HomeMy WebLinkAboutFile Documents.ASPEN ST.0142.2015.ARBKAMENDMENT TO ESCROW AGREEMENT
This Amendment to Escrow Agreement (this "Amendment") dated November 6, 2019 amends
that certain Escrow Agreement dated May 22, 2018 (the "Escrow Agreement") by and among ASV
ASPEN STREET OWNER LLC, a Delaware limited liability company ("Developer"); ALCION REAL
ESTATE PARTNERS MASTER FUND II, L.P., a Delaware limited partnership ("Lender"); The CITY
OF ASPEN, COLORADO, a municipal corporation (the "C"); and FIRST AMERICAN TITLE
INSURANCE COMPANY ("Escrow Agent'). Capitalized terms used herein and not otherwise defined
have the meanings ascribed to them in the Escrow Agreement.
RECITALS
A. Developer deposited an Escrow Deposit with Escrow Agent in the amount of $500,000,
comprised of two separate deposits consisting of (i) the Site Protection Escrow Funds in the
amount of $250,000.00 and (ii) the Site Enhancement Escrow Funds in the amount of
$250,000.00.
B. With respect to the Site Protection Escrow Funds, and pursuant to Section 4.iv of the Escrow
Agreement, as of the date hereof, Developer has passed the final inspection for the F/SFP for the
last lot developed and the exterior finishes to the buildings on both lots have been installed. As a
result, Developer is entitled to a full release of the Site Protection Escrow Funds.
C. With respect to the Site Enhancement Escrow Funds, and pursuant to Section 5.iv of the Escrow
Agreement, when Developer receives the Certificate of Occupancy for the last lot developed,
Developer is entitled to a full release of the Site Enhancement Escrow Funds after providing
written notice to Escrow Agent, including a copy of the Certificate of Occupancy.
D. As of the date hereof, Developer has received a Certificate of Occupancy for all of the units on
Lot 1, as well as 7 of the 10 units to be developed on Lot 2; however, the only work remaining to
be completed on the 3 units that do not have a Certificate of Occupancy is work on the interior of
the residences, and as a result, the City has agreed that all of Developer's work with respect to the
Site Enhancement Escrow Funds is complete and Developer is therefore entitled to a full release
of the Site Enhancement Escrow Funds.
E. Developer, Lender, the City and Escrow Agent desire to enter into this Amendment to evidence
their understanding with respect to the foregoing.
NOW THEREFORE, Developer, Lender, the City and Escrow Agent hereby amend the Escrow
Agreement as follows:
1. Release of Site Protection Escrow Funds and Site Enhancement Escrow Funds. Upon execution
of this Amendment, the Site Protection Escrow Funds and the Site Enhancement Escrow Funds shall be
released to Developer.
2. Counterparts/Facsimile. This Amendment may be executed in one or more counterparts, and
after execution and as executed, shall constitute an agreement binding on all of the parties,
notwithstanding that all of the parties are not signatory to the original or the same counterpart. Facsimile
signatures shall be binding.
3. Effect of Amendment; Termination of Escrow Agreement. Upon execution of this Amendment
and release of the Site Protection Escrow Funds and the Site Enhancement Escrow Funds to Developer,
the Escrow Agreement, as amended hereby, shall automatically terminate.
IN WITNESS WHEREOF the parties have signed this Amendment on the date written above.
DEVELOPER:
ASV Aspen Street Owner LLC
By:
Print Name: Mark Potter
Title: Authorized Signatory
LENDER:
Alcion Real Estate Partners Master Fund B, L.P.
By:
Print Name: Eugene F. DelFavero
Title: Authorized Signatory
CITY:
City of Aspen, Colorado
By:
Print Name:
Title:
ESCROW AGENT:
First America# Title Insurance Company
By:
Print Name: C ' f
Title:
IN WITNESS WHEREOF the parties have signed this Amendment on the date written above.
DEVELOPER:
ASV Aspen Street Owner LLC
By:
Print Name: Martin Zieff
Title: Authorized Signatory
LENDER:
Alcion Real Estate Partners Master Fund II, L.P.
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Prin e: Eugene F. DelFavero
Title: Authorized Signatory
CITY:
City of Aspen, Colorado
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Print Name: �p 0.G 0 44
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ESCRO�GENT:
First American Title Insurance Company
By:
Print Name:
Title: