trutt Eilate & deleted fforn the TWN, e ,uffident numbor Of 06,1 ef Benel~dados of the Tfust Wil 8150 be deleted so 8 5 to maintain no greater then o OneloÂ·ON Omler Baneridary te Accommodalion Ratio. Deteoons 51*j! comply with the terms of tho Trust Apeemant Upon an O.Â¥ner Benefidaty d6fauttlng on hh or he, Ob'me{ 13,8091iciary Obligations, the Trustee may *316to and cancel such OATIof Bener,dary as e Benaticlafy undef the Twil Agreement subject to tho tennis of the Trust Agreement end compliance with the lodwut lutes of F.S. 5121.13(8). Upon Such de}etion, 140 Ttuiteo shag pedonin pufwant to lhe terms of thG Dust Agreement Neither the Tn,steÂ¢ Â®E any Benondary 611011 be outholized lo mako ony sub st;tuions lo any of tho Trusl EGIato, except for replacame#19 0& pro,/kded abovo of except 135 muy olhe#50 be pe,mitled purGuant to F.S. Ch. 721. 16. DELETION, CANCELLATION OR SUSPENSION OF PURCHASER. If Purchaser defau:15 In hIs of her Owner BeneW#fy Obligation', the Pu,chaier may bo deleted, slapended or cancel,ed as 8 Benendary under tho TAst Agreement purauant lo the terms 01 U'le Trwl Agieemenl, the BrL@ws of the Club and subject 10 Â¢Â©mp33,100 with iho tod<-out rufus of ES. Â§721.130); proÂ·Aded, however, below any such de*Uon, cancot]Blion of wsper~lon, Pufchasef &het] be entilled to the Mghts as sel folth In tho lookout n,!05 of F S. Â§721.133(8) and In the Trust Agreement and By-Laws of the Qub. Incruding lho Aght to cum such defav I. 16. VACATION POINTS. The number of Vacavon Poms a u'lho:izIng use of Accommodaeons and Factltes within tho 8IllegfeOn V@Cal]00 Club Trust oututandng and 81Â»cated to indiy:dual purchase, #0 wo membefu of the Â¢!ub shal al 011 6,183 cortospond equalty 10 (or en amount 50# than) the actual Vacatiou Point value of Acoommoda60,25 Mod FaciO:$65 0%1116*!Wkj by tho Trustao. E8 Ch time en Omle, Beneklary ts added Bough 15suanco of 0*ner Benetictaly RIghls and apputtenant Vacaljon Po410 punuant to 8 8!vegioen OnÂ·nQI Uenefidary Agreemenl entered Into by t}eveloper/Sel?ey), 0) DeveÂ»per/891!ef of its amliato shaW convoy to the Trusteo M addlional Resort Intefew equt'elem In Vocajon Points value us has been pvoykkd to the Incoming PurÂ¢haier or 00 U'to Incomhg Purchase, shaa convey 50 the Talstee his or he{ Râ‚¬13071 Interest oqulvalent In Vacation Point9 as has been pfoY#ded to the lnÂ©on*re Purchaser. Vacation Potnli and Class A Membership In the Club Me not separablo from O,mer BenatiÂ¢10 ry RIght*. 17, ESTABUSHMENT OF VACATION POINT VALUE. Occupang 01Accommodation, Bithirt 8!uegieen Voca600 Qub Tioil Ki based upon Vaca#on PÂ©Uls. The mrnknum numbel of Vacallon PutrÂ·115 prosently reclaed to be ellocated tg any one Pwdilâ€¢se, 1,3,000. The a.Golted u$9 8110Â¢ation of each VaÂ¢at$gn Potnt wa, Inia* ostabhhed at a $1.00 140 valvation pot V8Â¢ation }'04,1, Â¥,Wch 81?OCOUort fetateS !0 8 bal*ncing 01 demand for reque Sted oocupancy vt,th a deteaNned number of VaceÂ®n Points equating to a daily use. Such valua Ilon Is for demonstrative use purposes only @.d Vacation Pdnts huvu no Independent Msh or other monetary Â¥alue. D,Â¥0!oper/Seller resetÂ¥es Iho rlght to InÂ¢rea50 of F:, ml 70110!~ FRO#01/2012 Rogular Contract .. decfeaso buch use allocal!on, fforn time to thne, 85 determlned by Developer/88!let 1,1 05 so'e disattlon. Ench Resort Interest mlide a part of the Bluegrcen Vocatjon Club MI bo aislgned a Vocallon Potnt vso value. The number of Vacadon Pdnts a'{ocated to a Furchaser v,11 determine whkh Accommodations w Fadit}es, and at whkh times of the year, such may bo 105 eived and occupled by Purchaser or any o'.hor 0#ner Beneticlary, tn ostab'ishtng the Vacation Point value of each Accommodation, Developer/Se!?er vifli take Into account the !#callon and enticipaled telative use demend el each Component Site (hâ€¢t the Deve:oper/Selle, Intend, to offer to tho Tfustee as a pait of the Bluegreen VAcatlon Club Tiusl, *nd Developer/Seller Shs# use Hs best efforts, In good faith and based upon all reasonably ova,Table ovidence Under the drcumstances, to fulthef tha best Warost, of all Fuichasers of the Sle,green Vacation Club as a whole wilh respect 14 tho oppoltun>ly (o use and erÂ®ythe Accommodavons and Fadrtles of tho flklegreen Vncallon Out, nust The Vacatjon Point value may be periodkaliy adiuMed Crom *no to time In oider to respond to actual Purchasor uw pattern and changea in Purchaser use domands fof the AccÂ©mrrud3tions easting at thaltime r*n the Bliteoreen Vacatlon C!ub Dust. 18. SAVING AND BORROWING OF VACATION POINTS, Pocclissers VEW be allowed to save VacaUon Po'nts from their cunent Ounor Usc Year fof use In the next 6,coeeding Ormer Uw Year and borrow Vacation PoJI't5 from the noxt succ~ding (>,mar tha Year for use In the curfent 06'ner Use Year In accoidance with the Club n,!es on soving and b0(TOMI19, 88 such may e)651 ftom time to thne. inch;*9 *ho foiowing: d fequired by the VeÂ¢ation Club Managing Entity, PU(ChaSMS m USt Fy UN Crub Dues and Common AMessment Fees a ll.Jibulab'o to 01 Mved or borr(med Vabagon Po(nte. Tho wres On sawng and bo*ing may roqui,0 that Porchasers nottfy the Vacation Club Managtng ER[ty h w,Wng pdoc lo the torminatlon of the <Nmer Use Year for v,ha Purchasm des!,es to save VaÂ¢Â®on Points. 11 Purchaser faj15 to pcovkle any such requked noEe oil unused Vac~ton Polnts for thal Ouner Uso Year shaI exptro upon 8*[ro[00 0 f such Wier UM Year. Vacavon PoInts that ace propedy bonowed bul not used In the cuffent O.mer U$0 Yeat may bo saved H pennltted b'/ 08 VacaOon Ck,b Manawng Enlity. The rutes on sav;ag end bortow~ng riley atÂ® requlle *hat Puichase,8 notify the VacaNon Club Managing Endly In wliong pflor to Va commonÂ¢ement of tho Omer Use Year fol vach Pulchaser destfas to bonow Vacalron Podâ€¢. Vacadon Ponts thal sm pfoperly bor,owed bul not osedtn the current 04'ner Use Yeaf sh all exptro upon e* ation 01 the Â¢uirent O.*nor Uss Yoarandcannol be re-bo,rowed M saved. Saving and boNoMng may be amited, 00 en annual bash, to a pe(Â©entago deternnk,ed, from time to rme, by the Vacalion Ctub Maraghg Entjty, whose ded.lon to euthotila saviny und boÂ«ming witt bo based upon ant;dpated felatja use demand of each Component Sile. Tho rulos regarding &aying 8nd borrowtng Â¥,01 be exerd*ed bly the Vacal;on C{ub Managlng Ently tn good fa?th and based upon 811 reasonaby avallable evidence under the drcumst@noes wilh UMS) ob}oceve to fuMber tim best late,~l of the Pufchasers of the nkleg,26rl Vacal)on Club Trust M a whole wilh (4502Â¢t to Ihelr opportuAÂ·ty to uss and enjoy the Accommodehons and Fed[Â·ties ollhe Plan. Ihe rules may ptovkto that any saving and borrodng may be subleÂ« to a chame. 19. NONÂ·TRANSFERABILITY OF VACATION POINTS. Vacation Points are not separab,0 from O.wter Benordary RIghh and wl not be traniferablo from ono 00ncr Benoklary !0 anotheao as lo authorize Increawd year to year u~aye. All Owne< Bonefidal,tes Rt, sub]ed to the ByÂ·Lam of the Club. In addltion, as funher set fo,th in lhe {0*1 01 the Mal-:Re Pubtio OfTefinG Stateinent and U,0 Chib ElyÂ·Luws, certain ber'terts and Yad'JEes of the Plan Induding, nithout Fmitatton. membersh'p In the 8!ueymen VIP Program, wholher Bask] of Enhvnoe&1-faveref Plu5 Membership, are pemonal lo each Chmef Renekiary Bnd ace not asslenatge Â©c Vansferable, unless such transfer fs faÂ¢idfated by the Deve!0110,/Sel!Â¢f Or lis au[hottted agents. 20. RESERVATION GUIDELINES. Tho Vacaljort Club Managbm Entity thal ellablith, hoin time to time, reservation guldernes and Mos and regulat!ons 1vhkh shall bo Wnd ng upon the Putchase; end 811 othor Owner Evnektalie5. Sudi luser.'ation Ow*tknos end ruies and regulatoÂ¢'ls may establrsh the nlohy, min!,num basis fof uso of Accommodatlons and Facirties, v,eckond and ho#day use of Accommodavom and Facl hs, spot-week feserva#ons regarding Accommoda~ions and FaCA#63, and bonus.Ema use 01 Accommodattona and Facigues. 21, CONVERTING MEMBER RIGHTS. PurchaSer ackn<mkdges that Ubs Club IndudeD Con*efUng O#oer Deneklartes (Conveft'ng Membets) who am thow who hekl *118 10 0 Rosoft Interest pflor to their torweiting 1010 membership MUin 08 Blueween Vacouon Club. Rights OYComeding Members are set 12>Ith In the By'(Er,vs of the Club. 22, PREÂ·AUTHORIZED CHECK PLAN. Purchasers who erwoJ In UN PÂ»Authoriced Check Pran f PAC Planl (a) authodze the nithdfeal, by debM entry or olher.'656, fforn a depabory account specitied by Purchasof {tho 'Accounr), amounts on tho fecuffing detes oach month sumdent to mike payments required under Ihts Ameement and'or the Noke contempfaled hereundef and (b) acknowtedge end agree Mot the tomis and conditions respecting tha PAC PMA As Got fodh k) the Note and the PAC Plan Agre*ment am Incorporated herein by 11Â¢5 feferenoe. 23. CONSTRUCTION OF SUBJECT PROPERTY AND AMENITIES. If 0% Gubject Ploperty is not comÂ»to, 11 4 untidpated Dial it wm be compieto by the date est;inaled lor In;1121 posstb~o oocupancy; pcov;ded, h<*ever, in Any event Developer/Set'er shaN comp~ete tho Gublect Propotty within t,vo (2) yeers of tho date this Agreement iS signed by Purchaser, sub;ed only to delaYB caused by Acts of God, slikes, mDIedal shottages or other conditions beyond the DOYÂ£!Opet/SQUef'$ Contol wtltch OOf'151Rvto in*ossibility of Develope#Sehes peffolmance under the law of the state In whkh the l'ropedy is located. Ag ot the dste of Ods Agreement, caft@41 amen?ties to be Â©014!Sted by tho Deve!oper/Sel!er may not have been completed. To the extent such amenities Me klentted In 00 cunent Bluegreen VoÂ¢aton Club Mulll-Site Puttlo Offerfog Stalemont 85 betng Aol yet compleled, tho DayekperÂ£45/ 056mates that such amen #3 will bo comp(eted withln two (2) yeers of U* date thts Agreement k sloned by Pwchasor, subject to delays caused by acts of God 0, 00Â·ie! concrEons 0, dicumslances beÂ·iond the (easorab(o control of DevctÂ©por/Sellu. Othen,t[50, the recteakyiaj foc;9605 and amenities located In the 11!u:ween Vaeation Ctub Component Site Resorts ace complete and avattabte for use. 24. HO ORAL OR WRITTEN REPRESENTATIONS, WARRANTIES. Tho p,art!65 hereto ogree that this Aoreement, Blong #101 010 doÂ¢uments refened to herein. are the only agreements end disolosuros bot'.408,1 them. Purrhasec shodd nol rely upon flny reprosentatons, 0181 or Mitten. wilkh Me not herein set foAh. Thts Agreentent Â©1 beoorne etrecOÂ¥e and Wid:ng upon the pa;Uo i hÂ¢(eto when dgned by Purchaser In the spact, p(ovided he,eh and feceÂ»ed and Bceepted by Deyeloper/Seller. ExÂ®pl 83 othefwise provided by law, DoveÂ»permette, makes no warfantles: express or implied, whattoever, regard#W UÂ·~0 Property, Unjts, Comnlon Efements of Common Fumbhlogi Induding but nol IDÂ·Nted to wamentie5 of me,chantabirty or firlea fo{- a pa,ticuar purposs. Ths MuNJ-stte l'obtfc O frering Statomeol, iftÂ¥~h should bo rovfowed by each Pumhaser, piovides ad#40# spedkity and 0*0888[tORS regafdag lhO infounalion &01 out heuto and shaft [wovide gu!dar,Ce In the intafpretaton Of BAY plovis-ons he feof 25. FURNISHINGS. Allhouoh all model unlls are for Aplay purpose, onÂ¥, the Property doscibcd hemin shall bwe fumhure, appliances, ewpment and 811 accent fuintshtngs subsionvaly sknija f (0 0 f of equal quatity to those stmn of used In tha model. Such fumish'Ags shall bo piovided by Bluegreen InteflmS, LLC, e #110!ly-owned SubsidiB,y of tha Daveloper/Seler. DIe svputated (01@1 vak,to of the fumtshings will vary bet*een resorts, but Is between appfogmately 20 and 4% 01 the pufchase price ollie Propolly, and B subject to any appkable sales lax The ovmsts associabon at tho respective component ske fesod sha'J own such fumtshrngs of Buch shall ba part orthe tonwÂ·non element& of the condomblium, and In each cs:o the OWnet S assodatjon shal t e respor,Uble for ma!,11#Wng and repladng such furn.sh!ngs &024 n th e PrOF,Ity. 18. INSULATION. Putsuant to the FTC Regulations, notko Is bereby 01~~â€¢n that each Un?t will hav, brown, rig~d of ball Insulation Instatled in olt exte,~of walls to e minimum thlcknes, 01 one and onwhalf (1 1 /2) inchos, which, according 0 the monufectufor, will y?etd an average Insulauon Vahte of al least R-6. Further, each Uflit Wi01 8 foofed coling %1 have blown, flgtd or batt Insulation instelled in ths cel ng to a min!nium thickness of two (2) Incha, which, acoolding to the menufacturer, will yIeld on Avocage (f'15otaton value of at leaM R-7. Puichaser undorstands and acknwiledges (hal Insuratjoil thkkness may ba giemet und may vaiy, depending upon local oondi<Joa end Construel!on factors. Includ Ing, but not limiled to, such ilems a s via!] openings and Numb!no or othec st,uctu reD or obstructlons wilhtn the walls or ceiling whld, displace the Insutaoon. Pluchase, unde,stands and aQ,ees thal the foregoing Info~matfon fogarding tho R-ValuD of the {0$1185011 {s based upon Infomiation supptied by the Insulation tnstaller, end Developoi/Soller makes no repfesentations w wananty regarding same. 27, MISCELLANEOUS. The ter,ns and pmvls!or)s hereof sha[1 be deemed independant And severâ€¢ble, and the lavaudtly ot any one pfovision of polion thereof shaN not affect the vaudity or en fomeabuity of any other pmÂ·Aston hereof. Â¢$.U/-2,/ m119:~ FNO(tt)1/20 12 Regulac Contiact W BINDING EFFECT. 11,ts Agreement Is binding upon Vio partles hereto and therrhelrs, legal repfesentath,89, st}cÂ¢essors and assigns. ThI, Agreement reptosents the entire agreement between the pallites hereto and may 004, bo amended ormod,fled by an Instrument kn wf,6,9 bolmen the parties. Ch!$ Aoreementshall be constrded In uccodance with the tova oflha Slate off}ofid, or elsowher o and sh-aN not be reeorded. The recolding of U,15 Agreement by tho PofÂ¢haser shall bo cons!dored a b:ench o f thts Agiveineat and, il Pu,ch,)30 r records OLS Agfeement, it may tormloate el Developo//Serer'& opbon. (b} DEFINITIONS. The coptlatized leiri13 Uled horekl sbaB ba oken the mear#â€¢gs as pradbed 20 them Kith}n the Bkiegreon VacaUOn Club Pub40 Offeling Statement and the Trust Agfoomont ond, 11 001 debned therein. ihet! be given lho meantogs as pcovided fof In F.S. Clwple f 7 21. I f * term used hereto ls not defined n e fore sakj, then the 121[0 61011 be guen ils no}mal and customary nleanlny {c) NOTICES. Any nÂ©UÂ¢e to bo Â¢Â¥en under thl; Agreement shal bo duy given to tho tas! known address of tho PutÂ¢hase, by,eoular ccrl)!ied mal retuin fecelpl requested, Bnd wi]I bo effecth, three (3) diya after plack,g (be sumu In the U.S. Mal, po*lailo p,ep,!d. Any noko to be *en Under thts Agreoment to the Deve;oper/Seller shal be o?ven by Wilified mal return receipt reques'.ed, M tho addres$ sel folth heteingboye, unlow thu Puidwier I; notified In Miling of an 01(,mative addies.. By execullon of this Awamnent, Purchesor Bgroes to receive fv'lure SOUcttaton; ot tho address/phone numbe,(s) glven above from Developor/Seue, and its afkitit[)0 (wÂ·,dud ng. without limitaÂ¥on, Encofe Rewards, Inc. ard Greal Vicaoon Desfnaljons, Inc.) for Uletr products end senloes, Indud'm without Cm#atioil, 60[drollon by maN, emall, fax, and lelephono Undudng by automak dialing equfprnent and/or piwecorfed messages). (d) FURTHER DESCRIPTION OF PROPERTY, 11Â·,0 pa[Ues hofetO ackne,*dge und aoreo that tho Properly lo bo conveyed hereundor is moo bpecifically sel forth In 00 warranty deed conve)ing tho Pcopeity fo the Tiusteo as agent for Purchaser, a ckpy of whkh wil be pfovided to the Pucchasef and torms of whkh 8,0 |0*Cofp,fated hcloh by thls wforeng. M OFAC COMPLIANCE. Fu[ch,50< warranls and ropownt$10 Dowloper/SetÂ»flhal Pulchasedi not, and shaN not becomo, B pefion of onvty ziflh whom Develope#Setler Is mt,fcted tiorn doÂ¥10 buslness nith under reglifift#08 01 00 Depadment of Treamily OffiÂ¢o ot F{xeign Asset Control COFAC'). Sudi reposentation shal} tnÂ¢lude, but not te Emaed lo pefion~ or enUties named on OFACG Spedal:y 0051343!ed list ancyor Blocked Par*ons lisl, or under Ally statulu, execulke oWer (including, but not ftniled to, the September 24, 2001, Executho Order BlocKIng P,opedyand Plohiblm,9 Transactlons Wth Persons Who Comrr,N, lh,calento CÂ©mrn?1, w Buppod Teflori$m): C,(, olher goyornmentdl adjon. Purchaser fuflhet warrants end lopfesents that if 15 not And shal not engage In any deagngs 0, tranmoUon of be thefuise associated &02 Such penons Of entjâ„¢ pfohibited by OFAC 1eguloU005. il) Nneticans with DIsÂ®Ilitlus Act Ceflava AcoommodaÂ»>s located Â¥Abki the Component Site resons wit be designed for and oq@ped With hoodicapped facirlic*, 03 601 fofUl and deplcted mofe part#foily in the Undoitying DeÂ¢faradon and tho 0*Not; th,leto. De'/elopef/Se!#r has Bdvised Purchasef Â¥ihelhef Ule Prope fly Dial Purchawf Is *911[ng he,eunder Is or wal be equipped with such facirities J {0) Mold t)*vialinor. Mok; Is found both indoom ond outdoo,3. The plownÂ¢o of mÂ·old may cause p,ope~ty dam,go of heatth pfablemi. Add?jona! infolmation Wording mold and e moW 18*eÂ¢001 may be obtainod from your county pubtic hea?th unk 0, a p,ofess;onal tru!nud tn thal fkki. -Tho foregoIng noticols p,ovided tn oidefto Comp# v#h stato law and h (of Infonnat,nal pufposes only. Developet/Screr dooJ not conduct mord inspect;on Y.ith resped to eny Accommodams In any Compollent Sto resort, and Epoofrcally disdatin; any and all repiesenlationG of Â¥B frantios as to Ule ebion,0 of mvld In Â©onrlÂ©,t;on theze,Ah. Ch) Flglida Con*tfuotlon D!,closvro, CHAPTER *50, FLORIDA STATUTES, CONTAINS IMPORTANT REQUIREMENTS YOU MUST FOLLOW BEFORE YOU MAY BRING ANY LEGAL ACTION FOR AN ALLEGED CONSTRUCTION DEFECT W YOUR UNIT, CONDOMINIUM, OR ]NTEREST THEREIN. SIXTY DAYS BEFORE YOU BRING ANY LEGAL ACTION, YOU MUST DELIVER TO THE DEVELOPER/SELLER, A WRIi-TEN NOTICE REFERRING TO CHAPTER 558 OF ANY CONSTRUCTiON CONDITIONS YOU ALLEGE ARE DEFECTIVE AND PROVIDE SUCH PERSON THE OPPORTINITY TO INSPECT lim ALLEGED CONSTRUCTION DEFECTS AND TO CONSIDER MAKING AN OFFER TO REPAIR OR PAY FOR THE ALLEGED CONSTRUCTION DEFECTS. YOU ARE NOT OBLIGATED TO ACCEPT ANY OFFER WHICH MAY REi IAADE. THERE ARE STRICT DEADLINES AND PROCEDURES UNDER FLORIDA LAW WHICH MUST BE MET AND FollÂ©WED TO PROTECT YOUR INTERESTS. 28. MANAGEMENT AGREEMENT, Blcesmen Vaait~on Club, Ing. hM entered Into e Management Ageemont Mith B:uegruen Resods Manag*ment, If'~c. (079'Vacuooft Club Managing En*y') fof the management ol lie Bbegfeen Vacayon Ctub Mv!6Â·Stu (moshaie plan. The Iniâ‚¬a] temÂ·, of tho Club Management Agreement wa, 12900 {3) yeef5 commendng May 10,1094. Tho olub Management Agcoomen!, purwant to Secyon 4 thereof, was automalkally fenewed forsuoÂ¢os,We threo (2) year pollods, Uie mo; 1 TeÂ¢ent of Hhkh Â¥.ill enire ort May 15, 2009. Tho Cfub Ma na gemenl AgfeementÂ¥,91 witinua to be automat;cam, woowed fof successive Uireo Q> year torm, unless tenntnated by eithe, Bity pwivant to lts terms. PurÂ¢howf undeistond$ that the Vacoljon Club Managlng bility Is an aff#to ol the Dovelopedsokr and thal manegemant fees orc paid to the Vacation Ciub Manaotng Entity fof management of Ma Me n pursuant to the Ctub Mar agemeni Agigement 29. For the puwpose of Ad Valo,em Ass**ment, Taxation and Special Assessments, the Vagallon Club Managing Entity will bo considered tho taxpayeras your agent pursuant to F,S. Â§192.037. JO. Accommodations and Facllities may be added to ulls Muttl-Site Vacellon Plan withoutlhe consent of tho Purchasers. The addition of Accommodationn and Facilltles to thts Plan may result Ill the addltton of now Purchaser$ who Mil compete with existing PurohaBOB In making reservallon, for the use of available Accommodations and Factllties within the Plan, and may also result In an Increase In the Annual Assessment against Purchasors for Common Exponsos. For moro comploto dolalls, pleaso reforto Section Ill.A.8 01 tho Toxt of the Mull!Â·Site Pub!10 Otfuring Statement 31. The Devoloper Is roquirod to provide the Vacallon Club Managing Entity with a copy ot 1110 approved MultiÂ·Site Put)lic Olforing Blatement Text and Exhibits filed with Ihe DI,Won and any approved amondments thereto, and any othor Component Site documents as described In F.S. Â§Â§721.07 or 721.55, that are not requlled to be filed wlth the DIÂ¥181011, to bo maintained by the Vacation Club Managing Entity for Inspection aa part of the books and rocords of the 131uegroon Vacation Club Multi-$110 Vacation Plan. 32. Any resale Of th[5 Timouharo Interest must be accompanied by certain disclosures In accordance with F.S, Â§721.066, 4) &.3 w, Cll *i,4111 19]m-- FE(>481/2012 RegularContract AMENDMENT TO THE PLANNED UNIT DEVELOPMENT (PUD) & SUBDIVISION IMPROVEMENTS AGREEMENT FOR THE INNSBRUCK INN TIMESHARE LODGE PROJECT THIS AMENDED PLANNED UNIT DEVELOPMENT (PUD) & SUBDIVISION IMPROVEMENTS AGREEMENT (this "Agreement") is made this N- day of Sqk.Joa/r , 2012, between INNSBRUCK SUITES INVESTMENTS, LLC (the "Owner"), and THE CITY OF ASPEN, a municipal corporation (the "City"). RECITALS: WHEREAS, the Owner owns that certain real property (the "Property") known as the Innsbruck Inn Timeshare Lodge/PUD located at 233 West Main Street in the City of Aspen, County of Pitkin, legally described as: Lots A, B, C, D, and E, Block 52, City and Townsite of Aspen, County of Pitkin, State of Colorado; and, WHEREAS, pursuant to Ordinance No. 32, Series of 2004 ("Ordinance"), the City Council granted Minor Planned Unit Development, Subdivision, Timeshare, and Lodge Preservation and Affordable Housing GMQS Exemptions approval for the Project; and, WHEREAS, pursuant to Resolution No. 4, Series of 2005 ("Resolution"), the Historic Preservation Commission ("HPC") granted Final Development Plan approval; and, WHEREAS, the Property was remodeled and expanded from thirty-three lodge rooms to seventeen (17) timeshare lodge units (with twelve (12) time-span estates per timeshare lodge unit) providing up to thirty-seven (37) lodging bedrooms/units through lock-off capabilities; the remodeled and expanded timeshare lodge also included one two-bedroom deed restricted employee dwelling unit; WHEREAS, the SUBDIVISION IMPROVEMENTS AGREEMENT for the INNSBRUCK INN TIMESHARE LODGE/PUD was recorded on the 30th day of March, 2005 at Reception No. 508441; and, WHEREAS, with Owner' s consent, a potential purchaser o f unsold interests has requested and obtained approval of an Insubstantial Amendment to the PUD to allow smaller fractional interests/time-span estates per timeshare lodge unit to be sold. RECEPTION#: 592494, 09/24/2012 at 03:11:14 PM, i oF 3 R $21.00 Doc Code AMENDMENT Janice K. Vos Caudill, Pitkin County, CO { .. Innsbruck Inn Timeshare Lodge Amended PUD & Subdivision Improvements Agreement P age 2 of 3 NOW, THEREFORE, the undersigned hereby resolve to amend the PLANNED UNIT DEVELOPMENT (PUD) & SUBDIVISION IMPROVEMENTS AGREEMENT for the INNSBURCK INN TIMESHARE LODGE/PUD PROJECT as follows: 1. The phrase "with twelve (12) estates per unit" located in the sixth bullet point of the second WHEREAS statement is hereby revised to say "with not less than twelve (12) time-span estates per timeshare lodge unit." 2. The last sentence in Section 4q that currently states, "Owner has the right to sell twelve (12) timeshare estates per unit" is hereby revised to state that, "Owner has the right to sell at least twelve (12) time-span estates per timeshare lodge unit." 3. Section 9, Notices, is hereby revised such that Notices to the Owner shall be sent as follows: To the Owner: Innsbruck Suites Investments, LLC Attn: William Guth 233 West Main Street Aspen, CO 81611 With a copy to: J. Bart Johnson, Esq. c/o Waas Campbell Rivera Johnson & Velasquez LLP 420 East Main Street, Suite 210 Aspen, CO 81611 4. The following paragraph is hereby added to the Agreement: The parties acknowledge the following approvals are no longer of any force or effect and have been superseded and replaced by subsequent approvals granted by the City: (1) Aspen Planning and Zoning Commission Resolution 20, Series of 2002, recorded at Reception No. 469514 of the Pitkin County Records; and (2) Aspen Historic Preservation Commission Resolution No. 25, Series of 2002, recorded as Reception No. 470111 of the Pitkin County Records. 5. The following paragraph is hereby added to the Agreement: Pursuant to Section 26.590.080 of the Aspen Municipal Code, Owner shall obtain and maintain at all times a business/sales tax license and shall comply with all applicable sales, use, lodging, real estate transfer or other taxes. With regard to real estate transfer taxes, the Owner acknowledges that any transfer or assignment of an interest in a unit is subject to the real estate transfer tax. Owner, for any transfer or assignment to which the Owner or any corporate, trust or other entity affiliate of Owner is a party, shall be required to record in the real property records of Pitkin County a certification of transfer or other appropriate document acknowledging any sale or other assignment of interest in a particular unit and the grantee of the transfer or assignment shall pay the real estate transfer tax associated with such transfer or assignment. 6. The provisions of this Amendment shall run with and constitute a burden on the land on which the Project is located and shall be binding on and inure to the benefit of the Owner's and the City' s successors, personal representatives and assigns. .. Innsbruck Inn Timeshare Lodge Amended PUD & Subdivision Improvements Agreement P age 3 of 3 ATTEST: THE CITY OF ASPEN, a municipal corporation 4*14Â®-9404 j ' 11 Â·11 Kathryn S. ~ch, City Clerk Michael C. Ireland, Mayor APPROVED AS TO FORM: -Jim True, City Attorney OWNER: INNSBRUCK SUITES INVESTMENTS, LLC %3 9115, . By: -~ 0 0/ /52Ln William.puth, Authg:izEd Representative 1 l 3%14 STATE OF COLORADO ) )SS. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this ~ day of effierd' 2012, by Michael C. Ireland, Mayor, and Kathryn S. Koch, City Clerk.' Witness my hand and official seal. My commission expires: 04,~/9Â·~20/.5~ -3 .1 \.1// ' Not~ Public CAITLIN STROTHER DOYLE STATE OF Co\ord o ) NOTARY PUBLIC STATE OF COLORADO )SS. NOTARY ID 20124057288 COUNTY OF 9Â¥tÂ« ) 1MY COMMISSION EXPIRES SEPT 4, 2016 The foregoing instrument was acknowledged before me this / 1 day of 8*frrt ber 2012, by William Guth, as authorized representative of Innsbruck Suites Investments, LLC. Witness my hand and official seal. C) My commission expires: ( 21*401 I - Notary Public~--7 .. HAAS LAND PLANNING, LLC RECEIVED AUG 8 2012 August 8, 2012 CITY OF- ASPEN COMMUNITY DEVELOPMENT Ms. Jennifer Phelan, Deputy Director Aspen Community Development Department 130 South Galena Street Aspen, CO 81611 RE: Insubstantial Amendment to the Innsbruck PUD Dear Jennifer: Please consider this letter and the attached exhibits to represent a formal request for approval of an Insubstantial Amendment to the Innsbruck PUD and its associated PUD/Subdivision Improvements Agreement. The Innsbruck is located at 233 West Main Street and the property is legally described as Lots A, B, C, D, and E, Block 52, City and Townsite of Aspen. The applicant Bluegreen Vacations Unlimited, Inc., is seeking to amend the PUD to allow the fractions of ownership to be divided into smaller fractions of time, in order to enable lower buy-in prices, to encourage greater occupancy and turnover rates, and to promote an increase in so-called "new trials" to Aspen. The Innsbruck was approved for an expansion and remodel in 2004 pursuant to Ordinance No. 32, Series of 2004. The project was approved as a timeshare development consisting of seventeen (17) lodging units with each divided into one-twelfth (1/12) fractional ownership interests. The proposed amendment to the Final PUD Plan would allow for smaller fractional interests/time-span estates per timeshare lodge unit to be sold. No physical (interior or exterior) changes are proposed for the property or the improvements. Section 26.445.100 of the City of Aspen Land Use Code provides that An insubstantial amendment to an approved development order for a jinal development plan may be authorized by the Community Development Director. Said code section enumerates the types of development activities that do not qualify as insubstantial. That is, the way the applicable provisions are drafted, if a development activity does not result in a "Nef answer to any of these nine â€¢ 201 N. MILL STREET, SUITE 108 â€¢ ASPEN, COLORADO â€¢ 81611 â€¢ â€¢ PHONE: (970) 925-7819 â€¢ FAX: (970) 925-7395 â€¢ .. - 4 standards, the proposed amendment is considered insubstantial and can be approved administratively by the Community Development Director (CDD). The standards of Code Section 26.445.100.A are provided below in italicized text and each is followed by a response demonstrating how the proposed amendment to the PUD qualifies as insubstantial. 1. A change in the use or character of the development. The proposed amendment will not change the use or character of the development as it will continue to be and function as a timeshare lodge, only it will have smaller fractional interests/more owners. There are no proposed physical changes to the property. 2. An increase by greater than three percent (3 %) in the overall coverage of structures on the land. The proposed amendment will not increase the overall coverage of structures on the property at all. No physical changes are proposed. 3. Any amendment that substantially increases trip generation rates ofthe proposed development or the demandjor publicfacilities. The amendment will have no affect on trip generation rates or the demand for public facilities as no new units are proposed. The property will continue to offer airport and local shuttle service for all owners/guests and the maximum occupancy of and trip generation caused by the lodge at any one time will not change. 4. A reduction by greater than three percent (3 %) Of the approved open space. The proposed amendment will not reduce the approved open space at all, as no physical changes will be made to the property. 5. A reduction by greater than one percent (1 %) of the 0#-street parking and loading space. The proposed amendment will not reduce the off-street parking and loading space at all, as the number of units and their maximum occupancy will not change. There will be no changes to existing parking or loading spaces. 6. A reduction in required pavement widths or rights-of-way for streets and easements. Innsbruck Insubstantial PUD Amendment Page 2 .. 1 - The proposed amendment will have no affect whatsoever on the required pavement widths or rights-of-way for streets and easements. 7. An increase of greater than two percent (2 %) in the approved gross leasable floor area ofcommercial buildings. No leasable commercial space will be created by the proposed amendment. 8. An increase by greater than one percent (1%) in the approved residential density of the development. The proposed amendment will not increase the approved density of the development as there will still be a total of 17 units. Only the overall number of fractional interests/ owners will change, but not the number of owners/guests who can simultaneously occupy the property. As this is not a residential use/property, measures of residential density are inapplicable. 9. Any change which is inconsistent with a condition or representation of the project's original approval or which requires granting a variation ./Pom the project's approved use or dimensional requirements. The proposed amendment does not require granting a variation from the project's approved timeshare lodge use or its approved dimensional requirements. Furthermore, the proposed amendment is not inconsistent with any condition or representation from the original PUD approval that transformed the Innsbruck into a Timeshare Development. The project will continue to be and function as a timeshare lodge and no amendment of any conditions of the original approval are necessary to allow the sale of smaller fractional interests. One of the purposes the City of Aspen sought to achieve from timeshare developments was, and still is, increased vitality. As stated in Code Section 26.590.010.A, Timeshare developments can provide the opportunity jor increased tourism to Aspen, can add to the level of community vitality, and can help create a more sustainable local economy. This can be established by expanding the number and variety Of "hot beds" available to visitors, raising occupancy levels in the accommodations sector, and attracting "new trials" to Aspen, #om persons who have not previously visited this community, Innsbruck Insubstantial PUD Amendment Page 3 .. The proposed amendment will bolster community vitality and economic sustainability by virtue of creating an increased opportunity for tourism without increasing the overall number of units or amount of existing development. The average annual occupancy rate in Aspen hotels is typically somewhere between forty and fifty percent (40-50%). By contrast and consistent with the findings of fractional ownership/timeshare development in Aspen, occupancy of Bluegreen Vacation Club resorts typically have average annual occupancy rates of approximately 80%. In other words, this fractional project can be reasonably expected to have an occupancy rate of almost double that typically experienced in local hotels. It should be noted that no new timeshare units are being created by the proposed amendment, just smaller fractions. The same type of fee simple ownership interest that has always existed at the Innsbruck will continue to be sold, although in smaller slices. The price point of these smaller shares will attract people who might not have otherwise considered Aspen as a place where owning a vacation accommodation is even possible. It is, therefore, expected that the Innsbruck will attract buyers that likely would not have otherwise considered Aspen a viable vacation destination (i.e., more "new trials" to Aspen). The proposed smaller fractional ownership interests will help to increase occupancy rates (and, thus, vitality and economic sustainability) on a year-round basis as follows: a purchaser of a Bluegreen Vacation Club (Bluegreen) interest at the Innsbruck will have a 60-day home-resort preference to reserve a unit (approximately 11-13 months in advance) at the Innsbruck, after which the Bluegreen units at the Innsbruck would be made available to any of the more than 166,000 current Bluegreen members. In other words, the Innsbruck buyers plus the existing Bluegreen member owners represents a captive pool of nearly 170,000 new trials to Aspen. Finally, any units that go unreserved would then be made available to the general public on a walk-up basis. This higher turnover and increased overall occupancy equals "hotter" beds. Additionally, because there will be more interests conveyed and the aggregate selling price of such interests is projected to exceed the aggregate selling price of 1/12th interests, there will be a corresponding increase in real estate transfer taxes (RETT) and real property taxes paid. Furthermore, it has been demonstrated in multiple studies that people who "own" their accommodations tend to spend more money on other entertainment and attractions while on their vacations, which (especially when coupled with the high occupancy rates) translates to greater City-wide economic sustainability and improved revenue for the City. Innsbruck Insubstantial PUD Amendment Page 4 0 . For all of these reasons, Section 26.590.060.C of the Code states that timeshare projects that subdivide each unit into a larger number of estates are preferred to those which subdivide each unit into a smaller number of estates. Therefore, the proposed amendment is fully in keeping with codified, applicable City goals and objectives. As demonstrated above, the proposed amendment qualifies as Insubstantial while forwarding several important City goals. As such, the applicant seeks staff approval to amend the Use Plan of the Innsbruck Inn PUD to allow for additional, smaller fractional ownership interests/time-span estates within the existing supply of timeshare lodge units. It is hoped that the provided information and responses prove helpful in the review of this application. If you should have any questions or desire any additional information, please do not hesitate to contact me. Truly yours, Haas Land Planning, LLC *- -+7 : -111 /,7 ) Mitch Haas Owner/Manager Exhibits: 1. Land Use Application Form 2. Proof of Ownership 3. Pre-application Conference Summary 4. Letter of Consent from the HOA 5. Authorization Letter 6. Fee Agreement 7. Prior Approvals 8. Draft Amendment to the SIA Innsbruck Insubstantial PUD Amendment Page 5 '1 'Iff",0 ~1 EXHIBIT j 6 8 2012 0/T'. ATTACHMENT 2 -LAND USTAPPLICATION PROJECT: Ltv-,ELOPOrli Name: 41, e (Innity\-ic-K Location: 2-33 9%'evt Alair) Strret, Aspen (torts A--4 8/ock-'32-) (Indicate street address, lot & block number, legal description where appr4riate) ParceUD #(BEQUIRED) 1135--114-9-1 Â·- IN .74,105'1 8% APPLICANT: Name: 61 u e Gre en ViloationÂ°i li n i i i'n , te,1 11 6. Address: 1.MUO (>Aft'.01(0 l.01'J UX CHA,. 5{j;k /OF)'. Bortitfot]&12*/-5343\ Phone #: (56;) 7 73- %69 j REPRESENTATIVE: Name: Â·11(1 a.\ 1309 floor)jtic Address: 301 8 MiN St-, ile, câ‚¬% . 430Â«ji G '61(At Phone #: (970) 906--7 9 i 9 TYPE OF APPLICATION: (please check all that apply): GMQS Exemption 01 Conceptual PUD U Temporary Use GMQS Allotment AL Final PUD (& p-0 Amendment) I~ Text/Map Amendment Special Review U Subdivision U Conceptual SPA ESA - 8040 Greenline, Stream U Subdivision Exemption (includes U Final SPA (& SPA Margin, Hallam Lake Bluff, condominiumization) Amendment) Mountain View Plane U Commercial Design Review U Lot Split U Small Lodge Conversion/ Expansion U Residential Design Variance U Lot Line Adjustment U Other: E Conditional Use EXISTING CONDITIONS: (description of existing buildings, uses, previous approvals, etc.) 14Â¢ store develo,yy?pal- of fl \)Alk 03 414 '41+28(,i)(,/Ac~ U i n vt Fle d h (p / 0-terrucy PROPOSAL: (description ofproposed buildings, uses, modifications, etc.) 9\9404-*rh (4 (Ato/rnolv-ne,74 4 --Hie -P<,)8> 47) a (loiw -Ar Sillod/e C ira Ch on i U 0,/9 ne r,Flair i l<'We rerl-3. Have you attached the following? FEES DUE: $ 1 ,,91 0 E Pre-Application Conference Summary E Attachment #1, Signed Fee Agreement Â® Response to Attachment #3, Dimensional Requirements Form Â® Response to Attachment #4, Submittal Requirements- Including Written Responses to Review Standards U 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. m El El El .. ATTACHMENT 3 DIMENSIONAL REQUIREMENTS FORM / Project: 1 lie dyi nsbo (Â· C Applicant. 8 1 l.10 (acrr,n j'.0(7:! bryn l/vi //Â«~ ,%-frÂ°d, -ifb r Location: 233 ~IX) illoi ~r) jt, /lv-An Zone District: M U Lot Size: 1% 3000 9-0 Lot Area: / S- 000 ar (fo/the purposes of calculating Floor Area, Lot Area may be reduced for areas within the high water mark, easements, and steep slopes. Please refer to the definition of Lot Area in the Municipal Code.) Commercial net leasable: Existing: A / A Proposed: 73/-A Number of residential units: Existing: #'7 Proposed: / 7 Number of bedrooms: Existing: 3 7 Proposed: 9-7 Proposed % of demolition (Historic properties only): 1 4 DIMENSIONS: Floor Area: Existing: N / A Allowable: AL/A Proposed: fi / 14 Principal bldg. height: Existing: i : Allowable: 0 Proposed: 11 Access. bldg. height: Existing: \' Allowable: < Proposed: " On-Site parking: Existing: 1 1 Required: Proposed: " % Site coverage: Existing: \ 1 Required: " Proposed: ' 1 % Open Space: Existing: ' \ Required: Proposed: " 1 1 Front Setback: Existing: 1 ' Required: Proposed: 0 . Rear Setback: Existing: 1 j Required: Proposed: Combined F/R: Existing: 4 1 Required: Proposed: f ' Side Setback: Existing: 1 1 Required: Proposed: Side Setback: Existing: Required: Proposed: 1 , Combined Sides: Existing: Required: Proposed: Distance Between Existing 1 ' Required: 1 ~ Proposed: Buildings Existing non-conformities or encroachments: 471Â£ )49Â£07/5/EE-)474,7 /39*k,Alot' -TRA68 ARâ‚¬l\S., 80-7 A-*Pla)420 ViA Rd\24 EN C.40.9-e Hntec-r hea,usi:r Variations requested: N 0,1./.7 fl 0 . EXHIBIT COMMITMENT FOR TITLE INSURANCE SCHEDULE A 1. Effective Date: June 6, 2012, at 8:00 a.m. Order Number: 956425-C5 Title Officer: Linda Williams Amount of Insurance: 2. Policy or Policies To Be Issued: (a) A,L.T.A. Owner's (Extended) $ TBD Proposed Insured: Bluegreen Vacations Unlimited, Inc., a Florida corporation (b) A.L.T.A, Loan 3. The estate or interest in the land described or referred to in this Commitment and covered herein is: Fee Simple 4. Title to the fee simple estate or interest in said land is at the effective date hereofvested in: Innsbruck Suites Investments, LLC, a Colorado Limited Liability Company 5. The land referred to in this Commitment is described as follows: See Attached Legal Description Statement of Charges: These charges are due and payable before a Policy can be issued: SEE STATEMENT OF CHARGES. tabbler 44% .. SCHEDULE A LEGAL DESCRIPTION Condominium Units 001, 101, 102, 200, 201, 202, and 203 THE INNSBRUCK, A CONDOMINIUM According to the Condominium Map recorded September 24,2007 in Plat Book 85 at Page 8 as Reception No. 542332 and as defined and described in the Condominium Declaration for The Innsbruck recorded September 24,2007 as Reception No. 542331 And An Undivided Nine Twelfths ( 9/12ths ) interest in fee simple as tenant in common in and to Condominium Unit 004 And the Common Elements appurtenant thereto together with the recurring (i) exclusive right every Use Year, Commencing with the Initial Use Year set forth below, to use and occupy an Assigned Unit within the INNSBRUCK A CONDOMINIUM (the"Resort'D (ii) exclusive right to use and enjoy the Limited Common Elements, if any, and Common Furnishings ~ located within or othenvise appurtenant to such Assigned Unit; and (iii) non-exclusive right to use and enjoy the Common Elements of the Resort, for their intended purposes, during such Use Period(s) as shall properly have been reserved in accordance with the provisions ofthe then-current Rules and Regulations promulgated by the Innsbruck Condominium Association, Inc. all pursuant to the Condominium Map recorded September 24,2007 as Reception No. 542332 and Declaration of Condominium for The Innsbruck, a Condominium recorded September 24,2007 as Reception No. 542331, as amended and/or restated from time to time and An Undivided ThreeTwelfths ( 3/12ths) interest in fee simple as tenant in common in and to Condominium Unit 103 And the Common Elements appurtenant thereto together with the recurring (i) exclusive right every Use Year, Commencing with the Initial Use Year set forth below, to use and occupy an Assigned Unit within the INNSBRUCK A CONDOMINIUM (the "Resorts') (ii) exclusive right to use and enjoy the Limited Common Elements, ifany, and Common Furnishings located within or otherwise appurtenant to such Assigned Unit; and (iii) non-exclusive right to use and enjoy the Common Elements of the Resort, for their intended purposes, during such Use Period(s) as shall properly have been reserved in accordance with the provisions ofthe then-current Rules and Regulations promulgated by the Innsbruck Condominium Association, 1nc, all pursuant to the Condominium Map recorded September 24,2007 as Reception No. 542332 and Declaration of Condominium for The Innsbruck, a Condominium recorded September 24,2007 as Reception No. 542331, as amended and/or restated from time to time And .. An Undivided One Twelfth ( 1/12th) interest in fee simple as tenant in common in and to Condominium Unit 104 And the Common Elements appurtenant thereto together with the recurring (i) exclusive right every Use Year, Commencing with the Initial Use Year set forth below, to use and occupy an Assigned Unit within the INNSBRUCK A CONDOMINIUM (the "Resort") (ii) exclusive right to use and enjoy the Limited Common Elements, if any, and Common Furnishings located within or otherwise appurtenant to such Assigned Unit; and (iii) non-exclusive right to use and enjoy the Common Elements ofthe Resort, for their intended purposes, during such Use Period(s) as shall properly have been reserved in accordance with the provisions of the then-current Rules and Regulations promulgated by the Innsbruck Condominium Association, Inc, all pursuant to the Condominium Map recorded September 24,2007 as Reception No. 542332 and Declaration of Condominium for The Innsbruck, a Condominium recorded September 24,2007 as Reception No. 542331, as amended and/or restated from time to time And An Undivided Three Twelfths (3/12ths) interest in fee simple as tenant in common in and to Condominium Unit 105 And the Common Elements appurtenant thereto together with the recurring (i) exclusive right every Use Yean Commencing with the Initial Use Year set forth below, to use and occupy an Assigned Unit within the INNSBRUCK A CONDOMINIUM (the "Resort") (ii) exclusive right to use and enjoy the Limited Common Elements, if any, and Common Furnishings located within or othenvise appurtenant to such Assigned Unit; and (ili) non-exclusive right to use and enjoy the Common Elements ofthe Resort, for their intended purposes, during such Use Period(s) as shall properly have been reserved in accordance with the provisions of the then-current Rules and Regulations promulgated by the Innsbruck Condominium Association, Inc. all pursuant to the Condominium Map recorded September 24,2007 as Reception No. 542332 and Declaration of Condominium for The Innsbruck, a Condominium recorded September 24,2007 as Reception No. 542331, as amended and/or restated from time to time And An Undivided ThreeTwelfth ( 3/12ths) interest in fee simple as tenant in common in and to Condominium Unit 106 And the Common Elements appurtenant thereto together with the recurring (i) exclusive right every Use Yean Commencing with the Initial Use Year set forth below, to use and occupy an Assigned Unit within the INNSBRUCK A CONDOMINIUM (the "Resort") (ii) exclusive right to use and enjoy the Limited Coinmon Elements, if any, and Common Furnishings located within or otherwise appurtenant to such Assigned Unit; and (iii) non-exclusive right to use and enjoy the Common Elements of the Resort, for their intended purposes, during such Use Period(s) as shall properly have been reserved in accordance with the provisions of the then-current Rules and Regulations promulgated by the Innsbruck Condominium Association, Inc, all pursuant to the Condominium Map recorded September 24,2007 as Reception No. 542332 and Declaration ofCondominium for The Innsbruck, a Condominium recorded September 24,2007 as Reception No. 542331, as amended and/or restated from time to time And An Undivided Eleven Twelfths ( 11/12ths) interest in fee simple as tenant in common in and to Condominium Unit 204 .. And the Common Elements appurtenant thereto together with the recurring (i) exclusive right every Use Year, Commencing with the Initial Use Year set forth below, to use and occupy an Assigned Unit within the INNSBRUCK A CONDOMINIUM (the "Resort") (ii) exclusive right to use and enjoy the Limited Common Elements, if any, and Common Furnishings located within or otherwise appurtenant to such Assigned Unit; and (iii) non-exclusive right to use and enjoy the Common Elements of the Resort, for their intended purposes, during such Use Period(s) as shall properly have been reserved in accordance with the provisions ofthe then-current Rules and Regulations promulgated by the Innsbruck Condominium Association, Inc. all pursuant to the Condominium Map recorded September 24,2007 as Reception No. 542332 and Declaration of Condominium for The Innsbruck, a Condominium recorded September 24,2007 as Reception No. 542331, as amended and/or restated from time to time And An Undivided Seve]1 Twelfths (7/12ths) interest in fee simple as tenant in common in and to Condominium Unit 205 And the Common Elements appurtenant thereto together with the recurring (i) exclusive right every Use Year, Commencing with the Initial Use Year set forth below, to use and occupy an Assigned Unit within the INNSBRUCK A CONDOMINIUM (the "Resort") (ii) exclusive right to use and enjoy the Limited Common Elements, i f any, and Common Furnishings located within or otherwise appurtenant to such Assigned Unit; and (iii) non-exclusive right to use and enjoy the Common Elements of the Resort, for their intended purposes, during such Use Period(s) as shall properly have been reserved in accordance with the provisions ofthe then-current .Rules and Regulations promulgated by the Innsbruck Condominium Association, Inc. all pursuant to the Condominium Map recorded September 24,2007 as Reception No. 542332 and Declaration of Condominium for The Innsbruck, a Condominium recorded September 24,2007 as Reception No. 542331, as amended and/or restated from time to time And An Undivided TwoT,velfths ( 2/12ths) interest in fee simple as tenant in common in and to Condominium Unit 206 And the Common Elements appurtenant thereto together with the recuiTing (i) exclusive right every Use Year, Commencing with the Initial Use Year set forth below, to use and occupy an Assigned Unit within the INNSBRUCK A CONDOMINIUM (the "Resort") (ii) exclusive right to use and enjoy the Limited Common Elements, if any, and Common Furnishings located within or otherwise appurtenant to such Assigned Unit; and (iii) non-exclusive right to use and enjoy the Common Elements ofthe Resort, for their intended purposes, during such Use Period(s) as shall properly have been reserved in accordance with the provisions of the then-current Rules and Regulations promulgated by the Innsbruck Condominium Association, Inc. all pursuant to the Condominium Map recorded September 24,2007 as Reception No. 542332 and Declaration of Condominium for The Innsbruck, a Condominium recorded September 24,2007 as Reception No. 542331, as amended and/or restated from time to time COUNTY OF PITKIN, STATE OF COLORADO .. COMMITMENT FOR TITLE INSURANCE SCHEDIILE B - Section 1 REQUIREMENTS Order Number: 956425-C5 The following are the requirements to be complied with: 1. Payment to or for the account ofthe grantor(s) or mortgagor(s) of the full consideration for the estate or interest to be insured. 2. Proper instrument(s) creating the estate or interest to be insured must be executed and duly filed for record, 3. Evidence satisfactory to Stewart Title Guaranty Company ofpayment of atl outstanding taxes and assessments as certified by the County Treasurer. 4. Execution ofAffidavit as to Debts and Liens and its return to Stewart Title Guaranty Company. NOTE: Ifwork has been performed on, or in connection with, the subject property (architectural drawings, soils testing, foundation work, installation of materials), please notify the Company's escrow officer within 10 days ofreceipt of this title commitment. 5. Evidence satisfactory to Stewart Title of Colorado, Inc. furnished by the Office of the Director of Finance, City ofAspen, that the following taxes have been paid, or that conveyance is exempt from said taxes: The "Wheeler Real Estate Transfer Tax" pursuant to Ordinance No, 20 (Series of 1979) and (2) The "Housing Real Estate Transfer Tax" pursuant to Ordinance No. 13 (Series of 1990). 6. Payment of any and all Condominium assessments and expenses which may be assessed to the property 7. Relating to Bluegreen Vacations Unlimited, Inc., a Florida corporation, The Company requires for its review the following: a) A satisfactory resolution of the Board ofDirectors authorizing the proposed transaction (Shareholders Resolution where applicable) b) Execution and recordation of Statement ofAuthority pursuant to the provisions of Section 38-30- 172 C.R.S. Note: The Florida Secretary of State shows this corporation in good standing. 8. A Letter from the Zoning Department ofthe City ofAspen confirming the Zoning of subject property and confirming that there are no violations under said Zoning., For The Issuance of the Zoning Endorsement 3.1-06. 9. Revocation ofthe Encroachment License by the City ofAspen recorded September 10,2003 as Reception No. 488227. 10. Revocation ofthe Encroachment License by the City of Aspen recorded April 28,2008 as Reception No. 548646. .. 11. Deed from vested owner(s) vesting fee simple title in the purchaser(s). NOTE: NOTATION OF THE LEGAL ADDRESS OF THE GRANTEE MUST APPEAR ON THE DEED AS PER 1976 AMENDMENT TO STATUTE ON RECORDING OF DEEDS CRS 38-35- 109 (2). NOTE: Statement ofAuthority for Innsbruck Suites and Investments, LLC a Colorado limited liability company recorded September 21, 2010 as Reception No. 573680, discloses the following persons as those authorized to transact business on behalfofsaid entity.: William Guth, Assistant Manager If there have been any amendments or changes to the management ofthe entity, written documentation reflecting the changes and a new Statement of Authority will be required. 12. } 13. Any and all unpaid taxes and assessments and unredeemed tax sales. .. COMMITMENT FOR TITLE INSURANCE SCHEDULE B - Section 2 EXCEPTIONS Order Number: 956425-C5 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. Rights or claims of parties in possession, not shown by the public records. 2. Easements, or claims of easements, not shown by the public records. 3. Any eneroachment, 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. Unpatented mining claims, reservations or exceptions in patents, or in acts authorizing the issuance thereof. 7. Water rights, claims or title to water. 8. The effect of inclusion in the following tax districts: Pitkin County; Healthy Community Fund; Aspen Ambulance Dist; Open Space & Trails; Pitkin County Library; City of Aspen; Aspen Fire Protection; Aspen Sanitation District; Aspen Valley Hospital; Aspen School District; Colorado Mtn College; Colorado River Water Cons; Aspen Historic Park & Rec. 9. Reservation and exception in the Deed from the City ofAspen recorded in Book 59 at Page 68 providing: 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. City ofAspen Ordinance No.. 2, Series of 1997, Rezoning Specific Properties from Lodge Preservation to Underlying Zoning with Lodge Preservation Overly recorded September 3, 1997 as Reception No. 407979. as Modified by 11. Aspen Planning and Zoning Commission Resolution No. 20-2002 recorded July 5,2002 as Reception No. 469514. 12. Aspen Historic Preservation Commission Resolution No. 25-2002 recorded July 23,2002 as Reception No. 470111. .. 13. Encroachment License by the City ofAspen recorded September 10,2003 as Reception No, 488227, NOTE: This Exception will be deleted in the event that the City ofAspen revokes this license, subject to any new license which may be granted by the City of Aspen. 14. [Intentionally deleted.] 15. [Intentionally deleted.] 16. [Intentionally deleted.] 17. Aspen Historic Preservation Commission Resolution No. 4, Series of2005 recorded March 29,2005 as Reception No. 508352 as modified by 18. City ofAspen Ordinance No. 23, Series of 2004, approving the Minor Planned Unit Development The Innsbruck Inn recorded March 30,2005 as Reception No. 508440 as modified by 19. Planned Unit Development and Subdivision Improvements Agreement recorded March 30,2005 as Reception N No. 508441 as modified by 20. All matters shown on the Innsbruck Planned Unit Development and Plat recorded March 30,2005 as Reception No. 508442. 21, [Intentionally deleted.] 22. Declaration of Condominium For The Innsbruck, A Condominium recorded September 24,2007 as Reception No. 542331. including in that document any provisions that provide for an easement, lien for liquidated damages, private charge or assessment, option to purchase, right of first refusal or prior approval ofa future purchaser or occupant 23. All matters shown on the Condominium Map ofthe Innsbruck, a Condominium recorded September 24,2007 as Reception No. 542332 in Plat Book 85 at Page 8. 24. Revocable Encroachment License with the City ofAspen recorded April 28,2008 as Reception No. 548646 NOTE: This Exception will be deleted in the event that the City ofAspen revokes this license 25. Revocable Encroachment License by and between City ofAspen and Innsbruck Suites Investinents recorded June 28, 2012 as Reception No. 590241. 26. Revocable Encroachment -License by and between City ofAspen and Innsbruck Suites Investments, LLC recorded June 15, 2012 as Reception No. 589851. NOTE: EXCEPTIONS 1 AND 4 ABOVE WILL BE DELETED ON THE FINAL OWNERS POLICY, PROVIDED BOTH SELLER(S) AND PURCHASER(S) EXECUTE THE HEREIN REQUIRED AFFIDAVITS AND SAID AFFIDAVITS ARE APPROVED BY THE COMPANY. EXCEPTIONS 2 AND 3 WILL BE DELETED ON THE FINAL OWNERS EXCEPTION 5 WILL NOT APPEAR ON THE OWNERS POLICY, AND GAP PROTECTION WILL BE GRANTED PROVIDED THAT STEWART TITLE OF COLORADO PERFORMS CLOSING DISBURSEMENTS AND RECORDING OF ALL DOCUMENTS, .. SEE "DISCLOSURES" INCLUDED HEREWITH. FURTHERNOTE: EXCEPTION 6 ON THE FINAL OWNERS POLICY WILL BE DELETED. EXCEPTION 8 ON THE FINAL OWNERS POLICY WILL BE AMENDED TO READ: All taxes for year 2012, Or the Year of Closing,which are a lien not yet payable. NOTE: TAX CERTIFICATES WILL BE OBTAINED ON ALL TRANSACTIONS PROM PITKIN COUNTY TREASUER, 0 0 ~~~ EXHIBIT CITY OF ASPEN PRE-APPLICATION CONFERENCE SUMMARY AFCFIVED PLANNER: Jennifer Phelan, 429-2759 9.-- . DATE: 3/9/12 PROJECT: 233 W. Main, The Innsbruck AUG 8 2012 REPRESENTATIVE: Mitch Haas, Bart Johnson TYPE OF APPLICATION: Insubstantial PUD Amendment CITY OIL ASPEN 9899' WaTY DEVE! OPMENT DESCRIPTION: The Innsbruck was approved for an expansion and remodel in 2004 (Ordinance No. 32, Series of 2004) to develop 17 lodging units with 37 bedrooms. As part of the ordinance, the Innsbruck was approved for timeshare development. As noted in the improvements agreement (reception no. 508441) and the declarations (reception no.542331), the 17 lodge units are divided into 1/12 fractions. The prospective Applicant would like to amend their PUD/Subdivision Agreement (and corresponding declarations) to permit the unsold factions to be divided into smaller fractions of time (possibly as small as 3 days in a calendar year). As the smaller fractions should encourage a higher turnover of owners using the units, staff can process the proposed amendment as an Insubstantial PUD Amendment. Land Use Code Section(s) 26.304 Common Development Review Procedures 26.445.100 A. PUD Insubstantial Amendments 26.590.040 A. Procedure for review of timeshare lodge development application - PUD Review required. Review by: Staff for complete application and review Public Hearing: No Planning Fees: $1,260.00 Deposit for 4 hours of staff time (additional staff time required is billed at $245 per hour) Referral Fees: 0.00 Total Deposit: $ 1,260.00 Total Number of Application Copies: 2 Copies To apply, submit the following information: 1. Total Deposit for review of application. 2.Â· Applicant's name, address and telephone number (application), if represented by another please provide 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. Consent from the HOA to apply for the amendment. 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. 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 - see attached review standards. Please provide a draft amendment to the SIA and declarations. 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. .. EXHIBIT ZZ 3Â» THE INNSBRUCK CONDOMINIUM ASSOCIATION, INC., a Colorado nonprofit corporation August 68,2012 Ms. Jennifer Phelan, Planning Deputy Director City of Aspen Community Development Department 130 South Galena Street Aspen, Colorado 81611 RE: THE INNSBRUCK INN, A CONDOMINIUM Dear Ms. Phelan: The Innsbruck Condominium Association, Inc., a Colorado nonprofit corporation, is the unit owners association for The Innsbruck, a Condominium, located at 233 West Main Street, Aspen (the "Property") as described in the Declaration of Condominium for The Innsbruck, a Condominium (Pitkin County Records Reception No. 542331). We do hereby authorize Bluegreen Vacations Unlimited, Inc., a Florida corporation, and its representatives, Haas Land Planning, LLC and Klein, Cotd & Edwards, LLC to file and process with you an application for amendment to the Innsbruck PUD/Subdivision Improvements Agreement (Pitkin County Records Reception No. 508441) and the corresponding Condominium and Timeshare Documents to permit timeshare interests at the Innsbruck of up to and less than 1/12 fractions. Further, Bluegreen and its representatives are authorized to participate in any meetings or hearings with City staff and before any City decision-making authorities. Sincerely, THE INNSBRUCK CONDOMINIUM ASSOCIATION, INC. William <4-President---/ ~ EXHIBIT Â« F71 City of Aspen Communitv Development Dept. 130 S. Galena Sti-eet Aspen, CO 81611 RE: The Innsbruck, 223 West Main Street, Aspen (PI[)# 2735-124-54-101) Request for Insubstantial Amendment to the innsbruck PUD To whom it may concern: As applicant for an Insubstantial PU[) Amendment (and associated Amendment of the PUD/Subdivision Improvements Agreement) on the above referenced property, I hereby authorize Haas Land Planning, LLC (111..P) and Klein Cote Edwards, LLC (KCE) to act our as designated and authorized representatives for the submittal and processing of an application seeking the approvals listed Iici-ein, as well as, any subsequent applications that may be associated therewith. 1 Il.P and KCE are also authorized to represent Bluegreen Vacations Unlimited, Inc.. in meetings with City staff, the Historic Preservation Commission, the Planning and Zoning Commission, and the Aspen City Council, as may be applicable. Sliould you have any need to contact us during the course of your review, please do so through 1-laas Land Planning, LLC. Yours truln Bluegreen Vacations Unlimited, Inc Y /7. UN /,1 A 1 A/UEN,LA-) fLV.yVy - 1 By: Vikinia Polinski Vicd President, Business Services 4960 Conference War North, Suite 100 Boca Raton. FL 33431 EXHIBIT L COMMUNITY DEVELOPMENT DEPARTMENT Agreement to Pay Application Fees An agreement between the City of Aspen CCity") and Property Bluegreen Vacations Phone No. (561) 443-8652 Owner Cl ) Unlimited, Inc Email: virginia polinski@bluegreencorp.com Address of 233 West Main Street, Aspen Billing Virginia Polinski Properly Address 4960 Conference Way North: Suite 100 (subject of (send bills here) Boca Raton, FL 33431 application) 1 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 S N/A flat fee for S flat fee for S flat fee for S 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 1 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. l 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 S 1,260 deposit for 4 hours of Community Development Department staff time Additional time above the deposit amount will be billed at 3245 per hour. S deposit for hours of Engineering Department staff time. Additional time above the deposit amount will be billed at $265 per hour. City of Aspen: Property Owner: Ill /1 010Â»47Â»0- fÂ»4 \ Chris Bendon /5/ P>/,/4-; '11*- /6~g.~â€žZJk/. Community Development Director Namev City Use: Title- // f A,0 3 tlÂ·44 Fees Due: $ Received: $ November. 201 1 Cio' of Aspen I 130 S. Galena St. 1 (970) 920-5090 .-1 EXHIBIT PLANNED UNIT DEVELOPMENT (PUD) & SUBDIVISION IMPROVEMENTS AGREEMENT FOR THE INNSBRUCK INN TIMESHARE LODGE PROJECT THIS PLANNED UNIT DEVELOPMENT (PUD) & SUBDIVISION IMPROVEMENTS AGREEMENT (this "Agreement") is made this * day of i Ky) A.-tf\ , 2005, between INNSBRUCK SUITES INVESTMENTS, LLC, a Colorado limited liability company (the "Owner"), and THE CITY OF ASPEN, a municipal corporation (the "City")Â· RECITALS: WHEREAS, the Owner owns that certain real property (the "Property") known as the Innsbruck Inn located at 233 West Main Street in the City of Aspen, County of Pitkin, legally described as: Lots As B, C, D, and E, Block 52, City and Townsite of Aspen, County of Pitkin, State of Colorado; and, WHEREAS, the Property is being remodeled and expanded by the Owner as follows, where said remodel and expansion is hereinafter referred to as the "Project": â€¢ An addition extending toward the west and north property lines is being made to the west side of the existing structure, resulting in a roughly "U" shaped building with a courtyard in the center; â€¢ The existing Main Street parking area and its curb cut will be eliminated; â€¢ The existing ground level lobby and second floor breakfast room will be converted to unit space, and the lobby space will be moved to the ground level at the newly constructed northwest comer ofthe lodge; â€¢ A new basement will be developed under the entire lodge, to include four (4) timeshare lodge units, a two-bedroom employee dwelling unit, a breakfast/leisure area, storage and storage lockers, restrooms, an exercise room, a laundry room, mechanical space, and incidental uses/spaces; â€¢ Remodeled and expanded ground and second floor levels, where the ground floor will include six (6) timeshare lodge units and the front office/lobby/reception area; and, the second floor will include seven (7) timeshare lodge units; â€¢ The room count will go from the thirty-three existing lodge rooms to seventeen (17) timeshare lodge units (with twelve (12) estates per unit) providing up to thirty-seven (37) lodging bedrooms/units through lock-off capabilities; the remodeled and expanded timeshare lodge will also include one two-bedroom deed restricted employee dwelling unit; â€¢ While the Main Street accessed parking area will be eliminated, no additional parking will be provided on-site. Mi l l 'jill 111 Il l 11111111111 lill i li lli 03/30/2005 02: 031 508441 Page: 1 of 10 SILVIA DAVIS PIf--C -OU -Y CO R 51.00 D 0.00 .glqq. .. WHEREAS, pursuant to Ordinance No. 32, Series of 2004 ("Ordinance"), the City Council granted Minor Planned Unit Development, Subdivision, Timeshare, and Lodge Preservation and Affordable Housing GMQS Exemptions approval for the Proj ect; and, WHEREAS, pursuant to Resolution No. 4, Series of 2005 C'Resolution"), the Historic Preservation Commission ("HPC") granted Final Development Plan approval; and, WHEREAS, the City and the Owner wish to enter into this Agreement for the Project; and, WHEREAS, Owner has submitted to the City for approval, execution and recordation, a Final PUD Plan and Plat for the Project (the "Plat") and the City agrees to approve, execute and record the Plat at Owner's expense on the agreement ofthe Owner to the matters described herein, subject to the provisions of the Municipal Code of the City ofAspen (the "Code"), the Ordinance, and other applicable rules and regulations; and, WHEREAS, Owner is willing to enter into this Agreement with the City and to provide assurances to the City. NOW, THEREFORE, in consideration of the mutual covenants contained herein, and the approval, execution and acceptance ofthe Plat for recordation by the City, it is agreed as follows: 1. Description ofProiect. Refer to the second "Whereas" statement, above. 2. PUD Dimensional Requirements. As set forth in Condition 3, Section 1 of the Ordinance, and as amended pursuant to Condition 1 ofthe Resolution, the following dimensional requirements have been approved by the City as part of the Project, are shown on the Final PUD Plan and Plat, and shall be printed on all final building pennit plan sets: a. Minimum Lot Size: 6,000 square feet. b. Minimum Lot Area per Dwelling Unit: No requirement. c. Minimum Lot Width: 60 feet. d. Minimum Front Yard (Main Street Frontage): 9 feet for the building; 5 feet for the area well in front of the west wing; and, 1 foot for the hot tub/swim spa. e. Minimum Side Yard: 3 feet for the building; 0 feet forroof overhangs. f. Minimum Rear Yard: 13 feet for the building/decks; 10 feet for the external stairway; 0 feet for the trash enclosure. g. Maximum Site Coverage: No requirement, h. Maximum Height: 27 feet from the bottom of the egress well to the midpoint ofthe roof i. Minimum Percent Open Space: No requirement. j. Trash Access Area: Per Final PUD Plans. k. Allowable External Floor Area Ratio (FAR): 1.21:1. 1. Allowable Internal FAR: Per Final PUD Plans. lili lililill'llillill'll l ili lill Ill lilli lili Ill 03/30/2005 02:031 508441 Page: 2 of 10 SILVIA DAVIS PITKIN COU -Y CO R Sl.00 D 0.00 .. innsbruck Inn Timeshare Lodge PUD & Subdivision Improvements Agreement Page 3 of 10 m. Minimum Off-Street Parking: 6 completely on-site parking spaces (ifthe approved diagonal spaces that encroach upon alley right-of-way were to be converted to parallel spaces of 22.5 feet in length each, six such spaces would fit completely on site; therefore, the eleven diagonal spaces extending into the alley right-of-way are considered equivalent to six completely on-site spaces; no such conversion to parallel parking is/will be required in connection with the Project). 3. Acceptance ofPlat. Upon execution of this .Agreement by the parties hereto, the City agrees to approve and execute the Final PUD Plan and Plat for the Project, which conforms to the plat requirements of the Code and the Ordinance. The City agrees to accept such Plat for recording in the office of the Pitkin County Clerk and Recorder upon Owners' payment o f the recordation fee. If the approved Final PUD Plan changes subsequent to this approval, a complete set of revised plans shall be provided to the Engineering and Community Development Departments for review and evaluation. 4. Development Requirements. The following development requirements will be satisfied by the Owner pursuant to the Ordinance. a. Affordable Housing, Owner shall adequately mitigate for the Project's employee generation by providing deed restricted employee housing for at least 0.59 full-time equivalent employees Cy['Es"), The Project includes a two-bedroom employee housing unit, which provides credit for housing 2.25 FTEs. Thus, the Project provides housing for 1.66 more FTEs than required to mitigate its employee generation. A credit for housing 1.66 FTEs shall, therefore, be maintained by the Property. The employee housing unit will be deed restricted to the Category 2 rental rate, as such is described in the Aspen/Pitkin County Affordable Housing Guidelines (the "Guidelines"); however, since the employee housing unit is for use by the Project in housing its employees, income and asset restrictions otherwise applicable to the Category 2 deed restriction shall be waived. Owner shall meet with Housing Office Staff prior to completion of Project construction to establish mutually acceptable lease terms for employees whose units are attached to the place of employment. Prior to issuance of a building permit for the Project, Owner shall record a deed restriction for the employee housing unit. Also, in an effort to be consistent with Section 38-12-301, C.R.S., and the Colorado Supreme Court rent control decision in Town of Telluride v. Lot Thirtv-Four Venture L.L.C. (Case No. 98-5C-547, decided June 5,2000), Owner desires to grant to the Aspen/Pitkin County Housing Authority ("APCHA") an undivided one-tenth of one percent (0.1%) ownership interest in the above-described affordable housing unit of the Project, With the APCHA consent to accepting an interest in the property, Owner agrees to indemnify and hold harmless the APCHA for any claims, liability, fees, or similar charges related to ownership of an interest in the affordable housing units. Conveyance ofthe undivided one-tenth of one percent (0.1%) ownership interest from Owner to the APCHA. shall take place prior to or concurrent with issuance of a Certificate of Occupancy for the unit and after said unit has been rendered capable of separate conveyance by the recording of condominium (as described in paragraph 5, below). The APCHA shall not be entitled to the payment o f monies upon 111 l illi 1111 ~.1111 [1111 'H 1111 '111 111 508441 Page. 3 of 10 03/30/2005 02: 031 S.LVIA DAVIS PI-K N COUNTY Co R 51,00 0 0.00 .. Innsbruck Inn Timeshare Lodge PUD & Subdivision improvements Agreement Page 4 of 10 sale or rental at any time of any units in the Project, nor shall the APCHA be entitled to derive any economic benefit by virtue o f its undivided interest in the deed restricted unit in the Project. Owner reserves the right to submit an alternative option, subject to review and acceptance by the City Attorney, to satisfy the rent control issue. b. Building Permit Plan Requirements. In addition to such requirements enumerated elsewhere herein and otherwise required by the City of Aspen Building Department, the building permit application for the Project shall include: 1. A copy of Ordinance No. 32, Series of2004, Planning and Zoning Commission Resolution No. 29, Series of 2004, and HPC Resolution No. 4, Series of 2005. 2. All conditions of approval printed on the cover page o f the building permit plan set. 3. A completed tap permit for service with the Aspen Consolidated Sanitation District. 4. A tree removal permit, as required by the City Parks Department, and approval from the Parks Department Director for off-site replacement or mitigation of any removed trees. The tree removal permit application shall be accompanied by a detailed landscape plan indicating which trees are to be removed and new plantings proposed on the site. 5. A drainage plan, including an erosion control plan, prepared by a Colorado licensed Civil Engineer; said plan must provide for maintaining sediment and debris on-site during and after construction. If a ground recharge system is required, a soil percolation report will be required to correctly size the facility. A 5-year storm frequency should be used in designing any drainage improvements. 6. A signed letter from the primary contractor to the Director of the Community Development Department stating that the conditions of approval have been read and understood. 7, Prior to issuance of a building permit, Owners shall provide payment of all tap fees, impact fees, and building permit fees. If an alternative agreement to delay payment ofWater Tap an(For Parks Impact fees is finalized, those fees shall be payable according to such agreement. 8, A full set of construction management plans that are consistent with the City of Aspen Construction Management Plan Guidelines. These plans shall include the Owners' agreement to prohibit storage of construction material or dumpsters on the public rights-of-way unless a temporary revocable encroachment license is granted by the City Engineer for such storage. 9. A completed asbestos checklist (to be obtained from the Building Department). If found to be necessary, Owners shall notify the State prior to remodel, expansion or demolition of any buildings, including removal of drywall, carpet, tile, etc., and a licensed asbestos inspector will have to conduct an inspection. If there is no asbestos, the demolition can proceed. If asbestos is present, a state licensed asbestos removal contractor must remove it, Owners shall report these findings to the Environmental Health Department and Building Department prior to the issuance of demolition and building permits. 10. A fugitive dust control plan for review by and approval ofthe Environmental 1 ill lilli 111111 tril -Ill 11111111111'llibill' 1111 03/30/2005 02:03 508441 Page: 4 of 10 SIL\,jA DAVIS PI-KIN CO.,OY CO R 51.00 D 0.00 .. Innsbruck Inn Timeshare Lodge PUD & Subdivision Improvements Agreement Page 5 Of 10 Health Department. The Fugitive Dust Control Plan will include, as a minimum, plans for fencing, watering of disturbed areas, continual cleaning of adjacent paved roads to remove mud that has been carried out, or other measures necessary to prevent windblown dust from crossing the property lines or causing a nuisance. 11. Plans for all improvements, including snow storage areas, utility pedestals, curb and gutter improvements, and sidewalk improvements. c. Wastewater and Surface Drainage. Owner shall comply with Aspen Consolidated Sanitation District (ACSD) rules and regulations. Ifnew sewer lines are required, the existing service will have to be excavated in the alley and disconnected at the main sewer line. No clear water connections (roof, foundation, perimeter drains) shall be allowed. All improvements below grade shall require the use of a pumping station. d. Water Service. Owner shall comply with the City ofAspen Water System Standards, with Title 25, and with applicable standards ofTitle 8 (Water Conservation and Plumbing Advisory Code) of the Aspen Municipal Code, as required by the City of Aspen Water Department. e. Fire Protection. Owner shall install an adequate fire alarm system throughout the structure and a fire sprinkler system that meets the requirements ofthe Fire Marshal. f. Future Improvement District(s). Owner hereby agrees to join any future improvement district(s) formed for the purpose o f constructing City-approved improvements to the adjoining/surrounding rights-of-way which benefit the property under a fair share assessment formula. g. Curb. gutter. and Sidewalk. Owner shall repair any cracked or uneven sections of sidewalk adjacent to tile Property and improve the sidewalk, curb, and gutter in the adjacent public right-of-way along Main Street and South Second Street to meet the City Engineering Department's standards; this includes replacing the Main Street gutter system adjacent to the Property to provide a gutter with a slope that meets the City Engineer's specifications. The curb along the portion of Main Street adjacent to the Property shall be improved to a six (6) inch vertical curb. Owner shall extend the sidewalk that exists within the South Second Street right-of-way across the alleyway with six (6) inch thick reinforced concrete; Owner shall also install a concrete driveway ramp meeting the City Engineer's standards from South Second Street to the sidewalk that is to cross the alleyway. h. Exterior Lighting and Streetlights. All outdoor lighting shall comply with the applicable portions of Section 26.575.150, Outdoor Lighting, of the Aspen Land Use Code. i. Construction Schedules and Noise. Construction is prohibited on Sundays and between the hours of 7:00 p.m. and 7:00 a.m. on all other days. All noise ordinances shall be abided by. j. Trees and Tree Protection. Tree saving construction fences shall be installed around the - ilim .im imil I Imiltill ilill lit 1111 illi I I 03/30/2005 02:031 508441 Page; 5 of 10 SILVIA DAVIS PIT<I COUNTY CO R 51.00 D 0.00 .. Innsbruck Inn Timeshare Lodge PUD & Subdivision Improvements Agreement Page 6 of 10 drip line of any trees to be preserved. The City Forester or his/her designee must inspect such fencing before any construction activities commence. No excavation, storage of construction equipment, construction backfill, foot or vehicular traffic shall be allowed within the fenced drip lines. A tree root barrier shall be installed on any tree that is to be planted within ten (10) feet of the sidewalk, curb, or gutter to prevent future root damage and/or sidewalk upheaval, k. Parking. Owner shall maintain the option of signing up to two (2) on-street parking spaces adjacent to the Property as available for short-term, drop-off parking for guests checking in or out of the Project. If Owner chooses to sign up to two (2) on-street parking spaces as short-term drop-off parking, such spaces may be located either both on Main Street, both on South Second Street, or one space on each street. Owner shall provide priority to the occupant(s) of the employee housing unit for the use of one ofthe off street parking spaces to the north of the building. In the event that the occupant(s) of the employee housing unit does not own a car, the parking space shall remain available for the general use of the Project' s other occupa:nts. 1. Pools and Spas. All design, installation, and maintenance ofthe pool and spa must comply with the State of Colorado's "Swimming Pool and Mineral Bath Regulations." Pool water shall be drained directly into the sanitary sewer and shall not be drained into the storm sewer. The Applicant must have the Aspen Consolidated Sanitation District approve the drain size for the swimming pool and spa before the pool or spa is installed. m. Ownership of Common Recreational Areas. Each owner of an estate in the Project shall have an undivided interest in all common recreational areas within the Project. n. Food Service. Owner shall submit a food service plan for review by the Environmental Heath Department, If deemed necessary, a food service license will be required prior to serving food in the multi-purpose room. If determined necessary by the Aspen Consolidated Sanitation District, an oil and grease interceptor will need to be installed in the multi-purpose room/kitchen prior to issuance of a Certificate of Occupancy. o. School Land Dedication Fees. School Land Dedication Fees of $1,772.84 shall be assessed and payable prior to issuance of a building permit. School Land Dedication fees are assessed based on one-third the value of the unimproved land divided by the proposed number of residential units on a per acre basis. Amendments to the Project or to the fee schedule adopted prior to issuance of a building permit shall require a new calculation. The fee total is based on the fee schedule in place at the time ofProject approval and is calculated as follows: $565,500 (Valuation of Land per Assessor's Office) multiplied by 0.0095 acres (Land Dedication Standard), then multiplied by 0.33 = $1,772.84. p. Park Develooment Impact Fees. Park Development Impact Fees of $3,905 shall be assessed and payable prior to issuance of a building permit. Amendments to the Project or to the fee schedule adopted prior to issuance of a building permit shall require a new calculation. The following fee total is based on the fee schedule in place at the time of Project approval: illitillillillillillillitilillillitilliuillillill i-1 03/30/2005 02:031 508441 Page: 6 of 10 SILVIA DAVIS PITKIN COUNTY CO R 51.00 D 0.00 0 0 Innsbruck Inn Timeshare Lodge PUD & Subdivision Improvements Agreemem page 7 of i 0 Park Fees - Proposed Development: 10 (three-bedroom timeshare lodge units) multiplied by $1,520 per unit = $36.340 7 (1-bedroom timeshare lodge units) multiplied by $2,120 per unit = $14.840 1 (2-bedroom affordable housing unit) multiplied by $2,725 per unit = $2,725 Total: $53,905 Park Fees - Credit for Existing Development 33 (studio lodge units) multiplied by $1,520 per unit = $50,160 Total Credit: $50,160 q. Short-Ierm Rentals. All unsold timeshare units that are not used for exchange, marketing or promotional purposes shall be made available for short-tenn rent until purchased. Nothing in the timeshare documents shall prohibit short-term rentals or occupancy. Non-deed restricted units shall be available for short-term rental purposes when not occupied by a purchaser or a purchaser's guests or utilized for exchange program purposes. Owner has the right to sell twelve (12) timeshare estates per unit. r. Timeshare Documents. Owner shall submit timeshare documents to the City Attorney for review and approval prior to recording such documents with the Pitkin County Clerk and Recorder. s, Fiscal Impacts and Audits. Prior to building permit issuance, Owner shall mitigate an expected loss in lodging tax revenues resulting from the conversion ofthe existing lodge to a timeshare lodge by payment to the City of Aspen of a $19,791.00 fee. The City of Aspen shall, on its own accord, conduct an annual audit ofthe sales tax revenues that the City collects from the Project over its first five (5) years of operation to determine if the projected revenues were accurate; Owner shall cooperate with the City of Aspen Finance Department in its annual audit efforts. No changes in the timeshare mitigation plan or fee shall be required as a result of the audit described herein. t. Previous Aporovals Null and Void. The previous, unbuilt Innsbruek Inn expansion approvals granted pursuant to Ordinance No. 24, Series of 2002, are null and void. All related documents of record, such as but not necessarily limited to, the PUD Plans and PUD Agreement recorded pursuant to Ordinance No. 24, Series of 2002, are also hereby considered null and void and ofno effect. 5. Colorado Common Interest Ownership Act (CCIOA). As soon as construction of the Project allows, Owner anticipates submitting the Project to a plan for condominiurnization created pursuant to the Colorado Common Interest Ownership Act (CCIOA) in order to facilitate the conveyance of fractional shares and an ownership interest in the employee housing unit to the AIPCHA. The City agrees to process for approval and for recordation a condominium map prepared in accordance with tile Code and CCIOA. As the Owner has provided affordable housing pursuant to the Code, the Project is exempt from paying the Affordable Housing Impact fee. I illit -2 03/30/2005 02:03I 508441 Page: 7 of 10 SILVIA DAVIS PITKIN COUNTY CO R 51.00 0 0.00 .. Innsbruck Inn Timeshare Lodge PUD & Subdivision Improvements Agreement Page 8 of IO 6. Historic Preservation Commission (HPC) Approvals. The HPC approved Resolution Number 4, Series of 2005, provides Final Development Plan approval for the Project in the Main Street Historic District with the following conditions: a. Information on all venting locations and meter locations not described in the approved drawings shall be provided for review and approval by staff and monitor when such information is available; b. There shall be no deviations from the exterior elevations or landscape plan as approved (see Final PUD Plan) without first being reviewed and approved by HPC staff and monitor, or the full board; c. HPC conditions of approval "a" and "b," as provided above, shall be printed on the cover sheet of the building permit plan set and all other prints made for the purpose of construction. In addition, HPC Resolution Number 4, Series of 2005 includes approval of a minor PUD Amendment to establish the minimum front yard setback requirements as stated in Paragraph 2, Subsection "d, 5, above. 7, Recordation. Pursuant to Section 27.480.070(E) ofthe Aspen Land Use Code, once fully executed, this Agreement and the Final Plat shall be recorded in the office ofthe Pitkin County Clerk and Recorder. Failure on the part of the Owners to record the plat within one- hundred eighty (180) days following final land use approvals shall render the plat invalid and reconsideration and approval of the plat by the Planning and Zoning Commission and City Council will be required before its acceptance and recording, unless an extension or waiver is granted by the City for a showing of good cause. The one-hundred eighty (180) day recordation requirement contained herein shall not apply to the recording ofcondominium maps, or declarations or any other documents required to be recorded to accomplish a condominiumization in the City of Aspen. 8. Financial Security for Public Improvements. In order to secure the performance of the construction and installation ofimprovements in the public right-of-way, including landscaping, the Owner shall provide the City with a financial security for the proposed improvements. The financial security shall take the form of a letter of credit, cash or other guarantees in a form satisfactory to the City Attorney and shall be submitted to the City prior to the initiation o f construction or the issuance o f any building permits. Pursuant to this Agreement, the Owner shall provide a detailed cost estimate ofthe improvements for approval by the City. The amount ofthe required financial security shall be 110% of the estimated cost of the improvements. The guarantee documents shall give the City the unconditional right, upon clear and unequivocal default by the Owner in its obligations to complete the public improvements, to withdraw funds against such security sufficient to complete and pay for installation for such public improvements, or to withdraw funds against such security sufficient to complete and pay for installation for such public improvements. If the improvements have not been com#leted to the satisfaction of the City within one year of the cost estimate, the City may require the Owner to adjust the amount ofthe financial security for local increases in construction costs. As portions ofthe improvements are completed, the City shall inspect them, and upon lilli 11111 Ill'-1 1 Il lillillill 111 03/30/2005 02:031 ~ 508441 Page: 8 of 10 S'LVIA [..VIS PI-KIN CÂ·) 1' CJ R 51.00 D 0.00 Innsbruck Inn Timeshare Lodge PUD & Subdivision Improvements Agreement page 9 of i o approval and acceptance, shall authorize the release ofthe agreed estimated costs for that portion of the improvements, except that ten percent (10%) of the estimated costs o f the improvements shall be withheld for the benefit ofthe City until (i) all of the improvements have been inspected and accepted by the City, (ii) a two-year maintenance bond has been provided by the Contractor, and (iii) as-builts have been provided (ifrequired). Separate financial securities and maintenance bonds are required for civil R.O.W. improvements (i.e. pipelines, sidewalks, and curbs) and landscaping R.O.W. improvements. 9. Notices. Notices to the parties shall be sent by United States certified mail to the addresses set forth below or to any other address which the parties may substitute in writing. To the Owner: Innsbruck Suites Investments, LLC c/o Gwen Dickinson, Re/Max Premier 422 East Hyman Avenue Aspen, CO 81611 With Copv To: J. Bart Johnson, Esq. do Otten Johnson Robinson Neff & Ragonetti, P.C. 420 East Main Street, Suite 210 Aspen, CO 81611 To Citv of Aspen: City Manger 130 South Galena Street Aspen, CO 81611 -With Copv To: City Attorney 130 South Galena Street Aspen, CO 81611 10. Binding Effect. The provisions of this Agreement shall run with and constitute a burden on the land on which the Project is located and shall be binding on and inure to the benefit of the Owner's and the City's successors, personal representatives and assigns. 11. Amendment. The Agreement may be altered or amended only by written instrument executed by the parties. 12. Severabilitv. If any of the provisions of this Agreement are determined to be invalid, it shall not affect the remaining provisions hereof. ATTEST: THE CrrY OF ASPEN, a municipal corporation . Kathryn S. 06ch, City Clerk 4- Hefen KlandbiN, Ma~ 508441 03/30/2005 02.031 Page' 9 of 10 SILVIA DAVIS PITKIN COUNTY CO R 51.00 D 0.00 .. Innsbruck Inn Timeshare Lodge PUD & Subdivision improvements Agreement page lo of 10 APPROVED AS TO FORM: ~---Â»f 07014Â£ JehIEWArcedi?tr, City Attorney OWNER: f INNSBRIJ(~SUITES *-yÂ£*MEN']~S, LLC h 0 1 9-29 091- flitv 79#2- Ch#en F. Dickin on, Assistant Manager STATE OF COLORADO ) )SS. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me th is Bojkof 90 â‚¬4_..~ 2005, by Helen Klanderud, Mayor, and Kathryn S. Koch, City Clerk. Witness my hand and official seal, ....:AVA My commission expires: 04~/7~20+ 1- .Z Â· l.-4[4~4~ f JACNE \ i LOTHIAN j ~otary Publicf / 02% , g '.0 Â»eZZ~E~~ STATE OF 4 )oraja j COUNTY OF Rk ~L )ssÂ· 9.\ The foregoing instrument was acknowledged before me this ar day of /'i rÂ¢3~. , 2005, by Gwen F. Dickinson, as Assistant Manager of Innsbruck Suites Investments, LLC. Witness my hand and official seal. My commission expires: 4/ /130'3'---- Q,L<â‚¬ i IL - NO+9*lic V ~ 1 - UANICE-L.JOHNSON t t>/ i NOTARY PUBLIC 1 l.?Iâ‚¬5-2.CREONE, J My Commission Expires Andl 15, 2008 ,,Â· ,; - g:'My Documents\City Applications\Innsbruck\Suites PUD-Subdivision Agrmt , 03/30/2005 02: 031 508441 Page: 10 of 10 SILVIA DAVIS PITKI CJUNTY CO R 51,00 D 0.00 0 0 1 g AMENDMENT TO THE PLANNED UNIT DEVELOPMENT (PUDJ~ & SUBDIVISION IMPROVEMENTS AGREEMENT FOR THE INNSBRUCK INN TIMESHARE LODGE PROJECT THIS AMENDED PLANNED UNIT DEVELOPMENT (PUD) & SUBDIVISION IMPROVEMENTS AGREEMENT (this "Agreement") is made this day of , 201 , between BLUEGREEN VACATIONS UNLIMITED, INC (the "Owner"), and THE CITY OF ASPEN, a municipal corporation (the "City"). RECITALS: WHEREAS, the Owner owns that certain real property (the "Property") known as the Innsbruck Inn Timeshare Lodge/PUD located at 233 West Main Street in the City of Aspen, County of Pitkin, legally described as: Lots A, B, C, D, and E, Block 52, City and Townsite of Aspen, County of Pitkin, State of Colorado; and, WHEREAS, pursuant to Ordinance No. 32, Series of 2004 ("Ordinance"), the City Council granted Minor Planned Unit Development, Subdivision, Timeshare, and Lodge Preservation and Affordable Housing GMQS Exemptions approval for the Project; and, WHEREAS, pursuant to Resolution No. 4, Series of 2005 ("Resolution"), the Historic Preservation Commission ("HPC") granted Final Development Plan approval; and, WHEREAS, the Property was remodeled and expanded from thirty-thre ~~ge rooms to seventeen (17) timeshare lodge units (with twelve (12) time-span estates per timeshare lodge unit) providing up to thirty-seven (37) lodging bedrooms/units through lock-off capabilities; the remodeled and expanded timeshare lodge also included one two-bedroom deed restricted employee dwelling unit; WHEREAS, the SUBDIVISION IMPROVEMENTS AGREEMENT for the INNSBRUCK INN TIMESHARE LODGE,/PUD was recorded on the 30th day of March, 2005 at Reception No. 508441; and, WHEREAS, Owner requested and obtained,-pursuant-40 Administrative Decision=Nur --7 Series of-20+2, approval of an Insubstantial Amendment to the PUD to allow smaller fractional interests/time-span estates per timeshare lodge unit to be soldgh L 1,&3 1,01'2, Â· Innsbruck Inn Timeshare Loa7 Amended PUD & Subdivision Improvements Agreement P age 2 of 4 NOW, THEREFORE, the undersigned hereby resolve to amend the PLANNED UNIT DEVELOPMENT (PUD) & SUBDIVISION IMPROVEMENTS AGREEMENT for the INNSBURCK INN TIMESHARE LODGE/PUD PROJECT as follows: 1. The phrase "with twelve (12) estates per unit" located in the sixth bullet point of the second WHEREAS statement is hereby revised to say "with not less than twelve (12) time-span estates per timeshare lodge unit." 2. The last sentence in Section 4q that currently states, "Owner has the right to sell twelve (12) timeshare estates per unit" is hereby revised to state that, "Owner has the right to sell at least twelve (12) time-span estates per timeshare lodge unit." 3. Section 9, Notices, is hereby revised such that Notices To the Owner shall be sent as follows: To the Owner: Bluegreen Vacations Unlimited, Inc c/o Virginia Polinski 4960 Conference Way North, Suite 100 Boca Raton, FL 33431 And Innsbruck Suites Investments, LLC c/o Mr. Bill Guth, President 233 West Main Street Aspen, CO 81611 With Copy To: Joseph E. Edwards, III c/o Klein, Cote & Edwards, LLC 201 North Mill Street, Suite 203 Aspen, CO 81611 And J. Bart Johnson, Esq. c/o Waas Campbell Rivera Johnson & Velasquez LLP 420 East Main Street, Suite 210 Aspen, CO 81611 4. The following paragraph is hereby added to the Agreement: The parties acknowledge the following approvals are no longer of any force or effect and have been superseded and replaced by subsequent approvals granted by the City: (1) Aspen planning and Zoning Commission Resolution 20, Series of 2002, recorded at Reception No. 470111 of the Pitkin County Records; and (2) Aspen Historic Preservation Commission Resolution No. 25, Series of 2002, recorded as Reception No. 488227 of the Pitkin County Records. Innsbruck Inn Timeshare Lodge ~ Amended PUD & Subdivision Improvements Agreement I . P age 3 of 4 The provisions of this Amendment shall run with and constitute a burden on the land on which the Project is located and shall be binding on and inure to the benefit of the Owner's and the City's successors, personal representatives and assigns. ATTEST: THE CITY OF ASPEN, a municipal corporation Kathryn S. Koch, City Clerk Michael C. Ireland, Mayor APPROVED AS TO FORM: Jim True, City Attorney OWNER: BLUEGREEN VACATIONS UNLIMITED, INC By: Virginia Polinski, Vice President [Remainder of page intentionally left blank; Notaries on following page.I Innsbruck Inn Timeshare 0 - Amended PUD & Subdivision Improvements Agreement P age 4 of 4 . 4 STATE OF COLORADO ) )SS. COUNTY OF PITKIN ) The foregoing instrument was acknowledged before me this day of 2012, by Michael C. Ireland, Mayor, and Kathryn S. Koch, City Clerk. Witness my hand and official seal. My commission expires: Notary Public STATE OF ) )SS. COUNTY OF ) The foregoing instrument was acknowledged before me this day of 2012, by Virginia Polinski, as Vice President of Bluegreen Vacations Unlimited, Inc. Witness my hand and official seal. My commission expires: Notary Public 1 . 0 CITY OF ASPEN COMMUNITY DEVELOPMENT DEPARTMENT INTERPRETATION JURISDICTION: City of Aspen APPLICABLE CODE SECTIONS: Chapter 26.590, Time Share Development Section 26.104.100, Definitions EFFECTIVE DATE: 24 July, 2012 WRITTEN BY: Phillip Supino, Community Development Intern THRU: ~ Jennifer Phelan, Deputy Director APPROVED BY Chris Bendon, Community Development Director SUMMARY This interpretation is being issued in response to an inquiry submitted by Jody Edwards of Klein, Cote & Edwards, LLC on behalf of Bluegreen Vacations Unlimited, Inc. (Bluegreen) with regard to whether the timeshare subdivision proposal for certain units of the Innsbruck, 233 West Main St., Aspen, CO, as operated by Bluegreen, complies with the timeshare requirements in City of Aspen Municipal Code Chapter 26.590, Timeshare Development. BACKGROUND The intent of the timeshare regulations Code section 26,590.010, Purpose and intent, is to "increase vitality" (26.590,010,A), "preserve and enhance lodging inventory" (26.590.010.B), "upgrade quality of accommodations" (26,590,010.CD, and "maintain community character" (26.590.010.D) of the City of Aspen through the use of timeshare development in approved zone districts. Currently, the property known as the Innsbruck is an approved timeshare development. Bluegreen seeks a code interpretation to ensure that their business model complies with City timeshare regulations prior to purchasing unsold shares in the Innsbruck and applying for an amendment to the Subdivision Improvements Agreement (SIA) to further subdivide their interest in the Innsbruck into smaller fractional shares. Municipal Code section 26.590.070.J, Prohibited practices and uses, identifies "right-to- use" properties as inappropriate timeshare uses in the City of Aspen. Right-to-use properties include "vacation clubs" and "lease-holds" in which beneficiaries of the properties do not own in interest in real property, Page 1 of 2 .. INTERPRETATION The applicant notes in the interpretation request (Exhibit A) that the proposed use of the Innsbruck by Bluegreen is not a vacation-club or similar prohibited use, because it is "a deeded timeshare interest that does not expire." Bluegreen issues a warranty deed for a share of its property to the "owner beneficiary," which is then held in trust as a real property interest in perpetuity or until such time as the owner conveys or otherwise forfeits the share, It is staff' s interpretation that the conveyance of a real property interest to owner beneficiaries as indicated in the Owner Beneficiary Agreement (Exhibit B) and the timeshare plan proposed by Bluegreen meets the requirements for a permitted timeshare uses within the City of Aspen and is not prohibited per Municipal Code section 26.590.070.J., Prohibited practices and uses. As a timeshare property within the City of Aspen, Bluegreen or its owner beneficiaries are required to remit Real Estate Transfer '1'axes and Lodging and Sales Taxes as required in the City of Aspen Municipal Code Chapters 23.32,23.48 and 23.50 and to the extent applicable, Furthermore, the City finds that the Bluegreen proposal for a time-span estate to be operated at the Innsbruck meets the State of Colorado definition of a timeshare corporation pursuant to C,R.S. Â§38-33-110 through the granting of a deeded interest in real property, APPEAL OF DECISION As with any Interpretation by the Community Development Director, an applicant has the ability to appeal this decision to the Aspen City Council. This can be done in conjunction with a land use request before City Council or as a separate agenda item. APPEAL PROCEDIJRES, 26.316.030(A) Any person with a right to appeal an adverse decision or determination shall initiate an appeal by filing a notice of appeal on a form prescribed by the Community Development Director. The notice of appeal shall be filed with the Community Development Director and with the City office or department rendering the decision or determination within fourteen (14) days of the date of the decision or determination being appealed. Failure to file such notice of appeal within the prescribed time shall constitute a waiver of any rights under this Title to appeal any decision or determination. ATTACHMENTS A. Request for Interpretation dated 9 July, 2012 B. Bluegreen Vacations Unlimited, Inc. Owner Beneficiary Agreement Page 2 of 2 .. THE INNSBRUCK SUITES INVESTMENTS, LLC, a Colorado limited liability company August 14,2012 Ms. Jennifer Phelan, Planning Deputy Director City of Aspen Community Development Department 130 South Galena Street Aspen, Colorado 81611 RE: THE INNSBRUCK INN, A CONDOMINIUM Dear Ms. Phelan: I'he Innsbruck Suites Investments, LLC, a Colorado limited liability company, is the owner of certain units and fraetional interests in The Innsbruck, a Condominium, located at 233 West Main Street, Aspen (the "Property") as described in the Declaration of Condominium for The Innsbruck, a Condominium (Pitkin County Records Reception No. 542331). We do hereby authorize Bluegreen Vacations Unlimited, Inc., a Florida corporation, and its representatives, Haas Land Planning, LLC and Klein, Cotd & Edwards, LLC to file and process with you an amendment to the Innsbruck PUD/Subdivision Improvements Agreement (Pitkin County Records Reception No. 508441) and the corresponding Condominium and Timeshare Documents to permit timeshare interests at the Innsbruck of up to and less than 1/12 fractions. Further, Bluegreen and its representatives are authorized to participate in any meetings or hearings with City staff and before any City decision-making authorities, Sincerely, THE INNSBRUCK SUITES INVESTMENTS, LLC .HI Colorado Secretary of State - Su ary Page 1 of 1 94 1% rl ..mmiqi.g~IMUT#. ' h ' Business & Licensing I Elections & Voting Search for - For this Record... History & Documents Cert of Good Standing Summary File a Document Subscribe Email Notification Unsubscribe Email Notification ID NumberÂ· 20031333538 Name: Innsbruck Suites Investments, LLC Business Home Business Information Registered Agent: Waas Campbell Rivera Johnson & Velasquez, LLP Business Search Registered Agent Street Address: 420 E. Main Street, Suite 210 Aspen, CO 81611, United States Registered Agent Mailing Address: FAQs, Glossary and - Information Principal Street Address. 2950 East Broad Street, Second Floor, Columbus, OH 43209, United States Principal Mailing Address: Status: Good Standing Form: Limited Liability Company Jurisdiction Colorado Formation Date: 10/22/2003 Term of Duration Perpetual Periodic Report Month: October You may' . View History and Documents . Obtain Certificate of Good Standing â€¢ File a Document â€¢ Set Up Secure Business Filing for this Record â€¢ Subscribe to email notification regarding this record . Unsubscribe from email notification regarding this record i Previous Page rei flls and Co witionÂ·Â·. http://www.sos.state.co.us/biz/BusinessEntityDetail.do?quitButtonDestination=BusinessEn... 8/13/2012 .. Jennifer Phelan From: Jennifer Phelan Sent: Monday, August 13, 2012 3:38 PM To: 'Mitch Haas' CC: 'jodisnow@hotmail.com' Subject: right to apply - Innsbruck Hi Mitch: Just have a slight technical issue. Although Bluegreen is interested in purchasing the Innsbruck unitsthey are not the owners according to the title report. Can I get a letter consenting to Bluegreen applying for the land use approval from representatives of Innsbruck Suites Investments., LLC? Thanks. Jennifer Phelan, AICP Deputy Planning Director Community Development Department City of Aspen 130 S. Galena St. Aspen, CO 81611 970-429-2759 www.aspenpitkin.com 1